09. Treasurer's Report
City Hall
10300 Torre Avenue
Cupertino, CA 95014-3255
Telephone: (408) 777-3220
FAX: (408) 777-3366
ITYOF
CUPEIUINO
DEPARTMENT OF ADMINISTRATIVE SERVICES
SUMMARY
Agenda Item No.
9
Meeting Date: August 21,2007
SUBJECT AND ISSUE
Accept the Treasurer's Investment Report for June 2007.
BACKGROUND
Enclosed is the Treasurer's Investment Report for the month ended June 30, 2007. The report
includes all funds in control of the City.
The market value of the City's portfolio totaled $57.9 million at the end of June, with a cost of
$58 million. The difference, an unrealized paper loss, was relatively unchanged from last month.
The portfolio yielded 4.85% in June up from 4.83% the previous month and up from 4.15% a
year ago. The Local Agency Investment Fund (LAIF) held steady at 5.25% for the past two
months, but was up from 4.7% a year ago.
A federal agency note matured at 3.3%. The City's liquid investments decreased by $350,000 due
to the City's semi-annual debt service payment.
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 June 2007.
;(9-~
David Woo
Deputy Treasurer
Approved for submission:
gsl
David W, Knapp
City Manager
Reviewed by:
~Q,~
Carol A. Atwood
City Treasurer
Printed on Recycled Paper
City of Cupertino
June 30, 2007
12/22/03
- -DESCRIPTION
CASH '
_ -~~J 06/30/07 Wells Fargo - Workers <:::~mp Che~ki~-g
___j_~~/30/07 Wells Fargo - Regular Checking
LAIF
SECURITIES MATURED
06/22/07 j FNMA
SECURITIES PURCHASED
CITY PORTFOLIO
CERTIFICATES OF DEPOSIT
06/30/07 LAIF - State Pool
--1
3.30%!
"
--... j-
i
I ,OOO~OOOT--
j
1
t-
15,708
__ 738,44~
754,149
5.25% 30,706,440
07/27/07 Lehman Bros Bank
08/03/07 Business Bank of Fox River
09/24/07 ;Signature Bank
09/28/07 Venture Bank
] 0/05/07 i Mercantile Bank of Michigan
02/04/08 ,PrimeSouth Bank
;
02/1 ]/08 LFlorida Comm~nit~Blin)( 'H__ ____
03/] 7/08 ; American Trust Fed Savings Bank
~-t . .--------------------------
03/]9/08 lPlan!eEs_!::ir~Cordele GA ____
03/24/08 i Badger ~~~_ Bank
03/24/08jWilmot ~tat~!3ank ____~ ____ __
03/26/08 I Private Bank & Trust
._-----j---------- .-
03/28/08 1 First Georgia Bankil1~Co_mp!ll1~ __n_
04/07/08 ,Cole Taylor Bank, step coupon
09/26/08 i South Coast Community Bank
03/17/09 ,Peoples State Bank
03/24/09 'WaShita State Bank
----------------------------- -
12/30/09 Meridian Bank
- --- -----
12/28/] Ol'lat'!Bank of N~\\,York_City
---=~-- --r--~n
,
1
T
--+-
+
i
!
,
-----r
i
i
97,000 T
99,000:
99,000 i
97,0001
97,000 1
-97,000 : -
. - i
99,000 ;
99,000-r--
98,000
99,000
99,000
99,000
____ n____ _________" _
99,000 j
97,000
98,000 j
99'0()()_1
99,000
99,000
97,000
4.60%;
4.60%1
2.70%[
5.00%,
5.00%
4.65%
--------t-
4.75%'
- - i
3.00%1
~05%r-
3.00%
3.00%
3.20%
5.05%
.. 3.01%(
3.20%'
3.40%!
3.35%:
-- t- -- -
4.80%:
,
4.90%\
- 1. 1 ,8~7,1l.00
~
525%'
-I -. j
I
6,607,472 i
6,607,472
-i -
1-.000,000 r----I~OOO,OOO
,
I
1 _n
-+- --
---J
o
01/27/06
02/03/06
03/24/04
03/28/06
04/05/06
02/03/06
02/ 10/06 J
.. ~;~tHl-
03/30/06 1
04/07/04
03/26/04
03/17/04 .
03/24/041
] 2/30/05 i
. ]2/28/051=-
J-
MONEY MARKET FUNDS
-t . ___nun_nun
06/30/07 1 Wells Fargo Government
i .--
I
15,708 ]5,708 0
----...-- ----
738,441 738,441 0
754,149 ,754,149 0
-r--' --------------
30,706,440 I 30,706,440 ~--=-.:=~--_~-o~
i
r-- I
----+- J-
97,000 J 96,928 ; _. (72)
_ 99,000-1 98,906 j (94)
99,000 98,299 (701)
97,000 96,844 'n (156)
97,000 ' 96,833 : (167)
97,000 I 96,413 i (587)
99,000 98:440 i -, (560)
------------
99,000 97,052 (1,~48)
98,000 _ __~,085 (1,915)
99,000 97,003 il.997)
99,000 97,003 (1,997)
-- i
_99,000 I 97,1.05 +~___Q,895)
_99,-~~_ 98,550+ _ (450)
97,l)QQ.-i-____9~'_~I _ (2,079)
98,000 I 94,611 (3,389)
----..----- --------
_ _.9.2,00.2__ _94,633 (4,367)
____9.9,_0(jO_ . 94,531 ~469)
____...22~000 _ ,.96,500 (2.500)
___~7,000~3,~0 (3,010)
1,867,000_, ).-,834,647'1 - (32,353)
-------+--- ~
6,6.0'7,'i~ ___~,~L4 72 i
6,607,472 I 6,607,472 I
o
City of Cupertino
June 30, 2007
AGENCY NOTES
04/18/05 t
04/14/04
12113/05
04/23/04
02/25/04
I ] 12 I 105
01112/04 I
04129/04 .
1211 5/03 '
12/30103
03/16/04
03/30104
12/28/05 .
11/30105 i
11/21105 !
12/15/05
04/21/06
RATE
DESCRlPTION
I
i..
+
,
----+--------1
1 m 4.44%1 1,500,000
2.50% 998,462
4.75% 1,000,238
3.15% 1,497,700
3.13% 1,000,000
u._... _____
5.79% 1,010,432
4.00% 999,547
3.50%' 300,000
500% I 1,000.000
t
4.75%: 1,000,000
4.01%1 1,600,000
" 4.50%1 600,000 .
: - s.o4%T -- 915,000.
~3.70o/t_ u 967,4~8 T
J :~m.~~
_ ___+-____ _ .!2>!20,263
+-----
1
I 0 _
_ __ 10/18/07 i FHLB adjustable rate
----t;------- 0- -- 0-
I2/0~07 I FNMA callable
12/28/07 FFCB
01123/08 FHLB callable
--~--- --
~/25/08 I FHLMC
06/23/0~ 4.l'-"<::13-------------------
08/06/08 'FHLB callable, step coupon
-t .. _,__._____ __n__
I 0/29/08+FH~B callable, step coupon
12/15/08 FHLMC callable, step coupon
12/30108 . FHLMC callable, step coupon
03/16/09 FNMA callable
03/30109 0 FHLB callable, step coupon
12/28/09 I FHLB callable
------- -------------- -------
04/07/10 FFCB callable
07/12/10 FHLMC
------~-~
12115/10 FHLMC callable
-~_._,._-
04/07/11 FNMA callable
US GOVERNMENT SECURITIES
03/28/07 09/27107 US Treasury Bill
5.03%[
988,132
988,132
,TRUST PORTFOLIO (KESTER TRUST)
Total Managed Portfolio
Average Yield
Average Leng~h to Maturity (in years)
CASH
Total Trust Portfolio
4.85%'
0.49)
t---
I
1-------
06/301071 Wells Institutional MoneY~I<l.t\cct_
5.03%~
I
45,597
45,597 I
t BOND RESERVE PORTFOLIO
I
Bond Reserve Acct Ambac Assuran_c~_Security Bond
B~nd_~ayment Acct Wells T!~llSury Plus Money Mk~_____
Total Bond Reserve Portfolio
--
4.45%
I
2,4 I 3,677
2413 677
on _ _ --------i---------- -----------
----- ------ ~------ . ------
I
0- I:soo,oool --"~498-,5-1S- (1,485)
1,000,000 988,130 (10,332)
1,000,000 996,880 (3,358)
-~--~ --- --
1,500,000 1,481,715 (15,985)
--- ------ ---- _.-._---- ---------
1,000,000 985,850 (14,150)
1,000,000 1,004,640 (5,792)
.--- -- --
1,000,000 995,630 (3,917)
_____ __'___'.__n._' __.. __ ___._
300,000 296,718 (3,282)
------------
_!,O(jQ,OOO,___ _ _998~~0_ j (1,520)
1,000,000 : 992!~!(j: (7,090)
1,.60_0~.<J<l..~__ _ 1,568,496 L- (31,504)
600,000 ~ 599,436 + (564)
915,00Q.j _ ?09~8~~ t ___ ..J.5...142)
1,000,000 L--..J~~~I (5,928)
1,000,000 i 970,310 (13,325)
1,000,000 i 990,450 (9,550)
750,000 1 749.768 1,307
I
17,165,000
16,989,346
_ (131,,617)
1,000,000 :
}-,O()()~Otloj
988,690
988,690
-------------- - -
558
558
58100061
163412
57880744 .
J
-i
j-
-. +
I I
45,597 '-----45~597i-------
-1------------------
o
45,597
45 597
o
--r-------- 0_-
-_~-=-~~___ 1-
2,413,677 2,413,677
2413 677 2413677
o
o
Investments by Type
Managed Portfolio
US Treaswies
2%
Agency Notes
30"10
LAIF
53%
Money
Market
11 % Cash
1%
I Rate of Return Comparison I
1.00%
~
~ ---- -.
. . . .
. . .
. . .
- . -
-----
6.00%
5.00%
4.00%
3.00%
2.00%
0.00%
7/06
8/06
9/06
1 0/06 11/06 12/06
1/07
2/07
3/07
4/07
5/07
6/07
COMPLIANCE WITH INVESTMENT POLICY
City of Cupertino
June 30, 2007
Category
Treasury Issues
US Agencies
Medium Term Corporate Bonds
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%
Up to 5 years
10% (except for Treasuries and US Agencies)
I 80 days & 40%
270 days & 25%
30%
365 days
Prohibited
Comment
Complies
. Complies
Complies
Complies
Complies
Complies
Complies
Complies
Complies
Complies
Complies
Complies