HomeMy WebLinkAbout12/18/2002 - STAFF REPORTS (17) DATE: November 25, 2002
TO: City Council
FROM: Director of Finance &Treasurer
RE: Treasurer's Investment Report as of October 31, 2002
Attached is the Treasurer's Investment Report as of October 31, 2002. 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 435 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:
46,
Thomas M. Kanarr
Treasurer
treasrRp CITY OF PALM SPRINGS
11/22/2002 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
OCTOBER 31, 2002
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 761,575
State Pool 17,390,000 $ 18,151,575 60.75%
Short Term Investments
(I year or less)
Corporate Notes 996,450 996,450 3.33%
Medium Term Investments
(1 year e 3 years)
Corporate Notes 994,130
Time Deposit 250,000
U.S.Gov't Agencies 5,998,680 7,232,810 24 21%
Long Term Investments
U.S.Gov't Agencies 3,498,594 3,498,594 11.71%
Total Invested Cash
$ 29,879,429 100.00%
*Same investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
Lreasrep TREASURER'S MONTHLY REPORT
11/22/1BB2 DETAIL OF INVESTMENTS _
OCTOBER 31, 2002
coupon Yield Adrysmd (memo only) Prior Qn.
Par Value Rare Raung Marad" ro Maturity Cost Basis Caregory Toul Market Value Source Market Value
On Call De de is
Chenkar.-Bank of Arner¢a 5 N/A variable AAA open 161% $ 761,545 S $ 761,575 5 2,006,821
Local Agency Invest Ford(LAIF) 17,390,000 venable N/A open 2 49% 17,390,000 17,39Q000 LAIF 16,39Q000
18,151,575
Short Term lnvesnnen6
(1 year or less)
C.,.,..Notes
Bear Steams Co.,Inc 1,000,000 6.13% A2A+ 02/01/03 621% 996,450 LW9,240 BNY Western To 1,012,670
996,450
Metlium Term Invesd.etrts
(t der to 3 ears)
COtponte Notes
GB Capital Corp. 1,000,000 299% AAA 10/03/05 320B, 994,130 996,800 BNY WeMem To 0
Ttme Depose
Downey Samns&Loan 250,tID0 3.20% AAA 11/18/03 3.207. 250,OW 250,000 Downey Savmgs M,000
US Gov'LAQenry Secu,,d.
Federal Home Loan Bank 1,000,000 3287. N/A 04/08/04 3 28% 0 0 BNY Wesmm Tr 1,000,312
Federal National Mortgage Association 1,000,000 328% N/A 07/15104 329% 1,"," 1,012,187 BNY Western Tr 1,011,875
Federal Nau.nal Mortgage Association 1,000,000 370% N/A 09/10/04 3.707. 100Q000 1012,812 BNY Western To 1,013,125
Federal Natonal Mortgage Asmc1200n I,OOo,000 350% N/A 09/27/04 3.50% 1,0col 1,012,500 BNY Western To 1,012,500
Fedeal Home Low.M.rt;aee Corp. 1,000,000 L30% N/A 10/01/04 4.30% 0 0 BNY Western To 1000,000
Federal Home Loan Bank 1,0ID,000 3.19% N/A 01/10/05 3.79% 0 0 BNY Western Tf 1,000,312
Federal Home Loan BartF I,OoO,tglp 3.70% N/A 01/11/05 3.70% 1,000,1100 1,012,500 BNY Western Tr 1,012,812
Federal National Mortgage Asxvgadon 998.680 4.05% N/A 03/21/05 405% 988,690 1,009,062 BNY Western To 110101000
Federal Home Loan Bank 1,000,000 4.30% N/A OW10105 4.30% I,W0,000 I,002,812 BNYWesmrn Tr 1,004,687
7,232,910
Lan.Term rnvcs.nem
(3 years to 5 ears)
US Gav'r Agency Securiues
Federal Home Loan Mort.ege Carp. I,000,000 4.70% NIA 12
Federal Home Loan Mor pax ,. /06/05 4.70% 1,000,0p0 I,014,640 BNY Western To 1016,890
bS Co 1,000,000 5.02% N/A 01/06107 502% 0 0 BNY Wea6m To 1,000,340
Federal Home Loan Bank 1,000,000 5 IS% N/A 02IOfi/0]] S.15% I,000,000 1,009,375 BNY Western Tr I,O11,562
Federal Home Loan Bank 1,000,000 545% N/A 03/28/07 545% 1,000,0p0 1,015,o00 BNY Western Tr 1017,197
Farrar'..Cerporation(FICO) 500,000 980% N/A 04/06/18 980% 498,594 736,405 N.OmuB..k ]5),65
3,498,594
Tottl Inves¢tl Cash S 29,879,429
5 30,244,908 S 33,528,748
ocasrep TREASURER'S MONTHLY REPORT
11/22/2002 MISCELLANEOUS AND TRUST ACCOUNTS
OCTOBER 31, 2002
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 29,879,429 $ 29,879,429
$ 29,979,429
Miscellaneous Accounts
Petty Cash 2,625 N/A N/A open none 2,625
Revolving Fund-Bank of America 9,555 N/A N/A open none 9,555
Trust&Agency-Bank of America 696,894 N/A N/A open none 686,894
1911 Assessment Funds-Bank of America 0 N/A N/A open none 0
Rehab Loans(CDBG)-Washington Mutual 56,800 variable N/A open 0 65% 56,800
Downpymt.Asst (Housing
Fund)-Washington Mutual 32,906 variable N/A open 0.65% 32,906
788,780
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L(Cat Cyn Country Club) 59,700 2.81% N/A 2/12/2003 2 81% 59,700
Downey S&L(Cohen,Mark) 15,296 2.32% N/A 2/11/2003 2.32% 15,286
Downey S&L(Donovan Bequest) 17,613 1.54% N/A 6/16/2003 1.54% 17,613
Downey S&L(Palmer Cable TV) 4,643 2.62% N/A 1/19/2003 2 62% 4,643
Guaranty Bank(Coyote Springs Apt) 16,696 2.08% N/A 6/24/2003 2.08% 16,696
113,938
Total Cash Deposited
$ 30,782,147
nearrep TREASURER'S MONTHLY REPORT -
11f22102 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
OCTOBER 31, 2002
Coupon Yield Adlusmd (memo only) Pnor Cut.
Par Wne Rate Raring Maturity to Maturny Cost Basis Category Total Market Value Source Market Value
1989 Wastewamr/Master Lease
AIM Govcmment&Agency Purff Private 2,187,154 variable AAA open 139% 2,187,154 2,I87,154 BNY Western Tr 2,185,062
2,187,154
19 9119 710 1 Convenlian Center
Cash I 1 I BNY Western Tr 1
AIM Govcmment&Agency Pottf Private 2,517,085 v amble AAA open 1.39% 2,517,095 2,517,085 BY m NWeste Tr 74,262
AIG lirvesnnent Agreement 3,536,955 668% AAA 1111121 5.36% 3,536,955 3,536,955 BNY Western Tr 3,536,955
JP Morgan Treasury Plus Money Market 217 vunabIo AAA open I28% 217 217 BNY Western Tr 194
6,054,258
1992 Airport
Cash 1 1 1 BW Wesnnn Tr 1
AIM Short-Term Investment Trsy Private 660,510 variable AAA open 1.36% 6M,510 60,510 BNY Western Tr 559,723
Bayeris,h,lnveahnehr Agr. 1207,600 7.00% AAA 01/01/22 7.00% 1207,600 1207,600 BNY Westcm Tr 1,207,600
1,868,111
2001 Series B-Housing
Cash 182
182
AIM Go-runcent&Aenc Pmff Private 3,92 182 182 BW W.Win Tr 923
Agency ] variable AAA open 139% 3,82J 3,82J BW Western Tr 3,823
AIG ltevesrment Agreement 468,105 5.227s AAA 08/01/21 522% 468,105 469,105 BNY Western Tr 468,105
472,114
1994 Sines A&B
AIM Govcmment&Agency Pottf Private 761,768 azlable AAA open 1.395 761,769 761,768 BW Western Tr ]61017
TMG lnsmance Investment Ater 1,700,935 v684% AA 0101/17 6.84% 1?W,935 I]00,935 BNY Western Tr I,700,935
JP Morgan Treasury Plus Money Market 63 variable AAA open 121% 63 63 BNY Western Tr 63
2,462,766
1998 Multiple Capital Facilities Project
AIM Golinareat&Agency P.r Private 30),405 variable AAA ,on 139% 3W,405 30 ,405 BW Western Tr 609,539
AMBAC Invesment Agreement 0 640% AA 04/01/27 6A01s 0 0 BNY Wore.Tr I,730,000
3W,405
1999 Airport GARB
AIG lueesunem Agr.-Reserve 561,221 5.70% AAA 01/01f18 569% 561,1
21 S612?I BNY Western Tr 23221
AIM Govcmment&Agency Por[f Private 279,354 variable AAA open 139% 279,354 279,354 BNY Western Tr 23?26I
treaarep TREASURER'S MONTHLY REPORT
11/222/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
OCTOBER 31, 2002
Coupon Yteld Adjusted (memo only) Pnor Qtr.
1998 Aaiun PFC Par Value Rate Rabng M.ar'4 to Maturity Curt Basis Cam6ary Toul Market Value Source Market Value
AIG Inveshnent A, -Reserve 849,728 5.00% AAA 01/01/28 5.00% 849,728 849,728 BNY Wesmm Tr 849,728
AM Govetnment&Apeney Pelf Private 423,226 variable AAA open 139% 423226
423,226 BNY Western Tr 35I,930
1996 Multiple Ceptml Wasteweler
272,954
AIM Government&Agency Pnrtf Private 1,730,359 variable AAA open 139% 1]30,359 1,730,359 BNY Western Tr
362,159
1998 Assessmcu[Distr¢t 155 A&B
,730,359
AIM Govenunent&Agency Port Per,,, 306,893 vra,able MA open 1 39% 306,883 306,983 BNY Western Tr 306,610
2001 Assessment District 157/I58
06,883
Cash 1,474 1,474 1,474 GNY Western Tr 1,474
AM Govermnent&Agency Pnrtf Private 162386 wnable AAA open 1.39% 162,386 162,386 BNY Western Tr 162,242
Lease 8]-Vehicles 163,860
Wells Fargo Government Moaey Market 853 vanahle AAA open 853 853 Wells Fargo
812
2W2 Perking SwcNre 853
AIM Goverrueent&Agency Pord Private 4,656,251 variable AAA area 1.39% 4,656,151 4,656,251 BNY Western Tr 5,
259,979
4,fi5fi 251
Tools
5 22.316,543 S 22,316,543 5 20,925,878
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
11/22/02 OCTOBER 31, 2002
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $19,148,025
1 year to 3 years 0.00% 50.00% 24.21%
3 years to 5 years 0.00% 30.00% 10.04%
over 5 years N/A N/A 1.67%
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% 6.66%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 31.75%
Mortgage Pass Thru's N/A 10.00% 0.00%