HomeMy WebLinkAbout3/15/2000 - STAFF REPORTS (13) DATE: February 29, 2000
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of January 31, 2000
Attached is the Treasurer's Investment Report as of January 31, 2000.
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 ThruIs) . 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 600 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
2i25/00 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JANUARY 31, 2000
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 327,381
State Pool 15,790,000 $16,117,381 49.35%
Short Term Investments
( 1 year or less)
Time Deposit 250,000
Corporate Note 499,290 749,290 2.29%
Medium Term Investments
( 1 year to 3 years)
U.S. Gov't Agencies 3,998,750
Corporate Note 1,998,660 5,997,410 18.36%
Long Term Investments
U.S. Gov't Agencies 8,798,594
Corporate Note 996,450 9,795,044 29.99%
Total Invested Cash $32,659,125 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
Irtasrtp TREASURER'S MONTHLY REPORT
21,51W DETAIL OF INVESTMENTS
JANUARY 31, 2000
Coupon YON Ad,.,td (me oaNy) Prior Qr
Par Value Ram Rawg Mann, m M1laturity Con B.. Co.,.,Tnul Marlon Valne Scum Marks,Value
On CNI De oats
ChecGog-Bark oFAmerim&WM Bunmss Bad: 327,381 variable AAA open 521% 5 327.381 S 5 327,381 55,852
Local Agency Invest Fund ILAIF) 15,7M,000 variable NIA open 5]La 15,45V1.000 15,7th). 0 LA@ 9,140,W0
16.117,381
Short Term Imesvnen¢
(1 a or less)
Tune Deposit
Palm Springs Savings Hank 250.000 583% AAA 11/04100 5.83% 254000 2540m P.S Snvmgs 250,000
Coryotal.Not"
Fond IP00.000 838% A2A+ 01/151W 9.19% 0 0 BNY Wesmm Tr 1.000.600
Ford 5w,m 6Ti% A2A+ 11/05I00 629% 499,290 497,450 BNY Wesmm Tr 499,315
49,2W
Medan Teton Invesunents
(1 year to 3 ears)
U&Gov't Agency Sevudns
Federal National Mortgage Assn 1.000.000 5.43% NIA 03129/01 543% I,0WIM 986.020 BNY Wesmm Tr 988,I00
Frdeml Home Loan Bank 2.W .tm 540% NIA @112102 542% 1.995750 1.940.625 BAY Wenem Tr 1.951,975
Federal Farm Ctmlil Bank I'M." 550% NIA 03126/02 550% 110001WO 970520 BNYWenem Tr 9]],130
Cmpon¢No¢
Itu—umml lease Fuance Cr, 2.000.0W 540% Al 011221M 543% 1.998,60 1.934.M BNY Wenam Tr 1.944,340
5,99]410
Lang Term invesonem
(3 m5 —)
U 5 Gov I Agerey Sccnnnn
Federal Nat l Mortgage Assn I."'m 622% NIA W/10/03 622% LOW.000 970.469 BNY Wesmm Tr 979.780
FNeml Ham,Loan Mang,,Aan I,OOgaW 6A0% NIA 011051N 6M% 1,000,000 955.312 BNY Wesmm Tr 9M,699
Fetlenl Nat l Mortgage Assn 2,500.1M 5.75% NIA 02103JM 5.75% 2,50 ,0 2,370.925 BNY Weslem Tr 2.396,575
Federal Home Loan Mangagu Assn 2.m'm 6.13% NIA 031121W &13% 2,B .M 1,913,M BNY Weslem Tr 1931875
Federal Nat l Mortgage Assn. 1.02H,BBB 5.94% NIA 03/291N 59476 1.000,000 952.300 BNY Wester,Tr 963.160
Fsdsml Home Loan Bank 8W.n00 ].CO% NIA 09115IN ]AB% lw:ort0 761,2O BNY Wenem Tr ]E6,(M
Financing Coryonlian(FICO) MOOD 9.80% NIA W/06/18 9.80% 498,594 645,100 NmmmBark 638.200
CoTonle No,,
Bear&learns Co.Inc I.000.000 613% A2A+ M/01/03 621% 996,450 933020 BNY Wenem Tr 965,040
9,795,044
Tmd lnvened Cash 5 32,659,125 5 32,239,397 26433.530
treasrep TREASURER'S MONTHLY REPORT
2/25/00 MISCELLANEOUS AND TRUST ACCOUNTS
JANUARY 31, 2000
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash 32,659,125 32,659,125
$ 32,659,125
Miscellaneous Accounts
Petty Cash 2,912 N/A N/A open none 2,912
Revolving Fund-Bank of America 12,116 N/A N/A open none 12,116
Trust&Agency-Bank of America 570,174 N/A N/A open none 570,174
1911 Assessment Funds-Bank of America 2.233 N/A N/A open none 2,233
Rehab Loans(CDBG)-Washington Mutual 51,622 variable N/A open 1.50% 51,622
Downpymt.Asst.(Housing
Fund)-Washington Mutual 31,938 variable N/A open 1.50% 31,938
670,995
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L(Cat Cyn Country Club) 51,095 4.78% N/A 2113/00 4.78% 51,095
Downey S&L(Cohen,Mark) 13,512 4.51% N/A 3/28100 4.51% 13,512
Downey S&L(Donovan Bequest) 15,265 4.51% N/A 2/22/00 4.51% 15,265
Downey S&L(Palmer Cable TV) 4,171 5.25% N/A 1/19/01 5 25% 4,171
PS Savings Bank(Coyote Springs Apt) 14,340 4.88% N/A 6/24100 4 88% 14,340
98,383
Total Cash Deposited S 33,428,503
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TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
02/25/00 JANUARY 31, 2000
Allowable Percentages
By Maturity: Minimum Maximum Current Mo
1 day to 365 days $8,000,000 N/A $16,866,671
1 year to 3 years 0.00% 50.00% 18.36%
3 years to 5 years 0.00% 30.00% 28.46%
over 5 years N/A N/A 1.53%
e
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% 10.70%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 39.18%
Mortgage Pass Thru's N/A 10.00% 0.00%