HomeMy WebLinkAbout12/15/2004 - STAFF REPORTS (23) DATE: November 29, 2004
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of October 31, 2004
Attached is the Treasurer's Investment Report as of October 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, Lang 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 437 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:
711.
Thomas M. Kanarr
Treasurer
treasrep CITY OF PALM SPRINGS
11/24/2004 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
OCTOBER 31, 2004
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 2,215,854
State Pool 19,990,000 $ 22,105,954 57 27%
Short Term Investments
( 1 year or less)
Corporate Notes 994,130 994,130 259%
Medium Tetm Investments
( 1 year to 3 years)
U.S. Gov't Agencies 9,000,000
Time Deposit 1,000,000 10,000,000 25 91%
Long Term Investments
U.S. Gov't Agencies 5,498,594 5,498,594 14.25%
Total Invested Cash
$ 38,598,578 100.00%
'Some investments made prim to the unplementation of the
current Investment Policy exceed the 5 year limit.
treasrep TREASURER'S MONTHLY REPORT
1112412004 DETAIL OF INVESTMENTS
OCTOBER 31, 2004
Coupon Yield Adjusted (memo rally) Prior(Pr.
Pm Value Rare Aatme Maturity to Mammy Cost Basis Category Tool Market Value Source Marker Value
On Call Deposits
Checkmg-Bank of Amen. S N/A variable AAA open IA]% $ 2215,854 S $ 2,215,854 $ ,0
H�) 95
Local Agency Invest Fund(LA 19,890,000 variable N/A open L89% 19,890,000 19,890,000 LAM 2'/,190 I90,00000
22,105,854
Short Terminvestmeres
(I year or less)
Corporate Notes
GE CapiW Corp I'mo,000 2997. AAA 10/03/05 320% 994,130 1,004,080 BNY Western Tr 1,004.960
994.130
Medium Term Investments
(1 year to 3 years)
U.S Gov't Agency Secanues
Federal Home Loan Bade L0Cf)'" 2d0% N/A 02/24/06 2A0% 1,000,000 997,912 BNY Wesmm Tr 997,500
Federal Home Loan Mortgage Corporation 1,000,000 2.55% N/A 05/10/06 255% 1,000,000 998,610 BNY Western Tr 998.281
Federal National Mortgage Association 1Mo,,000 250% N/A 08/11/06 150% 1.000,000 996.562 BNY Western Tr 993.625
Federal Borne Loan Bank 2,000,000 319% N/A 08/25/06 317% 2,000,000 2,011250 BNY Western To 2.Dll,250
Federal Home Loan Mortgage Corporation 1,000,000 3 06% N/A 09/15/06 3 06% 1,000,000 1,002.120 BNY Wesrem'fr 1.002,450
Federal Home Loan Bank 1.000,000 3 00% NIA 10/12/06 3 00% 1,000,000 1.000,312 BNY Western Tr 0
Federal Ilome Loan Bank L000,000 313% N/A 02/07/07 313% 1,000,000 1,001,250 BNY Western Tr 1.000,939
Federal National Mortgage Assomauon Low,000 350% N/A 10/12/07 350% 1,000,000 1.001,875 BNY Western Tr 0
Federal Farm Gcdit gook 1.000,000 3 60% N/A 10/29/07 3 607. 0 0 BNY Wesmm Tr 999,062
Tuue Deposit
Waslringmn Mutual Bank L000,000 3.477. AAA 01/28/06 349% L000,000 1.000,000 Wasmagmn Muram I'M0,000
10,00),600
Long Term Investment
(3 years to 5 years)
U S.Gov't Agency Sororities
Federal Home Loan Morteage Corpoatioo 2,000,000 4 13% N/A 02/25/08 4 0% 2,000,000 2,011.180 BNY Westem Tr 2.015,020
Federal Farm Credit Bank 2.000,000 404% N/A 05127/08 404% 2,000,00D 2,018.]50 BNY Westem Tr 2,02L250
Federal Farm Credo Bad: 1 000,000 3 85% N/A 10/29/08 3 85% L000,000 1,010,OOD BNY Western Tr L007,189
Finaac ag Corporation(FICO) 500,000 9807. N/A 04/06/19 9 80% 498,594 742,030 NaliumBank 737.190
5,498,594
Toml Invested Cash S 38,598,579 $ 38,90L685 $ 43.55Z107
TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
11/24/2004 OCTOBER 31, 2004
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 38,598,578 $ 38,598,578
$ 38,598,579
Miscellaneous Accounts
Petty Cash 2,675 N/A N/A open none 2,675
Revolving Fund-Bank of America 10,703 N/A N/A open none 10,703
Trust&Agency-Bank of America 1,233,799 N/A N/A open none 1,233,799
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,219 variable N/A open 0,40% 33,219
Workers Compensation-Bank of America -17,638 N/A N/A open none -17,638
1,262,758
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 1.597 N/A 6/24/2005 1 59% 17,181
97,198
Total Cash Deposited $ 39,958,534
TREASURER'S MONTHLY REPORT
neasrep BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
11/24/04 OCTOBER 31, 2004
Ccupon Yield Adplsted (memtonly) PriorQtr
Par Valne Rate Ranng Matenty mMaturity Cost Bra, Category Tonal Market Valve Source Market Valne
1991/97101104 Cnnvettao Center
Cash 1 1 1 BNY Wes..m Tr 1
AIM Govemmem&Agency Portf Pnv= 3,158.903 'amble AAA open 1.32% 3,I58,903 3,158,903 BNY Western Tr 492,881
AIG lnvesmmnt Agreement 1280.673 536% AAA 11/01/25 5.36% 1290,6/3 1,290,6/3 BNY Western To 1,280,673
AIG Imvesmeo[Agreement 1,290,000 6.68% AAA 11/01/21 6 68% 1,290,000 12W,WO BNY Wcstem Tr 1,290,000
AIG Investment Agreement 4,842,0W 2.41% AAA 05/OV06 241% 4,842,000 a,842,000 BNY Wes..m Tr 4,842,000
MBIA Invesmmnt Agreement 3,300,402 558% AAA I I/01/35 5 58% 3,300,a02 3,300,402 BNY We orm Tr 3,300,402
AIG Investment Agreement 35,431525 1.85% AAA 09/30/05 185% 35.431,525 39A31,525 ➢NY Westem Tr 35,668,117
49,303.504
1992 Ai mr
Cash 1W,1/5 100,175 IM,175 BNY Wesmm To 10Q175
ABM Short TermInvestment Tory P 605.907 vanable AAA open 1 307, 605,907 605.90/ BNY Westem Tr 405,317
➢ayensche lnves®ern Agr. 1,207,6W 000% AAA 01/01/22 700% 1207,600 1,207,6W BNY Westem Tr 1,207.600
913,682
2001 Series B-Hoosmg
Cash 200 200 200 BNY Wcstem Tr 2W
AIM Government&Agency Portf Pnvate 3,867 v.note AAA open 133% 3,867 3,867 BNY Westem Tr 3,864
AIG lnvesnnent Agreement 468,10, 52% AAA 08/0121 522% 468,105 469,105 BNY Wes..m Tr 468,105
412,172
1994/04 Srmcs A&B
Cash 11,003 11,003 11,W3 BNY Westem Tr 19,294
AIM Government&Agency Portf Pnvam 2.352,518 vmmble AAA open 1.33% 2,352,518 2,352,519 13NY Westem Tr 2,350,995
MBIA Investment Agreement 1,651,456 5A7% AAA 09/01/34 517% 1,651,456 1,651456 ➢NY Westem Tr 1,651.456
US Treasury Bdl 3,032.492 154% AAA 12/30/2004 154% 3,032,492 3,031,323 BNY Wesmm Tr 3,031,323
7,04]469
1996 Multiple Capital Facilities Project
AM Government&Agency Ponf Pnva.. 9.245 vanable AAA open 1.33% 9,245 9,245 BNY Westem Tr 593,969
AM➢AC lnve,enom Agreement 1]30,000 640% AA 04/01/21 640% 1,730,000 1]30,000 BNY Westem Tr 1,730,000
1.739,245
TREASURER'S MONTHLY REPORT
trcasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS
11/24/04 OCTOBER 31, 2004
Coupon Yield Adjusted (memo only) Prior Qtr
Par Value Rate Rating Maturity to Mamnry Cost Basis Category Total Market Value Source Market Value
1998 Airport GARB
AIG Invesbncnt Agr -Reserve 561,221 5.20% AAA O1/01/28 5 20% 561,221 561,221 BNY Western Tr 561,221
AIM Govemment&Agency Perot Private 296,506 variable AAA open 163% 296,506 296.506 BNY Western Tr 249,368
85/,727
1999 Airport PFC
AIG lnvestmear Agc-Reserve 849,728 570% AAA 01/01/28 5907. 849,728 849,728 ➢NY Western Tr 849,728
AIM Govemment&Agency Proof Private a41,103 variable AAA open 133% 441,103 441,103 BNY Western Tr 369,943
1290,831
1998 Multiple Capital Wastewater
AIM Govermneur&Agency Porrf Private 299,758 variable AAA open 133% 299,758 299.758 ➢W Western Tr 356,395
299,718
1998 Assessment Distant 155 A&B
AIM Government&Agency Porif Private 283,715 variable AAA open 1 33% 283,715 283,715 BNY Western Tr 293,522
283.]15
2001 Assessment District 157/158
AM Government&Agency Pr fPnvate 163,955 voriabk AAA open 133% 163,955 163,955 BNY Wcsrem Tr 163,847
163,955
2002 Print,Suucture
Cash 3 3 3 BNY Western Tr V
AIM Government&Agency Pori Private 24.380 variable AAA open 133% 24,380 24,380 BNY Western Tr 36,699
24 383
2004 Assessment District 161
AM Government&Agency Portf Private 1,109,156 variable AAA open 1337. 1,109,556 1,109,556 BNY Wesrem Tr 1,229,741
1,109,556
Totals $ 64,505,997 $ 64,504,828 $ 62536,843
I
treasrep TREASURER'S MONTHLY REPORT
11/24/04 CALCULATION OF INVESTMENT LIMITATIONS
OCTOBER 31, 2004
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $23,099,984
1 year to 3 years 0.00% 50.00% 25.91%
3 years to 5 years 0.00% 30.00% 12.95%
over 5 years N/A N/A 1.29%
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% 2.59%
Corporate Notes N/A 20.00% 2.57%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Govenunent Agencies N/A 50.00% 37.56%
Mortgage Pass Thru's N/A 10.00% 0.00%