HomeMy WebLinkAboutAgenda Report - January 21, 1998 E-031. 4
CITY OF LODI COUNCIL COMMUNICATION
AGENDA TITLE: Investment Account Disclosure
MEETING DATE: January 21, 1998
PREPARED BY: Deputy Treasurer
RECOMMENDED ACTION:
That the City Council by motion/action accept the
quarterly report of the City of Lodi pooled money
investment account as required by SB564.
BACKGROUND INFORMATION: The investment report is currently included in the
monthly executive report distributed to Council.
SB564 required local agency treasurers to submit a
report on investments at a public meeting. The City of
Lodi has an investment policy which is submitted to council for approval on an annual basis. Copies of the
policy are available in the Finance Department. In addition to the quarterly report on investments in the City
of Lodi pooled money investment account, a breakdown Treasury Inventory by type has been included in a
chart format. Also included is the most current report of the Local Agency Summary of Investment Data and
the State of California pooled money investment account market valuation.
The City of Lodi maintains membership in the California Municipal Treasurers Association and conforms to
guide lines set forth by the CMTA investment report committee. The Finance Department will continue to
include the investment report monthly as part of the executive report.
FUNDING: None.
APPROVED:
4
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` Caw_ _•
Vicky McAthie
Finance Director/Treasurer
hl. Dixon Flynn --City Ma ager
■
Tyne of Security
Local Agency Investment Fund
Certificates of Deposit - Bank
Passbook/Chercking Accounts
Treasury Securities - Coupon
Federal Agency Issues - Coupon
BREAKDOWN OF TREASURY INVENTORY
BY TYPE
Amount
$13,800,000.00
$1,300,000.00
$1,904,586.78
$0.00
$2,000,000.00
$19,004,586.78
$0.00
Treasury Securities -
Coupon
0°%
51,904,586.78
Passbook/Chercking
Accounts
10%
$1,300,000.00
Certificates of Deposit
Bank
7%
December 1997
Percent of Portfolio
72.614049%
6.840454%
10.021722%
0.000000%
10.523775%
100.00%
$2,000,000.00
Federal Agency Issues -
Coupon
11%
6513,800,000.00
Local Agency Investment Fund
050.00
Treasury Securities - Coupon
Maximum Maturity
Indefinite
5 years
Indefinite
5 years
5 years
$13,800,000.00
ocal Agency Investment
Fund
73%
o $1,300,000.00
Certificates of Deposit - Bank
o $2,000,000.00
Federal Agency Issues - Coupon
®$1,904,586.78
Passbook/Chercking Accounts
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF NOVEMBER 1997 WITH NOVEMBER 1996
(Dollars in Thousands)
Average Daily Portfolio
Accrued Earnings
Effective Yield
Average Life --Month End (in days)
Total Security Transactions
NOVEMBER1997
$27,325,013
$128,344
5.715
$27,088,172
$124,662
5.599
+ $236,841
+ $3,682
+.116
210 231 -21
Amount $15,217,885 $18,487,457 -$3,269,572
Number 346 426 -80
Total Time Deposit Transactions
Amount $518,200 S149,500 + $368,700
Number 28 22 +6
Average Workday Investment Activity $925.652 $1,035,387 -$109,735
Prescribed Demand Account Balances
For Services
For Uncollected Funds
$145,818 $123,758 + $22,060
$151,586 $150,866 + $720
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF ACTIVITY
NOVEMBER 1997
BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$10,398,375,816.65 $750,744,840.00 $1,045,080,141.94 $10,104,040,514.71
*Local Agency Investment Fund Invested Through Pooled Money Investment Account
State of California
Pooled Money Investment Account
Market Valuation
11/30/97
Description .> .: ; .'.;:i Carrying Cost Plus
Accrued Interest Purch.
United States Treasury :
Bills
Strips
Notes
Federal Aaencv:
Bonds
Floaters
MBS
GNMA
SBA
FHLMC PC
Discount Notes
Bankers Acceptances
Corporate:
Bonds
Floaters
CDs
Bank Notes
Repurchase Agreements
Time Deposits
AB 55 & GF Loans
Commercial Paper
Reverse Repurchase
TOTAL
$
1,183,752,659.34
73,184,450.00
5,742,268,164.61
1,081,742,496.49
289,995,687.30
146,567,317.56
2,699,184.04
212,640,704.78
26,349,432.34
644,998,895.36
310,273,363.89 $
1,050,835,376.89 $
442,022,770.67 $
6,244,933,208.34 $
930,000,000.00 $
1,007,095,000.00 $
2,505,812,133.00 $
5,785,144,386.01 $
(395,712,250.00) $
$ 27,284,602,980.62 $
Estimated Market Value Including Accrued Interest $
Estimated
Market Value"
Accrued Interest
1,226,367,638.75
92,672,200.00
5,732,478,390.00 $
1,080,788,743.50
289,985,750.00
146,056,277.52
3,113,196.32
213,844,366.66
28,233,197.75
651,610,558.58
311,433,829.42
NA
NA
79,040,775.54
$ 17,295,282.38
$ 2,121,249.60
$ 865,407.19
$ 26,452.96
$ 2,127,544.01
$ 422,952.76
NA
1,049,013,366.39 $
442,332,935.00 $
6,243,134,528.57 $
929,592,563.75 $
1,007,095,000.00
2, 505,812,133.00
5,786,078,441.58
NA
17,149,475.65
3,525,867.88
20,404,299.98
4,664,888.90
NA
NA
NA
NA
(395,712,250.00) ($465,328.50)
27,343,930,866.79 $ 147,178,868.35
27,491,109,735.14
Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
Certificates of Deposit (CDs), Bank Notes (BNs), and Commercial Paper (CPs) less
than 90 days are carried at portfolio book value (carrying cost). Interest accrued
from the date of purchase on CDs and BNs under 90 days is not included.
01/08/1998
INVESTMENTS
City of Lodi
PORTFOLIO MASTER SUMMARY
DECEMBER 31, 1997
BOOK VALUE
AVERAGE
PERCENT OF AVERAGE DAYS TO
PORTFOLIO TERM MATURITY
PM - 1
CITY
ACCRUAL
---YIELD TO MATURITY ---
360 365
EQUIVALENT EQUIVALENT
Local Agency Investment Funds
Certificates of Deposit - Bank
Passbook/Checking Accounts
Federal Agency Issues - Coupon
$ 13,800,000.00
$ 1,300,000.00
$ 1,904,586.78
$ 2,000,000.00
TOTAL INVESTMENTS and AVERAGES
TOTAL EARNINGS
Current Year
AVERAGE DAILY BALANCE
EFFECTIVE RATE OF RETURN
v
Maxine Cadwallader
Deputy Treasurer
1
DATE
72.61 1 1 5.637 5.715
6.84 366 316 5.055 5.126
10.02 1 1 0.908 0.920
10.52 913 756 6.045 6.129
$
19,004,586.78 100.001
MONTH ENDING
DECEMBER 31
$ 85,613.67
$ 18,672,657.05
5.40%
122
102
5.1661
FISCAL
YEAR TO DATE
$ 594,637.89
$ 22,164,209.80
5.32%
Based on the approved budget and to the extent the budget is adhered to,
liquidity is available for the next three to six months. Union Bank of
California is the source of market valuation.
5.2381
01/08/1998
City of Lodi PM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY
DECEMBER 31, 1997 ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS
NUMBER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
LOCAL AGENCY INVESTMENT FUNDS
1000 Local Agency Invest. Fund 10,000,000.00 10,000,000.00 10,000,000.00 5.715 5.637 5.715 1
1001 Local Agency Inv Fund (LPIC 3,800,000.00 3,800,000.00 3,800,000.00 5.715 5.637 5.715 1
SUBTOTALS and AVERAGES 14,496,774.19 13,800,000.00 13,800,000.00
13,800,000.00 5.637 5.715 1
CERTIFICATES OF DEPOSIT - HANK
2075 Central Sierra Bank 09/15/97 100,000.00 100,000.00 100,000.00 4.300 4.300 4.360 09/15/98 257
2072 Farmers and Merchants Bank 12/20/97 1,000,000.00 1,000,000.00 1,000,000.00 5.050 5.050 5.120 12/21/98 354
2062 Bank of Lodi 10/24/97 100,000.00 100,000.00 100,000.00 5.200 5.200 5.272 10/26/98 298
2070 Stockton Savings Bank 01/10/97 100,000.00 100,000.00 100,000.00 5.720 5.720 5.799 01/09/98 8
SUBTOTALS and AVERAGES 1,267,741.94
1,300,000.00 1,300,000.00
1,300,000.00 5.055 5.126 316
PASSBOOK/CHECKING ACCOUNTS
4003 Bank of America 743,641.99 743,641.99 743,641.99 0.000 0.000 0.000 1
4000 Farmers & Merchants 1,160,944.79 1,160,944.79 1,160,944.79 1.510 1.489 1.510 1
SUBTOTALS and AVERAGES 1,246,850.60 1,904,586.78 1,904,586.78
1,904,586.78 0.908 0.920 1
FEDERAL AGENCY ISSUES - COUPON
8008 FEDL HOME LOAN MTG CORP 03/17/97 1,000,000.00 1,000,000.00 998,910.00 6.000 6.000 6.083 03/17/99 440
8010 Feredal Home Loan Bank (cal 11/24/97 500,000.00 500,000.00 499,375.00 6.120 6.036 6.120 11/24/00 1,058
8011 Feredal Home Loan Bank (cal 12/22/97 500,000.00 500,000.00 499,455.00 6.145 6.145 6.230 12/22/00 1,086
SUBTOTALS and AVERAGES 1,661,290.32
TOTAL INVESTMENTS and AVG.
2,000,000.00 1,997,740.00
2,000,000.00
6.045 6.129 756
18,672,657.05
$ 19,004,586.78 19,002,326.78
19,004,586.78 5.166% 5.238% 102
01/08/1998
City of Lodi PM - 3
PORTFOLIO MASTER INVESTMENT ACTIVITY BY TYPE CITY
DECEMBER 1, 1997 - DECEMBER 31, 1997 ACCRUAL
STATED TRANSACTION PURCHASES SALES/MATURITIES
TYPE INVESTMENT # ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE
LOCAL AGENCY INVESTMENT FUNDS (Monthly Summary)
1000 Local Agency Invest. Fund 5.715
1001 Local Agency Inv Fund (LPIC) 5.715 1,800,000.00 3,000,000.00
SUBTOTALS and ENDING BALANCE 1,800,000.00 3,000,000.00 13,800,000.00
CERTIFICATES OF DEPOSIT - BANK
2069 Farmers and Merchants Bank 5.050 12/20/1997 1,000,000.00
2072 Farmers and Merchants Bank 5.050 12/20/1997 1,000,000.00
SUBTOTALS and ENDING BALANCE 1,000,000.00 1,000,000.00 1,300,000.00
PASSBOOK/CHECKING ACCOUNTS (Monthly Summary)
4003 Bank of America 0.000 2,226,852.69 1,609,437.57
4000 Farmers & Merchants 1.510 684,898.46 622,652.86
SUBTOTALS and ENDING BALANCE 2,911,751.15 2,232,090.43 1,904,586.78
FEDERAL AGENCY ISSUES - COUPON
8011 Feredal Home Loan Bank (call) 6.145 12/22/1997 500,000.00 2,000,000.00
TOTALS 6,211,751.15 6,232,090.43 19,004,586.78
01/08/1998
PM - 4
City of Lodi CITY
INVESTMENT ACTIVITY SUMMARY ACCRUAL
DECEMBER 1996 through DECEMBER 1997
YIELD TO MATURITY MANAGED NUMBER OF NUMBER OF AVERAGE
MONTH NUMBER OF TOTAL 360 365 POOL SECURITIES SECURITIES AVERAGE DAYS TO
END YEAR SECURITIES INVESTED EQUIV EQUIV RATE PURCHASED MATURED/SOLD TERM MATURITY
December 96 11 32,127,489.83 5.340 5.414 5.599 1 1 92 25
January 97 10 31,440,895.77 5.256 5.329 5.580 1 2 93 24
February 97 9 29,998,206.15 5.284 5.358 5.583 0 1 61 22
March 97 11 27,599,410.46 5.360 5.434 5.583 2 0 126 80
April 97 11 27,539,171.62 5.455 5.531 5.583 0 0 126 76
May 97 11 23,907,036.16 5.321 5.395 5.583 0 0 145 81
June 97 11 23,086,452.68 5.463 5.539 5.634 0 0 150 79
July 97 11 23,451,528.53 5.322 5.396 5.630 0 0 148 72
August 97 10 22,984,395.13 5.270 5.343 5.630 0 1 149 67
September 97 10 23,757,904.15 5.164 5.235 5.690 1 1 107 31
October 97 10 21,669,355.71 5.182 5.254 5.707 1 1 118 31
November 97 10 19,024,926.06 5.342 5.416 5.705 1 1 93 59
December 97 11 19,004,586.78 5.166 5.238 5.715 2 1 122 102
AVERAGES 10 $ 25,045,489.16 5.302% 5.376% 5.632% 1
1
118 58
01/08/1998
MONTH
City of Lodi
DISTRIBUTION OF INVESTMENTS BY TYPE
DECEMBER 1996 through DECEMBER 1997
END YEAR LA1 BCD SCD PA1
TYPES OF INVESTMENTS
PM - 5
CITY
ACCRUAL
BAC CPI COM RPA FAC FAD TRC TRD GN1
December 96 85.7 4.4 3.7
January 97 84.6 4.1 4.9
February 97 87.5 4.3 4.8
March
April
May
June
July
August
97 79.8 4.7 4.7
97 82.0 4.7 2.4
97 76.1 5.4 5.9
97 78.0 5.6 3.4
97 74.9 5.5 6.8
97 74.4 5.2 7.3
September 97 75.3 5.5 10.8
October 97 74.1 6.0 10.7
November 97 78.8 6.8 6.4
December 97 72.6 6.8 10.0
6.2
6.4
3.3
7.3 3.6
7.3 3.6
8.4 4.2
8.7 4.3
8.5 4.3
8.7 4.4
4.2 4.2
4.6 4.6
7.9
10.5
AVERAGES 78.8% 5.3% 6.3%
LAS
SCD
BAC
COM
PAC
TRC
GN1
Local Agency Investment Funds
Certificates of Deposit - S & L
- Bankers Acceptances
- Commercial Paper - Discount
- Federal Agency Issues - Coupon
Treasury Securities - Coupon
- Mortgage Backed Securities
5.8% 3.8%
BCD
PA1
CPI
RPA
FAD
TRD
- Certificates of Deposit - Bank
- Passbook/Checking Accounts
- Commercial Paper - Interest Bearing
- Repurchase Agreements
- Federal Agency Issues - Discount
- Treasury Securities - Discount
01/08/1998
PM - 6
City of Lodi CITY
INTEREST EARNINGS SUMMARY ACCRUAL
DECEMBER 31, 1997
MONTH ENDING
DECEMBER 31, 1997
FISCAL
YEAR TO DATE
CD/Coupon/Discount Investments:
Interest Collected $ 42,491.97 $ 136,399.22
PLUS Accrued Interest at End of Period 24,058.91 24,058.91
LESS Accrued Interest at Beginning of Period ( 52,713.79) ( 53,709.74)
Interest Earned during Period $ 13,837.09 106,748.39
ADJUSTED by Premiums and Discounts
ADJUSTED by Capital Gains or Losses
0.00 591.51
0.00 0.00
Earnings during Period 13,837.09 $ 107,339.90
Mortgage Backed Securities:
Interest Collected $ 0.00
PLUS Accrued Interest at End of Period 0.00
LESS Accrued Interest at Beginning of Period ( 0.00)
Interest Earned during Period $ 0.00
ADJUSTED by Premiums and Discounts
ADJUSTED by Capital Gains or Losses
0.00
0.00
(
0.00
0.00
0.00)
0.00
0.00
0.00
Earnings during Period 0.00 $ 0.00
Cash/Checking Accounts:
Interest Collected $ 1,575.42 $ 548,851.56
PLUS Accrued Interest at End of Period 230,658.80 230,658.80
LESS Accrued Interest at Beginning of Period ( 160,457.64) ( 292,212.37)
Interest Earned during Period $ 71,776.58 $ 487,297.99
TOTAL Interest Earned during Period $ 85,613.67 $ 594,046.38
TOTAL Ajustments from Premiums and Discounts $ 0.00 $ 591.51
TOTAL Capital Gains or Losses $ 0.00 $ 0.00
TOTAL Earnings during Period $ 85,613.67 $ 594,637.89