HomeMy WebLinkAbout11/17/1999 - STAFF REPORTS (29) DATE: October 29, 1999
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of September 30, 1999
Attached is the Treasurer's Investment Report as of September 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
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 (WAN) of the portfolio, adjusted by the
above noted calls, is 665 days. The maximum WAM allowed by the
Investment Policy is 730 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. Canarr
Treasurer
a
L
trearep CITY OF PALM SPRINGS
10/28/99 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
SEPTEMBER 30, 1999
0o Call DeDwits Adjusted Bak Category Taal Percentage
Cheddng Account $ 3,317,075
State Pool 9,840,000 $13,157,075 40.38%
Short Tam Invasmrents
I a or hats
U.S.Treasury Notes 1,675,625
Corporate Note 1.007.230 2,882,855 8.85%
Medium Tam Investments
1 yearm3
Time Deposit 250,000
U.S.Gov't Agencies 3,998,750
Corporate Notes 2.497.950 6,746,700 20.71%
Mong Tam Imrcstmeus
U.S.Gov't Agenda 8,798,594
Corporate Noce 996,450 9.795.044 30.06%
Tod Invested Cash $32.581.674 100.00%
*Some Investments made prior to the implementation of the
current Investment Poky excedd the 5 year limit.
1�
soiy TREASURERS MONTHLY REPORT
10/2499 DETAIL OF INVESTMENTS
SEPTEMBER30, 1999
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10/28/99 MISCELLANEOUS AND TRUST ACCOUNTS
SEPTEMBER 30,1999
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1911 Aauaan pan&-WM Bubm Bart 474 WA WA apm mite 474
Rehab Loma(CDBG)•WaMBan M®I 386281 Ve6abM WA open 2.03% 38,281
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Tbne Deposits
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Dm.w,S a L(CWN04 Mark) 13,512 451% WA 3128M 4.51% 13,512
Doamy S At L(DomVm Septet) 15,265 4.51% N/A V22100 4.51% 15,265
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ICMA RetBaotla Corp. WA WA WA WA WA 8,079,043
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Tad Case Deposited JE 9267.736
9wn+ TREASURER'S MONTHLY REPORT
lonarv9 BOND ISSUE RESERVE,DEBT SERVICE H RELATED FUNDS
SEPTEMBER30, 1999
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treasrep CALCULATION OF INVESTMENT LIMITATIONS
10/28/99 SEPTEMBER 30, 1999
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days 40.00% 85.00% 49.23%
1 year to 3 years 0.00% 40.00% 20.71%
3 years to 5 years 0.00% 30.00% 28.53%
over 5 years N/A N/A 1.53%
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% 13.81%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 40.00% 39.28%
Mortgage Pass Thru's N/A 10.00% 0.00%