HomeMy WebLinkAbout1/19/2005 - STAFF REPORTS (10) DATE: December 29, 2004
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of November 30, 2004
Attached is the Treasurer's Investment Report as of November 30, 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.
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 505 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
r ri C"jl�
treasrep CITY OF PALM SPRINGS
12/30/2004 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
NOVEMBER 30, 2004
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 1,427,613
State Pool 18,490,000 $ 19,917,613 51.85%
Short Term Investments
( 1 year or less)
Corporate Notes 994,130 994,130 2.59%
Medium Term Iivestments
( 1 year to 3 years)
U.S. Gov't Agencies 9,000,000
Time Deposit 1,000,000 10,000,000 26.03%
Long Term Inveshnents
U.S. Gov't Agencies 7,498,594 7,498,594 1952%
Total Invested Cash
$ 38,410,337 100.00%
`Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year Inuit
treasrep TREASURER'S MONTHLY REPORT
12/3012004 DETAIL OF INVESTMENTS
NOVEMBER 30, 2004
Coupon Yield Adjusted (memo rely) Rio,Quo
Far Value Rate Rating Maturity to Maturity Cost Bans Category Total Market Value Source Market Value
On Call Deposits
Cheduog-Bert of America $ N/A variable AAA .pen 173% $ 1,427,613 $ 5 1.427,613 $ 576.595
Local Agency Invest Food(LAIF) 18,490,000 variable NIA open 200% 18,,,90,000 18,490,WO LAW 27,190.000
19,917,613
Short Term Nvestmerits
(I year Or less)
Corporate Notes
GE Capital Corp. 1,000.000 299% AAA 10/03/05 320% 994,130 1,000,760 BNY Wesmm Tr 1,004,760
994,130
Medium Term Investmems
(1 ye,,m 3 years)
U S.Gov't Agency Securities
Federal He.,Lt.Bank 1,000,000 240% N/A 02/24/06 240% 1,000,000 993,125 BNY Westem Tr 997,500
Fedmed Home Loan Mortgage Corpomtion L000,000 255% N/A 05/10/06 255% 1,000,000 993,000 BNY Westem Tr 998291
Federal National Mortgage Association 1.000,000 250% N/A 09/11/06 250% 1,wo'ke0 999,697 BNY Western Tr 995,625
Federal Home Loan Bahr, 2,WO,000 317% N/A 09/25/06 317% 2,WO,000 2,000,625 BNY Western Tr 2,011,250
Federal Home Loan Mortgage Corporation 1,000,000 3 06% N/A 09/15/06 3 06% 1000,000 998,140 BNY Westem Tr 1,002.450
Federal Home Loan Bauk I.W0,000 300% N/A 10/12/06 300% 1,000,000 996,250 BNY Westem Tr 0
Fed...I Home Loan Bask 1A00,000 3137, N/A 02/07107 313% IOOQ000 996,250 BNY Westem Tr 1,000,937
Federal National Mortgage Association LW0,000 350% N/A 10/12/07 350% 1,000,000 998,437 BNY Western Tr 0
Federal Farm Credit Bank 1,000,000 3 60% N/A 10/29/07 3.60% 0 0 BNY Westem Tr 999,062
Time Deposit
Waslnngmn Mutual Bank 1000,000 3.47% AAA 01/28/06 347% 1000.000 1,0(0,000 Wasmugmn Mutual 1,0W."
10,000,000
Lou,Term Iuvemem
(3 years to 5 years)
U S.Gov't Agency Securities
Federal Home Lean Mortgage Cmpmation 2,000,000 4 13% N/A D225/09 4 13% 2,000,000 2,007.140 BNY Westem Tr 2,015,020
Federal Farm Creda Back 2,000,000 4047, N/A 05/27/09 404% 2000,000 20M9,375 BNY Westem Tr 2.021250
Federal Farm Credit Feick- 1,000,000 3.95% N/A 10/29/08 385% 1,0001000 999,062 BNY Westem Tr 1,007.187
Federal Home Loan Bata, 1,000,000 400% N/A 11/17/08 400% 1.000,000 1000,625 BNY Westem T, M
Fedeml Fares Credit➢auk 1,000,000 4.25% NIA 11/18/09 4.25% 1.000,000 999,062 BNY Wes,em Tr 0
Fmencmg Corporam.(FICO) 500000 980% N/A 04/06/18 9.80% 498,594 918.750 Nanouseauk 737,190
7,498.594
Total Invested Cash S 36 410.337 $ 38,61]901 S 43,55/,107
TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
12/30/2004 NOVEMBER 30, 2004
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 39,410,337 $ 38,410,337
$ 39,410,337
Miscellaneous Accounts
Petty Cash 2,675 N/A N/A open none 2,675
Revolving Fund-Bank of America 13,151 N/A N/A open none 13,151
Trust&Agency-Bank of America 991,311 N/A N/A open none 991,311
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,219 variable N/A open 0.40% 33,219
Workers Compensation-Bank of America -11,810 N/A N/A open none -11,810
1,028,546
Deposits Held hi 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 5917 N/A 6/24/2005 1.59% 17,181
97,198
Total Cash Deposited $ 39,536,081
TREASURER'S MONTHLY REPORT
treasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS
12/30/04 NOVEMBER 30, 2004
Coupon Yield Adjusted (memo only) Prior Qa
Par Valne Rate Rang Maranny to Maturity Cost Bans Category Toml Market Value sent. Market Value
1991/97/01/04 Convenors Center
Cash 1 1 1 BNY Wme.Tr 1
AIM Goverrsment&Agency Portf Private 570,828 variable AAA open 1.51% 5/0,829 570,928 13 Y Western Tr 492,881
AIG lavesnent Agreemerst 1280.6/3 536% AAA 11/01/25 5.36% 1.280,6/3 1,280,673 BNY Western Tr 1,290,673
AIG lnvesbnent Agreemerst 1,290,000 6.68% AAA I1/01/21 6.68% 1290000 1,290,000 BNY Westem Tr 1,290,000
AIG lavesnent Agreement 3,927.164 2.41% AAA 05/01/06 gal% 3,827,164 3,827,164 BNY Westem Tr 4,842,000
NMA Invesment Agreement 3,300,402 5.587. AAA 11/01/35 558% 3,300,402 3,300,402 BNY Westem Tr 3,300,402
AIG htvesnent Agreement 33.893,422 1.85% AAA 09/30/05 185% 33,893,422 33,893,422 BNY Westem Tr 35,668,117
44,162,490
1992 Auport
Cash 1 1 1 BNY Western Tr 100,175
AIM Shon-Term lnvesnem Trsy P 806 216 vacrabl, AAA opers 1 48% 806,716 806,716 BNY Westem Tr 405,317
Bayerierbe Investment Agr 1,207,600 9 00% AAA O1/0122 7007. 1,207,600 1,207,600 BNY W,m.Tr 1,20/,600
2,014,317
2001 Senes B-Hnusmg
Cash 200 200 2W BNY Westem Tt 200
AM Governmeut&Agency Portf Pnvere 3,870 variable AAA open 151% 3,870 3.890 BNY Westem Tr 3,864
AIG lnvesnem Agreement 468,105 5227, AAA 08/01/21 522% 463,105 468,105 ll YWstem Tr 468,105
472,175
1994/04 Series A&B
Cash 11,118 11,118 11,118 BNYWesmmTr 19,294
AM Government&Agency Portf Private 2.932,997 vanable AAA open 1.51% 2,932,897 2,932,897 BNY Westem Tr 2,350,985
MBIA Invesunent Agreement 1,032,200 5.17% AAA 09/01/34 S.P/% 1,037,2M 1,037,200 BNY Western Tr 1,651,456
US Treasury Bdl 3,032,492 154% AAA 12/30/2W4 1 54% 3,032,a92 3,031.339 BNY Western Tr 3,031,323
7,013.707
1996 Mulnple Capital Famhucs Protect
AM Govemment&Agency Portf Private 9,253 vanable AAA open 1 61% 9,253 9,253 BNY Westem Tr 593,969
AMBAC Invesment Agreement 1,730,000 640% AA 04/O1/29 6.40% 1,730,000 1,730,000 BNY Weucce Tr 1,730,000
1,739,253
TREASURER'S MONTHLY REPORT
veasrep BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
1260/04 NOVEMBER 30, 2004
Coupon Y�cld AC.cd (memo only) Prior Qn.
Par Value Rem Rating Maturity to Mamnry Cast Basis Cateeny Total Market Value Source Market Value
1998 Airpon GARB
AIG halclearm Agr -Reserve 561,M 590% AAA 01/01/28 590% 561,221 561221 BNY Westem Tr 561,221
AIM Government&Agency Ponf Private 343,708 variable AAA open 151% 343,708 343,108 BNY Western Tr 249,368
1998 Aapon PFC 904,929
AIG Investment Agr -Reserve 849,728 590% AAA 0ifol/28 590% 849.728 84M28 BNY Western Tr 849,728
AIM Government&Aeeucy Ponf Pnvate 512,36/ variable AAA open 1525 512,367 512361 BNY Western Tr 369,943
1998 Muldple Capful Wastewater ,362.095
AIM Govervruent&Agency Ponf Pnvate 300,000 variable AAA open 151% 30 ,W0 300,000 BNY Western Tr 356.395
1998 Assessment Learner 155 A&B 00,000
AM Government&Agency Ponf Pnvate 283.945 namable AAA open 1.52% 283,945 283.945 BNY Western Tr 283,522
2001 Assessment Districtli'//li8 83,945
AIM Government&Agency Portf Pnvate 164,087 variable AAA open 152% 164,087 164,087 BNY Western Tr 163,847
2002 Parking Structura 164,087
Cash 3 3 3 BNY Wesrem Tr 17
AIM Government&Agency Ponf Pnvate 14,522 variable AAA open L52% 14,522 14.521 BNY Western Tr 36,699
2004 Assessment Disc m 161 14,52
AIM Government&Agency Portf Pnvate 75/,080 variable AAA open 1.517. 757,080 757.080 BNY Western Tr 1,229,741
Totals 751,090
S 59_188,603 $ 59,187,449 $ 62536,843
treasrep TREASURER'S MONTHLY REPORT
12/30/04 CALCULATION OF INVESTMENT LIMITATIONS
NOVEMBER 30, 2004
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $20,911,743
1 year to 3 years 0.00% 50.00% 26.03%
3 years to 5 years 0.00% 30.00% 18.22%
over 5 years N/A N/A 1.30%
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% 2.60%
Corporate Notes N/A 20.00% 2.59%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 42.95%
Mortgage Pass Thru's N/A 10.00% 0.00%