HomeMy WebLinkAbout09-30-1998
• p
i
1
I
t
3.
I
k
Annual Investment Report
FY ending September 30, 1998 1
'l
i
i
f
O tcx , - 32X
. R..: J
low
t~
S
0 D~
V
3
t
f
N {
a~
1
..A ANNIWAL INVESTMENT
REPORT
a
prepared Hj{ The Deportment of Fiveal Operations
"t f ll`. t 5 /,~~CiJ•~y°~~'' ~ ~1 ,i 1 ~ ♦ ^.Fa 'S
• o
r
i
i City of Denton, Texas
ANNUAL INVESTMENT REPORT
i Pbr ! isca! }'car liurlerl Seplenlber .?D, 1998
1
i
I
Michael W. Jcz
CY(v Alanager
Kathy i)uBusc, C'I'A, CGFO
Assistant 0(t ' Harxrger of Fiscal Management and hAm(c(pal Services
Prepared Lay;
Diana G. Ortiz, C'GFO. CMI'A
Y b(reclor of !'(seal Operations
i
Lee Ann 13unscimeycr
Cash d Debt Adminislraror
ltd ~
i
i
{...1rir rFf>` a~~e 32X
/
Fs'
' m
M
ANNUAL INVESTMENT REPORT
TABLE OF CONTENTS
Statutory and Policy Requirements i
I]epositoiy Banking Arrangemcal ii
Divestment Accounting Mclhodology
Investment Program Accomplishments & Goals,,,,,,,,,,,,,,,,,,,,,,,
Portfollo Summary M _
Public Funds Inves(munt Act Compliance Report I
Portfolio Summary by Mmkcl Sector ............................................................................4
Portfolio Summary by lirokcr/Dcalcr ............................................................................5
Por[folio Summary by Maturity G
Portfolio Summary by Fund Type_ ...............................................................................7
Collateral Summary _
Collateral Report ............................................................................................................8
119rtfollo Analysh, _
? Investment Management Review .................................................................................10
Interest Income Analysis_,._ ......................................................................................I I
brvestcd Balance Comparison ......................................................................................13
Arbitrage Revicw .........................................................................................................15
tali cudlx _
® Appendix A Monthly bwcsiment Report - Period coding September 30, 1998 A 1•
I j Appendix 13 - Mondily Compliance Reports for Fiscal Year 1997.98
j Appendix C Fiscal Year 1997-98 Active Broker/Dealer
Appendix 1) Glossary
i
~X r
,a f s ,r 1 s~aYr~
F
I
~e
CITY OF DENTON TEXAS Treasury Dopartmoof 215 E. McKinney ' Denton, Texas 7620f
Telephone (940) 349.8531 ' DFW Metro (972) 434.2528 ' FAX (940) 3497789
i
December 8, 1998
I
fo: The Honorable Mayor and Members of the City Council
The Annual limstmeul Report is writlen in accordance with State stattucs, specifically the Public
Funds Investment Ac-l, section 2256 of Ihe'1'mis Government Code as amended in 1997, 'file #
City's luvcstrncnl policy was reviewed, revised and adopted by City Council in Novcatber,
1997. This report is presented to comply with thal policy that slates "The Dircclor of Fiscal
Operations shall present a comprehensive annual report to the City Council on lire investment
program and investment activity"
1. STATUTORY AND POLICY REWIRE MINTS
On February 17, 1987, it resolution was passed to adopt it formal investment policy for the
City of Denton. 'Elie Investment Policy is redlcwed cacti year Willi the most recent revision
being approved in Novembor, 1997, The policy designates the Assistant City Mamugcr of
Fiscal 1'imtagcment and Municipal Services -,is being responsible for the City's investment
program. The Assistant City Manager of Fiscal Mallagulcili end Municipal Services is
also responsible ror establishing written procedures for the operation of the program.
'I'ltese procedures includn, Ilse explicit delegation of authority to persons who carry oul the
daily im,cst)rent transactions. Currently the Assistant City Manager of Fiscal Management
and Municipal Services has made this delegation of authority to file Director of Fiscal
Operations. hrvcstmett officials have the authority to invest all Cily funds with the
ecceplion of funds contributed to the 'I'MIS Municipal Retirement System (TNIRS); (lie
Firemen's and Policemen's Pension Frurds of the City of Denton; other funds established
by the City for deferred employee compcnsalion; revemrc bond reserve finds; and certain
I private donations. These funds are managed by of ldc investmenl managers and
administrators and monitored by the Fiscal Mauargcment and Municipal Services
Departutcut.
The Ilmds of the City of Denton, 'texas, me invested in compliance with Arl. 842(11-1)
entitled Iho "Public Fords investment Act" orthe Texas Goverwncnt Code. Staff amaally ® •
} reviews the policy guidelines auul objectives to ensure Compliance with the changes ill state
7lit law and Willi the hwestneul slralegies adopted by the City Council as stmmarired below
ill order of importance.
i
~Dedir(de I lo OImbly Avl4ce"
v
132
e
I
a. Safe v - Investments arc restricted to U.S. TIVMLirics, U.S. Agencies, direct obligations
of tine state ol" rcxus and its agencies, fully instured/collateralized cetiificates ofdeposit.
j and fully collateralized direct repurchase agreements. The policy also addresses types
[ ohSCCaritics riot l)VnlliH0d.
{ trvestmen( advisors and brokers must state ill writing that they have received,
{ reviewed, and understand the City's Investment Policy and will follow its guidelines.
The Investment advisors and brokers must be approved by the investment Committee
prior to performing investment transactions with the City.
All bunk deposits and investments of the City shall be secured by pledged collateral.
Collateral is monitored daily and reported monthly to assure the market value of the
securities pledged exceeds investments and/or the related bank balances.
f b. Ligtdr!!rv Investment nnuturities arc matched with forecasted cash flow rcquiroments
to minimize security sales prior to maltnity.
C. Mvasifuraticnt brvestnents arc diversified by security type, maturity, and 1
broker/dealer to protect tn!Crest income from the volatilily of interest rules and the
avoidance of unduC Cancentation 01' assCls in it specific maturily, sector, or
brokcr/dealer,
d, Alaturily Established weighted average portfolio maturities may tut exceed 365 days
for operating and special project funds, 550 days or less for debt service flmds, and 650
days or less for debt service reserve funds; City Council approval is required for any
maturity exceeding live yea's.
C. The City is to receive a yield higher lhlm it comparable maturity treasury bill for
taking non-Ircasury risk. The firs) nMISLI C of success in this urea will be I110 IMIlinanCnl
ol'stnfficient interest incomnC to offset inflationary IIICI-CiI5C5.
IL IMPOSITORY BANKING ARRANGNMENT
i
" The City of Denton awarded it two-year depository back contact to T( sag Bank of Denton
d lint eomatcnced on December 1, 19197, The transition between balk occurred relatively
smoolltly and seamlessly, Federal Home Loan Bank of Dallas serves its the City's
f safekeeping institution and acts as a third party custociitun. There tire three (3) significant
f cash management service% that are provided to the City. 't'hese services are (lj a control
concontatioulsweep account, [2] the controlled disbursements system, and [3j the on-hno
Cash managcnncal system, These aetomtlled services facililtltc 111111 utilization of available
cash thus maximizing interest income.
l'r d
a
ti
i
l
0
N
III. INVESTMENT ACCOUNTING METHODOLOGY
I' The accounts of the City of Denton arc maintained on the basis of funds or account groups,
each of' which is considered it separate accounting entity. Thercibre, cacti fund is invested
separately if it nlEEintains sufficient balances. The investment activity of each Find is
summarized in the tables presented in Ihis report, As of Seplember 30, 1995, thirty-nine
!lards had invested balances,
IV. INVESTMENT PROGRAM ACCOMPLISI-IMP NTS AND GOALS
u. Ac'<'omplfshrllenrs
M_lJrn_Ini iatiyes; ~
During Ilse past fiscal year, the invcstmcm( program has accomplished several I111i01.
iniliatives, Some ol'thelli inclulc the following,
hriplennented lock box system;
implementation of investment (racking software;
autonmted/on-line cash management services;
conversion to new bank depository; Q
stl.canllillillg of cash nlanagcmem operations via controlled disbursements, control
concentration accounts, altd HL110111a1Cd a000llllt I'00011CIIIatlolls;
- consolidation ofinvcstnlcntCUStodialscrvfces with depository banking services;
- revised and ariopted investment policy timporaling major changes in state law;
updated investment procedures manual with critical sections;
developed a debt niallual including the details for each bond issue to facilitate
nlanagenicnl ofpaynlcnts, rcconcilialion and analysis;
cross-trained staff for program efficiency and effectivoness.
Lnh.jpnvw D-Wi bin All imvcstm ent officers and support staff have completed (lie j
investment training required by state law. The new law requires an additional ten hours
1 of investnlcnt training evcl), IWO years,
la Goals
GAwyl g!L_1! ~iLljV'(1tis!L.c' h Slaff is currently reviewing options for an overnight
investment vehicle, which includes icparchasc agreements, money market funds and
local government investment pools. This investnlcnt option provides for greater
efficiency and liquidity as well as competitive rates and would allow staff to leave as
low it bank balance as possible in order to receive higher earnings potential oil
lmukctable investment instruments,
X
r
as
x
I
i resrsr - This report includes the earnings generated through investments.
Staff is faced with the challenge of maintaining the current level of earnings.
I
Changes bi Srute La +C -State Legislation has changed investment law each session
since 1987. The next session is scheduled in 1999, and, it is probable that additional
changes to tite law regarding investments will be proposed,
The enclosed Annual Investment Report is In compliance with the investment strategies adopted
by the City Council and with relevant provisions of the Tex. Gov't Code ch. 2256, The j
objectives adopted by the City Council will continue to drive the investment program in the next 1
fiscal year in order to attain safety, liquidity, diversification, and yield in relations to the City's
investments.
N1-~
Kathy oso Diana G. Ortiz
Assistant Ciiy Manager of Fiscal Director of Fiscal Operations
Management and Municipal Services
i
1
yy .1
9
1
iv
AA
32
p
t
l
ANNUAL INVESTMENT REPORT
forPlaosiYNrEnding Septor"NW30, 111101
1
% Of
Secures Type Mkt to Book Par Value Book Value Market Value j
U, S. Federal Agency-Coupon 100.09% $93,435,000 $93,784,973 $93,864,714 I
U.& Federal Agency-Discount 100.05% 31,991,000 91,579,276 34,694,811
US. Tressury Securkes-Coupon 101.05% 32,000,000 32,063,120 32,399, M.
CertifloatesofD"A 100.00% 2,000,000 2,DOO,000 2,000,000
100.27% 5159,428.000 3f69427.369 5169
1
PORTFOLIO SUMMARY REPORT
Beginning Per Value as of 0111997 $129,722,000
Beginning Book Value a of WAN? 3128,897,872
Beginning Merkel Value a of 913111997 1;128,874,645
'WAM at Beginning Dete (Days) 387
Ending Per Value as of 913 071 99 8 $169.426,000
Ending Book Value as of 9=9W $169,427,369
Ending Market Value to of 91130!1998 $169,858,774
' WAM at lending Date (Days) 423
Change to Markel Value $30,984,228
The Podrollo increase 7s due to the 7eceipt of bond proceeds let Apr i and May,
This report Is In lull ; anplisnu nflh the Invesfmw Walegy as established id the Investment Poftfolb and the
Public Funds Investment Ad (Choptet 2268.023).
r* i 1 ,
to IA/
Kalhy B
Ortiz
Aasinlanl ley Ma DIWW of Floral Owartions
ager
Reviewed By., repared By.
Torrance Burke LN Ann Sunselm/yer Q w
First Southwest Asset Mans" m Cobh 6 Debl Admintatretof
'Approved wkh woplhns ho W
` I
I
i
o
1
M
I
Investment strategies Compliance Report
ForFiscal YaarE18#ngSop"bar 3o, 31998
DPERATIND FUNDS
l4 1"he fnvestrnaM strategy /or operating funds end commingled pope containing operating !!I
obJscbve to assure that anbolpated cash flows ste matched with adequate fnvestrwt fib dity The aeeco~nd~ yd b ective is i
to structure a poNollo, which WII! minimize voiaelity during own
highgushy emlo Cycles. This nut be bCCOmpllshed by Purchasing
"stage rhheturiy of fi
, short.tenn city' Of 38365 s days ys or of 1 lesswilt whichwith compliment each other In a laddared maturity structure , A dollar weighted security. be malntalned
and caicufaled by using the stated final maturity date of each
. i
Beginning Book Value as of 9131/1997 3185402.271
Beginning Market Value as of 913fit097 85,629,619
I
'WAM at Beginning oats 331
Ending Book Value as of 9/3011999
Ending Market Value as of 9!3011998 8968,111,519
,259,275
Unrealized L1alw(Loss)
Change to Market Value 177,899
12,759,769
'WAM at Ending Date 313
'WAM Policy Benchmark 366
( DEBT SERVICE FUNDS
i Investment strategies for debt service funds shell have as the prlrnery obJectvs the assurance, of {nveatnent liquidity
fi adequate to cover the debt santlce obligation on the requited payrnent date, Secudtlss pure"bed shall not have a stated
final maturihj date which exresds the debt service payment date. A dollar weighted average matuity, of 650 days of less
will be rnalr road and caiculutad by using the stated Mal nutudty date of each security,
! 1
Beginning Book Value as of t"3111997 $32,538,423
Beginning Market value as of w3111997 32,877,828
Ij "AM al Beginning Date 268
Ending Book Value as of 9/3911998 49,092,124
Ending Market Value as of 9r30/19g8 49,321,329
fk Unrealized Gain/(Loss) 229.196
Chsrga to Market Value 18,443,494
'NAM of Erding Date 744
'WAM Policy Benchmark $50 ¢
d
2
f
+r ~..~+ry5~~,. 'fir t r ~ - ~ a ~l 9r°-csiYk ~ qqq~ !f tt r 1
.
r
1] r
1
t DEBT SERVICE RESERVE FUNDS
investment strategies for debt service reserve emergency and contingency funds shall have ae the primary objeddye the
ability to generate a dependable revenue stresm to the appropriate fund from eecuritleS with a low degree of volsblity,
Securities should be of high quality and, ercepi as may be required by the bond ordinance ape:460 to an Individual
Jesus, of Short to interry*diale•term matuntim with stated final maturities not exceeding Eve (6) years. Volatility shall be
further controlled through the purchase of securities carrying the highest coupon avoilobds, within the desired matuny
and quality range, without paying a premium, if atoll po"Wo Such secunties will tend to hold their value during
economic cycles
Beginning Hook Value as of 913 111997 S9,807,229
beginning Market Value as of 9!3111997 9,516,815 ,
'WAM at Beginning pate 221
Ending Book Value as of 9130/1998 11,773,938
Priding Market Volue as of 91301'I949 51,797,907
i nfesllzed Oala1(Loas) 24,059
Change to Market Value 1,W1.202
1 `WAM at Ending Data 826 t
! 'NAM Polly Benchmark 660
CONSTRUCTION AND SPECIAL PURPOSE FUNDS
} Investment strategies W construction pro(ecla or
assure that anticipated cash Sows are momeW with special purpose fund Portfoltpb will have as 1hMr primary oncl ud a to
adequate Investment liquidly, These portloJlos ehouW Include at ,
least 10% In highly liquid securities to allow for Aexibilfly and unantclparled project outlays, The awed final maturity
dates of secudtiso held should not exceed the estimated proOd completlon date, A dollar weighted swap maturity of
365 days or lees will ba malntalnod and calculated by using the stated Anal mahutty of esch Security
f~
Beginning Book Value as of 913111997 848,649
m beginning Market Value a of 913111997 660,686
'WAM at Beginning Data
80
e Ending Book Value as d 9136!1996 449,629 '
Ending Moexot Value as 01913011998 460,210
Untsallzad "rd(Loss) 442
Charge to Market Value (200,316)
` 'WAM at Ending Date 70
'WAM Policy Benchmark
~ 385 ~ O ~
{ I
3
l
1
1
3 2 x 6~-A
e.
0
,
CITY OF DENTON
Portfolio Summary By Marked Sector
- Iat Quarter 2nd Quarter 3rd Quarter 4th Quarter
Market Sector Dec. 31, 1997 March 31, 1998 June 30,1998 Sept. 30,1 998
U, S. Federal Agency -Coupon $38,45Q000 $52,795,000 $80,876,000 393,435,000
US , Federal Agency -Discount 37,761,000 26,281,000 31,161,000 31,991,000
U.S. Treasury Sacudles•Coupon 61,000,000 44,60000 32,000,000 32,000,000
certificates or Deposit 3,000,000 8,000,000 51000,000 2,000,000
Texas Muhlclpal Bonds 1,600,000 1,500,om 1,500,000 0
$131,701,000 $131,040,000 3160,326,000 $169.420,000
I
As of September 30, 4998 1
I
i
I
1, ' I
r
0 Agency • Agency l
Coupon Discount
68.01% oTreasury 20,07%
0Strip Bonds Coupon
1,25% 20.07%
The portfolio Is restricted to U.S. Treasudes (maturing In less than I've years), U.S. Ag"cles, (maturing Inlets
' than two years), bonds Issued by Texas public entitles and rated AA a: better (maturing Inlets than two years),
fully frsuradlcollaloraliwf certifiicates of deposit (maturlq In less than one year), and fully collatenl+zrG
l repurchase agreements (maturing In leas than thirty days). The Investments are aWarsifled by security tyre to
M protect Interest Income from the volad Illy of intarest rates and to protect the portfolio from the risk of pdndpal loss
J in any one maiket
Policy lot Quarter 2ndQuaiter 3rd Quarter 4th Quarter
` Pedorwahce indicators Benchmark Dec 31, 1907 March 31, 1998 Juns 30,108 Sept, 30,106
Average Yield to Maturity 6,99% 6.90% 6.85% 5.84%
PollcyBanchnrark BA13% 5.19% 6,25% 4.81%
Investruent By Type
US Treasuries 100.00% 36,72% 3198% 21.29% 2007% g
U.S. Agencies 60.00^/0 57.88% 6U 32% 74.39% 16.67%
Certificates of Deposit 100.00% 2281h 4.66% 3.33% 118%
t State M TX obligations 1600% 1,141A 1114% 1.00% 0.00%
l
4
r
I r 1,3
Z6r
ll~_
t~yd_
' r
CITY OF DENTON
Porthailo Summary By BrokerlDeaW
1sl Quarter 2nd Quarter 3rd Quarter 4th Quarter
BrokerlDealer Dec. 31, 1997 March 31, 1998 June 30,098 Sept. 30,1998
t Banc Qne Capital Corp' 610,000,000 512,345.000 $17,643.000 $31,345,000
1! Everen Securities' 19,226,000 42261000 49,601,000 42,60f,000
First Southwest Co.' 0 6,500,000 14,25000 16,60,000
First State Bank' 3,000,000 8,000,000 5,000,000 2,000,000
First Tennessee 500,000 1,000,000 0 0
Kidder Peabody 8 Co. 3,000,000 3,000,000 3,000,000 3,000.000
Morrill Lynch' 23976,000 14,976,000 13,605,000 8,805,000
Principal Flnandal 7,300,000 1,300,000 0 0
` urudential 17,200,000 17,200,000 12,000,000 12,000,000
it Rauecher Pierce 3,000,000 31000,000 3,000,000 3,000,000
Service Asset Mgt' 0 0 0 1,500,000
ShayFinanclal' 0 0 0 6,340,000
f Smith BameylShearson 16,000,000 16,000,000 12,000,000 7,000,000
f Southwest Co. 25,00,000 16,000,000 10,000,000 10,000,000
Vining-Spark+' 0 61000,000 8,825,000 13,835,000
Zions Bank' 0 2,500,000 1,000,000 11600,000
$131,701,000 6131,048,000 $160,328,000 $159,428,000
} Denotes Active Brokers for FlscaI Year 1997.98
As of September 30, 1998
f
eano One Csp)hl
8oulhwast Co. ~Vlning44parke' 2bns Bank' 0 Corp'
C 6.27% 8.66% ■ 0,94% 19166%
Shay Financial' C F.veren Beouritips
~Service Asset Mgl'm 3.98% 26.65%
0.94% Flnt Southwest
Rduscher Pierce 0 Co.'
Is 1.88% Smith 10,36%
BarneylShearson KldderPaabodyA OFirst CtataBank'
Prudential 4..9h Merrill Lynch' ~ Co, 1.26',6
a 7,637° 6.40% 1,66%
To 9oard against delaull posslhlliues, and to aasure diversificallon of bidders, buelness with any one Issuer, of
inveabrwnl broker, Ia Ilmiled to forty (40%) percent of the lotsI ponfopo at any point In time. As shown In the
gropli, the portfollo adhered to this provislon throughout the fiscal year, Wre than seventy (70%) percenl
of our podfollo was purchased froin five (5) brokerage firms, This IFlUStrates a very good level of cempeSHon,
WobollevoWar lheIncreased compdHonwill result in higher yfelds. The moratorium on Investment pool$Isst111 r
in effect '
Policy tat Ouarter 2nd Quarter 3rd Quarter 40r Quarter
Performance indicators Benchmark Dee 31, 1997 March 31, 1998 June 30,1998 Sept. 30,1908
r
43g" Highest Broker Percenl <40% 16.98% 22.30% 33.13% 28.85°6 +
1 I
6 I
&jt
F
U
I
CITY OF DENTON
Periblfo Summary By Maturity
1131 Quarter 2nd Qua I& 3rd Quarter 4th Quarter
.Maturity Time Frame Dec. 31,1997 March 31.1998 June 30.1998 Sept. 3oggs
00.06 Months $52,226,000 $44,226,000 554.971,000 $13,438,000
08.12 Montha 20,000,000 28,350,000 31,605,000 26,105,000
J 12.18 Months 31,600,000 31,600,000 31,606,000 27,765,000
18.24 Months 16,976,000 14,476,000 11,150,000 2,996,000
24.30 Months 5,000,000 2,495,000 4,495,000 61000,000
30-36 Months 8,000,000 9,000,000 7,000,000 7,600,000
36 & Over 0 3,000,000 91600,000 16,035,000
)(f 1131,701,000 $131,046,000 $160326,000 $169,428,000 1
t As of September 30, 1998
1
I
1330.34 Months
4,70%
I
024.30 Months
3.14%
'
a 38 b Oyer
10,43%
018.24 Months
i
1.88% 000.00 Months
012.18 Months 40,06%
17,41% 000.12 Months
16,37%
t Tlho dsk of markel puce volalilltyIs oonlrolied through matuntydfverslflcaton. The maturities on our Investments
` are staggered over a series of slx•m rith Increments. Ao shown (tithe graph, more then forty-seven percent (470A)
of our evesImamswit mature within the next six months, Approxtmatslyeighteen, percent (18%) of the portfolio
matures In terms greater than two years but less then five. This 1s achieved through the use of reserve funds.
The malwity pattern of the Investments was pdmadfy selected to match the disbursement requlrements of the
S City which helps prevent the need to liquidate or sell, A major challenge for the Invsstment program was aAYdently
maintaining an appropriate level of liquidity without exceeding the collateral level at the Clysesposilory.
Policy 1st Quarter 2nd Quarter 3M Quaner 4th QUsrW
Performance Indicators Benchmark Dec. 31, 1997 March 31, 1098 June 30, 1998 Sept 30,1998
Woighled Avg. Matunty 5660 337.00 383.00 412.00 423.00
! ! Maturfties 5112 months 6.00% 6.01% 602% 10.08% 18.37%
e
r
f3 J-
• r y
n
C
CITY OF DENTON
Portfolio Summary By Fund Type
1slQuarter 2nd Quarter 3rd quarter 4th Quarter
I Fund Type OK 31, 1997 March 31. 1098 _ June 30,1998 Sept. 30,1998
II Operating Fund $69,465,000 $90,575,000 $65,396,000 $98,221,000
Bond Fund 31,691,000 32,878,000 $3,670,000 48,995,000
Reserve Fund 10,34000 7,145,000 10,526,000 11,760,000
Special Fund 0 450,000 735,000 450,000
i $131,701,000 $131,018,000 _ $100,326,000 _ $169,42Q000
As of September 30, 1998
f
i
❑Speclal Fund
0,28%
17 Reserve Fund it's
7,38%
a Bond Fund 0Operating
f 30,73% Fund
01.61%
As shown In tha graph above, the malodly of the investments In the portfolio are for the Operating Funds.
This is typical of most municipal portfolios.
The total portfollo's welghled average maludty (WAM) Is In cnmpllance with the Investment policy as shown below. The
weighted average maturity In the Bond and Reserve Funds are longer then approved In the investment policy foryearending
Septomber 30, 1998, Due to decreasing rates In the current market, staff purchased callable securill Instead of bullets
® or discount notes.. This strategy was adopted In order to by to obtain budgeted Interest Income levels, With lhemarket
rates declining rapidly, those callable secudtles will be called within the next slx to nine months The WAM should
shorten and conform to the policy benchmark.
Policy 1slQuader 2nd Quarter 3rd Quarter 4th Quarter
Performance Indicators Benchmark Dec. 31, 1997 March 31, 1998 June 30,1998 Sept. 30,
WAM by Fund <
® Operaling Fund 365.00 307.00 402,00 408.00 313.00
Bond Fund 550.00 288.00 416.00 650,00 754.00
4 Reserve Fund $50.00 294,00 194.00 429.00 826.00
Special Fund 365,00 0.00 263.00 9500 7000
} 7
1
r
r Al
O
0
CITY OF DENTON
First State Bank - Collateral Review
Coupon 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Securities Rate Dec. 31, 1997 March 31, 1998 June 30,1998 Sept. 30,1998_
FHLMC 6.50% 3,328,806 0 0 0
FNMA Series 1968-22 6.07% 68,229 0 0 0
GNMA 7.00% $0 $10,355,740 $9,675,970 $9,609,075
FNMA ARM 6.19% 71,625 0 0 0
FNMA ARM 6.25% 85,552 0 0 0
FNMA ARM 6.20% 84,458 0 0 0
FHLMC 7,00%_ 883,725 0 0 0
$4,522,393 $10,355,740 $9,675,970 $9,609,075
Average Checking Account Balance $548,897 $548,897 $69,290 $359,245
Ending Certificate of Deposit Balance $3,000,000 $610001000 $5,000,000 $2,000,000
I Ending Checking Account Balance 399,665 323,510 15,412 359,245
As of September 30,
i
i
! DGNMA
1! 100%
-
Chapter 2257 of the Local Government Code outlines the requirements for collateral protection. In addition,
Tex. Rev. Civ. Slat. Ann. Art 2580 requires that within five days after the selection of a depository bank, that
A bank must either file a surety bond with the City or pledge authorized collateral with a value of at least 100%
of the total deposits hold with them, Firs[ Stale Bank pledged a United States Treasury Note as collateral to
the City. This collateral is hold with Texas Commerce Bank (third party custodian) under a joint
safekeeping agreement. The accounts were over-collateralized at fiscal year-end by $7,249,829 or 407.29%,
In addition to the pledged collateral listed above, the City was covered by the Federal Deposit Insurance
Corporation (FDIC) with $100,000 of Insurance. The collateral position is monitored daily and reported
monthly to asaure 100% coverage of the funds. 4 e
g LL Policy let Quarter 2nd Quarter 31d Quarter 4th Quarter
Performance Indicators Benchmark Dec, 31, 1997 March 31, 1998 June 30,1998 Sep[, 30,1998
1 Collateralized Amount 100,00% 127.43% 158,13% 190.87% 407.29%
8
k r. t to
t~
0
CITY OF DENTON
Texas Bank • Collateral Review
Coupon 1 st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Securities Rate Dec. 31, 1997 March 31, 1998 June 30,1998 Sept. 30,1998
FHLMC 7,00% $3,337,795 $2,006,006 $0 $1,248,947
CM0 5,84% 0 2,390,218 0 0
GNMA 7,00% 0 0 934,567 917,110
FHLMC 6.84% 0 0 1,662,017 1,363,724
FHLMC 7.00% 0 968,977 0 2,666,938
FHLMC 7,00% 0 3,185,610 2,954,348 1,024,869
$3,337,795 $8,550,811 $5,550,933 $7,423,587
Average Checking Account Balance $2,297,262 $3,484,480 $1,846,344 $4,708,871
Ending Checking Account Balance 1,853,624 2,658,640 5,017,847 2,700,528
-
' As of September 30, 1998
E I
I p
0FHLMC ■FHLMC
18,37% 38.65%
gGNMA
12,35% MFHLMC C3FHLMC
16,82% 13.81%
I
Chapter 2257 of the Local Government Cade outlines the requirements for collateral protection. In addition,
Tex. Rev. Civ. Slat. Ann. Ad 2560 requires that within five days after the selection of a depository bank, that
bank must either file a surety bond with the City or pledge authorized collateral with a value of at least 100%
of the total deposits held with them, First State Bank pledged a United States Treasury Note as collateral to
the City. This collateral Is held with Texas Commerce Bank (third party custodian) under a joint
safekeeping agreernent• The accounts were over•collaterellxed at f1scal year-end by $4,723,058 or 167,65%.
In addition (o the pledged collateral listed above, the City was covered by the Federal Deposit Insurance
Corporallon (FDIC) with $100,000 of Insurance. The collateral position is monitored dally and reported
t monthly to assure 100% coverage of the funds. j
w Policy 1 st Quarter 2nd Quarter 3rd Quarter 4th Quarter fl
t Performance Indicators Benchmark Dec• 31, 1997 March 31, 1998 June 30,1998 Seel, 30.1998
Collateralized Amount 100.00% 14519% 245.40% 300,64% 157.65% 1
I
8 ~I
-37
:Xr
ter
Y
0
Y
CITY OF DENTON
Investment Management Analysis
f For most of fiscal year 1986.87 and prior to that fiscal year, the City maintained a passive investment strategy.
City funds were placed in collateralized or fully-insured certificates of deposit with the City's depository bank
and held to maturity. Tha depository bank paid a contractually agreed upon rate based on a written bld
received by the City every two years. Because of changes in the tae laws In 1986, it became less attractive for
banks to hold large inventories of investments that could be used as pledged collateral for local government
deposits. As a result, the City received a very low yield quote on certificates of deposit in 1987. Since the
City could invest directly in risk free treasury bills and other marketable securities at higher rates, the City's
Investments transformed into an actively managed investment program to achieve a) safety b) liquidity c)
diversilicalon and d) competitive rate of return, The example below shows the difference in earnings between
the two management styles.
I.
Estimated Interest Earnings • Benchmark Rate $ 7,376,441
f ~
` Pre-Audit Interest Earnings • Fiscal year ending Sept, 30, 1668 _ 8,336,700
Positive Income Differential derived from Active Management 5 067,268
Positive Yield Differential derived from Active Management 0.67%
! - -
Two Year Rate
Analyate
8,00%
6.00%
4.00%
2.00% - - - -
0.00%
A Portfolio -Benchmark
f the past hvelve months have shown that longterm Interest rates have been
stable to decltning. The U. S, economy appears to be sfebl#zbrp afier the
unsteadhess from the cdsfs abroad.
f 1
f
10
i
ADg51 f Zat iw ry ' t: 3.32
1A~7 f- v:
CITY OF DENTON
7NTERESTINCOME ANALYSIS
Budgeted Un-Audiled Valance 1997.98 Actual Vaelance
Fund Name FY 1997.98 FY 1997.96 Budget va Actual FY 1990.97 Actual vs Actual
OPERATING FUNDS:
100 General Fund' E 770,000 $ 798,112 E 28,112 E 880,819 $ 117,493
261 Recreation Fund 9,000 10,403 1,403 12,859 (2,2.58)
810 Electric Fund' 3,071,054 3,641!1 477,874 3,388,835 160,293
620 Water Fund' 472,334 13,16,382 374,048 881,087 (44,705)
625 Wastewater Fund 360,473 388,749 28,276 420,194 (31,446)
830 Solid Waste 233,308 221,838 (11,870) 191,617 30,121
720 Motor Pea 360,000 358,901 (1,099) 980,743 (1,842)
740 Risk MenagementFund 330,400 289,010 J31_390~ 281,721 17,289
'JrcWr4 N&99, WWI E 6,808,669 E 8,472,123 ~-865,654 ~ 6,227,116 E 244,948
I
{ BOND FUNDS:
1! 02 Joint Consbuction Penton Co E 19,237 S $ 19,237
432 Street Improvemem 37,666 35,789 1,779
437 0156 Telephone Systeme 6,106 1,043 4,066 1
{ 440 Street lmlxovemeniBond'85 39,948 45,832 (5,683)
} 441 1987 General Obligation 4,640 1,033 3,607
443 INS General Obligation 0 2,314 (2,314)
444 10890o"*Obligation 4,346 10,276 (6,829)
us 1992 Contractual Obl;gallon 0 4,665 (4,685) j
448 1982 General Obligation 16,185 22,161 (6,988)
449 19930eneral ON gebon 0 133 (133) l
450 1993•A Certificate of Oblitollon 0 2,379 (2,370)
451 1994 Certificate of Obligation 6,678 18,689 (12,813)
452 1995 General Obligation 72,223 64,240 7,983
453 19%General Obligatlon 89,076 101,040 (31,364)
454 1998 Certifrcato of Obllgwion 42.231 13,434 (1,202)
j 455 City Hall RenOVallon 4,922 2,921 2,000
i 457 One Time Building Needs 13,382 8,271 6,111
458 One Time Needs 12,056 6,284 7,072
458 1997 General Obligation 171,914 78,964 92,980
480 IM Cedi8calesof OWlgalion 180,286 78,064 8033
461 1998 General Obligation 212,728 78,864 133,774
468 Te6hnotogyFund 27,197 31,921 (4,724)
469 Research Blvd 4,504 31,921 (27,417)
610 Special Assessment 0 469 (489)
611 Electric Bonds K080 89,356 (29,290)
812 Electric Bond Series 1996 30,081 26,591 4,470
633 1995 C60cate of Obligetion 19,610 37,608 {17,897)
,
834 1990Cad lfcaleof Obligation 220,776 210,727 10,048
853 1998 Elecldo Bond Fund 73,632 210,727 (137,095)
06V Water Bond Series 1968 18,930 28,312 (9,382)
682 Water Band Sodas 1989 268,276 276,203 13,076
670 Wastewater Bond 87 Refund 0 11115 (1,110)
673 Milowater Bond 8edes'92 0 7,726 (7,726)
674 Wasewater Bond sees 133 0 7,407 (7,407)
876 Waoil.Mler Bond Sedes'98 184,835 145,008 18,927
[ 870 1998 Wastewater BondPund 82,476 145,906 (63,432)
p 71t 1060A Conlmctvat Obligalloo 0 323 (323) A
723 1993 C.0. Motor Pool 0 6.210 (8,210)
{ ! 724 1904CertlficaleofObl,gatloo _ 0 1,139 1,138)
1,834,064 1,83205 1.590
11
0
n
CITY OF DENTON
INTEREST INCOME ANALYSIS -
Budgeted Un-Audded Variance 1997.901 Actual Variance
Fund Name FY t997.98 FY 1997.98 Bu at vs Adusl FY 199&97 Actual via Actual
SPECIAL PROJECT FUNDS:
,I
201 HoleuMaelFUnde S 14,165 $ 22,435 (8,280)
209 Municipal Court Security Fees 0 69 (69)
212 C080 2,678 8,408 (6,830)
235 Pro SlOonOwaliona 0 2,267 (2,267)
ft 229 Main Street 0 130 (60)
252 CobteT.V. Fund 0 1,269 (1,259)
244 AN Tusi Coned Adoptiun 0 368 (368)
245 Moore Building 2,340 7,707 (6,,87)
249 Local Law F.ntorcernent Block Grant 4,674 6,323 (649)
232 Con9scaled Property 0 46 (48)
257 P&caSeiced0"1 967 2,810 (1,852)
258 YeloningFund 0 1,438 (1,438)
272 Emily FoWor Memorial Ubrary 523 1,499 (078)
290 Eca+ornio Development Corporation 0 880 (660)
292 McKenna Pad Trust 1,358 097 360
20 Miso, Special Revenue 0 660 (660)
go$ Employee Insurance 3,699 4,029 (330)
822 Park 0evelcpmad Trusl Fund 230 4,029 13,799) D
{ S 30,622 $ 83,962 $ (33,440)
$ 8,338,700 $ 8,123,602 $ 213,0
1 1 FIVE YEAF: INCOME COMPARISON
$10,000,000
$5,000,000
e
$0
I FY 101, ae_ - $6 3361IM _ -
® In FY 1996 97 $8,121,602
iFY1005-98 57,129399
DFY 1094 95 $5,40b 883
~tl FY 1091
94 54,031307 i the labia above demosNefes Interest Income exceeded budget projections by
$865,564, As shown in the graph above, Income has grown at a rote o/
approirin ty nine percent {9%) a year. Q r
4
J 12
1
a
t4.K 4 2 t'y
m
I
I CITY OF DENTON
INVESTED BALANCE COMPARISON
(Far Periods Ending September 30)
I' Un•Audlted Actual
Fund Name FY 1997.98 FY 1996.97 Variance
OPERATING FUNDS,
100 General Fund $ 8,000,000 $ 8,000,000 $
261 Recreation Fund 160,000 200,000 (50,000)
610 Electric Fund 59,241,000 65,840,000 3,401,000
620 Water Fund 10,485,000 6,000,000 6,485,000
I I 625 Wastewater Fund 6,240,000 3,090,000 2,240,000
830 Solid Waste 5,000,000 3,447,000 1,653,000
720 Motor Pool 6,105,000 6,475,000 (370,000)
740 Risk Management Fund 6,000,000 6,000,000 0
I $ 98,221,000 $ 86,962,000 $ 12,259,000
BOND FUNDS:
301 General Debt Service Fund $ 1001000 $ 100,000 $
303 General Reserve Fund 910,000 0 910,000
412 Joint Construction Denton Co, 450,000 0 460,000
432 Street Improvement 675,000 715,000 (40,000)
437 GIS& Telephone Systems 90,000 90,000 0
440 Street Improvement Bond'86 600,000 800 000 (200,000)
441 1987 General Obligation 80,000 80,000 0
444 1989 General Obllgation 0 160,000 (160,000)
446 1992 General Obligation 100,000 400,000 (300,000)
451 1994 Cert ficala of Obligation 100,000 100,000 0
452 1905 General Obligation 1,250,000 1,600,000 (250,000)
453 1906 General Obligation 1,000,000 1,400,000 (400,000)
I 454 1998 Certificate of Obligation 250,000 200,000 50,000
455 City Hall Renovation 0 126,000 (125,000)
457 One Time Building Needs 0 400,000 (400,000)
i 458 One iime Needs 0 300,000 (300,000) 1
459 1997 Genaral Obligation 2,500,000 3,300,000 (800,000)
460 1998 Cerliffcales of Obligalion 6,750,000 0 5,750,000
461 1998 General Obligation 9,250,000 0 9,250,000
468 Technology Fund 450,000 500,000 (50,000)
469 Research Blvd 500,000 0 $00,000
611 Efeclrir, Bonds 250,000 1,276,000 (1,026,000)
612 Electric Bond Series 1990 400,000 600,000 (100,000)
d 614 System Ernergenoy Fund 250,000 260,000 0
616 Utility Sinking Fund 9,000,000 9,800,000 (800,000)
617 Utility System Reserve Fund 5,760,000 3,500,000 2,250,000
I 618 Extension B Improvement Fund 4,460,000 4,30,000 160,000
633 1995 Certificate of Obligation 0 700,000 (700,000)
634 1998 Certificate of Obllgalion 2,760,000 4,175,000 (1,426,000)
II 653 1998 Electric Bond Fund 3,160,000 0 3,150,000
661 Water Bond Series 1908 250,000 600,000 (260,000) Q
662 Water Bond Series 1989 4,200,000 5,260,000 (1,060,000)
675 Wastewater Bond Sedes'96 2,500,000 2,700,000 (200,000)
670 1998 Wastewater Bond Fund 3,760,000 0 3,760,000 _
$ 60,765,000 $ 43,110,000 $'6,285,000
I
13
*12
I
1
CITY OF DENTON
iNvESTED BALANCE COMPARISON
(for Periods Ending September JO)
Un•Audlted Actual
Fund Name FY 1997-98 FY 1995.97 Variance
I SPECIAL PROJECT FUNDS:
201 Hotel/Motel Funds $ 350,000 $ 165,000 $ 185,000
213 CDBG 0 120,000 (120,000)
I 225 Fire Station Operations 0 0 0
r 245 Moore Building 0 100,000 (100,000)
249 Local Law Enforcement Block Grant 100,000 100,000 0
i 257 Pollce-Selzed Drugs 0 33,000 (33,000)
272 Emily Fowler Memorial Library 0 15,000 (15,000)
292 McKenna Part Trust 0 56,000 (66,000)
808 Employee Insurance 0 61,000 (61,000)
$ 450,000 $ 650,000 $ (200,000)
$ 159,428,000 $ 129,722,000 $ 28,344,000
Invested Balance Comparlson
I
j
$200,000,000
i
$100,000,000 ' I
,
i $o 1
OFYI99798 $1159,426000
f ~/FY1998 97 $129,722,000 i
-
`0 FY 199598 _ $121,846494
❑ FY 1994 95$107,026,494
/ FY1993 94 $90,249,494
As drown In the chart above, the Invested balance for the City has gro wn
at a average rate of approximately ten percent (10%) a year.
Phis signifies that the investment program fs investing City lund^ solely
O and optimizing yields Q
14
r,
t
U
L
r - 1'hc bond funds are subject to Federal Arbitrage Rebate Regulations uhlch require that income earned in the porsfolin by the City that
causes the yield of the port folio to be higher than the bond yield paid on that debt issue must be rebated to the federal government.
Alter a three-year period, these portfolios must be yield. restricted to the arbitrage yield. In fiscal year 1997.98, the portfolio subject i
to yield restriction had negative arbitrage, Federal regulations allow the City to average positive arbitrage and negative arbitrage for n
period of live years, A detail of the arbitrage liability In each bond issue is shown in the table,
CITY OF OFN'fON
Summary of Rebatabie Arbloop I I
Asuf mms l {
v rlMluMe Neb9dble tiNd
!l flNhfry tlond Pv Arbl lap AW114M NNINt6ou
Dtll UNd A.ose1 blue l/er Npeeo 9:30r9] 9110.98 1.I,bilik
01/21/87 5500,000 Cert. (ifObilg., Series 1987 (7) (7)
02/24/87 6.76%'9 517,485,000 1.161I1p Sys. RclbndinU, Series 1987 (8) (8)
058687 7.1M 53,500,000 Generat Obligation, Series 1997 (155,000.73) (167,93939) (15)
0510388 5775,000 Cell. of Oblfg.,Serie.s1988 (1) (1) j
03/08/88 6,86°/o 53,600,000 OeneralObligation. SeriesIM (5,130,11) (6,249.58) (20) (I5)
{ 0910688 7138% $3,500,000 Ullliry Sys, Revenue, Series 1988 (35,811.94) (47.261.13) (15)
02121189 7.2900 $3,615,000 Oeneral Obligation, Series 1989 &
$1,115,000 Cori. ofoblig„Series 1989 (25,600A6) (28,829,97) (11)
11/2989 6.51% 51,550,000 Cert. ofOblig,Series 1989A (12,143.00) (14,010,03) (7) (15)
11129.',11 1,07% 520.000,000 UtHllySys, Revenue. Series 1989 (175A19.452) (252,829.02) (IS)
06/19/90 $1,250,000 Cell, of Obhg.,Series1990 (2) (2)
0110101 $390,000 Ceit, ofObllg., Series 1991 (2) (2)
04)07)97 6.09% S2,630,000 General Obligation, Series 1992 &
51,325,000 Cori. ofOSlig,SorIes1992 (176,69034) (18) (190,085.10) (I8)
04107)92 6AS910 54,500,000 Uti IItySys, Rescnuo,SetIcs1992 (12.8,766 86) (137,187.65) (9) (15)
02123/93 4.63% 51,450,000 Cori, of Oirlig.,Series 1993 (8,110.81) (19) (8,337,91) (19)
04120/93 5.2',10k $2,975,000 General Obligation, Serles 1993 (60,302.32) (61,726.71) (7)
04120/93 5.26% $6,575,000 UtilitySys. Revenue, Series 1993 (47,637.74) (19) (49,131.43) (9) (19)
06129,93 4.9594u $13,315,000 Oeneral0bbg.Itfdg,Series 1993•A (26,731.96) (32,454,83) (16)
06/24 0 5.17% $27,085,000 Utility Sys. ReRJnding,Serics1993•A 95,079.75 104,619.12 (9) (16)
P6129+93 $6,045,000 Utility Sys. Rev Rfdg, Series 1993.0 (3) (3)
1210193 4.98110 $2,705,000 Cc rt. of Obllg.,So Nes1993•A (1,442.31) (1,514.98) (7)
04121/94 53,220,000 Ceti. afOblig,Series1994 (2) (2) f17)
03/29/95 $2,000,000 Cert. ofoblig,Series 1995 (2) (2) (17)
03129/93 51,610,000 General Oblig., Series 199$ (2) (2) (17)
06/18196 598% 55,190,000 Cori, of Obllg.,Series 1996 (49,257.12) (50,796.01) (13)
i
06/18/96 5.9801/d $2,515,000 OeneralObllg,,Sciles19% (19,355,62) (20,230.20) (13)
06/18/96 5.98910 $36,510,000 Utility Sys, Rev Rfdg, Series 1996A 21,92735 49,096,42 (9) (16) ~ d S
46/18196 5.98%5 $2,750.000 (16111ySys.Revenue, Series 1996 (3,523.97) (4,907.01) 13)
NO ' F 04/01)97 $4,700.000 General Obligation Bonds, Series 1997 (2) (2) (1'1)
I
32 1S
I
t
,;yea
I
Rebtuble Rebnbk T7 old {
Belhery Bond 11ar Arbitrgt Aebitale ReWUloa -
Ben Vldd A.noel lour Dwripllaa 9,3091 9,3691 het Nllly
} 040is)g 4.83%i $7,175,000 !Vilify Sys. Reaenue, Series 1998 NIA 25,019.10 (13)
t 05113198 04% $5,625,000 CertilientesofOblig,Series 1998 NIA 36,484.80 (13)
05113!98 4.740,6 S9,660,000 ucuelRl Ublignlim, Series 1998 F:lA 19,561.12 (13)
08125198 5.13°5 $36,795,000 Utility Sys. Rev. Rfdg, Serlcs 1998A N/A NIA
08125198 5.130% $7,640,000 UlilllySys. Rcv. Rfdg, Series 1998E N4', NIA
Tolxl Cumulelte Rebatgble Arbilrrtge f 116,907.10 S 233,780.56
(q Fimlliahiliqeeuulaled by pior [altuiufon agent
(2) Mel smell issuer exception.
Taxable Isrue - NO] Sub)ecl 70 Rebate.
(4) Pa(d 9051 or liability in the amount of 117,47730 tan 1.2743.
(3) Advanced Refunding Possible nanlfened proceeds.
(6) Asi mes No rmosfetrtd Praeeds from 64 & $4A Pet No Arbi tige CenllIcate.
(7) funds spook, rmgatire liability,
ly.
(9) Reserve a Fund I only.
(9) Rau
(10) Funds spent; positive liability.
(11) Liability as of 10•5car compauuon dale
(12) Liability at 00-yeas Computation dole.
I (U) Issue has not fM W the end of lb lempority Pori
(14) Will wt for ate ld otsitction on !.year compulatloa dale; which Is 6R9j9g.
(15) Consttucilen fund it yield mtricltd, Cuntntly Imestlog below bond yield.
(161 Entire Issue yield resWUed (except reserve fund) • currently investing be low bond )ltl7-
(17)1 ilsl 5oulhwnl is trot I/aeiing yield resWclfon on lh(s issue. Mel small issuer fm labile puTows, but mutt yield rnsBict any, rclnatalog proceeds tiler 3 yea, 1,
I (181 IVi of yield rrslkl,on Ilabillty paid as oil S year computation dale.
(19) 905. Of yield re snic Ion liability paid u or 3-year computtl ion dale.
(20) Final Malutty 7119/.
NSA Nol applicable rot this reparllng per(od.
I
s
I i
i
I I
I
16
I
1
C
n
t'(iA
T f _
if Ir t4 T U 13R f~'{ !c ~ T
, 1 af: ~ x } p 'vac r o- yy ~G k ' '~59, ~ ~ ~
~ i~,t *3iF~t~ 4 d~~ fq ~y ~c ti 1 y. f i~~~i ~rr~[~'1~ ~dfip t T t~ti ry~~aT~ ~~`f •y f 5r.
c{ r''-'! !f l fw31rt.r aid f r~A f p`~s yS 1 K i Ytjfa'S
~r Of 7}~ist 3Y
1 ~ } ht s r~ 7rt SlR ~(5 >;h,~~~FF~ ~Y~l ~ ~ ~~+i+afi'`i f=rs rP; lI E V flS ~x r ~}t ~~~s ~
i 5 1 - C ~ pp 1 4e 3C 4 ti yy Fk :
rilf_ tld t ~ }~1 ra r ~ ~ ~ 1 K i<<i t ~}"rv11 " } 1A i 's ~1 ~:j i k
I
f
1
ANNUAL INVESTMENT REPORT
APPENDIX A
N I ~ ,
44 ~
h
i
JI r s }.~~rk ta`"ia i3~ ~'u +~~x 'y~it ^4S i 3 °xr}v sr~~L ar 4 sy.
~ : F T~ f ! M ~ i Yr t•n`~ 7 f ♦ r ~ K t`€~ (t ~ ~ ~S~ 5 TAI
t i `~•~i it `4., a~dl cLy~(4~,Lx -i. ~``sr x i rx
p t ; e ~ry3't'r p f - .a k , v , it
r
q4, _
2 1 i
s
'fSrr(i44L'd ,
d
I
t MONTHLY INVESTMENT REPORT
Period Endlap September 3q, 1998
% of POW014
INYESS81EtLTS _ Par Valua Book Valle Markel Vskra IBOOk Vs....he) WAM'Day4 Y*W
f Federal Agency Issues-Coupon $93,435,000 $93,784973 Sn3.8U,714 56,83% 805 582% ~
Il Fedeal Agency lssues-Diswunl 31,991,000 31.670.216 31,694,8t1 1981% 67 5.55%
Treasury Seanlies•Cou port 32,000,000 32.063,120 32,399,250 20.11% 245 6.20641 <
Certificates of Deposit 2400.000 2,000,000 2.000.000 1.25% 64 5,63%
TOTAL INV437MENTS $15 9.4264000 $159,4 2 7.369 $159,858,774 100.00% 423 5.64%
Policy Benamerk 550 4,81% _
Portfolio Yield ve Policy Benchmark-nifference $138,734
PORTFOLIO SUMMARY
I
wFrnurri er)p~ 8egimng Values Purchases SaMen4atrwltes Change From Changein Value Facing V4kNs
,,.,,,aa of 6131/98 a4M973V9A a4 of W31egB._, PUfUVMeIUrRN4 of Swamies of W31M
YIeM Range (628%~A,IJ(6.48% 693%)
Face Value $150.161.000 16 .3%00 (13,076,000) 3,266,000 0 $159,420,000
80okValue $156115138 18266.505 (0,1211,047) 34149.458 171,772 $159,427,369
Market Value 3156,161,237 18,268,605 (0,069,325) 3.197.180 60.357 3159,658,774
Unrealired 6elrvi-oss 3431 406
Change To Market Value 33,897,537
0030. Deya_ 31.180 Day$ IS 1.3110 Dara.~ X61.720 Days 72160vo, Total
MATI1Rnn'r/dfE,EHdME. 3.76% 41,30% 18.37%
_ Ins5tulton Per Value oil Value Avg Bank Sot. Varls_na Percen`aye
~~1 drFB11 tar. yg~r Texas Bonk $7,282,522 $7.421,687 $41,70a.071 T• $2,714,710 167,0% ~
(Does NO? Inclode FDIC) First Stele Bank 9,303,322 9,609,07: 359,245 9,249,629 2674.79%
petati Funds_ Month End F.,.-..
A
Ae rosenls PoMoLO Earning s On netal rF'u _ . SSA,dt2' Y•To-Oata Budges Variance % Famed
( op LomijPo DS-E9! y) 0, , $798112 $770.000 T 328,02 103.65%
BledriC Fund 307,294 3.546,926 3,071,054 477,674 115,56%
Wolof Fund 95,280 846,382 472,334 374.048 179.19%
Wastewater Fund 41,851 366,749 360,473 28,278 107.84%
8VA Waste Fund 21,452 221,830 2334306 (11,6701 95.00%
MARKEURVATE The poet twelve months have shown that the long-term rnterat tales have been bisbot to daw log,
Sauna: Pub9C In"110t, Ott" 2, 1991 The long bona ,ate has resulted In moderslod Inletwn and overseas investors looking lot some
VoMne IS. Number 10 set& Investments. The Fede/sl Reserve Bank sonde toady to o0mbot the Astan crisis from hurting healthy
ecnnornias around the world The finanaal maikNa haW lntsrprolad this big mom relaxed monetary policy i
by IM Fedeal Reserve , The VS. economy appears to be stabiliting OUT the unstoadiooss from the mail j
abroad. The unemployment role remains el 4.6, the same as last month and lass than one year ago. "
ns Key Rehr Ca sh Markets lnferosl Rate OullOo,k ~
„sppt28... ...._.YearAyo •NovAp9 _-___JenA!5,___ .?W!A:~...,._...
FCdpfol Funds 6.6Au% 5,66% 6.30% 6.10% 410%
T•Bill 3 Mnth Yield - - 4,60% 4,80% 4.7099
7.04191 Day Yleld 414% 4.01%
T-131,14 51? Wk Yield 5.00% 630%
This Report Is In full compllAna wllh the Investment strategy as established for the Inva3tmenl Portfol#o ArW the Public Funds
InvestmentAM Chaple r 2266.023).
`7y Red By, Kathy DVBOea R#vWAvd ; Diana OfU
b`. Aftsi ant 4 Manaparof Finana Uincfor 01 fltyf OPanfiOrrs
I Prepared ey: Lee Ann unselmeyer
I Cash 8 Deb? AdmMislrafot
i
i' r, rtr, r31• yTy.~ r v .
D
,
I I 9 ! i i_ i ! 1 f { I
i { I I 1 I { I I I i i
CITY OF DENTON
Purchases Report For Month Ending 5op4mbe► 30, 1998
ISSUER DEALER ASSET FUND CUSP RATE YIELD PURCHASE MATURITY CALL PAR PURCHASE BEGINNING BEGINNING
NO. NO. % % DATE DATE DATE VALUE VALUE BOOK MARKET
FFCH
I
VININO 0.1409 610 31131HRD1 5.48 5.52 9/2698 WINS 2,000,000 1!999,782 1,999,782 1,999,782 1
f
6.18 5.52 $2,000,1100 61,996,762 $1,400,782 $1,999,782
fIILH
EVERF.N 0.1429 610 3133M2W96 5.60 5.19 913HN8 7/20!99 10/20198 2,0011,00 2,000,000 2,000,000 2,000,000
1'10,13 B-1421 634 3133M32W4 5,84 5.80 919198 4120100 10!10198 1,0W,000 1,000.469 1,000,469 1,000,469 ;I
f11L13 13.1422 617 3137M32W4 5,84 3.80 91908 4120100 10n0198 500,(0 500,234 500,234 500,234
i
6.79 6.T3 $3,600,000 $3,50,703 13,600,703 $3,600,103
F11I,MC I
I
BANG I 114412 611 3134AOL42 6.19 6.41 919,198 5124101 3124199 1,50,00 1,113,740 1,313,740 1.511.740
FI11.N1C 81424 452 3134AIW63 6AS 6.11 9H499 12116!02 12!16198 250,000 250,313 250,313 250,)1)
VININO 13.1427 469 3134AIWO 6,15 6.11 9114198 19116/02 12/16NS 250,000 250,313 250,313 250,713
VININO B•142) 454 3134AIW63 615 6.11 9/1498 1211N02 12116198 2$0,000 250,313 250,31) 250,313
VININO If-426 461 3134AIW63 6.15 6,11 911498 12116102 12/16198 210,000 250,313 250,313 250.313
,..1 VININO R•1428 611 3134AIW63 6.15 6.11 9114198 1211W02 12/16198 250,OW 250,313 250,)1) 250,313
VIN1NO 0.1425 460 J134AIWi3 6,15 6.11 9114198 12!16102 12116198 250,000 250,313 250,313250313
6.24 6116 $3,000,000 $3,016,616 $31016,916 $3,016,616
FMC
HANCI 01410 6)0 3133971125 S_20 $.35 9115198 12/22N8 2,0001000 1,97[,689 1,911,689 1,971,689
BANCI 0.1411 610 313397103 5.14 5.28 9/2508 12/2398 1,000,000 997,299 997,799 987,299
6AT 6.31 $31000,000 $2,666,968 $2,968,086 $2,068,060
1 F74MA
FWNIA 11.1417 634 31364FM87 6.16 6A3 94ON8 1115103 1115199 250,000 250,234 250,2)4 7So,234
FN91A 0.1420 630 31J58MAU9 510 537 98808 1119199 5001000 491,117 491,117 491,1111 j
911AY 0.1418 670 713598AU9 5,20 3.37 9118198 1119199 1,500,000 1,473,310 1,47),330 1,473,350
~J
SHAY 04419 625 313588AU9 3.20 537 9118198 1119819 940,0( 925,076 825,076 825,016
V1NINO 8.1413 616 313641;MS1 6.16 6.13 9110198 1113107 111999 1,0()0,000 1,000.939 I,OW,938 1,000,938
9'huredgy, 1WOW 01, 1999 Page I u12
Sl
c yY! Lx ~3 j
I m1m
9
0
•
L I[ J 1 I I 1 i I I ! 1 1 t! i _I I ~ II
CITY OF DENTON
Purchases Report For Month Ending September J0, 1998
ISSUER DEALER ASSET FUND CUSIP RATE YIELD PURCHASE MATURITY CALL PAR PURCHASE BEGINNING BEGINNING
NO, NO. % % CATE DATE DATE VALUE VALUE BOOK MARKET
VINING D•1416 676 31364FMS7 6.16 6.11 9110198 1115103 1113:99 250,000 250,234 230,234 250,234
VINING 110415 661 31364FMS7 6.16 6,13 91ION8 1115103 IASf99 23U,0W 250234 250,234 250,234
VINING 11.1414 653 31364FMS7 6.16 6.13 9710198 I115I03 105199 250,0W 250,234 250,234 250,234
6,60 8.86 $4,640,000 $4,791,418 94,701,418 ;4,791,458
Grand Total 516.340,000 $16,266,505 $161266,505 516,266,505
(
. I
i
a
~4
7hursdoy,Oclotxr01,r998 Page Ior 2 E
;brr;~,•,xa
1!
r .
I
I_ i ! I. : 1 I_ t_ I J I 1 ! s 1~ I I I_ k 3 _i ( i E i~
1
i
CITY OF DENTON
Maturities Report For Month Ending September 30, 1998
ISSUER DEALER ASSET FUND CUSIP RATE YIELD PURCHASE MATURITY PAR BEGINNING BEGINNING
190. NO. % % DATE DATE VALUE BOOK MARKET
FFC13
VININU 13.1316 653 31331IIQL4 5.43 5.67 4129/98 911198 1,325,000 1,336,392 1,32S,000
I
5,41 6.83 $1,326,000 $1,336,392 $1,326,000 {
E
F'HL13
I;VEREN 01288 610 31336SL44 5,36 $A9 3131/96 9/3196 1,500,000 1,499,553 1.499,250
VININO D•1284 618 3113NIISLO 5.69 5.57 312ONS 924198 2,000,000 2,000,147 2,000,000 {
6.53 6.63 1113,600,000 $3,40,700 $3,499,260
F111.MC
I
Isot7T11 01365 630 313400%00 4.77 5.57 624198 9114198 117501000 1,772,643 1,749,475
4.77 6.57 $1,760,000 $1,772,643 $1,749,476 j
FNMA
150131 it 0.1289 610 3135891790 SJ3 5.48 3110198 911198 11500,000 1,498,445 1,498,2W
VININO 5.1324 245 313589023 5.34 5.46 4115198 9117/98 50,000 49,881 49,870
i
VIN1NO S•1308 214 313589023 5.33 5.54 4115198 9117198 3,000 2,993 2"2
VINING S•1307 822 313589023 S.33 5.54 4115198. 911708 10,000 9,976 9,974
VININU S•1306 608 313589023 533 5.54 4115/98 9/17198 102,000 101,758 101,735
VININU S•1303 292 313SM23 5.33 5.54 4115NI 9717199 30,000 29,929 29,922
VININO S-1302 272 31358902) 5.33 5.54 411308 9117198 1 S,OW 14,964 14,%1
VINING 51301 257 313589023 333 5,34 411598 9117198 25,000 24,941 24,935
VINING S•1299 213 313589023 5.41 5.46 4115198 911798 50,000 49,881 49,870
VININO 13.1303 468 J13S89023 5133 $.54 4/15/98 9117198 $90,000 589,601 586,466
VININU 11.1304 454 313599023 5.34 534 4115198 911198 123,000 124,704 124,675
6.34 6.62 $2,600,000 62,496,074 $2,411
1
OrsndTotal 59,07S,000 $9,104,810 39,069x25
f
1
I Widiy, 0alobtr 01, 1998 page I d I
y~ p~ sy$.I~~s Ys. ,n$ ,t~ r . 3r}~~~°9 (?[(T#~f f
''t` jA iJkV
+rarv~x~ ,
0
CITY OF DENTON 1
Sales Report For Month Ending SepWnbw 30, 1808
ISSUER DEALER ASSET FUND CUSIP RATE YIELD PURCHASE MATURITY CALL SALE PAR BEGINNING BEGINNING SALE INCOME
NO. No, DATE DATE DATE DATE VALUE BOOK MARKET PROCEEDS
i
FHI } II
OVEREN 0-1241 100 3133M2W86 5.60 5.60 1120198 7120199 9130198 2,000,000 2,000,000 1,999,400 2,021,719 21,778
MERRIL 8-1393 634 3133M3VA0 S490 5,92 811198 3111900 9117198 9117198 1.000,000 1,021,599 1,000,300 1,029,500 7,890
WRRIL 0.1292 610 3I33M3VAO 3.90 5.93 307/98 V17100 9117198 9117/98 1,000,000 999,638 1,000,300 1,029,500 29.852
6,80 6.81 $4,000,000 $4,021,237 4,W, W 541080,778 $59,520
Grand Tot11 $4,000,000 $4,021,137 5400,000 54,080,778 159,520
I
f
1
r ,1
V
I'burAday, ot16btr 021 1998 PtBt ! of I
I
S
~ . • ~k ~ 1 i ,r4 , l aj, , ',l •n ~ ~r eLa, ~ .-4
1 ^
v,f 7.
NOW
1
''r I~LYi~~:?21
V
I
1
7
t
CITY OF DENTON
/nvesimem Report for Afonlh Ending Sepremba 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHO TO CHO TO WAM YIELD
190, DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
100
CD 0.1252 212198 11/24196 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 21000,000 0 0 54 5.56 t
e
F11111 0.1236 3133851.20 1130198 10/19198 2,000,000 1,924,748 1,994,830 1,W94,600 1,986,213 1,985,200 8,617 9,400 18 5.40
1111,11 0.1250 3133M22F3 1/30198 1130101 1,000,000 11000,000 11000,000 1,000,600 1,000,000 1,000,000 0 600 852 5.91 _
1411.11 0.1253 3133M23V7 2!3198 8/3199 2,000,000 2,000,000 2,000,000 2,001,200 2,000,000 1,999,400 0 1,800 306 5.55
SLMA 0.1J76 86197R1154 61311198 2/10/9 4,000,000 999,063 999,450 1,002,200 9991322 1,000,300 128 11900 132 3,55
IIIIII.W0.000 7,923,810 7,004,200 11,099,600 7,966, 17,964,900 68,146 $13,700 272 6.69
201
I'NMA 5.1266 31359CAA 2/13198 12/10198 350,000 349,426 349,667 350,210 349,809 349,895 36 315 70 5.50
M 1 $360,000 $349,426 349,047 $360,210 349,609 $340,196 IIIN 316 70 6.6
• 49
t
1741MA S•1261 31359CAJ4 2113198 17/10/98 100,000 99,636 99,962 100,060 99,943 99,910 17 90 70 5.50
$100,000 $99,636 !1,912 $100,060 $99,046 09,070 17 1:90 70 .6 1
61
274MA 0-0389 313586C0 712198 2122199 150,000 144,840 146,838 146,985 146,179 446,070 659 913 144 5.54
$160, $144,640 ~08,8311 $146,966 146,170 140,070 $660 $016 144 6,64
01
FNMA R•1263 31359CAM 2/13198 12/10198 100,000 99,836 99,962 100,060 99,945 99,970 17 90 70 S.SO
Thurr6ay,4kiobtr04, 1996 pnet I of 11
32 x
0
i
J
4 I i[ i L_ t_ t I ! l r J~ 1 t i 1! I } I ~ }
CITY OF DENTON
7nvestmenl Report for Month Endfng &plemNr 30, f 998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHG TO CHO TO WAM YIELD
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
100,000 $99,638 ".0112 100,060 69,646 $96,670 17 t60 70 6,6
303
t
FNMA R•1269 31359CAJ4 2!13198 17JI0198 200,000 199,672 199,924 200,120 199,691 199,940 33 180 70 550 #
F1465A R•1263 31364AW2 1011197 219/99 145,000 144,650 144,908 145,087 144,887 145,491 22 -406 I31 3,94
1N6IA FJ•1395 J1364F'SD4 811198 2/11103 500,000 500,000 $00,000 $02,350 500,000 500,150 0 2,200 IS94 6,09
T'•NOTI! R•1262 912827529 toll/97 11130/99 65,000 66,912 66,029 67,295 66,101 67,035 •73 260 425 6.17
$910,000 911,234 910,661 $914,662 910,679 ;912,616 ($18) $2,234 666 6.97
41Z
F'IILH 94295 3133MIR80 419196 417/03 450,000 45D,0W 450,152 450,405 450,152 448,815 0 1,530 1649 6.08
T , $460,000 $460,000 •$460,162 µ60,406 ,162 $449,876 $0 $1,630 1649 6,06
`i
432
F'111,11 B-1249 313389011 1127198 7112100 375,000 375,293 37$,000 375,225 315,00 315,113 0 113 630 5.69 '!I!
FNMA 13-1270 31359CA14 L13N8 12110198 300,000 299,504 299,666 J00,190 299,836 299,910 50 270 70 5.50
1 76,000 $674,901 74,686 $676,406 $674,696 76,023 $60 $387 360 6,69
437
110,11 R•1244 31338900 1127198 7/12100 90,000 90,010 90,000 90,054 90,000 90,027 0 27 650 5,69
A
$90,000 ,070 ,000 90,081 190,000 $90,017 27 660 6.89
440
T'harnd►y, GClo9er 01, 1998 Page 1 of IJ
{A' ' 74'{y1~8vAj
1r~xy~ se ,
e
y
CITY OF DENTON
Inveslmen! Reporl for Monlh Endblg ,4ep7ember 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL EN04NO ENDING BEGINNING BEGINNING CHO TO CHO TO WAM YIELD
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET HOOK MARKET DAYS %
SI.MA B•1374 8638181154 6/30.198 2/10199 600,000 599,438 599,670 601,320 599,593 600,180 17 1,140 U2 5,55
,
$600,000 :599,458 $694,670 1,320 $509,69 Ssm.-I60 $77 :7,140 132 6.66
441 j
F'11118 11.1246 313389PF9 1177198 7/12100 80,000 80,063 10,000 80,048 80,000 80,024 0 24 650 5,69 f
,
80,000 $60,063 $50,000 $80,048 7,000 00,024 24 63'0619
1
446
SLMA B-1377 86351RI154 6130198 211 ON9 100,000 99,906 99,945 100,220 99,932 100,030 13 190 132 5.55
100,000 1109,006 09,946 $100,220 19,932 100,030 $13 $190 132 6,66
451
FHI.B 11.1247 313389PP9 In7N8 7112/00 100,000 100,078 100,000 100,060 100,000 1 D0,030 0 30 63D $,69
1900,000 $100,070 $100,000 $100,060 $100,000 100,030 0 $30 $60 6.69
w 452
1'1111MC 84424 3134AIW63 9114198 1211002 25D,000 230313 254,067 250,530 250,313 250,313 3,755 231 1537 6.11
FNMA 8.1122 31364AN12 WI P97 219!99 1,00,000 997,186 999,366 1,00,600 9p9,218 1,003,400 149 -2,100 131 5.94 1
1,260,000 19,247,600 1,283,434 1,261,160 $1,249,630 $1,263,713 $3,903 ($2,563) 034 6.02
1
453
1:111U1. 1J-1249 IIJJM22YJ 1130198 1130101 1,000,000 1,000,000 t,000,00D 1,000,600 1,000,000 1,00,000 0 600 852 591 'I
1,000,000 1,000, ,000, $1,000,9-0 $1.000,06 1,000,000 962 5.91
454
TburW~y, Orlober 01, 1998 Pqr SM IS j
....e 'a' Y ak~t r'49~+1 l'~ f f v ri 17 Y _
+Jy is
}s X15 t~ s' 1 t` K..
FPO rl
0
~I
,
r_ r r_ t_ r t r t I t t [ t r t r f _t
CITY OF DENTON
Involment Report for Month Ending September 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHG TO CHO TO WAM YIELD
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
1
1
FH1,MC B-1421 3134AIW63 9114198 12116102 230,000 250,313 254,067 250,550 250,313 250,113 3,75$ 237 1537 6.11 I
260,000 $260,513 $264,007 :260,660 $260,017 $260,213 63,766 $277 1631 6.11
459
HILD 11-133$ 3133M24c8 315198 1129199 500,000 499,375 507,044 300,450 506,974 499,700 70 750 120 5,64 J
IWMA 91397 31359CAM7 8114198 1112199 1,000,000 999,731 1,000,125 1,000,300 1,000,083 999,400 42 900 134 5,60
7
F74h1A 8.1142 31364FLV6 518198 4130101 500,000 499,609 500,495 503,300 $00,484 502,200 11 1,100 942 6,03
SI.MA 13.1316 86387RF154 6170/98 2110199 500,000 499,531 499,725 501,100 499,661 $00,150 61 930 132 5.55
$2,600,000 62,406,267 2,607,311 2,605,160 $2,507,203 $2,601,460 $166 $3,700 332 6,70
460
-14 1;IIL11 131333 3133WR77 913/98 312 5/99 1,500,000 1,498,359 1,499,085 1,504,650 1,510,047 1,'.01,350 •10,962 3,300 175
5.68
. 1111,11 91334 3133M24R5 5113198 2111100 1,500,000 1,495,31) 1,496,343 1,500,900 1,496,119 1,500,900 224 0 498 3484
FIILh1C 111423 3134A1W63 9114/98 [2116102 250,000 250,313 254,067 250,530 250,313 250,313 3,753 236 1537 6.11 f
FNMA 131276 31364F:91)4 2111198 211103 500,000 300,000 $00,000 502,350 500,000 500,150 0 2,200 1594 6.09
FNMA 131401 313388AIY) 8114198 1114197 1,000.M 977,305 984,425 98$,200 979,973 979,600 4,450 5,600 103 5.54
® SIAM 11.137$ 86387KII54 Wo/98 2)10!99 1,000,000 999,063 999,450 1,002,200 999,322 1,000,300 128 11900 132 5.35
rr 3. 66,T60,D00 ,720,362 6,733,370 $5,745.066 6,736,776 $6,732,613 (62,406) $13,238 674 5.10 I~
461
MILD 831403 3333WORI V27198 8121199 11000,000 11000,000 1,000,000 1,000,900 000,000 999,100 0 1,200 330 5.63
Th o r My, 000her 01, 1998 Page 4 of 13
s T 'i.
, o
1
1
CITY OF DENTON
Investment Neport for Month Ending September 30, 1998
0
FUND 13SUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHG TO CHO TO WAR? YI@{0
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS 4
I '
HILB H-1332 303WRL3 5113198 12118198 1,500,000 1,501,707 1,500,611 1,302,400 1,$00,849 1,501,350 -238 1,050 78 5.59
1'111,11 B-1329 3133M3a58 5112198 3(23100 ow.000 997,813 998,266 1,012,200 1,005,797 1,004,100 •7,531 8,100 $39 573
i
FIILB Hd730 3133MIWI,9 VONA 917099 1,000,000 1,001,641 1,001,185 1,010,30 11008,307 1,005,000 -7,122 5,300 364 5.75
1411.MC 11-OF6 3134A2KY3 V1198 717103 500.00 500,000 500,000 512,050 500,00 503,900 0 8,150 1740 6.00
FIILMC D-1426 )134AI W63 9!14/98 12/16/02 250,006 250,313 254,067 250,530 250,313 250,313 3,755 238 1537 6,11
FNMA 13.1740 31364CRY6 $113198 1219199 2,000,000 1,999,063 1,999,291 2,021,200 1,999,241 2,010,000 50 11,200 434 5.77
FNMA 11.1331 J1364CRY6 $113198 121909 2,000,000 1,999,067 1.999,291 2,021,200 1,999,241 2,010,000 50 11,200 434 5.71
9,260,000 40,249,197 i0,26't,711 31,880,100 9,268,749 1,264,363 (611,037) ,41652 619
468.
" FIILMC 17.1427 1134AIW63 911488 12/36102 250,000 250,313 254,067 2501550 250.713 230,313 3,73f 238 1577 6.11
F74MA B•1271 313$9CAJ4 211388 17/1091 200,000 199,672 199,924 200,120 199,891 199,940 33 180 70 5.30
:460,000 4, 091 ,670 6460,203 $160,263 13,709 641S 804 6.110
J
? 469 1
F111,13 8.13% 313393FU9 811198 1123101 500,000 499,922 499,926 S00,450 499,924 $01,063 2 •613 1051 6,00
a 600,000 99,922 19,926 600,460 99,924 601,063 62 (6413) 1067 6,
610
FFC17 0-1328 31331AU0 5126198 5125101 1,000,000 1,000,000 1,000,000 1,004,100 1,000,000 1,004,700 0 •600 967 6.03 111
I
FFCB 0-109 3133111RDI 912588 1211(98 2,000,000 1,999,782 2,007,108 2,001,800 1,991,782 1,999,182 7,127 2,018 61 $52
TRurudey, Orlober0l, S99k PaBr daf k7 i
1
v; 1 J{>
6#ir`'` t 1I { SST l 32
I
{
~ j
CITY OF DENTON
Inveslmenr Report for Wash Ending Seplemher 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHO TO CHO 10 WAM YIELD
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
i
1fCU 0.1383 3133111Q7,3 711198 ?W99 2,000,000 1,999,315 1,999,531 2,010,000 1,999,479 2,6)1,800 52 8,200 273 5,58 j
PI'C13 0.1744 31J3121i09 5119198 4(21199 2,105,mJ 2,Dm,366 2,042,282 2,046,692 2,0)2,967 2,01,746 9,315 14,946 202 559
FIILEI 01384 3133M46R4 '!117198 10121199 2,000,000 2,00,11) 2,022,666 2,001,200 2,022,687 1!399,400 ~21 1,800 385 66
i
i
fH1A 0.1382 3133M2408 712/98 1129/9 3,000,000 2997,656 3,068,961 3,002,700 3,068,634 2,998,200 333 4,500 120 5.56
1911,13 0.1337 3133M46111 s1s198 1115199 1,500,000 115DO,D00 1,5001000 1,500,900 1,500,0110 1.500,450 0 450 400 5,83
F111,13 01311 3133800 4130198 7/12100 300,000 300,210 300,170 )00,180 300,178 100,090 .8 90 650 $.69
111111 0.1219 3133MISF2 2I25N8 1 U131m 1,000,000 1,002,386 1,00,388 1,001,300 1,000,666 1,001,900 •277 •600 774 5.75
NIMI 0.1392 3134AO206 WINS 1123(01 500,000 $06,270 506,706 508,900 506,882 507,350 -173 1,550 1026 5.75
1111.11 0.1429 3l33A12W86 9130198 7(20199 2,00,OOtO 2,000,000 2,021,778 21000,600 2,000,000 2,00,000 21,778 600 292 5.59
x
!Till" 0.1336 3133M24C'8 515198 1129199 1,000,000 998,750 1,014,088 I,m0,900 1,017,949 999,400 139 1,V" 120 5.64
F71LMC 0.1355 313397878 NIO199 123(98 500,000 4,869,461 4,953,275 4,954,500 4,931,025 4,929,500 22,250 25,000 W 5.48
IULMC 0J298 313391768 4114198 12)18198 1,546,000 1,489,994 1,528,385 1,528,839 1,521,610 1.520,800 6,175 8,039 78 5,51
FBLMC O-JJ95 3134AItJJ2 7129/99 1211199 2,500,000 2,507,740 1,53U,186 2,529,000 2,53D,667 2,513,250 X482 15;750 426 $.51
FMC 0.1411 313397U33 9n5198 12123198 1,0m,000 987,299 988,155 980,200 987,299 987,271 856 901 83 5.28
8%..d FNMA 04228 31364AO22 12123/97 10115198 1,()00,000 992,813 999,655 1,000,DDO W8,917 99?,400 738 600 14 5.71
FNMA 0.1360 313640WX$ U12NS 412199 2,000,000 1,998,419 2,020,558 2,006,200 202,394 2,002,600 164 3,600 183 5.63
'i burxlsy, Utlub•. • 01, 1998 Page 6 of 13 i
1)r ti , y - •i~+,7""'~"'iy~~
0
i
I
I t i I t S I 1 1 I 1 ! [ ! I ~ i! i I
CITY OF DENTON
Invesfinenf Report for Uonlh Ending Seplember 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENCINO BEOINNINO BEOINNINO CHO TO CHO TO WAM YIELD
NO, DATE DATE VALUE BO^K MARKET BOOK MARKET BOOK MARKET DAYS %
FNMA 0.1370 313588CE3 6]30198 2/22199 2,000,000 1,9J0,217 1,957,600 1,959,800 1,948,767 1,947,600 8,833 12,200 144 5.57
FNMA 0.1381 313589847 71108 11130198 3,000,000 2,932,107 2,973,200 2,971,900 2,959,800 2,958,900 13,400 15,000 60 5.56
FNMA 0.1339 31764F285 3122NS Sr24101 2.0.000 2,000,000 2,000,000 2,016,770 2,000,000 2,009,166 0 7,604 966 6.01
FN,N IA 0-1345 313589V34 5127198 12131198 2,000,000 1,935,327 1,973,00) 1,974,200 1,964,103 1,963,400 8900 10,800 91 5.57
I
FNMA 0.1309 713589153 4115/98 10/6198 I,S00,000 1,461,21) 1,498,885 1,498,650 1,492,198 1,491,9v 6,688 6.750 5 5.49
I'NSSA 0.1322 31364AN32 413ONS 219/99 355,000 354,510 354,775 355,213 354,722 356,207 53 •994 131 5.94
FNMA 0.1391 313588CL3 712198 2122199 1,500,000 1,448,398 1,468,)80 1.469,850 1,461,793 1;160,700 6,58R 9,150 144 5.54
SL61A 01371 96387RI154 193038 2110199 1,000,000 999,063 999,450 1,002,210 999,322 1,000,300 128 1,9110 132 5.55
i
SLh1A 0.1265 863878745 316198 711100 2,000,000 1,991,789 1,998,135 2,009,400 1,998,981 2,00J,8o0 •846 5,600 519 5.80 SI
'I'•NOTL 0.1200 912827N24 9130/97 11130198 500,000 494,868 499,279 500,650 498,912 5oo,ow 167 650 60 6112 j
'f•No'FL 01323 912827529 413008 1113009 335,000 342,223 340,302 346,826 340,676 345,486 •374 1,340 425 6.17 i
,
T•No Ut 0.1134 912827529 5126195 11/30/99 3,600,000 3,821,063 3,656,975 3,127,080 3,660,997 3,712,680 •4,022 14,400 425 6.17
'f-NOTIi 0.1128 912827Q21 5!6/96 5!3!199 5,00.000 5,0$9,375 $,012,829 5,067,000 5,014,420 5,053,000 •1,590 14,000 242 632
T•NOT17 0.1124 912827P22 2JI8194 212 8/99 2,000,000 1,986,875 1,998,922 2,007,600 1,998,706 2,007,200 216 4,400 1$0 $.65
1•NO FU 0.1394 912827P22 811N8 2!28199 1,000,000 999,242 999,461 1,001,800 999,153 11001,600 108 2,200 150 5.63
69,241,000 58,912,103 $39,236,096 $69,248,949 $69,127,!66 $69,106,606 $107,210 $193,3" 296 6.71
611
'I'hund>ty, Oelobrr 01, 1998 elope 7 of 13
0
e
i
II
r
I
I
1
CITY OF DENTON s
Investment Report/or Month Ending Seplember 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHO TO CHG TO WAM YIELD !I
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
FNMA 01272 31359CA14 2113/98 12/10198 250,000 249,590 249,905 250,150 249,863 249,925 II 225 70 5.50 Ii
t
{260,000 9249,690 :249,906 $260,160 1249,663 $249,926 941 $226 -706,6
612
81 MA 11-1372 66387RI154 6/30198 2/10199 400,000 399,625 399,780 400,880 399,729 400,120 51 '60 132 5.55
9400,000 9399,625 1399,760 9400,660 9399,729 9400,120 961 9760 132 5.66
614
FIILO 111245 313369P1'9 1/2706 7112100 250,000 250,195 250,000 250,150 250,000 230,075 0 75 GSO 5.69 f
9250,000 260,196 9250,000 9260,160 $250.000 260,076 90 976 660 6.69
636
HUM R-1297 3133M3R80 419198 417103 600,000 600,000 600,207 600,540 60.203 598,500 0 2,040 1649 608
,
HIM; R•1404 3133M5UR8 8727/98 6127x99 500,000 500,000 500,000 500,450 500,000 499,850 0 600 330 3.53
FII3.MC R-1358 3134AIV31 613NR 1211/00 1,000,000 1,001,250 1,001,429 1,003,100 1,001,471 1,003,100 42 0 192 6.12
1
INSIA R-063 313641,743 6124193 6124103 750,0W 749,700 749,716 757,500 749,711 753,750 5 3,750 1127 6.21
WMA R•1413 31361PMS7 9/10/98 1115103 1,000,000 1,000,938 1,010,3J6 1,003,9011 1,000,938 1,0W,9.18 9,399 2,863 1567 6.13
INh1A R•1341 31364F7.V6 518198 4130/01 11000,000 999,219 1,000,990 1,006,600 1,0001968 1,004.400 22 2,200 942 6.03
t
i t NLMA R•1359 86387KJ45 6110198 313100 1,650,000 1,648,969 1,649,152 1,651,755 1,674,577 1,653,135 25,425 4,620 511/ 5.76
3'-Noll: Rd 120 912827N24 9114195 11130198 2,500,000 2,443,750 2,497,123 2,503,250 2,49$,694 2,500,000 1,439 3,250 60 5.90
9,000,000 91,943,826 9,001,949 9,032,996 $9.023,551 9,013,673 (114,603) 11,323 US 6,"
'Ihundoy, Oclobrr 01, 1996 Pete 8 of 13
f
-413` - e4pt,s;} tt 1/'
333
1
...E%!i
A
n
~ II
1
1 4
i
CITY OF DENTON
lnvesiment Report for A4onih Ending September 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHO TO CHO TO WAM YIELD
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
i
I
617
1'111,13 f1.1422 3133M32W4 919198 4/20100 500,000 500,234 $11,500 500,300 500,234 500,234 11,766 66 567 510
FIII.MC R•1428 3134AIW63 9/14/98 12/16!02 250,000 250,313 254,067 250,550 250,313 250,313 3.755 238 1537 6.11 1
fr
FIILMC U-1412 3134AOIA2 9/9198 $124101 1,500.000 1,513,740 1,543,136 1,518,503 1,513,740 1,513,740 29,396 4,763 966 641
'GNOTI? B•1131 912827Y89 )N97 811399 3,500,000 3,466,055 3.495,023 3,540,600 3,494,553 3,526,250 470 14,350 318 6.18 tI~
$5,760,000 $6,760,342 $5.003,126 $5,09,963 6,768,840 $6,790,631 644,686 $19,416 $41 6.13 t4I
618 S
17110 13.1242 313389PF9 1/27198 7/1 Wo 300,000 300,234 300,000 300,180 300,000 311o,090 0 90 650 5.69 I
FIILEI R•138D 3133M4UR2 1/1-0(98 7114103 2,000,000 2,000,000 2,000,000 2,001,800 9,(100,0011 2,006,800 0 •5,000 1947 6.25
INMA 11-1405 31364F4K9 8726/98 8)18103 2,000,000 1,998,600 2,001,298 2,020,600 2,001,i7S 2,001,200 23 19,400 1782 6.03 t
i
Z
FNMA U-1273 31359CA34 2113198 12110098 150,000 149,754 149,943 150,090 149,918 149,955 25 135 70 5.50
19,460,000 64,448, ,461,241 $4,472,P Q 64,461,103 64,468,046 648 $14,025 1062 5.86
620
FN61A 0.1418 313588AU9 9118198 1119/99 1,500,000 1,473,350 1,476,167 1,476,750 1,473,350 1,473,350 2,817 3,400 110 5.31
® 1•NMA 0.1396 J1339MI:0 8114(98 2/12/99 2,000,000 2,000,000 2,000,000 2,003,800 2,000,000 2,001,200 0 2,600 134 $.50
} FNF1A 0.1388 313588CL3 7/2196 2122/99 1,000,000 965,599 978,920 979,900 974,528 973,800 4,392 6,100 144 5.54
i
INAIA 0.1265 31359C'A14 2113198 12110^98 350,000 349,426 349,867 350,210 )49,809 349,89S 58 315 70 5.50
'thund4y, October 01, 1996 Pine 9 n113
4 1 yj r s x> r, d~({.,~ r
t
O
s
{
t i t r_. i r- a_. r r r r ~ r_ r r I r r I r
CITY OF DENTON
Investment Report far Afonth Ending September 30, 1998
FUND ISSUER ASSET CUS4P PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHOTO CHOTO WAM YIELD
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS % j
FNNIA 0.1406 31364FXN6 8131198 4/15103 635,OW 635,000 649,848 639,191 649,848 636,778 0 2,413 1651 6.09 ij
T•NOTI: 01123 9128272K7 2!28497 2/28199 2,000,000 1,993,750 1,998,716 2,010,600 1,998,459 2,006,800 257 3,800 150 604
°i
T•NOTI: 01127 912827X72 6/101% 5115199 3,000,000 2,986,875 2,991,225 3,030,900 2,996,857 3,022,500 368 8,400 226 6454
10,486,000 1110.403,11,09 10,480,743 $10,491,361 {10,44201 10,464,323 $7,692 $27,028 066 6.8
625
FNNIA 01129 31364CR59 6110497 617199 J,000,WO 3,000,000 3,0D0,00o 3,027,300 3,000,000 3,011,700 0 9,6W 249 6.19 j
I
FNMA 0.1419 31358BAU9 9118498 1119199 840,000 825,016 826,653 826,980 825,076 825,076 1,511 1,904 110 5.31
FNMA 01390 313588(1;3 7tMll 2!22199 350,000 337,960 342,622 342,965 341,085 340,830 1,537 7,135 144 354
1 FNMA 0.1274 31359CA14 2113198 12/10/98 350,0W 349,426 349,867 350,210 349,809 349,895 58 315 10 5,30
g FNMA 01399 31364FUU3 8114198 3111199 700,00 699,614 699,702 702,170 116,098 700,630 16,396 1,540 161 5,62
A $6,240,000 46,212,076 $6,218,844 $5,449,426 5,232,067 $6,234,131 (:13,223) 816,494 147 6.64
a3a
FMC 01410 3133971J2S 9115198 12122198 2,00,000 1,971,689 1,976,311 1,976,600 1,971,689 1,971,689 4,622 4,911 82 5.15
INMA 01341 31364FY.V6 5W98 4130101 500,0W 499,609 500,495 503,300 300,481 5()2,200 II I,1W 942 6.03
FNMA 0,1420 313588A119 9/18/98 1119199 500,000 491,117 492,036 492,250 491,t17 491,117 939 1,133 110 5.37
FNNIA 0.1400 31364FUtJ3 8114198 3111199 11000,000 999,449 999,574 1,003,100 1,022,996 1,000,900 23,423 2,200 161 5.62
{
INMA 01227 31364FJ19 12/11191 11111/00 000,000 11000,000 1,000,000 1,002,200 I,OM000 1,002,500 0 •300 802 6.14 {
T rsdoy,4kWobtr01,1998 PA$tl0of13 j
32 X
Q
4
H
I
1
1
CITY OF DE:NTON
Investment Report for A(on7h F.7uling September 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY OAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHO TO CHO TO WAM YIELD
NO. DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
$6,000,000 $4,961,664 $4,966,436 $4,977,460 $4,906,266 $4,966,406 ($17,661) $6,044 419 6.70
634 I
FIILH H-1357 3133M4PCi N19NB 6119103 11500,000 000,000 1,500.000 1,542,600 1,500,000 1,514,100 0 28,500 1722 610
HUM B-1421 31J3M32W4 919198 40'00 1,000.000 1,000,469 1,023,000 1,000,600 1,000,469 1,000,469 22,531 131 567 5.80
FWMA 13.1417 31164FMS7 9110$48 IA5to3 250,000 250,234 252,584 250,950 250,234 250,234 21350 716 1561 0.11
I
$2,760,000 $2,750,703 $2,776,664 $2,794,160 2,160,703 $2,764,603 24,661 29,347 1283 5,96
657
FIILH 11.1319 3133M4RZ8 11708 117100 1,000,000 999,219 999,341 1,000,600 999,298 993,100 43 7,500 463 3.71
FNMA B-1414 31364FA1S7 9110NB 1115103 250,000 250,234 252,584 250,950 250,234 250,2)4 2,350 716 1567 6.11
1'NMA 8.1401 313641'XN6 8131$48 4115101 1,000,000 1,000,000 1,021,383 E,006,600 1,023,183 1,002,800 0 3,800 1657 6.09
FNMA 11-1315 3135891,92 40198 10/26198 500,000 486,550 498,132 496,i10 495,890 495,800 2,242 2,310 25 5.53
St.AIA B-1773 86387RI04 6130198 2 009 400,000 3991623 399,780 400,880 399,729 400,120 5l 760 132 555 f
$3,160,060 $3,136,626 3,173,221 $3.07,180 $3,166,635 3,142,061 ,666 $15,126 749 6.60
~1
I FNMA 11.1415 31361FM57 9110196 1115103 250,000 250,234 252,594 250,950 250,234 250,234 21350 716 1567 6.13 •
M t! 260,000 $260,234 $262,664 $260,960 $260,234 $260,254 $2,360 T16 1667 6,13
PIILH 8.1296 3133A13R80 419N8 47110.3 450,000 450,000 450,152 450,405 450,152 448,875 0 1,530 1649 6.0B
'I'A UrrdAy, Oc lobe r 01, 1 "1 PA84110(13
r ♦.u,1
o
a
( I f I I L I l I# f i! i! i i I! i j I
+ I
CITY OF DE.NTON
Invesimenl Reporifor Month Ending September 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CHO TO CHO TO WAM YIELD
NO, DATE DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
I`IhiA B•1362 31364FT43 6414198 6124/03 750,000 149,700 749,116 757,500 749,711 753,750 5 3,750 1727 6.21
r
'F•NOTb 13.1137 9128272114 2/24197 2113100 31000,000 21969,922 2,993,141 3,052,500 2,995,063 3,032,700 278 19,800 502 6.00
$4,200,000 64,166,122 64,196,210 ,260,406 $4,194,626 ,235,326 $283 626,060 1293 6.1 1
675
T•NOIU B•103 912927S29 Wm IWom 1,000,000 1,061,406 1,015,826 1,035,300 1,016,944 1,031,300 •1,117 4,000 425 6.17
3 N01 L' 11.1116 9128271,124 5!26+95 11130398 1,300,000 1,433,594 1,497,831 1,501,950 1,496,747. 1,500,000 1,084 1,930 W 6.12
2,600,000 $2,515,000 62,613,666 $2,637,260 $2,613,691 62,634,300 (333) $6,960 243 6.14
676
Fffl-&W 13.1387 1114A2KY3 717N8 1$7103 1,000,000 1,000,000 1,000,000 1,024,100 1,000.000 1,007,800 0 16,300 1740 6,DU
FNMA 8-1416 31364FM87 9/long 1115103 250,000 250,234 252,384 250,950 230,234 250,234 2,350 716 1567 0.13
FNMA [1•1314 3135891.92 41296'8 lonW8 11000,000 973,100 996,264 996,300 991,781 991,600 4,483 4,700 25 533 4
I
FNMA 13.1311 313589TS2 4128198 12/17/98 1,500,000 1,448,235 1,482,893 1,483,500 1,476,228 1,415,100 6,665 7,800 77 5.59
II
$3,760,000 3,671,649 $3,731,741 $3,754,850 $3,116,243 3,726,334 $13,494 $20,616 $52 6,61
720
I 1'111,11 0.1361 3133M41.06 6/10198 12110/99 1,605,000 1,605,000 1,605,000 1,607,568 1,605,000 1,605,000 0 2,568 435 592
l NNMA 0-1215 31360SIM 2JI1198 2111101 300,000 500,000 500,000 502,350 500,000 500,130 0 2,200 1594 6(Y)
'1'•No11: 0.1119 912827N24 413195 111301,98 3,000,000 2,821,031 2,992,238 3,003,900 2,988,337 3,000,000 J1881 3,900 60 6.93
66,106, $4,932,031 $6,091,236 6,113,614 5,093,357 $6,105,160 01661 6,664 696 4,26
I'humday, ON leber 01, 1998 PAge 12 0713
F 1
a 41
.1J,..~~1 , ~e, - N,.,,.~.,....
, n
i
I
CITY OF DENTON
Investment Reportjor Momh Ending September 30, 1998
FUND ISSUER ASSET CUSIP PURCHASE MATURITY PAR PRINCIPAL ENDING ENDING BEGINNING BEGINNING CH0 TO CHO TO WAM YIELD
NO, DAYS DATE VALUE BOOK MARKET BOOK MARKET BOOK MARKET DAYS %
740
PIILU 0.1121 3I3395DC6 Il8197 118799 5,000,000 5,000,781 5,000,105 5,012,500 5,000,138 5,008,000 •31 4,500 99 5.88
{
$6,000, 36,000,781 $6,000,109 $6,012,600 66,000,136 36,006,000 ($33( 114.600 99 6.119
Grand ToW SI59,426,w $158,517,647 3159,427,169 $159,856,714 3159,255,597 5159,758,417 SI71072 5500,357
I
i
I
i
1 I
I
,
'i
'Thursday, 003bee 01,1998 FaBc 13 of 13
I
i
.Yrtvr,pyi% -Aa r dw 1y "
5 #a r
I W-1
I
n
n
~ it r'V 3L,i7yll ~Ij.
E' ~ ~ !t {a'r,`cf~, ~~~t t~ 4 ..E~ is { ;t i ~x j t a + ~ ~i
i S ; > j) 3 1 ~ ~ ~{a a r~ s i- 1 ~ ly~~y k~ ! S t1~, r ttS r ~ ~py~yq ~~e7y S f t, c!'y . ~1~} iq 7 ~f h>;
-7 lY( a v.yL~a } `Clt a s s h; rj. p l1 r ;f (Lt t +r t7'+3n,> t f efv r ! r ~y
[ S) ~1!<3 t ?~fy.1"r ~!y)~~14 '+f ir~tCY. 1!t In: )t tir iL Pk~ ilI I 1 r(. _~:~v\t'~~
i
ANNUAL INVESTMENT REPORT p
I A PPENDIX B
T
i
j
( k L 1 tRt ;~,bfg~t jr+s Yi f'i~{ ( ~ tit t'rl 4 t
_ ~ t ~ 1 vy~ art if Fw} v t~ 1, i l fi t~~4 i~ . ! ! ye, ti ~?a',t~ I,a~o.~~Lf 1~+~~`
t a 1> iS rar ! a r i t r I,M
lit et i s3~ 7tidG~ fR~4}F{4'~,~~.` f~ti ~
25 x: El 32 x ~
r 4'
a
MONTH LYINVESTMENTREPORT
Period Ending August 3 t, 7996'
% Of Portfolio
7hIYESIlIEBfT$ __„_.._Par VOA- Book VaAw Manat Voters _ (Book VaWI WAM4Jryk Ykk
Federal Agency "oft-Coupon 792,010.000 592357,639 $92,170,691 59.18% 669 5.60%
Federal Agency Issues-Discount 30,151,000 29,699,770 29,667,996 19.02% 101 5.59%
Treasury Socuntles•Coupon 32.000,000 32,061,629 32,302,550 20.54% 276 620%
C6ni6cafes of Deposit 2,000,000 2,000,000 2,000,000 1.284.4 e4 $03%
TOTAL INVEWMERTS 5156,181000 5166,115,138 IIBO,161,237 100.00% 413 6,84%
POcy Wthm ark 550 490%
Portfolio YOb vs Policy l3 winns*-Unfwence $122,198
`II PORTFOLIO SUMMARY
6EGtNlfd116T10tl Begknkq Vakws Purthws SalesMelurt" Change From Ch" In Value En4kq Values
_u of 7131M 4so(v3IM "01W31796 _ pwdvM.narw Of s4mmm" pwenlre5
lie
YwFd
Fan vamN $1$$,020,000 Is'646 -a 15 W%-a,) T µ33s^•__...._.__-_.._.____.~______._.._...
1 ,006 0 $1s6,1e1000
Deok value $186,893,601 19.606,501 113,49111 300.542 112.990 $168,115,134
Market Value $188,301339 13,006,501! (13,474,260) 334,261 623,647 $156.161,237
UnroalVed 11il $46,099
Change To Markel Value $457,698
00.30 0aye~_„•, 71.160 De'(t .-•.~191.MO Daye~J61W720 DM7► 72f 8 0vw total
(1~uR77Y 712E F7UYE 6.87% 37.14% 21,23% 21.0% 14,57% 10000%'-
fnstiMbn Per Value Market Vsk>e AV;♦ Dank Bal.- _ Varw,a Peresnupe
\ COLLArZAA__-i2Vl ' Tern Beek'-~ ~S,Oi6,7J2 f'.061, 165 -33,669,$05 $1499,3117 141,17%
J (Does NO3 include FOfC) First $We Bank 9,493,113 9,647,378 69441 9,556,135 1061046%
LQUL EARMWQ9 FY f9a7.11a Opwalm Funds Mofnh EndFY_To-Dete, _ Budget _ V_e_Aanty % Earned
(Rd;wow($ Patfblo Eamrnga ony) Gorwall Fuld - - $59,778 $738,600 $770,000 Y IiJl,50`oj --,....-9591%
Electric Fund 335,639 3,247,634 3,071,054 170,680 106.65%
Water Fund 76,980 751,102 472,334 278766 159,02%
Mslawaur Fund 4229 347,098 360,473 0,3761 96.29%
` Solid Wash Fund 0,613 ?,00,168 233,308 (33,122) 85.80%
4fARXET DPD~ 7
Sours: Pu14o Inwslor, 6eplamber 1, 1990 Seutheaal ANA has bean tawnuy )Oinad by Rua" and Lain Art arses to add to ft list of 7oralgn soonom'es
Voum 16, M,mbw 3 facing enamial Woblerne Bowo%of eoommb uncwtalny, Ow Pod" Opal Market COmmAtea is unlikely
to rains Of kMW plea for the fonewwble MUM. The Fed VAN vent to IVW wWWIAg an etW&MO downturn by
told" rata Or heating Op 14kn M s strong 6oonomy by kwerfnp toted, The Mo-year Thetary note ~i
bM W basis pokds In ft month of Aupuel.
Key Rata: Cesh IMwaf RIh Oertook
I A 26 YaY OdA OxA MarA
Fxhralfun0l 6564 6,d0% 0%_~. _--6.80% 0% 8.40% 4,40%
T•Bi73 M,*YoW - - 6.00% 4.90% 4,60% l '
T•Bi69f Day Yk1W 4.81% 5,05%
T-Mil 52 VA YWd 6.10% 5.26%
Thla Report I$ In full compliance w" the (nvestmenl strategy as setal0shed for the fnvettrnf nt Portfolio and the PublIo Funds
l Investment Ad 1C" ter 2260.023).
I /I I A, t J,
® Y
Q~Gt.i
'1.;... 7 evleved :Kathy DuBaa Revlewad By: Diww Or4z
,t f Ass! C' Map•>o7FMenee DheMOr of f(rofojwafbns
P Prop" By: Lae n Bunakne`~
IJ Cash 8 DW Admmla7row
I
r. 3yy to/> t 1!,f r ( rryy
3 z.,yri5 9 X
u MONTHLY INVESTMENT REPORT
Period EnzMey July 31, 1998
%d Pcmaw
1 INVEST111 T3 Pw Value Book Value Muket Valve (Book VNut) WAIWONS Yield
Federal Agency lssuas~ Coupon $87,175,000 1167,646.828 386,994.296 66.23% 577 6.31%
F aderal Agency Iss ues• Discount 31,651,000 31,084,488 .31.062.441 19.97% $21 5.59%
Treasury 5ecurt!" Coupon 32,000,000 12,080,507 324248,600 20.59% 306 8.20%
Ceni6cala of Depofll 5,000,000 5,000,000 5,000,000 3.21% 80 5.69%
TOTAL INVESTMENTS $155,426,00 11155,893,601 3155,303,339 100.00% 414 5.64%
Policy Benchmark 550 5.19%
+ Portlotio Yield vt Polity Benchmark-Diftarenca - $64,404
i
II
PORTF0L10 SUMMARY u l
REL1JdfC1JJAI1Def is"Wi g Va1xe Purchases, SWMMeurOw Change From Charge In Vpkla Erwng Yeuss
of &X44 u 047131,96 a of 7W" PwdVMeMRNe of SeWrib" a d 7131,9
Yfekl Range . (5.27%•7,00%)
Face Value f (6.20%•6.12%)
0,326,000 20,500,000 (15,000,000) 6,600,000 0 11155,628,000
Rook Value $150,120,637 20,339,474 (16,025,654) 6,313,918 259,047 11165393,801
Markel Value $149,924,762 20,339,474 (14,987,700) 5.3711,774 8,413 $155,303,339
Unrealized Oai(Aoa ($3904261)
I` Charge 7o MorW Val $5,374.567
0430 DaY!__,._„_ 31.1 B0 ~.l..__... 141360 Di ar~_. 381420 D~C!___...721 6 O.~r ___-_.-iota!
JlA7tLn77"LnYE FRA4IE 4,118% 20.92% 20.79!6 25,66% 13,52% 100,00% ~
..._.._InsWutlon.__._..._.. Par value ---MSA$t VNw _ Avy Bank BM^ Veriena Peroer,txJe..,,..
=LAURA AffiY
Texas Bank 11,429,054 35,590,893 13,594,2e1 111,898.+0/ 515.54%
!Does N04 10Wd6 FDIC) Fire($tli honk 9,587,602 9,765,689 18,143 9,737446 53769.65% I
TOTAL AaNINUIY-tP" Opooi ng Funds ____Month End FY•Ta Da1s BrM_Qef Vrlance _...._%Epmed._._.
(Represents PorMoYd famings Ory) (3wwaJ Fund . 783,365 $876,723 $770,000 ~f91,Y76 -d8.1_6%
ENdno Fund 330,916 2,906,095 3.011.054 (164,059) 94.63%
Wolw Fund 691503 674,122 472,334 201,746 142.72% 1
V Iislis1a9ter Fund 32,160 311.89 360.473 (48,804) $6,52% I
Bad lVaele Fund 16,651 181,673 233,308 (51,636) 77,67%
NA8!$EL.UE4dIE
Swiu Pu firs investor. August 7. 1998 Analyst eiryed the soaromk: elowdoetl to cause the Fad to keg roles urrdlarged for the raft of the year,
Volume 14, Numew a The Fed is unlikely, to raise (Met beuuM the economy is likely to cod oM on its nwn and 4 does, not want to
aggfovels the eoormmic Muslim In Aala. The Fed is unlikely to k;%W re1e4 to stimulate the scOrnomy because
4 has best Warring for the Aston crisis Io slovrdaA» Ore U.B. Economy. In WIN Indkal" raml that ineation
remains at low WMS Also, Inlerast rotas"prbfedod 10 rwam near currem levels,
nay Rotes Cash Mwasfa Inlersaf Rafe Outlook
July _.,.__.....Y4N!kD°___. _.av3............__'A.__._.._... Fed Av4__._
Federed Funde _ _ 6,69% 583% 650% 5.50% 540%
T•Bil 3111 Yield 600% 6.10% 6.00%
T•81I 91 Day Yrotd 4,92% 5,12%
i T•Bill 62 Wk Yield S.10% 626%
This Repo. is in hill Compile mce with the Inve$tn»nt strategy a established for the Inve$tment Portfolio and the Pubtio Funds
)1 Investment Act (Choptar 2260.020.
ID r
A
I Re y: nalhY DaBoer kerfawed By: and Orbit
AaYSlontC A/anagw of FMance Dae4/or of Fuel Operailons
Pm"rad Byrioo ArnBuA%sIrm WV
Cash d (Wf AdminisfroW
25 E
a 1p , r ~ ~ ~ X
4
3 01
r
' c>
I ,
I
MONTHLY INVESTMENT EFFORT - i
} Period Ending June 30, 094
ap 1
F ,
edduraLMEHLS I55LE5 COUl 580 615000 $80950 act V$80587 056 T53 93% uel. NASao ar, 5 v8P
Federal Agency Issues 0,seowd 31,151000 30.602.969 30584897 2039% 118 5586
freaswy Sl coupon 32.000.000 32.059.185 32,252,800 21 36% 337 6 2N.
Cl of Depns4 5000.00 5, 000 Coo 5.000,000 3.33% 91 569%
I 6lunc,pal Bards 1500000 1.500,00'0 1,500.000 1l 0 56151 I
i
r'JIAL MVE5fMe`1T5 5150.726.000 3450.120.637 $149924 752 10000% 412 565%
Policy Benchmark 550 525%
Pordoho Y~e'd vs Pogcy 0enchmark•DiHerence $71,286
PORTFOLIO SUMMARY J
Beginning Values Purchases 361e11m4atunte11 Change From Change in Value Erdnq values
R GONCWTION as 1450198 al ofe3of96 as of 63096 PuYCNMalunbes of Secunhes as aill 11
Face Value $153296.000 23005,000 (25,975000) 12,970,000) 0 5150.326.000
Book Valuo 3163.105.256 22,794.884 (25,910820) (3,122,136) 137,$15 3150,120.637
Market Value 3152.937,597 22,794.664 (25.958,550) (3,163,806) 15101 $10 924.152
Unrealized Gam7L09s (5195,865)
c h ange to lax rkei Value (53012,845) I`
00.30 Days 31.160 Days_ 101.360 Days 161.720 Days „ 721 d Over Total
MATURf7YT7NEFRAaIE 1008% 2191% 20SSY, 2760% 1364% 10006%
Insutul,m Par Valve Market Value Avg Bank Hal Vanence Pelcenlago
1 2.4LL/1TE8AiR!"Y!E}Y Texas Bank -55,550,013 35,643.600 R1.846,344 $3197,25/ 105.86Y,/ (Ones Nor Increde FDrc) First Stale Bank 9675 970
9:027 ,157 69190 9,757,887 141826$%
TO AL SARA QSfY-IM1201 Operating Funds Month OM FY4o-0ate Budget Vanahoe %Earned
Generm Fund 586,680 $6y5.337 3710.000 45154,683) Afit Y.
Electric Fund 276.829 2,575,179 3,071,054 ;495,876) 8386%
Water Fund 27199 583.200 472,334 90.868 1. 1924".
WaslewaW Fund 17,019 264,639 160,473 (95,834) 7341%
Solid Waste Fund 13.234 165,816 233,306 (67.492) it 07%
MARKEL-UPDA16 In June, the 30-year Treasury bond fell about 25 basis points and then rebounded toward the end of (he
Source Pob-G mveltM. JuIY 3. 1998 montn The Asian 6nanUal cfl6ls Cal a rise in bond prices as investor chose the sakty of the 11.5.
Volume f e. Frumoer 7 Tteasunds The Asian eoon"fe, crisis and the recent cofirw ions m IM US . stock mail have made it
unlikely that the Fed wdl taisa reles in the near futule In fact, the Federal Reserve Chairman Feca ly i
3{ desdnbed the wnont econaey as the best he has seen his career as en econorri
Xey Rates Cesn MatkelS i lnteresf Rate Outlook
June 19 Year Aga i Aug Avg Oct Avg Jan Avg„
Federal Funds 5 25Ye S 50Y, 5 5.50% 560% 5 507. I
T•Bm 3Ir lh Yield 5004, 5.00% 5.0051
T. Bill 91 Day Yield 501% 4945,
it T•8in 52 VA Yield 5 43% 5 35%
I
this Report it in full compliance with the investment slrate0y 99 eatabli6hed fm the Investment Portfolio and the PANIC Funds
Investment Ac( (Chaplet 2256.023)..
Review y. Kalhy Ou Bose Renew+ed 8y 4na Gr6z
Y{y~ AssrsCdy,Nanagero/ F;nanca / 0mil d Fisralopererrons
/J
l l L 11 it f ( ii
Prepared By. Lee Ann8 nselmeyor
Cash 6 Debt Adm;msnelor
1
k S " rr~/ F. S.l I f•6 f.~ xF 32 r \
1 r 7e~
1
MONTHLY INVESTMENT REPORT
Podod Ending May 3i, f998 %d PortlUio
.
Per Valve Book Vesn Merkel Chloe (Book uuv WA", Yield
_ i
~ Federal Agency lsawe Coupon $74,646,000 $74,914,362 574,572145 46.93% $52 5.87%
Federal Agency Issas D,Sownl 29,161,000 20.663.250 28,642,352 18.72% 112 5,60%
Treasury SecunliwCoupon 42,000,000 42,027,692 42,262,650 27.45% 392 6.14% '
Cartl6was of 06po sit 6,000,000 6,00,000 6,000,000 3.92% 195 5.71%
Municipal Bonds 1,500,000 1,499,934 1,5000450 0.96% ~30 5.61%
TOTAL INVESTMENTS $153,296,000 $153,105,258 31524937,597 100,00% 493 5.88%
Pdrey "a ?,"uk 550 5,31%
i Portfolio Yield vs Pol cy BenUlmark•DiMerenee _ 173,327
i PORTFOLIO SUMMARY
8"mrq VSk)N rnrd,aaea Sal"Molw1tsa Change From CharpamVakN EMaq VWN•
A nM of 4" as of _y31A_e as ofWIM PardvMDO of m_
AF ON0. 4N 1 SS JIAe
E Faa Value _-..f 136,391.000 -.-31,005.000--(t6.700.000) 14,905,000 0 3153296,000
k Bodk v" 1136,109,242 31,360.602 (10,717,0701 14,"Q 3,10,224 , ,105,256
Marke4 Val, 3136,14,203 31,366.862 (16,6 6,616) 4,691,247 ID2,087 $152,937,591 )
Unreatizad 461NLoss •1107,681
Charge Tv Market Vow $14.793 334
' rho parfkke uxn sw is dW to the recMpt of fan 4eneral oblpafirwl and cer7,ilab M oUipation Bond
proceeds of 516,112,397
_ _00-30 Oars 31 160 0~ _ 161 360 Drya 3el 720 Da1ra Y21 8 Over 7oIN _ _ ~
"[UNrrynyargase 1064% 1987% 23.26% 31.96% 14.21% 10400%
fnstlutlon For Va1w _ MMcN Value- -A Bank Bal_,. Variance P6rpr64ya _
COLLATERAL REVIEW Texas Bank $6,642,664 35,133.176 03.187200 $2,686,278 lei 03%
J ) ;000$ &W lnekide FDIC) fim Elate Bank 9,161,011,10 9,894.279 09.975 9,604,304 10996. 11%
II IpTA! EAPANOS IT IMY.9a , OpsnUnp.FurWs Month End FY•TO.Oab . Bu6~1M. _ Variance ..._94 ErtmW
oerlenl Fund 176,115 S$40.3$i $770,000 ($121,019) 71.22%
Elecbto Fund 276,062 2296,360 3,071,054 (772,104) 74.64%
"or Fund 66,515 536,801 412,334 63,467 113.44%
Wogwrt6r Fund 31,105 247,660 360.473 (112,913) 6688%
SOW Wags Furl 1600 152,502 233,306 (80,726) 6540%
,VARKET UPDATE Interest Was row about 20 best) pokifs during the Ent two Weeks of May had than do*W about 10 basis
source: Putale Investor, June 5, 1IN points at the and of the month. Iwo factors putting upward "sure on intone l tot" voided. fear of hrture
Vokrme 16. NINOW 4 m6alion generated by a Wong housing market end tow unempWrlienl data. Due to reduced bonowrq
I mods rein." from the Nimlnslbn of the Worst brWgN def", fan Troawry depsrtmenl vnll Nimkute
(I IM 3-yew ride audgn aM ivMd11M byNr ride to a quanMy auction
x 1I Key Rele.4~ Cash MarkHS 77m Roll WAX*
I McY29 Year Ar. _ July A1~._.__.____ A'r4 a'
I Federal Fundi 66.63% $.33% SVIii. 560% 550%
T•9i11 3 Mmh YWd 5.10% 610% 520%
T•Bi001 Day Y4W 5,02% 6.D3%
T•BiI162 006 Yield $,43% 6
f Till RBport 16 In full compliance with the Investment slntegy as established for the Investment Portkllo and the Pub1k Funds ,
Invealment Act (Chapler 225e 023),
~ Q
~ ftD nS L
~ r} New y. Kathy C JTloee Revv w By. Diana Ortiz
Asarstenl CAy Mana9e7 of Finance Dlreda NFgcNOpsrNCna
Prepared By: Lee Ann n
]I Cash d Debt AdnrinrslroW
'F~ 11 4tP'_f I [ I v ~
1
T T
1
V - MONTHLY INVESTMENT REPORT
n
April J0, 1996
'.t
iNwx"fs Par Vetie of PoMaq
fendlk G Book Vake1 WAA6D )44
Sao 1
Federal Anancy l ssues.Coupon 355, 12p,000 $55,16@605 355.016,782 39.96% 548 $.88%
Federal Agency Issues biscounl 31,271,000 30,872,733 30,683,631 22,35% BS 5.60%
Tioasury Sscuohes•CWpon 44,500,000 44,550,038 44,782,950 3226% Opp 6 13%
MJmks*atee of Deposit 6,000,000 8.000.000 8,000.000 4-34% 138 ,
71%
Mupal BUMS 11500,001 1,499,666 1,600,900 109% 61 $
.819e
5,611;
I _
1 707AL INVESTMEN79 f1J8,394CN 3138,109,212 $138,144,263 100.00% 373 5.69%
{ Poria/ Benchmark
Powolq Yield vs Policy Benchma'i Di ferance $50 6.38%
(66,356 II
I
PORTFOLIO SUMMARY
Beginnkp VdWe pwMeeea 9aIN4:laNrllea Change From Change In Velua Endkq Vwee'
Face Value 3131 048 000 19 235 23b, 0p0
,._..!$130.838,929 a 019,, 'a .4~ 000 PUrdvM34 000 of S~cvrHiN6 $136,391,000
Book Value 19006,7,. (11017,618 7,091,210 179,0914 0 $136
SOUD9,242
Market Value $130,082 264 19006,754 1,68 1, ) 7.127.023 Unroalised GAWLou 3
Charge To Markel Value $35,021
'P10 PVtsWV lroreasa Is due to IM realpf oyfr+ena 8dnd 31,181,996
proaeda of $7, 1?0,000.
00-300
-u%._..._.,_31.1__Daye .720 Da.Y~_721.& Ow TOUT
atAwl iv T7uar raauc
2761% 1811 3813709% 12.1%...... .
100,00%
rn r Soros or Inktnutlon „Par value.__ .Markel VOA A'R am Varier" P
Teras Bank __._._..._~-.._.__.._..St ~._..ank
35,760181 6,943 {20,601
87 12
} (Dasa No? lnNude FOlC) ,663 ,716 178 6616
Frrat Slats Bank 91623,039 9 9,0,028,843 29,081 9,689,082 35217,17%
TO7Al ~?MtMf7e M 4b7~ _0 1rI'Lmdo Marts End_ F'Y•TaDefe Vananq
General Fi;nd Eemad
-
E
{69,761 3470,236 (770,000 ~~...'1320G.78q .0
1
Fund 268,260
2,021,466 3,071,054 (1,049,666) 885,82%
Walar Fund 03,417 470,226 472,334 (2,108) 9966%
Wastewater Fund 30,545 216,466 380473 (f41,016) 00.06%
SW4 Waste Fund 16,714 134.674 233,306 (98,734) $7.88%
NARKF.7 senate
Source. Pubao la 16, n0slow, May 1, f i96 In 9N 6nl owner of 1096, the U.9
vowme 16. . emnaoy conh'w0d 10 Slow Strong growth and low 1nMfion.
5 Fed wafchwa CornWude "I the Federal Reserve w1N keel relp 6414 s6gad until k con apaxnely
determine ft ~ thal the Asian CPU w10 haw on the U.S. sconomy. Strong evidence that doe
U.9. Isow"y is &WMN may lead the Fed to aduaay Mower tetra n tfn end of the year.
Key Rates Cash morsels Int"st Rap Oulkok I
T.BA 3 Mnfh Y ...,_-........aPr:21._Ago Jun, 1 A.Q__._.. Ate 1 A'^6.._.._-._!fq_ 1AI..
Federal Funds 5-50% 5.63% 5.60% 55.60%
field 6,00% 6-00% $,00%
T-&991 Day YMd 4.99% 821%
f T-Be 62 VA Yield 6,13% 6 Oki
II{I Thla Report (e In full compliance with the investment steal
fnvestrlwt Act (Chaplet 2266823(. a9Y as esbbl4thed lot the InveetmeM Portiolb and the Pubf10 Fonda -
1 i I R jt~~ K8 "y Uu Bose j4MIjlf
RevNh y: Diana L1rtlz
OMedaaFieoaf operaturla
Prepared By. LM Ann Bun of
111 Finaury Mays(
f
- a 1l 2 ryi~y1'
.s t,~r
MONTHLY INVESTMENT REPORT
Fwlad Esrdlnq Meech 31,1!!6
%d Pa9oeo
IR52dTME6(ts vn V01» -0004, V" _._MW%d v_rw
Federal Apwwy Immm oupon 652,705,000 552,674,014 652,737,620 40.41% 629 607%
Federal Agency lewae-OMoaml 26,251,000 25,966,091 26,957,744 19.65% 73 6.61%
Trmury Secwitiol,4oupon 44,600,000 44,409,024 41,760,250 34.01% 430 6.13%
Cer94COWof Deposit 6,000,000 r 00,000 6.000.000 4.50% 1S8 6.71%
MmtrpM Bon" 1,600,000 11100,601 1,500,450 1.15% of 6.61%
TOTAL INVESTMENTS 6131,046000 6130.636929 1130,96$264 1M00% 383 6.91% I
Poll yP4ri hmark 650 6,19%
Portk.M YwW vs Poky BerlfJl nwii-Dlffei 676,737 +J
PORTFOLIO SUMMARY 3
Save- 6 vokm wVUws SYSwsWlr Chrw From props in Value Endn9 Veswa
Rfi pWCJ11dffi6( aof 21"w of A IA6w of 3051N6_ ~PvIdsMMVAUee Of Sewrfww of 303 10 Face VAN* 6133,646,000 13,600,000 (16,044,000) (2,600,000) 0
6131,046,044
Book Vohs 6133,276,178 19,414,766 (15,969.62) (2,555,214) 116,065 6130,636,929
Markel Value 6133,461,692 13,411,768 (16,986,260) (2,651,462) 52,155 6130,962,264
1 UnM 1264 GNNI.aa 6123,335
Ch" To Marcel Value (62.469.328)
00.30 Days 3LLS6 D!p ___.161.300 Dew _,361.720 Days_-721 8 C v Tor4I__ _
166I19BlIY.11YE.fRAYE. 6.02% ~ 27,06% 20341E 35.4496 11,19% IM.00%
it
InsWition - Pot VOA M6** Value _--Avo 11" U veriMra
1 LOL+a7;Eau AFV7awWTew Bank 6,S50.611 tl,fiy.206~ 69,444.460 65,103.726 216.47%
Fkal Slels Barlk 9.444004 0,078,aw 646,097 0,420,997 1617.00%
{ 2'OTAL EAAWNOS FY 1107 j6 0 W!LMr1 Fwids Mal_M End _ FY-To-1390 _ Audoal Veri r" _ % Earned
(W-4" RAW 695,063 6360,455 1770,000 (00.645) 4941%
Electric Fund 260,047 1,762.186 3,071,054 (1,30a,me) 5738%
W*w Fwd 65,059 400,609 472,334 (05,525) 6e, 13%
V&6t$WOW Fund 30,799 165.10 360,413 (174,663) 61,51%
Solid Waite Fund 10,tea 11 S,D00 233,300 (111,448) 40.68%
I6ARl(a;Lf1PQdIE YOW1 on Trweury eeaker4 roM sWft ea er rww have sai Wort shmed 610 Iaryatl kweiaw on
Suss W DK 1"04w. Apr. 19011 1`e00M. TNS Wxrad wnobrn aW fee aeonany la atM atronp and ~on eaAd aroeleraee N oankV months.
Fro Swvrsesf Co • YVe" Updoe The aMw w pna kdex row N N sMUal pax of 1.4 par I W 144" tvrahm morns, via emaMeat rife
W" 1986. Mal helrve the Fed W rave 1MMfl melee wMlfenped and oil waA a 9100 temper to sae how
the Asian "a ploys out
XtyRates ' Gsh 0484 Ws I infill l Haft 0whooA
Mar 31 Yur Apo AuQ
® ~ federal Fu+W1 6.44% - 6.34% 5.60Y. 6.60% 640%
T-Bill 3 With Yeld - 6.00% 6.10% 510%
T-Bill 01 Day Yield 5.03% 5.26%
T Bel 52 NA Yield 5.11% 5.86%
This Report is in full oomplitnce with the investment stfate,ly es est9blished for the Investment Portfolio d tho Public Funds
Investr .dnt ACt (Ch I01`2256.023).
A; ( vieW63 lhy Mom 1: BY. Oisr(a rtU _
f As Sisfe Gry A4arnpero1Finance ) Dlrec(of 01 Fiscal Operations
L
f Prepared By L04 An Buo i
TrossuryAn"si
I, v '
~ { L aL~l ~k~t1~ ✓
~L
O
r
MONTHLY INVESTMENT REPORT
Period Ending January 31, 1998
of Portfolio
I INVES "ENT Pal VaN4 Book Va1w...._ Markel VId 18ook W1ue) N'Ak401_YI YAW
Fode+ ai Agency lssues.Cou Don $35.945,000 335,953,415 $36,006.560 21.70% 468 599%
Federal Agency Issues-Discount 36,751,000 38,330,160 36,317.261 29.54% 73 $65% y
Treasury SecuntLoi,Cou pan 40,000,000 47,990,579 46.427,500 3696% 455 6.09%
Cerlrcales of Deposd 6,000,000 6,000,000 6,000.000 4.62% 136 5.80%
Municipal Bonds - 1.500.000 1499,671 1,501500 1.16% 150 5.61;0
TOTAL INVESTMENTS $13u198.000 3129,173.625 3130254.821 100,00% 333 5.91%
f Policy Benchmark 550 5.22'/6
374,841-
1{ Portfolio Y,eld vs P01icy 8enchmark•Qfl6N nC4
_ - PORTFOLIO SUMMARY
S"MOOVDI Famiies Salesimmureal Change From Changtin VeI Endng values
REL9NC&W19N as of 12/31/97 n of Ir3im as of IrVA PurcNMaluntNiof SewMIGI "of 1761198
Face Value 3131,701000 19495,000 (21,000.000) (1505000) 0 Wo.1"000
Book Value 3131,307.273 19109.156 (20.966.2071 0,659,049) 124,601 $129,773,825
Market Value 3131,571196 19.309.160 (20.966,6421 (1,659.664) 343,309 3130154.621
Unrealized Gauuloss 3480,995
Change To Merkel Velus (31,316,375)
I
00-30 Days _ 31-760 Days 16t-360 Days 381.720 Days, _ _121 & Over Total
~URl1Y TIYE Fga33E, 0% 31,70% 16.52% 28.69% f013%~__....._... 10000%(
,
IM1lbtlnldrl Pal Value _ Markel Value A Bank BN
Te _ _ Van_Nrte_ vcA ))e
"
e7ERa+r+PY2py _ isSank $5,417,633 35,505.846 52 ,558 090 32.947555 20 22%
r ~
First Slant Bank 6,702,692 8.721.330 6,312,359 408,011 ' 106.46% i
I
T07AL EaaiV1N08_pY1347~8 OPalaticl Funds Month End FY-T"Ale _Bu. l Vanenu % Ewald
General Fund 356.322 317 ,327 3770000 ($595013) 2264".
Eloi Fund 276,322 1,23SIDS4 3,071054 (1,633000) 403Pli
Waist Fund 89,641 276,531 472,334 (193783) 56.97110
Wastowaler Fund 31,520 124.611 380.473 (235,"2) 3457%
Solid Waste rum 16,416 76,884 233105 (164 424) 33 81%
MARK£1 UPOALE The economy donlinued on 6S path (1 Needy (i a l', Interest ralea art pfaeiaed to fell and the Fed Is
Sov•<a Duwrc Inveil<Y. expected to ease shon-lerm interest Isles In tM near future tn6afion and growth ere an9aoated to slow but
the domestic edonomy W4 remain aUCng and labor ni will remain ugh!
NeyAafts Cash MOI 1111e11011nals, Outlook
4611.30_...,_._ Year Apo # Mar. 1 Avg, ,,....,...they I Av.Q,.,,._...._ Aug I Avg...
eederalFurM1 5.29% 61559 I $.60'6 5.50% 530',5
°
T-5,11 3 Mnth Yield - l S.16% 5. t0% $00%
® T,8I101 Day YAW 5.01% 5.06% ~l~ll
III T,BIII 52 VA Yield $.01% 5.34%
This Report i$ in full compliance with the ImNiStmenl atra(eQy IS establiShed for the Investment Portfolio end the PubIIC Funds
Investment Act (Chapter 2258.023).
f(r/
/'{L y caSL - -
evAiv y. Kelhy DUBON Ra By Diana Oda
p4 - A3.f31ranf Cdy Ah nagef of Finanda Director Of Fi3Col OpenfronI
i 1, u-
1,~]~i11..11.
Propotodated By . Lee Ann 8unse meyer
Treasury Aneyef
i
I
r
14,
T
MONTHLY INVESTMENT REPORT
I J Prrfod Ending February n, IM
li x a polls aw
luuceTf,1curc Pe VOA Boo,1 VMw Muast V" (book V"l WA)i YAW
FOdenl Agency lnup-Cppon $47,295,000 647,37e,f60 147,266,053 55.66% 646 6.91%
FederalAWKylaWq-Desomml $2,251,000 31,900,772 31,692,990 23,64% 71 5.65%
Tras,1wy 6ecur06"4*4on 44,500,000 44,493,515 44.612,650 3336% 461 6.13%
UtA'ires of Deposit 6,000,000 6,000,000 6,000,000 6.00% 160 6.76%
Mun"I Bonds 1,600,000 1,499,733 1,600,000 1,13% 122 6.61%
TOTAL INV6STM6NT5 6133,546,000 6133,276,179 9133,461,692 100.00% 376 6,90%
'r
Pc',cy Benchmark 660 5.32%
f Poe o YMId v4 PoACy bendrmaM-Diffspip µ9,770
4
IV f
PORTFOLIO SLW*ARY
goo" Va4M Purtnasw 6altll,1e,1hrW Crunpa Flom Dhepe h VeWe 6"di VrAM,1
RECWW A T1nu Y of 1131196 Y of V26M as of 2Raf1a Pwchdde mb" of socun6p as of 20,90
Few Value Boo VOM 17 ,261, 10_ ((14,000.000) 3,350,000 0 13,014,660) ...-__3,397.050 $4,776) 6135 ,6172
Me" Value $130,264.621 A
Urvessi 0sainf .ou ,41 1
I Choop To Me" V" 63,206,712
I
110• 1. 31-160 ps..SLSSe0_D~ X61.720 Dqt 721 8 Over Toth
I 6IATywrv naeE FRAtee 0,30% 26,25% 17.66% 33.57% 10.66% ------100.OU%----
1 ,
Inalitulbn Plot VOM MWW Valua__Avy^BaN< BY. _.-_,_Varf•no6 ?.NOe!'t!P!
0-O f?4= FyliryV TeKa Bonk 964303,668 - 65,379.749 92,920,405 62,433,264... 163.03% .
Fkat Stale Bank 10,630,336 10,012,766 6,048,366 2,766,362 131.36%
MAL EARAt1AhTS FY to?'.9! Fund,1 Month End F'Y•TaDeea Vadenos % Eerrvad
Oekxel Fund $111,045 6265,372 1770,600. -'.-(9414,626) 37,06%
Elsdrfc Fund 244,067 1,462,141 3,071,051 (1,666,913) 46.20%
Wate Fund 63,1 9,0 341,760 472,334 (130,681) 72,35%
Wplowetar Fund 30,500 166,111 360,173 (205,362) 43,03%
Solid Waste Fund 17,606 96,692 233306 (136,016) 41.44%
1MA821ET_UPCd1E
SWCe PUNK t"NCr, VOW" 15, NumWr 3 Failing to rile fof the 6171 time 04" 10% 1996, wdrRbW produld" relMAlad unchanged In Jenuey. Its
pMamsw wee impacted oy the Asian Isnancial06,111 end un,1NSOMbly warm weNher w" oauaed
utdly output 10 fall by 4 parnsnI Llksi ft index 01 ked:ng mdcalore was uncharged In Deo9mber,
lolloMrg irve months of Was a sis. The unemp"MOM We remained at 4.7 Weent, Willo r, the woof
the labor face Inc/es led ligroklkntly.
Key Rees Cash Merkela lnferesl Refe Outlook r
I Jan 30 ...,.-Bee.t I Avg II ,
® Federal FUnd9 663% ~6.25X -6,50% 660% 530%
T-B3l3 With Yield 6.10% 6.10% 610%
f T, Bill 91 Day Y" 5.14% 6.01%
++I` T-Bill 52 WK YWd 6.13% 6.36%
t This Report is in full complianee with the Investment sl al"y as aslauh0ed for the Inviselmanl Portfolio rid the Putole Fu 0
111 InveslmenlAct (Chlipler 2256023). 0
tic 6 S L
rvrowcd Kathy Du Bose gewe by Oiane OniE
Ass n! Clfy aneg6r of Frtence ~ Orrector cl Flscel Operalwns
1 J.
Prepared By. Lee Ann Bunselmeyer
{4 Trees wy Analys!
l
32 X
MONTHLY INVESTMENT REPORT
Pedod Ending Wcrnber31, 1997
II 11 a Pantdo
t (k1~illfFNTS '--`--par V80A Book Value mal VUw (Boos value) WAMMA" Y*M
Fedaml Agency Issues-Coupon 116,450,000 !36.478.254 !36,413,490 2934% 458 6.04%
Federal Agency Issues-Ml 37,751,000 37,342.501 37,325,106 26,44% 72 5.75%
Trea sury Secuntiec-Coupon 51,000,000 50,965,707 51,272,900 3683% 459 8,17%
Ceni6tales or 0emsil 3,090,000 3,000,000 3.0co.000 228% 103 586%
( Munidpal BMWs 1,602000 1,503,721 1,4911,700 1.15% 161 5.61%
I+ TOTAL ONE STMENTS 1131,701,000 !131,306,273 )131.511,195 100.00% 337 519% ,I
Paley Benchmark- $50 5.48%
NOW* Yield ve Pdiey BsrKthrark.00mel t AS$
PORTFOLIO SUMMARY
I` B"Wirv vel Purchase/ Soiw%laal C" From Cha IMValue Ending YOU"
ftcrn w _rm7 as of of IV31197
of I l
I Fats vague !126,701,000 16,500,000 --_(11,800,000)~ 3,000,000 0 4131,70 000
1A„AM $126,701.000 11376.5T2 r (12,6610) Purdvillabontsed, 2,899.03 GI 1 41!131,344421..
` J
Book VIw '
I
MarkM VWe 1126,403,772 15,375,572 (12,468,690) 2,906,662 260,141 !535.571,105
Unreal OalrVl0e1 5202,022
{ Change To Mwka1 Value !3,167.423
_0_0.30 Mme 31.160._. Die 101460 Dues 381.720 Dal 121 6 Oran Total-__.._.
1 NAIL - 6.01% 3171% 16,42% 57.37% 0I0% .-__.100.D0%
11 lm6btvWn Pr VOA Mw**VaMw __..Avq _Bank &I.--_ VMInW Pe!un
r•nr r arc>2u ParlafW Tom Bank $3,337,795 f-111 02,297,2022 31.002.68 W 147.56%
Bank 4.622,303 4,643.031 546,667 1,961.134 527.67%
st
TQTbl.f_aaalraw3e Fl'tes1•M uFdet3 Furde Mortar End FY.To•DaW _ .Bud(~M -'--'----Vww* ----%Eemad...
Ow" Funn.,,_~,........__311,fi91 _..._.$514005 _.-$770,000 (0053,995) 15.07!4
f ENdnd FUM 326,311 961,732 3,071,054 (2,109,322) 31.325r
`t Weser Fund Bill 209,010 472,334 (265,324) 44.25%
Wool Fund 30,030 03,465 360,473 (280,986) 25.93%
II SOW Waste Fund 21,732 60,406 233,306 (172,902) 25.89%
` YARXET UPDATE Tho Agwiw eoor0rny u el IM eesvr4h ctoNa m Yew Of All axpanwon. The moat
Sous'. Pub k Inveew, Vokxm I5. No. I lre d negal now fadn9 Oval it the , sit &M the bal dlwn6albn of are pea( 16
ywi wvW so 31 downward aes Yer into a8rghl de6aU e,*vkh orninoln.*s, VAw +mbenon unwinds.
draM6a5on results. The UrWdd States ma rwA espensncad outright Sell akroe ale OrM1 DWalial
Nay R4raa; Ca sh Markets lraenk R1N OufsloN
bee.. 26_ Y Feb Afr..!_w6......_.,,
Federal FuMS 5.0014 5.06% $.50% 540% 5,30%
T•Bia all YiW - 5.10% 500% 4.90%
T-W 01 0ey YiW 610% 4.92%
T-Bi! $2 VA Yell 5.50% 5.16% _ - J
This Rolml is in full compliance wlh the Inyestment etalegy AS established for the Investment Portfolio and the Pl Funds
'I Investment Ad (Ch+pter 2266 023),
® 4
! Re BYKadry DuB4M Revlawrd Y. DWr1a Ores
Assri l M&ONW of Ananco 'n 0mvi of Fiaa70prOl !
Pr$Wsd BY. I.M Mn Suno#.nWfW
Treawry MNys1
f
I 11 y{
X
S r.c J
r
, p
f F
MONTHLY INVESTMENT REPORT -
Pwkd Enconq Moverllbw 30,1997
%ara+row
lhylutYap= Par Vdw Boo: VaW Medal vdM (Book V@kA_) Fadmi Agency lSWMXCapw 1131,450,000 134.497,093 01,453,147 26.64% 472 6.04%
Fadwel Agency lstowDscaml 41,751,000 41,265,920 41,246,540 3216% 74 S. 03% .
Treasury Somows•Coupon 51,000,000 55,000,495 61,201,765 34,7S% 4W 8.16%
( MQni psl Bonds 1,000,000 $,503,653 1,500,300 117% 252 562%
ll TOM I WESTMENTS $$26101000 $1213267,161 5126,403372 1n000% 346 5.98%
Policy BsnoWsrk 560 5.43%
1 PpNa o YwW vs Polrcy Somhmsrk • DMwwKo 11~
PORTFOLIO SUMMARY
BegW" vsswa Plad%d" BaawmallAw Char+ga From Charge (A',akM Endkq Vhk M
AFrn_., Yrs.. _+u 1/n~ M Or 1013I011 W is of $ IR0797__- as d 1513097 PwdvlAMuMW _ of 5Kwi5M m d 111.1097 _
Few Value 1130,226,000 6,475,000 (10,000,000) 11,525,000) 9 4126,701.000
{ Book VWa $129,809,416 6,357,627 (10,047,997) (1,690,170) 187,916 N26,267,te1
Msrkal Vakw $130,029,109 6,357,627 (9,990,660) 11,632,623) 0, me 6124,403,772
u"nas ed cwMOee $113.6111
Charge To Markst V*A (S5,826.937)
_ 00.30.139"_31.160 Dsp f61~380 ~s~s l-7?O.DSA721 & Nor TOW
12.76% 27,69% 11,82% m7m 11.25% 100.00%
Irwoaka n _ Par voka M&W VYue __AV B~r* 924__. Varlrlcra ..T-JPS_rosr6aQe_._,.
PrLLAZEBA AkM Tara 111 v$3,368,779$3.415.500 $0 $0 O OD%
} Fh*Bole Bank 4,694,942 4,697,204 3,406,619 1,166.685 134.47%
IJ21'AL xas ay aar r Funds Month End FY•To-0Ne Via" % Earned
"Wall Fund 336,3713 $10,304 $710,000 ($699,490) 9.13%
Eklctl Fund 313 369 633.421 3,071,054 12,437,633) 20.43%
W&W Fund 60,246 $39,262 412,331 (333,072) 29.46% I
YVutfw*W FuAd 31,268 $2,647 360.473 (297,626) 17.36% 111 I
Solid Waste Fund 17,195 3:,674 233,306 (194,e34) 16.0%
AIARXE1-1(Ppd LE The Yoke" in dwmW and Inl*r M equities mrkW OW began in 0doWr ov&KAd I{{ f
Souris. Pubac kwesta, D$WftW 54 1997 thr0ugtloul themonth of N~.Wr. Tint turmoil h"WMnaUO W msrkke ok*W krnelon to Inv"
In U.3. Tleasunme ant the yleld oxw 8ahened M aW.wm W" rose and 10n0'+M^+ rob" see
lI Key Rates: Csah Makela f"W" As% Outlook
Oft I A Mar I AN Jun 113
Nov 21 Year
a
3M .5,25%.__.- %-._.-I--'
T-84 s__uWS, 5.
I. 04M 91 Day Yek1 SAM 6.03% ~
Y-84 62 M YISM 5.14% 520%
Thi? Report Is In fug cororIGnw with the Investment strategy as eslsbkshed to the InvastmeM pOW040 end the P9WIo Funds -
InveslmentAct(Ch 140266.023)
~ ~OSF _ 1a 9
KaMY OuBOSe BY'. DIaM Olha
1 Mewed I
14
5`, .,f I Asabf CanlgllMFMand DwecfarNFladal OpuatlOns
f
G
No -*red Or Lee
Anna iaimWir
rmasury Au"
1
V
1~I
I
r
i
l(
_ MONTHLY INVESTMENT REPORT
' iWrfed Fn dnp Dcfobar 71,1991
4 d Pgdde
INUT erseur< Per Yak4 Book V" YrkM Vakr (BOOL VM41 WAA4Day1 Yie1C
{ Federal Agency l sst*~Coupon $34,475000 $34,577337 534526123 28.84% 447 599%
Federal Agency lse".Disoa,M 38,751,000 38,212.955 38,193,3k 2944% 03 5.62% "
Treasury Sean7ies-Cwpon 55,500,000 55.515,536 55.608.550 42. TY1, 460 6.16%
1 Muniopel Bonds 1,500,000 1,503,587 1,501,500 5.16% 242 5.61% _
TOTAL INVESTMENIS 3130228,000 $129,609,415 1130,029,709 100,00% 354 5.%%
Pol" Benchmark $60 5.31%
Portfolio Yield va Polity Benchmark - Difference $70,639
f PORTFOLIO SUMMARY
B.genargvak4a Pu+046" BaNea,4ek~ C" From Ch"0Value Cw"VMwe
of 10731/97
ff,Q~ _M or W3147 Md10'StN7 Md1LYl I7a7 PudNMlurl6ee Of S&Mh'fJft «
RECONCILA Face VOW $129,722.~^...,_._.._...__._._..__._____
,000 12jW.000 (11.892,000) 504,000 0 1130,226,000
Book Valve $726.697,572 72,061,202 (11,171,108) 910,006 201,746 3129,609.416
inarkd VeWS f126A14,615 12,061,202 (11,191,130) 590012 264002 1130,029,109
Unreafaed L3akuL04e $220,294
!I Charge To Manuel Vakw ;1.455.164
00,30 otye 3_i 780 0aye____ tielT3eo Darn 301-720 _ Dee W. 721 s Over TOW
Y47 ra17Y Y W 7.46% 30.60% 13.23% 35.46% - 13.25% _ t00.00%
Insbknion _ Par Value Market Value AYwBVik Bal. _ VanY{p P!rrwnl
rOL+!FEnu la:yf}y ~FiM State Bank u~ 81.884,623_..-. - 34676,722 51,173A16~ ..5!,903.304 793,71%
.
TOTAL EARIAYas sr.(y xeA Funds Moft End...._._ FY'To-004 Variance _ %ERuled
Gar" Fund 536,034 556,034 1770,000 (5733,9661 468%
F_Ndrk Fund 322,117 322.117 3,071,054 (2,746,637) 10.40%
Wetw Fund 70.016 0,016 472,334 (402,316) 14.62%
WuWatuFund 31,379 11,376 360,47$ (329,094) 670%
Scold Wate Fund 21,410 21 470 23$.306 (211,629) 9 21%
MARKU UPDA IE The som my a o7rw* in a period of Mow eoorwr,uc V&kth, EooramMp 4rWid"WW Ow 10
Sou" Nlik 1ny"W, Nowmtw 7. 1907 2 po om4 1n tM;set hW d 190e bscaON of a IowM t+ade dead!, kresr taMUnP6en, end Nee
Invottin" EconornlYe w6rsre 0 predid low In6a% N the range of 2 W 2.6 percent
Key Raw GM Af&ksfe InMreel AaN p!lf10d{
Od 31---._.._ YW /~o _Na,'_!X74.._. JentAVy_._..._..
rod" Funds 5.63% 5.13% $,60% 650% 5.50%
T•Bill 3 Mnlh YNW 6,10% 5,10% 5.10%
T•84191 Clay Y{W 4.979. 504%
T-80 52 V.k Yield 5 20% $.34% ,
This Report Is in full compliance with the Investment strategy as 9atabliehed for the tnue6tmeM PorftIO and the Pubk Funds
Inv$stmenlAct(Ch Ater' 222558.023).
St Ort
® MewW Y: Kathy Duk" R y: x
Asur7en7C fNenapxofFlner" ON90fdr efFleg7 Openfia7s
Ptspenld By: Lee Ann Bunsekn"
inaaury Antos JA
3 2 I
S v
,
14 6
+
. lL~h,Tdl:A
r
1
c s t ar L
HkJ e~n'~ t F y, ~ 1 t
~ t s~ +,r.} w{ Y~ jun ~'~g9t+Yi ~ `Y Y@ k 9 j k t 'a
t f € ?Lr LyTri ~k~ ti ,z~}J"E e: +s~t a i €°w : R { trr 5`w.r s~ ~i ~ :~+m t Y7+ (s r~ fyJ{ r
p t, e R L f i r ) e+1 it 4xj + 1K~ k St ~ 1 c4~ , + e. r# s! s1 tiir r t~ ~ k x 57 }
6
f
t
I
I
ANNUAL INVESTMENT REPORT
I Al'PENIIIX C
E
a
n~
. i
1
WIA"QeNWR
~
Y
~
0
CITY OF DENTON
ACTIVE BROKER LISTING
Firm Broker Address
Phone # Fax #
BarcOne Robert Phillips 300 Crescent Court, Ste 1600
f Pam Steuben Dallas, Texas 75201 (800) 926-0762 (214) 979-032i
( Everen Micheal Swan 620 Newport Center Dr, Ste 1300 (888)263.5928 (714) 72141275
Howard Herring Newport Beach, CA 92660
First Southwest Linda Calloway 98 San Jacinto Blvd, Ste 370 (800) 842.8008 (512) 481.2060
Austin, TX 78701.4039
Merrill Jim Elliott 2121 San Jacinto, Ste 1100 (800) 514.1610 (214) 9996490
Micheal Trachler Dallas, Texas 76201
Service Asset Ron Bostaln 6080 North Central, Ste 1010 L819 (800) 343.3538 (214) 987.7917
Mgt Dallas, Texas 75206
j Shay Financlal Kevin Blaser 1000 86cketl Avenue, Ste 700 (800) 327-6190 (306) 379-4941
Tammy Blaser Miami, Florida 33131
Vining Sparks Greg Thompson 8310 Capital of TX Hwy, N,Ste 355 (800) 314.3170 (512) 343.3387
Austin, Texas 78731
Zions Bank Teo Ngatuvai One South Main Street (800) 724.8950 (801) 524-4869
t Salt Lake City, Utah 84111
} Alternate
I Compass Bank Thomas Kennedy 15 South 20th Street
(800)239.1984 (205)933.3032
Birmingham, Alabama 35233
f
I
x 32 X
o
v}11~v(~i31'F i np,rf,e R e FS'R 1.@=~e,~ .t
i`♦ a ~ r !I"~3~flsvp'i~,'i}mrE~~{.,"'S{ I
s>rlrs} i : ; 3 } r ti Sfi t ~i ~s~ "f%# 7 y^~~~ ~`;+4 } 'b~ ~ " d
t - 1a t3 ~r M ~ f 7 1 l s4 r s~ 'y `fir a -~'4~t'~'tc }y~^j'~at~t" ~ y 7 -.S i I
' t ~J r - ~ a ~ tr'i i<k fi > t t~. ~U~ g 555 ' Ykt: . s < - .4k.
~ r`29 Ise. ~ tr .+(a : (r+ 4 'f p ~x ~ a rrr.~,tty ~'t'TP l7 A..+wt y.tr5 ;S~ x h ;~i ' r }~f r r+y'Fa
t r ty klf lr~ ' ry" j{S t'e,"n f`ftf~~ir Zit YyX F.. dr 4C as „4r~c14 r L-. t[~l Jib +i . s,~ '~hr /"`1'i ~ ii
L it i r i :K2 1` r t }
t 'ii~tlr"r? }J 3~' y l.y r t r tV f rSI~Y +
i
i
I
ANNUAL INVESTMENT REPORT
I APPENDIX D
L
I I
I
I
o
l
1 I i / tY f 4 11 1 1 ( ~ ~ a'rJ l Y, ri
a f w + It ry iJ fflri; f. `++Fr ` Y ~ rtc +4 11 S tiA r~ 4J s} its rr f{y
r f~ F r1 ~ 1! 2 1 A pct. t l a,a )
s,
> CJ
32 X
i
n
I
d
Glossary
IccruerlInterest - In the sale of a new issue of municipal bonds, the dollar amount, based on the stated
rate or rates of interest, which has accrued on the bonds from the dated date, or other stated date, up to but
not including the date of delivery. When a bond is purchased in the secondary market, the dollar amount,
based upon the stated rate of interest, which has accrued on the bond from the most recent interest
paynncni dale, up to but not including the date of settlement. Accrued interest is paid to the seller by the
purchaser and is usually calculated on a 360-day-year basis (assumnes each month has 30 days).
Agencies Federal agency securities.
} Arbitrage - Generally, transactions by which securities are bought and sold in different markets at the
sane time for the sake of the profit arising from a difference in prices in the two markets. With respect to
the issuance or municipal bonds, arbitrage usually refers to the difference between the interest paid on the
bonds issued and the interest earned by investing the bond proceeds in other securities. Arbitrage profits
are permitted on bond proceeds for various temporary periods alter issuance of municipal bonds.
Internal Revenue Service regulations govern arbitrage of municipal bond proceeds.
Asked -'the price at which securities are a££cred. 'I
Bankers' Acceptance (BA) A drall or bill or exchange accepted by a bank or trust company. The
` accepting institution guarantees payment of the bill, as well as the issuer.
Bearer Bond - Bond which is presumed to be owned by the person who holds it. The "Pax Equity and
Fiscal Responsibility Act of 1982 requires the issuance of municipal bonds in fully registered form, with
nninor exceptions.
f ~
Bid -The price offered by a buyer of securities. (When you are selling securities, you ask for a bid) ~
t
I
i
Book Value -'I lie original acquisition cost of an investment plus or minus the accrued amortization or
f accretion.
1
11oker - A broker brings buyers and sellers together for a commission.
C'upita! Apprectrtrlon Bond Long-term tax exempt security sold at a large discount Yield is reinvested I
at a stated rate until maturity at which time the investor receives total payment. Latter represents both
principal and interest.
A C'ertll7care of Deposit (CD) - A time deposit with a specific maturity evidenced by a certificate. Large
denomination CD's are typically negotiable,
Collateral Securities, evidence of deposit or other property which a borrower pledges to secure
rcpnyment of a loan, Also refers to securities pledged by a bank to secure deposits of public monies.
Coee(merclal Paper (ear-exempt) - Short-term, unsecured promissory notes issued in either registered or
bearer form, and usually backed by a line of credit with a bank. Maturities do not exceed 270 clays and
( generally average 30 - 45 days.
i j
> ? ra.f r..,r f~Q~t jP cry
~t _tl3*r7~' ~,.~.i"ir 1 fy-~a4 k X 54 1,,,.•,~ t.7 d~
^G.laYiililf•~n
1
Page 2 ol'G
Comprehensive Annual F'laancla! Report (G!F'R) -'t'he official annual report for the City of Denton. It t
includes live combined statements for each individual fund and account group prepared in conformity
with (MAP. It also includes supporting schedules necessary to demonstrate compliance with fmance
related to legal and contractual provision, extensive introductory material, and a detailed Statistical
Section.
i
Coupon (a) The annual rate of interest that a bond's issuer promises to pay the bondholder on the
lond's face value. (b) A certificate atlached to a bond evidencing interest doe on a payment date.
Cur, PH( Yield— The ratio of the annual dollar amount of interest to the purchase price of a bond, stated as
a percentage. For example, a $1,000 bond purchased at par with an 8% coupon pays $80 per year, or a f
current yield of 8%. The same bond, if purchased at a discounted price of 5800, would have a current
yield of 10%.
Dated Date The date of a bond issue, printed on each bond, from which interest usually starts to accrue,
1 even though the bonds may actually be delivered at sonic later date.
Dealer-- A dealer, as opposed to a broker acts as a principal in all transactions, buying and selling for his
own account.
Debenture - A bond secured only by the general credit of the issuer.
Delivery Date Date on which the bonds arc physically delivered in exchange for the payment of the
purchase price. The date of issuance is the sume date as the delivery date.
Deliver versus payment --'there are two methods of delivery of securities; delivery versus payment and
f delivery versus reccipl, Delivery versus payment is delivery of securities with an exchange of money for
the securities, Delivery versus receipt is delivery of securities with an exchange of a signed receipt for
the securities.
Discount -The difference between the cost price of a security and its maturity when quoted at lower than
face value. A security selling below original offering price. shor"y killer sale also is considered to be a1 a
discount.
Discou.at Seeurilles - Non-interest bearing money market instruments that are issued a discount and
redeemed at maturity for full face value, e.g. U.S, Treasury Rills,
Diversification Dividing investment funds among a variety of securities offering independent returns.
A Federal Credit Agencies - Agencies of the Federal government set up to supply credit Io various chusscs
of institutions and individuals, e.g„ S & L's small business firms, students, farmers, farm cooperatives,
and exporters.
1 Federal Deposit Insurance Corporation (FDfQ A federal agency that insures bank deposits, currently dj
up to $100,000 per deposit.
® Federal Funds Rate -'fhe rate of interest at ihich federal funds are traded. 'Ibis rate is currently pegged Q
by the Federal Reserve through open-market operations. 1
r i 1
1 1,
Q
0
-
i
"age 3 of G
Federal llon[e l.outr Banks (h'ffLB) - life ins,itutions that regulate and lend to savings and loan
associations, The Federal I Ionic Loan Bank!, play a role analol"oUS to [flat played by the Federal Reserve i
Hanks vis-a-vis member commercial bank,:.
I'
Federal Nadonal ,Iforlgugr.-Lssorfatiau (FARM) - FNMA, like W01A was chartered under the Federal
National Mortgage Association Act in 1938. FNMA is a federal co[poration working under the auspices
of the Department of Housing and Urban Development (HUD). It is the largest sing!. provider of
residential nwrigage fiords in thy. united States. Fannie Mae, as the corporation is called, is it private
sto:kholder on ned corporation. 'I lie corpo[2tion's purchases include a variety of adjustable mortgages
and second loans, in addition to fixed-rate mortgages. FNMA's securities are also highly liquid and are
widely accepted. FNMA assunics and guarawee., that all security holders will receive timely payment of
i principal mid interest.
E Federal Open Starker Canmlrree (FOr1 Q Consists of seven members of (lie Federal Reserve Board
an3 five of the twelve Federal Reserve Bank Presidents. The President or the Nov York Federal Reserve
` Bank is a permanent member, while the other Presidents serve on a rotating basis. The Committee I
periodically meets to set Federal Reserve guidelines regarding purchases and sales of Government
Securities in the open market as a means or influencing the volume of bank credit and money.
Federal Reserve System The central bank of the I_inited States created by Congress and consisting of a
sc,.en member Board of Governors in Washinfton, D.C., 12 regional banks and about 5,700 commercial i
banks that arc members of the system.
1 Fiscal Year - A twelve-month period which dexrmines the time frame for financial reporting, budgeting,
and accounting. At the end of the fiscal year, financial position and results of operations are determined,
i
t
t Government National Mortgage Association (GNMA or Ginnie dtae) - Securities influencing the
volume of bank credit guaranteed by UNMA an i issued by mortgage bankers, commercial banks, savings
and loan associations, and other institutions. S::eurity holder is protected by full faith and credit of the I
U.S. Government. Ginnie Mae securities are backed by the FIIA, VA or FNIIINI mortgages. 'fire tern
"pass throughs" is often used to describe Ginnie Macs.
Interest Compensation for the use of borrowed money, generally expressed as an annual percentage of
the principal amount.
Llgaldih' - Usually refers to the ability to couver' assets (such as investments) into cash.
Market Value The Cu rent face or par value of an investment multiplied by the net selling price of the
security as quoted by a recognized market pricing source quoted on the valuation date.
Master Repurchase Agreement A written contract covering a] future transactions between the parties
k to repurchase reverse repurchase agreements that establishes each party's rights in the transactions. A
1 master agreement will often specify, among other things, the right of the buyer-lender to liquidate the
underlying securities in the event of default by the seller-borrower.
,Itafurlty - The date upon which the principal of a municipal bond becomes due and payable to the
bondholder. Q
Stoney Market - "I'he market in which short-terra debt instruments (bilks, commercial paper, bankers'
aeccptanccs, etc) are issued and traded.
i
a .
4k. F _.1'~ _ Fz
A
0
J
i
Page d of 6
I
Note A wriuen, short- cmi promise of the issuer to repay a specified principal amount on a certain date,
together with interest at a stated rate, or according to a formula for determining that rate, payable fro,n a l
i defined source of anticipated revenue. Notes usually mature in less than five years.
I ~
Offi,r - The price asked by a seller of sccurili,°s. (When you are buying securities, you ask for an offer.)
Open Market Operations purchases and sales of govenment and certain other .securities in the open
market by the New York Federal Reserve Bank as directed by the f OMC in order to inllucnce the volume
of money and credit in (lie economy, Purchases inject reserves in the bank system and stimulate growth
of money and credit; sales have (lie opposite effect. Open market operations are the Federal Reserve's
most important and most flexible monetary policy tool.
Or4yinal Issue Discount An amount which represents the difference by which; par value exceeds the
public offering price of a new issue or part of an issue of municipal bonds, Original issue discount is
amortized over the life of the bonds and is generally treated as lax-exempt interest. When the investor
sells the bonds before maturity, any profit or loss realized on such sale is figured on the adjusted cost
basis for tax purposes. "fdie adjusted cost basis is calculatrd to each year the bonds are outstanding by
adding the accretion value to the original offering price, llie accretion value is determined by the ndes
and regulations of [lie Internal Revenue Service. Selling the bonds at a price in excess of the adjusted cost
basis would result in a taxable gain for (he seller, while a selling price below that level would be treated
as a loss for income tax purposes,
Par Value - In the case of bonds, the amount of principal which must be paid at maturity, par value is i
also referred to as the face amount of a security. `
Pooled Fund Group An intemally created fund of an investing entity in which one or more institutional `
accounts of Ilie investing entity are invested.
Por(jolia - Collection of securities held by an investor.
Premium The mmount by which (he price paid for a security exceeds par value, generally representing
( the difference between the nominal interest rate and the actual or effective return to the investor,
( Primary Dealer - A group of government securities dealers who submit daily reports of market activity
and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject I
to its informal oveisigh(. Primary dealers include Securities and Exchange Commission (SEC)
registered securities broker-dealers, banks, and a few unregulated firms,
f Primary 3farket --'fire market for new issues of municipal securities.
e r '
Principal -The face amount or par value or a bond or issue ofbonds payable on stated dates of naturity.
Prudent Persan Rule-- An investment standard. In some states the low requires that a fiduciary, such us
a trustee, may invest in racy only in a list of securities selected by the custody state-the so-called legal
I . list. In other states the trustee may invest in a security if it is one which would be bought by a prudent
( person of discretion and intelligence who is s,:eking a reasonable income and preservation of capital.
I
Fe 4-
Q
Page ar6
Qualified Public Depositories - A financial institution which does not claim exemption t4om the
payment of any sales or compensating use or ad valorem nixes under the laws of this state, which has
sclrcgaled for the benefit of the eommisstn eligible collateral having a value of not less than its
maximum lialb&4, and which has been approved by the Public Deposit Protection Commission to hold
public deposits.
QuallJled Representative - A Person who holds a position with a business organization, who is
authorized to act on behalf of the business organization, and who is one of the roilowing:
(a) for it business organization doing business that is regulated by or registered with a
securities commission, a person who is registered under the rules of the National
Association of Securities Dealers;
{h) for a state or federal hank, a savings bank, or a state or federal credit union, a member of
{ the loan committee for The batik or branch of the bank or a person authorized by corporate
f resolution to act on behalf of and bind the banking institution; or
(c) for an investment pool, the person authorized by the elected official or board with 1
authority la administer the activities of the investment pool to sign the written instrument
on behalf of the investrent pool.
` Rate of Return - The yield obtainable on a security based on its purchase price or its cuncnt mark,l
price. This may be the amortized yield to maturity on a bond the current income return.
Ratings Evaluations of the credit quality of notes and bonds usually made by independent rating
services, although many financial institutions also rate bonds for their own purposes. Ratings generally
measure the probability of the timely repayment of principal of and interest on municipal bonds. Ratings
are mitidly made be.f'ore issuance and are continuously reviewed and may be amended to reflect changes
{ in the issuer's credit position. The information required by the rating agencies varies with each bond
issue, but generally includes demographics, debt burden, economic base, finances, and management
structure, The information is evaluated and the issue is assigned, a letter rating which reflects the J
creditworthiness of (lie bonds. 'Ihe higher the credit rating, the more favorable the effect on the li
marketability of the bond.
Repurchase Agreement • A simultaneous agreement to buy, hold for a specified lime, and sell back at a
future date obligations described by Section 2256.009(a)(1), at a market value at the time The funds are
disbursed of not less than the principal amount of the funds disbursed, The terns includes a direct security
repurchase agreement and a reverse security repurchase agreement.
S'ajekeepbng A service to customers rendered by banks for a fee whereby securities and valuables of all
types and descriptions are held in the bank's vaults for protection,
Secondary Uarket - A market made ft r the purchase and sale of outstanding issues fallowing the initial
distribution.
5ecurldes and Exchange Commission or SEC - The federal agency responsible for supervising and
regulating the securities industry. Generally, rnumi.ipal securities are exempt from the SEC's registration
and reporting requirements. However, the SF.-' has responsibility for the approval of municipal
f Securities Rulemaking floard rules, and has jurisdre!inn, purstaant to 5EC Rule 10b•5, over fraud in the
m sale of municipal securities.
x
I
s
]'age 6 of 6
,Secureq' Generally, evidence of debt or equity in a common entetpris: in which a person invests in the
expectation of earning income, file term includes notes, stocks, bonds debentures, mortgages, and other
farms of negotiable and non-negotiable evidences of indebtedness or owne ship. Unless exetupird, as are
municipal bonds, securities transactions are subject to Icdcral and state regulation.
.Separately Invested Asset- An account or fund of a slate agency or loca! government that is not invested
in a pooled find group.
Treasury Securities - Debt obligations of the United States Government sold by the Treasury Department
in the forts of bills, notes, and bonds:
Bills Short-lenn obligations which mature in one year or less, and are sold at a discount in lieu
of paying periodic interest.
Notes - Interest bearing obligations which mature between ono year and 10 years.
Bonds Interest bearing long-tent obligations which generally mature in 10 years or more.
E Held Curve A graph which plots the yields on securities with equivalent quality but different
l maturities, at a given point in time. The vertical axis represents the interest rates. while the horizontal
axis depicts the yeats to maturity. The term stn+dutre of interest rates, as reflected by the yield curve, will
vary according to market conditions, resulting in a variety ol'yield curve configurations.
t Normal or Positive PeN Curve - Indicates that short-term securities have a lower interest rate
thar long-term securities.
Inverted or Negative Held Curve - Reflects the situation of short-term rates excc: dine long-term
rates.
Flat Weld Curve Reflects the situation when short and long-term rates are the same.
t Humpback Yield Cun+e An unusual shape, indicating that rates are.rising in the early years,
peaking in the middle yenta and declining in later years.
Yield to blalurlly -'the rate of return to the investor earned from payments of principal and interest, with
interest compounded semiannually and assuming that interest paid is reinvested at the same rate. Yield to
maturity takes into account the time value of the investment.
'Zero Coupon Bond - A bond which pays no interest, but is issued at a deep discount from par,
• appreciating to its full -aloe at maturity.
I,
x-