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HomeMy WebLinkAbout0461.091~", ~ October 17. 1991 THE H~RABlr crTI COUNCIL Pila Alto, California INVESIMENT ACTIYITY REPO~T FOR SEPTEMBER 1991 Members of the Councl1: This is an informational report and no Council ,[Iction 15 necessary. I~"TE!!EST INCOME Interest income {cas~ basisJ for the month of Se~tember was 5739,142 and for the fi~st three months of 1991-92 totalled S3.5 million, 36 percent of the annual target of $9.8 oil1ion. CURRENI PORTFOLIO The-par value of the CHy's pClrtfolio is appro'ximateh SJ29 mill ion, which consists of S92.2 million, {lr 72 percent. maturing iIIIithin two years. Most of the inlf'estments, $102'.3 million, or 79 percent, are in linited States tOlfernment Securities. The current lIar;:,et value of ttJe portfolio is 101.8 percent of cost. COMPLIANCE WITH INVESTMENT POLICY As of Septercbei" 30. 1991. the investment portfoTia was in compliance with (1.'.1 e1ements of the City's in~estm€nt policy. In October 1991 projectior.s indlcate receipts .. ;11 be S18.0 lIlil1ion; expendit.:res will b: $14.0 million; and $15.2 million in 'in'yestments will Dlature. On the basiS of the above projection, there will be sufficient funds to med Pilo Alto's upenditure rCQuirements for the month of October. BaSed upon the cl!.h flow projections prepared by Trea5~rjl staff for fiscal year 1991-92. there lIIill be sufficient funds from revenues and maturing investments to ~et 111 expenditure require~~nts for the remainder of the fisc.al ye.ar. subrn it t ed.. ~- Financial Analyst CMR:461 :91 E~lll HARRISON Fjnance Director l 1:;; I I //;.. X~f:ttzJ ( JDM Fl EM lNG r ASSistant City an E!r \., .' • '. ~. - '~-". / . ~-, t 0 ,-, , Page I of 6 REPORT OF IW,'ESTMENTS SEPTEMBER 30, 1991 Par Amount 09(10(91 1991-92 08/3J/~1 ay M!\I!!lTY (I n I M ill.i21!..U (\1 Targe:t, (~l Within I mont" S 15.15 11.7 > $5 17 .1 1-3 llanUs 7.00 5.4 3.0 3-6 months 18.50 14.4 9.8 6-9 IAOnths II. CO 8.5 6.1 9-11 months 6.00 4.7 9.8 1-2 ye.rs 34.54 lU J.U WH~iIt 2 years 92.19 7!.5 > 135 68.3 2·5 years 31. 50 14.4 17.7 5-10 ye.rs 3.10 2.5 1.5 10-10 yoars 1.17 .9 .9 20-30 ye.rs _._7~ _._6 ~.§ Over Z years 36.75 lB.5 11.7 TOTAL 128.95 IOO.~ 100% 100.0\\: U IYPE ~F INVE5T1!ENT local Ag€ncy fnvestment fUnd 10.00 7.7 7.5 Hut".l fund . is .1 .1 Certificates of Depos1t; Collateralized 16.50 12.8 14.1 tity of Pal. Alto Bonds . 04 .1 _I t:.S. Treasury 60.50 46.9 45.8 U.S. Agency !LIP. >L~ 2Z..,..i TOTAL 11B.95 100.0% 100% 10~.O% Market Value/Cost 1131.4/129.1 101. 8l; > 95% I a I .4% CMR,461:!l ~=>--.----.----~ .-._--_._---....... ,'. . -" -----~~ - Page 2 of 6 REPORT OF INYESTMENTS SEPTEMBER 30, 1991 purcha,se Int~r'e~t Maturity Pdr Market Unrealiled Price Per10d ~ JiliL --.I!ill..._ 'L~ ~ ~ijn !l.!l~l.) lhl=1L llin.1.I!ll INVESTMENTS .!...Q.cal Agency lnvestment Fund {Z.lBl lAlf 7.00 10-01-91 10,000,000 10,000,000 10,000,000 0 "utu.l Fund (0.12%) I Fid~lity In~estments 5.39 10-01-91 50,000 50,000 50,000 235 ! Franklin Investments 5.25 10-01-91 1'l!I..'Jml l.\t<L.Q9Q lli'.&Q.Q l...M! .... :,. , :'"'- / 150,000 \W,0lI0 150,000 2,119 ' , .. , Cert1fi~ of Oe.o,1t C!2.~ West8M9flc& (Collateral) 5,50 10·02-91 3,OOO,OOll 3,000,000 3.000,000 i I, fidelity federal (Collateral) 7.00 10·29-91 2,000,000 2,000,000 2,000,000 II ,667 I San Franc1sco Fed. (Collateral) 5.65 12·20-91 3,000,000 3,000,000 3,OOll,OOO 15,537 Sumito.o Sank (Collateral) 5.95 12-26-91 2,000,000 2,000,000 2,000,000 Sumitomo dank (Collateral) 5.60 01-27-92 4,500,000 4,500,000 4,500,000 F1del1ty Fed, (Collateral) 5,75 04-27-92 MM&Ql! ..L1lQQ..QQl! Z,QQQ,OlIQ 0 16,500,000 )6,500,COO 16,500,000 27,204 -," Palo Alto Improvement BonA1~JL S~ri @s P 10.95 07·02-93 38,000 38,000 38,000 CM~:461:91 t, , ,,~"':'.!.':""-' ~-, • --" . " -~tf, ~ ..:.....<.; .. _. "~-~_l~~~'~~ v-_ Page 3 of 6 REPORT OF INVESTMENTS SEPTEMBER 30, 1991 Purchase Interest Maturity Par Narket IInrealized Price Period WIlli B~t~ Dit~ 'l!.~ WM... G.«.ln (LQHI Ba]il1te Earnino, ~Ireas~rl (46,9Z~1 Treasury Notes 7.75 11-30-91 2,000,000 2.00!i,625 2,005,625 Treasury Notes 8.13 01-31-92 6,000,000 5,947,734 5,947,734 Treasul"Y Notes B.50 02-29-92 2,000,000 2,002,B13 2,002,613 65,000 Treasury Notes 6.50 03-31-92 4,000,000 3,988,906 3,988,906 170,00 //1 TreaslJry Notes 8.38 0~·30-92 7,000,000 7,014,453 7,014,453 Tre.1sury Notes 8.25 08-15-92 3,000,000 2,977,031 2,977,031 Treasury Notes B.38 11-15-92 2,000,000 2,0~d,000 48,625 2,009,375 Treasury Not~s B.75 01-15-93 2,000,000 2,073,000 63,000 2,010,000 Treasury Notes 8.25 02-15-93 4,500,000 4,643,000 133,625 4,509,375 Tredsury Notes B. J3 06-30-93 3,000,000 3,105,000 89,062 ),OJ5,938 Treilsury Notes B.OO 08-15-93 7,000,000 7,236,000 247,875 6, 98B, 1Z5 Tre<lsury Notes 8.2S 09·30-93 4,000,000 4,164,000 126,062 4,035,936 165,000 Treasury Notes 7.75 11-15-93 B,OOO,OOO 8,258,000 176,437 B,081,563 t Treasul"j Notes 7.63 12-31-93 2,000,000 2,061,000 44,125 2,016,B75 Treasury Notes 7.00 05·15-94 4.QQQ,QOO 4,QZI.QQQ .29...ill 4,QII.m 60,500,000 61,605,562 989,936 60,615,626 420,000 I 1W~~~Cy (32.3B%) t fHlB 6.B5 03·25-92 2,000,000 2,000,000 2,000,000 8B,50; ) FNMA 8.45 05-11-92 2,000,000 2,000,000 2,000,000 • \ fNMA 8.45 07-10-92 2,000,000 2,000_000 2,000,000 , fHl8 8.M 08-25-92 1.000,000 1,000,000 1,000,000 fHlB 9.05 12-28·92 3,000,000 3,111,000 96,000 3,015,000 fNMA 7.95 02-10-93 2,000,000 2,051,000 51,000 2,000,000 ~lMA 10.50 04'22-93 1,000,000 1.064.000 64,000 1,000,000 CMR:461 :91 REPORT OF INVESTMENTS SEPTEMBER 30, Ig91 Inter'@st Maturl ty Par Market ~ _Rd. ~£NCY (Continued) JJi!1~ W!I.f 'li.1lI~_ FNMA 10,75 05-10-93 1,000,000 1,069,000 , ,. h'," p. fHlB 10.75 05·25·93 1,000,000 1,011,000 ,~,':,:'~'t4;,~~": ': fHlB 7.75 07·26·93 1,000,000 1,027,000 .:. fHlB 7.45 08-25-93 2,000,000 2,048,000 :"'';1'','-'<''" -FHLB 7.95 09-17 ·93 1,000,000 1,032,000 '. -~~,'; , .~, ,'.-' ". FHLB 12.15 12·27·93 2,500,000 2,801,000 fHLll 7,55 01·25·94 2,000,000 2,057,000 / fHlB 7.50 06·27-94 5,000,000 5,145,000 fNMA 7.45 07-11-94 3,000,000 3,084,000 ! FHLB (a) 7,95 12-26·95 3,000,000 3,098,000 FNMA (b) 7.70 02·12·96 2,000,000 2,024,000 FNMA 7.60 0]·10·97 2,000,000 2,041,000 fLB 7.3. 0]·ZO-97 500,000 506,000 FNMA (e) 7.40 10-01-97 400,000 394,000 TVA 7.35 04·01·98 400,000 394,000 FNMA (d) B,20 07·10-02 500,000 507,000 FHLMC (P&I) 10.00 02-01·09 442,663 474,000 FHLMC (P&1 Semi·Annually) 12.45 09·15·09 227,000 251,000 GNMA (P&I) 9.00 11·15·16 766,551 _.lli...QQlI 41,756,214 43,071,000 I \ ! CMR:461:91 ,:",! ;!... .. , Purchase Unrealized Price G~llLLLos>1 B.hnee 138,063 930,937 72,675 998,125 28,250 998,750 48,000 2,000,000 40,125 ~91,875 363,500 2,437,500 53,875 2,003,125 57,812 5,OB7,I88 '-!1,203 3,036,797 98,000 3,000,000 26,500 1,997,500 38,187 2,002,813 6,000 500,000 32,125 361,875 (6,000) 400,000 7,000 500,000 47,743 426,257 15,375 245,625 (5.470) 817.470 1,320,163 41,750,837 _.L~~--'._.L ::."Z. Page 4 of 6 Per10d Earnings 39,750 U 3,737 15.874 ~~ 153,767 o - ,. L,..;-, . " .. , • •. ' • ·,.' : ~::" "{#' , / , ' '19 ~t"~ ~ ~at~red ~nd Sold Investments San Fr'ncl,co Fod. (Collateral) (0' fIdelity fed. (Collateral) fidelity Fed. (toll.toral) Sumltomo Bank (Collateral) FUtH FidelIty fed. (Coll.tor.') RF.PORT OF INVESTMENTS SEPTEM8f~ 30, 1991 Interest Maturity RiliL. Oat. 5.80 6,25 6.10 5.90 7.40 6.10 08-29-91 09-09-91 09-Z!I-91 09 .. :tS·91 09·25-91 09-26-91 Par ~ Market ~ Unro.llted Ga1n (l2S~d Page 5 of 6 Purchd.!;;e Price ~ ,~!.;,"Y:.u .--- Period (.min"" 13.533 4.23l ) 6.43( 66,375 37.000 8,472 TOTAt INVEST~£HTS (100%) $128,944,214 $131.364,562 $2,310,099 $129,054.461 $739.142 (P&I) fJriocipill a.nd Interest J)ay~nts monthly. InvesttJ'Jpnts with maturHiel of less than one year are valued at cost. Pur£h~s~s since la~t repott are ~hown in bald type. (al FHL8 h.s a canabl. option. beginning on Il-27-93. (b) FNMA has. callable option. beginning on 02-12-94. (e) F#MA has a callable option every interest payment du@ date (Apf •• Oct. I. <oJ fNMA has a callable option every int.rest paY""'nt due date (Jan .• Jul.). <el San Fronel,eo red. CD "aturinq 06-29-91 paid Interest on 09-03-91. ",) CHR:461 :91 \ :'\' , ,., . ,. ..." " .,' " :I~ ~, ,"~ .. ,;'" " • '"'. "'."', "c:, , • .' ,,' 1~~t~!~£1,~~r" 'I'f{~ ,/"~ '" .• ~:: :" i"">~' \ , . Work Unit Interest Income S Effective Annual Rate of Return On Inyestments. % CMR:461:91 IHTE~EST INCO~E (CASH BASIS) SEPTEMBER 30, 1991 !nc:rease o Page 6 of 6 % Of To vate To D,t. (Deer.,se) Target :990-91 1991-91 1991-92 Target To Date l,691,149 3,550,493 B59,344 9,800,000 36.33 B.70 7.94 (.75) B.lO 96.83 ~ I ,