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Home My WebLink About9/7/2005 - STAFF REPORTS (16) c V N � x ♦ c o �..a..rEo'93eP 4<IF0 City Council Staff Report DATE: September 7, 2005 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JUNE 30, 2005 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of June 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 June 30, 2005 STAFF ANALYSIS: The attached monthly Treasurer's Investment Report is for the period ending June 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 of this requirement and the City Council did not meet in August, the report was distributed individually to each member on July 29, 2005 to comply with this State law. It is now being submitted for the Mayor and Council to formally receive and file the report. Because all of the City's bank accounts may not be completely reconciled, there may be minor adjustments to the/� Item No. 2 . C`. City Council Staff Report September 7, 2005— Page 2 'Treasurer's Investment Report as of June 30, 2005 cash on hand in the checking account and to the valuation of the bond issue's money market investments. All other amounts are actual. The weighted average maturity (WAM) of the portfolio is 377 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 Cra' . Graves, City Treasurer Attachments: Treasurer's Investment Report treasrep CITY OF PALM SPRINGS 7/27/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JUNE 30, 2005 Ion Call Deposits I Adjusted Basis Category Total Percentage Checking Account $ 217,589 State Pool 32,190,000 $ 32,407,589 56.01% Short Term Investments (1 year or less) Corporate Notes 994,130 Time Deposits 2,000,000 U.S.Gov't Agencies 2,494,650 5,498,780 9.49% Medium Term Investments (I year to 3 years) Corporate Notes 1,983,760 U.S.Gov't Agencies 10,000,000 U.S Treasury Note 495,859 12,479,619 21.57% Long Term Investments (3 years to 5 years) U.S.Gov't Agencies 7,487,874 7,497,874 12 94% Nora[Invested Cash I $ 57,863,862 100.00% *Some investments made prior to dre implementation of the cm rent Investment Policy exceed the 5 year limit. uenarem TREASURER'S MONTHLY REPORT 7/27005 DETAIL OF INVESTMENTS JUNE 30,2005 common Yteld Adrysed (memo only) Pnnr Q1, Par Value @ate Fauns Mamrny momurn" Cos,B3¢ Care,,Tmal Markel Vane So. Margot Value ion Call Demurs Cheuvng-Ban,or Aaamum 5 War grmble AAA opon 2.845= 5 21],589 % S 217,599 S 1,896.721 Local Agency lavers Fund H-AM 32,190.OW v—ble N/A open 2.97% 32.190,OW 32,190,000 LAIF 22,4M,0m 32.SB],589 Short Tenn lnvumemrs (1 year or lees) Corpora,Naves GE Copied co', I O.W,mO 2 99% AAA 10/03/05 3 2o% 994130 998,6W BNY Wu¢m Tr 999.050 994,130 Tune D,p.aia Wxehm,a Muual Beak I,Bm,Bm 3 10% AAA GI/25I06 3 10% 1,000,Om I,OW,mO Wasltingron Mutual I.GW,uH Waahngmn Hamel Bauk LOm.Om 3A7% AAA 0128/06 347% L".00() lUS0,W0 w.oal'on Mutual 1,OW,WO 2.Om.mO U S.Gov'I Agermy Securinea Fuluml Home Loan Bank L(M. 0 2.40% N/A 02/D4/06 240% 1,000,000 991,562 BNYWesmm Tr 988,750 Federal Home Loan Bank (LTrary True) 5W,(M 250% N/A 03/15/06 3.64% 494,650 495,781 BNY Wesmm Tr 494.375 Fedeal Home Loan Mortgage Cor,mroma I,OWocG 2,557. N/A 05110J06 2.55% 1.m.OW 989,910 BNY Wesmm Tr 966,5W 2,494,650 Medium Term lnvemems (I year r.3 vuam) Cmporzte Noree Bc.o SmanarsU Lm0.W0 4.W7. AAI GV31/08 434% 9W,670 995,5% BNY Wes¢,Tr 987,090 Nets Fargo Company I,mO,GW 350% AAI 04MI08 373% 993,OW 983,570 BNY Wumm Tr 973,610 1,983,760 U S Gov't Agency Se urmea Federal Nom-1 Mor,"Assomadon 1,0000W 250% NIA 08/I1/06 250% I,m0,000 986,250 BNY Wesmm To 982,187 FedeN Home Loan BaM 2,0W,000 317% N/A o8¢5/06 3177v 2,GW.000 1985,625 BNYWea,m Tr 1,980,625 Federal home Lour Mortgage Corp.remn I,WgOW 3.06% N/A 09/15/06 3067, Ip00,000 991?W BNYWuem Tr 988p60 Fedeal Home Loan Bouk I,OW,O'JO 3.00% N/A 10/12/06 3,W% I,OW,O'.n 990,OW BNYWesmoa Tr 996,975 Federal Home Lour Bank 1,mgWo 3A35 N/A 02/07/07 3.13% 1,"," 989,062 BNY Wesmm Tr 9851OW Federal Home Loan Ban, 1,000.m0 3.60% N/A 0909/07 360% 1.Om.mO 996.250 BNY Wuem Tr 993,125 FetleJ Farm Credit Bank I,OW,mo 3.94% N/A 06/OL07 394% I,m0.m0 1.OW.Om BNY We.Tr 0 F,,G,,1 Nanomal Mortgage Aasocuuon 1,m4m0 3.50% N/A 10/12/07 3.50% 11L 1" 991,e75 BNY Wesmm Tr 984.375 Federal Faun C.dn BmO: 2,GM,M 4A4,% N/A 05/27/08 4.G4% 0 0 BNY Wuvsn To 1.985,Om Federal Home Loan Bags 1,WO,OW 4,02% N/A 06/10/08 402% 1."= 998,um BNY Wesmm Tr 992,197 IO.OW.000 U S.Ttcaem,r Nor, U S.Treamry Nang (Ltbmry Trust) 500AW 3.38, N/A OMS/07 383% 495.859 497.912 BNY Wesmm Tr 496,350 495,859 L.,Term lmemn-a (3 yeas ro 5 ream] U S.Gov't Agency Sswmes Federal Farm Credm Ban, I,Om,mo Ms% N/A 10,291og 385% 1.00 000 993,750 BNY Wesmm Tr 983,H5 Federal Home Loan Bauk I,WOOm 4.W% N/A 11/17/08 4.0% 1,000,WG 996,562 BNY Wesmm Tr 988,437 Ferrero]Home Lour Bank LOm.mO 4.23A N/A 02/10/09 423% I.W0,000 994,61m BNY Wesmm Tr 984,687 Federal Home Lean M.agagu Cmporumr 1000,W0 3.38% N/A 04/15/09 3.e5% 999280 996.875 BNY Wumm Tr 966,875 Federal Farm Credit Dam, 1,000,W0 4S% N/A 11/18/09 4J % 1000,IX 987,812 BNY Wmem Tr 985.625 Federal Home Loan Bank 1,0W,OW 4.30% N/A 12101/O9 430% I,00,M 998,437 BNY Western To 989,062 FedeM Home Loan Bear- 1,000,000 4.35% N/A 02/22/10 435% 1W,WO 999.375 BNY Wesmra Tr 985,937 _ - Fnancm6 Coryonnon(FICO) 5ROM 9.SG9 N/A 04/06/18 990% 498,594 756.565 NaumrsBaok 7A.530 7,487,874 Tod lnveued Cub 5 57863,862 S 58,W3214 5 50,29,948 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 7/27/2005 JUNE 30, 2005 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total (Total Invested Cash I $ 57,863,862 $ 57,863,862 $ 57,863,862 IMiscellaneous Accounts I Petry Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 8,633 N/A N/A open none 8,633 Trust&Agency-Bank of America 1,135,442 N/A N/A open none 1,135,442 Downpayment Assistance(Housing Fund)-Washington Mutual 33,319 variable N/A open 0.40% 33,319 Workers Compensation-Bank of America -11,734 N/A N/A open none -11,734 1,168,535 (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 $ 59,131,023 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 07/27105 TUNE 30, 2005 Coupon Y¢ld Adjusted (memo OWy) Prior Qm Par Value Aate Rating Maturity to Maturity Cost Buis Category Total Market Value Source Market Value 1 9 9 1197/0 1/0 4 Convention Center Cash 1 l I BNY Western Tr 1 AIM GOvemmem&Agency Pouf Private 2,085 variable AAA open 2.70% 2,085 2,095 BNY Wesmm Tr 117,965 AIG fnvesment Agreement 1,280,673 5.36% AAA 11/01/25 5.36% 1,280,673 I.M,673 BNY Wesmm Tr 1,280,673 AIG lnvesment Agreement 1,2W,000 6.68% AAA 11/01/21 6.68% 1,290,000 1,290,000 BNY Western Tr 1,290,000 AIG rover®ern Agreement 2,572,750 2.41% AAA 05/01/06 2,41% 2,572,750 2,572,750 13 YWestern Tr 3,827,1&1 MLA Investment Agreement 3,300,402 5.58% AAA 11/01/35 5.58% 3,30D,402 3,300,402 BNY W¢teeTr 3,300,402 AIG lnvesmcnt Agreement 15,222,209 1.85% AAA 09/30/05 1.85% 15,222,209 15222,209 MY Western Tr 22,142,600 23,668,120 1992 Aitpoa Cash 1 1 1 BNY Western Tr 1 AIM Short-Term Investment Trsy P 674,362 variable AAA open 2.99% 674,362 674,362 BNY Wearere Tr 336,186 Baycrmhe Iuvesmev[A, 1,207,600 7.00% AAA 01/01/22 7.W% 1,207,6M 1,207,600 BNY We.Tr 1,207,600 1,881,963 2W1 Series B-Hauling AIM &Agency Portf Private 4,262 variable AAA open 270% 4,262 4,262 BNY Western Tr 4,239 AIG Investment Agreement 468,105 5.22% AAA 09/01/21 5.22% 469,105 468,105 BNY Wesmm Tr 468,105 472,367 1994/04 Series A&B Cuh 0 0 0 BNY Western Tr 2?948 AIM Govemmem&Agency POaf Private 3,114,129 variable AAA Open 270% 3,114,129 3,114,129 BNY Western Tr 3,076,110 MBIA Invesmem Agreement 1,651,456 5.177. AAA 09/01/34 5.17% 1,651,456 1,651,456 BNY Wesmm Tr 1,651,456 4,765,585 1996 Muldple Caprtal Facdides Projecr AIM Govemmeo[&Agency Portf Private 987 variable AAA open 2.70% 987 987 BNY Western 7r 1,144,927 AMBAC Invesmem Agreement 1,730,000 6.40% AA 04/01/27 6.40% 1730,000 I,730,000 BNY Western Tr 1,730,W0 1,730,987 TREASURER'S MONTHLY REPORT neasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 07/27105 DUNE 30, 2005 Coupon Yield Adjusted (memo only) Pnor Qtr Par Wee Rate Rating W-ty to Maturity Cost Basis Category Tmal Market Valne Source Market Vale 1998 Arzpon GARB AIG lnvestmeac Agn-Reserve 561221 5.70% AAA O1/O1/28 5.70% 561,221 561,221 13 YWestern Tr 561,221 AIM Government&Agency Ponf Private 297,426 variable AAA open 2.70% 297,426 297,426 BNY WmWm Tr 140,452 858,647- 1998 Ake.PFC AIG Invu®enr A, -Reserve 849,728 5.70% AAA 01/01/29 570% 849,728 849,128 BUY Westerd Tr 949,728 AIM Government&Agency Port Private 452,980 variable AAA open 270% 452,980 452,980 BNY Weaem Tr 213,969 1,302,708 199E Multiple CapvA Wa W.c,r AIM Governmeat&Agency Ponf Pnvate 301,279 variable AAA open 2.70% 301,279 301,279 BNY Western Tr 541,395 301,279 1998 Assessment Disnie,155 A" AIM Government&Agency PortfPriva¢ 305,212 variable AAA opea 2.70% 305,212 305,212 BNY W.I.Tr 303,666 305,212 2001 AaIesament Drone[157/158 AIM Government&Agency Ponf Private 165,687 variable AAA open 2,70% 1fi,687 10,697 BNY Wesmrn Tr 164,849 165,637 2002 Parlong Swcture Cash 3 3 3 BNY Western Tr 3 AIM Government&Agency Ponf Pnvata 21.583 variable AAA open 2.70% 21,583 21,583 BNY Western Tr 21,552 21,596 2004 Assessmenr Di rim 161 AIM Govermnent a Agency Porn Privam 752,819 vartabbe AAA open 2.70% - 752,919 752,819 BNY Western Tr 749,007 752,819 2004 Assessment District 162 Cash 10 30 10 BNY Western Tr 0 AIM Govemmevt&Agency Portf Private 1,179,704 vanable AAA open 270% 1,179,704 1,179,704 ll YWestern Tr 1,173,755 1,179,714 To il $ 37,406,674 $ 37,406,674 3 46,319,874 treasrep TREASURER'S MONTHLY REPORT 07/27/05 CALCULATION OF INVESTMENT LIMITATIONS JUNE 30, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $37,896,369 1 year to 3 years 0.00% 50.00% 21.57% 3 years to 5 years 0.00% 30.00% 12.08% 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% 3.46% Corporate Notes N/A 20.00% 5.15% 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% 34.53% U.S. Treasury Notes/Bonds N/A N/A 0.71% Iffy 1 yyyyy"T . . . . . . . . . . . . t Calculation of Weighted Avg Maturity Mature Current No,of Days X Cast Date Date Days 38,533 38,534 38,533 1 217,589 38,534 38,533 1 32.190,000 I I I I 38,628 38,533 95 94,442,350 38,742 38,533 209 209,0D0,000 38,745 38,533 212 212,000,000 38,772 38,533 239 239,000,000 38,792 38,533 259 128,114,350 38,847 38,533 314 314,000,000 39,478 38,533 945 936,183,150 39,542 38,533 1,009 1,002,027,810 38,940 38,533 407 407,000,000 38,954 38,533 421 942,000,000 38,975 38,533 442 442 00p 000 39,002 38,533 469 469,000,000 39,120 38,533 587 587,000,000 39,122 38,533 589 589,000,000 39,240 38,533 707 707 D0p 000 39,367 38,533 -834 834,000,000 39,595 38,533 1,062 0 39,609 38,533 1,076 1,076,000,000 39,141 39,533 608 301,482,503 39,750 38,533 1,217 1,217 000 000 39,769 38,533 1,236 1,236,000,000 39,854 38,533 1,321 1,321,OOQ000 39,918 38,533 1,385 1,370,152,800 40,135 38,533 1,602 1,602,000,000 40,148 38,533 1,615 1,615,000,000 40,231 38,533 1,698 1,698,000,000 43,196 38,533 4,663 2,324,943,822 21,805,754,374 Total Investments at Cost 57,863,862 WAM in Days 376.85