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Home My WebLink About7/18/2001 - STAFF REPORTS (27) DATE: June 27, 2001 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of May 31, 2001 Attached is the Treasurer's Investment Report as of May 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 106 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 6/25i01 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MAY 31, 2001 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 777,823 State Pool 42,690,000 $ 43,467,823 90.16% Short Term Investments ( 1 year or less) Time Deposit 250,000 Corporate Notes 1,998,660 2,248,660 4.66% Medium Teim Investments (1 year to 3 years) U.S. Gov't Agencies 1,000,000 Corporate Notes 996,450 1,996,450 4.14% Long Term Investments U.S. Gov't Agencies 498,594 498,594 L03%% Total Invested Cash $ 48,211,527 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. o-easrep TREASURER'S MONTHLY REPORT 6/25/01 DETAIL OF INVESTMENTS MAY 31, 2001 Coupon Yield Adjusled (memo only) Prior Qtr. Par Value Ram R0, Mawnty to mal ity Cost Bass Camgory Total Market Value Sonrce Market Value On Ca110e ostts Cheelong-BzN:nf Amen. $ T]],823 v.i.bk AAA open 447% $ 777,823 $ $ 777,823 s 1,055,1fi4 Local Agency Invest Fund(LAln 42,690,000 variable N/A open 533% 42,690,000 42,690,OW LAIF 30,350,W0 43,467,823 Short Term lnveslvlom (1 Yc.or less) Time Oepost Palm Spnags Savings B.M 250,000 6 60% AAA 11107101 6.77% 250,000 250,000 P S Savings 250,000 Carporam Notes ftoovaponal Lease Finance Corp 2,000,000 5.40% Al 01/22/02 543% 1,998,60 1,016,140 BNY Wesmm Tr 2,W9,620 2,248,660 Medium Term Invesunen¢ (t yoar m 3 eazs) U S.Gov'I A,.,Sectniaes Federal Home Loan➢dN 1,m,000 Z00% N/A 05/03/02 7.00% 0 0 BNYWeskm Tr 1,002,I87 Fedeml N.,I Moagage Ass.. 1'"' 00 6.85% N/A 11/13/03 6857, 1,M,000 1,013,125 BNY Western Tr 1,014,062 Fedeml Home Loan Mortgage Assn I'M," 6W% N/A 01/05/04 6W% 0 0 BNY Western Tr 1,WO,WO Corporate Notes Beaz So,. Co.,In, 1,O ," 613% A A+ M101103 6.217, 996,450 1,013,610 BNYWes¢m Tr 1,W8,200 1,996,450 Long Term Invesunent (3 Years to 5 years) ❑.&Gov'I Agency Secunties Fwncmg Corporauoo(FICO) 50g000 9.80% N/A 04/06/18 980% 498,594 695,320 Nalio.SBatl 683,150 498,594 Total Imestetl Cash $ 48,211,527 § 48,94fi,018 5 38,412,383 treasiep TREASURER'S MONTHLY REPORT 6/25/01 MISCELLANEOUS AND TRUST ACCOUNTS MAY 31, 2001 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 48,211,527 $ 48,211,527 $ 48,211,527 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 13,247 N/A N/A open none 13,247 Trust&Agency-Bank of America 812,106 N/A N/A open none 812,106 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 1.4197 32,529 916,591 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% 56,596 Downey S&L(Cohen,Mark) 14,770 3 92% N/A 12/18/O1 3 92% 14,770 Downey S&L(Donovan Bequest) 16,320 5.35% N/A 6/20101 5.3551 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 6/24/01 5.77% 15,175 107,246 Total Cash Deposited $ 49,235,364 � n � e a E m 8 e � 5 � � 9 � e 8 " Tie � 5 $ � $ s � t : fit � _ ? � _� a � �� nnE ° ' � a � � as s � >; � � � � � $ � f a � z zoo __ ; � � . yo e' $ r ea oa c � ' z" a $ z z3a 3 � s 6 '� ' � � a ie � x e °a 3 $ o � � s � TP � d e � 2 F nz .. 3 ^ 2 � E � 3E R _ n 3c E " � E � € � 3 �'e - � = p ? a� a 9 � _9 � a " ya s - a ,. - n o � 3 � � 3 3 o a F < � F .�' c � a � e � F _ 8 e � am 8 ' vRg _ m � -� .. u � ue e � oP6 � e �_ � % w, S L' ee .. e 3mm m � _ � .� _ 'z Z 'c � 'c � g Z' 'c B P S '�-' P z � � � a �� .� a' F � saw xa u � na aa � � r » v •� a zG y y C m � > � � � g � f � a � g � gg � � � a � g � � ng � g � � � � � < C m E _ _ _ � � p � e � a '� a � e ; e 0 6 RR � 9 � R R r I'� �_'� "a� � � � y > v w y � �` m H o < x 3 K m 'pk $ S 6 8S S' 8, oNe oXe e � .. Jr �. x. h1 H o a Ct1 �� m � e � m m 'eli e mE d l7 y 8g � - a F m a L a w �" 'L w � a o £ w �.. .� e u E Ile . .. � m �� a ,� o � � e m m e u 8 m � �8 � 8 m _ � � M � L' voY � � mQ � �� _ � � _ EE ,c c c c Z ZZ ZZ ZZ CC ZZ m Z Z m m G Z Z ZZ ZZ ZZ Z � N m m K .fK �fK �f KK KKK aK K < Z � � KK �f � K 4 � ZZ �- & & e` EG Ee sec ^„` cn � F FE £ FasF SeE Ffl ''< FF 3 33 d3 32d d33 3y 3d d3 d3 dad d33 d33 n -1 -i 4 -I 4 4 4 -1 4 -1 -1 -i 4 -1 -I -1 -1 �' $ a � m u�i � c m to �� _ a �. �� a �o � „� _ .. � w eo mop � eL � � Nu c ., eem � .' m Na - .. _ - � p TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 06/25/01 MAY 31, 2001 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $45,716,483 1 year to 3 years 0.00% 50.00% 4.14% 3 years to 5 years 0.00% 30.00% 0.00% over 5 years N/A N/A 1.03% 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% 6.21% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 3.11% Mortgage Pass Thru's N/A 10.00% 0.00% Calculation of Weighted Avg Maturity Mature Current No. of Days X Cost Date Date Days 37,042 37,043 37,042 1 777,823 37,043 37,042 1 42,690,000 37,202 37,042 160 40,000,000 37,278 37,042 236 471,683,760 37,379 37,042 337 0 37,938 37,042 896 896,000,000 37,991 37,042 949 0 37,653 37,042 611 608,830,950 43,196 37,042 6,154 3,068,347,476 5,128,330,009 Total Investments at Cost 48,211,527 WAM in Days 106.37