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Home My WebLink AboutAgenda Report - August 6, 1997 (86)COUNCIL,CITY OF LODI • • AGENDA TITLE: Investment Account Disclosure MEETING DATE: August 6, 1997 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 S13564. 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. rr Vicky McAthie Finance Director/Treasurer APPROVED: H. Dixon Flynn -- City Manager TXpe of Secu t it . Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts Treasury Securities - Coupon Federal Agency Issues - Coupon BREAKDOWN OF TREASURY INVENTORY BY TYPE JUNE 1997 Amount Percent of Portfolio $18,000,000.00 77.967803% $1,300,000.00 5.631008% $787,044.19 3.409117% $999,408.49 4.328982% $2,000,000.00 8.663089% $23,086,452.68 100.00% $999,408.49 Treasury Securities Cou 4' $787,044.19 Passbook/Chercking Accounts 3% $1.300.000.00 Certificates of Deposit - Bank 6% $2,000,000.00 Federal Agency Issues - Coupon Maximum Maturity Indefinite 5 years Indefinite 5 years 5 years 618,000,000.00 Agency Investment Fund 78% M $18,000,000.00 0$1,300.000.00 0 $787,044.19 Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts 0$999.40B.49 0$2.000,000.00 Treasury Securities - Coupon Federal Agency Issues - Coupon POOLED MONEY INVESTMENT ACCOUNT SU111LARY OF INVESTMENT DATA A COMPARISON OF IMAY 1997 WITH MAY 1996 (Dollars in Thousands) MAY 1997 MAY 1996 CHANGE Average Daily Portfolio 529,650,040 527,431,144 + 52,218,896 Accrued Earnings .5141,871 S127,826 +S14,045 Effective Yield 5.634 5.502 +.132 Average Life --Month End (in days) 212 267 -55 Total Security Transactions Amount S 13,994,820 S16,342,439 - S2,347,618 Number 330 403 -73 Total Time Deposit Transactions Amount S372,200 5109,700 +5262,500. Number 25 25 0 Average Workday Investment Activity S684,144 5747,824 -S63,680 Prescribed Demand Account Balances For Services S137,672 S146,919 -S9,247 For Uncollected Funds 5219,037 5273,022 - S53,985 LOCAL AGENCY INVESTMENT FUND* SLTINTMARY OF ACTIVITY MAY 1997 BEGINNING BALANCE DEPOSITS WITHDRAWALS S11,205,662,261.07 S1,004,341,000.00 S1,113,410,418.19 'Local Agency Invests ent Fund Invested Through Pooled Money Investment Account MONTH END BALANCE S1 1,0967592,842.88 Estimated Market Value Including Accrued Interest S 29,998,191,231.97 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. Pooled State of California Money Investment Account Market Valuation 5131197 Description = Carrying Cost Plus Accrued Interest Purch. Estimated Market Value Accrued Interest United States Treasury: Bills $ 1,067,730,791.34 S 1,096,178,250.00 NA Strips $ 121,604,450.00 S 148,487,500.00 NA Notes $ 5,487,892,529.99 S 5,441,516,330.00 S 77,631,499.89 Federal Agency: Bonds $ 908,789,860.09 S 904,997,709.80 S 15,397,197.00 Floaters $ 219,985,164.30 S 220,110,200.00 S 1,997,993.75 MBS S 154,420,206.72 S 150,175,187.85 S 912,099.64 GNMA S 3,016,832.73 S 3,377,800.24 S 29,204.41 SBA S 218,776,049.01 S 221,538,091.29 S 2,188,324.94 FHLMC PC S 29,248,420.93 S 31,286,775.48 S 469,827.72 Discount Notes S 262,702,244.45 S 274,018,236.80 NA Bankers Acceptances $ 533,829,736.40 S 533,900,918.18 NA Corporate: Bonds S 1,324,342,828.12 S 1,320,515,595.10 S 23,016,837.10 Floaters S 425,561,466.77 S 425,550,440.00 S 3,482,715.17 CDs $ 7,847,153,751.53 S 7,846,347,363.11 S 9,257,630.28 Bank Notes S 781,020,449.70 S 781,017,290.67 S 496,270.83 Repurchase Agreements $ 35,600,000.00 S 35,600,000.00 NA Time Deposits S 517,795,000.00 S 517,795,000.00 NA AB 55 & GF Loans S 2,031,654,839.00 S 2,031,654,839.00 NA Commercial Paper S 8,177,474,690.88 S 8,180,137,563.09 NA Reverse Repurchase S 299,942,000.00 S (299,942,000.00) (5951,459.38 TOTAL S 29,848,657,311.96 S 29,664,263,090.61 S 133,928,141.35 Estimated Market Value Including Accrued Interest S 29,998,191,231.97 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. 07/09/1997 City of Lodi PM - 1 PORTFOLIO MASTER SUMMARY CITY .TUNE. 30, 1997 ACCRUAL —�--E . aazkw LZ Based on the ap?roved budget and to the extent the budget is adhered to, Maxine Cadwallader liquidity is available for the next three to six months. Union Bank of ',ty Treasurer California is the source of market valuation. ?-9 77 DATE AVERAGE ---YIELD TO MATURITY --- PERCENT OF AVERAGE DAYS TO 360 36S INVESTMENTS ------------------------------------------------------------------------------------------------------------------------------------ BOOK VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT Local Agency Investment Funds ................$ 18,000,000.00 77,97 1 1 5.557 5.634 Certificates of Deposit - Bank ...............$ 1,300,000.00 5.63 36S 159 5.113 5.164 Passbook/Checking Accounts ...................$ 767,044.19 3.41 1 1 1.240 1.258 Federal Agency Issues - Coupon ...............$ 2,000,000.00 8.66 $22 720 6.199 6.285 Treasury Securities - Coupon .................$ 999,408.49 4.33 1,325 iS2 6.074 6.158 TOTAL INVESTMENTS and AVERAGES .............$ ------------------------------------------------------------------------------ .............................................................................. 23,Os6,452.68 100.004 150 79 5.463% S.S39i MONTH ENDING FISCAL FISCAL TOTAL EARNINGS JUNE 30 YEAR TO DATE YEAR ENDING Current Year $ 105,2/4.26 $ 1,624,184.54 $ 1,624,184.54 AVERAGE DAILY BALANCE $ 23,474,913.14 $ 30,408,108.29 EFFECTIVE RATE OF RETURN 5.45% S.34t —�--E . aazkw LZ Based on the ap?roved budget and to the extent the budget is adhered to, Maxine Cadwallader liquidity is available for the next three to six months. Union Bank of ',ty Treasurer California is the source of market valuation. ?-9 77 DATE 07/09/1997 City of Lodi PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY JUNE 30, 1997 ACCRUAL ?S -:}LENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS .4L�SER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 350 365 DATE TO MAT ---------------------------------------------------------------------------------------------------------------------------------- LOCAL AGENCY INVESTMENT FUNDS 1000 Local Agency Invest. Fund 11,200,000.00 11,200,000.00 11,200,000.00 5.634 5.557 5.634 1 1001 Local Agency Inv Fund (LPIC 6,800,000.00 6,800,000.00 6,800,000.00 5.634 5.557 5.634 1 --------------------------------------------- -------------- ------ ------ ------ SLBTOTALS and AVERAGES 17,903,333.33 19,000,000.00 18,000,000.00 18,000,000.00 5.557 5.634 1 CERTIFICATES OF DEPOSIT - BANK 2074 Central Sierra Bank 08/27/96 100,000.00 100,000.00 100,000.00 4.950 4.950 5.019 08/27/97 57 2069 Farmers and Merchants Bank 12/20/96 1,000,000.00 1,000,000.00 1,000,000.00 5.050 5.050 5.120 12/20/97 172 2066 Bank of Lodi 10/11/96 100,000.00 100,000.00 100,000.00 5.300 5.300 5.374 10/11/97 102 2070 Stockton Savings Bank 01/10/97 100,000.00 100,000.00 100,000.00 5.720 5.720 5.799 01/09/98 192 ----------------- -------------- -------------- -------------- ------ ------ ------ S=OTALS and AVERAGES 1,300,000.00 1,300,000.00 11300,000.00 1,300,000.00 5.113 5.184 159 PASS3OCK/(7AECKING ACCOUNTS 4003 BwL[ of America 131,608.01 131,608.01 131,608.01 0.000 0.000 0.000 1 4000 Fanners & Merchants 655,436.18 655,436.18 655,436.18 1.510 1.489 1.510 1 ----------------- -------------- -------------- -------------- ------ ------ SnTOTALS and AVERAGES 1,272,227.74 787,044.19 787,044.19 787,044.19 1.240 1.258 1 -T)ERAI, AGENCY ISSUES - COUPON FEDL HOME LOAN MTG CORP 03/17/97 1,000,000.03 1,000,000.00 996,250.00 6.000 6.000 6.083 03/17/99 624 ..09 Everen Securities, Inc 03/24/97 1,000,000.00 1,000,000.00 999,370.00 6.397 6.397 6.466 09/24/99 815 ------------------------------- -------------- -------------- ------ ------ ------ SL3T0TALS and AVERAGES 2,000,000.00 2,000,000.00 11995,520.00 2,000,000.00 6.199 6.285 720 1:ZEAS Z'! SECURITIES - COUPON 8007 U. S. Treasury Notes 04/15/94 999,408.49 1,000,000.00 1,001,720.00 6.000 6.074 6.158 11/30/97 152 A:='F.AGES 999,352.06 ---------------------- TOTAL _NV--ST?EN-15 and AVG. $ 23,086,452.63 23,084,364.19 23,474,913.14 23,087,044.19 5.463% 5.539% 79 ................:........................................................................................ 07/09/1997 City Of Lodi PM - 3 PORTFOLIO MASTER I`,VESTMENT ACTIVITY BY TYPE CITY JUNE 1, 1997 - JUtiT 30, 1997 ACCRUAL CERTIFICATES OF DEPOSIT - BANK PASSBOOKICHECKING ACCOUNTS (Monthly Summary) 4003 Bank of America 4000 Farmers & Merchants SU-STOTALS and ENDING BALANCE FEDERAL AGENCY ISSUES - COUPON ^S?SURY SECURITIES - COUPON TOTALS 0.000 1.510 1,504,255.39 9,820,709.74 11,324,965.13 1,513,290.65 10,432,374.70 11,945,665.35 1,300,000.00 787,044.19 2,000,000.00 999,408.49 ----------------------'------------------------------------------------- 12,924,965.13 13,745,665.35 23,086,452.68 ........................................................................ STATED TRANSACTION PURCHASES SALES/MATURITIES .1PE I.YV^STMENT # ---------------------------------------------------------------------------------------------------------------------------------- ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE LOCAL AGENCY INVESTMENT FUNDS (Monthly Summary) 1000 Local Agency Invest. Fund 5.634 1001 Local Agency Inv Fund tLPIC) 5.634 11600,000.00 1,800,000.00 SUBTOTALS and ENDING BALANCE 1,600,000.00 1,800,000.00 18,000,000.00 CERTIFICATES OF DEPOSIT - BANK PASSBOOKICHECKING ACCOUNTS (Monthly Summary) 4003 Bank of America 4000 Farmers & Merchants SU-STOTALS and ENDING BALANCE FEDERAL AGENCY ISSUES - COUPON ^S?SURY SECURITIES - COUPON TOTALS 0.000 1.510 1,504,255.39 9,820,709.74 11,324,965.13 1,513,290.65 10,432,374.70 11,945,665.35 1,300,000.00 787,044.19 2,000,000.00 999,408.49 ----------------------'------------------------------------------------- 12,924,965.13 13,745,665.35 23,086,452.68 ........................................................................ 07/09/1997 PM - 4 City of Lodi CITY INVESTMENT ACTIVITY SLMA;AaY ACCRUAL JUN= 1996 through JUNE 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 June 96 13 27,551,636.62 5.190 5.262 5.502 0 0 145 40 July 96 12 29,421,179.58 5.215 5.293 5.502 1 2 136 34 August 96 11 31,739,617.53 5.307 5.391 5.587 1 2 126 28 September 96 it 31,297,025.85 5.363 5.438 5.566 0 0 128 25 October 96 12 31,704,819.78 5.376 5.451 5.570 1 0 127 21 November 96 11 31,059,091.95 5.372 5.445 5.601 0 1 95 18 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 29,993,206.15 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 23,907,036.15 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 1S0 79 AVERAGES 11 5 ................................................................................................... 29,112,454.15 5.331% 5.405% 5.575% 1 1 119 43 07/09/1997 PM - 5 City of Lodi CITY DISTRIBUTION OF INVESTMENTS BY TYPE ACCRUAL JUNE 1996 through JUNE 1997 MONTH ---------------------------------- TYPES OF INVESTMENTS ---------------------------------- END ------------------------------------------------------------------------------------------------------- YEAR LA1 BCD SCD PAL BAC CPI COM RPA FAC FAD TRC TRD GNI June 95 79.7 5.4 4.0 10.9 July 96 51.1 4.8 3.9 10.2 August 96 83.5 4.1 3.0 9.4 September 96 84.7 4.2 1.6 9.6 October 95 84.8 4.4 1.3 9.5 November 96 86.L 4.5 3.0 6.4 December 96 85.7 4.4 3.7 6.2 January 97 84.6 4.1 4.9 6.4 February 97 87.5 4.3 4.8 3.3 March 97 79.8 4.7 4.7 7.3 3.6 April 97 82.0 4.7 2.4 7.3 3.6 97 76.1 5.4 5.9 8.4 4.2 June 97 18.0 ------------------------------------------------------------------------------------------ 5.6 3.4 8.7 4.3 AVERAGES 82.64 .......................................................................................... 4.73 3.63 2.43 6.74 LAI - Local Agency Investment Funds SCD - Certificates of Deposit - S & L BAC - Bankers Acceptances COM - Commercial Paper - Discount FAC - Federal Agency Issues - Coupon TRC - Treasury Securities - Coupon GNI - Mortgage Backed Securities BCD - Certificates of Deposit - Bank PAI - Passbook/Checking Accounts CPI - Commercial Paper - Interest Bearing RPA - Repurchase Agreements FAD - Federal Agency Issues - Discount TRD - Treasury Securities - Discount 07/09/1997 PM - 6 City of Lodi CITY INTEREST EARNINGs SUMMARY ACCRUAL JUNE 30, 1997 MONM ENDING FISCAL JUN:: 30, 1997 YEAR TO DATE CD/Coupon/Discount Investments: Interest Collected $ 31,376.08 $ 184,742.95 PLUS Accrued Interest at End of Period 53,705.52 53,705.52 LESS Accrued Interest at Beginning of Period ( ------------------ 64,293.56) { 29,297.67) Interest Earned during Period $ .................. 20,788.04 ------------------ 209,150.80 ADJUSTED by Premiums and Discounts 116.74 .................. 2,512.33 ADJUSTED by Capital Gains or Losses 0.00 0.00 Earnings during Period ------------------ .................. 20,904.78 ------------------ $ .................. 211,663.13 Mortgage Backed Securities: Interest Collected $ 0.00 $ 0.00 PLUS Accrued Interest at End of Period 0.00 0.00 LESS Accrued Interest at Beginning of Period ( 0.00) { 0.00) Interest Earned during Period ------------------ $ 0.00 ------------------ 0.00 ADJUSTED by Premiums and Discounts .................. 0.00 .................. 0.00 ADO-USTED by Capital Gains or Losses 0.00 0.00 • Earnings during Period ------------------ .................. 0.00 ------------------ 5 .................. 0.00 Cash/Checking Accou:.ts: Interest Collected $ 1,102.98 $ 1,426,949.25 ?LUS Accrued Interest at End of Period 290,559.12 290,559.12 LESS Accrued Interest at Beginning of Period ( ------------------ 207,352.62) ( 304,966.96) Interest Earned during Period $ .................. 84,309.48 ------------------ $ .................. 1,412,521.41 TOTAL :nterest Earned during Period $ 105,097.52 $ 1,621,672.21 TOTAL Ajustments from Premiums and Discounts $ 116.74 $ 2,512.33 TOTAL Capital Gains or Losses 5 0.00 $ 0.00 TOTAL Earnings during Period ------------------ $ .................. 105,214.25 ------------------ $ .................. 1,624,184.54