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Home My WebLink About11/7/2001 - STAFF REPORTS (23) DATE: October 25, 2001 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of September 30, 2001 Attached is the Treasurer's Investment Report as of September 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 issues' money market investments. All other amounts are actual. The weighted average maturity(WAM) of the portfolio is 169 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 treasrep CITY OF PALM SPRINGS 10/24/2001 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS SEPTEMBER 30, 2001 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -564,963 State Pool 31,790,000 $ 31,225,037 84.46% Short Term Investments ( 1 year o.less) Time Deposit 250,000 Corporate Notes 1,998,660 2,248,660 6.08% Medium Teto mi Investments (1 year 3 years) U.S. Gov't Agencies 1,000,000 Corporate Notes 996,450 1,996,450 5.40% Long Term Investments U.S. Gov't Agencies 1,498,594 1,498,594 4.05% Total Invested Cash $ 36,968,741 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. meazrep TREASURER'S MONTHLY REPORT 10/24GWl DETAIL OF INVESTMENTS SEPTEMBER 30, 2001 Coupon Yield Adlns0a4 (memo only) Prom Go. Par Value Rate Raring Maturity to wrnty Cost Basis Category Total Markel Value Source Market Value On Call De asirs Cbeelany-Band of Amenen S -564,963 variable AAA open 3.51% S -564,963 $ S -564,9fi3 1 al Agency Invest Food(L H,) 31,]90,000 variable N/A $ 451,66]open 429% 31,7W," 31,]90," LAIF 40590000 31 225,03J Short Term investments i ear or less) Time Deposit Palm Springs Savings Baud 250,000 6.0% AAA 11/07/01 6.]]% 250,000 250,000 P.S.Savings 250,OW Corporate Notes International lease Fuunce C., 2,M,Oo0 5.40% At 01M/02 5.43% 1,998,6W 2,016,160 BNY Wesem Tr 2,015,312 2,248,6W Medium Term Ina. mal, (1 ear m 3 ears) U.S.Gov't Agency Secmiries Federal Nat'l Mmlgage Assn I'M1000 6857, N/A 11/13/03 685% I,000,000 1,005,000 BNY Wes¢m To 1,010,937 Corporate Notes Be.Stearas Co,Inc. l'"' 0 613% A2A+ 02/01103 621 Fo 996,450 1,033.850 BNY Western Tr 1,014,1W 1,996,450 Long Term investment (3 years to 5 years) U.S.Gov't AgmU Secundes Femoral Home Loan Mortgage Corp. 1,W0,000 6A0% N/A 06/14/06 6.g0% 1000000 - Financing Corporation(MCO) 50go00 9 80% N/A 1,702,655 BNY Western Tr 1,670,470 04/Ofi/18 980% 498,594 J02,655 NadomHank 6]0,4]0 1,49$594 Total Invested Cazb 5 36,968,741 S 37,257,077 $ 47,005,983 treasrep TREASURER'S MONTHLY REPORT 10/24/2001 MISCELLANEOUS AND TRUST ACCOUNTS SEPTEMBER 30, 2001 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 36,968,741 $ 36,968,741 $ 36,969,741 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 9,356 N/A N/A open none 9,356 Trust&Agency-Bank of America 635,386 N/A N/A open none 635,386 1911 Assessment Funds-Bank of America 3,424 N/A N/A open none 3,424 Rehab Loans(CDBG)-Washington Mutual 56,679 variable N/A open 0.75% 56,678 Downpymt.Asst.(Housing Fund)-Washington Mutual 32,678 variable N/A open 0.75% 32,678 740,172 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 56,596 5 21% N/A 2/12/2002 5.21% 56,586 Downey S&L(Cohen,Mark) 14,770 3.92% N/A 12/18/2001 3 92% 14,770 Downey S&L(Donovan Bequest) 16,901 3.83% N/A 2/17/2002 3.83% 16,901 Downey S&L(Palmer Cable TV) 4,395 5.50% N/A 1/19/2002 5.50% 4,395 Guaranty Bank(Coyote Springs Apt) 16,082 3.80% N/A 6/24/2002 3.80% 16,082 108,734 Total Cash Deposited $ 37,817,647 In."P TREASURER'S MONTHLY REPORT 1OP4101 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS SEPTEMBER 30, 2001 Coupon Yu ld A0luste0 (memo only) Poor Qnr Par Value Rant Raring Maturity to Mrtun'y Cost Basis Categ.ry Total Market Value Source Market Value 1989 Wastev.ter/M.ster Lease Cash $ 0 $ 0 $ S 0 BNY Westem Tr $ 1 AIM Government&Agency Port'Private 358,375 v ariable AAA open 2.29% 359,375 358,375 BNY Wettern Tr 303,366 U.S.Treasury Note 1,759,297 6.25% AAA 01/31102 6A6% 1,759,297 1,771,875 ➢NY Western Tr 1,774,609 1991/1997 COnven0on Center ,117,672 C.h 1 1 1 BNY Western Tr I AIM Govermnent&Agency Pear'Pnvate 2,088 v ariable AAA open 229% 2,098 2,088 BNY Western Tr 2,07I m AIG lnvesaent Agreement 4,098,545 &681a AAA 1111/21 6.68% 4,098,545 4,098,545 ➢NY Western Tr 4,098,545 4,100,634 1992 Aiapor[ Cash 0 0 0 BNY Western Tr 142,574 AIM Short-Term lnvesbnent Trsy Private 557,629 variable AAA ape. 229% 557,629 557,629 BNY Western Tr 548,128 13,emche lnvcshnent A,, 1 20],600 ]W, AAA 01/01/22 ]AO% 1,207,6W 1,207,600 BNY Western Tr 1,207,600 1991/01 Series B-Housing ,765,229 Cash 585 585 585 BNY Welters Tr 0 AIM G.--rent&Agency Poatr Private 483,4(14 vnieble AAA open 229% 483,4(14 483,464 BNY Western Tr 8,760 CAMP Money Market 0 unable AAA open 608% 0 0 CAMP 570,116 IPM Ins.Servtce Treant,Mr.,Market 0 vanWv AAA .pen 3 50% 0 0 BNY Westem Tr 23 1994 Series A&B 484,()49 Cash 0 0 0 BNY Western Tr 0 AIM Government&Agency Port[Private 757,349 variable AAA open 229% 757,349 757,349 BNY Westem Tr 683,792 TMG Insurance Aveshnenr Agr. 1,700,935 684% AA 09/01/17 6.84% 1,700,935 1,700,935 BNY Western Tr 1,700,935 1996 M.Iriple Captml Facilities Project ,459,284 AA1 Government&Agency Port[Private 620,673 vanable AAA no 2,29% 620,673 620,673 BNY Westem Tr 2,171 AMBAC Investment Agreement 1p330,000 640% AA 04/01/27 640% 1,730.M 1,730,000 BNY Western Tr 1,730,000 1998 Airport GARB 2,350,673 AIG ltrveslanent A, -Reserve 561_21 5.63% AAA 01/01/28 50% 561,221 561,221 BNY Western Tr 561,Ml AIM Govermnent&Agency Port[Private 141,661 vanable AAA open 229% 141,661 141,661 BNY Westem Tr 30 ,614 702,882 areasrep TREASURER'S MONTHLY REPORT 10a4/01 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS SEPTEMBER 30,2001 Ccup.n Yield Adjusecd (memo only) Prier QV Par Value Role Rating Maturity mMamtity cost Basis Category T.W Market Value Source Market Value 1999 Asrport PFC Cash 0 0 0 BNY Western Tr 125 AIG luvesmunt Ag.-Reserve 849,728 5.70% AAA 01/01/28 5.70% 949,728 849,728 BNY Wesrem Tr 849,729 AIM Goverranenl&Agency Ponf Privam 347,913 variable AAA open 229% 347,913 347,913 BNY Western Tr 452,706 197,641 1998 Multiple Capital W..c,r AIM Govermueat&Agency PorRPnvate 369,698 varable AAA open 2.29% 369,699 369,698 ➢NY Western Tr 303,055 369,698 1998 Assessment District 155 A&B Casts 0 0 0 BNY We9em Tr 0 AIM Government&Agency Pord Private 286,446 variable AAA open 2.29% 286,446 286,446 BNYWestem Tr 332,264 286,446 19W Assessment District 159 Bank of New York Cash Reseeve 220 220 220 ➢NY Western Tr 299,951 220 2WI Assessment heron,1571158 AIM Govemment&Agency Pauly Prorate 194,311 variable AAA open 2.29% 194,311 194,311 BNY Western Tr 0 194,311 Lease 01-Fire Vehicles Fars,American Treasury Munition p 410% AAA Wen 2.90% ] ] U8 Bank 69,724 Lease Y2-Computers First American Treasury Obhga00n 63,301 4.40% AAA open 2.80% 63,301 63,301 US BaN: 174,444 63,301 Lease X3-Police Vehicles Frst American Treasury Oblsgation 14 4.40% AAA War 2.80% 14 14 ❑8➢ink 129,10 14 Lease#4-Fare Vehicles Fnst American Treasury Obligation 6,274 440% AAA open 280% 6,274 6,274 US Barak 6,353 6,2]4 Lease A5-Police Vehicles Wells Fargo Govemment Money Market 30,895 vonable AAA open 30,895 30,895 Wells Fargo 441,028 30,895 Lease X6-Police and Cory Vehicles Wells Fargo Government Money Market 0 Venable AAA open 0 0 Wells Fargo 0 0 Totals $ 16,128,230 S 16,140,808 S 1fi,683,065 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 10/24/01 SEPTEMBER 30, 2001 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $33,473,697 1 year to 3 years 0.00% 50.00% 5.40% 3 years to 5 years 0.00% 30.00% 2.70% over 5 years N/A N/A 1.35% 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% 8.10% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 6.76% Mortgage Pass Thin's N/A 10.00% 0.00%