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07. Treasurer's reportADM1NiSTRATIVE SERVICES DEPARTMENT CUPERTINO CITY HALL 10300 TORRE AVENUE_ • CUPERTINO, CA 95014-3255 (408) 777-3220 • FAX (~E08) 777-3109 SUMM~~RY Agenda Item No. ~_ SUBJECT AND ISSUE Meeting Date: November 30, 2009 Accept the Treasurer's Investment Report for September 2009. BACKGROUND The market value of the City's portfolio totaled $49.8 million, with a book value of $49.7 million at September 30, 2009. The $0.1 million unrealized gain reflects the higher value placed on securities bought in 2008 and early 2(-09 at higher interest rates. The portfolio's September yield of 0.49% was down from 0.53'% in the previous month and 2.77% a year ago due to the decision to take the portfolio to ~~ safe and liquid mix of investments given the risk and volatility of the current market. The LAIF benchmark was at 0.75% for September, down from 0.93% the previous month and 2.77% a year ago, reflective of their move to a higher percentage of investmen#s tacked by the full faith and credit of the federal government. The City's portfolio decreased $3.3 million frt~m the previous month due to sheriff and sales tax rebate payments. $3 million in matured Treasuries and Agency note were used to purchase a $3 million new short-term Treasury note. Investments are in full compliance with City investment policy and State law and a~~e tiered to provide sufficient cash flows to pay City obligations over the next six months. RECOMMENDATION Accept the Treasurer's Investment Report for September 2009. Submitted by: ~ Q Carol A. Atwood City Treasurer Attachment A: Investment Portfolio Approved for submission: ~) r~ avid W. Knapp Cite Manager 7-~ City of Cupertino Investment Portfolio September 30, 2009 - - -----~11''1"ION-_ -_..._ ,T`I; o Maturi I - -- -- ._..... _ . - -- SECURITIES MATURED 09/23/08 09/23/09 FFCB 2.70% 2.57% 1,000,000 1,000,000 1,000,000 0 12/18/08 09/15/09 US Treasury Note _ _ 3.38% 0.29% 1,000,000 1,000,000 1,000,000 _ 0 11/26/08 04/30/09 US Treasury Note ~ 4.00% 0.69% 1,000,000 - 1,000,000 1,000,000 _ _-_ 0 SECURITIES PURCHASED 09/25/09 03/]5/10 US Treasury Note 4.00% 0.11% 3,053,468 3,000,000 3,051,900 (1,568) _.._ 4 ...-_ CASH crrv PoxT>FOL1o ~ --_..__. 09!30/09 Wells Fargo -Workers Comp Checking - 11,831 11,831 11,831 -_ 0 _ . __ --- - - Q9/30/09 WeIlsFargo-Regular Checking 146,125 146,125 146,125 0 09/30/09 Wells Fargo -Repurchase Agreements 0.10% 0.10% 266,607 266,607 266,607 0 - - 424,563 424,563 - -. - 424,563 0 LAIF-----_...-- ---- --- 09/30/09 LAIF -State Pool 0.75% 0.75% 590,!69 590,169 590,169 0 CERTIFICATES OF DEPOSIT 12/30/05 12/30/09 WickenburgA2 Meridian Dank NA 4.80% 4.80% 99,000 99,000 100,099 ~ 1,099 1228/OS 12/28/10 , Natl Bnk of New York City, Flushing N 4.90% 4.90% 97,000 97,000 _ -- 101,903 ----- - ~ 4,903 ---_..._...._ _. ~_._. -. __ ._......-. -... _..._ ...... .......... ---..-..._..._ _ ..-.-- - -- -- _._ -._..._.__ ._...._ .-... -...__._- .-..._... 196,000 ___. -.__.....-. 196,000 -- j. . - -.._-.- .. ..._.. i 202,002 t----~ 1.---- --..----- ' 6,002 -- __..._._.._._.. --._.-..._.. MONEY MARKET FUNDS 09/30/09 Wells Fargo Government 0.03% 0.03% 157,500 157,500 ----- - -- 157,500 - ' 0 -- ---- 09/30/09 Wells Fargo 100%Treasury_-_ _ 0,01% 0.01% 6,364,482 6,364,482 b,364,482 ` 0 - 6,52!,982 6,521,982 6,521,982 0 AGENCY NOTES - - 06/25/08 OS/07/10 FFCB 4.75% 3.38% 1,007,892 1,000,000 1,026,560 ___ 18,668_ 05/07/08 06/11/10 FHLB 3.00% 2.98% 1;000,139 1,000,000 1,018,130 _17,991 _ _ 01/30/09 _ _ 09/10/]0 FHLB _ 5.13% 1.33% 1,035,363 1,000,000 1,045,310 9,948 3,043,394 3,000,000 3,090,000 46,606 7-2 City of Cupertino Investment Portfolio September 30, 2009 US TREASURY SECURITIES _~.._._ -_----___ ----..__- 12/18/08 10/15/09 -------__. US Treasury Note __.T 3.:38% 0.30% -`_._.----- 1,001,261 ...._..._.____.._.......___..- 1,000,000 _-..___......_...-- 1,001,210 --_._-- (51) 07/28/09 10/22/09 US Treasury Bill O. l6% 0,16% 999,902 1,000,000 ' 999,980 ~ 78 ' 12/15/08 10/31!09 US Treasury Note 3.ai3% 0.40% 1,002,725 1,000,000 ---- - I 1,002,850 ~ 125 07/28/09 12/18/08 31/27/09 1 1130/09 US'Preasury Bil[ US Treasury Notc 0.17% 3.13% 0.17% 0.32% 999,726 2,009,339 1,000,000 2,000,000 999,910 i 2,009,680 _ 184 ~ 341 08/28/09 12/03/09 US Treasury Bili 0.10% 0.10% . 999 822 000,000 I I 999 90~ _ _. 78 08/25/09 12/10/09 US Treasury Bill 0.13% 0.13% 999,734 _ 1,000,000 _ 999,870 ~ ] 36 12/19/08 12/15/09 ~ US Treasury Note 3_.:10% ` 0.24% 1,006,776 1,000,000 1,006, 800 24 01/12/09 12/15/09 US Treasury Note 3:10% 0.36% 1,006,519 1,000,000 _ 1,006,80 0 _ 281 07/31/09 12/17!09 US Treasury Bill 0.'19% 0.19% 999,588 1,000,000 ____ _ 999,820 232 01/12/09 O1/15!10 US Treasury Note 3.ti3% 0,30% 2,014,445 2,000,000 2,020,000 555 07/31/09 Ol/31/]0 US Treasury Note 2.:13% 0.22% 1,006,371 1,000,000 1,006,480 109 08/28/09 02/04/10 US Treasury Bill 0.:.7% 0.17% 999,400 1,000,000 999,620 220 01/12/09 02/15/10 US Treasury Note 6.:>0% 0.44% 2,045,611 2,000,000 2,047,040 ' 1,429 08/25/09 02/28/10 US Treasury Note 2.00% 0.18% 1,007,584 1 000,000 ~ 1,007,460 ; (124) 09/25/09 01/12/09 03/15/(0 03/31/10 ~ US TreasuryNole _ US Treasury Note _ 4.{10% I .'i5% 0.11% 0.36% 3,053,468 2,013,866 3,000,000 ; 2,000,000 I 3,051,900 , (1,568) 2 015,080 T 1,214 03/30/09 06/24/09 04/15/i 0 05/31/10 US Treasury Note ... _._ US Treasury Note 4.00% _.._..-- 2.ti3% 0.60% - 0.40% 3 054,776 --..._ ...... 1,014,751 3,000,000 ~ ... t 1,000,000 _ ._ ._. ---- 3 060,b00 5,824 ... - -- - -- ---.. .. 1,015,550 ' 799 06/29/09 04/30/09 05/14/09 05!21/09 05/31/10 06/30/10 07/31/10 08/31/(0 US Treasury Note U_S_TreasuryNote US Treasury Note ~ US Treasury Note 2.113% 2.118% 2.;'S% 2...8% 0.38% 0.50% ___0.50% 0.50% 1,014,886 __ 2,544,308_ v 3,055,971 3,051,346 1,000,000 _2,500,00_0 ~ 3,000,000 3,000,000 1,015,550 _ 2,547,550 3,059,400 3,054,150 664 ___3,242 __ 3,429 2,804 05/29/09 09/30/10 US Treasury Note 2.110% 0.62% 2,027,34b 2,000,000 2,031,020 3,674 -- .~-'__.--_- _~_-~ ____ T 38,934,523 38,500,000 38,958,220 _23,697 , Total Managed Portfolio 49 710 631 49 232 714 49 78G 93G ~ 76 305 Average Yield ~ ---. ---- -- _. 0.49% .__._~ ---- 1 Average Length to Maturity { _ ....--- I ....--- in years) - - - 0.43 ~ --~ --- ___ _ -. _. ... .. _--- ~ _....._.~ - - TRUST PORTFOLIO (ICCSTER TRUST) __ -- -- --... _ .. ~ _..... _ . .... ............... - -- - i ' j .. _. . _...._ CASH -- _. .. _.. .. i ...._._-..___.. . 09/30/09 Wells Institutional Money Mkt Acct 0.12 /° 0.12/° 48,317 48,317 48,317 ~ 0 Total Trust Portfolio _ 48 317 48,317 48 17 ~ 0 ~^ BOND RESERVE PORTFOLIO Bond Reserve Acct Ambac Assurance Security Bond I 1 1 Total Bond Reserve Portfol'o _ _ 0 0 0 0 7-3 Rate of Return Comparison 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% ~ t LAIF -~e--Cupertino ~-a COMPLIANCE WITH INVESTM_ ENT POLICY City of Cupertino ' _. --- _ ... _ -- ------. - --......_ _.__ __ ---i---- September 30, 2009 Category Standard i Comment Treasury Issues No limit ':Complies US Agencies ;No limit :Complies Medium Term Corporate Bonds __ ,30% with A rating__ _ __._ Complies LAIF .$40 million ~ :Complies Money Market Funds 20% Complies Maximum Maturities Up to 5 years _ :Complies Per Issuer Max ;10% (except for Treasuries and US Agencies) Complies Bankers Acceptances i 180 days & ~~0 /o ;Complies Commercial Paper ~ o t270 days & ..5 /° Complies Negotiable Certificates of Deposit X30% _ _ ;Complies, Repurchase Agreements !365 days ;Complies Reverse Repurchase agreements 'Prohibited 'Complies 7-5