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Home My WebLink About7/6/2005 - STAFF REPORTS (22) a y c 4 N c h �Rloul.o n3 Cq</FORN�P City Council Staff Report DATE: July 6, 2005 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF MAY 31, 2005 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of May 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 May 31, 2005 STAFF ANALYSIS: The attached monthly Treasurer's Investment Report is for the period ending May 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, 4/16118, 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 . K . City Council Staff Report July 6, 2005-- Page 2 Treasurer's Investment Report as of May 31, 2005 The weighted average maturity (WAM) of the portfolio is 314 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 A�raves,`City Treasurer Attachments: Treasurer's Investment Report treasrep CITY OF PALM SPRINGS 6/22/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MAY 31, 2005 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 3,746,516 State Pool 41,390,000 $ 45,136,516 6496% Short Term Investments (I year or less) Corporate Notes 994,130 Time Deposits 2,000,000 U.S.Gov't Agencies 2,494,650 5,488,780 7.89% Medium Term Investments (1 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 15.06% Long Term Investments (3 years to 5 years) US Gov't Agencies 8,497,874 8,487,974 12.20% (Total Invested Cash $ 69,592,789 100.00% "Same investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. u-nap TREASURER'S MONTHLY REPORT 6112L2003 DETAIL OF INVESTMENTS MAY 31, 2005 Coupon Yap] Adj.,,d (mama only) Prior Qu Par Value Rue Rlan^_ Mamruv a Game, Cost B.. Can,.,Tend M1 rku Valua Somer Market Value 10.Call D-er,as Chi Barref Amen. 5 N/A amble AAA open 277% S 3746,516 S S 3,746,516 S 1896,721 Local Agancy Invest Fred(LAIF) 4139g00p vamble N/A open 286% 41,390,0m 41390,000 LAIF 22,490,000 45,136,516 Sboa Term Investments (I yaar ar less) Cnryaaa Moms HE Capital Coop LO00," 299% AM 10103/05 320% 994_130 998,600 BNY Western Tr 998050 994.130 Time Gaunt. Washmgmn Mutual Bank 1,000,000 3107, AAA OIP5106 310% IOOO,WO IWO.000 Washoonon Mumal 1,000.000 Wmhm,o.Mmual BaM I,WgOW 347% AM M28/06 3A7% 1,000,000 1"'wo Wash."e.Mmual Lcm,om 2,000,OW us Gov t Asenry Seaunnes Federal Home Loan BmS 1.000,W0 2AO% NIA 01/24/06 240% 1,cm.om 991,562 BNY Wass,.Tr 988.750 FedeN Home Lou.Bark pabruy T-t) IOOO,WO 250% H/A 03/15/06 361% 494,650 495,781 BNY Western To 494,375 Federal Home Loan Mortgage Corporeuo. I,000.000 2.55% NIA 05/10/06 255% I.000.000 989,970 EHY Wesam Tr 986,590 2.494,650 Mmimn Tem Inesm nos (I year m 3 ye¢s) C......Notes Bear Stearns C, IOOOX0 400% AAI OI/31/O8 4 34 5% 990670 994790 BNY Western Tr 987,090 Wells Fargo Company I ow.000 3.50% M1 04/04/08 3 737a 993,0% 983,437 BNY Weaern Tr 973,610 1,983.760 115_Gov t Poet,Seaurmq Federal Nations]A1ongage Assoamnon l'aw'H0 250% N/A 08/11/06 250% Ip00,000 985,937 BNY Western Tr 982.187 Federal Home Lome Ban: 2,000,13m 317% NIA 0915/06 317% 2,000,000 1,987,500 BNY Wemr'n Tr 1.980.625 Federal Hume Loan Mortgage Caryomtmn Iom,OW 306% N/A 09/I506 306% 1,000,0m 991990 BNY Western Tr 988]6p Federal Home Loan Bane I.M.000 3009= N/A 10/12/06 3.00% r0m,W0 990,6r BNY Western To 996,875 Federal Home Lean Bane 1.000.000 3137, N/A 02107/01 3.I35 1,000,00 990,312 BOGY Western Tr 985,000 Federal Home Loa.Bane 1.00Q000 3AO% N/A 02/09/07 3607. 10 a'am 997,500 ENY Western Tr 993,12, Fnleral Numul Mortgage Aive,wuon 1000,000 3M% NIA 10/12/07 350% Ip00,000 991250 BNY Wes".Tr 984,375 FedeN Farm Coupe BaM 2,000.000 4.04% MIA 05/27103 4W% 0 0 BNY Waver,Tr 1,985,000 8,000,000 ll S.Treasury Not U.S Taamry Nos, (Library T-1) 500 am 3 39% N/A 02/28/07 3 83% 495 859 498 340 BNY Wesl:m Tr 496,350 495,859 Long Term l.vesterem f 3 vem m 5 yrnml ❑S Gov I A3encv 8ecurnas Federal Home Loan Ba.L 1000,000 4025 NIA 06/10108 4028 1000,000 998730 BNYWestem Tr 992.187 Federal Farm Given Ban. 1 000 Oo0 3 85% N/A 10/29/08 3 83% 1 0m 000 993 437 ENY Wus¢m Tr 983,M Fadaml Hume Loan Ba6 1,000000 4005 N/A L/17/08 400% 1000000 99682.5 BNY Western Tr 988,437 Fed,m]llome Lem Band, 100000 421% N/A 02/IO/09 423% 1000000 995625 BNY Wesam Tr 989,687 Federal Home Loon Mmman,Cutporeme L000000 3389 N/A 04/I5/09 365% 989,280 989121 BNY Wesam Tr 966,85 Federal Fam,CuuL,BaM 1OW 000 425% N/A 11/18/09 425% 1,000.000 98687, BNY Western Tr 985625 Finassl Hone Loan Bane I WLO00 4 30% NIA 11,01,09 4 30% 1,000 No 999 687 BNY Wesam Tr 989,06, FWrral Home Loan BmS I000000 435% NIA 0212110 435% 1,000,000 999,375 ENY Wa-Tr 985.937 Haan mg COryamtmo(FICO) 500000 980% N/A O/06118 980% 498594 949220 NeuomBau, 724,530 848 ,874 �Toul lnvnad Cush S 69,192789 9 69 732079 $ 50797,948 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 6/22/2005 MAY 31, 2005 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total ITotai Invested Cash $ 69,592,789 $ 69,592,789 $ 69,592,789 IMiscellaneous Accounts Petty Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 15,988 N/A N/A open none 15,988 Trust&Agency-Bank of America 1.059,651 N/A N/A open none 1,059,651 Downpayment Assistance(Housing Fund)-Washington Mutual 33,286 variable N/A open 0 40% 33,286 Workers Compensation-Bank of America -6,996 N/A N/A open none -6,996 1,104,804 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(Donavan Bequest) 12,984 2.23% N/A 6/11/2005 2.23% 12,984 Downey S&L(Palmer Cable TV) 4,874 2 96% N/A 1/18/2006 2.96% 4,874 Guaranty Bank(Coyote Springs Apt) 17,181 1 59% N/A 6/24/2005 1.59% 17,181 98,192 Total Cash Deposited $ 70,795,785 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 06/22/05 MAY 31, 2005 Coupon Yield Adjusted (memo only) Pnor Qv Par Value Rare Ratmg Mammy to Maturity Cost Basis Category Total Market Value Sauree Market Value 1991197101/04 Convemion Cemer Cash 1 1 1 BNY Western Tr 1 AIM Government&Aecney Ponf Pnvam 1,997 variable AAA open 262% 1,997 1,997 BNY Westem Tr 117,965 AIG Investment Agreement 1280,673 5.36% AAA 11/01/23 536% 1,280,673 1,280,6/3 BNY Westem Tr 1,280,6/3 AIG lavestment Agreement 1290,000 6.68% AAA 11/01/21 668% 1,290,000 1,290,000 BNY Westem Tr 1,290,000 AIG hrvesunem Agreement 3,82/.164 2.41% AAA 05/01/06 2,41% 3.827,164 3,827,164 BNY Westem Tr 3,82/,164 MBIA Invesuent Agreement 3,300,402 5.58% AAA 11/01/35 558% 3,300,402 3,300,402 BNY Western Tr 3,300,402 AIG lavenment Agreemem 16,401,965 L85% AAA 09/30/05 185% 16,401,965 16.401.965 ➢NY Westem Tr 22,142,600 26,102,202 1992 Arrporr Cash I 1 1 BNY Westem Tr I AIM Short Term lavenareat Trsy P 533,226 variable AAA open 2 54% 533,226 53326 BNY Westem Tr 336,186 Bayerische htvesunent Age. 1,209,600 9.M% AAA 01/01/22 700% 1,207,600 1,207,6W BNY Western Tr 1,207,6W 1.740,827 2001 series B-Housing AIM Govermn m&Agency Ponf Private 4,253 variable AAA open 2 62% 4,253 4,253 ➢NY Western Tr 4,239 AIG Investment Agreement 468,105 5.22% AAA O8101/21 5.22% 468,I05 468.105 BNY Westem Tr 468.105 4/2,359 1994/04 Series A&B Cash 0 0 0 BNY Westem Tr 22,848 AIM Government&Agency Pouf Private 3,108,290 vmmble AAA open 2.625 3,108,290 3,108,290 BNY Westem Tr 3,076,110 MBIA Inv..[teen Agreement 1,651,436 5J7% AAA 09/01/34 519E 1,651456 1,651,456 BNY Westem Tr 1,651,456 4.]59,746 1996 Multiple Capital Fambues Pro,= AIM Govenmtent&Agency Nurf Private 985 variable AAA open 261% 985 985 BNY Wesrem Tr L144,92] AMBAC Investmem Agreemem 1,730,000 640% AA 04101/2/ 640% 1,730,000 1330,000 BNY Wesrem Tr I730,000 1 730,995 TREASURER'S MONTHLY REPORT treserep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 06/22/05 MAY 31, 2005 Coupon Yicld Adjusted (memo only) Prior Qtr Par Value Irate Raring Mam arty m Maturity Cost Buis Caregory T¢tal Market Valuc Senate Market Value 1999 Auporr GARB AIG I¢vestme¢t Agr -Reserve 561,221 5.90% AAA 01/01/28 590% 561,221 561,221 BNY Western Tr 561,221 AIM Government&Agency Portf Private 234,378 variable AAA open 2 61% 234,3/8 234,379 BNY Western Tr 140,452 795,599 1998 Airport PFC AIG lovesment Agr.-Reserve 949,729 5.90% AAA 01/01128 5.70% 849,728 849.728 BNY Western Tr 849.728 AIM Government&Agency Portf Private 357,073 variable AAA to 2.62% 357,073 357,073 13 'Wesmm Tr 213,969 206,801 1998 Multiple Capital Wastewater AIM Government&Agency Portf Prvam 300,713 variable AAA open 261% 300,713 300,913 BNY Western Tr 541395 300.713 1998 Assessment Dismet 155 A&B AIM Governmem&Agency Peel Private 304,639 variable AAA open 2.62% 304,639 304,639 BNY Western Tr 303,666 304,639 2WI Assessment District 157/158 AIM Government&Agency Pont Private I65,376 variable AAA open 2.62% 165.3/6 165,316 BNY Western Tr 164,849 165,376 2002 Penang Swctme Cash 3 3 3 BNY Western Tr 3 AIM Government&Agency Pont Private 20,796 variable AAA open 2 61% 20,996 20,996 BNY Western Tr 21,552 20,799 2004 Assessment ILstrict 161 AIM Government&Agency Portf Private 951 405 variable AAA ¢pen 2.61% 751,405 751,405 BNY West.Tr 949,009 751,405 2004 Assessment Dismct 162 Crib 0 0 0 BNY Western Tr 0 AIM Government&Agency Portf Private 1,177.504 variable AAA open 2287s 1,177,504 1.177.504 BNY Wesesm Tr 1,173.735 ❑7,504 Touts $ 39,528,954 5 39.528.954 $ 46.319.894 treasrep TREASURER'S MONTHLY REPORT 06/22/05 CALCULATION OF INVESTMENT LIMITATIONS MAY 31, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $50,625,296 1 year to 3 years 0.00% 50.00% 15.06% 3 years to 5 years 0.00% 30.00% 11.48% over 5 years N/A N/A 0.72% 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% 2.87% Corporate Notes N/A 20.00% 4.28% 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% 27.28% U.S. Treasury Notes/Bonds N/A N/A 0.71% Calculation of Weighted Avg Minority Mamie Current No.of Days X Cast Date Date Days 38,503 38,504 38,503 1 3,746,516 t 38,504 38,503 t 41,390,000 38,628 38,503 125 124,266,250 38,742 38,503 239 239,000,000 38,745 39,503 242 242,000,000 38,772 38,503 269 269,000,000 38,792 38,503 289 142,953,850 38,847 38,503 344 344,000,000 39,478 38,503 975 965,903,250 39,542 38,503 1,039 1,031,820,510 38,940 38,503 437 437,000,000 38,954 38,503 45l 902,000,000 38,975 38,503 472 472,000,000 39,002 38,503 499 499,000,000 39,120 38,503 617 617,000,000 39,122 38,503 619 619,000,000 39,367 38,503 964 864,000,000 39,595 38,503 1,092 0 39,141 38,503 638 316,358,284 39,609 38,503 1,106 1,106,000,000 39,750 38,503 1247 1,247,000,000 39,769 38,503 1,266 1,266,000,000 39,854 38,503 1,351 1,35100,000 39,918 38,503 1,415 1,399,831,200 40,135 38,503 1,632 1,632,000,000 40,148 38,503 1,645 1,645,000,000 40,231 38,503 1,728 1,728,000,000 43,196 38,503 4,693 2,339,901,642 21,845,171,502 Total Investments at Cost 69,592,789 W AM to Days 313.90