HomeMy WebLinkAbout11/15/2006 - STAFF REPORTS - 2.L. PALM SA
v`
c
°A<rFaRe�P City' Council Staff Report
DATE: November 15, 2006 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF SEPTEMBER 30,
2006
FROM: Craig A. Graves, City Treasurer
BY: Department of Finance and Treasury
SUMMARY
• Attached is the Treasurer's Investment Report as of September 30, 2006- 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.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of September 30, 2006
STAFF ANALYSIS:
The attached monthly Treasurer's Investment Report is for the period ending September
30, 2006. 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.
ITRA NO. ® '�°
City Council Staff Report
November 15, 2005—Page 2
Treasurers Investment Report as of September 30, 2006
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 425 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.
FISCAL IMPACT:
None
Craig . Grave , City Treasurer
A chments: Treasurer's Investment Report
Iri;lsrrp CITY OF PALM SPRINGS
10/23/2006 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
SEPTEMBER 30, 2006
On Cull De asrts Adjusted Basis Category Tot.91 Percentage
ChuCkmg Account $ 1,819,197
Smm Pool 29,790.000 S 31.609,187 42.74%
Shot[Tcrm Investments
(1}Ear[If ICS$)
Time➢eposils 2,500,000
U S.Gov't Agencies 4,000,000
U.S Treasury Nnre 1,481,484 7.981,484 10.79%
Medium Term InvcsrmCnis
(1 jear to" cars
Corporate Notes 1,983,760
Mortgage Pass-Thins 3,776.462
U.S.Gov't Agencies 19,235,575
US Treasury Notes 498.490 25,494.297 34 47%
Long Term Investmenss
(3 years to 5 years)
Mortgage Puss-Thrus 3,876,080
US Gov't Agencies 4,999,594 8,874.674 12.001'
• TUtirl invested Cash
• 5 73,959,632 100.007.
"Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
Pm&m-6'�:
PPPEcPP CC PPPEPPPI YCI!CCyCCCPPPEEPP
y�u95r?:aam'=-- aua.$
25
� #;;}s}} xR � 33}}ys5„ 6R6��f'�Y33333}SSFFRRR
E e P d
� � Ea =g ��� ooega°�� "a 2. n� ���u:n5 ¢����Q��q@e§sAt.e. .r��•,
92
a F y
� V
FI- ggx�'@^v 66 c� ��pg39e° '•"--=--_-_--c-32B98S&
M'-^"-M �95 -
x 1 222 �3s°cE'.9 E$ -
F 1
d {� ��t if.i i.x.zx zz e� YYYlllYi cc.c i,irylrxz>:YYZYYYYYY c
22 pw- 9^AR" ss"a '°d e"s e, $:.:
• � a 'r 9�FFrr �° e i
q s �r� d k ppgggggg �
TREASURER'S MONTHLY REPORT
1oa3r�5 DETAIL OF INVESTMENTS
SEPTEMBER 30, 2006
cea�nn Yreld .SJIueIN (mmmmly) Piur Qr
Air VAu: Rc� Baling J1a:m15' to g1��.Ny Cw[➢vu C.,crry Tcu1 ma rl v2wu Semcx hlarwl va e
W g Trem N,.x✓�m
l3 evr ru5 )
Wlgrg P.,Thus
FWenl Yen.aal Riau.,Aszi.tion 2.7m.m S.JD% N1A 011U1110 i 91% 7,2.N3 731,683 ➢NY Wxa Tr 714,811
FNualNWnal M1[nnga3 Assxi.uaa 2,OO.W3 4.50% NfA O"Dillo 445% 81UN 70.691 BNY W.I.Tr 820,HJ)
FW.I lro Lmn dlortn5e ar,.rvu I,455,003 4 50 o WA OmIl10 0]9% 521.211 SRO) BNY Wolrrn Tr 510.120
FWMI llce "m M1!wrYaae Cc<PUn 2 20." 4 50`o KIA LLCM➢1110 r.19% 1W5.474 4 ,114 BN'Y Wer:rn Tr 0
FW,a 14 c W.Brat 7I5,D]] i 75- WA 10.25I10 Las T 639,921 623.SM BNY lv'ru Tr 04.115
cur,ualicn 20),DA 45 1 MA llf.'➢1111 5.37< 131.326 137,427 6.YY 14'crxrn Tr O
1.g76,0.0
H.5 Gor l.ig:nry Srcuri0+s
F+rr1 Fnin pan Bask I.Irm CDO 4.25% NIA [I118iW d n% l,CO0,CC0 977.188 8NY W.I.R 96ju
rw .l Ham.ln.- Hui IN,000 S.CD% NIA Lifln1YA �0)% �p0,C00 495,43 BNY%Vz Il Tr 5A?7¢1
Feral Hom•La-➢ IAO .W) 436b NIP 1LDIdn 4.10% LI M.= 9ia.lu HNY Wuc:m Tr SG-m
FW—I Hnme1 -B➢ I,W.m 135n NrA Olflall0 4.3a% Lw)." ws'mi BKY IVe;'•rn Tr 9cH,615 FNcnl Noma Lum Bu IMP) 6.W% KIA D4wm fi.CO% [,D),W I,CDO,1I3 B.W fVwsrn Tr 0 Fnmanr Cm cre.a(F:CD) W .Wo 9805. WA 01165rtg 9.804 4W3 N 703,750 U�nrr0ank 678.260
4,9ibyN
Tidal lnrcla5 Can
S 73,9i9,E31 3 R.7}9,p95 5 &3,055.LAa
TREASURER'S MONTHLY REPORT
[rmap BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
1a21mfi SEPTEMBER 30, 2006
Coupon YreId Adjwt [oumo poly) PnQr Qir
Par['slue 1[ale Rawg Mm ky W hfm.Ly Cost Gssis C_egory Tm Merlx[WNf Source M.L,Value
1991r971011➢4 Cortseevcm Czvxr
ARf G�cn ML&Ageo-y Pon[Pnvale 811,272 vo blc AAA o2rn 4 86F 811 X2 911-72 BNY W,,N Tr 1,m,.84
AIG Inrawcn[AEreemem 1.280.673 5 36% AAA Il*Ia5 5 36% 1 M,673 1,280.673 6VY 154stem Tr 1,2M,673
AIG]nre,Imxul Agreemcn[ 1,mp" 6.60% AAA HAIM 6697, 1,290.W0 ].2�,C➢0 B&Y IVcslxm Tr 1,293,000
M11A Lavrstmeo[A,. m 3,30 .402 5.58% AAA HAMS 5385 3,3034M 3.300,402 BNY IVW.cm Tr 3,3C➢,402
6,652,347
19B2Ip5 Airp a
Cub 985 98s 98s BNY W.L.Tr 404
AL Sbna-Tcno Ins�rTny Pnvu 1,301,78E vanst4: AAA nFeo 4.86% 1,301,785 1,301,78E BW 16 mLs Tr 1,166,622
1,102,M
I W LM1 Scdes R-Hzwvtg
A lGoszrna+m&.Agency Puaf Pdr 4,123 VaHWa AAA open 486% 4J23 4.123 RNY WaGmh 4,259
AIG lnresvoril Anreem-a1 460.105 322� AAA COMM[ 522'A 468,105 468.105 BNY W.W.Tr 46E,105
472,228
1 MIN S.H.A&B
AAS &Agency Nnf Pr[sazc 3,252,747 savable AAA open 4 M 3,252,747 3,252,747 BNY IVe_wm Tr 3 2[6,95E
MB1A 1nre5N]:al Agreemw 1,451,456 517% AAA OA'0IM 317z 1,651,456 1,651,=56 BNY wm¢ .Tr 3.651,456
4,904,203
]996 Mu]liple Caoi ractlika Pm3Yt
ARf Govcremeot&Agency Pm`Pnvme 556,852 ..ble AAA 4.86% 556,862 556,852 RNYW.la Tr 2,2i7
AMBAC Inseswml Agrecm�[ 1,729.689 6ADS AA OAIM 6.40% ],729,689 1,T29,689 BNY 1']esmm Tr 1,730,CCU
2,286,551
1998 Aupon GARB
AEG bn•e,tmcm Agr. Reuna 561,221 570% AAA Ob01128 570% 56I,221 561,221 GUY Walum Tr 561,22[
AN Gmammxnl&Ago,Pont Private D5,669 variable AAA open 486% 235,669 215,fi69 ➢NY%Vc,[cm Tr 299,169
795,E90
TREASURER'S MONTHLY REPORT
W .zP BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS
10121% SEPTEMBER 30, 2006
Cncpr. Y.ld Adjmlc5 [mxmo nely) Pnor Q¢.
Par Value Rric Rrhng Malnnsy ra M.W.Ly Cass O h Ca[ebary Tolal M.Ut Va Sour,, Marker Vatic
1938 AtrTan PFC
A1G Inver+ot Agr Reserse 849,W8 5.70% AAA 01=28 5.70% M9,728 8:9,728 BNY W.w.Tr 849,728
RAS Govcmm�:m&Agency r.f Pnrale 365.775 vartiblc AAA rgeo 4.86% 366,775 166,173 ➢NYW.s , Tr 433.078
],216,503
1998 Mwtrplc Cunilal W l .xa
A i Gavemmens&Agen y P.f F.na 348,611 ramble AAA ngeo 4.86% 349.613 148.413 BNY We.,lem Ti 303,N]
348,613
1998 Mscssmm.Distria 155 A&➢
AJM Govcrmnen[&A,,,Fonr P..Il 3025Dl variable AAA open 4 86'F 302,503 302,501 BNY 14calem Tr 308.087
Yd2,503
2WI AssesBers Drssnp 1571[SU
AIDS Govemmeu[&Agency Pont Pnv to 173,063 variable AAA opeu 4 m& 173,053 173.061 6NY Wwem Tr 171,161
]73,063
2W2 Pu Stmcmrs
Cash 3 3 3 8NY W,' .Tr 3
AIM Goenmmem&Agency Pont P,,Je 36,470 vaaable AAA open 406% 36,470 36,470 6],'Y WVe.Tr 36,805
36,473
2C -As.e,.mcor U,Wa L61
AIM Gm•emmcns&Agency Parsf Pnrzm 409,270 rarirbl- AAA open 5 86$ 409,270 409,ZW ➢NY Wesr�m Tr 411.963
409,270
2OD4 AAosmens R ms 162
Cash 54.429 V,428 54,428 BNY We,lem Tr 54.428
ARM Gm mmens&Auncy Pohl Prirue 299,937 v.H.bl- AAA open 486% 289,937 259.937 BNY We.,lem Tr 816,85]
344,365
2005 A�smcns DL51 L 16:
AIM Gme ,[&Agency Porll Pn+aze 578.228 AAA op. 4.86% 578,228 579.228 BNY WVa .Tr Ml. 63
578,229
T.z 5 19,054,010 S 19,854,010 $ 20,121.416
TREASURER'S MONTHLY REPORT
€reasrep MISCELLANEOUS AND TRUST ACCOUNTS
101232006 SEPTEMBER 30, 2006
Yield Adjusted
Par Value Coupon Razing Maturity to Maturity Cost Basis Category Total
Tmal invested Cash S 73,959,632 $ 73,959,632
$ 73,959,632
Miscellaneous Accounts
Petty Cash 2,975 NIA NIA open none 2,875
Revolving Fund-Bank of America 7,167 NIA NIA open none 7,167
Trust&Agency-Bank of America 1.429,128 NIA NIA open Rune 1,429.128
➢awnpaymem Assistance (Housing
Fund) -Washington b•Iutual 33,482 variable NIA open 0.40% 33,482
Workers Compensation-Ban},of America 41,588 NIA NIA open none 41,588
1,514,240
Deposils Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L(Cal Cyn Country Club) 65,045 4.40% NIA 2/11/2007 4.40% 65,045
Downey S&L(Donovan Bequest) 13,465 4.21% NIA 10/8/2006 4 21% 13,465
Downey S &L(Palmer Cable T''q 5,019 4.40% NIA 1/19/2007 4.40% 5,019
Guaranly Bank (Coyote Springs Apt) 18,032 4 67% NIA 6/2412007 4.67% 18,032
101,561
Total Cash Deposited $ 75,575,433
treasrep TREASURER'S MONTHLY REPORT
10I2Y06 CALCULATION OF INVESTMENT LIMITATIONS
SEPTEMBER 30, 2006
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 NIA $39,590,671
1 year to 3 years 0.00% 50.00% 34.47%
3 years to 5 years 0.00% 30.00% t 1.33%
over 5 years NIA NIA 0.67%
By Type of Investment:
Bankers Acceptance - in total NIA 40.00% 0.00%
Bankers Acceptance - single bank NIA 20.00% 0.00%
Commercial Paper NIA 15.00% 0.00%
Certificates of Deposit N/A 30.00% 3.38%
Corporate Notes NIA 20.00% 2.68%
Money Market Mutual Funds NIA 10.00% 0.00%
Mortgage Pass Thru's NIA 10.00% 10.35%
U.S. Government Agencies N/A 50.00% 38.18%
U.S. Treasury Notes/Bonds NIA N/A 2.68%
§\ ][;j p \})
e e weQn eaoseeaeww, ! aGQ a42 ) (