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HomeMy WebLinkAbout0432.091I I "I I ~staL~..& ~/ qJ"\llIl ___ _ September 19, i99i THE HONORAB LE (l TV COUNC I L P.lo Alto, C.lifornia INVESTMENT ACTIYITY REPORT FOR AUGUST 1991 Members of the Counc; 1 : T~i~ is in information report and no Council action is necessary~ INTEREST INCOME Interest income (cash basis' for the month of August ~as SI.110,493 and for the first two months of 1991-92 totalled $2.5 million, 26 percent of the annual target of S9.S million" CURRENT PORTFOLIO The par value of the Cilyls portfOlio is appro)(imateTy S132 million. which consists of 590.2 million, or 68 percent, maturing within two years. Host of the investments, $103.3 million, or 78 percent. ar-e in United States GO'w'ernment SecuritiEs. The current market value of the p{Jrtfol;o is 101.4 percent of cost. COIIPLlAHCE WITH INVESTIIENT POLICY As of August 31, 1991, tne investment portfolio ..... as in tompliance ..,ith i!l elements of the City's inllestment policy. In September 1991 projections indicate r~teipts ..,i11 be $16.2 million; expenditures will be SIS.S million; and $22.7 ~i'l'on 'n investments will mature. On the basis of the above projection, there w,ll be sufficient funds to me~t Palo Alto's expenditure requirements for the month of September. Based u~on the cash fiow projections prepared by Treasury staff for fjscal year 1991-92. there ... '11 be sllffic;er,t fund.s from revenues and maturing inllestments to meet ili expenditure reqUirements for the remainder of the fiscal year. A~spectf. lly submitted, -"', I r. I...:: I. /. 1_ ,_, <) ..... EMilY HARRISOII " . " ," '" ~<--,,,-.II-.-/ ._ ... T ... .t 'I JUNE FlfMING ' f j nante D i rec tor ASSistant C~ty Ma~ager "'--_ .... - 0 0 RlPORT Of INVESTMENTS Pagelof6 AUGUST 31, Iqg! Par Amount 08/31/91 1991·92 e7/31/!1 {In I Hill iontl '~I Target '~I BY MATURlTY Within 1 month I 12.65 17.1 > 16 13.3 1·3 months 4.00 3.0 I I.l 3·6 months 13,00 9.a 7.a 6~9 months a.oo 6.1 6.3 9·11 mooths 13. 00 g.a 7.0 1-1 years ~ ll...J. .lQ..Q Within 2 years 90.19 1;0,3 ) 135 65.7 2-5 years. 36.50 27.7 30.1 5-10 years. 3.30 1.5 1.6 10·20 years I. 20 .9 1.0 20·30 years --...o.ll --.~ ~ Over 2 years 41. 79 31.7 34,3 TOTAL 131. 98 100.0l:. 10 Ol:. 100.0l:. I~ IY~~ OF INVESTMENT Loca' Agency In¥estment Fund 10,00 7.5 7.8 Hutual Fund .15 . I .8 Certiftcates of DepOSit: Collateralized 18.50 14.1 14.4 Citl of Palo Alto Bonds .04 .1 . I U.S. Treasury 60.50 45.8 45.S U.S. Agency 4l.79 :!U .}Ll TOTAL 1ll.98 100.0% lOO~ 100.0l:. Harket iilue/Cost 1133.9/131.1 101.4%) 95% 101.1% CMR:432:91 -:-./' ·{' Page l of 6 REPORT OF INVESTMENTS AUGUST 31, U91 Purchase Tnti!rest MdtlJri ty Par Market Unreal1 zed Pr;c~ Period glURCE ~e __ .I:lliL-Value JNVESTMENTS Valutl G. iJLJlQll) 6ilhrce E~rnin!!i t oca 1 A.9.~nc)· Ir.vestment Fund (7.5~1 LAIF 7 JJ: CS-Cl-~l 10,QOO,OOO la, COO,OOO 10,000,000 • Mutual Fund (O.IIXl Fidelity Investments 5.40 09-01-91 50,000 50,000 50,000 240 franklin In~estments 5.48 09-01-91 100,000 !QQ..Q.M 100,000 i.ln 150,000 150,000 150,000 4,518 Certificates of !!g~oslt (U.O~l Fidelity Federal {tollateral) 6.25 09-0.-91 3,000,000 3,000,000 3,000,000 16,146 fidelity roderal (Coilatera1) 5,10 09-20-91 2,000,000 2,000,000 2,000,000 10,506 Sumit"",. Bank (C"llateral) 5.90 09-25-91 4,500,000 4,500,000 4,500,000 fidelity Federal (Collateral) 6.10 09-26-91 2,000,000 2,000,000 2,000,000 10,Sas Fidelity rederal lColl.tera1) 1.00 10-29-91 2,OOO,C-) 2,000,000 2,000,000 12,056 San Franclsco Federal (Co'lateral) 5,65 12-20·91 3.000.000 3,000.000 3,000,000 Sumitomo Bank (Col1.teral) 5.95 12-25-91 2,000,00] 2,000,000 2.000.000 • 18,500,000 18,500,000 18,500,000 49,214 Palo Alto I~prov~nt londs !.03~1 Series P 10.95 07-02-93 38,000 38,000 38,000 CMR:432:~1 -/ Fage 3 of 6 REPORT Of lNYEST"EKTS AUGUST ll, ~991 Purchase Interest Maturity Par MarK2t i..InreaTized Prjc.e Period SO!!RU _R.<)_~ ___ Date Vallie ~JJ!L ~toss) Baljncg E~rn;ngs U4S, TreiJjsurx: [45.84%) Trusury Notes 7.75 11-30·91 2,000,000 2,005,625 1,005,615 Treasury Notes 8.13 01·31-91 6,000,000 5,941,734 5,947,734 Treasury Notes 8.50 01-19-91 1,OOO,eoo 1,001,813 2,001,813 • Treasury Notes 8.50 03-31·91 4,000,000 3,988,905 3,988,906 Treasurv Notes 8.36 05-30-91 7,000,000 7,Oi4,4S3 7,OH,4Sl Treasury Notes 8.15 08-15·91 3,000,000 1,977,031 1,977,031 123,750 Trea:iury Notes 8.38 11-15·91 1,000 ,000 1,OS3,000 43,615 1,009,375 Treasury NotEs B.75 01-15-93 1,000,000 1,009,000 59,000 1,010,000 Trusury Notes 8.15 Ol-IS-93 4,500,000 4,618, 000 118,625 4,509,375 185,615 Treasury Hates 8.13 05-30·93 l,OOO,Ooo 3,095,000 79,061 3,015,938 Treasury Notes 8.00 08·15-93 7,000,000 7,203,000 214,875 6,988,125 280,000 Treasury Notes 8.25 09-30-9.3 4,000,000 4,143,000 107,062 4,035,938 Treas.ury Note:;; 7.75 09-30·93 8,000,000 8,205,000 123,437 8,081,563 Treasury NCites. 1.63 12·31-93 2,000,000 2,048,000 31,125 1,015,875 Trea su ry Notes 7.00 05-15-94 -.!.,.OOO.OOO 4,040.000 ~j!~ 4_011.815 60,500,000 61,420,561 804,935 60,515,525 589,315 U.S. AGENCY (31_4~1 FHt8 7.40 09-25-91 !, 000,000 1,000,000 1,000,000 • FHl8 B.85 03·25-91 2,000,000 1,000,000 2,000,000 fNHA 8.45 05-11·92 1,000,000 1,000,000 2,000,000 fNKA 8.45 07-10-92 1,000,000 2,000,000 2,000,000 FHlB 8.60 08-15-92 1,000,000 II02i,OOO 1,000,000 43,000 FHtB 9.05 11-18-91 3,000,000 3,104,000 89,000 3,015,000 fNMA 7.95 02-10-93 2,000,000 2,045,000 45,000 1,000,000 79,500 Sll'tA 10.50 04·22-93 !, 000, 000 1,061,000 61,000 1,000,000 CMR:432:91 REPORT OF INYE5T~EHTS AUGUST 31, 1991 P1Jrchase Interest Maturity Par Market Unreal hed Price Period Will Rate Qate Valu,g VaJue Gain (loss) Balanc!:! E!lrniDg~ U.S. A6EHC~ (Continued) FNl'IA 10.75 05-10-93 1.000,000 1,057,000 136, 063 930,937 FHlB iO.75 05-25-93 1,000,000 1,05B,OaO 59, Bl5 998,125 FHlB 7.75 07-25-93 1,000,000 1,011,000 13,250 998,750 FHLB 7 _45 08-25-93 1,000,000 2,036,000 35,000 2,000,000 74,SOO FHlB 7.95 09-17-93 1,000,000 1,026,000 34,115 991,875 FHlB 12 _IS 11-27-93 1,500,000 1,771,000 334,500 2,437,500 • FHLB 7.55 01-25-94 1,000,000 2,032,000 18,875 2,003,115 fHLB 7.50 06-27-94 5,000,000 ~,09Z.000 4,812 5,OB7,188 FIIItA 7.45 07-11-94 3.000,000 3,053,000 16,203 3,036,797 FHlB (d) 7.95 11-16-95 3,000,000 3,082,000 81,000 3,000,000 FNHA (e) 7.70 02-11-96 1,000,000 1,01 I ,000 13,500 1,997,500 77,428 FNl'IA 7_60 01-10-97 2,000,000 2,006,000 3,187 2,002,813 FL3 7.35 01-10-97 500,000 496,000 (4,000) 500,000 FNHA (f) 7.40 10-01-9/ .400,000 386,000 24,125 351,875 TVA 7 _35 04-01-98 400,000 386,000 (14,000) 400,000 FHHA (9) 8.10 07-10-01 500,000 494,000 (6,000) 500,000 FHlKC (PlJ) 10.00 01-01-09 448,449 476,000 43,957 432,043 3,796 FHlMC (P&I SemI-Annually) 12_45 09-JS-O~ 255,000 292,000 18,375 273,625 GNIIA (P&l) 9.00 11-;;-16 _..l~z.g 801,OOC 06,3S7l _81~,3S7 5,912 42,790,B87 43,810,000 1,024,490 U,785,510 184,136 • CMR:412:91 FIIIIA FHlB Ca) Son fr.ncisco Fed. (Collater.l)(b) fHLMC (e) " ) REPORT OF INVESTMENTS AUGUST lI, 1991 Interest Maturity Par )' a 1 ue Rate Date 8.40 1.20 5.BO 8.90 08-12-91 08-26-91 08-29-91 08-28-95 Market hlue • Unrealized Gain Iloss) PUrchase ?rice Ba1anc~ PEriod Earnings 42,000 53,250. sa,ooi!" TOTAL INVESTMENTS (100-.1) $131,978,887 $133,918,562 $1,829,425 $132,089,136 $1,110,493 (P&IJ Principal and Interest payments mont~ly. In¥estments wlth maturities of less than ene year are va1ued at cost. Furchases sinc! last report are shown in bold type. (~} FHlB maturing on e-26-91 paid S72,OOO intere$t minus $18,150 purchase premium. (h} Sar. Francisco fed. CD lnterest was n~t received ~ntil 9-3-91 ~nd w111 be refl~cted i~ the September report. {cJ FHU1.c originally m.attJrfng on 8-28-95 had its (Jne-y~:tar cal~able option exercised on 8-28-9J. (d) FHlB has a callable option, beginning en ;2-27·93. (e) F~A has a callable optio~. beginning on 2-12-94. (f) fNMA has a callable option every interest payment due date (Apr., Oct.). (g) FNMA ~a5 a callable option avery interest payment due date (Jan., Jul.). CHR:431:91 • fnterest IncDme ~,ffective Annual Rate of Return On Investment s Cl4R:432:91 ,--... liork Unit I~Eft~ST j"con£ (CASH aAsJsJ AUGUST 3l, 1991 Increase To D.te To Date (Decrease-j 1990-91 1991-91 1991-91 S 1,319,910 1,517,335 197.415 % 8.68 7.93 (.75) Page 5 of 6 % Of Target J..il:£.~.L To Date 9,800,000 15 69 8.10 96.7J