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Home My WebLink About2006-01-04 STAFF REPORTS 2N ?ALM SpP iy V N "C`o�eaFrno'o3� w '941F°"`'�P City Council Staff Report DATE: January 4, 2006 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF NOVEMBER 30,2005 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of November 30, 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. I RECOMMENDATION: Receive and File Treasurer's Investment Report as of November 30, 2005 STAFF ANALYSIS: I The attached monthly Treasurer's Investment Report is for the period ending November 30, 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, 4116/18, 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 i 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.N . City Council Staff Report January 4, 2006-- Page 2 Treasurer's Investment Report as of November 30, 2005 The weighted average maturity (WAM) of the portfolio is 514 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 raves, Ci y Treasurer achments: Treasurer's Investment Report I treasrep CITY OF PALM SPRINGS 12/22/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS NOVEMBER 30, 2005 On Call Deposits Adjusted Basis Category Total Percentage Checking Account S t,066,452 State Pool 17,890,000 $ 19,956,452 37.3t% Short Temr Investments (1 year or Iess) Corporate Notes 0 Time Deposits 2,000,000 U.S.Gov't Agencies 7,494,650 9,494,650 18.69% 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 28.00% Long Term Investments (3 years to 5 years) Mot tgage Pass-Thins 2,139,882 U.S Gov't Agencies 5,997,974 8,127,756 1600% Total Invested Cash $ 50,806,967 100,00% iSome investments made prior to the implementation of the current Investment Policy exceed the 5 year limit - a ;z 22 xrxsxxxxxz.' x e'zP '3 � 4 ;; c y' 3a9 �3 ' �� n ] 9R� 9999�� a' 9n n� a99F3nnn 33 n Y3 v 2 �SodSSo �dS�eQSHE 18 a�cdec� _ Eo -C2oua mC, - azne88e mm.ammm... 2 1 Z ^�' ' m o y y =PTJ` wW� m yjm8esU9aeo�P _s �o m.n�M �� = ga 'e ovam bEC, s49 �G�LS`. 8 89U � ZZ ZZZZZZ ZZ ZZ ZZ ZZ ZZ Z - c P' J33?__ 333 d3 3ddd333333?33 33 33333?3 3 �5 � u TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 12/22/2005 NOVEMBER 30, 2005 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 50,806,967 $ 50,806,967 $ 50,806,967 Miscellaneous Accounts Petty Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 10,737 N/A N/A open none 10,737 Trust&Agency-Bank of America 1,258,752 N/A N/A open none 1,258,752 Downpayment Assistance(Housing Fund)-Washington Mutual 33,352 variable N/A open 0.40% 33,352 Workers Compensation-Bank of America -15,793 N/A N/A open none -15,793 1,289,923 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(Donovan Bequest) 13,138 3.34% N/A 2/8/2006 3.34% 13,138 Downey S&L(Palmer Cable TV) 4,874 2 96% N/A 1/18/2006 2.96% 4,874 Guaranty Bank(Coyote Springs Apt) 17,461 3.21% N/A 6/24/2006 321% 17,461 98,626 Total Cash Deposited $ 52,195,516 TREASURER'S MONTHLY REPORT veasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 12/22/05 NOVEMBER 30, 2005 Coupon Yield Adjusted (memo only) Prior Qv. Par Value Rate Rang Maturity to Maturity Cost Bast' Cangory Tmal Market Value Source Market Value 1991/97101104 Convention Center Cub 0 0 0 BNY Western Tr 1 AIM Government&Agency Pouf Private 5,651,333 variable AAA open 3.597. 5,651,333 5,651,333 BNY Western Tr 2,099 AIG lavemuctut Agreement 1,280,673 5.36% AAA 11/01125 5.36% 1,280,673 1280,673 BNY Wesmm Tr 1,280,673 AIG lnvesment Agreement 1,290,000 6.687, AAA 11/01/21 &68% 1,290,000 1,290,OW BNY Wesmm Tr L290.000 AIG lnvestmem Agreement 1,279,750 2.41% AAA 05/01/06 2.41% 1,279,750 1,279,750 BNY Western Tr 2,572,750 MBIA Invesment Agreement 3,300,402 5.58% AAA 11/O1/35 5.58% 3,300.402 3.300,402 BNY Western Tr 3,300,402 AIG lhvesment Agreement 7,192,184 1.85% AAA 09/30/05 1.85% 0 0 BNY Western Tr 7,192,184 12,802,158 1992 Airport Cash 1 I 1 BNY Western Tr 1W,159 AIM Shon-Term lnveememt T.,P 603,884 vanable AAA open 3,48% 603,884 603,884 BNY Wesmm Tr 301,751 Bayerische]nvesmem Agr. 1,207.600 700% AAA O1/01/22 7.00% 1,207,600 1,207,600 BNY Westem Tr 1,207,6W 1,811 485 2001 Sens B-Housmg AIM Government&Agency Portf Private 4,078 variable AAA open 3.59% 4,078 4,078 BNY West.Tr 4,058 AIG lnemanemt Agreement 468,105 5.22% AAA O8101M 5.22% 469,105 469.105 BNY Westem Tr 469,105 472,183 1994/04 Senes A&B AM Govermneut&Agency Podf Private 3,149,055 vanablc AAA open 359% 3,149,055 3,149,055 BNY Wesmm Tr 3,133,782 MBIA Investment Agreement 1,651,456 5.17% AAA 09/01/34 5177. 1,651.456 1.651,456 BNY Westem Tr 1,651,456 4,800,511 1996 Multiple Capital Facitides Project AM Government&Agency Ponf Privam 805 variable AAA open 3.59% 805 805 BNY Westem Tr 571,497 AMBAC Invesmem Agrecment 1,730,000 640% AA 04/01/27 6.40% 1,730,000 1930.000 BNYWesmm Tr 1,730,000 1.730,905 TREASURER'S MONTHLY REPORT beast, BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 12/22/05 NOVEMBER 30, 2005 Coupon Yield Adjusted (memo only) Prior Qu. Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Mmket Valuc Source Market Value 1998 Aar,mt GARB AIG Investment Agr -Reserve 561,221 5.70% AAA 01/01/29 590% 561,221 561.221 BNY Western Tr 561,221 AM Government&Agency Ponf Private 291,906 variable AAA open 3.587, 291,906 281,906 BNY Western Tr 197,537 943,127 199E Airport PFC AIG Investment Agr.-Reserve 949,728 5.20% AAA 01/01/28 570% 849,728 849,729 BNY Westem Tr 849,728 AIM Government&Agency Portf Private 429,471 variable AAA open 359% 429,471 429,471 BNY Western Tr 285,722 1,279,199 1998 Multiple Cepttal Wasmwater AM Government&Agency Pour Pmeam 301,084 variable AAA open 359% 301,084 301,094 BNY Westem Tr 352,603 301,084 1998 Assessment District 155 A&B AM Government&Agency Portf Private 303,235 variable AAA :pem 3.59% 303,235 303.235 BNY Western Tr 301,769 303,235 2001 Assessment Drsmc[I571158 AIM Goverment&Agency Pouf Private 167,551 variable AAA mpen 3.59% 167,551 167,551 BNY Westem Tr 166,738 16/,551 2002 Parking Structure Cash 3 3 3 BNY Western Tr 3 AIM Government&Agency Ponf Private 27,409 vu fable AAA open 359% 27,409 27,409 BNY Western Tr 26,644 27,412 2004 Assessment District 161 ABM Govemmeut&Agency Ponf Pusan, 408,664 variable AAA open 358% 408,664 408,664 BNY Western Tr 406,371 408,664 2004 Assessment Drstnct 162 Cash 0 0 0 BNY We,om Tr 10 AIM Government&Agency Pm,"rivate 962,951 variable AAA :pert 358% 862,851 862.851 BNY Westem Tr 858,408 862,851 20W Assessment Disvict 164 AIM Goverment&Agency Pont Private 1,569,083 variable AAA :pen 3.58% 1,568,083 1,569,083 BNY West.Tr 1.559.171 ,568 083 Tools S 27,379,348 S 27,378,348 $ 30,362,437 treasrep TREASURER'S MONTHLY REPORT 12/22/05 CALCULATION OF INVESTMENT LIMITATIONS NOVEMBER 30, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $28,451,102 1 year to 3 years 0.00% 50.00% 28.00% 3 years to 5 years 0.00% 30.00% 15.02% over 5 years N/A N/A 0.98% 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% 3.94% Corporate Notes N/A 20.00% 3.90% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thru's N/A 10.00% 4.21% U.S. Government Agencies N/A 50.00% 48.68% U.S. Treasury Notes/Bonds N/A N/A i.96 Calculation of Weighted Avg Maturity Mature Current No of Days X Cost Date Dare Days 33,686 39,637 38,686 1 1,066,452 38,687 38,686 1 17,890,000 0 0 0 0 38,742 38,686 56 56,000,000 38,745 38,686 59 59,000,000 38,772 38,686 86 86,000,000 38,792 38,686 106 52,432,900 38,847 38,686 161 161,000,000 38,940 38,686 254 254,000,000 38,954 38,696 268 536,000,000 39,975 38,686 289 289,000,000 39,002 38,686 316 316,000,000 39,479 38,686 792 784,610,640 39,542 38,686 856 850,085,040 39,120 38,686 434 434,000,000 39,122 38,686 436 436,CW,000 39,240 38,686 554 554,000,000 39,367 38,686 691 681,000,000 39,381 38,686 695 347,500,000 39,414 38,686 728 728,000,000 39,477 38,686 791 395,500,000 39,609 38,686 923 923,000,000 39,654 38,686 968 484,000,000 39,668 38,686 982 982, 00,000 39,748 38,686 1,062 796,500,000 39,750 38,686 1,064 1,064,000,000 39,769 38,686 1,083 1,083,000,000 39,141 38,686 455 225,616,018 39,386 38,686 700 348,943,000 39,965 38,696 1,279 552,146,858 40,210 38,686 1,524 1,476,504,540 40,476 38,686 1,790 1,323,427,550 39,854 38,686 1,168 1,168,000,000 39,918 38,686 1,232 1,219,792,960 40,135 38,686 1,449 1,449,000,000 40,142 38,686 1,456 728,000,000 40,148 38,686 1,462 1,462,000,000 40,231 38,686 1,545 1,545,000,000 43,196 38,686 4,510 2,b18,658,940 26,117,674,898 T01a1 lnvev0ne is at Cost 50,806,967 WAM m Days 51406