HomeMy WebLinkAbout5/16/2001 - STAFF REPORTS (26) DATE: April 27, 2001
TO: City Council
FROM: Director of Finance &Treasurer
RE: Treasurer's Investment Report as of March 31, 2001
Attached is the Treasurer's Investment Report as of March 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, 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 179 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
4i26i01 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
MARCH 31, 2001
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 1,055,164
State Pool 30,390,000 $ 31,445,164 82,34%
Sh(ort Term Brvestments
1 year or less)
Time Deposit 250,000
Corporate Notes 1,998,660
U.S. Gov't Agencies 0 2,248,660 5.89%
Medium Term Investments
( 1 year to 3 years)
U.S. Gov't Agencies 3,000,000
Corporate Notes 996,450 3,996,450 10.46%
Long Tenn Investments
U.S. Gov't Agencies 498,594 498,594 1 31%
Total Invested Cash $ 38,188,868 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
veasrep TREASURER'S MONTHLY REPORT
4126101 DETAIL OF INVESTMENTS
MARCH 31, 2001
Coupan Yield Adjusted (memo only) Prier Qu
Par Value Rand Ban, Malunty to Mat my Cost Basis Category Tmal Markel Value Source Market Value
On Full De mats
Checking-Bnm,of Amenca S 1,055,164 .amble AAA open 488% 5 1,055,164 S S 1,055,164 ,g5g qp
Local Agency Invest Fund(LAIF) 30,3W,M variable N/A open 597% 30,390,000 30,390,000 LAIF S _l-1,459,000
3L,[45,164
Short Tenn love,.,..(I ear or less)
Tune Derosit
Palm Sprigs Savings Bank 250,000 6.60% AAA 11107101 6.17% 250,0p 250," P S Savm, 250,000
Corpmare Bonds
memational Lane Finance Cot, 2,000,000 5407. Al 01/22/02 543% 1,998,660 2,M9,620 H.9Y Wesndrn Tr 1,985,520
U S.Gov't Agency Securities
Federal NUmnal Mortgage Assn Lool'm 543% N/A 03/29/01 543% 0 0 BNY Westen Tr 998,IW
2,248,660
Medium Tenn Investments
(1 year to 3 eats)
U.S.Gov't Agency Sectninea
Federal Home Loan Hank 2,000,000 5A0% N/A 02/12/02 542% 0 0 TINY Western Tr 1,989,375
Federal Farm Credal Hand: 1,OOg000 5.50% N/A 03/26/02 5.50% 0 0 HNY Western Tr 99],]20
Federal Home Loan Bank I,000,WO 7WVs N/A 05/03/02 7W% 1,000,000 I,002,180 BNY West.att.Tr 1,997,720
Federal NaPI Mortgage Assn I,000,000 622% N/A 04/10/03 622% 0 0 BNY Wesmrn Tr 998,820
Federal Na'1 Mortgage Assn 1,O0Q000 685% N/A 11/13/03 685% 110(iHm 1,014,062 BNY Western Tr L007,188
Federal Home Loan Mortgage Assn 1,OW,000 600% N/A 01/05/04 6.00% 1,000,WO 1,000,000 BNY Western Tr 995,312
Cmporale Notes
Bear Sleams C.,He 1,OOg000 613% A21A+ 02/01/03 621% 996,450 LGI8,200 BNY Western Tr 9902W
3,996,450
Long Tenn Invesnnent
(3 yI,tr,to 5 ears)
US Gov't Agency Secundes
Federal Nat'l Mortgage Assn, 2,500,000 5.75% N/A 02/03/04 575% 0 0 BNY Western Tr 2,480,125
Federal Home Loan Mmtdad,Assn 2,OOo,0o0 6A3,% N/A 03/1]/(M 6A3% 0 0 BNY Western Tr 1,9918]5,Federal Na'I.M.,,.Assn 1,000,000 594% N/A 03/29/04 5.94% 0 0 HNY Western Tr 99,875 Federal Home Loan Hatlk 020
800,W0 ]00% N/A 09/15/04 '100% 0 0 BNYWestern Tr goo,000 Funced.9 Cmpornpon(FICO) 50O 0W 9 90% N/A 04/06/18 9 80% 498,594 683,150 NationsBan: 641,295
499,594
Taml Invested Cash
S 38,188,868 S 38,412383 5 33,652,573
treasrep TREASURER'S MONTHLY REPORT
4/26/01 MISCELLANEOUS AND TRUST ACCOUNTS
MARCH 31, 2001
Yield Adjusted
Par Value Coupon
p Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 38,188,868 $ 39,188,868
$ 38,188,869
Miscellaneous Accounts
Petty Cash 2,650 N/A N/A open none 2,650
Revolving Fund-Bank of America 1,042 N/A N/A open none 1,042
Trust&Agency-Bank of America 590,743 N/A N/A open none 590,743
1911 Assessment Funds-Bank of America 404 N/A N/A open none 404
Rehab Loans(CDBG)-Washington Mutual 56,059 variable N/A open 1.41% 56,059
Downpymt.Asst.(Housing
Fund)-Washington Mutual 32,529 variable N/A open 1.41% 32,529
683,427
Deposits Held In Trus[
Time Deposits
(FDIC Insured)
Downey S&L(Cat Cyn Country Club) 56,586 5.217. N/A 2/12102 5.21% 56,586
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) 4,395 550% N/A 1/19/02 5 50% 4,395
PS Savings Bank(Coyote Springs Apt) 15,175 5 77% N/A 6/24/O1 5.77% 15,175
106,800
Total Cash Deposited
$ 38,979,095
'rtaxrtP TREASURER'S MONTHLY REPORT
wr_crm BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
MARCH 31,2001
ca�ean nma Aurvnm tm=mo ow» ertar ev
grVmn. wl. wmg nlamrnr [o nl,mrtry cm[Ba:'n eameo[y nlal Markm Vawc sore. nmrkn v.mc
aramrrMvvccleore
earn s I s 1 s s I pNYwc¢em rx s IPM I¢rt 5ervmc Trtmury Muvry M1lxhe[ ]00,191 vawble qqp op:v 6fi02 3W.191 300,191 BNY Wernm Tx i3,1L1 US Trterury No[e 1.]59=9] 632 p.0 01/JI/O3 6162 1159,29] I.P6.9EJ pNY Wulemh 1.]6>,E19
199m99]coo..rtnon¢olc[ 2,039,499
caxh 1 1 1 eNY wcr¢m Tr 1PM Im[6ervvc Trewry NaneY h9xAe[ 5,699 awhle AAA oPrn 6605
6cg2 i,699 5,699 BNY Wenem T[ i61fi AlG lnv[dm[vl Agrt¢.mcm 4.098.Si5 vfi 68R MA 11/1/sl .03&Sa5 q,f9&5>5 pNY WV-m Tr J.G96$}i
19T_nimm J.IW,<6
Cash 00,309 00,309 00309 BNY\t'crnm Tr 43,032
IPAf lrtal servlve Trtvmryhloney Wm W.I. vawhle A. 'pm 110^m
vv 363,]0] yt3,]03 BNY WesIzm T/ 630,0]fi Bryew'ehe lvvu .AEr 1_0],6W ]W2 AAA 01101/sue 7w2 1,207.6BB 1_0],fi00 BNY Wexlem lT 1.20],6CO
19916ena B-Homing 1.551.612
Cn'h 639 6±9 v BNY\Vesiem Tr 1PM hv'[Scnix T[c '..-,"'A. 6p13 vawblc MA upcv 460m 8,013 0
3,013 ONYWcsmmh CAMP M1Iovey A1rM1u 563,758 vamLle AAA opev 608e 363,]5i 363,7Te CAA1P 353,]IJ
Fmxgmexvav Trem'ury ObLmvov 19 4902 MA 0Mv 17.2 19 19 VS Bov6 8,314
199>seam A 4B iR<19
JPnl lmL.'..Trtuvry.O 'min 616,635 vawhle Aqp open E02 6]6,05
TF1G 1 6]6.61i BNY Nes¢mI--lnvcMem Aer I.]00.9iJ 6E42 M 09/01/1] 6662 1]W,9]5 I,IW,935 BNY Wunmh 1."1W,935
1996 A1wuPIe COPv^I FngOLcs P[yovv 2,377,370
1PM 1.18erv[¢T-1.11-Y Mmke[ 1,096,10± vawhle AAA A.
MIBAC Iuv[rwev[ASrtcmem I,130,000 640% AA0 M7 640R 1,096,103 IA9fi,10E pNYwmmm Tt
}/OIA] 01E L73.01p I.M. BNT Wv'anm Tv 4730.W0
1996 Auport GARB E.B36.102
0 0 BNYWenem
AI61merMenlAv-Rexervu 561_31 i132 AAA 01/01/18 5902 ML1 N 561211 BNY\Ver'mm Tr a61_2I FVIC Imerwcw Aer-Rol'+'VCap Inl 0 56]£ AAA IJOIN9 3635. 0 BNY erWcslcm Tx
IPM I-LA-M rn,.v ,MmAu 161,961 vawhle qqq oPev 660r,L 141963 14196] BNY W ¢m Tr 31E,]63
I996 A¢purt Pet ]m.18a
csab o 0 o BNYwe.¢m 0
AlGlweswem Agr-Roervc HJ9,71_8 3.]03 AAA 01/Olfl6 5]0p 649,T_0 Ea9.]E6 ANY Wumm Tr 649,]Ee
JPM Ivs[serviceTresvry Muvcy w'. ±13.636 VaniLlc MA open 4602 217,43E _13g3F BNY W-tlm Tr 556,826
199e Mwnem CaPv�l wm-A" 1'w'1M'
1PM lwr Scrv¢e Trtamry M-Y Mutke[ I.A46 vawble AAA 0pcv 6W2 4W311 4611,143 BNYWunm Tr 304.W3
L99tl Avrm'a'mm[�uNG L53 A&B
46 545
Cvrh 0 0 NY W--Tr 0 IPAf Im[Sm[ce Treoruryhloney Al,rke[ 3_ 3 \awhle A. opev 9W1 i26,e01 326.00] BNYNcs[cmh 296,9±0 MYu[ove Trt=svry pbLgsYon tle00 vawLlc MA 'a 6102 0 0 BNY Wenem Tr 0
I9S0/ssxeeamm[orsmel tie 12e,803
Bs¢t of Ncw YoxL C>NRcsrve M8484 MI. 20M. 4 BW IVI I 287.749
Lcasc-File MU
Fn'[AmmollTresury Ohllgolmu 141 9505E MA opev 4]O LL IJI 14I VS Bavk e9,'II6
Icare-poLee Gn
1}1
Fvs[Nvene,v TrmrvryGbLL¢uo¢ .]a 4402 MA peen 470% 475 }ES VS Bavk 19,KS
Levsc-l^A >Ee
F[vtpmennn Tmarvry Ob'.- 66,993 440% MA up�.v 4701E .11, 65.995 VS Bavk 193,6J]
lust�Fi[e Trvekr&esmmeilm VaWcic
fi6.995
Firs[Amvnmv Tmamry ObLFuon 6.MO 4401E MA o 4702 6,2W 6.2P0 VS B'N fi.0]i
W..Fmeo Govemmcm Alorey Ma[t[[ 301. vmble AAA A. 30.�66 3
VE lv LL.Faxgo M,175
TOWa afi
S IA1396]]6 S 16,439.463 1 16,594,0l
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
04/26/01 MARCH 31, 2001
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $33,693,824
1 year to 3 years 0.00% 50.00% 10.46%
3 years to 5 years 0.00% 30.00% 0.00%
over 5 years N/A N/A 1.31%
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% 7.84%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 9.16%
Mortgage Pass Thru's N/A 10.00% 0.00%