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Home My WebLink About9/21/2005 - STAFF REPORTS (8) u m C`O.r°ure°`4''prt ,44 FOR N� City Council Staff Report DATE: September 21, 2005 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JULY 31, 2005 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of July 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 Treasurers Investment Report as of July 31, 2005 STAFF ANALYSIS: The attached monthly Treasurer's Investment Report is for the period ending July 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 , E o City Council Staff Report September 21, 2005-- Page 2 Treasurer's Investment Report as of July 31, 2005 The weighted average maturity (WAM) of the portfolio is 380 days. The maximum WAM Billowed 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 C:raigr Graves, City Treasurer 6�' Attachments: Treasurer's Investment Report treasrep CITY OF PALM SPRINGS 8/25/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JULY 31, 2005 Ion Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -1,952,177 State Pool 33,390,000 $ 31,437,823 54,30% Short Term investments (1 year or less) Corporate Notes 994,130 Time Deposits 2,000,000 U.S Gov't Agencies 2,494,650 5,488,780 9 48% (Medium Term Investments (1 year to 3 ycars) Corporate Notes 1,983,760 U.S.Gov't Agencies 11,000,000 US Treasury Note 495,859 13,479,619 23 28% Long Term Investments (3 years ro 5 years) U.S Gov't Agencies 7,487,874 7,487,974 12 93% ITotal Invested Cash $ 57 894,097 100 00% Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. "core, TREASURER'S MONTHLY REPORT 9/21P005 DETAIL OF INVESTMENTS JULY 31,2005 Coupon Yield Ad coned (menu mdy) print Qua Par Value Rae Fining Mamnn In Mawnry Con Basis Caaegmy ToW Mgrke Value So- MarAet Value Bn Call➢e0oe¢ Checlnng-Banc of Anna 5 NIA enable AAA open 284% S -1952,1]] 5 5 -1,952,177 S 217,589 Local Agency lmest Fund(LAIF) 33,390,W0 -,,able N/A open 3087, 33.390.OW 33390,000 CAM 32,190,GH 31,43],823 Sbon Temr!eves ins (I year or less)m Camomw Nines GE C,md COT ivm'W 299% AAA 1010310, 320% 994,130 998,930 SLY Wesarn Tr 99E,69n 994.130 Tune Deposits Washwnon memo B,m: 1,OWpW 310% AAA 01125/06 310% 100.00:1 1 WgWO NVashingom Mumal I,WO,Wo Wmhmy4on Mumal Bank IM'm 347% AAA 01128/06 347h I.OW,000 I10001GW Washmgmn Muwg 1.00,GW 2,a00,aW U 5.Gov't Agency Securnas Polad Home Loan Bank Lm'wo 240% N/A 01/24/06 240% igom.ma 991250 BNYWeslem Tr 991562 FcdeC.d Home Loan Bank(Gbnry Tmsl) 50,M 2107, N/A 03115/06 364% 494,650 495469 BNY Wesarn Tr Federal Home Loan Moneage Coromman 1,0W,OW 255% N/A 05/10/06 255% I,M." 988, ,]81 469 BNY Weslom Tr 495 495,9I0 2,494,650 Medimn Tenn lav s m (1 yes no 3 years) Cornmram Nuas Bear Sau-Cn I,0000W 400% AAI 01/31/08 434% 99,670 0 BNY IVnIem Tr 9 , 0 i3 95,59 Wells FarSU Company0g00 I.00 350% AAI 04/04/08 3]3% 993,090 9E998,530 BNY Wesmm Tr 995,50 983]0 O S Gov I Agency Scmntvs Federal Nmmnel Mortgage Assucnlion 1,00,000 250% N/A 08111/06 250% LW0,000 983,750 BNY Wesarn Tr 986,250 FeJeml Home Logo Bank 2,000,M(l 317% N/A OB/5/06 3179 2,000,00) BUY Weslom Tr L985 625 1.984000 Feted Home Loan Mortgage Corponlinn 1'"fccl 306% N/A 09/IS105 306% L"'cuo 980,00 BNY Weslom Tr 98502 Federal lime Loan Book 1,00,Wo 3W% N/A 10/12106 300% 1,OW,OW 9865E BNY IVesam Tr ,460 FeJ^.rW Home Linn BnN: 991 5 Federal Home Loan Seekd000.OW 3139= N/A @/0]/0] 313% 1,0W n .000 984,688 BNY Weem Tr 989,062 LGW,OW 360Z N/A 01/09/07 3.60% I,OW,OW Ban Federal99. ➢NY Weslom Tr 996,250 Fete Farm Cretlil Bank IAW,000 394% N/A 06/o]ID] 394% I,OW,OW 991,ifi3 563 BNY Weetem Tr I,996,WO Fetle d Gammon Mon111v A-.loam I,OOo,OW 350% N1A 10/12107 3509e I,OOo,OW 984,66] BNY Western Tr 99L8]5 nl Home Loan k i00,000 430% N/A 01130/GS 4.30% SO Uoo 497,500 BUY Weslom Tr 0 Feted Home Loan Bank LM,OW 402% N/A 06/10/08 402% 1,OW,0W Fete 990,OW BNS W'esmrn Tr 998,125 d Hama Loin Ba 500,000 438% N/A 09Q5108 438Z SW,OW 497344 BNY Weslom Tr 0 11,00.000 US Treasury Note US Treasury Nnm (Library Tm,,) 5M)OW 3 38% NIA 02128107 3 83% 495,859 495 295 BNY Weslom Tr 497,812 495,859 Long Tom mvemoem (3 year Io 5 years) U S Gov'a Agent,Se:unnes Feted Farm Cadil Bank 1.00,00 385Z N/A lops/08 3857, 1,000,000 983,750 BNY Wesarn Tr 993,750 Fetled Home Loan Bank IAOg000 4pp55 N/A 11/17/09 400% 1. 00,000 986,8]5 BNY Neslem Tr 996,562 Fvdu.1 Hbmo Loan BnN 1,0W,000 4239 N/A 02/10/09 4239 I,000000 984063 BNY Wesiem Tr 9%,68] ennead Home Loan Mor@age Caryomuan 1.000,000 338% N/A 04/15/09 365% 000000 984062 BNY\9esl�m Tr 9868]5 Fed^sd Foam Getln Bank 1,00000 425% N/A 11/18/09 9259 1,000000 9]4,062 BNY W""Wo".n 9r 98],E12 Feconal Home Loan Bm0. LW0,000 430'). N/A 11/01,09 430% 1M0,W0 988]50 BNYW am Tr 998.437 FeJeml Hnn¢Loen Bank I,000 CW 435% N/A 02R2/10 4359 1,000000 98G8]5 BNY Wn¢m Tr 999,;H Floo-mg Cmam-ton(FICO) 500,000 9805 N/A W/06/I8 990% 499594 ]33,9]0 BNY cr 756365 ]48],8]d IToml lnvuad C.h 5 57.894,091 S 5]862,415 5 59003 214 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 8/25/2005 JULY 31, 2005 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total (Total Invested Cash I $ 57,894,097 $ 57,894,097 $ 57,894,097 (Miscellaneous Accounts Petry Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America -45 N/A N/A open none -45 Trust&Agency-Bank of America 1,124,206 N/A N/A open none 1,124,206 Downpayment Assistance(Housing Fund)-Washington Mutual 33,319 variable N/A open 0.40% 33,319 Workers Compensation-Bank of America -14,792 N/A N/A open none -14,792 1,145,563 (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 Deposited I $ 59,138,286 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 08/25/05 JULY 31, 2005 Coupon Yield Adjusted (memo ord Y) Prior Qv Par Value Rate Raring Maturity to Mammy Cost➢asv Category Tmal Market Value Source Market Value 1991/97101/04 Convention Center Cash I Govemmen[&Agency Pouf 1 I 13 Y Westem Tr 1AMuf Private 2,090 variable AAA open 2 80% a p9p AIG lnvesrmemAteemeuL 0,090 BNY Wesmm Tr 0,085 g 1,28Q693 5.36% AAA 11/01/25 536% 1.28Q6]3 1,280,6'/3 BNY Westem Tr 1,280,6]3 AIG Investment Agreement 1290,000 669% AAA 11/01/21 6.68% 1,29p,000 AIG Investment A mement 2,572,000 BNY Westem Tr 1,572,000 % 2,592,]50 2A1% AAA OS/pl/06 2.41% 2,5]2,]50 2,5]2,950 ➢NY Western Tr 2,5]2,]50 MB1A Investment Agreement 3,300,402 558% AAA 11/01/35 558% 3,300,402 3,300,402 BNY Westem Tr 3,300,Q2AIG Investment Agreement 11,658,593 1.85% AAA 09130/O5 185% 11,658,573 11,658,573 BN Westem Tr 15,222,209 1992 Abporz 20,104,489 Cash 1 T In Short-Te A sy P 1 I BNY Wesmm Tr 1 AM rm vestment r 296.994 vanable AAA open 2.80% 296,894 Bayerische lnvestermt Fl r. 207,600 BNY Western Tr 6/4,362 g I,20],600 ].00% AAA Ol/01/22 ]00% 1 ZO'/,fi00 1,209,600 HNY Westem Tr I,207,60 2001 Series B-Hausmg 1,504,495 Cash 329,120 329,120 AIM Government&Agenc Porrf Private 329,120 BNY Westem Tr 0 Y 16,488 variable AAA open 2.80% 16 488 16,488 BNY Westem Tr 4,262 AIG lnvestinem Agreement 468,105 5.22% AAA 08/01/21 522% 468,105 468,105 BNY Westem Tr 468,105 1994/04 Series A&B 913,713 AIM Government&Agency Por[f Private 3,120,065 vanable AAA open 2.80% 3,120,065 MBIA Investment Agreement 1,651,456 5.17% AAA 3.120,065 BN Westem Tr 3,114,129 51]% 1.651,456 1.651,456 BNY Western Tr 1,651.456 4,]]1,521 1996 Muldple Capital Facdrdes Project AM GOvermnem&Agency Portf Private 990 vanable AAA open 2.80% 990 AM➢AC Iuvesuvem Agreement 1,730,000 640% AA 04/OI/2y 990 BNY Westem Tr 987 . , , 1,930,000 BNY Westem Tr 1.730,OOp 1998 Airport GAR➢ 1,730,990 AIG Investment Agr -Reserve 561,221 570% AAA 01/01/28 570% 561.221 AIM Govermnent&Agency Pouf Private 504,789 BNY Wesmm Tr 561226 104]89 variable AAA Open 280% 104'/89 I04,]89 BNY Westem Tr 29],426 666,010 TREASURER'S MONTHLY REPORT Vearrcp BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 08/25105 JULY 31, 2005 Coupon Yield Adjusted (memo rely) Prior Qtr, Par Value Rate Rattail Maturity to Maturity Cost Bins Category Total Market Value Source Mar4e[Value 1998 Arrport PFC AIG Invesneent Agr.-Reserve 849,728 570% AAA 01/0128 5.709 949,728 AIM Government&Agenc Portf Private 158,666 BNY Western Tr 452,980 y 158,6fi6 variahte AAA open 2809 158,666 I58,666 HNY Western Tr 452,980 1999 Multiple Capital Wastewater 1,W8,394 AM Govermnent&Agency Pmtf Private 301,853 variable AAA open - 2.80% 301,853 301,853 8NY Western Tr 301,279 1998 Assessment District 155 A&B 301,853 AIM Governmenr&Agency Portf Private 305,795 variable AAA open 2 80% 305.795 305,795 HNY Wes[em Tr 305,212 2001 Assessment Dislrret IS]/Gg 305,795 AIM Grvemmeet&Agency Ponf Private 166,W3 variable AAA oPro 2809 166,003 166,003 BNY Wes[em Tr 165,687 2002 Parking Structure 166,003 Cash AN Government&Agency Portf Private 3 3 BNY Western Tr 3 23,461 variable AAA open 2 809 23,461 23,461 BNY Wesmm Tr 21,583 2004 Assessment Dulrict 161 23,464 AM Goverment&Agency POnf Private 754,253 variable AAA open 2.807, 754,253 754,253 BNY W.L.Tr 752,819 2004 Assessment Dtstnct 162 754,253 Cash 10 Pri Govern A ate 10 10 BNY V✓esmrn Tr 10AIMment&Agency Portf v 1,181,953 variable AAA open 2.809 1,181,953 1,181,953 BNY Western Tr 1,1]9,]04 2005 Assessment D taxer 164 1,181,963 AM Government&Agency Pe fPnvaze 2,348,983 variable AAA open 280% 2,348,983 2,348,983 PINY Western Tr I,179904 2,348 983 Totals § 35,681,926 $ 35.681.926 § 3],406.6]4 treasrep THE A QUI?T R'c p, ON-PH v UL`nnr�m v i ll 111L 1 1\lir 0 1 08/25/05 CALCULATION OF INVESTMENT LIMITATIONS JULY 31, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. I day to 365 days $8,000,000 N/A $36,926,603 1 year to 3 years 0.00% 50.00% 23.28% 3 years to 5 years 0.00% 30.00% 12.07% over 5 years N/A N/A 0.86% 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% 3.45% Corporate Notes N/A 20.00% 5.14% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Tbru's N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 36.24% U.S. Treasury Notes/Bonds N/A N/A 0.86% Calculation of Weighted Avg MaNnty Mature Current No.of Days X Cost Date Date Days 38,564 38,565 38,564 1 -1,952,177 38,565 38,564 1 33,390,000 38,628 38,564 64 63,624,320 38,742 38,564 178 178,000,000 38,745 38,564 181 181,000,000 38,772 38,564 208 208,000,000 38,792 38,564 228 112,780,200 38,847 38,564 283 283,000,000 39,478 38,564 914 905,472,380 39,542 38,564 978 971,242,020 38,940 38,564 376 376,000,000 38,954 38,564 390 780,000,000 38,975 38,564 411 411,000,000 39,002 38,564 438 438,000,000 39,120 38,564 556 556,000,000 39,122 38,564 558 558,000,000 39,240 38,564 676 676,000,000 39,367 38,564 803 803,000,000 39,477 38,564 913 456,500,000 39,609 38,564 1,045 1,045,000,000 39,654 38,564 1,090 545,000,000 39,141 38,564 577 286,110,862 39,750 38,564 1,186 1,186,000,000 39,769 38,564 1,205 1,205,000,000 39,854 38,564 1,290 1,290,000,000 39,918 38,564 1,354 1,339,495,120 40,135 38,564 1,571 1,571,000,000 40,148 39,564 1,584 1,584,000,000 40,231 38,564 1,667 1,667,000,000 43,196 38,564 4,632 2,309,487,408 22,017,140,133 Total Investments at Cost 57,894,097 WAM to Days 380.30