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Home My WebLink About2006-07-05 STAFF REPORTS 2H ?ALMS p4 iy c ' U N * k R �CQ i �OEAY EO♦E�9 °q41FOR City Council Staff Report DATE: July 5, 2006 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF MAY 31, 2006 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of May 31, 2006. The report includes the facie 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. RECOMMENDATION: Receive and File Treasurer's Investment Report as of May 31, 2006 STAFF ANALYSIS: The attached monthly Treasurer's Investment Report is for the period ending May 31, 2006. 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. Item No. 2. 1__I . City Council Staff Report July 5, 2006-- Page 2 Treasurer's Investment Report as of May 31, 2006 The weighted average maturity (WAM) of the portfolio is 338.11 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. FISCAL IMPACT: None �^ Craig �r Graves, Ci y Treasurer Attachments: Treasurer's Investment Report lreasrep CITY OF PALM SPRINGS 6/26/2006 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MAY 31, 2006 On Call De osits Adjusted Basis Category Total Percentage Checking Account $ 1,648,707 State Pool 41,990,000 $ 43,638,707 53.69% Short Term Investments (I year or Iess) Time Deposits 2,500,000 U.S.Gov't Agencies 7,000,000 U S.Treasury Note 495,859 9,995,859 12.30% Medium Term Investments (I year to 3 years) Corporate Notes 1,983,760 Mortgage Pass-Thins 1,685,888 U S.Gov't Agencies 15,239,290 U.S.Treasury Notes 1,484,115 20,393,043 25.09% Long Term Investments (3 years to 5 years) Mortgage Pass-Thrus 3,269,311 U.S. Gov't Agencies 3,998,594 7,267,905 8 94% Total Invested Cash $ 81,295,514 100.00% +Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. 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Par Value Rae Rating Maturity to Mammy Cost Basis Category Total Market Valm Source Market Value Long Torm imeameut (3 yout,to 5 ens) Mortgage Pus-T6ms Federal Home Loan Mortgage Corporation 540,000 350% NIA 06I01/09 429% 408,629 398,704 BNY Western Tr 413pM Federal Home Loan Mortgage Curporation 570,000 4.50% NIA 09/01lost 537% 494,554 490,056 BNY Worsom Tr 0 Federal National Mortgage Acsomanan 2,I00,000 4.507. N/A 01/01/10 491% 823,021 807,630 BNY Wcaem Tr 838,089 Federal National Mortgage Asscomtian 2,500,000 4.10% N/A 02/01/10 446% 872,369 844,092 BNY Worm.Tr 892,500 Federal florae Loan Bank 775,000 425% N/A 1005110 4.88% 670,238 654,33, BNY Western Tr 683,280 269,311 ❑S.Gov't Agency Secunties Federal From Coast,Bank 110001000 4.25% N/A 11/18109 425% Ip00,000 954,375 BNY Western Tr 968,437 Federal Home Lnan Bank 5MM 500% NIA 11/25/09 5.00% 500," 491,406 BNY Western Tr 493,281 Federal Home Loan Bank 11"'IDO 430% NIA 12/01lost 430% 1,000,B00 965,625 BNY Westem Tr %9,315 Fcdeal Home Low Bank I'M,00 4.35% NIA 0 UIR 435% I,000,opO 962,187 BNY Wesmrn Tr 9M,562 Fr.—.,Cor,vonsm(FICO) 500,(M agoT. NIA 04I06I18 980% 498,594 682,030 Nations Bank 694,065 3,998,594 ToW Imes¢d Cssh S 81_95,514 $ so 902,097 S fi3,416,956 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 06126/06 MAY 31, 2006 Coupon Yield Adjosmd (memo only) Prior Qtt. Par Value Rate Rating Maurrity to Maturity Cost Basis Category Totst Market Value Source Market Value 1991/97/01/04 ConveEt o a Center AIM Government&Agency Pont Pnvate 1,195,097 vanable AAA open 453% 1,195,097 1,195,097 BNY Westem Tr 1,687,877 AIG lovesuneut Agreement 1,280,673 536% AAA 11/0125 536% 1,280,673 1,280,673 BNY Westem Tr 1,280,673 AIG Investment Agreement 1,290,000 6.68% AAA 11/01/21 6.697 1,290,000 1,290,000 BNY Western Tr 1,290,000 AIG Investment Agreement 1,332,327 241% AAA 05/01/06 2.41% 0 0 BNY W.W.Tr 1,279.750 MBIA hrvevtinent Agreement 3,3WQ402 5.58% AAA 11/01/35 558% 3,300,402 3,3WQ402 BNY Westem Tr 3,30Q402 1992106 Auport 7,066,172 Cash 370 370 370 BNY Westem Tr 1 AIM Short-Term htvest.Trsy Privat 1,109,842 variable AAA ope. 452% 1.109,842 1,109,842 BNY Westem Tr 301,736 Bayemehe havesunent Age 1,207,6W 7.00% AAA 01/01/22 TW5 0 0 BNY Westem Tr 1,207,rM 1991/01 Series B-Housing 1,110,212 AIM Government&Agency Prod Pnvate 4,244 variable AAA open 452% 4,244 4,244 BNY Westem Tr 4,216 AIG htvesoast Agreement 468,105 5.22% AAA 08/01/21 5.22% 468,I05 469,105 BNY Westem Tr 468,105 1994/04 Series A&B 472,349 AIM Government&Agency Pord Private 3,205,749 variable AAA open 4.52% 3,205,749 3,205,749 BNY Westem Tr 3,185,044 MBIA Investment Agreemem 1.651,456 5.17% AAA 09/01/34 5.17% 1,651,456 1,651,456 BNY Westem Tr 1.651,456 4,857,205 1996 Moluple Capital Faeilides Pmleot AIM Government&Agency PoM Private 2,250 variable AAA open 4.52% 2,250 2,250 BNY Westem Tr 1,156,487 AMBAC Ihvesment Agreemem 1,730A00 6.40% AA 04/01/27 640% 1,730,OW0 1,730,000 BNY Westem Tr 1,730,000 1998 Airport GARB 1,732,250 AIG lnvesuaem Agc-Reserve 561,221 570% AAA O1101/28 570% 561,221 561,221 BNY Westem Tr 561.221 AIM Government&Agency Portf Privmc 235,595 variable AAA open 452% 235,595 235,595 BNY Westem Tr 140,996 796,816 TREASURER'S MONTHLY REPORT tree:rep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 06/26/06 MAY 31, 2006 Coupon Yrdd Adjusted (memo Duly) Pnor Qtr Par Value Rate Ram' Maturiry to Mamnty Cost Boers Category ToW Market Valuc Source Mmket Value 1998 Anpan PPC AIG Investment Agr.-Reserve 849,728 570% AAA 01/01/29 570% 849,728 949,728 BN Western Tr 849,728 AB Govemment&Agency Ponf Pflvtm 356,783 varable AAA open 452% 356,783 356,783 BM Wesmm Tr 213,528 1,206,511 19%Muluple Capita Westewao,r AIM Govemment&Agency Ponf Private 301,995 wtable AAA open 4.52% 301,995 301,985 BH Wesmm Tr 5a2,602 301,995 1998 Assessment Distnct 155 A&B AIM Govemment&Agency Ponf Pnvam 307,810 variable AAA open 452% 307,810 307,810 BN Western Tr 305,823 307,810 2001 Assessment Drstrict 1571158 ABv1 Government&Agency Ponf Private 170,569 variable AAA open 4.52% 170,568 170,568 BN Wesmm Tr 169,466 170,568 2002 Parking Souctwe Cash 3 3 3 RH Western Tr 3 AIM Govemment&Agency Ponf Pnvate 34,681 variable AAA open 4.52% 34,691 34,681 BN Western Tr 34,458 34,684 2004 Assessment Dismct 161 AIM Government&Agency Ponf Private 410,428 variable AAA open 452% 410,428 410,428 BW Western Tr 407,764 410,428 2004 Assessment Dntnct 162 Cash 54,428 54,428 54,428 ll YWestern Tr 54,428 AIM Govemment&Agency Ponf Privarr 814,104 variable AAA open 452% 814,104 814,104 BN Wetwe Tr 808,714 968,532 2005 Assessment District 164 AIM Gove:oteut&Agency Ponf Private 659,158 variable AAA open 4.52% 659,158 659,158 BH W.W.Tr 954,138 659,158 Totals S 19,994,680 S 19,994,680 $ 23,536,216 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 6/26/2006 MAY 31, 2006 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 81,295,514 $ 81,295,514 $ 81,295,514 Miscellaneous Accounts Petty Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 3,248 N/A N/A open none 3,248 Trust&Agency-Bank of America 1,316,792 N/A N/A open none 1,316,792 Downpayment Assistance(Housing Fund)-Washington Mutual 33,419 variable N/A open 0.40% 33,419 Workers Compensation-Bank of America -2,086 N/A N/A open none -2,086 1,354,248 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 65,045 4.40% N/A 2/11/2007 4.40% 65,045 Downey S&L(Donovan Bequest) 13,465 4.21% N/A 10/8/2006 4.21% 13,465 Downey S&L(Palmer Cable TV) 5,019 4.40% N/A 1/18/2007 4.40% 5,019 Guaranty Bank(Coyote Springs Apt) 17,461 3.21% N/A 6/24/2006 3.21% 17,461 100,990 Total Cash Deposited $ 82,750,753 treasrep TREASURER'S MONTHLY REPORT 06/26/06 CALCULATION OF INVESTMENT LIMITATIONS MAY 31, 2006 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $53,634,566 1 year to 3 years 0.00% 50.00% 25.09% 3 years to 5 years 0.00% 30.00% 8.33% over 5 years N/A N/A 0.61% 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% 3.08% Corporate Notes N/A 20.00% 2.44% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thru's N/A 10.00% 6.10% U.S. Government Agencies N/A 50.00% 32.27% U.S. Treasury Notes/Bonds N/A N/A 2.44% 888888 =Em�S x 88&88&888888800�0 2 E mm mm mm mm m m M �m mmm m�M�mmm m mm mm mmmmmmmmmmmmmmmmm mm mmmmm mm--mm 3 do' E u � o Mm mmm mmmmmmm m mm mm mmmmmmmmmmm�mmmrn Mm mea..., Qaeee F 3