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Home My WebLink About3/16/2005 - STAFF REPORTS (13) DATE: February 28, 2005 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of January 31, 2005 Attached is the Treasurer's Investment Report as of January 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 499 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: ` 7 �r Thomas M. Kanarr Treasurer 0001 treasrep CITY OF PALM SPRINGS 2/25/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JANUARY 31, 2005 IOn Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -130,803 State Pool 24,190,000 $ 24,059,197 50.61% Short Term Investments G year or less) Corporate Notes 994,130 Time Deposit 1,000,000 1,994,130 4.20% (Medium Teun Investments (1 year to 3 years) U S Gov't Agencies 9,000,000 Time Deposit 1,000,000 10,000,000 21 04% Long Term Investments (3 years to 5 years) Corporate Notes 993,090 U S.Gov't Agencies 10,487,874 11,480,964 24 15% Total Invested Cash $ 47,534,291 100.00% 'Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit /'y 0002 treasrep TREASURER'S MONTHLY REPORT 2051,005 DETAIL OF INVESTMENTS O JANUARY 31, 2005 Coupon Yield Adjusted (memo only) poor Qtr Par Value Rao: Rang Mmwtp mmod"ty Cost Basis Category Total Markel Value Source Market Value Ion Call Deposns Cheektng-Bard,of Ar cm. $ N/A variable AAA open 2 19% 5 -130,803 $ q -130,803 S -2,058,388 Leval Agency Invest Fund(LAIF) 24,19op00 variable N/A open 226% 24190,W0 24,190,00o LAIF 17,490,000 24,059,19] $M1mt Term Invesnen6 (1 year or leas) Corporate Note, GE Capual Corp 100000o 299% AAA 10/03/05 3.20% 994,130 999,687 BNY Western Tr 1,o00,440 994,130 Inner Deposit Wnshmgtov Mutual Bank I,MOG) 310% AAA 01/2i/06 310% 1,000000 1,W0,000 Wanhivgov Mutual 0 1,000,000 IM(ednnm Term loveaneno, 1 year w B ream) US Gov't Agency Securities Fedenl Home Loan Bank I,Oap,OW 240% N/A 01/24/06 2A0% I'm,000 991,250 BNY Western Tr 992912 Federal Home Lomr Mortgage Corpouonn 10o0,ox 2557. N/A 05/10/06 255% I,Oaa,wD 990,790 BNY Western Tr 992,550 Federal Nadonal Morlgnge Aasonavon 1,000,Oo0 2507. N/A 08111/06 250% i'm,tia 987,500 BNY Weetem Tr 989,687 Federal Home Linn Batik 2,000,000 317% N/A 08115/06 3177. 2,000,W0 1,993750 BNY Western Tr 1,99"0,750 Federal Home Loan Mortgage Corpuralivn 1,000,000 3.06% N/A 09/15/06 306% 1,OOo0oo 995,110 BNY Western Tr 997,640 Federal Home Lean Bard, I'M0,000 3 a0% N/A 10/12/06 3 007. 1,OOp,000 993,437 BNY Western To 996,250 Federal home Loan Dank 1000,a00 313% N/A 02/07/07 313% 1,00o," 993,125 BNY Woolern Tr 996,250 Federal National Mortgage Assocord. 1,000.0m 310% N/A 10/12/07 3505s 1,000,a00 995,312 BNY Western Tr 998,750 Tame Deposnt Washington Murual Bank 1,000,000 3.415, AAA 01128106 347% 1,00Q000 1,OW000 Waslunoton Mumal I,ON'tm 10,000,00 Long Term Iwesdnoln (3 yems m 5 yetis) Cmm�m¢Nares Wells Fmgo Company 1,000,000 350% AAl 04/04/08 173% 993,090 996,300 BNY Western Tr 0 993090 11S Gov t Agency Securmes Federal Home Loan Mortgage Cwporadon 2,000,000 4A3% N/A 02/25/08 413% 2000,000 2WI,620 BNY Western Tr 2,004,100 Federal Farm Credo Bonk 2,000,000 4dl% N/A 0527/08 404% 2,000000 2,W3,750 BNY Western Tr 2,008750 Federal Home Loml Bank 1,000,000 402% N/A 06/10/08 4027v 1,ow,tm 1,wo0312 BNY Waster.T, t000,312 Federal Farm Credit Bank 1,000,000 381% N/A 10/29/08 385% 1,00g000 997,197 BNY Western Tr 1,OW,937 Federal Home Loan Band 1,000,009 4007, NIA 11/17/08 a00% I,0m,000 999,375 BNY Western Tr 1,000.625 Federal Home Loan Moruge Cnrporanon 1,000,000 SAS% N/A 04/15/09 3 650. 999,280 984,062 BNY Wc,,t on Tr 0 Fedadl Farm Credit Bank 1000,000 425% N/A 1I/18109 425% ]ow,Oao 999,375 BNY Weser.Tr 1001,875 Federal Home Loan Bank 1,000,000 4 30% N/A 12/01109 4.30% 1.000,000 1 001562 BNY Western Tr 1004,687 Fawner,Corporanon(FICO) 500,000 980% N/A 04/06/18 Mod, 498594 745,315 NadonsBank 736,720 10,487,874 Total lnvnmd Cash 5 47534,291 5 4],P_S,OIfi S 36,152,741 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 2/25/2005 JANUARY 31, 2005 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Cate Tond Invested Cash I $ 47,534,291 $ 47,534,291 $ 47 Miscellaneous Accounts Petty Cash 2,775 N/A N/A open none 2,775 Revolving Fund-Bank of America 16,309 N/A N/A open none 16,309 Trust&Agency-Bank of America 1,145,810 N/A N/A open none 1,145,810 Downpayment Assistance(Housing Fund)-Washington Mumal 33,253 variable N/A open 0 40% 33,253 Workers Compensation-Bank of America -41,082 N/A N/A open none -41,082 (Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 62,204 1 14% N/A 2/11/2005 1 14% 62,204 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 159% 17,181 (Total Cash Deposited $ 48 TREASURER'S MONTHLY REPORT trne,rep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 02/25/05 JANUARY 31, 2005 Coupon Yreld Adjusted (meta amy) Pnor Qm Par Value hate Rea ng Maturity in Matemy Cost Basis Category TeW Market Value Source Market Value 1991/WIGI/04 Convention Center Cash 1 I 1 BNY W estem Tr I AIM Government&Agency Ponf Private 512,010 variable AAA open 193% 572.010 572,010 BNY Western Tr 571,362 AIG ravestmem Agreement 1,290,673 536% AAA 11/01/25 536% 1280,6/3 1,290,613 BNY Western Tr 1,280,6/3 AIG Investment Agreement 1,290'1 668% AAA 11/01/21 668% 1,290,000 1290,000 BNY Westcm Tr 1,290,000 AIG rnvestment Agreement 3,827,164 241% AAA O5/01/06 241% 3,827,164 3.827,164 BNY Western Tr 3. 27,164 MBIA hrveslmem Agreement 3,300,402 558% AAA 11/01/35 558% 3,300,402 3,300,402 BNY Western Tr 3,300,402 AIG Investment Agreement 27,342,309 185% AAA 09/30/05 1.85% 27,342,309 27,3,12,309 BNY Western Tr 31,784,814 37,612,559 1992 Arrporr Cash 1 1 1 BNY Western Tr 1 AN Short Term Investment Trsy P 139,552 variable AAA open 1.74% 139,652 139,652 BNY Wesrem Tr 949,849 ➢ayensche lnve,emem A, 1.207,600 7W% AAA 01/01/22 7.00% 1,207,600 1,207.600 BNY Western Tr 1207,600 1,340 253 2001 Series B-Housing Cash 126,902 126,902 126,902 BNY Weuem Tr 200 AIM Govemmem&Agency Pmif Pnvat 3,878 v.able AAA epeo 183% 3,898 3,8/8 BNY Western Tr 3.824 AIG hrvesmeat Agreement 468,105 5.22% AAA O8/01/21 522% 468,105 468,105 BNY Western Tr 469,105 598,885 1994/04 Sen.A&B cash 11,183 11,183 11,183 BNYWesmmTr 11,138 AIM Government&Agency Ponf Pnvate 2,801,976 variable AAA open 1.84% 2,801,976 2,901,976 BNY Western Tr 5,376,789 MBIA hivenmeat Agreement 1,651,456 517% AAA 09/01/34 5.19% 1,651,456 1,651,456 BNY Western Tr 1,651,456 4,464,615 1996 Multiple CapiW Facihdes Project AIM Government&Agency Portf Private 9,272 variable AAA open 1 84% 9,272 9,2/2 BNY W.eem Tr 9,262 AMBAC hvesnnem Agreement IJ30,000 6.40% AA 04101127 640% 1,730,000 1,730,000 BNY Wanrm Tr 1.730,000 1,739,272 c,O TREASURER'S MONTHLY REPORT treaseep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 0225X5 JANUARY 31, 2005 Crap. yield Ad3vetetl (memo only) Prior Qn Par Value Rate paid, Manny to Mammy Cost Basis Category Trial Market Valtie Source Market Value 1998 Airport GARB AIG Investotent Agr.-Reserve 561.221 5.90% AAA 0110128 5 90% 561,221 561,221 13 Y Western Tr 561,221 AIM Govemment&Agency Ponf Private 46,766 variable AAA open 1.94% 46,766 46,766 DI Western Tr 407,081 609,98] 1998 Airport PFC AIG pavement Agc-Reserve 849,728 5.90% AAA OD01128 5.70% 849,728 849,728 BW Western Tr 849,729 AIM Govenmcnt&Agency Ponf Private 91_51 variable AAA open 1.84% 91,251 91,251 BNY Western Tr 609,107 920,979 1998 Multiple Capnal Wastewater AIM Government&Aeency Ponf Private 30D,622 variable AAA open 184% 300,622 300,622 BNY Westem Tr 300,281 300,622 1998 Assessment District 155 A&B AM Government&Agency Ponf Private 284.533 variable AAA open I84% 234,533 284,533 BNY Western Tr 284,211 284,533 200I Assessment Dismet 1571158 AIM Government&Agency Ponf Private 164,427 variable AAA open 184% 164,427 164,427 BNY Western Tr 164,241 164,421 2002 Parking Stn¢ture Cash 3 3 3 ➢NY W cstem Tr 3 AIM Gou'emmem&Agency Ponf Private 16,573 variable AAA open 1.84% 16,593 16573 BNY Western Tr 16.399 16,576 2004 Assessment District 161 AIM Govemment&Agency Ponf Private 758,874 variable AAA open 184% 758,374 759,974 BNY Western Tr 759,014 758,874 2004 Assessment Demca 162 AIM Govermnent&Agency Ponf Private 1,187,099 variable AAA open 184% 1,187,099 1.197,099 BNY Western Tr 1,192,753 1.187,099 Ttnals $ 50,003,681 $ 50.003,691 S. 5&614,729 treasrep TREASURER'S MONTHLY REPORT '> 02/25/05 CALCULATION OF INVESTMENT LIMITATIONS JANUARY 31, 2005 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $26,053,327 1 year to 3 years 0.00% 50.00% 21.04% 3 years to 5 years 0.00% 30.00% 23.10% over 5 years N/A N/A 1.05% 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% 4.20% Corporate Notes N/A 20.00% 4.18% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 40.99% Mortgage Pass Thru's N/A 10.00% 0.00%