HomeMy WebLinkAbout6/6/2001 - STAFF REPORTS (27) DATE: May 30, 2001
TO: City Council
FROM: Director of Finance &Treasurer
RE: Treasurer's Investment Report as of April 30, 2001
Attached is the Treasurer's Investment Report as of April 30, 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 policywith 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 138 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:
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Thomas M. Kanarr
Treasurer
treasrep CITY OF PALM SPRINGS
5i29/01 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
APRIL 30, 2001
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 970,243
State Pool 33,990,000 $ 34,960,243 85.89%
Short Term Investments
(1 year or less)
Time Deposit 250,000
Corporate Notes 1,998,660 2,248,660 5.52%
Mediums Term Investments
( 1 year to 3 years)
U.S. Gov't Agencies 2,000,000
Corporate Notes 996,450 2,996,450 7.36%
Long Term Investments
U.S. Gov't Agencies 498,594 498,594 122%
Total Invested Cash $ 40,703,947 100.00%
Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
treasrep TREASURER'S MONTHLY REPORT
5/29/01 DETAIL OF INVESTMENTS
APRIL 30, 2001
Coupon Yrcm Aajusmd (memo only) Prior Qv.
Par Value Rare Raring Mamnty t.Maturity Cost Basis Category Total Market Value Smave Market Valor
On Call De os6
Checking-Bank of Amenca S 970,243 variable AAA
aria
Local Agency Invest Fund(LAIF) 33,990,000 vble N/A open n88% $ 9]0,243 $ $ 9 1055,164
$
open 5]6% 33,990,000 33,9W,243 90,000 LAIF 30,390,000
34,960,243
Short Tenn Investor.¢
I yorr or less)
Time Deposit
Palm Spnngs Savings Bank 250,000 6.607f AAA I1/07/01 6]]7s 250,000 250,000 P.S.Savings 250,000
Cmpomte Notes
Intemano.al Lease Fmz.ce Corp. 2,000,000 540% At 01/21/02 543% 1,998,60 2,013680 BNY Western Tr 2,009,620
2 248,6W
Medium Term Investments
(1 cr,to 3 ears)
US Gov't Agency Sec.ntes
Federal Home Loan Bank 1"'ood 7.00% N/A 05/03/02 7,00% I,000,wm 100Qo00 BNY Wesimt Tr I,002,187
Federal Nat'l Mortgage Assn 1'"," 6.85% N/A 11/13/03 685% 1,000,000 1,012812 BNY Western Tr 1,014,062
Federal Home Loan Mortgage Assn 1,0tit'" 6.00% N/A 01105104 6007, 0 0 BNY Western To 1,0o0,000
Cmporam Notes
Bear Steams Co.,Inc 1,WQ000 6.13% A2A+ 02/01/03 621% 996,450 1,WS,980 BNY Western Tr 1,008,2W
2,996,450
Long Term Investment
(3 years m 5 years)
U.S.Gov't Agency Secunnes
Finamm,Cmpmanon(FICO) 500,000 9 80% N/A 04/06/18 9 8015 499,594 684,210 NatoosBarvk 683,150
498,594
Toml invested Cash
S 40,]03,94] $ 40,929,925 $ 38,412,383
treasrep TREASURER'S MONTHLY REPORT
5/29/01 MISCELLANEOUS AND TRUST ACCOUNTS
APRIL 30, 2001
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 40,703,947
$ 40,703,947
$ 40,703,947
Miscellaneous Accounts
Petty Cash 2,650 N/A N/A open none 2,650
Revolving Fund-Bank of America 12,247 N/A N/A open none 12,247
Trust&Agency-Bank of America 592,674 N/A N/A open none 592,674
1911 Assessment Funds-Bank of America 0 N/A N/A open none 0
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 L41% 32,529
696,159
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L(Cat Cyn Country Club) 56,586 5 21% N/A 2/12/02 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 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 77% 15,175
106,800
Total Cash Deposited $ 41,506,906
Ymtme TREASURER'S MONTHLY REPORT
Osns/B1 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
APRIL 30,2001
Cuvpm Y Itl A61¢meJ (memo oN Qv
P+t Valuc Ram R+uve hlamnry tr Malwly Cml B+nl G¢6ory soul M+tLn Valuc Sovms Mmlm Value
U,,h 198 ew.LLs/Masmr limn
CnL 5 1 3 1 5 5 BNYWcslcm Tr S
AIM Gov=mmem 4 Aeevc)Portl Pmam 759193 va llmSSI AAA open .30% 301,3i3 301.393 BNV Wuum Tt 00,19I
112 Tvisury lAdc 1.]SY 39'1 63R AM 01/31IPE 616^. _ 1.]Ti,369 9NY Wumm Tr I.T78.984
;060.fig1
1991/I93y Cavvcmov Ccmea
Gsh 1 t 1 BNY Wnsum Te
AIM1i Govurvmem&Ar�vc)PoN Plivele 1.2]tl,693 vuu4le oMv 430$ 1.378,693 1.Sll.693 ONYW--T, 1.11,
AlG lvreswert pe memuvt gp91.545 660% AAA II/1/31 663% q,09P,595 4.W8.545 BUY W,Um Tr A."Is
s,3n,339
199+_Aaryvrt
carol luB.3o9 3 aUYW—Ta IW,3M
AIM Short-Te¢vlmer'MeoL Tny Pnva¢ 344.947 nvrble AAA opev 4+0% 3.wq.99] 144,111 BNYW—nlh 2......
BaYldll elvvclmcm Ay 1_01,6W 7W1 pqp 01/ON_± ]Wa =0].6W 1.30],6W BNYW.U-Tr 1_O7,640
=n=m-xrmmr 1 es_656
1�Cmh 0 0 BNYWev=m Tl 639
IN,Govemlvex @Aevvry PvrtlP— 8.703 vanable AAA 4 30% M. tl.]B3 pNY WeiLLm Te 0
CAMP Movry ml ,t 366,103 anablc 3 3
Fml Am—.T—,OhLFsuov 0 Sqg AAA opcv 608'% 66,103 66,103 CAMP s63,]11
open 470% -mTa 19
IPM Im'I Burvec Tmasue3 Flo n:y Madm 37 vari kle .4\A tl013
opcv 3MA > > BNY Wcncm Tr ,
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AIM 6wcmmem&ASenaY Ponlltivnc .9.331 anahlc AAA opev 430% 119..0 679..1 BNYWesum Tt ,6]5
TMGlnsvnnee W1--Ag 1.]W.93S 6P9Z Ap 09SSU17 6I% L-l..933 1.]C0,933 9NY Wuum Ta 1,] ASS
3jP0,166
1996 MWuple CaPlml FacW4a Aolut
AIM Guvemmcm C ASevcy Po 111 Pnvvlc 3a3) amble AAA opcv 430% ;029 R. BNYTl I,I6k103
AAIBAC Imesunem Ap+vumuvl 1]300W 6q0% pp 09/OI AT 610% l.]N,000 1,]30..000 BNY I IVcsI—lem Tr 1.]30,030
1,y3;US
199E Avport GARB
AIG lnvnlmem A--Reserve S lM 563% A01/OII3Y 1A. 561,M 561.M BNY 4V—Te 561+31
All Grvemmem&AS—,1-11-1m ]P9A16 vawble AAA vpev 41. Itl9.416 Itl9,616 BNYW=Tem Tr 0
IPSI Ime SINIM Trtvsury M,my Sllftt 0 vemhly AAA uµv gfi01R 0 BNYWerlem Ta 191963
]50.63]
199PNryov PFC
AIGWvemvcNAvr_-Reserve 119.7. 1.. AAA 01."S 51. .11.73tl &1.73B ONY Weram Tr 949,736
ISI Gmemment&AFevcy P,l Pnvam _P. 5 nble v upuv 430 0 p - BNY Wulcm Ts
IPM Imt Scrvi¢Tmmury Money>1uti.ct qW0 van wnable AAA open 1602 3,9350 WO BNV Wee¢m Tt 311,938
199P h1u1Lp1u CaP'ul\Vasmtvmet 1,13q 6S3
M.Gnvem M&Al-,N1 Pnvam 30 vatublc opuv q30% 301.015 3010I5 BUYW—.Tt
IPM ImtSrn¢c Tmvvry M.,MA , 010 vawhle AAA open qW% 0 BNYWerlem Ts 4.54s
01 p15
199P Assussmcm Ovmul3S A&B
IPM U,S.—I l—,Money hluRet vamvblc AAA 3
AIM Goremmert&Al—1 Puvl P¢vmc 33M, v .1, AAA rNv 430m 0 3300g BN 0] BUYWTs 38,PO0
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199u+ssrc..®ent olmm tie
e oN:o1N.1 Y.A erh Resw= ]ea n+ +_e 9.1„ 289.13v BNYWerlem Tr MAN
3Y9.1+?
m�e-Fv.TmeAr
L MtA 11-n T—U. OSLF+nvv I41 4404u AAA op.¢ 410 W 141
Lcasc-Pubs Catr I4I
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n
aw-Y3K
Fmt Amensn Trtvsury ObLFmmn 65,]_] 940X AAA opcv 4I0% ]3] A5,12766 g93 US BsvI
6s,]3]
Luac-Fuc Trvcla&PammNic VJvcic
Fnl Amen un Trtvsury Obheavon 6,113 % AAA open 410'S 6.313 6.313 US Boni fi=SO
Welk Fargo GovemmeN Fl oney M11a rAu X113 vemble AAA np.n 30,, W.IIS Fmeo 30 366
36,]0]
Trull P IG,Ltl6. 3 I670q, 1 16.4 s9.46]
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
05/29/01 APRIL 30, 2001
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $37,208,903
1 year to 3 years 0.00% 50.00% 7.36%
3 years to 5 years 0.00% 30.00% 0.00%
over 5 years N/A N/A 1.22%
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% 7.36%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 6.14%
Mortgage Pass Thru's N/A 10.00% 0.00%