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Home My WebLink About07 QUARTERLY INVESTMENT REPORT FOR SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCYAgenda Item No. 7 AGENDA REPORT MEETING DATE: MAY 17, 2016 TO: JEFFREY C. PARKER, CITY MANAGER,-°" FROM: JENNIFER LEISZ, ACTING DIRECTOR OF FINANCE 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. FISCAL IMPACT: There is no Fiscal Impact associated with this item. BACKGROUND AND 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 March 31, 2016 is rendered. The City's total cash and investments as of March 31, 2016 were $182.2 million, a decrease of $9.3 million from December 31, 2015 total cash and investments of $191.5 million. The decrease in cash and investments of $9.3 million is primarily due to the following outflows: $4.7 million - debt service payments Finance Department May 17, 2016 Page 2 $2.0 million - remittance of CFD 06-1 special taxes received in prior quarter to fiscal agent $1.3 million - payment to Orange County Water District for water basin replenishment for July - December 2015 $1.3 million - Moffett Drive and Park Avenue extension project The weighted average portfolio yield as of March 31, 2016 was 1.03%, 6 basis points higher than the weighted average portfolio yield of 0.97% as of December 31, 2015. The primary reason for the slight increase in the weighted average portfolio yield is due to new investments in federal agency bonds at about 2% yield to maturity and the rise in LAIF rates from 0.33% in December 2015 to 0.51 % in March 2016. The weighted average days to maturity were 711 days as of March 31, 2016, a decrease from 729 as of December 31, 2015. The decrease in the weighted average days to maturity is due to six federal agency bonds being called during February and March 2016 that were reinvested at shorter maturity dates. 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, for water rehabilitation projects, and for funding for the new TUSD school building project. Attachments: March 31, 2016 Quarterly Investment Report NvL Lt -c CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY DISTRIBUTION OF CASH AND INVESTMENTS March 31, 2016 DISTRIBUTION OF CASH AND INVESTMENTS Total Investments as of 313112016: $182,202,624 U5 Treasury $34,466,378 _ 18.92% Bonds Certificate of $5,023,857 $22,965,231 Deposit 2.76% 12.60% $13,893,000 7.63% Municipal Bondi $2,006,( 1.099 DISTRIBUTION OF CASH AND INVESTMENTS Total Investments as of 313112015: $184,866,376 Negotiable Certificate of Deposit $12,152,000 6.57% Corporate Bonds $16,369,289 8.85°0 Liquid (Daily) $47,2 34,759 25.55% `ate . US Treasury 29,949,837 16.20% CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUVITY REDEVELOPMENT AGENCY PORTFOLIO WEIGHTED AVERAGE March 31, 2016 WEIGHTED AVERAGE PORTFOLIO Q FE (DAYS) I 1 900 1800 - 700 — 600 - 500 400 300 200 100 N N N N M M M M T V -cT to to to to to ri N rl ri rl N ri N ri N rl ri ri N rl N rl O O 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 N N ri O M M M M O m N M M M M M M M M Mm M M M M tD M N M to 01 N M tD M N m tD M N M 14 ri ri ri Weighted Average Portfolio Life (Days) A- w WEIGHTED AVERAGE PORTFOLIO YIELD (%) vs. BENCHMARKS 1.20% 1.10% -- 1.00% 0.90% - - 0.80% - — 0.70% 1I 0.60% 1. -- — 0.50% ' 0.40% — 0.30% 0.20% - - - 0.10% - — - 0.00% N N N N N N M M m m v a N N a N v N vi Ln N Ln N Ln to N N O N O N ri O N ri ri ri ri rl O O O OO O O N N N N N N N O N O N rl O N O N O N O O N N O O N N O 8r r\ -I O O N .\-i O M \ M \ M M M M M M M M \ M M M M M M M M to \ M \ \ \ \ \ \ N M tD O1 N M tD N ri \ m \ N rl \ M \ tD \ 0, \ \ N M N 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 INVESTMENT LIQUIDITY and COMPLIANCE WITH INVESTMENT POLICY March 31, 2016 45.0% 1 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% LiquWity DBstribution p year ■ z years ■ 3 years ■ 4 years r 5 years 0 > 5 years M' 31�. .A—. 0.0% - Up to 1 2 years 3 years 4 years 5 years >5 year years 3 Compliance with Investment Limitations Total must be <_ 90 days n/a Invested Comp;i Commercial Notes- 5 15% of total portfolio _ 15% of total portfolio 12.60% Yes <_ 5 years remaining maturity n/a Yes Commercial Paper: <_ 75% of total portfolio <_ 25% of total portfolio 0.00% Yes 5 270 days remaining maturity n/a Yes If >_ 15% of total portfolio, weighted avg must be <_ 90 days n/a Yes Municipal securities 5 15% of total portfolio 276% Yes <_ 5% in one issuer 2.20o6 Yes Federal agency bonds or notes: <_ 75% of total portfolio 3690% Yes 5 5 years remaining maturity nla Yes U.S. Treasury securities: <_ 5 years remaining maturity n/a Yes Negotiable Certificates of Deposit <_ 30% of total portfolio 7.63% Yes Maturity limitations: <_ 5 years maturity rya Yes 75% of Fiscal Year General Fund Budgeted Expenditures15 1 year 144976/0 Yes Commercial Paper and Commercial Notes. <_ 50k of total portfolio in one issuer 3 38% Yes CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY CORPORATE BOND RATINGS March 31, 2016 Berkshire Hathaway Finance Global Sr Unsecured 084664BX8 $2,000,000 Rating at Purchase AA Current Rating Moody's S&P Fitch Complii Aa2 AA A+ Yes Toyota Motor Credit Corp Domestic MTN Sr Unsecur 89233P5S1 2,000,000 AF, Aa3 AA- A Yes Berkshire Hathaway Finance Global Sr Unsecured 08467013/39 4,000,000 AA Aa2 AA A+ yes Royal Bank of Canada 7801OUD20 1,000,000 Aa3 Aa3 AA- NR Yes Royal Bank of Canada 78011DAC8 1,000,000 AAA Aaa NR NR yes BB&T Corporation 05531FAM5 1,000,000 A2 A2 A- A+ yes UBS AG London H7210WAAO 1,000,000 AAA Aaa NR AAA yes John Deere Capital Corp 24422ESB6 2,125,000 A2 A2 A NR Yes Wal-Mart Stores Inc. 931142DF7 1,000,000 AA Aa2 AA AA Yes Johnson & Johnson Global Sr Unsecured 478160BG8 2,000,000 AAA Aaa AAA AAA Yes Microsoft Corporation Global Sr Unsecured 594918AV6 1,000,000 AAA Aaa AAA AA+ Yes Toyota Motor Credit Corp Domestic MTN Sr Unsecur 89236TBP9 1,000,000 A Aa3 AA- A Yes Bank of Nova Scotia Global Sr Unsecured 064159GWO 1,500,000 Aa2 Aa3 A+ NR Yes American Honda Finance Domestic MTN Series: A SR Unsec 02665WAU5 1,000,000 Al Al A+ NR Yes Microsoft Corporation Global Sr Unsecured 594918BG8 1,000,000 AAA I Aaa AAA AA+ 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. sad CITY OF TUSTIN and THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY INVESTMENT REPORT INVESTMENT SCHEDULE AS OF: MARCH 31, 2016 (4) (5) YIELD ORIGINALCOSTI CURRENT (1) (2) COUPON/ TO (3) PURCHASE MATURITY CURRENT BOOK MARKET DESCRIPTION -LIMITS CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE VALUE MAI 11 US TREASURY BILLS/NOTES-No Limit: U.S. Treasury Note 912828WF3 3,000,000 $99 0.63% 05/13/14 11/15/16 3,008,803 3,002,343 U.S. Treasury Note 9128281374 2,000,000 99 0.64% 02/12/15 02/15/17 2,005,148 2,000,312 U.S Treasury Note 9128281374 5,000,000 $99 0.64% 11/05/14 02/15117 5,005,048 5,000,780 U.S. Treasury Note 912828K66 2,000,000 $99 0.55% 05/13/15 04/30117 1,998,431 1,997,032 U.S- Treasury Note 912828TG5 5,000,000 $99 0.58% 07/31/12 07/31117 4,979,333 4,987,695 U.S Treasury Note 912828/398 2,000,000 $99 1.06% 09/16114 09115117 1,996,774 2,008,594 U.S. Treasury Note 912828TW0 3,000,000 $99 1.05% 07/14/14 10131/17 2,975,523 3,001,056 U.S. Treasury Note 912828UJ7 2,000,000 $99 1.04% 11124/14 01/31/18 1,995,564 2,005,156 U.S. Treasury Note 912828VE7 2,500,000 $100 0.92% 04129/15 05/31/18 2,516,748 2,511,720 U.S. Treasury Note 912828XK1 5,000,000 $99 0.96% 08/28/15 07/15/18 4,992,731 5,009,180 U.S. Treasury Note 9128281-81 1,000,000 $99 1.07% 11103115 10115118 994,697 1,001,562 U.S. Treasury Note 912828UE8 1,000,000 $99 1.03% 1217/15 12/31/17 997,651 1,000,352 U.S. Treasury Note 91282BN22 1,000,000 $100 1.26% 12122/15 12/15/18 999,927 1,011,328 $34,500,000 $34,466,378 $34,537,110 FEDERAL AGENCIES -75% Limit: Federal Home Loan Bank US Domestic 313370TW8 $4,000,000 $102 0.64% 08/25/14 09/09116 $4,146,929 $4,027,404 Federal Home Loan Bank 3130A6MW4 1,000,000 $100 0.40% 10/13115 10128116 1,000,000 999,977 Freddic Mac 3134G5LS2 2,000,000 $100 0.60% 11/17114 11/17116 2,000,000 1,999,132 Federal Home Loan Bank 3130A5UB3 2,000,000 $100 0.55% 06126115 12116116 2,000,000 1,998,160 Freddie Mac 3134G5VG7 2,000,000 $100 0.78% 12/29114 12129116 2,000,000 1,999,682 Freddie Mac 3134G5AQ8 2,000,000 $100 0.70% 06/11/14 12/30116 2,000.000 2,002,446 Federal Home Loan Bank 3130A3ML5 2,000,000 $100 0.75% 12/30114 03/30117 2,000,000 2,002,538 Federal Farm Credit Bank 3133EEZR4 2,000,000 $99 0.61% 04/29/15 04121/17 2,000,066 1,996,320 Federal Farm Credit Bank 3133EELS7 1,000,000 $100 0.88% 01127/15 07/27/17 1,000,000 1,000,075 Freddi Mac 3134G6WQ2 1,000,000 $100 1.00% 04/20/15 11/20/17 1,000.000 1,000,238 Fannie Mae (Step Up, Variable coupon) 3136G16M6 2,000,000 $100 0.70% 08125/15 12120/17 2,002,567 1,999158 Federal Home Loan Bank 3130A5UN7 1,000,000 $100 1.00% 07129/15 01/29/18 1,000,000 1,002,880 Federal Farm Credit Bank 3133EDQM5 2,000,000 $100 1.11% 02120/15 02120/18 2,000,000 2,009,782 Federal Home Loan Bank 3130A61322 2,000,000 $100 1.10% 08126/15 02126/18 2,000,000 2,001,336 Fannie Mae 3136G1DG1 2,000,000 $99 1.05% 07/01/14 02127/18 1,994,233 2,010,696 Freddie Mac 3134G6ZT3 2,000,000 $100 1.20% 04/28/15 05/18/18 2,000,000 2,000,248 Federal Farm Credit Bank 3133EEM98 1,000,000 $99 1.01% 05118115 05121H8 999,700 1,001,635 Freddie Mac 3134G74Z1 1,000,000 $99 1.17% 11/23/15 05/23/18 995,000 998,904 Freddie Mac 3134G841-0 1,000,000 $100 1.05% 11/25/15 05/25118 1,000,000 1,000,071 Freddie Mac 3134G46D5 2,000,000 $99 1.29% 06/03114 06/12118 2,004.400 2,000,586 (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) Federal Home Loan Bank 3130A6AE7 2,000,000 $99 1.18% 09/18/15 09/14/18 1,999,362 2,010,008 Freddie Mac 3134G7UK5 1,000,000 $100 1.30% 09/24/15 09/24/18 1,000,000 1,002,764 Fannie Mae 3136G2PB7 2,000,000 $100 1.32% 10/29/15 10/29/18 2,000,000 1,999,822 Fannie Mae 3136GOSP7 250,000 $99 1.45% 06/03/14 10/30/18 249,485 250,054 Federal Farm Credit Bank 3133EFBQ9 2,000,000 $100 1.37% 09/01/15 03/01/19 2,000,000 2,002,274 Federal Farm Credit Bank 3133EEK33 1,850,000 $100 1.63% 05/13/15 05/13/19 1,850,417 1,851,278 Freddie Mac Global Bond 3134G3V72 2,000,000 $99 1.66% 03/27/15 11/21/19 2,007,340 2,000,780 Freddie Mac Global Bond 3134G32Z2 1,000,000 $99 1.71% 06/22/15 01/08/20 1,001,152 995,591 Fannie Mae 3135GOTB9 1,000,000 $99 1.63% 04/28/15 01/09/20 1,002,342 1,000,657 Federal Farm Credit Bank 3133EFH59 2,000,000 $100 1.380/6 03/02116 03102/20 2,000,000 2,001,076 Freddie Mac (Step Up, Variable Coupon) 3134G6WP4 1,000,000 $100 1.00% 05/13/15 05/13/20 1,000,000 998,893 Federal Farm Credit 3133EEM56 1,000,000 $100 1.90% 05/13/15 05/19/20 1,000,000 1,000,582 Fannie Mae 3136G2KT3 2,000,000 $100 1.75% 05/14/15 05/26/20 2,000,000 2,011,690 Federal Farm Credit Bank 3133EEX21 2,000,000 $100 2.00% 06/15/15 06/15/20 2,000,000 2,002,104 Federal Home Loan Bank (Step Up, Variable Coupon) 3130A6LJ4 1,000,000 $100 1.79% 10/22/15 10/22/20 1,000,000 1,000,032 Fannie Mae (Step Up, Variable coupon) 3136G2PV3 1,000,000 $100 2.04% 10/29/15 10/29/20 1,000,000 1,000,087 Fannie Mae 3135GOG56 1,000,000 $99 1.85% 11/09/15 11/25/20 995,780 999,497 Fannie Mae 3135GOG56 2,000,000 $99 1.85% 11/23/15 11/25/20 1,993.000 1,998,994 Federal Home Loan Bank (Step Up, Variable Coupon) 3130A6RE9 11000,000 $100 1.80% 11/30/15 11/30/20 1,000.000 1,003,079 Federal Home Loan Bank (Step Up, Variable Coupon) 3130A7EG6 1,500,000 $100 2.22% 03/15/16 03/15/21 1,500,000 1,499,575 Fannie Mae (Step Up, Variable coupon) 3136G3AY1 2,000,000 $100 2.00% 03/15/16 03/15/21 2,000,000 1,999,154 Freddie Mac (Step Up, Variable Coupon) 3134G8NV7 1,500,000 $100 2.12% 03/30/16 03/30/21 1,500.000 1,498,212 $67,100,000 $67,241,773 $67,177,471 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 $2,016,420 Fresno County CA Pension Obligation Bonds 358266CQ5 1,000,000 $101 2.28% AA- 09/02/15 08/15/19 1,007,845 1,019,210 California St Txabl- General Obligation UNLTD 13063CSQ4 2,000,000 $100 1.70% Aa3 04129/15 04/01120 2,009,380 2,024,700 $5,000,000 $5,023,857 $5,060,330 NEGOTIABLE CERTIFICATES OF DEPOSITS - 30% Limit - FDIC Insured Enerbank USA 29266NA80 248,000 $100 0.65% 300 07/24/14 08/01/16 248,000 248,095 First National Bank Paragould 32114LAG4 248,000 $100 0.65% 294 07/24/14 08/01/16 248,000 248,095 TCF National Bank 872278GD2 248,000 $100 0.70% 230 07/24/14 08/01/16 248,000 248,135 Talmer Bank & Trust 87482VAA3 248,000 $100 0.70% 163 08/06/14 08/08/16 248,000 248,139 Flushing Bank 34387AAJ8 248,000 $100 0.70% 216 08/15/14 08/15/16 248,000 248,143 Great Southern Bank 39120VRK2 248,000 $100 1.000% 200 08/28/14 02/28/17 248,000 248,511 Barclays Bank/Delaware 06740KGE1 248,000 $100 1.05% 300 04/14/14 04/18/17 248,000 248,883 First Savings Bank 33621LAZ6 248,000 $100 1.10% 267 08/21/14 08/21/17 248,000 248,062 Provident Bank 743837BN5 248,000 $100 1.05% 239 08/21/14 08/21/17 248,000 248,388 Spring Bank 849430AC7 248,000 $100 1.00% 294 08122114 08122117 248,000 248,385 First Bank of Highiand 319141CG0 248,000 $100 1.10% 190 08/27/14 08/28/17 248,000 248,394 Homebanc 43738AF04 248,000 $100 1.10% 149 08/27/14 08/28/17 248,000 248,395 Highland Bank 429882EK5 248,000 $100 1.05% 143 08/29/14 08/29/17 248,000 248,392 Synovus Bank 87164DFK1 248,000 $100 1.15% 223 08/29/14 08/29/17 248,000 248,562 Investors Bank/Short Hills 46176PEF8 248,000 $100 1.00% 242 05/13/15 11/20/17 248,000 248,390 (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 NEGOTIABLE CD's - 30% Limit - FDIC Insured (Continued) Wex Bank 92937CDC9 249,000 $100 1.05% 300 11/04/15 11/20/17 249,000 249,632 Traditions Bank 89269CBJ0 248,000 $100 1.20% 229 07/18/14 01/18/18 248,000 248,480 Middleton Community Bank 596689EA3 248,000 $100 1.25% 252 07/09/14 02/09/18 248,000 248,640 Compass Bank 20451PKX3 248,000 $100 1.25% 203 05/13/15 05/21/18 248,000 248,323 Marlin Business Bank 57116AJE9 248,000 $100 1.45% 300 12/16/14 06/25/18 248,000 249,371 Security Federal Bank 81423LBW1 249,000 $100 1.25% 213 10/14/15 07/16/18 249,000 249,566 Third Federal Savings & Loan 884130AZ1 248,000 $100 1.25% 224 02/13/15 08/13/18 248,000 250,869 Everbank/Jacsonville FL 29976DZX1 248,000 $100 1.45% 221 08/05/15 08/14/18 248,000 250,686 Wells Fargo Bank 94986TNE3 248,000 $100 1.83% 262 08130/13 08/29/18 248,000 248,723 Ally Bank 02006LUS0 248,000 $100 1.60% 300 11/06/15 10/15/18 248,000 250,634 Bank of North Carolina 06414QWZB 249,000 $100 1.20% 186 10/16/15 10/16/18 249,000 251 788 Sallie Mae Bank/Salt Lake City 795450RA5 248,000 $100 2.15% 300 10130113 10130118 248,000 253,468 First Bank McComb 319234AJ9 248,000 $100 1.50% 188 06/30/15 02/28/19 248,000 249,951 First South Bank 336500AH9 248,000 $100 1.45% 180 08/05/15 02/28/19 248,000 251,727 First Farmers Bank & Trust 320165HC0 249,000 $100 1.40% 252 10/21/15 04/22/19 249,000 249,000 HSBC Bank USA 40434AJV2 248,000 $100 1.25% 250 04/07/14 04/25/19 248,000 247,107 First Business Bank 31938QL69 248,000 $100 1.45% 261 05/13/15 05/28/19 248,000 249,547 First Capital Bank 31944FBH2 248,000 $100 1.50% 166 01/14/15 05/28/19 248,000 252,481 GE Capital Retail Bank 36160KL60 248,000 $100 2.00% 300 05/27/14 05/30/19 248,000 252,270 Discover Bank 2546712E9 248,000 $100 2.00% 300 07/09/14 07/09/19 248,000 251,996 American Express Bank FSB 02587CAC4 248,000 $100 1.95% 300 07/10/14 07/10/19 248,000 251,997 Bridgewater Bank 108622EE7 248,000 $100 155% 276 011141`15 07/26/19 248,000 252,715 Connectone Bank 20786ABA2 248,000 $100 1.55% 219 01/14/15 07/29/19 248,000 252,70' Investors Community Bank 46147UQR4 248,000 $100 1.70% 246 08/05/15 08/14/19 248,000 252,647 Merrick Bank 59013JKA6 249,000 $100 1.550/0 300 10109115 10109119 249,000 253,055 Capital One Bank USA 140420QN3 248,000 $100 2.00% 300 11/05/14 11/05/19 248,000 252,401 CIT Bank 17284C2R4 248,000 $100 2.15% 284 11/05/14 11/05/19 248,000 253,258 American Express Centurion Bank 02587DWK0 248,000 $100 2.20% 300 12/21/14 11/29/19 248,000 252,375 First Source Bank 33646CFE9 248,000 $100 1.75% 276 06/30/15 12/30/19 248,000 250,112 GE Capital Bank 36162PFS6 248,000 $100 1.80% 281 01/14/15 01/16/20 248,000 253,033 Peoples United Bank 71270QLM6 248,000 $100 1.85% 205 01/14/15 01/21/20 248,000 253,007 Bank of Georgetown 06424XBTB 248,000 $100 1.65% 202 01/14/15 01/30/20 248,000 252,992 Privatebank & Trust Co 74267GUW5 248,000 $100 1.80% 277 01/14/15 01/30/20 248,000 252,883 Machias Savings Bank 554479DS1 248,000 $100 1.65% 254 02/06/15 02/06/20 248,000 252,974 BMO Harris Bank (Step Up) 05573JR89 248,000 $100 2.07% 246 02/27/15 02127/20 248,000 248,200 Beneficial Bank 081730BN5 248,000 $100 1.30% 250 03/09/16 03/09/20 248,000 249,696 Goldman Sachs Bank USA 38148JMV0 248,000 $100 1.95% 287 03/11/15 03/11/20 248,000 250,505 Comenity Capital Bank 20033ALD6 248,000 $100 2.15% 300 06129115 06129120 248,000 251,542 Capital One NA 14042E5M8 248,000 $100 2.30% 248 08/05/15 08/12/20 248,000 253,446 National Cooperative Bank 05580ACS1 248,000 $100 1.50% 234 03/09/16 03/09/21 248,000 248,731 BMW Bank North America 05580ACS1 248,000 $100 2.25% 300 08/13/15 08/21/20 248,000 253,431 $13,893,000 $13,893,000 $14,020,935 CORPORATE BONDS - 15% Limit: Berkshire Hathaway Finance Global Sr Unsecured 084664BX8 $2,000,000 $100 0.60% AA 03/19/14 08/15/16 $2,018,458 $2,002,044 Toyota Motor Credit Corp Domestic MTN Sr Unsecur 89233PSS1 2,000,000 $103 0.89% AA- 08/21/14 01/12/17 2,059,442 2,021,294 Berkshire Hathaway Finance Global Sr Unsecured 084670BD9 4,000,000 $102 0.82% AA 06/05/14 01/31/17 4,139,989 4,035,664 UBS AG London H7210WAA0 1,000,000 $101 0.89% AAA 07/31/15 03/30/17 1,029,557 1,010,910 Royal Bank of Canada 78010UD20 1,000,000 $100 1.17% Aa3e 06/16/14 06/16/17 1,002,100 1,001,190 Royal Bank of Canada 78011DAC8 1,000,000 $100 1.20% AAA 06/08/15 09/09/17 1,004,433 999,010 DAILY -No Limit: Reconciled General Checking Account Ending Balance Deposits in Orange Co. Investment Pool Local Agency Investment Fund 0.25% N/A (6) 0.62% (7) 0.51% N/A Current Daily -No Limit Total: CITY OF TUSTIN CASH AND INVESTMENTS Unrestricted General Fund cash balance as of 2/29/16 (unaudited) Semi -restricted cash balance as of 1/31/16(unaudited) ( Capital Projects, Proceeds from Land Sales, Backbone Infrastructure) Restricted Cash balances as of 1/31/16 (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: PERFORMANCE MEASUREMENT: Weighted Average Days to Maturity: 711 Weighted Average Portfolio Yield: 1.03% Current 24 mo Treasury Equivalent: 0.73% $7,969,960 $7,969,960 10,467,176 10,467,176 20,175,249 20,175,249 $38,612,385 $38,612,385 (4) (5) BOOK MARKET DESCRIPTION -LIMITS CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE YIELD VALUE Restricted Deposits with Fiscal Agents: (8) ORIGINAL COST/ CURRENT (1) N/A (2) COUPON/ TO (3) PURCHASE MATURITY CURRENT BOOK MARKET DESCRIPTION -LIMITS CUSIP PAR VALUE Dollar Price MATURITY RATING DATE DATE VALUE VALUE CORPORATE BONDS - 15% Limit: (Continued) NIA 0 0 CFD 04-1 N/A 974,378 974,378 CFD 06-1 NIA BB&T Corporation 05531FAM5 1,000,000 $99 1.45% A2 02/18115 01/12118 1,001,430 1,001,062 John Deere Capital Corp 24422ESB6 2,125,000 $100 1.17% A2 02/09/15 03/12/18 2,144,865 2,128,663 Wal-Mart Stores Inc. 931142DF7 1,000,000 $99 1.35% AA 11/24/14 04/11/18 994,209 1,007,516 Johnson & Johson Global Sr Unsecured 478160BGB 2,000,000 $101 1.27% AAA 08/17115 12105118 2,031,000 2,038,716 Microsoft Corporation Global Sr Unsecured 594918AV6 1,000,000 $101 1.15% AAA 05/21/15 12/06/18 1,024,138 1,019,008 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 1,022,585 American Honda Finance Domestic MTN Series: A SR Unsec 02665WAU5 1,000,000 $100 2.15% Al 12/3/15 3/13/20 1,004,876 1,014,009 Bank of Nova Scotia Global Sr Unsecured 064159GWO 1,500,000 $100 2.30% Aa2 10121/15 10121/20 1,503,750 1,516,573 Microsoft Corporation Global Sr Unsecured 594918BG8 1,000,000 $100 2.00% AAA 11116/15 11/03/20 1,003,548 1,024,552 $22,625,000 Current Totals: $22,965,231 $22,842,796 DAILY -No Limit: Reconciled General Checking Account Ending Balance Deposits in Orange Co. Investment Pool Local Agency Investment Fund 0.25% N/A (6) 0.62% (7) 0.51% N/A Current Daily -No Limit Total: CITY OF TUSTIN CASH AND INVESTMENTS Unrestricted General Fund cash balance as of 2/29/16 (unaudited) Semi -restricted cash balance as of 1/31/16(unaudited) ( Capital Projects, Proceeds from Land Sales, Backbone Infrastructure) Restricted Cash balances as of 1/31/16 (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: PERFORMANCE MEASUREMENT: Weighted Average Days to Maturity: 711 Weighted Average Portfolio Yield: 1.03% Current 24 mo Treasury Equivalent: 0.73% $7,969,960 $7,969,960 10,467,176 10,467,176 20,175,249 20,175,249 $38,612,385 $38,612,385 $182,202,624 $182,251,027 $22,624,703 58,548,070 96,939,528 $178,112,301 4,090,323 Total Restricted Deposits with Fiscal Agents: $50,427,699 50,427,699 (4) (5) YIELD CURRENT CURRENT (1) (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 N/A $1,689,816 1,689,816 2010 RDA Housing Tax Allocation Bonds N/A 2,827,369 2,827,369 2010 RDA Tax Allocation Bonds N/A 1,872,397 1,872,397 2011 Water Revenue Bonds NIA 1,782,784 1,762,784 2012 Refunding Water Revenue Bonds N/A 0 0 2013 Water Revenue Bonds NIA 0 0 CFD 04-1 N/A 974,378 974,378 CFD 06-1 NIA 8,758,041 8,758,041 CFD 07-1 NIA 2,902,151 2,902,151 CFD 14-1 NIA 29,620,763 29,620,763 Total Restricted Deposits with Fiscal Agents: $50,427,699 50,427,699 FOOTNOTES: ( 1) DESCRIPTION -LIMITS reflects the various authorized investments as documented in the most current adopted � nvestment 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). L4) 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 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 Section a th vernmertt Code. Signed: Cr g Shlmomura Chair, City of Tustin Audit Commission r, City Managers City Treasurer CITY OF TUSTIN and THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY INVESTMENT REPORT INVESTMENT SUMMARY MARCH 31, 2016 Original Cost/ Current Book Value Allowable Total Value $34,466,378 Maximum Portion of Percentage DESCRIPTION PAR VALUE Maturer Portfolio of Portfolio $22,842,796 7,969,960 7,969,960 10,467,176 U. S. Treasuries $34,500,000 5 yrs No Limit 18.9%, Federal Agencies $67,100,000 5yrs 75% 36.9% Municipal Bonds $5,000,000 5 yrs 15% 2.8% Commercial Paper $0 5 yrs 15% 0.0% Negotiable Certificates of Deposits $13,893,000 N/A 30% 7.6% Corporate Bonds $22,625,000 5 yrs 15% 12.6% Cash N/A N/A N/A 4.4% Deposits in Orange County Commingled Pool N/A N/A N/A 5.7% Local Agency 1 nvestment Fund N/A N/A N/A 11.1% 100.0% Restricted Cash with Fiscal Agents N/A N/A N/A Original Cost/ Current Book Value Market Total Value $34,466,378 $34,537,110 67,241,773 67,177,471 5,023,857 5,060,330 13,893,000 14,020,935 22,965,231 $22,842,796 7,969,960 7,969,960 10,467,176 10, 467,176 20,175,249 20,175,249 $182,202,624 50.427 699 $182,251,027 50 427,699 $232,630,323 $232,678,726 PERFORMANCE MEASUREMENT: Weighted Average Portfolio Life (Days): 711 Weighted Average Portfolio Yield: 1.03% Current 24 mo Treasury Equivalent: 0.73% 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 January through March 2016 Investment Transactions 11 SALES/MATO RITi ES/CALLS PURCHASES Settlement Accrued Total Purchase Maturity Yield to Description CUSIP# Trade Date Date Par Amount Principal Interest Price Date Coupon Rate Maturity Federal Farm Credit Bank (Federal Agency Bond) 3133EFH59 2/25/2016 3/2/2016 2,000,000 $ 2,000,000 $ - S 2,000,000 3/2/2020 1- 38A 1.38% Federal Home Loan Bank (Federal Agency Bond)(Step Up) 313OA7EG6 2/29/2016 3/15/2016 1,500,000 $ 1,500 000 $ - $ 1,500,000 3/15/2021 Variable 2.22% Fannie Mae(Federa Agency Bond)(Step Up) 3136G3AY1 2/25/2016 3/15/2016 2,000,000 $ 2,000,000 $ - $ 2,000,000 3/15/2021 Variable 2.001A Freddie Mac (Federal Agency Bond) (Step Up) 3134GBNV7 2/29/2016 3/30/2016 1,500,000 $ 1,500,000 $ $ 1500 000 3/30/2021 Variable 2.12% Beneficial Mutual Savings Bank (Negotiable CD) 08173QBN5 2/2$ 2016 31 SV 2016 248 000 $ 248 000 $ - $ 248,000 3/9/2020 1.304 1.30% National Cooperative Bank (Negotiable CD) 635573AH1 ;V 25F 2016 3/ q 2016 248,000 $ 248000 $ $ 248,000 3/9/2021 1 SIJ6 1.50% 11 SALES/MATO RITi ES/CALLS Purchase Principal Net Amortized Maturity Sales/Call Principal Sale/Maturity/C Gain/(Loss) Premium Coupon Yield to Description CUSIPk Trade Date Date Date Par Amount Amount all Amount on Principal Interest Rate Maturity Safra National Bank (Negotiable CD)(MATURITY) 78658QEP4 8/15/2014 2/16/2016 2/16/2016 S 248,000 $ 248.000 S 248,000 $ 0.5—A 0.55% Fannie Mae (Federal Agency Bond)(SALE) 3135GOF73 11/18/2015 11/30/2020 2/16/2016 $ 2,000,000 $1,973,783 $ 2,024,533 $ 50,750 = - 1.50,6 1.80% Freddie Mac (Federal Agency Bond)(CALL) 3134G6AY9 02/17/15 02/17/17 2/17/2016 S 3,500,000 $3,500,000 $ 3,500,000 5 $ - 0-70% 0'701A rannie Mae (Federal Agency Bond)(CALL) 3136G2181 4/28/2015 5/27/2020 2/29/2016 $ 2,000,000 $2,000,000 $ 2,000,000 $ S 1.85% 1.85% ;P Morgan Chase Bank(NegotiableCD)(CALL) 48125T21.8 2/27/2015 2/27/2020 2/29/2016 $ 248,000 $ 248,000 $ 248,000 $ 2.00% 2.00% Freddie Mac 'Federal Agency Bond) (CALL) 3134G7TSO 9/15/2015 6/15/2018 3/15/2016 $ 1,000,000 $1,000,000 $ 1,000,000 $ S 1.25% 1.25% Federal Home Loan Bank (Federal Agency Bond) (CALL I 313OA5559 6/29/2015 3/29/2018 3/29/2016 $ 1,000,000 $1,000,000 $ 1,000,000 $ S 1.101A 1.10% rreddie Mac (Federal Agency Bond)(CALL) 3134GBDB2 12/29/2015 12/29/2020 3/29/2016 $ 1,000,000 $1,000,000 $ 1,000,000 $ S 2.10% 2 10°,6 11