HomeMy WebLinkAbout10/20/1999 - STAFF REPORTS (25) f
DATE: September 30, 1999
TO: city Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of August 31, 1999
Attached is the Treasurer's Investment Report as of August 31, 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
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, adjusted by the
above noted calls, is 659 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.
Sub7m^ittt�ed� by:
Thomas M. Ranarr
Treasurer
Y
ovum CITY OF PALM SPRINGS
9/29/99 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
AUGUST 31, 1999
On Call Denodts Adjusted Basis Category Tool Percentage
Checking Account f 666,704
State Pool 12,140= $12,806,704 40.75%
Short Term Imesanentt
I or hats
U.S.Treasury Notes 1,875,625
Corporate Note 1,007,230 2,882,855 9.17%
Medium Term Imesanents
I year to 3
Time Deposit 250,000
U.S.Gov't Agenda 3,998,750
Corporate Notes 2,497,950 6,746,700 21.46%
Monz Term Investments
U.S.Gov't Agenda 7,998,594
��Note 996,4S0 8.995 044 28.62%
Total Invested Cash $31,431,303 100.00%
*Some investments made prior to the impkimemadon of the
current Investment Pogcy exceed the 5 year gmiu
.m.y TREASURER'S MONTHLY REPORT
9M/99 DETAIL OF INVESTMENTS
AUGUST 31, 1999
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tmmep TREASURER'S MONTKY REPORT
9/29/99 MISCELLANEOUS AND TRUST ACCOUNTS
AUGUST 31,1999
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ITOLM krvImd Cffib 31,431,303 31.431,303
$31,431,703
Perry Cads 2,912 WA WA opm none 21912
Remkkq iam-WM On*"Bank 13,165 WA WA oPm none 13,165
TM a ABme7•WM&Wnm Bank 572,254 WA WA oPm Done 572,254
1911 Asemomt Fonda-WM Wo Bank 474 WA WA o9m acne 474
Relne Lam(CDBG)-Wadipmn MOM 37,942 Vxt" WA opm 2.M 37,942
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Domp7 S 6 L(CWK%MUM 14512 451% WA 3/20M 451% 13,512
Donne?S a L(Dmoao BapwO 1S,265 451% WA 2/22100 451% 15,265
DowrySaL(Pana Cable TV) 3,995 4.30% WA 1/20/00 4.30% 31995
PS SaAW Bmk(Coyaee*M Apt) 14,340 4.80% WA 6/24100 4.86% 14,340
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w.. TREASURER'S MONTHLY REPORT
vmm BOND ISSUE RESERVE,DEBT SERVICE a RELATED FUNDS
AUGUST 31, 1999
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TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
9/29/99 AUGUST 31, 1999
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days 40.00% 85.00% 49.92%
1 year to 3 years 0.00% 40.00% 21.46%
3 years to 5 years 0.00% 30.00% 27.04%
over 5 years N/A N/A 1.58%
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% 14.32%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 40.00% 38.17%
Mortgage Pass Thru's N/A 10.00% 0.00%