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Home My WebLink AboutAgenda Report - November 15, 2000 E-04CITY OF LODI COUNCIL COMMUNICATION AGENDA TITLE: Quarterly Investment Account Disclosure As Required by Law SB564 MEETING DATE: November 15, 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. " lel ` a � Vicky McAthie Finance Director/Treasurer APPROVED: 7C i1lY l.1 H. riixnn Ivnn -- fity ManaaPr City of Lodi Portfolio Management Portfolio Summary September 30, 2000 City of Lodi 212 W. Pine St. Lodi, CA 95240 (209) Cash and Accrued Interest PassbooldChecking (not included in yield calculations) Accrued Interest at Purchase Subtotal Total Cash and Investments 0.00 0.00 50,180.32 50,180.32 34,463,068.00 34,345,624.62 0.00 50,180.32 50,180.32 34,469,968.14 0.000 0.000 468 279 5.714 6.793 Total Earnings September 30 Month Ending Fiscal Year To Date Current Year 163,420.52 498,302.98 Average Dally Balance 33,405,789.66 36,814,992.40 Effective Rate of Return 5.95% 6.62% 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. )j_ 22a,,&� c a_ /o W-019 Marcella Maxine Cadwallader, Revenue Manager/Deputy Treas. Run Dais: 10/11/2000-15.21 Portfolio CITY AP PM (PRF PMI) SymRept VS.O1f Par Market Book %of Days to YTM YTM Investments Value Value Value Portfolio Term Maturity 360 Equiv. 366 Equiv. Local Agency Investment Funds 13500,000.00 13,500,000.00 13,500,000.00 39.22 1 1 6.095 6.160 Certificates of Deposit - Bank 4,200,000.00 4,200,000.00 4,200,000.00 12.20 392 253 6.110 6.195 Passbook/Checking Accounts 2,233,053.00 2,233,058.00 2,233,058.00 6.49 1 1 0.000 0.000 Corporate Medium Term Note 1,020,000,00 1,000,936.20 987,307.10 2.87 1,056 960 7.151 7.250 Federal Agency Issues - Coupon 12,500,000.00 12,360,730.00 12,500,000.00 36.32 1,023 577 6.025 6.109 Treasury Securities - Coupon 1,000,000.00 1,000,620.00 999,412.72 2.90 626 364 6.342 6.430 Investments 34,463,068.00 34,295,344.20 34,419,777.82 100.00% 468 279 5.714 6.793 Cash and Accrued Interest PassbooldChecking (not included in yield calculations) Accrued Interest at Purchase Subtotal Total Cash and Investments 0.00 0.00 50,180.32 50,180.32 34,463,068.00 34,345,624.62 0.00 50,180.32 50,180.32 34,469,968.14 0.000 0.000 468 279 5.714 6.793 Total Earnings September 30 Month Ending Fiscal Year To Date Current Year 163,420.52 498,302.98 Average Dally Balance 33,405,789.66 36,814,992.40 Effective Rate of Return 5.95% 6.62% 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. )j_ 22a,,&� c a_ /o W-019 Marcella Maxine Cadwallader, Revenue Manager/Deputy Treas. Run Dais: 10/11/2000-15.21 Portfolio CITY AP PM (PRF PMI) SymRept VS.O1f City of Lodi Corporate Medium Term Note Portfolio Management Page 2 369620SYI Portfolio Details - Investments Higgins Capital Management, In 06!2712000 1,020,000.00 1,000,936.20 987,307.10 5.880 September 30, 2000 960 05/19/2003 Subtotal and Average 986,807.06 1,020,000.00 1,000,936.20 Average Purchase 7.250 960 Stated YTM Days to Maturity CUSIP Investment 0 Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Dat Local Agency Investment Funds 3133MAKW 28 FEDL HOME LOAN MTG CORP 01/2412000 1,000,000.00 998,440.00 LAW 1000 Local Agency Invest. Fund 91000,000.00 9,000,000.00 9,000,000.00 6.180 6.180 1 LPIC 1001 Local Agency Inv Fund (LPIC) 4,500,000.00 4,500,000.00 4,500,000.00 6.180 6.180 1 Federal Home Loan Bank Subtotal and Average 13,600,000.00 13,500,000.00 13,600,000.00 13,600,000.00 6.040 6.180 1 _ Certificates of Deposit - Bank 1 Feredal Home Loan Bank (call) 07/09/1998 50.000.00 496,170.00 500,000.00 5.910 WEST 33 Bank of the West 04/17/2000 100,000.00 100,000.00 100,000.00 5.750 5.830 198 04/17/2001 FM04 20 Farmers and Merchants Bank 09/13/1999 1,000,000.00 1,000,000.00 1,000,000.00 5.250 5.323 89 12/29/2000 FM06 34 Farmers and Merchants Bank 05/05/2000 1,000,000.00 1,000,000.00 1,000.000.00 6.240 6,327 218 05/07/2001 FM08 38 Farmers and Merchants Bank 09/29/2000 1,000,000.00 1,000,000.00 1,000,000.00 6.500 6.590 365 10/01/2001 FM07 37 Farmers BMerchants 09/27/2000 1,000,000.00 1,000,000.00 1,000,000.00 6.500 6.590 361 09/27/2001 GUAR 27 Guaranty Federal Bank 01111/2000 100,000.00 100,000.00 100,000.00 5.970 6.053 102 01111/2001 1,000,000.00 Subtotal and Average 4,200,000.00 4,200,000.00 4,200,000.00 4,200,000.00 36 6.196 263 PassltooklChecking Accounts 996,560.00 1,000,000.00 7.000 7.000 696 0828/2002 31364GR43 12 BACK 4003 Bank of America 07/01/2000 197.020.92 197,020.92 197,020.92 5.760 0,000 1 4000 Farmers & Merchants 2,036,037.08 2,036,037.08 2,036,037.08 982,340.00 0.000 1 5.350 Subtotal and Average 1,219,693.29 $233,068.00 $233,068.00 2,233,068.00 0922/1999 0.000 1 Corporate Medium Term Note 369620SYI 35 Higgins Capital Management, In 06!2712000 1,020,000.00 1,000,936.20 987,307.10 5.880 7.250 960 05/19/2003 Subtotal and Average 986,807.06 1,020,000.00 1,000,936.20 987,307.10 7.250 960 Federal Agency Issues - Coupon 3133MAKW 28 FEDL HOME LOAN MTG CORP 01/2412000 1,000,000.00 998,440.00 1,00.000.00 7.010 7.010 845 01/2412003 31331017300 11 Federal Home Loan Bank 03/08/1999 1,000,000.00 982,810.00 1,000,000.00 5.570 5.570 523 03/08/2002 3133M6WC4 14 Federal Home Loan Bank 06/09/1999 1,000,000.00 983,120.00 1,000,000.00 6.040 6.040 799 12/09/2002 3133M4TB9 1 Feredal Home Loan Bank (call) 07/09/1998 50.000.00 496,170.00 500,000.00 5.910 5.910 281 07/09/2001 3133M7LKO 10 Feredal Home Loan Bank (call) 02/26/1999 1,000,000.00 979,220.00 1,000,000.00 5.550 5.550 694 0826/2002 3133NI93FT 15 Feredel Home Loan Bank (call) 0628/1999 1,000,000.00 989,840.00 1,000,000.00 6.175 6.175 63$ 06282002 311330111111111.12 23 Feredal Home Loan Bank (call) 09/28/1999 1,000,000.00 993,120.00 1,000,000.00 6.250 6.250 362 09282001 3133MAVSS 30 Feredel Home Loan Bank (call) 03/012000 1,000,000.00 1,000,000.00 1,000,000.00 7.120 7.120 516 03/012002 3133M6NO7 5 Feradal Home Loan Bank (call) 12!03/1998 1,000,000.00 981,090.00 1,000,000.00 5.580 5.580 610 06/03/2002 3133MBYR2 36 Fedl Home Loan Bank Cons Bd 08282000 1,000,000.00 996,560.00 1,000,000.00 7.000 7.000 696 0828/2002 31364GR43 12 Fannie Mae callable note 05/17/1999 1,000,000.00 963,590.00 1,000,000.00 5.760 5.760 593 05117/2002 313MOLG2060 6 Fannie Mae callable note 12/15/1998 1,000,000.00 982,340.00 1,000,000.00 5.350 5.350 442 12/172001 313640708 22 Fannie Mae Bullet 0922/1999 1,000,000.00 994,430.00 1,000,000.00 6.000 6.000 358 09242001 Run DAD: 10111/2000 -15:21 Portfolio CITY AP PM (PRF PM2) SymRept V5.01f City of Lodi Portfolio Management Portfolio Details - Investments September 30, 2000 Page 3 Run Date: 10111f2000 -15:21 Portfolio CITY AP PM (PRF_PM2) SymRept V5.01f Average Purchase Stated YTM Days to Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Date Subtotal and Average 12,5o0,o00.00 12,500,000.00 12,360,730.00 12,600,000.00 6.109 677 Treasury Securftles - Coupon 912827254 25 U. S. Treasury Notes 01/132000 1,000,000.00 1,000,620.00 999,412.72 6.375 6.430 364 09/30/2001 Subtotal and Average 999,389.32 11000,000.00 1,000,620.00 999,412.72 6,430 364 Total Investments and Average 33,405,789.66 34,453,058.00 34,295,344.20 34,419,777.82 6.793 279 Run Date: 10111f2000 -15:21 Portfolio CITY AP PM (PRF_PM2) SymRept V5.01f City of Lodi Portfolio Management Portfolio Details - Cash September 30, 2000 Page 4 Average Purchase Stated YTM Days to CUSIP Investment 0 Issuer Balance Date Par Value Market Value Book Value Rate 366 Maturity Accrued Interest at Purchase 50,180.32 50,180.32 Subtotal 50,180.32 50,180.32 Total Cash and Investments 33,405,7119.66 Run Date: 10111rJ=- 15:21 34,453,059.00 34,345,524.52 34,469,959.14 6.793 279 Portfolio CITY AP PM (PRF PM2) SymRept V5.01f City of Lodi Portfolio CITY AP Run Oate: 10/1 11000- 15:21 PM (PRF PM3) SymRept V5.01f Portfolio Management Page 5 Investment Activity By Type September 1, 2000 through September 30, 2000 Stated Transaction Purchases SaleslMaturitles CUSIP Investment # Issuer Rate Date or Deposits or Withdrawals Balance Local Agency Investment Funds (Monthly Summary) Subtotal 13,500,000.00 Certificates of Deposit - Bank FM03 19 Farmers and Merchants Bank 5.250 09/29/2000 0.00 1,000,000.00 FMOS 32 Farmers and Merchants Bank 5.800 09127/2000 0.00 1,000,000.00 FMOS 38 Farmers and Merchants Bank 6,500 09129/2000 1,000,000,00 0.00 FM07 37 Farmers d Merchants 5.500 09/27/2000 1,000,000.00 0.00' Subtotal $MOW.00 $0001000.00 4,200,000.00 Passbook/Checking Accounts (Monthly Summary) BACK 4003 Bank of America 495,205.89 500,282.83 4000 Farmers b Merchants 9,266,347.57 8,212,858.86 Subtotal 9,761,663.46 8,713,141.69 2,233,066.00 Corporate Medium Term Note Subtotal 967,307.10 Federal Agency Issues - Coupon Subtotal 12,500,000.00 Treasury Securities - Coupon Subtotal 999,412.72 Total 11,761,553.46 10,713,141.69 34,419,777.82 Portfolio CITY AP Run Oate: 10/1 11000- 15:21 PM (PRF PM3) SymRept V5.01f City of Lodi Portfolio Management Investment Activity Summary September 1999 through September 2000 Page 6 Run Date: 10/11/2000 -15:21 Average 23 34,400,112.91 5.398% 5.473% 5.758 2 1 404 278 Portfolio CITY AP PM (PRF PM4) SymRept V5.011 Yield to Maturity Managed Number Number Month Number of Total 360 366 Pool of Securities of Securities Average Average End Year Securities Invested Equivalent Equivalent Rate Purchased Matured I Sold Term Days to Maturity 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 5.488 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 April 2000 23 32,740,970.53 5.571 5.649 5.851 1 1 431 289 May 2000 24 33,070,508.56 5.530 5.607 5.851 1 0 437 281 June 2000 24 41,571,248.71 4.935 5.003 6.190 1 1 366 236 July 2000 24 32,566,090.09 5.776 5.805 6.180 1 0 467 284 August 2000 25 33,370,283.05 5.835 5.916 6.180 1 0 478 283 September 2000 25 34,419,777.82 5,714 5.793 6.180 2 2 468 279 Run Date: 10/11/2000 -15:21 Average 23 34,400,112.91 5.398% 5.473% 5.758 2 1 404 278 Portfolio CITY AP PM (PRF PM4) SymRept V5.011 City of Lodi Portfolio Management Distribution of Investments By Type September 1999 through September 2000 Page 7 Commercial Paper - Interest Repurchase Agreements Federal Agency Issues - Coupon 26.9 26.6 26.8 26.6 31.1 32.4 37.1 35.1 34.8 27.7 35.3 37.5 36.3 31.9% Treasury Securities - Coupon 3.0 3.1 3.2 3.1 3.0 2.4 3.1 3.0 2.9 2.1% Mortgage Backed Securities Bankers Acceptances -Amortizing Commercial Paper Disc. -Amortizing Federal Agency Disc. -Amortizing Treasury Discounts -Amortizing Miscellaneous Discounts -Amortizing Run Date: 10111/7000-1 5:21 Portfolio CITY AP PM (PRF_PM5) SymRept V5.01f September October November December January February March April May June July August September Average Investment Type 1999 1999 1999 1999 2000 2000 2000 2000 2000 2000 2000 2000 2000 by Period Local Agency Investment Funds 52.6 51.2 53.8 55.4 51.3 47.8 42.3 45.0 41.5 39.3 40.8 40.5 39.2 46.2% Certificates of Deposit - Bank 14.7 14.6 14.7 14.5 12.5 13.0 13.6 12.8 15.7 10.1 12.9 12.6 12.2 13.4% Certificates of Deposit - S & L _ Passbook/Checking Accounts 5.8 7.7 4.7 3.5 2.1 3.8 3.9 4.0 5.0 18.2 4.9 3.6 6.5 5.7% Corporate Medium Term Note 2.4 3.0 3.0 2.9 0.9% Commercial Paper - Interest Repurchase Agreements Federal Agency Issues - Coupon 26.9 26.6 26.8 26.6 31.1 32.4 37.1 35.1 34.8 27.7 35.3 37.5 36.3 31.9% Treasury Securities - Coupon 3.0 3.1 3.2 3.1 3.0 2.4 3.1 3.0 2.9 2.1% Mortgage Backed Securities Bankers Acceptances -Amortizing Commercial Paper Disc. -Amortizing Federal Agency Disc. -Amortizing Treasury Discounts -Amortizing Miscellaneous Discounts -Amortizing Run Date: 10111/7000-1 5:21 Portfolio CITY AP PM (PRF_PM5) SymRept V5.01f City of Lodi Portfolio Management Interest Earnings Summary September 30, 2000 September 30 Month Ending Fiscal Year To Date CD/Coupon/Discount Investments: Interest Collected 228,927.45 399,715.63 Plus Accrued Interest at End of Period 85,774.91 85,774.91 Less Accrued Interest at Beginning of Period ( 220,937.43) ( 173,909.75) Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00) Interest Earned during Period Adjusted by Premiums and Discounts Adjusted by Capital Gains or Losses Earnings during Period 93,764.93 271,580.79 1,082.99 3,252.20 0.00 0.00 94,847.92 274,832.99 Page 8 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 0.00 221,177.38 Plus Accrued Interest at End of Period 223,350.85 223,350.85 Less Accrued Interest at Beginning of Period ( 154,778.25) ( 221,058.24) Interest Earned during Period 68,572.60 223,469.99 Total Interest Earned during Period 162,337.63 495,060.78 Total Adjustments from Premiums and Discounts 1,082.99 3,262.20 Total Capital Gains or Losses 0.00 0.00 Total Earnings during Period Run Date: 10111x=-15:21 163,420.62 498,302.98 Portfolio CITY AP PM (PRF PW SymRept V5 -01f Type of Security Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts Corporate Medium Term Note Treasury Securities - Coupon Federal Agency Issues - Coupon $12,500,000.00 Federal Agency Issues - Coupon 36% 1 BREAKDOWN OF TREASURY INVENTORY BY TYPE September 30, 2000 Amount Percent of Portfolio $13,500,000.00 39.183750% $4,200,000.00 12.190500% $2,233,058.00 6.481451% $1,020,000.00 2.960550% $1,000,000.00 2.902500% $12,500,000.00 36.281250% $34,453,058.00 100.00% $1,020,000.00 Corporate Medium Term Note 3% $1,000,000.00 Treasury Securities - $2,233,058.00 Coupon Passbook/Chercking 3% Accounts 6% Maximum Maturity Indefinite 5 years Indefinite 5 years 5 years 5 years $13,500,000.00 Local Agency Investment Fund 40% $4,200,000.00 Certificates of Deposit - Bank 12% 0 $13,500,000,00 ■ $4,200,000,00 til $2,233,058.00 Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts 13$1,020,000.00 ■ $1,000,000,00 l7 $12,500,000.00 Corporate Medium Term Note Treasury Securities - Coupon Federal Agency Issues - Coupon Fair Value Including Accrued Interest $ 43,453,950,162.92 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carving cost). The value of each participating dollar equals the fair value divided by the amortized cost.998865556). As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its participation in the LAW valued at $19,977,311.11 or $20,000,000.00 x .998865556. 12 Revised June 30, 2000 State of California Pooled Money Investment Account Market Valuation 6130/00 EMUOYMPIt OR e n.OM United States Treasurjr Bills $ 2,223,184,982.00 $ 2,256,574,315.30 $ 2,258,929,500.00 NA Notes $ 2,322,572,542.64 $ 2,316,997,645.42 $ 2,309,085,000.00 $ 29,825,856.00 Federal Agency. Bonds $ 2,431,185,517.25 $ 2,428,896,053.37 $ 2,419,311,369.30 $ 32,899,941.42 Floaters $ 100,000,000.00 $ 100,000,000.00 $ 100,000,000.00 $ 991,910.00 MBS $ 432,815,262.66 $ 432,815,262.66 $ 412,507,903.64 $ 2,347,295.62 GNMA $ 1,305,638.09 $ 1,305,638.09 $ 1,441,319.64 $ 12,888.23 SBA $ 323,993,907.49 $ 323,880,696.10 $ 322,327,002.65 $ 2,983,605.62 FHLMC PC $ 12,643,250.06 $ 12,643,250.06 $ 13,024,860.68 $ 203,215.38 Discount Notes $ 7,296,606,695.27 $ 7,432,907,756.75 $ 7,429,212,358.89 NA Bankers Acce tanees $ 36,707,467.51 $ 37,131,886.06 $ 37,095,317.85 NA Corporate: Bonds $ 695,104,747.48 $ 694,613,993.31 $ 686,206,986.30 $ 12,609,828.24 Floaters $ 1,769,780,584.20 $ 1,769,667,649.83 $ 1,778,457,657.44 $ 14,521,729.54 CDs $ 7,220,204,874.62 $ 7,218,570,202.01 $ 7,212,186,224.31 $ 93,940,208.30 Bank Notes $ 1,920,007,565.22 $ 1,920,007,565.22 $ 1,917,956,404.85 $ 36,258,177.62 Repurchase Agreements $ - $ - $ - NA Time Deposits. $ 3,648,440,000.00 $ 3,648,440,000.00 $ 3,648,440,000.00 NA AB 55 & GF Loans $ 2,147,797,752.96 $ 2,147,797,752.96 $ 2,147,797,752.96 NA Commercial Paper $ 10,447,950,806.65 $ 10,534,200,566.99 $ 10,533,375,848.44 NA Reverse Repurchase $ - $ - $ - $ - TOTAL $ 43,030,301,594.10 $ 43,276,450,234.13 1 $ 43,227,355,506.95 1 $ 226,594,655.97 Fair Value Including Accrued Interest $ 43,453,950,162.92 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carving cost). The value of each participating dollar equals the fair value divided by the amortized cost.998865556). As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its participation in the LAW valued at $19,977,311.11 or $20,000,000.00 x .998865556. 12 Revised June 30, 2000 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) TYPE OF SECURITY Government Bills Bonds Notes Strips Total Governments Federal Agency Coupons Certificate of Deposits Bank Notes Bankers' Acceptances Repurchases Federal Agency Discount Notes Time Deposits GNMAs Commerical Paper FHLMC Corporate Bonds Pooled Loans GF Loans Reversed Repurchases Total (All Types) June 30, 2000 PERCENTAGE CHANGE FROM AMOUNT PERCENT PRIOR MONTH $ 2,223,185 5.16 +1.34 0 0.00 0 2,322,572 5.40 +0.35 0 0.00 0 $ 4,545,757 10.56 +1.69 $ 3,287,995 7.64 +0.07 7,220,205 16.78 -1.42 1,920,007. 4.46 -0.95 36,707 0.09 0 0 0.00 0 7,296,607 16.96 +1.32 3,648,440 8.48 +0.33 1,306 0.00 0 10,447,951 24.28 -3.77 12,643 0.03 0 2,464,885 5.73 -0.09 2,147,798 4.99 +1.37 0 0.00 0 0 0.00 -1.45 $ 43,030,301 100.00 Average Life of Portfolio as of June 30, 2000 is 201 Days 5 Revised June 30, 2000