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Home My WebLink About8/1/2001 - STAFF REPORTS (32) DATE: July 20, 2001 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of June 30, 2001 Attached is the Treasurer's Investment Report as of June 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 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 145 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: n L�'/Z Thomas M. Kanarr Treasurer 3y treasrep CITY OF PALM SPRINGS 7/20101 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JUNE 30, 2001 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 451,667 State Pool 40,590,000 $ 41,041,667 87.72% Short Tern-Investments (1 year or less) Time Deposit 250,000 Corporate Notes 1,998,660 2,248,660 4.81% Medium Term hrvestments (1 year to 3 years) U.S. Gov't Agencies 1,000,000 Corporate Notes 996,450 1,996,450 4.27% Long Term Investments U.S. Gov't Agencies 1,498,594 1,498,594 3.20% Total Invested Cash $ 46,785,371 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treasre9 TREASURER'S MONTHLY REPORT ]noml DETAIL OF INVESTMENTS TUNE 30,2001 Coupon Y.Id Adjusted (memo only) Post Qt, Par Value Rate Rsong Mawaly to Mantity Cost Basis Category Toul Market Value Source Market Value On Call De ostts CheeUtg-BaN_of Amen. S 431,667 v.tble AAA open 3.89% S 451,667 S 5 451,661 S 1,055,164 Laval Agency Invest Fund(LAIF) 0,5w,wct variable N/A open 496% 40.50,000 40,590,000 LAIF 30,390,000 41,041,657 Short Term Investments (1 ear or las) Time Deposa Palm Springs Savings Bank 250,0G) 6 60% AAA IU07/01 6]]% 250,100) 250,000 P S.Savings 250,000 Coryara.Nas Inurruaonal Lease Finance Corp 2,000,000 5.40% Al 01/22/02 5.43% 1.998,660 2,015,312 BNYWestern Tr 2,W9,620 2,248,60 Medium Term lnvestlnenp (I ear to 3 ears) US Gov't Agency Secanues Federal Home Loan R.ok 1,000,000 ]00% N/A 05/03/02 ]00% 0 0 BNY Western Tr 1,W2,187 Federal Nat'l.Morteage Assn l'"' 0 685% N/A 11/13/03 6.85% l'"' 00 1,010,937 BNY Western Tr 1,014,062 F01ral Home Loan Morteage Also. I'M," 6.00% N/A 01/05/04 6A0% 0 0 BNYWe,U.Tr U"'od0 Corpora.Notes Bear Sams Co.,for. 1,iSo0,000 613% A2A+ 02/01/03 6.21% 996,450 1,014,160 BNY Weslem Tr 1,WS,2W 1,996,450 Long Tenn Investmew (3 yews la 5 years) US Gov t Agency Securmes Federal Home Linn Mortgage Cory I'M," 6.W% N/A 06/14/06 6A0% I,WQ000 1,W3437 BNY Weslera Tr 0 Flvurcing Corper0600(PICO) 5W,000 9.80% N/A 04/06/18 9.805 498,594 670,470 NonereBanl- 683,150 498,594 Total mvesmd Cash $ 46,]85?]1 S 4],0p5,983 8 38,412.383 measrep TREASURER'S MONTHLY REPORT 7/20/01 MISCELLANEOUS AND TRUST ACCOUNTS DUNE 30, 2001 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 46,785,371 $ 46,785,371 $ 46,785,371 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 7,491 N/A N/A open none 7,491 Trust&Agency-Bank of America 698,740 N/A N/A open none 698,740 1911 Assessment Funds-Bank of America 0 N/A N/A open none 0 Rehab Loans(CDBG)-Washington Mutual 56,571 variable N/A open 1 07% 56,571 Downpymt.Asst.(Housing Fund)-Washington Mutual 32,616 variable N/A open 1.07% 32,616 798,068 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 2 1% 56,586 Downey S&L(Cohen,Mark) 14,770 3.92% N/A 12/18/01 3 92% 14,770 Downey S&L(Donavan Bequest) 16,901 3.83% N/A 2/17/02 3.83 Y. 16,901 Downey S&L(Palmer Cable TV) 4,395 550% N/A 1/19/02 5.50% 4,395 Guaranty Bank(Coyote Springs Apt) 16,092 3A0% N/A 6/24/02 3.80% 16,082 108,734 Total Cash Deposited $ 47,692,173 —p TREASURER'S MONTHLY REPORT 0]c0/O1 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS TUNE 30,2001 Cvupav YNN AJlvnctl WWmv mJy) Pvvr QU Par VaWc pale ybv& FUI, wNUY., Con Brio CucSory Tvul MaM1et Valnc Souvs hladu Valve 9\Vaslewau/FlanerLmac Cssb S S I 5 5 1 pNYlUWTr S I AIM Govamm.:m&gScvry 1UU,dvale 30]3 vamhle qM I'. ]]pm 3p3,366 3p3366 BNYWenem Tt SW,191 US TrtamryNde I,719?97 6]3A qM OI131/0] 6Ifi!fi 1,]9,29] 1,'//4,6 BNY Wesv.m Tr 1.]]1.Ml 1991/199]Conveoliov[emee ep-,v'W} Cash 1 1 1 AIM1I Gvvel PofPmme 3a71 vlllbll AAA , , _A71 BNNYY Wtlm TrAIG nvwL A,m— 3,09g5g5 669% 66R 4 03¢,545 `5 NYV... s S.fi99I Tr q,p9B.5i5 199±Aaryvn Caah 14TS/4 ll,5I6 142,574 .N W.—,, Ipp.3W A'.Shvn-Tdm 1vv1.,"Pnvam ]JS,13¢ v vwble AAA oRv 3702 .1,I3S 131 BNY WI-W Tr `UWWvhelwcsMent AY 1_U.6W ±We AAA 01/p117 ]WR 1,]0],6W 13p7,6W BNY We mTe 1?A].6p3 1931 Scn^s B Homlv_e 1'Q90'30? Cvah 0 0 SNYWcav:m Tr @9 TlhlGwemm.mC AW,S..pnwlc tl,]W ambL AAA opev 3.]p3 B,76p S'. BNYW—t MT1 p CAMP M1fovvy Ftaele[ ]]gllfi amble opev 609% >70,Nl 510,116 Y. Sfi3.]SB .U, 4WS AAAop:n 6]BR, 0 p BNY Wesmm Tl IPM ImI Service Trtuury Movey Mveket 3 vawblx A. open 3502 ll ll BNy Wuaam Tr 8,013 U9 4 Scncs A S,0 AIM Govemmmt&ASevcy -,S6W', 6B3,±T_ vavvblc AAA upcv 3.A2 03,791 683.]9] BNYW.—Tl 6]6,635 TMG lmvrurce l¢vesvnem ABr l,]W,935 684% AA .U1/1] 684% 1,7W,935 BNY Wenem Tr 1,]W,935 1996 MWYPI:Cvpwl FmIBRrs Bmlcn ,M.Goucmment i Al,1..Pnvam ±,1]I YWUUa AAA 17. 2.17I ±,I]I BNYWea,,UTr I.096,Ip3 AMBAC Iwemnenl AS—U, Lll3.UW S40U AA M1OI137 1408 I,TO,IHp 1.7M. pNYWOIem Tr 199E AiT-NA. 1.]32,1]I TlG lvveswmvl AF -S11— ]61.?1 5IN% AAA1/pll1B 569% �61?_"'1 11 BNY\V mTr 561?+1 .UM GavammcmG Al,PVN P—. T.S, 4 AAA open ]p^m 3., 4 3W,fi1q BNYWenem Tr 1PM Irth Scrvme T-1 h1,1UIWl 0 vvrtade AAA vllen ffip4 0 p BNYWegem Tr I4I,963 93B AVPun"U U'LA 5 Caxh 1- 13 v BM'Wesumh 0 AlG lwm'vvevt AU,-Resxrve S1S,72S 573Z AAA OIIpIg9 3.70$ ¢49,728 %T➢ BNY Wm'Iem Tt QJ9,]±8 AIM Govx,®cm&ASevry 1111nva1, 452,7M —able AAA opxn ]]03 .2.7. <17,106 BNYW¢IeWTI IPM Inrl Scrvim T —I,Mvvcy Marku 0 vanapla AAA Bev 460b 0 U BNYIVe—Tr 1I],}39 W,559 1938 Multiple CaPlwl Wanevaler ABA Govemmavll Afl ncy POMPnva¢ 3p3a55 vawble AAA open 17.% 3p3055 11055 BNY\Veslem Tt 0 IPM ImL Samcc Tmamry Moocy hlmAFt 0 valuple A. npev 4Wft 0 p BNYtVeii—Ta }Lp,595 .,p55 1995 Asauamem pitmn ISi q4p 1PM Ivsl 3ervicc Tmasvry M1,Wq Mmlcl 0 —ble AAA open 0 0 BNY Wer¢tu Tr 3±8,803 AI-Gwcmmcm C Atl1.1.11n1ve 332.±64 vamble AAA vRv 3]02 33±_64 312_6} BNY Wesum Te p ±= 1.Annmvn[ptvnu l5➢ BIW of New Yml CIh Rererve 359,951 ±E9,951 359,951 BNY Weslem Tr IS.Ml Icve-Fm Trvcls M951 Fml Am—I T-W,.1,Tn 69,334 4}02 AAA open 3_15 69724 69,714 US Bat N1 Lmsc-POI,rt pn ,]]9 Fun pmenmv Tmvury Gbheauov 129.I60 4Otl Al uRv ]50% 129.160 129.160 US Bvvk 475 L—sx-Y±K L9.Ifi0 Fnl Amvmm1 Tnaxury Obhp I.,. UU,.f 940.E AAA open 3'UT I]44. 11,441 US S.. 66,995 1]i,40. Lanz Fue Tmek�&Paramxtlle NWcle Fuss Amenc�v Trzssury OliLFanon 6.353 14O11 AAA I+v J50'b 6,"1 6.111 U3 paok We11r Fa�FV Govemlllenl M I,Ffaeket 441k'8 vnnvble AAA open _ }}I p.,¢ 3 Ap ._ WaLL�Fwpo O,±fifi TOWS 447.381 5 I6.66]]9 1 6.1.1 5 16.<59.i6] TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 07/20/01 JUNE 30, 2001 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $43,290,327 1 year to 3 years 0.00% 50.00% 4.27% 3 years to 5 years 0.00% 30.00% 2.14% over 5 years N/A N/A 1.06% 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% 6.40% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 5.34% 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 37,072 37,073 37,072 1 451,667 37,073 37,072 1 40,590,000 37,202 37,072 130 32,500,000 37,278 37,072 206 411,723,960 37,379 37,072 307 0 37,938 37,072 866 866,000,000 37,991 37,072 919 0 37,653 37,072 581 578,937,450 38,882 37,072 1,810 1,810,000,000 43,196 37,072 6,124 3,053,389,656 6,793,592,733 Total Investments at Cost 46,785,371 WAM in Days 145.21