HomeMy WebLinkAbout2006-03-15 STAFF REPORTS 2H �o pALM SA4
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A</FOVt City Council Staff Report
DATE: March 15, 2006 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JANUARY 31, 2006
FROM: Craig A. Graves, City Treasurer
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of January 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.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of January 31, 2006
STAFF ANALYSIS:
The attached monthly Treasurer's Investment Report is for the period ending January 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. n . H .
City Council Staff Report
March 15, 2006 -- Page 2
Treasurer's Investment Report as of January 31, 2006
The weighted average maturity (WAM) of the portfolio is 386.30 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
3/l/2006 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JANUARY 31, 2006
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 463,297
State Pool 31,990,000 $ 32,453,297 51 32%
Short Term Investments
(1 year or less)
Time Deposits 1,000,000
U.S. Gov't Agencies 7,494,650 8,494,650 13.43%
Medium Term Investments
(1 year to 3 years)
Corporate Notes 1,983,760
U.S.Gov't Agencies 11,250,000
U.S.Treasury Note 994,349 14,228,109 22 50%
Lg Term Investments
(3on years to 5 years)
Mortgage Pass-Thrus 2,071,589
U.S Gov't Agencies 5,987,874 8,059,463 12.75%
Total Invested Cash
$ 63,235,519 100,00%
i
i
i Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
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TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
3/I/2006 JANUARY 31, 2006
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 63,235,519 $ 63,235,519
$ 63,235,519
Miscellaneous Accounts
Petty Cash 2,875 N/A N/A open none 2,875
Revolving Fund-Bank of America 15,679 N/A N/A open none 15,679
Trust&Agency-Bank of America 1,195,251 N/A N/A open none 1,195,251
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,386 variable N/A open 0.40% 33,386
Workers Compensation-Bank of America 7,633 N/A N/A open none 7,633
1,254,824
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Downey S&L(Cat Cyn Country Club) 63,153 3 15% N/A 2/11/2006 3.15% 63,153
Downey S&L(Donavan Bequest) 13,138 3.34% N/A 2/8/2006 3.34% 13,138
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
98,771
Total Cash DeDosited $ 64,589,114
TREASURER'S MONTHLY REPORT
treasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
03/01/06 JANUARY 31, 2006
Coupon Yreld Adlasmd (memo ready) Purr Qh.
Par Value Rate Ram, Maturity to Maturity Coal Basis Category Total Market Value Source Marker Value
1991/97/01/04 Convemon Center
AIM Govcmment&Agency Poaf Private 2,374,029 varmble AAA open 3 96% 2,374,029 2,374,029 BNY Western Tr 2,782,369
AIG lnverraent Agreement 1,280,673 5.36% AAA 11/01/25 536% 1,280,673 1,280.673 BNY Western Tr 1,290,673
AIG 14vesment Agreement 1,290,000 6.687 AAA IIA)i/21 6 68% 1,290,W0 1,290,000 BNY Western Tr 1.290,000
AIG]avesuneut Agrecment 1,279,750 2.41% AAA 05/01/06 2417. 1,279,730 1,279,750 BNY Western Tr 1,279,750
MBIA Itrvexment Agreement 3.300.402 558% AAA 11/01/35 558% 3,300,402 3,30 ,402 BNY Western Tr 3,300,402
9,524,854
1992 Airport
Casb 1 1 1 BNY Western Tr 1
AM Short-Term davesmem Trsy P 100,433 variable AAA open 3 96% 100,433 IW,433 BNY Wesrem Tr 923,456
Bayeriscbe lnvesment Agr. 1,207,600 900% AAA 01/01/22 9.00% 1209,600 1,20/,600 BNY Western Tr 1,20/,6W
1,309,034
2001 Series B-Conan,
AM Governmeat&Agency Pont Private 126,964 vmable AAA open 3.86% 126.964 [26,964 BNY Weamrn Tr 4,089
AIG lnvesunent Agrecment 468,105 5.22% AAA 08/01/21 5.22% 469,105 468,105 BNY Western Tr 468,105
595,069
1994/04 Series A&B
AIM Government&Agency Poaf Pnvate 3,166,5a6 variable AAA open 386% 3,166,546 3,166,546 BNY Western Tr 3,157,374
MBIA Investment Agreement 1,651,456 5.19% AAA 09/01/34 519% 1,651,456 1,651,456 BNY Western Tr 1,651,456
4.818,W2
1996 Multiple Capital Froal ues Protect
AIM Government&Agency Pouf Pnvare, 809 vanable AAA open 386% 809 909 BNY Western Tr 807
AMBAC Invesuent Agreement 1730,000 640% AA 04/01/27 640% 1,730,000 1,730,000 BNY Western Tr I,730,000
1.730,809
1998 Airport GARB
AIG]nvesunent A,-Reserve 561,221 550% AAA 01/01/28 5.70% 561,221 561,221 BNY Westfm Tr 561,221
AIM Government&Agency Pont Private 46.914 vanable AAA open 3 86% 46,914 46,914 BNY Western Tr 368,1W
608,135
TREASURER'S MONTHLY REPORT
treasrep BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
03/01/06 JANUARY 31, 2006
Coupon Yield Adjusted (memo only) Prior Ur.
Par Value Rate Rating Maturity to Maturity Cost Bass Category Total Market Value Source Market Value
1998 Airport PFC
AIG Investment Agr.-Reserve 849,729 5.90% AAA 01/01/28 5.905 849,728 849,728 BNY Western Tr 849,728
AIM Government&Agency POW Private 91,049 variable AAA open 3.96% 91,047 71,047 BNY Western Tr 561,239
920,995
1998 Multiple Capital Wastewater
AM Government&Agency Port Private 302,757 variable AAA Per 3.96% 302,757 302,75/ BNY Western Tr 301,879
302,757
1998 Assessment Distrrct 155 A&B
AM Government&Agency Port Private 288,678 variable AAA open 386% 288,678 288,678 BNY Western Tr 287,809
298,6/8
2001 Assessment Dower 157/158
AIM Government&Agency Port Private 168,482 variable AAA open 3.86% 168,482 168,482 BNY Western Tr 167,994
168,482
2002 Parlaug Structure
Cash 3 3 3 BNY Western Tr 3
AIM Government&Agency Port Private 28,606 van able AAA open 3.86% 28,606 28,606 BNY Western Tr 31,5/6
28,609
2004 Assessment Disme[161
AIM Govermnem&Agency Port Private 410,93u variable AAA open 3.86% 410.934 410,934 BNY Westem Tr 409,944
410,934
2004 A time men[District 162
AIM Govemmeut&Agency Porn Private 86/,644 variable AAA open 3 86% 86/,644 867,644 BNY Western Tr 865,131
86],644
2005 Assessment Cis=164
AIM Government&Agency Port Private 1,182,151 vavnble AAA open 3A6% 1,18?151 1,192,151 BNY Wesmrn Tr L5/2,226
1,182A51
Totals $ 22,754,933 $ 22,714,933 S 24,952,732
treasrep TREASURER'S MONTHLY REPORT
03/01/06 CALCULATION OF INVESTMENT LIMITATIONS
JANUARY 31, 2006
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $40,947,947
1 year to 3 years 0.00% 50.00% 22.50%
3 years to 5 years 0.00% 30.00% 11.96%
over 5 years N/A N/A 0.79%
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% 1.58%
Corporate Notes N/A 20.00% 3.14%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 3.28%
U.S. Government Agencies N/A 50.00% 39.11%
U.S. Treasury Notes/Bonds N/A N/A i.57%
Calculation of Weighted Avg Maturity
Mature Current No,of Days X Cost
Date Date Days
38,748
38,749 38,748 1 463,297
38,749 38,748 1 31,990,000
38,742 38,748 -6 0
39,115 38,748 367 367,000,000
38,772 38,748 24 24,000,000
38,792 38,748 44 21,764,600
38,847 38,749 99 99,000,000
38,940 38,748 192 192,000,000
38,954 39,748 206 412,000,000
38,975 38,748 227 227,000,000
39,002 38,748 254 254,000,000
39,478 38,748 730 723,199,100
39,542 38,748 794 788,513,460
39,120 38,748 372 372,000,000
39,122 38,748 374 374,000,000
39,240 39,748 492 492,000,000
39,367 38,748 619 619,000,000
39,381 38,748 633 316,500,000
39,414 38,748 666 666,000,000
39,477 38,748 729 364,500,000
39,609 38,743 861 861,000,000
39,654 38,748 906 453,000,000
39,668 38,748 920 920,000.000
39,748 38,748 1,000 750,000,000
39,750 38,748 1,002 1,002,000,000
39,769 38,748 1,021 1,021,000,000
39,141 38,748 393 194,872,736
39,386 38,748 638 318,036,620
39,965 38,748 1,217 514,954,078
40,210 38,748 1,462 1,367,578,192
40,476 38,748 1,728 1,232,131,392
39,854 38,749 1,106 1,106,000,000
39,918 38,748 1,170 1,157,437,600
40,135 38,748 1,387 1,387,000,000
40,142 38,748 1,394 697,000,000
40,148 38,748 1,400 1,400,000,000
40,231 38,748 1,483 1,483,000,000
43,196 38,748 4,448 2,217,746,112
24,427,697,187
Total lnvesurens at Cost 63,235,519
WAM in Days 386.30