HomeMy WebLinkAbout2006-05-03 STAFF REPORTS 2D 40�7ALM SA4
iy
V to
+ c w
�'A09A1EO Any4
C�1lFORN�p City Council Staff Report
DATE: May 3, 2006 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 28, 2006
FROM: Craig A. Graves, City Treasurer
BY: Deparrment of Finance and Treasury
CUtyi.!Mx,13�.
y
Attached is the Treasurers Investment Repot as of February 28, 2006. The repoit 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.
RECOMMENDAT!ON:
Receive and File Treasurer's Investment Report as of February 28, 2006
S T AFF ANALYSIS:
6._ xx_„u. lex ^.moo er�c investment+ c f +h•• rna '-sr! ending February no
The attached month,, Treasure . Report is or :he period ,ping , ebruary ._0,
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
($500,000, 4/16118, 9.8%) exceed the 5 year limitation on maturities (Detail of Investments,
Long Term Investments, Mortgage Pass Thru's). The investment in question was purchased
lin to file ^rn"ipptlOn of the .Li-year iimitatiOn. Since it appears tp represent riv adE�. ipnal risk
either because of credit-worthiness or liquidity, earlier councils decided to allow it to be retained
in the investment pool because the yield is higher than attainable under current market
conditions. We recommend that this exception to the policy be continued.
State law requires this report to be submitted within 30 days of the end of the quarter. Because
alll of the City's bank accounts may not be completely reconciled, there may be minor
adjustments to the rash on hand in the checking account and to the valuation of the bond
issue's money market investments. All other amounts are actual.
Item No. n . D .
i
City Council Staff Report
May 3, 2006-- Pape 2
Treasurer's Investment Report as of February 28, 2006
The weighted average maturity (WAM) of the portfolio is 382.50 days. The maximum WAM
allowed by the Investment Policy is 1095 days. The current portfolio and expected revenue
L he f is. L i 3 L J 3 L 1 .1 months
ca$I'! eliiyy will iir_. $ii!!il•3Gri! !� rf[ee'! b[ld�Fle„ c:}.peldil�l2 rehiJlr?menl5 For the n6h! Siii ij iliili!!�
and the foreseeable future thereafter.
FISCAL IMPACT:
(None
Craic�Graw-et,tity Treasurer
Attachments: Treasurer's Investment Report
treasrep CITY OF PALM SPRINGS
3/27/2006 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
FEBRUARY 28, 2006
On Call Deposits Adjusted Bans Category Total Percentage
Checking Account $ 596,794
State Pool 33,190,000 $ 33,786,794 50 73%
Short Teri Investments
(1 year or less)
Time Deposits 2,000,000
U.S Gov't Agencies 8,494,650 10,494,650 15.76%
Me dmm Term"o eshnents
(l year m 3 years)
Cooperate Notes 1,983,760
Mortgage Pass-Thrus 1,049,255
U.S.Gov't Agencies 11,250,000
U S.Treasmy Near 994,349 15,277,364 22.94%
Long Tetm Investments
(3 years t 5 years)
Mortgage Pass-Thrus 2,051,513
U.S.Gov't Agencies 4,997,874 7,039,387 10.57%
Total Invested Cash
$ 66,598,195 100.00%
'Some investments made pi for to the implementation of to
current Investment Policy exceed the 5 year limn
area:rep TREASURER'S MONTHLY REPORT
3Rv2006 DETAIL OF INVESTMENTS
FEBRUARY 29, 9006
Coupon Yield Adjusted! borr000nly) Pnor Qn.
Par Value Ra¢ Ron, Maturity to Miranty Cost Basra Category Tonal Market Value Source Market Value
On Call➢e osits
Checking-Bank of America S N/A variable AAA open 416% 8 596.794 S S 596,794 $ -1,053,854
Local Agency Invest Fund(LAIF) 31990,000 var.1d, N/A open 4047, 33,190,000 33,190,000 LAIF 24,890,000
33)Sfi,]94
Shon Term Invesvnents
(I year ar less)
Time➢eposito
Washmglon Mutual Bank t000,000 4.887t AAA 02/02/07 4887. 1,000,000 1,000,000 Washington Mutml 1,000,000
Washington Mamal Bank 1,000,000 4887t AAA 02/02/07 488% 1,000,000 1,000,000 Washington Mutual 1,000,000
2,000,000
LLS.Gov'[Agency Securives
Federal Home Loan Bank 1,000,000 240% N/A 02R4106 2A0% 0 BNY Western Tr 99k8Il
ry
Federal Home Loan Bank (Library Trust) 500,000 250% NIA 03/15106 364% 495650 499,53 0 HNY Wea[ern Tr ,8 71 9
Federal Home Loan Mortgage Coorauon 1000,000 2.55% N/A 05/10/06 ,
255% 1,000,W0 995,6fi0 BNY Western Tr 992,820
Federal Nadonal Mortgage Assonaoen I,t100,000 250% N/A 08/11/06 250% 1,000,000 995,660 BNY Western Tr 992,820
Federal Home Loan Bank 187
2,000,000 317% N/A O8/25/06 317% 21000,000 1,983,150 BNY Weatern Tr 11981,2
50
Federal Home Loan Mortgage Cotpoudon 1,000,000 3.06% NIA 09/15/06 3,06% 1,000,000 990,390 BNY Western To 988,960
Federal Home Loan Rnd, 1,000,000 300% N/A 10/12/06 300% I,WQo0o 988,750 BNY Western To 987,197
Federal Home Loan Bank 1100Q000 313% N/A 02/0]/0] 313% Lo00,000 983,437 BNY Western Tr 982,500
Federal Home Loan Barak 1,000,wo 3.6090 N/A 02/09/07 360% L000,000 987,812 BNY Western To 98],500
8,494,650
Metllum Term Iweslmen¢
(1 yearn to 3 years)
Corporate Notes
Bear Stearn Co 1,000,000 4.00% AAI 01/31/08 4.34% 990,670 979,920 BNY Wcstem Tr 981,719
Wells Fargo Company I,000,000 350% M1 04/04/08 373% 993,090 969,350 BNY Western To 971,680
1,983,TG0
Morgage Paaa-Tbon,
Federal Home Lean Mortgage Corporauon 2,600,000 4.00% N/A O6101108 4.827. 1,049,255
049,255 BNY Wetter,To 0
❑S.Gov'[Agency Securities
Federal Farm Credn Bank 1,000,000 3.94% N/A 06J07107 3 94% 100,000 Fetleral Nanorml Mnngage Assoclaoon 1,W,000 350% N/A 10/12107 978.125 BNY Western To 978,750
Fedetal Home Loan Bank 3 50% I,SNBM 9]8,125 BNY WWesternivn,u Tr 499,125
500,000 4.W% NIA 10MA17 500% 500,000 491,500 BNY We,na.Tn 997,187
Federal xoine Lnan Bank 1p00,Doo s.o0% wA unslm sD0% 10DD,Doo Federal Home Loan Bank 5W,000 430% N/A 01/30/08 4.30% 494,062 BNY WaBe,.Tr 495,156
Fetleral Home Loan Bank 500,000 999,062 BNY Western To 495,156
]000,Oci 402% N/A 0228/08 502% 1,000,000 999,062 BNY Western Tr
Federal Home Loan Bank 1000,000 402% N/A 07/25/09 4.39% I1000,00p 0
Federal Home Loan Bank 500,000 5 00% N/A 0](25l08 492,968 BNY Weatan Tr 494,219
Federal Home Wan Bank 500% 500,000 995,937 BNY Western Tr 996,875
1 750,000 5 00% N/A O8/OS/08 5 00% I,O50,000 745,078 BNY Western Tr 746,719
Federal Home Loan Bank 80,000 5 00% NIA 10127/O8 5 0090 ]50,000 Federal Famn Credit Bank 1.000.000 3 85% N/A 1OR9108 973,125 BNY Western Tr 975,937
Federal Home Laan Bank 3.Se% 1,000= 975,937 BNY Western Tr 979,062
]090,O 403% N/A 02/10/09 400% 1,000,p00 979,062 BNY Western Tr 9]9,062
Fetleral Home Laan Banc: 1000,p00 423% N)A 02/10/09 423% 1,000,000
9]9,062 BNY Western Tr 982,5O0
0,000
U S Treasury No[e
U S.Tree+my No¢ (Lb,in,Trva[) 500,0p0 338% N/A 02129101 383% 495,859 US Treasury Note 498,490 425% N/A 10/31/0] 49 , BNY Western Tl 49 ,
4 25% 498,49D 496,385 85 BUY Western To 498,535
35
994,349
327/2006 TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
FEBRUARY 28, 2006
Coupon Yield
Paz Value Rate Adjusted
Rating Maturity to Maturity Cost Basrs (memo rely) Pner Qv.
Lou,Term luvestmenr Category To e1 Market Value Source Marker Value
(3 xears to 5 years)
Mortgage pa"-Tluus
Federal Home Loan More...e Comomuon 540,000 3,50%
Federal Narioval Mon,age Association N/A 02/01/10 350% 421,63]
Federal Home Loan Bauk(Pass-Thm) 2,SW,000 4"00° N/A 02/01/10 416,908 BNY W.W.Tr 421,265
]]5,000 475% 475% 925,899
N/A 10/25/10 4.759 ]03,977 90'/,]15 BNY IVes[em Tr 933,72]
fi95,291 BNY Western Tr 722,042
U.S.Gov't A,ency Sccuritrrs 2,051,513
Federal Home Loan Mortgage Corpomeem 1,000,0M 3.38%
Federal Farm Credi[Bavk WA 04/15/09 365`•o 989,280
Federal Home Loan Book I'W0,000 4�0% N/A 11/18/09 973,750 BNY Western Tr 977,912
4.00% 1,500,
Federal Home Loav Hauls 500,000 S.Op% N/A Il/25/09 5�y � 973,750 BNY Western Tr 1,000,000 4 309 SOO,OoO 97],812
Federal Home Loan Bark N/A 12/01/09 4.30% 1,000,000 974,687 BNY Wesiem Tr 496,719
Freemen Corpmader,(NCO) 1,0w,od0 4.357, N/A 02/22/10 972,197 BNY WWmar Tr 976,562 500,000 9.80% 4.359 1,000,000
N/A 04/06/18 9.809 498,594 9]2,18] BNYIBu - Tr 719,945
19,945
]I5,000 NatioosBavk ]19,845 EKE
Cash 4,987,874
$ 66,598,195 $ 65,34,,498 $ 55,485,012
TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
3/27/2006 FEBRUARY 28, 2006
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 66,598,195 $ 66,598,195
$ 66,598,195
Miscellaneous Accounts
Petty Cash 2,875 N/A N/A open none 2,875
Revolving Fund-Bank of America 16,772 N/A N/A open none 16,772
Trust&Agency-Bank of America 1,201,042 N/A N/A open none 1,201,042
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,386 variable N/A open 0.40% 33,386
Workers Compensation-Bank of America 4,320 N/A N/A open none 4,320
1,258,395
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 $ 67,957,581
TREASURER'S MONTHLY REPORT
treasrep BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
03m/06 FEBRUARY 28, 2006
Coupon Yield Adnsted
(memo only) Pnar Qm
I991/97/OI/04 Convention Center Par Value Rate Rating Maturity to Mamrity Cost Basis Car,.,Teed Market Value Source Market Value
AIM Government&Agency Portf Pmate 2,021,414 variable AAA open 4.05% 2.021,414 2,021,414 BNY Western Tr 2.782,369
AIG lhvesvnevt Agreement 1,290,673 5.36% AAA 11101/25 536% 1,280,673 1,280,673 BNY Western Tr 1,280,673
AIG lnvesmrent Agreement 1.29g000 6.687 AAA 11101/21 6.68% 1,290.000 1.290,000 BNYWemem Tr 1,290'0
AIG rnvestmeat Agreement 1,279,750 2.41% AAA 05/01/06 2.41% 1,279,750 1_79,750 BNY Western Tr 1,279,750
MBIA Invesmevt Agreement 3,300,402 558% AAA 11/01/35 5.58% 3,300,402 3,300,402 BNY Westem Tr 3,30 ,402
1992 Anport 9,172,239
Cash 1 1 I 8NY Westem Tr I
AIM Short-Term Investment Trsy P 201,013 v.able AAA open 3 99% 201,013 201,013 BNY Western Tr 823,456
Bayem.le,Investment Age 1,207,600 7W% AAA 01/01/22 700% 1,207,6M 1.207,600 BNY Westem Tr 1,207.6W
2001 Series B-Housing 1,408,614
AIM GovenornmL&Agency Pont Pnvam 4,204 variable AAA open 405% 4,204 4,204 BNY Wesrem Tr 4,089
AIG hrvesment Agreement 468,105 522% AAA 08/01/21 522% 468,105 469,105 BNY Western Tr 468,105
1994/04 Senes A&B 472,309
AIM Govemment&Agency Portf Pnvate 3,744,862 variable AAA open 405% 3,744,862 3,744,862 BNY Western Tr 3,157,374
MBIA Investment Agmemetn 1,651,456 517% AAA 09/01/34 5.17% 1,651,456 1,651,456 BNY Westem Tr 1,651,456
5,396,318
1996 Muld le Capital Facitittes Project
AIM Govemment&Agency Portf Private 812 vanable AAA open 4.05% 812 812 BNY Western Tr 807
"SAC rnvestment Agreement 1,730,000 640% AA 64/01/27 640% 1,730,000 1,730,000 BNY Westem Tr 1.730,000
1998 Airport GARB 1,730,912
AIG rnvesuvent Age-Reserve 561,221 570% AAA 01/01/28 570% 561,221 561,221 BNY Westem Tr 561,221
AM Government&Agency Portf Prrvam 93,924 variable AAA open 4.05% 93,924 93,924 BNY Westem Tr 368.1W
655,145
TREASURER'S MONTHLY REPORT
meurep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS
03/27/06 FEBRUARY 28, 2006
Coupon Yield Adjusted (memo only) Peter Qtr
Per Value Rate Rating Maturity to Mavuty Cost Basis Category Total Market Value Source Market Valve
1998 Airport PFC
AIG lnvesvnevt Agr.-Reserve 949,729 5.70% AAA 01/01/28 570% 349,729 849,728 BNY Western Tr 849,728
AM Govemment&Agency POnf Privam 142,M2 variable AAA open 405% 142,242 142242 BNY Western Tr 561,239
1998 Multiple Capita Wastewater 991,970
AM Govemment&Agency Ponf Private 303,663 variable AAA open 405% 303,663 303,663 BNY Wesrern Tr 301,879
1998 Assessment District 155 A&II 303,663
AIM Govemn-tevt&Agency Porn'Pnvate 289,543 variable AAA open 4.05% 289.543 289.543 BNY Western Tr 287,809
2001 Assess,nev[Dismc[15]/I58 89,543
AIM Gnvenunent A,Agency Ponf Private 168,987 variable AAA open 4.05% 169.987 168,987 BNY Western Tr 167,994
2W2 Parluvg Stmcw,c 168,987
Cash 3 3 3 BNY Western Tr 3
AIM Govemment&Agency Pmrf Private 28.426 variable AAA open 4.05% 28,426 29,426 BNY Western Tr 31,5/6
2004 Assessment District 161
28,429
AIM Govemment&Agency Pord'Private 521,533 variable AAA open 4.05% 521,533 521,533 BNY Western Tr 409,744
2004 Assessment District 162
521,533
AIM Government&Agency Ponf Private 870,242 variable AAA open 4.05% 870,242 870,242 BNY Western Tr 865,131
2005 Assessment District 164
870,242
AM Govemment&Agency Ponf Private 1,196,141 vanable AAA open 4.05% 1,186,141 1,186,141 BNY Westem Tr 1.572,226
1,186,141
Totals
$ 23,195,945 $ 23,195,945 $ 24,952,732
treasrep TREASURER'S MONTHLY REPORT
03/27/06 CALCULATION OF INVESTMENT LIMITATIONS
FEBRUARY 28, 2006
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $44,281,444
1 year to 3 years 0.00% 50.00% 22.94%
3 years to 5 years 0.00% 30.00% 9.82%
over 5 years N/A N/A 0.75%
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% 3.00%
Corporate Notes N/A 20.00% 2.98%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 4.65%
U.S. Government Agencies N/A 50.00% 37.14%
U.S. Treasury Notes/Bonds N/A N/A 1.49%
eg eee88eee 6da---oogssgg deem
x - oggog ogg000soo
_ v m mm mm mmMmmmmmm �� � mmmmmmmmMMMmM mm �� M �mmm��
a do
� � mm mm mM� mmmm�m mm m Mmmmm�,m mMmN,m�, mm �a< m�.,aQ.. F 3