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Home My WebLink About5/18/2005 - STAFF REPORTS (14) DATE: May 2, 2005 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of March 31, 2005 Attached is the Treasurer's Investment Report as of March 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. The weighted average maturity(WAM) of the portfolio is 504 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. Submitted by: Thomas M. Kanarr Treasurer Item No. 2 . D e treasrep CITY OF PALM SPRINGS 4/28/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MARCH 31, 2005 On Call Deposit Adjusted Batts Category Total Percentage Checking Account $ 1,896,721 State Pool 22,490,000 $ 24,386,721 47,96% Short Term Investments il year or less) Corporate Notes 994,130 Time Deposits 2,000,000 U.S.Gov't Agencies 1,494,650 4,488,780 8.83% Medium Tetm Investments (1 year to 3 years) Corporate Notes 990,670 U.S.Gov't Agencies 9,000,000 U.S.Treasury Nate 495,859 10,486,529 20.63% Long Term Investments (3 years to 5 years) Corporate Notes 993,090 U S Gov't Agencies 10,487,374 1t,480,964 22 58% Total Invested Cash S 50,842,994 100 00% 'Same investments made prior to the implementation of the cut rent Investment Policy exceed the 5 year limit. VlaasrwP TREASURER'S MONTHLY REPORT 4/282005 DETAIL OF INVESTMENTS MARCH 31,2005 Conpou Yre1J AJryveJ (me only) Pnor Sr PoV VWoe Ru¢ R.u:up Mmm.ly 10 M.n:mly Cmt BnsL Ca:-,Total Markel Value Sour¢ Muki,,Value IOn Cull Deposits Clmckln0-0a:d.nr A:nnrlcl: $' N/A VIriable AAA open 252,' 5 1,896,721 $ 5 1,896,721 5 -2,058,388 Loml Agency Dwell CwN(LAIM 23,490AO0 vIIriable N/A open 254% 12 490 000 22190,000 LAIF 17,490,000 24,386,721 SLron Tem:Lrveame:ns 1" orRsl Cmpnnac Nods GE C"'ll Cam 1,000,000 299% AAA W103/05 320% 994,130 998,050 BNY Weslcm Tr 1,000,I10 994,130 Tune DLposils Wunnnplon Mutual Banc 1,000.0 310% AAA 01125106 3.10% Io0000o 1,000,000 W,.,l Ilan Mnlnul 0 WI'll ton Mnwal Bank 1,000,000 3.47% AAA 0108106 347% 1.000,000 I,Op0000 Nasbu:glon Muwal 1.000,000 2,000,000 US Oov'I Ague,Securities Fi,d-1 I1o:ne Lu:o BnM 1,000,OOo 240% NIA 02/24,06 240% 1'000,000 989,750 BNY Wes¢r::Tr 992,812 RJvnJ home Lwn&mk(Library T:vsQ 1,000,000 2 50% NIA 03/15106 3 64% 49q1650 494,395 BNY Weaenl Tr 0 1,494,650 Med lITcm:Inveamnvs flvunn3 Cnrporne Noms BurSlearus Ce 1,000,000 400% AM 01131,08 431% 990,670 987,090 BNY Wesmm Tr 0 990,670 U S Gov'I A,,cu,Securities Fl,d-111nnm Lmm Mony::ge Calpmulmn I,wo,wo 255% N/A 0510/06 255E Ip00,000 986,590 BNY IVeaenrtr 992,550 1:.Jen1 Nnlmnul Munynv_e Assonuuou 1,000,wo 250% NIA 08111/06 2.5BR 1.000,000 982,187 BNY WIll-I Tr 989,687 FeJeml Hill-Luan B.IN: 2,000,000 3 17% NIA 08/25106 3 11% 2,OB0000 1,980,621 RNY Weslem Tr 1,998,750 FMIIJ Home Ln:m M."'..a Cmpomtinn 1,000,000 306l. N/A 09/15106 306E Ip00,000 988,760 ANY Westam Tr 99)640 FId-al Hnnry Loun B.uS I,WO,Opp 300% N/A 10/12106 300% 1,000.000 986.e75 BNY Well-Tr 996,250 FCJeu:I tlo:nc Loam BaM I.I Nm 313% N/A 02107/07 313% U000,000 985,UO BNY WcUn:Tr 996,250 Pedal Home Lcwl Bank 1.000.000 3A0% N/A 02I09/07 360% 1,000,000 993,125 BNY Wlt-n:Tr 0 RJenJ Neuon.J MmmuSe 6swcl,won 000'No 3.50% NIA 10212/07 3.50E 1 000,000 984,375 BNY 1Ves1em re 998,750 FCJerul llan¢Lun Monyake COTcrul:m: 2,000,100 413% NIA 0225100 913E 0 0 BNY WOIcm Tr 2,ON,100 9,000,Wp US Tmcwry Nole H 5.'Y-1,Nme(L.brary T-,) 1W,090 338% NIA 021281E 3835% 495.959 496,350 BNY Wes¢nrtr 0 495,859 tan2 m:10I5 Venn)nves7 (3 Cmpomm Nmcs Wdil Farpn Company 1 000,000 3.50% AAI 041008 3 73'% 993,090 973,610 BNY W-ern Tr 0 993,090 U.5 Guv'I Agency 5...... FCJual Fam:MIN,&nk 2,000.000 404% NIA 0527I08 104% 2,000,000 1,905,00p 3NY Nepenl Tr 2,008.750 F,d-1 Hnme"All BAI Ioomoo 402% N)A 06110/08 402% I,000,000 992,187 BNY W...ru Tr 1,00031' Rtlu.J F.mn CreJn Bank IW0,000 365% N/A 10129/08 3.854 IpW,000 983,11" BNY Weacnrtr ;,W0.937 Fd-ll tlmnc Luan:Bank IOo0,p00 40', N/A 11117/08 400% 1,000,300 9BB,g32 BNYWes¢n:'f: ,000,625 FeJsml IN-Loun B,u:L 1,000.000 423% N/A 02110109 123% I,000,000 90468] BNYWlt-Tr 0 FeJeml Hnmr Luau Morl-Cn..... 1100g000 338% NIA 04/15109 365'4A 989,280 966.875 BN)Wes1-I Tr 0 ur FOJ .J N-I CrcJn%IiL 1,000,000 4 25% NIA 1 M109 V 258 1,000,000 985,625 BNY WL I,.Tr 1 001,8]5 FLJeml Hill-Loan 6n:k I o0A000 q 30% NIA 12/01/09 V 30% 1.000,000 9e9,062 BNY ZVe mTr 1,004,682 FeJl Hnme Loun Ba10. 1000,OW 4.3516 000 NM 02122/10 435% 1, 000 985939 pNY WUIcm Tr 0 en FII:.mnnO Cmponn:cu(FICO) SO0W0 9,80Y. N/A 04/06119 980% 498594 724'530 N.umns0ank 736,220 10.187.874 TOW 1-I:ld CLAI S SO,AV2,99q 5 50,197,948 S 36 152]42 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 4/28/2005 MARCH 31, 2005 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total (Total Invested Cash I $ 50,842,994 $ 50,842,994 $ 50,842,994 Miscellaneous Accounts Petry Cash 2,875 N/A N/A open none 2,875 Revolving Fund-Bank of America 16,081 N/A N/A open none 16,081 Trust&Agency-Bank of America 1,267,685 N/A N/A open none 1,267,685 Downpayment Assistance(Housing Fetid)-Washington Mutual 33,253 variable N/A open 0.40% 33,253 Workers Compensation-Bank of America -12,384 N/A N/A open none -12,384 1,307,510 (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) 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 $ 52,248,696 TREASURER'S MONTHLY REPORT treaair, BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS 04/28/05 MARCH 31, 2005 Ccupon Yield Adjusted (memo only) Prior Qtr Pat Value Rate Rating Mummy to Matrity Cost Basis Category Total Markm Value Sou ce Marti t Value 1991197/01104 Cm tenure Cenm, Cash 1 I 1 BNY Western Tr 1 AM Govenmem&Agency Patti`Private 117,965 variable AAA opert 229% 117,965 117,965 BNY Western Tr 571,362 AIG Investment Agreement 1,280,673 536% AAA 11/01/25 536% 1,280,673 1,290,673 BNY Western Tr 1,280,673 AIG lnvestmnt Agreement 1,290,000 6.68% AAA 11/01/21 6687. 1,290,000 1'290,000 BNY Western Tr 1,290,000 AIG lavesvneot Agreement 3,827,164 2.41% AAA 05/01/06 2.41% 3,827,164 3,827,164 BNY Western Tr 3,827,164 MBIA Investment Agreement 3 3W,402 5 58% AAA 11,01/35 5 58% 3,3W,402 3,300,402 BNY Western Tr 3,300,402 AIG lnvesnnent Agreement 22,142,600 185% AAA 09/30/05 185% 22,142600 22,142,600 BNY Western Tr 31,784,914 31,958,805 1992 Ai,.w Cash 1 I 1 BNY Western Te 1 AM Sh.n-Term lnveswen[Te.sy P 336,186 variable AAA open 217% 336,186 336,186 BNY Weamm Tr 949,849 Bayensche Investment Age. 1,207,600 700% AAA 01/01/22 700% 1,207,600 1,207,600 BNY Western Tr 1,207,600 1,543,797 2001 Series B-Housing Cash 0 0 0 BNY Western Tr 200 AIM Government&Agency Portf Private 4,239 variable AAA open 2,28% 4,239 4,239 BNY Wesmm'Cr, 3,874 AIG hivestment Agreement 468,105 522% AAA 08/O1121 5.22% 468,105 468,105 BNY Western Tr 468,105 472,344 1994/04 Series A&➢ Cash 22,848 22,848 22,848 BNY Western Tr 11,138 AIM Government&Agency Pont Private 3,076,110 variable AAA open 2,29% 3,076,110 1,076,110 BNY Western Tr 5,376,789 MBIA Investment Agreement 1,651,456 5.17% AAA 09/01/34 517% 1,651,456 1,651,456 BNY Western Tr 1,651,456 4,750,414 1996 Mn10ple Cap,m1 Pandnies Prmert AIM Government&Agency Portf Prvate 1,144,927 variable AAA open 2.07% 1,144,927 1,144,927 BNY Western Tr 9,262 AMBAC Investment Agreement 1,730,000 640% AA 04/01/27 640% 1,730,000 1,730,000 BNY Wesnm Tr 1,730,000 2,874,927 TREASURER'S MONTHLY REPORT no,"ep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 04/28/05 MARCH 31, 2005 Coupon Yield Adjusted (memo only) Prior Qu Par Value Rale Ratio, Maturity to Maturity Cost Basis Category Total Market Value Source Markel Value 1998 Airport GARB A IG ffi,e ncnt Age.-Reserve 561,221 5.70% AAA 01/01/28 570% 561,221 561,221 BNY Western Tr 561,221 AIM Govemmeut&Agency Portf Pnvate 140,452 variable AAA open 2 29% 140,452 140,452 BNY Western Tr 407,081 701,673 1998 Airport PPC AIG lnvesunent Agr.-Reserve 849,728 5.707. AAA O1101/28 570% 949,728 949,729 BNY Western Tr 849,728 AN Govemmeut&Agency Pont Private 213,969 variable AAA open 2.29% 213,969 213,969 BNY Westem Tr 608,107 1,063,697 1999 Multiple Capiml Wastewater AN Gee cnunent&Agcncy Ponf Private 541,395 variable AAA open 2 29% 541,395 541,395 BNY Western Tr 300,281 541,395 1998 Assessment Dtsmet 155 A&B AIM Government&Agency Prof Pnvate 303,666 variable AAA open 223% 303,666 303,666 BNY Western Tr 294,211 303,666 2001 Assessment District 1571158 AIM Government&Agency Ponf Privae 164,849 variable AAA open 2.29% 164,849 164,849 BNY Western Tr 164,241 164,849 2002 Par]nng Structure Cash 3 3 3 BNY Western Tr 3 AIM Govemmeut&Agency Portf Pi rvare 21,552 vmtable AAA open 2.29% 21,552 21,552 BNY Western Te 26,399 21,555 2004 Assesniont District 161 A Bvl Government&Agency Pont Pi ivate 749,007 variable AAA open 229% 749,007 749,007 BNY Western Tr 758,014 49,007 2004 Assessme m nt Disct 162 AIM Govemmeut&Agency Ponf Private 1,173,755 varable AAA open 2287r 1,173,755 1,173,755 BNY Western Tr 1,192,753 1,173,755 Totals $ 46,319,874 .6 46,319,874 S 58 614,729 L treasrep TREASURER'S MONTHLY REPORT 04/28/05 CALCULATION OF INVESTMENT LIMITATIONS MARCH 31, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $28,875,501 1 year to 3 years 0.00% 50.00% 20.63% 3 years to 5 years 0.00% 30.00% 21.62% over 5 years N/A N/A 0.98% 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% 3.93% Corporate Notes N/A 20.00% 5.86% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Tlrru's N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 41.27% U.S. Treasury Notes/Bonds N/A N/A 0.98%