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Home My WebLink About11/15/2000 - STAFF REPORTS (18) DATE: October 30, 2000 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of September 30, 2000 Attached is the Treasurer's Investment Report as of September 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 502 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 02'Of treasrep CITY OF PALM SPRINGS 10/30/00 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS SEPTEMBER 30, 2000 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -712,038 State Pool 17,790,000 $17,077,962 47.95% Short Term Investments ( 1 year or less) Time Deposit 250,000 Corporate Notes 499,290 U.S. Gov't Agencies 1,000,000 1,749,290 4.91% Medium Term Investments (1 year to 3 years) U.S. Gov't Agencies 5,998,750 Corporate Notes 2,995,110 8,993,860 2525% Long Term Investments U.S.Gov't Agencies 7,798,594 7,798,594 21.89% Total Invested Cash $35,619,706 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. �t,¢z ned"s, TREASURER'S MONTHLY REPORT 101101M DETAIL OF INVESTMENTS SEPTEMBER 30, 2000 ConpOn YmId AdJmted (memo only) Paw Qn Pa Value Rate Ron, Maturity to Mamriry Cost Basis Category Total Market Value Source Market VaWe Ce Call D osda Checking-BaN_of Auction -712,038 variable AAA open 5WTa S -712,039 S S -712,038 776,272 Local Agency Invest Food(L Ho 1],]90,0)0 viamble N/A open 650% 1],]9Q000 P/,79Q000 LAIF 232W," 17,077,962 Short Term mveamcnts (1 year or laid) Time Deposit Palm Stomp Savings Bald: 250,000 583% AAA 11/04/00 5.83% 250,000 250,000 P.S.Savings 250,000 Corporate Nines Ford 500,000 6.257, A21A+ 11/08/00 6.29% 499,290 499,697 BNY Western Tr 498,430 US Gov't Agenry Secwides Federal National Mortgage Assn 1,000,00) 5.43% N/A 03/29/01 5435a 1,000,000 994,760 BNY Westem Tr 990,040 1,749,254) Medium Term Invesoemad, (I year to 3 years) US Gov t Agency Seconac, Federal Home Loan Bank I,O0Q000 7.05% N/A 11/09/01 705% I'"'000 l'"'ll0o BNYWesrem 998,125 Federal Home Loan Bank 2,000,000 5.40% N/A 02/12/02 5.42% 1,998750 1,991,25o BNY Weslem Tr 1,954,375 Federal Farm Credit Baia: 1,000,000 5.50% N/A 031261OZ 550% l'ooll,o00 996,210 BNY Western Tv 9]],344 Federal Home Levi Bank 1,000,000 7.00% N/A 05/03/02 7.00% 1,M,M I,M,625 BNY Western 997,187 Fail eml Nat'l MorLage Assn 1000,000 6.22% N/A 04/10/03 622% 1,W0,000 999,070 BNY Western Tr 977,170 Cio,tame,Notes International Lease Finance Corp 2,0 'Wo 540% Al 01/21/01 543% 1,998,660 1,969,680 BNY Wes¢tn Tr 1,947,020 Bear Steams Co.,Inc I,OOd,oOo 6135d A21A+ 02/01/03 6 21% 996,450 979,890 BNY Western Tr 963,870 8,993,860 Long Tenn Invcsonced (3 years to 5 years) U.S.Gov't Agency Securities Federal Home Loan Mortgage Assn 1,000,000 6W% N/A 01/05/04 600% 1,000,000 978,439 BNY Western Tr 964,687 Federal No,1.MorLage Assn. 2,500,000 575% N/A 02/03/04 575% 2500,000 2433200 BNY Western Tr 2,393,250 Federal home Loan Mortgage Assn 2,000,000 613% N/A 03/17/04 613% 2,000,000 1,959,375 BNY Western Tr 1931250 _ Federal Nat'l.Mortgage Assn. 1,0d0,000 5 94, N/A 03/29/04 5 94% 1 000,000 976,600 BNY Western Tr 960,770 Federal Home Loan Bank Son,odo ]W% N/A 09/15/04 ]00% 800,o0o 794,250 BNY Western Tr ]8],000 Financing Corporation(FICO) 50g000 9 80% N/A 04/06/18 9 80% 499,594 637,240 NationaBark 633,750 7,798,594 Total Invesled Cash S 35,619 906 S 35,49]536 42,290,540 treasrep TREASURER'S MONTHLY REPORT 10/30/00 MISCELLANEOUS AND TRUST ACCOUNTS SEPTEMBER 30, 2000 Yield Adjusted Par Value Coupon Raung Maturity to Maturity Cost Basis Category Total Total Invested Cash 35,619,706 35,619,706 $ 35,619,706 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 12,186 N/A N/A open none 12,186 Trust&Agency-Bank of America 568,667 N/A N/A open none 568,667 1911 Assessment Funds-Bank of America 634 N/A N/A open none 634 Rehab Loans(CDBG)-Washington Mutual 54,161 variable N/A open 1.49% 54,161 Downpymt.Asst.(Housing Fund)-Washington Mutual 32,296 variable N/A open 1 49% 32,296 670,594 Deposits Held In Trus[ Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 53,267 6.06% N/A 2112/O1 6.06% 53,267 Downey S&L(Cohen,Mark) 13,867 5.45% N/A 10/24/00 5A5% 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 $ 36,392,497 E E E - 0 E E \ - \ ) \ \ ] \ } \} �� TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 10/30/00 SEPTEMBER 30, 2000 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $18,827,252 1 year to 3 years 0.00% 50.00% 25.25% 3 years to 5 years 0.00% 30.00% 20.49% over 5 years N/A N/A 1.40% 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% 9.81% Money Market Mutual Funds N/A 10.00% 0.00% .� U.S. Government Agencies N/A 50.00% 41.54% Mortgage Pass Thru's N/A 10.00% 0.00%