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04. Treasurer Report · ,,",, I !\~ ,.\~, .c'J T . F CUPEIQ1NO City Hall 10300 Torre Avenue Cupertino, CA 95014-3255 Telephone: (408) 777-3220 FAX: (408) 777-3366 DEPARTMENT OF ADMINISTRATIVE SERVICES SUMMARY Agenda Item No. <i Meeting Date: October 4, 2005 SUBJECT Accept the Treasurer's Investment and Budget Report - August 2005. BACKGROUND Attached are the Treasurer's Investment and Budget report for the period ended August 31,2005. The report includes all funds in control of the City. Investments The market value of the City's current portfolio totaled $38.1 million at August 31, 2005, with a maturity value of $38.5 million. The slightly lower market value of the individual securities (compared with cost or maturity values), indicates that rates have risen since the time of purchase. The City intends to hold investments until maturity to redeem full value of the securities plus interest earnings up through the maturity date. The Local Agency Investment Fund (LAlF) yielded 3.179% in August compared to 1.672%, a year ago. LAIF yields have risen consistently as short-term interest rates have increased due to Federal Reserve actions. The City's portfolio as a whole yielded 3.07% in August up from 3.02% the previous month. With the Finance Director/Deputy Treasurer's position now staffed, we will be able to increase our investment efforts to take advantage of rising interest rates, in lieu of investing excess funds with LAIF. The next phase will be to analyze the investment portfolio and make adjustments that will bring the City back into the realm of meeting or exceeding the LAIF yield benchmark. Overall, the City's cash and investment holdings decreased $500,000 during August. The cash position of the City normally declines in the first few months of the fiscal year before receiving sales and property taxes in the later months. The investments of the City of Cupertino are in full compliance with our City investment policy and/or State law, and are tiered to provide the City with sufficient cash flows to pay its obligations over the next six months. Printed on Recycled Paper L(~I Revenue/Expenditure Trends Building permit, planning, and engineering fees continue their strong showing in fiscal 05-06 more than doubling the revenue pace from last year. Overall revenues are up 16% from last year. Departmental expenditures for July and August are up 9% from last year, slightly higher than the 8% increase budgeted for the entire year. Peak seasonal expenditures in recreation and maintenance account for the slight variation from the budget. RECOMMENDATION: Accept the Treasurer's Investment and Budget report for August 2005. Submitted by: Approved for submission: (\ ,,) . I! i< /.:;4lù r 0::.. )ð1J !.h David Woo / . Finance Director ~( David W. Knapp City Manager Reviewed by: ". (/¡u19-P 0 þA J-1~ Carol Atwood . Administrative Services Director y-'¿ City of Cupertino August 2005 ACTIVITY DATE ¡PURCHASE MATURITY DESCRIPTION REf YIELD ADJUSTED MATURITY COST -- V AWE MARKET UNREALIZE V Ã[m~--- -- PRÖÞYrTwss , ~~_~+;--þ",""-""-M,,,I-! I i - CASH:: ,_ _ _= ~: C\J~RE1\'TPO~T¡iO¡j() _. _1= I . u ..I-T ,___0.8/31/0.5 WellsfargoCash ____ _ __ 252.1. 252 252. a. ,,- ~ ","'ro~ ",' "'" ,,","_~ __ _ _ ;~m - w'Jìt ~~T : LA "LAIflu 0.8/31/0\ jLAIf':..8.ta!<'Pio' - __--=,,_-:-;n u _3~18¡15,ølø'240+-15,ølø.24ø~- ]5,0.10.,240+ 0. ~C!~~~~o.~~ES ~~/~~fC§erican Trust f,,!~avmgs B"""I¡t~_ =t 30.0.%' u_ 99,0.0.0.! --- 99,0.0.0. ,---95,272_(3,728) 03/24/04_ ~~4~08 Bad~er ~tate !3aEk __ 9__ L __ 3.00%; 99,000-r- ----99:ÕOO ---95,23i; -- (~~?~~) ~7/0.4 _ 0.4/0.7/0.8 Cole Taylor Bank ,st<:p 9_-,- 2.25 Voþ 97,0.0.0.~n__97,0.0.0..___.~",S98 ¡ (2,402) -1_~~;:~~: ~~;:;;~: ~~t;~;~~:ll(¡A ==-~-:-=7 -~i~~t--:=- :::~~h-- ::~~~~ '---¡}:~i~ I "-i:~~~ ·t~~t~f~t--i~t~~+~~i~f£~i~r:an~-= -~- -¡ -Œ~¡:: :~i~~ i--=- - - ~:~~~ : ---:~:~~: !-=-g:~~!; f~-~~~t~~:~= -t~.T~~~, .~:¡_ -: t--=::' ...::i ~!~:~f[~"':"'-~'=-t ;-'"t '"1="',,,] m~-=' ·í--...-~;~t~F::J~;~;~~; ~~f~~~~-u::_=-~:: ~ L _-~ ~~~; ;~:~~L-~~~~~~--==-~;~~~:i-ct~:~m -= U =Jl;H;~H-=~~~~~ ~;t:~,stép--:-~=-~-=:' ,~ u u {~~sf n. %~~~~%~~ I ,~~~:~~~ ::~:::~t Jr:~ì~~ -+~~;~I;~~ I. .~~~y~: ~~t:~,step uu - - ~ H~.~.:+.-. 2'~~~:~~J 2,:~~:~~~ r 2,:~~:~~i I· -.-J~~~~\ "01:/25104: o.2iis/o.STf-HLB© .. 2; j,'3dt·· 1,0.0.0.,0.0.0. - 1,000.,0.0.0.' 978.390. . (21,61 a') -+ .., ~~;!~;i:~-~t~~:T:~~~~step- - -=- -- J~ -1--- -~ ~i~; -: :~~~*~--~~~~:~~~:=::'---I,m:m~-- (:~:~~~ u_~~~;:~~: u:~;H;Hæ~1itep ---==--:-~j~__ "~~= U~!f~-~~~f:m ,u a~~:~~~:--::I~:it.~!f---~Hm 0.3/30./0.4 0.3/30./0.9 FHLB©,step' ·----;2-1. .2.50.%-- 600,0.0.0. ----60'ii,bO'O'-----\<i7,3~(2_:_6ii) - -12/22/03; 06/22/07 !FNMA-- ---------- ---Ii' '----~30%t 1,000,660 I,OOÕ,-õõõ---- 980,6jO-t--- (19,370) - 1__12/30./0.3' - 12i3ÖiQ(fHL.MÓ5,stei>=-=u_ u--¡itu 2.75%'1,0()O,0.0.0. i 'IÆóo'oo.o ' . (OÓI,50o. : 1,50'0 _=1 ~:;~:~:' -=~~;~~;~: t~~~~t::~u , - ,··i~_ ' ~~~~j" I ,~~~:~~~ -- I '~~~:~~~j ,'~:¡:~~~I" u~::~~~; _--I I I r ,- j '-SEcURITÜ,cS MÄ nJRED/cALLED 4-3 City of Cupertino August 2005 -------- MARKET vALUE --------- ACTIVITY DATE PURCHASE MATURITY ADJUSTED COST MATURITY V AWE DESCRIPTION -+-- ----~ 1------ I -- -- ---------j ------ -----..- ------- , I;~~:~~~1·· ~O j_ 04/18iõ51 ~0I18/07 FHLBfloater _ '2 u J57,ll~~;~~:~~~: i~:~~~:~~~ : .(.' '---T- I,OOO,[)OO"_ n~ ~:::~:a~{e~:dl'~r~~IiO r -- - - __ ~ ~__ un_-- "'-1_ - - __1 ....38.396.401 _ 3::::::::: u __3.8,127.871 ---------~_..- ----------- --------..--- ----------- _ i'i"RUST & AGENCY PORTFOLIO k____________1 _-1___ ,CERTIFICATES OF DEPOSIT: I ~--- ~ -- _~7~==f~ :~31105 J~U~~~~_~~:Kester Tru~t~_ ~~b~--~ __ I 53% - --42,294 . Total Trust & AgeUC~I'Ortfo~~___ _ __ ~-L- : _ _ 42,294" -=+=- [ BOND-RESERVEPORTFOLIO------r ----f -];~eserve Äcctll()')879I Wells Fargo Treas~Pl';; Money Mk'. ~_ _2 T3%f=- -" ,070T- ___-t~?t1~~~~eAcct_~~787~i___Am~~c-Assuran~_~_~~_~I1~~?_n~ ___I __ ________~ ___un! !Bond ReserveAcct #07879~Vlells Fargo Treasury Plus Money Mkt 2.73%1 2.057 ----+Totãi Bond ReserVe Portfolio--- -- ______u - - . r - 13 127 =1-~~~---=----~~--=-= - - - ~--- f -~- - - ; .~.. ~ _ ¡-+~~~~+-=-~l ---------T --I~~~~~-: ¡ 1,496,82(j, 19.712.218 1 986,290 986.290 - - ------------- ------¡---- , In ---I =: 42,2~~ ---¡ -1-- , -- -·1··· n__ ... 42.294 , ___un_nut I 42,294 42,294 ~",:l~==~J -- +--- --- 2,057 2,057 13 127 13 127 ' - ----------- - __________n -i--··- ---- ----- --- ------ --~-:u -I __n_ ---------r----- ------------ - - ---- -----1-- --------t- ------------- ------ UN REALIZE PRòi'n'lloss . n_(6,744) (5,501) (3,180) (235,757) ---+----- 3,478 3.478 _(268..530) o o o o o 4-L( 3.50% 3.00% - 2.50% . 2.00% 1.50% 1.00% 0.50% 0.00% Investments by Type Managed Portfolio US Treasury NOles 3% AgellcyNotes 51% CD's Market 3% 4% Rate of Return Comparison 4/04 5/04 6/04 7/04 8/04 9/04 10/04 11/04 12/04 1/05 2/05 3/05 4/05 5/05 6/05 7/05 8/05 L(-) COMPLIANCE WITH INVESTMENT POLICY City of Cupertino 8-31-05 Category Treasury Issues US Agencies (eg FHLMC) Medium Term Corporate BondslNotes LAIF Money Market Funds Maximum Maturities " Per Issuer Max Bankers Acceptances Commercial Paper Negotiable Certificates of Deposit Repurchase Agreements Reverse Repurchase agreements Standard No limit No limit 30% with A rating $40 million 20% 25% up to 15 years Remainder up to 5 years 10% (except LA IF) 180 days & 40% 270 days & 25% 30% 365 days Prohibited Complies Complies Complies Complies Complies Complies Complies Complies Complies Complies Complies Complies Complies Comment L{-L 0 ." - E ~ to - - () ., ... 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" .9 &j :ã 10 § .9 .9 ... 0 .¡;; ~ " .... -¡; .~ -¡; ... = ., " 0 Ii> ., .... 0 10 ~ ë :;; - ¡,; '" ~ " e." .. ... 0 - .§ ¡¡, Ei .§ ::ë Õ Ž þ = 101) " " .¡3 " 0 a ., " 0 ... 0 ... ... = " -;¡¡ 0 5 &: " " £ " .¡3 " f-< " " 0 ~ 0 " f-< " " .... ... 0 0 " -;¡¡ 8- -< -< 8- 8- u í.? -( " '" 0.. ;.:¡ ., " .D ¡ï; ...¡ u U 0.. f-< ~ ... u 0 '" 1..(-7 Revenue Comparison 1,400,000 1,200,000 1,000,000 aoo,ooo 600,000 400,000 200,000 0 2 4 6 7 9 10 II 12 Expenditure Comparison 1.400,000 1,200,000 1,000,000 800,000 400,000 - 200,000 o 2 3 4 5 6 1 Sales Tax 2 Property Tax 3 Transcient Occupancy 4 Utility Tax 5 Franchise Fees 6 Other Taxes 7 Licenses & Permits 8 Use of Money & Property 9 Intergovernmental \0 Charges for Services 11 Fines & Forfeitures 12 Other Revenue 13 Sale of Property 13 .YTD 8/31/04 ~YTD 8/31/05 1 Administrative 2 Law Enforcement 3 Community Service 4 Administrative Service 5 Recreation Service 6 Community Development .7 Public Works 7 4- J>