HomeMy WebLinkAbout12/6/2000 - STAFF REPORTS (18) DATE: November 27, 2000
TO: City Council
FROM: Director of Finance &Treasurer
RE: Treasurer's Investment Report as of October 31, 2000
Attached is the Treasurer's Investment Report as of October 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, 4116/18, 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 501 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
/J14#
treasrep CITY OF PALM SPRINGS
11/27/00 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
OCTOBER 31, 2000
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 668,986
State Pool 15,290,000 $15,958,986 46.26%
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 5.07%-
Medmm Term Investments
( 1 year to 3 years)
U.S. Gov't Agencies 5,998,750
Corporate Notes 2,995,110 8,993,860 26 07%
Long Term Investments
U.S. Gov't Agencies 7,798,594 7,798,594 22,60%
Total Invested Cash $34,500,730 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
154
ne...no TREASURER'S MONTHLY REPORT
11/191W DETAIL OF INVESTMENTS
OCTOBER 31, 2000
coupon Ymld Adjusted (oreano only) Prmr QV
Par Value Ram Rating Mamrlry mMamnry Cost Basis Category Toad Market Value Source Market Value
On Call Oe tilt¢
Chucking-BaM of America 669,986 variable AAA open 6W% 5 668,996 S 9 658,986 -712,038
Lncal Agency Invest Fund(LAIF) 15,290,000 variable N/A open 651% 15,29g000 15,290," LAIF 1],]90,000
15.958,986
Shun Tenn Invnunents
(1 C or les)
Time Deposit
PAm Springs Savings Bank 250,M 5.83% AAA III04/W 583% 250," 25gW0 P.S.Savings 250,"
Cmpmate Notes
Ford 5W," 625% A2A+ 11/08/00 629% 499.290 499,950 BNY Western Tr 499,689
U.S.Gov't Agency Smunties
Federal Ns0ovl Mortgage Assn I'M," 543% N/A M9101 5.43% I,W0,000 995,670 BNY Western Tr 994,7W
I,]49,2W
Madman Term Investments
(1 year to 3 ears)
U S Gov't Agency Seeuriues
Federal Home Loan Back iTiont00 7.05% NIA 11/09I01 705% 1,"," I,WO,WO BNY Wesrem I,WO,WO
Federal!lame Loan Bank 2,000,000 5.40% N/A 02/12/02 542% 1,998,750 1,9]1,8]5 BNY Wesmm Tr 1,971,250
Federal Farm Credu Bank I'M," 550% NIA 0326102 550% 1,"," 987,220 BNY WeAem Tr 986210
Feder]Home Loan Bank I'M," ].W% N/A 05/03/02 ]W% 1'"Ai00 1,000,312 BNY Wesrem I,W0,625
Federal Nat'l Mortgage Assn I,PW,OW 622% N/A 04/10/03 622% 1,00Q0W M,170 BNY W,sam To 989,070
Corparaie Notes
International Lease Finance Corp ?OogOW 540% At (Kn2/02 5.43% L998,660 1,970,140 BNY Weaem Tr 1968,680
Bear Smams Co.,Inc l'"t 0 613% A2A+ 02/01/03 6 21% 996.450 976,490 BNY Western Tr 979,SW
8,993,8W
Long Term Inve,mvern
(3 ye.a m 5 eras)
U.S Gov't Agency Securities
Fetleral Home Iran Mortgage Assn. Ip00,OW 600% N/A 01/05/04 600% 1Oo0,W0 980.M BNY Western Tr 978,437
Federal Nat'l Mortgage Assn 2,5W,W0 5755o N/A 02103/04 575% 3,5W,M 2,437,125 BNY Western Tr 2,433,7W
Federal Home Loan Mangage Assn 2,M, W 613% N/A 03/17l04 6.13% 2'"'M 1.961,875 BNY Western To 1,959.375
Federal Nafl Martgage All. 1'Al 594% N/A 03/29104 594% IOOgWO 977,650 BNY Western IT 926,6W
Federal Home Loan Bank 8m," ]W% N/A 09/15104 ]W% 80g0W 994,5W BNY Western To 794,250
` Financing Cmpomuon(FICO) 5W,000 980% N/A W106/18 980% 498,594 638,120 NmionsBank 637,240
1,798,594
Tmal Invested Cash S 34,5W,730 5 34,390,073 35.497,736
treasrep TREASURER'S MONTHLY REPORT
11/27/00 MISCELLANEOUS AND TRUST ACCOUNTS
OCTOBER 31, 2000
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash 34,500,730 34,500,730
$ 34,500,730
Miscellaneous Accounts
Petry Cash 2,650 N/A N/A open none 2,650
Revolving Fund-Bank of America 16,728 N/A N/A open none 16,728
Trust&Agency-Bank of America 570,205 N/A N/A open none 570,205
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 L49% 54,161
Downpymt.Asst.(Housing
Fund)-Washington Mutual 32,296 variable N/A open 1.49% 32,296
676,674
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) 14,324 5.35% N/A 5122/O1 5 35% 14,324
Downey S&L(Donovan Bequest) 16,320 5 35% N/A 6120/O1 5.35% 16,320
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 5.77% 15,175
103,257
Toml Cash Deposited $ 35,280,661
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„�Rp TREASURER'S MONTHLY REPORT
Ili WW BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
OCTOBER 31,2000
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AMEACIwmwem A—uccm—cn, I,l]%D..BYJ 640R AA OilU l/±] 64U'S 1.7JB WB 1.]30.. BNY WexIemT l.]311.0.T
1995 Anton GAM I,l]1➢¢_
„ BNY Wcncm 0
AIG lmerlmem Aga u_rve ] 5 632 AAA 111 I1¢ 5 9112 Sfil_±I __. BNY Wcncm Tr 561,221
PGIC I—..Ag/RP,'Cap IN _Ill,l±] 5632 IJ 1I 6Y2 2M.1]] _ "I 9NY Wc—Tr 208.118
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JPM Ivxl Scrviu'n'Morcy Mahu U8.941 va,u61: AAA op.v 605% 388,917 BNY Wes¢m Tr 31],5➢I
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1
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
11/27/00 OCTOBER 31, 2000
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $17,708,276
1 year to 3 years 0.00% 50.00% 26.07%
3 years to 5 years 0.00% 30.00% 21.16%
over 5 years N/A N/A 1.44%
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% 10.13%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 42.89%
d1 Mortgage Pass Thru's N/A 10.00% 0.00%
a