HomeMy WebLinkAboutAgenda Report - August 5, 1998 (58)4
4
CITY OF LODI COUNCIL COMMUNICATION
AGENDA TITLE: Investment Account Disclosure
MEETING DATE: August 5, 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:
.
Vicky McAthie 4--/0—
Finance Director/Treasurer
H. bixon Flynn -- Citi Manager
•
1
07/10/1998
INVESTMENTS
City of Lodi PM - 1
PORTFOLIO MASTER SUMMARY CITY
JUNE 30, 1998 ACCRUAL
AVERAGE ---YIELD TO MATURITY ---
PERCENT OF AVERAGE DAYS TO 360 365
BOOK VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT
Local Agency Investment Funds $ 26,599,000.00 83.95 1 1 5.595 5.673
Certificates of Deposit - Bank $ 1,300,000.00 4.10 366 163 5.049 5.119
Passbook/Checking Accounts $ 283,547.61 0.89 1 1 0.567 0.575
Federal Agency Issues - Coupon $ 3,500,288.46 11.05 1,146 1,044 6.045 6.129
TOTAL INVESTMENTS and AVERAGES $ 31,682,836.07 100.00% 142 123 5.578% 5.655%
CASH
Passbook/Checking - No Yield Totals $ 0.00 0.000 0.000
(not included in yield calculations)
Accrued Interest at Purchase $ 1,170.56
TOTAL CASH and PURCHASE INTEREST $ 1,170.56
TOTAL CASH and INVESTMENTS $ 31,684,006.63
MONTH ENDING FISCAL FISCAL
TOTAL EARNINGS JUNE 30 YEAR TO DATE YEAR ENDING
Current Year $ 147,488.35 $ 1,320,006.43 $ 1,320,006.43
AVERAGE DAILY BALANCE
EFFECTIVE RATE OF RETURN
$ 31,655,501.80 $ 24,589,099.62
5.67% 5.37%
..110,66.4./77_1624141-/ Based on the approved 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
Deputy Treasurer California is the source of market valuation.
7-10 -eig
DATE
07/10/1998
INVESTMENT
NUMBER ISSUER
City of Lodi
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS
JUNE 30, 1998
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 26,682,433.33
CERTIFICATES
2075
2072
2062
2071
OF DEPOSIT - BANK
Central Sierra Bank
Farmers and Merchants
Bank of Lodi
Stockton Savings Bank
13,300,000.00 13,300,000.00 13,300,000.00 5.673 5.595 5.673
13,299,000.00 13,299,000.00 13,299,000.00 5.673 5.595 5.673
26,599,000.00 26,599,000.00
26,599,000.00
09/15/97 100,000.00 100,000.00 100,000.00
Bank 12/20/97 1,000,000.00 1,000,000.00 1,000,000.00
10/24/97 100,000.00 100,000.00 100,000.00
01/09/98 100,000.00 100,000.00 100,000.00
SUBTOTALS and AVERAGES 1,300,000.00
PASSBOOK/CHECKING ACCOUNTS
4003 Bank of America
4000 Farmers & Merchants
SUBTOTALS and AVERAGES 272,798.43
FEDERAL AGENCY ISSUES - COUPON
8010 Feredal Home Loan Bank
8011 Feredal Home Loan Bank
(cal 11/24/97
(cal 12/22/97
8012 Feredal Home Loan Bank (cal 02/12/98
8013 Feredal Home Loan Bank (cal 05/06/98
8014 Fannie Mae callable note 06/04/98
SUBTOTALS and AVERAGES 3,400,270.03
1,300,000.00
138,064.47
145,483.14
1,300,000.00
1,300,000.00
4.300
5.050
5.200
5.640
5.595 5.673
4.300
5.050
5.200
5.640
4.360 09/15/98
5.120 12/21/98
5.272 10/26/98
5.718 01/11/99
5.049 5.119
138,064.47 138,064.47 0.000 0.000 0.000
145,483.14 145,483.14 1.120 1.105 1.120
283,547.61
500,000.00
500,000.00
500,000.00
1,000,000.00
1,000,288.46
283,547.61
500,000.00
500,000.00
500,000.00
1,000,000.00
1,000,000.00
283,547.61
500,470.00
500,705.00
498,595.00
997,500.00
998,440.00
3,500,288.46
3,500,000.00
3,495,710.00
6.120
6.145
6.000
6.060
6.020
0.567 0.575
6.036
6.145
6.000
6.060
6.008
6.120
6.230
6.083
6.144
6.091
6.045 6.129
11/24/00
12/22/00
02/12/01
11/06/01
05/25/01
76
173
117
194
163
1
1
1
877
905
957
1,224
1,059
1,044
TOTAL INVESTMENTS and AVG. $ 31,682,836.07 31,678,257.61
31,655,501.80 31,682,547.61 5.578% 5.655% 123
07/10/1998
City of Lodi PM - 3
PORTFOLIO MASTER INVESTMENT ACTIVITY BY TYPE CITY
JUNE 1, 1998 - JUNE 30, 1998 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 5.673 1,300,000.00
1001 Local Agency Inv Fund (LPIC) 5.673 2,501,000.00
SUBTOTALS and ENDING BALANCE 1,300,000.00
CERTIFICATES OF DEPOSIT - BANK
PASSBOOK/CHECKING ACCOUNTS (Monthly Summary)
4003 Bank of America
4000 Farmers & Merchants
0.000
1.120
2,143,222.49
8,488,467.95
SUBTOTALS and ENDING BALANCE 10,631,690.44
2,501,000.00 26,599,000.00
1,300,000.00
2,148,538.92
8,472,031.68
10,620,570.60 283,547.61
FEDERAL AGENCY ISSUES - COUPON
8014 Fannie Mae callable note 6.020 06/04/1998 1,000,312.50 3,500,288.46
TOTALS 12,932,002.94 13,121,570.60 31,682,836.07
07/10/1998
PM - 4
City of Lodi CITY
INVESTMENT ACTIVITY SUMMARY
JUNE 1997 through JUNE 1998
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 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
January 98 10 17,905,056.75 5.228 5.300 5.744 1 2 89 82
February 98 11 21,046,232.65 5.309 5.382 5.742 1 0 102 92
March 98 11 20,368,419.55 5.106 5.177 5.720 0 0 105 91
April 98 11 33,918,084.92 5.407 5.483 5.680 0 0 63 53
May 98 12 31,872,427.77 5.565 5.643 5.672 1 0 108 92
June 98 13 31,682,836.07 5.578 5.655 5.673 1 0 142 123
AVERAGES
11 $ 23,828,631.29 5.315% 5.389% 5.688% 1 1 115 75
07/10/1998
MONTH
City of Lodi
DISTRIBUTION OF INVESTMENTS BY TYPE
JUNE 1997 through JUNE 1998
END YEAR LA1 BCD SCD PA1
TYPES OF INVESTMENTS
PM - 5
CITY
BAC CPI COM RPA FAC FAD TRC TRD GN1
June 97 78.0 5.6 3.4
July 97 74.9 5.5 6.8
August 97 74.4 5.2 7.3
September 97 75.3 5.5 10.8
October 91 74.1 6.0 10.7
November 97 78.8 6.8 6.4
December 97 72.6 6.8 10.0
January 98 78.4 7.3 8.7
February 98 79.5 6.2 7.2
March
April
May
June
98 74.8 6.4 11.4
98 87.2 3.8 4.6
98 87.2 4.1 0,9
98 84.0 4.1 0.9
8.7 4.3
8.5 4.3
8.7 4.4
4.2 4.2
4.6 4.6
7.9
10.5
5.6
7.1
7.4
4.4
7.8
AVERAGES 78.4% 5.6% 6.9%
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
7.4% 1.7%
BCD - Certificates of Deposit - Bank
PA1 - Passbook/Checking Accounts
CPI - Commercial Paper - Interest Bearing
RPA - Repurchase Agreements
FAD - Federal Agency Issues - Discount
TRD - Treasury Securities - Discount
07/10/1998
PM - 6
City of Lodi CITY
INTEREST EARNINGS SUMMARY
JUNE 30, 1998
MONTH ENDING FISCAL
JUNE 30, 1998 YEAR TO DATE
CD/Coupon/Discount Investments:
Interest Collected $ 16,666.89 $ 210,409.53
PLUS Accrued Interest at End of Period 43,446.10 43,446.10
LESS Accrued Interest at Beginning of Period ( 37,133.14) ( 53,582.63)
Interest Earned during Period $ 22,979.85 200,273.00
ADJUSTED by Premiums and Discounts -24.04 567.47
ADJUSTED by Capital Gains or Losses 0.00 0.00
Earnings during Period 22,955.81 $ 200,840.47
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 $ 907.95 $ 1,011,799.26
PLUS Accrued Interest at End of Period 399,579.07 399,579.07
LESS Accrued Interest at Beginning of Period ( 275,954.48) ( 292,212.37)
Interest Earned during Period $ 124,532.54 $ 1,119,165.96
TOTAL Interest Earned during Period $ 147,512.39 $ 1,319,438.96
TOTAL Ajustments from Premiums and Discounts $ -24.04 $ 567.47
TOTAL Capital Gains or Losses $ 0.00 $ 0.00
TOTAL Earnings during Period $ 147,488.35 $ 1,320,006.43
Type 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
June 1998
Amami Percent of Portfolio
$26,599,000.00 83.953974%
$1,300,000.00 4.103168%
$283,547.61 0.894957%
$0.00 0.000000%
$3,500,288.46 11.047901 %
$31,682,836.07 100.00%
$0.00
Treasury Securities -
Coupon
$283,547.61 0%
Passbook/Chercking
Accounts
1%
$1,300,000.00
Certificates of Deposit -
Bank
4%
$3,500,288.46
Federal Agency Issues -
Coupon
11%
/3 $26,599,000.00
Local Agency Investment Fund
D $0.00
Treasury Securities - Coupon
Maximum Maturity
Indefinite
5 years
Indefinite
5 years
5 years
$26,599,000.00
Local Agency Investment
Fund
84%
■ $1,300,000.00
Certificates of Deposit - Bank
o $3,500,288.46
Federal Agency Issues - Coupon
13$283,547.61
Passbook/Chercking Accounts
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF MAY 1998 WITH MAY 1997
(Dollars in Thousands)
Average Daily Portfolio
Accrued Earnings
Effective Yield
Average Life—Month End (in days)
Total Security Transactions
MAY 1998
MAY 1997 CHANGE
$33,209,724 $29,650,040 + $3,559,684
$160,000 $141,871 + $18,129
5.673 5.634 + .039
191
212 - 21
Amount $12,598,105 $13,994,820 -$1,396,715
Number 302 330 -28
Total Time Deposit Transactions
Amount $590,500 $372,200 + $218,300
Number 31 25 +6
Average Workday Investment Activity $659,430 $684,144 -$24,714
Prescribed Demand Account Balances
For Services $163,885 $137,672 + $26,213
For Uncollected Funds $234,382 $219,037 +$15,345
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF ACTIVITY
MAY 1998
BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$11,969,083,529.82 $1,037,459,063.88 $1,044,339,513.42 $11,962,203,080.28
*Local Agency Investment Fund Invested Through Pooled Money Investment Account
Description's
United States Treasury:
I Bills
Strips
Notes
IFederal Agency:
I Bonds
Floaters
MBS
GNMA
SBA
FHLMC PC
Discount Notes
Fair Value Report
SAMPLE
State of California
Pooled Money Investment Account
Market Valuation
4/30/98
Carrying Cost Plus
ccrued Interest Purch.:- Amortized Cost
Fair Value::''` Accrued Interest
$ 2,611,189,781.00 $ 2,664,717,736.04 $ 2,666,575.499.96 NA
$ 73,184,450.00 $ 94,822.450.72 $ 94,814.850.00 NA
$ 4,784,934,866.37 $ 4,784,934,866.37 $ 4,788,601,800.00 $ 66,295,031.09
$ 1,686,013,619.91 $ 1,686,013,619.91 $ 1,685,492,692.30 $ 21,449,036.90
$ 170,000,000.00 $ 170,000,000.00 $ 169,887,300.00 $ 2,015,980.40
$ 135,914,312.02 $ 135,914,312.02 $. 136,290,320.63 $ 801,554.70
$ 2,395,191.15 $ 2,395,191.15 $ 2,748,674.57 $ 23,668.91
$ 220,962,834.51 $ 220,962,834.51 $ 222,679,651.58 $ 2,210,760.58
$ 23,547,027.89 $ 23,547,027.89 $ 25,187,278.23 $ 378,127.96
$ 1,196,606,353.02 $ 1,225,677,909.39 $ 1,225.773,105.56 NA
Bankers Acceptances $ 280,692,045.13 $ 285,117,615.01 $ 285,168,195.83 NA
Corporate:
Bonds $ 979,129,611.58 $ 979,129,611.58 $ 978,795,096.93 $ 12,569,258.44
Floaters $ 571,528,066.67 $ 571,528,066.67 $ 572,181,982.50 $ 4,183,730.12
CDs $ 7,229,699,443.58 $ 7,229,699,443.58 $ 7,225,400,684.14 $ 110,034,185.80
Bank Notes $ 1,425,000,000.00 $ 1,425,000,000.00 $ 1,424,757,095.50 $ 22,071,111.10
Repurchase Agreements $ $ $ NA
Time Deposits $ 1,416,390,000.00 $ 1,416,390,000.00 $ 1,416,390,000.00 NA
AB 55 & GF Loans $ 1,711,742,505.00 $ 1,711,742,505.00 $ 1,711,742,505.00 NA
Commercial Paper $ 8,994,653,173.34 $ 9.053.551,835.95 $ 9,054,110,091.13 NA
Reverse Repurchase $ (676,432,500.00) $ (676,432,500.00) $ (676,432,500.00) ($4,021,476.57)
TOTAL $ 32,837,150,781.17 $ 33,004,712,525.79 $ 33,010,164,323.86 $ 238,010,969.43
Fair Value Including Accrued Interest
$ 33,248,175,293.29
Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
The value of each participating dollar equals the fair value divided by the amortized cost (1'.000165182).
As an example: if an agengy has an account balance of $20,000,000.00, then the agency would report its
participation in the LAIF valued at.$20,003,303.64, or $20,000,000.00 x 1.000165182.