HomeMy WebLinkAbout9/6/2000 - STAFF REPORTS (28) DATE: July 28, 2000
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer' s Investment Report as of June 30, 2000
Attached is the Treasurer' s Investment Report as of June 30, 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 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 is 460 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
� � A
treasrep CITY OF PALM SPRINGS
7/27/00 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JUNE 30, 2000
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 776,272
State Pool 23,290,000 $24,066,272 56.48%
Short Term Investments
(1 year or less)
Time Deposit 250,000
Corporate Notes 499,290
U.S. Gov't Agencies 2,00Q000 2,749,290 645%
Medium Term Investments
(1 year to 3 years)
U.S. Gov't Agencies 4,998,750
Corporate Notes 2,995,110 7,993,860 18.76%
Long Term Investments
U S. Gov't Agencies 7,798,594 7,798,594 18 30%
Total Invested Cash $42,608,016 100 00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
aeasren TREASURER'S MONTHLY REPORT
227100 DETAIL OF INVESTMENTS
JUNE 30, 2000
coupon Yield Ad cfed (memo only) Poor Go-
per Value Ram Ronng Mammy to Mmuvty Cost Base Camgory Tola1 Market VaWe Source Market Value
On Call Deposits
Checking-Bank of Amersa 776222 vulabl, AAA open 5.87% S 906272 S $ 776,272 -322,819
Local Agency Invest Fund(LAIF) 23,290," variable N/A open 6.35% 23,290,000 23,29 ,M LAIF ;6,59 .000
24,066,272
Short erni IovcmnenLs
(1 yc.or less)
Time Deposit
Palm Springs Savings Bank 250,000 5 83% AAA 11/04/00 5.93% 250,000 250,000 P S Savings 250,000
C.'erare Nams
Fred 5Gg000 6257v A2A+ 11/09/00 629% 499290 498,430 BNY Waste.Tr 492,660
U.S.Gov't Agency Second,,
Federal Home Loan Bank 1,000,000 205% N/A 11/09/01 205% I'm," 998,125 BNY Western
Federal Neg.mal Margot,Assn I,WO,WO 5 43% N/A 03/29/01 543% l'"'o00 990,040 BNY Wasters Tr 982,90(f
2,249 2W
Medmm Term Iao,tom ents
(1 ear to 3 t.,)
U S Gov't Agency Secmmes
Federal Home Loan Bank 2,000,000 5407s N/A 02/12/02 5.427S 1,998,750 1,954,375 BNY Western Tr 1,945625
Federal Farm Cron Bank I000,000 5,50% N/A 0326/02 550% 1,W0,000 922,344 BNY Wasmm Tr 972,990
Federal Home Loan Bank 1,000,000 700% N/A 05/03/02 7WTa I,W0,000 997,187 BNYWestem
Federal Nat'L Mortgage Assn 1,000,000 6229 N/A 04/I0/03 622% 1,000,W0 977,170 BNY Western Tr 975,420
Corporal,Notes
Inmrnanonal Lease Flamm,Corp. 2",00(1 5 40% Al 01122/02 5.43% 1,998,660 1,947,020 BNY Wesmm Tr 1,935,180
Bear Seams Co,le, 1000,000 6.131 A2A+ 02/01/03 6.21% 996,450 963,870 BNY Wesmre Tr 960,970
7,993,90
Long Term lovesimenr
(3 ears m 5 years)
U.S.Gov't Agency Securoms
Federal Home Loan Mortgage Also I,000,000 600% N/A 01/05/04 600% 1,WQW0 9fi4,687 BNY Waste.Tr 960,625
Federal Nadl Mortgage Assn 2,500,000 575% N/A 02/03/04 575% 2,500,000 2,393,250 BNY Wesm,e Tr 2385,200
Federal Home Loan Mortgage As- 2,000,000 613% N/A 03I7104 613% 2,000,000 1,931250 BNY Wasmm Tr 1,925,000
Federal Nafl Mortgage Assn Ip00,000 5.947. N/A 03/29/04 594% 1,000,000 90.770 BNY Wesmm Tr 957,730
Federal Home Loan Bank Sogi ZW% N/A 09/15/04 700% 800,000 787000 BNY Western Tr 785,750
Forcordg Corpormma(FICO) 500,000 9.80% N/A 04106/I8 980% 498,594 633,750 NadonsBank 649jW
7,798,594
Tout Invested Cash
5 42,606,016 S 42,250,540 32 456 331
treasrep TREASURER'S MONTHLY REPORT
7/27/00 MISCELLANEOUS AND TRUST ACCOUNTS
JUNE 30, 2000
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash 42,608,016 42,608,016
$ 42,608,016
Miscellaneous Accounts
Petty Cash 2,912 N/A N/A open none 2,912
Revolving Fund-Bank of America 12,221 N/A N/A open none 12,221
Trust&Agency-Bank of America 515,587 N/A N/A open none 515,587
1911 Assessment Funds-Bank of America 634 N/A N/A open none 634
Rehab Loans(CDBG)-Washington Mutual 53,305 variable N/A open 1.4991 53,305
Downpymt.Asst.(Housing
Fund)-Washington Mutual 32,175 variable N/A open 1.49% 32,175
616,834
Deposits Held In Trust -
Time Deposits
(FDIC Insured)
Downey S&L(Cat Cyn Country Club) 53,267 6.06% N/A 2/12/01 6.06% 53,267
Downey S&L(Cohen,Mark) 13,867 5 45% N/A 10/24/00 5 45% 13,867
Downey S&L(Donovan Bequest) 15,717 5.45% N/A 10/21/00 5.45% 15,717
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) 15,175 5.77% N/A 6/24/01 4 88% 15,175
102,197
Total Cash Deposited
$ 43,327,047
n=a•m TREASURER'S MONTHLY REPORT
wmm BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
TUNE 30,2000
Caaran v¢w AOlus cm-amrl Pnm mr
Par Vala= It- RIIInE Mammy to Mamnly Coal Hams Caleyory soul ."1U.VJUe Suurcc Markn Vzlae
1909 Wasmwaur/MasNr ls.c
Cuh I 1 1 BNY Wesum Tr 1
IPM Nst Servv<Treasury Muncy Mark=l Um]83 vanahlc AAA
58
U.S.T,-,Nom 1]59=9] 625% qM open I 15 IBOpd] I80,]A3 ➢NY Wmmm Tr I]0,01/31/p] p% 1,]$9,29] 1.]gJ,13] BNY Wuum Tr 1,]40,70]p]
1,940,001
191111997 C.-....Cenur
Cash 1 1 I BNY W-m Tr 1
IPM$si A--Treasury M-YMa6ei _456 variable AAA oven 615 3,456 1,<50 BUY Wcsrem Tr 435p
nvts AIG Ilmenr qg,==ment <,090.5g5 668n AAA 11/1(ll 660R a Ill.595 4,090,593 HNY Wesum Tr 9,090,5g5
pl,pp
19T_AiTOM1
ca 142S11 1,2,S19 112,M1 BNY\Vesum Tr IOp,554
IPM Imt S11U.T-, Markel 550,30, v..able AAA orcn 5.95n ",,"09 11p," HUY\V-.e Tr J4q,I,I
Bay-sche l.vemmant AW 1_0],6W 7W5 AAA p11`)1]2 ]m% 1307,6W 1_7.. BUY WeSIern Tr I.n".
JO
19915enesB-H.uein0
CAMP Money Mvkn 556,638 vanable AAA oreo 1pU5 556,638 556,6J0 CAMP 548.186
Fin,Amens.Treanry 064gauo. 230 1.% qAA oven .0 US Bank i]
1994 Sea A&H 556,01e
IPM Wt Sen'mc T-ury M,Markx( 601,670 amble AAA open 595% 684,672 6lll,172 BUY M'.-M'.-Tr 1,2P0,3
TMG Wumnce lmesMenl Agt 1,]0],9]5 6&5 qp p9/Ol/1] 604% 1,]W,935 1,7.]W,9I5 HNY Wesum Tr 1,]pJ,93535
]385,60]
1996 Multiple Cap-I Fanhues Pmlen
IPMI ,S--T-ss Money M,l,e, 3_79 ..able qM ore. 5.95% 3,279 3379 BUY Weslem Tr 1 OL6,520
AMBAC M--. 1,73p,Wp 6.SOR AA 04/pl17 6.4p% 1.73 p,0.'k] 1,]30,0.'\] BNY WenemR I.13 p,WJ
l.]33 2]9
1990 A,-GARB
AlG lnvesMent Agr.-Reserve 561,221 113% AAA WMI128 SW% 561 I 561221 EYY Wesum Tr 5fi1=nI
FGIC Inveslmcm A,-ProlecdCap Mt 406,Sp] 563% AAA UIllIl99 5635 gO8,5p3 401,5W BUY Wn-Tr 06,7IJ
IPM huv Servlre Treulry Mp.cy Writ 83<50 -able AAA .ren 595% 03A1p 63,45p BNY Wesum Tr 20BIN
O11.171
19""-PPC
1G hl-ls enl Agr-Rc¢rve g49,730 11.% AAA 0lMin8 510% 849,734 04%, l BUY WnIl-Tr 049,11d
HIM Irm Servme T-,Marcy Markn 453.M8 vana14 AAA .ren 594£ 453,2)0 q$I,J30 BNY Wenem Tr 591,014
1,102.961
1998 Muluple Caplul WazI-Ur
IPM Im,.Servme T,e M.,I,U'. 301,812 vanable AAA open 595% ]03,842 303,842 BUY W-m it 45],II] -
03,092
1990 Asswnent O�slnc[I35 A&E
Cash l"n I,6M0 1,630 ➢NY W.-Tr I,00
HIM Imt Servme Treaury Money MarFm 391JUI vanable AAA .rsn 1.95% ]91441 2",.1 BNY Wesum Tr 291,p41
Mtleel.ne treasury GhhSaY.n 1p94 vanable AAA oprn Sm% S.7N ].]94 BUY Wesum Tr n
296,165
I9W Asseum=m D-m 150
BaM or Ncw Yurk Cash Reserve 282326 202326 202,126 ENY Wem-Tr 27AAIl
282,116
tram-Fue T-e
Frn Ammran Trtssury Ob➢ga... 207 44()% AAA open 6Wn 28] 207 US 13rt. ]84
]B]
Luz.-Pohce Cam
FralA --Trcaz.ry OhliS men IU 1,.% AAAnpcn 5)U% III Ill US Bank 21'.
Wells FarS.Gavcr-1 Money Markn Fu.J 0 vmmble AAA Oren 0 p \VdI�F.rS. 0
Iusa-YI_R I
Fmsl Tl-,O6LfaYon 115,45J 440% AAA open 5.% 175,111 175.453 US IN 2W,140
1]5453
lease-Fre 1m0.,S Poewea¢Vdntle
Full Ameman T-.,OhliF+uun ],I 140% AAA open Sm£ 7,144 I"'Il US BaM 576354
Wells ll,1.G.vcnunenl Money Marko, 664,196 vanable AAA .ren 664,196 M1,196 Wc11,FI,
6]1340
Toulz 5 16,1A3.111 S 16,fi0].6]I 1 18391Z.676
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
07/27/00 JUNE 30, 2000
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $26,815,562
1 year to 3 years 0.00% 50.00% 18.76%
3 years to 5 years 0.00% 30.00% 17.13%
over 5 years N/A N/A 1.17%
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% 8.20%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 34.73%