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Home My WebLink AboutAgenda Report - October 21, 1998 (54)AGENDA TITLE: Investment Account Disclosure MEETING DATE: October 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. Vicky MJcAthie Finance Director/Treasurer APPROVED: H. D on Flynn -- Cify Manager City of Lodi Portfolio Management Portfolio Summary September 30, 1998 Run Date: 1010711998-14,28 Portfolio CITY AP PM (PRF PM1) Sym Rept V5.001 Par Market Book % of Average Average Days Yield to Maturity Investments Value Value Value Portfolio Term to Maturity 360 Equivalent 365 Equivalent Local Agency Investment Funds 20,100,000.00 20,100,000.00 20,100,000.00 74.17 1 1 5.575 5.652 Certificates of Deposit - Bank 1,300,000.00 1,300,000.00 1,300,000.00 4.80 354 87 5.048 5.119 Passbook/CheckingAccounts 2,201,419.22 2,201,419.22 2,201,419.22 8.12 1 1 1.035 1.049 Federal Agency Issues - Coupon 3,500,000.00 3,518,830.00 3,500,208.33 12.92 1,146 973 6.032 6.032 Total Investments and Averages 27,101,419.22 27,120,249.22 27,101,627.55 100.00% 166 131 5.240% 5.302% Cash Passbook/Checking 0.00 0.00 0.00 0.000 0.000 (not included in yield calculations) Accrued Interest at Purchase 1.170.56 1,170.56 Total Cash and Purchase Interest 1,170.56 1,170.56 Total Cash and Investments 27,101,419.22 27,121,419.78 27,102,798.11 Total Earnings September 30 Month Ending Fiscal Year To Date Current Year 123,656.47 392,708.70 Average Daily Balance 27,500,734.47 28,939,385.28 Effective Rate of Return 5.47% 5.38% Marcella Maxine Cadwallader Date 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 Revenue Manager/Deputy Treas. Bank of California is the source of market valuation. Run Date: 1010711998-14,28 Portfolio CITY AP PM (PRF PM1) Sym Rept V5.001 Portfolio Management Portfolio Details - Investments September 30, 1998 Page 2 Average Purchase Stated YTM Maturity Days To CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 360 Moody's Date Maturity Local Agency Investment Funds 1000 Local Agency Invest. Fund 13,000,000.00 13,000,000.00 13,000,000.00 5.652 5.575 1 1001 Local Agency Inv Fund (LPIC) 7.100,000.00 7,100,000.00 7,100,000.00 5.652 5.575 1 Subtotal and Average 21,446,666.67 20,100,000.00 20,100,000.00 20,100,000.00 5.575 1 Certificates of Deposit - Bank 4 Central Sierra Bank 09/15/1998 100,000.00 100,000,00 100,000.00 4.290 4,290 04/15/1999 196 2072 Farmers and Merchants Bank 12/20/1997 1.000,000.00 1,000,000.00 1,000,000.00 5.050 5.050 12/21/1998 81 2062 Bank of Lodi 10/24/1997, 100,000.00 100,000.00 100,000.00 5.200 5.200 10/26/1998 25 2071 Stockton Savings Bank 01/09/1998 100,000.00 100,000.00 100,000.00 5.640 5.640 01/11/1999 102 Subtotal and Average 1,296,666.67 1,300,000.00 1,300,000.00 1,300,000.00 5.048 87 Passbook/Checking Accounts 4003 Bank of America 07/0111998 138,816.62 136,816.82 138,816.82 1 4000 Farmers & Merchants 2,062,602.40 2,062,602.40 2,062,602.40 1.120 1.105 1 Subtotal and Average 1,257,179.90 2,201,419.22 2,201,419.22 2,201,419.22 1.035 1 Federal Agency Issues - Coupon 3133M4TB9 1 Feredal Home Loan Bank (call) 07/09/1998 500,000.00 503,595.00 500,000.00 5.910 5.910 07/09/2001 1,012 3133M2BLO 8010 Feredal Home Loan Bank (call) 11/24/1997 500,000.00 500,860.00 500,000.00 6.120 6,036 11/24/2000 785 3133M2NZ6 8011 Feredal Home Loan Bank (call) 12/2211997 500,000.00 501,405.00 500,000.00 6.145 6.145 12/22/2000 613 3133M45Z2 8013 Feredal Home Loan Bank (calq 05/06/1998 1,000,000.00 1,006,250.00 1,000,000.00 6.060 6.060 11/06/2001 1,132 31364FL4 8014 Fannie Mae callable note 06/04/1998 1,000,000.00 1,006,720.00 1,000,208.33 6.020 6.008 05/2512001 967 Subtotal and Average 3,500,221.24 3,500,000.00 3,518,830.00 3,500,208.33 6.032 973 Total Investments and Average 27,500,734.47 27,101,419.22 27,120,249.22 27,101,627.55 5.240 131 Run Date: 10107!1998 -14:28 Portfolio CITY AP PM (PRF_PM2) SymRept V5.00f Portfolio Management Investment Activity By Type September 1, 1998 through September 30, 1998 Page 3 Run Date: 1 0/0711 998 -1428 Portfolio CITY AP PM (PRF_PM3) SymRept V5.0Df Stated Transaction Purchases Sales/Maturities CUSIP Investment # Issuer Rate Date or Deposits or Withdrawals Balance Local Agency Investment Funds (Monthly Summary) 1001 Local Agency Inv Fund (LPIC) 5.652 1,400,000.00 2,900,000.00 Subtotal 1,400,000.00 2,900,000.00 ~ 20,100,000.00 Certificates of Deposit - Bank 2075 Central Sierra Bank 4.300 09115/1998 0.00 100,000.00 4 Central Sierra Bank 4.290 09/15/1998 100,000.00 0.00 Subtotal 100,000.00 100,000.00 1,300,000.00 Passbook/Checking Accounts (Monthly Summary) 4003 BankofAmerica 1,629,890.43 1,726,016.70 4000 Farmers & Merchants 1.120 10,200,671.10 9,127,745.53 Subtotal 11,830,561.53 10,853,762.23 2,201,419.22 Federal Agency Issues - Coupon Subtotal 3,500,208.33 Total 13,330,561.53 13,853,762.23 27,101,627.55 Run Date: 1 0/0711 998 -1428 Portfolio CITY AP PM (PRF_PM3) SymRept V5.0Df Portfolio Management Investment Activity Summary September 1997 through September 1998 Page 4 Run Date: 10/07/1996 -1428 Average 11 24,720,009.41 5.329% 5.401% 5.696 1 1 121 91 Portfolio CITY AP PM (PRF_PM4) Sym Rept V5.00f Yield to Maturity Managed Number Number Month Number of Total 360 365 Pool of Securities of Securities Average Average End Year Securities Invested Equivalent Equivalent Rate Purchased Matured I Sold Term Days to Maturity September 1997 10 23,757,904.15 5.164 5.235 5.690 1 1 107 31 October 1997 10 21,669,355.71 5.182 5.254 5.707 1 1 118 31 November 1997 10 19,024,926.06 5.342 5.416 5.705 1 1 93 59 December 1997 11 19,004,586.78 5.166 5.238 5.715 2 1 122 102 January 1998 10 17,905,056.75 5.228 5.300 5.744 1 2 89 82 February 1998 11 21,046,232.65 5.309 5.382 5.742 1 0 102 92 / March 1998 11 20,368,419.55 5.106 5.177 5.720 0 0 105 91 April 1998 11 33,918,084.92 5.407 5.483 5.680 0 0 63 53 May 1998 12 31,872,427.77 5.565 5.643 5.672 1 0 108 92 June 1998 13 31,682,836.07 5.578 5.655 5.673 1 0 142 123 July 1998 14 26,383,809.36 5.579 5.644 5.672 5 0 192 162 August 1998 13 27,624,854.96 5.416 5.480 5.672 0 1 163 133 September 1998 13 27,101,627.55 5.240 5.302 5.652 1 1 166 131 Run Date: 10/07/1996 -1428 Average 11 24,720,009.41 5.329% 5.401% 5.696 1 1 121 91 Portfolio CITY AP PM (PRF_PM4) Sym Rept V5.00f Portfolio Management Distribution of Investments By Type Page 5 September 1997 through September 1998 September October November December January February March April May June July August September Average Investment Type 1997 1997 1997 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 by Period Local Agency Investment Funds 75.3 74.1 78.8 72.6 78.4 79.5 74.8 87.2 87.2 84.0 78.8 78.2 74.2 78.7% Certificates of Deposit - I§a- rik 5.5 6.0 6.8 6.8 7.3 6.2 6.4 3.8 4.1 4.1 4.9 4.7 4.8 5.5% Certificates of Deposit - S & L --_� Passbook/Checking Accounts 10.8 10.7 6.4 10.0 8.7 7.2 11.4 4.6 0.9 0.9 1.1 4.4 8.1 6.6% Commercial Paper - Interest Bearing Repurchase Agreements Federal Agency Issues - Coupon 4.2 4.6 7.9 10.5 5.6 7.1 7.4 4.4 7.8 11.1 15.2 12.7 12.9 8.6% - -- - -- -- - - Treasury Securities -Coupon - 4.2-4.6-- - - - --- - - ----- - - - - --- - - - ..._ . 0.7% MortgageBacked SecuriCies - Bankers Acceptances -Amortizing Commercial Paper Disc. -Amortizing Federal Agency Disc. -Amortizing Treasury Discounts -Amortizing Miscellaneous Discounts -Amortizing Portfolio CITY AP Run Date: 1010711998 -14:28 PM (PRF PM5► SymRept V5.00f Portfolio Management Interest Earnings Summary September 30, 1998 Page 6 Portfolio CITY AP Run Date: 10/07/1998.14:28 PM (PRF PM6) SymRepl V5.00f September 30 Month Ending Fiscal Year To Date CD/Coupon/Discount Investments: Interest Collected 998,04 31,815.65 Plus Accrued Interest at End of Period 84,107.98 84,107.98 Less Accrued Interest at Beginning of Period ( 61,996.85) ( 43,470.61) Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00) Interest Earned during Period 23,109.17 72,453.02 Adjusted by Premiums and Discounts -26.71 -80.13 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Period 23,082,46 72,372.89 Pass Through 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) Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00) Interest Earned during Period 0.00 0.00 Adjusted by Premiums and Discounts 0.00 0.00 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Period 0.00 0.00 Cash/Checking Accounts: Interest Collected 1,182.22 401,434.83 Pius Accrued Interest at End of Period 317,537.31 317,537.31 Less Accrued Interest at Beginning of Period ( 218,145.52) ( 398,636.33) Interest Earned during Period 100,574.01 320,335.81 Total Interest Earned during Period ` 123,683.98 392,788.83 Total Adjustments from Premiums and Discounts -26.71 -80.13 Total Capital Gains or Losses 0.00 0.00 Total Earnings during Period 123,656.47 392,708.70 Portfolio CITY AP Run Date: 10/07/1998.14:28 PM (PRF PM6) SymRepl V5.00f lyoe of Security Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts Treasury Securities - Coupon Federal Agency Issues - Coupon Treas $2,201,419.22 Passbook/Chercki Accounts 8% $1,300,00 Certificates of Bank 5% BREAKDOWN OF TREASURY INVENTORY BY TYPE September 1998 ,Amount Percent of Portfolio $20,100,000.00 74.165288% $1,300,000.00 4.796760% $2,201,419.22 8.122830% $0.00 0.000000% $3,500,208.33 12.915122% $27,101,627.55 100.00% $3,500,208.33 Federal Agency Issues - Coupon $0.00 13% Maximum Maturity Indefinite 5 years Indefinite 5 years 5 years $20,100,000.00 Local Agency Investment Fund 74% M$20,100,000.00 ■ $1.300,000.00 0$2,201,419.22 Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts E3$0.00 M$3,500,208.33 Treasury Securities - Coupon Federal Agency Issues - Coupon POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF AUGUST 1998 WITH AUGUST 1997 (Dollars in Thousands) AUGUST 1998: AUGUST 1997: CHANGE . Average Daily Portfolio $31,350,849 $27,688,353 Accrued Earnings $150,496 $133,804 Effective Yield 5.652 5.690 Average Life --Month End (in days) 201 218 Total Security Transactions Amount $25,113,159 $57,672,668 Number 550 1,244 Total Time Deposit Transactions Amount $1,023,200 $581,700 Number 53 37 Average Workday Investment Activity $1,244,589 $2,774,017 Prescribed Demand Account Balances For Services $132,551 $170,159 For Uncollected Funds $151,320 $149,733 LOCAL AGENCY INVESTMENT FUND* SUMN'IARY OF ACTIVITY AUGUST 1998 BEGINNING BALANCE DEPOSITS WITHDRAWALS $12,534,366,324.29 $1,455,236,262.40 $1,287,405,500.55 *Local Agency Investment Fund Invested Through Pooled Money Investment Account + $3,662,496 +$16,692 -.039 -17 -$32,559,509 -694 +S441,500 +16 -$1,529,428 -$37,608 +$1,587 MONTH END BALANCE $12,702,197,086.14 Fair Value Including Accrued Interest $ 30,808,508,470.42 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). Pooled State of California Money Investment Account Market Valuation 8131198 Description - Carrying Cost Plus: Accrued Interest Furch... Fair;Value:. Accrued Interest: United States Treasury: Bills $ 2,291,093,290.97 $ 2,348,019,900.20 NA Notes $ 5,223,903,655.58 $ 5,251,605,675.00 $ 49,530,353.08 Federal Agency: Bonds $ 1,921,458,705.22 $ 1,924,444,733.75 $ 22,771,286.99 Floaters $ 170,000,000.00 $ 169,934,900.00 $ 500,725.30 MBS $ 119,461,096.99 $ 121,411,398.63 $ 703,097.82 GNMA $ 2,229,571.74 $ 2,548,823.77 $ 22,076.24 SBA $ 254,533,343.97 $ 255,760,872.88 $ 2,535,394.31 FHLMC PC $ 21,386,752.45 $ 22,870,147.24 $ 343,264.75 Discount Notes $ 754,400,635.01 $ 761,846,832.50 NA Bankers Acceptances NA NA NA Corporate: Bonds $ 1,003,589,872.02 $ 1,004,257,398.60 $ ""e 20,644,705.56 Floaters $ 757,753,898.19 $ 754,393,553.50 $ 5,900,707.20 CDs $ . 6,303,687,876.91 $ 6,297,670,337.59 $ 77,250,671.92 Bank Notes $ 1,255,977,492.87 $ 1,255,686,096.89 $ 11,550,779.18 Repurchase Agreements $ 340,000,000.00 $ 340,000,000.00 NA Time Deposits $ 1,763,390,000.00 $ 1,763,390,000.00 NA AB 55 & GF Loans $ 1,999,517,429.00 $ 1,999,517,429.00 NA Commercial Paper $ 6,594,684,749.98 $ 6,665,838,852.43 NA Reverse Repurchase $ 321,670,950.00 $ 321,670,950.00 $ 770,593.91 TOTAL $ 30,455,397,420.90 $ 30,617,526,001.98 $ 190,982,468.44 Fair Value Including Accrued Interest $ 30,808,508,470.42 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost).