HomeMy WebLinkAbout14 QUARTERLY INV RPT 02-03-97AGENDA
DATE:
,~a~uar~ 28~ :].99?
TO: Honorable Mayor and Members of the City Council
FROM' G.W. Jeffries, Treasurer
SUBJECT: QUi%RTERLY INVESTMENT REPORT "
RECOMMENDATION '.
Receive and file.
DISCUSSION'.
In compliance with Government Code Section 53646, the attached
Investment Report for the quarter ending December 31, 1996 is
re~e~~ ..
Attachment
GWJ: I nvRept 1. JAN
CI7
'US'lIN INVESI 'MEN'I'R ')R T
CiTY INVESTMENT REPORT
QUARTER ENDING DECEMBER 31,1996
(1.7%) Corporate Notes
(14.9%) Deferred Compensation
(22.8%) Cash with Fiscal Agents
(21.2%) Federal Agencies
(9.1%) Treasury Bills/Notes
(3.5%) cash
·
TOTAL CITY INVESTED: $52,807,434
RDA INVESTMENT REPORT
QUARTER ENDING DECEMBER 31,1996
(o.5%) Cash
(26.9%) Federal Agencies
(sz.v%)
(4.4%) Cash with Fiscal Agents
(16.4%) Corporate Notes
TOTAL RDA INVESTED: $18,034,802
CITY " r;, 7YJSTIN INVEST3~IENT R OR T
REPORT OF TRANSACTIONS AND INVESTMENT ACTIVITY
QUARTER ENDING: DECEMBER 31,1996
·
DATE DESCRIPTION _AMOUNT MATURITY YI
crI'Y ELD
10/3/96
10/11/96
10/17/96
10/24/96
10/29/96
11/1/96
11/12/96
11/18/96
11/21/96
11/25/96
12/3/96
12/6/96
12/16/96
12/19/96
Transfer from LAIF
Transfer to LAIF
Transfer from LAIF
Transfer from LAIF
Transfer from LAIF
Transfer from LAIF
Transfer to LAIF
Transfer from LAIF
Transfer to LAIF
Transfer from LAIF
Transfer from LAIF
Transfer to LAIF
Transfer from LAIF
Transfer to LAIF
($1,000,000) Daily
$1,000,000 Daily 5.60%
.$300,000) Daily
$500,000) Daily
($100,000) Daily
($500,000) Daffy
$600,000 '.. Daily $.~
($750,000) Daily
$1,500,000 Daily 5.60~
3oo,ooo) may
$500,000) Daily
$1,200,000 Daily 5.60%
($500,000) Daffy
$1,300,000 Daily
10/8/96
10/24/96
10/28/96
11/12/96
11/25/96
12/9/96
12/18/96
12/23/96
12/30/96
Transfer to LAIF
Transfer from LAIF
Transfer from LAIF
Transfer to LAIF
Transfer from LAIF
Transfer to LAIF
Transfer to LAIF
Transfer from LAIF
Transfer from LAIF
-RDA-
$400,000 Daily 5.60%
($1,300,000) Daily
($50,000) Daily
$650,000 Daily 5.60%
($6ao,ooo) Daily
$230,000 Daily 5.~
$430,000 Daily 5.60%
($160,000) Daily
($2,800,000) Daily 5.60%
SUMMARY
QUARTER ENDING
DECEMBER 31,1996
(Unaudited)
DESCRIPTION
Allowable Original Current
Maximum' Portion of Purchase Book
Matu rit~_ Portfolio Total Value
CITY OF TUSTIN:
Time Deposits 5 yrs No Limit $0 $0
Negotiable Certificates of Deposit 5 yrs 10% $0 $0
Commercial Paper 90 days 25% $0 $0
Bankers Acceptances 180 days 25% $0 $0
5 yrs 10% $974,252 $913,862
Corporates 5 yrs 25% $11,625,999 $11,286,314
Federal Agencys
Treasurys 5 yrs No Limit $946,209 $4,847,398
Cash N/A N/A $1,853,353 $1,853,353
Deferred Compensation * N/A N/A $7,939,858 $7,939,858
Cash with Fiscal Agents * N/A N/A $12,126,977 $12,126,977
Local Agency Investment Fund N/A N/A $14,223,431 $14,223,431
$49,690,079 $53,191,1 93
Current
Market
Value
$0
$0
$0
$913,317
$10,831,388
$4,919,110
$1,853,353
$7,939,858
$12,126,977
$14,223,431
$52,807,434
PERFORMANCE MEASUREMENT: "~11
Average CITY Portfolio Life (Years): 0.61
Average Portfolio Yield: 5.22%
'~ moT are sur B4'II: 5.35%
TUSTIN REDEVELOPMENT AGENCY:
Time Deposits 5 yrs No Limit
Negotiable Certificates of Deposit 5 yrs 10%
Commercial Paper 90 days 25%
Bankers Acceptances 180 days 25%
Corporates 5 yrs 10%
5 yrs 25%
· Federal Agencys
Treasurys 5 yrs No Limit
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
Current
Concentration
0.00%
0.00%
0.00%
0.00%
1.72%
21.22%
9.11%
3.48%
14.93%
22.80%
26.74%
100.00%
$0 $0 $0 0:00%
$0 $0 $0 . 0.00%
$0 $0 $0 0.00%
$0 $0 $0 0.00%
$3,035,860 $3,(~14,344 $2,961,550 16.41%
$5,048,798 $4,~34,282 $4,647,799 26.85%
$0 $0 $0 0.00%
$84,341 $84,341 $84,341 --' 0.46%
$0 $0 $0 0.00%
$805,488 $805,488 $805,488 4.38%
$9,535,624 $9,535,624 $9,535,624 51.90%
$18,510,111 $18,374,079 $18,034,802 ' 100.00%
PERFORMANCE MEASUREMENT: ~ll
Average RDA Portfolio Life (Years): 0.66.
Average Portfolio Yield: 5.00%
'~~ ~ motr~asur a,: .5.35%
TOTAL CITY/RDA INVESTMENTS: $71,565,272 $70,842,236
* 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
self-directed by the employees and are recorded as a liability of the City.
Cash with Fiscal Agents is the reserve funds and construcrion 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'. $50,692.949_
~ ~""Y OF '~'U$'11N INVESt MENI'R '- ~')R T
(1)
DESCRIPTION-LIMITS
QUARTERLY
INVESTMENT SCHEDULE AS OF:
DECEMBER 31,1996
YIELD
TO PURCHASE MATURITY
MATURITY DATE DATE
(2) (3) (4)
ORIGINAL CURRENT CURRENT
PURCHASE BOOK MARKET
PRICE VALUE VALUE
Time Del:)osits-No Emit "1.
L Neg. Certificate of Del3osit-10%,Max 5 ~rs i.
[ Commercial Pat3er-25%, Max 90 Da~,s i.
L Bankers Accelotances-25%, Max 180Da~,s i,
Corp orats- 10%
Pfizer INC. Rating-(AAA/AAA)
Kellogg CO. Rating-(AAA/AAA)
Pac Tel Cap. Rating-(A1/A+)
Federal Awenc~,s- 25%
Federal Farm Credit Banks
Federal Home Loan Bank Discount Notes
Federal Home Loan Bank FI~I (6)
Fed. Home Loan Mort. Corp. 1325-C (6)
Federal Farm Credit Banks FI~I
Federal Farm Credit Banks FFtN
Fed. Home Loan Mort. Corp. 1402-H
Fed. Home Loan Mort. Corp. 1436-SB
Federal Home Loan Bank FI:~I
Federal Home Loan Bank FFtN (6)
Tennesee Valley Au~ority (AAA/~)
~ US Treasures- No Limit
Treasury Note (6)
Treasury Bill
Treasury Bill
Treasury Bill
Dall~/- No Limit
Cash
Deferred Compensation
Deposits wi~ Fmc. al Agents-'93 Water COP's
Deposits with Fmc. al Agents-'96 Assess. Dist.
Cash wilh TCA Trustee
Local Agency Investment 'Fund
Current Toteli [' $0--]l $0
Current Total: ~' $0 il. $0
Current Total: [_ $0 I. $0
Current Total: 1~ $0 II $0
6.32%
6.22%
5.83%
05/12/94
05/15/95
03/17/93
6.00%
5.25%
1.60%
7.57%
3.37%
4.20%
3.90%
5.00%
2.03%
2.31%
5.24%
02/28/94
00/21/96
10/20/93
05/06/94
01/31/94
11/09/93
01/28/94
03/21/94
09/29/93
10/21/93
02/03/94
02/01/97
07/15/97
10/15/97
$251,078 $250,000 $250,093
$149,034 $149,034 $1 50,254
$574,140 $514,828 $512~970
Current Total: $913,862 $913,317
L 1.72% la
02/10/97 $742,500 $742,500 $750,000
02/14/97 $974,188 $974,188 $993,100
06/02/97 $2,550,000 $2,510,716 $2,251,990
07/15/97 $1,024,371 $916,746 $907,101
07/28/97 $1,050,000 $1,01 0,773 ., $993,070
09/23/97 $1,025,000 $1,000,000 $1,000,000
10/15/97 $1,006,886 $970,019 $948,967
12/15/97 $.7.2.3,054 $649,147 $617,620
O3/23/98 $t,507,500 $1,503,335 $1,396,875
05/07/98 $502,500 $500,000 $471,570
08/01/99 $520,000 $508,890 $5~.. 1,095
CurrentToteh $11~86,314 $10,831,388
I_21.22% 11
6.19% 05/27/94 05/15/97 $2,021,360 $2,012,816 $2,006,260
5.88% 06/27/96 06/26/97 $943,883 $943,883 $975,020
5.81% 07/25/96 07/24/97 $944,490 $944,490 $970,900
5.32% 08/22/96 08/21/97 $946,209 $946,209 $966,930
Current Total: $4,647,398 $4,919,110
(8)[-" 9.11%-I1
4.40% (7)
N/A (9)
N/A (10)
N/A (10)
4.43% (6)
5.60% (11)
$1,853,353 $1,853,353
$7,939,858 · $7,939,858
$1,121,087 $1,121,007
$10,634,066 $10,634,066
$371,824 $371,824
. $14,223~431 $14~223~431
Current Total: $36~143~619 $36,143,619
[ 67.95% II
TOTAL CITY INVESTMENTS
$53,191.193 ~52,807,434
PERFORMANCE MEASUREMENT:
Average Portfolio Ufe (Years): 0.61
Average Portfolio Yield: 5.22%
Current 6 mo. Treasur}/Bill: 5.35%
RED'
'~,LOPMENT A GENCY INVEST'
·
VT REPORT
(1)
DESCRIPTION- LIMITs
QUARTERLY
INVESTMENT SCHEDULE AS OF:
DECEMBER 31.1996
YI ELD
TO PURCHASE MATURITY
MATURITY DATE DATE
(2) (3) (4)
ORIGINAL CURRENT CURRENT
PURCHASE BOOK MARKET
AMOUNT VALUE VALUE
Time Del3osits-No Limit
Ney. certi,~t, of Del::)osit- 10%.Max 5 ~/rs k
Commercial Pat)er-25%. Max 90 Da~,s t
I. Bankers Acce13tances-25%. Max 180Days II
(5)
I Cor~3orate Notes- 10% /
Franklin Universal Trust-(AAA/AAA)
G E Ca pital - (AAA/AAA)
I Federal A~lenc~ Bonds or Notes-25%
Federal Home Loan Bank FRN
Federal Farm Credit Bank FRN
Federal Farm Credit Bank FRN
Tennesse Valley Authority (AAA/AAA)
l.. US Treasur~, Bills/Bonds/Notes-No Limit
J Daily/- N o Lim it ~
RDA Cash
Deposits w/Fiscal Agent-Tax Allocation Bds
Local Agency Investment Fund
Current Total: [.. $0 k
Current Total: [ $0 t
Current Total: [ $0 II
Current Total: I $0 I=
4.94% 09/'14/93
5.19% 11/18/93
09/01/98 $1,029,800 $1,011,920 $987,390
11/18/98 $2,006,060 $2,002,424 $1,974,160
Current Total: $3,014,344 $2,961,550
(8)[ 16.41% I=
1.86% 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 $1,012,594 $992,813
09/23/97 $1,435,000 $1,400,000 $1,352,299
08/01/99 $515,048 $506,688 $501,095
Current Total: $4,934,282 $4,647,799
(8) 1 26.85% ~
Current Total: $0 $0
~ ~.:' (8) I 0.00% k
5.03% (7)
N/A (10)
5.60% (11)
Current Total:
TOTAL RDA INVESTMENTS
PERFORMANCE MEASUREMENT:
Average Portfolio Life (Years): 0.66
Average Portfolio Yield: 5.00%
Current 6 mo. Treasur~, Bill: 5.35%
TOTAL ClTY/RDA INVESTMENTS:
$84,341 $84,341
$805,488 $805,488
$9,535,624 $9,535,624
$10,425,453 $10,425,453
I 56.74% I=
8,374,079 $18,034,802
/
$71,565,272
$70,842,236
FOOT NOTES:
(1) DESCRIPTION -LIMITS reflects the various authorized investments as documented in the most current adopted
investment potcy 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 t~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, pan
Notes shall have a Moody's/Stand~.
FOOT NOTES (Cont):
~ f. of the City's Investment Policy. Corpor
,~nd Poors's long term debt rating of at least ~-,.
.,dium Term
(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. 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 deferals.held bythe City for future benefit of the employee.
(10) Investments and earnings on monies held by fiscal 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 November 30,1996 was $27,271,503,106 and the estimated market value
(including accrued interest) was $27,566,520,514. The City and Agency's proportionate share of that value is $24,016,875.
CERTIFICATION:
I certify that this report reflects all City and RDA pooled investments. Due to current cash flow considerations maturities
in excess of one year temporarily exceed the current Investment Policy limit of 10%. Projected cash flows, 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 Secti~,~r53646 of the Government Code.
·
o
L D:
(:~G?ceD~:,icate of deposit ·
FRN-Floating rate note :--
FNMA- Federal National Mortgage Associatii3n
FFCB-Federal Farm Credit Bank
FHLMC- Federal Home Loan Mortgage Corp. -'
FHLB-Federal Home Loan Bank
TVA- Term esee Valley Authority