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Home My WebLink AboutAgenda Report - February 2, 2000 E-03CITY OF LODI COUNCIL COMMUNICATION AGENDA TITLE: Investment Account Disclosure MEETING DATE: February 2, 2000 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 Finance Director/Treasurer H. Oixnn Own -- Type of Security Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts Treasury Securities - Coupon Federal Agency Issues - Coupon $0.00 Treasury Securit Coupon 0% $1,262,625.85 Passbook/Cherckin Accounts 4% Certi BREAKDOWN OF TREASURY INVENTORY BY TYPE December 1999 Amount Percent of Portfolio $19,800,000.00 55.365062% $5,200,000.00 14.540319% $1,262,625.85 3.530574% $0.00 0.000000% $9,500,000.00 26.564045% $35,762,625.85 100.00% $9,500,000.00 Federal Agency Issues - Coupon 27% $19,800,000.00 Local Agency Investment Fund Maximum Maturitv Indefinite 5 years Indefinite 5 years 5 years ■ $19,800,000.00 ■ $5,200,000.00 0 $1,262,625.85 Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts ® $0.00 ■ $9,500,000.00 Treasury Securities - Coupon Federal Agency Issues - Coupon u Investments Local Agency Investment Funds Certificates of Deposit - Bank Passbook/Checking Accounts Federal Agency Issues - Coupon Total Investments and Averages City of Lodi Portfolio Management Portfolio Summary December 31, 1999 Par Market Value Value 19,800,000.00 19,800,000.00 5,200,000.00 5,200,000.00 1,262,625.85 1,262,625.85 9,500,000.00 9,311,665.00 35,762,625.85 35,574,290.85 Total Earnings December 31 Month Ending Current Year 152,086.23 Average Daily Balance 34,500,242.42 Effective Rate of Return 5.190/0 • %%I _�11Ci..l�-nc_ iC- iutr �,zLt /tttc c Marcella Maxine Cadwallader Revenue Manager/Deputy Tress. Run Date: 01/11/2000-11:23 Fiscal Year To Date 843,939.20 33,253,601.22 5.03% Book Value 19,800,000.00 5,200,000.00 1,262,625.85 9,500,000.00 35,762,625.85 % of Portfolio Term 55.37 1 14.54 279 3.53 1 26.56 1,077 100.00% 327 Days to Maturity 1 180 1 817 244 YTM 360 Equiv. 5.423 5.284 0.000 5.734 5.294 City of Lodi 212 W. Pine St. Lodi, CA 95240 (209)333-6800 YTM 365 Equiv. 5.498 5.358 0.000 5.814 5.367 / -// -A 6�C-G 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 Bank of California is the source of market valuation. Portfolio CITY AP PM (PRF—PMI) SymRept V5.01 Report Ver. 5.00 City of Lodi CUSIP Average Investment # Issuer Balance Portfolio Management Portfolio Details - Investments December 31, 1999 Purchase Date Par Value Market Value Book Value Stated Rate Page 2 YTM 365 Days to Maturity Equiv. Maturity Date Local Agency Investment Funds 1000 Local Agency Invest. Fund 16,000,000.00 16,000,000.00 16,000,000.00 5.498 5.498 1 1001 Local Agency Inv Fund (LPIC) 3,800,000.00 3,800,000.00 3,800,000.00 5.498 5.498 1 ... -... Subtotal and Average 1%138,709.68 .- -- - 19,600,000.00 . 19,800,000.00 19,800,000.00 5.498 1 - _. .._-- Certificates of Deposit - Bank ....... --- ---.. -- _..- --- - - 13 Central Sierra Bank 04/15/1999 100,000.00 100,000.00 100,000.00 3.510 3.559 107 04/17/2000 17 Farmers and Merchants Bank 09/13/1999 1,000,000.00 1,000,000.00 1,000,000.00 5.250 5.323 90 03/31/2000 18 Farmers and Merchants Bank 09/13/1999 1,000,000.00 1,000,000.00 1,000,000.00 5.250 5.323 181 06/30/2000 19 Farmers and Merchants Bank 09/13/1999 1,000,000.00 1,000,000.00 1,000,000.00 5.250 5.323 272 09/29/2000 20 Farmers and Merchants Bank 0911311999 1,000,000.00 1,000,000.00 1,000,000.00 5.250 5.323 363 12/29/2000 24 Farmers and Merchants Bank 12/21/1999 1,000,000.00 1,000,000.00 1,000,000.00 5.656 5.735 20 01/21/2000 9 Guaranty Federal Bank 01/11/1999 100,000.00 100,000.00 100,000.00 4.720 4.786 10 01/11/2000 Subtotal and Average 5,200,000.00 5,200,000.00 5,200,000.00 5,200,000.00 5.358 180 Passbook/Checking Accounts 4003 Bank of America 07/01/1999 299,799.54 299,799.54 299,799.54 0.000 1 4000 Farmers & Merchants 962,826.31 962,826.31 962,826.31 0.000 1 Subtotal and Average 1,661,532.74 1,262,625.85 1,262,625.85 1,262,625.85 0.000 1 Federal Agency Issues - Coupon 3133M7800 11 Federal Home Loan Bank 03/08/1999 1,000,000.00 977,190.00 1,000,000.00 5.570 5.570 797 03/08/2002 3133M8WC4 14 Federal Home Loan Bank 06/09/1999 1,000,000.00 975,780.00 1,000,000.00 6.040 6.040 1,073 12/09/2002 3133M4TB9 1 Feredal Home Loan Bank (call) 07/0911998 500,000.00 494,845.00 500,000.00 5.910 5.910 555 07/09/2001 1 3133M7LKO 10 Feredal Home Loan Bank (call) 02/26/1999 1,000,000.00 970,160.00 1,000,000.00 5.550 5.550 968 08/26/2002 3133M93F7 15 Feredal Home Loan Bank (call) 06/28/1999 1,000,000.00 983,280.00 1,000,000.00 6.175 8.175 909 06/28/2002 3133M9WU2 23 Feredal Home Loan Bank (call) 0912811999 1,000,000.00 992,660.00 1,000,000.00 6.250 6.250 838 09/2812001 3133M6NQ7 5 Feredal Home Loan Bank (call) 12/03/1998 1,000,000.00 973,280.00 1,000,000.00 5.560 5.580 884 06/03/2002 31364GR43 12 Fannie Mae callable note 05/17/1999 1,000,000.00 975,620.00 1,000,000.00 5.760 5.760 867 05/17/2002 31364GLG2060 6 Fannie Mae callable note 12/15/1998 1,000,000.00 977,340.00 1,000,000.00 5.350 5.350 716 12/17/2001 31364G7G8 22 Fannie Mae Bullet 09/22/1999 1,000,000.00 991,510.00 1,000,000.00 6.000 6.000 632 09/24/2001 Subtotal and Average 9,500,000.00 91500,000.00 9,311,665.00 91500,000.00 5.814 817 Total Investments and Average 34,600,242.42 35,762,625.85 36,574,290.85 35,762,625.85 5.367 244 Run Date: 01/11/2000 - 11:23 Portfolio CITY AP PM (PRF PM2) SymRept V5.01 Report Ver. 5.00 Total 14,541,271.16 14,253,474.95 35,762,625.85 Portfolio CITY AP Run Date: 01/11/2000-1V23 PM (PRF_PM3) Sym Rept V5.01 Report Ver. 5.00 City of Lodi Portfolio Management Page 3 Investment Activity By Type December 1, 1999 through December 31, 1999 Stated Transaction Purchases Sales/Maturities CUSIP Investment 0 Issuer Rate Date or Deposits or Withdrawals Balance Local Agency Investment Funds (Monthly Summary) 1001 Local Agency Inv Fund (LPIC) 5.498 2,000,000.00 1,300,000-00 Subtotal 2,000,000.00 1,300,000.00 19,800,000.00 Certificates of Deposit - Bank 24 Farmers and Merchants Bank 5.656 12/21/1999 1,000,000.00 0.00 7 Farmers and Merchants Bank 4.150 12/21/1999 0.00 1,000,000.00 Subtotal 1,000,000.00 1,000,000.00 5,200,000.00 Passbook/Checking Accounts (Monthly Summary) 4003 Bank of America 825,496.62 818,981.99 4000 Farmers & Merchants 10,715,774.54 11,134,492.96 Subtotal 11,641,271.16 11,953,474.95 1,262,625.85 Federal Agency Issues - Coupon Subtotal 9,500,000.00 Total 14,541,271.16 14,253,474.95 35,762,625.85 Portfolio CITY AP Run Date: 01/11/2000-1V23 PM (PRF_PM3) Sym Rept V5.01 Report Ver. 5.00 City of Lodi Month End Year Number of Securities Portfolio Management Investment Activity Summary December 1998 through December 1999 Yield to Maturity Managed Total 360 365 Pool Invested Equivalent Equivalent Rate Number of Securities Purchased Number of Securities Matured / Sold Average Term Page Average Days to Maturity December 1998 12 30,093,074.92 4.741 4.795 5.492 3 2 191 169 January 1999 12 29,853,471.34 5.213 5.274 5.460 1 1 192 166 February 1999 13 29,294,246.16 5.098 5.168 5.210 1 0 239 207 March 1999 14 27,704,197.72 4.940 5.009 5.136 1 0 293 250 April 1999 14 31,211,557.89 4.799 4.865 5.119 1 1 260 216 May 1999 13 30,476,985.77 4.950 5.019 5.119 1 2 225 196 June 1999 15 30,355,747.07 4.850 4.917 5.119 2 0 304 267 July 1999 15 27,455,406.40 4.814 4.881 5.080 1 0 336 286 August 1999 15 27,264,657.01 4.920 4.989 5.080 0 0 338 278 September 1999 21 35,308,057.59 5.042 5.112 5.225 6 0 341 284 October 1999 21 35,749,728.66 4.972 5.041 5.391 0 0 337 268 November 1999 21 35,474,829.64 5.131 5.202 5.391 0 0 339 258 December 1999 21 35,762,625.85 5.294 5.367 5.498 1 1 327 244 Average 16 31,231,122.00 4.982% 5.049% 5.255 1 1 286 238 Portfolio CITY AP Run Date: 01/11/2000 - 11:23 PM (PRF PM4) SyrnRept V5.01 Report Ver. 5.00 9 City of Lodi Portfolio Management Page 5 Distribution of Investments By Type December 1998 through December 1999 December January February March April May June July August September October November December Average Investment Type 1998 1999 1999 1999 1999 1999 1999 1999 1999 1999 1999 1999 1999 by Period Local Agency Investment Funds 65.8 77.0 75.1 66.8 66.9 74.4 63.6 60.3 62.6 52.6 51.2 53.8 55.4 63.5% Certificates of Deposit - Bank 4.0 4.0 4.1 4.3 3,8 3.9 4.0 4.4 4.4 14.7 14.6 14.7 14.5 7.3% Certificates of Deposit - $ & L -Passbook/Checking Accounts 15.3 3.9 2.0 5.4 8.4 3.6 7.8 8.0 5.5 5.8 7.7 4.7 3.5 6.3% Commercial Paper - Interest Bearing Repurchase Agreements Federal Agency Issues - Coupon 15.0 15.1 18.8 23.5 20.8 18.1 24.7 27.3 27.5 26.9 26.6 26.8 26.6 22.9% 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: 01/11/2000 - 11:23 Portfolio CITY AP PM (PRF_PM5) SymRept V5.01 Report Ver. 5.00 G City of Lodi Portfolio Management Interest Earnings Summary December 31, 1999 December 31 Month Ending Fiscal Year To Date Page 6 CD/Coupon/Discount Investments: Interest Collected 127,297.01 250,661.53 Plus Accrued interest at End of Period 156,944.75 156,944.75 Less Accrued Interest at Beginning of Period ( 215,275.66) ( 69,900.78) Less Accrued Interest at Purchase During Penal ( 0.00) ( 0.00) Interest Earned during Period 68,966.10 337,705.50 Adjusted by Premiums and Discounts 0.00 0.00 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Period 68,966.10 337,705.50 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 -502.19 513,941.15 Plus Accrued Interest at End of Period 256,785.58 256,785.58 Less Accrued Interest at Beginning of Period ( 173,163.26) ( 264,493.03) Interest Earned during Period 83,120.13 506,233.70 Run Date: 01/11/2000- 11:23 Total Interest Earned during Period 152,086.23 843,939.20 Total Adjustments from Premiums and Discounts 0.00 0.00 Total Capital Gains or Losses 0.00 0.00 Total Earnings during Period 152,086.23 843,939.20 Portfolio CITY AP PM (PRF_PM6) SyrnRept V5.01 Report Ver. 5.00 L A I F LOCAL AGENCY INVESTMENT FUND SUMMARY OF ACTIVITY NOVEMBER 1999 BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE $12,523,305,768.72 $1,112,954,500.00 $1,422,990,607.55 $12,213,269,661.17 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF NOVEMBER 1999 WITH NOVEMBER 1998 (Dollars in Thousands) November 1999 November 1998 Change Average Daily Portfolio $30,701,071 $31,560,864 -$859,793 Effective Yield 5.484 5.492 -.008 Average Life -Month End (in days) 193 188 +5 Y2K COMPLIANT CELL PHONES In continuing efforts to address the Y2K issue, the LAIF has acquired four cellular phones that will be used in the event there are problems with the LAIF land line phones. While we do not anticipate any problems, the following four phone numbers are to be used ONLY in the case of an emergency: (916) 539-0272 (916) 539-0273 (916) 539-0275 It (916) 539-0276 i - NEW LAIF BOARD MEMBER On December 15th, Treasurer Angelides appointed Byron Scordelis to the Local Agency Investment Board. Mr. Scordelis joins us from Wells Fargo Bank where he is Regional President. In addition to his current position at Wells Fargo, Mr. Scordelis is also a member of the Santa Clara University Board of Fellows, UC Berkeley Alumni Finance Committee, and Elios Society. Along with the LAIF Board, Mr. Scordelis sits on the Board of the California Bankers' Association. Fair Value Including Accrued Interest $ 31,126,577,899.56 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). State of California Pooled Monev Investment Account Market Valuation 11/30/99 Descriotion Carrying Cost Plus Accrued Interest Purch. Fair Value Accrued Interest United Stats re Bills 1-729-482-79220 1-786 385-750-00 NA Notes S 2-747-413-372 2-733-560-750.00 $ 17-471-005-50 Federal Auencv7 Bonds 2 822 322 588.16 2 805 483 130.20 37 977 242.17 BS 453,125,920.61 $ 434,699,373.31 2,449,357.08 SBA S 258-079-727-77 S 257-586-419-06 S 2-284-843-05 FHLMC PC $ 14 877 726.3 15,716,213.40 238,8X67 Discount Notes 9 3 -282 -SSI -539-16 $ 3-362-440-664-48 NA or rate: Bonds S 973-336,009.66 S 964-704-611-00 1 13-339,249-61 Bank Notes 1 567 982 384.80 1,565,212,458.14 $ 34 31 023.6 Time Deposits $ 2 56 9 0 000 0 $ 2,656,990,000.00A Commercial Paper $ 6,450,256,604.98 $ 6,499,291,930.48 N Reverse Renurchase S (A41-705-944 641 S (841-705-944-641 S (6-752,564 971 Fair Value Including Accrued Interest $ 31,126,577,899.56 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). LAIF Performance Report, Philip Angelides http://www.treasurer.ca.gov/Stolperf:htm Philip Angelides, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund l.,A I F Performance Reporlin`! Cale [AYCCII�e Dal Quarler Yield Daih 1`ear i.ife Quarter Ending 09/30/99: Appol-lic,nmenl Rata Varrtin,s Ratio Fal Value 1'11Clol Monthh Average For November 12/31;00 504°'0 �. 151)0.) ;;900 194 Davy 5.210o 14214868910525 9486(}()521 5 4 84' 1 of2 1/11/00 11:49 AM LAIF Performance Report, Philip Angelides Corpoi Boni 7.49' Commercial Paper 20.93% Pooled M oney Investment Account Portfolio Composition $30.8 Billion 1113 0199 Reverses Loans -2.73% Treasuries 7 -100f 14.53% CD's/BN's 21 A9% Home Back me Deposits $.62% Mortgages 0.05% gencies ?2.44°, httpJ/www.treasurer.ca.gov/Stolperf him ■Treasuries ❑Time Deposits ■ Mortgages ®Agencies ■ CD's/BN's ■Commercial Paper ■ Corporate Bonds ❑ Loans ■ Reverses 2 oft 1/11/00 11:49 AM