HomeMy WebLinkAbout0503.091t~ov.rnb.r 14. 1991
THE HONORABLE CITY COUNCiL
Pil~ A1to, talifornia
INYESTMElIT ACTiVITY REPORT FOR OCTOBER 1991
Members of the Council:
This is an informational report and no Council actfo~ is necessary.
INTEREST INCOME
Interest income (cash basis) fer the month of October was S284,960 and for the
first four mont~s of 1991-92 total',€-j 53.S million, 36 percent of the Clnnual
target of $9.8 million.
CURREN! PORTFOLIO
The par va.1Lle of tne City's portfolio is approximately SI32 million, which
consists af $95.2 million, or 72 percent, maturing within two years. Most of the
investments, $102.3 million, or 77 percent, are in United States Government
Secu'l"i:ties. The current market lIalue of the portfolio is 102.0 percent of cost.
In October, the State of Cal ifornia local Agency Investment Fund (LAIF) pool
increa~ed the maximum amot!nt allowed for deposit from SHI mill i.on to SIS mnlian.
Staff In,,€sted the addH.ional funds, since the pool is currently earning a higher
rate than other similar instruments.
CONPLI!!!ICE WITH INY~STMENT pOLIty
As of October ll, 1991, the investment portfolio ~as in compliance with all
elements of the City'!: investment policy. In No~rembe!'" 1991, ~rojections indicate
receipts will be Sl3.6 million; expenditures will be S15.5 m111ion; arid 520.2
million in invest~erlts will mature. On the basis of the above projection, th~re
will be sufficient funds to meet Palo Alto's expenditure requirements for the
month of November. Based upon the cash flow projections rrepared by Treasury
staff for fiscal yea:", 1991-92, there will be sufficient funds from revenues and
maturing investments to meet ail exp~nditure requirements for the remainder of
the fiscal year. 0t~
EM ILV HARR I SON ~
Fi~ance Director Assistant City Manager
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BY ~.ATlIRITY
W'lthin I month
1-3 montns
3-& months
6-9 months
9-12 months
]-2 years
Within 2 years
2-5 years
5-10 years
10-20 ye.rs
20-30 years
Over 2 years
TOTAL
BY TYPE OF HIYESTMEN"[
Local Agency Investment Fund
Mutual Fund
Certificates of Oepo~lt:
Collateralized
City of P.lo Alto Bonds
U.S. TreCisury
U.S. Agency
~arket Value/Cost
CMR:503:91
TorAl
REPORT 0' INVESTMENTS
OCTOBER 31, 1991
Pagel of 6
Par ArnOU"t le/31191 H91-92 09/30/91
(.ill...Ll!illionsl (%' Target_-La...
5 10.15
15.10
10.00
II. 00
4.00
34.54
95.19
31.50
3.30
1.16
_._7~
36.75
131.94
15.00
.15
14.50
.04
50.50
41. 75
131.94
1134.7/132.0
15.3
11.7
7.6
8.3
3.0
il...Z
72. I
23.9
2.5
.9
_._6
17.9
100.0%
IL4
. I
11. 0
.1
45.8
JU
100.0%
> 56
> 135
100%
jQl));
102.1)); > 95l!;
Il.7
5.4
14 .4
8.5
4.7
_ZU
71. 5
24.1
2.6
_9
~
18.S
100.0%
7.7
. I
12.8
.1
46.9
..J£J
100.0%
101.8%
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IntHest rumu: Ra!.~ INVESTMENTS
~cal A •• ncy Investment FJUHLJUJ~
IF 6,69
Mutual Fynd (0,11%)
Fidelity Investments 5,07 Franklin Investments 5,05
~t1f1~~tes Qf ~e~Qsit (lO.99%)
Nestamerica (Collateral) 5,30 San Franc i sco Fed, (Collateral) 5,65 Sumitomo Bank (Collater.l) 5,95 Sumitomo Bank (Coll.teral) 5,60
(r1lty Fed. (Coll.teral) 5.75
P.lQ Al~Q Im~rQy~m.nt BQnds (,Q~~l
Series P 10.95
CMR:S03:91
REPORT OF INVESTMENTS
OCTOBER 31, 1991
Maturity Par Market Qate WJ!!t 'LiI1J!!t
11-01-91 15,000,000 15,000,000
II -01-91 50,000 50,000 11-01-91 lQQ...QQQ lQ!W1Qll
150,000 150,000
11-14-91 3,000,000 3,000,000
12-20-91 3,000,000 3,000,000
12-26-91 2,000,000 2,000,000
01-27-92 4,500,000 4,500,000
04-27-92 2,000,000 2,DQO,OOQ
14,500,000 14,500,000
07'02-93 38,000 38,000
" Y"-")""T.'-""IT'7I'f''''W'''!,
Pag. 2 of 6
Purchase
Unrealized Price Period
~1JLl1.!lll) ~-Earninas
15,000,000 174,912
50,000 220
lQ~.Ql1 ill -, .. ,-'
f .', "" 150,000 656 ., "
3,000,000 "-
3,000,000 14,596
2,000,000
4,500,000 "
-L.QQ9...9.Ql1 I
14,500,000 14,596
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38,000
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REPORT OF INVESTMENTS
Page 3 of E
OCTOBER 31, 1991
Purchcl.se
Interest ~.turit.y Par M.rke! Unrealized Pric~ Period
~ Rilte Date Val Up, ~ li.WI (Loss) B~ £atn-ings
U,S, Treasury (45,85~ !i.;~,'· ;>-',' k:'~;}f
Treasury Notes 7.75 1I-30-91 2,000,000 2,005,625 2,005,625 ': ./.;~, .':!;"-n-. ... .... \. Trea.sury Notes 0.13 01-31-92 13,000,000 5,947,7J4 5,947,734 :-'. '\~.X;;'!1:.~~it:·, >':l\'~ . /1>,.·, ('"easury Not~s 8.50 02-29-92 2,000,000 2,002,813 2,001,813 ·WP'",·.·','. • .. ·i .,:\. kasury Notes 8.50 03-31-92 4,000,000 3,98B,906 3,938,906 ",;{~,}:,:~~~( f,~~d '.'d!-,~ '\~'" '"
j Treasury Notes a.38 06-30-92 7,000,000 7,014,45] 7,014,453
Treasury Notes 8.25 08-15-92 3,000,000 2,977,031 2,971,031 .. '.\ . --~, , I Treasury Notes B.38 11-15-92 2,000,000 2,061,000 51.625 ",009,)75 -I ,
lreasury Notes 8.75 01-15-93 2,000,000 Z,078,000 68,000 2,010,000
Tfeasury Notes 0.25 02-)5-93 4,500,000 4,655, 000 145,625 4,509,375
Trea.sl.Jry Notes 8.13 06-30·93 3,000,000 3,117.000 101,062 3,015,938
Treasury Notes 8.00 08·)5-93 7,000,000 7,269,000 280,8/5 6,986,125
lr~asury Note!t 8.25 09-30-93 4,000,000 4,181,000 145,062 4,035,938
Treasury Note!; 7.75 11-15-93 8,000,000 8,303,000 221.437 8,081,563
Treasury Noles 7.63 12-31-93 l:!,OOO,QOO 2,073,000 56,~2~ 2,016,875 . .
Treasury Notes 7.00 05-15·94 ~Q.Q.Q 4,IOQ,QQQ ..Ml.....l.Z,:; 4,Q!1.~7'
60,500,000 61,773,562 1,157,936 60,615,626 0
U,S. AGENCY (31.~
('11.6 8.85 03-25-92 2,000,000 2,000,000 2,000,000
, .JMA 8.45 05-11-92 2,000,000 2,000,000 2,000,GOO
FNMA 8.45 07·10·92 2,000,000 2,000,000 2,000,000
FHlB 8.60 08-25·92 ),000,000 1,000,000 1,000,000
FHlB 9.05 12-28-92 3,000,000 3,116,000 101,000 3.0l!i.OOO
FNHA 7,95 OZ-10·93 2,000,000 2,050,000 58,000 Z,OOO,OCO
SlMA 10.50 04'22-93 1,000,000 1,066,000 66,000 1,000,000 52,500
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CMR:503:91 i.
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REPORT OF I~VESTMEHTS
P.ge 4 of 6
OCTOBER 31, 1991
Pllrtha.s~
1nterest Maturity Par Market Unrealized Price Pe .. iod
~ Bate ~llL ~ Yill!L G.l" (LQSs) Balance E.mIirm U.S. AGENJi( (Continued)
FNMA 10.75 05-10-93 1,000.000 1,071,000 140,063 930,937
FHLS 10,75 05-25-93 1,000,000 1,073,000 74,S75 998,125
FHLS 7.7~ 07-26-93 1,000,000 1,032,000 33,250 998,750 r4'i·1I'fJJ';;'¥,f.1'PO)~ ,-'" ' -<>.
FHLB 7.45 08-25-93 2,000,000 2,056,000 56,000 2,000,000 :,J.~.~!:~:~. ~~l~--'·· ';;:'I~ " as 7.95 09-27-93 1,000,000 1,036,000 44,125 991.875
• B Il. 15 12-27-93 2,500,000 2,807,000 369,500 2,437,500
/ FHLS 7.55 01-25-94 2,000,000 2,OM,OOO 64,875 2.003,125 r" ...... '., L~~,,!, ' ,;A,", /
I FHLB 7.50 06-27-94 5,000,000 5,173,000 85,017. 5,087,188 _ ,'A :; ~. • FNHA 7.45 07 -11-94 3,000,000 3,100,000 63,203 3,036.797 '.
FHLB (a) 7.95 12-26-95 3,000,000 3,128,000 128,000 3,000,000 ' .
FNHA (b) 7.70 02-12-96 1,000,000 2,065,000 61,500 1,997,5UO C'
FIlMA 7.60 01-10-91 2,000,000 2,055,000 52,187 1,001,813
FLB 7.35 01-10-97 500,000 507,000 7,000 500 , DUO
fNMA (c) 7.40 10-01-97 400,000 397,000 35,115 361,875 14,800
TVA 7.35 04-01-98 400,000 397,000 (3,000) 400,000 14,700
FNMA (d) 8.10 07-10-01 500,000 507,000 7,000 500,000 "'.
FHlMC (P&I) 10.00 01-01-09 431,418 472,000 50,988 421,011 3,68'
FHLMC (P&l Semi -Annually) 12.45 09-1,-09 227,000 161,000 15,375 245,625
GNMA (P&I) 9.00 11-15-16 ZS5 1 ~2~ ----.!IJJ!...QQQ ---.l..ill ~1§,4Z3 ....J...m.
0 41,749,912 43.263,000 1,518,405 41.]44,595 91,588
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CMR:503:91
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.sJll1ill
M!iured and Sold I~vestments
W.stamorica (Collatoral)
<idolity Fod. (CQllatoral) (e) , . \. ,
TOTAL INVESTMENTS
REPORT OF INVESTMENTS
OCT08ER 31, 1991
Int~re$t Maturity
Rate Pata
5.50 10-02-91
7.00 10-29-91
Par
~
Market
~.
Unrealized
Gain !loss)
Page 5 of 6
Purchase
Price
~
(100%) $131,937,972 $134,724,562 $2,676,341 $132,048,221
Period
Earnings
3,208
$284,960
(P&I) Principal and Interest payments monthly. Investments with maturities of less than ane year are \'a1ued at cost.
Purchases sincp. last report are shown in bold type.
(a) FHlB has a callable option, beginning on 12-27-93.
,b} FNMA has a callable option) beginning on 02-12-94.
(c) FNMA has a call ab 1 e opt i on every i nt('rest payment due date (Apr .• Oct.).
(d) FNMA has a callable option every intetest payment due date (Jan., Jul.).
(e) Fidelity Fedcrill CO maturing 10-29-91 paid interest on 1l··Olr91 and will be teflected in thl.~ November report.
.·CHR:iD3:9!
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Interest Income
Effe~tiva Annudl
Rat~ of Return
On In'¥'estments
CMR:50l:91
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Work
Unit
$
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l~iEREST INCOME (CASH 8~SlS)
OCTOBER 31, 1991
Incri!i3Ise
To Date To Date (Decrease)
1 990-9L 1991-92 1991-92
3,397,335 3,541~437 144,102
B.65 1.90 (.75)
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P.ge6of6
'J; Of
Target
Target 10 O.t.
9,eOO,000 3U4
B.lO 96.34
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