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Home My WebLink AboutAgenda Report - May 3, 2000 E-039 a °3Ys CITY OF LODI COUNCIL COMMUNICATION AGENDA TITLE: Investment Account Disclosure MEETING DATE: May 3, 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. Vicky McAthie Finance Director/Treasurer City of Lodi Portfolio Management Portfolio Summary March 31, 2000 City of Lodi 212 W. Pine St. Lodi, CA 95240 (209)333.6B00 Run Date: 04/15/2000 -11:25 Portfolio CITY AP PM (PRF PM1) SymRept V5.01f Par Market Book % of Days to YTM YTM Investments Value Value Value Portfolio Term Maturity 360 Equiv. 365 Equiv. Local Agency lnvestmentFunds 13,100,000.00 13,100,000.00 13,100,000.00 42.26 1 1 5.562 5.639 Certificates of Deposit - Bank 4,200,000.00 4,200,000.00 4,200,000.00 13.55 333 179 5.357 5.431 Passbook/CheckingAccounts 1,197,361.23 1,197,361.23 1,197,361.23 3.86 1 1 0.000 0.000 Federal Agency Issues - Coupon 11,500,000.00 11,276,010.00 11,500,000.00 37.10 1,049 750 5.949 6.031 Treasury Securities - Coupon 1,000,000.00 997,970.00 999,117.46 3.22 626 547 6,342 6.430 Investments 30,997,361.23 30,771,341.23 30,996,478.69 100.00% 456 321 5.488 5.564 Cash and Accrued Interest Passbcok/Checking 0.00 0.00 0.00 0 0 0.000 0.000 (not included in yield calculations) Accrued Interest at Purchase 18,288.93 18,268.93 Subtotal 18,288.93 18,288,93 Total Cash and Investments 30,997,361.23 30,789,630.16 31,014,767.62 466 321 6.488 5.564 Total Earnings March 31 Month Ending -- - --- Fiscal Year To Date --- Current Year 152,288.99 1,315,971.21 Average Daily Balance 32,576,241.11 33,477,329.93 Effective Rate of Return 6.50% 6.22% 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. Marcella Maxine Cadwallader, Revenue Manager/Deputy Trees. Run Date: 04/15/2000 -11:25 Portfolio CITY AP PM (PRF PM1) SymRept V5.01f City of Lodi Portfolio Management Page 2 Portfolio Details - Investments March 31, 2000 Average Purchase Stated YTM Days to Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Date Local Agency Investment Funds LAIF 1000 Local Agency Invest. Fund 12,000,000.00 12,000,000.00 12,000,000.00 5.639 5.639 1 LPIC 1001 Local Agency Inv Fund (LPIC) 1,1001000.00 1,100,000.00 1,100.000.00 5.639 5.639 1 Subtotal and Average 14,641,936.48 13,100,000.00 13,100,000.00 13,100,000.00 5.639 1 Certificates of Deposit - Bank CENT 13 Central Sierra Bank 04/15/1999 100,000.00 100,000.00 100,000.00 3.510 3.559 16 04/17/2000 FM02 18 Farmers and Merchants Bank 09/13/1999 1,000,000.00 1,000,000.00 1,000,000.00 5.250 5.323 90 06/30/2000 FM03 19 Farmers and Merchants Bank 09/13/1999 1,000,000.00 1,000,000,00 1,000,000.00 5.250 5.323 181 09/29/2000 FMO4 20 Farmers and Merchants Bank 09/13/1999 1,000,000.00 1,000,000.00 1,000,000.00 5.250 5.323 272 12/29/2000 FMOS 32 Farmers & Merchants 03/31/2000 1,000,000.00 1,000,000.00 1,000,000.00 5.800 5.881 179 09/27/2000 GUAR 27 Guaranty Federal Bank 01/11/2000 100,000.00 100,000.00 100,000.00 5.970 6.053 285 01/11/2001 Subtotal and Average 4,200,000.00 4,200,000.00 4,200,000.00 4,200,000.00 5.431 179 PassbooklChecking Accounts BACK 4003 Bank of America 07/01/1999 190,650.04 190,650.04 190,650.04 0.000 1 4000 Farmers & Merchants 1,006,711.19 1,006,711.19 1,006,711.19 0.000 1 Subtotal and Average 1,234,212.37 1,197,361.23 1,197,361.23 1,197,361.23 0.000 1 Federal Agency Issues - Coupon V 3133MAKVV 28 FEDL HOME LOAN MTG CORP 01/24/2000 1,000,000.00 991,880.00 1,0110,000.00 7.010 7.010 1,028 01/24/2003 3133M7SQO 11 Federal Home Loan Bank 03/08/1999 1,000,000.00 975,000.00 1,000,000.00 5.570 5.570 706 03!08!2002 3133MBWC4 14 Federal Home Loan Bank 06/09/1999 1,000,000.00 971,870.00 1,000,000.00 6.040 6.040 982 12/09/2002 3133M4T69 1 Feredal Home Loan Bank (call) 07/09/1998 500,000.00 494,220.00 500,000.00 5,910 5.910 464 07/09/2001 3133M7LKO 10 Feredal Home Loan Bank (tali) 02/26/1999 1,000,000.00 966,870.00 1,000,000.00 5.550 5.550 677 08/26/2002 3133M93F7 15 Feredal Home Loan Bank (tali) 06/28/1999 1,000,000.00 979,840.00 1,000,000.00 6.175 6.175 818 06/28/2002 3133M9WU2 23 Feredal Home Loan Bank (call) 09/28/1999 1,000,000.00 990,470.00 1,000,000.00 6.250 6.250 545 09/28/2001 3133MAVSS 30 Feredal Home Loan Bank (call) 03/01/2000 1,000,000.00 997,500.00 1,000,000.00 7.120 7.120 699 03/01/2002 3133M6NO7 5 Feredal Home Loan Bank (call) 12/03/1998 1,000,000.00 970,620.00 1,000,000.00 5.580 5.580 793 06/03/2002 31354GR43 12 Fannie Mae callable note 05/17/1999 1,000,000.00 973,280.00 1,000,000.00 5.760 5.760 776 05/17/2002 31364GLO2060 6 Fannie Mae callable note 12/15/1998 1,000,000.00 975,470.00 1,000,000.00 5.350 5.350 625 12/17/2001 31364G7G8 22 Fannie Mae Bullet 09/22/1999 1,000,000.00 988,990.00 1,000,000.00 6.000 6.000 541 09/24/2001 Subtotal and Average 11,500,000.00 11,600,000.00 11,276,010.00 11,600,000.00 6.031 750 Treasury Securities -Coupon 912827254 25 U. S. Treasury Notes 01/13/2000 1,000,000.00 997,970.00 999,117.46 6.375 6.430 547 09/30/2001 Subtotal and Average 999,093.26 1,000,000.00 997,970.00 999,117.46 6.430 547 Portfolio CITY AP Run Date. 04/1512000 -11;25 PM (PRF PM2) SymRept VS.Otr City of Lodi Portfolio Management Portfolio Details - Investments March 31, 2000 Average Purchase Stated YTM Days to CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Total Investments and Average 32,575,241.11 30,987,361.23 30,771,341.23 30,996,478.69 6.564 321 Run Date: ON1 V2000 - 11:25 Page 3 Portfolio CITY AP PM (PRF PM2) Sym Rept V5.01f City of Lodi Portfolio Management Portfolio Details - Cash March 31, 2000 Average Purchase Stated YTM Days to CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Run Date: 04/15/2000-11:25 Accrued Interest at Purchase 18,288.93 18,268.93 Subtotal 18,288.93 18,288.93 Total Cash and Investments 32,575,241.11 $0,997,361.23 30,788,630.16 31,014,767.62 6.564 321 Page 4 Portfolio CITY AP PM (PRF_PM2) Sym Rept V5.01f Subtotal Passbook/Checking Accounts (Monthly Summary) BACK 4003 Bank of America 4000 Farmers & Merchants Subtotal Federal Agency Issues -Coupon 3133MAVSS 30 Feredel Nome Loan Bank (call) Subtotal Treasury Securities -Coupon Subtotal Total Run Date: 04/15!2000-11.25 532,818.73 559,883.16 City of Lodi 8,164,719.54 8,686,523.19 8,724,602.70 Portfolio Management Page 5 Investment Activity By Type March 1, 2000 through March 31, 2000 Stated Transaction Purchases Sales/Maturities CUSIP Investment 0 Issuer Rate Date or Deposits or Withdrawals Balance Local Agency Investment Funds (Monthly Summary) LAIF 1000 Local Agency Invest. Fund 5.639 0.00 3,000,000.00 LPIC 1001 Local Agency Inv Fund (LPIC) 5.639 600,000.00 0.00 Subtotal 6001000.00 3,000,000.00 13,100,000.00 Certificates of Deposit - Bank FMO1 17 Farmers and Merchants Bank 5.250 03/31/2000 0.00 1,000,000.00 FM05 32 Farmers & Merchants 5.800 03/31/2000 1.000,000.00 0.00 Subtotal Passbook/Checking Accounts (Monthly Summary) BACK 4003 Bank of America 4000 Farmers & Merchants Subtotal Federal Agency Issues -Coupon 3133MAVSS 30 Feredel Nome Loan Bank (call) Subtotal Treasury Securities -Coupon Subtotal Total Run Date: 04/15!2000-11.25 532,818.73 559,883.16 8,153,704.46 8,164,719.54 8,686,523.19 8,724,602.70 1,197,361.23 7.120 03/01/2000 1,000,000.00 0.00 11000,000.00 0.00 11,500,000.00 11,286,523.19 12,724,602.70 30,996,478.69 Portfolio CITY AP PM (PRF PM3) Sym Rept V5.01f City of Lodi Month End Year Number of Securities Total Invested Portfolio Management Investment Activity Summary March 1999 through March 2000 Yield to Maturity Managed 360 365 Pool Equivalent Equivalent Rate Number of Securities Purchased Number of Securities Matured I Sold Average Term Page 6 Average Days to Maturity 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 27,264,857.01 4.920 4.969 5.080 0 0 338 278 September 1888 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 January 2000 22 33,716,360.45 5.513 5.590 5.639 4 3 397 297 February 2000 22 32,434,508.18 5.423 5.498 5.639 0 0 413 294 March 2000 23 30,996,478.69 5.488 5.564 5.639 2 1 455 321 Average 18 31,839,318.63 6.087% 6.168% 6.313 1 1 336 266 Portfolio CITY AP Run Date: 04/15/2000.11:25 PM (PRF_PM4) SymRept V5.01f City of Lodi Portfolio Management Distribution of Investments By Type March 1999 through March 2000 Page 7 March April May June July August September October November December January February March Average Investment Type 1999 1988 1999 1899 1999 1998 1999 1999 1899 1999 2000 2000 2000 by Period Local Agency Investment Funds 66.8 66.9 74.4 63.6 60.3 62.6 51.2 53.8 55.4 51.3 47.8 42.3 57.6% Certificates of Deposit - Bank 4.3 3.8 _52.6 3.9 4.0 4.4 4.4 14.7 14.6 14.7 14.5 _ 12.5 13.0 13.6 9.4% Certificates of Deposit - S & L _ Passbook/Checking Accounts_ 5.4 8.4 3.6 7.8 8.0 5.5 5.8 7.7 4.7 3.5 2.1 3.8 3.9 5.4% _ Cornmercial Paper - Interest Bearing - Repurchase Agreements Federal Agency Issues - Coupon 23.5 20.8 18.1 24.7 27.3 27.5 26.9 26.6 26.8 26.6 31.1 32.4 37.1 26.9% Treasury Securities - Coupon 3.0 3.1 3.2 0.7% Mortgage Backed Securities Bankers Acceptances -Amortizing Commercial Paper Disc. -Amortizing -- Federal Agency Disc. -Amortizing _ Treasury Discounts -Amortizing Miscellaneous Discounts -Amortizing Portfolio CITY AP Run Data: 04115=0 -11:25 PM (PRF PM5) SynnRept V5.01f City of Lodi Portfolio Management Interest Earnings Summary March 31, 2000 March 31 Month Ending Fiscal Year To Date CD/Coupon/Discount Investments: Interest Collected 175,034.62 528,931.56 Plus Accrued Interest at End of Period 106,704.00 108,704.00 Less Accrued Interest at Beginning of Period ( 201,624.09) ( 69,900.78) Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00) Page 8 Interest Earned during Period 82,114.53 567,734.77 Adjusted by Premiums and Discounts 50.02 127.46 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Period 82,164.55 567,862.23 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 0.00 777,216.46 Plus Accrued Interest at End of Period 235,385.55 235,385.55 Less Accrued Interest at Beginning of Period { 165,261 A 1) ( 254,493.03) Interest Earned during Period 70,124.44 748,106.98 Total Interest Earned during Period 152,238.97 1,316,843.76 Total Adjustments from Premiums and Discounts 60.02 127.46 Total Capital Gains or Losses 0.00 0.00 Total Earnings during Period 162,288.99 1,316,971.21 Portfolio CITY AP Run Date. 0411512000-1 1:25 PM (PRF PM6) SymRept V5.01r 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 March 31, 2000 Amount Percent of Portfolio $13,100,000.00 42.261662% $4,200,000.00 13.549540% $1,197,361.23 3.862784% $1,000,000.00 3.226081% $11,500,000.00 37.099932% $30,997,361.23 100.00% $11,500,000.00 Federal Agency Issues Coupon 37% $1,000,000 Treasury Secu Coupon 3% Passbook/Checking Bank Accounts 14% ■ $13,100,000.00 Local Agency Investment Fund ®$1,000,000.00 Treasury Securities - Coupon ■ $4,200,000.00 Certificates of Deposit - Bank ■ $11,500,000.00 Federal Agency Issues - Coupon Maximum Maturitv Indefinite 5 years Indefinite 5 years 5 years $13,100,000.00 -ocal Agency Investment Fund 42% El $1,197,361.23 Passbook/Chercking Accounts POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JANUARY 2000 WITH JANUARY 1999 (DOLLARS IN THOUSANDS) JANtitARY 2DUQ:`: <:;IANUA' k' �bOi:: 77 Average Daily Portfolio $ 35,750,385 $ 35,563,802 $ +186,583 Accrued Earnings $ 174,413 $ 159,024 $ +15,389 Effective Yield 5.760 5.265 +.495 Average Life -Month End (In Days) 193 184 +9 Total Security Transactions Amount $ 15,348,246 $ 14,656,462 $ +691,784 Number 341 328 +13 Total Time Deposit Transactions Amount $ 1,420,990 $ 1,358,290 $ +62,700 Number 112 88 +24 Average Workday Investment Activity $ 838,462 $ 842,882 $ -4,420 Prescribed Demand Account Balances For Services $ 196,125 $ 189,020 $ +7,105 For Uncollected Funds $ 259,082 $ 201,336 $ +57,746 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) 2 JANUARY 31, 2000 PERCENTAGE CHANGEFROM TYPE OF SECURITY AMOUNT PERCENT PRIOR MONTH Government Bills $ 1,557,466 4.27 +0.19 Bonds 0 0.00 0 Notes 2,347,990 6.44 -0.45 Strips 0 0.00 0 Total Government $ 3,905,456 10.71 -0.45 Federal Agency Coupons $ 3,888,365 10.67 +.01 Certificates of Deposit 5,329,063 14.62 +1.38 Bank Notes 2,290,011 6.28 +.66 Bankers' Acceptances 0 0.00 0.00 Repurchases 0 0.00 0.00 Federal Agency Discount Notes 4,692,542 12.87 -.17 Time Deposits 2,918,395 8.01 -.21 GNMAs 1,471 0.00 0.00 Commercial Paper 9,366,851 25.70 -.06 FHLMC 13,859 0.04 0 Corporate Bonds 2,540,633 6.97 0 Pooled Loans 2,097,002 5.75 -1.10 GF Loans 0 0.00 0 Reversed Repurchases (589,969) -1.62 +.25 Total (All Types) $ 36,453,679 100.00 INVESTMENT ACTIVITY JANUARY 2000 DECEMBER 1999 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 341 $15,348,246 464 $ 20,822,046 Other 1 1,146 32 27,568 Time Deposits 112 1,420,990 60 460,595 Totals 454 $16,770,382 556 $ 21,310,209 PMIA Monthly Average Effective Yield 5.760 5.639 Year to Date Yield Last Day of Month 5.422 5.359 2 u Pooled Money Investment Account Portfolio Composition $36.4 Billion Reverses Loans -1-62% Treasuries Corporate 5:75% 11)7101 - Commercial n7,o, Commercial Paper 25.7% CD's/BN's 20.9% 3 Deposits .01% Aortgages 0.04% gencies ?3.54% B Treasuries 1131/00 STime Deposits ■ Mortgages E]Agencies B CD's/BN's pBankers Acceptances ■ Repo *Commercial Paper ® Corporate Bonds El Loans E3 Reverses State of California Pooled Money Investment Account Market Valuation 12/31/99 E3el� CarrAno cost Plus qac ed lntsrest Pum. , id!W Cost Fair Value Accrued Interest United States Treasury - Bills, $ 1,389,526,715.72 $ 1,422,135,902.13 $ 1,420,350,830.48 NA Notes $ 2,347,392,850.95 $ 2,347,392,850.95 $ 2,330,850,750.00 $ 25,809,452.7: Federal Agency: Bonds $ 2,821,859,587.83 $ 2,821,591,182.95 $ 2,803,044,984.20 $ 33,453,016.4 Floaters $ 100,000,000.00 $ 100,000,000.00 $ 100.000,000.00 $ 912,465.0( MBS $ 449,497,198.39 $ 449,497,198.39 $ 427,355,487.74 $ 2,435,877.67 GNMA $ 1,497,373.43 $ 1,497,373.43 $ 1,666,825.70 $ 14,749.7 SBA $ 255,168,104.73 $ 255,168,104.73 $ 254,839,239.37 $ 2,259,106.0( FHLMC PC $ 14,589,871.70 $ 14,589,871.70 $ 15,361,745.24 $ 234,209.9, Discount Notes $ 4,441,225,663.92 $ 4,533,752,293.58 $ 4,531,237,376.08 NA Bankers Acceptances $ - $ - $ - NA Corporate: Bonds $ 1,021,775,497.48 $ 1,020,810,162.61 $ 1,011,097,212.75 $ 18,610,634.1! Floaters $ 1,346,977,889.08 $ 1,346,859,144.35 $ 1,350,134,563.00 $ 9,044,801.7 CDs $ 4,508,233,842.08 $ 4,505,607,046.23 $ 4,498,047,209.22 $ 82,307,645.2" Bank Notes $ 1,913,161,212.40 $ 1,912,992,584.80 $ 1,910,657,120.27 $ 37,759,116.6 Repurchase Agreements $ - $ - $ - NA Time Deposits $ 2,799,895,000.00 $ 2,799,895,000.00 $ 2,799,895,000.00 NA AB 55 & GF Loans $ 2,333,498,378.10 $ 2,333,498,378.10 $ 2,333,498,378.10 NA Commercial Paper $ 8,770,108,843.47 $ 8,836,109,419.44 $ 8,840,416,606.54 NA Reverse Repurchase $ (466,810,844.64) $ 466,810,844.64 $ 466,810,844.64) $ 1,435,466.8 TOTAL $ 34,047,597,184.64 $ 34,234,585,668.75 $ 34,161,642,484.05 •$ 211,405,608.5 Fair Value Including Accrued Interest $ 34,373,048,092.57 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 (.997869313). As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its participation in the LAIF valued at $19,957,386.26 or $20,000,000.00 x.997869313. 12 Revised December 31, 1999