HomeMy WebLinkAbout5/2/2007 - STAFF REPORTS - 2.E. I
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i Oq<lFgR��P City Council Staff Report
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DATE: May 2, 2007 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF MARCH 31, 2007
FROM: Nancy Klukan, Assistant Director of Finance
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of March 31, 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 March 31, 2007
STAFF ANALYSIS:
The attached monthly Treasurer's Investment Report is for the period ending March 31, 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, 4/16118, 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.�L�
City Council Staff Report
April 4, 2007-- Page 2
Treasurer's Investment Report as of March 31, 2007
The weighted average maturity (WAM) of the portfolio is 377 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:
Nona
T-L,�-fi 9,j2L
Nancy KIuV n, Assistant Director of Finance
Attachments: Treasurer's Investment Report
10032
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o-eaarep CITY OF PALM SPRINGS
4/20/2007 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
MARCH 31, 2007
On Call Deposits Adjusted Basis C.4egory Total Pcrcenmgc
Checking Account S 960,360
Stine Pool 35 190,001) 5 36.150,360 43."%
5hnrt 1"nrm Investments
(I VCar Or IC451
Corporate Notes 990,670
Time Deposits 2,500,OM
U S.Gov t Agencies 6,000,000
U S Treasury Note 1?R4,115 10,974,765 13 80%
Mcdmm Term 1nveo[rni-nu
(I year to 3 years)
Corporate Notes 993,1190
Mortgage Pass-Thrus 6 100 996
U 5 Gov t Agencies 19,732 450 26,926,436 33 725
Long Term Investments
(3 YL%o,ins yxrrs)
Cnmerzie Nlle¢ 986,120
Mmtp,h,P.M--11rm 1,617,253
U 5 Gov[Agencies 2,998.594 5 601,967 7 04%
17n0 Invested Ci h
5 79,553,548 100.00%
•Sumo invcamem maaC pile m dia rmplCmenmd0n 01 dlc
currcur Invcsmicar Policy exceed die 5 year limit.
a^xre, TREASURER'S MONTHLY REPORT
4I2012007 DETAIL 01; INVESTMENTS
MARCH 31, 2007
Cone^n Y1c1d Adu,ad (me nnly) Prior Qa
Pal Viluc Rena evl^I, Maturity to Mewnry C9at Bans Category meal M.wkct Value Source Mil ket Value
On C�II I]e nFItF
Clmkm.-Bank of A.,rl., S NIA v.rl.hi. AAA open 5017 S 90360 $ S 960,31A S 32,8'/4
Lekul Agency lnvnt Fund fLAIF) 35,1%NO vadehle N/A open 671V 35.190AM0 35,190,OW LAIP 24,190000
36 150,36n
Sherr .Term 1,nz nnaxa
1 ear ear less
Curpumlc Note,
Bur S.,Cu I'ma,wu 400% AAI OV31/ux 434% �90 m0 990,530 BNY Weirm Tr 99619p
990,670
Time Depocite
wiilnngtun Mutual Bank 1'"," 4 88 A AAA 02102/07 488& 0 0 Wnahingmn mumal 1,W0,000
W.alnngton Mutual Bonk I'MON 4H8F AAA 02102107 4987 0 0 wnahinBmu Mutual 1,M NO
Wn,hinBmn Mutual B.mk(Ubr.vy Tru,t) 5wM0 5017. Ann 03G2I07 5.01% 0 0 Wsh,.,,on mueml 0
Wshmgton MUMJI Rank(Library Trust) IM'w 5.16% AAA OOW107 5167. 5w'MW 5w'm W.uhingmn Mutual a
W.ahmgbn Mutual Bonk 1,000,000 1 24% AAA W/05/O8 5 24% 1'"N0 I'mo.il (1 W,tihtn.wn Mutual 0
WeIlmewn Mutual Blink 1,000,000 S,mR AAA 02/05/08 a247 LOOO," INOWO Wgs11ln8mu Mutual 0
2 500,0W
❑S.Co,t Agency 5eanr1,jm
rNen1 Home team ennk 1 000 mlu 3 137. N/A 03I07107 3 137, n 0 BNY Wntcrn Tr 99x I
Federal H9mc 431,Btnk Iuugtlpn 3609: NIA 02109107 3.W9; 0 0 BNY Weskm Tr 9911438
FWeral Form Credo Bank I'M' 00 3.94•A N/A 0610107 3u9 I,000000 997500 ervY wesueni Te 996,n88
FMcral Natmnal Menge,Ax,rriminn 1,13g000 3.50% NIA 10/12/07 150 5 I,OO 'm 99g938 BNY w-saern Te 986,375
Federal Home Lunn Bank 500,000 4 76% NIA 1026107 i 76% 5w'0W 498,59d BNY We,oern Tr 497,813
Federal Home Loan Bank l.wo.wo 500% N/A IIPXI07 5W%l l.wo,0rp 975,438 BNY Weslem Tr 997,166
rcdmal Home Loan Bnnk IOO 'M 5I07, NIA I'PRI07 510% I.M.W 999375 BNY Wnwrn Tr 9')x,750
FWcrdi Home Loan Bank 500 W0 4 3u'A NIA 01/30/09 4 307 5w NO 496,719 BNY Wnwm Tr g95,313
Federal Hamc Luau Bank I'M' m 5 od% N/A 0223109 5 04'i LOW O00 999 375 ervY wcFlq n Te W7,813
6 wa,wo
❑S Treasury Nomx
U.S Trce.ury Note (Llhrnry Tms) 500,000 3190. NIA 02/29107 3x37 0 0 ervY wcalcrn Tr 199,710
1)5 Treasury Mum 935,625 3 62% NIA 06130107 4 76II 985,625 996,450 BNY wenerx Te 993,221
❑.2,'1 ren,.ry Now 498,490 425% N/A 10131107 A15l; 4964% 497813 BNYWe,am Tr 496,760
1,484 tts
Medium Term lnvcntmclltl
f 1 v�r m 3 ycan]
Corpowil,Nulee
wells raq;o Company 1,000,000 ii0' AA1 WI04108 3737. 993,00 9A&n1n BNY Wcetcm Tr 979,290
993,090
Murt...c Pae,.1'hru,
raleral Home Leann MnrlbdLv Caenumtmn lbw uk) 400% N/A Onlm/gx 432% xna;93 103,118 BNY Wu,mm'rr 842,455
Federal Homr Lunn Mortgage C^T^rndnn 465 WO a Mmn NIA O8/01/08 5 56; 160 991 163,075 BNY Wcs¢m Tr 770,808
Faleral Home Lust Mortgage Corpondnn 00333 4.00% NIA 09101108 543:M1 4N,270 500571 BNY wmiem Tr 5^ 600
Federn Hein,W m Mortgage Curporanon 1,H00,000 4.50% NIA 11101106 5.079; 557,2N 559 776 BNY Wamrn Tr 602,ddg '
rederal Home Lunn Moa3age Curoura6on 3,wo,wo 5 MT. NIA mmt/n9 S OB9; 3x8J87 290p83 BNY We�tem'rr 309,481
rcdcel Home Loan Mm.,.,d CoMomtiun 2,335,0W 410F N/A 03/01109 488% 940 wu v3x,o43 BNY Wcstcm Tr 99g710 „
Fedeml Halm Luan Mortgage Cmpnrndnn 430 OW d M a MIA 04/01/09 51xf 251675 252,972 BNY Weiwrn Tr 262,9xn 6F.
�75 Federal Home 4Nn Mm tpage Curpumbon 50 nor 3 50% N/A 06In1109 4 79% 351 610 352 377 BNY We,arn TI 3151099
✓✓� Frdmal Name Loan mnaBogF Col lWrAoun 510 uW 4510% N/A 09101Iu9 5.377. 403,79x 407599 BNY Wa,km I 426453 6
'We.]1Fumul Moragnge nFFCCNuau 2,700,W0 4SnR NIA Oliolil0 491% 667,259 666,709 BNY Weslem Tr 699,762 r
1� fen ral N wonal MmW3,A,notion 2,500,000 450; N/A 021011LO a4ns 706740 e94,576 ervY Wmmm Tr 494,1W. t
G� Federal Home loon Mort...r Cmponnon 14,15000 450% N/A m101110 5 2 2 Z 473901 475944 BNY W,mI^Ti 734923
6,1nn,x96
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a natrep TREASURER'S MONTHLY REPORT
112012007 DETAIL OF INVESTMENTS
MARCH 31,2007
cnuryut yield Adjusted (memo only) Peot Qv.
Par Value Ratu xonn0 Mnlm ily to Mammy enu R,iHie Category Total Mark,V,dnc Somao Market Value
S.Gov t Agency scm.ce,
FNaral Notmnal Mortgage Acvochdnn 1000,000 5.25% NIA O`ilOI00 5.25% limow I10p0.W3 BNY Want.IT 990,e30
F.dcr,l llama lu in Bmk IWOOW 4,02% NIA W1mlas AGE% IWOWO 98H,750 RNY Wtum.IT 98d,688
Pdenl Hnnm lnm Rink 2,OOquW 1507, NIA 06JI3100 5505 I996,295 2,001,25(J HNY We.mro IT 2000,625
Federal Nome Loan Mti,ii,Cu,...... 1'"," 5�•.6 NIA 06177108 315' 1,000,000 9W,70 BNY Wuum'Ir 99A.503
FNcv d llama Lam Bank 500.000 431% N/A 07g5100 430% 50711" 495.933 BNY Wcstum Tr 494219
Fdcr 11 Name Lean Bank I,000,000 5 W% NIA uslosJOH 5 W% I,fN1I1 ow 997 813 RNY Western Tr W5 625
Federal AM.Lnnu R.n.k I'"wu 5327 N1A NIOS108 5325 1,11 OOO 1,000625 SNY Wesmrn it 993125
Fadnal llomu Loan Bank 750 WO 5 M0 s NIA 10127/08 5 GO; 750,M) 717,091 ➢NY Wutem T, 745,313
Fede•ul Film Credit B.mk 101011470 3 05 a MIA 1p1191om 3 957, 1 OCO Ono 9HI 750 BNY We,am IT 978,750
Pderal Hnme Loan Book I1MH)'" i00% NIA )IIB100 4M7 IW0000 985313 BNY Wesmr9 TV 980,938
Federal Home Loan Hint, I MOW A.23 p NIA 02/10109 A}3 p I'M," 986,875 RNY W.IT 983.12
Fcda.1)tome Lom Bank 1000,000 5.25% NIA 0177109 5.5E 1mp0•WO 999,W3 BNY Western IT 0
Fedard National Mnrtgage A,hrinn 1,000,000 5 21% NIA 0311GN9 5I7% 0 0 BNY Wuacm Tr 99H 750
Peden)Home Um Mn110 IL-Comora0m I'M," 33H' NIA 01/15/09 1a5' 989,210 97150 9NY Weaern it 965,313
➢Moral Hine,Lnon B it I,OW,Wu 5 507 NIA 0511M109 5 507 I,OO ,000 959 375 HNY Wemern IT 998 750
Fdcrpl Hlame loin Mort,t,a Cmpotulon L.W(I.1(Ip 500% NIA lun-moo, 512% 99a 875 994 110 BNY Wastam IT 0
Pedmal Pit.Cmpl R.nik I O O OM A 25Y NIA 11I18109 4257 I'M OW 993,43H BNY WFamm TV 978,125
Federal Rome Loan Wine 50000o 5W05 NIA 11125109 5110:5 500,000 497,)80 BNY Wunm I 491,781
FatV d llama Lawn Bmk 1.WO 000 130% MIA elnllm9 430% 11HNI tqp 9M.063 BNY Wcstem Tr 979,M1,
Federal Hnnm Lil-o,R,mk I OCO CM A 1s% N/A 02f521m A M% 1,t100,Wu 904 Ma BNY Women T/ 976875
Fadevl Home Loan Mange,nvpnr+umm 1 000,000 5.5O,L NIA 03105110 5 5us 1 0 .WO 999 310 BNY Wnuorn rr 0
19 732,450
Long'Icrm lnvG�megt
(3 um.to 5 veam
Comomm Nam.
Goldmm Sack Group lo0 I'M W0 sw0 AA5 01115/11 537E 986.120 a92,9$0 BNY Wunm 7r 99I,6W
986,120
MunO y,c P nr-TLrus
Feder)Hui,;Ly in Mort¢aj�e CoMommn '_,_'HO MO 450% NIA usiollln 529% 900,11Y No 667 BNY We,lam Tr %4.G:n '
rodent Hrme Lom Bmk 775,G00 A.75: NIA 10125110 A ss:. 590,262 585,308 BNY We tun Tt M7.438
Foderrl Hnme loin M.H,,,a Cmpmavon mow n50%r NIA o5101111 537% _ l'_QHP 127,322 ➢NY Wcstcrn Tr 13109
1 617.253
V 9 Gov't Ag=nay Scaunocr
Pdml Home Lnm Rnnk 1,"coo 5 WTI NIA 07113/10 5 iti n I OW WO Y%M3 BNY Wo,l5rn IT a
Failing Rome Latin MnpO'Oe Comurinon 1,50O,OW 5 E57 NIA 02114/12 B 657 1 500,0W 1 497,025 BNY W4.1n11 Te 0
Fm.mmnu Comoration(f1C0) 500,WO 9BOA NIA 0410116 9.10% ¢98.5W 697.655 Nmou➢mil: G98595
2.990.59d
•A� Total love td n''iyli 5 79.553 SU 5 79 617 190 9 65,499,G15
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TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
4/20/2007 MARCH 31, 2007
Yield Adjusted
Par Value Coupon Rating Maturity to Maturiry Cost Basis Category Total
Total Invested Cash S 79,553,548 S 79,553,548
$ 79,553,549
Miscallancous Accounts
Petry Cash 2,925 N/A N/A open none 2,925
Revolving Fund-Bank of America 6,586 N/A NIA open none 6,586
Trust&Agency-Bank of America 1,452,283 N/A N/A open none 1,452,283
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,524 variable NIA open 0 25% 33,524
Workcrb Compensation-Balk of America -7,338 NIA N/A open none -7,338
1,487,980
De osas Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L(Car Cyn Country Club) 67,986 4.93% N/A 2/11/2008 4.93% 67,986
Downey S&L(Donovan Bequest) 13,811 5,12% N/A 6/7/2007 5.127 13,811
Downey S&L(Palmer Cable TV) 5,240 4 97% N/A 1/18/2008 4.97% 5,240
Guaranty Bank(Coyore Springs Apt) 18,032 4 67% N/A 6/24/2007 4.67% 18,032
105,069
`-G'rotal Cash Deposited 5 $1,146,597
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TREASURER'S MONTHLY REPORT
frump BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
au20/07 MARCH 31, 2007
Coupon Ymld Adjusted (mwo only) Prior Qn
Pu Value Nate 2t 6 Mnhmiy w Malun[y Cast Ba91a Category Total Market Value Soutec Market Value
199IJ97/01104 Cowcnuon Center
ATM GOVC=V[&Agent,Nof Pnvate 269894 variable AAA open 487^, 269,694 269,894 ➢NY Weaem Tr 469,165
AIG Iavesnumm Agreement 1.2F0,677 5.36`E AAA I1/01/25 5 3674 1290.673 1 260,673 13N Wamc Tr 1,230,673
AIG lavnwcn[Agreement 1,290,000 6.68Y AAA 11/01/21 6689E 1,2%.000 1,290,0W ➢NY Weunn Tr i'm.000
MBIA mvcswcn[Agreement 3,300,402 5.5s% AAA 11/01/35 55al, 3,30 ,402 3.300,402 ➢NY Wertene Tr 3,3W,402
0,140,969
1992/06 Aupon
Caeh 0 0 0 ➢NY Wmcm It 1,119
AIM Shon•Term bwm[,Tmy Prrya[ 1,484,152 vnmble AAA open 4.87T, 1.4946152 1,484,152 TINY Wesuam Ti 1,556.670
1,484.152
1991101 Serie,A-Housing
A➢vl Govemmen[&Agency Pore Private 4,192 amble AAA open 4.67Y 4.192 4,192 RNY Weston Tv 4,170
AIG]nvenwene Agreement 468,105 v522'6 AAA 09/01/21 5.22% 468.105 466,105 RNY Westem Tr 468.105
472 297
1994/04 Senen A&R
AM Govemment&Agency PonrPnvate 3,326,343 vmuble AAA open 4.87% 3,326.343 3,326,343 RNY Wesmm Ty 3 269,490
M➢Ll luvnwent Agreement 1,651.456 5.17; AAA 09/01/34 517% 1,651,456 1,651,456 ➢NY Wenern Tr 1,651,466
4,W7,799
1996 Muluple GaptW i.rcuicc:Projeq
AIM Goveramca[&Agmry PoreF Private 1,171.862 variable AAA open 4 r% 1,171962 1,171,862 ➢NY Wentern Tr 1,101
AMpAC lnmumm[Agn,=mt I,729,689 640% AA 0Q01/27 640-F 1,729,699 1,729,689 ➢NY Wntem Tr 1,729,699
2,901,551
1998 Airport GARB
AIG lovenwem Apr -Reecevn 561,221 57094 AAA 01/01/28 570T. 561,ZP1 561,221 ➢NY Weaem Tr 561,21
AM Govemment&Agency Pomr Prince 144,795 variable AAA open 4.87% 144.195 144,195 ➢NY Wv.c Tr 377,650
705,416
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TREASURER'S MONTHLY REPORT
vewrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS
04120107 MARCH 31, 2007
Coupon Yc10 Adiusma (memo oNy) Pnnr Qn
Par Value Rota R'ing Mmuuty L.Mnturiry Cos[Ba.8 Category Toc I Mnrket Value Sowce M"ke[Value
1998 Airport PFC
AIG BIVeSfinem Aye.=Re,,erve 849 72S 5 70R AAA 01101I2R S 70% R49,728 849.729 BNY Western Tr 849,728
AIM Govcrnmrnt&Agenry Pnnf Prjvn[c 231112 viable AAA open 4.875e 231,112 211112 ➢NY Wes[era Tr 594,691
1996 Mulaple Caplu Wa.tevrater 1,080,840
AIM GOV[em9[nt&A,.,Ponf Prime 548,613 nri.ble AAA open 4871, 546,613 548,613 ➢NY WGtern Tr 303,NU
648,613
1998 Assessment Du=t 155 A&➢
AIM Govemment&Agcoiy Pont Prvate 303,359 vanahle AAA upco 487y, 303,359 303,35E BNY Wetem Tr 305,923
303.158
2001 Avesmcnc EIs[nct 157/158
AIM Gnvcmmenr&Agency PorU Pnvate 176,960 variable AAA op. A.R75 176980 176,980 BNY WeaNm Tr 175,018
176,980
2002 Pork ng Snocuue
C.h 3 3 3 ➢NY Western Tr 3
AW Gnvcmmml&Agency Pont Pdvam g3,433 ramble AAA op. 4./,7",B 43,433 43,433 BNY We,,tem Tr 37,78T
43 43f
2004 Avc•:ment pismmr 161
AIM Government&Agency Ponf Private Al 1,918 vailablo AAA open 4.875 411,916 411,918 BNY W,¢m Tr 413,901
411,919
10ig AHeSunmL Duvin 162
AM GOVc=AME&Agmry Panf Pnvn[e 277656 viable AAA open 4.87% 277.656 277.656 BNY Westcra Tr 547.992
2Tf,656
2005 Assessmem Dtivrct 164
AIM Goveruucat&Agcary Pouf Povnre 561,H73 varable AAA open 487% 561873 561,873 BNY Wcstcm Tr 584,760
561,873
Tows $`20,086,858 F 20086.656 F 19.593,944
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treasrep TREASURER'S MONTHLY REPORT
04/20/07 CALCULATION OF INVESTMENT LIMITATIONS
MARCH 31, 2007
Allowable Percentages
By Maturity: Minimum Maximum Current Mo_
1 day to 365 days $8,000,000 N/A. $47,125,145
1 year to 3 years 0.00% 50.00% 33.72%
3 years to 5 years 0.00% 30.00% 6.42%
over 5 years N/A N/A 0.62%
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%
Certificates of Deposit N/A 30.00% 3.14%
Corporate Notes N/A 20.00% 3.73%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Tbru's N/A 10.00% 9.70%
U.S. Government Agencies N/A 50.00% 36.11%
U.S. Treasury Notes/Bonds N/A N/A 1.87%
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