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Home My WebLink About5/17/2000 - STAFF REPORTS (26) DATE: April 24, 2000 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of March 31, 2000 Attached is the Treasurer's Investment Report as of March 31, 2000. The report includes the face value and coupon rate (if applicable) of the investments and the source for the market value estimate. Also included is information on the investments of Bond Issue reserve funds, and on loan repayment programs managed by a bank. The investments, in type, maturity and as a percentage of the total portfolio, are in compliance with the existing City Council-approved investment policy with one exception: the FICO notes ($500,000, 4/16/18, 9.8%) exceed the 5 year limitation on maturities (Detail of Investments, Long Term Investments, Mortgage Pass Thru's) . The investment in question was purchased prior to the adoption of the 5 year limitation. Since it appears to represent no additional risk either because of credit-worthiness or liquidity, earlier councils decided to allow it to be retained in the investment pool because the yield is higher than attainable under current market conditions. We recommend that this exception to the policy be continued. State law requires this report to be submitted within 30 days of the end of the quarter. Because all of the City's bank accounts may not be completely reconciled, there may be minor adjustments to the cash on hand in the checking account and to the valuation of the bond issue's money market investments. All other amounts are actual. The weighted average maturity (WAM) of the portfolio is 600 days. The maximum WAM allowed by the Investment Policy is 1095 days. The current portfolio and expected revenue cash flow will be sufficient to meet budgeted expenditure requirements for the next six months and the foreseeable future thereafter. Submitted Th M�r1r 4 / Treasurer 4=;kq treasrep CITY OF PALM SPRINGS 4i21700 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MARCH 31, 2000 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -322,819 State Pool 16,590,000 $16,267,181 49.58% Short Term Investments (1 year or less) Time Deposit 250,000 Corporate Notes 499,290 U.S. Gov't Agencies 1,000,000 1,749,290 5.33% Medium Term Investments (I year to 3 years) U.S. Gov't Agencies 2,998,750 Corporate Notes 2,995,110 5,993,860 18.27% Long Term Investments U.S. Gov't Agencies 8,798,594 8,798,594 26.82% Total Invested Cash $32,808,925 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treasrep TREASURER'S MONTHLY REPORT 4m/W DETAIL OF INVESTMENTS MARCH 31, 2000 Coupon Yteld Atllusted (memo only) Prrur Qtr Par Value Rate Rating Maturity 10 Maurtty Cost Bass Caccgory Toul Marke(Value Source Markel Value On Call De ost¢ Checking-Bank of America&WM Business Bank -322,819 sool2ble AAA open 5.32% S -322,819 S S -322,819 55.852 Loral Agency Invest Fund(LAIF) 16,590,000 variable N/A open 5.95% 16,590,000 16,590,000 LAW 9,m," 16,267,181 Short Tenn mvesnnenB (1 a ar less) Ttme Depasn Palm Springs Savings Bank 250." 583% AAA 11/04/W 583% 250,O 250,000 P.S.Sanngs 250,000 COrporate Notes Ford 1,000,000 838% A'A+ 011151M 8.19% 0 0 BNY Wettern Tr l'oo0,600 Ford 500,0W 6 25% A2A+ I1108/00 6.29% 499,2W 497,60 BNY Weslaco Tr 498,315 US Gov't Agency Semnnes Fuleral Notionnl Mortgage Assn 1,000,000 543% NIA 0329/01 543% 1,"," 987,900 BNY Western Tr 988,IW Medium Term Investor ,749,290 ents (1 ear to 3 ears) U.S.Gov't Agency Secunbes Federal Home Loan Bsd 2,000,000 540% N/A 02/12/02 5.42% 1,998,750 1,945625 BNY Western To 1,951,875 Federal Farm Credit Ba@ 1,W0.000 5,50% N/A 0326/02 5,50% I,Op0,W0 922,990 BNY Westem Tr 977,130 Corporate Notes IncOnd.oul Lease Finance Corp 2,"," 540% Al 0122/02 5.43% 1,998,660 1,936,190 BNY Wesrem Tr 1,944,340 Bear Steams Co,Inc I'M, W 6.13% A2A+ 02/01/03 6.21% 996,450 96g9-/o BNY WesOm Tr 965,040 5,993,90 Long Term Invesvnrnt (3 can m 5 cnrs) U S Gov't Agency Secunues Federal Na'I Morlga6e Assn I,m," 6.22% N/A 04/10103 6.22% 1,000,000 975.420 BNY lessen Tr 979,780 Federal Home Loan Mortgage Assn 1,"," 6W7, N/A 01/05/04 6.00% I,C00,000 960,625 BNY Westzm To 964,688 Federal Nat 1.Mortgage Assn. 2,5W,000 575% N/A 02/03/04 575% 2,5W," 2,385,2W BNY Weston.Tr 2,396,575 Federal Home Loan Mortgage Assn 2,",txxI 613% NIA 03/17/04 613% 2,"," I'm." BNY Western To 1,931.875 Fedenl Net 1.Mongage Assn. ll"0 O00 5.947. N/A 03,0910`1 594% 110W," 957,730 BNY Wew:m Tr 963,160 Federal Home Loan Bard 800,000 9,Ip% NIA 09/15/04 2,00% 800,000 785,750 BNY Western Tr 788,000 Fin.,,Cmporoden(PICO) 500,M 980% N/A 04/06118 9m% 498,594 648,100 Nebon,Bank 638,200 8,798,594 Toul lnvesud Cash 5 32,608,925 S 32,456,331 26,433,530 neasrep TREASURER'S MONTHLY REPORT 4/21/00 MISCELLANEOUS AND TRUST ACCOUNTS MARCH 31, 2000 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cast Basis Category Total Total Invested Cash 32,808,925 32,808,925 $ 32,809,925 Miscellaneous Accounts Perry Cash 2,912 N/A N/A open none 2,912 Revolving Fund-Bank of America 9,309 N/A N/A open none 8,309 Trust&Agency-Bank of America 433,880 N/A N/A open none 433,880 1911 Assessment Funds-Bank of America 634 N/A N/A open none 634 Rehab Loans(CDBG)-Washington Mutual 52,093 variable N/A open 1 49% 52,093 Downpymt Asst. (Housing Fund)-Washington Mutual 32,057 variable N/A open 149% 32,057 529,885 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 53,267 6.06% N/A 2/12101 6.06% 53,267 Downey S&L(Cohen,Mark) 13,867 5 45% N/A 10/24/00 5 45% 13,867 Downey S&L(Donovan Bequest) 15,717 5 45% N/A 10/21/00 5.45% 15,717 Downey S&L(Palmer Cable TV) 4,171 5.25% N/A 1119/O1 5 25% 4,171 PS Savings Bank(Coyote Springs Apt) 14,340 4.88% N/A 6124/00 4.88% 14,340 101,362 Total Cash Deposited $ 33,440,172 It ) [j ` - \: : : } ! !, ! { \/i ) () {] ! , ! � ! � - , , . . ` • ! TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 04/21/00 MARCH 31, 2000 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $18,016,471 1 year to 3 years 0.00% 50.00% 18.27% 3 years to 5 years 0.00% 30.00% 25.30% over 5 years N/A N/A 1.52% By Type of Investment: Bankers Acceptance - in total N/A 40.00% 0.00% Bankers Acceptance - single bank N/A 20.00% 0.00% Commercial Paper N/A 15.00% 0.00% Negotiable Certificates of Deposit N/A 30.00% 0.00% Corporate Notes N/A 20.00% 10.65% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 39.01% Mortgage Pass Thru's N/A 10.00% 0.00%