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Home My WebLink AboutAgenda Report - May 2, 2001 E-03CITY OF LODI COUNCIL COMMUNICATION AGENDA TITLE: Accept the Quarterly Report of the City of Lodi Pooled Money Investment Account as Required by SB564 MEETING DATE: May 2, 2001 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. U aye Vicky McAthie Finance Director/Treasurer APPROVED: H. Dixon Flynn -- City of Lodi Portfolio Management Portfolio Summary March 31, 2001 City of Lodi 212 W. Pine St. Lodi, CA 95240 (209)333-6800 Investments Par Value Market Value Book Value % of Portfolio Tenn Days to Maturity YTM 360 Equiv. YTM 366 Equiv. Local Agency Investment Funds 12,500,000.00 12,500,000.00 12,500,000.00 45.93 1 1 6.431 6.520 Certificates of Deposit - Bank 3,300,000.00 3,300,000.00 3,300,000.00 12.13 354 123 6.342 6.431 Passbook/CheckingAccounts 1,921,095.28 1,921,095.28 1,921,095.28 7.06 1 1 0.000 0.000 Corporate Medium Term Note 1,020,000.00 1,040,471.40 993,514.61 3.65 1,056 778 7.151 7.250 Federal Agency Issues - Coupon 7,500,000.00 7,566,085.00 7,500,000.00 27.56 999 333 5.980 6.063 Treasury Securities - Coupon 1,000,000.00 1,009,530.00 999,706.36 3.67 626 182 6.342 8.430 Investments 27,241,095.28 27,337,181.68 27,214,316.25 100.00010 380 142 5.865 5.946 Cash and Accrued Interest PassbooWChecking 0.00 0.00 0.00 0 0 0.000 0.000 (not included in yield calculations) Accrued Interest at Purchase 50,180.32 50,180.32 Subtotal 50,180.32 50,180.32 Total Cash and Investments 27,241,095.28 27,387,362.00 27,264,496.57 380 142 5.865 5.946 Total Earnings March 31 Month Ending Fiscal Year To Date Current Year 152,599.67 1,503,331.02 Average Daily Balance 31,502,903.25 34,872,100.29 Effective Rate of Return 5.700/0 5.74% 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 2 —O Marcella Maxine Cadwallader, Revenue Manager/Deputy Treas Portfolio CITY AP Run Date: 04/12/2001 -13:44 PM (PRF PMI) SymRapt V5.01f City of Lodi Portfolio CITY AP Run Date: 04/122001 -13:44 PM (PRF_PM2) SyrnRept V5.01f Portfolio Management Page 2 Portfolio Details - Investments March 31, 2001 Average Purchase Stated YTM Days to Maturity CUSIP Investment d Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Date Local Agency Investment Funds LAIF 1000 Local Agency Invest. Fund 10,400,000.00 10,400,000.00 10,400,000.00 6.520 6.520 1 LPIC 1001 Local Agency Inv Fund (LPIC) 2,100,000.00 2,100,000.00 2,100,000.00 6.520 6.520 1 Subtotal and Average 16,706,451.61 12,600,000.00 12,500,000.00 12,500,000.00 6.520 1 Certificates of Deposit - Bank WEST 33 Bank of the West 04117/2000 100,000.00 100,000.00 100,000.00 5.750 5.830 16 04/17/2001 FMO6 34 Farmers and Merchants Bank D5/05/2000 1,000,000.00 1,000,000.00 1,000,000.00 6.240 6.327 36 05/07/2001 FMOB 38 Farmers and Merchants Bank 09/29/2000 1,000,000.00 1,000,000.00 1,000,000.00 6.500 6.590 183 10/01/2001 FM07 37 Farmers & Merchants 09/27/2000 1,000,000.00 1.000,000.DD 1,000,000.00 6.500 6.590 179 09/27/2001 GUAR 40 Guaranty Federal Bank 01/11/2001 100,000.00 100,000.00 100,000.00 5.150 5.222 71 06/11/2001 39 Bank of Lodi 10/11/2000 100,000.00 100,000.00 100,000.00 6.000 6.083 8 04/09/2001 Subtotal and Average 3,300,000.00 3,30.0,000.00 3,300,000.00 3,300,000.DD 6.431 123 Passbook/Checking Accounts BACK 4003 Bank of America 07/01/2000 181,947.83 181,947.83 181,947.83 0.000 1 4000 Farmers & Merchants 1,739,147.45 1,739,147.45 1,739,147.45 0.000 1 Subtotal and Average 2,777,932.33 1,921,095.28 1,921,095.28 1,921,096.28 0.000 1 Corporate Medium Term Note 36962GSY1 35 Higgins Capital Management, In 06/27/2000 1,020,000.00 1,040,471.40 993,514.61 5.880 7.250 775 05/19/2003 Subtotal and Average 993,030.69 1,020,000.00 1,040,471.40 993,514.61 7.250 778 Federal Agency Issues - Coupon 3133M8WC4 14 Federal Home Loan Bank 06/09/1999 1,000,000.00 1,002,810.00 1,000,000.00 6.040 6.040 617 12/09/2002 3133M4TB9 1 Feredal Home Loan Bank (call) 07/09/1998 500,000.00 501,795.00 500,000.00 5.910 5.910 99 07/0912001 3133M93F7 15 Feredal Home Loan Bank (call) 06/28/1999 1,000,000.00 1,019,950.00 1,000,000.00 6.175 6.175 453 06!28/2002 3133M9WU2 23 Feredal Home Loan Bank (call) 09/28/1999 1,000,000.00 1,008,750.00 1,000,000.00 6.250 6.250 180 09/28/2001 3133MAVS5 30 Feredal Home Loan Bank (call) 03/01/2000 1,000,000.00 1,023,130.00 1,000,000.00 7.120 7.120 334 03101!2002 3133MBNQ7 5 Feredal Home Loan Bank (call) 12/03/1998 1,000,000.00 1,001,720.00 1,000,000.00 5.580 5.5aO 428 06/03/2002 31364OLG2060 6 Fannie Mae callable note 12/15/1998 1,000,000.00 1,001,090.00 1,000,000.00 5.350 5.350 280 12/17/2001 31364G7G8 22 Fannie Mae Bullet 09/22/1999 1,000,000.00 1,006,840.00 11000,000.00 6.000 6.000 176 09/24/2001 Subtotal and Average 7,725,806.45 7,500,000.00 7,666,086.00 7,500,000.00 6.063 333 Treasury Securities - Coupon 912827254 25 U. S. Treasury Notes 01/13/2000 1,000,000.00 1,009,530.00 999,706.36 6.375 6.430 182 09/30/2001 Subtotal and Average 999,682.16 1,000,000.00 1,009,630.00 999,706.36 6.430 182 Portfolio CITY AP Run Date: 04/122001 -13:44 PM (PRF_PM2) SyrnRept V5.01f City of Lodi Portfolio Management Portfolio Details - investments March 31, 2001 Average Purchase Stated YTM Days to CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Total Investments and Average 31,502,903.25 27,241,095.28 27,337,181.68 27,214,316.25 5.946 142 Run Date: 04!1212001-13:44 Page 3 Portfolio CITY AP PM (PRF PM2) SymRept V5.01f CUSIP Investment # Issuer City of Lodi Portfolio Management Portfolio Details - Cash March 31, 2001 Average Purchase Balance Date Par Value Market Value Total Cash and Investments 31,502,903.25 Stated YTM Days to Book Value Rate 365 Maturity Accrued Interest at Purchase 50,180.32 50,180.32 subtotal 50,180.32 50,180.32 27,241,095.28 27,387,362.00 27,264,496.57 5.946 142 Page 4 Portfolio CITY AP Run Date: 04/1212001 - 13:44 PM (PRF PM2) SymRept V5.01f City of Lodi Passbook/Checking Accounts (Monthly Summary) Portfolio Management Page 6 BACK 4003 Bank of America 455,097.84 Investment Activity By Type 4000 Farmers & Merchants 13,995,265.23 March 1, 2001 through March 31, 2001 Subtotal 14,450,363.07 Stated Transaction Purchases Sales/Maturitles CUSIP Investment # Issuer Rate Date or Deposits or Withdrawals Balance Local Agency Investment Funds (Monthly Summary) LAW 1000 Local Agency Invest. Fund 6.160 3,500,000.00 0.00 LPIC 1001 Local Agency Inv Fund (LPIC) 6.160 400,000.00 5,500,000.00 Subtotal 3,900,000.00 5,600,000.00 14600,000.00 Certificates of Deposit - Bank Treasury Securities - Coupon Subtotal 3,300,000.00 Passbook/Checking Accounts (Monthly Summary) BACK 4003 Bank of America 455,097.84 462,489.57 4000 Farmers & Merchants 13,995,265.23 14,873,271.79 Subtotal 14,450,363.07 15,336,761.36 1,921,065.28 Corporate Medium Term Note Subtotal 993,614.61 Federal Agency Issues - Coupon 3133M7SOO 11 Federal Home Loan Bank 5.570 03/08/2001 0.00 1,000,000.00 Subtotal 0.00 1,000,000.00 7,500,000.00 Treasury Securities - Coupon Subtotal 999,706.36 Total 18,360,363.07 21,835,761.36 27,214,316.25 Run Date: 04/12/2001 -13:44 Portfolio CITY AP PM (PRF_PM3) SymRept V5.01f City of Lodi Portfolio Management Investment Activity Summary March 2000 through March 2001 Page 6 Run Date: 0411212001 _13:44 Average 24 33,037,024.10 5.622% 5.700% 6.226 1 1 442 . 248 Portfolio CITY AP PM (PRF PM4) Sym Rept V5.01f 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 / Sold Term Days to Maturity 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 2B9 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 5.726 5.805 6.180 1 0 467 284 August 2000 25 33,370,283.06 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 October 2000 26 35,810,005.78 5.363 5.438 6.297 1 0 451 253 November 2000 26 34,104,083.59 5.825 5.906 6.470 0 0 473 249 December 2000 25 30,915,755.76 5.618 5.696 6.540 O 1 507 255 January 2001 24 31,983,164.46 5.907 5.989 6.520 1 2 455 206 February 2001 21 30,698,629.94 5.713 5.792 6.520 0 3 373 151 March 2001 20 27,214,316.25 5.865 5.946 6.520 0 1 380 142 Run Date: 0411212001 _13:44 Average 24 33,037,024.10 5.622% 5.700% 6.226 1 1 442 . 248 Portfolio CITY AP PM (PRF PM4) Sym Rept V5.01f City of Lodi Portfolio Management Page 7 Distribution of Investments By Type March 2000 through March 2001 March April May June July August September October November December January February March Average Investment Type 2000 2000 2000 2000 2000 2000 200D 2000 2000 2000 2001 2001 2001 by Period Local Agency Investment Funds 42.3 45.0 41.5 39.3 40.8 40.5 39.2 34.7 38.4 32.1 41.9 45.9 45.9 40.6% Certificates of Deposit - Bank 13.6 12.8 15.7 10.1 12.9 12.6 12.2 12.0 12.6 10.7 10.3 10.8 12.1 12.2% Certificates of Deposit - S & L Passbook/Checking Accounts 3.9 4.0 5.0 18.2 4.9 3.6 6.5 12.9 6.5 10.4 5.6 9.1 7.1 7.5% Corporate Medium Term Note 2.4 3.0 3.0 2.9 2.8 2.9 3.2 3.1 3.2 3.7 2.3% Commercial Paper - Interest Bearing Repurchase Agreements Federal Agency Issues . Coupon 37.1 35.1 34.8 27.7 35.3 37.5 36.3 34.9 36.7 40.4 36.0 27.7 27.6 34.4% Treasury Securities - Coupon 3.2 3.1 3.0 2.4 3.1 3.0 2.9 2.8 2.9 3.2 3.1 3.3 3.7 3.1% Mortgage Backed Securities Bankers Acceptances -Amortizing Commercial Paper Disc. -Amortizing Federal Agency Disc. -Amortizing Treasury Discounts -Amortizing Miscellaneous Discounts -Amortizing Portfolio CITY AP Run Date' 04M2f2001 -13:44 PM (PRF PM5) SyrnRept V5.011 City of Lodi Portfolio Management Interest Earnings Summary March 31, 2001 March 31 Month Ending Fiscal Year To Date Page 8 CD/Coupon/Discount Investments: Interest Collected 155,620.54 857,370.41 Plus Accrued Interest at End of Period 116,142.18 116,142.18 Less Accrued Interest at Beginning of Period ( 204,338.65) ( 173,909.75) Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00) Interest Earned during Period 67,424.07 799,602.84 Adjusted by Premiums and Discounts 1,084.60 9,753.3.5 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Period 68,508.67 809,356.19 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 0.00 686,071.39 Plus Accrued Interest at End of Period 228,961.68 228,961.68 Less Accrued Interest at Beginning of Period ( 144,870.68) ( 221,058.24) Interest Earned during Period 84,091.00 693,974.83 Total Interest Earned during Period 161,516.07 1,493.577.67 Total Adjustments from Premiums and Discounts 1,084.60 9,763.36 Total Capital Gains or Losses 0.00 0.00 Total Earnings during Period 162,599.67 1,503,331.02 Run hate: 04112/2001-13:44 Portfolio CITY AP PM (PRF PMS) SymRept V5.01f Type of Security Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts Corporate Medium Terra Note Treasury Securities - Coupon Federal Agency Issues - Coupon BREAKDOWN OF TREASURY INVENTORY BY TYPE March 31, 2001 Amount Percent of Portfolio $12,500,000.00 45.886554% $3,300,000.00 12.114050% $1,921,095.28 7.052195% $1,020,000.00 3.744343% $1,000,000.00 3.670924% $7,500,000.00 27.531933% $27,241,095.28 100.00% $7,500,000.00 Federal Agency Issues- Coupon Y ) < t t t t t a c c t } } ) Y > > ) } > Y Y {{ t c< t t t< e t $1,020,000.00 Corporate Mledium Term N ote 4% $1,000,000.00 " Treast 111 ecurities - -, Coupon 4% $1,921,095.28 Passbook/Chercking Accounts 7% $3,300,000.00 Certificates of Deposit - Bank 12% Maximum Maturitv Indefinite 5 years Indefinite 5 years 5 years 5 years $12,500,000.00 Local Agency Investment Fund 45% 13$12,500,000.00 ■ $3,300,000.00 O $1,921,095.28 Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts C $1,020,000.00 0$1,000,000.00 13 $7,500,000.00 Corporate Medium Term Note Treasury Securities - Coupon Federal Agency Issues - Coupon Fair Value Including Accrued Interest $ 44,228,590,660.12 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 (1.012836187). 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 $20,256,723.73 or $20,000,000.00 x 1.012836187. 12 Revised December 31, 2000 State of California Pooled Money Investment Account Market Valuation 12131/00 o. United States Treasury: Bills $ 2,651,582,565.28 $ 2,721,528,722.23 $ 2,727,016,000.00 NA Notes $ 2,972,516,665.12 $ 2,968,316,154.26 $ 2,998,443,000.00 $ 53,426,893.25 Federal Agency: Bonds $ 2,162,853,387.30 $ 2,159,839,512.28 $ 2,172,596,500.00 $ 37,761,798.63 Floaters $ 100,000,000.00 $ 100,000,000.00 $ 100,035,000.00 $ 1,006,902.00 MBS $ 568,002,148.64 $ 568,002,148.64 $ 565,642,413.49 $ 3,231,372.75 GNMA $ 1,174,316.61 $ 1,174,316.61 $ 1,322,717.26 $ 11,588.52 SBA $ 321,141,716.20 $ 321,099,797.18 $ 318,412,332.23 $ 3,784,210.49 FHLMC PC $ 11,393,421.97 $ 11,393,421.97 $ 11,805,516.27 $ 183,071.44 Discount Notes $ 9,262,668,596.70 $ 9,551,126,537.14 $ 9,560,206,663.42 NA Bankers Acceptances $ - $ - $ - NA Corporate: Bonds $ 973,627,682.03 $ 970,649,239.05 $ 972,765,824.73 $ 17,554,192.63 Floaters $ 1,669,531,144.30 $ 1,169,531,144.30 $ 1,667,480,935.46 $ 14,542,962.98 CDs $ 4,954,994,676.28 $ 4,952,705,039.75 $ 4,953,548,246.09 $ 70,926,337.87 Bank Notes $ 1,645,023,345.86 $ 1,645,023,345.86 $ 1,645,667,305.40 $ 30,503,981.72 Repurchase Agreements $ - $ - $ - NA Time Deposits $ 4,340,845,000.00 $ 4,340,845,000.00 $ 4,340,845,000.00 NA AB 55 & GF Loans $ 2,938,795,384.86 $ 2,938,795,384.86 $ 2,938,795,384.86 NA Commercial Paper $ 9,748,129,432.90 $ 9,801,261,153.71 $ 9,804,341,160.00 NA Reverse Repurchase $ (779,021,000.00) $ (779,021,000.00) $ 779,021,000.00) $ (4,245,651.37) TOTAL $ 43,543,258,484.05 -$---43,442, 269,917.84 $ 43,999,902,999,21 $ 228,687,660.91 Fair Value Including Accrued Interest $ 44,228,590,660.12 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 (1.012836187). 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 $20,256,723.73 or $20,000,000.00 x 1.012836187. 12 Revised December 31, 2000 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Average Life of Portfolio as of December 31, 2000 is 189 Days 5 Revised December 31, 2000 December 31, 2000 CHANGE FROM PRIOR TYPE OF SECURITY AMOUNT PERCENT MONTH Government Bills $ 2,651,583 6.09 -0.85 Bonds 0 0 0 Notes 2,972,517 6.83 -0.43 Strips 0 0 0 Total Governments $ 5,624,100 12.92 -1.28 Federal Agency Coupons $ 3,151,997 7.24 -0.90 Certificate of Deposits 4,954,995 11.38 -1.94 Bank Notes 1,645,023 3.78 +0.50 Bankers' Acceptances 0 0 0 Repurchases 0 0 0 Federal Agency Discount Notes 9,262,669 21.27 -1.49 Time Deposits 4,340,845 9.97 -0.31 GNMAs 1,174 0 0 Commerical Paper 9,748,129 22.39 +6.53 FHLMC 11,393 0.03 0 Corporate Bonds 2,643,159 6.06 -0.24 Pooled Loans 2,938,795 6.75 -0.99 GF Loans 0 0 0 Reversed Repurchases -779,021 -1.79 -0.12 Total (All Types) $ 43,543,258 100.00 Average Life of Portfolio as of December 31, 2000 is 189 Days 5 Revised December 31, 2000