HomeMy WebLinkAbout4/4/2007 - STAFF REPORTS - 2.E. iZ
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"F011 City Council Staff Report
DATE: April 4, 2007 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 28, 2007
FROM: Nancy Klukan, Assistant Director of Finance
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of February 28, 2007. 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 February 28, 2007
STAFF ANALYSIS:
The attached monthly Treasurer's Investment Report is for the period ending February 28,
2007, 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.
ITEM NO.
City Council Staff Report
April 4, 2007-- Page 2
Treasurer's Investment Report as of February 28, 2007
The weighted average maturity (WAM) of the portfolio is 379 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
Nancy Klul Assistant Director of Finance
Attachments: Treasurer's Investment Report
ncasrep CITY OF PALM SPRINGS
3)26i2007 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
FEBRUARY 28, 2007
On Cn11 pe osrm Adjusted Basis Category Tom[ Pcrecnmge
Chcckmg Aecowt $ 1,557,627
State Paul 36,690,000 S 39,247,627 46.78%
Short Term Investments
(I year 01 Ieq
Corporate Note, 990,670
Time Deposal 2,500 000
U S.Gov't Agencies 6,000,000
US Treasury Note 1,484 115 10 971,785 13 a2%
Medium Tcrw Investments
(I year to 3 e,us)
Corporate Nomn 993,090
Mortgage Pass=fhr, 6,199,012
U S Gov t Agencies 19,732 450 26,914,552 32 92%
Long Terns loveslments
(3 years to S cars)
Corporate Notes 926,120
Mortgage Pass-Thrus 1 632,720
U S Gov t Agnrciey 2,998,594 5,617,434 6 87%
Total Invcsced Cash
S 81,754,398 100 00%
*Some mv,1rr,m5 made prior 10 the implemenmtlon of dsc
cwrcnt❑ncament Policy exceed dm 5 your limit.
lr rR TREASURER'S IVIONTHLY REPORT
3f'N2d°7 DETAIL.OF INVESTMENTS
FEBRUARY 29, 2007
Cw6cn lieN AdJusosl In¢rn0 unlY1 Per Q¢
Pw VL3z flue IdIL]e M1lamri-l' m M.nrrlY Coal Basis Ca,,TV l hfwba Value Sourtx M. cl V•yc
On Call B, �i¢
Clle kin, auk urAxne! S MA opal 4 94% 5 1,552,Q2 5 5 I 36 s57,�T 5 32.87'
LceB Age Y Insysllvni ILAIF] ,6'YJ,CW ruwLle NIA up.a 5 18X 3fi,a�.Ca•] 36,b41,000 LA]F 2:,ISa,00]
s,47,6 T
Short Tcrm]nre,Mmra
f I.ea or Ices
C=muraa xme:
Byr Stars Co. I,MAQ 4.W% iA] flWIiNS 434% 990,00 946,0]0 HNY4Vcslera Tr 9a6,19]
99o,6i0
l4' �M M1luwal Bank 1,Cco.m 4 HS% AAA OLU7N2 4 00% a 0 W_,i¢;Ion hluwal l,O]],C00
V!_t��ar Aluwal B. 3.mo.aw 4 08% AAA p7N2182 4 03% a 0 SY'az glon MP.uwal l,OT.MO Wazhu�¢a Atuw.]B&-A[Lt.�ry T. Suo,Wp Sala AAq WR2lai 5BI% Su0,0.YJ SIm,CC•] Washwga muw.] 3W,W0
Wa51wgNM1\PaNe!B•at L.M.033 a21% AN p1IllMS o24% 1.op�,D:O I,WQCCO fVaslwgRrt Muw1 0
W.hin9wn MI,al Bust I,UW.031 5.24% AqA o?ifl m 521% 1,00],0.0 1,0."•],CCO 1Vashln,an\f•-:ul 0
U.S Gn"[ABc�uY S:wriBes
Fare+.I[.-Lom Ban6 1,[CU,m 1D3 WA 021WM7 113%
]60%
FJe J H.aa Lmn Bart 3,CCo,Wp 3 0A MA C+I➢9.'07 a 0 H:lY Wes¢m Lr 933,125
federal Farm GAr Hsk 0 0 BN1'1Wes Tr SSA,699 k,M'm ]94% NIA uu'82,b7 ]94% LWp,DAI 996,250 HNYWnlra Tr 59{,75
€CAwal Naliorml M1forlga;r A=xuiaunn I,Wa,OI] 3_'9% NIA IM12ib] 3.59% 1,003,00 959,ES8 BNY R'e,lr Tr 98fiA�i5
Fdcral Home ua HrA 5W.Cw 476% N!A 10124N] 426% SO],OV
FM-.111nme Las B k I,W).CW 5.W4 N!A 11I73�YfI 493,438 BhTWGem Tr t93•€[]
Fa�ml[Inme LonH 1,0.1],CCU 5 toR NIA 122R•W 5 109� i,CCO,0g1 9A.410 HW SVe rn Tr 097,103
FNzral Home Lora➢.0 Saco 4]OR AfA O1f]QU SS9,63S HVY Wes¢rn 1, WS,750
FAcr�l[¢n-Lam Ban6 4 305 smcm 4%,719 BNY WeMm Tr 495.313
1,CCO,M S W \!A WP_arua S w% I,M wj L.M,313 BNY%%Is nTr SW,013
6,ppB,W0
U S Treasury Kn
US Tre�NoL (L3r�Tr i) Sa],CCO 3.15% N!A 02I281OT 3.e3% p N[•x U S Tre HY SY'Cs¢m Tr 493,2I0
US Tr vury 955,Ma 3.&% NIA Mow 4 T6% a :l
4€a,fi25 SSS,15 aNY W.•¢m Tr 933,281
easury l'[•r 493,450 .7aR xfA lue3lm 43a9• MAN 497,SN5 BNY Wcsrun Tr 45K?W
1,434,115
\ICJmm Tcrmlm'[]}xuoa3})
Cmpurale Nolu
lY'Cls Fargo Comevy ],[CO,pUp 3.50% AAI Ol,N4fo8 3.733 993.093 982,656 HNY3Yesl Tr 9i9j%
993,03]
\Song—e Paz=_Thms
FM:ml Home Loa Mursagc C.,.rauun 2,w,0]] 4.U]% WA 0MIDS 4.82% M4.490 F SI2 r.5] eVY Wes¢rn T 842,4s5
FM o -1 Home La.n A'.orteag Co,.r.iw 4U,000 LCUS NIA OL➢k.� 5569, I6?535 I6y550 MY WesIm T ❑O,BSS
F ua1 1[ome Lom Aforlga$Car�orzn W3,333 4.CUR NfA 09.N1188 5.43% 503,9fil 507,6]9 DWIVe¢m Tr 5?4,M
:Jer.]Haul.con liorlgz.Cmpara¢ro ],tW,Cgl 45B% WA LUOLMS 5B7% 5m., q SII,341 BNYIS'r.,I:m Tr 602,4€4
F,ACrA H[r Lmn Afv15a<e[i[6ama[n 3.0 ,M a Ikl NIA MMIM9 5 a8% 293.Ml 293,953 BNY W'c,m Tr 309,45I
Fed—1 Here lean Nl tmye Cnp[rawn 2,335,W] 4.ma NIA B3A11r09 4 88¢ 951,3pa 94€,u 19 IlNY Weswm Tr 90]p 10
Fed�a1 flame Loan Idcrga,Carps,. 488,033 4.03% NIA 04A11ro9 5 18% 254.596 949.019 ➢VY Wce mTr 262,986
FM•ra1[iome Giau Montage Corpomlion 54., , 3.50% NIA OW1.09 4.79% 353,36i l,%619 BNY We,Wm Ti 261.936
Fd W Home LamA:orl,aMCi,.naw 570,CC0 4.opR N!A 0901I69 53TR 4u8561 411,894 BNVIVeslrm Tr 426,453
Feral h'nOcml\SotlSs'c'IssttLaon 2,iU],OCa 450% NYA ol:➢I110 4.91% 67±,183 6N,3@ Bh4'R'u5m Tr mja
F:➢uJfiaurnal Lfonge-e Assow)pw 2,5CU,CW 4 58F MA f JuaI H[ri Lmn Wew,C[c6wau[n 1,45o,W] Y5o a NIA o.velo 5 2% r2"4T3 T10,611 Bx4'W' m Tr 4W,I86
YI]HO 522% 4eJ],IS] 4€1,61] IlYY WCs¢m Tr 154,T_3
fi,]bYpL
1ar=rFP TREASURER'S MONTHLY REPORT
]^artW3 DETAIL OF INVESTMENTS
FEBRUARY 28, 2007
Cogcn Yxld Adlwed Im.moonlyl PnrcQ¢
Par Value Role 3alin- \lalunly la Ma:umy Cusl Bau C re,,Tul.3 lfarW Value Soume h1..ket Valu=
❑.S Gur'1 ASxa y Sm-urnim
FAIrdl N.enaal Rl.a2e Asa-zvlwn ],W],W8 5]3% KYA villhu 5] % 1,W.m ],OW,3]3 Bl:i'We.leen Tr 998,438
17 kr 13nme Lom Bxnk I.M.I W l.W% NIA 041I.LV 402% 1,D03,o03 9R9,05k BAY We Ictmn A4.m8
Fera[13ome ln:n Bank 2,W),oW a.50% KIN D eDU sm% ].995,295 2,WL,SY) BI.Y We lrm Tr 2,OOo,625
F Viral 13ome Lnm R1orty8e CcrF.u.. ],W),WS a1a% KIN Ka7l a a 25% ],W),OW 9.a9,750 B1.Y We7.m Tr 598,ao11
17- a,A Dr.!n•n zl k SDI.M 4.33% !.fA 07n_51Ku 4_l5% 50),Wa 496. O BI.Y We7.m Tr 494.219
FCcal B..U-n Bank 1,W3,WD aC0% KfA 011NffiT9 50)% ].W),W3 93bi18 BhY Wm.m Tr 995,625
Faeral Hnm:U.Bank 1,Wa,WD 5.32% WA 09a03iT9 512% I,"." 0A,938 3"We.':m Tr 998,125
Fa'ral Home U.Back 7').W 5.W5S KIN IM_iiTB 5 CV% i9),Wa 74€,125 B!!Y WD':m Tr 7=5,313
FAIral Farm Utdil Hank ],W],WD 3.&% WA 10f19iT8 3.W% 03a,801 9J50 B!lY W,.:rn Tr 970.7m
F,&ral Hum:Luau 13n 1,0),Wl I.CO% WA IIA711A l.W% 1,Wa,WJ 9.u,938 BNY Wwern Tr 90.93E
FYeral B..Luau 13n 1,WJ,WD 1.23% WA OLIoiTA 4m3 1,03a,W] %7,188 BNY Wa'•m Tr 963,1m
F,&ral lho L..Buds 1,03,oW 5.2a% KNk O1Q710 5.2a% LO"o.W] 9 ,37n ANY 1Vvem Tr a
FY.nl Nrnval R[meaz b==a5aalion I,W],ODO 5.21% A!A Oerl610 5.17R l,0"0.0]) 1,0:0,0}I BNY Weaem Tr P8.7m
FAIral Huu Luau R!orty5e C.,P iun 1,WJ,W3 3.30% WA W lI w 3.E% 9n9,2a» m,Fm 11 Y%V'c ro Tr 955,313
17'eral 13ortz U.Bmk I,IXO,OW a.5G% N!A a5 JD9 5.11)% 10V,030 599,17a nNYWrrem Tr 9s.m
FN.ral]hove Lum R!nrty,,Co .iun I,OOapp 5.COZ WA 1026�➢9 511RNY m % Srti.Bli W2.JW3,906 IIWWcrem Tr 0
Feeral rum Crcdi[nauk 1,M],W] a.wS WA 11f18nYl 1.25% 1AoAo 933,SOO 1IW1 crzm Tr 495jm
FeC,I Dun,Um Bard W),033 S.CO% WA 11P_o09 S.CO% "V.OA 197,18E ➢NY45'emm Tr 595.ie1
Fe&ral Home U.Bank L0.3).O3] l.3oa MA ]2QL[U S.35% 1,1w CIO 4dl,Ca3 HVYWr«mTr W19,051
Fa_eral Hortz Lunn Bauk I,W),W) 1.35o MA OL n2,10 -5.35� 1r•;0 CIO
efd.,Cfi3 HVYH-_�,Tr 4I6,515
19,)32,150
IsnE�Term lrtrrfl-el
(3 nrma earl
Corpac.-.Iola
❑ddman Sa I,G.,.lm [,C 0,V 0 5.m- AA3 01115l I] 5.37% 99fixg W71XT Bki'W.I.Tr 591,6W
9M,120
R[mrpW Pass
F.ke,al llurs Lam Rlruiz.,Curpn.um 2,28D,rW 4 50% NeA W.W10 5 a9% MS.169 91�103 BN4 W1,Tr 951,fiR
Federal Hnrts Lam Bank T cco 4 75T NIA 1o.U110 l RS% 595,376 509, 611Y Wwd mTr 603,43S
Fedeal ff..c Lnm hlm ze COP eaiw 2wco) A 584 NIA Oa0111! 5 31% 123,155 113,420 Pl Y Wenm Tr Im.m
1,m2,m
IT GWi Ayeny See�
FNoal Noes Wn Barak I,C .cw 5.50% WA WON30 a»)% ],W),W) W9,103 ➢NYWcrem Tr 0
F,J.1 U.Lnm R1mLag C.,f , 1,aw.cN SO- NIA R2114112 a W% 1,5N,W] 1.07,78a ➢NY W'nrera Tr 0
Fir. cir,r Cc umlmn(RCO) 5W.LNco 9 0% NIA W.Wl8 9.r»% 39n,541 IN.375 NA.11➢ 4 em_Dia
2,998,Al
Tull Fmyw%d Cab 5 81.7a1,398 S 81.811,15] S CS.999r16b
TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
3126120D7 FEBRUARY 28, 2007
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cast Basis Category Total
Total Invested Cash $ 81,754,398
$ 81,754,398
$ 81,754,398
Miscellaneous AC ,o (s
Petry Cash 2,925 NIA NIA open none 2,925
Rcvolving Fund-Bank of America 13,063 N/A NIA open none 13,063
Trust&Agency -Ban, of America 1,407,275 NIA NIA open nonc 1,407,275
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,503 variable WA opcn 040% 33,503
Workers Compensation-Bank of America -9,148 LIIA A*IA open none -9,148
1,447,618
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S& L(Cat Cyn Country Cub) 67,986 4.93% NIA 2/11/2008
996
Downey S&L(Donoyao Bequest) 5.12% 13,811
4 1 13,811 5.12% NIA 6f7I20D7 5.12�� 13,S1i
Downey 8&L(Palmer Cable TV) 5,240 4.97% NIA 1/18/2008 4.97% 5,240
Guaranty Bank(Coyotc Springs Apt) 18,032 4.6711 NIA 6/24/2007 4.67% I8.032
105,069
Total Cash Deposited
$ 83,307,085
TREASURER'S MONTHLY REPORT
vrasap BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
031261W FEBRUARY 28, 2D67
Cou@vn Ydd Ada ,L.d Imemo mly] P.,QO.
Par Vzlne RZ' fLliMg MamM[y is Mamm' Ceu B_.is Cale@ory Toul Value
199 LMM 1l13:Conn'd.Cemer
AM Gm-..l&Ape y PUMF Pnra1. 263,9123 r ible AAA opcn 4 Do% 268.921 269,923 BNY fY..Tr =69,165
AEG Imm ncnl AUamcnr 1,2&3,673 5 36% AAA ❑1D1f25 5 36% 1,280,673 1,293,673 HNY IV.rzm Tr 1,2M673
AEG Inrc,meo[Ag;, mea 1,2A3000 669% AAA 11IDIM 668% 1,290,000 1,290.000 ➢M'R4••.:m Tr 1,2%."
7.1B1A in,...Ag,.m 3,303.02 5.58%% AAA I IID365 5 58% 3'3w.4 2 3,30%402 BW W"'.Tr 3 300,402
6,139,990
199Lu6A4.0
C.b 1.119 1,119 1,119 ➢NY 6'euem Tr 1,119
AM Sl.n-T.fnv.t.Tr Pnaar 1,400.319 raziaN.e AAA opco 4 90% 1 4W.319 1,4@,319 BUY%vw.Mr Tr 1556,610
1,401,430
1991,G 1 gc'es B-ElQ.um@
Al61 Go:xmiuxr•A A,,.,P.--rf Pnrz!c 4,1T7 r=nabl- AAA aFgo 4.90 4.177 i'M BNY R'evem Tr 4 170
AEG lnre l[A@rce.r 468,105 5227, AAA O9401121 5n 463,105 469,105 BUY\Yevnm Tr 464,]Di
4a2,282
1994ID4 Series A&0
AIM Go mmm&A@cnay Pmr Pmaic 3,875,312 ranablc AAA ap:o 4.90% 3,875,312 3,975,312 0NY 1Vestnm Tr 3,289,490
MBIA Inrram¢or Agmemew 1,651,456 5.17% .AAA 9W1134 5 17¢ 1.651A56 1,01,456 MY 6'W.cm Tr 1,651,456
5,526.768
1996 NNldpl.Cap.l lF-nlm.Pm,m
ABM Gm'cmmcnr&Agm-y Nof Pnraie I,IID vamblc AAA up' 4.9G% 1,110 1,110 BNY%Vws mTr 1,1D1
AMBAC Fnresviceel AgrecmUr 1,129,639 6.40% AA 0410IR] 6.Q % 1,Td9,689 1,729,65 BNY Ness.Tr 1,729,689
1,730,799
1998 A4.n GARB
AIG lb,.m.m Agr Iievrvc 561 221 5.4D% AAA 01MM 5.70% 561,221 561,921 BUY IVesem Tr 561,221
AMf Goec=cn[&.Agzncy Parll Pnvaa 97,742 rar bl. AAA oprn 4.90% 97,142 97,742 BNY Tc 3n,850
658,963
TREASURER'S MONTHLY REPORT
U. p BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
03126107 FEBRUARY 28, 2DW
Coupon y-I m Alj�Lid (nema only) Pnor Q1
P.%r,%, Rare R nE 6fawnty b MRWItj Ca.t Basis Cieg.ry TeW Mf &VA. Smi¢e Afar1:et Valoc
1998 AnWn PFC
AIG Livestrcem Agr -Rrs_rve 89,728 5.70rk AAA GMU28 570% 849.729 849,729 ➢NYl...Tr 849,728
AMf Gavcrvmerr&Age¢cy Pont P,� [61.873 ..ble AAA 4 W5u 1M.873 164.871 BW WY cm Tr 5W,68]
],013,80]
1998 M¢lliplc CapiW R'arr�uarcr
AMf Gavcrmnerr&Agmcy Pont Pnrar. 305,178 vunble AAA open 4 W% 305,378 3115,378 B14Y W q.Tr 303,G40
30,378
3998 Asses.n Direct 155 A&8
AMf Gavcrmneor&Ayacy Pont P,n. 2W.W3 raruble AAA ope¢ 4 90`0 290,263 2915,263 B8 R'Gr�m Tr D5.921
2W,263
2G01 As....,Dismct 1571158
A16f Govc icm&A3cncy P W Pnvarc 176.169 '.blc A•L1 opc¢ 4 W% 376.369 176,369 MY l4.w.Tr 17a,018
n6,369
2002 Parks¢g Sunaurr
C-It 3 3 3 MY W .lern Tr 3
AM Gwcrrmcn[&Age U Pont Pnvale 32,913 variable AAA vpe¢ 4.90% 32,913 32,913 BNY W.W.Tr 37,797
32,916
21304 A, .•m ,r District 161
AM Goverment&Agrnq Naf]'nvale 524,Wfi vankb AAA ¢pcn 4%% 524,036 524,G36 0W lYeslem Tr 413,901
524,016
20G1 Assu•mcm D¢rncl 162
AM Gm•c.mL&A,.,Pom Private 308,61 varinbh AAA epns 4.90% 308,644 30,644 BW 35`uern Tr 347,992
308 w
20.35 Assesmeot Dhniu I
AM Goren.m&Agm7•Pmlf Pnvalc 650,391 vznabl- AAA oprn 4 988 650,394 650,194 BN W.[-m Tr 594,760
b50 3%
Totals 5 19 212,849 5 19,232,849 5 19,593,944
treasrep TREASURER'S MONTHLY REPORT
03/26/07 CALCULATION OF INVESTMENT LIMITATIONS
FEBRUARY 28, 2007
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 NIA $49,222,412
1 year to 3 years 0.00% 50.00% 32.92%
3 years to 5 years 0.00% 30.00% 6.26%
over 5 years NIA NIA 0.61%
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 NIA 30.00% 3.06%
Corporate Notes NIA 20.00% 3.63%
Money Market Mutual Funds NIA 10.00% 0.00%
Mortgage Pass Thru`s NIA 10.00% 9.57%
U.S. Government Agencies NIA 50.00% 35.14%
U.S. Treasury Notes/Bonds NIA NIA 1.82%
I p - r vs, sees; s, , nosey§ reasons«9g : 9: g;