HomeMy WebLinkAbout2/7/2007 - STAFF REPORTS - 2.G. �pALM SA
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City Council Staff Report
DATE: February 7, 2007 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF DECEMBER 31,2006
FROM: Craig A. Graves, City Treasurer
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurers Investment Report as of December 31, 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 December 31, 2006
STAFF ANALYSIS:
The attached monthly Treasurer's Investment Report is for the period ending December 31,
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, 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.
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City Council Staff Report
February 7, 2007-- Page 2
Treasurer's Investment Report as of December 31, 2006
The weighted average maturity (WAM) of the portfolio is 415 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
fI �r
V.
Crai _ Graves, City Treasurer
Attachments: Treasurer's Investment Report
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veasrep CITY OF PALM SPRINGS
1/23/2007 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
DECEMBER 31, 2006
On Call Deposits Adjusted B3519 Category Total Percentage
Checking Account $ 32,874
Sale Pool 24.190 000 $ 2d 222,874 3G 69%
Shcit Term Invcstmcncc
(1 ea; or less)
Time Dcp9si[s 2,500,000
U.S.Gov t Agencies 6,500,000
US Treasury Note 1,979,974 10,979.974 16 G3%
Mcdiulil Term lnvesvnent�
(1 ear w 3 years)
Corporae Noes 1,983,760
Mnrtvagc Pass-Thrus 4,486,355
U.S Gov'[Agencies 18,255 575 24,705,690 37,42%
Long Tcrm Inv9sunents
(3 cars[0 5 ycprs)
Corporate Notes 9861120
Mortgage Pass-Thrus 3,621,568
U.S.Gov't Agencies 1,498,594 6,106,282 925$,
Total Inyes[Ed Cash
$ 66,014,820 100 00`✓0
'RSonle invusimcnts'made prior to the mlplemenlalion of dlc
currcnr I11veSUu=L Policy exceed the 5 year limit
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TREASURER'S MONTHLY REPORT
IRWIN? DETAIL OR INVESTMENTS
DECEMBL•.R 31, 2006
cC�eon V'U A3fn;.w [Cenm71 Prior qn:
Par Valw Pale Rauu9 M1lssrty m%{along CaPguO T,.l h[rrk•1 VeNc Srur.e Maa) l4'alue
Lang Term L-r�cerc
(]1. lu 5�xus]
Cc"Dm.t Nuu,
GclJma¢srrhs Grorp Lc 1,0=O(00 5.0114 AA3 011151II 5.17% 986.[30 %1,FAJ BM%Vwem Tr ➢
9 .Il0
Nbrov,P.,lLrus
Wa ral N"—1 M1Sortrase Asu aura 7,1C11,C00 J50% NeA DIN1110 4.910 -.W.771 599,](� ➢NYWi,i,.Tr 7MMI
Fueal N,,, _1 M1rortase As., iuxu ?;'CU,CgI d10% N?A FOL110 446- 491.E06 ➢NY Wclom Tr i59,591
F,--1 LLom-Los 21longoge Ca ., cn 1,4a5,Clq d5 % NIA 021DNIO 5.22% 492,091 734.M ➢VY We a ro Tr s19,4SV
Feleral LLum-Las mongige C¢ uramn 200.= 4 W% NIA OSNN10 5.29- 945,'S} 954622 ➢VY'Wau—Tr 9A,R4
Federal Ilomr lout 8..i ]W.W 4 %% NfA W251116.1)W0 S 37% 110193 131. 6 MY Wulen Tr 117.427
F�leal]]om']nx Slungrgz C.eM1oauon a_W,W] 450R. NIA R�➢IlIF 53i4 13V 19a I}I,009 BNk'l4eslem Tr ]3],42i
3.el.560
U.S Gat Agry 5mumi¢
Felcal Poor,Lum Du@ 1.m .wj 415% f,fA OMMO 4 35% l,CQ.CW W6,FS 61,17 We,'•m Tr 975.62
Felcal Llome Lom Durk I.M.03 6.00% WA a,24fl I 603R 0 0 Rl Y%Vc m Tr I.M.313
Fm,.cinz Cogcruaa(F1C0] SD3,00� 9.do' K.IA C4,YGr18 99in 410,91 R9dyri5 Kunrnr,A 7131. rA
Tttal ir.u'•J Ca.h 5 fi6.➢]4 82D 5 65,549,4% $ TS,i3g113
TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
IM12007 DECEMBER 31, 2006
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total lrrvested Cash $ 66,014,820 $ 66,014,820
$ 66,014,820
Miscellaneous Accounts
Petty Cash 2,925 NIA NIA open none 2,925
Revolving Putd-Bank of America 2,688 NIA NIA open none 2,699
Trust&Aeency-Bank of America 1,375 450 NIA NIA open none 1,375,450
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,503 variable NIA open 0.40% 33,503
Workers Compensation-Bank of America 10,271 NIA NIA open none 10,271
1,424,837
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L (Cat Cyn Country Cub) 65,045 4 40% NIA 2/1112007 4.40% 65,045
Downey S&L(Donovan Bequest) 13,811 5 12% NIA 60/2007 5.12% 13,811
Downey S&L(Palmer Cable TV) 5,019 4 40% NIA 1/1812007 4.40% 5,019
Guaranty Bank(Coyote Springs Apt) 18,032 4 67% NIA 6/2412007 4.67% 18,032
101,907
Total Cash Deposited $ 67,541,564
TREASURER'S MONTHLY REPORT
1[Casr.p BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
o1n;�nr DECEMBER 31, 2006
Coupon Kzld Ad"wd In,'rw only] Pnur QIr
Par L'alue Raw Baring M1Smm' [o hlazarity Ca'[]Sasls C.,.,Talal M l ei Value Scarce hfalczi Va3ue
1991f9r11]3i11-I'CO LLYY LfIC]Cuwr
MM Alr.,Puaf Private 169.165 rariaLv AAA rd. 193; 469JO 469,16 BNY W.wrn Tr 911.272
A1G Inre=inert Ageem.l 1,200,613 516% AAA 11h71725 5 16% 1,200,03 I.M,673 BNY W�mm Tr 1A3,673
RIG kw.,.Agr...1 1,2%., 6.69% AAA 3110U1 6.68% 3,29 .M 1,299.000 BNY W.mm Tr 1,2R7,0W
MBL11ns'zsuo•u A,.m 3,3W 02 a.588 AAA 111Dlf35 5585 33W,402 3,100.402 B6 Walemh 3,303"M
6,xD.Z-D
1992915 Ai¢an
Cssh 1.119 1.119 1.119 B6 )V mm Tr 985
AM n.Term lnrea Trey Pnvat 1,556 670 .ble AAA open 4 91% 1556,67p 1.?56,6W BNY Wr.,lem Tr 1,301,7&8
3.557,789
1996ll1 SCaa 15 Hmnmg
AMf G.,r.mal&Aeeney Punf Pn•.am 4j-,0 svrab: .AAA open 491% 4170 4,1W BNY W.w.Tr 4,123
MGlneeslmew Ageccnerl 468,105 522% AAA A°)AM 522% 468,19a 468,105 BNY W.W.1, 468,10.
472,275
359UM 3enea A&9
A l GaYCm ml&Agency Nuf Prrvazz 3 289,4% 1.hlrle AA:. op. S 91% 3,289.490 3,289,4% BNY W.w.Tr 3,252,747
h16IA lnrevm+Il[AIWMmrnL 1.651,496 517% AAA 09N 184 517% 1,651956 1,651.456 BNY W.W.Tr 1,01.456
-,940,946
1996 Moltip[e Capital FaC Ldn Pm]CC1
AM Gosemm 9&Agcncy POnf Pm L391 eariable AAA ep. 4 93% 1.101 1,i01 BgW Wes2m Tr 556,8fi2
M,MAC b,.mcnl AplCa U 1,729.689 6 40% AA 0`-M17R 6.407. 1,729,6&9 1,]29,689 B\Y W.V.Tr 1,729,689
1,730,iw
1998 Aupmr GARB
A1G luralmenl Agr -Rerenn 561,223 S.b% AAA 0}1D1n8 570% 561.nl 561,221 B\Y Wes¢m Tr 56[.nl
AM GOYCn ML&ASCnuy lUr1f Pnna 377,950 '.bk AAA vpell 4.91% 377,ffi0 377,85D BNY W. m Tr 235,E 9
9--L"73
TREASURER'S MONTHLY REPORT
!reump BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
OIMM DECEMBER 31, 2006
Copan yield Adj. d (mKno cn1Y] Pnnr Qn.
P.Va3°c Rue Eta[iag Wmnry sa\lnusnr5• Cm1 Basis Cr.!e@ory T.] Ma 'L'alue &erns hfafse Vatic
1998 Aim°n PFC
A[G lntiutm,as Agr Resuve 94R.T28 570% AA4 OEAM8 5w0 849,729 "'728 H'W l['evem Tr &9.M
AL Gumr welt&Aye g Pam(Bnra!e 594,M v_nablz AAA aped 4.91% 594.69L 594'L ] BNW Wcucm Tr 366.775
1,444 ZW
l9.78 hluluple Capital l4 mu,l aaur
RA9 Garcrmnen[&Agm y Pon[Pmsue 303,010 vaaiablr AAA op.n 4 913 303,010 303 NO BNY W. .Tr 348.813
303,0:0
1WO Assc•msxrl Dli!nY 155 A&B
AAf Gorcrrmem&A@s.p Bonf Pd asa 30.9123 tar ble AAA oPcn a 9l 0 305,923 305.923 MY W.!em Tr 302,503
M5.M
2001 %s Mlmcd Dn! a 1571159
A0.1 Gmzmnn.s&.A,.,Panf Prnalr ]95,01g ramble AAA ep. 49l% 175.018 175.010 My R4amm Tr 173.063
175,018
2W2 p m.,Swe!uw
Cash 3 3 3 BNY Wes Tr 3
AM G°srm u&Agncy Pont Pnrn!c 37.787 v_riable AAA ap•n 4 91% 37.787 37 78i BNY W4 Lm Tr 3h,s70
37,790
2U34 A,,e neu DhOiel 161
AAl Garem cu&Agm_y komf Pnuie 413,901 ianah[e AAA open 491% 433,901 413,471 MY W.!e Tr 4W,270
413,901
20A Asscsmers Dssima 142
Cash 0 0 a ffi' WeMrn Tr 54,428
AAf Gorcmmem&A@cite,h.f M,,a[ 347,992 AAA open 4Rl% 347,992 347,M M} 15`e:sem Tr 259,937
347,192
2C05.As n4mcnn 1)a L UA
AWf Gmsmma&Ancncy Pant Pn v 584,750 Yasiahle A.M °pea 4.918 584.760 58:,7w BUY W. .Tr 578,228
594,70
TO 5 E9,593,944 5 [9,593,914 5 19,8a4,010
treasrep TREASURER'S MONTHLY REPORT
01/23/07 CALCULATION OF INVESTMENT LIMITATIONS
DECEMBER 31, 2006
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 NIA $35,202,848
1 year to 3 years 0.00% 50.00% 37.42%
3 years to 5 years 0.00% 30.00% 8.49%
over 5 years NIA NIA 0.76%
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% 3.79%
Corporate Notes N/A 20.00% 4.49%
Money Market Mutual Funds NIA 10.00% 0.00%
Mortgage Pass Thru's NIA 10.00% 12.28%
U.S. Government Agencies NIA 50.00% 39.74%
U.S. Treasury Notes/Bonds N/A NIA 3.00%
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