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Home My WebLink AboutAgenda Report - February 5, 1997 (52)4 CITY OF I,ODI COUNCIL COMMUNICATION f i � AGENDA TITLE: Investment Account Disclosure MEETING DATE: February 5, 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 SB564. BACKGROUND INFORMATION: The investment report is currently included in the monthly executive report distributed to Council. SB564 requires 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. 171 Vicky McAthie Finance Director/Treasurer a APPROVED: <-77 & J H. Dixon Flynn -- City Manager 01/09/1997 'ESTMENT NUMBER ISSUER City of Lodi INVESTMENT PORTFOLIO DETAILS - INVESTMENTS DECEMBER 31, 1996 AVERAGE PURCHASE BALANCE DATE BOOK VALUE PM - 2 CITY ACCRUAL STATED --- YTM --- MATURITY DAYS FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT LOCAL AGENCY INVESTMENT FUNDS 1000 Local Agency Invest. Fund 1001 Local Agency Inv Fund (LPIC SUBTOTALS and AVERAGES 26,936,458.27 CERTIFICATES 2074 2069 2066 2068 2075 OF DEPOSIT - BANK Central Sierra Bank Farmers and Merchants Bank Bank of Lodi Stockton Savings Bank Wells Fargo Bank 13,060,000.00 13,060,000.00 13,060,000.00 5.599 5.522 5.599 14,477,000.00 14,477,000.00 14,477,000.00 5.599 5.522 5.599 27,537,000.00 27,537,000.00 27,537,000.00 08/27/96 100,000.00 12/20/96 1,000,000.00 10/11/96 100,000.00 01/09/96 100,000.00 07/22/96 100,000.00 SUBTOTALS and AVERAGES 1,400,000.00 PASSBOOK/CHECKING ACCOUNTS 4003 Bank of America 4000 Farmers & Merchants SUBTOTALS and AVERAGES 1,633,061.10 ASURY SECURITIES - COUPON 8006 U. S. Treasury Notes 8007 U. S. Treasury Notes 100,000.00 1,000,000.00 100,000.00 100,000.00 100,000.00 100,000.00 4.950 1,000,000.00 5.050 100,000.00 5.300 100,000.00 5.520 100,000.00 4.500 1,400,000.00 124,465.21 1,067,411.23 5.522 5.599 4.950 5.050 5.300 5.520 4.500 5.019 5.120 5.374 5.597 4.563 1,400,000.00 1,400,000.00 5.055 5.125 124,465.21 124,465.21 0.000 0.000 0.000 1,067,411.23 1,067,411.23 1.510 1.489 1.510 1,191.876.44 02/15/94 999,909.26 04/15/94 998,704.13 SUBTOTALS and AVERAGES 1,998,524.77 TOTAL INVESTMENTS and AVG. 1,191,876.44 1,191,876.44 1.334 1.352 08/27/97 12/20/97 10/11/97 01/09/97 01/21/97 238 353 283 20 291 1 1 1 1,000,000.00 998,440.00 4.750 4.764 4.830 02/15/97 45 1,000,000.00 1,002,813.00 6.000 6.074 6.158 11/30/97 333 1,998,613.39 2,000,000.00 2,001,253.00 5.418 5.494 189 $ 32,127,489.83 32,130,129.44 31,968,044.13 32,128,876.44 5.3401 5.414$ 25 01/09/1997 City of Lodi PM - 3 PORTFOLIO MASTER INVESTMENT ACTIVITY BY TYPE CITY DECEMBER 1, 1996 - DECEMBER 31, 1996 ACCRUAL STATED TRANSACTION PURCHASES SALES/MATURITIES -:PE INVESTMENT 9 ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE LOCAL AGENCY INVESTMENT FUNDS (Monthly Summary) 1000 Local Agency Invest. Fund 5.599 826,236.65 1001 Local Agency Inv Fund (LPIC) 5.599 2,800,000.00 1,173,000.00 SUBTOTALS and ENDING BALANCE 2,800,000.00 1,999,236.65 CERTIFICATES OF DEPOSIT - BANK 2049 Farmers and Merchants Bank 5.100 12/20/1996 1,000,000.00 2069 Farmers and Merchants Bank 5.050 12/20/1996 1,000,000.00 SUBTOTALS and ENDING BALANCE 1,000,000.00 1,000,000.00 PASSBOOK/CHECKING ACCOUNTS (Monthly Summary) 4003 Bank of America 0.000 1,667,705.24 1,672,848.40 4000 Farmers & Merchants 1.510 ' 9,191,635.80 8,919,041.26 SUBTOTALS and ENDING BALANCE TREASURY SECURITIES - COUPON 10,859,341.04 10,591,889.66 27,537,000.00 1,400,000.00 1,191,876.44 1,998,613.39 TOTALS 14,659',341.04 13,591,126.31 32,127,489.83 01/09/1997 PM - 4 City of Lodi CITY INVESTMENT ACTIVITY SUMMARY ACCRUAL DECEMBER 1995 through DECEMBER 1996 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 95 16 26,997,821.00 5.506 5.583 5.805 1 1 152 68 January 96 16 27,401,708.03 5.372 5.447 5.698 3 3 149 64 February 96 15 27,068,033.20 5.358 5.432 5.690 2 3 148 61 March 96 15 26,875,161.88 5.219 5.291 5.557 0 0 150 57 April 96 13 26,507,215.46 5.283 5.357 5.538 0 1 151 52 May 96 13 26,748,608.30 5.318 5.391 5.538 0 0 150 46 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 5.288 5.502 1 2 136 34 August 96 11 31,739,617.53 5.307 5.381 5.587 1 2 126 28 September 96 11 31,287,025.85 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 5.446 5.601 0 1 95 18 December 96 11 32,127,489.83 5.340 5.414 5.599 1 1 92 25 AVERAGES 13 $ 28,960,723.77 5.325% 5.399% 5.596% 1 1 135 41 01/09/1997 MONTH END City of Lodi DISTRIBUTION OF INVESTMENTS BY TYPE DECEMBER 1995 through DECEMBER 1996 YEAR LA1 BCD SCD PA1 TYPES OF INVESTMENTS PM - 5 CITY ACCRUAL BAC CPI COM RPA FAC FAD TRC TRD GN1 December 95 80.0 6.3 2.6 January 96 79.0 6.2 3.9 February 96 79.2 5.9 3.8 March April May June July August 96 78.9 6.0 4.0 96 80.4 5.7 2.6 96 81.4 5.6 1.8 96 79.7 5.4 4.0 96 81.1 4.8 3.9 96 83.5 4.1 3.0 September 96 84.7 4.2 1.6 October 96 84.8 4.4 1.3 aber 96 86.1 4.5 3.0 December 96 85.7 4.4 3.7 10.9 11.2 11.3 11.2 10.9 10.2 9.4 9.6 9.5 6.4 6.2 AVERAGES 81.9% 5.2% 3.0% LA1 SCD BAC COM FAC 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 BCD PA1 CPI RPA FAD TRD 9.9% - Certificates of Deposit - Bank - Passbook/Checking Accounts - Commercial Paper - Interest Bearing - Repurchase Agreements - Federal Agency Issues - Discount - Treasury Securities - Discount 01/09/1997 CD/Coupon/Discount Investments: Interest Collected PLUS Accrued Interest at End of Period LESS Accrued Interest at Beginning of Period Interest Earned during Period ADJUSTED by Premiums and Discounts ADJUSTED by Capital Gains or Losses City of Lodi INTEREST EARNINGS SUMMARY DECEMBER 31, 1996 ( MONTH ENDING DECEMBER 31, 1996 FISCAL YEAR TO DATE 43,023.33 $ 108,435.18 26,194.49 26,194.49 53,986.10) ( 29,313.00) $ 15,231.72 183.15 0.00 105,316.67 1,717.23 0.00 Earnings during Period 15,414.87 $ 107,033.90 Mortgage Backed Securities: Interest Collected PLUS Accrued Interest at End of Period LESS Accrued Interest at Beginning of Period Interest Earned during Period 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 0.00 0.00 0.00 0.00 Earnings during Period 0.00 $ 0.00 Cash/Checking Accounts: Interest Collected $ 1,724.66 $ 671,000.87 PLUS Accrued Interest at End of Period 385,611.91 385,611.91 LESS Accrued Interest at Beginning of Period ( 257,316.90) ( 304,986.96) Interest Earned during Period 5 130,019.67 $ 751,625.82 TOTAL Interest Earned during Period $ 145,251.39 $ 856,942.49 TOTAL Ajustments from Premiums and Discounts $ 183.15 $ 1,717.23 TOTAL Capital Gains or Losses $ 0.00 $ 0.00 TOTAL Earnings during Period 5 145,434.54 $ 858,659.72 PM - 6 CITY ACCRUAL BREAKDOWN OF TREASURY INVENTORY BY TYPE December 1996 Type of Security Amount Percent of Portfolio Maximum Maturity Local Agency Investment Fund $27,537,000.00 85.71% Indefinite Certificates of Deposit - Bank $1,400,000.00 4.36% 5 years Passbook/Chercking Accounts $1,191,876.44 3.71% Indefinite Treasury Securities - Coupon $1,998,613.39 6.22% 5 years $32,127,489.83 100.00% 0 Passbook/Chercking Accounts 1,191,876.44 0 Certificates of Deposit - 3.71 Bank 1,400,000.00 4.36% o Treasury Securities - Coupon 1,998,613.39 6.22% El Local Agency Investment Fund 27,537,000.00 85.71% elLocal Agency Investment Fund ® Certificates of Deposit - Bank 0 Passbook/Chercking Accounts ®Treasury Securities - Coupon 27,537,000.00 1,400,000.00 1,191,876.44 1,998,613.39 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF NOVEMBER 1996 WITH NOVEMBER 1995 (Dollars in Thousands) Average Daily Portfolio Accrued Earnings Effective Yield Average Life --Month End (in days) Total Security Transactions $27,088,172 $124,662 / 5.599 231 $25,110,356 $119,483 5.805 +$1,977,816 +$5,179 - .206 252 - 21 Amount $18,487,457 $15,631,542 + $2,855,915 Number 426 380 + 46 Total Time Deposit Transactions Amount $149,500 $99,000 + 550,500 Number 22 16 + 6 Average Workday Investment Activity $1,035,387 $827,923 + $207,464 Prescribed Demand Account Balances For Services $123,758 $145,489 - $21,731 For Uncollected Funds $150,866 $162,304 - $11,438 LOCAL AGENCY INVESTMENT FUND* SUMMARY OF ACTIVITY NOVEMBER 1996 BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE $101026,226,968.96 $825,569,000.00 S986,561,922.78 $9,865,234,046.18 *Local Agency Investment Fund Invested Through Pooled Money Investment Account Description State of California Pooled .Money Investment Account Market Valuation 11/30/96 Carrying Cost Plus Accrued Interest Purch. United States Treasury: 1 Bills Strips Notes Federal Agency: Bonds Floaters MBS TVA GNMA SBA FHLMC PC Discount Notes Bankers Acceptances Corporate: Bonds Floaters (CDs (Bank Notes Repurchase Agreements (Time Deposits IAB 55 & GF Loans 'Commercial Paper Reverse Repurchase (TOTAL Estimated Market Value 2,044,382,442.34 $ 265,357,780.00 $ 5,063,732,201.79 $ 841,854,710.56 419,954,031.02 161,481,762.84 12,159, 860.60 3,757,629.76 156,640,699.12 32,357,016.68 497,127,631.96 293,007,075.84 $ 1,460,701,546.11 $ 504,490,229.77 $ 5,944,071,641.29 $ 535,000,000.00 $ 90,000,000.00 $ 350,795,000.00 $ 2,029,977,644.00 $ 6,810,154,202.46 $ (245,500,000.00) $ 27,271,503,106.14 $ Including Accrued Interest Estimated Market Value 2,118,832,000.00 313,381,800.00 5,041,685,360.00 840,220,107.90 420,314,650.00 160,364,644.07 12,180,722.25 4,243,533.12 158,249,821.22 34,868,319.45 503,603,450.00 293,040,764.90 1,463,532,152.30 504,861,655.00 5,984,187,439.57 542,617,989.28 90,000,000.00 350,795,000.00 2,029,977,644.00 6,812,476,631.65 Accrued Interest NA NA 65, 775, 774.86 12,653,236.25 3,094,907.90 953,799.40 275,966.71 35,967.01 1,575,572.01 519,679.94 NA NA $ 24,744,346.62 $ 5,397,953.70 $ 13,792,530.56 $ 4,733,750.00 NA NA NA NA (245,500,000.00) $ 27,433,933,684.69 $ 27,566,520,513.39 NOTE: 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) Tess 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. (966,656.25) $ 132,586,828.70 01/09/1997 INVESTMENTS City of Lodi PM - 1 PORTFOLIO MASTER SUMMARY CITY DECEMBER 31, 1996 ACCRUAL AVERAGE ---YIELD TO MATURITY --- PERCENT OF AVERAGE DAYS TO 360 365 BOOK VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT Local Agency Investment Funds $ 27,537,000.00 85.71 1 1 5.522 5.599 Certificates of Deposit - Bank $ 1,400,000.00 4.36 352 291 5.055 5.125 Passbook/Checking Accounts $ 1,191,876.44 3.71 1 1 1.334 1.352 Treasury Securities - Coupon $ 1,998,613.39 6.22 1,210 189 5.418 5.494 TOTAL INVESTMENTS and AVERAGES $ 32,127,489.83 100.00% 92 25 5.340% MONTH ENDING FISCAL TOTAL EARNINGS DECEMBER 31 YEAR TO DATE Current Year $ 145,434.54 $ 858,659.72 AVERAGE DAILY BALANCE EFFECTIVE RATE OF RETURN Maxine Cadwallader Deputy Treasurer 1 -y -R7 DATE $ 31,968,044.13 $ 31,981,282.71 5.36% 5.33% 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. 5.414%