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Home My WebLink About2/16/2005 - STAFF REPORTS (34) DATE: January 28, 2005 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of December 31, 2004 Attached is the Treasurer's Investment Report as of December 31, 2004. 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. Also, the 50% limitation on investments in U.S. Government Agencies was exceeded slightly. When the latest investments were made in early December, the policy was in compliance. However, major expenditures for the Convention Center made later in December were not reimbursed from the bond proceeds held by the City's Trustee Bank until January, 2005. 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 587 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 treasrep CITY OF PALM SPRINGS 1/28/2005 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS DECEMBER 31, 2004 �On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -2,058,388 State Pool 17,490,000 $ 15,431,612 42.96% Short Term Investments ( 1 year or less) Corporate Notes 994,130 994,130 2.77% Medium Term Investments ( I year to 3 years) U.S. Gov't Agencies 9,000,000 Time Deposit 1,000,000 10,000,000 27 94% (Long Term Investments U.S. Gov't Agencies 9,498,594 9,498,594 26 44% (Total Invested Cash $ 35,924,336 100,00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treasrep TREASURER'S MONTHLY REPORT 1a8/2W5 DETAIL OF INVESTMENTS M DECEMBER 31, 2004 Coapon Yield Adjusted (Menlo only) Pnor Qo- Par Value Rate I2anng Maturity to Ma Wray Cost Bast Cateeoty Total Market Value Source Market Value lOn Call Deposits Checking-Book of A.crci S N/A v.alde AAA open 2,05% $ -2,058,398 S S 2059,389 $ 576,595 Local Agency Invest Fred(LAIF) 17,490,000 variable N/A open 2.13% 17,490,000 1/,490000 LAIF 27,190,000 15,431,611 Shari Ter.Investment (1 year or less) Cotporale Notes GB Capital Corp 1,000,000 2.99% AAA 10/03/05 3 20% 994,130 1,000,440 ANY Western Tr 1,004,960 994,130 Medmm Term Investment (1 year ro 3 years) U S.Gw't Agency Securities Federal Home Loan Bank 1,000000 240% N/A 01/14/06 240% 1,000,000 992,912 BNY Western Tr 997,500 Federal Home Loan Mortgage Corporation 1,000,000 2 55% N/A 05/10/06 2.55% 10BB.000 992,550 BNY Western Tr 998,291 Federal National Mortgage Aasociauon 1,0oo'llm 250% N/A 08/11/06 2.50% 1000,000 989,687 BNY Western Tr 995,625 Federal Home Loan Bank 2,000,0W 319% N/A 08/15/06 317% 2,000,000 1,998,750 ANY We4etn Tr 2,011,250 Federal Home Loan Mortgage Corporation 1,lludko 0 3 06% N/A 09/15/06 3 06% 1,000,000 997,640 BNY Western Tr 1,002,450 Federal Home Loan Bank I,004d000 3 00% N/A 10/11/06 3 00% 1 OOO,OOO 996,250 BNY Western Tr 0 Federal Home Loan Bank 1,000,000 3 13% N/A 02/07/07 3 13% 1,00g000 996,250 BNY W.tun Tr LOOQ937 Federal National Mortgage Assoeianon 1,000,000 3.507. N/A 10/12/07 3505 I'M0000 998,750 BNY Western Tr 0 Federal Farm Credit Bank 1,000,000 3 60% N/A 10/29/07 3 60% 0 0 BNY Western Tr 999,062 Time Deposit Washington Mutual Bank 1 000,000 3.47% AAA OIJ28106 3 47% 1,M000 1,000,000 Washington Mutual I,OOg0n0 10,W0,000 Long Term Investment (3 vdM,m 5 years) U.S Gov't Agency Securities Federal Home Loan Mortgage Cotporatien 2,000,000 4 13% N/A 02/25/08 4 13% 2,000,000 2,M4,100 BNY Western Tr 2,015,020 Federal Farm Credn Bank 2,000.000 404% N/A 05/17/08 4047, 2000,000 2,008,750 BNY Weamn Tr 2,021,250 Federal Hotne Loan Bank 1000,000 402% N/A 06/10/09 402% 1,000,000 1000,312 BNY Western Tr 0 Federal Farm Credit Bank I'lix,o 0 3 85% N/A 10/29/08 3 85% 1,00 ,000 1,000,937 BNY Wasmra Tr 1,007,197 Federal Home Loan Bank 1000,000 4WT. N/A 11/17/09 400% 1,000,000 L000,625 ANY Western Tr 0 Federal Farm Credn Bank 1000,000 425% N/A 11/18/09 425% 1000,000 IM1,875 BNY Western Tr 0 Federal Home Loan Bank 1,000,000 4 30% N/A 11/01/09 3 13% 1,000,000 1,004,687 BNY Western Tr 0 Financing Corporation(FICO) 500,000 280% N/A 04/06/18 990% 498,594 736.71_0 NationaBank 737,190 9,498,594 TOMI Invested Cash 5 35,924,336 S 36,152,747 S 43,557,107 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 1/28/2005 DECEMBER 31, 2004 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash I $ 35,924,336 $ 35,924,336 $ 35,924,336 (Miscellaneous Accounts Petty Cash 2,775 N/A N/A open none 2,775 Revolving Fund-Bank of America 7,982 N/A N/A open none 7,982 Trust&Agency-Bank of America 1,182,628 N/A N/A open none 1,182,628 Downpayment Assistance(Housing Fund) -Washington Mutual 33,253 variable N/A open 0.40% 33,253 Workers Compensation-Bank of America -280 N/A N/A open none -280 1,226,358 (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) 4,829 0 95% N/A 1/18/2005 0.95% 4,829 Guaranty Bank(Coyote Springs Apt) 17,181 1 59% N/A 6/24/2005 1.59% 17,181 97,198 (Total Cash Deposited I $ 37,247,892 �J TREASURER'S MONTHLY REPORT nscsrep BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS 0129/05 DECEMBER 31, 2004 Coupon Yield Adjusted (memo oW Y) Prier Qv Par Valuc Rate Rating Maturity an Mr." Cast Basis Category Total Market Value Seance Market Value 1991/97101104 Conventmn Center Cash 1 1 I BNY Wesrem Tr 1 ABvl Government&Agency Pouf Pnvate 571,362 vanable AAA open L807. 511,362 571,362 BNY Wesrem Tr 492,881 AIG Investment Agreement 1,290,6/3 536% AAA 11/01/25 5.36% 1.290,673 1,290,673 BNY Western Tr 1,230,613 AlG Investment Agreement L290,000 6.68% AAA 11/01/21 668% 1,290,000 1,290,000 BNY Western Tr 1,290,000 MG lavesmevt Agreement 3,827,164 2.417, AAA 05/01/06 241% 3,827.164 3,827,164 BNY Western Tr 4,842,000 MBIA Investment Agreement 3,300,402 5.58% AAA 11/01/35 5.58% 3,300,402 3,300,402 BNY Westem Tr 3,300,402 AIG hrvesmrent Agreement 31.794,914 185% AAA 09/30/05 L95% 31,784,914 31,78e,814 BNY Westem Tr 35.669,117 1992 Aupart 42,054,416 Cash I 1 l ➢NY Westem Tr 100,175 AIM Shon-Term lvvcstment Ter,P 949,849 vanable AAA open L61% 949,949 949,849 BNY Westem Te 405,317 Hayensclte lavesnarm Agr. 1207,600 700% AAA 01/01/22 900% 1207,600 1,207,6W BNY Westem Tr 1,207.600 2001 Senes B-Housmg ,157.450 Cash 200 200 20o BNY Westem Tr 2W AIM Government&Agency Portf Pmtate 3,894 variable AAA open I80% 3,974 3,874 BNY Wesmm Tr 3,864 AIG hrvestment Agreement 468,105 522% AAA O810IJ21 522% 468,105 468,105 BNY Westem Tr 468,105 1994/04 Senes A&B 472,179 Cash 11,138 11,138 11,138 BNY Westem Tr 19,294 AIM Governmcut&Agency Poref Private 5,376,789 variable AAA open 1.80% 5.376,789 5.376,789 BNY Westem Tr 2,350,995 MBIA Investment Agreement 1,651,456 S.PI% AAA 09/01/34 5.17% 1,651,456 1,651,456 BNY Western Tr 1,651,456 US Treasury Bdl 0 1.54% AAA 12/30/2004 1 54% 0 0 BNY Westem Tr 3,031.323 7,039,383 1996 Maluple Capital Fac&ies Pnejeet AIM Government&Agency Port Private 9,262 vanable AAA open 180% 9262 9,262 BNY Westem Tr 593,969 AMBAC Investment Agreement I 730,000 6 40% AA 04/0127 6 40% 1,730,000 1,930,000 BNY Westem Tr 1?30,000 1,739,262 0 TREASURER'S MONTHLY REPORT trea:rev BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 01/28/05 DECEMBER 31, 2004 Coupov YmId Admated (memo md') Pnar Qn. Par Value Rate Ratite Mawnty L.Maturity Cost Basis Category Tom] Market Value Source Market Value 1998 Airport GARB AIG brvtfiment Agr.-Reserve 561221 3.50% AAA 01/01/28 5.70% 561,21 561,221 BNY Western Tr 561221 AIM Goveinvtcvt&Agency Pouf Private 409081 variable AAA open 180% 407,091 407,091 BNY Wes¢m Tr 249,368 1998 Anton PFC 969,302 AIG Invesunem Age-Reserve 849.729 5 90% AAA 01/01/28 5J07. 849,729 849,728 BNY Western Tr 849,728 AM Government&Agency Pouf Private 608.107 tunable AAA open 180% 608,107 608,107 BNY Western Tr 369,943 1998 Multiple Capital Wastewater ,457,935 AM Government&Agency Porlf Private 300,281 variable AAA opev 1.807. 300,281 300,281 BNY Western Tr 356,395 1998 Assessment Dismct 155 A&Il 00,281 AM Govemnem&Aucney Pmrf Private 284,211 vanable AAA open 1 80% 284,211 294,211 BNY Western Tr 283522 2001 Asse6smeut District lSJ/158 84,211 AM Government&Agency Port Private 164,241 variable AAA open I80% 164,241 164,241 BNY Western Tr 163,94/ 2002 Parking SwcN 164,241 [L Ca6M1 3 3 3 BNY Wesmre Tr 17 AIM Government&Agency Ponf Private 26.399 vanable AAA open 180% 26,399 26,399 BNY Weslem Tr 36,699 2009 Asscssmevt D'amet 161 6,402 AIM Govemmevt&Agency Ponf Piivate 758,014 variable AAA open 180% 758,014 758,014 BNY Western Tr 1,229,741 2004 A6sessmen[D16nrC!162 T9,014 AIM Govemmevt&Agcmy Ponf Private 1,192,753 variable AAA open 180% 1,192,753 1,192,753 BW Westem Tr 0 Tomis 1,192,753 $ 58,614,729 $ 58,614,729 $ 62,536,843 treasrep TREASURER'S MONTHLY REPORT 01/28/05 CALCULATION OF INVESTMENT LIMITATIONS DECEMBER 31, 2004 Allowable Percentages By Maturity: Minnnum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $16,425,742 1 year to 3 years 0.00% 50.00% 27.84% 3 years to 5 years 0.00% 30.00% 25.05% over 5 years N/A N/A 1.39% 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% 2.78% Corporate Notes N/A 20.00% 2.77% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 51.49% Mortgage Pass Thru's N/A 10.00% 0.00%