HomeMy WebLinkAbout9/19/2001 - STAFF REPORTS (20) DATE: September 4, 2001
TO: City Council
FROM: Director of Finance &Treasurer
RE: Treasurer's Investment Report as of July 31, 2001
Attached is the Treasurer's Investment Report as of July 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 141 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
14
treasrep CITY OF PALM SPRINGS
8/27/01 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JULY 31, 2001
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 1,155,238
State Pool 39,990,000 $ 41,145,238 87.75%
Sh Ty
ments
(1ort year or lessInvest)
Time Deposit 250,000
Corporate Notes 1,998,660 2,248,660 4.80%
Medium Term Investments
(1 year to 3 years)
U.S. Gov't Agencies 1,000,000
Corporate Notes 996,450 1,996,450 4.26%
Long Term Investments
U.S. Gov't Agencies 1,498,594 1,498,594 3.20%
Total Invested Cash $ 46,888,942 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
trCSeP TREASURER'S MONTHLY REPORT
BMAH DETAIL OF INVESTMENTS
JULY 31, 2001
Coupon Yield AdjusmJ (memo only) Prior Qtr
Par Value Ram Raba, Maturity 10 Mutant, Cast Basis Camgory Tonal Markel Value Source Mark.Value
On Call De asiu ,
Checgng-Bank Of Amenca $ 1,155_38 variable AAA open 3.G4% S 1,155,238 $
Local Agency tuvest Food(LAIF) 39,w," variable N/A 3 1,155,238 $ 1,055,164
open 464% 39,990,OW 39,99(I,000 CAR, 30,390,000
41,145,238
Shan Term lnvesomma
ear or less
TO.Deposit
Palm Springs Savings Bank 250,000 6.60% AAA 11/07/01 6777, 250,000
Come.Name
250,f1fq PS Savngs 250,000
Inremadmul I¢ase Finance Corp. 2,000,000 5.40% Al 01/22/02 5.43% 1,998 fi60
2,248,660 2,015,540 SHY Wesmm Tr 2,009,620
Medium Term lnvesonenrs
(1 ear m3 ears
U.S Gov't Agency Secunfies
Federal Home Loan Hank 11000,000 7,W% N/A 05/03/02 7.W%Federal N2t'1 Mortgage Assn, 0 0 lBW 3WWesmm Tr 1,002,062
I,"," 6.W% N/A 01105IN 6.W% t,000,000 1,008,80 BNYWesmm Tr 1,014,062
Federal Rome Loan Mortgage As, 1,000,000 600% NIA 01/OS/04 600%
0 0 HNY Wesmm Tr 1,000,000
COT oram Noses
Bear Smams Co.,Inc 11"o 000 6.13% A2A+ 02/01/03 62190
996,450 1,021,190 BNY Wesmm Tr 1,008,200
1,996,450
Long Term Inveslment
(3 years m 5 years)
US Gav'[Agency S.,ales
Felon[Home Juan Mortgage Corp 1,000,000 6,00% N/A 06/14/06 6W% 1M."Flnaocmg CmpmanOn(FTCO) 5W,000 9,80% N/A 04/Ofi/IS 1,014,375 HNYWesrern Tr 0
9.80% 098,594 669,690 NatiO�asBank 03,150
1,498594
Tout Invested Ca h
$ 46,888,%2 $ 47,124.763 S 38,412,383
tressrep TREASURER'S MONTHLY REPORT
8/27/01 MISCELLANEOUS AND TRUST ACCOUNTS
JULY 31, 2001
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category-Total
Total Invested Cash $ 46,888,942
$ 46,888,942
$ 46,888,942
Miscellaneous Accounts
Petty Cash 2,650 N/A N/A
650
Revolving Fund-Bank of America open none 2,
3,824 N/A N/A open none 3,824824
Trust&Agency-Bank of America 658,590 N/A N/A open none 658,590
1911 Assessment Funds-Bank of America 3,424 N/A N/A open none 3,424
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
757,675
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% 56,586
Downey S&L(Cohen,Mark) 14,770 3.92% N/A 12/18/01 3.92% 14,770
Downey S&L(Donovan Bequest) 16,901 3,83% N/A 2/17/02 3.83% 16,901
Downey S&L(Palmer Cable TV) 4,395 5.50% N/A 1119/02 5.50% 4,395
Guaranty Bank(Coyote Springs Apt) 16,082 3.80% N/A 6/24102 3.8051 16,082
108,734
Total Cash Deposited
_ $ 47,755,351
TREASURER'S MONTHLY REPORT
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JULY 31,2001
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