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05. Treasurer's report City Hall 10300 Torre Avenue Cupertino, CA 95014-3255 Telephone: (408) 777-3220 FAX: (408) 777-3366 CITY. CUPEI\TINO DEPARTMENT OF ADMINISTRATIVE SERVICES SUMMARY Agenda Item No. t;'" Meeting Date: June 5, 2007 SUBJECT AND ISSUE Accept the Treasurer's Investment Report for April 2007. BACKGROUND Enclosed is the Treasurer's Investment Report for the month ended April 30, 2007. The report includes all funds in control of the City. The market value of the City's portfolio totaled $54.8 million at the end of April, with a cost of $55 million. The difference, an umealized paper loss, was relatively unchanged from last month. The portfolio yielded 4.76% in April with no change from the previous month and up from 4.01 % a year ago. The Local Agency Investment Fund (LAIF) yielded 5.22% for the same time period, compared to 5.21 % for the previous month and 4.31 % a year ago. Two federal agency notes matured at 3.3% and 6.7%. The City's liquid investments increased by $2.9 million because of property taxes, sales taxes, and franchise fees. Investments are in full compliance with City investment policy and/or State law, and are tiered to provide sufficient cash flows to pay City obligations over the next six months. RECOMMENDATION Accept the Treasurer's Investment Report for April 2007. Submitted by: u- /<7'\.'--/ <-.."t- I.....~" L.-~ David R. Woo Deputy Treasurer Approved by: Approved for submission: ~ ~ David W. Knapp City Manager ~~ a a-A(}-v~ Carol A. Atwood . City Treasurer 5-1 Printed on Recycled Paper City of Cupertino April 30, 2007 ACTIVITY DATE COUPON ADJUSTED MATIJRITY MARKET UNREALlZE[ ~ DESCRIPTION - .. RATE COST VALUE PURCHASE MATURITY VAlliE PROFIT/LOSS ,- -~-~- SECURITIES MATURED -_.~- ---._.~.. ---~'--..-...__... -~"'~',,~"'-~._-~, 07/09/93 04/15/07 FHLMC with principal payoff 6.70% 0 0 0 0 . -~-_.._- .--- ._"~ 04130/04 04130107 FHlMC callable 3.30% 500,000 500,000 500,000 0 - ,~.__.._.~----_._-~.~ '--' -'~-~-'''~-'-''''''---' - ---.-.--.,.-..----- ____._....d....__.__.. SECURITIES PURCHASED -- ~~--- -.---_._---- .-- 1------_. ~--_._----_. CITY PORTFOLIO CASH -- 04/30/07 Wells Fargo - Workers Comp Checking 14,811 14,811 14,811 0 04130/07 'Yells Fargo - Regular Checking 880,379 880,379 880,379 0 . 04/30/07 Wells Fargo - Investment Sweep 0 0 0 0 895,190 .-. 895,190 895,190 0 LAIF - 04130/07 LAIF - State Pool 5,21% 27 ,s06t~40 27,506,440 ___~~._s.~~J.~_~_ .. ---~ -' - -.'..- ---~'--_. CERTlFICA TES OF DEPOSIT --- . 1-- ... ..- . --. 02/03/06 05/01/07 Mountain National Bank 4.60% 99,000 99,000 99,000 0 ------ ---... ~7/06 07/27/07 Lehman Bros Bank 4.60% 97,000 97,000 %.770 (230) ... 02/03/06 08/03/07 Business Bank of Fox River 4.60% 99,000 99,000 98,748 (252) ..-.-.----- - - .-'..-' 03/24/04 09/24/07 Signature Bank 2.70% 99,000 99,000 97,824 (1.176) ._- ---.-,".- 03/28/06 09/28/07 Venture Bank 5.00% 97,000 97,000 96,774 (226) 04/05/06 10105/07 Mercantile Bank of Michi.gan 5.00% 97,000 92!000 96,761 (239) .._- 02/03/06 02/04108 PrimeSouth Bank 4.65% ?7,OOO _J.7!Q.QQ.. _ 96,395 (605) ~._-- 02/10/06 02/11/08 Florida Community Bank 4.75% _?9,OOO 99,0,92._ 98,440 (560) _.-- --- 03/17104 03/17/08 American Tmst Fed Savings Ba~ 3.00% 99,000 99,000 .__..?6,763 (2.237) --- 03/19/04 03/19108 Planters First Cordele GA 3,05% 98,~~g 98,000 .__ w ....?_5..~Q~_ _n__.._~ 03/24/04 03/24108 Badger State Bank 3,00% 991?o.O 99,000 96,719 (2,281 ) e--- - .. ----...---........-.-- -. 03/24/04 03/24108 Wilmot State Bank 3,00% 99,00~ 99,000 ..2~~?_1.2. (2,281 ) 03/26/04 03/26/08 Private Bank & Trost 3.20% 99,000 99.000 96,850 (2,150) ..- 03/30/06 03/28108 First Georgia Banking Company 5.05% 99,000 99,000 98,626 (374) 04/07/04 . 04/07/08 Cole Taylor Bank, st9' coupon 3.01% 97,000 97,000 94,673 (2,327) .. - 03/26/04 09/26/08 South Coast Community Bank 3.20% 98,000 98,000 94.492 (~ 03/17/04 03/17/09 Peoples State Bank.._ 3.40% 99,000 99,000 94,653 (4,347) ~--" 03/24/04 03/24/09 Washita Slate Bank 3.35% 99,000 99,000 94,548 (4,452) 12/30/05 12/30/09 Meridian Bank 4.80% 99,000 99,000 97,178 (1,822) 12128/05 12/28/10 Nat'l" Bank of New York City 4.90% 97,000 97,QQ9. _ 94,930 (2,070) " .. -. I !2.~,OOO 1,966,O~_ 1,932,671 (33,329) MONEY MARKET FUNDS - . ... . .. .. .- -....-- 04/30/07 Wells Fargo Government 5.26% 5..491,531 .?,491,531 5,491,531 .-.-...-- " _.~~~ 5,491,531 5,491,531 5,491,531 0 5-2 City of Cupertino April 30, 2007 ACTIVITY DATE COUPON ADJUSTED MATIJRTIY MARKET UNREALIZED PURCHASE MATURITY DESCRIPTION RATE COST VALUE YALUE PROFIT/WSS ---- AGENCY NOTES " _"_.._on,"u - .- .. ..-.-. 12/22/03 06/22/07 FNMA 3.30% 1,000,000 1.000,000 997,190 (2,810) .. .... .."- 04/18/05 . 10/18/07 FHLB adjustable rate 4.28% . 1,500,000 1,500,000 1,497,420 __._(2,580) -.-...- .....-.-'----- 04/14/04 12/03/07 FNMA callable 2.50% 997,861 1,000.000 984,060 (13.801) ~-_.~ 12/13/05 12/28/07 FFCB 4.75% 1,000,318 1,000.000 996,880 __.__Q.!.~_8) 04/23/04 01/23/08 FHLB callable 3.15% 1,497,022 1,500,000 1,478,445 (18,577) 02/25/04 02/25/08 FHlMC 3.13% 1,000,000 1,000,000 983,700 (16,300) _.- 11/21/05 06/23/08 FFCB 5.79% 1.0 I 2,204 1,000,000 1,008,110 (4,094) . --'----- ------ 01/12/04 08/06/08 FHLB callable, step coupon 4.00% 999,478 1,000.000 995,310 (4,168) 04/29/04 ~~. - 10/29/08 FHLB callable, step coupon 3.50% 300,000 300,000 296.625 (3.375) - ._~ 12/15/03 12/15/08 FHLMC callable, step coupon 5.00% 1,000,000 1,000.000 998,400 {I ,600) 12/30/03 12/30/08 FHlMC callable, step coupon. 4.75% 1,000,000 1,000,000 997,420 (2,580) 03/16/04 03/16/09 FNMA callable 4.01% 1,600,000 1.600,000 I ~~74,496 (25,504) 03/30/04 03/30/09 FHLB callable, step coupon 4.50% 600,000 600.000 599,064 (936) --- 12/28/05 12/28/09 FHLB callable 5.04% 915.000 915,000 912,713 (2,2872 11/30/05 04/07/10 FFCB callable 3.70% 965,528 1,000,000 969,380 3,852 .-- ------. -'~-- 11/21/05 07/12/10 FHlMC 4.13% 982,734 1,000.000 980,310 (2,424) - 12/15/05 12115/10 FHLMC callable 5.04% 1.000,000 1,000,000 997.740 (2,260) . ____...,......0. 04/21/06 04/07/11 FNMA callable 5,75% 748.393 750,000 750,233 1,840 - -- ----- -------- - 18,1}8,539 18,165,000 _}8,017,496 (101,043) _..---~ ---" --..----..----- --."--".. USGOVERNMENTSECUR~ ~- _. 03/28/07 09/27/07 US Treasury Bill 5.03% 979.998 I,OOO.~_ 980,050 52 -. 979,998 1,~.!!.O,OOO 980,050 52 --- Total Managed Portfolio 54 957 698 55 024 161 54823_178 {134320 Average Yield 4.76% . .~---_.- Average Length tD Maturity (in years) 0.58 .- -- - .- ..- TRUST ~~TFOLlO (KESTER TRUST) --<~~ .~_. CASH 04130/07 WeUs Institutional M~ey Mkt Acct 5.06% 45,213 4~J.~ . 45,213 0 ._w. ~"- _~_u... Total Trust Portfolio 45213 45213 45 213 0 --... - .... --.- h_________ _h___'__'_ ....m.___ - --- --. -....-.. BOND RESERVE PORTFOLIO -.. --'---'-'-----'.~ .. Bond Reserve Acct Ambac Assurance Security Bond 1 I I Bond Payment Acct Wells Treasury Plus Money Mkt 4.57% 2,363 2,363 2.363 0 . 2.363 Total Bond Reserve Portfolio 2363 2363 0 5-3 Investments by Type Managed Portfolio US Tnoasuri... 2% Agency Notes 33% LAIF 50% Cash 2% IRate of Return Comparison I 6.00% . . . . . ...- ~ . . . . . 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 5106 6/06 7106 .8106 9106 10106 11106 121061107 2107 3107 4107 I:::~:ertino I 5-4 COMPLIANCE WITH INVESTMENT POLICY ~ity~!Cupert~~ .. __n.. ,. A ril 30, 2007 . _.______.1-_...____..._...._....____ I ._n--+-._.__ _ .___...-.-_ 1 , Comment --....-.- -. r .-. .------- .. -!No limit . Complies I _.__. __. ._ __ ___ ___ ___ US Agencies INo limit ICo!!lP~ies ~~um Term Corporate BondsINot~__ _~~~~ ;;;~o~;~ti-;'j;- m~ _ !~:~~_ M<?~~y_Mark~tFun<!~__ _______ .____,29% .__ : Complies ~axim.'!m Maturities ____ IUp to 5 years._.______ L<:::<?!!1E!!~~_._______ __. Per Issuer Max : 1 0% (except LAIF) i Complies ~~nlc~r~-A~cep_~_ces_.. ,_ _._____=_.-~Ii~if~~y;-&.40% _. __.___._.. ~Co!!lplies Co~~cial p~.~ .______ i279d.~r~ & 25% n__ :C<.?~p~~~s Negotiab~e ~ertif?~~tes o~p~posit_ !30% : Complies ..__nm Repurchase Agreements :365 days------ :Compli~ ___n....... _.._......._u 1..________..______.___,.. ," __.J.. Reverse Repurchase agreements ! Prohibited I Complies ..-... ...._ Category Standard Tre~~ry Issues 5-5