The URL can be used to link to this page

Home My WebLink About1/15/2003 - STAFF REPORTS (20) DATE: December 23, 2002 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of November 30, 2002 Attached is the Treasurer's Investment Report as of November 30, 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, 4116118, 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 512 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 creasrep CITY OF PALM SPRINGS 12/20/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS NOVEMBER 29, 2002 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $. 1,119,109 State Pool 14,390,000 $ 15,509,109 54.92% Shari Term Investm (I ear or less) ents Corporate Notes 996,450 4.41% Time Deposit 250,000 1,246,450 Medium Tenn Inveshments (1 year[o 3 ears) Corporate Notes 994,130 U.S Gov't Agencies 5,988,680 6,982,810 24.73% ILong Term Investments U.S.Gov't Agencies 4,499,594 4,498,594 15.93% Total Invested Cash $ 28,236,963 100.00% *Same investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. Veasrep TREASURER'S MONTHLY REPORT 12nonW2 DETAIL OF INVESTMENTS NOVEMBER29, 2002 Coupon Yeld Adjusmd (memo aNy) Pnor Qh. Par Value Ram Raung MawOty wMamrity Cost Basis Camgory ToW Muket Valve S. Muket Value On Call De vats Cheekmg-Bank of"mro,a 5 N/A variable AAA Cpen 159% S 1,119,IN 5 8 1,119,109 $ 2,006,821 Laval Agency Invest FuM(LAIF) 11,3%,000 variable N/A open 2 30% 14,390,000 14,390,000 LAIF I6,390,000 15,5o9,1oe Short Terra lnvudnenm Y.or less CCU0ram Notes Bear S.Co.,1.. L000,000 6.13% A A+ W/01/03 6.21% 996,450 I,"," BNYWesmm Tr 1,012,670 Ttm9Depoat Downey Savings&Loan 250,000 3.20% AM 11/18/03 3.20% 250," 250,000 Downey Savings zo," 1,2A6,450 MWmm Term Invest m t year to 3 ears) Cerporam Noma GE Capital Corp. 1,M,M 2.99% AAA 10/03/05 3.20% 994,130 W4,000 BNYWesmm Tr 0 U.S.Gov't Ageny Securities Federal Home Loan Bank 1,000,000 3.28% N/A N108IN 3.28% 0 0 BNY Wesmm Tr l,",312 FW.rW Nauaoal Mortgage Assmiauon 1,"," 3.28% N/A 07/15/04 3.29% 1,con,ow 1,010,917 BNY WCSmm Tr 1,011,875 Fderal Naumal Mortgage Assmiauon 1,000,000 3.70% N/A 09/10/04 3.20% I'M, 00 1,011,879 BNY Wau,m Tr 1,013,M Federal Nadatotl M,,,,g Assmiauon 1,000,f10f1 350% N/A 09n904 3.50% 1,"," 1,011,975 BNYWesmm Tr 1,012,500 Fderal Home Lawn Mergage Corp. 1,000,OW 4.30% N/A 10/01/04 4.30% 0 0 BNYWes Tr 1,",0o0 Fderal Home Loan Bad I,M," 3.79% N/A 01/10/05 3.79% 0 0 BNYWesmm Tr l,".312 Federal Home Lean Bad I,00o,000 3.20% N/A 01/11/05 3.70% 1,000,000 1,012,912 BNY Wesmm Tr 1,012.812 Fuel Nadu Mortgage Asmcnnm 988,"0 4.05% N/A 03/21/05 4.05% 988,680 1,W7,5W BNY Wesmm Tr 1,010,000 FMenl Harrc Loan Bank 1,000,00f1 430% N/A 06/10/05 4.30% I10W." 1,O ,625 BNY Wesmm Tr I,004,68y 6,992,810 Long Term Investment 3 ears m 5 e s) U N Gov't Agency Securities Federal Home Loan Mortgage Corp. I,WQOW 4.20% N/A 12106/O5 4.20% 1,"," 1,013,450 BNY Wesmm Tr 1,016,SW Federal Hame Loan Mortgage Corp 1,", 0 502% N/A 10/05/06 5.02% 0 0 BNYWesmm Tr 1,000,340 FWeral Home Loan Bank I,oW," 515% N/A 02/W/07 5.15% 1,"," 1,M,875 BNYWcsmm Tr 1,011,562 Federal Ho.Loan Bank i'"' m 5.45% N/A 03n8/07 5.45% t,m,m 1,012,912 BNY Wesmm Tr 1,017,167 Federal Nauotul Mortgage Assmiauon 1,1100,000 4A0% N/A 11/05/07 4.W% 1,000," 1,009,062 BNY Wesmm Tr 0 Forming Cmporadon(F1CO) 50Q000 9.80% N/A 04/06/I8 980% 498.594 725,6W NadonsBank 757,655 4,498,594 TOW Invest Cash $ 28,236,963 5 28,583,3M $ 33,528,748 treasrep TREASURER'S MONTHLY REPORT 12/20/2002 MISCELLANEOUS AND TRUST ACCOUNTS NOVEMBER 29, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cast Basis Category Total Total Invested Cash $ 29,236,963 $ 28,236,963 $ 28,236,963 Miscellaneous Accounts Perry Cash 2,625 N/A N/A open none 2,625 Revolving Fund-Bank of America 10,534 N/A N/A open none 10,534 Trust&Agency-Bank of America 668,740 N/A N/A open none 668,740 1911 Assessment Funds-Bank of America 4,185 N/A N/A open none 4,185 Rehab Loans(CDBG)-Washington Mutual 56,800 variable N/A open 0.65% 56,800 Downpymt.Asst.(Housing Fund)-Washington Mumal 32,906 variable N/A open 0.65% 32,906 775,790 Deposits Held In Tmst 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) 15,286 2.32% N/A 2/11/2003 2.32% 15,286 Downey S&L(Donavan 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 $ 29,126,691 veasrep TREASURER'S MONTHLY REPORT 12/20/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS NOVEMBER 29,2002 Coupon Yteld Adjosu i (memo only) Pnor Qw. Pa Value Ram Ra0ng Maturity toMamnty Cart Basis Category TOtal Market Value S. Market Value 1989 Wastewaler/Maner Iease AIM Government&Agercy Parff Private 2,189,167 variable AAA open 1.03% 2,189,167 2,189,167 BNY Western Tr 2,185,062 2,189,167 1991/92/01 Convention Center Cash 1 1 1 BNYWestem Tr 1 AIM Govermnent&Agercy POnf Pnvam 28.077 variable AAA open 1.03% 28,027 28,07/ BNYWestem Tr 74,262 AIG luvesunent Agreement 3,536,955 6.68% AAA HAM 5.36% 3,536,955 3,536,955 BNY Western Tr 3,536,955 1P Morgan Treasury Plus Money Market 0 vansble AAA open 1.28% 0 0 BNYWestem Tr 194 Aicpaa 3,565,033 1992 Cash 1W,385 1W,385 1W,385 BNY Western Tr 1 AIM Shon-Term lnvesment Trsy Pnva,e M1,014 variable AAA 0pen 1.03% I51,014 661,014 BNY Wesmm Tr 559,T23 Bayemsehe lnvesuent Agn 1202,600 7W% AAA 01/0122 ].W% 1,207,600 1,101,6W BNYWestem Tr 1,202,600 968,999 2W I Series B-Housing Cash 182 192 182 BNY Western Tr 182 AIM Government&Agercy Pouf Pnvtue 3,830 armble AAA open 1.03% 3,830 3.830 BW Wesw,u Tr 3,823 AIG lnvesnaeut Agreement 469,105 v5.22% AAA 08/01/21 5.22% 468,105 468,105 BNYWestem Tr 468,105 472,117 M,I Sen.A&B AM Government&Agercy Portf Prlvam 762,533 variable AAA open 1.03% 762,533 762,533 BNY Western Tr 761,017 TMGlnsurarce lnvesmmnt Agc I,7W,935 6.84% AA 0101117 &84% I,2W,935 1,7W,935 BNYWestem Tr 1,7W,935 1P Morgan Tresemy Plus Money Market 0 variable AAA open 1.21% 0 0 BNY Western Tr 63 2,463,468 1998 Muldple Capml Faedtties Praleet AM Gave..&Agercy Pont Prvate 3W,682 amble AAA open 103% 3W,682 3W,M2 BNYWestem Tr (W,539 AMBAC Investment Agreement 0 v6.40% AA 04/01M 6.40% 0 0 BNYWestem Tr 1,7W,OW 3W,682 1998 Airport GARB AIG lnvestment Agr.-Reserve 561,221 5.20% AAA 01/0128 569% 561,221 561,221 Bm western Tr 561221 AM Govenuneat&Agercy Portf Private 326,492 varinble AAA open 1.03% 326,499 326,492 BNY Western Tr 232,261 997,913 o-=asrep TREASURER'S MONTHLY REPORT 1220/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS NOVEMBER 29, 2002 Cwpon Yield Adjusted (me D DDIy) Prior Qtr Par Valae Razz Rating Mawnty mMatiriV Cost Basis Category Total Mazker Value SDirry Market Value 1998 Anpon PFC MG Ines n[Agr.-Reserve 849,728 5.90% AAA 01101/28 570% 849,728 849,729 BNYWeslem Tr 99,728 AIM Government&Agercy Portf Privare 494,5% variable AAA open I.03% 494,5M 4W,5% BNYWesWm Tr 351,9() 1,344,324 1996 Multiple Capita Wastewater AIM Government&Agency PDrtf Priva¢ 3W vaiable AAA open 1.03% 3W 3W BNYWestem Tr 362,159 AMBAC Invesmenr Agreeme® 1,139,W) 6.40% AA 04/0= 6.40% 1,729,999 1,229,999 BNY WeFem Tr 0 1998 Ass...Dhirlct 155 A&[3 1,730,359 AIM GDvemmem&A,= Part Private 307,166 variable AAA apen 1.03% 307,166 302,1M BNY Wnsm Tr 306,610 307,1M 2001 Assessment Disni=[157/159 Cash 1,482 1,482 1,482 BNYWestem Tr 1,474 AIM Government&Agercy Port Pnvam 162,536 variable AAA open 1.03% 162,536 162,536 BNYWes¢m Tr 162,242 19,018 Leue.Yl-Vehicles Wells Fargo Govemmem Morey Market 854 variable AAA Dpeu 854 854 Wells Fargo 812 854 2002 Parlor,S W=tare AIM GDvernr m&Agercy PDrtf Private 3,391,393 variable AAA open 1.03% 3,391,393 3,391,383 BNY Westem Tr 5,259,979 3,391,383 Torahs S 18,785,283 5 18,785,283 S 20,925,878 treasrep CALCULATION OF INVESTMENT LIMITATIONS 12/20/02 NOVEMBER 29, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $16,755,559 1 year to 3 years 0.00% 50.00% 24.73% 3 years to 5 years 0.00% 30.00% 14.16% over 5 years N/A N/A 1.77% 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% 7.05% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 37.14% Mortgage Pass Thru's N/A 10.00% 0.00%