HomeMy WebLinkAbout08 QUARTERLY INV RPT 04-19-99DATE:
April 19, .1999
NO. 8
4-19-99
i
n t o r- C o m
TO:
FROM:
SUBJECT:
Honorable Mayor and Members of the City Council
G. W. Jeffries, CCMT, City Treasurer
QUARTERLY INVESTMENT REPORT
:
RECOMMENDATION:
Receive and file.
DISCUSSION:
In compliance with Government Code Section 53646, the attached Investment Report for the
quarter ending March 31, 1999 is rendered.
·
Treasurer
?
GWJ:ts
Attachment
GWJ:QuartedylnvestmentReport99.March.doc
City of Tustin Investments
Local Agency
Investment Fund
35%
Other Investments
3%
Federal Agencies
17%
Cash with Fiscal
Agents *
23%
Tota
Deferred
CompensatiOn *
11%
Cash
6%
U, S. Treasuries
5%
Tustin RDA Investments
Local Agency
Investment Fund
71%
Other Investments
4%
Cash with Fiscal
Agents * Cash
4% 1%
U. S. Treasuries
O%
Federal Agencies
2O%
~0ta!:$25 00 ,44
Investment Report March 1999
DESCRIPTION
CITY OF TUS TIN INVESTMENT REPORT
SUMMARY
QUARTER ENDING
DECEMBER 31, 1998
(Unaudited)
Maximum
Maturity
Allowable Original Current Current
Portion of Purchase Book Market
Portfolio Total Value Value
Current
Concentration
CITY OFTUSTIN:
Time Deposits
Negotiable Certificates of Deposit
Commercial Paper
Bankers Acceptances
Other Investments
Federal Agencies
U. S. Treasuries
Cash
Deferred Compensation *
Cash with Fiscal Agents *
Local Agency Investment Fund
TUSTIN REDEVELOPMENT AGENCY:
Time Deposits
Negotiable Certificates of Deposit
Commercial Paper
Bankers Acceptances
Corporate Notes
Other Investments
Federal Agencies
U. S. Treasuries
Cash
Cash with Fiscal Agents *
Local Agency Investment Fund
5yrs
5 yrs
90 days
180 days
5 yrs
5 yrs
5yrs
N/A
N/A
N/A
N/A
No Limit $0 $0~ $0
10% $0 $0 $0
25% SO SO $0
25% $0 $0 $0
No Limit $4,689,670 $4,689,670 $4,656,203
50% 14,039,512 $14,039,512 $14,039,645
NO Limit $3,997,220 $3,997,220 $4,010,620
N/A $4,569,193 $4,569,193 $4,569,193
N/A $9,074,548 $9,074,548 $9,074,548
N/A $18,977,269 $18,977,269 $18,977,269
N/A $28,308,876 $28,308,876 $28,607,178
$83,656,288 $83,656,288 $83,934,656
PERFORMANCE MEASUREMENT:
Weighted Average Portfolio Life (Days):
I Weighted Average Portfolio Yield:
I Current 6 mos.Treasury:
191.51
5.58%
4.55%
5 yrs No Limit $0 $0 $0
5 yrs 10% $0 $0 $0
90 days 25% $0 $0 $0
180 days 25% $0 $0 $0
5 yrs 10% $0 $0 $0
5 yrs No Limit $1,019,340 $1,019,340 $1,005,344
5 yrs 50% $4,948,851 $4,948,851 $4,944,272
5 yrs No Limit $0 $0 $0
N/A N/A $266,045 $266,045 $266,045
N/A N/A $1,101,111 $1,101,111 $1,101,111
N/A N/A $17,669,100 $17,669,100 $17,855,286
' $25,004,447 $25,004,447 $25,172,058
PERFORMANCE MEASUREMENT:
Weighted Average Portfolio Life (Days):
Weighted Average Portfolio Yield:
Current 90 day Treasury Bill:
115.46
5.48%
4.50%
0.00%
0.00%
0.00%
0.00%
5.61%
16.78%
4.78%
5.46%
10.85%
22.68%
33.84%
100.00%
0.00%
0.00%
O.O0%
0.00%
0.00%
4.08%
19.79%
0.00%
1.06%
4.40%
70.66%
100.00%
TOTAL CITY/RDA INVESTMENTS: $108,660,735 $109,106,714
· Deferred Compensation and Cash with Fiscal Agents are non-discretionary funds nominally managed by the Treasurer.
Deferred Compensation is the pre-tax deferral of employees' salary within the restrictions of IRS Code 457. The deferrals are
self-directed by the employees and are recorded as a liability of the City.
Cash with Fiscal Agents is the reserve funds and construction funds held by Trustees for various City and RDA bond Issues.
Investment options are limited to those specifically permitted by bond documents.
Total City funds available for effective active management are: $79,507,807
I " CITYOFTUSTININVESTMENTREPORT
(1)
DESCRIPTION-LIMITS
QUARTERLY
INVESTMENT SCHEDULE AS OF:
MARCH 31,1999
UNAUDITED
YIELD
TO
MATURITY
PURCHASE MATURITY
DATE DATE
(2) (3) (4)
ORIGINAL CURRENT CURRENT
PURCHASE BOOK MARKET
PRICE VALUE VALUE
I 0401-Time Deposits-No Umit !
I 0401-Neg. Certificate of Deposit-lO%,Max5yrs I
I 0407-Commercial Paper-25%, Max 90 Days
I 0403-BankersAcceptances-25%, Max180Days
0405-Federal Agencies-50% i
FNMA Discount Notes
FHLB Discount Notes
FFCB Discount Notes
FFCB Discount Notes
SLMA
FHLB Discount Notes
FHLMC
0407-Other Investments
State Of California GO Bonds
Los Angeles County Pension Bonds
0409-USTreasuryBills/Bonds/Notes-No Umit !
Treasury Note
Treasury Note
Daily-No Umit r
Cash-0101
Deferred Compensation
Deposits with Rscal Agents-'93 Water COP's
Deposits with Fiscal Agents-Assess. Dist.
Deposits with Fiscal Agents-Co.Wide Rn Auth.
Cash with TCA Trustee
Local Agency Investment Fund-0402
* March balances were not available
at the time this report was prepared.
Balances reflected are as of February 28.
Current Totah I $0~ $0
CurrentTotah I $0 I $0
CurrentTotah I $0 ~ $0
Current Totah I 0'00%!
(8)
$0
4.85% 01/15/99 04/14/99 $1,976,613 $1,976,613
4.79% 01/15/99 07/14/99 $1,953,890 $1,953,890
4.74% 01/15/99 11/10/99 $1,924,586 $1,924,586
5.21% 03/11/99 05/24/00 $2,194,500 $2,194,500
5.17% 03/11/99 08/11/00 $1,995,313 $1,995,313
5.28% 03/11/99 03/02/01 $2,003,672 $2,003,672
5.49% 11/05/98 11/05/03 $1,990,938 $1,990,938
$1,988,400
$1,964,000
$1,932,200
$2,194,500
$1,995,313
$2,003,672
$1,961,560
Current Total:
$14,039,512
17.33%[
(8)
$14,o39,645
5.45% 03/30/99 o9/ol/ol $2,65o,99o $2,65o,99o
6.00% o5/14/98 06/30/99 $2,038,680 $2,038,680
$2,645,515
$2,OLO,688
Current Total:
$4,689,670
5.79%1
(8)
$4,656,203
6.27% o3/31/97 o3/31/99 $1,999,26o $1,999,26o
5.92% o7/31/97 o7/31/99 $1,997,96o $1,997,96o
$2,002,500
$2,oo8,12o
Current Total:
$3,997,220
I 4.93%1
(8)
$4,010,620
3.75% (7)
N/A (9)*
N/A (10)*
N/A (10)*
N/A (10)*
3.75% (6)*
5.21% (11)*
Current Total:
TOTAL CITY INVESTMENTS
PERFORMANCE MEASUREMENT:
Weighted Average Portfolio Ufe (Days):
Weighted Average Portfolio Yield:
Current 6 mos.Treasury:
191.51
5.58%
4.55%
$4,569,193
$9,074,548
$1,157,428
$11,470,515
$2,482,995
$3,866,331
$28,308,876
$4,569,193
$9,074,548
$1,157,428
$11,470,515
$2,482,995
$3,866,331
$28,607,178
$60,929,886
75.22%~
$81,005,298
$61,228,188
$81,289,141
.~/EL OPMENTA 0ENOYINVESTMENT{ ' qT
0401-Neg
0407-C~
0403-Ban
(t)
DESCRIPTION-LIMITS
~401-Time Deposits-No Limit
Certificate of Deposit-lO%,Max 5 yrs
}mmercial Paper-25%, Max 90 Days
kersAcceptances-25%, Max 180Days ~
(5)
0407-Corporate Notes-lO% ~ (5)
0407-Other Investments
LA County Pension Bonds
0409-Federal Agencies-50%
FHLB Discount Notes
SLMA
FHLB
FHLMC
I 0409-USTreasuryBills/Bonds/Notes-NoLimit
Daily-No Limit
RDA Cash-0102
Deposits w/Fiscal Agent-Tax Allocation Bds
Local Agency Investment Fund-0402
* March balances were not available
at the time this report was prepared.
Numbers reflect the most current balances
as of February 28, 1999.
QUARTERLY
INVESTMENT SCHEDULEAS OF:
MARCH31,1999
UNAUOITEO
(2) (3) (4)
YIELD ORIOINAL CURRENT CURRENT
TO PURCHASE MATURITY PURCHASE BOOK MARKET
MATURITY DATE DATE AMOUNT VALUE VALUE
Current Totah I $0 I
Current Total: I $0 I
CurrentTotah I $0 ~
Current Total: I $0 i
Current Total: I 0.00%
(8)
6.00% 05/14/98 06/30/99 $1,019,340 $1,019,340 $1,005,344
Current Torah $1,019,340 $1,005,344
4.08%[
(8)
4.79% 01/15/99 07/14/99 $1,953,890 $1,953,890 $1,964,000
5.17% 03/11/99 08/11/00 $997,656 $997,656 $997,656
5.28% 03/11/99 03/02/01 $1,001,836 . $1,001,836 $1,001,836
5.49% 11/05/98 11/05/03 $995,469 $995,469 $980,780
Current Total: $4,948,851 $4,944,272
19'79%1
(8)
CurrentTotah $0 $0
0'00%!
(8)
3.75% (7) $266,045 $266,045
N/A (10) $1,101,111 $1,101,111
5.21% (11)* $17,669,100 $17,855,286
TOTAL RDA I NVESTM ENTS
Current Totah $19,036,256 $19,222,442
PERFORMANCE MEASUREMENT:
Weighted Average Portfolio Ufe (Days):
Weighted Average Portfolio Yield:
Current 90 day Treasu~
115.46
5.48%
4.50%
$25,004,447 $25,172,058
TOTAL CITY/RDA INVESTMENTS: $106,009,745 $106,461,199
FOOTNOTES:
(1) D ES CRIPTI 0 N-LI M ITS reflects the various authorized investments as documented in the most current adopted
investment polcy and the allowable percentage of total portfolio per investment type.
(2)
(2¸
(3)
(4)
Original Purchase Price is the amount paid for-a securities less any discount plus any premium.
Current Book Value is original cost of secuities less receipt of principal payments, net of amortized premiums/discounts.
Original Purchase Price is the amount paid for a securities less any discount plus any premium.
Current Book Value is original cost of secuities less receipt of principal payments, net of amortized premiums/discounts.
Current Market Value is the price at which securities are currently trading. Current market values are provided by
Bank of America and Bank of New York on all securities held in safekeeping for the City and ROA. Differences in
value are booked only if the securities are sold prior to their maturities.
(5) In compliance with Section II, paragraph f. of the City's Investment Policy, Corporate Notes must have a Moody's/Standard
and Poors's long term debt rating of at least AA.
(6) Securities held in Trust per Funding Agreement between the City of Tustin and the Foothill/Eastern
Transportation Corridor Agency adopted by the City Council on 6-5-95.
(7) Earnings allowance on compensating bank balances to offset bank activity charges. Allowance is included in the
Average Yield calculation. The cash balances include amounts "swept" from account for overnight investments.
(8) Current percentage by investment type to be measured against allowable limits in current investment policy at time of
purchase. Maximum ratio limits calculated using current book values and may change over time as total portfolio changes.
(9) IRS code Section 457 employee deferrals held by the City for future benefit of employees.
(10) Investments and earnings on monies held by fiscal agents generally are limited as to type and yield by the bond
documents or current IRS codes.
(11) The carrying amount of the pool as of February 28,1999 was $34,170,801,828 and the estimated market value
(including accrued Interest) was $34,530,873,187. The City and Agency's proportionate share of that value is $46,462,464.
CERTIFICATION:
I certify that this report reflects all City and RDA pooled' investments. The investments represented in this report are in
conformity with the current adopted investment policy of the City of Tustin. The market values represented in this report are
provided by Trustees currently holding securities for the City and Agency.
The investment program herein shown provides sufficent cash flow liquidity to meet the next six (6) months estimated
expenditures.
This statement is prepared in conformance with Section 53646 of the Government Code.
,*
Signed: ~ ~4"~'~~
· ~-G. W. Jeffries, CCMT,Treas'~er