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Home My WebLink About12 QUARTERLY INV RPT 10-19-98 NO. 12 10-19-98 · Intor-Com DATE: October 19, 1998 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 q~arter ending September 30, 1998 is rendered. GWJ:ts Attachment GWJ: QuarterlyReport 98. September. doc DESCRIPTION OITY OF TUSDN INVESTMENT REPORT SUMMARY QUARTER ENDING SEPTEMBER 30,1998 (Unaudited) Maximum. Maturity Allowable Original Current Current Portion of Purchase Book Market Portfolio Total Value Value Current ConcentxaUon CITY OFTUSTIN: Time Deposits Negotiable Certificates of Deposit Commercial Paper Bankers Acceptances Other Investments Federal Agencies U. S. Treasuries Cash Deferred CompensaUon * Cash with Fiscal Agen.ts * Local Agency Investment Fund TUSTIN REDEVELOPMENTAGENCY: 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 5yrs 90 days 180 days 5 yrs 5yrs 5yrs N/A N/A N/A N/A No Umit $0 $0 $0 10% $0 $0 $0 25% $0 $0 $0 25% $0 $0 $0 10% $2,038,680 $2,038,680 $2,033,082 50% $2,000,000 $2,000,000 $2,000,000 No Umit $5,993,160 - $5,993,160 $6,030,000 N/A $5,330,291 $5,330,29i $5,330,291 N/A $9,074,548 $9,074,548 $9,074,548 N/A $20,528,795 $20,528,795 $20,528,795 N/A $27,769,977 $27,769,977 $28,091,953 0.00% 0.00% 0.00% 0.00% 2.80% 2.75% 8.24% 7.33% 12.48% 28.22% 38.18% $72,735,451 $72,735,451 $73,088,669 100.00% PERFORMANCE MEASUREMENT: Weighted Average Portfolio Ufe (Days): Weighted Average Portfolio Yield: Current 90day Treasury Bill: 4.70%J S yrs No Umit $0 5 yrs 10% $0 90 days 25% $0 180 days 25% $0 5 yrs 10% $2,006,060 5 yrs No Umit $1,019,340 5yrs 50% $1,000,000 5 yrs No Umit $0 N/A N/A $79,805 N/A N/A $3,008,701 N/A N/A $16,228,015 $0 $0 $0 $0 $0 $0 $0 $0 $2,001,818 $1,999,420 $1,019,340 $1,016,541 $1,000,000 $1,000,000 $0 $0 $79,805 $79,805 $3,008,701 $3,008,701 $16,228,015 $16,416,168 0.00% 0.00% 0.00% 0.00% 8.58% 4.37% 4.28% 0.00% 0.34% 12.89% 69.54% $23,341,921 $23,337,679 $23,520,635 100.00% PERFORMANCE MEASUREMENT: Weighted Average Portfolio Ufe (Days): Weighted Average Portfolio Yield: Current 90 day Treasury Bill: 39.04 5.95% 4.70% TOTAL CITY/RDA INVESTMENTS: $96,073,130 $96,609,304 * Deferred Compensation and Cash with Rscal Agents are non-discreUonary funds nominally managed by the Treasurer. Deferred CompensaUon is the pre-tax deferral of employees' salary within the restricUons of IRS Code 457. The deferrals are self-directed by the employees and are recorded as a liability of the City. Cash with Rscal 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 acUve management are: $63,461,086 QUARTERLY INVESTMENT SCHEDULE AS OF: SEPTEMBER 30,1998 (1) DESCRIPTION-LIMITS (2) (3) (4) YIELD - ORIGINAL CURRENT CURRENT TO PURCHASE MATURITY PURCHASE BOOK MARKET MATURITY DATE DATE PRICE VALUE VALUE 0401-Time Deposits-No Umit ~ 0401-Neg. Certificate of Deposit-lO%,Max 5 yrs 0407-Commercial Paper-25%, Max 90 Days I 0403-BankersAcceptances-25%, Max 180Days ] CurrentTotai: I Current Totah I Current Totah I $o ! $o ] $o J $0 $0 $0 $0 CurrentTotah I 0.00%I (8) 0405-Federal Agencies-50% FHLB Debentures 0407-Other Investments Los Angeles County Pension Bonds ** 0409-US Treasury Bills/Bonds/Notes-No Limit Treasury Note Treasury Note Treasury Note Dally-No Umit Cash-0101 Deferred Compensation Deposits with Fiscal Agents-'93 Water COP's Deposits with Rscal Agents-Assess. Dist. Deposits with Fiscal Agents.Co.Wide Fin Auth. Cash with TCA Trustee Local Agency Investment Fund-0402 ** LA Pension Obligations are permited investments under Government Code. I will add specfic language in subsequent investment policy changes. * September balances were not available at the time this report was prepared. Balances reflected are as of August 31. 5.75% o5/o5/e8 11/05/99 $2,000,000 $2,000,000 $2,000,000 6.00% 05/14/98 06/30/99 CurrentTotah $2,038,680 $2,000,000 I 2'75%1 (8) $2,038,680 $2,000,000 $2,033,082 5.98% 6.27% 5.92% 01/31/97 03/31/97 07/31/97 01/31/99 03/31/99 07/31/99 Current Total:I $1,995,940 $1,999,260 $1,997,960 $2,038,680 2.80%J (8) $1,995,940 $1,999,260 $1,997,960 $2,033,082 $2,005,620 $2,012,500 52,011~880 4.35% (7) N/A (9)* N/A (10)* N/A (10)* N/A (10)* 4.70% (6)* 5.65% (11)* TOTAL CITY INVESTMENTS Current Total: $5,993,160 (8) $6,030,000 $5,330,291 $5,330,291 $9,074,548 $9,074,548 $1,157,428 $1,157,428 $11,470,515 $11,470,515 $2,482,995 $2,482,995 $5,417,857 $5,417,857 $27,769,977 $28,091,953 Current Torah $62,703,611 $63,025,587 $72,735,451 $73,088,669 PERFORMANCE MEASUREMENT: Weighted Average Portfolio Ufe (Days): Weighted Average Portfolio Yield: Current 90 day Treasu~ 60.47 5.78% 5.08% REOEVEL OPMENTA ~ENCYINVESTMENTREPORT (1) DESCRIPTION-LIMITS QUARTERLY INVESTMENT SCHEDULE AS OF: SEPTEMBER 30,1998 (2) (3) YIELD ORIGINAL CURRENT TO PURCHASE MATURITY PURCHASE BOOK MATURITY DATE DATE AMOUNT VALUE (4) CURRENT MARKET VALUE .0401-Time Deposits-No Umit ] J 040Z-Neg. Certificate of Deposit-lO%,Max 5 yrs ~ I 0407-Commercial Paper-25%, Max 90 Days I 0403-BankersAcceptances-25%, Max 180Days (5) 0407-Corporate Notes-lO% GE CapitaI-(AAA/AAA) 0407-Other Investments LA County Pension Bonds 0409-Federal Agencies-50% ] FHLB Debentures I 0409-US Treasury Bills/Bonds/Notes-No Umit ] Daily-No Umlt. RDA Cash-O/02 Deposits w/Fiscal Agent-Tax AIIocaUon Bds Local Agency Investment Fund-0402 September 30 balances were not available at the time this report was prepared. Numbers reflect the most current balances as of August 31, 1998, Current Total: I $0 I CurrentTotat: I 90 I Current Total: I $0l (s) Current Total: I SOl 5.19% 11/18/93 11/18/98 $2,006,060 $2,001,818 $1,999,420 Current Totah $2,001,818 $1,999,420 I 8'58%l (8) 6.00% 05/14/98 06/30/99 $1,019,340 $1,019,340 $1,016,541 Current Totah $1,019,340. $1,016,541 (8) 6.00% 05/05/98 11/05/99 $1,000,000 $1,000,000 $1,000,000 Current Totah $1,000,000 $1,000,000 4'28%1 (8) Current Totah $0 $0 0'00%1 (8) 4.35% (7) $79,805 $79,805 N/A (10) $3,008,701 $3,008,701 5.65% (11)* $16,228,015 $16,416,168 Current Totah $19,316,521 $!9,504,674 TOTAL RDA INVESTMENTS 39.04 5.95% 5.08% PERFORMANCE MEASUREMENT: Weighted Average Portfolio Ufe (Days): Weighted Average Portfolio Yield: Current 90 day Treasury:. ' I 82.77%j $23,337,679 $23,520,635 TOTAL CITY/RDA INVESTMENTS: $96,073,130 $96,609,304 FOOTNOTES: (1) DESCRIPTION-UMITS 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) Original Purchase Price is the amount paid for a securities !ess any discount plus any premium. (3) Current Book Value is original cost of secuitles less receipt of principal payments, net of amortized premiums/discounts. (2) Original Purchase Price is the amount paid for a securities less any discount plus any premium. (3) Current Book Value is original cost of secuiUes less receipt of principal payments, net of amortized premiums/discounts. (4) Current Market Value is the price at which securities are currently trading. Current market values are provided by Bank of America and Bank of NewYork on all securiUes held in safekeeping for the City and* RDA. Differences in value are booked only if the securities are sold prior to their maturities. (5) In compliance with SecUon 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) SecuriUes held in Trust per FundingAgreement between the City of TusUn 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 caiculaUon. 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 raUo limits calculated using current book values and may change over time as total portfolio changes. (9) IRS code SecUon 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 °f August 31,1998 was $30,455,397,42! and the estimated market Value (including accrued interest) was $30,808,508,471. The City and Agency's proportionate share of that value is $44,508,121. 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 currenUy holding securiUes for the City and Agency. The investment program herein shown provides sufflcent 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.