HomeMy WebLinkAbout10/18/2000 - STAFF REPORTS (22) DATE: September 29, 2000
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of August 31, 2000
Attached is the Treasurer's Investment Report as of August 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 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 488 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
9/28/00 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
AUGUST 31, 2000
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 351,887
State Pool 18,890,000 $19,241,887 50.93%
Short Term Investments
(1 year or less)
Time Deposit 250,000
Corporate Notes 499,290
U.S. Gov't Agencies 2,000,000 2,749,290 7.28%
Medium Term Investments
( 1 year to 3 years)
U.S.Gov't Agencies 4,998,750
Corporate Notes 2,995,110 7,993,860 21.16%
Long Term Investments
U.S. Gov't Agencies 7,798,594 7,798,594 20.64%
Total Invested Cash $37,783,631 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
veasrep TREASURER'S MONTHLY REPORT
9/29/00 DETAIL OF INVESTMENTS
AUGUST 31, 2000
Coupon Yield Adlus ed Gaorna only) Prior Gar
Par Value Rate Ranng Mamray 1.mamnty Cost Basis Category Total Market Value Source Monks,Voice
On Call De outs
Checking-Bank Gf Amenca 351,887 variable AAA open 590% S 351,887 S $ 351,887 ]]6,272
L 21 Agency Invest Fund(LAIF) 18,M,M variuble N/A open 6 50% 18,890,000 18,890,000 LAIF 23 290,000
19 241.997
Short Term Investmenev
(I e or less)
Time Deport
Palm Spnngs Savmgs Bank 250,000 5A3% AAA 11/04/00 5 83% 250,000 250," P.S Savings 250,000
Certiorari,Notes
Ford 500,000 6.25% MA+ 111081W 629% 499,290 499,405 BNY Wea[cm Tr 498,430
U.S.Gov't Agency Smrrhke
Fdeml Home Loan Hank I'M," 705% N/A 11/09/01 7.05% 1,000,000 999,375 BNY Wootton 998.125
Federal National Mortgage Assn I,OW,000 5.43% N/A 0329101 5.43% 1,000,000 992,70 BNY Western Tr M,m
2,]49,2W
Media.Term Invetmenu
(1 year m3 ears)
US Gov't Agency Securities
Federal Home Laan Bank 2,000,000 540% N/A 02/12/02 542% 1,998,750 1,963,750 BNY Western Tr 1,954,375
Fderal Farts Grdrt Bank 1,000,000 550% N/A 03/26/02 5.50% I,M," 981,430 BNY Western Tr 9]),344
Fderal Home Loan Bank 1,WQ000 700% N/A 05/03/02 7W% 1,000,oa, 999,375 BNYWestem 99],18]
Federal Nat'l Mortgage Assn. 1,"," 622% N/A 04/10/03 6.22% 1,000,000 994,930 BNYWeAem Tr 9]),170
Corporate Notes
In¢madonal Cease Finanoe Carp. 2,00 ,000 5.40% At 01122102 543% 1,998,660 1,961,620 BNY Was[em Tr 1,941,020
Bear Stearns Co.,Inc 1,000,000 6.13% A2A+ 02/01/03 621% 996,450 973,070 BNY Western Tr 963,870
7,993,90
Long Tenn Investment
(3 years to 5 ears)
US Gov't Agency Securities
Federal Home Loan Mortgage Assn 1,000,000 6.00% N/A 01/05/04 6W% 1,0(q,WO 972,812 BNY Western Tr 964,687
Federal Home
Mati Mot Assn 2,500,000 513% N/A 02J03/04 E13% 2,SOO,OW
2,421,375 BNY Western Tr 2,393.250
Federal Home Loan Mortgage Assn 2,000,000 fi.13% N/A 03/1]/04 6.13% 2,000,WO 1,947,500 BNY Wesmm To 1,931,250
9]],]60 BNY IVesmrn Tr 9W,]]0
Federal Nat'l M.BarAssn 1000,000 5.94% N/A 03/29/04 5.94% 1,000,000 791,250 BNY Western Tr ]8],000
Groaner Home Loan Bank 800,000 ].00% N/A 09/IS/04 ]80% 498,rado 594
Financmg Cooperation(FICO) 500,000 9.80% NIA 0410fi/18 9.80% 498,594 635,245 Nations➢ask 633,80
7,798,594
Tmal Invested Cash 5 37,793,631 S 3],58],544 42,290,540
neasrep TREASURER'S MONTHLY REPORT
9/28/00 MISCELLANEOUS AND TRUST ACCOUNTS
AUGUST 31, 2000
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash 37,783,631 37,783,631
$ 37,783,631
Miscellaneous Accounts
Petry Cash 2,650 N/A N/A open none 2,650
Revolving Fund-Bank of America 5,412 N/A N/A open none 5,412
Trust&Agency-Bank of America 574,076 N/A N/A open none 574,076
1911 Assessment Funds-Bank of America 634 N/A N/A open none r 634
Rehab Loans(CDBG)-Washington Mutual 53,923 variable N/A open 1.49% 53,923
Downpymt.Asst.(Housing
Fund)-Washington Mutual 32,175 variable N/A open 1.49% 32,175
668,870
Deposits Held In Tms[
Time Deposits
(FDIC Insured)
Downey S&L(Cat Cyn Country Club) 53,267 6.06% N/A 2/12/O1 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 T ) 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/O1 4.88% 15,175
102,197
$ 38,554,698
Total Cash Deposited
H,�rtr TREASURER'S MONTHLY REPORT
B9avw BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
AUGUST 31,2000
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Par Value Ra¢ NYny M,mnty 11 MamnlY Corl Basu Cmcgvry Toul hlmkn Veluc Svmcc MnaAn Value
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CVM1 0 0 BNY Wes¢m Te I
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Cash ±FS E85 385 BNY Wesum
AIGIUIu DNA&1-Reserve S ,M 563R AAA OI.'I 5.902 561 EE1 561�'1 BNYW—Ta 561=±1
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TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
09/28/00 AUGUST 31, 2000
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $21,991,177
1 year to 3 years 0.00% 50.00% 21.16%
3 years to 5 years 0.00% 30.00% 19.32%
over 5 years N/A N/A 1.32%
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% 9.25%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 39.16%
Mortgage Pass Thru's N/A 10.00% 0.00%