2007 08 15 IABAGENDA
INVESTMENT ADVISORY BOARD
Special Meeting
Building & Safety Conference Room
78-495 Calls Tampico- La Quints, CA 92253
August 15, 2007 - 4:30 P.M.
CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
II PUBLIC COMMENT - (This is the time set aside for public comment on any matter not
scheduled on the agenda.)
III CONFIRMATION OF AGENDA
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on July 11, 2007 for the Investment Advisory
Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for June 2007
B. LAIF Conference
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - July 2007
B. Pooled Money Investment Board Reports - May 2007
VII BOARD MEMBER ITEMS
Chairperson Deniel - Business Cards
Board Member Moulin - Professional Portfolio Management Firm
VIII ADJOURNMENT
P.O. Box 1504 • LA QUIN I A, CALIFORNIA 92247-1504
78-495 GIA.LF. TAmPU;o • LA QLINIA, CIA LIFORNIA 92253
(760) 777-7000 -FAX (760) 777-7101
BOARD MEMBER ITEM
To: Treasurer and Members of the IAB
From: Don Moulin
Date: August 15, 2007
The July 2007 meeting of the IAB included a discussion of the return on the City's investment
portfolio compared to returns on certain debt instruments and portfolios. Section XV
BENCHMARK of the IP specifies that the City "will use the six-month U.S. Treasury Bill as a
benchmark when measuring performance of the investment portfolio." In practice, the Treasurer
and the IAB do not use the referenced T-Bill as a "benchmark" in the usual meaning of the word.
The T-Bill yield is only one of the bases for comparing the City's rate of return. The monthly
Treasurer's Report includes the LAIF return as another base for comparison. The discussion led
to the recognition that the BENCHMARK section of the IP should be visited during the 2008
review of the IP and revised if appropriate.
A comparison of section XV and the YIELD paragraph of section IV OBJECTIVES reveals
redundant content. See a copy of the YIELD and BENCHMARK paragraphs on the following
page.
If the Treasurer and the members of the IAB agree to propose a change to the benchmark section
of the IP, a suggested discussion draft of an alternative paragraph follows:
XV COMPARATIVE RETURNS
The City Of La Quinta does not speck a single benchmark as a goal or target for a rate of return
on its investment portfolio. Rates of return are influenced by several factors including actions by
the Federal Reserve Board, the marketplace and overall economic perceptions and conditions.
These factors do not affect the yield during holding period of the City's investments because the
City's buy and hold policy fixes the yield at the time of purchase. As bases for comparison only,
the Treasurer's monthly report shows the rate of return on the U.S. Six-month Treasury Bill and
the State Treasurer's Local Agency Investment Fund (LAIF). The Treasurer may use these or
other published rates of return that the Treasurer deems appropriate for comparison to the return
on the City's investment portfolio.
(Consider adding the rates of return of 1, 2, 3 and 5-year maturities of U.S. Treasury Notes to the
Treasurer's monthly report as additional comparative data)
Proposed action: Add to agenda at a future meeting. If discussion at that meeting indicates that a
change to section XV should be considered, continue the matter to a meeting that begins the
review of IP for 2008-9.
to ensure the preservation of capital in the overall portfolio in accordance with the
permitted investments. The objective will be to mitigate credit risk and interest
rate risk.
A. Credit Risk
Credit Risk - is the risk of loss due to the failure of the security issuer or
backer. Credit risk may be mitigated by:
► Limiting investments to the safest types of securities;
► Pre -qualifying the financial institutions, and broker/dealers, which the
City of La Quinta will do business with; and,
► Diversifying the investment portfolio so that potential losses on
individual securities will be minimized.
B. Interest Rate Risk
Interest Rate risk is the risk that the market value of securities in the
portfolio will fall due to changes in general interest rates. Interest rate risk
may be mitigated by:
► Structuring the investment portfolio so that securities mature to meet
cash requirements for ongoing operations, thereby avoiding the need
to sell securities on the open market prior to maturity; and
► By investing operating funds primarily in shorter -term securities.
2. Liquidity
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated. This is accomplished by
structuring the portfolio so that sufficient liquid funds are available to meet
anticipated demands. Furthermore since all possible cash demands cannot be
anticipated the portfolio should be diversified and consist of securities with active
secondary or resale markets. Securities shall not be sold prior to maturity with the
following exceptions:
► A declining credit quality security could be sold early to minimize loss of
principal;
► Liquidity needs of the portfolio require that the security be sold.
3. Yield
The investment portfolio shall be designed with the objective of attaining a market
rate of return throughout budgetary and economic cycles, taking into account the
investment risk constraints and liquidity needs. Return on investment is of least
importance compared to the safety and liquidity objectives described above. The
cores of investments .are limited to relatively low risk securities in anticipation of
earning a fair return relative to the risk being assumed.
5
transactions, all telephone transactions shall be supported by written
communications and approved by the appropriate person. Written communications
may be via fax if on letterhead and the safekeeping institution has a list of
authorized signatures. Fax correspondence must be supported by evidence of
verbal or written follow-up.
g. Development of a wire transfer agreement with the City's bank and third party
icustodian. This agreement should outline the various controls, security
provisions, and delineate responsibilities of each party making and receiving wire
transfers.
The System of Internal Controls developed by the City, shall be reviewed annually by
the independent auditor in connection with the annual audit of the City of La Quinta's
Financial Statements.
The independent auditor's management letter comments pertaining to cash and
investments, if any, shall be directed to the City Manager who will direct the City
Treasurer to provide a written response to the independent auditor's letter. The
management letter comments pertaining to cash and investment activities and the City
Treasurer's response shall be provided to the City's Investment Advisory Board for their
consideration. Following the completion of each annual audit, the independent auditor
shall meet with the Investment Advisory Board and discuss the auditing procedures
performed and the review of internal controls for cash and investment activities.
XV BENCHMARK
The investment portfolio shall be designed with the objective of obtaining a rate of return
throughout budgetary and economic cycles commensurate with the investment risk
constraints and the cash flow needs of the City. Return on investment is of least
importance compared to safety and liquidity objectives.
The City of La Quinta Investment Policy will use the six-month U.S. Treasury Bill as a
benchmark when measuring the performance of the investment portfolio.
XVI REPORTING STANDARDS
SB564 section 3 requires a quarterly report to the Legislative Body of Investment
activities. The City of La Quinta Investment Advisory Board has elected to report the
investment activities to the City Council on a monthly basis through the Treasurers
Report. AB 943 requires that the December 315L and June 30" Treasurers Reports be
sent to the California Debt and Advisory Commission within sixty days of the end of the
quarter.
The City Treasurer shall submit a monthly Treasurers Report to the City Council and the
Investment Advisory Board that includes all cash and investments under the authority of
the Treasurer.
15
INVESTMENT ADVISORY BOARD
Meeting Date: August 15, 2007
ITEM TITLE:
Transmittal of Treasury Report
for June 30, 2007
BACKGROUND:
Business Session: A
Attached please find the Treasury Report for June 30, 2007.
The six month cash flow page will not be available until later in August after the
completion of the annual audit. The page will be sent to the Board when it
becomes available.
RECOMMENDATION:
Review, Receive and File the Treasury Report for June 30, 2007.
John M. Falconer, Finance Director
� f)
MEMORANDUM
TO: La Quinta City Council
FROM John M. Falconer, Finance DirectorfTreasurer
SUBJECT: Treasurers Report for June 30, 2007
DATE. July 31, 2007
Attached is the Treasurer's Report for the month ending June 30, 2007. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Department.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Notes
Sold/Matured
Other
Ending
Change
Cash (3)
$ 2,593,441
(1)
$ (4,933,114)
$ (2,339,673)
$ (4,933,114)
LAIF
51,526,296
3.000,000
(3,000,000)
0
51,526,296
0
US Treasuries (2)
104,450,498
56,000,000
(64,000,000)
(823,022)
95,627,476
(8,823,022)
US Gov't Sponsored Enterprises (2)
29,376,494
5,000,000
(4,729,000)
(29,342)
29,618,152
241,658
Commercial Paper (2)
28,756,954
9,000,000
(9,000,000)
85,735
28,842,689
85,735
Corporate Notes
2,939,661
3,599
2,943,260
3,599
Mutual Funds
828,916
1
5,854,921
6,683,837
5,854,921
Total
$ 220,472,260
$ 73,000,000
$ 79,807,193
$ 763,030
$ 212,902,037
$ 7,570,223
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 Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
710 7
John M. Falcon e
Finance Director/Treasurer
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month
(2) The amount reported in the other column represents the amort2ation of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
(3) The cash accpunt may reflect a negative balance. This negative balance will be offset with transfers from other investments
before warrants are presented for payment by the payee at the bank.
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29,010, 152
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Intel City Investments 15J TE9,3B61 153,749398 1 IIu.Fl 150,36J,346 - - T22160% IO BfiXX
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10
INVESTMENT ADVISORY BOARD Business Session: B
Meeting Date: August 15, 2007
TITLE:
LAIF Conference - Sacramento, CA
October 11-12, 2007
BACKGROUND:
The LAIF Conference Agenda has not been printed yet but will be held in Sacramento,
California on October 11-12, 2007.
Staff will provide the agenda to the Board as soon as it is available. We wanted to
bring this item to the Board to check their calendars.
RECOMMENDATION:
Select up to two Board members to attend the LAIF Conference.
John M. Falconer, Finance Director
Save The Date
Local Agency Investment Fund (LAIF)
Annual Conference
Date: October 11 - 12, 2007
Where: Sacramento Convention Center
Sacramento, CA
The annual Local Agency Investment Fund Conference will be held
on Thursday, October 11 at the Sacramento Convention Center in
Sacramento. A post -conference tour of Investments/LAIF is
scheduled the following day, Friday, October 12 at the State
Treasurer's Office (Jesse Unruh Building).
It is anticipated the conference registration form will be posted on the
LAIF website (www.treasurer.ca.gov/pmia-laif) and mailed to
participating LAIF agencies two months prior to the event.
INVESTMENT ADVISORY BOARD
Meeting Date: August 15, 2007
TITLE:
Month End Cash Report - July 2007
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. This report also includes other statistical investment data
for the Board to review.
The budget to actual comparison will not be available until later in August after the
completion of the annual audit. The page will be sent to the Board when it
becomes available.
RECOMMENDATION:
Information item only.
John M. Falconer, Finance Director
d
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Bill Lockyer State Treasurer
inside the State Treasurer's Office
Local Agency Investment Fund (LAIF)
PMIA Performance Report
7/13/2007
4IC
i
5.25
tter t0
Bate I AW,
5.26
ty
189
7/14/2007
5.25
5.26
189
7/15/2007
5.25
5.26
189
7/16/2007
5.25
5.26
186
7/17/2007
1 5.25
5.26
187
7/18/2007
5.25
5.26
189
7/19/2007
5.25
5.26
188
7/20/2007
5.25
5.26
196
7/21/2007
5.25
5.26
196
7/22/2007
5.25
5.26
196
7/23/2007
5.25
5.26
193
7/24/2007
5.25
5.26
192
7/25/2007
5.25
5.26
191
7/26 007
1 5.251
5.261
190
LAIF Performance Report
Quarter ending 6/30/2007
Apportionment Rate: 5.23%
Earnings Ratio: .00014325574266716
Fair Value Factor: .999545022
PMIA Average Monthly Effective Yields
June 2007
5.250%
May 2007
5.248%
Apr 2007
5.222%
Pooled Money Investment Account
Portfolio Composition
$66.6 Billion
06130/07
Loans Treasuries
10.97% 5.07% Mortgages
1.32%
Corporate Bonds
0.59%
Commercial Paper
21.90%
Time Deposits
13.31 %
Agencies
21.10%
CDs/BNs
25.74%
3
Recent 13111 Auction Results rage i or 1
T ecasur Direr
Recent Bill Auction Results
Security
Issue
Maturity
Discount
Investment
Price
cusrP
Term
Date
Date
Rate %
Rate %
Per $100
28-DAY
08-02-2007
08-30-2007
5.055
5,160
99.606833
912795ZX2
91-DAY
08-02-2007
11-01-2007
4,825
4.966
98,780347
912795A84
182-DAY
08-02-2007
01-31-2008
4.800
5,001
97.573333
912795C58
28-DAY
07-26-2007
08-23-2007
4.940
5.042
99,615778
912795ZW4
91-DAY
07-26-2007
10-25-2007
4.885
5.029
98.765181
912795A76
182-DAY
07-26-2007
01-24-2008
4.890
5.098
97,527833
912795C41
28-DAY
07-19-2007
08-16-2007
4.660
4.755
99.637556
912795ZV6
91-DAY
07-19-2007
10-18-2007
4.840
4.982
98.776556
91279SA68
182-DAY
07-19-2007
01-17-2008
4.865
5.071
97.540472
912795C33
28-DAY
07-12-2007
08-09-2007
4.650
4.745
99.638333
912795ZUS
91-DAY
07-12-2007
10-11-2007
4,815
4956
98782875
912795A50
182-DAY
07-12-2007
01-10-2008
4.850
5.055
97.548056
912795C25
28-DAY
07-05-2007
08-02-2007
4.660
4,755
99.637556
912795ZTI
91-DAY
07-05-2007
30-04-2007
4.790
4.930
98.789194
912795A43
182-DAY
07-05-2007'
01-03-2008
4.810
5.012
97.568278
912795B91
28-DAY
06-28-2007'
07-26-2007
4.490
4.581
99.650778
912795Z53
91-DAY
06-28-2007'
09-27-2007
4.685
4.820
98.815736
912795A35
182-DAY
06-28-2007
12-27-2007
4.810
5.012
97.568278
91279SB83
28-DAY
06-21-2007'
07-19-2007
4.335
4,422
99.662833
912795ZR5
91-DAY
06-21-2007
09-20-2007
4,490
4.617
98.865028
912795A27
182-DAY
06-21-2007'
12-20-2007
4.715
4.911
97.616306
912795875
28-DAY
06-14-2007'
07-12-2007
4,545
4.637
99,646500
912795ZQ7
91-DAY
06-14-2007
09-13-2007
4.640
4.773
98.827111
912795ZZ7
182-DAY
06-14-2007
12-13-2007
4.765
4,964
97.591028
91279SB67
28-DAY
06-07-2007
07-05-2007
4.650
4.745
99.638333
912795ZP9
91-DAY
06-07-2007
09-06-2007
4.710
4.846
98.809417
912795ZYO
182-DAY
06-07-2007
12-06-2007
4,790
4,991
97.578389
912795859
10-DAY
06-05-2007
06-15-2007
5.090
5.182
99,858611
912795UA7
14-DAY
06-01-2007
06-15-2007
5.090
5.185
99.802056
912795UA7
28-DAY
05-31-2007
06-28-2007
4.860
4,960
99.622000
912795ZN4
91-DAY
05-31-2007
08-30-2007
4.780
4,919
98.791722
•
912795ZX2
182-DAY
05-31-2007
11-29-2007
4.805
5.007
97.570806
912795B42
28-DAY
05-24-2007
06-21-2007
4.900
5.001
99,618889
912795ZM6
91-DAY
05-24-2007
08-2.3-2007
4.775
4.914
98.792986
912795ZW4
183-DAY
05-24-2007
11-23-2007
4.810
5.013
97.554917
912795834
28-DAY
05-17-2007
06-14-2007
4,665
4.760
99.637167
912795ZL8
91-DAY
05-17-2007
08-16-2007
4.730
4.867
98.804361
912795ZV6
182-DAY
05-17-2007
11-15-2007
4.735
4.932
97.606194
912795B26
28-DAY
05-10-2007
06-07-2007
4.640
4.734
99,639111
912795ZKO
91-DAY
05-10-2007
08-09-2007
4.760
4.898
98.796778
912795ZUS
Effective with the 11/2/98 auction, all bills are auctioned using the single -priced method.
4
http://www.treasurydirect.gov/RI/0FBills 8/1/2007
FRB: H.15--Selected interest Kates, Web -only Lally Update --July s i, GVV i
rage 1 of ,#
Federal Reserve Statistical Release
H.15
Selected Interest Rates (Daily)
Skip to Content
Release Date: July 31, 2007
Weekly release dates I Historical data I Data Download Program (DDP) I About I Announcements
Daily update Other formats: Screen reader I ASCII
®'1f10aftrammload
ProM
The weekly release is posted on Monday. Daily updates of the weekly release are p
through Friday on this site. If Monday is a holiday, the weekly release will be p
after the holiday and the daily update will not be posted on that Tuesday.
FEDERAL RESERVE STATISTICAL RELEASE
H.15 DAILY UPDATE: WEB RELEASE ONLY
SELECTED INTEREST RATES
For use at 4:15 p.m. Eastern Time
Yields in percent per annum July 31, 2007
2007
Instruments
Jul
30
Federal funds (effective) 1 2 3
5.29
Commercial Paper 3 4 5
Nonfinancial
1-month
5.26
2-month
5.24
3-month
n.a.
Financial
1-month
5.25
2-month
5.23
3-month
5.25
CDs (secondary market) 3 6
1-month
5.31
3-month
5.33
6-month
5.34
Eurodollar deposits (London) 3 7
1-month
5.32
3-month
5.34
6-month
5.32
Bank prime loan 2 3 8
8.25
Discount window primary credit 2 9
6.25
U.S. government securities
Treasury bills (secondary market) 3 4
4-week
4.85
3-month
4.82
6-month
4.80
Treasury constant maturities
Nominal 10
1-month
4•95
3-month
4.96
6-month
5.00
1-year
4.87
2-year
4.59
5
http://www.federalreserve.gov/Releases/HI5/update/ 8/1/2007
FRB: H.15--Selected Interest Kates, Web -only Vaily update --my s i, wu i rage Z 01 w
3-year
4.57
5-year
4.64
7-Year
4.71
10-year
4.82
20-year.
5.05
30-year
4.97
Inflation indexed 11
5-year
2.47
7-year
2.50
10-yeas
2.49
20-year
2.49
Inflation -indexed long-term average 12
2.47
Interest rate swaps 13
1-year
5.22
2-Year
5.07
3-year
5.12
4-year
5.20
5-year
5.27
7-year
5.40
10-year
5.54
30-year
5.74
Corporate bonds
Moody's seasoned
Aaa 14
5.65
Baa
6.70
State & local bonds 15
Conventional mortgages 16
n.a. Not available.
Footnotes
1. The daily effective federal funds rate is a weighted average of rates on broke
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the curr
figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settl
Depository Trust Company. The trades represent sales of commercial paper by deale
issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are
30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page
(www.federalreserve.gov/releases/cp/).
6. An average of dealer bid rates on nationally traded certificates of deposit.
7. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
8. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.
commercial banks. Prime is one of several base rates used by banks to price short
loans.
9. The rate charged for discounts made and advances extended under the Federal Re
credit discount window program, which became effective January 9, 2003. This rate
adjustment credit, which was discontinued after January 8, 2003. For further info
www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate
for the Federal Reserve Bank of New York. Historical series for the rate on adjus
6
http://www.federalreserve.gov/Releases/Hl5/update/ 8/1/2007
FRB: H.15--Selected Interest Kates, Web -Only Vaity update --my s i, zuu I rage .5 or ,+
well as the rate on primary credit are available at www.federalreserve.gov/releas
10. Yields on actively traded non -inflation -indexed issues adjusted to constant m
30-year Treasury constant maturity series was discontinued on February 18, 2002,
on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S. Treasu
factor for adjusting the daily nominal 20-year constant maturity in order to esti
nominal rate. The historical adjustment factor can be found at
www.treas.gov/oi-fices/domestic-finance/debt-management/interest-rate/ltcompositei
Source: U.S. Treasury.
11. Yields on Treasury inflation protected securities (TIPS) adjusted to constant
Source: U.S. Treasury. Additional information on both nominal and inflation -index
found at www.trE�as.gov/offices/domestic-finance/debt-management/interest-rate/ind
12. Based on the unweighted average bid yields for all TIPS with remaining terms
more than 10 years.
13. International Swaps and Derivatives Association (ISDA(R)) mid -market par swap
for a Fixed Rate Payer in return for receiving three month LIBOR, and are based o
at 11:00 a.m. Eastern time by Garban Intercapital plc and published on Reuters Pa
ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited.
14. Moody's Aaa rates through December 6, 2001, are averages of Aaa utility and A
rates. As of December 7, 2001, these rates are averages of Aaa industrial bonds o
15. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Th
16. Contract interest rates on commitments for fixed-rate first mortgages. Source
Note: Weekly and monthly figures on this release, as well as annual figures avail
Board's historical H.15 web site (see below), are averages of business days unles
Current and historical H.15 data are available on the Federal Reserve Board's web
(www.federalreserve.gov/). For information about individual copies or subscriptio
Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-7
electronic access to current and historical data, call STAT-USA at 1-800-782-8872
Description of the Treasury Nominal and Inflation -Indexed Constant Maturi
Yields on Treasury nominal securities at "constant maturity" are interpolated by
from the daily yield curve for non -inflation -indexed Treasury securities. This cu
the yield on a :security to its time to maturity, is based on the closing market b
actively traded Treasury securities in the over-the-counter market. These market
calculated fiom composites of quotations obtained by the Federal Reserve Bank of
constant maturity yield values are read from the yield curve at fixed maturities,
and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yiel
maturity, for example, even if no outstanding security has exactly 10 years remai
Similarly, yields on inflation -indexed securities at "constant maturity" are inte
daily yield curve for Treasury inflation protected securities in the over-the-cou
inflation -indexed constant maturity yields are read from this yield curve at fixe
currently 5, 7, 10, and 20 years.
Weeklv release dates I Historical data Data. Download Program (DDP) I About I Announcements
7
http://www.federalreserve.gov/Releases/HI5/update/ 8/l/2007
rKti: H.13--Jelecteci interest Kates, weD-vnty uauy upume--imy -r, cvvr rays Y vi Y
Daily update Other formats: Screen reader I ASCII
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Last update: July 31, 2007
8
http://www.federalreserve.gov/Releases/H15/update/ 8/1/2007
FRB: Commercial Faper Rates ana uutstanamgs
rage f vi .3
Federal Reserve Release
Release I About j Announcements I Outstandings I Volume statistics I Year-end j Data Download
Program (DDP)
Data as of July 31, 2007
Commercial paper Dates and Outstanding
Derived from data supplied by The Depository Trust Company
Posted August 1, 2007
Discount rates
FTerml nonfinanctal nonfinancial financtal asset -backed
1-day
5.33 ]
5.48
5.38
5.39
7-day
5.19 ]
5.41
5.31
5.36
15-day
5.27
5.38
5.26
5.32
30-day
5.23 ]
5.37
5.26
5.32
60-day
5.22
5.34
5.26
5.28
90-day
n.a.
n.a.
5.26
5.27
Trade data insufficient
to su000rt calculation
of the 90-dav
AA nonfinancial and 90-day A2/P2 nont
Yield curve
Money market basis
nancial rates for July 31, 2007
Percent
— — — AA nonfinancial
........... A2JP2 nonfinancial
—•— AA financial
AAao.el bari.rd
y — —------------------="
—.,
�f
1 7 15 30 60 90
Days to Maturity
5.7
5.5
5.3
5.1
9
http://www.federalreserve.gov/Releases/CP/ 8/l/2007
FRB: Commercial Paper Kates and uutstandmgs
rage L or .3
2001 2002 2003 2004 2005 2006 20U7
commercial paper taany)
--- AAnonfinancial
••••.••. AM nonfinancial
--^ AAfinancial
-- AA as,cl,backrd
rc�wua
2001 2002 2003 2004 2005 2006 zvt
Outstandings
Weekly (Wednesday), seasonally adjusted
5
4
3
2
1
0
http://www.federalreserve.gov/Releases/CP/
8/1/2007 10
FRB: Commercial Paper Rates and Outstandings
rage s or s
« • INA«
Billions of dollars
G— — — Manlinancial(right scale)
el --- Financial (left wale) ,1
« > a,�,q.ftidcr6tt3 r"ie t scald
•V «4.
01 i02 2003 2004tl 2 I"i=« fIF
250
210
170
130
90
The daily commercial paper release will usually be available before 11:00am EST. However, the Federal
Reserve Board makes no guarantee regarding the timing of the daily commercial paper release. When
the Federal Reserve Board is closed on a business day, rates for the previous business day will be
available through the Federal Reserve Board's Data, Download Program (DDP). This policy is subject to
change at any time without notice.
Release I About I Announcements I Outstandings I Volume statistics I Year-end I Data Download
Program_(DDP)
Home I Statistical releases
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Last update: August 1, 2007
11
http://www.federalreserve.gov/Releases/CP/ 8/l/2007
INVESTMENT ADVISORY BOARD
Meeting Date: August 15, 2007
TITLE:
Pooled Money Investment Board Report
for May 2007
BACKGROUND:
Correspondence & Written
Material Item B
The Pooled Money Investment Board Report for May, 2007, summary pages have
been attached for the Board's review. A complete copy is available for review upon
request.
RECOMMENDATION:
Receive & File
John M. Falconer, Finance Director
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF MAY 2007 WITH MAY 2006
(DOLLARS IN THOUSANDS)
MAY 200711 MAY 2006 CHANGE
Average Daily Portfolio
$ 63,222,005 $
62,884,641 $
+337,464
Accrued Earnings
$ 281,796 $
243,715 $
+38,081
Effective Yield
5.248
4.563
+0.685
Average Life -Month End (In Days) 170 151 +19
Total Security Transactions
Amount
$
34,467,716
$
27,496,447
$
+6,971,269
Number
713
577
+136
Total Time Deposit Transactions
Amount
$
3,294,300
$
2,713,300
$
+581,000
Number
154
144
+10
Average Workday Investment Activity
$
1,716,455
$
1,373,170
$
+343,285
Prescribed Demand Account Balances
For Services
$
248,657
$
281,421
$
-32,764
For Uncollected Funds
$
220,068
$
308,585
$
-86,697
1
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
TYPE OF SECURITY
Government
Bills
Bonds
Notes
Strips
Total Government
Federal Agency Coupons
Certificates of Deposit
Bank Notes
Bankers' Acceptances
Repurchases
Federal Agency Discount Notes
Time Deposits
GNMAs
Commercial Paper
FHLMC/Remics
Corporate Bonds
AB 55 Loans
GF Loans
Reversed Repurchases
Total (Ail Types)
INVESTMENT ACTIVITY
Pooled Money
Other
Time Deposits
Totals
PMIA Monthly Average Effective Yield
Year to Date Yield Last Day of Month
MAY 31, 2007
DIFFERENCE IN
PERCENT OF
PERCENT OF
PORTFOLIO FROM
AMOUNT
PORTFOLIO
PRIOR MONTH
$ 2,646,414
4.22
-2.62
0
0.00
0
0
0.00
0
0
0.00
0
$ 2,646,414
4.22
-2.62
$ 8,087,996
12.91
+0.86
15,619,557
24.93
+0.13
1,550,007
2.47
-0.34
0
0.00
0
0
0.00
0
3,975,057
6.34
-1.04
8,656,995
13.81
+0.56
211
0.00
0
13,762,633
21.96
+1.71
879,210
1.40
+0.02
441,490
0.71
-0.01
7,748,623
12.36
+0.92
0
0.00
0.00
-694,835
-1.11
+0.19
$ 62,673,358
100.00
MAY 2007
NUMBER
AMOUNT
713
$ 34,467,716
21
125,928
164
3,294,300
888 $ 37,887,944
5.248
5.108
2
APRIL 2007
NUMBER
AMOUNT
645
$ 30,905,064
126
4,602,784
198
6,494,190
969 $ 41,002,038
5.222
5.093
Pooled Money Investment Account
Portfolio Composition
$62.7 Billion
05/31 /07
Corporate 1
0.71a
Commercial Paper
21.96%
Reverses Treasuries
0
Loans ° 4.22% Mortgages
13.81 %
3
ncies
25%
4s
BOARD MEMBER ITEMS
Investment Advisory Board
Minutes
December 10, 2003
approval process, so it is up to the Treasurer to educate the Acting City
Manager of what his responsibilities are with relationship to the checks
and balances approval process.
Board Member Moulin asked if there were any disagreements with
Management for cash and investments. Mr. Harrison stated there were
none.
Noted and Filed
B. Month End Cash Report — November 2003
Noted and Filed
C. Pooled Money Investment Board Report — September 2003
VII BOARD MEMBER ITEMS
General discussion ensued amongst the Board regarding BROWN oiifft and it
was the consensus of the Board not to purchase them.
Board Member Moulin commended the Audit firm, Conrad and Associates; and
also wanted to thank Staff on a job well done.
Chairman Lewis suggested to the Board that investment information
presentations possibly be scheduled in the month of February. Chairman Lewis
stated that he had someone in mind as well as Board Member Denial. Chairman
Lewis suggested that the presentations be 10 to 15 minutes with a 10 to 15
minute question and answer period and that this will be just for informational
purposes. Board Member Olander suggested to the Board that the presenters
would submit an executive summary prior to their presentations. Chairman
Lewis suggested that the Board meet earlier than the normal scheduled time, of
5:30 and suggested 4:30. Board Member Olander suggested that an invitation
to the City Council be made. Mr. Falconer advised the Board that the City has a
weekly item of interest memorandum that is sent to the City Council Members,
this could be added. Chairman Lewis suggested to the Board that the business
items be conducted prior to the presentations.
10