HomeMy WebLinkAbout1/19/2000 - STAFF REPORTS (22) DATE: December 30, 1999
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of November 30, 1999
Attached is the Treasurer's Investment Report as of November 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 .80) 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 763 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 l
�S
treasrep CITY OF PALM SPRINGS
12/29/99 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
NOVEMBER 30, 1999
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ -172,739
State Pool 9,640,000 $9,467,261 35.04%
Short Term Investments
( I year or less)
Time Deposit 250,000
U.S. Treasury Notes 0
Corporate Note 1,506,520 1,756,520 6.50%
Medium Term Investments
( 1 year to 3 years)
U.S. Gov't Agencies 3,998,750
Corporate Note 1,998,660 5,997,410 22.20%
Long Term Investments
U.S. Gov't Agencies 8,798,594
Corporate Note 996,450 9,795,044 36.26%
Total Invested Cash $27,016,235 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
im.+ep TREASURER'S MONTHLY REPORT
12129/99 DETAIL OF INVESTMENTS
NOVEMBER 30, 1999
Caupon Yield Adjusted (memo old') Prior Qir
Par Value Rate Polling Mamnty to Mamriry Cnst Bsis Caagory Towl Market Value Soma Market Value
On Call De os
Chalung-Bake ol'Amenea&WA[Business BaNu -172,739 varuble AAA open 4849 8 -172.239 5 5 172.739 3.31],0]5
Leal A6eney Invest Fwtl(LAll) 9,&10,(%%1 variable NIA open 5489 9,Wnm 9.640,0',YJ LAM 9,940,04I0
9,467 261
Shan Term Inveslmenu
ar lea)
Tune Ceposu
Palm Springs Savings Bake 250.L 5 83% AAA I I/04IW 5 83% 250 09 2 0,000 P S.Savings 250'"
U S_Gov't Mmct Obligalion
Treasury No, 2.000.WO 6WV. N/A 10/15/99 4.52- 0 0 BNY Western Tr 3.W1,250
Cnpoote Note
FOrd LOW.000 a38% A2A+ 01/15/00 8.19% IW7,230 LW2,344 BNY Wotum Tr 1W]5W
Ford 5W,W0 6.2% A2A+ II108/W 6.29% 499.290 498,950 BNY Wesem Tr 500.000
1.756.520
Medimn Term 1—mem,
m 3 ears)
U S Gov't Agecy Securities
FedeN National M0n2ame Aso 1,PYJ,W'J 543% N/A 03/29/01 5AW I,WO,Wo 9903W BNY Western Tr 991.250
Federal Home Loan Bake 2.0W." 540% N/A 02/12/02 542% 1998,750 1.959.375 BNY Wesem Tr 1965.W0
Federal Farm Credit BmLL IAA,W] 550% N/A 03R6/02 550% I.M.000 991.310 BNY Wesem Tr 982.50
Coryonte Note
lnemmi.nl Ln¢e Forme,Cory 2.WQW0 510% Al 0112210, 5437, 1.998,660 L952187 BleY Wesem Tr 1,99.5W
99-1 410
Long To—Invesunent
to eazs)
US Gnv'I Agency Semnoes
Federal Nail Mongage Ain IWO C00 612% NIA 04/10103 622% 1.0W.WO 985,130 BNY Wesem Tr 982,SW
Federal Home Linn Mongage Assn. 1.0'YJ.b'JO 6W% N/A 01/05104 6W% IONIJIW 971.825 BNY Wes,,.Tr 977,188
Fcduml Nail Mongage An ?5W',0 5257, NIA 02/031W 515% 2.5w.m 2,415,950 BNY Wesicm Tr 2,418,750
Federal Home Linn Mongage Assn. 2,"J 6137, N/A 03117/04 6AW 2.XC WB 1W.T50 BNY Wesem Tr 1,959.125
Federal Nat l Mongage Aan LWJA'JG 594% NIA 03129/W 5.94% I'M GX) 411?80 BNY Western Tr 923J50
Fedenl Home Loan Bart' 8W." 7097, N/A 09/l5A4 ]An$ 800 Wn 792250 BNY West—Tr ]9].250
Flwmmng Cmpontion(FICO) 5w,UY) 990% N/A 04/06/18 980% 498594 6382W NatmmHank 66,1 298
COToraie Note
Bear Slmrna Co,Iie IA'J00'JO 613% A2A+ 01/01103 6217, 9964.10 968530 BNY tVe+em Tr 972.50)
9]95. W
Tou11m¢md Cub 5 27,01fi 235 5 26,791.252 32,561.436
tor asrep TREASURER'S MONTHLY REPORT
1229/99 MISCELLANEOUS AND TRUST ACCOUNTS
NOVEMBER 30, 1999
Yield Adjusted
Par Value Coupon Rating Maturity t0 Mawnty Cost Basis Category Total
Total Invested Cash 27,016,235 27,016,235
b 27,016,235
Miscellaneous Accounts
Petty Cash 2,912 N/A N/A open none 2,912
Revolving Ford-Bank of America 13,089 N/A N/A open none 13,099
Trust&Agency-Bank of America 529,435 N/A N/A open ..no 529,435
1911 Assessment Funds-Bank of America 3,816 N/A N/A open none 3,816
Rehab Loans(CDBG)-Washington Mutual 47,158 variable N/A oprn 2.03% 47,158
Dowopymt.Asst (Housing
Fund)-Washingmn Mutual 31,818 variable N/A open 2.03% 31,918
628,228
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L(Cat C)m Country Club) 51,095 4 78% N/A 2/13/2000 4.78% 51,095
Downey S&L(Cohen,Mark) 13,512 4,51% N/A 3/28/2000 4.51% 13,512
Downey S&L(Donovan Bequest) 15,265 4 51% N/A 1/11/2000 451% 15,265
Downey S&L(Palmer Cable TV) 3,995 4 30% N/A 1/20/2000 4 30% 3,995
PS Savings Bank(Coyote Spends Apt) 14,340 4 88% N/A 6/24/2000 4 88% 14,340
98,207
Total Cash Deposited $ 27,742,670
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TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
12/29/99 NOVEMBER 30, 1999
Allowable Percentages
By Maturity: Minimum Maximum Current Mo
1 day to 365 days $8,000,000 N/A $11,223,781
1 year to 3 years 0.00% 50.00% 22.20%
3 years to 5 years 0.00% 30.00% 34.41%
over 5 years N/A N/A 1.85%
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% 16.62%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 47.37%
Mortgage Pass Tbru's N/A 10.00% 0.00%