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cq<7FOR a�P City Council Staff Report
DATE: December 7, 2005 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF OCTOBER 31, 2005
FROM: Craig A. Graves, City Treasurer
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of October 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 October 31, 2005
STAFF ANALYSIS:
The attached monthly Treasurer's Investment Report is for the period ending October 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
($500,000, 4/16/18, 9.8%) exceed the 5 year limitation on maturities (Detail of Investments,
Long Term Investments, Mortgage Pass Thru's). The investment in question was purchased
prior to the adoption of the 5-year limitation. Since it appears to represent no additional risk
either because of credit-worthiness or liquidity, earlier councils decided to allow it to be retained
in the investment pool because the yield is higher than attainable under current market
conditions. We recommend that this exception to the policy be continued.
State law requires this report to be submitted within 30 days of the end of the quarter. Because
all of the City's bank accounts may not be completely reconciled, there may be minor
adjustments to the cash on hand in the checking account and to the valuation of the bond
issue's money market investments. All other amounts are actual.
Item No. 2 . L.
City Council Staff Report
December 7, 2005-- Page 2
Treasurer's Investment Report as of October 31, 2005
The weighted average maturity (WAM) of the portfolio is 432 days. The maximum WAM
allowed by the Investment Policy is 1095 days. The current portfolio and expected revenue
cash flow will be sufficient to meet budgeted expenditure requirements for the next six months
and the foreseeable future thereafter.
FISCAL IMPACT:
None _
Craig"raves, City Treasurer
Attachments: Treasurer's Investment Report
treasrep CITY OF PALM SPRINGS
I tt29/2005 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
OCTOBER 31, 2005
On Call Deposits Adjusted Bases Category Total Percentage
Checking Account .$ 751,668
State Pool 24,390,000 $ 25,141,668 47,12%
Short Term lezestnents
(1 year ar less)
Corporate Notes 0
Time Deposits 2,000,000
U.S.Gov't Agencies 7,494,650 9,494,650 17.80%
Medium Term Investments
(1 year to 3 years)
Corporate Notes 1,983,760
U S.Gov't Agencies 8,250,000
U.S.Treasmy Note 495,859 10,729,619 20.11%
Long Term Investments
(3 ycars to 5 years)
Mortgage Pass-Thrus 999,434
U.S.Gov't Agencies 6,987,874 7,987,308 14 97%
Total Investetl Cash
S 53,353 246 100 00%
*Same 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
1 1/29120 05 OCTOBER 31, 2005
Yield Adjusted
Par Value Coupon Rating Maturity m Maturity Cost Basis Category Total
Total Invested Cash $ 53,353,246 $ 53,353,246
$ 53,353,246
Miscellaneous Accounts
Petty Cash 2,875 N/A N/A open none 2,875
Revolving Fund-Bank of America 12,295 N/A N/A open none 12,295
Trust&Agency-Bank of America 1,228,276 N/A N/A open none 1,228,276
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,352 variable N/A open 0.40% 33,352
Workers Compensation-Bank of America 7,437 N/A N/A open none 7,437
1,284,235
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 3 21% 17,461
98,626
Total Cash Deposued $ 54,736,107
TREASURER'S MONTHLY REPORT
tr a rep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
11119/05 OCTOBER 31, 2005
Coupon Yield Adjusted (memo only) Prior Qtr
Par Value Rate Paling Mamnty to Mamdty Cost Basis Category Total Market Value some. Market Value
1991/97/01/04 Convention Cont,,
Cash 1,210,000 1.210,000 1.210,000 BNY Western Tr I
AIM Government&Agency Ponf Pnvae 8,019,358 vanable AAA open 3.34% 8,019,359 8019,358 BNY Western Tr 2,099
MG hrvwpvem Agreement 1,290,673 536% AAA I1101/25 5.36% 1,280,6/3 1,280,6/3 BNY Western Tr 1,280,673
AlG lovesoonm Agreemevt 1,29Q000 6.69% AAA 11/01/21 6.68% 1,290,000 1,290,000 BNY Wesem Tr 1,290,000
AIG Investment Agreement 2,572,750 2.417. AAA OS/01/06 241% 2,512,750 2,572,750 BNY Western Tr 2,572,750
MBIA Investment Agreement 3,300,402 558% AAA I1101/35 5,58% 3,300,402 3,300,402 BNY Western Tr 3,300,402
AIG Investment Agreement 7,192,184 1.85% AAA O9/30105 185% 0 0 BNY Western Tr 7,192,184
17/673,183
1992 A"mt
Cash I 1 1 BNY Western Tr I00,159
AIM Shot-Tenn lnvestmem Tny P 402,592 variable AAA open 3.28% 402,592 402,592 BNY W.m.Tr 301.751
Bayensche lnvmmtent Agr I,207,600 9.00% AAA 01/01/22 900% 1_07,600 1,207,600 BNY Western Tr 1,207,600
1,610,193
2001 Series B-llonmeg
AIM Government&Agency Pmrf Pnvate 4,068 varmbl, AAA open 3.34% 4,068 4,068 BNY Wesern Tr 4.058
AIG lavestmem Agrcemem 468,105 522% AAA O8/01/21 5.22% 468,105 468,105 BNY Western Tr 468,105
472,173
1994/04 Senes A&B
AIM Government&Agency Portf Private 3,141,062 variable AAA open 3347. 3,141,062 3,141,062 BNY Western Tr 3,133,782
MBIA rev...,Agreement 1,651,456 5 P/% AAA 09/01/34 5.19% 1,651.456 1,651,456 BNY Western Tr 1,651,456
4,792,519
1996 Muluple Capital Fac0ltes Project
AIM Govemmevt&Agency Pmtf Private 910 variable AAA open 334% 910 910 BNY Western Tr 5/1,497
AMBAC Investment Agreement 1,730.000 640% AA 04/01/27 6.40% 1,930,000 1.730,000 BNY Womem Tr 1,730,000
1,730,710
1998 Airport GARB
AIG Investment Agr.-Reserve 561,221 5.70% AAA 01/01/29 570% 561,221 561,221 BNY Western Tr 561,221
AIM Govemmrem&Agency Ponf Pnvate 234,642 vanable AAA open 33a7. 234,642 234,642 BNY Western Tr 197,537
195A63
TREASURER'S MONTHLY REPORT
measrep BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
11/29105 OCTOBER 31, 2005
Coupon Yield Adjus¢d (memo only) Pnor Qv.
Pan Value Rate Baung Matunty to Maturity Cast pasts Camomy Toil Market Woe Source Market Volpe
1998 Ahpon PPC
AIG lnvesuneot Am.-Reserve 849,728 5.90% AAA 01/01/29 590% 849,728 849,729 BNY Western Tr 849,728
AM Government&Agency Portf Pnvam 357,485 vanable AAA open 334% 35/,485 35T485 BNY Westem Tr 285,722
1,207,213
1998 Multiple Coptil Wastewater
AIM Government&Agency Ponf Private 300,311 vanable AAA op. 3.34% 300,311 30 ,311 BNY Western Tr 352,603
300,311
1998 Assessment Dismel 155 A&B
AN Government&Agency Ponf Private 302,465 variable AAA open 334% 302,465 302,465 BNY Western Tr 301,768
302,465
2001 Assessment Drsvmt 157/159
AM Government&Agency Ponf Private 167,126 vanable AAA open 3.34% 169,126 16/,126 BNY Western Tr 166,738
167,126
2002 Parking Swcmre
Cash 3 3 3 BNY Westem Tr 3
AM Govemment&Agency Poaf Ptivate 2;,200 variable AAA open 3,34% 25,2W 25,200 BNY Westem Tr 26,W
25,203
2004 Assessment Distnet 161
AM Govemment&Agency Pomf private 407,626 v.table AAA open 3.34% 409,626 407,626 BNY Western Tr 406.397
40Z626
2004 Assessment Dismct 162
Coon 0 0 0 BNY Westem Tr 10
AM Govemment&Agency Poof Private 860,661 variable AAA open 3.34% 860,661 860,661 BNY Westem Tr 858,408
860,661
2005 Assessment Distmt 164
AM Government&Agency Pon'Pnvam 1,564,103 vanable AAA op. 334% 1,5m,103 1,564,103 BNY Westem Tr 1,559,171
1,564.103
Totals $ 31 909,349 $ 31,909.348 $ 30,362,437
treasrep TREASURER'S MONIHL`i' REPORT
11/29/05 CALCULATION OF INVESTMENT LIMITATIONS
OCTOBER 31, 2005
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $34,636,318
1 year to 3 years 0.00% 50.00% 20.11%
3 years to 5 years 0.00% 30.00% 14.04%
over 5 years N/A N/A 0.93%
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% 3.75%
Corporate Notes N/A 20.00% 3.72%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thrn's NIA 10.00% 1.87%
U.S. Government Agencies N/A 50.00% 42.61%
U.S. Treasury Notes/Bonds N/A N/A 0.93%
Calculahoa of Weighted Avg Maturity
Mature Cnrrerl No of Days X Cast
Date Data Days
38,656
38,657 38,656 1 751,668
38,657 38,656 1 24,390,000
0 0 0 0
38,742 38,656 86 86,000,000
38,745 38,656 89 89,000,000
38,772 38,656 116 116,000,000
38,792 38,656 136 67,272,400
38,847 38,656 191 191,000,000
38,940 38,656 294 284,000,000
38,954 38,656 298 596,000,000
38,975 39,656 319 319,000,000
39,002 38,656 346 346,000,000
39,478 39,656 822 814,330,740
39,542 38,656 886 879,877,740
39,120 38,656 464 464,000,000
39,122 38,656 466 466,000,000
39,240 38,656 584 584,000,000
39,367 38,656 711 711,000,000
39,381 38,656 725 362,500,000
39,477 38,656 821 410,500,000
39,609 38,656 953 953,000,000
39,654 38,656 998 499,000,000
39,749 38,656 1,092 819,000,000
39,750 38,656 1,094 1,094,000,000
39,141 38,656 485 240,491,799
39,769 38,656 I,113 1,113,000,000
39,854 38,656 1,198 1,198,000,000
39,918 38,656 1,262 1,249,471,360
40,135 38,656 1,479 1,479,000,000
40,142 38,656 1.496 743,000,000
40,148 38,656 1,492 1,492,000,000
40,210 38,656 1,554 1,553,120,685
40,231 38,656 1,575 1,575,000,000
43,196 39,656 4,540 2,263,616,760
23,082,323,152
Total lnvesnents at Cost 53,353,246
WAM ut Days 432 63