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Home My WebLink About16 QUARTERLY INV RPT 07-21-97NO. 16 7-21-97 DATE: JUly 16, 1997 lnter-Com TO' ,FROM' SUBJECT: Honorable Mayor and Members of the city Council G. W. Jeffries, Treasurer QUARTERLY INVESTMENT REPORT RECOMMENDATION: Receive and file.' DISCUSSION: In compliance with Government Code Section 53646, the attached ? Invest~e~/kepor~ for the quarter ending June 30, 1997 is rendered. . ,~/ G, W. Jef~r/1/es ~ -~" . '. Treasur?V GWJ: t s -, Attachment GWJ: ! nvRept. JUL CITY OF TUSTIN INVESTMENT R EPOR T CITY INVESTMENT REPORT QUARTER EN~2)ING.KJNE 30,1997 (112%) Federal Ag~ndes (34.6%) Cash with l:rzsc:4 A~nts~ · · //JJJJ~9.9%) Treasury B il Is/Notes K/~//////~ (0.~) C~h (13.7%) Deferred Compensa~%) LtlF (1.1%) Corporate Notes TOTAL CITY INVEg'I-nkTD: $59..556,665 RDA INVESTMENT REPORT QUARTER ENDING JIJNE 30,1997 (ssz%) LArF (0.6%) Cash (16.4%) Federal A~ndes (10.4%) Cash with F'zs~ A~nts (17.0%) Corporate Notes TOTAL RDA h'4VlEgFb~: $17,721,030 CITY OF TUSTININVESTMENT REPORT SUMMARY QUARTER ENDING JUNE 30,1997 (Unaudited) DESCF~PTION .Maximum Maturity 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 5 yrs 5 yrs 90 days 180 days 5 'yrs 5 yrs 5 yrs N/A N/A N/A N/A Allowable Original Portion of Purchase Portfolio Total Current Current Book Market Current Value Value Concentration No Limit $0 $0 $0 0.00% 10% $0 $0 $0 0.00% 25% $0 $0 $0 0.00% 25% $0 $0 $0 0.00% 10% $723,174 $656,448 $654,493 1.10% 50% $7,359,311 $6,669,549 $6,410,816 11.20% No Limit $5,885,899 $5,885,899 .$5,991,890 9.88% N/A $531,985 $531,985 $531,985 0.89% N/A $8,173,400 $8,173,400 $8,173,400 13.72% N/A $20,592,752 $20,592,752 $20,592,752 34.58% N/A $17,046,632 $17,046.632 $17,131,865 28.62% $80,313,153 $59,556,665 $59,487,201 100.00% PERFORMANCE MEASUREMENT: Average CiTY Portfolio Life (Years): 0.41 Average Portfolio Yield: 5.50% Current 6 mo Treasury Bill: 5.18% 1 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 $2,973.070 16.99% Federal Agencies 5 yrs 50% $3,008,798 $2.909,777 $2,845,112 16.42% U. S. Treasuries 5 .yrs No Limit $0 $0 $0 0.00% Cash N/A N/A $109,318 $109,318 $109,318 0.62% Deferred Compensation * N/A N/A $0 $0 $0 0.00% Cash with Fiscal Agents * N/A N/A $1,850,583 $1,850,583 $1,850,583 10.44% Local Agency Investment Fund N/A N/A $9,840,594 $9,840,594 $9,889,797 55.53% $17,845,153 $17,721,030 $17,667,880 100.00% C PERFORMANCE MEASUREMENT: Average RDA Portfolio Life (Years): 0.41 Average Portfolio Yield: 5.57% urrent 6 mo Treasur~t Bill: 5.1 ?% TOTAL CITY/RDA INVESTMENTS: $77,277,695 $77,155,081 Deferred Compensation and Cash with Fiscal Agents are non-discretionary funds nominally managed by the Treasurer. Deferred Corn pensation is the pre-tax deferral of em ployees' salary within the restrictions of IRS Code 457. The deferrals are self-directed bythe 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: $46,660,960 cITY OF TUSTIN INVESTMENT R R T (1) DESCRIPTION-LIMITS QUARTERLY INVESTMENT SCHEDULE AS OF: JUN E 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 bi NeT. Certificate of Deposit- 10%,Mae 5 ~/rs ~ ~11 ii Commercial Pa~3er-2~%, Mae 90 Dap i L Bankers Acceptances-25%, Mm( 180Days ~ Current Total: ~_ $0 ~ S0 Current Total: L $0 ~ $0 Current Total: L $0 ~ $0 Current Total: L $0 ~ s0 (53 L Corporate Notes- 10% ~ Kellogg CO. Rating- (AAA/AAA) Pac Tel Cap. Rating-(A1/A+) 6.22% 05/15/95 5.83% 03/17/93 07/15/97 $149,034 $149,034 8150,003 10/15/97 · $574.140 $507~414 $504,490 Current Total: $656,448 $654,493 1.10% [ Federal A~encies- 50% ~ Fed. Home Loan Mort. Corp. 1325-C (6) Federal Farm Credit Banks FRN Federal Farm Credit Banks FRN Fed. Home Loan Mort. Corp. 1402-H Fed. Home Loan Mort. Corp. 1436-SB Federal Home Lo~n Bank FRN Federal Home Loan Bank FRN (6) Tennessee Valley Authority'(AAA/AAA) 7.57% 05/06/94 3.37% 01/31/94 4.20% 11/09/93 3.90% 01/28/94 5.00% 03/21/94 2.03% 09/29/93 2.31% 10/21/93 5.24% 02/03/94 07/15/97 $1,024,371 07/28/97 $1,050,000 09/23/97 81,025,000 10/15/97 $1,006,886 12/15/97 $723,054 03/23/98 $1,507,500 05/07/98 8502,500 08/01/99 $520,000 Current Total: (8) $638,497 $527,476 $1,003,631 $998,460 $1,000,000 $991,180 $868,364 $872,314 $649,147 $600,241 $1,502,502 $1,440,000 $500,000 $481,875 $507~408 $499,270 86,669,549 86,410,816 11.20% k US Treasuries- No Limit (8) Treasury Bill Treasury Bill Treasury Note Treasury Note L Daily,- No Limit Cash Deferred Corn pensafion 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. Num bars reflect confirm ed balances as of May 31, 1997. 5.81% 07/25/96 07/24/97 5.32% 08/22/96 08/21/97 5.98% 01/31/97 01/31/99 6.27% 03/31/97 03~31/99 $944,490 $944,490 $996,710. 8946,209 $946,209 $992,680 $1,995,940 $1,995,940 $1,995,620 $1,999,260' $1,999,260 $2,006,880 Current Total: $5,885,899 $5,991,890 (8) L 9.68% 4.50% (7) N/A (9) * N/A (10) N/A (10)* N/A (10)* 4.70% (6) 5.63% (11)* Current Total: TOTAL CITY INVESTMENTS lcAVeiage Portfolio Life ~ears): Average Portfolio Yield:' urrent 6 mo. Treasur~, Bill: 0.41 5.50% 5.16% PERFORMANCE MEASUREMENT: $531,985 $531,985 $8,173,400 $8,173,400 $1,157,428 $1,157,428 $1 1,555,673 $1 1,555,673 $2,461,804 $2,461,804 $5,417,847 $5,417,847 $17,046,632 $17,131,865 $46,344,769 $46,430,002 77.82% ~ $59,556,665 $59,487,201 REDEQFfLOPMENT AGENCY INVES.77ffENT REPORT (1) DESCRIPTION -LIMITS L 'R'me DeDosits-No Limit L Ce , te of Del - 0%,M x 5 L Commercial Pa]aer-25%, Max 90 Da~s ~1 LL Bankers Acceptances-25%, Max 180Days_ ~ (5) L corFx:)rate Notes- 10% ~ Franklin Universal Trust- (AAA/~) GE Capital- (AAA/AAA) L. Federal A~c~en?ies-50% ~ Federal Farm Credit Bank FRN Federal Farm Credit Bank FRN Tennessee Valley Authority (AANAAA) L us Treasur~ Bills/Bonds/Notes-No Limit Dailj/-No Limit QUARTERLY INVESTMENT SCHEDULE AS OF: JUNE 30,1997 (UNAUDITED) (2) (3) YIELD ORIGINAL . CURRENT TO PURCHASE MATURITY PURCHASE BOOK. MATURITY DATE DATE AMOUNT VALUE 4.94% 09/14/93 09/01/98 5.19% 11/18/93 11/18/98 (4) CURRENT MARKET VALUE Current Total: L $o i Current Total: L $o 1, Current Total: [ . $0 ~ Current Total: L $o ~1 3.33% 01/31/94 07/28/97 4.41% 11/09/93 09/23/97 5.60% 02/18/94 08/01/99 $1,029,800 $1,008,940 $993,550 $2,006,060 $2,001,81 8 $1,979,520 Current Total: $3,010,758 $2,973,070 (8)L~ , 16.99%~ RDA Cash 4.50% (7) Deposits w/Fiscal Agent-Tax Allocation Bds N/A (10) Local Agency Investment Fund 5.63% (11) $1,058,750 $1,004,202 $992,813 $1 , 435,000 $1,400,000 $1,352,299 $515,048 $505,575 $500,000 Current Total: $2,909,777 $2,845,112 (8) L 16.42% ~ Current Total: $0 $0 (8) L 0.00% i Current Total: $109,318 $109,318 $1,850,583 $1,850,583 $9,840,594 $9,889,797 $11,800,495 $11,849,698 L .5g%i TOTAL RDA INVESTMENTS lC PERFORMANCE MEASUREMENT: I Average Portfolio Life (Years): ' 0.41 Average Portfolio Yie Id: 5.57% urrent 6 mo. Treasur~ Bill: 5.16% TOTAL CITY/RDA INVESTMENTS: $17,721,030 $17,667,880.. $77,277,695 $77,155,081 . 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. (2) Original Purchase Price is the amount paid for a securities less any discourt plus any premium. (3) current Book Value is original cost of secuities less receipt of principal payments, net of amortized premiums/discourts. FOOTNOTES: (Cont) (4) Current Market Value is the price at which securities are currently trading. Current mar'ket 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. (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 bo~d documents or current IRS codes. (11) The carrying amount of the pool as of May 31,1997 was $29,848,657,312 and the estimated market value (including accrued_interest) was $29,998,191,232. The City and Agency's proportionate share of that value is $27,021,924. CERTIFICATION: I certify that this report reflects all City and RDA pooled investments. Because of current cash flow movements Corporate Notes and Federal Agencies temporarily exceed the current Investment Policy limit of 10% and 25%. Maturing investments will correct this condition. 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. The investment program herein shown provides sufficent cash flow liquidity to meet the next six (6) months estimated expenditures. prepared in confor~.ance with s/e~_ti, on 53646 of the Government This statement is. _z,,.//. //,~.~z._.~ .,? ,(~--"~'~ ,~.~/ . ~/' Code. ~' G. ~.~s,~(ea.~er '