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Home My WebLink About9/20/2000 - STAFF REPORTS (19) �f J DATE: August 30,2000 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of July 31, 2000 Attached is the Treasurer's Investment Report as of July 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, 9.80) 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 is 451 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. Kant Treasurer treasrep CITY OF PALM SPRINGS 8/30100 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JULY 31, 2000 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 454,830 State Pool 23,190,000 $23,644,830 56.05% Short Investments ( 1 yTermear or less) Time Deposit 250,000 Corporate Notes 499,290 U.S.Gov't Agencies 2,000,000 2,749,290 6 52% Medium Term Investments ( 1 year to 3 years) U.S Gov't Agencies 4,998,750 Corporate Notes 2,995,110 7,993,860 18.95% Long Term Investments U.S. Gov't Agencies 7,798,594 7,798,594 18.49% Total Invested Cash $42,186,574 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. 9aarep TREASURER'S MONTHLY REPORT SI30IW DETAIL OF INVESTMENTS JULY 31, 2000 Coupon Y,cld Adlusual (Merno only) Mee Q. Par Valuc Ram Rating Mamnty c,Mamnty Cost Basls Camgory Tend Market Value SOur¢ Market Valuc On Call De oana Checking-Bank of America 454.830 varjffik AAA open 572% $ 454,830 5 $ 454,830 776,272 Local Agency lnvat FuM(LAIF) 23,190,0W v.kle NIA open 644% 23,IW.M 23,IW,OW LAIF 23,2%." 23,644,830 Shari Term lnvcsvnents l ear Or Ies3 Time Deposit Palm Sprmgs Savings Bank 250,0W 583% AAA 111NIW 5.83% 250,W0 250,0W PS Savings 250,W0 Corporals NOms Ford 5W,000 6.25% A2A+ IINS/W 6.29% 499,290 499,50 BNY Westc.Tr 498,430 U.S.Gov't Agency Secunties Fdervl He.loan Barlk I,WO,OW 7M5% N/A 11/09N1 Z05% 1,0W,0W 998,437 BNYWestem 998,115 Federal NaOonal Morgage Assn 1,"," 5.43% N/A M9101 543% I,000,WO 991,IW BNY Wes.Tr M,W 2,]49,290 Mdmm Term Investrnents _ year m3 e U.S.Gov't Agency Seeunties Fdml HOme loan Bank 2,O0,0O 5.W% NIA 02/12/02 5A2% 1,998,750 1,956,875 BNY Western Tr 1,954,375 Fdml Farm CrdR Barlk I'm," 5 50% N/A OWN 5 50% 1,"," W4,940 BNY Western Tr M,344 Federal Home loan Bank I,I%xy, T.W% MA 05N3/02 ].W% Ip00,000 99],5W BNY Wcsuen 99),18] Fdttal Nafl Mortgage Assn 1,"," 6.22% N/A N110/03 622% I,M,M 928,5W BNY Western Tr 9TI,170 Cnrp..Notes Inm.auoral Waz=Finance Corp. 2,000,OW 5W% AI 0172/02 543% 1,998,60 1,937,780 BNY Western Tr 1,947,020 Bear Steams Co.,Inc. I,000,OW 613% A2A+ 02/01/03 6.21% 996,450 967,9W BNY Warn Tr 963,870 ],993,8W Long Term Invesvnmr 3 ears to 5 qrs) US Gov't Agency S.,,U. Federal Home Loan Morgage Assn 1,W0,000 6W% N/A 01105IN 6W% I,WO,OW 966,975 BNY Won—Tr 964,687 Federal Nat 1.Morgage Assn 2,5W,WO 575% N/A 02M3/04 575% 2,500,W0 2,902,6W BNY Wes..Tr 2,393,250 Federal H.Loan Morn,,e Assn. 2,W0,000 6.13% N/A 031170 &13% 2,"." 1,935,625 BNY Western Tr 1.931,250 Fded N.1%Morgage Assn I,OxI,om 5.94% N/A 0329/W 5.%% 11OOg0M 963,920 BNY Wale.Tr 9W,T10 Federal Home Wan Bank SW,WO J.W% N/A 09/15W 2.W% 8W,000 282,750 BNY Western Tr ]8],1100 Financing Corporation(FICO) 5W,OW 980% N/A 04/06/18 9.80% 498,594 633,750 Nati...Back 633,750 ],]98 594 TOnl lnwbd Cazh 5 42,186,574 S 41,887,N7 42,29Q540 neasrep TREASURER'S MONTHLY REPORT 8/30/00 MISCELLANEOUS AND TRUST ACCOUNTS JULY 31, 2000 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash 42,186,574 42,196,574 $ 42,186,574 Miscellaneous Accounts Petry Cash 2,912 N/A N/A open none 2,912 Revolving Fund-Bank of America 410 N/A N/A open none 410 Trust&Agency-Bank of America 555,626 N/A N/A open none 555,626 1911 Assessment Funds-Bank of America 634 N/A N/A open none 634 Rehab Loans(CDBG)-Washington Mutual 53,545 variable N/A open 1 49% 53,545 Downpymt.Asst.(Housing Fund)-Washington Mutual 32,175 variable N/A open 1.49% 32,175 645,302 Deposits Held In Trust Time Deposit (FDIC Insured) Downey S&L(Cat Cyn Country Club) 53,267 6 06% N/A 2/12101 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/O1 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 $ 42,934,072 �-•Re TREASURER'S MONTHLY REPORT p3/]omo BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS IULY 31,2000 Cvapon Ym1Y Atll B"ll (memo YIIA pnm(!a Aa Valuc Bne 14uvg Mawnty in Mvumy Cvvl Beau avgory Tuul Marko Valuc So^rte Maeket Valm va m...INaevr lfave Cuh s6,Wf SNYW—Tr 1 IFM Im15em¢Twury Momy MIA,[ 111617 v anabk AAAI..opcn S6 If161] If161] Bwwu h B]m33 VS Twwy Noe I.]59.29] 625S AAA pl/]INZ blpf I,]s9=91 1L.". BNY Wnum Tr Il43.437 1.595.Ep2 1931/19i]Canwmiov Umer CUA I kNY Wcucm Tr 1 RPM Iml 5—T,Mutty Maha S,K9 aaubY AM oR^ 5MIR 2K9 1M9 BNYW —T, 2,458 AlG 1—.NvM1mcm 4"I'HM v6WE MA II/11I 661R f,WC., 6WS.515 INYw--, f,W1.N5 k.1p1.p15 AJE Slryvn Cuh 92753 92.1s] 92,753 INYWuvm Tl I42,819 IIM Wrt ServveTwury Morcy Mahv 322,565 rwble AMopen I A 233,565 33,555 ANY Wuvm Tl s5p,3p9 SaYeluedc MY—Ay. I,Nt,60p ).NS AM pIN112 ]W% 1,]M,dp I,3pt,fU3 SNYW—Tr P3.918 1591 am,e-xman,g CAMP Morcy Mahn 559,6N vwbk AM vRo p3L 559,6A'1 559,690 CAMP 5%,611 1W Am—Twury D6li&tiov 5]161J SODS MA oRn fW£ 5]I61J 511,613 VSiaok llp 1991 Senu A t A IPM I.l.-Tmaory Morcy MI., 617,I50 "A01e AMuRn WA. W7,130 637,130 BNYW—Te MAIM TMG Iv+onrvx lmtamem Ay I..N35 6AI. M .1W117 68fR A"915 %'..Ill ANYWcucm Tr I,11Y1,9J5 - 3,3f3,165 RK MUWpk Copivl FaWNu pnlea IPM 1-5ervre Twury M—Y M.A. 3.Sµ vaambk AAA open 5.1 3,EYf 1.. ANY Wuvm Tr ]_]9 AMBAC Imxsmem Agammem I.13p.6W 6.0 M p 11, Gip% 1.)30.0.tl 1,]3p,MO BNYW—mTl 1.... 1935 AvpoM1 GARO Cab ns us z55 SNYw— AIG 551t21 56]S AM pllpll3g 59]E 561=1 S61.111 BNY W—Tr 561.)L FGIL Iwuwam Ay-pmlaYUp lm SW,Jf9 5635 AM ILOIA9 56I5 EW,]f9 M.349 BNYWA—Tr i013p) IPM lvn servos Trtuury Morcy Mahn 13A79 vwb% AAA oleo 55O% U,IN 13,179 ANYW—mTa 13.15p µ9.1 1591 Au1vM1 plC Gah NS N5 NS BNYwuvm AIG IovuMem Ay-Reserve µ9,EU 5]pS AM pllpl/21 5]p% µ9,]•J M9,]tf SNY.III—Tl ."a IPM 1-s—Twmy Morcy MIA" I13. —Al, AM oRo sNS 1]S.Isp IJI, SNYW...1Y JS],ll3 MS.]D ]99f MUWpk Gpml Waxw¢r M'.hm Scrvve iveory Morcy Mahu I... vwble MA In 59p'b JpS.EN 3p5,EM BNYW—T, 3W,M3 p5 EN 1891 Muamea Duvq I55 A6S - Ge0 1,6]0 1.63p L. BNYWuvm Tr I63p IPM lm scrvve Trtaaory Morcy Mahn z91,W1 owe AAAopen SYII'b 291.W1 291.M1 BNYW--IY 3910i1 MIIUWrcTmaryGbbgatiov I.J. vaw61e AAA opev 610.E 5.156 S,IH ANY Wuum Tc 3,191 19N Aawmem DiNq 151 297 g+3 .IA of Neu'Yah CIA.—I y],2W SA3,Sp1 z1],301 MY.—Tr 2K,.z ba-Fuc Trvcka Frm Ammvao Twury 0Mpt— JII 11p% MA upn 6. 3II 311 US BrW 187 lase-lolke Urs 3 1 Fim MI—m Tauaury Obhytiov 3sf 4 AM opev 5 SV R 259 259 US BaN I I I leass-YSK Fun..AA.1,ObLMuw l]b,3N 41*% AM open 6WY 1]5 1]6.3W US GaN ,05] Iuae-I-T—b&Rnmein Velucp 1]6,n Fun Amewo Twury Obhyuoo ],ITS gb% 6WY oRn t.l]] USiaok I.J. FURO Gwc�ev Morcy MINI, 6]S,]]2 I.-MI AM qen 6J5.]JS 6J 1,112 5,]]2 WeW Flrgo Fbi,196 µ2 w .A S 16,61] 5 I63W912 5 16,6176)1 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 08/30/00 JULY 31, 2000 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $26,394,120 1 year to 3 years 0.00% 50.00% 18.95% 3 years to 5 years 0.00% 30.00% 17.30% over 5 years N/A N/A 1.19% 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% 8.28% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 35.08%