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Home My WebLink About16 QUARTERLY INV RPT 10-20-97Inter-Com NO. 16 10-20-97 DATE: October 3.5~ . 1.997 TO' ~ FROM. SUBJECT: Honorable Mayor and Members of the City Council G. W. Jeffries, Treasurer QUARTERLY INVESTMENT REPORT RECOMMENDATION: Receive and file. DIBCUBSION: In compliance with Government Code Section 53646, the attached Investment RePort for the quarter ending September 30, 1997 is rendered. Attachment GWJ: I nvRept. OCT I cr ).F TUSTIN INVESTMENT CITY INVESTMENT REPORT QUARTER ENDINO SEPTEMBER 30,1997 (36.5%) Cash with Fiscal A~ (15.3 %) De fe. rrext Corn Pensa tion~~ (0.9%) Corporate Notes 2%) Federal Agencies ~~0.1 °70) Tre. asa, ry Bills/Notes (1.2%) Cash (29.9%) L~IV TOTAL CITY INVESTED: $59,492,689 RDA INVESTMENT REPORT QUARTER ENDING SEPTEMBER 30,1997 (?0.2%) (7.9%) Cash (2.5%) Federal Agencies · TOTAL RDA INVESTED: $19,867,008 C1T~,, '-~ ?US71N INVES~I MP-2$1~I~ REPO'~. DESCRIPTION CITY OF TUSTIN: Time Deposits Negotiable Certificates of Depose Commercial. Paper Bankers Acceptances Corporate Notes Federal Agencies U. S, Treasuries Cash Deferred Compensation * Cash with Fiscal Agents * Local Agency Investment Fund SUMMARY QUARTER ENDING SEPTEMBER 30,1997 (Unaudited) Allowable Original Maximum Portion of Purchase Maturity Portfolio Total Current Current Book Market Current Value Value Concentration 5 yrs No Limit $0 $0 $0 0.00% 5 yrs 10% $0 $0 $0 0.00% 90 days 25% $0 $0 $0 0.00% 180 days 25% $0 $0 $0 0.00% 5 yrs 10% $574,140 $507,414 $500,560 0.85% 5 yrs 50% $4,259,940 $3,705,381 $3,414,315 6.23% 5 yrs No Limit $5,993,160 $5,994,460 $6,018,100 10.08% N/A N/A $701,979 $701,979 $701,979 1.18% N/A N/A $9,074,548 $9,074,548 $9,074,548 15.25% N/A N/A $21,726,463 $21,726,463 $21,726;463 · 36.52% N/A N/A $17~782,444 $17~782~444 $17~871~356 29.89% $60,112,674 $59,492,689 $59,307,321 100.00% PERFORMANCE MEASUREMENT: Average CITY Portfolio Life (Years): 0.88 Average Portfolio Yield: 5.60% Current 6 mo Treasury Bill: 5.18% TUSTIN REDEVELO PM ENT AGENCY: Time Deposits 5 yrs No Emit Negotiable Certificates of Deposit 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 Emit Cash N/A N/A Deferred Compensation * N/A N/A Cash with Fiscal Agents * N/A N/A Local Agency Investment Fund N/A N/A $0 ' $0 $0 0.00% $o $o $o 0.00% $0 $0 $0 0.00% $0 $0 $0 o.oo% $3,035,860 $3,010,758 $2,973,070 15.15% $515,048 $504,460 $500,000 2.54% $0 $q $0 0.00% $1,577,653 $1,577,653 $1,577,653 7.94% $0 $0 $0 0.00% $818,291 $818,291 $818,291 4.12% $13,955,846 $13,955,846 $14,025,625 70.25% $19,902,698 $19,867,008 $19,894,639 100.00% 0'97 5.83% 5.18% PERFORMANCE MEASUREMENT: Average RDA Portfolio Life (Years): Average Portfolio Yield: Current 6 mo Treasur~ Bill: TOTAL CITY/RDA INVESTMENTS: $79,359,697 979,201,960 * Deferred Compensation and Cash with Fiscal Agents are non-discretionary funds nominally managed bythe Treasurer. Deferred Compensation is the pre-tax deferral of employees' salaries within the restrictions of IRS Code 457. Deferrals are self-directed by th® employe~s 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:~ CITY OF TUSTIN INVESTMENT REPORT __ .(1) DESCRI PTI ON- LI M ITS QUARTERLY INVESTMENT SCHEDULE AS OF: SEPTEMBER 30,1997 UNAUDITED (2) (3) (4) YIELD ORIGINAL · CURRENT CURRENT TO PURCHASE MATURITY PURCHASE BOOK MARKET MATURITY DATE DATE PRICE VALUE VALUE Time Deposits-No Limit [...Ne~l. Certificate ot' De~)osit-10%,Max 5 ~s Commercial Pa]3er-25%, Max 90 Da~ · I. Bankers Acce~)tances' 25%, Max 180Da~,s (5) Corporate Notes- 10% Pac Tel Cap. Rating-(A1/A+) Fed era I A~e ncies- 50% Fed. Home Loan MorL Corp. 1402-H Fed. Home Loan Mort. Corp. 1436-SB F~Jeral Home Loan Bank FRN F.~leral Home Loan Bank FRN (6) Tennessee Valley Authority (AANAAA) US Treasuries- No Limit Treasury Note Treasury Note 'fi'easury Note [ Daily,- No Limit Ca?h 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 * September 30 balances were not available at the time this report was prepared. Numbers reflect the most current balances ~s of October 15, 1997. Current Total: [ $0 ~ $0 Current Total: I $0 ~ $0 Current Total:[ $0 / ' $0 Current Total: [. $0 ~ $0 5.83% 3.90% 5.00% 2.03% 2.31% 5.24% 03/17/93 01/28/94 03/21/94 09/29/93 10/21/93 02/03/94 10/15/97 $574,140 Current Total: $507,414 $500,560 $507,414 $500,560 0.85% k (8) 10/15/97 $1,006,886 $782,480 $571,604 12/15/97 $723,054. $412,991 $396,626 03/23/98 $1,507,500 $1,502,502 $1,462,500 05/07/98 $502,500 $500,000 $481,875 08/01/99 $520,000 $507,408 $501,710 5.9EP,4, 6.27% 5.92% 01/31/97 03/31/97 07/31/97 Current Total: $3,705,381 $3,414,315 ' L 6.23% k - (8) 01/31/99 $1,995,940 $1 ;995,940 $2,003,120 03/31/99 $1,999,260 $1,999,260 $2,013,740 07/31/99 $1,997,960 $1,999,260 $2,001,240 Current Total: (8)[ $5,994,460 $6,018,1 O0 lO.O8% k 4.70% (7) N/A (9)* N/A (10)* N/A (10) N/A' (10)* 4.70% (6)* 5.69% (11)* Current Total: · TOTAL CITY INVESTMENTS PERFORMANCE MEASUREMENT: Average Portfolio Life (Years)' 0.88 Average Portfolio Yield: 5.60% Current 12 mo. Treasur~/Bill: 5.18% $701,979 $701,979 $9,074,548 $9,074,548 $1,158,339 $1,158,339 $12,559,523 $12,559,523 $2,039,376 $2,039,376 $5,969,225 $5,969,225 $17,782,444 $17,871,356 $4g,285~434 $4g,374,346 82.84% k' $59,492,689 $59,307,321 REDE VEL OPMENT A GENC Y INVESTMENT REPORT (1) DESCRIPTION -LIMITS QUARTERLY INVESTMENT SCHEDULE AS OF: SEPTEMBER 30,1997 UNAUDITED YIELD TO PURCHASE MATURITY MATURITY DATE DATE (2) (3) (4) ORIGINAL CURRENT CURRENT PURCHASE BOOK MARKET AMOUNT VALUE VALUE Time Del3osits-No Limit ..Ney. Certificate of Deposit- 10%,Max 5 ~rs / [.. Commercial paper-25%, Max 90 Da~ il [. Bankers Acce~ances-25%, Max 180Da~ Il Corl3orate Notes- 10% Franklin Universal Trust- (AAA/AAA) GE Capital- (AAA/AAA) Current Total: [. $0 ~ Current Total: L $o I= cUrrent Total:[ $0 ~ Current Total: L. $o ~ 4.94% 09/14/93 09/01/98 $1,029,800 $1,008,940 $993,550 5.19% 11/18/93 11/18/98 $2,006,060 $2,001,81 8 $1,979,520 Current Total: $3,010,758 $2,973,070 . (8)L 15.15%~ L_ Federal A~encies-50% i T~:nnessee Valley Authority (AAA/AAA) IL US Treasur~ Bills/Bonds/Notes-No Limit i ' Daily- No Limit RDA Cash D®posits w/Fiscal Agent-Tax Allocation Bds Local Agency Investment Fund * September 30 balances were not available at the time this report was prepared. Numbers reflect the most current balances as of October 15, 1997. 5.60% 02/18/94 08/01/99 $515,048 $504,460 $500,000 Current Total: $504,460 $500,000 (8)/.. 2.54% II Current Total: $0 $0 (8) [,, 0.00% II 4.70% (7) N/A (10) 5.69% (11)* Current Total: $1,577,653 $1,577,653 $818,291 $818,291 $13~955~846 $14~025~625 [ 82.31% 111 TOTAL RDA INVESTMENTS $19,867,008 :$19,894,639 PERFORMANCE MEASUREMENT: Average Portfolio Life (Years)' 0.97 Average Portfolio Yield: 5.83% 5.18% Current 12 mo. Treasur~ Bill: TOTAL ClTY/RDA I NVESTM ENTS: $79,359,697 $79,201,960 FOOTNOTES: (',) DESCRIPTION-UMITS reflects the various auth~ized investments as docUmented in th® 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 less any discount plus any premium. (3! Current Book Value is original cost of secuiiies less receipt of principal payments, net of amortized' I:remiums/discounts. (4) FOOTNOTES: (Cont) Current Market Value isthe price at which securities are currently trading. Current m~rket 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 i~ 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. (9) IRS code Section 457 emPloyee deferrals held by the City for future benefit of employees. (1'¢) 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 August 31, 1997 was $28,319,497,208 and the estimated market value (including accrued interest) was $28,458,998,362. The City and Agency's proportionate share of that value is $31,894,632. CERTIFICATION: I certify that this report reflects all City and RDA pooled investments. Because of current cash flow movements Corporate Notes ~,3d Federal Agencies temporarily exceed the current Investment Policy limit of 10% and 25%. Maturing investments will correct tt,i~ condAiom In all other aspects 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 the Trustees currently currently holding securities for the City/Agency. 'Fne investment program herein shown provides sufficent cash flow liquidity to meet the next six (6) months estimated expenditures~his statement is prepared in con,f~~~~of ti~~,G~ernment Code.