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Home My WebLink About2/16/2000 - STAFF REPORTS (21) DATE: January 31, 2000 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of December 31, 1999 Attached is the Treasurer's Investment Report as of December 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 751 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 1 treasrep CITY OF PALM SPRINGS 1/28i00 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS DECEMBER 31, 1999 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 55,852 State Pool 9,140,000 $9,195,852 3438% Short Term Investments ( 1 year or less) Time Deposit 250,000 U.S. Treasury Notes 0 Corporate Note 1,506,520 1,756,520 6.57% Medium Term Investments ( 1 year to 3 years) U.S. Gov't Agencies 3,998,750 Corporate Note 1,998,660 5,997,410 22,42% Long Term investments U.S. Gov't Agencies 8,798,594 Corporate Note 996,450 9,795,044 36.62% Total Invested Cash $26,744,826 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit TREASURER'S MONTHLY REPORT nv mp DETAIL OF INVESTMENTS 1/26/W DECEMBER 31, 1999 Coupon Yield Atllasmtl (memo only) Prior Qr Par Value Rme Fa urn, MaWnry m MamAy Coat Basis Ca¢Sop Te. Muket Valoc Snorce mcf t VWuc On Call De omit Checking-Bank of Amerma k WM Behocl,Bank 55,853 votable AM open 505% 5 55,852 $ 5 55,852 3,317,075 Lacal Agency haven Fund GddF) 9.140.W variable NIA open 5.64% 9.140.000 9,195,552 9,140.000 LAIF 9,840AW Shun Temtlnvesanen¢ (1 em orlus7 Tune De,111 PaM SPnngs Savmgx Bank 250,W0 5.83% AAA 11104/00 5.S3% 250.O00 250.W0 PS Savings US Gov't Dircn Gbinganon Treasury Note ?OWAW 6W% NIA 10/15/99 7.52% 0 0 BNY Wesmm Tr Co,...Note Food 1.OW,0W 838% A2A+ 011151M 8.19% l.W7,230 L498,6W BNY Wesmm Tr Food! 5W.W0 5.25% A2A+ 11/081W 629% 499.290 99b,315 BNY Wesmm Tr SW.00o [,756,520 Metlmm Tmm Invesvn ma (1 m 3 ears) U S Go,,Agency Smurnnu Fadhod National Mnagage Haan I000.W0 5A3% N/A 03129/01 5.43% 1,WO.OW 9Sd.IW BNY Wesem Tr FetleN Nome Loan Bart, 2A9J,(()3 540% N/A 02/12102 5.42% 1,998,750 1,951975 BNY Winne.Tr 1965,W Federal Farm Credit Bank 1000.000 550% NIA MUM 550% LW0.W0 9]]130 BNY Westem Tr 982,5W Coryoarc Note Imemaaanal Lease Finance Cory 2,W0,W0 5A0% Al 01/22/02 543% L998,6M 5.997,410 1944340 BNY W.,.m To I.99.5W Long Team lnvnunent (3 e m5 uy ll.S Gov't Agency Seeumro Fedorel Nall Mortgage Assn 1.W0.W0 6227, N/A 04/10103 6.227f I.M.W0 979780 BNY Weaam Tr 987,5W Fetletal Nome Loan Mongave Assn. I(NO WO 6 W% N)A 01/051m 6 W% IOW.WO 964.689 BNY Wenem To 9]],198 Federal Nat L Mortgage Assn 2,500,000 613% N/A 03/17/04 613% 2,aftf.i o 1931.875 BNY Weaem To 2918]50 Fedeal Name Mon,,,,, Mortgage Assn ?OW.000 594% N/A 0311]/04 fi13% 2,OW.OW 1931,8]5 BNY Wesmm To 1.95B.Q5 Federal Nall Mons age Assn LOW.OW 594% NIA 03/29/04 594% LOW,000 965160 BNY Wesmm To 973j50 Federal Nome Loan BaM 800000 71309e N/A 09/15101 ].W% eW.OW 78S.W0 BNY Wesmm To ]9].250 Finanamg Corhohnan(FICO) 5WAW 9.50% N/A 04/06/15 9.80% 498,594 638,2W NanomBaN: 66429E Ce,orzm Note Bur Smnms b Ca e. IW0,0W 6.13% A2A+ 02/01103 621% 996.450 965.040 BNY Weslem Tr 9] , 9.793.044 S 26.744.826 5 26.433.530 32.561 436 Total Invaded Cmh vea:rep TREASURER'S MONTHLY REPORT I/28100 MISCELLANEOUS AND TRUST ACCOUNTS DECEMBER 31, 1999 Yield Adjusted Par Value Coupon Rating Maurity to Maturity Cost Bms Category Total Total Invested Cash 26,744,826 26,744,826 $ 26,744,826 Mtseellaueous Accounts Petty Cash 2,912 N/A N/A open none 2,912 Revolving Fund-Bank of America 10,491 N/A N/A open none 10,481 Tmst&Agency-Bank of Antenna 527,393 N/A N/A open time 527,393 1911 Assessment Funds-Bank of America 2,549 N/A N/A open ..no 2,549 Rehab Leans(CDBG)-Washington Mutual 48,702 variable N/A open 2.03% 48,702 Dowupymt.Asst (Housing Fund)-Washington Mutual 31,938 variable N/A open 2 03% 31,938 fi23,9]5 Deposits Held In T. Time Deposits (FDIC Insured) Downey S&L(Cat Cyn 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 2/22/2000 4 5;% 15,265 Downey S&L(Pathos Cable TV) 3,995 4 30% N/A 1/20/2000 4 30% 3,995 PS Savings Bank(Coyote Springs Apt) 14,340 4.88% N/A 6/24/2000 4.88% 14,340 98,207 S 27,467,008 TOaI Cash Deported TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 01/28/00 DECEMBER 31, 1999 Allowable Percentages By Maturity: Minimum Maximum Current Mo 1 day to 365 days $8,000,000 N/A $10,952,372 1 year to 3 years 0.00% 50.00% 22.42% 3 years to 5 years 0.00% 30.00% 34.76% over 5 years N/A N/A 1.86% 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% 16.83% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 47.85% Mortgage Pass Thru's N/A 10.00% 0.00%