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Home My WebLink About04 QUARTERLY INVESTMENT REPORT Agenda Item 4 G0--6YkLy04 AGENDA REPORT C ty • Ma�ager ' 11G ♦� Finance Director tap MEETING DATE: NOVEMBER 3, 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 September 30, 2015 is rendered. The City's total cash and investments as of September 30, 2015 was $195 million, a decrease of $12.5 million from June 30, 2015 total cash and investments of $207.5 million. The decrease in cash and investments of$12.5 million is primarily due to spending in relation to water rehabilitation capital projects in both water and infrastructure development within the former Marine Corps Air Station known as the Legacy. The weighted average portfolio yield as of September 30, 2015 was 0.89%, two basis points below the weighted average portfolio yield of 0.91% as of June 30, 2015. The weighted average days to maturity were 697 as of September 30, 2015 and 783 days as of June 30, 2015. The primary reason for the slight decrease in the weighted average portfolio yield and the decrease in the weighted average days to maturity is due to twelve federal agency bonds being called during September 2015 that increased the amount of cash invested one year or less. QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY November 3, 2015 Page 2 of 2 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. (� C4 Pamela Arends-King Finance Director/City Treasurer Attachment: September 30, 2015 Quarterly Investment Report TREASURER'S QUARTERLY INVESTMENT REPORT SEPTEMBER 30, 2015 900 800 700 600 500 400 CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY PORTFOLIO WEIGHTED AVERAGE September 30, 2015 WEIGHTED AVERAGE PORTFOLIO LIFE (DAYS) 300 — — 200 100 0 N N N N m m m m T Ln Ln Ln rl r -I r -I rl r -I r -I rl r -I r -I rl r -I r -I rl r -I r -I O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N m m m m m m m m m m m m m m m \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ m �D rn N m rn N m rn N m rn Weighted Average Portfolio Life (Days) L_ WEIGHTED AVERAGE PORTFOLIO YIELD (%) vs. BENCHMARKS 1.00% 0.90% 0.80% 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00%+ N N -I N N m m -I -I -I m m -I -I -I T -I Ln Ln -I Ln -I rl O N r O N r rl r r O O O O N N N N rl O N r O N r O N rl O N r O N r O N rl O N r O N r O N m m m m m m m m m m m m m m m I--- \ rn rn \ lD \ \ \ \ 01 N rn lD \ 01 \ N \ rn \ lD \ 01 \ N \ rn \ lD M Tustin Weighted Average Portfolio Yield (%) Treasury Yield (24 -month Daily) (%) LAIF Yield (%) CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY DISTRIBUTION OF CASH AND INVESTMENTS September 30, 2015 DISTRIBUTION OF CASH AND INVESTMENTS Total Investments as of 0913012015: $193,046,651 US Treasury $34,464,268 17.85 Municipal Bonds Corporate Negotiable $5,023,857 Bonds Certificate of 2.60% $19,453,057 Deposit 10.08% $12,896,000 6.68% DISTRIBUTION OF CASH AND INVESTMENTS Total Investments as of 0913012014: $185,522,042 228,78_` .59 Commercial Negotiable Paper Certificate of Municipal $1,996,442 Deposit Bonds 108/ $9,672,000 $1,003,800 5.21 0.54% Corporate Bonds 228,78_` .59 CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY DISTRIBUTION OF INVESTMENT LIQUIDITY and COMPLIANCE WITH INVESTMENT POLICY September 30, 2015 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Liquidity Distribution U p to 1 2 yea rs 3 yea rs 4 yea rs 5 yea rs > 5 year years year rs Compliance with Investment Limitations Total % I nvested Complies? Commercial Notes: <_ 15% of total portfolio 10.08% 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 2.60% Yes <_ 5% in one issuer 2.60% Yes Federal agency bonds or notes: <_ 75% of total portfolio 38.08% 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 6.68% Yes Maturity limitations: <_ 5 years maturity n/a Yes 75% of Fiscal Year General Fund Budgeted Expenditures <_ 1 year 114.01% Yes Commercial Paper and Commercial Notes: <_ 5% of total portfolio in one issuer 3.19% Yes CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY CORPORATE BOND RATINGS September 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 UBS AG London John Deere Capital Corp Wal-Mart Stores Inc. Johnson & Johnson Global Sr Unsecured Microsoft Corporation Global Sr Unsecured Toyota Motor Credit Corp Domestic MTN Sr Unsecur 084664BX8 $210001000 Rating at Purchase AA Current Rating Moody's S&P Fitch Complies? Aa2 AA A+ Yes 89233 P5S 1 210001000 AA- Aa3 AA- A Yes 084670B D9 410001000 AA Aa2 AA A+ Yes 78010 U D20 110001000 Aa3 Aa3 AA- AA Yes 78011 DAC8 110001000 AAA Aaa NR AAA Yes 05531 FAM 5 110001000 A2 A2 A- A+ Yes H721 OWAAO 1,000,000 AAA Aaa NR AAA Yes 24422ESB6 211251000 A2 A2 A A Yes 931142 D F7 110001000 AA Aa2 AA AA Yes 478160BG8 210001000 AAA Aaa AAA AAA Yes 594918AV6 110001000 AAA Aaa AAA AA+ Yes 89236TB P9 110001000 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. CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY INVESTMENT REPORT INVESTMENT SCHEDULE AS OF, SEPTEMBER 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 U.S. Treasury Note U.S. Treasury Note U.S. Treasury Note U.S. Treasury Note U.S. Treasury Note U.S. Treasury Note U.S. Treasury Note U.S. Treasury Note U.S. Treasury Note U.S. Treasury Note FEDERAL AGENCIES - 75% Limit: Federal Home Loan Bank US Domestic Freddic Mac Federal Home Loan Bank Freddie Mac Freddie Mac Freddie Mac Federal Home Loan Bank Federal Farm Credit Bank Federal Farm Credit Bank Freddie Mac Federal Home Loan Bank Freddi Mac Federal Home Loan Bank - US Domestic Fannie Mae (Step Up, Variable coupon) Federal Home Loan Bank Fannie Mae Federal Farm Credit Bank Federal Home Loan Bank Fannie Mae Federal Home Loan Bank Federal Farm Credit Bank Freddie Mac Federal Farm Credit Bank Freddie Mac Freddie Mac 912828A67 $3,000,000 $99 0.42% 01/08/14 12/31/15 $2,990,165 3,000,978 912828WF3 3,000,000 $99 0.63% 05/13/14 11/15116 3,008,803 3,006,759 912828874 2,000,000 99 0.64% 02/12/15 02/15117 2,005,148 2,003,724 91282BB74 5,000,000 $99 0.64% 11/05/14 02/15/17 5,005,048 5,009,310 912828K66 2,000,000 $99 0.55% 05/13/15 04/30/17 1,998,431 1,998,490 91282STGS 5,000,000 $99 0.58% 07131/12 07/31/17 4,979,133 4,990,755 912828D98 2,000,000 $99 1.06% 09/16/14 06/15/17 1,996,774 2,014,088 912828TWO 3,000,000 $99 1.05% 07/14/14 10/31/17 2,975,523 3,004,530 912828UJ7 2,000,000 $99 1.04% 11/24114 01/31/18 1,995,564 2,005,312 912828VE7 2,500,000 $100 0.92% 04129/15 05/31/18 2,516,748 2,509,148 912828XK1 5,000,000 $99 0.96% 08128/15 07/15/18 4,992,731 4,999,740 $34,500,000 $34,464,268 34,542,834 313370TW8 4,000,000 $102 0.64% 08/25/14 09/09/16 4,146,929 4,058,928 3134GSLS2 2,000,000 $100 0.60% 11117/14 11/17/16 2,000,000 1,999,678 3130A5UB3 2,000,000 $100 0.55% 06/26/15 12116116 2,000,000 2,002,218 3134GSVG7 2,000,000 $100 0.78% 12/29114 12/29/16 2,000,000 2,002,488 3134G5A08 2,000,000 $100 0.70% 06111/14 12/30/16 2,000,000 2,002,274 3134G6AY9 3,500,000 $100 0.70% 02/17115 02/17/17 3,500,000 3504,582 3130A3ML5 2,000,000 $100 0.75% 12/30/14 03/30/17 2,000,000 2,003,356 3133EEZR4 2,000,000 $99 0.61% 04/29/15 04/21/17 2,000,066 1,997,812 3133EELS7 1,000,000 $100 0.88% 01/27/15 07/27/17 1,000,000 1,000,075 3134G7HK0 2,000,000 $100 0.90% 07/28115 07/28/17 2,000,000 1,999,206 3130A4V58 2,000,000 $100 1.00% 04/27/15 10/27/17 2,000,000 2,001,172 3134G6WO2 1,000,000 $100 1.00% 04/20/15 11/20/17 1,000,000 1,000,731 3130A44P4 2,000,000 $100 1.00% 02/27/15 11/27/17 2,000,000 2,000,666 3136G16106 2,000,000 $100 0,70% 08/25/15 12/20/17 2,002,567 2,001,710 3130ASUN7 1,000,000 $100 1.00% 07/29115 01/29/18 1,000,000 1,000,561 3136G23B1 2,000,000 $100 1.30% 08/15/14 02/15/18 2,000,000 2,008,798 3133EDOM5 2,000,000 $100 1.11% 02/20/15 02/20/18 2,000,000 2,009,822 313OA6822 2,000,000 $100 1.10% 08/26/15 02/26/18 2,000,000 2,003,246 3136GIDG1 2,000,000 $99 1.06% 07101/14 02/27/18 1,994,233 2,007,842 3130A5S59 1,000,000 $100 1.10% 06/29/15 03/29/18 1,000,000 1,001,851 3133EELNB 3,000,000 $100 1.23% 01/20/15 04/23/18 3,000,000 3,000,321 3134G6ZT3 2,000,000 $100 1.2D% 04/28/15 05/18/18 2,000,000 2,002,588 3133EEM98 1,000,000 $99 1.01% 05/18/15 05/21/18 999,700 1,001,758 3134G46D5 2,000,000 $99 1.29% 06/03/14 06/12/18 2,004,400 2,002,160 3134G7TS0 1,000,000 $100 1.26% 09115115 06115118 1,000,000 1,001,636 (4) (5) YIELD ORIGINAL COSTI CURRENT It) (2) COUPONI 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) Federal Home Loan Bank Global Bond 31338IU60 2,000,000 $99 1.15% 07/14/14 07/25/18 1,990,797 2,000,032 Federal Home Loan Bank 3130AGAE7 2,000,000 $99 1.18% 09/18/15 09/14/18 1,999,362 2,006,110 Freddie Mac 3134G7UK5 1,000,000 $100 1.30% 09/24/15 09/24/18 1,000,000 1,002,045 Fannie Mae 3136GOSP7 250,000 $99 1.45% 06/03/14 10/30/18 249,485 250,224 Federal Farm Credit Bank 3133EFBQ9 2,000,000 $100 1.37% 09101/15 03/01/19 2,000,000 2,000,654 Federal Farm Credit Bank 3133EEK33 1,850,000 $100 1.63% 05/13/15 05/13/19 1,850,417 1,858,843 Freddie Mac 3134G3N97 1,750,000 $99 1.55% 02/05115 10/10/19 1,754,010 1,750,602 Freddie Mac Global Bond 3134G3V72 2,000,000 $99 1.66% 03/27/15 11/21/19 2,007,340 2,003,936 Freddie Mac Global Bond 3134G32Z2 1,000,000 $99 1.71% 06/22/15 01/08/20 1,001,152 998,380 Fannie Mae 3135GOTB9 1,000,000 $99 1.63% 04/28/15 01/09/20 1,002,342 1,000,780 Federal Home Loan Bank (Step Up, Variable Coupon) 3130A4CB6 2,000,000 $100 1.25% 02/27/15 02/27/20 2,000,000 2,003,612 Federal Home Loan Bank (Step Up, Variable Coupon) 3130A4ZJ4 2,000,000 $100 1.25% 05/13/15 05/13/20 2,000,000 2,001,930 Freddie Mac (Step Up, Variable Coupon) 3134GGWP4 1,000,000 $100 1.00% 05/13/15 05/13/20 1,000,000 1,001,456 Federal Farm Credit 3133EEM56 1,000,000 $100 1.90% 05/13/15 05119/20 1,000,000 1,008,184 Fannie Mae 3136G2KT3 2,000,000 $100 1.75% 05/14/15 05/26/20 2,000,000 2,008,352 Fannie Mae 3136G2J81 2,000,000 $100 1.85% 04/28/15 05/27/20 2,000,000 2,004,800 Federal Farm Credit Bank 3133EEX21 2,000,000 $100 2.00% 06/15/15 06/15/20 2,000,000 2,017,052 75,350,000 75,502,800 75,532,471 MUNICIPAL BONDS - 15% Limit California St Txabl- General Obligation UNLTD 13063CPN4 $2,000,000 $100 1.15% Aa3 12/04/14 11/01117 $2,006,632 2,002,740 Fresno County CA Pension Obligation Bonds 358266CQS $1,000,000 $101 2.28% AA. 09/02/15 08/15/19 $1,007,845 1,006,970 California St Txabl. General Obligation UNLTD 13063CSQ4 $2,000,000 $100 1.70% Aa3 04/29/15 04/01/20 $2,009,380 2,007,300 $5,000,000 $5,023,857 5,017,010 NEGOTIABLE CERTIFICATES OF DEPOSITS .30% Limit- FDIC Insured Medallion Bank of Utah 58403BQ33 248,000 $100 0.50% 300 06/26114 12/28/15 248,000 248,145 Safra National Bank 78658QEP4 248,000 $100 0.55% 196 08/15114 02/16/16 248,000 248,215 Enerbank USA 29266NA80 248,000 $100 0.65% 300 07/24/14 08/01/16 248,000 248,300 First National Bank Paragould 32114LAG4 248,000 $100 0.65% 294 07/24/14 08/01/16 248,000 248,300 TCF National Bank 872278GD2 248,000 $100 0.70% 230 07124/14 08101/16 248,000 248,402 Telmer Bank & Trust 87482VAA3 248,000 $100 0.70% 163 08/06/14 08/08/16 248,000 248,388 Flushing Bank 34387AAJB 248,000 $100 0.70% 216 06/15/14 08/15/16 248,000 248,371 Great Southern Bank 39120VRK2 248,000 $100 1.00% 200 08/28/14 02/28/17 248,000 248,381 Ally Bank 02006LDP5 248,000 $100 1.00% 261 03117/14 03127/17 248,000 248,786 Barclays BanklDelaware 06740KGE1 248,000 $100 1.05% 300 04/14/14 04/18/17 248,000 248,718 First Savings Bank 33621LAZ6 248,000 $100 1.10% 267 08/21/14 08/21/17 248,000 247,831 Provident Bank 743837BNS 248,000 $100 1.05% 239 08/21/14 08/21/17 248,000 247,654 Spring Bank 849430AC7 248,000 $100 1.00% 294 08/22114 08/22/17 248,000 247,646 First Bank of Highland 319141CG0 248,000 $100 1.10% 190 08/27/14 08/28/17 248,000 247,643 Homebanc 43738AFQ4 248,000 $100 1.10% 149 08/27/14 08128/17 248,000 247,644 Highland Bank 429882EK5 248,000 $100 1.05% 143 08/29/14 08/29/17 248,000 247,635 Synovus Bank 871640FKI 248,000 $100 1.15% 223 08129114 08/29/17 248,000 247,868 Investors Bank/Short Hills 46176PEFS 248,000 $100 1.00% 242 05/13/15 11/20/17 248,000 247,321 J4) (5) YIELD ORIGINAL COSTI CURRENT (1) (2) COUPON/ TO (3) PURCHASE MATURITY CURRENT BOOK MARKET DESCRIPTION -LIMITS CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE VALUE VALUE NEGOTIABLE CD's - 30% Limit - FDIC Insured (Continued) Traditions Bank 89269CBJO 248,000 $100 1.20% 229 07/18/14 01/18/18 248,000 247,156 Middleton Community Bank 596689EA3 248,000 $100 1.25% 252 07/09/14 02/09/18 248,000 247,249 Compass Bank 20451PKX3 248,000 $100 1.25% 203 05/13/15 05/21/18 248,000 246,219 Marlin Business Bank 57116AJE9 248,000 $100 1.45% 300 12/16114 06/25/18 248,000 247,225 Third Federal Savings 8 Loan 88413QAZ1 248,000 $100 1.25% 224 02/13/15 08/13/18 248,000 248,593 Everbank/Jacsonville FL 29976DZX1 248,000 $100 1.45% 221 08/05/15 08/14118 248,000 248,373 Wells Fargo Bank 94986TNE3 248,000 $100 1.83% 262 08130/13 08/29118 248,000 249,846 Sallie Mae Bank/Sak Lake City 795450RAS 248,000 $100 2.15% 300 10/30/13 10/30/18 248,000 251,079 First Bank McComb 319234AJ9 248,000 $100 1.50% 188 06/30/15 02128/19 248,000 246,233 First South Bank 33650QAHS 248,000 $100 1.45% 180 08/05/15 02/28/19 248,000 248,282 HSBC Bank USA 40434AJV2 248,000 $100 1.25% 250 04/07/14 04/25/19 248,000 246,611 First Business Bank 319380L69 248,000 $100 1.45% 261 05/13/15 05/28/19 248,000 245,403 First Capital Bank 31944FBH2 248,000 $100 1.50% 166 01/14/15 05/28119 248,000 248,728 GE Capital Retail Bank 3616OKL60 248,000 $100 2.00% 300 05/27/14 05/30/19 248,000 248,529 Discover Bank 2546712E9 248,000 $100 2.00% 300 07/09/14 07109/19 248,000 248,070 American Express Bank FSB 02587CAC4 248,000 $100 1.96% 300 07/10/14 07/10/19 248,000 248,063 Bridgewater Bank 108622EE7 248,000 $100 1.55% 276 01/14115 07/26/19 248,000 248,773 Connectone Bank 20786ABA2 248,000 $100 1.55% 219 01114/15 07/29/19 248,000 248,752 Investors Community Bank 46147UQR4 248,000 $100 1.70% 246 08/05/15 08/14/19 248,000 248,636 Capital One Bank USA 140420QN3 248,000 $100 2.00% 300 11/05/14 11/05/19 248,000 248,147 CIT Bank 17284C2R4 248,000 $100 2.15% 284 11/05114 11/05119 248,000 249,114 American Express Centruion Bank 02587DWKO 248,000 $100 2.20% 300 12/21/14 11/29/19 248,000 248,084 First Source Bank 33646CFE9 248,000 $100 1,75% 276 06/30/15 12/30/19 248,000 245,469 GE Capital Bank 36162PFS6 248,000 $100 1.80% 281 01/14/15 01/16/20 248,000 248,671 Peoples United Bank 71270QLM6 248,000 $100 1.85% 206 01/14115 01/21/20 248,000 248,637 Bank of Georgetown 06424XBT8 248,000 $100 1.65% 202 01114115 01/30120 248,000 248,581 Privatebank 8 Trust Co 74267GUWS 248,000 $100 1.80% 277 01/14/15 01/30/20 248,000 248,475 Machias Savings Bank 554479DS1 248,000 $100 1.65% 254 02/06/15 02/06/20 248,000 248,537 BMO Harris Bank (Step Up) OSS73JR89 248,000 $100 2.07% 246 02/27/15 02/27/20 248,000 245,723 JP Morgan Chase Bank 48125T21-8 248,000 $100 2.00% 206 02127/15 02/27/20 248,000 246,366 Goldman Sachs Bank USA 38148JMV0 248,000 $100 1.95% 287 03111/15 03/11/20 248,000 245,792 Comenity Capital Bank 20033ALD6 248,000 $iD0 2.15% 300 06/29/15 06/29/20 248,000 246,479 Capital One NA 14042ESM8 248,000 $100 2.30% 248 08/05/15 08/12/20 248,000 248,371 BMW Bank North America 05580ACS1 248,000 $100 2.25% 300 08113/15 08121120 248,000 248,304 $12,896,000 $12,896,000 12,891,818 CORPORATE BONDS - 15% Limit: Berkshire Hathaway Finance Global Sr Unsecured 0846648X8 $2,000,000 $100 0.60% AA 03/19/14 08/15/16 $2,018,458 2,006,306 Toyota Motor Credit Corp Domestic MTN Sr Unsecur 89233P5S1 2,000,000 $103 0.89% AA- 08/21/14 01/12/17 2,059,442 2,029,650 Berkshire Hathaway Finance Global Sr Unsecured 084670BD9 4,000,000 $102 0.82% AA 06/05/14 01131/17 4,139,989 4,053,620 UBS AG London H7210WAAO 1,000,000 $101 0.89% AAA 07/31/15 03/30/17 1,029,557 1,019,185 Royal Bank of Canada 78010UD20 1,000,000 $100 1.17% Aa3e 06/16/14 06/16/17 1,002,100 1,001,114 Royal Bank of Canada 78011DAC8 1,000,000 $100 1.20% AAA 06/08/15 09/09117 1,004,433 1,000,090 BBBT Corporation 05531FAMS 1,000,000 $99 1.45% A2 02/18/15 01/12/18 1,001,430 997,685 John Deere Capital Corp 24422ES86 2,125,000 $100 1.17% A2 02109116 01112!18 2,144,865 2,121,167 DAILY -No Limit: (4) Reconciled General Checking Account Ending Balance 0.141/6 NIA (6) $14,134,859 14,134,859 Deposits in Orange Co. Investment Pool 0.57% (7) 10,438,514 (4) (5) 23,133,296 23,133,296 Current Daily -No Limit Total: $47,706,669 YIELD VALUE $195,046,651 $194,964,450 ORIGINAL COSTI CURRENT (1) Unmsb-icted General Fund cash balance as of 09/30/15 (unaudited) (2) COUPON/ TO (3) PURCHASE MATURITY CURRENT BOOK MARKET DESCRIPTION -LIMITS CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE VALUE VALUE CORPORATE BONDS - 151 Limit: (Continued) NIA 326,560 326,560 CFD 04-1 NIA 577,827 577,827 CFD 06-1 NIA Wal-Mart Stores Inc. 931142DF7 1,000,000 $99 1.35% AA 11/24/14 04/11/18 994,209 999,228 Johnson & Johson Global Sr Unsecured 478160BG8 2,000,000 $101 1.27% AAA 08/17/15 12/05/18 2,031,000 2,029,068 Microsoft Corporation Global Sr Unsecured 594918AV6 1,000,000 $101 1.15% AAA 05/21/15 12/06/18 1,024,138 1,013,250 Toyota Motor Credit Corp Domestic MTN Sr Unsecur 89236TBP9 1,000,000 $100 2.06% A 07/22/14 07/18/19 1,003,436 1,003,285 $19,125,000 Current Totals: $19,453,057 19,273,648 DAILY -No Limit: (4) Reconciled General Checking Account Ending Balance 0.141/6 NIA (6) $14,134,859 14,134,859 Deposits in Orange Co. Investment Pool 0.57% (7) 10,438,514 10,438,514 Local Agency Investment Fund 0.29% NIA 23,133,296 23,133,296 Current Daily -No Limit Total: $47,706,669 47,706,669 VALUE $195,046,651 $194,964,450 CITY OF TUSTIN CASH AND INVESTMENTS 1998 RDA Tax Allocation Refunding Bonds Unmsb-icted General Fund cash balance as of 09/30/15 (unaudited) $23,250,535 1,689,852 Semi -restricted cash balance as of 09/30/15(unaudited) ( Capital Projects, Proceeds from Land Sales, Backbone Infrastructure) 78,826,929 2,827,525 Restricted Cash balances as of 09130/15 (unaudited) (Water, Special Revenue Funds, Community Facility Districts, Bond Proceeds) 92,729,332 N/A CITY OF TUSTIN CASH AND INVESTMENTS TOTAL: $194,806,796 2011 Water Revenue Bonds SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY CASH AND INVESTMENTS TOTAL. $239,855 2,306,437 PERFORMANCE MEASUREMENT: Weighted Average Days to Maturity: 697 Weighted Average Portfolio Yield: 0.89 Current 24 mo Treasury Equivalent: 0.64 Total Restricted Deposits with Fiscal Agents: $18,529,925 18,529,925 (4) (5) YIELD CURRENT CURRENT 17) (2) COUPON/ TO (3) PURCHASE MATURITY BOOK MARKET DESCRIPTION -LIMITS CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE VALUE VALUE Restricted Deposits with Fiscal Agents: (8) 1998 RDA Tax Allocation Refunding Bonds NIA $1,689,852 1,689,852 2010 RDA Housing Tax Allocation Bonds NIA 2,827,525 2,827,525 2010 RDA Tax Allocation Bonds N/A 1,872,494 1,872,494 2011 Water Revenue Bonds NIA 2,306,437 2,306,437 2012 Refunding Water Revenue Bonds N/A 125,213 125,213 2013 Water Revenue Bonds NIA 326,560 326,560 CFD 04-1 NIA 577,827 577,827 CFD 06-1 NIA 7,381,364 7,381,364 CFD 07-1 NIA 1,422,653 1,422,653 Total Restricted Deposits with Fiscal Agents: $18,529,925 18,529,925 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 & Poor's, Moody's or IDC Publishing Inc for bank ratings. IDC ratings are 1 (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 sold/called/or 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 balances to offset bank activity charges. Allowance is included in the Average Yield calculation. The cash balances include amounts "swept" from account for overnight 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 currently holding securities forthe 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 Section 53646of t e Gover Znt Code. Signed:09.,,fi 46` Thomas Stroud, Chair Pro Tem, City of Tustin Audit Commission Pamela Arends-King, Finance Director / Cityrer CITY OF TUSTIN and THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY INVESTMENT REPORT INVESTMENT SUMMARY SEPTEMBER 30, 2015 Original Costl Current Book Value Market Total Value $34,464,268 $34,542,834 75,502,800 75,532,471 5,023,857 5,017,010 12,896,000 12,891,818 19,453,057 Allowable Total 14,134, 859 10,438,514 Maximum Portion of Percentage DESCRIPTION PAR VALUE Maturity Portfolio of Portfolio U. S. Treasuries $34,500,000 5 yrs No Limit 17.71 Federal Agencies $75,350.000 5yrs 75% 38.7% Municipal Bonds $5,000,000 5yrs 15% 2.6% Commercial Paper $0 syrs 15% 0.0% Negotiable Certificates of Deposits $12,896,000 NIA 30% 6.6 Corporate Bonds $19,125,000 5yrs 15% 10.0 Cash N/A NIA N/A 7.2 Deposits in Orange County Commingled Pool NIA NIA N/A 5.4% Local Agency Investment Fund N/A NIA NIA 11.9% 100.0 Restricted Cash with Fiscal Agents " N/A NIA N/A Original Costl Current Book Value Market Total Value $34,464,268 $34,542,834 75,502,800 75,532,471 5,023,857 5,017,010 12,896,000 12,891,818 19,453,057 $19,273,648 14,134, 859 14,134, 859 10,438,514 10,438,514 23,133,296 23,133,296 $195,046,651 $194,964,450 18,529,925 18,529,925 $213,576,576 $213,494,375 PERFORMANCE MEASUREMENT: Weighted Average Portfolio Life (Days): 697 Weighted Average Portfolio Yield: 099 Current 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. 10 City of Tustin and The Successor Agency for the Tustin Community Redevelopment Agency July 2015 through September 2015 Investment Transactions PURCHASES 11 Trade Settlement Accrued Total Purchase Maturity Yield to Description CUSIP» Date Date Par Amount Principal Interest Price Date Coupon Rate Maturity Freddie Mac(Federal Agency Bond) 3134G7HK0 07/01/15 07/28/15 2.0WO00 $ 2,000,000 S - $ 2,OOO,OW 07/28/17 090% 090% UBS AG London (Corporate Bond) H7210WAA0 07/09/15 07/13/15 1,000,000 $ 1,023.120 $ 6,438 5 1,029,558 03/30/17 2 25% 089% Federal Home Loan Bank (Federal Agency Bond) 3130A5UN7 07/14/15 07/29/15 1,000,000 $ 1,000,000 $ - $ 1,000,D00 01/29/18 100% 1.00% Capital One NA(Negohable CO) 14042E5108 08/05/15 08/12/15 248,000 $ 248,000 $ - $ 248,000 08/12/20 230% 2.30% Everbank/Jacksonville Ft.(Negotiable CD) 29976DUl 08/05/15 08/14/15 248,000 $ 248,000 $ - $ 248,000 08/14/18 145% 1.45% Investors Community Bank (Negotiable CD) 46147UQR4 08/05/15 08/14/15 248,000 $ 248,000 $ - $ 248,000 08/14/19 1.70% 170% First South Bank (Negotiable CD) 33650QAH9 08/05/15 08/28/15 248,000 $ 248,000 $ - 5 248,000 02/28/19 1.50% 150% Federal Home Loan Bank (Federal Agency Bond( 3130AGO22 08/07/15 08/26/15 2,000,000 $ 2,000,000 $ - $ 2,000,000 02/26/18 1.10% 110% Johnson & Johnson (Corporate Bond( 478160BGB 08/12/15 08/17/15 2,000,000 $ 2,024,400 $ 6,600 $ 2,031,000 12/05/18 165% 127% BMW Bank North America (Negotiable CD) 05580AC51 08/13/15 08/21/15 248,000 $ 248,000 $ - $ 248,000 08/21/20 225% 2.25% Federal Farm Credit Bank(Federal Agency gond) 3133EFBQ9 08/21/15 D9/01/15 2,000,OW $ 2,000,000 $ - $ 2,000,00 03/01/19 1.37% 137% Fannie Mae (Federal Agency Bond) STEP UP 3136G16M6 08/25/15 08/26/15 2,000,000 $ 2,W0,000 $ 2,567 $ 2,002,567 12/20/17 Venable 110% Federal Home Loan Bank (Federal Agency Bond( 3134G7UK5 08/25/15 09/24/15 1,OOQ0W $ 1,000,000 $ - $ 1,000,000 09/24/18 130% 1.30% Federal Home Loan Bank (Federal Agency Bond) 3134G 7150 08/27/15 09/15/15 1,OW,OW $ 1,000,000 $ - $ 1,000,000 06/15/18 1.25% 125% U.S Treasury Notes 912828XKI 08/27/15 08/28/15 5,000,000 $ 4,987,500 $ 5,231 $ 4,992,731 07/15/18 088% 096% Fresno County California Pension Obg Bonds 358266[45 09/02/15 09/08/15 11000,000 $ 1,007,500 $ 346 $ 1,007,846 08/15/19 2.49% 2 29% Federal Home Loan Bank (Federal Agency Bond) 3130A6AE7 09/16/15 09/18/15 2,OW,000 $ 1,996,800 $ 2,563 $ 1,999,363 09/14/18 1.13% 118% 11 Description CUSIPa Tradition Capital Bank (Negotiable CD) 99269FBK0 Federal Farm Credit (Federal Agency Bond) CALL 3133EDNBI 1PMorgan Chase & Co (Corporate Bond) SOLD 46625HJG6 Fannie Mae (Federal Agency Bond) SOLD 3135GOP09 BMW Bank North America(Negotiable CD) SOLD 05568P6W2 Fannie Mae (Federal Agency Bond) SOLD 3135GOPD9 Federal Home Loan Bank (Federal Agency Bond) CALL 3130A4BE1 Freddie Mac IFederai Agency Bond) CALL 3134G5GE9 US Treasury Notes SOLD 912828WP1 Federal Home Loan Bank (Federal Agency Bond) CALL 3130A5EQ8 Freddie Mac (Federal Agency Bond)CALL 3134G6P64 Freddie Mac (Federal Agency Bond) CALL 3134G35Y2 Federal Home Loan Bank (Federal Agency Bond) CALL 313OA3NA8 Freddie Mac (Federal Agency Bond) CALL 3134G5562 Freddie Mac (Federal Agency Bond) CALL 3134G55B2 Fannie Mae (Federal Agency Bond) CALL 3136G2371 Federal Home Iran Bank (Federal Agency Bond) CALL 3130A27E0 Federal Home lean Bank (Federal Agency Bond) CALL 3130ASN 2 Freddie Mac (Federal Agency Bond) CALL 3134G6Q30 Freddie Mac (Federal Agency Bond) CALL 313466022 Freddie Mac (Federal Agency Bond) CALL 3134GET45 SALES/MATU RITIES/CALLS Purchase Principal Net Amortized Trade Maturity Sales/Call Principal Sale/Maturity/ Gain/(Loss) Premium Coupon Yield to Date Date Date Par Amount Amount Call Amount on Principal Interest Rate Maturity 07/03/13 07/02/15 248,000 $ 248,000 $ 248,000 $ - $ - 040% 040% 06/05/14 06/12/19 02/14/15 1,000,000 $1,000,000 5 1,000,000 $ - $ - 185% 1.85% 02/05/14 01/25/18 02/10/15 2,000,000 $2,003,860 $ 2,005,320 $ 1,460 $ - 180% 1.80% 07/21/14 12/28/17 08/07/15 1,000,000 $ 993,900 $ 997,000 $ 3,100 $ - 100% 118% 03/10/14 03/14/17 08/18/15 248,000 $ 248,000 $ 247,430 $ (570) 5 - 100% 100% 02/07/14 09/27/14 08/19/15 5,000,000 $4,996,000 $ 4,996,750 $ 750 $ - 107% 1.09% 02/12/15 08/25/17 08/25/15 2,000,000 $2,000,000 $ 2,000,000 $ - $ - 1.05% 105% 08/22/14 08/26/16 08/26/15 3,000,000 $3,000,000 $ 3,000,000 $ - $ - 0.57% 0.57% 06/11/14 06/15/17 08/28/15 5,00D,000 $4,993,359 $ 5,017,000 $ 23,641 $ - 088% 092% '06/11/15 06/11/20 09/11/15 1,000,000 $1,000,000 $ 1,000,000 $ - $ - 100% 100% 06/11/15 06/11/20 09/11/15 1,500,000 $1,500,000 5 1,500,000 $ - $ - 100% 1.00% 'D3/11/14 03/12/18 09/14/15 2,000,000 $1,986,000 $ 2,000,000 $ 14,000 $ - 117% 1.17% 12/02/14 09/17/19 09/17/15 1,000,000 $1,013,460 $ 10,000,000 $ - $ 13,460 2 30% 2.00% 12/11/14 12/19/16 09/21/15 1,000,000 $1,000,000 $ 1,000,000 $ - $ - 0.75% 0.75% 12/03/14 12/29/16 09/21/15 2,000,000 $2,000,000 5 2,000,000 $ - $ - 0.75% 0.25% 11/24/14 06/22/18 09/22/15 1,000,000 $1,000,000 5 1,000,000 $ - $ - 140% 140% 05/30/14 03/24/17 09/24/15 2,000,000 $2,000,000 5 2,000,000 $ - $ - 080% 080% 06/29/15 06/29/20 09/29/15 1,000,000 $1,000,000 $ 1,000,11011 $ - $ - 125% 125% 05/13/15 06/29/18 09/29/15 2,000,000 $2,000,000 $ 2,000,000 $ - $ - 1.35% 1.35% 05/13/15 06/30/17 09/30/15 2,000,000 $2,000,000 $ 2,000,000 $ - $ - 088% 0.88% 05/18/15 06/30/20 09/30/15 2,000,000 $2,000,000 $ 2,000,000 $ - $ - 2.00% 200% 12