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Home My WebLink About23 QUARTERLY INV RPT 04-20-98NO. 23 4-20-98 Inter-Com DATE: April 15, 1998 TO: FROM: SUBJECT: Honorable Mayor and Members of the City Council G. W. Jeffries, Treasurer QUARTERLY INVESTMENT REPORT RECOM/~ENDATION: Receive and file. DISCUSSION: In compliance with Government Code Section 53646, the attached Investment Report for the quarter ending March 31, 1998 is rendered. G. W. jeffries Treasurer GWJ:ts Attachment GWJ: InVQtr98 .Apr CITY OF TUSTIN INVESTMENT REPORT SUMMARY QUARTER ENDING MARCH 31,1998 (UnaUdited) DESCRIPTION CITY OF TUSTIN: Time Deposits Negotiable Certificates 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 · Maximum Portion of Purchase Maturity Portfolio Total 5 yrs No Limit $0 5 yrs 10% $0 90 days' · 25% $0 180 days 25% $0 5 yrs 10% $0 5 yrs 50% $1,022,500 5 yrs No Limit $11,941,968 N/A N/A . $1,995,371 N/A N/A $9,074,548 N/A N/A $21,444,21 4 N/A N/A $19,499,122 Current Current Book Market Current Value Value Concentration $0 $0 0.00% $0 $0 0.00% $0 $0 0.00% '$1,989,286 $1,989,286 2.97% $0 $0 0.00% $1,007,408 $996,400 1.50% $11,941,968 $11,973,808 17.84% $1,995,371 $1,995,371 2.98% $9,074,548 $9,074,548 13.55% $21,444,214 $21,444,214 32.03% $19,499,122 $19,661,255 29.12% $64,977,723 $66,951,917 $67,134,882 100.00% I PERFORMANCE MEASUREMENT: Average CITY Portfolio Life (Years): 0.53 Average Portfolio Yield: 5.74% Current 6 mo Treasury Bill: 5.24% TUSTIN REDEVELOPMENT AGENCY: Time Deposits 5 yrs No Limit $0 $0 $0 0.00% Negotiable Certificates of Deposit 5 yrs 10% $0 $0 $0 0.00% Commercial Paper 90 days 25% $0 $0 $0 0.00% Bankers Acceptances 180 days 25% $0 $0 $0 0.00% Corporate Notes 5 yrs 10% $3,035,860 $3,010,758 $2,988,350 13.48% Federal Agencies 5 yrs 50% $515,048 $504,460 $502,650 2.26% U. S. Treasuries 5 yrs No Limit $0 $0 $0 0.00% Cash N/A N/A $184,000 $184,000 $184,000 0.82% Cash with Fiscal Agents * N/A N/A $811,840 $811,840 $811,840 3.64% LocalAgency Investment Fund N/A N/A $17,821,099 $17,821,099 $17,969,279 79.80% $22,367,847 $22,332,157 $22,456,119 100.00% PERFORMANCE M EASU REM ENT: Average RDA Portfolio Life (Years): 0.60 Average Portfolio Yield: 5.94% Current 6 mo Treasurv Bill: 5.24% TOTAL CITY/RDA INVESTMENTS: $89,284,074 $89,591,001 * 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 serf-directed by the employees and are recorded as a liability of the City. Cash with Fiscal Agents is the reserve fundsand 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: $57,953,472 CITY OF TUSTIN INVESTMENT REPORT (1) D ESCRI PTION- LIMITS QUARTERLY INVESTMENT SCHEDULE AS OF: MARCH 31,1998 UNAUDITED YIELD TO PURCHASE MATURITY MATURITY DATE DATE (2) (3) (4) ORIGINAL CURRENT CURRENT PURCHASE BOOK MARKET PRICE VALUE VALUE Time Deposits-No Limit I Ne~. Certificate of Deposit- ~0%,Max 5 yrs Commercial Pa~er-25%, Max 90 Da~s i Ford Credit Commercial Paper Bankers Accej3tances-25%,~Max 180Days I, Corporate Notes-10% i (5) Federal A~encies- 50% Federal Home Loan Bank FRN (6) Tennessee Valley Authority (AANAAA) I US Treasuries-No Limit i i Treasury Bill Treasury Bill Treasury Note Treasury Note Treasury Note Dail~,-No Limit Cash Deferred Compensation Deposits with Rscal Agents-'93 Water COP's Deposits with Rscal Agents-Assess. Dist. Deposits with Rscal Agents-Co. Wide Fin Auth Cash with TCA Trustee Local Agency Investment Fund * March 31 balances were not available at the time this report was prepared. Numbers reflect the most current balances as of February 28, 1998. Current Total: j $0 ~ $0 Current Total: [ $0 ~ $0 5.51% 03/23/98 04/27/98 $1,989,286 $1,989,286 $1,989,286 Current Total:[ $0 i $0 Current Total:[ $0 k $0 (8) 2.32% 10/21/93 05/07/98 $502,500 $500,000 $493,750 5.24% 02/03/94 08/01/99 $520,000 $507,408 $502,650 Current Total: $1,007,408 $996,400 I 1.50% i~, (8) 5.19% 01/08/98 04/09/98 $2,961,628 $2,961,628 $2,961,628 5.31% 03/18/98 04/16/98 $2,987,180 $2,987,180 $2,987,180 .5.98% 01/31/97 01/3!/99 $1,995,940 $1,995,940 $2,005,000 6.27% 03/31/97 03/31/99 $1,999,260 $1,999,260 $2,013,120 5.92% 07/31/97 07/31/99 $1,997,960 $1,997,960 $2,006,880 Current Total: $11,941,968 $11,973,808 (8) 1 17.84% ~ 4.45% (7) $1,995,371 $1,995,371 N/A (9)* $9,074,548 $9,074,548 N/A (10)* $1,691,441 $1,691,441 N/A (10)* $10,994,762 $10,994,762 N/A (10)* $2,082,519 $2,082,519 4.70% (6)* $6,675,492 $6,675,492 5.72% (11)* $19,499,122 $19,661,255 Current Total: $52,013,255 $52,175,388 I 77.69% ~ TOTAL CITY INVESTMENTS PERFORMANCE MEASUREMENT: Average Portfolio Life (Years): 0.53 Average Portfolio Yield: . 5.74% Current 6 mo. Treasur~/Bill:~ I 5.24% $661951,917 $67,134,882 REDE VEL OPMENT A GENCY INVESTMENT REPORT (1) DESCRIPTION- LIMITS QUARTERLY INVESTMENT SCHEDULE AS OF; . MARCH 31,1998 UNAUDITED YIELD TO PURCHASE MATURITY MATURITY DATE DATE (2) (3) (4) ORIGINAL CURRENT CURRENT PURCHASE BOOK MARKET AMOUNT VALUE VALUE Time Deposits-No Limit , Ne~. Certificate of Dej:)osit-lO%,Max 5 ~rs Commercial Pa~er-25%, Max 90 Da~s Bankers Acce[:)tances-25%, Max 180Da~,s Jl (5) Corf)orate Notes- 10% Franklin Universal Trust-(AANAAA) GE Capital- (AANAAA) Federal A~encies- 50% Tennessee Valley Authority (AANAAA) US Treasur~ Bills/Bonds/Notes-No Limit Daily,- No Limit RDA Cash Deposits w/Fiscal Agent-Tax AIIocalJon Bds Local Agency Investment Fund * March 31 balances were not available at the time this report was prepared. Numbers reflect the most current balances as of February 28, 1998. Current Total: $0 i Current Total: l I $0 i Current Total: t $0 m Current Total: t $0 ~ 4.94% 09/14/93 09/01/98 $1,029,800 $1,008,940 $998,110 5.19% 11/18/93 11/18/98 $2,006,060 $2,001,818 $1,990,240 Current Total: $8,010,758 $2,988,350 (8) 1 13.48% i 5.60% 02/18/94 08/01/99 $515,048 $504,460 $502,650 Current Total: $504,460 $502,650 (8)I 2.26% i Current Total: $0 $0 0.00% i' (8)[ I I 4.45% (7) N/A (i O) 5.72% (11)* Current Total: TOTAL RDA INVESTMENTS PERFORMANCE MEASUREMENT: Average Portfolio Life (Years): 0.60 Average Portfolio Yield: 5.94% Current 6 mo. Treasury Bill: 5.24% $184,000 $184,000 $811,840 $811,840 $17,821,099 $17,969,279 $18,816,939 $18,965,119 84.26% i $22,332,157 $22,456,119 TOTALCITY/RDA INVESTMENTS: $89,284,074 $89,591,001 FOOTNOTES: (1) DESCRIPTION-LIMITS reflects the various authorized investments as documented in the most current adopted investment polcy and the allowable percentage of total portfolio per investment type. 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 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 28,1998 was $30,020,411,877 and the estimated market value (including accrued interest) was $30,270,027,481. The City and Agency's proportionate share of that value is $35,189,939. 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: ~.~' i.~¢'~/~ ' G.~V. Jeffries~. ~surer/ '-