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Home My WebLink About6/29/2005 - STAFF REPORTS (11) V 'N k k k c aTI09A1 E0♦4u % CA`I FORN`P City Council Staff Report DATE: June 29, 2005 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF APRIL 30, 2005 FROM: Craig A. Graves, City Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of April 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 April 30, 2005 STAFF ANALYSIS: The attached monthly Treasurer's Investment Report is for the period ending April 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 . Ci . City Council Staff Report June 29, 2005-- Page 2 Treasurer's Investment Report as of April 30, 2005 The weighted average maturity (WAM) of the portfolio is 449 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 . Graves, ity Treasurer Attachments: Treasurer's Investment Report treasrep CITY OF PALM SPRINGS 5/24/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS APRIL 30, 2005 On Call Deposits Adjusted Basis Category Total Percentage Checking Account 3 1,909,461 State Pool 26,890,000 $ 28,799,461 52.12% Short Term Investments (1 year or less) Cooperate Notes 994,130 Time Deposits 2,000,000 U.S.Gov't Agencies 1,494,650 4,488,780 8 12% Medium Term Investments (1 year to 3 years) Corpmate Notes 1,983,760 U.S. Gov't Agencies 9,000,000 _ U S.Treasury Note 495,859 11,419,619 20.78% Long Tome Investments (3 years to 5 years) U S Gov't Agencies 10,487,874 10,487,874 18 98% (Total Invested Cash $ 55,255,734 100 00% 'Some investments made prior to the implementation of die current hrvestment Policy exceed the 5 year limit 3 a ! - \ ) ))))));) }}{}}({}(! \ } } :i: : :;;:IzzIIz ®/ - _ - - : TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 5/24/2005 APRIL 30, 2005 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total (Total Invested Cash I $ 55,255,734 $ 55,255,734 $ 55,255,734 Miscellaneous Accounts Petty Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 12,360 N/A N/A open none 12,360 Trust&Agency-Bank of America 1,203,673 N/A N/A open none 1,203,673 Downpayment Assistance(Housing Fund)-Washington Mumal 33,286 variable N/A open 0.40% 33,286 Workers Compensation-Bank of America -26,561 N/A N/A open none -26,561 1,225,633 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 15Y 63,153 Downey S&L(Donovan Bequest) 12,984 2.2351 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 1.59T 17,191 98,192 (Total Cash Deposited I $ 56,579,559 TREASURER'S MONTHLY REPORT treasmp BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 0/24/05 APRIL 30, 2005 Coupon Yield Adtosted (memo only) Prior Qn. Par Value Rate Rating Maturity to Maerity Cost Bass Category ToW Market Value Source Market Value 1991/97/01 J04 Convention Center Cash 1 1 I BNY Western Tr 1 AM Government&Agency POrtf Private 1.081,786 variable AAA open 2.35% 1,081,786 1,081,786 BNY Western Tr 117,965 AIG Investment Agreement 1290,673 536% AAA 11/01/25 5.36% 1,280,673 1,280,613 BNY Wesmm Tr 1280,6/3 AIG lnvesmcnr Agreement 1,290," 6.68% AAA 11/01/21 6,68% 1,290,000 1,290,000 BNY Western Tr 1,290,000 AIG lnvesment Agreement 3,827,164 241% AAA 05/O1/06 241% 3,827,164 3,827,164 BNY Western Tr 3,927,164 W11A lnvesment Agreement 3,300,402 5.58% AAA 11/O1/35 358% 3,300,402 3,300,402 BNY Western Tr 3,30 ,402 AIG Investment Agreement 19,555,965 IA5% AAA 09/30/05 1.85% 18,555,965 18,555,965 BNY Western Tr 22,142,600 29,335,991 1992 Airport Cash I 1 1 ➢NY Wesmm Tr 1 AIM Short TermInvesmem Trsy P 434,613 variable AAA open 2 24% 434,613 434,613 BNY Western Tr 336,136 Baysmebe brsestmem Age 1.207,600 900% AAA O1101/22 700% 1.209,6W 1,207,600 BNY Westem Tr 1,207,600 1,642,214 201 Series B-Hapsmg AM Government&Agency Pomf Pnvate 4,246 sortable AAA open 2.34% 4,246 4,246 BNY Wesmm Tr 4,239 AIG Investment Agreement 468,105 522% AAA O9/01/21 5,22% 469,105 468,105 BNY Western Tr 468,105 472,351 1994104 Series A&B Cash 22,807 22,809 22,807 ➢NY Western Tr 22,849 AIM Government&Agency Pmtf Pnvate 3,090,593 variable AAA open 2.35% 3,080,593 3,080,593 BNY Western Tr 3,076,110 MBIA Investment Agreement 1,651,456 517% AAA 09/01/34 519% 1,651,456 1,651,456 BNY Western Tr 1,651,456 4,754,856 1996 Mulople Capnal Facilrnes Protect AM Government&Agency Peaf Private 984 variable AAA open 2.34% 984 984 BNY Western Tr 1,144,927 AMBAC Investment Agreement 1,730,000 6A0% AA 04/01/2/ 6.40% 1,730,000 1,930,000 BNY Western Tr 1730,000 I,730 984 TREASURER'S MONTHLY REPORT Preaazep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 01/24/05 APRIL 30, 2005 Coapo. Yield Adjusted (memo only) Prior Qtr Par Value Rate Rating Maturity to Maturity Cost Basis Category Tom Market Value Source Market Value 1999 A.pon GARB AIG Investment Agr.-Reserve 561.221 5,70% AAA 01/O1/28 m 5.70% 561,221 561,221 BNY Western Tr 561221 AIM Government&Agency Po.f Private 187,372 variable AAA open 2.35% 187,372 187,372 BNY Westem Tr 140,452 1998 A.pan PFC 748,593 AIG hivestmev[Am -Reserve 849,728 5.707, AAA O1101/28 IM 5.70% 849,728 849,728 BNY Western Tr 849,728 A Govemment&Agency Porn'private 195,455 variable AAA ape. 2.34% 295,455 295,455 BNY Western Tr 213,969 1998 MULple Capem Wasmmamr ,135,183 AIM Govemment&Agency P..f Private 300,224 veteabk AAA open 2 35% 300224 300,224 BNY Western Tr 541,395 1998 Assusmem Dtsmet 155 A&B 0Q224 AIM Govemment&Agency Pont Private 304,I43 rateable AAA .pen 2.35% 304,143 304,I43 BNY Western Tr 303,666 2001 Assessment Drsmct I57I158 04,143 AW Governevem&Agency Ponf Private 165,106 variable AAA open 2347, 165,106 165,106 BNY Western Tr 164,849 2002 Parldvg Stmcture 65,106 Cash 3 3 3 BNY Westem Tr 3 AA4 Government&Agency Pont Private 20,571 variable AAA open 2.35% 20,571 20,571 BNY Westem Tx 21,552 2004 Assessment Dutrru 161 20,574 AIM Govemment&Agency Pond'Private 750,I81 varable AAA one. 2357, 750,191 750,181 BNY Western Tr 749,007 2004 Assessment Dismc[162 50,181 Cash 1,803 I,803 1,803 BNY Western Ti 0 AN Govemmem&Agency Pont Private 1,173,794 variable AAA ope. 2.28% 1,173,784 1,173,794 BNY Western Tr 1,173.755 Toms 1,175,587 $ 42,535,987 S 42,535,997 $ 46,319,879 treasrep TREASURER'S MONTHLY REPORT 05/24/05 CALCULATION OF INVESTMENT LIMITATIONS APRIL 30, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $33,288,241 1 year to 3 years 0.00% 50.00% 20.78% 3 years to 5 years 0.00% 30.00% 18.08% over 5 years NIA N/A 0.90% 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% 3.62% Corporate Notes N/A 20.00% 5.39% 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% 37.97% U.S. Treasury Notes/Bonds N/A N/A 0.90% Calculation of Weighted Avg Maturity Mature Current No of Days X Cost Date Date Days 38,472 38,473 38,472 1 1,909,461 38,473 38,472 1 26,890,000 38,628 38,472 156 155,084,280 38,742 38,472 270 270,000,000 38,745 38,472 273 273,000,000 38,772 38,472 300 300,000,000 38,792 38,472 320 158,288,000 39,478 38,472 1,006 996,614,020 39,542 38,472 1,070 1,062,606,300 38,847 38,472 375 375,000,000 38,940 38,472 468 468,000,000 38,954 38,472 482 964,000,000 38,975 38,472 503 503,000,000 39,002 38,472 530 530,000,000 39,120 38,472 649 649,000,000 39,122 38,472 650 650,000,000 39,367 38,472 895 895,000,000 39,141 39,472 669 331,729,925 39,595 38,472 1,123 2,246,000,000 39,609 38,472 1,137 1,137,000,000 39,750 38,472 1,278 1,278,000,000 39,769 38,472 1,297 1,297,000,000 39,854 38,472 1,382 1,382,000,000 39,918 38,472 1,446 1,430,498,880 40,135 38,472 1,663 1,663,000,000 40,148 38,472 1,676 1,676,000,000 40,231 38,472 1,759 1,759,000,000 43,196 38,472 4,724 2,355,358,056 24,832,978,922 Total Investments at Cast 55,255,734 WAM in Days 449.42