HomeMy WebLinkAbout4.02 CT Investment Rpt 01-31-1993
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CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: February 22, 1993
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~~~~a;~e~~;ri~~~ Invest~me~1,~O~~ of
prepared by stan Stephens ~~j{m~ance
EXHIBITS ATTACHED: ~nvestment Report
RECOMMENDATION: <{;ll ~ Rece~ve Report '
SUBJECT:
Director
DESCRIPTION: Attached is the Investment detail list as of
January 31, 1993. The report shows that the city's investment portfolio
totals $17,313,171.88. This represents a decr~ase of $1,473,480.18 in the
amounts invested when compared to the city's investments of last month,
due primarily to the debt service paYment on the 1988 COP's in the amount
of $1,023,436. An additional amount of $400,000 was pulled out of LAIF to
invest in Federal Farm Credit Bank bonds on February 2, 1993. These bonds
will mature in five years (February 2, 1998) and yield 5.80% to maturity.
Note that the rate of interest on investments in the Local Agency
Investment Fund (LAIF) is calculated on a monthly rolling average. The
rate identified for that investment was 'effective as of January 31, 1993.
The LAIF pays interest once a quarter. It is managed by the State
Treasurer's Office. The advantages in using that investment mechanism is
that there is no minimum investment period and the interest earned is
determined by the length of time the deposit remains in the fund during any
given quarterly period. The city's portfolio will be moved into longer
maturities with favorable rates as LAIF's yield declines.
The maturity schedule' of the City's investments will permit the city to
meet its expenditure requirements for the following month.
INSTITUTION MATURITY INVESTMENT
Type of Investment Date Value Rate Cost Yield
State of California
LAIF $15,200,000.00 $15,200,000.00 (1) 4.533%
Bank of California
FHLB Debentures (2) 2/18/93 $225,000.00 7.650 $223,171. 88 7.710%
FHLB Debentures (2) 8/26/96 $490,000.00 7.700 $490,000.00 7.700%
FNMA Debentures (2) 6/10/97 S1. 205 .000.00 9.200 Sl.300.000.00 7.066%
$1,920,000.00 $2,013,171.88 7.292%
World Savings
Cert of Deposit 1/29/98 S100.000.00 6.010 S100.000.00 6.010%
Total Investments - per books $17,313,171.88 (1) 4.862%
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Footnotes
(1) Net decrease in investments during January 1993 = $1,473,480.18'.
(2) Federal Home Loan Bank (FHLB) and Federal National Mortgage Association
(FN~~) are lawful investments for local governmental agencies.
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ITEM NO. 4.2
COPIES TO:
CITY CLERK
FILE~