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Home My WebLink About2006-05-03 STAFF REPORTS 2E �o�p A LM Sp4 �Z c V 1n x x + 2ro + {00gAif� 4n' °q`rFORN�P City Council Staff Report DATE: May 3, 2006 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF MARCH 31, 2006 iTROfv1: rraig A. vraycS, City i.i i BY: Department of Finance and Treasury v LiMMARi' Attached is the Treasurer's investnient Report as of March 31, 2006. The rend o 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. 1RECOMMENDAT!ON: Receive and File Treasurer's Investment Report as of March 31, 2006 S T AFF ANALYSIS: � f r t ii ; LIM iru 11 1a[ o09, -i'i-c attached monthly TreaSur^er'V Investment ment aaNn�. a : . a period ending Marc . 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 ..option of the 5-year limitation. viiac2 iL appears to represent no additional risk either because of credit-worthiness or liquidity, earlier councils decided to allow it to be retained ill 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 investment All other amounts are actual. Item No. G . C. City Council Staff Report May 3, 2006 -- Page 2 Treasurer's Investment Report as of March 31, 2006 the weighted average maturity (WAM) of the portfolio is 421.12 days. The maximum WAM allowed by the Investment Policy is 1095 days. The current portfolio and expected revenue _ onsh !lrW will be sufficient to meet budgeted exp .en yii ire i-P-Mirements IVr the nex six !l lnn!!-1? and the foreseeable future thereafter. FISCAL IMPACT: Done Crai7,0( Craves, rity Treasurer Attachments: Treasurer's Investment Report treasrep CITY OF PALM SPRINGS 4/19/2006 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MARCH 31, 2006 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 923,326 State Pool 27,190,000 $ 28,113,326 44 12% Short Term Investments (1 year or less) Time Deposits 2,500,000 U.S.Gov't Agencies 8,000,000 10,500,000 16.48% Medm Term hrvesmren[s (I iu ear m 3 eats) Corporate Notes 1,983,760 Mortgage Pass-Thrus I,029,949 U.S.Gov't Agencies 12,250,000 U S.Ti easury Nate 1,979,974 17,243,683 27,06% Lang Term Investments (3 years to 5 years) Mortgage Pass-Thrus 2,874,747 U S Gov't Agencies 4,987,874 7,862,621 12 34% Total Invested Cash $ 63,719,630 100.00% 'Some mvesnnents made pilot to the implementation of die current Investment Policy exceed the 5 year limit. neaarep TREASURER'S MONTHLY REPORT 4/19/2006 DETAIL OF INVESTMENTS MARCH 31, 2006 Coupon Yield Adrysed (men..only) Prior Q, Par Value Rare Raring Mamnty to Memrity Cost Bads Camgory Total Market Value Sonya Market Value On Call De ov¢ Checking-Bank o[Amenea 5 N/A variable AAA open 416% 5 913,326 933326,Local Agency Invest Fund(LAIF) 27,19flM0 ven open 4.14% 2] ablc N/A 5 28,113,326 8 $ -4,053,854 ,19g000 2],19Q000 LAIF 2 ,890,000 Short Temt hrve�hnen¢ (I year ar less) Time Deposm, Washington Mutual Bank 11000,000 488% AAA 07/02/07 4.897v 1000,000 1,00o,000 Washmgmn Mutual l'"di00 Washington Mutual Bank 1,000000 488% qqq 02/02/07 488% 1,000,0o0 100o,000 Washington Mnmil 11000,000 Wash,mm,Mutual Back(LNrary Trust) 5coo00 5BI% AAA 03/22107 501% 500.OW 50g00o Washington Mutual 0 2,500,000 U S.0a1'1 Agency Secunfies Federal home Loan Bank 11000,000 240% NIA 01/24106 240% 0 0 BNY Western Tr 996,871 Federal Home Loan Bank(Ubrary Toast) 50Qo00 2.50% N/A 03/15/06 364% 0 0 BNY Western Tr 49),812 Federal Home Loan Mortgage Corporation Lo00,000 2.55% N/A 05/10/06 2.55% LtHal' O 99],450 ➢NY W,,Wastem Tr 497,812 Federal National Mortgage Assocmdon 10 'Wo 250% N/A 08/11/06 250% 1,Oo0,000 991_50 BNY Western Tr 992,820 Federal Home Lean HaN: 2,000,000 all% N/A 09/25106 31]% 2,000000 1985,625 BNY Western To 1,981,250 Federal Home Loan Mortgage Curyomtion 10oo,0o0 3.06% N/A 09/15/06 3.06% Low,0p 991,130 BNY Western To 988,960 Federal Home Loan Bank I,0call 3M% N/A 10/12/06 3.00% 11000,000 989,oG2 BNY Wcstem Tr 98],IS] Federal Ham,Leon Bank Looki 3 13% N/A 02107/07 313% 1,OW,000 983062 BNY Western Tr 987,187 Federal Home Loen Bank 1,000,000 500 3 60% NIA 01/09/07 3 6". 1,000,000 98],18] ENY Wesmm To 987,500 6,000,000 Medium Term Inve.nnems (1 year to 3 years) Corporate Noes Bear Srearw Co I000r" 4007. AAI 01/31/08 434% 990,670 9]],880 BUY Weslem Tr 981,]19 Wells Fargo Company 11000,000 M0% AAI 04/0-109 3.43% 993090 967,730 BNY Western Tr 971,690 1,983,]fi0 Mortgage P"s-Thins Federal Home Loan Mortgage Corporation 2,60(l 4.00% N/A 0610INS 4A290 1,029,949 1,015,415 BNY Weller.To 0 1,029,949 US Gov Agency Secunfies - FederalFarmCfedmBack 11000.000 3.94% N/A 06/07/07 394% 11000,000 985,937 BNY Western Tr 987,812 Federal National Mortgage ASsocomen 11000,000 350% NIA 10/17/07 350% Lo00,000 fi,5fi2 HNY Wester.Tr 9]8,]50 000 Federal Home Loan Bank 500,000 476% N/A 10/26107 4.76% 500,000 9]976,562 BNY Wester.To 97 8,750 Federal Home Loan Bank 1, ,000 5.00% NIA II/28/0] 5W7, Loo0,000 995,93] BNY Western Tr 99],18] FM,,cl Home Loan BUS I,000,000 5A0% N/A 12/29/07 510% 1,000,Oo0 995,937 BUY Western To 0 Federal Homee.Loan Bank 500,000 430% N/A 01/30/09 430% 500,000 492,969 BNY Western To 495,156 Federal Home Loan Back 11003,00) 504% N/A 02/28/08 5.0490 I,000,000 996,8]5 BNY Western Tr 0 Federal Home Loan Barilr 1,000,0110 402% NIA 06/10/08 402% I,Oo0,000 996,875 BNY Western Tr 982,500 Federal Home Loan Back 500 000 4 38% N/A 07/25/08 4 38% 500'" 491,875 BNY Western Tr 494,219 Federal Home Lour Bank I,000,000 500% N/A 08/09/08 5.00% 11000,oW 994,062 BNY Western Tr 996,875 Federal Home Loan Bank 750,000 500% N/A 10/27/09 500% 050,000 743,672 HNY Wis.Tr 746,719 Federal Farm Credit Bank 1,000000 Mit% N/A 10a9/OS 385% 11000000 970,937 ➢NY Wester.To 975,937 Federal Home Loan Bank 11000,000 400% N/A 11/17l08 4.007v 1000,0W 973,437 BNY Western Tr 979,062 Federal Home Loan Bank 1,00D,000 423% N/A 02/10/09 4237f 1'000,000 975,625 BNY Wel,ro Tr 982,500 I2,250,000 US Treasury Note U S Treasury Note (Library Trust) 500,000 3 38% N/A 01/18/07 3 93% 495,859 493,359 ELY Wevem Tr 493,906 US Treasury Nate 985,625 362% N/A 06/30/07 476%o 985,625 984,920 BNY Wesley..Tr 0 U S.Treasury No¢ 498,490 4257. N/A 10/31/07 425% 498,490 495,430 ➢NY Western To 498,535 1,9]9,9]4 TREASURER'S MONTHLY REPORT 4/19/2M6 DETAIL OF INVESTMENTS MARCH 31, 2006 Coupon Yield Adlusled (memo only) Prior Qm. Par Value Rare M, Maturity 10 Maturity Cost Bans Category Total Markel Value Source Mark,Voloe Lon,Term Inv'Intent (3 eau to 5 ems) Mnr,,,e Pass-Thins Federal Home Loan Morlgage Cmp9ration 5drl'" 350% N/A 06/01/09 479% 420,497 413,091 BNY Western Tr 421_65 Federal Namnal MorSage Asomoodon 2,7M,lW 450% N/A 01/01/10 4.91% 847,764 838,089 BNY Western Tr 0 Fedo-al NafiOnal M. ,a,e Asmciamm 2,5W'" 450% N/A 02/01/10 446% 914,694 892,500 BNY Western Tr 933,72 Federal Home Loan Bauk )]5,000 495% N/A 10/25/10 4 98% 691,792 683,280 BNY Weaiem To 722,M2 2,874,747 ll S.Gov'I Ageney Securme, Federal Home Loan Morrga,e C.,amhon 11000,0 3.38% N/A 04/15/09 365E 989,280 954,375 BNY Wesmm Tr 959.315 Federal Farm Credit Ba , Low, 00 425E N/A 11/18/09 4.2e% LM,l xl 969,437 BNY Western Tr 977,812 Federal Home Loan Bank 50,000 5W% N/A 11/25/09 5.00E 50g(00 493_81 BNY Wesmm Tr 496,719 Federal Home Loan Bmkc 1,"," 430E NIA 12/01/09 430E 1,000,000 969,375 BNY Western Tr 978,750 Federal Home Loan Bank 1,"," 435% N/A 02/22/10 4 35% Ip00,000 966,562 BNY Western Tr 976,562 Finoamg CmLm2mm(FICO) 50Q000 9.80E N/A 04/ON18 9 907. 499,394 69e,065 Nammolornk 719,845 4,987,974 T. Invesded Cann $ 63,'119,630 S 63,416,956 5 55,485,012 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 4/19/2006 MARCH 31, 2006 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 63,719,630 $ 63,719,630 $ 63,719,630 Miscellaneous Accounts Petty Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 10,954 N/A N/A open none 10,954 Trust&Agency-Bank of America 1,249,160 N/A N/A open none 1,249,160 Downpayment Assistance(Housing Fund) -Washington Mumal 33,419 variable N/A open 0.40% 33,419 Workers Compensation-Bank of America 8,170 N/A N/A open none 8,170 1,304,578 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 $ 65,125,199 TREASURER'S MONTHLY REPORT neazrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 04/19/06 MARCH -01, 2006 Coupon Yrcld Adjus[ed (memo only) Prior Qtr Par Value Bate Rating Maturity to Maturity Cost Bans Category Total Macke[Value 8ourcc Market Value 1991/99/01/04 Covvevdov Cevmr AM Govemmev[&Agevcy Pont Pdvam 1,687,8]] vanable AAA opev 432% 1,687,879 1,687,977 BH Westem Tr 2,782,369 AIG lnvestmcvr.Agreemev[ 1280,673 5.36% AAA I1/01/25 5.36% 1,280,673 0, BNY Westem Tr 1,2 1,280,fi93 693 8 AIG lvvw=evt Agreemev[ 1,290,000 668% AAA 11/01/21 6.68% 1,290,000 1,290,673 SHY Westem Tr 1,20,673 AIG lvverracrn Agrccmevt 1,279,750 241% AAA 05/01/06 241% 1,279,750 1,299,]50 BN Western Tr 1,299.950 000 MBIA Investmcvt Agreement 3,300,402 5.58% AAA Il/01/35 5.58% 3.300,402 3,300,402 BW Western Tr 3,300,402 1992 Airport 8,838,702 Cazh 1 Pnvar lv 1 1 BNY Westem Tr 1 e1Ml 5hvrt-Te rm neseTrsy 301,736 vanable AAA Bayeruncc lnvestmev[A, opev 4.19% 301,]36 301,736 BN Westem Tr 813,456 1,20],600 900% AAA 01/01/22 ].00% 1207,600 1.207,600 BN Westem Tr 1,207,600 2001 Senes B-Housing 1,509,337 AM Govervmcn[&Agevcy Portf Private 4,216 variable AAA open tm 4.31% 4,216 4,216 BNY Westem Tr 4,089 AIG Nvesev[Agreemevr 469,105 522% AAA 08/01/21 5.22% 468,105 468,105 BW Wes[em Tr 469,105 1994/04 Sr..A&B 472,321 AM Govervmevt&Agevcy Poaf Pnvate 3,185,044 vanable AAA opev 4.31% 3.185,044 MBIA Ivvestmev[Agreemev[ 3,185,044 Bes[em Tr 3,157,394 1,651,456 NY IV 5.1]% AAA 09/01/34 5.19% 1,651,456 1,651,456 BN Westem Tr 1,651,456 4,836,5M 1996 Multiple Capiml Fanhdea Prolccc AM Govemmcv[&Agency Portf Pralate 1,156,487 vanable AAA opev 4A1%MB 1,156,489 I,lifi,48] BM'Wes[em Tr 8W AAC Ivvesmmnt Agreemev[ V30,000 6.40% AA 04/01/29 640% 1,930,000 1,730," BHY Westem Tr 1,730,0W 1998 A"cat GARB 2,886,487 AIG ivvesmmn[Agr.-Reserve 561,221 5.90% AAA 01/01/28 570%Portf Pnvam Gove 561,221 A 561,221 BM'Wes[em Tr 561221AMmmcn[&Ageucy 140,996 vanable AAA open 4.317, 140,996 140,996 BN Westem Tr 369,100 702,217 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 04/19/06 MARCH 31, 2006 Coupon Yield Ad3osted (memo oNy) Me,Qtr Par Value Rate Rating Maturity to Maturity Cost Bases Category Teal Market Value Source Market Value 1999 Avport PFC AIG Investment Agr.-Reserve 849,728 5.70% AAA 01/01/28 5907 949,728 849,729 BNY Western Tr 849,729 AIM Government&Agency Portf Private 213,528 variable AAA open 4.31% 213,528 213528 BNY Western Tr 561,239 1998 Multiple Capful Was water ,063,256 AIM Government&Agency Portf Pnvate 542,602 variable AAA open 431% 5a2,602 542,602 BNY Westem Tr 301.879 1998 Assessmcvt District 155 A&B 42,602 AIM Government&Agency Portf Private 305,823 variable AAA open 431% 305AZ3 305,823 BNY WeAcm Tr 287,809 05,923 2001 Assessmev[Dis[vct I5']/158 AIM Govenvnevt&Agency Portf Pnvate 169,466 Varivble AAA opcn -Al% 169,466 169,466 BNY Westem Tr 167.994 2002 Parking$[mcmre 69,466 Cash 3 3 3 BNY Westem Tr 3 AIM Govemnrevt&Agency Portf Private 34,459 variable AAA Per 4.31% 34,458 34,459 BNY Westem Tr 31,5/6 2004 Ass¢ssmeiu Dis[vct 161 4,461 AIM Government&Agency Portf Private 407,964 variable AAA open 4 31% 407,764 407,764 BNY Westem Tr 409,744 2004 Assessmen[Dutde[162 407,964 Cash 54,428 54,428 54,428 BNY Wesem Tr 0 AMI Government&Agency Portf Private 808,714 variable AAA open 4.31% 808,714 808,714 BNY Western Tr 865,131 2005 Asscssmevt District 164 863,142 AIM Government&Agency Port Private 954,138 variable AAA open 4 31% 954,138 954,138 BNY Westem Tr 1,572,226 954,138 Tatals $ 23,586,216 S 23,586,216 $ 24,952,732 treasrep TREASURER'S MONTHLY REPORT 04/19/06 CALCULATION OF INVESTMENT LIMITATIONS MARCH 31, 2006 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $38,613,326 1 year to 3 years 0.00% 50.00% 27.06% 3 years to 5 years 0.00% 30.00% 11.56% over 5 years N/A N/A 0.78% 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% 3.92% Corporate Notes N/A 20.00% 3.11% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thru's N/A 10.00% 6.13% U.S. Government Agencies N/A 50.00% 39.61% Calculauan of WeighlW Avg Maturity Mature Current Nn,CI D., X Cost Dam Dale Days 38,807 38,808 38,807 1 923,326 39,808 38,807 1 27,190,000 39,115 38,807 308 308,000,000 39,115 38,807 308 308,000,000 39,163 38,807 356 OB 000,000 38,992 38,807 -35 0 38,792 38,807 -15 0 38,847 38,907 40 40,000,000 38,940 38,807 133 133,W0,000 38,954 38,807 147 294 000,000 38,975 38,809 168 168,000,000 39,002 38,807 195 195,000,000 39,120 38,807 313 313,000,000 39,122 38,807 315 315,000,000 39,478 38,801 671 664,739,570 39,542 38,807 735 729,921,150 39,600 39,809 793 816.749,557 39,240 38,807 433 433,000,000 39,369 39,907 560 560,000,000 39,381 38,907 574 289,M,000 39,414 38,807 607 607,000,000 39,444 38,807 639 631,000,000 39,477 38,807 670 335,000,000 39,506 38,809 699 699,000,000 39,609 38,807 902 802,000,000 39,654 38,807 847 423,50 ,000 39,668 38,807 $61 861,OO ,MO 39,948 38,807 941 705,950,000 39,750 38,907 943 943,000000 39,969 38,807 962 962,000000 39,854 38,809 1,049 104?000,000 39,141 38,807 334 165,617,033 39,263 38,807 456 449,445000 39,386 38,807 599 288,625,710 39,965 38,807 1,158 486,935,526 40,109 38,807 1,372 1,163,132,208 40,210 38,807 1,403 1,283,315,682 40,476 38,807 1,669 1,154,600,848 39,918 38,807 1,111 1099,090,080 40,135 38,807 1,329 1,328,000,000 40,142 39,807 1,335 667,500,000 40,148 38809 1,341 1,341,000,000 40,231 38,807 1,424 1,424,000,000 43,196 38,809 4,399 2,188,329,C66 26,833,364,756 TOW Invicetmenls atCltsl 63,719,630 WAM 1n Days 421 12