HomeMy WebLinkAbout9/1/1999 - STAFF REPORTS (22) DATE: July 29, 1999
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of June 30, 1999
Attached is the Treasurer's Investment Report as of June 30, 1999.
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
i
portfolio, are n compliance with the existing City Council-approved
investment policy with one exception: the FICO notes ($500,000,
4/16/18, 9.8t) 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 (WAN) of the portfolio, adjusted by the
above noted calls, is 550 days. The maximum WAN allowed by the
Investment Policy is 730 days. The current portfolio and expected
revenue cash flow will be sufficient to meet expenditure requirements
for the next six months and the foreseeable future thereafter.
Submitted by:
Th ammo as M. Kanarr 0 ydL
Treasurer
treasrep CITY OF PALM SPRINGS
7/28/99 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JUNE 30, 1999
On GB Deposits Aqusted Basis Category Tod Percentage
Checiting Account f 414,783
State Pool 20,640,000 $21,054,783 53.06%
Short Tam Im atmems
1 or kss
U.S.Treasury Notes 1,875,625
Corporate Noce 1,007,230 2,882,855 7.27%
Me,,1 Term Invesnts tme
I t0 3 is
Time Deposit 2.50,000
U.S.Gov't Agencies 3,998,750
Corporate Notes 2.497,950 6,746,700 17.00%
Kong Term Investments
U.S.Gov't Agencies 7,998,594
Corporate Note 996,450 8,995,044 22.67%
Tod Invested Cash f 39,679,382 100.00%
-Some Investments made prior to dte Implementadon of the
current Investment Policy exceed the 5 year limit.
9� TREASURER'S MONTHLY REPORT
772uW DETAIL OF INVESTMENTS
JUNE 30, 1999
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OWN" TREASURER'S MONTHLY REPORT
7/28/99 MISCELLANEOUS AND TRUST ACCOUNTS
JUNE 30, 1999
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Dorney S H L(Cohea,Met) 13,266 440% WA 8/31/99 4.40% 13,266
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TREASURER'S MONTHLY REPORT
772,M9 BOND ISSUE RESERVE,DEBT SERVICE a RELATED FUNDS
)UNE 30, 1999
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TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
7/28/99 JUNE 30, 1999
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days 40.00% 85.00% 60.33%
1 year to 3 years 0.00% 40.00% 17.00%
3 years to 5 years 0.00% 30.00%c 21.41%
over 5 years N/A N/A 1.26%
By Type of Investment:
Bankers Acceptance- in total N/A 40.00%c 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% 11.35%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 40.00% 30.24%
Mortgage Pass Thru's N/A 10.00% 0.00%