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Home My WebLink About3/24/2004 - STAFF REPORTS (14) DATE: Februafy27-;2DG4 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of January 31, 2004 Attached is the Treasurer's Investment Report as of January 31, 2004 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 524 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. Su—bmmiitted by J/ Thomas M. Kanarr Treasurer treasrep CITY OF PALM SPRINGS 2/26/2004 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JANUARY 31, 2004 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -243,174 State Pool 21,290,000 $ 21,046,826 5760% Short Term Investments (1 year or less) Medium Term Investments (1 year to 3 years) Corporate Notes 994,130 U S.Gov't Agencies 4,999,750 Time Deposit 1,000,000 6,993,880 1914% Long Term Investments U.S.Gov't Agencies 9,499,594 8,498,594 23.26% Total Invested Cash $ 36,539,300 100 00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. [reasrep 2/262061 TREASURER'S MONTHLY REPORT DETAII.OF INVESTMENTS JANUARY 31, 2004 Cmupom Yield Adjusted Par Value Rae Remy Mammy to Maturity Cos[Basis (memooNy) Prior Qu Category Tmal On Muke[Value CaII De osits Source Marke[Value Checking-Bwk of Amenca 5 N/A vOrtable AAA open 0 88 e $ -243,174 $ Local Agency Invest Fund(LAfF) 21=90,00) variable N/A L53% 5 -243, S 635,286 open 21 190,000 21_90,pdd 000 LAIF 21,046,826 15,090,000 Shur[Term Inveswen6 (1 yet,mr Icas) Medmm Term Investments (1 ear to 3 ears) Corporate Nmtes GE Capdal Cary 1 1100" v 999 AAA 30/03/05 320% 994,130 U S Gov'[Agency Securines 11019,090 BNY Wesmm Tr 1,018,400 Federal Home Low Mortgage Corymetion 1000 000 0 29% N/A Federal National Mortgage Assmnaticm 02/13/06 229% 1000000 1,000,000 2.65% N/A 02/13/06 265% 1,002,600 HNY Western Tr 1,003,250 Federal Nauonal Mortgage Aswawmn I"'ODD 250% 999,]50 1,000,313 BNY Weseem Tr Federal National Mor sae N/A 08/II/06 2.50% 1,001,250 4 g AssnmaOm 1,000,M 2.90% 1.000,000 Federal Home Low Mor•awe N/A 08/18/06 1,002,812 BNY Western Tr 4 Cotpora0on I,M),000 306% N/A 2w% 1,W0.OW 1:013:930 09/15/06 3.06% 1,000000 1,000,625 BNY Western Tr 1,p018]5 1,013,600 BNY Western Tr I,OI3,930 Twe Deposit Washmgmi Mumal Bard: I,p00,000 347% AAA 01/2 8/O6 3.47% I,000,WO 6,993,880 W I, 0,000 Waslwgm a n Mual 1,000,000 Lung Term Investment (3 Xem,to 5 ears) US Gmv'[Ageney Seawipes Federal Home Law Bwk 1,INp,000 3.13% Federal Home Low Bask I,lp0,lp0 310% N/A 02I0]/0] 3.13% I,000,(g0 1,011,562 BNY Western Tr Federal Nauonal Mmtglo N/A 04/16/07 3 10% 1,009,Ofi0 6 Assq.muon 1,000000 325% 1•�•� 1,003,43] BNY Western Tr Federal Home Low Bard, NIA OS/IO/0] 3 390 1 000 000 0 1,000,000 334% N/A 0820/W 334% I. ,312 BNY Western T 1,006,56E Federal R.Credit Ha I000W 3609 1,000,000 1,W009,0fi2 HNY Western Tre Federal Home Loan Bankk N/A 10/29/0] 3 60% 11000 000 I,006,8]5 I,000,Oo0 3,80% N/A 02/04/08 ISO-, 11006,875 BNY Western Tr I,004,062 Federal Farm Gr..Said, 1,Opp,000 3.85% N/A 101E 1,000,000 1,000,000 BNY Western Tr 1,002500 Federal Home Low Bwk 9108 333% 1,000,ppp 1,011,562 BNY Western Tr Flnancmg Corporaunn(FICO) 1,000.000 480% N/A Il/19/18 433% 1,000,IMIp I,OW,812 500,000 9.80% N/A 04/06/18 980% 498,594 L001,56? BNYWeRem Tr 1,001,562 8,998,594 741,720 N.9onsBwk 734690 Tnpl Ivvesle0 Cash 5 L6539,300 5 36,876,951 5 30,5,591 measrep TREASURER'S MONTHLY REPORT 2/26/2004 MISCELLANEOUS AND TRUST ACCOUNTS JANUARY 31, 2004 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 36,539,300 $ 36,539,300 $ 36,539,300 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 1,275 N/A N/A open none 1,275 Trust&Agency-Bank of America 1,034,329 N/A N/A open none 1,034,329 Downpayment Assistance(Housing Fund)-Washington Mutual 33,120 variable N/A open 0.42% 33,120 Workers Compensation-Bank of America -3,809 N/A N/A open none -3,809 1,067,440 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 61,354 1.39% N/A 2/12/2004 1.39% 61,354 Downey S&L(Donovan Bequest) 17,778 1.09% N/A 2/13/2004 1.09% 17,778 Downey S&L(Palmer Cable TV) 4,829 0.95% N/A 1/18/2005 0.95% 4,829 Guaranty Bank(Coyote Springs Apt) 17,042 0.80% N/A 6/24/2004 0.80% 17,042 101,003 $ 37,707,743 Total Cash Deposed neasrep TREASURER'S MONTHLY REPORT 02/26/04 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JANUARY 31, 2004 Coupon Yield Adjnsmd (memo only) Prior Qn Par Value Rare Ranng Mamrq to Maturity Cost Basis Comaory Topl Market Value Source Market Value 1989 Wnstewnter/Masler Lease AIM Govemment&Agency Pores Private 511 variable AAA open 0.66% 511 511 BNY Weak.Tr 511 1991/97/01 Comenuan Center, 11 Cash 1 1 1 BNY Western Tr 1 AIM Government&Agency Portf Private 43,772 variable AAA open 0.66% 43,T/2 43]72 BNY Western Tr 43,70 AIG Investment Agreemetn 3,536,955 6687, AAA 1111121 5360 3,536,955 3,536,955 BNY Weskm Tr 3536,955 1992 Anport 3,580,728 CasM1 0 0 0 BNY Wk,lmm Tr 0 AIM Short Term Investment Tray Private 100,190 variable AAA open 059% Iw'I% 100,190 BNY Western Tr 802,138 Bayensche Investment Aar I207,6W 700% AAA 01/0122 7oo9 1,2W,600 120J,600 BNY Weskrnh 1207,fi3() 20015era,B-Houain, 1,307,790 Cash 130,322 130,322 130,322 BNY Weaken Tr 192 AIM Govemment&Agency Prof Private 3,853 variable AAA open 066% 3,853 3,853 BNY Weslem Tr ,3852 AIG Investment Agreement tns'ltai 5.22% AAA 09101@I 5.2290 gfi8,105 468,105 BNY Weakm Tr 46 ,105 852 1994 Senea A&B 02,280 AIM Govemment&Agency Paid Private 754,861 variable AAA open 0.66m 754,961 754,861 BNY Western Tr 754,663 TMG Insurance lovesM1nent Agr. I,7OQ935 6.84% AA 09/01/17 6.84% I,700,935 1,100,935 BNY Westem Tr I,7W,935 1996 Multiple Capitol Pacihnes Pro/ec[ ,455,796 AIM Gnvemment&Agency Potef Private 75 .!able AAA open 0 66 o 75 75 BNY Western Tr 75 AMBAC Investment Agreement I,730,000 v640% AA 04/01/27 640% 1]30,000 I,730,000 BNY Western Tr 1,730,000 1,730,075 veaarep TREASURER'S MONTHLY REPORT 021261N BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JANUARY 31,2004 Coupon Yield Adlusmd (memo only) Ptim Qh. P.Value Rate RonnB Mvmrtty mMamvfy Cost Basis Category Topl Marker Value Source Marker Value 1998 Airpart GARB AIG m-,unem A, -Reserve 561,221 5.90% AAA 01/01118 590% 561_21 - 561,221 BNY Westem Te 561,221 AIM Govemment&Agency Porf Pnvam 47,W6 ymuable AAA open 066% 41,006 41,006 BNY Wesmro Tr 3W,607 608,227 1998 Ahpott PFC AIG lmesmmnt Aep-Reserve 949,728 i]0% AAA 01/01128 5.70% 849,728 849,729 BNY Wesrcm Tr 849,728 AIM Govemment&Agency Portf Prrvare 70,962 vammble AAA open 066% 70,962 70,962 BNY Westeta Tr 546,159 920,6W 1998 MulOple Captml W aamwamr AIM Government&Agency Por[f Privam 299,8(14 vamble AAA open 0.66% 299,864 299,864 BNY Western Tr 299,785 299,864 1998 Assessment Drsn¢r 155 A&B Cash I8?D1 I8,701 18,701 BNY W,,mm Tr 18,701 AIM Govemment&Agency Porff Private 293,711 variable AAA open 660% 283,711 283,711 BNY Western Tr 283,636 302,411 2001 Assessment Duane'1571159 Cash 0 0 0 BNY Western Tr 0 AIM Govemment&Agency Porff Priwm 163432 variable AAA open 066% 163,432 16343E BNY Wesrcm Tr 163,399 163,432 2002 Parking Sbucmre Cash 3 3 3 BNY Western Tr 3 AIM Govemment&Agency Porff Privae 477,321 variable AAA open 0.66% 477,321 417,321 BNY Westem Tr 477,092 477,324 Tamis S 12,449,129 S 12,449,129 8 13,809,098 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 02/26/04 JANUARY 31, 2004 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $21,046,826 I year to 3 years 0.00% 50.00% 19.14% 3 years to 5 years 0.00% 30.00% 21.89% over 5 years N/A N/A 1.37% 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% Certificates of Deposit N/A 30.00% 2.73% Corporate Notes N/A 20.00% 2.72% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 36.94% Mortgage Pass Thru's N/A 10.00% 0.00%