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HomeMy WebLinkAbout0338.091I i June 20, 1991 THf HONQRABLE CITY COUNCIL Palo Arto, California INVESTMOO AtllYITY REPORT FORMAl 1991 Members of tMe Council: This is an information report and no Council action is necEssary. INTEREST I"COK~ Interest income (cash basis) for the month of Hay was $502,268 and for the first ele~en months of 199G·91 totalled SB.9 million. 89 percent of the revised annual target of SIO million. CURRENT PORTFOLIO The par value of the City's portfolio is approximately S120 million, which consists of $86.6 minion. or 72 percent, matu'ring within two years. Most of toe investments, Sa!:;'3 million, or 74 percent, are in United States Government Securities. The current market value of the portfolio is 1<:1l.3 percent of cost. C~PLIAHCE WITH INVESTMENT POLICY As of May 31,1991, the investment portfolio was in compliance with ill elements of the City's investment policy. In June 1991 projections indicate receipts will be S16.7 million; expenditures will be $24.0 ndllion; and $27.1 million of investments will mature. On the basis of t~e above projection, there wilT be sufficient funds to meet Palo Alto's expenditure require~nts for the month of Junt!. Based upon tne cash flolli projections prepared by Treasury staff for fiscal year 1990-91, there will be suffTcient funds from revenues and matur1ng investments to meet all expenditure requirements for the remainder of th~ fiscal year. Respectf lly submitted, G--l;' ..... -I1"'EZ Finane al Analyst CHR:338:91 L 0/b<-uD \fMIl Y HARRISON finance Director • .--_? I -,~. !·~i, f ~c',; ! I I I I f .. -- ~ ..... c-..... : --~:->-l--- i I ~ I • \ .,'------~.------ -____ ---r .... ~.-.,.< ___ ,""",,",,"0' ~j" ~ • __ g "_ ' .• 1' ,~, •• .o. ',' ! \ REPORT OF INVESTMENTS Page I of 5 MAY 31, 1191 Par Amo!Jnt 05/31/91 1990-91 04/30/91 (In ~ Million.) m illgli. _~L BY MATURlT( Within I month S 27.10 22.5 > S6 II. S 1-3 months 6.00 5.0 14.7 3-6 months 5.00 4.2 4.9 6-9 months 14 .00 11.6 6.5 9-12 months 9.00 7.5 6.S 1-2 years 25.50 z.L1 ..M...2 Wfthin 2 years 86.60 72 .0 > S35 68.3 2-5 years 28.56 23.7 27.4 S-IO years 3.30 2.7 2.7 10-20 ye.rs 1.22 1.0 1.0 20-30 ye.rs ~ < ----.§ ~ OYer 2 years 33.87 28.0 31. 7 TOTAL 120.47 IOQ.O% 100% 100.0% BY TYPE OF INVEST!!OO Loca' Agency Invtstment Fund 10.OQ 8.3 8.2 Mutual FUnd .10 .1 . I Certificates of Deposit: Collateralize;! 21.00 J 7.4 15.5 City of Palo Aito Bonds .06 .1 . 1 U.S. Treasury 48.5Q 40.2 39.6 U.S. Agency 40.81 li.j ~ TOTAL 120.47 100.0% lQO% 100.0% Market Value/test SI21.9/120.4 101.3% > 95% 101.3% CKR:338:91 ' .. -.' ... :r !j 'I j Page 2 of 5 REPORT OF INVE5T~EHTS MY 31, 19;;1 Purchase Interest Maturity Par ~ark~t Unrealized Price PerIod ~ Rate ~tL-Value Val u~ Gain (Ltss) ~alanc..L E~tnjD9s I~VEST~EN)S L2S:l 1 Agencr Investltent Fund '~.3!n:1 LArf 1.50 06-01-91 10,000,000 10,000,000 10,000,000 !!!ltYa! Fund [0. 081:1 FIdelity 'nyestments 5.62 06-01-91 50,000 50,000 so ,000 240 Frankl'n Investment, 5.63 06-01-91 ~OOO so ,000 50,000 ill 100,000 100,000 100,000 478 Certificates of ~e~oslt1JL[.43~1 Fidelity Federal (Colhte .. l) 6.70 06-10-91 2,000,000 2,000,000 2,000,000 11,539 Sumitomo Bank (Collater.l) 6.10 06-25-91 1,500,000 !, 500, 000 !, 500,000 7,625 Fidel it! Federal (Col hteral) 6_45 06 -26 -91 2,000,000 2,000,000 2,000,000 11,108 Sumitomc Bank (Collater.l) 6.10 06-26-91 500,000 500,000 500,000 2,626 P.cific Western B.nk (Collateral) 6.50 06-27-91 3,000,000 3,000,000 3,000,000 16,148 Glendale Federal (Col hter.l) 7.00 06-21-91 3,000,000 3,000,000 3,000,000 SU".itomc Bank (Col1.teral) 6.10 06-21-91 2,000,000 2,000,000 2,000,000 Mesta.erica Bank (Collateral) 6.05 Oe·28·91 2,000,000 2 j ooo ,000 2 1 000 ,000 Glendal. Feder.l (Collateral) 7.65 07-01-91 3,000,000 3,000,000 3,000,000 Fidelity Feder.l (Colhteral) 7.00 10-29-91 2,000,000 -.L.QO\L..OO D 2,00Q,000 21,000,000 21,000,000 21,000,000 49,148 ~ilo Alto r.Rrovement Bonds !.~5~1 Series P ]0.95 07-02-93 55,000 55,000 55,000 CMR:338:91 ,"' , ~~ j~ . - \ • Page 3 of 5 REPORT or INVESTMENTS MY 11, 1991 Purchase {r.ter£~t Maturity rar Market Unrealized Price Period Hli!!k£ Rate Dde Val ue ~ Gain {LQS.ll ai'i[lC.~ E~rnfr\gl ~.~surx (40,Z§~1 TreaSuT.1 Notes 1.15 11-30-91 2,000,000 2,005,625 2,005,625 77 ,SOD Treasury Hotes e. !3 01-31-91 6,000,000 5,947,134 5,947,134 Treasury Kotes 8.50 01-19·91 1,000,000 2,001,813 1,001,813 TreaslJry Notes 8.50 03-31-91 4,000,000 3,988,906 3,988,906 Treasury Notes 8.38 06·30-91 7,000,000 7,141,000 117,547 1,014,453 Tr~ilsury Notes 8.25 08-15-91 3,000,000 3,057,000 19,969 1,977,031 Treasury Notes 8.38 11-15-92 1,000,000 2,046,000 36,615 2,009,375 63, 75~ Treisury Notes 8.75 01-15-93 1,000,000 1,051,000 41,000 2,010,000 Treasury Notes B.15 01-15-93 4,500,000 4,604,000 94,625 4,509,375 Treasury Notes 8.13 06-30-93 3,000,000 3,071,000 55,062 3,015,938 Treasury Notes 8.00 OB-IS-~3 7,000,000 7,144,000 lSS,S7S ~, gse,us Treasury Hotes 8.25 09-30-93 4,000,000 4,109,000 73,062 4,035,938 Treasury Notes 7.75 11-15-93 2,OOO,QOO _~OO ~,~75 Z,013,I~~ 44,S3Q 48,500,000 ~9,201,078 M-S. A~£NCY !33.~1 672,640 48,528,438 205,780 FNM 8.55 06-10-91 1,000,000 1,000,000 1,000,000 FIlMA 8.40 08-11-91 1,000,000 1,000,000 1,000,000 FHLB 7.20 08·26-91 2,000,000 2,018,750 2,018,750 FHLB 1.40 09-25-91 1,000,000 1,000,000 1,000,000 FHl8 8.85 03-25-92 2,000,000 2, 000,000 2,000,000 FHIIA 8.45 05-:1-91 2,000,000 2,000,000 2,OO1,OCO 84,500 F~M 8.45 07-10-92 2,000,000 2,041,000 41,000 2,000,000 FHLB 8.60 08-25-92 1,000,000 1,023,000 23,000 ],000,000 FHI.B 3.v5 12-28-92 3,000,000 3,099,000 B4,OOO 3,015,000 FIfIA 7.95 02-10·93 2,000,000 2, 036, 000 36,000 2,000,000 SLM 10.50 04-22-93 1,000,000 1,064,000 64,000 1,000,000 CMR:33B:91 "- - --------- Interest ~URCE Rite ~~EMCY (Continued) FNHA 10.75 FHlB 10.75 FHLB 7. 75 FHlB 7.45 fHLB 1.95 FHLB 12.15 FHLB 7.55 FHlM<: (b) 8.80 fHlB (e) 7.95 F~MA (d) 7.70 F~ 1.60 HB 1.35 FNMA (e) 7_40 TVA 7.35 FNHA (f) 8.20 FHlMC (P&lj 10.00 FHlM<: (Pll Semi-Annually) 12 _45 GNHA (PU) 9.00 Matured and Sold Inv~stments FlILB (a) 7 _81 TOTAL INVESTMENTS (lacs) ~ REPORT Of INVESTMENTS !!Al' 31, 1991 Maturity Par Marht Unrealized Date Y..~lJ.!J~ WJ!.L Gain ,Loss} 05·10-93 I,OOO,OOC 1,071,000 140,063 05-25·93 1,000,000 1,072,000 73,875 07-26·93 1,000,000 1,018,000 19,250 08-25-93 2,000,000 2,024,000 24,000 09-1/-93 1,000,000 1,021.000 29,125 12-27-93 2,500,000 2,777,000 339,500 01-25-94 2,000,000 2,018,000 14 ,875 08-28-95 2,000,000 2,013,000 13,000 12-26-95 3,000,000 2,998,000 (2,000) 02-12-96 2,000,000 1,980,000 (17,500) 01-10-97 2,000,000 1,964,000 (38,813) 01-20-97 500,000 483,000 (17,000) 10-01-97 400,000 381,000 19,125 04-01-98 400,000 387, DOC (13,000) 07-10-02 500,000 485,000 (15,000) 02-01-09 466,132 488,000 38,274 09-15-09 255,000 292,000 18,375 11-15-16 790 ,505 793,000 ill,lli) 40,81],637 41,546,750 845,725 05-21-91 $120,466,637 $121,90l,B28 $1,518,365 .. ,. Purchase Price Sa' anee 930,937 998,125 998,750 2,000,000 991, B75 2,437,500 2,003,125 2,000,000 3,000,000 1 t 997 1 SOC! 2,002,813 500,000 361,875 400,000 500,000 449,726 273,625 Sll.424 40,701,025 Sl20,384,463 Page 4 /J'f ~ Or ?erfod Earn.iJlU 53,750 53,750 3,925 5,937 201,862 145,000 $602,258 (P&I) Principal and rnter~st payments monthlY. In~estments with ~aturities of less tnan one year are valued it cost. Purchases since last report are shown in bold type. (a) f~lB .aturfng on May 21, 1991 paid S157,500 in interest and it was reduced by $12,500 due to • purchase premi ... (b) FHlM<: has a callable option, beginning on 8-28-91. (c) FHlB has a callable option, beginning on Il-27-93_ (d) FNMA has a callable option, beginning on 02-12-94. (e> FNKA has a cal1abl. option every interest payment due date (Apr., Oct.). ,f} F~ has a callable option every interest payment due date (Jan., Jul.). CMR:338:91 . .."-----~~--- Work Unit Interest Income $ Effective Annual Rate of RetUrn On Investments S CMR:l38:91 ...... -~~ ',,-"; ... INTEREST INCOIf£ (CA.511 BASlS) IL\~ 31, 1991 Increase To Date To Oat. (Decrease) 1989-90 19S0-n 1990-91 8,501.l91 8.862,751 361,360 8.94 8.60 ( .34) • Page 5 of 5 ~ Of Target -Target To Date 10,000.000 88_63 8.50 101.1 B