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Home My WebLink About2006-06-07 STAFF REPORTS 2F ;QQ pALM S.4 .y V f/i r R �boutE� E1% % c 'F°"N'p City Council Staff Report DATE: June 7, 2006 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF APRIL 30, 2006 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of April 30, 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. RECOMMENDATION: Receive and File Treasurer's Investment Report as of April 30, 2006 STAFF ANALYSIS: The attached monthly Treasurer's Investment Report is for the period ending April 30, 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 . r . City Council Staff Report June 7, 2006-- Page 2 Treasurer's Investment Report as of April 30, 2006 The weighted average maturity (WAM) of the portfolio is 404.96 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 . Graves, City Treasurer Attachments: Treasurer's Investment Report treasrep CITY OF PALM SPRINGS 5/26/2006 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS APRIL 30, 2006 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 1,672,548 State Pool 27,990,000 $ 29,662,548 44.30% Short Tenn investments (1 year or less) Tune Deposits 2,500,000 U.S.Gov't Agencies 8,000,000 U.S.Treasury Note 495,859 10,995,859 16 42% Mediurn Tenn Investments 1 eaclo 3 ears) Corporate Notes 1,983,760 Mortgage Pass-Thrus 1,733,376 U.S.Gov't Agencies 14,239,280 U.S.Treasury Note 1,484,115 19,440,531 29,03% Long Term Investments (3 years to 5 years) Mortgage Pass-Thrus 2,867,714 U.S.Gov't Agencies 3,998,594 6,866,308 10 25% Total Invested Cash $ 66,965,246 100,00% Some investments made prior to the implementation of are cm rent Investment Policy exceed the 5 year limit. trecomp TREASURER'S MONTHLY REPORT 5¢6/2006 DETAIL OF INVESTMENTS APRIL 30, 2006 Coupon Yield Adjusted (memo wi Prior Qtr Par Value Rate Ranog Mamrny to Mamnty Cost Basis Category Tnml Market Value Soume Mmket Value On Cxll De rsu Checking-Bank of Amenw 5 NIA variable AAA open 450% S 1,672.548 % b Local Agent'Invest Fund(LAM) 2],MjXX) variable NIA .,an 4.31% 27,9 1,6]2,548 $ 923,326 90,000 2,672,W0 LAM2],923,00 29,662,548 Short Term Investments (1 year or less) Time Deposim Waslungwr Manuel Bank L0,S)'" 4.88% AAA 02/02/07 4AS' I,ppp,IXp 1j)(o 0 Wasemem Mutual 1100),W0 Washmyrcon Mind Bahr 1,000,W0 488% AAA 02/02/07 485% 1,000,000 LOp0,W0 Washriami.Mutual l,MISS0 Washmmit Mutual Bat(1-drary Trnsq 50(L000 501% AAA 03/22/07 501% 5001000 501" Washrooms Mutual 500,000 US Gm't Agency Secunhes Federal Home Loan Mortgage Corpmadma 1,00)000 255'o N/A 05/10106 255% 1.000,00(1 999,330 BUY Western Tr 997,450 Federal National Mortgage Assoclahon I'MIGIA 250% N/A O8111106 2.50o I,000,000 992,500 BNY Western Tr "1'250 Fede[xl Home Loan Bank 2,O)LOW 3.177, N/A 08251M 319% 2,O(00,000 1987,500 ➢NY Western Tr L985,625 Federal Home Lum Mortgage CoMmannt I,WO,WO 306% N/A 01151M 306% 1,t1W,00p 992,260 BNY Western Tr 991,130 Federal Home Loan Bank 1,001 300% N/A 10112106 390% L000,000 M,313 BNY Western Tr 989,062 Federal Home Loan Bat 1,00LIlIX1 3A35 NIA 02/0]/0] 3137. LoSli 0 984,375 BNY Western Tr 993,437 Federal Home Lmn Bat I,00g000 3fi0% N/A 02101 3605 1,000,00p 987,813 BNY Western Tr 98],I8] B,t100,000 U.S Treasury Note US Treasury Note Uumsry Tmst) 5001p00 338% N/A 02/28/07 383% 495,859 493,615 BNY Western Tr 493,359 95,859 Medmm Terns )larlmovem, to year 3 years) Crewman,Notes Boar Stearns Co. I,WO,Opp 400% AAI 01131/08 4.34% M,670 978,370 BNY Wesmrn Tr 9]],880 Wells Fu%n Company 1,000,0p0 3.50% AAI 04/04/08 3737, 993,090 96],]90 BNY West,-Tr 967,730 1,983,760 Morgage Pass-Thins Fawn]Home Loan Mortgage Cmpuration 2,600,000 4110% N/A 06AU/08 482% 1,002,083 995,435 BNY Western Tr 1,015,415 Federal Home Lem Mrngage CCrymmmn 1,800,000 4501. NIA 11101/09 5 07% 731,293 ]25,642 BUY Western Tr I,]33,3]fi 0 U S Gov't Agency Secunnes Federal Farm Credit Bank I,OW,000 394% N/A 0610]/0] 394% 1,W0,000 986,250 BNY Western Tr 985,937 Federal National Mortgage Mooemoon 110001051 3.50% N/A 10/12/07 3507. 1.000,001) 976,875 BNY Western T[ 976.562 Federal home Loan Bak, 50,000 476% N/A 10/26I07 476% 5001000 496,406 BNY Wesmm Tr 496,562 Federal Home Loan Bat I,000,tIDO 500% NIA 11128/07 500% LW0,000 995,625 BNY Western Tr 995,937 Federal Home Lean Bank L"joSI 5A0% N/A 12/28/07 510% 1,OOQW0 997,189 BNY Western Tr 999,125 Federal Home Lora Bank 500,000 430,o N/A 01/30/08 430% 50 ,000 492,656 BNY Weste[n Tr 492,969 Federal Home Loin Bank 11000100p 504% N/A 02128/09 504% 1,000,000 995,938 BUY Western Tr 996,875 Federal National Marron,Assmmuen I,OOC,t%1p 5.25% N/A 04/10/08 125% I,WB,000 907,813 BNY Western Tr 0 Federal Home Loan Bank I,O IM 4.02% N/A 06/M/08 402% I,000,000 977,I88 BNY Western Tr 978,125 Fed eral Home Loan Bat 50." 4387t NIA 07/25/09 438% 500,000 49I,406 BNY Western Tr 491,875 Federal Home Loan Bank L00p,0p0 5.00% N/A 08/09/08 500% 1,000,00p 993,125 BNY Western Tr 994,062 Federal Home Los Back 750,000 5 00% N/A 10/27/09 5 00% 750,O1Yp Federal Farm Credit Bank I'"ItNID 3 85% NIA 10/2 ]42,]34 BNY Western Tr 970.937 9/08 3 85% 1,00)'" 971,3]5 BNY Western Tr 9]Q93] Federal Home Lom Bank 1100(1 423% N/A 02/10/09 423% 1,000,000 9]I,8]5 BNY Western T[ 975,37 625 Fetleral Home Lom Bak, I,OW,Opp 423% N/A 02/IO/09 42}% I,Op0,OW W5,000 ➢NY Western Tr 9]5,625 Federal Home Lum Mortgage Coryuration I,GW,p00 3 38% NIA 04/15/09 3 65% 989,290 956,250 BNY Western Tr 954,375 14,239,280 U.S Treasury Nmc US T[eamry Note 995,623 3.62% N/A 0690107 426^, 985,625 985.312 BUT Western T[ 984,970 US Treamry Now 498,490 425% N/A 10/31/07 425% 498,490 495,370 BUY Western Tr 495,430 1,484,115 o-e rep TREASURER'S iviONTriiY REPORT 5/262W6 DETAIL OF INVESTMENTS APRIL 30,2006 Coupon Yreld Ad se,d (memo aWY) Pnor Q,Par Value Rate Rsu, Maturity le Msm., Cost Basis Coo,10,Tmal Market Value Source Market Value Long Term Investment e .5 s) Morbage Pass-Tkm, Federal Hem,Loan Mongage Corporauon 540,000 350% N/A 06/01/09 4.79% 413,464 404,923 BNY Western Tr 413,091 Federal National Mongage Association 2,7OQ000 450% N/A 01/01/10 4.9l% 847,764 Federal National Mongage Asnxmhon 21500,000 4.50% N/A 07/01/10 82J,G14 BNY Wesletn Tr 838,099 Fetl eral Home Loan BaM JJS,OW 4.75% N/A 44fi% 914,694 m 8J0,4J4 BNY Weste Tr 892,500 10125110 4.88% 691,792 666,918 BNY Western Tr 683290 2,867,714 US Gov't Agency Se.nots Fetleral Farm Credit Bank 1,"'" 425% N/A 11/18/09 5 BNY Wesretn Tr 968,437 Fetleral Home Loan Bank 4.25% 1,5W,000 493,12 500,000 500% N/A 12/01/09 5.00% 500,000 969,L5 BNYWestem Tr 493,281 Fedeml Home Loan B.k 1,000,000 435% N/A 02/22/10 430% 1,W0,000 965,313 BNY Western Tr 966,562 Fetleral Home Loan Bank I,000,000 435% N/A 02/22/10 4.35% I,000,000 965,313 BNY Western Tr 966,562 Rnancmg Corporman(FICO) 5,OQ 990% N/A 04/06/18 980% 498594 694,065 NaaomBank 739,945 3,998,594 ralal m�ea�a casn $ 66,965,246 $ 66,595,897 S 63.416,956 TREASURERS MONT'riLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 5/26/2006 APRIL 30, 2006 Yield Adjusted Paz Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 66,965,246 $ 66,965,246 $ 66,965,246 Miscellaneous Accounts Petty Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 8,281 N/A N/A open none 8,281 Trust&Agency-Bank of America 1,329,374 N/A N/A open none 1,329,374 Downpayment Assistance(Housing Fund)-Washington Mutual 33,419 variable N/A open 0.40% 33,419 Workers Compensation-Bank of America -1,684 N/A N/A open none -1,684 1,372,265 Deposits Held h TTrust 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 2l% 17,461 100,990 Total Cash Deposited $ 68,438,502 trencrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 05126/06 APRIL 30, 2006 Coupon Yeld Adjusted (memo only) Prior Qtr. Par Woe Rate Rating Matunty to Maturity Cost Ras. Category Toul M ker Value Source Market Value 1998 AtrpoA PFC AIG Investment Agr.-Reserve 349,728 570% AAA 01#01(28 570% 849,728 949,728 BNY Western Tr 949,728 AIM Government&Agency Pond Private 213,998 vanable AAA open 4.32% 213,999 213,998 BNY Western Tr 213,529 1,063,726 1993 Multiple Captlal Wastewater AIM Government&Agency Proof Private 30 ,948 variable AAA open 432% 300,949 300,948 BNY Western Tr 542,602 3W,948 1998 Assessment Mora 155 A&B AIM Government&Agency Ponf Pnvate 306,807 variable AAA open 4.32% 306,807 306,807 BNY Western Tr 305.823 306,907 2001 Assessment➢ruck[H71158 AIM Government&Agency Porof Private 170,012 variable AAA open 4.32% 170,012 170,012 BNY Western Tr 169,466 170,012 2002 Pmkmg Structure Cuh 39,291 30,291 30,291 BNY Westem Tr 3 AIM Government&Agency Pouf Private 21 variable AAA open 4.32% 21 21 BNY Western Tr 34,458 30,312 2004 Assessment District 161 AIM Govereeneot&Agency Pore Pnvate 409,090 Venable AAA open 432% 409,090 409,090 BNY Wcacm Tr 407,764 409,090 2004 Assessment District 162 Cash 54,428 54,428 54,428 BNY Western Tr 54,428 AIM Govemmeor&Agency Paffi Private 811,452 variable AAA open 4.32% 811,452 811,452 BNY Western Tr 908,714 865,880 2W5 Assessment District 164 AIM Government&Agency Penf Private 656,260 varmble AAA open 4A2% 656,260 656,260 BNY Western Tr 954,139 656,260 Totals § 22,452,500 $ 22,492.500 8 23.586,216 treasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 05/26/06 APRIL 30, 2006 Coupon Yreld Adjusmd (memo only) Prior Qn. Par Value Rate Ram, Maturity to Maturity Cast Basis Category Troll Market Valve Source Market Value 1991197/O1104 C.,trucn Center AIM Government&Agency Porif Private 2,222,470 variable AAA opev 4.32% 2,222,470 2,222,470 BNY Western Tv 1,697,877 AIG lnvesment Agreement 1280,673 536% AAA it/Dll5 536% 1,280,673 1,280,673 BNY Western Tr 1,280,673 MG loveswem Agreement 1,290,000 6.68% AAA 11/01/21 6.68% 1,290,000 1,290,0W BUY Wcatem Tr 1290,000 AIG lovesmevt Agreement 1.332,327 2.41% AAA 05/01/06 241% 1,332,327 1,332,327 BNY Western Tr 1,279,750 MBIA Invesment Agreement 3,300,402 5.58% AAA 11/01/35 5.58% 3,30D,402 3,30Q402 BNY Western Tr 3,300,402 9,425,872 1992 Avs mt Cash I I 1 BNY Western Tr I AIM Short-Term Invest Trsy Privat 302,370 variable AAA open 4.19% 302,370 302,370 BNY Weuem Tr 301,736 Bayerische Investment Agr. 1,207,600 7AD% AAA 0I/01/22 700% 1,207,600 1,207,600 BNY Western Tr 1,207,60D 1,509,971 2001 Sedes B-Hmoo m AIM Govemmmt&A,.,Ponf Private 4,230 variable AAA open 4 32% o,230 4,230 BNY Westem Tr 4,216 MG lovesment Agreement 468.105 smg; AAA 08/01/21 522% 468,105 468,105 BNY Westcm Tr 469,105 1994IN Sedes A&B 472,335 AIM Government&Ater,Ponf Private 3,195,308 variable AAA open 432% 3,195,308 3,195,308 BNY Western Tr 3,185,044 tiI6lA lavesmem Agreement 1,651,456 SA77 AAA 09/01/34 9.17% 1,651456 1,651,456 BUY Western Tr 1,651,456 4,946,764 1996 Multiple Capita Facibdes Project AIM Government&Agency Ponf Private 1,992 variable AAA opev 432% 1,992 1,992 BNY Western Tr 1,156,497 AMI3AC Investment Agreement 1,730," 640% AA 04/OI/27 640% 1,730,000 1,730,000 BNY Western Tr 1,730,000 1,731,992 1998 Atrpon GARS AIG Invesunem Aga.-Reserve 561,221 5.70% AAA 01/O1/29 5.70% 561221 561.221 BNY Western Tv 561221 AIM Governmene&Agency Pool Private 141,310 variable AAA open 432% 141,310 141,310 BNY Western Tv 140,996 702,531 treasrep T REAS U iCEiC'J MON T t1L T R EPOK T 05/26/06 CALCULATION OF INVESTMENT LIMITATIONS APRIL 30, 2006 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $40,658,407 1 year to 3 years 0.00% 50.00% 29.03% 3 years to 5 years 0.00% 30.00% 9.51% over 5 years N/A N/A 0.74% 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% 3.73% Corporate Notes N/A 20.00% 2.96% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thru's N/A 10.00% 6.87% U.S. Government Agencies N/A 50.00% 39.18% U.S. Treasury Notes/Bonds N/A N/A 2.96% CalcWauon of Weighted Avg Maturity Mate. Curtent No,of Days X Cost Dale Date Days 38,837 39,839 38,837 1 1,672,548 38,838 38,837 1 27,990,000 39,115 38,830 278 278.000,000 39,115 38,839 278 278,000,000 39,163 38,837 326 163,OOD,OM 38,949 38,839 10 10,000.000 38,940 38,839 103 103pOD,DW 38,954 38,837 112 234,000,000 38,975 38,839 138 138,00,OW 39,002 38,837 165 165,000,000 39,120 38,839 283 283,OOg000 39,122 38,837 285 285,000,000 39,141 39,832 304 150,741,252 39,428 38,837 641 635,019,470 39,542 38,837 705 700,128,450 39,600 38,837 063 764,589,329 39,953 38,831 916 669,964,388 39,240 38,837 403 403,000,000 39,369 38,837 530 530,000,000 39,381 38,839 544 272,000,000 39,414 38,839 599 599,000,000 39,444 38,837 602 607,000,000 39,417 38,839 640 320,000,000 39,506 38,837 669 669,000,000 39,548 38,831 711 711,000,000 39,609 38,831 772 772,000,000 39,654 38,834 817 408,500,000 39,668 38,831 83t 831,000,000 39,748 39,832 911 683 250,000 39,750 38,831 913 913,000,000 39,969 38,831 932 932,M,000 39,854 38,831 1,017 1,017,000,000 39,918 38,837 1,031 1.069,411,680 39,263 38,839 426 419,876,250 39,386 38,837 549 273,671,010 39,965 38,839 1,128 466,387,392 40,119 38,837 1,342 1,137,699,288 40,210 38,839 1,373 1,255,974,862 40;46 38,837 1,639 1,133,847,089 40,135 38,839 1,298 1,298,000,000 40,142 38,837 1,305 652,500,000 40,148 38,837 1,311 1,311,000,000 '10,231 38,839 1,394 1,394,000,000 43,196 38,837 4,359 2,173,371,246 27,118,394,253 Total lnvealmenn at Coal 66,965,246 WAM in Days 404 96