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Home My WebLink About10/5/2005 - STAFF REPORTS (15) OppALMS,0 A. ry u N * x c cg4IFORN*p City Council Staff Report DATE: October 5, 2005 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF AUGUST 31, 2005 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of August 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 August 31, 2005 STAFF ANALYSIS: The attached monthly Treasurer's Investment Report is for the period ending August 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 . H . City Council Staff Report October 5, 2005-- Page 2 Treasurer's Investment Report as of August 31, 2005 The weighted average maturity (WAM) of the portfolio is 386 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 Crai . Graves, City Treasurer Attachments: Treasurer's Investment Report treasrep CITY OF PALM SPRINGS 9/28/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS AUGUST 31, 2005 On Call De osi[s Adjusted Basis Category Total Percentage Checking Account $ 1,552,697 State Pool 28,390,000 $ 29,942,687 52.62% Short Term Investments (i year or less) Corporate Notes 994,130 Time Deposits 2,000,000 U S.Gov't Agencies 5,494,650 8,488,780 14.92% Medium Teri Investments (I year to 3 years) Corporate Notes 1,983,760 U.S Gov't Agencies 8,000,000 U.S Treasury Note 495,859 10,479,619 18 42% Long Teun Investments (3 years to 5 years) U S.Gov't Agencies 7,987,974 7,987,874 14 04% Total Invested Cash $ 56,898,960 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. t arzp TREASURER'S MONTHLY REPORT 9CB/�009 DETAIL OF INVESTMENTS AUGUST 31.2005 On CLI➢e vtin' Pu VWue CRmL, av5 M,W> to AJlutea htamn[Y Coll Bd Comm,TOI.J Gvcmo miry) ?nor Q, Market Valve Soidee Markxi V,Jvc Ch-Derm Nud Of Amedoa 5 N/A deed Aom-rYI—TmJ(TAUT vevvble NIA open 3I92 5 1,552,M. 5 S 15468] 28,390,OW vuinble N/A apev 3184c 26390 W0 5 2I],589 29.942,687 28,390,Wp LAIF 32,190,000 Bhon Temt lvvcsm... (1 y—m der') Coryomte Notes NO CepiWI Cam, I,OW,OOp 299% AAA 10/03/05 32(I$ 994,130 Time➢epoms 99g130 999A50 BNY{Wesem it 998,690 \Valimmov Mmval B,W, IjNoodo 3101- Wvsbivetvv Mumal Bm& 1.000,000 347E AAA OII25/OL 3.IOn Io,dN AAA 01/28/O6 347m 1 N0000 l,Op0,00p \Vashivmuv Mumal I OpO,OW I,ON ON W:uhm3mv Mom" I,000= 11.5 Gtrv't AeevcY 8sunties 2 000 WO Fed—I Hove,Load Huvk I,Nocon 24.% Fetleml Home lnad Bddk(Lbmp Tmtp 50o ON N/A O;flNO6 24pg I4Op Opp Fetleml Home Wav demote Co 250°, N/A 03/IS/O6 ',640 993,125 -NY W.N.Tr 99L562 rpvravan I,pp0,000 ±55i N/A 03/10,06 494,650 496,406 BNY Wesv:m Tr d95]81 Fetlerzl Naliowl Moneaee gssonatiou Ipo0,000 ESOR N/A -55` 1'000,Wp 990,]60 Federal Home Loav Rmod 08/11/06 zm% 10oo ON BNY Western Tr 969910 2,Po0.000 317E N/A 03/25/O6 317% vppOPop 986,56E HNYWeaem Tr 986,"0 1,985,NO HNY Western Tr 1985,615 M1feNum Trrm ems 5,494,650 (1 ynv w 3 yeeursg COT^nle... Bur S¢ann Co. I,Po0,000 400< \Vxlh F.vga Company AAI 01/31/09 4 31`; 990,670 1000,E 3508 Amid 04/01/08 982m8o BNY Voesleol 995,590 3.]3p 993090 L S Gov i Aeedcy 8xvvves 1,183.760 982.880 BNY\Ves¢m Tr 9835]0 Fetlml Home Loav hlmmaee C.,m mm FUI¢nl Home Lout HanA 1Wo,� 306% N/A 09/I5/06 306% LOW I.0%No 3w% N/A 10/12106 TWO.O0 999,373 HNYIV.ind1 FeJenl..me Lora B..L 1,000,00 311% 3Po° I,000,000 989,3]i BNY\Vestem Tr 991660 Fetl[N Home Lout Bevk N/A 02,01,07 313' 1,000,000 990,000 Ferk.Time,Crab,B"k, 1'�'� 360% N/A 02/09/0> 3609c 98]500 BNY Weslemh 969,06E 11OPo,OW 3.94f N/A 06/07/07 I,000,OW 993,750 BNY Wesem Tr Federal Hmee Morzeaec gssnaaunn I,ON 01) 3 so, 3 94'T 100TOW 99m. o BNY Werra Tr 996,250 Fetlml Home Lora Baµ N/A IO/12/0] 3 50% 1 000 Opp 1,000,000 Federal Home Lout BmD, HID 430p N/A 0113.08 430% 988437 HNY Wrtem Tr 991875 IOpp,00o g02% N/A 06/10/O6 5001100 499 RN BNY\Vei Tr FedxrW Home Loom Brad 500:W0 q 38 p 4 OE9 1.NO 000 994 687 BNY Wesum Tr 998 1 5 N/A 0]/8/OS 438% 500000 499,3]5 BNY Westem Tr 0 us Trtesuty Nole S,ON,N'\9 G_S Tmtsury No,c Tmorry Tani) 5001OW 338k N/A 02/28/07 3.83R 49i e59 996]I9 BNY Wes¢m Tr 4g7,8I"+ Iuw Tevv lvvesmtept 495,85 (3 Xe it urs) 11S Goe't AN.,5eemides Fetleml Fetm Credit BavA I,000,000 3 854 Federal Home Lome Bmd N/A 10R910A 385: 1000000 Tederal Hovtc Lodn B." 1000.000 4T05 "'A 11/1]10, 400A 989,375 BNY IV--Tr 993150 1,000 Wo 413E N/A OYIO/09 INUN 992.1m) BNY\Vn¢m Tr 99656E Federal Hoene Lowi MonedSc Comorumo 1000,000 3388 413% 100000o 989.68] HNY Ward Tr 994,687 1656E Federal Form Cade B.mA N/A 01/1510, 3.65E 98928p PukrW Hwm Loav peed 1.000000 425E N. 11/18/09 6 :¢ 991 m50 ON)We"em Tr 986,894 501 ON 5On N/A 11/I ON 000 9818]5 BNY 1Vcstem Tr 917.81E FuJenl Hon¢4im Badk I.ON 000 5 00' IN 0p0 SN 93] BNY Westem h mir fildWHnme Lean-m INOIWO 435¢ N/A 12A0,09 43oP 000 ON 9'J4061 BNY\Venem Tr 0 Findn[ine Corpomuoe(FICO) 500,00p 980% A/4 02/ee./IO 935p 1 ODD198 IN 99843] W/p6/I8 98J$ 4985 993]ID N,domdONY mig Tr 756 Torel lnveaeJ Cash ],98]9I4 ]51m90 Neum¢paiJ; ]565fi5 S MM161 S 16 911 me g 58W32 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 9/28/2005 AUGUST 31, 2005 Yield Adjusted Par Value Coupon Rating Maturity to Maturit y Cost Basis Category Total Total Invested Cash $ 56,898,960 $ 56,898,960 $ 56,898,960 Miscellaneous Accounts Petty Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 12,810 N/A N/A Trust&Agency Bank of America open none 14,947 g y- 1,144,947 N/A N/A open none 1,144,947 Downpayment Assistance(Housing Fund) -Washington Mutual 33,319 variable N/A open 0. n ,3 Workers Compensation-Bank of America -22,551 N/A N/A no open none -2222,55151 1,171,400 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% Bequest) 3,1 Downey S&L(Donovan Be 9 ) 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 $ 58,168,986 TREASURER'S MONTHLY REPORT o-ea:rep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 09/28/05 AUGUST 31, 2005 Coupon Yield Adlusted memo only)Par Value Ram Rating Mpmrip' to Maturity Cos[Brits Cate o Total Y) Pnor Vann, 8 rY Market Value Source Market Value 1991/97/01/04 Canvention Center Cash 1 AIM Gevemmevt&Agency Pony Prvam I I BNY Western Tr I 2,094 variable AAA open 3 00% 2,094 AIG lvveswent Agreement 1,280,fi73 5.3fi% qqq 2.094 BNY Weemm Tr 0,085 AIG luvutmentA 6.68% 11/01/21 5.36%668% 1,280,6]3 1,280,693 BNY Western Tr L280,6]3 AIG gmcnievt 1,290.000 241% AAA 11/01/21 6 68% 1,290,0p0 MMAIvesen[t Agrecen[ 2,5]2,]50 241% AAA 05/01/06 2,572,750 BNY Western Tr 2,572,750 MBIA Invesm�ent A&aemevt 2.41% 2,5]2,]50 2,5]2,]50 HNY Western Tr 2,5]Z,]i0 3,30 ,402 5587 AAA 11/O1/35 558% 3,30 ,402 AIG Investment Agreement 8,898,914 1.85% AAA 09/301O5 1,85% 8,898,914 I],344,834 3,300,402 BNY Wes[em Tr 3,300,402 1992 Avport 8,898,914 BNY Western Tr 15,222,209 Cash AIM Short-Tern[Inleoneft A ev[Trsy P 301,085 vanable AAA o 1 HNY Weapon Tr 1 Bayensche lnvesmtevt Agc 120]6W ]00% p,.A O101p22 3.00% 301,085 301,085 BNY Wes[em Tr 674,362 ]00% I,20],600 1,207,600 BNY Western Tr 1,207,600 2001 Series H-Ilousmg L508,686 Cash 0 AIM Govermnent&Agency Pony Private 4,048 vanable App 0 0 BNY Western Tr 0 468,105 522% AIG lvvesunevt Agreement °pe° 3.W 4048 4,048 BNY Western Tr 4,262 1994/04 Series A&➢ AAA OS/01/ ,21 522% 468,105 468,IO5 BNY Wes[em Tr 468,105 4]2,I53 AIM Government&Agency Pony private 4,197,826 vanable AAA MHIA Investment Agreement open 300% 1,651,456 4, 51456 BNY Western Tr 3,114.129 1,651,45fi AI]% AAA 09/O1/34 5.17% I65145fi 1,651456 BNY Western Tr I,651.456 5,849,282 1996 Multiple Capiml Faciltties Project AIM Govervoloce&Agency Porty Pnvam 992 countable AAA A open 3007, 992 992 BNY Western Tr MBAC levesunent Agreement 1,730,000 6.40% AA 04/01/27 6.40% 1,930,000 987 1,730,000 BNY Western Tr 1,730,000 1998 Airyort GARB 1.730,992 AIG lvvesmteve A, -Rese,e 561,221 5.70% AAA 01/O1/28 570% 361221 AIM Government&Agency Pony Pnvam 140521 vanable AAA 140,521 BNY Wesmm Tr 297,426 open 3.00% 14052I I4Q52I BNY Westem'It 29]g26 ]Of,]42 TREASURER'S MONTHLY REPORT o-easap BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 09/28f05 AUGUST 31, 2005 Canpon Ymld Ad wed (mcmo oN Par Value Rate Rantoul; Mamnty to Maturity Cast Basis CaBg u Prior Qv ory TOW Market Value Source Market Value 1998 Airport PFC AIG Investment Anr -Reserve 849,728 5.70% AAA Western Tr 849,728 AIM Government&Agency Ponf Private 01/Ol/28 590% 849,928 849,729 BNY 14,092 variable AAA open 3 00% 1998 Multiple Capital Wastewater 214,092 1,063,820 214,092 BNY Western To 452,980 AIM Government&Agency Ponf Private 302,495 variable AAA open 3.007 302,495 302,495 BNY Western To 301,279 1998 Assessment Drsmct 155 A&B 302,495 AIM Government&Agency Ponf Private 306,44,1 variable AAA open 3 00% 306.444 306,444 BNY Wes[em To 305,212 2001 Assessment Drsma I57/158 306,444 AM Govemmem&Agency Pont Private 166,356 variable AAA Open 300% 166.356 166,356 BNY Wes[em To 165,687 2002 Parking Swcmre 166,356 Cash 3 AIM Government&Agency Portf Private 24,566 Westem Tr 3 3 3 BNY variable AAA open 3 00% 24,Sbfi 24,566 BNY Western Tr 21,593 2004 Assessment Dis[nct Ibl 24,569 AIM Government&Agency Povf Private 995,174 variable AAA open 3.00% 985,174 985,174 BNY Western To 752.819 2004 Assessment Diemet 162 955,174 Cash 10 AIM Government&Agenry Pant Private 1,184,463 variable AAA 10 10 BNY Western Tr 10 open 3.00% 1,184,463 1,184,463 BNY Western Tr 1,1]9,]04 2005 Assessment Drsmet 169 1,184,473 AIM Government&Agency Pnnf Private 2,332.363 variable AAA open 3.00% 2,332,363 2,332,363 BNY Western Tr I,1]9]04 2,332,363 Totals $ 33,9]3 383 $ 33 973,383 $ 37,406,674 treasrep TREASURER'S MONTHLY REPORT 09/28/05 CALCULATION OF INVESTMENT LIMITATIONS AUGUST 31, 2005 Allowable Percentages By Maturity: Minnnum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $38,431,467 1 year to 3 years 0.00% 50.00% 18.42% 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% 3.52% Corporate Notes N/A 20.00% 5.23% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Tluu's N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 37.76% U.S. Treasury Notes/Bonds N/A N/A 0.87% Calculation of Weighted Avg Mawmy Mature Current No.of Days X Cost Date Date Day, 38,595 38,596 38,595 1 1,552,687 38,596 38,595 1 28,390,000 38,628 38,595 33 32,806,290 38,742 38,595 147 147,000,000 38,745 38,595 150 150,000,000 38,772 38,595 177 177,000,000 38,792 38,595 197 97,446,050 38,847 38,595 252 152,000,000 38,940 38,595 345 345,000,000 38,954 38,595 359 718,000,000 39,478 38,595 883 874,761,610 39,542 38,595 947 940,456,230 38,975 38,595 380 380,000,000 39,002 38,595 407 407,000,000 39,120 38,595 525 525,000,000 39,122 38,595 527 527,000,000 39,240 33,595 645 645,000,000 39,367 39,595 772 772,000,000 39,477 38,595 882 441,000,000 39,609 38,595 1,014 1,014,000,000 39,654 38,595 1,059 529,500,000 39,141 39,595 546 270,739,221 39,750 38,595 1,155 1,155,000,000 39,769 38,595 1,174 1,174,000,000 39,854 38,595 1,259 1,259,000,000 39,918 38,595 1,323 1,308,817,440 40.135 38,595 1,540 1,540,000,000 40,142 38,595 1,547 773,500,000 40,148 38,595 1,553 1,553,000,000 40,231 38,595 1,636 1,636,000,000 43,196 38,595 4,601 2,294,030,994 21,969,000,522 Total lcvestinenls at Cost 56,898,960 WAM n,Days 386 11