HomeMy WebLinkAbout6/21/2000 - STAFF REPORTS (31) DATE: June 1, 2000
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of April 30, 2000
Attached is the Treasurer's Investment Report as of April 30, 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 561 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 by:
Thomas M. Kanarr
Treasurer
i
treasrep CITY OF PALM SPRINGS
5131100 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
APRIL 30, 2000
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 311,872
State Pool 17,390,000 $17,701,872 5169%
Short Term Investmen
(1 or l ts
ess)
Time Deposit 250,000
Corporate Notes 499,290
U.S. Gov't Agencies 1,000,000 1,749,290 5.11%
Medium Term Investments
(I year to 3 years)
U.S. Gov't Agencies 3,998,750
Corporate Notes 2,995,110 6,993,860 20.42%
Long Term Investments
U.S. Gov't Agencies 7,798,594 7,798,594 22.77%
Total Invested Cash $34,243,616 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
PeaSfep TREASURER'S MONTHLY REPORT
5/3low DETAIL OF INVESTMENTS
APRIL 30, 20W
Caupan Yield Adrvs'.d (memo only) Prior QV
Par Value Rate Rating Maturity mMaurny Cost Basis C.degory Total Market Value Source Market Value
On Call De osits
Checking-Bank of America 311,872 variable AAA open 5.70% S 311,872
72
Local Agency loves[Fund(LAIF) 1],390,000 va.tblc N/A open 6.01% F/,390,000 S 5 1],390,8000 LAIF Ik590,819
000
17,701,972
Short Term Investments
(I ear or[cis)
Time Deposit
Palm Springs Savin,Bank 250,000 5,83% AAA 11/W/W 5.83% 250,000 250,000 P.S Savings 250,11W
Corporate Notes
Ford 500,000 625% A2A+ 11/08/00 629% 499,2% 497,960 BNY Western Tr 441,660
US Gov't Agency Securities
Federal National Mortgage Assn 1,000,OD0 543% N/A 03/29/01 5.43% I,O ," 987,740 BNY Wesdern Tr 987A00
Medium Term Invesunents 1,749,2%
(1 Year to 3 ears)
U S.Gov't Agency Securmev
Federal Home Loan Bank 2,000,00) 5.Qlf N/A 02/12/02 5.42% 1,998,750 1.943,750 BNY Western Tr 1,945,625
Federal Farm Cmda Bank I,OW,INq 550% N/A 03/26/02 550% I,WO,OOp 971.110 BNY Weedem Tr 973,9M
Federal Nat'l Mortgage Assn LIXI0,1100 622% N/A 04/10/03 622% I,1100,000 971980 BNY Western Tr 975420
Carporale Noes
Iniurmadonal Lease Finance Corp. 2,000J000 540% At 01/22/02 5.43% 1,998,660 B. 1,933880 BNY Western Tr 1,936,180
ear Stearns Co,lnc 1,000,000 6.13% A2A+ 02I01/03 621% 996,450 958,020 BNY Western Tr 9W,970
6,993,860
Long Term Inveshnent
(3 ears m 5 ears)
U S.Gov't Agency Secundes
Federal Home Loan Man,,Assn 11000,000 6W% N/A 01/05/04 600% 1,m,m 956,875 BNY Weiler.Tr 950,625
Federal Nat'l.Mortgage Assn 2,500,000 575% N/A 02/03/04 595% 2,500,000 2371,050 BNY Western Tr 2,385,200
Federal Home Loan Marge,Assn, 2,000,000 6.13% N/A 03/17/04 613% 2,W,"5.94% N/A 03129/
Federal H e Mortgage 1,916,250 BNY Nes¢rn Tr 1,925,OW
Federal Hage Assn 1,000,000 04 5.94% 1,OO ," 952,080 BNY Wesosn Tr 95.730
e Lnan Bank 800,IIDp 700% N/A 09/15/04 7.00% 8W,0p0 282,500 BNY Welder,Tr 785,750
Plmtemg Cnrpnratiun(FICO) SW,m 980% N/A O9106118 9.90% 498.594 652050 Na,aa,Bank 648,100
798,599
Toml lnvestud Cash
5 34=43,616 5 I3842,10 32A56,331
s
treasrep TREASURER'S MONTHLY REPORT
5/31/00 MISCELLANEOUS AND TRUST ACCOUNTS
APRIL 30, 2000
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash 34,243,616
34,243,616
$ 34,243,616
Miscellaneous Accounts
Petty Cash 2,912 N/A N/A open none 2,912
Revolving Fund-Bank of America 326 N/A N/A open none 326
Trust&Agency-Bank of America 457,731 N/A N/A open none 457,731
1911 Assessment Funds-Bank of America 634 N/A N/A open none 634
Rehab Loans(CDBG)-Washington Mutual 52,630 variable N/A open 1 49% 52,630
Downpymt.Asst.(Housing
Fund)-Washington Mutual 32,057 variable N/A open 1.49% 32,057
546,290
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L(Cat Cyn Country Club) 53,267 6.06% N/A 2112101 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)3equest) 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 1/19/O1 525% 4,171
PS Savings Bank(Coyote Springs Apt) 14,340 4.88% N/A 6/24100 4.88% 14,340
101,362
Total Cash Deposited
$ 34,891,268
..rmP TREASURER'S MONTHLY psrJ l/W THLY REPORT
BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
APRIL 30,2000
Coupon Y,cM
Par Yulue Rare WwnS Mewm I" Atll'�'utl Imcmu rWYJ
Y �h1eMn[Y Cn�1 Aun r g•rry Tnul Murku Valrrc 8ou,nc PrtM INr Marko vvluc
9a9 Was¢wvu rlAfarrerLmre
IPM Ivn 8ervru Trtarury Mu rcY Markct
V 5_Trerrvry Nwc I]59.39] anahle Mq opco SSpZ I]9=1tl I BNY Wer¢m Tr
v6+SN AAA pll]I/p2 6+S'L I19.21q BNYWeeum Tr 17P.4.
1,]59.E9] I?iprAC BNYWeemm Tr
1931/199]Cunvew oo Ccrver ]q,516
G,h 19
IPM Irut Servmc Tr�evry MorcY 6l.A 1 1
I'O lnrcrrnreia A,,—, IJIJ.19 ve Alc AAA npcn SpZ 1 BNY Worem Te 1
J Wx,HS Hoof AAA II/I/_I 6rtlI 1.JI]J41 I,J I]]29 BNYWerMTr 4150
IW±A., 4WX M5 BNY W-m Tr alge 545
Ceary
S.J II Y]11 '
IPM Irvt Serves Te+sury Mo rcY Mahu aJ6_]] aauDlc
AAA p BNY Wealeerl Tr IW,559
Ra]ertsphe lvveswcm All uPco 5 5pR 4J4 2]3 0 1,±U].&tl iWA AAA OIlp12+ ]WR 4J6,2]] HNY Watcm it +Si,191
i=oi 6W
CAAMPMI Mercy
1891 . mrnB I.J➢],6W BNY Wencm Tr 1,2p]6'J3
Mnkn 1553.e73
Cnl Artrcnra°Trtam "..Ml vanahlc
ry ODLgenov ±±e 5glY AAA nFen II SSI1 X5]
AAA °Fcn 5"]p'{. SSII FSJ CAMP S4 X.Igfi
22g Vs Bavk .P
W C B'PM IVI.—Trtamry M°.Y Mahct 6]q,]1] 5510P1
TMGlm—m,1-1—M Aer va rvrFlc AAA nryn 1 511 1 L]Y.14]I,iW,9]s 6.. AA W/UI/1] 689'F 7.AlJ BNY Wenem Tr 1=tlIIAll
1,]M.9]5 I,]W,YJs BNY Wn¢mT ]W,Y]5
PAN Aleluple CaPrlal Fecllrtice hol vet ±,]]9 6]tl 1
fPM fxL Arvrr'e Tmrmy MorcY Mahn
AMBAC IvveeMcn ALrccMcm I,]]O.9PA"] vavhlc AAA oPcn I.A ±,9J]
6 iU A' AA WIp12] 640% ±.93] BNY Wc. Tr IaPb.52p
0.'bBNY WUIern Tr 1.]3p,p.A
l Y9l Aitryn GA0.Y
A1GlvvearyreM ABa-Roe rv< 1.]]2.93J
P.I.lnvvrveM Agr.- 561,±21 5 6J•I AAA 01/pl/2q 5 a±'F PmM., lM .349 5633 5fi1,221.741 S61..I BNY W—. 1M.=
IPAf Inn Serv�a Trtssary MorcY Martel AAA IJp1/99 550% Ajll 226171 —Al, AAA P+n SSO R� 06,1]5 ?49 BNY WUIery Tr
199X Avryn pFC o6,1]s BNY Wexum Tr _pp gqi
NG InvesWCM Agr-Rarerve I,I W.135
IPM Imt Sr,rvrcc Trt++ury AforcY Mukcr ]IIR M p11U 1/Eg 5]0•b q49
SJA,SM rraulrk AAA I,cn T±P PF9.Tg RNY
A1 WcsrcmR 149.T_i
199tl WDPIC CaPral Wenewn s 5p'F 5]X.sJ6 cr 5]g,SJfi pNY Wenum Tr 41,P 1<
=M
IPM Lur.ScrvMe Twrury Mercy Mnrkn 31P1168 nrvhle AAA nlxv SSo'A fitl
199t A'rvxmla Blxmn 155 A¢B 2U116A BNY Wnmm Tr 4P,I IJ
Gah 301 169
ICM IIu15c1-Tmexvry.,Alarket I.bb
S l,pil vamble 6]0 1,4]p BNYW..wm Tr 16]p
M llc sros Trtamry 0bL8aY on I_I1 v A. °p°n 5 Sp2 ±91.031 _
atublc AM °pcv 53p1 291,0.1 BNY Wex¢m Tr ±91 W1
1241 N.,—Ise BNYW-,'¢m Tr 0
990 Aovrmmt 1_a1
8avk of Ncw Yah CuryRucrve 2Xp,6g+
Leve Yp,69 10,611 BNY WOIem Tr 119.921
Frrst AmenavTwury OhBgatiov )➢5 J 0 6B±
4<UK AM open
Lmsc-Po4r<Vs 2g5 115 Ba1rk +gJ
F-11.n Trc,Ghlgennv SpB 245
Wellr Fargo Gvvc .M°rcY AMvku Fvntl +4•108 aAAA
]%l. a,uble AAA °m° S2pR .,Q 1pg
v -
LFarz� vKn 76II.9+9 2i Ipq Vg Bank 3 p
Y±K ]6BT_Y Wells Fargo
]93 OJ]
Frnl Amenean Trtuury Oblrpalr°n 1O5_74 4 90'F All �rlurr SEBS 2
p5_]i
Leve-Foe Truvlx@ Panmctlre Vulvele '-I15 27i VS Bnvt E14 lox
±p5.2T4
Finl Amcnran Trtanvry Oblreauon _66±9g 44pS
AAA open 5"p'F 26fi.299
TwB ±L$_99 IIS BanA 5IE]Si
r q,Nl.U219
1 11111,117 5 IX,]Ytl,
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
05/31/00 APRIL 30, 2000
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $19,451,162
1 year to 3 years 0.00% 50.00% 20.42%
3 years to 5 years 0.00% 30.00% 21.32%
over 5 years N/A N/A 1.45%
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% 10.20%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 37.37%
Mortgage Pass Thru's N/A 10.00% 0.00%