HomeMy WebLinkAbout01 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCYAgenda Item
Reviewed:
r AGENDA REPORT City Manager
Finance Director `?
MEETING DATE: AUGUST 4, 2015
TO: JEFFREY C. PARKER, CITY MANAGER
FROM: PAMELA ARENDS-KING, FINANCE DIRECTOR/CITY TREASURER
SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY
SUMMARY:
Government Code Section 53646 requires that the Treasurer make an Investment Report to the
City Council at least quarterly showing balances by authorized investment and certifying its
compliance with the adopted Investment Policy.
RECOMMENDATION:
Receive and file.
DISCUSSION:
In compliance with Government Code Section 53646, the attached Investment Report reporting
cash and investments for the City of Tustin and the Successor Agency for the Tustin Community
Redevelopment Agency for the quarter ending June 30, 2015 is rendered.
The City's total cash and investments as of 6/30/15 was $207.5 million, an increase of $45.7 million
from 6/30/14's total cash and investments of $161.8 million. Major activity that contributed to the
significant increase in cash as of 6/30/15 was the sale of land at Tustin Legacy (Legacy), the
former Marine Corps Air Station, to Standard Pacific for development of 375 single family homes
for $55.9 million and an additional $15 million for backbone infrastructure. The City also
reimbursed Vestar/Kimco $18.2 million for capital projects the Company completed and paid off the
City's Safety Side Fund with CalPERS totaling $4.7 million.
The average cash balance for fiscal year 2014/15 was $188.7 million with an average weighted
portfolio yield of 0.82% and the average weighted days to maturity was 707 days. The average
cash balance for fiscal year 2013/14 was $161.5 million with an average weighted portfolio yield of
0.56% and the average weighted days to maturity was 450 days and for fiscal year 2012/13 the
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
August 4, 2015
Page 2 of 2
average cash balance was $150.4 million with an average weighted portfolio yield of 0.33% and
the average weighted days to maturity was 167 days. Although the interest rates have not
increased for the past three years, the average weighted portfolio yield has increased a total of
0.49% due to the increase in the average weighted days to maturity.
Interest earnings on a cash basis for fiscal year 2014/15 were $1.487 million, a $572 thousand
increase in interest earnings from fiscal year 2013/15. Fiscal year 2012/13 interest earnings on a
cash basis was $460.4 thousand. The increase in cash balances over the last three years has
contributed to the increase in interest earnings, however, the careful monitoring of the City's cash
flow needs so funds could be invested for a longer term, with diversification of investments
allowable under California Government Code and the City's Investment Policy is the primary
reason for the significant difference in interest earnings as the average weighted portfolio yield
went from 0.33% to 0.82%.
The investment portfolio is currently laddered to reflect the projected cash flow needs of the City
within the next three years for the completion of various capital projects primarily within the Legacy
and for water rehabilitation projects.
Pamela Arends-King
Finance Director/City Treasurer
Attachment: June 30, 2015 Quarterly Investment Report
F
CITY OF TUSTIN
and THE SUCCESSOR AGENCY FOR THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY
r1
U
CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
DISTRIBUTION OF CASH AND INVESTMENTS
June 30, 2015
DISTRIBUTION OF CASH AND INVESTMENTS
Total Investments as of 0613012015: $207,481,505
US Treasury
$34,465,016
1F_F1%
Bonds
$18,397,860
8.87%
Certificate of
Deposit
$12,152,000
5.86%
pal
Bonds
$4,016,012
1.94%
J
0 �'
DISTRIBUTION OF CASH AND INVESTMENTS
Total Investments as of 0613012014: $161,836,817
Commercial
Paper
Municipal $1,996,442
Bonds 1.23%
$1,003,800
0.62%
Negotiable
Certificate of
Deposit
$5,208,000
3.22%
Corporate
Bonds
$14,165,907
8.75%
CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
PORTFOLIO WEIGHTED AVERAGE
June 30, 2015
900
800
700
600
500
400
300
200
100
WEIGHTED AVERAGE PORTFOLIO LIFE (DAYS)
0 ;�
0.90%
N
N
N
N
M
M
M
M
0.80%
Ln
Ln
ci
ci
ci
ci
ci
ci
ci
ci
ci
ci
ci
ci
O
O
O
O
O
O
O
0 O
0 O
O
O
O
O
O
N
N
N
N
N
N
N
N
N
N
N
N
N
N
\
\
O
\
O
\
\
\
O
\
O
\
c)
\
\
O
\
O
\
\
\
O
m
m
m
m
m
m
m
m
m
m
m
M
m
m
m
m
m
m
m
m
\
m
\
l0
\
Ol
\
N
\
m
\
l0
\
Ol
\
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\
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\
l0
\
Ol
\
N
\
m
\
l0
Weighted Average Portfolio Life (Days)
IIIIIIIII
ON
WEIGHTED AVERAGE PORTFOLIO YIELD (%) vs. BENCHMARKS
1.00%
0.90%
0.80%
0.70%
0.60%
"F-
0.50%
J V
0.40%
0.30%
0.20%
0.10%
0.00%
N
N N N M
M
M
M
-tT
-tT
-tT
-tT
Ln
Ln
O
N
m
cn
\
M
O O O O
N N N N
O O cn cn
m m m m
\ \ \ \
l0 01 N M
ci
O
N
O
m
\
l0
O
N
O
m
\
01
O
N
m
cn
\
N
ci
O
N
m
cn
\
M
O
N
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m
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l0
O
N
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m
\
01
O
N
cn
m
\
N
ci
O
N
m
cn
\
M
O
N
O
m
\
l0
—4 --Tustin Weighted Average
Portfolio
Yield (%)
—11—Treasury Yield (24 -month Daily) (%)
fLAI F Yield (%)
CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
DISTRIBUTION OF INVESTMENT LIQUIDITY and COMPLIANCE WITH INVESTMENT POLICY
June 30, 2015
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Liquidity Distribution
to 1 year
gars
gars
gars
gars
years
3
Compliance with Investment Limitations
Total %
T
Up to 1 2 years
3 years 4 years
5 years > 5
year
years
to 1 year
gars
gars
gars
gars
years
3
Compliance with Investment Limitations
Total %
Invested
Compli,
Commercial Notes:
<_ 15% of total portfolio
8.87%
Yes
<_ 5 years remaining maturity
n/a
Yes
Commercial Paper:
<_ 25% of total portfolio
0.00%
Yes
<_ 270 days remaining maturity
n/a
Yes
If >_ 15% of total portfolio, weighted avg
must be <_ 90 days
n/a
Yes
Municipal securities:
<_ 15% of total portfolio
1.94%
Yes
<_ 5% in one issuer
1.94%
Yes
Federal agency bonds or notes:
<_ 75% of total portfolio
44.83%
Yes
<_ 5 years remaining maturity
n/a
Yes
U.S. Treasury securities:
<_ 5 years remaining maturity
n/a
Yes
Negotiable Certificates of Deposit
<_ 30% of total portfolio
5.86%
Yes
Maturity limitations:
<_ 5 years maturity
n/a
Yes
75% of Fiscal Year General Fund
Budgeted Expenditures <_ 1 year
95.67%
Yes
Commercial Paper and Commercial Notes:
<_ 5% of total portfolio in one issuer
2.97%
Yes
CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
CORPORATE BOND RATINGS
June 30, 2015
Berkshire Hathaway Finance Global Sr Unsecured
Toyota Motor Credit Corp Domestic MTN Sr Unsecur
Berkshire Hathaway Finance Global Sr Unsecured
Royal Bank of Canada
Royal Bank of Canada
BB&T Corporation
JPMorgan Chase & Co Global Sr Unsecured
John Deere Capital Corp
Wal-Mart Stores Inc.
Microsoft Corporation Global Sr Unsecured
Toyota Motor Credit Corp Domestic MTN Sr Unsecur
084664BX8
$2,000,000
Rating at
Purchase
AA
Current Rating
Moody's S&P
Fitch
Complies?
Aa2 AA A+
Yes
89233P5S1
2,000,000
AA-
Aa3
AA-
A
Yes
084670BD9
4,000,000
AA
Aa2
AA
A+
Yes
7801OUD20
1,000,000
Aa3
Aa3
AA-
AA
Yes
78011 DAC8
1,000,000
AAA
Aaa
NR
AAA
Yes
05531 FAM5
1,000,000
A2
A2
A-
A+
Yes
46625HJG6
2,000,000
A
A3
A
A+
Yes
24422ESB6
2,125,000
A2
A2
A
A
Yes
931142DF7
1,000,000
AA
Aa2
AA
AA
Yes
594918AV6
1,000,000
AAA
Aaa
AAA
AA+
Yes
89236TBP9
1,000,000
A
Aa3
AA-
A
Yes
The City's investment policy requires that corporate issuances have at least an 'A' rating from one of the three rating agencies
at the time of purchase.
4
CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY INVESTMENT REPORT
INVESTMENT SCHEDULE AS OF:
JUNE 30, 2015
(4) (5)
YIELD ORIGINAL COST/ CURRENT
(1) (2) COUPON/ TO (3) PURCHASE MATURITY CURRENT BOOK MARKET
DESCRIPTION -LIMITS CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE VALUE VALUE
US TREASURY BILLS/NOTES-No Limit:
U.S. Treasury Note
912828A67
$3,000,000
$99
0.42%
01/08/14
12/31/15
$2,990,165
$3,001,641
U.S. Treasury Note
912828WF3
3,000,000
$99
0.63%
05/13/14
11/15/16
3,008,803
3,007,734
U.S. Treasury Note
9128281374
2,000,000
99
0.64%
02/12/15
02/15/17
2,005,148
2,002,656
U.S. Treasury Note
9128281374
5,000,000
$99
0.64%
11/05/14
02/15/17
5,005,048
5,006,640
U.S. Treasury Note
912828k66
2,000,000
$99
0.55%
05/13/15
04/30/17
1,998,431
1,996,718
U.S. Treasury Note
912828WP1
5,000,000
$99
0.92%
06/11/14
06/15/17
4,993,479
5,022,655
U.S. Treasury Note
912828D98
2,000,000
$99
1.06%
09/16/14
06/15/17
1,996,774
4,982,420
U.S. Treasury Note
912828TG5
5,000,000
$99
0.58%
07/31/12
07/31/17
4,979,333
2,011,562
U.S. Treasury Note
912828TW0
3,000,000
$99
1.05%
07/14/14
10/31/17
2,975,523
2,997,423
U.S. Treasury Note
912828UJ7
2,000,000
$99
1.04%
11/24/14
01/31/18
1,995,564
2,000,312
U.S. Treasury Note
912828VE7
2,500,000
$100
0.92%
04/29/15
05/31/18
2,516,748
2,500,780
$34,500,000
$34,465,016
$34,530,541
FEDERAL AGENCIES - 75% Limit:
Freddie Mac Global Bond
3134G5GE9
3,000,000
$100
0.57%
AA+
08/26/14
08/26/16
3,000,000
3,001,842
Federal Home Loan Bank US Domestic
313370TW8
4,000,000
$102
0.64%
AA+
08/25/14
09/09/16
4,146,929
4,072,292
Freddic Mac
3134G5LS2
2,000,000
$100
0.60%
AA+
11/17/14
11/17/16
2,000,000
1,997,992
Federal Home Loan Bank
3130A5UB3
2,000,000
$100
0.55%
AA+
06/26/15
12/16/16
2,000,000
1,999,212
Freddie Mac Global Bond
3134G5SB2
3,000,000
$100
0.75%
AA+
12/19/14
12/19/16
3,000,000
3,002,901
Freddie Mac
3134G5VG7
2,000,000
$100
0.78%
AA+
12/29/14
12/29/16
2,000,000
2,002,408
Freddie Mac
3134G5AQ8
2,000,000
$100
0.70%
AA+
06/11/14
12/30/16
2,000,000
2,000,772
Freddie Mac
3134G6AY9
3,500,000
$100
0.70%
AA+
02/17/15
02/17/17
3,500,000
3,502,342
Federal Home Loan Bank Global Bond
3130A27E0
2,000,000
$100
0.80%
AA+
06/30/14
03/24/17
2,000,000
2,002,556
Federal Home Loan Bank
3130A3ML5
2,000,000
$100
0.75%
AA+
12/30/14
03/30/17
2,000,000
2,001,570
Federal Farm Credit Bank
3133EEZR4
2,000,000
$99
0.61%
AA+
04/29/15
04/21/17
2,000,066
1,995,798
Freddi Mac
3134G6Q22
2,000,000
$100
0.88%
AA+
06/30/15
06/30/17
2,000,000
2,001,162
Federal Farm Credit Bank
3133EELS7
1,000,000
$100
0.88%
AA+
01/27/15
07/27/17
1,000,000
999,724
Federal Home Loan Bank Global Bond
3130A4BE1
2,000,000
$100
1.05%
AA+
02/25/15
08/25/17
2,000,000
2,002,798
Fannie Mae
3135GOPD9
5,000,000
$99
1.09%
AA+
02/10/14
09/27/17
5,015,765
5,008,385
Federal Home Loan Bank US Domestic
3130A4V58
2,000,000
$100
1.00%
AA+
04/27/15
10/27/17
2,000,000
1,998,530
Freddi Mac
3134G6WQ2
1,000,000
$100
1.00%
AA+
04/20/15
11/20/17
1,000,000
998,705
Federal Home Loan Bank - US Domestic
3130A44P4
2,000,000
$100
1.00%
AA+
02/27/15
11/27/17
2,000,000
1,999,318
Fannie Mae
3135GOTD5
1,000,000
$99
1.00%
AA+
07/21/14
12/28/17
994,594
996,635
Fannie Mae
3136G23B1
2,000,000
$100
1.30%
AA+
08/15/14
02/15/18
2,000,000
2,001,400
Federal Farm Credit Bank
3133EDQM5
2,000,000
$100
1.11%
AA+
02/20/15
02/20/18
2,000,000
2,005,936
Fannie Mae
3136G1DG1
2,000,000
$99
1.05%
AA+
07/01/14
02/27/18
1,994,233
2,001,046
Freddie Mac
3134G35Y2
2,000,000
$99
1.17%
AA+
03/13/14
03/12/18
1,986,065
1,994,612
Federal Home Loan Bank
3130A5S59
1,000,000
$100
1.10%
AA+
06/29/15
03/29/18
1,000,000
999,132
Federal Farm Credit Bank
3133EELN8
3,000,000
$100
1.23%
AA+
01/20/15
04/23/18
3,000,000
2,996,040
Freddie Mac
3134G6ZT3
2,000,000
$100
1.20%
AA+
04/28/15
05/18/18
2,000,000
2,000,002
Federal Farm Credit Bank
3133EEM98
1,000,000
$99
1.01%
AA+
05/18/15
05/21/18
999,700
997,606
Freddie Mac
3134G46D5
2,000,000
$99
1.29%
AA+
06/03/14
06/12/18
2,004,400
1,993,746
Fannie Mae
3136G21371
1,000,000
$100
1.40%
AA+
12/22/14
6/22/18
1,000,000
1,001,874
(4)
(5)
YIELD
ORIGINAL COST/
CURRENT
(1)
(2)
COUPON/
TO
(3)
PURCHASE
MATURITY
CURRENT BOOK
MARKET
DESCRIPTION -LIMITS
CUSIP
PAR VALUE
Dollar Price
MATURITY
RATING
DATE
DATE
VALUE
VALUE
FEDERAL AGENCIES - 75% Limit: (continued)
Freddi Mac
3134G6Q30
2,000,000
$100
1.35%
AA+
06/29/15
06/29/18
2,000,000
2,004,540
Federal Home Loan Bank Global Bond
313381U60
2,000,000
$99
1.15%
AA+
07/14/14
07/25/18
1,990,797
1,989,508
Fannie Mae
3136GOSP7
250,000
$99
1.45%
AA+
06/03/14
10/30/18
249,485
249,470
Federal Farm Credit Bank
3133EEK33
1,850,000
$100
1.63%
AA+
05/13/15
05/13/19
1,850,417
1,847,586
Federal Farm Credit Bank
3133EDN81
1,000,000
$100
1.85%
AA+
06/12/14
06/12/19
1,000,000
1,000,168
Federal Home Loan Bank US Domestic
3130A3NA8
1,000,000
$101
2.00%
AA+
12/02/14
09/17/19
1,013,460
1,003,806
Freddie Mac
3134G3N97
1,750,000
$99
1.55%
AA+
02/05/15
10/10/19
1,754,010
1,724,917
Freddie Mac Global Bond
3134G3V72
2,000,000
$99
1.66%
AA+
03/27/15
11/21/19
2,007,340
1,984,666
Freddie Mac Global Bond
3134G32Z2
1,000,000
$99
1.71%
AA+
06/22/15
01/08/20
1,001,152
990,938
Fannie Mae
3135GOTB9
1,000,000
$99
1.63%
AA+
04/28/15
01/09/20
1,002,342
991,918
Federal Home Loan Bank (Step Up)
3130A4CB6
2,000,000
$100
1.25%
AA+
02/27/15
02/27/20
2,000,000
2,003,606
Federal Home Loan Bank (Step Up)
3130A4ZJ4
2,000,000
$100
1.25%
AA+
05/13/15
05/13/20
2,000,000
1,988,976
Freddie Mac (Step Up)
3134G6WP4
1,000,000
$100
1.00%
AA+
05/13/15
05/13/20
1,000,000
993,799
Federal Farm Credit
3133EEM56
1,000,000
$100
1.90%
AA+
05/13/15
05/19/20
1,000,000
1,004,233
Fannie Mae
3136G2KT3
2,000,000
$100
1.75%
AA+
05/14/15
05/26/20
2,000,000
1,991,352
Fannie Mae
3136G2J81
2,000,000
$100
1.85%
AA+
04/28/15
05/27/20
2,000,000
1,985,774
Federal Home Loan Bank (Step Up)
3130A5EQ8
1,000,000
$100
1.00%
AA+
06/11/15
06/11/20
1,000,000
999,876
Freddie Mac (Step Up)
3134G6P64
1,500,000
$100
1.80%
AA+
06/11/15
06/11/20
1,500,000
1,502,654
Federal Farm Credit Bank
3133EEX21
2,000,000
$100
2.00%
AA+
06/15/15
06/15/20
2,000,000
1,999,920
Federal Home Loan Bank (Step Up)
3130A5NT2
1,000,000
$100
1.25%
AA+
06/29/15
06/26/20
1,000,000
1,001,324
Freddi Mac
3134G6T45
2,000,000
$100
2.00%
AA+
06/30/15
06/30/20
2,000,000
1,993,692
$92,850,000
$93,010,755
$92,829,059
MUNICIPAL BONDS - 15% Limit:
California St Txabl- General Obligation UNLTD
13063CPN4
$2,000,000
$100
1.15%
Aa3
12/04/14
11/01/17
$2,006,632
$2,004,460
California St Txabl- General Obligation UNLTD
13063CSQ4
$2,000,000
$100
1.70%
Aa3
04/29/15
04/01/20
$2,009,380
$1,982,220
$4,000,000
$4,016,012
$3,986,680
NEGOTIABLE CERTIFICATES OF DEPOSITS - 30% Limit - FDIC Insured
Tradition Capital Bank
89269FBK0
248,000
$100
0.40%
203
07/03/13
07/02/15
248,000
248,000
Medallion Bank of Utah
58403BQ33
248,000
$100
0.50%
300
06/26/14
12/28/15
248,000
248,179
Safra National Bank
78658QEP4
248,000
$100
0.55%
196
08/15/14
02/16/16
248,000
248,247
Enerbank USA
29266NA80
248,000
$100
0.65%
300
07/24/14
08/01/16
248,000
248,170
First National Bank Paragould
32114LAG4
248,000
$100
0.65%
294
07/24/14
08/01/16
248,000
248,170
TCF National Bank
872278GD2
248,000
$100
0.70%
230
07/24/14
08/01/16
248,000
248,302
Talmer Bank & Trust
87482VAA3
248,000
$100
0.70%
163
08/06/14
08/08/16
248,000
248,286
Flushing Bank
34387AAJ8
248,000
$100
0.70%
216
08/15/14
08/15/16
248,000
248,271
Great Southern Bank
39120VRK2
248,000
$100
1.00%
200
08/28/14
02/28/17
248,000
248,511
BMW Bank North America
05568P6W2
248,000
$100
1.00%
281
03/14/14
03/14/17
248,000
249,111
Ally Bank
02006LDP5
248,000
$100
1.00%
261
03/17/14
03/27/17
248,000
249,016
Barclays Bank/Delaware
06740KGE1
248,000
$100
1.05%
300
04/14/14
04/18/17
248,000
248,961
First Savings Bank
33621LAZ6
248,000
$100
1.10%
267
08/21/14
08/21/17
248,000
248,057
Provident Bank
743837BN5
248,000
$100
1.05%
239
08/21/14
08/21/17
248,000
247,863
Spring Bank
849430AC7
248,000
$100
1.00%
294
08/22/14
08/22/17
248,000
247,854
First Bank of Highland
319141CG0
248,000
$100
1.10%
190
08/27/14
08/28/17
248,000
247,854
Homebanc
43738AFQ4
248,000
$100
1.10%
149
08/27/14
08/28/17
248,000
247,854
Highland Bank
429882EK5
248,000
$100
1.05%
143
08/29/14
08/29/17
248,000
247,846
Synovus Bank
87164DFK1
248,000
$100
1.15%
223
08/29/14
08/29/17
248,000
248,107
Investors Bank/Short Hills
46176PEF8
248,000
$100
1.00%
242
05/13/15
11/20/17
248,000
247,444
(1)
DESCRIPTION -LIMITS
NEGOTIABLE CD's - 30% Limit - FDIC Insured (Continued)
Traditions Bank
Middleton Community Bank
Compass Bank
Marlin Business Bank
Third Federal Savings & Loan
Wells Fargo Bank
Sallie Mae Bank/Salt Lake City
First Bank McComb
HSBC Bank USA
First Business Bank
First Capital Bank
GE Capital Retail Bank
Discover Bank
American Express Bank FSB
Bridgewater Bank
Connectone Bank
Capital One Bank USA
CIT Bank
American Express Centruion Bank
First Source Bank
GE Capital Bank
Peoples United Bank
Bank of Georgetown
Privatebank & Trust Co
Machias Savings Bank
BMO Harris Bank (Step Up)
JP Morgan Chase Bank
Goldman Sachs Bank USA
Comenity Capital Bank
CORPORATE BONDS - 10% Limit:
Berkshire Hathaway Finance Global Sr Unsecured
Toyota Motor Credit Corp Domestic MTN Sr Unsecur
Berkshire Hathaway Finance Global Sr Unsecured
Royal Bank of Canada
Royal Bank of Canada
BB&T Corporation
JPMorgan Chase & Co Global Sr Unsecured
John Deere Capital Corp
Wal-Mart Stores Inc.
Microsoft Corporation Global Sr Unsecured
Toyota Motor Credit Corp Domestic MTN Sr Unsecur
(4) (5)
YIELD ORIGINAL COST/ CURRENT
(2) COUPON/ TO (3) PURCHASE MATURITY CURRENT BOOK MARKET
CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE VALUE VALUE
89269CBJO
248,000
$100
1.20%
229
07/18/14
01/18/18
248,000
248,051
596689EA3
248,000
$100
1.25%
252
07/09/14
02/09/18
248,000
248,026
20451PKX3
248,000
$100
1.25%
203
05/13/15
05/21/18
248,000
246,491
57116AJE9
248,000
$100
1.45%
300
12/16/14
06/25/18
248,000
247,678
88413QAZ1
248,000
$100
1.25%
224
02/13/15
08/13/18
248,000
249,295
94986TNE3
248,000
$100
1.83%
262
08/30/13
08/29/18
248,000
250,243
795450RA5
248,000
$100
2.15%
300
10/30/13
10/30/18
248,000
252,120
319234AJ9
248,000
$100
1.50%
188
06/30/15
02/28/19
248,000
246,977
40434AJV2
248,000
$100
1.25%
250
04/07/14
04/25/19
248,000
244,950
31938QL69
248,000
$100
1.45%
261
05/13/15
05/28/19
248,000
246,005
31944FBH2
248,000
$100
1.50%
166
01/14/15
05/28/19
248,000
249,563
3616OKL60
248,000
$100
2.00%
300
05/27/14
05/30/19
248,000
249,336
2546712E9
248,000
$100
2.00%
300
07/09/14
07/09/19
248,000
248,775
02587CAC4
248,000
$100
1.95%
300
07/10/14
07/10/19
248,000
248,767
108622EE7
248,000
$100
1.55%
276
01/14/15
07/26/19
248,000
249,515
20786ABA2
248,000
$100
1.55%
219
01/14/15
07/29/19
248,000
249,491
140420QN3
248,000
$100
2.00%
300
11/05/14
11/05/19
248,000
248,688
17284C2R4
248,000
$100
2.15%
284
11/05/14
11/05/19
248,000
249,712
02587DWKO
248,000
$100
2.20%
300
12/21/14
11/29/19
248,000
248,560
33646CFE9
248,000
$100
1.75%
276
06/30/15
12/30/19
248,000
245,717
36162PFS6
248,000
$100
1.80%
281
01/14/15
01/16/20
248,000
249,058
71270QLM6
248,000
$100
1.85%
205
01/14/15
01/21/20
248,000
249,007
06424XBT8
248,000
$100
1.65%
202
01/14/15
01/30/20
248,000
248,924
74267GUW5
248,000
$100
1.80%
277
01/14/15
01/30/20
248,000
248,811
554479DS1
248,000
$100
1.65%
254
02/06/15
02/06/20
248,000
248,858
05573JR89
248,000
$100
2.07%
246
02/27/15
02/27/20
248,000
245,833
48125T21_8
248,000
$100
2.00%
206
02/27/15
02/27/20
248,000
246,497
38148JMVO
248,000
$100
1.95%
287
03/11/15
03/11/20
248,000
246,957
20033ALD6
248,000
$100
2.15%
300
06/29/15
06/29/20
248,000
246,254
$12,152,000
$12,152,000
$12,162,262
084664BX8
$2,000,000
$100
0.60%
AA
03/19/14
08/15/16
$2,018,458
$2,004,198
89233P5S1
2,000,000
$103
0.89%
AA-
08/21/14
01/12/17
2,059,442
2,031,690
084670BD9
4,000,000
$102
0.82%
AA
06/05/14
01/31/17
4,139,989
4,062,412
7801OUD20
1,000,000
$100
1.17%
Aa3e
06/16/14
06/16/17
1,002,100
1,001,921
78011DAC8
1,000,000
$100
1.20%
AAA
06/08/15
09/09/17
1,004,433
998,440
05531FAM5
1,000,000
$99
1.45%
A2
02/18/15
01/12/18
1,001,430
995,801
46625HJG6
2,000,000
$100
1.75%
A
02/10/14
01/25/18
2,005,360
2,006,168
24422ESB6
2,125,000
$100
1.17%
A2
02/09/15
03/12/18
2,144,865
2,120,195
931142DF7
1,000,000
$99
1.35%
AA
11/24/14
04/11/18
994,209
996,180
594918AV6
1,000,000
$101
1.15%
AAA
05/21/15
12/06/18
1,024,138
1,008,616
89236TBP9
1,000,000
$100
2.06%
A
07/22/14
07/18/19
1,003,436
1,003,209
$18,125,000
Current Totals:
$18,397,860
$18,228,830
rA
(4) (5)
YIELD ORIGINAL COST/ CURRENT
(1) (2) COUPON/ TO (3) PURCHASE MATURITY CURRENT BOOK MARKET
DESCRIPTION -LIMITS CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE VALUE VALUE
DAILY -No Limit:
Reconciled General Checking Account Ending Balance 0.14% N/A (6)
Deposits in Orange Co. Investment Pool 0.44% (7)
Local Agency Investment Fund 0.29% N/A
Current Daily -No Limit Total:
CITY OF TUSTIN CASH AND INVESTMENTS
Unrestricted General Fund cash balance as of 06/30/15 (unaudited)
Semi -restricted cash balance as of 06/30/15 (unaudited) ( Capital Projects, Proceeds from Land Sales, Backbone Infrastructure)
Restricted Cash balances as of 06/30/15 (unaudited) (Water, Special Revenue Funds, Community Facility Districts, Bond Proceeds)
CITY OF TUSTIN CASH AND INVESTMENTS TOTAL:
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY CASH AND INVESTMENTS TOTAL:
(1)
DESCRIPTION -LIMITS
Restricted Deposits with Fiscal Agents:
1998 RDA Tax Allocation Refunding Bonds
2010 RDA Housing Tax Allocation Bonds
2010 RDA Tax Allocation Bonds
2011 Water Revenue Bonds
2012 Refunding Water Revenue Bonds
2013 Water Revenue Bonds
CFD 04-1
CFD 06-1
CFD 07-1
PERFORMANCE MEASUREMENT:
Weighted Average Days to Maturity: 783
Weighted Average Portfolio Yield: 0.91%
Current 24 mo Treasury Equivalent: 0.64%
YIELD
(2) COUPON/ TO
CUSIP PAR VALUE Dollar Price MATURITY
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8
(3) PURCHASE MATURITY
RATING DATE DATE
(8)
Total Restricted Deposits with Fiscal Agents:
$6,900,329
$6,900,329
10,426,034
10,426,034
28,113,499
28,113,499
$45,439,862
$45,439,862
$207,481,505
$207,177,234
$28,053,548
71,684,340
100,818,863
$200,556,751
$6,924,754
(4) (5)
CURRENT CURRENT
BOOK MARKET
VALUE VALUE
$1,689,808
$1,689,808
1,872,644
1,872,644
2,827,757
2,827,757
1,782,700
1,782,700
1
1
4
4
1,075,291
1,075,291
11, 055, 545
11, 055, 545
1,933,305
1,933,305
$22,237,055
$22,237,055
FOOTNOTES:
(1) DESCRIPTION -LIMITS reflects the various authorized investments as documented in the most current adopted
investment policy and the allowable percentage of total portfolio per investment type.
(2) PAR VALUE Is the full value of the security before any discount or premium is paid at purchase,
(3) Highest ratings from Standards S Poor's, Moody's or IDG Publishing Inc for bank ratings. IDC ratings are t (lowest) to 300 (highest).
(4) Original Purchase Price is the amount paid for securities less any discount plus any premium and accrued Interest Amotization of discount or premium booked annually
or when investment is soldlcalledlor matures.
(5) Current Market Value Is the price at which similar securities are currently trading. Current market values are provided by
Bank of America and the State Treasurer's Office on all securities or deposits held in safekeeping for the City and the Successor Agency for the Tustin Community Redevelopment
Agency. Market value differences are only booked at year end.
(6) Earnings allowance on compensating bank valances to offset bank activity charges. Allowance is included in the
Average Yield calculation. The cash balances Include amounts "swept" from account for overnlght investments,
(7) Orange County Treasury Money Market Fund rating is AAAm. Orange County Treasury Extended Fund is not rated by sponsor's choice.
(8) Investments and earnings on monies held by fiscal agents generally are limited as to type and yield by the bond
documents.
CERTIFICATION:
We certify that this report reflects all City of Tustin and the Successor Agency for the Tustin Community Redevelopment Agency (SATCRA) pooled investments.
Excluding the Barclays Bank PLC Domestic Sr. Unsecured bond, 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 Custodians and Trustees currentty holding securities for the City of Tustin and SATCRA.
The investment program herein shown provides sufficient cash flow liquidity to meet the next twelve (12) months estimated
expenditures.
This statement Is prepared in conformance with Secttfof the t-,ovemment e. /
Signed;
Dan Erickson, Chair, City of Tustin Audit Commission Pamela Arends-King, Finance Director/ City Treasurer
CITY OF TUSTIN and THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY INVESTMENT REPORT
INVESTMENT SUMMARY
JUNE 30, 2015
PERFORMANCE MEASUREMENT:
/eighted Average Portfolio Life (Days): 78'
/eighted Average Portfolio Yield: 0.9V
urrent 24 mo Treasury Equivalent: 0.64°
Cash with Fiscal Agents are the Reserve and Construction funds held by Trustees for various City and RDA bond issues.
Investment options are limited to those specifically permitted by bond documents.
Allowable
Total
Original Cost/
Current
Maximum
Portion of
Percentage
Book Value
Market
DESCRIPTION
PAR VALUE
Maturity
Portfolio
of Portfolio
Total
Value
U. S. Treasuries
$34,500,000
5 yrs
No Limit
16.6%
$34,465,016
$34,530,541
Federal Agencies
$92,850,000
5 yrs
75%
44.8%
93,010,755
92,829,059
Municipal Bonds
$4,000,000
5 yrs
15%
1.9%
4,016,012
3,986,680
Commercial Paper
$0
5 yrs
15%
0.0%
Negotiable Certificates of Deposits
$12,152,000
N/A
30%
5.9%
12,152,000
12,162,262
Corporate Bonds
$18,125,000
5 yrs
10%
8.9%
18,397,860
18,228,830
Cash
N/A
N/A
N/A
3.3%
6,900,329
6,900,329
Deposits in Orange County Commingled Pool
N/A
N/A
N/A
5.0%
10,426,034
10,426,034
Local Agency Investment Fund
N/A
N/A
N/A
13.5%
28,113,499
28,113,499
100.0%
$207,481,505
$207,177,234
Restricted Cash with Fiscal Agents
N/A
N/A
N/A
22,237,055
22,237,055
$229,718,560
$229,414,289
PERFORMANCE MEASUREMENT:
/eighted Average Portfolio Life (Days): 78'
/eighted Average Portfolio Yield: 0.9V
urrent 24 mo Treasury Equivalent: 0.64°
Cash with Fiscal Agents are the Reserve and Construction funds held by Trustees for various City and RDA bond issues.
Investment options are limited to those specifically permitted by bond documents.
City of Tustin and The Successor Agency for the Tustin Community Redevelopment Agency
April 2015 through June 2015 Investment Transactions
PURCHASES
"l
Trade
Settlement
Accrued
Total Purchase
Maturity
Yield to
Description
CUSIPH
Date
Date
Par Amount
Principal
Interest
Price
Date
Coupon Rate
Maturity
Federal Home Loan Bank (Federal Agency Bond)
3130A4V58
04/01/15
04/27/15
2,000,000
$
2,000,000
$
-
$
2,000,000
10/27/17
1.00%
1.00%
State of California General Obligation Bond
13063CSQ4
04/27/15
04/29/15
2,000,000
$
2,009,380
$
-
$
2,009,380
04/01/20
1.80%
1.70%
U.S. Treasury Note
912828VE7
04/28/15
04/29/15
2,500,000
$
2,506,445
$
10,302
$
2,516,747
05/31/18
0.92%
0.92%
Federal Farm Credit (Federal Agency Bond)
3133EEZR4
04/28/18
04/29/15
2,000,000
$
1,999,800
$
268
$
2,000,068
04/21/17
0.60%
0.61%
Fannie Mae (Federal Agency Bond)
3135GOTB9
04/28/15
04/30/15
1,000,000
$
997,500
$
4,841
$
1,002,341
01/09/20
1.57%
1.63%
Federal Home Loan Bank (Federal Agency Bond)
3130A4Z14
04/20/15
05/13/15
2,000,000
$
2,000,000
$
-
$
2,000,000
05/13/20
1.25%
2.03%
(Step Up)
Freddie Mac (Federal Agency Bond)
3134G6WQ2
04/20/15
05/20/15
1,000,000
$
1,000,000
$
-
$
1,000,000
11/20/17
1.00%
1.00%
Freddie Mac (Federal Agency Bond)
3134G6ZT3
04/28/15
05/18/15
2,000,000
$
2,000,000
$
-
$
2,000,000
05/18/18
1.20%
1.20%
Fannie Mae (Federal Agency Bond)
3136G2181
04/28/15
05/27/15
2,000,000
$
2,000,000
$
-
$
2,000,000
05/27/20
1.85%
1.85%
Freddie Mac (Federal Agency Bond)
3134G6WP4
05/01/15
05/13/15
1,000,000
$
1,000,000
$
-
$
1,000,000
05/13/20
1.00%
2.00%
(Step Up)
U.S. Treasury Notes
9128281<66
05/13/15
05/14/15
2,000,000
$
1,998,051
$
380
$
1,998,430
04/30/17
0.50%
0.55%
Federal Farm Credit Bank (Federal Agency Bond)
313BEEKBB
05/13/15
05/18/15
1,850,000
$
1,850,000
$
418
$
1,850,418
05/13/19
1.63%
1.63%
Federal Farm Credit Bank (Federal Agency Bond)
3133EEM56
05/13/15
05/19/15
1,000,000
$
1,000,000
$
-
$
1,000,000
05/19/20
1.90%
1.90%
Compass Bank (Negotiable CD)
20451PKXB
05/13/15
05/20/15
248,000
$
248,000
$
-
$
248,000
05/21/18
1.25%
1.25%
Investors Bank/Short Hills (Negotiable CD)
46176PEF8
05/13/15
05/20/15
248,000
$
248,000
$
-
$
248,000
11/20/17
1.00%
1.00%
First Business Bank (Negotiable CD)
31938QL69
05/13/15
05/28/15
248,000
$
248,000
$
-
$
248,000
05/28/19
1.45%
1.45%
Federal Farm Credit Bank (Federal Agency Bond)
313BEEM98
05/18/15
05/21/15
1,000,000
$
999,700
$
-
$
999,700
05/21/18
1.00%
1.01%
Fannie Mae (Federal Agency Bond)
3136G2KT3
05/14/15
05/26/15
2,000,000
$
2,000,000
$
-
$
2,000,000
05/26/20
1.75%
1.75%
Microsoft Corporation
594918AV6
05/21/15
05/27/15
1,000,000
$
1,016,420
$
7,716
$
1,024,139
12/06/18
1.63%
1.15%
Royal Bank of Canada
78011DAC8
06/03/15
06/08/15
1,000,000
$
1,001,800
$
2,633
$
1,004,433
09/19/17
1.12%
1.12%
Federal Farm Credit (Federal Agency Bond)
313BEEX21
06/09/15
06/15/15
2,000,000
$
2,000,000
$
-
$
2,000,000
06/15/20
2.00%
2.00%
Federal Home Loan Bank (Federal Agency Bond)
3130ASEQ8
05/13/15
06/11/15
1,000,000
$
1,000,000
$
-
$
1,000,000
06/11/20
1.00%
2.06%
(Step Up)
Freddie Mac (Federal Agency Bond)
3134G6P64
05/13/15
06/11/15
1,500,000
$
1,500,000
$
-
$
1,500,000
06/11/20
1.80%
2.16%
(Step Up)
Freddie Mac (Federal Agency Bond)
3134G6Q30
05/13/15
06/29/15
2,000,000
$
2,000,000
$
-
$
2,000,000
06/29/18
1.35%
1.35%
Freddie Mac (Federal Agency Bond)
3134G6T45
05/18/15
06/30/15
2,000,000
$
2,000,000
$
-
$
2,000,000
6/30/2020
2.00%
2.00%
First Bank McComb (Negotiable CD)
319234A19
06/18/15
06/30/15
248,000
$
248,000
$
-
$
248,000
02/28/19
1.50%
1.50%
First Source Bank (Negotiable CD)
33646CFE9
06/18/15
06/30/15
248,000
$
248,000
$
-
$
248,000
12/30/19
1.75%
1.75%
Comenity Capital Bank (Negotiable CD)
2033ALD6
06/18/15
06/29/15
248,000
$
248,000
$
-
$
248,000
06/29/20
2.15%
2.15%
Freddie Mac Global (Federal Agency Bond)
3134G32Z2
06/19/15
06/22/15
1,000,000
$
994,000
$
7,152
$
1,000,000
01/08/20
1.57%
1.71%
Federal Home Loan Bank
3130ASNT2
06/24/15
06/29/15
1,000,000
$
1,000,000
$
1,000,000
06/29/20
1.25%
2.49%
(Step Up)
Federal Home Loan Bank (Federal Agency Bond)
31BOASS59
06/25/15
06/29/15
1,000,000
$
1,000,000
$
-
$
1,000,000
03/29/18
1.10%
1.10%
Federal Home Loan Bank (Federal Agency Bond)
31BOASUBB
06/26/15
06/30/15
2,000,000
$
2,000,000
$
-
$
2,000,000
12/16/16
0.55%
0.55%
"l
`1K
SALES/MATURITIES/CALLS
Purchase
Principal
Net Amortized
Trade
Maturity
Sales/Call
Principal
Sale/Maturity/C
Gain/(Loss)
Premium
Coupon
Yield to
Description
CUSIPH
Date
Date
Date
Par Amount
Amount
all Amount
on Principal
Interest
Rate
Maturity
Federal Home Loan Bank (Federal Agency Bond)(Call)
313OAlGZS
03/21/14
04/17/14
04/17/15
2,000,000
$ 2,000,000
$
2,000,000
$ -
$ -
1.35%
1.35%
Federal Home Loan Bank (Federal Agency Bond)(Call)
313382A94
12/19/13
2/28/2018
04/28/15
1,500,000
$ 1,491,000
$
1,500,000
$ 9,000
$ -
1.25%
1.40%
Federal Home Loan Bank (Federal Agency Bond) (Call)
3130AOWLO
02/05/14
11/28/17
05/01/15
1,000,000
$ 1,000,000
$
1,000,000
$ -
$ -
1.20%
1.20%
Freddie Mac (Federal Agency Bond) (Call)
3134GSMP7
10/23/14
11/03/17
05/04/15
2,000,000
$ 2,000,000
$
2,000,000
$ -
$ -
1.13%
1.13%
Federal Farm Credit Bank (Federal Agency Bond) (Call)
3133EDL75
05/01/14
05/08/18
05/08/15
1,000,000
$ 1,000,000
$
1,000,000
$ -
$ -
1.41%
1.41%
Freddie Mac (Federal Agency Bond)(Call)
3134G54B8
04/28/14
02/15/17
05/15/15
3,000,000
$ 3,000,000
$
3,000,000
$ -
$ -
0.90%
0.90%
Freddie Mac Global (Federal Agency Bond) (Call)
3134GSHA6
08/21/14
09/19/16
06/19/15
3,000,000
$ 3,000,000
$
3,000,000
$ -
$ -
0.70%
0.70%
Merrick Bank (Negotiable CD)
59012Y3T2
06/24/13
06/22/15
248,000
$ 248,000
$
248,000
$ -
$ -
0.50%
0.50%
Farmers & Merchant Bank (Negotiable CD)
30246ACK2
06/27/13
06/26/15
248,000
$ 248,000
$
248,000
$ -
$ -
0.40%
0.40%
First General Bank (Negotiable CD)
320337AP3
06/26/13
06/26/15
248,000
$ 248,000
$
248,000
$ -
$ -
0.40%
0.40%
Fox Chase Bank (Negotiable CD)
35137QAP9
06/27/13
06/29/15
248,000
$ 248,000
$
248,000
$ -
$ -
0.40%
0.40%
Freddie Mac (Federal Agency Bond)(Call)
3134G57A7
05/30/14
06/26/19
06/26/15
2,000,000
$ 2,000,000
$
2,000,000
$ -
$ -
1.80%
1.80%
Lake Forest Bank & Trust (Negotiable CD)
509685EQ2
06/28/13
06/29/15
248,000
$ 248,000
$
248,000
$ -
$ -
0.45%
0.45%
Worth Shore Commercial Bank & Trust (Negotiable CD)
66236BV8
06/28/13
06/29/15
248,000
$ 248,000
$
248,000
$ -
$ -
0.45%
0.45%
`1K