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Home My WebLink About4/20/2005 - STAFF REPORTS (9) DATE: April 4, 2005 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of February 28, 2005 Attached is the Treasurer's Investment Report as of February 28, 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 484 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 . treasrep CITY OF PALM SPRINGS 3/31/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS FEBRUARY 28, 2005 IOn Cali Deposits Adjusted Basis Category Total Percentage Checking Account $ -283,994 State Pool 27,090,000 $ 26,806,006 52.27% Short Term Investments (1 year or less) Corporate Notes 994,130 Time Deposits 2,000,000 U.S.Gov't Agencies 1,000,000 3,994,130 7,79% Medium Term Investments (1 year to 3 years) U.S.Gov't Agencies 9,000,000 9,000,000 17.55% (Long Term Invesnments (3 years to 5 years) Corporate Notes 993,090 U.S.Gov't Agencies 10,487,874 11,480,964 22.39% (Total Invested Cash $ 51,281,100 100.00 ''Some investments made prior to the implementation of the current Investment Policy exceed die 5 year limit. dd�� uu��yy l 002 tmasrep TREASURER'S MONTHLY REPORT 3/31I1005 DETAIL OF INVESTMENTS FE13RUARY 28, 2005 - �A Coupon Yield Admitted (ate only) Prior Qrr Par Value Rate Brain, Maturity .Maninty Cost Bates Creep,Tom[ Mark,Value Sour Market Value On Call Deputies Checks, Bank of Ansuea S NIA unable AAA open 231% S 283 I94 $ S -283,994 $ 2,058,388 Lail Agency Invest Fund(LATE) 27 090,000 varmble N/A an 2 26Is 27,09g000 27,090,000 LAM 12A90,000 26,606,006 Short Term Imperatore. f 1 year nr las) Comomte Notes GE Capital Corp I000,000 299% AAA 10/03105 310% 994130 998,790 BNY Western Tr 100g4A 994,130 Time Deposits Washington Mutual Bank 1,000,M 310% AAA DIJ25106 310% L000000 1000,000 Washmgon Mutual 0 Washington Mutual Bank 1,00000 347% AAA MINIM 342% L000000 1,0MB00 Washmmon Mutual 10lo,orm 2,waswo U S.Gov't Agency Securities Federal Hume Loan Bank I.Gomm 2 40% N/A 02/24106 2 40% Low'" 990000 BNY Western Tr 992 812 I,OW,000 Medmm Term Investments (1 year to 3 vents) U&Go,'i Agenry SeennOu Federal Home Loan Mnngage Coloration 1000,000 255% NIA 05110/06 235% I,oul 988,860 BNY We,.-Tr 992,550 Federal National Mortgase Associonoo 100,000 250% NIA 08111/06 250% 10m,000 984,687 BNY Western Tr 989,687 Federal H.me Loan Bank 2,000,000 3177. NIA 08/1510(1 317% 2,00000) 1,997,500 BNY Western Tr 1,998750 Federal Home Loan Mortgage Corporation 1,000,000 306% NIA 091/5/05 306% 1,000,000 991,780 BNY Western Tr 992640 Federal Home Lom Bank 1,000,0M 300% NIA 10112/05 300% 1,000,000 990,000 BNY Western Tr 996250 Federal Hume Loan Bank I W0,000 3 13% NIA 02107/07 3 13% 1,000,000 988,437 BNY Weals.Tr 996,250 Ftleral Home Lean Bank 1000,000 360% NIA 02109/07 360% 1,000,000 996562 BNY Western Tr 0 Federal National Mortgage Association 1000,000 350% NIA 10112/07 350% 1000,000 989,375 BNY Western Tr 998,750 Federal Home Loan Mon9age Corporation =000,000 413% NIA 02125/O8 413% 0 0 BNY Western To 2,0e0.100 9,000000 Lung Term movements, (3 pima m 5 years) Corporate Notes Well,Fag.Compmy 1000,000 350% AAI W104/08 323% 993,090 986,390 BNY Western Tr 0 993,090 U S_Gov't Agency Se uninEs Federal Faint Credo Bank 2,000,000 404% N/A 05/17/08 404% 2colsow 1,997,500 BNY Western To 2058,750 Federal Home Loan Bank 1000,000 9A2% NIA OW10/08 402% 1,000,000 996,875 BNY Western Tr 1,MO,312 Federal Farm Cred it Bank 1,000,000 3B5% N/A 10/29,08 385% I,0Og000 989,062 BAT Western Tr 1,000,937 Federal Hour Loan BmL 1 000 000 400% N/A 11/17/08 4007. I000,000 99.106, BNY Western Tr 1000,62, Federal Home Lose Bank 1,000,000 4.23% NIA 01110,09 423% 1,000,000 990,937 BNY Western Tr 0 Federal Hume Loan Mortgage Corpmarmn 1,000,000 3 39% N/A 04115/09 3 65'% 989,180 975,000 BNY Western Tr 0 Federal Farm Credit Bank 1000,000 4 21% N/A 11/18/09 421% 1,000,000 992,187 BNY Western To LOOL875 Federal Home Loin Bank 1 000,000 4 30% N/A 11101,09 4 30% L000.000 994,062 BNY Western Tr 1001 fib) Federal Home Loan Bank 1 000 000 435% N/A 01/12/10 435% 1,000,000 991_50 BNY Western Tr 0 Fimmmeg Coolant aaon(FICO) 500,000 980% NIA 04,05/18 980% 498,59J 734,220 NanmisBONr 736710 10A82.824 Tool Invested Cash S 5128E 100 $ 11353,542 S 36,152,942 41t TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 3/31/2005 FEBRUARY 28, 2005 - Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total (Total Invested Cash $ 51,281,100 $ 51,281,100 $ 51,281,100 Miscellaneous Accounts Petty Cash 2,775 N/A N/A open none 2,775 Revolving Fund-Bank of America 12,753 N/A N/A open none 12,753 Trust&Agency-Bank of America 1,174,648 N/A N/A open none 1,174,648 Downpayment Assistance(Housing Fund)-Washington Mutual 33,253 variable N/A open 0.40% 33,253 Workers Compensation-Bank of America -16,388 N/A N/A open none -16,388 1,207,041 (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 296% 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 $ 52,586,333 TREASURER'S MONTHLY REPORT tress rp BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 03131105 FEBRUARY 28, 2005 Coupon Yield Adjusted (memo only) Prior Qlr Par Value Rare Rating Matunty to Maturity Cost Basis Category Trott Market Value Source Market Value 1 9 9 119 7101/0 4 C...red.Cemer Cash _ 1 1 1 BNY Western Tr 1 AIM Government&Agency Portf Private 117,751 variable AAA open 2.07% I17,951 117,751 BNY Wetem Tr 5/1,362 AIG investment Agreement 1,280,673 536% AAA 11/01/25 5.36% 1,290,673 1,280,673 BNY Western Tr 1,280,6/3 AIG rnveamanrtt Agreement 1,290,W0 6.68% AAA I1/O1/21 6.68% 1,290,000 1,290,000 BNY Westem Tr 1290,000 AIG Investment Agreement 3,827,164 241% AAA 05/01/06 2.41% 3,827,164 3,827,164 BNY Westem Tr 3,827,164 MBIA btvestment Agreement 3,300,402 558% AAA 11/01/35 5.58% 3,30 ,402 3,300A02 BNY Western Tr 3,30 ,402 AIG lnvestment Agreement 23,758,O07 185% AAA 09/30/05 1 85% 23,758.007 23,]58,00] BNY Westem Tr 31,784,814 33,53,998 1992 Anpon Cash I 1 1 BNY Westem Tr I AM Shun-Term hivesiment Tray P 237,932 vanable AAA open 197% 237,932 237,932 BNY Westem Tr 949,849 Bayerisehe lavea[ment All 1207,600 7.00% AAA 01/01/22 900% 1,207,600 1,207,6W BNY Westem Tr 120Z600 1,445,533 2WI Series B-Housing Cash 75 T 75 BNY Westem Tr 200 AIM Government&Agency Portf Private 4,233 vanable AAA open 2.09% 4,233 4,233 BNY Westem Tr 3,894 AIr lavesiment Agreement 468,105 5,22% AAA 09/01/21 5.22% 469,105 a68,105 BNY Westem Tr 469,105 472,413 1994/04 Series A&B Cash 22,841 22,841 22,841 BNY Wesrem Tr 11,138 AIM Government&Agency Peal Private 3,371,101 variable AAA open 209% 3,371,101 3,371,101 BNY Wesrem Tr 5,376.789 MBIA Investment Agreement 1,651,456 519% AAA 09/01/34 517% 1,651,456 1,651456 BNY Westem Tr 1,651,456 5,045,398 1996 Multiple Capital Facdidea Project AIM Government&Agency Ponf Private 9,284 variable AAA open 2.07% 9,284 9,284 BNY Westem Tr 9,262 AMBAC Invesunent Agreement 1,930.OW 6.40% AA 04/01/27 6A0% 1,930,000 1,930,000 BNY Westem Tr 1,730,000 1,139,284 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 03/31/05 FEBRUARY 28, 2005 Coupon Yield Adrysmd (memo only) Prior Qn Par Value Rare Rating Maturity in Maturity Cost Basis Category TOW Market Value Smtrce Market Value 1998 ArMort GARB AIG loves®ent A, -Reserve 561,221 590% AAA 01/01/28 590% 561,221 561,221 BNY Western Tr 561,221 AIM Government&Agency Portf Private 93,613 variable AAA open 2.06% 93,613 93,613 BNY Wesmm Tr 407,081 654,834 1998 Airport PFC AIG Investment Agr -Reserve 849,728 590% AAA 0l/Ol/28 590% 849.928 849,728 BNY Western Tr 849,728 AIM Government&Agency Portf Private 142,621 unable AAA open 2 07% 142,621 142,621 BNY Western Tr 609,107 992,349 1998 MAdple Capita WasLc.te' AM Government&Agency Ponf Private 301,001 vanable AAA open 207% 301.001 301.001 BNY Western Tr 300.281 301,W 1 1998 Assessment Drstnct 155 A&B AIM Government&Agency Portf Pnvate 367,929 vanable AAA open 209% 36/,929 367,929 BNY Western Tr 284,211 367,929 2001 Assessment Dawn,151/158 AIM Govemmenr&Agency Ponf Private 16A,635 variable AAA open 206% 164,635 164,635 BNY Western Tr 164,241 164.635 2002 Parking Structure Cash 3 3 3 BNY Western Tr 3 AIM Government&Agency Ponf Private 16,525 variable AAA open 2,06% 16.525 16,525 BNY Western Tr 26.399 16,528 2004 Assessment District 161 AN Government&Agency Ponf Private 963,976 variable AAA open 2 07% 963,9/6 863,976 BNY Western Tr 758,014 963,9976 2004 Assessment District 162 ABvl Government&Agency Portf Private 1,188,598 variable AAA open 207% 1,188,598 LI88,598 BNY Western Tr 1,192,753 1,188,598 Touts .$ 46.826,476 $ 46.A26,496 $ 58,614,729 td treasrep TREASURER'S MONTHLY REPORT 03/31/05 CALCULATION OF INVESTMENT LIMITATIONS FEBRUARY 28, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $30,800,136 1 year to 3 years 0.00% 50.00% 17.55% 3 years to 5 years 0.00% 30.00% 21.42% over 5 years N/A N/A 0.97% 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% 3.90% Corporate Notes N/A 20.00% 3.88% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 39.95% Mortgage Pass Thru's N/A 10.00% 0.00%