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Home My WebLink About2/7/2001 - STAFF REPORTS (22) DATE: January 29, 2001 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of December 31, 2000 Attached is the Treasurers Investment Report as of December 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 507 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 UAd treasrep CITY OF PALM SPRINGS 1/26/01 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS DECEMBER 31, 2000 On Cal]Deposits Adjusted Basis Category Total Percentage Checking Account $ -1,459,477 State Pool 16,990,000 $15,530,523 46.26% 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 3.72% Medium Term Investments ( 1 year to 3 years) U.S.Gov't Agencies 5,998,750 Corporate Notes 2,995,110 8,993,860 26.79% Long Term Investments U.S Gov't Agencies 7,798,594 7,798,594 23.23% Total Invested Cash $33,572,977 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit d ynaww vessrep TREASURER'S MONTHLY REPORT 1126101 DETAIL OF INVESTMENTS DECEMBER 31, 2000 Coupon Yield Atllusled (memo only) Prior Qtr Par Value Rate Raung Mount, tp Grany, Cost Ban, Category Total Market Value Source Marker Value On Call De oars Checking-Bank of America -1.459,471 variable AAA open 6 V% S -1459,4]] $ S -1459,4]] -712.038 Leal Agency Invest Fund(LAIF) 16,990,00) variable N/A open 6 54% 16,990,000 16,990,OW LAIF 17,790,000 15,530,523 Short Term Investments (1 yes,ar less) Time Depoal Palm Springs Sevmgs Bach 250,000 6 60% AAA 11/07/01 fill% 250,000 250,000 P S Savings 250,M Corporals Notes Ford SWIM 6.25% A2A+ HUSH 629% 0 0 BNY Wesmm Tr 499,697 ❑S Gov'I Agency Securmes Federal National Mortgage Assn I,000,M 543T, N/A 03Y29101 5A3% I,IIIII' 0 998,lw BNY Wesmm Tr 994,70 Federal Home Loan Bank I,M,M 705% N/A 11/09/01 7.05% 0 0 BNY Wesmm Tr 1,000,000 1,250,000 Medmm Term Invesonems (1 yearm3 eon) S Gov't Agency Secunnes Federal Home Loan Bank 2,M," 540% NIA 02/12/02 542% 1.998,750 1,989,375 BNY Wesmm Tr 1,971250 Federal Farm CredLL Bank 1,000,M 550% N/A 03/26/02 5501. 1,"," 997,720 BNY Western Tr 986,210 Federal Home lean Bank I'M," ]00% N/A 05/03/02 ]00% i'"to00 1,W2,500 BNY Wesern Tr I,",625 Federal Nat'l.Mortgage Assn 1,000,000 622% N/A 04/10103 622% 1,000,000 998.820 BNY Wesmm Tr 989.070 Federal Nat'l Mortgage Assn I,000,OW 685% N/A 11/13/03 685% 1,000,000 1,007,188 BNY Wesmm Tr 0 Corporate Notes Imernaumod Lease Fmmr¢Corp. 2,000,000 540% Al 0122102 543% 1,998,6W 1,985,520 BNY Wesmm Tr 1,968,680 Bear Smams Co.,Inc. 1.W," 6 13% A2A+ 02/01/03 6 21% 996,450 990,200 BNY Western Tr 979,890 8,993,860 Long Teim Investment (3 eazs to 5 ews) U S.Gov't Agency Securities Federal Home Loan Mortgage Assn 1,000,W0 6WS, N/A 01/05/04 6.c0% 1000,000 995312 BNY Western Tr 978,437 Federal Nat'l Mortgage Assn 2,50g000 575%. N/A 02/03/04 575% 2,50g000 2,480,125 BNY Weuern Tr 2,433,700 Federal Home Loan Mortgage Assn. 2,000,000 6.13% N/A 03/17/04 6137, 2,000,000 1,991,875 BNY Wesern Tr 1959,35 Federal Nat'l Mortgage Alin 1'"'" 594% N/A 03/29/04 594% 1,000,0o0 994,020 BNY Wesmm Tr 976,600 Federal Home Loan Bank 800,000 7Wip N/A 09115IN 700% 800,000 800,000 BNY Western Tr 794,250 Financing Corparauon(PICO) 50Q000 9 80% N/A 04/06/18 9.80% 498,594 641 295 Nanon,Bank 637,240 Total Inves¢tl Cazh 7,799,594 5 33,92,9A S 33,652,573 35 49],]36 heasrep TREASURER'S MONTHLY REPORT 1/26101 MISCELLANEOUS AND TRUST ACCOUNTS DECEMBER 31, 2000 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash 33,572,977 33,572,977 $ 33,572,977 Miscellaneous Accounts Petry Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 10,805 N/A N/A open none 10,805 Trust&Agency-Bank of America 652,788 N/A N/A open none 652,788 1911 Assessment Funds-Bank of America 1,038 N/A N/A open none 1,038 Rehab Loans(CDBG)-Washington Mutual 55,481 variable N/A open 1 49% 55,481 Downpymt.Asst.(Housing Fund)-Washington Mutual 32,417 variable N/A open 1.49% 32,417 755,179 Deposits Held In Tmst 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 5/22/O1 5.35% 14,324 Downey S&L(Donovan Bequest) 16,320 5.35% N/A 6/20101 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 ---------------- Total Cash Deposited $ 34,431,413 ,vfrtp TREASURER'S MONTHLY REPORT ov>a/a1 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS DECEMBER 31,2000 Coupon r.1a new.lca cm:mn nwv pin,¢,. Par Value pa¢ wg Ma,uvp IO Af<Iun1Y Con,Bexar alcgory Toul Alahcl VaWe Sovrte Marte,Value 9 waemwa,erm+ar',er .,.e 19 tIPM W,Servlre Trtaxuy M1lvvcY Aland ±q+_, U va oR'n 33 3<3 pNY VV.-Tr Itll vhle AAA 5"1 Ifl ,IBI 9NY VV--Tr 71L.1 115 Trtarury Ho¢ 1.]59.±9] 6±5'F AAA UIIJI/0± 6 5¢ 1,]5979] I,]fiq=19 BNY Wer,cm Tr I,]51,09q ' ±.W IA]tl I991/199]Covvctl,ov Qvlct Cash 1 1 9NY We„em Tr , 1PM Ivn.Smre Trtasury Aforcy Alahe, 5,1±, vv Is AAA up1 59)R 5,616 5636 9NY We-Tr 3<9) AlG lmuwett Agmemen J.p9B5g5 6fig'b AAA 11/Ir±l 66g% 9,U9B]q5 q.U9tl.5g5 BNY Wcrlam Tr 4.W3.545 S.1U<,1]3 ±Nry Cast4111 42.IBPaMyr mche lnvicewcn , . pNT W-T, IW553 Im,gme Trtv Muke, �_ p e 59)Z )U _, pNV W- g11A± A,, lWF AAA UIUI11, ]W% NY W.,—1 1=U].(Ap x,pn.]u1 1991 S—B-Hvwmg CAMP Mvrcy Mmle< 552,713 vaanhlc AAA 6ps. 552,7I1 55_]ll CAM1IP 111's13 Fun Ame YT,nmry OLLyuvv A,51< S.A AAA upv'n 6W'b g51q 1,51q us Bank Ml1 561_3] 1994 Scnee A 2B .Irv,Serv,u Taevury Mony Merkc, va a AAA opev 393% 15,]63 9NY Wer,em T, TMG l.--lw,awen As, 1.]W915 As6Z AA C9/U N/7 694% 17W 935 1,7W,935 MY.--Tr 1,7W,935 ±.J]6.196 111,1 199 cCapita FaclW<x pm]rc, 1PM lk Trtasury Money Ala,ke, vawblc opco 59]1 _. 2.M BNY Wcxlem Tr 6)1, AhIBACAC l—vvulmctl As—. 1.])1,WU 6iU% AA U<1U12] 6SU% 1,])U,WU ONV Wcxlem Tr 1)]U,.0.tl 1]1 WU 199g Aupw GARB Alu 0 B UNYWex¢m l'ulule<weu Agr.-W 1 561111 IAlA AAA UI/U1/±! SWZ 161221 561,+3A pNY Wcr¢m Tt 561_±1 FDIC InvuuvenAgr-PvlwrGp lu B SfiIA AAA IJU199 Sfil'F B BNY Wc,.m Tt 2.,IIP IPM Iv,Semd Tmeury Movcy Mahe, ]I_]61 vamhle AAA open 59)A. 1l1761 J12,762 BNY Wer,em Tt 95,5]q g]l,9Bl 99lNryoM1 mu Caeh BNY W,Wm Al.lnvexunea Agc.-Rexerve i9.]]Y 5]9ZAAA lilpull 5]B'b W9,]29 ""N, BNY Wcxlem Tr _ IPM W,Serv,¢Twury Morcy Mehu S16.136 vawbl: AAA opcv 593% 556,936 556,Y36 BNVWessm Tr ]I].1s' 1 i0.555q 1 Wtl MUlpph Capual Wes¢wa,ea IPM ImI Serve Tausmy Morcy Alahc, ]W,W3 vamhle AAA open 5.93'b 3M.WJ lN,W3 BNY Wer,em Tr 365,515 W] W sexsmem G¢Iart,I55 Ah0 Cafi 0 s BNY Wcxlem Tr IPM Iml Servlu Trtarury Mprcy hlahu 969±p vawblc AAAop:v 593% ]96,91p _ BNY Wrmem Tr __,_ M aes,orcT,uaury DbG6mun p vawblc AAA opev 61U% p p Bllyw ¢m Tr p 56,9±0 I9W Axxe3meu lY—ISg Bavt vl New Vma Cvh It— ±g],]qp '1711 ]Y].]ig BNY W.—Tr 2YSA39 19]]gg Lure-F Trvekf Fin,Amenun Trt+aury OLLgahon 69.]]6 SgpZ AM open SSpZ 69 TI6 1159<nt )I] Lau-poLa Gn 69,]]6 Fun AmcwvTrtaxmy ONh,—. 1±9 i6s 44QX AM also S.SpZ 1.Als MIA. us Bavk 3W 1± .s Lufc-Y)1( Amenon Trtaaury Oblivaov 195,63] SSpZ AAA pen IlsZ 195 fiJ] 195.6)] us A'. 11i7p3 95 6l] Lam-Foe Tnckud PanmW¢Vcbele Fln,Amvuuv Trtasury Obl,— 6A74 4 1.s AAAn SSpf lk" No74 US We19 F.,gv Gpaemmett Money Ma,kd (d l]5 nnablc AAA open 66,115 M,I]5 .11 Fs rgu i_pg8 72,111 Tda3 5 16.Stl9,1±1 S 16,594,W3 3 INllu_ ll TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 01/26/01 DECEMBER 31, 2000 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $16,780,523 1 year to 3 years 0.00% 50.00% 26.79% 3 years to 5 years 0.00% 30.00% 21.74% over 5 years N/A N/A 1.49% 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% 8.92% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 44.07% Mortgage Pass Tlu-u's N/A 10.00% 0.00%