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Home My WebLink About13 QUARTERLY INV RPT 11-04-96DATE: October 30, 1996 Inter-Com NO. 13 11-4-96 TO: Honorabl~.yor and Members of the city Council FROM:. G.W.J~~reasurer In Com$ 53646, Investment Report for the quarter ending September 30, 1996 is rendered. If there are any questions regarding the details of this report,. please contact me at extension 3064 or at my office at 838-4187. cc: Audit Committee City Manager City Attorney GWJ: ! nvRept 1. OCT 7 OF TUS TIN IN VESTMENT I SUMMARY QUARTER ENDING · SEPTEMBER 30,1996 (Un Audited) 2)RT DESCRIPTION CITY OF TUSTIN: Time Deposits Negotiated Deposits (CDs) Commercial Paper Bankers Acceptances Corporate Notes Federal Agency Bonds or Notes US Treasury Bills/Bonds/Notes Cash Deferred Compensation * Cash with Fiscal Agents * Local Agency Investment Fund TUSTIN REDEVELOPMENT AGENCY: Time Deposits Negol~ated Deposits (CDs) Commercial Paper Bankers Acceptances Corporate Notes Federal Agency Bonds or Notes US Treasury Bills/Bonds/Notes · 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 Current ConcentralJon 5 yrs No Umit $0 $0 $0 5 yrs 10% $0 $0 $0 90 days 25% $0 $0 SC) 180 days 25% $0 $0 SC) 5 yrs 10% $974,252 $921,276 $916,280 5yrs 25%· $11,625,999 $11,299,649 $10,737,885 5 yrs No Umit $946,209 $4,847,398 $4,848,210 N/A N/A $430,502 $430,502 $430,502 N/A N/A $7,594,610 $7,594,61 0 $7,594, o-'1 0 N/A N/A $12,652,812 $12,652,812 $12,652,812 N/A N/A $12, 858, 871 $12,858,871 $12,858, 871 :$47,083,255 $50,605,118 $50,039,170 lC PERFORMANCE MEASUREMENT: Average CITY Portfolio Life (Years): 0.=8~ Average Portfolio Yield: 5.15 ~ urrent 1 yr Treasur~: 0.0(7'~, 0. 0(7'/~ 0.00% 0.00% 1.82% 22.33% 9.58% 0.85% 15.01% 25.0O% 25.41% 100.00% 5 yrs No Umit $0 $0 $0 5 yrs 10% $0 $0 $O 90 days 25% $0 $0 $0 180 days 25% $0 $0 $0 5 ym 10% $3,035,850 $3,014,344 $2, 938, 840 5 .yrs 25% $5,048,798 $4,938,478 $4,644,204 5 yrs No Limit $0 $0 $0 N/A N/A $64,622 $64,622 $64,622 N/A N/A $0 $0 $0 N/A N/A $810,243 $810,243 $810,243 N/A N/A $12,593,339 $12,593,339 $12,593,3,39 $21,552, 862 $21,421,026 $21,051,248 0.00% O. OO% 0.00% O. OO% 14. 07% 23. 05% O. OO% 0.30% O. OO% 3.78% 58.79% lC PERFORMANCE MEASUREMENT: Average RDA Portfolio Life (Years): 0.78 Average Portfolio Yield: 5.13% urrent 1 ~ Treasur~: 5.50% TOTAL ClTY/RDA INVESTMENTS: $72.026,144 :$71,090,418 * Deferred Compensation and Cash with Fiscal Agents are essenlJaly non-descretionary funds nominally managed by the Treasurer. Deferred Compensation is the pre-tax deferral of employees' salary within the resrictions of IRS Code 457. The deferrals are self-directed by the employees and are recorded as a liability to the City. Cash with Fiscal Agents is the reserve funds and cons~u~ion funds held by Trustees for various City RDA bond issues. Investment options are limited to those specifically permitted by bond documents. Total City funds available for effective active management are: $50,968,479 ! I C,f 'iOF TUSTIN INVESTMENT \ CITY OF TUSTIN INVESTMENT REPORT QUARTER ENDING SEPTEMBER 230,1996 (1.8%) Corporate Notes (22.3%) Federal Agencies (15.0%) Deferred Compensation .6%), Treasury Bills/Notes (0.9%) Cash (25.0°2'o) Cash with Fiscal Agents (25.4%) LAIF TOTAL IN~ESTED: $50,605,118 RDA INVESTMENT REPORT QUARTER ENrDING SEPTEMBER 30,1996 (0.3%) Cash (~.8%) ~n~ _ (3.8°2'o) Cash with Fiscal Agents - ~ ~ ~ (14.1%) Corporate Notes (23.1%) Federal Agencies TOTAL RDA INVESTED: $ 21,421,026 CI ~F 7 UST1N INVESTMENT R E ~ T (1) ______~ QUARTERLY INVESTMENT SCHEDULE AS OF: SEPTEMBER 30,1996 YIELD TO PURCHASE MATURITY (2) (3) (4) ORIGINAL CURRENT CURRENT PURCHASE BOOK MARKET Time De~3osits-No Limit _ L Negotiated Deposits(CD's)-10%,Max 5 ~s Commercial PaDer-25%, Max 90 Da~,s I Bankers AcceDtances-25%, Max 180Da~,s (5) Current Total: [_ $0 ~ $0 Current Total: L $0~ $0 Current Total: E $0-~' $0 Current Total: J~ $0-~ $0 Pfizer INC. Rating - (AAA/AAA) Kellogg CO. Rating-(AAA/AAA) Pac Tell Cap. Rating-(A1/A+) Federal A~enc~/Bonds or Notes-25% % Federal Farm Credit Banks Federal Home Loan Bank Discount Notes Federal Home Loan Bank FRN (6) Fed. Home Loan Mort. Corp. 1325-C (6) Federal Farm Credit Banks FRN Federal Farm Credit Banks FI:IN Fed. Home Loan Mort. Corp. 1402-H Fed. Home Loan Mort, Corp. 1436-SB Federal Home Loan Bank FRN Federal Home Loan Bank FRN (6) Tennesee Valley Authority (AAA/AAA) L US Treasur~/ Bills/Bonds/Notes-No Limit Treasury Note (6) Treasury Bill Treasury Bill Treasury Bill L Dail ~,- No Limit Cash Deferred Compensation Deposits with F'sc. al Agents-'93 Water COP's Deposits with Fscal Agents-'96 Assess. Dist. Cash with TCA Trustee Local Agency Investment Fund 6.32% 05/12/94 02/01/97 $251,078 $250,000 $250,580 6.22% 05/15/95 07/15/97 $149,034 $149,034 $150,015 5.83% 03/17/93 10/15/97 $574,140 $522,242 $515.685 Current Total: $921,276 $916,280 ~ 1.82%~ (8) 6.00% 02/28/94 02/10/97 $742,500 $742,500 $750, O00 5.25% 08/21/96 02/14/97 $974,188 $974,188 $974,188 1.57% 10/20/93 06/02/97 $2,550,000 $2,516,074 $2,251,990 7.39% 05/06/94 07/15/97 $1,024,371 $921,152 $894,189 3.63% 01/31/94 07/28/97 $1,050,000 $1,014,344 $990,270 3.45% 11/09/93 09/23/97 $1,025,000 $1,000, O00 $1,000,000 3.90% 01/28/94 10/15/97 $1,006,886 $970,019 $938,660 5.00% 03/21'/94 12/15/97 $723,054 $649,147 $614,143 1.02% 09/29/93 03/23/98 $1,507,500 $1,503,335 $1,368,750 2.00% 10/21/93 05/07/98 $502,500 $500,000 $458,275 5.24% 02/03/94 08/01/99 $520,000 $508.890 $497.420 Current Total: $11,299,649 $10,737,885- ~ ['-- 22.33%~1~ (8) 6.19% 05/27/94 05/15/97 $2,021,360 $2,012,816 $2,01 1,260 5.88% 06/27/96 06/26/97 $943,883 $943,883 $945,650 5.81% 07/25/96 07/24/97 $944,490 $944,490 $945,650 5.32% 08/22/96 08/21/97 $946,209 $946,209 $945,650 Current Total: $4,847,398 $4,848,210 (8) [ 9.58% ~ · 4.55% (7) $430,502 $430,502 N/A (9) $7,594,610 $7,594,610 N/A (10) $1,398,910 $1,398,910 N/A (10) $10,988,823 $10,988,823 5.77% (6) $265,079 $265,079 5.60% (11) . $12,858,871 $12,858,871 Current Total: $33,536,795 $33,536,795 L 66.27% Il TOTAL CITY INVESTMENTS ~50,605,118 PERFORMANCE MEASUREMENT: Average Portfolio Life (Years): 0.83 ~ Average Portfolio Yieid: 5.15% ~ Current 1 r Treasur : ' 5.50% $50,039,170 REDEV_,"~ -' ~PMENTA GENCY INVEST 'M~'~ '*, REPORT ., (1) DESCRIPTION-LIMITS QUARTERLY INVESTMENT SCHEDULE AS OF: SEPTEMBER 30,1996 YIELD TO PURCHASE MATURITY MATURITY DATE DATE (2) (3) (4) ORIGINAL CURRENT CURRENT PURCHASE BOOK MARKET AMOUNT VALUE VALUE Time Deposits-No Limit CommerciaI Pa[:)er-25%, Max 90 Da~/s Bankers Acce rices-25%, Max 180Da s (~ [, Corporate Notes- 10% ~ Franklin Universal Trust- (AANAAA) GE Capital- (AAA/AAA) L Federal A~lenc~/Bonds or Notes-25% ' I, Federal Home Loan Bank FRN Federal Farm Credit Bank FRN Federal Farm Credit Bank FRN Tennesse Valley A'uthodty (AAA/AAA) L us Treasu~ Bills/Bonds/Notes-No Limit [ Dail}/-No Limit RDA Cash Deposits with Fiscal Agent-'91 Tax AIIoc. Bds Local Agency Investment Fund Current Total: [, o. om,~'i Current Total: $0 $0 Current Total: $0 $0 0. oo% 4.94% 09/14/93 5.19% 11/18/93 09/01/98 $1,029,800 $1,011,920 $980, 820 11/18/98 $2, 006, 060 $2, 002, 424 $1,958, 020 Current Total: $3,014,344 $2,938,840 (8) J 14.07% ~ 1.85% 10/20/93 3.33% 01/31/94 2. 82% 11/09/93 5. 60% 02/18/94 06/02/97 $2, 040,000 $2, 015, 000 $1,801,592 07/28/97 $1,058, 750 $1,016, 790 $992, 813 09/23/97 $1,435, 000 $1,400, 000 $1,352, 299 08/01/99 $515, 048 $506, 688 $497, 500 Current Total: $4,938,478 $4,644,204 (8) J 23.05% ~ Current Total: $0 $0 (8) L o.0o% i 5.02% (7) NIA (1 O) 5.60% (11) Current Total: TOTAL RDA INVESTMENTS C PERFORMANCE MEASUREMENT: Average Portfolio Life (Years): 0.78 Average Portfolio Yield: 5.13% urrent I }/r Treasur}t: 5.50% TOTAL ClTY/RDA INVESTMENTS: $64,622 $64,622 $810,243 $810,243 $12,593,339 $12~ 593, 339 $13,468,204 ,13,468,204 [. 62.87%"]1 $21.421.026 $21.051.24~ $72,026,144 $71,090,418.. [, C'- OF TUSJ1N INVES~'MENJ' R ' FOOT NOTES: (1) DESCRIPTION- UMITS 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 security less any discount plus any premium. (3) Current Book Value is a securities original cost less receipt of principal payments, net of amortized premiums/discounts. (4) Current Market Value is the price that the security is currently l~ading and could presumably be purchased or 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 only booked if the security is sold prior to maturity. (5) In compliance with Section II, paragraph f. of the City's Investment Policy, Corporate Medium Term Notes shall have a Moody's/Standard and Poors's long term debt ralJng 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) Eamings allowance on compensating bank balances to offset bank activity charges. 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 deferais held by the City for future beneft of the employee. (10) Inves'0'nents and earnings on monies held by f~scal agents generaly 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 30,1996 was $27,187,643,262 and the estimated market value (including accrued interest) was $27,345,346,008. The City and Agency's proportionate share of that value is $25,608,323. CERTIFICATION: I cerlJfy that this report reflects all City and RDA pooled investments. Due to current cash flow consideralJons maturities in excess of one year temporarily exceed the current Inves~'nent Policy limit of 10%. Projected cash 1lows, maturing investments will mitigate 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 in this report are provided by the Trustees 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. This statement is prepared in conformance with Section 53646 of the Government Code. LEGEND: CD-Certificate of deposit FRN-Floating rate note. FNMA-Federal National Mortgage AssocialJon FFCB-Federal Farm Credit Bank FHLMC-Federal Home Loan Mortgage Corp. FHLB-Federal Home Loan Bank TVA-Tennesee Valley Authority