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Home My WebLink About2006-02-01 STAFF REPORTS 2F tVALM S.0 .y 41 V N *C `�..o.A.Eo`"3 P 4<<FORS�� City Council Staff Report DATE: February 1, 2006 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF DECEMBER 31,2005 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of December 31, 2005. 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 December 31, 2005 STAFF ANALYSIS: The attached monthly Treasurer's Investment Report is for the period ending December 31, 2005, 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. I i I n j Item No. L . f-"C . I City Council Staff Report February 1, 2006 -- Page 2 Treasurer's Investment Report as of December 31, 2005 The weighted average maturity (WAM) of the portfolio is 450 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: Non IAO AAC %Craig A. 91aves, City Treasurer Attachments: Treasurer's Investment Report Ireasrep CITY OF PALM SPRINGS 1123/2006 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS DECEMBER 31, 2005 On Call Deposit, Adjusted Basis Category Total Percentage Checking Account $ -1,053,954 State Pool 24,890,000 $ 23,836,146 42.83% Short Term Investments (1 year ar Icss) Corporate Notes 0 Time Deposits 2,000,000 U.S Gov't Agencies 7,494,650 9,494,650 17.06% Medmm Tenn Investments (I year m 3 ears) Corporate Notes 1,983,760 U.S.Gov't Agenmes 11,250,000 U S.Treasury Note 994,349 14,228,109 25.57% Lnng Term hrveshnents (3 years to 5 years) Mortgage Pass-Thrus 2,105,422 U.S.Gov't Agencies 5,987,874 8,093,296 14.54% Total Invested Cash $ 55,652,201 100 00% 'Some investments made prior to the implementation of the cut rent Investment Policy exceed the 5 year limit | | Jm one: >> n xae«xo! 2z ! aJg6JR; : 6b5> a 2 \\\} \} \ \\\\\\} \ \\\} \ } I e, TREASURER'S MONTHLY REPORT MISCELLANEOUS AND TRUST ACCOUNTS [reasrep DECEMBER 31, 2005 1/23/2006 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total $ 55,652,201 $ 55,652,201 Total Invested Cash $ 55,652,201 -------------- Miscellaneous Accounts Petty Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 13,239 N/A N/A open none 13,239 Trust&Agency-Bank of America 1,200,229 N/A N/A open none 1,200,229 Downpayment Assistance(Housing Fund) -Washington Mutual 33,386 variable N/A open 0.40% 33,386 Workers Compensation-Bank of America N/A N/A open none 1,014ca 1,250,743 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 63,153 3.15% N/A 2/11/2006 3.34%% 13,3,138 Downey S&L(Donovan Bequest) 13,138 3.34% NIA 2I8/2006 3. Downey S&L(Palmer Cable TV) 4,874 2.96% N/A 1/18/2006 2.96% 4,874 74 Guaranty Batik(Coyote Springs Apt) 17,461 3 21% N/A 6/24/2006 3.21% 17,461 98,626 $ 57,001,570 Total Cash Deposned TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 01/23/06 DECEMBER 31, 2005 Coupon Yield Adjusted (memo ody) Prior Qn Par Value Ram Pang Mamnty to Maturity Cast Basis Category Tom1 Market Value, Source Market Value 1991197101IN Convennon Crater Cash 0 0 0 BNY Western Tr 1 AIM Government&Agency Ponf Private 2,782,369 variable AAA open 3.86% 2,782,369 2,782,369 BNY Western Tr 2,099 AIG hnvestment Agreement 1,280,673 5.365e AAA 11/01/25 5.36% 1,280,673 1,290,673 BNY Western Tr 1,290,673 AIG htvestment Agreement 1,290,000 668% AAA 11/01/21 6.68% 1,290,000 1,2%,000 BNY Wmern Tr 1,290,0W AIG i.vcrmem Agreement 1,279,750 2.41% AAA 05/01/06 241% 1279.750 1,279,750 BNY Western Tr 2,572,750 MBIA Investment Agreement 3 3M,402 5.58% AAA 11/01/35 5 587. 3,300,402 3,300,402 BNY Western Tr 3,300,402 AIG lnvesmom Agreement 7,192,184 185% AAA 09/30/05 185% 0 0 BNY Western Tr 7,192,184 9,933.199 1992 Anpon Cash I 1 1 BNY Western Tr 10Q159 AIM Short-Tetra Investment Trsy P 81_3A56 variable AAA open 374% 823,456 823,456 BNY Western Tr 301,751 Bayertsclte hrvestment Agr 1,207,600 900% AAA 01/01/22 700E 1,207.600 1,207.600 BNY Western Tr 1,207,600 2031,05] 2WI Senes B-Flousmg AIM Government&Agency Portf Prvate 4,089 variable AAA open 386% 4,089 9,089 BNY Wesern Tr 4,058 AIG lnvesunent Agreement 468,105 522% AAA 08/01/21 522% 468.105 469,105 BNY Western Tr 468,105 4]2,194 1994/04 Senes A&B AM Government&Agency Ponf Pnvam 3157,374 variable AAA open 386% 3,157,374 3,15],3]4 BNY Western Tr 3,133,]82 MBIA Invesment Agreement 1651,456 51/% AAA 09/01/34 517% 1,651,456 1,651 A56 BNY Western Tr 1,651,456 4,808.830 1996 Mnluple Captml Faeihnes Pryent AM Govcmmeut&Agency Pont Pnvate 807 variable AAA open 3 86A 807 80] BNY Western Tr 5]1,48] AMBAC r➢ves®ent Agreement 1.730.00p 640% AA 04/01/27 640E 1,730,000 1,I30,000 BNY Western Tr 1,730,000 1,730,807 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 01/23/06 DECEMBER 31, 2005 Coupon Yield Ad3usted (memo only) Prior Qtr. Par Value Rate Rating Maturity ro Maturity Cast Basis Camgop,Tom1 Market Value Source Market Value 1998 Airport GARB AIG Investment A, -Reserve 561221 520% AAA 01/01/28 520% 561,221 561,221 BNY Western Tr 561221 AM Government&Agency Portf Private 369,100 vanable AAA open 3,86% 368AW 368,100 BNY Westen Tr 187,537 929,321 1999 Airport PFC AIG lnveslmem Agr.-Reserve 849,728 5.70% AAA 01/01/28 520% 849,728 849,728 BNY Western Tr 849.728 AIM Government&Agency Ponf Private 561.239 variable AAA open 3.86% 561,239 561,239 BNY Wesmm Tr 285,/22 1,410,967 1998 Multiple Capital Wastewater AM Government&Agency Portf Private 301,879 variable AAA open 386% 301,979 301,879 BNY Wesrem Tr 352,603 301,879 1998 Assessmem D�sniu 155 A&B AM Government&.Agency Ponf Pnvate 287A09 vanable AAA open 386% 287,809 287,909 BNY Western Tr 301,768 287,909 2001 Assessmem District 157/159 AIM Government&Agency Portf Pnvate 16Z994 vanable AAA open 386% 16/,994 16/,994 BNY Western Tr 166,738 167,994 2002 Parking Suucame Cash 3 3 3 BNY Western Tr 3 AIM Government&Agency Ponf Private 31576 vanable AAA open 3.86% 31.376 31,576 BNY Western Tr 26,644 31,579 2004 Assessment District 161 AM Goverment&Agency Ponf Private 40M44 vanable AAA open 3.86% 409,71 409,744 BNY Westem Tr 406,397 409,/44 2004 Assessment District 162 Cash 0 0 0 BNY Western Tr 10 AIM Govemmem&Agency Portf Private 865.131 vanable AAA open 3.86% 865,131 865,131 BNY Western Tr 858A08 965,131 2005 Assessment D.stdct 164 AM Government&Agency Ponf Private 1,572.226 vanable AAA open 3.96% 1,572,226 IS72,226 BNY Wesrem Tr 1,559,171 1572,226 Terms $ 24,952.732 $ 2a 952,732 $ 30,362,43/ treasrep TREASURER'S MONTHLY REPORT 01/23/06 CALCULATION OF INVESTMENT LIMITATIONS DECEMBER 31, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $33,330,796 1 year to 3 years 0.00% 50.00% 25.57% 3 years to 5 years 0.00% 30.00% 13.65% over 5 years N/A N/A 0.89% 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% 3.59% Corporate Notes N/A 20.00% 3.56% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Tbru's N/A 10.00% 3.78% U.S. Government Agencies N/A 50.00% 44.44% U.S. Treasury Notes/Bonds N/A N/A 1.79% Calcnlaaon of Weighted Avg Matn ty Mature Ctrtcnt No of Days X Cast Date Date Drys 38,717 38,718 39,717 1 -1,053,854 38,718 38,717 1 24,990,000 0 0 0 0 39,742 38,717 25 25,000,000 38,745 38,717 28 28,000,000 38,772 38,717 55 55,000,000 38,792 38,717 75 37,099,750 38,847 39,717 130 130,000,000 38,940 39,717 223 223,000,000 38,954 38,717 237 474,000,000 38,975 38,7I7 258 258,000,000 39,002 38,717 295 285,000,000 39,479 38,717 761 753,999,870 39,542 38,717 825 819,299,250 39,120 38,717 403 403,000,000 39,122 38,717 405 405,000,000 39,240 38,717 523 523,000,000 39,367 38,717 650 650,000,000 39,381 38,717 664 332,000,000 39,414 39,717 697 697,000,000 39,477 38,717 760 380,000,000 39,609 38,717 892 992,000,000 39,654 38,717 937 468,500,000 39,668 38,717 951 951,000,000 39,748 38,717 1,031 773,250,000 39,750 39.717 1,033 1,033,000,000 39,769 39,717 1,052 1,052,000,000 39,141 38,717 424 210,244,377 39,386 38,717 669 333,489,810 39,965 38,717 1,248 532,536,576 40,210 38,717 1,493 1,421,615,191 40,476 38,717 1,759 1,277,953,957 39,854 38,717 1,137 1,137,000,000 39,918 38,717 1,201 1,188,125,280 40,135 38,717 1,418 1,418,000,000 40,142 39,717 1,425 712,500,000 40,148 38,717 1,431 1,431,000,000 40,231 38,717 1,514 1,514,000,000 43,196 38,717 4,479 2,233,202,526 25,031,551,733 Total lavcsaneats at Cost 55,652,201 WAM to Days 450.68