HomeMy WebLinkAbout7/7/1999 - STAFF REPORTS (33) DATE: June 30, 1999
,TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of May 31, 1999
Attached is the Treasurer's Investment Report as of May 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, 9.80) 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 586 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 expenditure requirements
for the next six months and the foreseeable future thereafter.
Submitted by:
A �kl,e 4�
Thomas M. Kanarr
Treasurer
treasrep CITY OF PALM SPRINGS
6/29/99 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
MAY 31, 1999
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 83,359
State Pool 19,440,000 $19,523,359 51.18%
Short Term Investments
1 year or less)
U.S,Treasury Notes 1,875,625
Corporate Note 1,007,230 2,882,855 7.56%
Medium Term Investments
( I year to 3 ears
Time Deposit 250,000
U.S.Gov't Agencies 3,998,750
Corporate Notes 2,497,950 6,746,700 17.69%
ILong Term Investments
U.S.Gov't Agencies 7,998,594
Corporate Note 996,450 8,995,044 23.58%
Total Invested Cash $38,147,958 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
oneree TREASURER'S MONTHLY REPORT
6/29/99 DETAIL OF INVESTMENTS
MAY 31, 1999
Coupon Tdd A6lnsred (memo onty) Peor O¢.
Par Value Pare Batln6 Mawdry toMamtlry Can Eaffi G,e ,Tool Mask¢Woo Source Marke[Value
Co GII De osl¢
( So, Home5Mn6 83,359 ramble AAA opev 4.5696 5 83,359 S S 83,359 S $69,744
Loal AM,y In—t Fund(L41F) 19,44 ,. ramble N/A .,on 5.09% 19.4 '" 19,523,359 19,440,000 LAIF II,SDQOW
SM%z or
Imemwno
1 kss
U.S.GeV,Dl—Wrpaon
Tmuury Note 21Dg 600W N/A 10/15/99 752% 1,875,625 z,W),Bzo BNY Wc¢m Tr 2,013,IT0
Co'—oo Norc
Ford I'aSo' ro 8.3E% ATA+ 01/IS/W a.19% I,W7,230 I,O V,150 BNY Wc¢m Tr Ip23,D]0
2,862,855
Medlom Tn lmssonen¢
I
Tlme DePmlr
Palm Spnnp SaWnR Eank 250,CW SAJ% AM II/04/W 5.03% 250'W0 250,W0 P.S.Sannp 250,MW
U.S GWEAS Serudoe
Fetlenl Natbml Mo`gp Ann. I,IBW,W9] 5.43% N/A 03129/01 5.43% I,CW,OW 995,W0 BNY We.Tr 998,440
Federal gge Nadoml Mor Ann. SOO,WO SAM N/A 04AV01 591% BNY Wv¢m Tr 499,295
F.=Home Loan Bank 4,W0,000 5.40% N/A 02/12/02 542% 1,998,750 1,976,560 BNTW..Tr 1,935'.
Federal Farm Gdla Bank 1,0W,000 5.50% N/A 03/26/02 550% I,OW,OW 990,160 BNYWntem Tr 99E,120
R N
o
-
lord SW,WO 6.25% A2A+ II/OE/W 6.29% 499,290 502,165 BNY Weaem Tr 505,Md
In—.nal Leone Foam Cory 2,CW,WO 5.50% AI Ol/22/02 5.43% 1998,660 6,746,7W I,960,OW BNY Weeo:m Tr 1,9I5,W0
LOnSTm eImxsmxnr
3 a 5 e
U.S.GoV,AM,Soong..
Federal N::' MortpR Asm. I,OW,000 633% N/A 04/01/03 633% BNY Wcvmh 1,WO,OW
Fetlenl Na M.n.reloe. I,CW,CW 6.22% N/A 04/10/03 6ST% I,CW,CW 992,190 BNYWcmm Tr 999,690
Federal Home Lmo M.rg eAsm. I,WO,OW 6.W% N/A 01/05/04 6.00% 1,0.'l],WO 995,000 BNYWes¢m Tr 993,12.
Fedml NaiLMm onre.n 5.75% N/A 02/03,04 5.75% 2,SW,Wk] 2,445,7W BNT We—Tr 2,472,650
Federal He—Loan Ho,nge
n-Assn T,W0,wd 6.13% N/A 03/29/04 694% 2,�,0.'YI 13% 1,968,440 BNYWVIem Tr 1,989,060
R,d,d Nar'I Morgape Assn. I,sw'W 5.94% N/A 04/06/18 5.94% I,OW,MU 690,155 BNTWmem Tr 994,690
5W
Flnantln¢CoryontlOn(FICO) SOO,Wo 980% N/A 04/06/IB 980% 498,594 690,155 BA Samdtic ]02,SW
Corp.."Note
Bear Smams Co,lone 8,99S,044
I'wA. 613% ATA+ 02/01/03 6.21% 996450 901EN BNY Westem Tr 997,590
Tmal on—ted Cfi $ 38,147,958 S 3B 269 809 S 32,766,129
meurep TREASURER'S MONTHLY REPORT
6/29/99 MISCELLANEOUS AND TRUST ACCOUNTS
MAY 31, 1999
Yield Adjusted
Par Value Coupon Rating Matunry to Maturity Cost Buis Category Total
Total Invested Cash 39,147,958 38,147 958
$ 38,147,958
Miscellaneous Accounts
Petry Cash 2,912 N/A N/A open none 2,912
Revolving Fund-Washington Mutual 3,363 N/A N/A open none 3,363
Trust ea Agency-Washington Mutual 451,884 N/A N/A open none 451,884
1911 Assessment Funds-Washington Mutual 474 N/A N/A open none 474
Rehab Loans(CDBG)-Washington Mutual 23,718 variable N/A open 2.05% 23,718
Dommymt.Asst.(Housing
Fund)-Washington Mutual 31,602 variable N/A open 2.05% 31,602
513,953
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S A L(Cat Cyn Country Club) 51,095 4.78% N/A 2113100 4.78% 51,095
Downey S at L(Cohen,Mark) 13,266 4.40% N/A 8/31/99 4.40% 13,266
Downey S at L(Donovan Bequest) 14,824 4 31% N/A 6/25199 4.31% 14,824
Downey S x L(Palmer Cable TV) 3,995 430% N/A 1120100 4.30% 3,995
PS Savings Bank(Coyote Springs Apt) 13,718 5.21% N/A 6124/99 5.21% 13,718
96,898
Deferred Compensation Plans
Employee Directed Investments
Washington Mutual N/A N/A N/A N/A N/A 8,189,416
ICMA Retirement Carp. N/A N/A N/A N/A N/A 8,222 179
16 41 1595
Total Cub Deposited 5 55. 770 404
"tine, TREASURER'S MONTHLY REPORT
6/29/99 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
MAY 31, 1999
Coupon Yield A6ImmJ (ne mly) Men Qn.
Par Valm Ram W, Mavnry mManlrlry Gs[Bush G¢gory Tool Ma[ke[Value 5ouree Ma[ke[Value
1 P89 Wau.ner/Mar[er Lease
Gsh I 1 1 BUY Wv[em Tr I
]PM Iv[S a T[eanry Money Make[ 65,750 -Ne AM open 4.28% 65,750 65,750 BUY Wesu Tr 65,296
IIS Treaury Nor, 1,759,297 6.25% AM 01/31/02 608% 1,759297 1,779,522 BNY Wesnm Tr 1,801,135
1991/199]Convention Center 1,825,048
Cash I I I BNY Weum Tr I
]PM WL SeMce Trevury Money Make[ 2,255 vadaNe MA open 439% 2,255 2,255 BUY We.Tr 3,482
AIG lmannmc Agreement 4,091,545 6.68% MA I1/1/21 668% 4.098545 4,093,545 BUY We.Tr 4,09"545
1992 A1ryon 4,I W,B01
Cash 1U0,269 100,269 100,583 BUY Wemem Tr 11,169
]PMWCServlce Trtmry Money MaN¢[ 583 ndati.W% AM open 4.w%735% 583 583 BUY Weoe Tr 1,16)
BaS.Trey mesmrtn[Agr. 1,20],6W ].00% AM 12/09/99 4.50% 1,20,6W 1,20,6W BNY Western Tr 1,199,6W
U.S.Trtawry 88h 401,279 5.00% MA 12/O9/99 4.5096 401.279 401,115 BUY Wcrern Tr 199,969
09,]31
1991 Se[W money
U MP Money Mlke[ 552,932 SUU% MA open 4.30% 552,932 553,57B CAMP 542,912
Flrs[Am ion Tressury OMiptlOn 2,912 SW95 MA open 4.5096 2932 T,932 US Bank 2,91T
556,510
1994 SMes A N B
G>h 0 0 0 BUY We.Tr 0
]PMITaLne Servke area Morey Make[ 682,041 enable AM gren 49% 682,WI 682,041 BUY We.Tr 6)8,4)1
TMG lvuranre lnvamrn[Ap. I,]00,935 684% M 09/01/I7 684% I]C0935 1,)W,935 BNT Western Tr I,700,935
8T,9]6
19Ip Mofinple"'.5 CapTiroe. Faeur, Pm ea
AM IVL Senxe Treasury Money Matke[ 1,892 �aflaw, AK open 62% 1,892 1,892 SNYWc[em Tr I,079,922
AMBAC Imamten[Ag[eemen[ 1,JSO,CQT 6.405h M 04/01/2] 640% I]300W I,JSg000 BNT Wctem Tr I,730,CW
M8 A,-GARB I,731,892
AIG ltivavnmtAp.-Remrve 561,221 570% AA 01/01/28 5.70% 561,221 561,221 BUY W.Urn Tr 561,221
FGIClmamen[Agr. Prolxr/Gp.lnL 5,091,910 563% AM 12/OI/99 5.63% 5,091,910 5,091,910 BUY Wesmm Tr 5,827,145
]PM Ins Servne Trtavry Money Market 14,844 variable MA open 4.27% 14344 14,844 BUY Weaem Tr 14,740
1998 AI[pon PFC 5,66],9]5
Gfi 0 0 0 BNYWerem Tr O
AIG lmcnnen[Agr-Rxna 849,72, SJO96 MA OI/01/28 5.70% 849,728 849,728 BUY Wenum Tr 349,728
FDIC 1-uren,'A,-Prolecr/Gp.1., 7,081,251 5.63% MA 12/01/99 563% 7,051,281 7,081,281 BNYWarem Tr 5,292,738
]PM WL Service Treuury Money Market 76,104 vanaw. AM open 4.25% 76,104 76,104 BUY Western Tr 75,065
US Treaury BAh 209,609 435% AAA 12/09/99 4.37% 2.9,609 209,505 BUY Werom Tr 104,714
B,216,]22
1998 Multlpk Gpiol wunourer
IPM IVL Sevke Treasury Mazy Market 301,))0 varablc AM open 4.28% 301,770 301,770 BUY Warun Tr 3B2,573
301,770
1990 Auctioneer Oh"Ia 155 AeB
Mlarone Trevury Odlgad- 294,648 variable AM open 452% 294,648 294,64B SNYWVtem Tr 292,557
294,648
1990 Aunrmnc OLOVa 158
Mark New York Gsh Reserve 273,771 273,M 273,]]I BUY W-rin Tr 279,200
273,]]1
Leue-Flre Tracks
Rn,AmMon T-a.,Obllgdon Ng261 4.40% AM open 4M% 740,261 740,261 US Bank 1,105,553
740,261
Lease-Pon.Grs
Fl¢c AmMon Treamry Obligation 42,315 4.40% qqA open 440% 42315 42,315 1I58ank 717,674
42,315
Lease T2K
Flrs[Amenon Tresury ObBpuon 539,3]] 440% AM open 4A0% 539377 539,377 US Bank 759,329
539,377
Torah 5 25,383,797 5 28,403,754 5 32,474,124
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
6/29/99 MAY 31, 1999
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days 40.00% 85.00% 58.74%
1 year to 3 years 0.00% 40.00% 17.69%
3 years to 5 years 0.00% 30.00% 22.27%
over 5 years N/A N/A 1.30%
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% 11.80%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 40.00% 31.45%
Mortgage Pass Thru's N/A 10.00% 0.00%