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Home My WebLink About3/7/2001 - STAFF REPORTS (16) DATE: February 26, 2001 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of January 31, 2001 Attached is the Treasurer's Investment Report as of January 31, 2001. 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 405 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: 4�1 - Thomas M. Kanarrr Treasurer �Y� r treasrep CITY OF PALM SPRINGS 2/26/01 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JANUARY 31, 2001 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 649,910 State Pool 21,940,000 $ 22,589,910 55.60% Short Term Investments (I year or less) Time Deposit 250,000 Corporate Notes 1,998,660 U.S. Gov't Agencies 1,000,000 3,248,660 8.00% Medium Term Investments (1 year to 3 years) U.S. Gov't Agencies 6,999,750 Corporate Notes 996,450 7,995,200 19.68% Long Term Investments U.S. Gov't Agencies 6,798,594 6,798,594 16.73% Total Invested Cash $ 40,632,364 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. nuasrep TREASURER'S MONTHLY REPORT 1126101 DETAIL OF INVESTMENTS JANUARY 31, 2001 Coupon Yield Ad3usted bumn,only) Prmr Qtr Per Value Rate Roark Maunty to Maturity Cost Bast. Cakgory Toal Market Value Source Mmka,Vilue Ce Call De osi[s Chaste,-Bvakof Amr,b. S b,V,910 variable AAA an 6.175 5 649,910 S S 649,910 5 -1,459477 Local Agency Invest Fund(LAIF) 21,940,000 vmodue N/A open 6.37% 21,94o," 21,940,000 LAIF 16,990,000 22,589,910 Shari Terminve,.m. (1 a or less) Time Deport Palm Spnngs Saves Bank 250,000 6.60% AAA 11/07/01 671% 250,000 zo,000 P.S.Sava, m,o00 C.,...Noles Inlemafiand Lease Fioanca Corp 2,000,000 5.40% Al 01/22/02 5.43% 1,998,660 21001,960 BNY Westem Tr 1,985,520 U.S Gov t A,mcy Somriaes Federal Naaotal Mortgage Assn. I"," 5437o N/A (Ga9/01 543% I,000,000 1,000,320 BNY Westem Tr 998,Io0 3,248,660 Medium Term Investments ear to3 e U S.Gov't Agency doormat, Federal Home Loan Bank 2,000,00C 5.40% N/A 02/12/02 5,42% 1,998,750 2,000,00(1 BNY Westem To 1,989,375 Federal Farm Credit Bank le"' 00 5.501 N/A 03/26/02 5.50% l'"' 0 1,000,420 BNY Wesiem Tr 94/,720 Federal Home Lom Baud, 1'000,000 4.00% NIA 05/03102 9 00% 1,"," 1,004,315 BNY Weeera To 1002,500 Federal Nat'l Mortgage Assn. 1000,Oo0 6.22% N/A 04/10/03 622% 1,000,000 1,cri BNY Western To 998,820 Federal but'I Mortgage Assn 1'"' O 6.85% N/A 11/13/03 685% I",w 1,012,912 BNY Wes¢m To 1,007,188 Federal Home Loan Mangage Ass, I'M," 6.00% NIA 011051M 6.00% I,WQ000 1,000,000 BNY Waste.To 995,312 Corporate Noses Bear Stearns Co,ins I'M," 613% A2A+ 02/01/03 6.21% 996.450 1,002,520 BNY Western Tr 990,200 9,995,200 Long Term Invesenent (3 years to e U S Gov't Agency Sesames Federal Nar'I.Mortgage Assn 2,500,000 575% NIA 02/03/04 575% 2,500,000 2495,075 BNY Wesmm Tr 2,490,125 Federal Home Loan Mortgage Assn 2,000,000 613% N/A 03/17/04 613% 2,000,000 2,00(l BNY Wesiem Tr 1991.875 Federal NaCl Mortgage Assn I,000,Ooo 594% NIA 03/29/04 5.94% 1,000,000 999,830 BNY Wesrern Tr 994,020 Federal Home Loan Bank 800,000 7 00% NIA 09/15/04 ]00% 8w," 800,00o BNY Western Tr 800,000 Fromm,Carboni(FICO) 500,000 980% N/A W06I18 980% 498.594 645,348 NaaonsBaN: bou'295 (o798,594 Toml Invested Cash S 4Q632,364 $ 40,802,620 S 33 fi52 5T13 treasrep TREASURER'S MONTHLY REPORT 2/26/01 MISCELLANEOUS AND TRUST ACCOUNTS JANUARY 31, 2001 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cast Basis Category Total Total Invested Cash $ 40,632,364 $ 40,632,364 $ 40,632,364 Miscellaneous Accounts Petry Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 9,514 N/A N/A open none 9,514 Trust&Agency-Bank of America 557,456 N/A N/A open none 557,456 1911 Assessment Funds-Bank of America 404 N/A N/A open none 404 Rehab Loans(CDBG)-Washington Mutual 55,491 variable N/A open 1.49% 55,481 Downpymt Ass[.(Housing Fund)-Washington Mutual 32,417 variable N/A open 1.49% 32,417 657,922 Deposits Held In Tms[ 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 6/20/O1 5.35% 16,320 Downey S&L(Palmer Cable TV) 4,395 5.50% N/A 1/19/02 5.50% 4,395 PS Savings Bank(Coyote Springs Apt) 15,175 5.77% N/A 6/24101 5.777f 15,175 103,481 Total Cash Deposited $ 41,393,767 TREASURER'S MONTHLY REPORT o?nsrU BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS JANUARY 31,2001 °Peon rma Mlm¢tl cm[mn nwll en¢e pe Rr Valnc Rne WmS Af>wriry mMamnty [on Baau ¢goryToml Mahn Value Sourtc Marto Valuc 19g9 Wanwalu/MasurLmac Cash S 5<,LII➢ 5 5 S 5 BNY Wee¢m Tx 5 IPT S[rvi MorcY Mahu _ v¢whle open 156R "'S. _aM3.3.4a BNY Wencm Tr J2181 U A Tmazmy N-Nde 4]59.29] 63Si MA p1A1/0± 616% 1.19'+97 1]64]19 ONY WcmuTr 4'!6<=19 t991/In]ConvnYion Ccn�cr 2057,329 1 1 BUYW mmTv IPM IAn Rrv�A,.M1lorey Mahn S,L53 vawble IM 556% 5,653 .353 BNY Werlem Tl 5,626 AlG lnvcnmcm ASsv�mva V.p9II.5<5 6 6➢% MA 11/1/±1 6.6➢% 9.p9II.5L5 L,O9g,ii5 BNY Werlem Tc L,p3o NS 1.A,= L.IW.199 Cash 44,4W 41,470 «,<70 BNY Wu1w Tr 42,032 I'll lma Semce T.—I Aforey Motet SSAIA vawble AAAvlxn 3R. 9],8]p 97,8W BNY Wuwm Tl II38.p]6 Baienwhc lnvuLocw Ay I.2p7.6W 7w% MA p110112 ]WR I.20].i'U 1_0].6W BNY W—m T[ 12p�6p0 IWISrnv B-Homm¢ 43a9.9<0 CAMP..-y Alul4 SSp,]O9 awhle qM open 603'L SSp.TW 19.7. CAMP 552.113 Fl l Ammon TrtimryObLQanon 3,59II v5 p]y AM open 600% E,59p 58,59E US BaW Mil IW<smn Aae IPM I.,Serve¢Trtv'nry Mvvcy Mmtn ]]9,985 amble AAA oRn SS6b ]]9.985 'ryII.9S5 BNYWcsmm Tr ]]5.263 T..I.--lnvcS—Agv 1.]W,935 vb%E AA .9 1117 6p4% 1,]W.9]5 1,]W,915 BNYW..-Tc 1.]W.935 1996 Mu1PPIC Capful FanLucr Rolvt I1111.,ServinTwury Morcy Mahn -mble AAAaR^ 5.% ±.DW BNYW-Im Te _. ..A'Iwulmem A,—... 173p AN 6L0% AA ..O17 6<0% 1730.p 4730,Ob BNYWeUem T[ 1730,. 010 1998 AupoM1 GAR. Caah 0 0 p BNY Wcx¢m 0 AlG lnvexPncx Agx-Ruerve 56L= 511% AAA 01/011l 5.93% 561.221 561.321 BNYWrnem Tr 561_21 I.RS Imowcw Agr 563A AAAIJp1IS961, BUY Wenemh UP"I.,SmucTvrvry Money Market I03,W7 va 1. MA oRP 5S6R IO3.W± BNl W.tlm Te 312,]60 661.31] 199➢AI@on PFC cazh 0 0 BNY Werlem MG lwuwew Age-ReN.— S49.128 57p£ 0,011II 510. 8493±8 II BNY Werlem Tr ➢49,]3b IPM IUL Service T-.,.—I Mal. ]0.S. valuhle MA opn 5.56% ]0.98+ ]O,9p± BNY Wu1w Tr 556.E26 M71. IWS Sl.alle Cvp'ul Wasicw.r P.Iv'L Scrvrte Teeva.....Afahec 305 96_ vaauble MA opev 5 56% _ 3p5A62 BUY Werlem Tr )W,p33 1938 A 1--puNc1155 A. 3p5,JT Cash 0 BNYW,—Tr IPM Ima S: S,TrtamryAlorvy Market 29II 3< AA A A upon i56% 29B,345 .S.345 BNY WexiemT _ ,_ M 0 M11JnweeTrt[�ury phLgauon 0 vnnahlc A p 0 oRn 610% ONY Wex¢m Tr 9II,3<5 193p A�xcnm[m puma l5p Bco4 vl New Yvh CaNh R[xcrvc 2IIg.6]6 SS1.611 298,676 BNY Werlem Tr 3➢].]<II ±II6,L]6 Use Fnc Trvhx FrslAmmon Trtarnry ph05aPon 119 S<O AAA open S±.. 119 119 US BaoF. 69.76 119 lc+�c�POLvc Cars Fnn Am—.I—,ObLSPuon <31 440% MA oRn S±OR 931 "I US Bark 139,111 leave-T±K Fmt AmennvTresmy phLgnu[n M. 440% MA open S2. 55.905 IIS,WS US Back I95.631 m-F�Trvcts&PanmeJi[Vchmle • Frt Amcmm�Twury ObLSahon 6.I94 41UZ oMn a20% 6.U. US B¢nk Wellx Faego Govemmea Afomy Afarkn.. 31503 vanahle MA open 51.509 345119 Welly Farg¢ 66Al 3],613 Towle 1 14,➢9±_]9 5 _01 5 US 59L.0i3 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 02/26/01 JANUARY 31, 2001 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $25,838,570 1 year to 3 years 0.00% 50.00% 19.68% 3 years to 5 years 0.00% 30.00% 15.50% over 5 years N/A N/A 1.23% 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% 7.37% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 36.42%