HomeMy WebLinkAbout1/3/2001 - STAFF REPORTS (11) DATE: December 29, 2000
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of November 30, 2000
Attached is the Treasurers Investment Report as of November 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 516 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
12/22/00 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
NOVEMBER 30, 2000
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 266,949
State Pool 15,790,000 $16,056,949 47.09%
Short Term Investments
(1 year or less)
Time Deposit 250,000
Corporate Notes 0
U.S. Gov't Agencies 1,000,000 1,250,000 3.67%
Medium Temp Investments
(1 year to 3 years)
U.S.Gov't Agencies 5,999,750
Corporate Notes 2,995,110 8,993,860 26.38%
Long Term Investments
U.S. Gov't Agencies 7,798,594 7,798,594 22.87%
Toml Invested Cash $34,099,403 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
mat'rep TREASURER'S MONTHLY REPORT
12122100 DETAIL OF INVESTMENTS
NOVEMBER 30, 2000
Coupon Yield Adlnsled (memo only) Prior Qn
Par Value Ram kadng Meteor, mMamrity Cast➢asis Category Total Market Value Source Market Value
On Call De osmv
Checking-Bark-of America 266,949 variable AAA open 6A0% S 266,949 5 $ 266,949 -712,038
Local Agency Invest Fond(LAIF) I5,790,0W vmiable N/A open 6.54% 15,990,000 15,790,000 LAIF 17,090,"
16,056,949
Short Term lnveamoors
or less)
Tome Deposit
Palm Springs Savmgs Ban: 250,000 6W% AAA 11107101 677% 250,000 250,000 P.S.Savings 250,"
Corporate Notes
Ford 500,000 6.25% A2A+ 11108/00 6.29% 0 0 BNY Weslem Tr 499,687
U.S.Gov't Agency S[Cmihes
Federal National Mortgage Assn I,M," 543% N/A 03/29[01 543% I,Op0,000 996,730 BNY Western Tr 994,70
Federal Home Loan Bank L000,oaa 705% NIA 11/09101 705% 0 0 BNY Western Tr I,OW,000
250,M
McJmm Term Investmen¢
(1 year[a 3 yems)
US Gov'[Agency Secnndes
Federal Home Lomr Ban: 2,000,Oo0 50% N/A 02/12/02 5.42% 1,998,750 1,978,750 BNY Western Tr 1,971,250
Federal Farm Credit Bank 11000,000 550% N/A 03/26102 5.50% L000,000 991,010 BNY Western Tr 996,210
Fedcrn Home Loan Bank L"now ]00% N/A 05/03/02 ]W% 1,m," LW1,250 BNY Western Tr L000,625
Federal Nut'I Mongage Assn. L"'000 622% N/A 04/10/03 622% ljmL oo W4,390 BNY Western Tr 989,070
Federal Nw'l Mongage Assn, Low," A85% N/A 11/13/03 685% L"'ooc L000,312 BNY Wesmm Tr 0
Co,mme Notes
Imemanonal Lease Finance Corp 2,0O,0o0 540% AI 01/22/02 543% 1,998,660 1,974,580 BNY WeHera Tr 1,968,680
Bear Stearns Co,Inc 1.0001000 613% A'A+ 02/01/03 621% 996,450 981,670 BNY Western Tr 979,g90
8,993,860
Lang Term Invesmrem
(3 years l0 5 years)
U.S.Gov't Agency Securities
Federal Home Loan Mongage Assn 1,000,o00 6 W% NIA 01/05/04 6 W% I'md oct 985,312 BNY Western Tr 978,439
Federal Nat'[ Mongage A,. 2,SOO,o00 575% N/A 02/03/04 595% 2,500,000 2,459,475 BNY Western Tr 2,433,700
Federal Home Loan Mongage Assn 2,000,000 613% N/A 03/17/04 613% 2,000,000 1,972500 ANY Western Tr 1,959,375
Federal Nat'l.Mortgage Assn 1,000,000 5 94% N/A 03/19/04 5 94% Lwo,000 986,540 BNY Western Tr 906,600
Federn Home Loan Ban: 800,000 700% N/A 09/15/04 700% 8ogo00 797,50 BNY Western Tr 794,250
Fmrro,,Corporaaon(FICO) 500,000 980% N/A 04/06/18 9MV, 498,594 639,452 Na6amBauk 637,240
Toal Invested Cash 7,798,594
$ 34,099,403 S 34,066,420 35 497,736
neasrep TREASURER'S MONTHLY REPORT
12/22/00 MISCELLANEOUS AND TRUST ACCOUNTS
NOVEMBER 30, 2000
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash 34,099,403 34,099,403
$ 34,099,403
Miscellaneous Accounts
Petty Cash 2,650 N/A N/A open none 2,650
Revolving Fund-Bank of America 9,382 N/A N/A open none 9,382
Trust&Agency-Bank of America 643,128 N/A N/A open none 643,128
1911 Assessment Funds-Bank of America 1,038 N/A N/A open none 1,038
Rehab Loans(CDBG)-Washington Mumal 54,879 variable N/A open 1.49% 54,879
Downpymt.Asst.(Housing
Fund)-Washingion Mutual 32,296 variable N/A open 1.49% 32,296
743,373
Deposits Held In Tmst
Time Deposits
(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) 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/O1 5.25% 4,171
PS Savings Bank(Coyote Springs Apt) 15,175 5.777.f N/A 6/24/O1 5 77% 15,175
103,257
Toml Cash Deposited $ 34,946,033
--p TREASURER'S MONTHLY REPORT
mmw BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
NOVEMBER 30,2000
Coupon l]eltl ABPunfi (me nuvlyj Prier Qv
Fr Value Rme Rame Alawnty wM+mnty Cmt Buux Cxgnry Tit+l hUtket Value Soum A1+hu Value
1989 Was¢wmcdAlas�rl�mc
Cssh p BNY WOI[m Tx p
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V.S imasvry Nole 1,]59,39] 635x MA 01/]1/0] 63'b I]59,39] 1,]59,T_ 8NY\Vesle—h 1.]SI,C99
9911193]Convevuon CeN+ ���
Cvr4 1 1 BNYWar mTl 1
RM InvL Serviu Trtasury Morcy Afshri 5,601 vartohla AAA open 6pi2 8,541 5.141 BNY t-T1 3A93
AIG Ivve�wvm A_cumeM 9.U98.343 660x MA 11/IRI 666,. 4090,545 9,69¢,595 BNY Wea[m Tr 9,p90,53i
5.104,16]
ryort
CVII IW.553 IW,353 IW.S] pNY.It—Tc IW.553
IPMImt Servlx T2vvry M1foney Rlathel 634.p]3 s7.'A AAA open 6Yi£ 6.'. 6]4.p3J BWW111—Tl 4169._
peYerireLelm[rYnenl ABx. I=p].YU ]OJ'b AM 01/0113] ]W^n I.L],6'JO I.A],EW BNY Wezlem Tl 1=p],LW
1.93].I86
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Full AmetvavTrtasvry ObLvauov II614 3 A+U opcv 6p]^v ➢,51, t,519 VSBavk Y,431
i 61121
1993 Senex A&B
IPM I-6ervlm T—,Money".o ' ]]I..3 vnshlc AAA opcv 603'A 111,63B PI63B UNYWenem Tr ].".
TMG In[ 1lnverlmant AAr 1.]W.935 669'A AA 09I01/0 1A,% 1.7W,935 BAY\Vezlem Tr L7...5
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IPM Ina Rrvk'itt I,I,M—y)'Mahu vasublc AAA oryv 6 % 1,991 1,991 BNY Wo¢m Ts fi31,]]9
MIBAL Ivvcxwml AFA,.- 1.]300W G402 AA 04I01I17 64090'F ]iO,CW ENY Wolamir L]30,W0
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as 110 0BNY Wexlzm
AlGlmerunempSc-Rererve 561,±31 65 AAA 3
6 561$t1 16�.271 T "L221
FCmpFl-P,OCep nl 2005 161^ AAA I101I9 a ]I0,0]5 2MX5 WecmTx A1 8
R11IVL Service Tresrury Money hLhel 63,385 vnmhL AAA open 605'L 85J➢5 85.385 BNY\Vexlw Tt 84.574
956.681
1998 Aupnn PFC
Cvxh 0 BNY W—m
AlG lvvuwcm A_m-R[scrve 849.128 5 m AAA 01/01/38 5]0'i 039,]]8 .11 7N NYWmmmh 849.P_e
IPFJ LuI Semce TrtazwJ M1Joney MaM1 4%11] —We AAA open 66vl 9603IB 960,7ID BNY Werlem Tl 317,518
1]I�SJe
I998 AInWple Gplul Wsslewolet
NM Iaa Servl[e Tnarury Alovcy Muku 10,579 vamblc MA epn fi05'b 3p3,579 30,>r9 BNYWUI[m Tc 363,343
301,5]9
1998 Asscssmcm Oulml li5 A&B
Cssh p p BNY WeNum Tr 0
JPM IIut Sarvl¢Trt+mryM1lopey M1imhel 9aC_ ....blc AAA open 1 051 295.5. 395.538 BNY4 —Tr 39],]L
Af@vmve T—,ODL!'umv D vamblc AM opcv AioG 0 0 .NY W[um Tc 0
9i 52Y
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Balu of New Ynh Casb Peserve ±BL.IIi± 386,55] ]1fi3O]3 BNY Wcnw Tr .5,019
386,853
L—,e T U
Fmt Ammevv Tealury ObLmuvv 340 440 AM\ open 6.1 140 US B+nk 317
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1.
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F—A -..1,Obbmvov 04.961 1 84961 115 BenF IC�]09
L[ax Tmeks&Pammn6m Vebiele
Fust'Amen[an T.ca.ury 440Z ppA vpnl 660n 6,DF fip44 US Bavk ],]49
W,I FarSO Govenunent Flvn..M1l.... 65110 nn+Lle AAA ,Pcn 65,1I. 65,81p WCIIa FetFn MIM0
]1.054
TouLt 5 ll,Ml.M 77 fip1Y/,63 1 16,1B1.931
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
12/22/00 NOVEMBER 30, 2000
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $17,306,949
1 year to 3 years 0.00% 50.00% 26.38%
3 years to 5 years 0.00% 30.00% 21.41%
over 5 years N/A N/A 1.46%
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% 8.78%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 43.39%
Mortgage Pass Thru's N/A 10.00% 0.00%