HomeMy WebLinkAbout12/15/1999 - STAFF REPORTS (25) DATE: December 2, 1999
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of October 31, 1999
Attached is the Treasurer's Investment Report as of October 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 (NAM) of the portfolio, adjusted by the
above noted calls, is 776 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
treasrep CITY OF PALM SPRINGS
11/23199 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
OCTOBER 31, 1999
On Call Deposits Adjusted Basis Category Total Percentage
Checldng Account $ -1,512,697
State Pool 11,140.000 $9,627,313 35.43%
Short Term investments
(1 year or less
U.S.Treasury Notes 0
Corporate Note 1,007,230 1,007,230 3.71%
Medium Term Inveetrr�eMs '
1 to 3 ears
Tane Deposit 250,000
U.S.Gov't Agencies 3,998,750
Corporate Notes 2,497.950 6,746,700 24.83%
11.4og Term Invesmtards
U.S.Gov't Agencies 8,798,594
Corporate Note 996,450 9.795,044 36.04%
Total Invested Cash $27,176,287 100.00%
*Scone investments made prior to the implernentation of the
current Investment Policy exceed the 5 year limit.
amlm TREASURER'S MONTHLY REPORT
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OCTOWR 31,1999
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I t23199 MISCELLANEOUS AND TRUST ACCOUNTS
OCTOBER 31, 1999
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TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
11/23/99 OCTOBER 31, 1999
Allowable Percentages
By Maturity: Minimum Maximum Current Mo
1 day to 365 days $8,000,000 N/A $10,634,543
1 year to 3 years 0.00% 50.00% 24.83%
3 years to 5 years 0.00% 30.00% 34.21%
over 5 years N/A N/A 1.83%
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% 16.56%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Goverment Agencies N/A 50.00% 47.09%
Mortgage Pass Thru's N/A 10.00% 0.00%