HomeMy WebLinkAbout11/2/2005 - STAFF REPORTS (17) pA`M Sp4
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cq<IF0R City Council Staff Report
DATE: November 2, 2005 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF SEPTEMBER 30, 2005
FROM: Craig A. Craves, City Treasurer
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of September 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.
[RECOMMENDATION:
Receive and File Treasurer's Investment Report as of September 30, 2005
STAFF ANALYSIS:
The attached monthly Treasurer's Investment Report is for the period ending September 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, 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 . M .
City Council Staff Report
November 2, 2005-- Page 2
'Treasurer's Investment Report as of September 30, 2005
The weighted average maturity (WAM) of the portfolio is 388 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
i;,raip,A. Graves, City Treasurer
,ri4ttachments: Treasurer's Investment Report
treasrep CITY OF PALM SPRINGS
10/26/2005 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
SEPTEMBER 30, 2005
On Call De osits Adjusted Basis Category Total Percentage
Checking Account $ 723,223
State Pool 26,890,000 $ 27,613,223 50 60%
Short Term Investments
(1 year or less)
Corporate Notes 994,130
Time Deposits 2,000,000
U.S.Gov't Agencies 6,494,650 9,488,780 17.39%
Medium Term Investments
(1 year to 3 ears)
Corporate Notes 1,993,760
U S.Gov't Agencies 7,000,000
U.S.Treasury Note 495,859 9,479,619 17.37%
Lang Term Investments
(3 years to 5 years)
U.S.Gov't Agencies 7,987,874 7,987,874 14 64%
Total invested Cash
$ 54,569,496 100.00%
*Same investments made prior to the implementation of die
current Investment Policy exceed die 5 year limit.
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TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
10/26/2005 SEPTEMBER 30, 2005
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 54,569,496 $ 54,569,496
$ 54,569,496
Miscellaneous Accounts
Petty Cash 2,875 N/A N/A open none 2,875
Revolving Fund-Bank of America 4,677 N/A N/A open none 4,677
Trust&Agency-Bank of America 1,144,807 N/A N/A open none 1,144,807
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,352 variable N/A open 0.40% 33,352
Workers Compensation-Bank of America -5,054 N/A N/A open none -5,054
1,180,657
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
99,626
Total Cash Deposited $ 55,848,779
TREASURER'S MONTHLY REPORT
o-eaarep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
10/26105 SEPTEMBER 30, 2005
Coupon Yield Adjusted (memo only) Pnor Qrr
Par Value Rate Rating Maturity to Maturity Cost Buis Category Total Market Value Source Market Value
1991/97/01/04 Cvvvxnfion Center
Cash I 1 1 BNY W.te n Tr 1
AM Govemmem&Agency Porif Private 2,099 vanable AAA open 3.26% 2,099 2,099 BNY Westem Tr 2,085
AIG luvesuvevr Agreement 1,280,673 5.36% AAA 11/01/25 5.36% 1,290,673 1,280,673 BNY Western Tr 1,280,673
AIG lnveuaeat Agreement 1,290,000 6.69% AAA I1/O1/21 6.68% 1,290,000 1,290,000 BNY Western Tr 1,290,000
AIG Investment Agreement 2,572,750 2.41% AAA 05/01/06 2.41% 2,572,750 2,572,750 BNY Wesrom Tr 2,572,750
MB1A Investeaem Agreement 3,30 ,402 5.58% AAA 11/01/35 5.58% 3,300,402 3,30 ,402 BNY Western Tr 3,3W,402
AIG lnveaunent Agreement 7,192,184 1.85% AAA 09/30/05 1.85% 7,192,184 7,192,184 BNY Wesram Tr 15,222,209
_15,636,109
1992 Airport
Cash IDQ159 100,159 IDQ159 BNY Wesrem Tr 1
AIM Sbon-Term Investment Trsy P 301,751 variable AAA open 3.18% 301,751 301,751 BNY Western Tr 674,362
Bayerische hrvestmem Age 1,207,600 7.W% AAA 01/01/22 7.W% 1,207,600 1,207,600 BNY Weslem Tr 1,207,600
1,609,510
201 Series B-Hvusmg
Cash 0 0 0 ➢NY Western Tr 0
AM Government&Agency Pouf Private 4,059 vanable AAA open 3.26% 4,058 4,058 BNY Western Tr 4,262
AIG lnvesment Agreement 468,105 5.227. AAA 08/01/21 5.22% 468,105 469,105 BNY W.W.Tr 468,105
472,163
1994/0,1 Series A&B
AIM Government&Agency Portf Private 3,133,792 variable AAA open 3.26% 3,133,782 3,133,782 BNY Westcm Tr 3,114,129
MBIA Investment Agreement 1,651,456 5.17% AAA 09/01/34 5.17% 1,651,456 1,651,456 BNY Wes[em Tr 1,651,456
4,785,239
1996 Multiple Capital Factlitres Project
AIM Govemmem&Agency Perry Primate 571,487 vanable AAA open 3.26% 571,487 571,487 BNY W estem Tr 987
AMBAC Invesment Agreement 1,730,000 6.40% AA 04/01/27 6.40% 1730,000 1,730,W0 BNY Western Tr 1,730,000
2,301,487
1998 Ahporl GARB
AIG lnvesuveat A, -Reserve 561,221 570% AAA 01/01/28 570% 561,221 561,221 BNY Western Tr 561,221
AN Government&Ageny Ponf Private 187,537 vanable AAA open 3267. 187,537 197,537 BNY We,=Tr 297,426
748,758
TREASURER'S MONTHLY REPORT
nea:rep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS
10/26/05 SEPTEMBER 30, 2005
Coupon Yield Adjusted (me mo.Ny) Prior Qv.
Per Value Rate Rating Maturity an Mamtity Cast Base Category Total Market Value S. Market Value
1998 Ar@art PFC
AIG Investment Agn-Reserve 849,728 5 70% AAA 01/01/28 5.70% 949,728 849,728 BNY Western Tr 849,729
AM Government&Agency Portf Private 285,722 variable AAA open 3.26% 285,722 2M,722 BNY Western Tr 452,990
1,135,450
1998 Multiple Capital Wastewater
AIM Government&Agency Ponf Private 352,w3 variable AAA open 3.26% 352,603 352,603 BNY Western Tr 301,279
352,603
1999 Assessment Dutriel 155 A&B
AIM Government&Agency Portf Private 301,768 variable AAA open 3.26% 30I,768 301,769 BNY Westem Tr 305,212
301,768
2001 Assessment District 157/158
AIM Government&Agency Ponf Private 166,739 variable AAA open 3.26% 166,738 166,738 MY Westem 7, 165,687
166,738
2002 Parking Structure
Cash 3 3 3 BNY Western Tr 3
AB.d Government&Agency Portf Pnvate 26,644 variable AAA open 3.26% 26,644 26,644 BNY Westem Tr 21,583
26,641
2004 Assessment Dzmet 161
AIM Governmem&Agency Pratt Private 406,377 variable AAA open 3.26% 406,377 406,377 BNY Western Tr 752,819
406,377
2004 Assessment Dutriet 162
Cash 10 10 10 BNY Westem Tr 10
AIM Government&Agency Portf Pnvate 858,408 variable AAA open 3.26% 858,408 859,408 BNY Weston Tr 1,179,704
858,418
2005 Assessment Donut 164
AMI Government&Agency Pmtf Pnvate 1,559,171 variable AAA open 3.26% 1,559,171 1,559,171 ENY Western Tr 1,179,704
1,559,171
Toils $ 30,362,437 S 30,362,437 S 34,406,674
treasrep TREASURER'S MONTHLY REPORT
10/26/05 CALCULATION OF INVESTMENT LIMITATIONS
SEPTEMBER 30, 2005
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $36,102,003
1 year to 3 years 0.00% 50.00% 19.20%
3 years to 5 years 0.00% 30.00% 13.16%
over 5 years N/A N/A 0.88%
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% 3.66%
Corporate Notes N/A 20.00% 5.46%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 39.37%
U.S. Treasury Notes/Bonds N/A N/A 0.91%
Calculatma of W eightcd Avg Maturity
Mature Current No.of Days X Cost
Date Date Days
38,625
38,626 38,625 1 723,223
38,626 38,625 1 26,890,000
38,628 38,625 3 2,982,390
38,742 38,625 117 117,000,000
38,745 38,625 120 120,000,000
38,772 38,625 147 147,000,000
38,792 38,625 167 82,606,550
38,847 38,625 222 222,000,000
38,940 38,625 315 315,000,000
38,954 38,625 329 658,000,000
39,478 38,625 853 845,041,510
39,542 38,625 917 910,663,530
38,975 38,625 350 350,000,000
39,002 38,625 377 377,000,000
39,120 38,625 495 495,000,000
39,122 38,625 497 497,000,000
39,240 38,625 615 615,000,000
39,367 38,625 742 742,000,000
39,477 38,625 $52 426,000,000
39,609 38,625 984 984,000,000
39,654 39,625 1,029 514,500,000
39,141 38,625 516 255,863,440
39,750 38,625 1,125 1,125,000,000
39,769 38,625 1,144 1,144,000,000
39,854 38,625 1,229 1,229,000,000
39,918 38,625 1,293 1,279,139,040
40,135 38,625 1,510 1,510,000,000
40,142 38,625 1,517 758,500,000
40,148 38,625 1,523 1,523,000,000
40,231 38,625 1,606 1,606,000,000
43,196 38,625 4,571 2,279,073,174
21,157,982,857
Total Investanc=at Cost 54,569,496
W AM m Days 387.73