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Home My WebLink AboutAgenda Report - February 6, 2002 E-03(D CITY OF LORI COUNCIL COMMUNICATION AGENDA TITLE: Accept the Quarterly Investment Account report as required by law SB564 MEETING DATE: February 6, 2002 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 S13564. 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. M. Vicky McAt 'e Finance Director/Treasurer APPROVED: Ar H. Dixon Flynn -- City Manager Investments Par Value City of Lodi Portfolio Management Portfolio Summary December 31, 2001 Market Value City of Lodi 212 W. Pine St. Lodi, CA 95240 (209)3336800 Book % of Days to YTM YTM Value Portfolio Term Maturity 360 Equiv. 365 Equly. . Local Agency Investment Funds 9,800,000.00 9,800,000.00 9,800,000.00 57.37 1 1 3.733 3.785 Certificates of Deposit- Bank 2,300,000.00 2,300,000.00 2,300,000.00 13.46 201 101 3.185 3.229 Passbook(ChecldngAccounts 1,978,705.12 1,978,705.12 1,978,705.12 11.58 1 1 0.000 0.000 Corporate Medium Term Note 1,020,000.00 1,065,226.80 1,002,825.88 5.87 1,056 503 7.151 7.250 Federal Agency Issues - Coupon 2,000,000.00 2,034,070.00 2,000,000.00 11.71 913 495 6.002 6.085 Investments 17,098,705.12 17,178,001.92 17,081,631.00 100.00% 197 102 3.693 3.744 Cash and Accrued Interest Passbook/ChecIdng 0.00 0.00 0.00 0 0 0.000 0.000 (not included in yield calculations) Accrued Interest at Purchase 140.28 140.28 Subtotal 140.28 140.28 Total Cash and Investments 17,098,706.12 17,178,142.20 17,081,671.28 197 102 3.693 3.744 Total Earnings December 31 Month Ending Fiscal Year To Date Current Year 57,387.6E 446,828.14 Average Daily Balance 18,181,217.33 20,613,826.78 Effective Rate of Return 3.72% 4.30% Based on the approved budget and to the extent the budget is adhered to, liquidity is available for the next 30 days. Union Bank of California is the source of market valuation. Marcella Maxine Cadwallader, Revenue Manager/Deputy Trees. Run Date: 01109/2002- 14:10 Portfolio CITY AP PM (PRF PM1) SyrnRept V5.01f City of Lodi Portfolio Management Page 2 Portfolio Details - Investments December 31, 2001 Average Purchase Stated YTM Days to Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Moody's 360 Maturity Date Local Agency Investment Funds LAIF 1000 Local Agency Invest. Fund 07/01/2001 7,800,000.00 7,800,000.00 7,600,000.00 3.785 3.733 1 LPIC 1001 Local Agency Inv Fund (LPIC) 1,743,254.94 2,000,000.00 2,000,000.00 2,000,000.00 3.785 3.733 1 Subtotal and Average 10,858,064.52 1,976,705.12 9,800,000.00 9,800,000.00 9,800,000.00 Corporate Medium Term Note 3.733 1 Certificates of Deposit - Bank 36962GSY1 35 Higgins Capital Management, In 06/27/2000 1,020,000.00 WEST 44 Bank of the West 04118/2001 100,000.00 100,000.00 100,000.00 4.170 4.170 106 04/17/2002 FM10 47 Farmers and Merchants Bank 10101/2001 1,000,000.00 1,000,000.00 1,000,000.00 3.100 3.100 90 04/01/2002 FM09 48 Farmers and Merchants Bank 10/09/2001 1,000,000.00 1,000,000.00 1,000,000.00 3.100 3.100 120 05/01/2002 GUAR 45 Guaranty Federal Bank 06/12/2001 100,000.00 100,000.00 100,000.00 3.840 3.840 11 01/12/2002 LODI 49 Bank of Lodi 10/10/2001 100,000.00 100,000.00 100,000.00 3.250 3.250 95 04/06/2002 Subtotal and Average 2,300,000.00 2,300,000.00 2,300,000.00 2,300,000.00 3.185 101 Passbook/Checking Accounts BACK 4003 Bank of America 07/01/2001 235,450.18 235,450.18 235,450.18 0.000 1 4000 Farmers & Merchants 1,743,254.94 1,743,254.94 1,743,254.94 0.000 1 Subtotal and Average 2,020,810.85 1,978,705.12 1,976,705.12 1,978,705.12 0.000 1 Corporate Medium Term Note 36962GSY1 35 Higgins Capital Management, In 06/27/2000 1,020,000.00 1,065,226.80 1,002,825.88 5.880 AAA 7.151 503 05/19/2003 Subtotal and Average 1,002,341.96 1,020,000.00 1,065,226.80 1,002,825.88 7.151 503 Federal Agency Issues - Coupon 31331LMN5060 46 Federal Farm Credit Bank 07/20/2001 1,000,000.00 1,015,940.00 1,000,000.00 5.050 4.981 930 07/19/2004 3133MAVS5 30 Feredal Home Loan Bank (call) 03/01/2000 1,000,000.00 1,018,130.00 1,000,000.00 7.120 7.022 59 03/01/2002 Subtotal and Average 2,000,000.00 2,000,000.00 2,034,070.00 2,000,000.00 6.002 495 Total Investments and Average 18,181,217.33 Run Date: 01/09/2002 - 14:10 17,098,705.12 17,178,001.92 17,081,531.00 3.693 102 Portfolio CITY AP PM (PRF_PM2) Sym Rept V5.01f CUSIP Investment # Issuer Run Date: 01109/2002 -14.10 City of Lodi Portfolio Management Portfolio Details - Cash December 31, 2001 Average Purchase Balance Date Par Value Market Value Total Cash and Investments 18,181,217.33 Page 3 Stated YTM Days to Book Value Rate Moody's 360 Maturity Accrued Interest at Purchase 140.28 140.28 Subtotal 140.28 140.28 17,098,705.12 17,176,142.20 17,081,671.28 3.693 102 Portfolio CITY AP PM (PRF PM2) Sym Rept V5.01t CUSIP Investment t1 Issuer City of Lodi Portfolio Management Investment Activity By Type December 1, 2001 through December 31, 2001 Stated Transaction Purchases Rate Date or Deposits SaleslMaturities or Withdrawals Balance Page 4 Local Agency Investment Funds (Monthly Summary) LAIF 1000 Local Agency Invest. Fund 3.785 700,000.00 5,800,000.00 Subtotal 700,000.00 5,800,000.00 9,800,000.00 Certificates of Deposit - Bank Subtotal 2,300,000.00 Passbook/Checking Accounts (Monthly Summary) BACK 4003 Bank of America 387,654.47 473,168.30 4000 Farmers & Merchants 13,764,078.27 13,722,073.69 Subtotal 14,151,732.74 14,195,241.99 1,978,705.12 Corporate Medium Term Note Subtotal 1,002,825.88 Federal Agency Issues - Coupon Subtotal 2,000,000.00 Total 14,851,732.74 Run Date: 0110912002 -14:10 19,995,241.99 17,081,531.00 Portfolio CITY AP PM (PRF_PM3) Sym Rept V5.01f City of Lodi Portfolio Management Investment Activity Summary December 2000 through December 2001 Page 5 Run Dale: 01!09!2002 -14:10 Average 17 24,083,118.87 5.197°/, 5.269% 5.719 1 2 303 129 Portfolio CITY AP PM (PRF_PM4) Sym Rept V5.01/ 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 I Sold Tenn Days to Maturity December 2000 25 30,915,755.76 5.618 5.696 6.540 0 1 507 255 January 2001 24 31,983,164.46 5.907 5.989 6.520 1 2 455 208 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 April 2001 19 28,492,110.95 5.957 6.039 6.160 2 3 325 116 May 2001 18 25,058,431.76 5.845 5.926 6.160 0 1 355 119 June 2001 15 23,627,373.10 5.734 5.814 6.160 1 4 222 61 July 2001 15 20,008,838.21 5.670 5.748 6.160 2 1 289 115 August 2001 15 18,036,820.89 5.674 5.753 6.160 0 0 321 113 September 2001 11 15,757,753.71 4.914 4.982 6.160 0 4 212 115 October 2001 12 21,981,813.67 3.294 3.340 3.750 3 2 153 94 November 2001 12 22,224,005.67 3.672 3.723 3.750 0 0 151 86 December 2001 12 17,081,531.00 3.693 3.744 3.785 0 0 197 102 Run Dale: 01!09!2002 -14:10 Average 17 24,083,118.87 5.197°/, 5.269% 5.719 1 2 303 129 Portfolio CITY AP PM (PRF_PM4) Sym Rept V5.01/ City of Lodi Portfolio Management Distribution of Investments By Type December 2000 through December 2001 Page 6 Passbook/Checking Accounts 10.4 5.6 9.1 7.1 3.2 5.0 7.3 7.9 8.0 20.0 19.4 9.1 11.6 9.5% Corporate Medium Term Note 3.2 3.1 3.2 3.7 3.5 4.0 4.2 5.0 5.5 6.3 4.6 4.5 5.9 4.4% _Commercial Paper - Interest Bearing_ _ Repurchase Agreements Federal Agency Issues - Coupon 40.4 36.0 27.7 _ 27.6 22.8 25.9 14.8 20.0 22.2 12.7 9.1 9.0 11.7 21.5% Treasury Securities - Coupon 3.2 3.1 3.3 3.7 3.5 4.0 4.2 5.0 5.5 2.7% Mortgage Hacked Securities Bankers Acceptances -Amortizing Commercial Paper Disc. -Amortizing _ Federal Agency Disc. -Amortizing _ Treasury Discounts -Amortizing _ Miscellaneous Discounts -Amortizing Portfolio CITY AP Run Date: 01/09/2002 -1410 PM (PRF PM5) SymRept V5.01f December January February March April May June July August September October November December Average Investment Type 2000 2001 2001 2001 2001 2001 2001 2001 2001 2001 2001 2001 2001 by Period Local Agency Investment Funds 32.1 41.9 45.9 45.9 55.5 51.9 59.7 50.6 46.0 52.7 56.5 67.0 57.4 51.0% Certificates of Deposit - Bank 10.7 10.3 10.8 12.1 11.6 9.2 9.7 11.5 12.8 8.3 10.5 10.4 13.5 10.9% Certificates of Deposit - S & L Passbook/Checking Accounts 10.4 5.6 9.1 7.1 3.2 5.0 7.3 7.9 8.0 20.0 19.4 9.1 11.6 9.5% Corporate Medium Term Note 3.2 3.1 3.2 3.7 3.5 4.0 4.2 5.0 5.5 6.3 4.6 4.5 5.9 4.4% _Commercial Paper - Interest Bearing_ _ Repurchase Agreements Federal Agency Issues - Coupon 40.4 36.0 27.7 _ 27.6 22.8 25.9 14.8 20.0 22.2 12.7 9.1 9.0 11.7 21.5% Treasury Securities - Coupon 3.2 3.1 3.3 3.7 3.5 4.0 4.2 5.0 5.5 2.7% Mortgage Hacked Securities Bankers Acceptances -Amortizing Commercial Paper Disc. -Amortizing _ Federal Agency Disc. -Amortizing _ Treasury Discounts -Amortizing _ Miscellaneous Discounts -Amortizing Portfolio CITY AP Run Date: 01/09/2002 -1410 PM (PRF PM5) SymRept V5.01f City of Lodi Portfolio Management Page Interest Earnings Summary December 31, 2001 December 31 Month Ending Fiscal Year To Date CD/Coupon/Discount Investments: Interest Collected 8,548.43 252,998.15 Plus Accrued Interest at End of Period 21,731.07 21,731.07 Less Accrued Interest at Beginning of Period ( 8,831.35) ( 87,163.75) Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00) Interest Eamed during Period 21,448.15 187,565.47 Adjusted by Premiums and Discounts 1,034.58 6,354.33 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Period 22,482.73 193,919.80 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 0.00 320,584.89 Plus Accrued Interest at End of Period 139,303.85 139,303.85 Less Accrued Interest at Beginning of Period ( 104,398.90) ( 206,980.40) Interest Earned during Period 34,904.95 252,908.34 Total Interest Earned during Period 56,353.10 440,473.81 Total Adjustments from Premiums and Discounts 1,034.58 6,354.33 Total Capital Gains or Losses 0.00 0.00 Total Earnings during Period 57,387.68 446,828.14 Portfolio CITY AP Run Date: 01/0972002 - 14:10 PM (PRF PM6) Sym Rept V5.01f Tyne of Security Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts Corporate Medium Term Note Treasury Securities - Coupon Federal Agency Issues - Coupon BREAKDOWN OF TREASURY INVENTORY BY TYPE December 2001 Amount Percent of Portfolio $9,800,000.00 57.314282% $2,300,000.00 13,451311% $1,978,705.12 11.572251% $1,020,000.00 5.965364% 0.000000% $2,000,000.00 11.696792% $17,098,705.12 100.00% $2,000,000.00 Federal Agency Issues - Coupon 12°% < $1,020,000.00 r > r r Corporate Medium' Note Treasury Securities - 6°% Coupon 0% $1,978,705.12 Accounts 12% $2,300,000.00 1 Certificates of Deposit Bank 13°% Maximum Maturitv Indefinite 5 years Indefinite 5 years 5 years 5 years $9,800,000.00 Local Agency Investment Fund 57% 13$9,800,000.00 ■ $2,300,000.00 0$1,978,705.12 Local Agency Investment Fund Certificates of Deposit - Bank Passbook/Chercking Accounts 8$1,020,000.00 OTreasury Securities - Coupon 0$2,000,000.00 Corporate Medium Term Note Federal Agency Issues - Coupon 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 GNNIAS Commerical Paper FHLMC Corporate Bonds Pooled Loans GF Loans Reversed Repurchases Total (All Types) September 30, 2001 CHANGE FROM PRIOR AMOUNT PERCENT MONTH S 1,634,760 3.34 +0.56 0 0 0 3,505,417 7.15 -0.15 0 0 0 S 5,140,177 10.49 +0.41 S 4,039,026 8.24 -0.47 6,960,234 14.21 -1.85 1,425,012 2.91 -0.47 0 0 0 0 0 0 11,063,188 22.58 +5.05 4,844,045 9.89 -0.30 898 0 0 9,840,250 20.08 -3.66 9,267 0.02 0 2,403,564 4.91 +0.02 3,266,473 6.67 +1.27 0 0 0 0 0 0 S 48,992,13.1 100.00 A%-erage Life of Portfolio as of September 30, 2001 is 169 Days 5 Revised September 30, 20( Fair Value Including Accrued Interest $ 49,308,939,740.75 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). Pooled State of California Money Investment Account Market Valuation 11/30/2001 Description Carrying Cost Plus Accrued Interest Purch. Fair Value Accrued Interest United States Treasury: Bills $ 840,725,986.25 $ 845,214,500.00 NA Notes $ 3,918,374,412.98 $ 4,011,357,000.00 $ 46,873,221.50 Federal Agency: SBA $ 270,124,543.86 $ 269,510,280.39 $ 1,948,404.71 MBS $ 740,715,851.41 $ 745,997,226.29 $ 3,850,738.06 Bonds $ 4,170,571,191.30 $ 4,224,238,695.65 $ 48,312,614.07 Floaters $ - $ - $ - Discount Notes $ 12,074,337,558.49 $ 12,267,037,199.60 NA FHLMC PC $ 8,820,254.20 $ 9,574,661.29 $ 141,776.43 GNMA $ 868,116.38 $ 1,000,432.69 $ 8,597.00 Bankers Acceptances $ - $ - NA Bank Notes $ 1,115,008,664.83 $ 1,119,188,986.75 $ 14,296,861.11 CDs $ 5,825,135,292.64 $ 5,829,261,144.75 $ 20,538,916.66 Commercial Paper $ 9,726,857,031.19 $ 9,761,525,166.51 NA Corporate: Floaters $ 1,243,429,415.35 $ 1,237,353,404.48 $ 4,085,416.88 Bonds $ 1,136,285,752.52 $ 1,158,832,094.33 $ 16,863,811.25 Repurchase Agreements $ - $ - NA Reverse Repurchase $ - $ - $ - Time Deposits $ 4,866,545,000.00 $ 4,866,545,000.00 NA AB 55 & GF Loans $ 2,805,383,590.35 $ 2,805,383,590.35 NA TOTAL is 48,743,182,661.75 $ 49,152,019,383.08 $ 156,920,357.67 Fair Value Including Accrued Interest $ 49,308,939,740.75 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost).