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HomeMy WebLinkAbout0420.091I • -I I j --.... -----~------..-.--. ~, ~ ... . '.' .... ' ~ ~ " ~ . ," September 12, 1991 THE HO~ORABlE CITY COUNCIL Palo Alto, Califcrnia INYHTMENT ACTlYITY REPORLfQRJULY 1991 Members of the Council: Thii is an infor~ation report and no Council action is necessaty. INTEREST INCOM~ Interest income {cash basls) for the month of July was 51,406,842, 14 percent of the an~ua' target of 59.8 million. ~URRENT PO~TFOLIO The par \lalue of the City's portfolio ;s approx;.r-ately $128 minion, whfch consists of $84.0 million, or 66 percent, maturing wit"-in two years. Most of the investments. $98.3 million, or 77 rercent, are irl United States Government Securities. T~e current market value of the portfolio ;~ 101.1 percent of cost. COMPLIANCE1IIH INVESTMENT POLICY A'S of July 31~ 1;91, the in'.'est.~ent portfolio was in corrlpliance \!lith all elements of the City's. inv€.-::.t1Ti;:,nt policy. Ir\ ALl.gLJ~t 1991 ~rQj.ect1N'S ir,dic.ated recei~ts wo~Tj be 511.9 million; expenditures would be 511.4 million; and 517.0 million in irwE!stments matured. On the bas-is of the abo~'e projection, there were sufficient funds to meet PaTo Alto's expenditure requirements for the month of ta.ugust. Based upon the cash flow projections prepa:-ed by Treasury staff for fiscal year 1991·92, there ~11T be sufficient funds frDm revenues and maturi~g investments to invest all exp€nditure req1..drements fDr the remainder of the fiscal year. ~.ell.fU ~·Jbmitt.o, G)~ '. "\1. ~_ '-~~~~\\N~ U1J.L-I't~ El --=:::,. . I l . I $ G~ n EM I N G ial Analyst Finance Director Assistant City Manager CM~:420:91 L J I'"' '- • Page I of 5 REPOR~ OF I HVESTMENTS JULY 31, 199J Par Amo~nt 07/31/91 1991-92 06/30/91 ( In $ M i 1.l.i.rul.U --..l!l ________ ~ I~_!~ (%l BY ~~TURITY it.Hthtn I montn I 17 .OD ll.l > 16 12. I 1~3 months 14.50 11.3 12_4 l-6 month s 10.00 7.8 4.8 6~9 months 8.00 6.3 II. 2 9-12 months 9.00 7.0 7.2 1·2 yean Zi,S_O l.O~ ...£Q.j Within 2 years 84.00 65.7 > Sl5 68.! 2~5 'years 38.54 30.1 27.7 5~lO years l.30 2.6 2.6 lC~20 years I. 21 I. a 1.0 20~30 years _.ill. .J; _.6 Over 2 years 43.85 34.3 31. 9 TOT.~L 127.04 100.0% I OO~~ 100.0% ~_Y TYPE Of INVESTMENT Local Agency fnvestment Fur,d 10.00 7.8 8.0 Mutual Fund 1.00 .8 _I Certificates of Deposit: Collateral iz€d 18. SO 14A 16.4 City of Pale Alto Bends .04 .1 _I U.S. Treasury 59.50 45.8 43.6 U.S. Age;"lcy ), ·M ~U ..J.)~ TOTAL 127 .84 IOO.O~~ 100% 100.0% Market Value/Cost 5129.2/127.8 101.1%) 95% 101. 0% (HR:420 :91 --' .. __ ._-_.-..... - P.y, 1 of 6 REPORT OF INVESTMENTS JULY 31, 1991 Purctlase Interest Maturit,Y P.r Market Unrealized Price Period SOURCE Ra.k ______ Date value l'..iJ.J!g Gain (Loss) BililJce_ Earnings INVESTMENTS lacal AgeJ!.~Y.Jnvestrnent Fund (1._~1%1 LAIF 7.10 08-01-91 10,000,000 10,000,000 10,000,000 177,3. Kutual fund (O.IS%) Fid.lit, Investments 5.66 08·01-91 50,000 50,000 50.CO~ III Franklin Investments 5.63 07-01-91 950,000 .~ __ ~.o~_Q.Q 950.0QQ ill 1,000,000 1,000.000 1,000,000 463 Certificates.cf Deposit (14.47\] San Francisco Federal (Collateral) 5.80 08-29-91 3 J OOQ,OOO 3,000,000 3,000,000 14 ,500 Fidel ity Federal (Col Tater.l) 6.15 09-09-91 3,000,000 3,000,000 3,000,000 15,~19 Fidelity Feder.l (Coll.ter.l) 5.10 09-10-91 1,000,000 1,000,000 1,000, 000 12,100 Sumitomo B.nk «(oll.ter.l) 5.90 09-15·91 4,500,000 4,500,000 4,500,000 Fidelity Feder.l (Col!.ter.l) 6.10 0926-91 1,000,000 1,000,000 2,000,000 12,539 fidelity Federal (Coll.ter.l) 7.00 10-29-91 1,000,000 1,000,000 2,000,000 ~7_~ Sumitomo Bank «(011.ter.1) 5 .95 12-26-91 ..£,.,000.0.00 -2,OOO.00Q Z.OOQ.OOO 18,500,000 18,500,000 18,500,000 79,390 ~~lo Alto Im2rovement Sond, 1&3%1 Series P 10.95 07·02-93 38,000 38,000 38,000 3,Oll CMR:410:9! ~OURCE U.S. Tre,su.rL(45.76~) Treasury Notes Trea~tJry Notes Treasury Notes Treasury ~jotes Treasury Notes Treil,5vry Notes Treasury ~otes Treasury Notes Treasury Note~ Treasury Notes Treasury Notes Treasury Notes Treasury Notes Treasury Notes Trea.sury Notes !!."S. AGENCY (31.13%) FNHA fHlB fHlB FHl8 FNMA fNHA FMlB FHlB FNM ... SlMA CMR:420: 91 ---~::c-----"--------. " ,,,:-:-~.;;,~--,;, REPORT OF IN,ESTMENTS JULY 31, 199j Ir1tere~t Maturity Par Market __ Rate __ ®J: __ ~ __ ~al u.§. Val!Je 7.75 JI·30-91 2,000,000 1,005,615 8.13 01-31·91 6,000,000 5,947,734 8.50 0<-19·92 2,000,000 1,001,813 8,50 03-31-92 4,000,000 3,938,906 8.38 06·30-92 7,000,000 7,014,453 B.15 08·15-92 3,000,000 3,055,000 8,38 11-15·92 2,000,000 1,044,000 8,75 01-1593 2,000,000 1,049,000 B.15 01-1593 4,500,000 4,601,000 8.13 06-30-93 3,000,000 3,07C,OOO 8.00 0815-93 7,000,000 7,144,000 8.15 09·30-93 4,000,000 4,105,000 7.75 09-30·93 8,000,000 8,128,000 7,63 12-31-93 2,000,000 2,027,000 7.00 05-15-94 -.LOOO.OOO _1,993,000 58,SOO,ODG 59,175,53 I 8.40 0,9-12-91 1,000,000 1,000,000 7.20 08·26-91 2,000, 000 2,CI8,750 7.40 09·25 91 1,000,COO 1,000,000 8.85 03·25-92 2,000,000 2,000,000 8.45 05-11·92 2,000,000 2,000,000 8.45 07-10·92 2,000,000 2,000,000 8.60 08 -2 5-92 1,000,000 1,021,000 9.05 12·2S-92 3,000,000 3,091,000 7.95 02-]0-93 2,000,000 2,036,000 10.50 04·22-93 1,000,Oeo 1,057,000 Page 3 of 6 Purchase Unr-eal ized Pric,," PeriCld Gain floss} BC!tan~ [arnin9~ 1,005,015 5,947,734 243,750 2,002,813 193,121ft 3.988,906 7,014,453 77,969 1,977,031 34,625 1,009,375 39,{lOO 2,010,000 87,500 91,625 4,509,375 54,062 3,015,938 121,875 155,875 6,9B8,125 69,062 4,035,938 46,437 8, OBI, 563 10,125 2,016,875 _ 3,Qoo 1,990,000 58i ,780 58,593,751 746,250 1,000,000 r""\. 2,018,750 \....;J 1,000,000 2,000,000 2,000,000 2,000,000 84,500 2l,O{lC 1,000,000 76 ,OO{) 3,015,000 36,000 2,000,000 57,000 1,000,000 1 Page 4 of 6 REPORT OF INVES1KEN,S JULY 31, 1931 Purc~as.!! Interest Maturity Par Market Unreallzed Price Period ~OURCE ~------------~ ~ll~~ Val ue ~tLJ1om Ba,lan!:;;e farnirrgs; U.~. AGENgV (Continued) fNMA 10.7S 05·10·93 1.000,000 1,063,000 IlZ.053 930.937 e fHl B 10.75 05·Z5 93 I, 000. 000 1.064.000 65,875 99B.125 FIlLS 7.75 07·16·93 ),000,000 1,015,000 16.150 998.750 38,750 fHLS 7.45 08·25·93 Z,OOO.OOO I,DZl,OOO 21,OCO 1,000,000 fHIB 7.95 09·U·9] 1,000,000 1.018.000 26, 115 991.875 FHIS 12.15 11·27·93 1.500,000 1,755,000 317,500 2,437,500 fHLB 7.55 01·15·94 2,000,OilO 2,013.000 9,875 2,003.115 75,500 FHLMC (b) 8.80 08·18·95 Z,OOO,OOO 2,011,000 !l,OOO 2,000,000 FHIS (ej 7.95 12·26·95 3,000.000 3,032,000 31,000 3,000,000 FNMA (d) 7.70 02·12·96 1,000,000 1.981,000 (16, SOO) 1,997,500 FNMA 7.50 01·10·97 1,000,000 1,969,000 (33,813) 2,002,813 76,000 fLB 7.35 01·20·97 500,CDO 487,000 (13,000) 500,000 18,375 fNM (e) 7.40 10 01·97 400,000 379,000 17,125 161,875 TVA 7. 3S 04·01·98 400.000 379,000 (11,000) ~OO,OO~ fNMA (f) 8.10 07·)0·01 500.000 4B2,000 (18, 000) 500,000 20,500 fHL~.c (PU) 10.00 02·0)·09 4,5,472 479,000 39.934 439,05& 3,851 FHLHC (P&I Semi·Annually) 12.45 09·15·09 255,000 193,000 19,375 173,615 GNI'.~ (PlI) 900 11·15 15 _....Lee.319 791,000 lllill§) 619,23§ 5.92 0 39, 79S. 791 40,456.75) 7£8,571 39,688,1;9 323,397 CMR;410:91 .~. - ··(;:t,· •. . "" : Fidelity Feder.l (Cellateral) (a) Slendale Fedoral (Collateral) W.st.m.r!t, 8an~ (Coll.toral) REPORT OF INVESTMENTS JULY 31, 1991 Interest M~turity Par 1uue Hate Date 6.~5 7.65 5.80 06-26-91 07-01-91 07-29-91 • • -I> \ Unrealized ~lL.(J_P5·il rag. 5 ef 6 P:Jrcnase Price Balance • Period Earnings 8,958 58,OIl. 9,97 TOTAL INVESTMENTS (l0~) Sl27,B36,791 SI29,I70,281 $1,350,351 $127,819,930 $1,406,842 (PIJ) Principal and Interest payments mont~ly. Invest~ent5 with maturities of less than one year are valued at cost. Purchases since last report are sho]ljn in bo1d type. (a) The Fidelity CD maturing 6-26-91 ~ad an interest p~yment of S81~58 which was receive~ en 1-1-91. (b) FHLMC h,s • c.llable option, beginning on B-1B-91. (e) FHtB has a callahle option, beg~nning on j2-27-93. (d) FNMA has a callable opticn, beginning Qn Ol-JZ-94. (el FNMA has a callable option every interest payment due date (Apr.~ Oct.). 'fJ FNMA has a ;;:alhble option e .... ery interest paymer,t due date (Jan., Ju.l.). CMR:420:91 - / , , • '- Interest fncome Effect;~e Annual Rate of Return On Investments CMR:420:91 () Work !mit S % INTEREST INCOME (CASH BASIS) JUl! 31,1991 Increase To Date To Date (Deerea)e) 1990-91 1991-92 1991-9L 1. 458, 672 1,406,842 (51,830) 8.90 7.93 ( . 97 ) • Pag,6of6 \ Of Target ~~--~ To Dat" 9,800,000 14 .36 8.20 96.71 • --~--, ,--- (LI,IHJ(',\Il: OF ,,\[,1111.\ I!( II Y Oi.L 2 3 clf .............................. ,_ Me accurate and cO[Tlpl-:.'k reproJut,'cions of _ In the re-gul:.u C011: se of businc5..<;. ('.Ir microfi Iming Ll>te produ",d: ,:J]<'=~_,.:23L_ 20 c,;l, [\.·fonth Da) PI,,!,::;:. ~_unm:~AJt~ ~A 94086 Cit) State-7ir . , , " ·1 .... . .' END OF REEL PLEASE REWIND -.-' .' ., , " - r-­ F \ "" " /" IMAGE EVALUATION TeST TARGET (MT-3) .-. \ • if "\' , '" ---" . ,~ I , I ;, .\:i!' \' -,.,,' ~]