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Home My WebLink About4.06 CT InvestRpt 04-30-1995 ." e e t.. CITY OF DUBLIN AGENDA STATEMENT CITY COUNCIL MEETING DATE: May 8, 1995 SUBJECT: ~n 2-ty Treasurer's Investment Report: April 30, 1995 'q\l'repared by: Paul S. Rankin, Assistant City Manager) EXHIBITS ATTACHED: Listing of Investments as of April 30, 1995 RECOMMENDATIOW Receive Report ~o DESCRIPTION: The attached listing details the City's investments as of April 30, 1995. The total amount shown as invested is approximately $2.45 million more than the amount shown at the end of the previous month. This increase is considered temporary and it reflects the receipt of April Property Tax Payments as advanced by the County Auditor Controller. Also, the total amount shown as invested includes approximately $550,000 transferred on May 1, 1995 to cover approved operating expenditures. No new investments were placed in the month of April. The distribution of City investments changed somewhat in April as major revenues collected from Property Taxes and other sources were transferred into the State Local Agency Investment Account. The March report identified that approximately 19.9% of the City Portfolio was invested in LAIF. As of April the amount in LAIF had increased to approximately 28.9% of the portfolio. The City remains well below the maximum amount which can be invested in LAIF. Staff will continue to monitor cash flow needs as well investigate options to secure greater yield from safe investments. Given the liquidity of LAIF and its current yield it remains a very attractive investment option. Overall, the total yield on the City's portfolio for the month of April showed a favorable gain from the rate shown for the month of March (5.897% vs. 5.850% respectively). This was primarily due to a favorable change in the rates at the Local Agency Investment Fund and an increase in the rate of return calculated on the Dean Witter Mutual Fund. The LAIF quarterly average was 5.950% as of April 28, 1995. This is up significantly from the 5.77% rate reported last month. For reporting purposes this report includes the Quarterly Rate, since this is how the interest is calculated and paid. The actual daily rate as of April 28, 1995 was 5.99%, which indicates that there remains a small opportunity for this fund to produce increased interest yield in the coming months. The schedule of investments including the dates of maturity is anticipated to allow the City to meet anticipated expenditures in the upcoming month. CITY CLERK FILE ~ ITEM NO. ~ COPIES TO: e City ofDutA City Treasurer's Listin~nvestments as of April 30, 1995 This listing excludes Dublin Boulevard Extension Assessment District and COP reserve fund balances which are held by third party Trustees and invested in accordance with the fmancing legal documents. TYPE OF INVESTMENT ~ MATURITY ~ ~ INVESTMENT .cllSt Y.iili POOLED INVESTMENTS 28.9% of Total Portfolio State of California LAIF $6,270,000.00 $6,270,000.00 (1) 5.950% MUTUAL FUND 7.8% of Total Portfolio Dean Witter Reynolds U.S. Govt Securities (2) (2) $1,699,995.50 (3) 6.407% (4) CERTIFICATES OF DEPOSIT 2.7% of Total Portfolio Home Savings of America 12/08/95 $99,000.00 7.050 $99,000.00 7.050% World Savings 1/29/98 $100,000.00 6.010 $100,000.00 6.010% Fremont Investment & Loan 7/30/98 $99,000.00 5.560 $99,000.00 5.560% Standard Pacific Savings 7/30/98 $99,000.00 5.200 $99,000.00 5.200% First Republic T & L 9/14/98 $95,000.00 5.250 $95,000.00 5.250% Southern California FS & L 9/14/98 $98 000 00 5.250 $98 000.00 ~ $590,000.00 $590,000.00 5.724% GOVERNMENT/AGENCY SECURITIES (5) 60.5% of Total Portfolio Bank of California(Safekeepinl:) FNMA 6/30/95 $500,000.00 5.250 $500,000.00 5.250% FHLB 10/19/95 $500,000.00 5.820 $498,281.25 6.165% FHLB 5/20/96 $500,000.00 6.200 $500,000.00 6.200% FHLB 8/26/96 $490,000.00 7.700 $490,000.00 7.700% FHLB (Callable 12/20/95) 12/20/96 $500,000.00 7.900 $500,000.00 7.900% U S Treasury Note 2/15/97 $500,000.00 4.750 $488,274.35 5.724% FFCB (Callable 3/03/95) 3/03/97 $500,000.00 5.120 $496,388.80 5.420% FHLMC(Callable 5/24/95) 5/24/97 $500,000.00 6.510 $500,000.00 6.510% FHLB (Callable 6/09/95) 6/09/97 $500,000.00 6.720 $500,000.00 6.720% FNMA 6/10/97 $1,205,000.00 9.200 $1,262,000.00 7.066% FNMA (Callable 5113/96) 5113/98 $500,000.00 5.250 $496,000.00 5.482% FHLMC(Callable 9/09/94) 9/09/98 $500,000.00 4.950 $498,578.12 5.020% FNMA (Callable 10/15/96) 10/15/98 $1,000,000.00 4.875 $999,463.57 4.889% U S Treasury Note 10/31/98 $1,000,000.00 4.750 $986,984.38 5.101% FHLB (Callable 11/03/94) I 1/03/98 $1,000,000.00 5.IIO $1,000,000.00 5.110% FNMA (Callable 12/10/96) 12/10/98 $1,000,000.00 5.310 $999,585.92 5.311% FHLB (Callable 1/12/95) 1/12/99 $2,000,000.00 5.460 $2,000,000.00 5.460% FNMA (Callable 2/12/96) 2/12/99 $400 000 00 5.550 $399 770 85 ~ $13,095,000.00 $13,115,327.24 5.813% TOTAL INVESTMENTS-PER BOOKS $21 675322 74 ~.897% ~ (I) Interest rate shown is quarterly average as of April 28, 1995. (2) As a mutual fund investment this investment can be liquidated at any given time, however the asset value will fluctuate based upon the current market rate. The investment strategy assumes that approximately SI million will be held through July I, 1999, and S699,995 through October I, 1999, without a deferred sales charge. Current market value is slated in #3 below. (3) Market value as of April 26, 1995, based upon original shares invested plus fiseal year to date dividends is SI,662,822. The market value would also be affected by deferred sales charges if the investment were liquidated prior to the dates slated in note (2). (4) The yield on a mutual fund fluctuates with the share price of shares currently beld. The yield presented is an annualized amount based upon the previous twelve months of dividends at the share price as of April 26, 1995, divided by the original cost. (5) Federal Home Loan Bank (FHLB), Federal Farm Credit Bureau (FFCB), Federal National Mortgage Association (FNMA), and Federal Home Loan Mortgage Corp (FHLMC) are lawful investments for local governmental agencies.