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Home My WebLink About13 QUARTERLY INV. RPT. 05-05-97NO. 13 5-5-97 DATE: April 30, 1997 Inter-Com TO: Honorable Mayor and Members of the City Council FROM: G.W. Jeffries, 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 March 31, 199% is rendered. GWJ: ! nvRept .Apr CITY OF TUSTIN INVESTMENT REPOR T CITY INVESTMENT REPORT QUARTER ENDING MARCH 31,1997 (15.6%) Federal Agencies (27.0%..) Cash with Fiscal Agents (13.4%) Deferred Compensation ~ (1.1%) Corporate Notes ~14_.593.) Treasury Bills/Notes ~'~"Y-~ i (3.0%) Cash ---~~(25.3 % ) LAIF TOTAL CITY INVESTED: $60,859,952 RDA INVESTMENT REPORT QUARTER ENDING MARCH 31,1997 (50.9%) LAIF (3.2%) Cash ~ (25.8%) Federal Agencies (4.3%) Cash with Fiscal Agents (15.8%) Corporate Notes TOTAL RDA INVESTED: $19,082,275 / Y OF TUSTIN INVESTMENT Rt._ ~ T' DESCF~PTION CITY OF TUSTIN: Time Deposits Negotiable Certificates of Deposit Comm~cial Paper Bankers Acceptances Corporate Notes U. S. Treasuries Cash Deferred Compensation * Cash with Fiscal Agents * Local Agency Investment Fund SUMMARY QUARTER ENDING MARCH 31,1997 (Unaudited) Allowable Original Current Maximum Portion of Purchase Book Maturity Portfolio Total Vague 5 yrs No L~nE $0 $O 5yrs 10% $O $0 90 days 25% $43 $0 180 days 25% $0 $0 5 yrs 10% $723,174 $656,448 5 yrs 25% $9,909,311 $9,523,385 5 yrs No Limit $8.851,142 $8,833,342 N/A N/A $1,853,353 $1,853,353 N/A N/A $8,173,400 $8,173,400 N/A N/A $16,442,758 $16,442,758 N/A N/A $15,377~o6 $15,377~-~:)6 $61 ~30,404 $60,859~52 Current Market Vague Current Concentration PERFORMANCE M EASUREM ENT: ~11 Average C~TY Portfolio Life (Years): 0.60 I Average Po~olio Y'~ld: 5.43% Current 6 mo Treasur~ Bill: 5.50% $0 $0 $0 $0 $523,129 $9,285,013 $8,926,190 $1,853,353 $8,173,400 $1,783,914 $15,377~--~o6 $45,922,265 0.00% 0.00% 0.00% 0.00% 1.08% 15.65% 14.51% 3.05% 13~43% 27.02% 25.27% 100.00% TUSTIN REDEVELOPMENT AGENCY: Time Deposits 5 yrs No Limit Negotiable CerlJficates of Deposit 5 yrs 10% Commercial Paper 90 days 25% Bankers Acceptances 180 days 25% Corporate Notes 5 yrs 10% Federag Agencies 5 yrs 25% U. $. Treasuries 5 yrs NO Limit Cash N/A N/A Deferred Compensation * N/A N/A Cash with Flscag Agents * N/A N/A Local Agency Investment Fund N/A N/A $0 $0 $0 0.00% $0 $0 $0 0.00% $0 $0 $0 0.00% $0 $O $0 0.00% $3,035,860 $3,009,958 $2,961,550 15.77% $5,048,798 $4,928,973 $4,823,412 25.83% $0 $0 $0 0.00% $620,062 $620,062 $620,062 3.25% $0 $0 $0 0.00% $815,477 $815,477 $615,477 4.27% $9,707,805 $9,707,805 $9,707,805 50.87% $19,228,002 $19,082~75 $18,928;306 100.00% PERFORMANCE M EASU REM ENT: I Average RDA Portfolio Life (Years): 0.61 Average Portfolio Y'~ld: 5:28% .LCurrent 6 mo Treasur~ Bill: '5.50% TOTAL ClTY/RDA INVESTMENTS: $79,942,227 ~:)4,850,571 * Deferred Compensation and Cash with F=cag Agents are non-discretionary funds nominaJly managed by the Treasurer. Deferred Compensation is the pre-tax deferral of ernpio~ees' sagary within the restrictions of IRS Code 457. The deferrals are self-directed by theempioyees and are recorded as a liability of lhe City. Cash with Fiscal Agents is the reserve funds and construction funds held by Trustees far 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: ~54,510,592 (..-r~ Y OF TUSTI.¥ I.~q...,£S77ffE/X~T R£pc., fl T (1) DESCRIPTION- LIMPS Time Deposhs- No L,imff L~NeD~. Certificate of Deposit- 1O%.Max 5 vrs ~ I L~Ba-nkers Acceptances-25%, IV~x 180Devs ~ I __ Cc~'porate Notes- 10% Kellc~g CO. Rathg- Pac Tel Cap. Rathg- (Al/A +) Federa] Aoencbs- 25% ! Federa] Home l_c~n Bank FRN (6) Fed. H~me Loan Mort. Ccx'p. 1325-C (6) Federa] Farm Credit Banks FRN Federa] Farm Credit Banks F-RN Fed. Home Lc~n Mc~. Corp. 1402-H Fed. Home l_z~n Mc~l. Corp. 14.36-SB Federa] Home Lcan Bank FRN Federal Home I_can Be, ak FRN (6) Tennesee Vadley Au~or~ty US Tre~-suries-No Urnit ~-- I __ Treasury Note (6) Treasury Bill Treasury Bill Tree. sury Bill Trea~ury Note ' Tree. s ury Note Cash Deferred Compensal~on Depcs~ wilh. FiscaJ Agents-'93 .Water CoP's Deposits wilh Fisca] Agents-'96 Assess. Dist. Deposits wilh F'sca] Agents-Co. Wide Fin Aut~ Cash wilh TCA Trustee Lex:al Agency Investment Fund QUARTERLY INVESTMENT SCHEDULE AS OF: MARCH 31,1997 YIELD TO ~JRCHASE MATURITY (2) (3) (4) ORIGINAL CURRENT CURRENT PURCHASE BOOK MARKET Current TotaF ~' $OI $0 CUrrent Total: L Current Total: [._ $0 ~ ,tO Current Total: L $011 6.22% 05/15/95 07/15/97 $149,034 $149,034 $15,044 5.83% 03/17 f93 10/15/97 $574.140 $507.414 $508.085 Current Total: ${~56.448 $523,129 L 1-08%~11 1 .r:x3% 10/20/93 06/02/97 7.57% 05/D6/94 07/15/97 3.37% 01/31/94 07/28/97 4.20% 11/09/93 09/23/97 3.90% 01/28/94 1 o/t 5/97 5.00% 03/21/94 12/15/97 2.03% 09/29/93 03/23/98 2.31% 10/21/93 05/07/98 5.24% 02103/94 08/01/99 6.19% 05/27/94 05/15/97 5.88% 06/27/96 06/26/97 5.81% 07125/96 07124/97 5.32% 08/22/96 08/21/97 5.98% 01/31/97 01/31/99 6.27% 03/31/97 03/31/99 (~) $2,550,000 $2,505,358 $2,478,125 $1,024,371 $881,749 ~876,278 $1,050,000 $1,007,202 $995,370 $1,025,0 00 $1,000,000 $990,000 $1,006,88& $,970,019 ,%948,020 $723,054 $649,147 ,$621,595 $1,507,500 $1,502,502 $1,411,875 ~502,500 ~500,000 $470,625 $520.000 $507,408 $493,125 Current Tolal: $9,523,385 $9,285,013 (8) $2,021,360 $2,003,560 $2,002,180 $943,883 $943,883 $987,480 $944,490 $944,490 $983,260 ,~.946, ~ . $946,209 $978,910 $1,995,940 $1,995,940 $1,981,240 $1,999,260 $1,999,260 $1,993,120 Current Total: ~8,833,342 $8,926,190 (8) L 14.51%i= 4.4b% ('7) N/A (9) N/A (10) N/A (10) N/A (10) 4.35% ($) 5.8o% (1 ~) Current To~al: TOTAL CITY INVESTMENTS $1,853,3 53 $1,853,3 53 $8,173,400 $8,173,400 $1,783,914 $1,783,914 $11,757,637 $11,757,637 $2,451,175 $2,451,175 $450,O32 $450,032 $15,377,266 $15,377,266 _ $60,859,952 .$60,581,109 PERFORMANCE MEASUREMENT: Average Portfolb Life (Years): 0 60 Average Portfolb Y'eld: Current 6 mo. Treasury Bil: 5.50% REDF- -' LOPMENT A GENCY INVESTM! '~EPORT / . . QUARTERLY INVESTMENT SCHEDULE AS OF: MARCH 31,1997 (1) DESC~PTION-LIMITS '~ELD TO PURCHASE MATURITY MATURITY DATE DATE (2) (3) (4) ORIGINAL CURRENT CURRENT PURCHASE BOOK MARKET AM OUNT VALUE VALUE Time Deposits-No Limit -1= I [~Necj. Certificate of Deposit- 10%,Max 5 i= , Commercial Pe~oer-25%. Max 90 Days 1, I Bankers Acceptances-25%,, Mm( 180Da~ ]= Current Total: [_ $0 Current TotaJ: [_ ~'ll Current TotaJ: L $0 Current Tot, l: E SO (5) Corporate Notes - 10% I Franklin Univemal Trust- (AAA/A4A) GE Capital- (AAAJ,4z~) L Federal Aaencies- 25% 4.94% 5.19% 09/14/93 11/18/93 09/91/98 $1,029,800 $1,008,940 $987,390 11/18/98 $2.006,060 $2,001,018 $1,974,160 Current Total: $3,009,958 $2,961,550 (8) [ 15.77%~1 Federal Home Loan Bank FI:~ Federal F~rm Credit Bank FRN Federal Farm Credit B~nk FRN Tennesse Valley Authority (AAA/AAA) [~ US Treesur~/Bills/Bonds/Notes-No Limit 2.24% 10/20/93 06/02/97 $2,040,000 $2.015,000 $1,982,520 3.33% 01/31/94 07/28/97 $1,058,750 $1,008,398 $992,813 4.41% 11/99/93 09/23/97 $1,435,000 $1,400,000 $1,352,299 5.60% 02/18/94 08/01/99 $515,048 $_v--~_ 5,575 $495.780 Current Total: $4,928,973 $4,823,412 (8) ['--'--25. S3~----I, Daily,- No Limit RDA Cash Deposits w/Fiscal Agent-Tax Allocation Bds Local Agency Investment Fund Current Total: $0 SC) (8) [ 0.00~-~ 4.10% (7) N/A ( 1 O) 5.80% (11) $620,062 $820,062 $815,477 $815,477 $9;707,805 $9,707,805 CurrentTotah $11,143,344 $11,143,344 TOTAL RDA INVESTMENTS $19,082,275 $18,928,308 PERFORMANCE M EASU REM ENT: Average Portfolio Life (Years): 0.61 Average Portfolio Y'~ld: 5.28% Current 6 mo. Treasu~ Bill: 5.50% TOTAL ClTY/RDA INVESTMENTS: $79.942.227 $79.509.415 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 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 and could presumably be sold. Current market values are provided by Bank of America and Wells Fargo Bank 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 mattxities. (5) In compliance with Section II, I~ and Poors's long term debt ra~, !ph f. of the City's Investment Policy, Corporat~ zt least AA. .. shall have a Moody's/Standard (6) Securities held in Trust per Funding Agreement between the City of Tustin and the Foothill/Eastern Transportation Con'idor Agency adopted by the City Council on 6-5-95. (7) Earnings allowance on compensating bank bab. nces t3 offset bank activity charges. Not included in the Average Y'~ld calculation. (8) Current percentage by investment type to be measured against allowable limits in cun'ent investment policy. (9) IRS code Section 457 employee deterais held by the City for future benefit of the employee. (10) Investments and emnings on monies held by fiscal agents generalyme limited as t3 type and yield by the bond documents or current IRS codes. (11 ) The carrying amount of the pool as of March 31,1997 was $28,109,397,616 and the estimated market value (including accrued interest) was $28,111,224,511. The City and Agency's proportionate share of that ~lue is $25,086,701. 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 Tusfin. 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 liquidity to meet the next six (6) months estimated expendit~es. . This statement is prepared in confororF~K:e with ,Sec'rioD 53646 of the Government code. ./: ,/ CITY OF TUSTIN INVESTML. REPORT REPORT OF TRANSACTIONS AND INVESTMENT ACTIVITY QUARTER ENDING: March 31,1997 1,G1,~7 2X)1 ,e7 2/10~e7 2/14~7 3,G1 ,~7 DA3r~ DESCRIPTI ON AMOUNT -CITY- Purchase US Trea~cry Notes $1,995,940 Maturb/. Pfizer C<~p. N~ $250.000 Ma/ur~y, FecleraJ Fezm Cr®d~ Bank ~ $742,500 M~rb/, Fed®raj Hcxne Loan Bank Disc. Nc~e~ $g74,1 Purchase US Treas~zy Notes $1 M~TURFFY 1/31/99 3/31/99 YIELD 5 .27% No Tranr, actiom -RDA-