HomeMy WebLinkAboutAgenda Report - February 3, 1999 E-034
4
CITY OF LODI COUNCIL COMMUNICATION
AGENDA TITLE: Investment Account Disclosure
MEETING DATE: February 3, 1999
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 McAthie
Finance Director/Treasurer
APPROVED:✓�L) _-4=1774
14: Dixon Flynn /City Manager
Investments
City of Lodi
Portfolio Management
Portfolio Summary
December 31, 1998
Par Market Book % of Average Average Days Yield to Maturity
Value Value Value Portfolio Term to Maturity 360 Equivalent 365 Equivalent
Local Agency Investment Funds 19,800,000.00 19,800,000.00 19,800,000.00 65.80 1 1 5.417 5.492
Certificates of Deposit - Bank 1,200,000.00 1,200,000.00 1,200,000.00 3.99 352 305 4.286 4.345
Passbook/CheckingAccounts 4,591,878.50 4,591,878.50 4,591,878.50 15.26 1 1 0.947 0.960
Federal Agency Issues - Coupon 4,500,000.00 4,503,050.00 4,501,196.42 14.96 1,176 1,046 5.758 5.758
Total Investments and Averages
30,091,878.50 30,094,928.50 30,093,074.92 100.00% 191 169 4.741% 4.795%
Total Earnings December 31 Month Ending Fiscal Year To Date
Current Year 119,550.49 751,020A2
Average Daily Balance 27,153,877.83
Effective Rate of Return 5.18%
)?tom. i —as
Marcella Maxine Cadwallader
Revenue Manager/Deputy Treas.
Run Date: 01/23/1999 - 09:52
Date
Bsed 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.
Portfolio CITY
AP
PM (PRF PM1) Sym Rept V6 00f
Portfolio Management
Portfolio Details - Investments
December 31, 1998
Page 2
Average Purchase Stated ¥TM 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 5.492 5.417 1
1001 Local Agency Inv Fund (LPIC) 6,800,000.00 6,800,000.00 6,800,000.00 5.492 5.417 1
Subtotal and Average 19,680,645.16 19,800,000.00 19,800,000.00 19,800,000.00 5.417 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 104
7 Farmers and Merchants Bank 12/21/1998 1,000,000.00 1,000,000.00 1,000,000.00 4.150 4.150 12/21/1999 354
2071 Stockton Savings Bank 01/09/1998 100,000.00 100,000.00 100,000.00 5.640 5.640 01/11/1999 10
Subtotal and Average 1,167,741.94 1,200,000.00 1,200,000.00 1,200,000.00 4.286 305
Passbook/Checking Accounts
4003 Bank of America 07/01/1998 655,133.22 655,133.22 655,133.22
4000 Farmers & Merchants 3,936,745.28 3,936,745.28 3,936,745.28 1.120 1.105
Subtotal and Average 1,781,694.24 4,591,878.50 4,591,878.50 4,591,878.50 0.947 1
Federal Agency Issues - Coupon
3133M4TB9 1 Feredal Home Loan Bank (call) 07/09/1998 500,000.00 501,330.00 500,000.00 5.910 5.910 07/09/2001 920
3133M6N07 5 Feredal Home Loan Bank (call) 12/03/1998 1,000,000.00 996,720.00 1,000,000.00 5.580 5.580 06/03/2002 1,249
3133M45Z2 8013 Feredal Home Loan Bank (call) 05/06/1998 1,000,000.00 1,001,560.00 1,000,000.00 6.060 6.060 11/06/2001 1,040
31364GLG2060 6 Fannie Mae callable note 12/15/1998 1,000,000.00 1,000,940.00 1,000,000.00 5.350 5.350 12/17/2001 1,081
31364FL4 8014 Fannie Mae callable note 06/04/1998 1,000,000.00 1,002,500.00 1,001,196.42 6.020 5.964 05/25/2001 875
Run Date: 01/23/1999 - 09.52
Subtotal and Average 4,323,796.49 4,500,000.00 4,503,050.00 4,501,196.42 5.758 1,046
Total Investments and Average 27,153,877.83 30,091,878.50 30,094,928.50 30,093,074.92 4.741 169
Portfolio CITY
AP
PM (PRF_PM2) SymRept V5.00f
Portfolio Management
Investment Activity By Type
December 1, 1998 through December 31, 1998
Stated Transaction Purchases Sales/Maturities
CUSIP Investment # Issuer Rate Date or Deposits or Withdrawals
Local Agency Investment Funds (Monthly Summary)
1001 Local Agency Inv Fund (LPIC) 5.460 3,500,000.00 4,500,000.00
Subtotal 3,500,000.00 4,500,000.00
Certificates of Deposit - Bank
2072 Farmers and Merchants Bank 5.050 12/21/1998 0.00 1,000,000.00
7 Farmers and Merchants Bank 4.150 12/21/1998 1,000,000.00 0.00
Subtotal 1,000,000.00 1,000,000.00
Passbook/Checking Accounts (Monthly Summary)
4003 Bank of America 1,742,844.93 1,219,445.02
4000 Farmers & Merchants 1.120 10,714,900.13 8,334,442.97
Subtotal 12,457,745.06 9,553,887.99
Balance
19,800,000.00
1,200,000.00
4,591,878.50
Federal Agency Issues - Coupon
3133M6NQ7 5 Feredal Home Loan Bank (call) 5.580 12/03/1998 1,000,000.00 0.00
3133M2N26 8011 Feredal Home Loan Bank (call) 6.145 12/22/1998 0.00 500,000.00
31364GLG2060 6 Fannie Mae callable note 5.350 12/15/1998 1,000,000.00 0.00
Subtotal 2,000,000.00 500,000.00 4,501,196.42
Total 18,957,745.06 15,553,887.99 30,093,074.92
Run Date 01/23/1999 - 09.52
Page 3
Portfolio CITY
AP
PM (PRF PM3) SymRept V5.00r
Portfolio Management
Investment Activity Summary
December 1997 through December 1998
Page 4
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 / Sold Term Days to Maturity
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
October 1998 12 26,256,791.43 5.298 5.360 5.640 0 1 170 129
November 1998 11 26,689,259.39 5.303 5.367 5.640 0 1 146 108
December 1998 12 30,093,074.92 4.741 4.795 5.492 3 2 191 169
Run Date: 01/23/1999 -09:52
Average 12 26,149,774.01 5.303% 5.371% 5.670 1 1 135 113
Portfolio CITY
AP
PM (PRF_PM4) SymRept V5.00f
Investment Type
Portfolio Management
Distribution of Investments By Type
December 1997 through December 1998
Page 5
December January February March April May June July August September October November December Average
1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 by Period
Local Agency Investment Funds 72.6 78.4 79.5 74.8 87.2 87.2 84.0 78.8 78.2 74.2 75.4 77.9 65.8 78.0%
Certificates of Deposit - Bank 6.8 7.3 6.2 6.4 3.8 4.1 4.1 4.9 4.7 4.8 4.6 4.5 4.0 5.1%
Certificates of Deposit - S & L
Passbook/Checking Accounts 10.0 8.7 7.2 11.4 4.6 0.9 0.9 1.1 4.4 8.1 6.7 6.3 15.3 6.6%
Commercial Paper - Interest Bearing --
Repurchase Agreements
Federal Agency Issues - Coupon 10.5 5.6 7.1 7.4 4.4 7.8 11.1 15.2 12.7 12.9 13.3 11.3 15.0 10.3%
Treasury Securities - Coupon
Mortgage Backed Securities
Bankers Acceptances -Amortizing
Commercial Paper Disc. -Amortizing
Federal Agency Disc. -Amortizing
Treasury Discounts -Amortizing
Miscellaneous Discounts -Amortizing
Run Date: 01/2311999 - 09:52
Portfolio CITY
AP
PM (PRF_PM5) SymRept V5.00f
Portfolio Management
Interest Earnings Summary
December 31, 1998
December 31 Month Ending Fiscal Year To Date
CD/Coupon/Discount Investments:
Interest Collected 27,553.12 148,783.06
Plus Accrued Interest at End of Period 38,098.32 38,098.32
Less Accrued Interest at Beginning of Period ( 39,658.51) ( 43,136.17)
Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00)
Interest Earned during Period 25,992.93 143,745.21
Adjusted by Premiums and Discounts -41.54 -249.25
Adjusted by Capital Gains or Losses 0.00 0.00
Eamings during Period 25,951.39 143,495.96
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 1,831.66 720,824.80
Plus Accrued Interest at End of Period 285,335.99 285,335.99
Less Accrued Interest at Beginning of Period ( 193,568.55) ( 398,636.33)
Interest Earned during Period 93,599.10 607,524.46
Total Interest Earned during Period 119,592.03 751,269.67
Total Adjustments from Premiums and Discounts -41.54 -249.25
Total Capital Gains or Losses 0.00 0.00
Total Earnings during Period 119,550.49 751,020.42
Run Date' 01/23/1999 - 09:52
Page 6
Portfolio CITY
AP
PM (PRF_PM6) SymRept V5.00r
Type of Security
Local Agency Investment Fund
Certificates of Deposit - Bank
Passbook/Chercking Accounts
Treasury Securities - Coupon
Federal Agency Issues - Coupon
$0.00
Treasury Securities -
Coupon
0%
$4,591,878.50
Passbook/Chercking
Accounts
15%
BREAKDOWN OF TREASURY INVENTORY
BY TYPE
December 1998
Amount Percent of Portfolio
$19,800,000.00
$1,200,000.00
$4,591,878.50
$0.00
$4,500,000.00
$30,091,878.50
65.798484%
3.987787%
15.259528%
0.000000%
14.954201 %
100.00%
$4,500,000.00
Federal Agency Issues -
Coupon
15%
Maximum Maturity
Indefinite
5 years
Indefinite
5 years
5 years
$19,800,000.00
Local Agency Investment
Fund
66%
$1,200,000.00
Certificates of Deposit -
Bank
$19,800,00drab
Local Agency Investment Fund
D$0.00
Treasury Securities - Coupon
■$1,200,000.00
Certificates of Deposit - Bank
D$4,500,000.00
Federal Agency Issues - Coupon
0$4,591,878.50
Passbook/Chercking Accounts
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF NOVEMBER 1998 WITH NOVEMBER 1997
(Dollars in Thousands)
Average Daily Portfolio
Accrued Earnings
Effective Yield
Average Life—Month End (in days)
Total Security Transactions
$31,560,864
$142,463
5.492
$27,325,013
$128,344
5.715
+ $4,235,851
+ $14,119
- .223
188 210 - 22
Amount $11,467,765 $15,217,885 -53,750,120
Number 258 346 -88
Total Time Deposit Transactions
Amount $937,200 $518,200 + $419,000
Number 45 28 +17
Average Workday Investment Activity $689,165 $925,652 -$236,487
Prescribed Demand Account Balances
For Services
For Uncollected Funds
$271,033 $145,818 + $125,215
$163,439 $151,586 +$11,853
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF ACTIVITY
NOVEMBER 1998
BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$13,573,794,028.72 $1,570,756,000.00 $1,236,397,424.36 $13,908,152,604.36
*Local Agency Investment Fund Invested Through Pooled Money Investment Account
#Maai.i�.rs,a53.ta:, '^
State of California
Pooled Money Investment Account
Market Valuation
11/30/98
United States Treasury:
Bills
Notes
Federal Agency:
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
3,107,612,048.35 $
4,796,836,623.44 $
2,249,041,648.99 $
170,000,000.00 $
99,437,557.12 $
2,045,644.87 $
264,606,690.77 $
19,826,253.30 $
2,699,240,463.28 $
1 $ 65,410,488.10 $
$ 829,566,009.92 $
$ 1,024,477,402.69 1 $
$ 5,220,857,169.66 $
$ 1,830,980,489.48 $
NA
$ 1,877,390,000.00 $
$ 2,814,249,860.91 $
$ 5,505,529,903.31 $
Reverse Repurchase $ (648,014,000.00) $
TOTAL
$ 31,929,094,254.19 $
Fair Value Including Accrued Interest $
3,193,231,370.00
4,835,912,200.00 1 $
2,247,453,608.80 1 $
169,894,300.00 $
100,752,409.20 $
2,301,704.57 $
265,805,943.01 $
21,153,734.43 $
2,731,156,324.15
65,707,422.58
830,020,641.44 $
1,019,579,492.00 $
5,220,352,828.20 $
1,830,997,126.35 $
NA
1,877,390,000.00 1
2, 814,249,860.91
5,547,234,866.75
(648,014,000.00) $
32,125,179,832.39 $
32,353,201,900.29
Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
NA
63,108,929.95
32,982,736.62
443,874.00
584,707.33
20,218.33
2,632,326.55
318,206.98
NA
NA
12,740,110.18
6,605,451.55
83,643,808.35
28,291,626.39
NA
NA
NA
NA
(3,349,928.33)
228,022,067.90