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1997 02 12 IABT6 f (4j 4t,f 4 4a Qu&ra 78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253 - (679) 777-7000 FAX (679) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 February 12, 1997 - 5:30 P.M. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call Il CONFIRMATION OF AGENDA III PUBLIC COMMENT - (This is the time set aside for public comment on any matter not scheduled on the agenda.) IV CONSENT CALENDAR A. Approval of Minutes of Meeting on January 15, 1997 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for December 31, 1996 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - January 1997 B. City of La Quinta FY 95/96 Audited Financial Statements C. Local Agency Investment Fund (LAIF) Independent Auditor's Report D. Pooled Money Investment Board Report November 1996 and Summary of Investment Data as of December 1996 E. Boards/Commissions Handbook. (PLEASE BRING YOUR HANDBOOK TO THE MEETING) VII BOARD MEMBER ITEMS Vlll ADJOURNMENT MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253( 000 OZ • U OF TNt INVESTMENT ADVISORY BOARD Business Session Item No. A Meeting Date: February 12, 1997 TITLE: Transmittal of Treasury Report for December 31, 1996 BACKGROUND: Attached please find the Treasury Report for December, 1996. RECOMMENDATION: Review, Receive and File the Treasury Report of December 31, 1996. hn M. Falconer, Finance Director TO: FROM: SUBJECT: DATE: MEMORANDUM La Quinta City Council John Falconer, Finance Director/Treasurer Treasurer's Report for December 31, 1996 January 28, 1997 Attached is the Treasurer's Report for the month ending December 31, 1996. This report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Department. Cash and Investments: Increase of $159,112. due to the net effect of revenues in excess of expenditures. State Pool: ICMA: Decrease of $675,000. due to the net effect of transfers to and from the cash and investment accounts. No change. U.S. Treasury Bills: Increase of $133,973. due to the net purchase of 1 U.S. Treasury Note and the sale of 1 U.S. Treasury Bill. Mutual Funds: Increase of $54,556. due to interest earned. Total decrease in cash balances $327,359. I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City of La Quinta used the Wall Street Journal and Wells Fargo Monthly Custodian Report to determine the fair market value of investments at month end. 3f7 r —uext� ti- M.Falconer Date ce Director/Treasurer 4 c E C r.. 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Q ' N ON�o qvPU_�: ee+�� ��Mtm()l( D1 M N M 1 p O m(D 0 08 I� N fA (� v Ln U) ~ OD C N M I� N W, � N (V t` M V_ k.I c o x aEi F� c v — c F-7 mp c H H .N 7 FL C Q) ; 0-f--io6w A? N oc� c� w :3 8 :3 0 mc�a°i�a°i �QQ� (mA m m mU V U N N N � Qtii N � m Q m c c c C C `.._�- - v c eo m t H tQ C c W CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET 12/31/96 FIXED LONG TERM FIXED LONGTERM FINANCING LONGTERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH 1, 458, 373.92 5, 054, 477.78 6, 512, 851.70 LQRP INVESTMENT IN POOLED CASH 216,734.81 216,734.81 INVESTMENT T-BILL 10,000,000.00 10,000,000.00 LQRP CASH 19,617.95 19,617.95 BOND REDEMPTION CASH 311,589.92 8,845.18 320,435.10 BOND RESERVE CASH 509,490.00 509,490.00 BOND PROJECT CASH 13,000,682.97 759,811.40 13,760,494.37 BOND ESCROW CASH 10,268.03 10,268.03 PETTY CASH 1,000.00 1,000.00 ICMA DEFERRED COMPENSATION 593,838.92 593,838.92 CASH & INVESTMENT TOTAL 12,053,212.84 19,122,861.46 768,656.58 31,944,730.88 INVESTMENT IN LAND HELD FOR RESALE 86,319.85 86,319.85 ACCOUNTS RECEIVABLE 8,969.64 71,579.80 80,549.44 PREMIUM/DISCOUNT ON INVESTMENT 145,827.48 145,827.48 LQRP-ACCOUNTS RECEIVABLE 67,120.00 67,120.00, INTEREST RECEIVABLE LOAN/NOTES RECEIVABLE 28,325.00 28,325.00 DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 551,038.04 551,038.04 DUE FROM RDA 6,048,957.20 6,048,957.20 INTEREST ADVANCE -DUE FROM RDA 907,343.64 907,343.64 NSF CHECKS RECEIVABLE 1,873.15 1,873.15 ACCRUED REVENUE TRAVEL ADVANCES 200.00 200.00 EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 7,113,171.11 718,062.84 7,831,233.95 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 75.00 MISC. DEPOSITS 2,100.00 2,100.00 DEPOSITS TOTAL 2,175.00 2,175.00 GENERAL FIXED ASSETS 15,981,208.00 11,438,745.05 27,419,953.05 AMOUNT AVAILABLE TO RETIRE L/T DEBT 2,340,653.00 2,340,653.00 AMOUNT TO BE PROVIDED FOR L/T DEBT 298,816.00 90,515,251.80 8,790,000.00 99,604,067.80 TOTAL OTHER ASSETS 15,981,208.00 298,816.00 11,438,745.05 92,855,904.80 8,790,000.00 129,364,673.85 TOTAL ASSETS 19 168 558.95 15,981,208.00 298 816.00 19,927,244.15 11 438 745.05 92 855 904.80 768 656.58 8,790,000.00 169 229 133.53 LIABILITY ACCOUNTS PAYABLE 165,723.64 156,701.75 322,425.39 DUE TO OTHER AGENCIES 662.00 662.00 DUE TO OTHER FUNDS 551,038.04 551,038.04 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES 138,102.19 138,102.19 STRONG MOTION INSTRUMENTS 3,730.03 3,730.03 FRINGE TOED LIZARD FEES 0.40 0.40 SUSPENSE (2,111.30) (2,111.30) DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 306,106.96 707, 739.79 1, 013, 846.75 ENGINEERING TRUST DEPOSITS A7 303 96 97.303.26 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 138,959.99 138,959.99 LQRP DEPOSITS 14,031.00 14,031.00 DEVELOPER DEPOSITS 162,449.71 162,449.71 MISC. DEPOSITS 843.15 843.15 AGENCY FUND DEPOSITS 755,253.99 755,253.99 ICMA-DEFERRED COMP DEPOSITS 593,838.92 593,838.92 TOTAL DEPOSITS 1, 748, 649.02 14, 031.00 1, 762, 680.02 DEFERRED REVENUE OTHER LIABILITIES TOTAL COMPENSATED ABSENCES PAYABLE 298,816.00 298,816.00 DUE TO THE CITY OF LA QUINTA 6,956,302.05 6,956,302.05 DUE TO COUNTY OF RIVERSIDE 11,925,575.00 11,925,575.00 DUE TO C.V. UNIFIED SCHOOL DIST. 11,797,367.75 11,797,367.75 DUE TO DESERT SANDS SCHOOL DIST. 1,276,660.00 1,276,660.00 BONDS PAYABLE 60,900,000.00 8,790,000.00 69,690,000.00 TOTAL LONG TERM DEBT 298,816.00 92,855,904.80 8,790,000.00 101,944,720.80 TOTAL LIABILITY 2,054,755.98 298,816.00 721,770.79 92,855,904.80 8,790,000.00 104,721,247.57 EQUITY -FUND BALANCE 17,113,802.97 15,981,208.00 19,205,473.36 11,438,745.05 768,656.58 64,507,885.96 TOTAL LIABILITY & EQUITY 19,168,558.95 15,981,208.00 298,816.00 19 927 244.15 11 438 745.05 92 855 904.80 768 656.58 8,790,000.00 169 229 133.53 INVESTMENT ADVISORY BOARD Meeting Date: February 12, 1997 TITLE: Month End Cash Report - January 1997 BACKGROUND: Correspondence & Written Material Item A This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances, ) but would report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. ohn M. Falconer, Finance Director City of La Quinta Month End Cash Report - See Footnote January 31, 1997 Wells Fargo Wells Fargo Wells Fargo City RDA Description Checking Housing Money Market LAIF LAIF Investments Total Beginning Balance - 1/30/97 (977,463.40) 89,045.70 413,775.77 6,789,488.57 4,220,138.84 12,973,618.23 23,508,603.71 Deposits Daily Deposit 7,417.18 7,417.18 Transfers 0.00 Disbursements 0.00 Ending Balance per books (977,463.40) 89,045.70 421,192.95 6,789,488 57 4,220,138.84 12,973,618.23 23,516,020.89 Add Back - Accts Pay Chks - #27904-28034 979,641.77 979,641.77 Adjusted Balance 2,178.37 89,045.70 421,192.95 6,789,488.57 4,220,138.84 12,973,618.23 24,495,662.66 Estimated Interest Accruals November 27,083.40 27,083.40 December 43,152.55 43,152.55 January 22,804.00 18,521.00 57,098.01 98,423.01 Adjusted Balances after accruals 2 178.37 89 045.70 _ 421 192.95 6 812 292.57 4 238 659.84 13 100 952.19 24 664 321.62 ment lass InvesPer 5220776% 11,050,95 1 1 �24,100.00%664,321.62 etntages 44. 054% 53 11170%19 Footnotes: The following report is a special purpose report which has been prepared at the request of the Investment Advisory Board. This report was created because the Finance Department cannot prepare the Treasurers report for the month end before the 2nd Wednesday of each month (e.g. June report for the July meeting). As a result, the IAB does not receive the Treasurers Report until approximately 1 1/2 months after the date of the report (e.g. June report for the August meeting). The report is prepared on a monthly basis from the Daily Cash Report. The purpose of this report is for staff to project daily cash needs and invest excess cash. This report does not include all investments of the City, RDA and Financing Authority. Specifically excluded from this report are the Petty Cash , Deferred Compensation, and Fiscal Agent accounts. These accounts are included in the Treasurers Report. In addition, the percentage numbers in this report are for information only. These percentages should not be used to compare the maximum allowable percentages allowed in the investment policy because this report does not include all investments and is not prepared from the reconciled book balances. INVESTMENT ADVISORY BOARD Meeting Date: February 12, 1997 TITLE: City of La Quinta FY 95/96 Audited Financial Statements BACKGROUND: Correspondence & Written Material Item B Attached please find the audited financial statements for the Fiscal Year 1995/96 as performed by Conrad & Associates, CPA. Footnote 2 to the Financial Statements outlines the cash and investments outstanding as of June 30, 1996 totaling $39,238,679. RECOMMENDATION: Receive & File Jolhn M. Falconer, Finance Director INVESTMENT ADVISORY BOARD Meeting Date: February 12, 1997 TITLE: Local Agency Investment Fund (LAIF) Independent Auditors Report BACKGROUND: Correspondence & Written Material Item C Attached are two items regarding LAIF Independent Auditors Report - excerpts from the FY 95 State of California Audit Report as it pertains to LAIF and excerpts from Government Auditing Standards as it pertains to auditors independence from the City of La Quinta outside auditor. RECOMMENDATION: For informational purposes. John M. Falconbr, Finance Director JAN-17-1997 13:00 FROM CALIF ST. TREASURER LAIF TO 96197777105 P.01 Local Agency Investment Fund STAB OF CALIF"ORNIA STATE TREASURER'S OFFICE P.O. BOX 942809 SACRA.NtENTO, CA 94209-0001 (916) 653 3001 (916) 654-9931 FAX 'fEI.ECOPY�oRbi DATE: 1-17-97 ATIN: John Faulkner FMM.* City of La Quinta FAX NUMBER.: (619) 7 7 7- 7 1 U 5 NUMER OF PAGES (INCLUDING COS PAGE): 0 If you do not receive total of pages taraaMmutted, please call Patrida Beal at (916) 653-3001. Notes and/or comments: Copy of audit report from July monthly report. JAN-17-1997 13:00 FROM CALIF ST. TREASURER LAIF TO 86197777105 P.02 lot CALIFORNIA STATE AUDITQR KLJftT R 9JdBERG MARIANNE P. EVn9MNK SfAT6AL1M1CR CMFDEptJfYSfAtEAUDITOR Independent Auditors' Report THE GOVERNOR AND THE LEGISLATURE OF THE STATE OF CALIFORNIA .We have audited the general purpose financial statarients of the State of California as of and for the year ended June 30, 1995, as listed in the table of contents. These general purpose financial state vents are the responsibility of the StaWs management Our responsibility is to express an opinion on these general purpose financial statements based on our audit We did not audit the financial statements of the pension trust funds, which reflect total assets constituting 81 percent of the fiduciary funds. We also did not audit the financial statements of certain enterprise funds, which reflect total assets and revenues, constituting 87 percent and 91 percent, respectively, of the enterprise funds. In addition, we did not audit the University of California funds. Finally, we did not audit the financial statements of certain component unit authorities, which reflect total assets and revenues, constituting 97 percent and 95 percent; respectively, of the component unit authorities.' The financial statements of the pension trust funds, certain enterprise funds, the University of California funds, and certain component unit authorities referred to above were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for these funds and entities is based solely upon the reports of the other auditors. We conducted our audit in accordance with government auditing standards issued by the Cornptmller General of the United States and generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit Includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant *estimates made by rnanagenwntr as well as evaluating the overall general purpose financial statement presentation. We believe that our audit and the reports .of thq other auditors .provide a reasonable basis for our opinion. In our opinion, based upon our audit and the reports of other auditors, the general purpose financial statements as fisted in the table of content; present fairly, in all material respects, -the financial position of the State of California as of June 30, 1995, and the results of its operations and the cash flows of its proprietary funds and component unit authorities for the year then ended, in .conformity with generally accepted accounting principles. BUREAU OF STATE AUDM 660 j Steer. Swee 3OO, Swmenm C*U&r is 95814 . Tdepha= (916) 44S.MS5 F= (916) 327.CD19 -23- JAN-17-1997 13:01 FROM CALIF ST. TREASURER LAIF TO 86197777105 P.03 Our audit was conducted for the purpose of forming an opinion on the general purpose financial statemnts taken as a whole. The combining finan©al statements and schedules listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the State of California. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, based upon our audit and the reports of other auditors, is fairly presented in all nvftrial respects in relation to the general purpose financial statements taken as a whole. We did not audit -the data included in the introductory and statistical sections of this report, and accordingfy, we express no opinion on them. In accordance 'with government auditing standards, reports on the State's internal control structure and on its compliance with laws and regulations will be issued. In our single audit report. - BUREAU OF STATE AUDITS �d AN• SALLY . PILUNI.. CPA Deputy State Auditor December 1 S, 1995 CALI FORN l A STATE AU L) 1 i- 0 R JAN-17-1997 13:01 FROM CALIF ST. TREASURER LAIF TO 86197777105 P.04 DETAUM NOTES ON ALL FUNDS AND ACCOUNT GROUPS NOU 3. DEPOSITS AND WVESTMMM The State Treasurer's Office admiaisters a pooled investment PrvSMm. This prvgraut enables the State Tkeasi Tat Office to combine available cash f am xll funds and to invest cash that exceeds current seeds. The en unds and a build' a �' trust � �� f tn$ uY in the capital projects fend type also MAIM sepalte investments. As of June 30, 1995s, the averse life of the sodas in the pooled money investment mount administered by the State Treasurer's Office was approodm tly M5 der. Further, the Slate Ttfasar es once has agreements with certain banks to ntain. cash on deposit that does not earn interest income for the Stat. Income earned on these deposits compensates the banks for services and uncleared checks that are depai,ecl in the State's accounts - All Deatattd and I nt,e Deposits, tou&S gpproxirnate3y $438 million, that were held by financial institati,ow at year end were insstred by federal depoartory insurance or by collateral held by the Stale or by an agent of the state In the State's nalae. The California Gov+ecnrnent Code requires coU tml pledged for demand and time deposits to be deposited with the State Treasurer. As of June 30, 1995s the State had amounts on diposit with ts a dma� $7.1 mullion. These deposits, which were for pfincipal and interest peyn=ts clue to bond holders, are not oohberci State stakes, bond resoluiiorts, and investment policy rewhmions allow the State do nave hMe$ttnents in United States g secc mities, Canadian ga�+ernntent secsxritaes, certificates of dt t, bankers' acceptances, couzmer+ W paper, corPomte burets, mortge loans and notes, other debt secmi ies, eff rnptzrchase en,reverse ptItaseerartter,tY se=rities, real estate, mutual fancla, and other investments. As of June 30.71993, the State had investments in mutual funds and guaranteed investment contacts vata2ir�g 1.9 bRIIion. All remscuiutg investments reported as of June 30, 19957 were inset or regLftred in the State's name or held by the State or an agent of the Staff in the She's name except for $694 million in the trust and agency fiand which wee rtttir==d and unregistered investments held by the trust department or the Vent of another party to the traztaction and were Ito# in the State's n=w- The types of wvcsftzw is rcWrtW at year end one represeztiativ+e of the types of investm=t s made during the fiscal -25- JAN-17-1997 13:02 FROM CALIF ST. TREASURER LAIF State of Ca omk r TO 86197777105 P.05 Uble S year. Furkhermore, the credit risk asuxb ted with the investments Fc JRV ed at year end. is of the credit risk associated with'ztvrshaerrts made duff the fiscal year. The nwket values of the invrst—wo D in certain certificates of deposit, odmmmVid paper', and repmvbxse, agreemer is . appraccimate their eartyhtg v bectuse of the short-te= nature of throe 38=Htics. The in�esl of pension crust fimds.arc reporud at fair value (See Note 24). Inveshaents of the Deferred Compel mum rim land an reported at marbt value. All other wits are reparbed at coat. For these �ls,, no lass is recorded when market values declim below -cost, as such declines are co"dered �aporary. Table 8 prewnts the carr�g value ud maztet value of the investments the were reports by the State on June 302 1993. SahedmL of state its .lone 30,1998 on Mmnnde) Pooled lnrsatmenttr 8eearoNly Invested Pt Eadewise fisstds . _.Tmand �wn_ tmwkat Mutts Yatve Vahm Val= Vshtavalue woo 00"n"Utt $sawn= U.S. and UA agency............ S 10.881,94i S 10.477,128 S 2.911,418 S 3,185.653 S 3Z.142.425 t 32.140,127 Canadhn — . — — -- 59LD44 595AW CeesM 2" dl d-I-- - 5, W43 — — 1,081.047 1,Oa1,0" evot"1.81Qyta4 1.636,61s — — . r .-._ Comet pe�et Q,3T3.T9a 6.373.736 — 3.0"A" . 3,046" corpora* boas ,........... t.M0.79a 1.e13.d.18 27,327 29 i . 15z+ = 1S.t9S.83S Morgpge lams and now.-. — — -- --- 9A73.387 9.IM387 0dw ddA — — -- — 4M174 4,M,174 Ruse i 970 MGM — -- 375.= .375.000 r -■- ee.7al$011 K751$3 pt %lei. cif _-.1-•1. ■ ..-■� r .ram a- 7.071.156 T1071,135 Ttat—.,. � — S s 6 Y44 s, 3. At June 30, 19953, floe frog rate notes and mortpgebacked it comprised less man 4 pei=t of the paaied mves#znents. For the floating rate =&z in the portfolio, the h t+crrst rccdved by the State WM rise or W as the unde dying index rate rises or falls. The sbuctm of the floating rate notes in the State's portfolio is such that it hedges the portfolio AgWM the risk of increasing interest rates. The nsortpge-baclred securities are called real —26— JAN-17-1997 13:02 FROM CALIF ST. TREASURER LAIF TO 86197777105 P.06 Burs of cwonda - esiste mot,ge inv#ment oo (MICs), which is a secuxiiy backed by a pool of morta$es- The R"Cs found in the State portfolio have a fixed priucipal payment schedule. Invests aply $19 niMcn held by a Build Authority and m called in the C&Pitul projects fiord type were ntsared or registered m the Auty's name or held' by the Authority or an &gent of the Authority in ft Authority's name. These hw e*wzb an uo shown on Table S. The CalifOft& GQvcmn=t Code allows the State to enter info Reverse Reparchasereemetrts, that it, a sale of securities with a sQnnitaneous �t to rep=hase them in the fixture at the same price peas a oontrarct rate of intexx.st. The. Marisa value of the securities underlying rtvecse repurchase agreements normaIly exceeds the cash providing the &Al= a xna Zm against a decline in marlrct value of the securities. If the dealers default on their 4*bgabm to roil fluft securit= to the =cr orpro�vidt securitiesor chi of equal value, the Stle will an ecxmomic loss equal to the d�erenee between the market value pins the accrued interest of the uxidcziyinS securities and the. A Rreesaex-t obi gation: incl„d accrued ititerestDurir 5=21 year 1994-95, the Slate entered into 71 reverse repurc%e Prap,21b by te"jj&y11WK-dM44LY inv+cstmertts with a P 8 valve of app�xima#e $5.9 bnon At June SO, 1995, the State did not haft any rcfersr rep rcbm- NOn 4. DUE FROM OT M HODS, DUE TO 071HER FUNDS, AND DUE TO. COMPONWr 11M - GENERAL FUND The balances of Due from Other Funds, Due to Outer Funds, And Due to Component Units are shovM in Table- 6. Table 6 Sahe:dule; of Due from outer y-=&. Efte to Other Forth. and Dus to COmponmt Units • Gsaera! F%md JUM 90. INS (Irl Tmwin" Deis ltoru Dca ao Dw to ' Other cow CoaepW&M Funds !holds Ufft Ada ZWes Tic Fund— S 1.307.749 — —_ Paso W ineorttee Tax Fund_..__,_,, WX2 — ESe Tax F ..... GN=7 — — Hum can 0"031 3 ..W 3 E54,E" Wdhn Ad"em Fund 22LI64 W11=1080 T Ue ..�.... 2W,%7 -- Fedvat ThW ICA"Saw �.. — sdMd 774.=4 Nit evbysse Rsdnawt fiend.._.--- *-- ,99.00EStM .�. U*o� a _ _ E7.6T1 AN OMm Taw s.sas �.2 s s z, ai o s• ice.. TOTAL P.06 02/03/1997 16:06 7142635557 C&A CPA'S PAGE 01 CONRAD do ASSOCI,A.TES, L.L.P. FACSIMILE 'TRANSMITTAL SHEET TO: Mom: John Falconer Ken Al --imam COMPANY: DATE: City of LA Quints Febnr" 3,1997 PAX NUMBWL- TOTAX, NO. of PAGES INCUMINQ COVER 619 TT7 7105 7 PRONE NUMBRA; SENDZILS TELUMONS NVMWL- (714) 474-2020 R& Yotm mmmm NCE NUNSER: Indgmdence of the State Auditor 0 URGENT X FOR REVIEW 0 PLEASE COMNENT 0 PLEASE REPLY 0 PLEASE nCYCLE MOTES/COMMENTS: The relevant guidance on this issue is section 3.25 of ft (FAO publication Gbwmnwnt ,A"mV SAwxhrds (1994 revision). Since the state audtor is appointed by and ac suable to the state legislature, he would be independent as def'med by the Gwerr'rnem Auditing Sun* rdx 82/03/1997 16:06 7142635557 C&A CPA'S PAGE 02 CbsPer 8 Ge mknd Standards Independence 3.11 The second general standard is: In all matters relating to tke audit work, tine audit organization and the individual auditors, whether government or public, shmad be fte liras personal and external impairments to tadgmndence, should be organisationally independent, and should nssainUdn an Independent attitude and appearance. 3.12 This standard places responsibility on each auditor and the audit organization to maintain independence so that opinions, conclusions, judgments, and recommendations will be impartial and will be viewed as impartial by knowledgeable third parties. 3.13 Auditors should consider not only whether they are independent and their attitudes and beliefs permit them to be independent but also whether there is anrOft about their situations that might lead others to question their independence. All situations deserve consideration because it is emential not only that auditors are, in fact, independent and impartial, but also UuwL knowledgeable third patties consider them so. 3.14 Government auditors, including hired consultants and internal experts and specialists, need to consider three general classes of impairments to independence—VersonA, eaterz* and organisational. If one or more of these impairments affects an auditor's ability to do the work and report findings innpadially, that auditor should either decline to perform the audit, or in those situations where that auditor cwutot decline to perform the audit, the impairment(s) should be reported in the scope section of the audit report AW, when auditors are employees of the audited entity, that fact should be reflected in a prominent place in the audit report, Page YZ Persc Impai 02/03/1997 16:06 7142635557 C&A CPA'S PAGE 03 Chapter a General atsodarda S.15 Nongovernment auditors also need to consider those personal and external impairments that might affect their ability to do their work and report their findings impartially. If their ability is adversely affected, they should decline to perform the audit Public accountants should also follow the American Institute of Certified Public Accountants (Aim) code of professional conduct, the code of professional conduct of the state board with jurisdiction over the practice of the public accountant and the audit organization, and the guidance on personal and external impairments In these standards. Pemnal 3.16 There are circumstances under which auditors Impairments may not be impartial, or may not be perceived as impaitiaL The audit organization is responsible for having policies and procedures in place to help determine if auditors have any personal impairments. Managers and supervisors need to be alert for personal impairments of their staff members. Auditors are responsible for noWng the appropriate official within their audit organization it they have any personal impairments. These impairments apply to individual auditors, but they may also apply to the audit organization_ Personal impairments may include, but are not limited to, the following: a. official, professional, personal, or financial relationships that might cause an auditor to limit the extent of the inquiry, to limit disclosure, or to weaken or slant audit findings in any way, b. preconceived ideas toward individuals, groups, organizations, or objectives of a particular program that could bias the audit; c. previous responsibility for decision -making or managing an entity that would affect current operations of the entity or program being audited; Fade 23 f.. 02/03/1997 16:06 7142635557 C&A CPA'S PAGE 04 O"ter s General standards d. binges, including those induced by political or social convictions, that result from empioytnent in, or loyalty to, a particular group, organization, or level of government; e. aubse4uent performance of an audit by the same individual who, for example, had previously approved invoices, wrolls, claivL% and other proposed payments of the enttgr or program being audited; f. concurrent or subsequent performance of an audit by the same individual who maintained the official accounting records-,3 and g. linanclal interest. that is c 1m,-4 or is substantial though indirect, in the audited entity or program. External 3.17 Factors external to the audit organization may Impairiments restrict the audit or interfere with an auditor's ability to form independent and objective opinions and conclusions. For example, under the following conditions, an audit may be adversely affected and an auditor my not have complete freedom to make an independent and *eWve judgment- a. external interference or influence that improperly or imprudently limits or modifies the scope of an audit; 'For eaampie, an individual perform a substantial part or the aeeouMft p meees or cycle, such as andyz ts, ymmahzft, 1PQtui& prqpmft aQusft and claabt wMas, and preparing the Snandal wNtniodia, and later the mmw individual perkmm an audit In inkanaas in which the a"tW acts as ft main Woceeevr for trarmcdoes inboed by Um audited antler, but the audited entity acinowkxNp responsibilky for tie firwicial reeorda and finaedal Awknwobi, Ow wwW atdo of the auditor is not necesw ily unpaired, Pap 24 02/03/1997 16:06 7142635557 C&A CPA'S PAGE 05 Chapter s General 8taedw& b. external interference with the selection or application of audit procedures or in the selection of transactions to be examined; e. unreasonable restrictions on the time allowed to complete an audit; d. interference external to the audit organization in the asdgnrnent, appointMent, and promotion of audit personnel; e. restrictions on funds or other resowces provided to the audit organization that would adversely affect the audit organizationas ability to carry out its responsibilities; f. authority to overrule or to Muence the auditor's judgment as to the appropriate content of an audit report; and g. influenme that jeopardize the auditor's continued employment for reasons other than competency or the need for audit services. Organizational 3.18 Government auditors' independence can be Independence affected by their place within the structure of the government entity to which they Are assigned and also by whether they are auditing Internally or auditing other entities. Internal Auditors 3.19 A federal, state, or local government audit organization, or an audit organization withitt other government entities, such as a public college, university, or hospital, may be subject to administrative direction from persons involved in the government management ptnce9. To help achieve organizational independence, audit organizations should r+epott the results of their audits and be accountable to the head or deputy head of the Pace 26 yt� r. 1� . c µ z i 02/03/1997 16:06 7142635557 C&A CPA'S PAGE 06 ch"tw a G"at tttoodwa government entity and should be organizationally located outmode the staff or line management function of the unit under audit The audit orgenization's Independence is enhanced when it also reports regularly to the entity's independent audit committee and/or the appropriate 90ernment overaW body. 3.20 Auditors should also be sufclently removed from political pressures to ewsum that they can conduct their aufs objectively and can report their findings, opinions, and conclusions objectively widmt fear of political i'epet�ctwasion Whenever feasible, they should be under a personnel system in which con"Ludon, training, job tenure, and !Iclvancernett are based on merit. 3.21 H the above conditions are met, and no pemonai or emternal impairments exist, the audit staff Should be conddered organizationally independent to audit internally and free to report objectively to top management 3.22 When orgart4nUonally independent interrW auditors conduct audits external to the -- entity to which they are directly awned, they may be considered independent of the audited entity and free to report objectively to the head or deputy had of the government entity to which they are m9ped. bcternal Auditors 3.23 Government suditom employed by audit orgttcctiztttiotts whose heads are elected and legislative auditors auditing executive entities may be considered f e of organizatfonal impairnteift when auditing outaide the government entity to which they' are assigned. 3.24 Government auditors may be presumed to be independent of the audited entity, assuming no pemonal or external impairments wdat, if the entity is Pane si Due Profession, Care 02/ 03/ 1997 16: 06 7142635557 C&A CPA'S PAGE 07 .ally unction its 3 cunittee body. wed m t their y ier item in i Versonal Should audit ral iment Y may ity and y head signed. Oslative when ch they to be 0 entity is Chapter a General Standards a. a level of goveffunent other than the one to which they are assigned (federal, state, or local) or b. a different branch of government within the level of goverrwmnt to which they are assigned (legislative, executive, or judicial). 3.25 Government auditors may also be presumed to be independent, mmming no personal or external impairments exist, if the audit orga nization's head is a. elected by the citizens of their jurisdiction, b. elected or appointed by a legislative body of the level of government to which they are assigned and report the results of audits to, and are accountable to the legislative body, or c. appointed by the chief executive but confirmed by, report the results of audits to, and are accountable to a legislative body of the level of government to which they are assigned. Due Professional 2.26 The third genend standard is: Care Due professional care should be used In conducting the audit and in prepMag related reports. 3.27 This standard requires auditors to work with due professional care. Due we imposes a responsibility upon each auditor within the audit organization to observe generally accepted government auditing standards. 9.28 Exercising due professional care means using ' sound judgment in establishing the scope, selecting the methodology, and choosing tests and procedures for the audit. The mane sound judgment should be Page 27 INVESTMENT ADVISORY BOARD Meeting Date: February 12, 1997 TITLE: Pooled Money Investment Board Report November 1996 and Summary of Investment Data as of December 1996 BACKGROUND: Correspondence & Written Material Item D Attached please find a copy of the above referenced items from the State of California Treasurers Office. RECOMMENDATION: Information items only. Jolin M. Falconer, Finance Director POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF DECEMBER 1996 WITH DECEMBER 1995 (Dollars in Thousands) DECEMBER. 1996 DECEhMER 1995 CHANGE Average Daily Portfolio $27,592,674 $26,367,152 +$1,225,522 Accrued Earnings $130,624 $128,362 +$2,262 Effective Yield 5.574 5.748 - .174 Average Life --Month End (in days) 213 241 - 28 Total Security Transactions Amount $16,123,293 $14,557,143 + $1,566,1150 Number 379 349 - 30 Total Time Deposit Transactions Amount $131,900 $75,600 + $56,300 Number 23 13 + 10 Average Workday Investment Activity $774,057 $731,637 t $42,420 Prescribed Demand Account Balances For Services $188,668 $144,174 + $44,494 For Uncollected Funds $154,616 $145,348 + $9.268 LOCAL AGENCY INVESTMENT FUND* SUMMARY OF ACTIVITY DECEMBER 1996 BEGINNING BALANCE DEPOSITS WITHDRAWALS $998659,2349046.18 $2924897129000.00 $1916596089370.20 *Local Agency Investment Fund Invested Through Pooled Money Investment Account MONTH END BALANCE $10,948,337,675.98 Pooled State of California Money Investment Account Market Valuation 12/31 /96 Description ,_ Cairrying Cost Plus :_. .:-Market _Estimated = Value: Accrued Interest United States Treasury: Bills $ 2,019,895,422.92 $ 2,081,339,670.00 NA Strips $ 238,812,800.00 $ 283,062,050.00 NA Notes $ 5,085,418,701.63 $ 5,046,114,570.00 $ 63,719,577.60 Federal Agency: Bonds $ 910,034,979.61 $ 905,790,648.50 $ 14,185,156.61 Floaters $ 419,954,031.02 $ 420,235,150.00 $ 2,609,545.00 MBS $ 160,691,469.69 $ 157,925,603.74 $ 949,068.36 NA $ 12,159,860.60 $ 12,175,000.00 $ 338,866.78 GNMA $ 3,598,962.04 $ 4,038,583.76 $ 34,430.03 SBA $ 176,211,871.48 $ 177,894,039.13 $ 1,766,484.80 FHLMC PC $ 31,881,896.25 $ 34,304,200.36 $ 512,082.68 Discount Notes $ 646,341,243.08 $ 655,507,600.00 NA Bankers Acceptances $ 380,662,195.01 $ 380,762,344.39 NA Corporate: Bonds $ 1,493,918,403.31 $ 1,492,541,259.78 $ 26,252,595.21 Floaters $ 504,490,229.77 $ 504,807,180.00 $ 7,852,409.87 CDs $ 6,698,829,499.14 $ 6,726,347,696.38 $ 14,724,569.45 Bank Notes $ 485,000,000.00 $ 491,733,980.40 $ 4,755,444.45 Repurchase Agreements $ 49,562,500.00 $ 49,562,500.00 NA Time Deposits $ 371,095,000.00 $ 371,095,000.00 NA AB 55 & GF Loans $ 1,709,877,616.00 $ 1,709,877,616.00 NA Commercial Paper $ 7,818,585,888.25 $ 7,820,564,575.74 NA Reverse Repurchase $ 393,925,000.00) $ (393,925,000.00) $ (2,076,520.83) TOTAL $ 28,823,097,569.80 $ 28,931,754,268.18 $ 135,623,709.40 Estimated Market Value Including Accrued Interest $ . 29,067,377,977.57 NOTE: Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). Certificates of Deposit (CDs), Bank Notes (BNs), and Commercial Paper (CPs) less than 90 days are carried at portfolio. book value (carrying cost). Interest accrued from the date of purchase on CDs and BNs under 90 days is not included. z z z ot-o" o CD r a CQ O H to 0) (D CD y C O CL >CD� tp CL �D N Ch O 7 iw Q CD CL CD i ch � � C �D w 0 v m n 0 o m m X� y v, m N so ma + z O N n Z p Co W -C C -1 W --I Z Z X CA r 414 4A 4A 4A 4A fA 4A e CA cn O 000 W 0 4A 4ft 414 4A 4A 40 44F# 4A O O -i Cn Cn � V1 O 0, co w co m co w co 0 4A 40 40 40 40 40 40 40 O Cn O O O 4A 4A 4A 4A 4A 4A 4A 4A N � P o CA e 40 40 40 40 O N � cn 0 O O O 4A 4A 4A 4A 4A 4A N 4 cn c0 cn CD CA o W O O as �p O 4A 140 4A 4A 4A � Cn -4 CDOWo O N tW?f e co M O O 40 444CD 4A 4A N N cn N N 4A 4!'► d: 4ff O A O O W 0, cn W -4 Cn 4A ow 4A 4A -� CW N W M Cn -L co 46 -4 N co CA e O W o0 0o 414 4A 40 N y O CA -L O 1-4 �1 O 4A jolsommosol a C a �r rn to ic cn a C X ■ z 0 v> o � —m a z v m w co -� N A O i0 CA LOCAL AGENCY IN -VESTMENT FUND November 1996 TO ASSIST PARTICIPATING AGENCIES WITH THEIR REPORTING REQUHU MENTS, THE FOLLOWING INFORMATION IS PROVIDED BY THE STATE TREASURER'S OFFICE EACH MONTH YOU CAN EXPECT TO RECEIVE: 1) Your agency's statement of activity, which includes your beginning and ending balances and all transactions and or adjustments which took place for the previous month. 2) A "Summary of Investment Data" for the previous month. This analysis of the Pooled Portfolio indicates the monthly changes for the portfolio in comparison to the previous year, and LAIF deposit information for the previous month. 3) The "Market Valuation" of the Pooled Portfolio indicating the estimated market value (including accrued interest) for the previous month. 4) The "Pooled Money Investment Report," a summarization of the pool including investment data, portfolio composition, investment transactions, time deposits and Pooled Money Board designations. Since information for this report is gathered from several sources, it represents investment activity for the month prior to the statements. EACH QUARTER YOU WILL RECEIVE aN ADDITION TO THE MONTHLY INFORMATIM: 1) A "Maturity Schedule" for the Pooled Portfolio. This indicates the par values maturing by date and type and the percentages represented by maturity range. 2) The synopsis of the most recent LAN Advisory Board meeting. These notes indicate action taken by the Board and other points of interest to the participating agencies. 3) LAN "Answer Book" updates. The initial book will be sent to all participating agencies in January, 1997, with updates to follow on a quarterly basis. This book is specific to the LAIF and includes information such as how and when the fund was created, how interest is calculated, the percentage of fees charged and specific questions relating to the Pool and how it functions. The "Answer Book" is available upon request. ANNUALLY YOU WILL RECEIVE: 1) The "Pooled Money Investment Board Annual Report." This report is a year in review of the previous fiscal year and includes information about the Pooled Money Investment Account (PMIA), Surplus Money Investment Fund (SMIF), and the LAIR 2) Annual Updates. This form is sent to participating agencies to assist LAN staff in maintaining the most current information possible about your account with LAIF. We ask each agency to have authorized person/s review, sign and return this form to LAN as quickly as possible, whether or not changes are needed. 3) LAN calendar which indicates the dates the State of California (LAIF) is open for business. 4) Conference information. Approximately three months prior to the LAIF conference you will receive a "save -the -date" notice, two months prior to the conference you will receive your registration packet. LAIF Monthly Statement Monthly 20th of month PMIA Summary of Investment Data Monthly 20th of month PMIA Market Valuation Monthly 20th of month PMIA Monthly Report Monthly 20th of month PMIA Maturity Schedule Quarterly 20th of month Synopsis of Board Meeting Minutes Quarterly 20th of month LAIF Answer Book Quarterly 20th of month PMIA Annual Reports Annually 20th of month LAW Updates Annually January LAIF Calendar Annually December LAIF Conference Material Annually Two months prior to conference We hope you will find this listing useful for your reporting requirements. Should you not receive any of the above mentioned documents, please call LAIF at (916) 653-3001. STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT NOVEMBER*1996 Table of Contents SUMMARY............................................................................................................1 SELECTED INVESTMENT DATA....................................................................2 PORTFOLIOCOMPOSITION...........................................................................3 INVESTMENT TRANSACTIONS......................................................................4 TIMEDEPOSITS................................................................................................17 DEMANDBANK DEPOSITS............................................................................19 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................20 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF NOVEMBER 1996 WITH NOVEMBER 1995 (Dollars in Thousands) Nerabr .996Novemr 1995 C�ange Average Daily Portfolio $27,088,172 $25,110,356 + $1,977,816 Accrued Earnings $124,662 $119,483 + $5,179 Effective Yield 5.599 5.805 - .206 Average Life --Month End (in days) 231 252 - 21 Total Security Transactions Amount $18,487,457 $15,631,542 + $2,855,915 Number 426 380 + 46 Total Time Deposit Transactions Amount $149,500 $99,000 + $50,500 Number 22 16 + 6 Average Workday Investment Activity $1,035,387 $827,923 + $207,464 Prescribed Demand Account Balances For Services $123,758 $145,489 - $21,731 For Uncollected Funds $150,866 $162,304 - $11,438 —1— MATT FONG STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Change in November 30,1996 Percent From Type of Security Amount Percent Previous Month Governments Bills 2,044,382 7.50 - .77 Bonds 0 0 0 Notes 59063,732 18.57 - 1.07 Strips 265,358 .97 - .20 Total Governments 7,373,472 27.04 - 2.04 Federal Agency Coupons 195929090 5.85 - .05 Certificates of Deposit 5,969,072 21.89 + 3.17 Bank Notes 535,000 1.96 - .95 Bankers Acceptances 2939007 1.07 - .37 Repurchases 90,000 .33 - 1.90 Federal Agency Discount Notes 497,128 1.82 + .41 Time Deposits 350,795 1.29 + .01 GNMA's 3,758 .01 0 Commercial Paper 69810,154 24.97 + 2.42 FHLMC 32,357 .12 - .01 Corporate Bonds 1,9409192 7.11 - .38 Pooled Loans 1,451,778 5.32 - .96 GF Loans 578,200 2.12 + .02 Other 0 0 0 Reversed Repurchases -245,500 -.90 - .63 Total All Types $27,2719,503 100 INVESTMENT ACTIVITY Pooled Money Other Time Deposits TOTALS PMIA Monthly Average - Effective Yield Year to Date Yield for Last Day of Month November 1996 Number Amount 426 $ 18,4879457 57 $ 2959209 22 $ 149,500 505 $ 1899329166 5.599 5.591 October 1996 Number Amount 349 $ 1591849563 64 $ 4279013 24 $ 213,190 437 $ 15,8249766 5.601 5.589 -2- CCmnratca Com m ercia Paper 24.97% Pooled Money Investment Account Portfolio Composition $27.27 Billion Loans Reverses 7.44% -0.90% t3anKers Acceptances CD's/BN's 23.85% 1.07% uries 4% Time Deposits 1.29% Mortgages 0.13% gencies 7.67% 11 /30/96 ■ Treasuries ® Time Deposits ■ Mortgages ® Agencies ■ CD's/BN's ® Bankers Acceptances ■ Repo E3 Commercial Paper ® Corporate Bonds 0 Loans 8 Reverses -3- A W NT EFFECTIVE;' YLEl.0 11 /01196 SALE cl Treas Bills 03/13/97 5.650 41,000 1 6,190.20 5.728 Treas Bills 03/20/97 5.650 50,000 1 7,538.83 5.728 Treas Note 6.000% 09/30/98 5.650 41,000 1 6,363.16 5.728 Treas Note 6.000% 09/30/98 5.650 50,000 1 7,760.12 5.728 Treas Note 6.500% 05/31/01 5.650 22,050 1 3,536.59 5.728 Treas Note 7.875% 04/15/98 5.700 14,525 1 2,329.24 5.779 Treas Note 8.500% 11/15/00 5.700 25,000 1 4,363.03 5.779 Treas Note 6.625% 07/31/01 5.700 44,000 1 7,073.22 5.779 Treas Note 6.625% 07/31/01 5.700 50,000 1 8,037.79 5.779 Treas Note 6.625% 07/31/01 5.700 50,000 1 8,037.79 5.779 Treas Note 6.625% 07/31/01 5.700 50,000 1 8,037.79 5.779 Treas Note 6.625% 07/31/01 5.700 50,000 1 8,037.79 5.779 Treas Note 6.125% 05/15/98 5.700 35,000 1 5,621.94 5.779 Treas Note 7.500% 10/31 /99 5.700 14,186 1 2,294.72 5.779 CD Morg Guarty 5.730% 08/12/97 5.650 50,000 1 7,794.49 5.728 REDEMPTION CD Deutsche 5.450% 11/01/96 5.440 $40,000 133 803,940.23 5.515 CP Amer Home 11/01/96 5.220 5,000 7 5,075.00 5.297 CP Amer Home 11/01/96 5.220 50,000 7 50,750.00 5.297 CP GMAC 11/01/96 5.230 10,000 7 10,169.44 5.308 CP GMAC 11/01/96 5.230 43,000 7 43,728.61 5.308 CP GMAC 11/01/96 5.230 50,000 7 50,847.22 5.308 PURCHASE CP GECC 11/08/96 5.250 50,000 CP GECC 11/08/96 5.250 50,000 CP GECC 11 /14/96 5.250 50,000 CP GECC 11/14/96 5.250 50,000 CP Amer Exp 11 /18/96 5.250 25,000 CP Amer Exp 11 /18/96 5.250 50,000 11/04/96 RRS Treas Note 5.250% 01/31/01 5.200 50,000 Treas Note 5.250% 01 /31 /01 5.200 50,000 Treas Note 5.250% 01 /31 /01 5.200 50,000 Treas Note 5.250% 01 /31 /01 5.200 50,000 Treas Note 5.250% 01 /31 /01 5.200 50,000- SALE c/ Treas Note 6.500% 04/30/97 5.550 48,985 3 22,315.62 5.627 Treas Note 6.250% 08/31 /00 5.550 50,000 3 23,125.00 5.627 Treas Note 6.625% 07/31/01 5.550 50,000 3 23,529.69 5.627 Treas Note 6.625% 07/31/01 5.550 50,000 3 23,529.619 5.627 IM 11/04/96 REDEMPTION CP Morg Stan 11/04/96 5.300 50,000 61 449,027.80 5.422 CP Morg Stan 11/04/96 5.300 50,000 61 449,027.80 5.422 CP Morg Stan 11/04/96 5.300 50,000 61 449,027.80 5.422 CP Morg Stan 11/04/96 5.300 50,000 61 449,027.80 5.422 CP Morg Stan 11/04/96 5.300 50,000 61 449,027.80 5.422 MTN Assoc 4.660% 11/04/96 4.660 15,000 1097 2,098,941.67 4.660 RRP Treas Note 5.250% 01 /31 /01 5.080 50,000 61 (407,793.47) -5.150 Treas Note 5.250% 01 /31 /01 5.080 50,000 61 (407,793.47) -5.150 Treas Note 5.250% 01 /31 /01 5.080 50,000 61 (407,793.47) -5.150 Treas Note 5.250% 01/31/01 5.080 50,000. 61 (407,793.47) -5.150 Treas Note 5.250% 01 /31 /01 5.080 50,000 61 (407,793.47) -5.150 PURCHASE d Treas Bill 04/17/97 5.300 41,785 BA Tokyo-Mits 12/31/96 5.380 50,000 PURCHASE CP Morg Stan 01/17/97 5.340 50,000 CP Morg Stan 01/17/97 5.340 50,000 CP Morg Stan 01/17/97 5.340 50,000 CP Morg Stan 01/17/97 5.340 50,000 CP Morg Stan 01/17/97 5.340 50,000 CP Assoc 11 /06/96 .5.300 50,000 CP Assoc 11 /06/96 5.300 50,000 CP Assoc 11 /06/96 5.300 50,000 l CP Assoc 11 /06/96 5.300 50,000 CP Merrill 11 /06/96 5.320 50,000 CP Merrill 11/06/96 5.320 50,000 CP Merrill 11 /06/96 5.320 50,000 11/05/96 SALE c/ BA Tokyo-Mits 12/31/96 5.380 50,000 1 7,261.36 5.454 REDEMPTION CP Assoc 11/05/96 5.250 50,000 7 51,041.67 5.328 CP Assoc 11/05/96 5.250 50,000 7 51,041.67 5.328 CP Assoc 11/05/96 5.250 50,000 7 51,041.67 5.328 BA Union 11/05/96 5.280 11,000 167 269,426.67 5.487 CP GMAC 11/05/96 5.330 50,000 4 29,611.11 5.407 CP GMAC 11/05/96 5.330 50,000 4 29,611.11 5.407 CP Hertz 11/05/96 5.410 48,000 4 28,853.33 5.488 CP FMCC 11/05/96 5.410 14,000 4 8,415.56 5.488 CP FMCC 11/05/96 5.410 50,000 4 30,055.56 5.488 —5— 11/05/96 PURCHASE CID SRAC 02/03/97 5.310 50,000 CP Bear 02/03/97 5.310 50,000 CID Bear 02/03/97 5.310 50,000 CID Bear 02/03/97 5.310 50,000 CD Cr Suisse 5.360% 03/10/97 5.350 50,000 CD Cr Suisse 5.360% 03/10/97 5.350 50,000 CD Cr Suisse 5.360% 03/10/97 5.350. 50,000 CD Cr Suisse 5.360% 03/10/97 5.350 50,000 CD US Oregon 5.350% 03/03/97 5.350 50,000 CD US Oregon . 5.350% 03/03/97 5.350 50,000 11/06/96 SALE c/ Treas Bill 04/17/97 5.300 41,785 2 11,777.78 5.373 REDEMPTION CID Merrill 11/06/96 5.320 50,000 2 14,777.78 5.395 CP Merrill 11/06/96 5.320 50,000 2 14,777.78 5.395 CID Merrill 11/06/96 5.320 50,000 2 14,777.78 5.395 CID Merrill 11/06/96 5.320 50,000 2 14,777.78 5.395 CID Merrill 11/06/96 5.320 50,000 2 14,777.78 5.395 CID Merrill 11/06/96 5.320 50,000 2 14,777.78 5.395 CP Merrill 11/06/96 5.320 50,000 2 14,777.78 5.395 CID Merrill 11/06/96 5.380 50,000 5 37,361.10 5.458 CID Merrrill 11/06/96 5.380 50,000 5 37,361.10 5.458 CD Dresdner 5.510% 11/06/96 5.490 90,000 134 1,839,284.17 5.56S PURCHASE c/ BA Tokyo-Mits 12/31/96 5.580 77,000 PURCHASE CD Soc Gen 5.400% 10/08/97 5.350 25,000 CD CIBC 5.340% 02/03/97 5.340 20,000 CD CIBC 5.340% 02/03/97 5.340 50,000 .CD CIBC 5.340% 02/03/97 5.340 50,000 CD US Oregon 5.330% 02/07/97 5.330 50,000 CD US Oregon 5.330% 02/07/97 5.330 50,000 CID Merrill ' 02/27/97 5.310 50,000 11/07/96 SALE c/ BA Tokyo-Mits 12/31 /96 5.580 77,000 1 11,625.00 5.657 mm 11/07/96 PURCHASE CD Mellon 5.350% 03/03/97 5.350 150,000 CD Dresdner 5.330% 03/27/97 5.320 50,000 CD Dresdner 5.330% 03/27/97 5.320 50,000 CD Dresdner 5.330% 03/27/97 5.320 50,000 CD Dresdner 5.330% 03/27/97 5.320 50,000 CP Assoc 01 /30/97 5.300 50,000 CP Assoc 01/03/97 5.300 50,000 CP Merrill 02/03/97 5.300 50,000 CP Merrill 02/03/97 5.300 50,000 CP Merrill 02/03/97 5.300 50,000 CP GECC 03/03/97 5.280 5,000 CP GECC 03/03/97 5.280 50,000 CP GECC 03-03-97 5.280' 50,000 CP GECC 03/03/97 5.280 50,000 CP FMCC 02/03/97 5.290 50,000 CO FMCC 02/03/97 5.290 50,000 CP FMCC 02/03/97 5.290 50,000 CP FMCC 02/03/97 5.290 50,000 CP FMCC 02/03/97 5.290 50,000 11/08/96 REDEMPTION BN FNB Chicago 5.600% 11/08/96 5.600 50,000 154 1,197,777.78 5.677 CD Hong Kong 5.530% 11/08/96 5.530 12,000 121 223,043.33 5.606 CD Hong Kong 5.530% 11/08/96 5.530 50,000 121 929,347.22 5.606 CD Barclays 5.460% 11/08/96 5.450 50,000 137 1,037,052.55 5.525 CD Barclays 5.460% 11/08/96 5.450 50,000 137 1,037,052.55 5.525 CD Barclays 5.460% 11/08/96 5.450 50,000 137 1,037,052.55 5.525 CD Barclays 5.460% 11/08/96 5.450 50,000 137 1,037,052.55 5.525 CD Mellon 5.500% 11/08/96 5.500 48,000 142 1,041,333.33 5.576 CD BN DeParis 5.580% 11/08/96 5.560 50,000 144 1,112,087.02 5.637 CD BN DeParis 5.580% 11/08/96 5.560 50,000 144 1,112,087.02 5.637 CD ABN Amro 5.480% 11/08/96 5.460 28,000 162 690,269.08 5.554 CP Amer Exp 11/08/96 5.260 50,000 7 51,138.89 5.338 CP Amer Exp 11/08/96 5.260 50,000 7 51,138.89 5.338 CP Amer Exp- 11/08/96 5.260 50,000 7 51,138.89 5.338 CP GECC 11/08/96 5.250 50,000 7 51,041.67 5.328 CP GECC 11/08/96 5.250 50,000 7 51,041.67 5.328 CP Assoc 11/08/96 5.410 50,000 137 1,029,402.78 5.600 CP Assoc 11/08/96 5.410 50,000 137 1,029,402.78 5.600 CP Merrill 11/08/96 5.480 25,000 144 548,000.00 5.680 CP Merrill 11/08/96 5.480 50,000 144 1,096,000.00 5.680 CP Merrill 11/08/96 5.480 50,000 144 1,096,000.00 5.680 —7— 11/08/96 PURCHASE MTN Assoc 5.250%. 09/01/98 5.925 10,340 MTN GMAC 6.050% 10/09/98 6.000 10,000 BA B/A 12/02/96 5.250 4,000 BA Morg Guarty 12/02/96 5.250 24,000 CD CommerzBk 5.370% 01/09/97 5.350 10,000 CD Montreal 5.370% 01/09/97 5.350 50,000 CD RaboBank 5.370% 01 /10/97 5.350 25,000 CD BN DeParis 5.370% 02/07/97 5.360 45,000 CD CIBC 5.370% 04/28/97 5.370 25,000 CD CIBC 5.370% 04/28/97 5.370 50,000 CD ABN Amro 5.400% 04/28/97 5.390 50,000 CP Merrill 04/28/97 5.300 25,000 CP Merrill 04-2897 5.300 50,000 Disc Note FNMA 02/10/97 5.210 25,000 Disc Note FNMA 03/12/97 5.190 50,000 Disc Note FNMA 03/12/97 5.190 50,000 Disc Note FNMA 03/13/97 5.190 50,000 CP GECC 11/12/96 5.120 50,000 11/12/96 REDEMPTION CD ABN Amro 5.550% 11/12/96 5.550 50,000 123 948,125.00 5.627 CD ABN Amro 5.550% 11/12/96 5.550 50,000 123 948,125.00 5.627 CP FMCC 11/12/96 5.520 50,000 126 966,000.00 5.706 CP FMCC 11/12/96 5.520 50,000 126 966,000.00 5.706 CP CP GECC 11/12/96 5.550 25,000 127 485,069.44 5.686 CP GECC 11/12/96 5.550 50,000 127 970,138.89 5.686 CP GECC 11/12/96 5.550 50,000 127 970,138.89 5.686 CP Assoc 11/12/96 5.410 15,000 141 317,837.50 5.603 CP Assoc 11/12/96 5.410 50,000 141 1,059,458.33 5.603 GECC 11/12/96 5.120 50,000 4 28,444.44 5.194 PURCHASES/ CP Merrill 01/24/97 5.400 50,000 CP Merrill 01/24/97 5.400 50,000 PURCHASE CD Barclays 5.360% 02/28/97 5.360 50,000 CD Barclays 5.360% 02/28/97 5.360 50,000 CD BN DeParis 5.370% 02/28/97 5.360 50,000 11 M 3/96 SALE c/ CP Merrill 01/24/97 5.400 50,000 1 7,270.65 5.475 CP Merrill 01/24/97 5.400 50,000 1 7,270.65 5.475 —8— 11/13/96 REDEMPTION CID Morg Stan CID Morg Stan CD RB Canada CD RB Canada PURCHASE BA Tokyo -hits BA Union BA Tokyo-Mits CD BN DeParis CD Hong Kong CD Duetsche 11/14/96 REDEMPTION CID GECC CID GECC PURCHASE c/ CD Soc Gen CD Soc Gen PURCHASE FNMA CD Cr Swiss CD BN DeParis CD Hong Kong CD Chase CID Baxter CID Baxter 11/15/96 SALE Treas Note REDEMPTION BA B/A CD US Wash CD US Wash CD US Oregon CD US Oregon MTN W/F (FR) Treas Strip Cpns Treas Note Treas Note 11/13/96 5.250 50,000 15 109,375.00 5.334 11/13/96 5.250 50,000 15 109,375.00 5.334 5.540% . 11/13/96 5.520 50,000 148 1,134,757.89 5.596 5.540% 11/13/96 5.520 50,000 148 1,134,757.89 5.596 02/08/97 5.350 7,500 03/12/97 5.270 7,000 03/31 /97 5.320 6,100 5.360% 01/14/97 5.350 40,000 5.350% 03/27/97 5.350 50,000 5.570% 03/31 /97 5.380 10,000 11/14/96 5.250 50,000 13 94,791.67 5.333 11/14/96 5.250 50,000 13 94,791.67 5.333 5.740% 10/27/97 5.500 50,000 5.600% 11 /12/97 5.500 25,000 5.550% 01 /17/01 6.120 29,000 5.340% 01 /24/97 5.320 38,000 5.370% 02/07/97 5.360 48,000 5.350% 03/27/97 5.350 35,000 5.500% 04/14/97 5.410 5,000 11 /27/97 5.400 20,000 11 /27/97 5.400 50,000 6.000% 08/15/99 5.746 50,000 35 750,000.00 16.109 11/15/96 5.260 46,500 177 1,202,567.50 5.474 5.350% 11/15/96 5.350 25,000 92 341,805.56 5.424 5.350% 11/15/96 5.350 50,000 92 683,611.11 5.424 5.350% 11/15/96 5.350 50,000 92 683,611.11 5.424 5.350% .11/15/96 5.350 50,000 92 683,611.11 5.424 5.863% 11/15/96 5.863 50,000 730 6,012,537.81 6.012 11/15/96 4.450 50,000 1030 5,831,500.00 4.678 4.375% 11/15/96 4.440 30,000 1096 3,991,800.00 4.440 4.375% 11/15/96 4.455 50,000 1096 6,673,500.00 4.455 E� 11 /15/96 RRP Treas Note 5.250% 01/31/01 4.950 25,000 92 (303,600.00) -5.018 Treas Note 5.250% 01/31/01 4.950 50,000 92 (607,200.00) -5.018 Treas Note 5.250% 01/03/01 4.950 50,000 92 (607,200.00) -5.018 Treas Note 5.250% 01/31/01 4.950 50,000 92 (607,200.00) -5.018 PURCHASE c/ BA Tokyo-Mits 02/04/97 5.730 19,000 CD Soc Gen 5.600% 11 /12/97 5.730 14,000 CP FMCC 03/24/97 5.730 15,000 Treas Note 1.500% 12/31/96 5.720 26,751 Treas Note 6.750% 05/31 /99 5.720 35,000 Treas Note 6.750% 04/30/00 5.720 25,000 Treas Note 6.750% 04/30/00 5.720 50,000 Treas Note 6.750% 04/30/00 5.720 50,000 Treas Note 6.750% 04/30/00 5.720 50,000 Treas Note 6.250% 08/31 /00 5.720 40,000 Treas Bill 01/02/97 5.720 2,718 Treas Bill 01/02/97 5.720 50,000 Treas Bill 01/02/97 5.720 50,000 PURCHASE MTN GMAC 6.000% 06/16/97 5.548 10,000 MTN GMAC 6.050% 10/09/98 5.970 10,000 CP Morg Stan 11/22/96 5.520 50,000 CP Morg Stan 11 /22/96 5.520 50,000 11 /18/96 SALE c/ BA Tokyo-Mits 02/04/97 5.730 19,000 3 8,963.15 5.809 CD Soc Gen 5.600% 11 /12/97 5.730 14,000 3 6,556.55 5.809 CP FMCC 03/24/97 5.730 15,000 3 6,885.55 5.809 Treas Bill 01 /02/91 5.720 2,718 3 1,262.21 5.799 Treas Bill 01/02/97 5.720 50,000 3 23,202.23 5.799 Treas Bill 01/02/97 5.720 50,000 3 23,202.23 5.799 Treas Note 7.500% 12/31 /96 5.720 26,751 3 12,868.09 5.799 Treas Note 6.750% 05/31 /99 5.720 35,000 3 17,244.85 5.799 Treas Note 6.750% 04/30/00 5.720 25,000 3 12,025.82 5.799 Treas Note 6.750% 04/30/00 5.720 50,000 3 24,052.12 5.799 Treas Note 6.750% 04/30/00 5.720 50,000 3 24,052.12 5.799 Treas Note 6.750% 04/30/00 5.720 509000 3 24,052.12 5.799 Treas Note 6.250% 08/31 /00 5.720 40,000 3 19,171.53 5.799 CD Soc Gen 5.740% 10/27/97 5.500 50,000 4 30,089.89 5.576 CD Soc Gen 5.600% 11 /12/97 5.500 25,000 4 14,966.11 5.576 —10— 11/18/96 REDEMPTION CP Amer Exp 11 /18/96 5.250 25,000 17 61,979.17 5.336 CP Amer Exp 11/18/96 5.250 50,000 17 123,958.33 5.336 PURCHASE CP Amer Exp 11 /21 /96 5.320 50,000 CP Amer Exp 11 /21 /96 5.320 50,000 CP GECC 11/27/96 5.320 50,000 CP GECC 11/27/96 5.320 50,000 CP GECC 11/27/96 5.320 50,000 CP GMAC 11/25/96 5.350 50,000 CP GMAC 11/25/96- 5.350 50,000 CP GMAC 11/26/96 5.350 50,000 CP GMAC 11 /26/96 5.350 50,000 CP Assoc 11 /19/96 5.330 50,000 CP Assoc 11 /19/96 5.330 50,000 CP Assoc 11 /19/96 5.330 50,000 CP Assoc 11 /19/96 5.330 50,000 CP Morg Stan 11 /19/96 5.330 50,000 CP Morg Stan 11 /19/96 5.330 50,000 11/19/96 REDEMPTION CP Morg Stan 11 /19/96 5.330 50,000 1 7,402.80 5.404 CP Morg Stan 11 /19/96 5.330 50,000 1 7,402.80 5.404 CP Assoc 11 /19/96 . 5.330 50,000 1 7,402.78 5.404 CP Assoc 11 /19/96 5.330 50,000 1 7,402.78 5.404 CP Assoc 11/19/96 5.330 50,000 1 7,402.78 5.404 CP Assoc 11 /19/96 5.330 50,000 1 7,402.78 5.404 PURCHASE CP Assoc 12/10/96 5.260 50,000 CP Assoc 12/10/96 5.260 50,000 CP Assoc 12/11/96 5.260 50,000 CP Assoc 12/11/96 5.260 50,000 CD Morg Guarty 5.260% 12/02/96 5.260 50,000 CD Morg Guarty 5.260% 12/02/96 5.260 50,000 CD Morg Guarty. 5.260% 12/02/96 5.260 50,000 CD Morg Guarty 5.260% 12/02/96 5.260 50,000 —11— 11/20/96 REDEMPTION BA B/A BA Tokyo-Mits CD BN DeParis CD BN DeParis CP GECC CP GECC CP GECC CP GECC CP Bkrs Trst CP Bkrs Trst CP SRAC PURCHASE CP Assoc CP Assoc CP Assoc CP Assoc CP FMCC CP FMCC CP GECC 11/21/96 REDEMPTION CP Assoc CP Assoc CP Assoc CP Assoc CP FMCC CP FMCC CP Amer Exp CP Amer Exp PURCHASE CD Deutsche CP Assoc CP Assoc CP Assoc CP GMAC CP GMAC CP GMAC CP GMAC 11 /20/96 5.300 8,000 174 204,933.34 5.514 11 /20/96 5.300 42,150 43 266,832.92 ` 5.407 5.550% 11 /20/96 5.540 15,000 155 357,806.71 5.616 5.550% 11 /20/96 5.540 50,000 155 1,192,689.05 5.616 11 /20/96 5.450 50,000 152 1,150,555.56 5.655 11 /20/96 5.450 50,000 152 1,150,555.56 5.655 11 /20/96 5.450 50,000 152 1,150,555.56 5.655 11 /20/96 5.450 50,000 152 1,150,555.56 5.655 11 /20/96 5.470 50,000 152 1,154,777.78 5.677 11 /20/96 5.470 50,000 152 1,154,777.78 5.677 11 /20/96 5.450 50,000 152 1,150,555.56 5.655 11 /21 /96 5.400 50,000 11 /21 /96 5.400 50,000 11 /21 /96 5.400 50,000 11 /21 /96 5.400 50,000 11 /21 /96 5.360 50,000 11 /21 /96 5.360 25,000 01/09/97 5.310 50,000 11 /21 /96 5.400 50,000 1 7,500.00 5.475 11/21/96 5.400 50,000 1 7,500.00 5.475 11 /21 /96 5.400 50,000 1 7,500.00 5.475 11 /21 /96 5.400 50,000 1 7,500.00 5.475 11 /21 /96 5.360 50,000 1 7,444.44 5.435 11 /21 /96 5.360 25,000 1 3,722.22 5.435 11 /21 /96 5.320 50,000 3 22,166.67 5.396 11 /21 /96 5.320 50,000 3 22,166.67 5.396 5.300% 12/09/96 5.300 30,000 11/22/96 5.270 30,000 11 /22/96 5.270 50,000 11 /22/96 5.270 50,000 12/03/96 5.280 50,000 12/03/96 5.280 50,000 12/03/96 5.280 50,000 12/03/96 5.280 50,000 —12— 11/21/96 PURCHASE CP Household CP Household CP Household CP Household CP FMCC CP FMCC CP FMCC CP FMCC 11/22/96 REDEMPTION BA B/A CP Assoc CP Assoc CP Assoc CP JP Morgan CP JP Morgan PURCHASE c/ Treas Bill Treas Bill Treas Bill PURCHASE CD ABN Amro CD ABN Amro CP FMCC CP FMCC CP FMCC CP FMCC CP Assoc CP Assoc CP Amer Exp CP Amer Exp 11/25/96 SALE c/ Treas Bill Treas Bill Treas Bill 12/05/96 5.280 50,000 12/05/96 5.280 50,000 12/05/96 5.280 50,000 12/05/96 5.280 50,000 12/06/96 5.260 50,000 12/06/96 5.260 50,000 12/06/96 5.260 50,000 12/06/96 5.260 50,000 11/22/96 5.300 9,000 176 233,200.00 5.516 11/22/96 5.270 30,000 1 4,391.67 5.343 11/22/96 5.270 50,000 1 7,319.44 5.343 11/22/96 5.270 50,000 1 7,319.44 5.343 11/22/96 5.520 50,000 7 53,666.67 5.602 11/22/96 5.520 50,000 7 53,666.67 5.602 04/24/97 5.100 50,000 04/24/97 5.100 50,000 04/24/97 5.104 30,345 5.350% 04/28/97 5.340 50,000 5.350% 04/28/97 5.340 50,000 03/03/97 5.270 15,000 03/03/97 5.270 50,000 03/03/97 5.270 50,000 03/03/97 5.270 50,000 03/03/97 5.270 50,000 03/03/97 5.270 50,000 03/03/97 5.270 50,000 03/03/97 5.270 50,000 04/24/97 5.100 50,000 3 20,373.75 5.170 04/24/97 5.100 50,000 3 20,378.75 5.170 04/24/97 5.100 30,345 3 12,367.50 5.170 —13— 11/25/96 PURCHASE c/ CD Soc Gen 5.720% 10/20/97 5.320 41,000 CD Soc Gen 5.740% 10/20/97 5.320 50,000 CD Soc Gen 5.600% 11 /12/97 5.320 11,000 Treas Note 7.125% 02/29/00 5.280 43,520 Treas Note 7.125% 02/29/00 5.280 43,520 PURCHASE CID GMAC 12/02/96 5.300 50,000 CID GMAC 12/02/96 5.300 50,000 CID GMAC 12/02/96 5.300 50,000 CID GMAC 12/02/96 5.300 50,000 11/26/96 SALE c/ CD Soc Gen 5.720% 10/20/97 5.320 41,000 1 5,983.97 5.393 CD Soc Gen 5.740% 10/27/97 5.320 50,000 1 7,291.50 5.393 CD Soc Gen 5.600% 11 /12/97 5.320 11,000 1 1,502.31 5.393 REDEMPTION BN B/A 5.430% 11/26/96 5.430 50,000 215 1,621,458.33 5.505 BN B/A 5.430% 11/26/96 5.430 50,000 215 1,621,458.33 5.505 BN B/A 5.430% 11/26/96 5.430 50,000 215 1,621,458.33 5.505 CD Cr Agricole 5.550% 11/26/96 5.530 50,000 155 1,190,586.24 5.606 CD Cr Agricole 5.550% 11/26/96 5.530 50,000 155 1,190,586.24 5.606 CID GMAC 11/26/96 5.350 50,000 8 59,444.44 5.430 CID GMAC 11/26/96' 5.350 50,000 8 59,444.44 5.430 Disc Note FNMA 11/26/96 5.350 25,000 155 575,868.06 5.552 Disc Note FNMA 11/26/96 5.350 25,000 155 575,868.06 5.552 PURCHASE SBA (FR) 5.875% 11/25/21 5.875 5,142 CD Barclays 5.360% 02/27/97 5.360 50,000 CD US Wash 5.340% 04/28/97 5.340 50,000 CD West Deut 5.340% 04/28/97 5.340 50,000 CD West Deut 5.340% 04/28/97 5.340 50,000 CD West *Deut 5.340% 04/28/97 5.340 50,000 CD Bkrs Trst 5.400% 04/28/97 5.400 50,000 CD Bkrs Trst 5.400% 04/28/97 5.400 50,000 CID GMAC 02/27/97 5.300 5,000 CID GMAC 02/27/97 5.300 50,000 —14— 11/27/96 SALE Teas Bill Treas Bill Treas Bill REDEMPTION CID GECC CP GECC ,CP GECC CID GECC CP Baxter CID Baxter NO PURCHASES 12/12/96 5.080 50,000 345 2,399,166.65 8.087 12/12/96 5.080 50,000 345 2,399,166.65 5.087 12/12/96 5.080 50,000 345 2,399,166.65 5.087 11/27/96 5.320 50,000 9 66,500.00 5.401 11/27/96 5.320 50,000 9 66,500.00 5.401 11/27/96 5.320 50,000 9 66,500.00 5.401 11/27/96 5.320 50,000 9 66,500.00 5.401 11/27/96 5.400 20,000 13 39,000.00 5.485 11/27/96 5.400 50,000 13 .97,500.00 5.485 —15— a/ The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes, and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export Import Notes (EXIM), Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (MTN). b/ Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. d/ Par amount of securites purchased, sold, or redeemed. e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. —16— NAME ALHAMBRA East West Federal Bank BEVERLY HILLS City National Bank City National Bank City National Bank CHICO North State National Bank Tri Counties Bank North State National Bank FRESNO United Security Bank United Security Bank United Security Bank INGLEWOOD Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank LA MIRADA Southern California Bank Southern California Bank LOS ANGELES Preferred Bank Preferred Bank Preferred Bank Preferred Bank MANTECA Delta National Bank TIME DEPOSIT DEPOSIT YIELD PAR AMOUNT MATURITY 10/16/96 5.200 $2,000,000.00 01 /15/97 07/29/96 5.550 10,000,000.00 01/28/97 08/21 /96 5.350 20,000,000.00 02/19/97 11/05/96 5.320 10,000,000.00 05/06/97 07/09/96 5.610 2,000,000.00 01/07/97 07/08/96 5.530 15,000,000.00 01 /07/97 08/22/96 5.350 500,000.00 02/20/97 09/03/96 5.240 1,300,000.00 12/03/96 09/26/96 5.310 1,500,000.00 12/27/96 10/24/96 5.180 3,000,000.00 02/20/97 09/10/96 5.390 10,000,000.00 12/10/96 09/11 /96 5.390 15,000,000.00 12/11 /96 09/19/96 5.230 11,000,000.00 12/18/96 10/01 /96 5.090 11,000,000.00 12/31 /96 10/16/96 5.200 15,000,000.00 01 /15/97 10/28/96 5.180 5,000,000.00 01 /28/97 11 /04/96 5.210 10,000,000.00 02/04/97 ' 11 /06/96 5.210 20,000,000.00 02/06/97 11 /13/96 5.210 20,000,000.00 02/13/97 10/01 /96 5.100 5,000,000.00 01 /03/97 10/16/96 5.220 5,000,000.00* 01 /15/97 09/19/96 5.350 5,000,000.00 12/18/96 10/15/96 5.170 3,000,000.00 01 /14/97 11 /22/96 5.180 4,000,000.00 02/20/97 11/26/96 5.180 2,000,000.00 02/26/97 11/18/96 5.180 1,000,000.00 02/19/97 —17— TIME DEPOSIT NAME DEPOSIT YIELD PAR AMOUNT MATURITY OAKDALE Oak Valley Community Bank 09/25/96 5.520 500,000.00 03/25/97 PETALUMA Bank of Petaluma 11 /12/96 5.180 1,000,000.00 02/11 /97 REDDING North Valley Bank 09/23/96 5.500 3,000,000.00 03/25/97 SACRAMENTO Sanwa Bank of California 07/31/96 5.550 5,000,000.00 01/28/97 Sanwa Bank of California 08/20/96 5.310 50,000,000.00 02/19/97 Sanwa Bank of California 08/26/96 5.350 10,000,000.00 02/25/97 SAN FRANCISCO Trans Pacific National Bank 09/18/96 5.700 800,000.00 03/18/97 Bank of Canton California 10/23/96 5.150 5,000,000.00 01/22/97 Bank of Canton California 11/05/96 5.180 5,000,000.00 02/05/97 Bank of Canton California 11/13/96 5.180 5,000,000.00 02/13/97 SAN LUIS OBISPO First Bank of San Luis Obispo 07/11/96 5.630 1,000,000.00 01/07/97 First Bank of San Luis Obispo 08/06/96 5.440 2,600,000.00 02/04/97 First Bank of San Luis Obispo 11/13/96 5.190 2,000,000.00 02/13/97 First Bank of San Luis Obispo 11/26/96 5.200 1,500,000.00 02/26/97 SAN RAFAEL West America Bank 10/24/96 5.150 25,000,000.00 01/23/97 West America Bank 10/31/96 5.170 25,000,000.00 01/30/97 SANTA ANA Grand National Bank 10/01/96 5.300 95,000.00 04/01/97 VACAVILLE Continental Pacific Bank 06/05/96 5.450 1,000,000.00 12/03/96 TOTAL TIME DEPOSITS AS OF NOVEMBER 26, 1996 $350,795,000.00 —18— DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS NOVEMBER PER BANKS OUTSTANDING 1. 248,486 1,365,423 2. 248,486 1,365,423 3. 248,486 1,365,423 4. 808,917 1,208,914 5. 575,015 1,233,924 6. 745,823 1,354,714 7. 422,755 1,412,039 8. 123,466 1,195,862 9_ 123,466 1,195,862 10. 123,466 1,195,862 11. 123,466 1,195,862 12. 174,673 1,022,066 13. 263,734 910,797 14. 210,456 923,158 15. 270,047 1,131,842 16. 270,047 1,139,478 17. 270,047 1,139,478 18. 330,862 1,036,669 19. 486,141 927,701 20. 341,394 1,165,645 21. 217,141 1,214,061 22. 48,184 1,077,244 23. 48,184 1,077,244 24. 48,184 1,077,244 25. 357,858 1,137,898 26. 209,167 1,359,721 27. 24,690 1,165,722 28. 24,690 1,165,722 29. 249,171 1,342-824 30. 249,171 1,347,100 31. a/ AVERAGE DOLLAR DAYS $262,856 a/ The prescribed bank balance for November was $274,624,000.00. This consisted of $123,758,000.00 in compensating balances for services, $157,962,000.00 uncollected funds and a deduction of $7,096,000.00 for July delayed deposit credit. -19- DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1569 In accordance with Sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on November 20, 1996, has determined and designated the amount of money available for deposit and investment under said sections. In accordance with Sections 16480.1 and 16480.2 of the Government Code, it is the intent that the money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management, and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ- ations, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services $ 124,078,000 The active noninterest-bearing bank accounts designation constitutes a calendar -month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by Section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: Time Deposits in various Financial Institutions In Securities (Sections 16503a Estimated From To Transactions (Section 16430)" and 16602)` Total ( 1) 11/18/96 11/22/96 $ 332,400,000 $ 28,584,905,000 $ 346,795,000 $ 28,931,700,000 (2) 11/25/96 11/29/96 $ (487,000,000) $ 28,097,905,000 $ 346,795,000 $ 28,444,700,000 (3) 12/02/96 12/06/96 $ (477,300,000) $ 27,620,605,000 $ 346,795,000 $ 27,967,400,000 (4) 12/09/96 12/13/96 $ 188,000,000 $ 27,808,605,000 $ 346,795,000 $ 28,155,400,000 (5) 12/16/96 12/20/96 $ 2,891,600,000 $ 30,700,205,000 $ 346,795,000 $ 31,047,000,000 From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under Section 16430(e), Government Code. Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amounts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance of $ 124,078,000. Dated: November 20, 1996 *Government Code POOLED MONEY INVESTMENT BOARD: Chairp Me er 1 L ember -20- INVESTMENT ADVISORY BOARD Meeting Date: February 12, 1997 TITLE: Boards/Commissions Handbook BACKGROUND: Correspondence & Written Material Item E The Boards and Commission Handbooks were distributed at the January 15, 1997 Investment Advisory Board Meeting. This item was placed on the agenda for review and discussion. RECOMMENDATION: Information item only. n M. Falconer, Finance Director