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Home My WebLink About15 QUARTERLY INV RPT 07-20-98 NO. 15 ~ ., 7-20-98 inter-Oom DATE: July 20, 1998 TO: Honorable Mayor and Members of the City Council FROM: G.W. Jeffries, CCMT, City TreaSurer SUBJECT: QUARTERLY INVESTMENT REPORT RECOMMENDATION: Receive and file. DISCUSSION: In compliance with Government Code Section 53646, the attached Investment Report for the quarter ending June 30, 1998 is rendered. / /// // (3. W./Jeffrmes, CCMT Treasurer GWJ:ts Attachment GWj: Quart erlyRepo.'-: 9 8 · June3 0. doc CITY OF TUSTIN INVESTMENT REPORT SUMMARY QUARTER ENDING .. JUNrE 30,1998 " (Unaudited). DESCRIPTION CITY OF TUSTIN: Time Deposits Negotiable Cer'dficates of Deposit Commercial Paper Bankers Acceptances Corporate Notes Federal Agencies U. S. Treasuries Cash Deferred Compensation * Cash with Fiscal Agents * Local Agency Investment Fund Allowable Original Current Current Maximum Portion of Purchase Book Market Maturity Portfolio Total Value Value 5 yrs No Umit $0 $0 $0 5 yrs 10% $0 $0 $0' 90 days 25% $0 $0 $0 180 days 25% $1,966,338 $1,966,338 $1,966,338 5 yrs 10% $2,038,680 $2,038,680 $2,038,680 5 yrs 50% $7,424,975 $7,412,383 $7,407,625 5 yrs No Umit $5,993,160 $5,993,160 $6,025,000 N/A N/A $507,746 $5071746 $507,740 N/A . N/A '$9,074,548 $9,074,548 $9,074,548 N/A N/A $20,528,793 $20,528,793 $20,528,793 N/A N/A $17,265,943 $17,265,943 $17,268,795 $64,800,183 $64,787,591 $64,817,525 Current Concentration 0.00%' 0.00% 0.00% 3.04% 3.15% 11.44% 9.25% 0.78% 14.01% 31.69% 26.65% .. 100.00% PERFORMANCE MEASUREMENT: Weighted Average Portfolio Life (Days): I Weighted Average Portfolio Yield: LCurrent 6 mo Treasu~ Bill: TUSTIN REDEVELOPMENT AGENCY: Time Deposits 5 yrs No Umit Negotiable Certificates of Dep°Sit 5 yrs- 10% Commercial 'Paper 90 days 25% Bankers Acceptances 180 days 25% Corporate Notes ' 5 yrs 10% Federal Agencies 5 yrs 50% U. S. Treasuries 5 yrs No Umit Cash N/A N/A Cash with Fiscal Agents * N/A N/A Local Agency Investment Fund N/A N/A 118.34 5.88% 5.08% $0 $0 $0 0.00% $0 $0 . $0 0.00% $0 $0 $0 0.0O% $0 $0 $0 0.00% $3,035,860 $3,010,758 $2,988,350 15.00% $515,048 $504,460 $502,650 2.51% $0 $0 $o 0.00% $33,686 $33,686 $33,686 O. 17% ,$806,480 $806,480 $806,480 4.02% $15,7181581 $15,718,581 $15,721,177 78.30% $20,109,655 $20,073,965 $20,052,343 100.00% PERFORMANCE MEASUREMENT: Weighted Average Portfolio Life (Days): 29.16 Weighted Average Portfolio Yield: 5.89% LCurrent 6 mo Treasur~ Bill: 5.08% TOTAL CITY/RDA INVESTMENTS: ' $84,861,556 $84,869,868 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. Inveslment options are limited to those specifically permitted by bond documents. Total City funds available for effective active management are: $54,451,735 CITY OF TUSTIN INVI~STMI~NT R 'EPOR T (1) D ESC RIPTION - LIMITS QUARTERLY' INVESTMENT SCHEDULE AS OF: JUNE 30,1998 UNAUDITED (2) (a) (4) YIELD ORIGINAL CURRENT CURRENT. TO PURCHASE MATURITY PURCHASE BOOK MARKET MATU RI._.___~_~ DATE DATE PRICE VALUE VALUE Bank of America Bankers Acceptance L Los Angeles County Pension Bonds '** FHLB Discount Notes FH LMC Discount Notes Tennessee Valley Authority (AANAAA) FHLB Debentures Treasury NOte Treasury Note Treasury Note Current Total: [ $01 $0 Current Total: L so so __ Current Total: [ $0 ~ $0 5.41% 04/20/98 08/10/98 $1,966,338 $0. $1,966,338 $1,966,338.. $1,966,338 . $1,966,338 Current Total: (5) 6.00% 05/14/98 06/30/99 $2,038,680 Current Total: $2,038,680 $2,038,'680 $2,038,680 $2,038,680 (8) 5.54% 04/30/98 07/15/98 $1,977,200 $1,g77,200 $1,977,200 5.56% 04/21/98 09/30/98 $2,927,775 $2,927,775 $2,927,775 5.24% 02/03/94 08/01/99 $520,000 $507,408 $502,'650 5.75% 05/05/98 11/05/99 $2,000,000 $2,000,000 $2,000,000. Current Total: $7,412,383 $7,407,625 [. 11.44%' (8) 5.98% 01/31/97 01/31/99 6.27% 03/31/97 03/31/99 5.92% 07/31/97 07/31/99 $1,995,94.0 $1,995,940 $2,0O5,000 $1,999,260 $1,999,260 $2,013,120 $1,997,960 $1,997,960 $2,006,880 Current Total: $5,993,160 - $6,025,000 (8) [ 9.25%-~1 Cash Deferred Compensation Deposits with Fiscal Agents-'93 Water COP's Deposits with Fiscal Agents-AsseSs. Dist. Deposits with Fiscal Agents-Co. Wide Fin Auth Cash with TCA Trustee Local Agency Investment Fund · * June 30 balances were not available at the time this report was prepared. Numbers reflect the most current balances as of May 31, 1998. ** LA pension Obligations are permited investments under Government Code. I will add specfic language in subsequent inves ment olic chan es. · 4.10% (7) N/A (9)* N/A (10)* N/A (10)* N/A (10)* 4.70% (6)* 5.67% (11)* $507,746 $507,746 $9,074,548 $9,074,548 $1,157,428 $1,157,428 $11,470,513 $11,470,513' $2,482,995 $2,482,995 $5,417,857 $5,417,857 $17,265,943 $17,268,795 Current Total; $47,377,030 $47,379,882 I 73.13%-~ _ TOTAL CITY INVESTMENTS $64,787,591 . PERFORMANCE MEASUREMENT: ~ Weighted AVerage Portfolio Ufe (Days): 118.34 ~ Weighted Average Portfolio Yield: 5.88% ~ Current 90da Treasur: ' 5.08% $64,817,525 .... REDEVEff OPMENT A GENCY iNVES~~ REPOR T (1) DESCRIPTION-LIMITS QUARTERLY INVESTMENT SCHEDULE AS OF: JUNE 30,1998 UNAUDITED (2) (3) . (4) YIELD ORIGINAL CURRENT CURRENT TO PURCHASE MATURITY PURCHASE BOOK MARKET MATURITY DATE DATE AMOUNT VALUE VALUE L Time De~3osits-No Limit ~ L Ne~l. Certificate of Del3osit-10%,Max 5 Frs II Commercial Pa13er-25%, Max 90 Da~/s ~ [ Bankers Acce~)tances-25%, Max 180Da~,s ~ (5) Corj~orate Notes- 10% Franklin Universal Trust-(AANAAA) G E Cap ital- (AANAAA) . Federal A~lencies-50% Tennessee Valley Authority (AANAAA) L US Treasur~-Bills/Bonds/Notes-NoUmit 1= 4.94% 5.19% 09/14/93 11/18/93 Current Total: L $0 ~ current Total: [ $0~ Current Total: [ $0 ~ Current Total: [ $0 ~ 09/01/98 $1,029,800 $1,008,940 $998,110 11/18/98 $2,006,060 $2,001,818 $1,990,240 Current Total: $3,010,758 . $2,988,350 (8) [. 15.00% ~1 5.60% 02/18/94 08/01/99 $515,048 $504,460 $502,650 Current Total: $504,460 $502,650 (8)L 2.51%11 Daily,- No Limit RDA Cash Deposits w/Fiscal Agent-Tax Allocation Bds Local Agency Investment Fund * June 30 balances were not available at the time this report was prepared. Numbers reflect the most current balances as of May 31, 1998. 4.10% (7) N/A (10) 5.67% (11)* Current Total: $0 $0 (8) [ 0.00% i Current Total: TOTAL RDA INVESTMENTS PERFORMANCE MEASUREMENT: Weighted Average Portfolio Life (Days)' Weighted Average Portfolio Yield: Current 90 da~, Treasur~': 29'16i 5.89% 5.08% TOTAL CITY/RDA INVESTMENTS: $33,686 $33,686 $806,480 $806,480 $15,718,581 $15,721,177 $16,558,747 $16,561,343 82.49% ~1 1 $20,073,965 $20,052,343 $84,861,556 $84,869,868 FooTNOTES: (1) DESCRIPTION-LIMITS reflects the various authorized investments as documented in the most current adopted investment polcy and the allowable percentage of total portfol'io per investment type. (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 secuities less receipt of principal paYments, net of amortized premiums/discounts. FOOTNOTES: (Cont) (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 secuities 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 New York on all securities 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 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 not included in the Average Yield Calculation. (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 employeesl (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 May 31,1998 was $33,004,712,526 and the estimated market value (including accrued interest) was $33,010,164,324. The City and Agency's proportionate share of that value is $32,164,836. 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'l:his statement is prepared in conformance w~h~on 53646 of the Government Code: CITY OF TUSTIN INVESTMENT REPORT CITY INVESTMENT REPORT QUARTER ENDING JUNE 30,1998 (11.8%) Federal Agencies (32.7%) cash with Fiscal Agents ' >%) Treasury Bills/Notes (0.8%) Cash (14.4%) Deferred Compensation (27.5%) LAIF (3.2%) Corporate Notes TOTAL CITY INVESTED: $64,787,591 RDA INVESTMENT REPORT QUARTER ENDING JUNE 30,1998 (78..~ ;,e) LAIF , 4. ents (15.0%).Corporate Notes (0.2%) Cash TOTAL RDA INVESTED: $20,073,965