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HomeMy WebLinkAbout0124.094r \ (D. • • . -' "'I '1,,:' January 13, 1994 THE HONORABlE CITY COUNCIL Palo ""0, California /' .:. INVESTMENT ACTIVITY REPORT fOR PECEMBER 1993 Members of the Counc~: This is an mformational report and no Coun<::il action i.s necessary. INTEREST INCOME ~nterest income on an accrual basis fOf the month of Oec.ember was $158,744. for the first six months of 199:3-94, interest incor.te totaled $4.8 million. or 49 perc:ent of the annual target of $9.7 million. The total year interest income target will De adjusted at midyear. Currently, staff estimates the an"ual to'get will be reduced bV approximately .$300.000. resulting from kJwer-!han-projected interest rates. The effftCtjY8 rate of retom on an accrual baSis is 5.34 perc~nt for the fiscal year. CURRENT PQmOUQ The per value of the City's portfor,o is $1 78 million, which conSists of $157 mi"on, or BB percent, maturing within two years. Most of the investments, .,29 million, or 72 percent; are in United States Government S9curlties. The current markst valoo of the portfolio is 100.5 percent of co~t. The overage nfe of the portfor,o is 1.1 years. ImREST RAn:S AND INY£STMENTS In December, staff invested $5 million in Sank.ers Acceptances with maturities from one to fry. months at returns of 3.31 to 3.39 percent, and $2 million in three-year Treasury Bills at a return of 4.55 percent. SIaff compered the City's earnings to those of the local "goney InvestmeM Fund (tAl F) run by the State of California. .... shown on the graph, In every Si)(-montl1 interval, the City of Palo AltO (CPA) portfolio holdings have resulted in signifICantly higher earnings than those avanable from L .... IF. During the la~t three years, staff has earned $6.6 million more than would have be<;n ava~abl. from LAIF. CMR:124:94 J I ! , ! 1 P(l31folio Earni~s CPA Actual vs LAI F Millions "-------------.-----.. -----~ Earnings expressed in six mOrl\hs intervals COM" lANCE WITH INVESTMENT potiCY -, . o CPA OLAIF As of December 31, 1993, the investment portfoiio was in complia nce with In elements of the City's Investment policy. In January 1994. projections indicated noceipts would be $5.0 million. expenditures would be $13.4 million. and $20. t million in investments woufd mature. On the baSis of the above projection~ !here are sufficient funds to meet Paio Altc'. expenditure requirements for the month of January. Basad upon the cash flow projections prepared by Treasury staff for fiscal year'993-54, there are sufficient funds from the revenues and maturing investments to """'t all expenditure requirements for the remainder of the fiscal year. Respectfully submitted. GORDON FORD ~~ Ass istant City Manager FinallCe Director CMR;124:94 -.~ :--..., Page 1 nf e RB'ORT OF INVESTMEII/TS DECEMBER 3 1. 1993 PIU' Am>ll.il'lt 12131153 1993-94 11 ('!01ll3 Un • MallQnI1 ~'Q.. ..IilII§L -i!OL BY MAI!J!I!TY W"rd'Mn 1 month $ 20.10 \1.32 :> $6 12.96 1~3 months 21.00 1 \.82 7.14 3-6 ... amllS 31.00 17.45 18.67 6-9"""""_ 11.00 9.S7 8.18 9-12 mCfTthc 5.00 2.82 6.04 f~2 V6i1rs §Ul2 35.47 ~ Wrthirl 2 vaats 157.10 88.45 :> 850 88.18 2·5_" 19.50 10.9B 11.25 5-10 _" .00 .00 .()() 10-20_ .41 .23 .23 2O-3DVNr. -&1 ~ ~ 0-2_ .. 20.52 11.55 11.82 TOTAl 177.62 100.0% 100% 100.0% m: TYl'£ !2E 1N\IES1!!IEl£! Local Agoney In.-estment fund 15.00 8.M 8.15 M""". Fund .10 .06 < 15"-.05 ~ of Deposit: CoIotttarlHd 19.00 10.70 10.43 -.ro_ 12.00 6.16 < 30% 4.39 Coms.i6cia1 Papal" 3.00 1.69 < 15% 3.29 U.S. T......". el.00 34.34 33.49 U.S. A_ Ell :l§&l ..!Q..!jl TOTAL 177.62 100.0% 100% 100.0% _\l_~t .179.51118.6 100.5% :> 95% 100.5% CMR:124:94 Page 2 at 8 REPORT 0' INVESTMENTS OECEMBER 31, 11193 Purehaso Accru,l In~"'lt Mawrlty ~., Markot Untaallnd Prl«I Bt ... JllIlm ...I!IIL. ..l1IJL. l!IIlIt l!IIlIt GoII!.lWI' lItIam:t.. UminIIt INV£SIMMS Laul A_ ............ 1IMn11Wd 18.44%1 e LAIF 4.38 01-01·94 15.000.000 15,000.000 15,000,000 54,750 Mutu.' Fu.~J2JlUl Fidelity Inyestments 2.76 0I.o'·~4 100.000 100.000 100,000 233 ~lfI'.lllllf Qilmlb 'lQ.2Q~J Sumltomo Bank. (Collateral) 3.20 02-18·94 3.000,000 3.000,000 3,000.000 8,287 \ F.:~"'!i""'''-~. ;f" . \'f""'''' 1 ' - -• . _:-;;,.,!,_.,~~ -_, '" ",i Secram"nto e.nit (C~I.tltf.1) 3.20 02·22·94 3,000,000 3,000,000 3.000,000 8,267 ~!.1iIf/ir, ",/.',1' «M,:" ,,' /",\' Sacramento Bank (Colla«tr,I' 3.20 03·10·94 3.000,000 3,000.000 3,000,000 8.267 ,",J.~.,~~.Jt_, :,--.', 'i,e .\,. ,," ,\ Sumltomo &Ink (Collateral) ],40 03·28·94 2,000,000 2.000,000 2,000.000 5.8&6 Sacramanto B.tnk (CoIlma,..l) 3.30 04·08·94 3,000,000 3,000.000 3.000,000 8,525 Sumltoml' Oank fCollat,r.1l 3,30 04·28·9' 3,000,000 3,000,000 3,000.000 8,5250 SUR'iltomo S,nk fCollJlt.r.U 3,40 09·29·94 2OQQOOQ 2,Q00 000 ~ 000.000 -~ 19,000,000 19.000,000 19,000,000 ~3.563 C,awm.n;itl PI", t 1 "", G.,..,II' Electric 3.29 01·31·94 3,000,000 2,950.650 2,950,850 8.409 py.;Z:-!~I:.~:llIr..!DI'J.!':.'" '-' -;~, '. ,', . CMR,124,94 .... ... Page 3 0' 6 IlErclllT Of INVESTMENTS OECE_~ 31.11193 Purch .. , AtcJual Inte,.lt Maturity P.r Mllrkat Unrealized POco eali, muag; ...BI1t... JIJJIL. 'iItut 'iItut Gaiq 1Lou • IIIlIDa U!niDJII Bonk .... Aceuunc. 18.7S!!.1 • Slnw8 Bank 3.25 02·07·94 2,000,000 1,984,833 1,994.833 5.597 Fuji a.nk 3.30 0:!J2:v114 '.000,000 996,050 "5.050 92 fuJI Bonk 3.29 0:!J25194 2,000,000 '.999.2'6 '.989.216 648 Sumhomo BlInk 3.33 03-07-94 3,000.000 2,987,255 2.967,265 8,803 Suroltomo DInk 3.20 03·,6·,. 2,000,000 1.972.B22 ',972,B22 S,S11 Fu~ Bonk 3.3. 06·20·94 2.000,000 1,973.1161 _LlUHl .....Hl 12,000.000 , 1,882,627 11,882,627 20.722 u.S .. T"I,urYJ34-.H"&l Treasury Not.s 5.38 04·3Q.9. 12,000.000 12.252,071 12,252,071 35,313 r ..... Ury Notel 7.00 05·15·9. 6.000.000 6,071.875 6,071.876 32,826G"" Treasury Not.s 8.00 11.15·94 5.000,000 6,051,563 5.061.563 23.471 ':') T fe •• ury Notee 5.50 02·15·95 7,000.000 7.129,000 (9,8281 7,138,828 27,518 T" .. ury Note. 3.88 09·30-95 7.000,000 6,972.000 121.8MI 8,993.984 22.85' T .... IIJt'y Noto. 5.13 11·15·95 14,000,000 ".236,000 130,842 14, t06,158 56.6BO Tta_.ury NOMa 4.83 02·16·98 6.000,000 6,041.000 34,594 6.006,406 22,947 Treasury Not. 'e' 4.38 11.16·98 _4..1IIlQ,000 3.aBa.0Ql! J4.l!lli ~.987.031 __ '4.218 81.000.000 61,738.509 129.593 81.606,918 '36.887 CMR,124,94 _.4016 RePORT Of INVE8TM~NT8 DEClMIEII 3" ,993 ......... Accnlol l"tHrelt Mliturfty Per Mtrtc.et Un .... II2ed Price 0. ... IQlIBCl; --'lfJL ...DelL. !lIIYI l!IlIII G,lnn .. , l!AII~ f.I!1IM ll.J~:IW FHLB 7.55 0'·25·94 2.000,000 2.003,12' 2,003.125 12,49~ FHlB 7.60 06·27·94 6,000,000 !;i,081,188 5.087.188 28,70' FIIIMA 7.45 07-11·94 3,000,000 3,036.797 3,036,797 17,696 FHLB 6.70 08·25·84 8,000,000 8.246,250 8,248.2~O 36.758 FHlB 8.58 09·26·94 4.000,000 4,104,688 4.104.688 18,673 AiI.S 5.94 02-27·95 6,000,000 8,131.000 112.875 6.018,125 29,151 FI1l8 e.4' 03·27·95 8,ooo.QOO 8,233.000 168.000 6.065,000 41,176 FHLB 6.04 04·25·95 8,000.000 8,160,000 150,625 5,999,375 30.217 FNMA 3.8 • 05·02·95 2,000.000 1.984,000 17,250} 1,991.250 6.773 . , • FHl8 3.79 05·28·95 3.000,000 2,964,000 119,5941 2,983.594 10.158 FIIIMA 4.J2 06-ot1·95 3.000,000 2,989,000 124,5931 3.0'13.593 10,907 " TVA 4.13 08-16-95 7,000,000 6,969.000 128.8131 6.997,813 24.164 --',- FNMA Ibl 7.70 02·12·96 2,000.000 2,008,000 10.500 1,997.'00 12,874 FNMA 7.60 O~·1o-97 2,000,000 2,160,000 157,187 2,002.813 12,643 FL. 7.J5 01·20-97 500,000 537,000 37,000 500,000 3,063 ~V;l:}:':'_"~;,r,~' -,) '. -:'~" ::..: , FIIIMA 6.0S 01-12·98 5,000.000 6,164.000 166.345 4.997,655 25.247 :,' FHLMC (P&II 10.00 02-01·09 232,276 256.000 39,130 216,870 1.982 FHlMC {PSII Satni.AnnualM 12,46 09·15·09 18~.OOO 193.000 17,6251 200.625 1,802 0 GNMA (P&I) 9.00 "·16·18 60B 461 649,0QJ! -11.6.22 -.l!aUBll ~' 67,620,737 68.864,048 765,407 68.096.641 328,931 ,'} : ~. CMR,124,94 " IIEPORT OF INVESTMENTS OECEMDE" 31, '883 Intarest Maturity "", SQI.!6tIi JlJJ.L. ..IlilL. YIllIII .MItw:I!t,lnd Sokt Invel'tments AUOClate, of AmsrlCli 3.18 12·01-93 Sanwa 3.12 12·09·93 Tr ... ury Notes 7.63 12-31·93 FHLB 12.15 '2-27·93 FHLB leI 7.95 12·2!1-S5 TOTAL INVESTMENTS "77.820,737 (P&n principal and Inta,.I! payments montl1lv. Investment. with m8turiti •• of Ie .. thin one ye.r .re valued .t cost. Purch.H •• Ince I •• t rapent Ire .howI"! 'n bold type. ra' .2 million of the .4 million shown wu put<:haled In Decembet, (bl FNMA hi. I call.bl. option, beginning on 02-12-94. Cc) FHLB h,d. t::811abl, option, which was exercl.ed on 12-21-93. CMR,124,94 M'''ot ~ &179.633.834 Pure~H Unmilled Prlco llUUl.2ul lIIIIlII:I $895.000 tl78.638.835 v~ Pooe 5 of G AceNiI Ill ... UrniIHu " ~65 780 12.148 23,285 lMlli $158.7" -"1.; t<Wy INTEREST INCOME (ACCRUAL BASISI O£CEMBEJl31,1993 WO<tc To Oete lIIlil ~ rmerest Income t 5,174,243 E_AnnuoI _ofFlelurn On h'lvatmeut, " 6.75 lmntt RI1M g of Qrypber 31, 1993 _Rate: 3-mon1hT_IliII: _-.A_: _ CommorcioI t>-= _ Coidlica ... of Ooj>oait: 2-... TIMIury _, 2 __ AQon<y: _: WoIIStrwtJoumol 01101/94 CMR:124:94 To Date ~ .,767.816 6.00"", 3.06" 3.21% 3.31"", 2.se" 4.22'110 4.33" 5.34 II\Onouo IDec ..... ) 1993:91 1406,4271 11.(1) Pege B of 6 "'Of T"IIII ImlIl IllJ:IIIt 9,700.000 49.15 5.5 97.09