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Home My WebLink About10/17/2001 - STAFF REPORTS (24) DATE: September 27, 2001 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of August 31, 2001 Attached is the Treasurer's Investment Report as of August 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 171 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 J� treasrep CITY OF PALM SPRINGS 9I25/01 TREASURER'S MONTHLY REPORT - SUMMARY OF INVESTMENTS AUGUST 31, 2001 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -1,818,902 State Pool 33,690,000 $ 31,871,098 84.73% Short Term Investments (1 year or less) Time Deposit 250,000 Corporate Notes 1,998,660 2,248,660 5,98% Medium Term Investments (I year to 3 years) U.S. Gov't Agencies 1,000,000 Corporate Notes 996,450 1,996,450 5.31% Long Term hrveshnents U.S. Gov't Agencies 1,498,594 1,498,594 3.98% Total Invested Cash $ 37,614,802 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. wo.'p TREASURER'S MONTHLY REPORT 9/25m1 DETAIL OF INVESTMENTS AUGUST 31, 2001 Coupon Yield Adjust (memo only) Prior Qv. Par Value Rpm Raing Mpmnty mM2=4 Cost Basis Category Total Market Value S. Maketvo.e On Cell .sits Cheoking-Bark of Amome. $ -1,818,902 vamble AAA open 351% 8 -1,818,902 S 5 -1,818,902 S Local Agency Invest Fund(LAD) 33,M,M v.Ale N/A open 450% 451,66] 33,fi90,000 33,690,000 WIF 40,551�,000 31,8]1,098 Short Tom]nvesunena I Von,.r less) Time Deposit Palm Springs Srvinyx Omk 250,000 6.W% AAA I1107/01 6.71% 250,000 250,000 P S.Syvings 80,000 Cugturule Nntce inlcmml.npl Ume l9npncc Co, 2,OW,000 540% AI Oln2/02 543% 1.99tl 660 2.014.320 BNY Wc0.mm Tr 2,015,M2 248,660 Medmm Term InvesMen¢ (I cam3 e U.5 Gov't Agency Secwmes Federal Nu'L Mortgage Ass, 1,000,000 685% N/A 11/13/03 6.85% 1,000,000 1,00fi,562 HNY Western Tr 1,010,937 Cmpatpm N.¢s Bea Stearns Co.,Inc. 1,000,000 6.13% A2A+ W101/03 621% 996,450 1,025,740 BNY Western Tr 1,014,1W 1,996,450 Le,Term lm,. nm (3 years m 5 years) ULS Gov't Agency Bewriues Federal Home Lean Mortgage Corp I,000,Oo0 600% N/A o6/14/M 6,W% 1,wo.c0p 1,016,562 HNY Western Tr 1,003,43] Financtn6 C.rporatl.n(FICO) 5w,0 980% N/A 04/06/18 9,80% 498594 696,720 N200MBp 670,470 1,498,594 Total Invested Cash $ 3],fi14,a02 S 37,881,W2 S 47,W5,983 treasrep TREASURER'S MONTHLY REPORT 9/25/01 MISCELLANEOUS AND TRUST ACCOUNTS AUGUST 31, 2001 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 37,614,802 $ 37,614,802 $ 37,614,802 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America -2,619 N/A N/A open none -2,619 Tmst&Agency-Bank of America 676,305 N/A N/A open none 676,305 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% 32,616 768,947 De osits 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 1/19/02 5.50% 4,395 Guaranty Bank(Coyote Springs Apt) 16,082 3.80% N/A 6/24/02 3.80% 16,082 108,734 Total Cash Deposited $ 38,492,483 neaamp TREASURER'S MONTHLY REPORT 09/25/01 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS AUGUST 31, 2001 Caopan Yield Adjusted (memo oaly) Prior Qtr. Par Value Rate Rating Maturity to Maturity Coat Basis Category Total Market Value Source Marka Value 1989 W.wve ater/Masmr 1 c Cash $ 29 $ 29 $ $ 29 BNY Weatem Tr $ 1 AIM Govemmem&Agency Pnrtf Pnvam 2,569,638 variable AAA open 3.21% 2,569,638 2,569,638 BNY Weatem Tr 303,366 U.S.Treasury Now 1,759,297 6.2% AAA 01/31/02 6.16% 1,759,297 1,770,234 BNY WmWm Tr 1,774,609 4,328,964 1991/1997 Convention Center Cash 1 I 1 BNY Weetem Tr 1 AIM Government&Agency Portf Pnv ne 2,082 vanable AAA open 1217. 2,082 2,082 BNY Western Tr 2,071 AIG Investment Agreement 4,098,545 6.68% AAA 11/1/21 6.68% 4,098,545 4,093,545 BNY Western Tr 4,098,545 4,IOQ628 1992 Airport Cash 221 221 ml 13NY Western Tr 142,574 AIM Short-Tenn lnveswent Toy Private 456,180 variable AAA open 3.10% 456,180 456,180 BNY Western Tr 543,128 Bayerische lavesunent Alp. 1,207,600 7.W% AAA 01/01/22 7.00% 1,207,600 1,207,6G0 BNY Wesem Tr 1,207,600 1,664,001 1991 series B-Housing Cash 40 40 40 BNY Western Tr 0 AIM Government&Agency Pmrl'Private 492,014 variable AAA open 3.21% 492,014 492,014 BNY Western Tr 8,760 CAMP Money Market 0 variable AAA open 608% 0 0 CAMP 570,116 IPM last-Service Treasury Money Market 0 variable AAA open 3.507 0 0 BNY Western Tr 23 492,055 1994 Series A&B Cash 59,944 59,944 59,944 BNY Western Tr 0 AIM Govcmmem&Agency Pmtf Pnvate 1,799,198 variable AAA open 3.21% 1,799,199 1,799,198 BNY Wesmm Tr 693,792 TMG hourance Investment Agr. 1,700,935 6.84% AA 09/01/17 6.84% 1,700,935 1,700,935 BNY Western Tr 1,700,935 3,560,077 1996 Muluple Capita Facilium Project AIM Government&Agency Pmtf Pr(vaw 2,193 variable AAA open 3.21% 2,183 2,183 BNY Western Tr 2,171 AMBAC Investment Agreement 1,730,000 6.40% AA 04/O1/27 6.40% 1,730,000 1,730,000 BNY Westcm Tr 1,730,000 1,732,183 1998 Account GARB AIG Investment Agn-Reserve 561,221 5.63% AAA O1101129 5.69% 561,221 561,Ml BNY Western Tr 561,221 AIM Government&Agency Porf Private 94,387 variable AAA open 321% 94,387 94,387 BNY Western Tr 300,614 655,608 ueasrep TREASURER'S MONTHLY REPORT 09/25/01 BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS AUGUST 31, 2001 Coupon Yield Adjusted (memo only) Poor Qn. Par Value Rue Rating Maturity to Maturity Con Basis Category Total Market Value Source Market Value 1998 Airport PFC Cash 0 0 0 BNY W.mm Tr M AIG Investment Am -Reserve 849,728 5.70% AAA 0110128 5 70% 949,728 849,728 BNY Western Tr 849,728 AM Government&Agency Pord Private 276,398 vanable AAA open 3.21% 276,398 276,398 BNY Wesmm Tr 452,7M 1,126,126 1998 Multiple Capiw Wastewater AIM Government&Agency Portf Private 304,726 variable AAA open 3.21% 304,726 304,726 BNY Western Tr 303,055 304,726 1998 Assessment District 155 A&B Cash 429,063 429,063 429,063 BNY Western Tr 0 AM Govem mru,&Agency Ponf Private 334,096 variable AAA open 3.21% 334,096 334,096 BNY Western Tr 332,264 763,159 1990 Assessment Destruct 158 Bart of New York Cash Reserve 498,076 498,076 498,076 BNY Western Tr 289,951 498,076 2WI Assessment Dktrict 157 Cash 78,570 78,570 79,570 BNY Western Tr 0 79,570 Lease X1-Fire Vehicles Fnst American Treasury Obligation 7 4.40% AAA open 3.10% 7 7 US Bank 69,724 7 Lease 82-ComPuRR First American Treasury Magadan 63,130 4.40% AAA open 3.20% 63,130 63,130 US Bank 174,444 63,130 Lease#3-Police Vehicles _ First American Treasury Obhgnm 14 4.40% AAA open 3.20% 14 14 US Bank 129,160 14 Leae H4-Poe Vehicles Fnst Amenoan Treasury Obligation 47,799 440% AAA open 3.20% 47,799 47,799 US Bank 6,353 47,799 Lease R5-Police Vehicles Welk Fargo Government Money Market 171,376 variable AAA up. 171,376 171,376 Welk Fargo 441,028 171,376 Lease R6-Police and City Vehicles Wells Fargo Government Money Market 151,467 variable AAA open 151,467 151,467 Wells Fargo 0 151,467 Tmah $ 19,737,966 $ 19,748,903 $ 16,683,065 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 09/25/01 AUGUST 31, 2001 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $34,119,758 1 year to 3 years 0.00% 50.00% 5.31% 3 years to 5 years 0.00% 30.00% 2.66% over 5 years N/A N/A 1,32% 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% 7.97% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 6.65% Mortgage Pass Thru's N/A 10.00% 0.00%