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Home My WebLink About4.08 InvestRpt1stQtr CITY CLERK File # D~[Z][Q]-Lð]c AGENDA STATEMENT CITY COUNCil MEETING DATE: October 18,2005 SUBJECT: City Treasurer's Investment Report for I st Quarter 2005-2006 Report Prepared by Fred w: Marsh, Finance Manager and Lisa lIisatomi, Administrative Analyst II RECOMMENDATION: ~ReceiveReport Quarterly Investment Report (September 30, 2005) Section I - Primary Investment Portfolio Section II - Listing of Supplemental Monies Under City Possession and/or Control ATTACHMENTS: DESCRIPTION: The attached Investment Report details the City's investments as of September 30, 2005, in accordance with the Local Agency Investment Guidelines established by the State Treasurcr. Section I of the Report focuses on the principal investment portfolio. Section II details funds held by Trustees and miscel1aneous opcrating accounts. The focus of the discussion in this report will be upon activity in the Primary Investment Portfolio. Changes in the investment portfolio and investment activity for the first quarter of Fiscal Year 2005-2006 are discussed in the staff report below. INVESTMENT ACTIVITY DURING THE QUARTER During the first quarter, no investments were purchased, cal1ed or matured. In the most recent quarter the average maturity for the Federal Sceurity portion of the portfolio is estimated at 2.1 years. It is important to note that this relates solely to the portion of the portfolio that has investments with a stated term. The City maintains adequate funds in more liquid investments, which are deemed sufficient to meet cash flow needs. DETAILED LISTING OF PRIMARY PORTFOLIO Government and Agency Securities represent 69% of the Primary Portfolio. A detailed listing of each security is providcd in Section 1. The market value of Federal Securities can fluctuate daily and valucs have been provided as reported by Union Bank of California as of September 30, 2005. The City portfolio assumes that the investments will be held to maturity and therc is not an active attempt made to trade cxisting sccurities. Thc City has staggered the maturity dates within the portfolio and it is not anticipatcd that these funds will need to be called by the City prior to maturity. The Morgan Stanley Dean Witter US Government Securities Mutual Fund Investment represents 2% of the City's total portfolio. During Fiscal Year 2005-2006, the City has received to date $11,187 in _______________________________________________~~WWM____________________w____________________________________ COPIES TO: ITEM NO.-=r. ~ I)oturnent in quarterly Investment report works~eet5.Xl¡S \~""2.. dividends from this investment, resulting in an annualized yield of 4.210%. Since October 1999, the mutual fund may be redeemed without sales charges. COMPOSITION OF PORTFOLIO - SOURCE OF FUNDS To provide an overview of the portfolio, the table below shows the total investment balance as of September 30, 2005 by source. Comparison information is also shown for the previous quarter. Note that approximately 40% of the investment balance represents restricted Impact Fee Funds. It is important to keep in mind that this type of report is merely a snapshot on a particular day. Revenues as well as expenditures are not processed in equal monthly installments. PORTFOLIO COMPOSITION BY SOURCE OF FUNDS General Fund Rcstricted - Special Revenue Funds (I.e. Gas Tax, Special Taxe,) Current Quarter Prior Quarter 913012005 %of 613012005 %of Balance Tota] Balance Total $49,2S3,906 48.0% $52,6] 6,870 51.7% $3,143,443 3.1% $5,179,190 5.1% $536,8]0 0.5% $647,S73 0.6% $40,637,447 39.5% $34,692,S03 34.0% $9 15<).293 .8.9%\ $S,8]6,061 8.6% $102,760,899 ] 00.0% $101 952797 10(1.(1% Restricted - Assessment District Funds (i.c. Landscape Maint & Debt Service) Restricted - Impact & Housing In Lieu Fees Internal Service I Replacement Funds TOTAL CHANGES IN THE TOTAL PORTFOLIO YIELD FROM THE PREVIOUS REPORT The total amount shown as invested in the Primary Investment Portfolio is approximately $808,000 more than tbe amount shown at Junc 30, 2005. Overall, the combined rate for the total portfolio increased from 3.289% at June 30, 2005 to 3.361 % at September 30,2005. The increase was attributable primarily to an increase in the rate of return on the City's investments in LAIF and the Union Bank US Goverrunent Securities Money Market account. The quarterly average for the City's LAIF investment was 3.19% as of September 30, 2005, which was higher than the 2.85% rate recorded for the quarter ending June 30, 2005. The schedule of investments, including the dates of maturity, contains adequate cash flow liquidity to meet anticipated expenditures over the next six months. The investments and the schedule of investments are in compliance with the City's investment policy and all applicable laws and regulations. RECOMMENDATION: Staffrccommends that Council receive this report. 2~Î- \ t5b LÞ CITY OF DUBLIN QUARTERLY INVESTMENT REPORT 1st QUARTER FY 2005-2006 SECTION I PRIMARY INVESTMENT PORTFOLIO :t:.~V'A L\. "8 \0- \16·05' CITY OF DUBLIN DETAILED LISTING OF INVESTMENTS '2 Dblsl. INCLUDING RATE OF RETURN September 30, 2005 COUPON BOOK AND MATURITY YALUEAT INTEREST CURRENT MARKET .INVESTMENT .1ST CALL DATE DATE MAT.lJRITY RATE YIELD VALUE FEDERAL SECURITIES FIlLB 4/20/05 9/15/2006 1 5,000,000 3.625% 3.600% 4,965,650 FIlLB 10119105 10119/2006 2 3,000,000 3.270% 3.233% 2,966,250 FIII,ß 4/20/05 10/2012006 2 5,000,000 3.000% 2.959% 4,931,250 FIlLB 6114105 12114/2006 2 3,000,000 3.350% 3-310% 2,964,390 FNMA 712104 1212912006 2 3,520,000 3.000% 2.950% 3,461,709 FIlLB 6/3104 11212007 2 4,480,000 3.000% 2.950% 4,405,811 FIlLMC 1/312007 2 500,000 6.525% 6.694% 512,970 FFCß 112312007 2 421,000 4.600% 4.613% 422,183 FHI.A 2/15/2007 2 4,000,000 4.875% 4.905% 4,025,000 FIlLB 10/27/04 4/27/2007 2 3.000.000 3.150% 3.091% 2,943,750 FNMA 8111104 5/1112007 2 3,000,000 3.250% 3.193% 2,947,500 FHLB 811 SI04 5/18/2007 2 2,000,000 3.000% 2.935% 1,956,880 FIlLB 2111105 2/1112008 3 2,500,000 3.420% 3.344% 2,444,525 FIlLMC 4/27/05 412S12008 3 5,000,000 3.500% 3.425% 4,892,350 FIlLH 12124/03 6124/2008 3 9,000,000 3.100% 2.994% S,693,460 PIlLB 9/30/03 6/30/200S 3 1,000,000 3.200% 3.098% 96S,130 FIlLMC 1017104 10171200S 4 5,000,000 3.300% 3,196% 4,842,150 FHLB 6/29104 121312008 4 2,180,000 4.000% 3.911% 2,131,626 FNMA 717104 41712009 4 5,000,000 3.550% 3.436% 4,839,050 FIlLB 4119/05 10/1912009 5 5,000,000 4.250% 4.192% 4,931,250 TOTAL FEDERAL SECURITIES $71,601,000 3.405% $70,245,884 MUTUAL FUNDS Union Bank U.S, Govt Securities 1,381,928 3.730% $1,381,92S Nations ßank Government Reserves 1,187 3.220% $1,IS7 Capital Fund Morgan Stanley Dean Witter U.S. Govt Securities See Note 1 4210% (2) $1,659,101 TOTAL MUTUAL FUNDS 3.987% 53,042,216 POOLED PUBLIC AGENCY INVESTMENTS Statc of CA.- Local Ageney Investment Fund (LAIF) $29,472,799 3.190% 529,472,799 TOTAL INVESTED PORTFOLIO 3.361 "/0 $102,760,899 NOTES' (1) A Mutual Fund investment does not have a stated date of maturity and shares may be sold at any time. The share price at tl1e time of a sale may be eÎther higher or lower than the original cost. (2) Interest Ratc shown is based on dividends received this fiscal y~ar t,o date, which are ant'Jua.lîzed and then divided by the original investment. Maturity Sohedule Summary of Portfolio (AssumIng None of Seeurlte, ore coiled prior to Maturity) Money Market Funds/LAIF (I day liquidity) Maturing in 1 YEar or less Maturing in 1-2 years Maturing in 2-3 years Maturing in 3~4 years Maturing in 4-5 yea.rs $32,515,015 31% $4,965,650 5% $31,537,693 31% $16,99S,465 17% 511,812,826 11% $4,931,250 5% 5102,760.899 100% Total Portfolio 10171200510:12 AM ITEM 1 3 l5b \.Q CITY OF DUBLIN SUMMARY OF INVESTMENT PORTFOLIO COMPARISON BY INVESTMENT TYPE September 30, 2005 TYPE OF INSTRUMENT BOOK AND AVERAGE MARKET %OF MATURITY VALUE PORTFOLIO YEARS 48,327,972 47.2% 2.0 422,183 0.4% 1.3 11,248,259 11.1% 2.3 10,247,470 10_1% 2_7 70,245,884 (I) 68.8% 2.1 Federal Home Loan Bank (FHLB) Federal Farm Credit Burcau (FFCB) Federal Nationa1 Mortgage Assn (FNMA) Federal Home Loan Mortgage Corporation (FHLMC) SUB -TOTAL GOVT/AGENCY Mutual Funds Morgan Stanley Dean Witter U.S. Govt Securities 1,659,101 (2) 1.5% N/A Union Bank U.S. Govt Securities 1,381,928 1.3% N/A Nations Bank Government Reserves Capital Fund 1,187 0.0% N/A 29.472,799 28.4% N/A $102,760,899 100.0% LAIF GRAND TOTAL NOTES: (I) The City intends to hold the investments until maturity or until market values equal or exceed their face value. (2) As a mutual Fund shares can typically be liquidated at any time. The weighted average maturity stated in this ch, by Dean Witter based upon all investment instruments owned by the U.S. Government Securities Mutual Fund. 10/7/200510:25 AM ITEM 2 1-( Db LD CITY OF DUBLIN QUARTERLY INVESTMENT REPORT 1st QUARTER FY 2005-2006 SECTION II LISTING OF SUPPLEMENTAL MONIES UNDER CITY POSSESSION AND/OR CONTROL . OPERATING FUNDS . SPECIAL FUNDS HELD BY TRUSTEES City of Dublin Report of Operating Funds On Hand As of September 30, 2005 5~u In accordance with the CaJifornia Govemment Code, the City Treasurer must disclose on a quarterly basis all monies in its possession. Monies considercd invested, and not immediately necessary for current operations, are presented in a separate listing as part of the quarterly report. In the case of Operating Funds in bank accounts, the amount presented relates to the balance reported by the Financial Institution. IT IS IMPORTANT TO NOTE THAT THIS AMOUNT MAY REFLECT FUNDS REQUIRED TO COVER PAYMENTS ALREADY ISSUED AND CHECKS WHICH HAVE NOT CLEARED AS OF THE LAST DAY OF THE QUARTER. Therefore, these balances will fluctuate throughout the year. These funds are not subject to a specified maturity and the par value would be cquiva1ent to the amount stated. Miscellaneous Cash Non-Cateeorized - Cash Cash Registers!Petty Cash - City Subtotal Balance 9/30/2005 $1.550.00 $1,550.00 OPERATING CASH BALANCES - FINANCIAL INSTITUTIONS Bank Balance 9/30/2005 General Ledeer Balance 9/30/2005 BANK OF AMERICA- Collateralized Public Money Deposits In Accordance With California Government Code $235,662 $777,228 NATIONS BANK U.S. Treasury Reserves Adviser Account (Sweep Aecount connected to Bank of America Deposits listed above) $292,287 $292,287 Cal Fed- Regular Savings Account: FDIC hlsured $2,105 $2,105 Grand Total Amount Cash Balances: $530.054 $1.071,620 cJj ..:I e ~ f-< "" ~ Q ... ¡¡j ~ ';ì .. ~ cJj cJj z ~ ~ s ~ ~1 <.:J =: S :z: ...$ ~ 0 & .. ~ 0.0 ~ ~~ foI ~ = ~ <.:JfoI f-< i5~ ~ § ¡; :z: do .. 'ZJ:¡ ~ -- ;:> ~ Q ... ... o "" f-< o 'f\ &2 ÙÖ~ '" 00 ~~ .... "" " ~ ~ '" '" 00 .... ~~ "" " iJ~ '" :oR 0 00 Q 0) ... 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