HomeMy WebLinkAbout10/20/2004 - STAFF REPORTS (24) DATE: October 6, 2004
TO: City Council
FROM: Director of Finance & Treasurer
RE- Treasurer's Investment Report as of August 31, 2004
Attached is the Treasurer's Investment Report as of August 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(5500,000,
4116/18, 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 367 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: �6
Thomas M. Kanar
Treasurer
treasrep CITY OF PALM SPRINGS
10i5n004 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
AUGUST 31, 2004
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ -680,70H
State Pool 30,290,000 $ 29,609,292 65 655�
.Short Term Investments
( I year or Ic%y)
Medium Term Invcctmcnm
( I year to 3 ears)
Corporate Notes 994,I30
U.S Gov'r Agencies 7,000,000
Time Deposit 1,000,000 8,994,130 19.94%
ILong Term Illvesmlenrs
U.S. Gov't Agencies 6,498,594 6.498.594 14.41%
Total Invested Cash
$ 45,102,016 100.007.
�'Somc invcytmcnts made prior to dIe implementation of tlac
torrent Investment Policy exceed dIe 5 year lima.
treasrep TREASURER'S MONTHLY REPORT
101512034 DETAIL OF INVESTMENTS
AUGUST 31, 2004
Coupon Yield Adjos¢d [memo..I}] Paor Qu.
Far Vabo Rate Rang m mmy [a7.fazm.y Ccat Basis Ca,,.,Total hb,W Valnc Sourtt Marko Value
On Call D po.iu
CBeckmg Baal orAmcnca S WA vadab'e AAA .pzn 1.34% 5 4w,i08 5 5 fi80,708 5 177,281
Lo,al Agency lnwsi Fond[LA1F] 3g290,000 ranabk WA open 1 67 0 ]0 290.00] 30,290.000 LAIF 38,180,C00
29,609.292
SLOB Term 1 ,.mcm
(1 srax ox lar)
MT
erm los�simenls
f]3'rar w 3 Saar)
Cmpa.[a Nato
GF,Capiml Corp I,CC0,CC0 2.998 AAA 10101.105 3 20% 994.130 [,006,810 BNY 1L'e,km Tr 1,034,910
U.S U.'r ASeac}Sxurids
TWuml li Te Lnait Sank I,900.CC0 2.413 NIA 02124M 2 40% ],CfA,CN 999,68'I BNY 14'„nm Tr 994,062
r,&ml Here Loan hfon+ex3e Coryoa000 I,DOO,000 2.555 NIA 05I1➢'05 2 55% 1,OW,CCO [p01,]60 BNY W.nm Tr 993,130
F tr.[Nanmul Mortygc.4scna000 I,Ll coa 2.5G% NIA Due[ID5 250 a I.M0,000 937,812 BNY Worm Tr 987,812
Faieral Hemc 3uan DuA 2,C00,000 3.I18 NIA 08121.05 3 171, 2,00,001 2,016X5 BNY We,km Tr 0
Fate.[Hemc 1a hfoagagc Coryoa.o. I,OD7,0W IN98 NIA 09115105 306% 1,".000 [,M,240 BNY We,lem Tr 999,520
Fah.[Herne Loan Baal I,CWaw 3.13% NIA 02I0A07 3110 1,WO. CO I,003,125 SNY We,Nm Tr W4,687
T me➢1.1L
4VmLm@ro.hfau Bank 1,007,000 3 471 AAA 01128.1[16 3A7% I,000,000 I,C00,0w 14'mh1nb4ea hlamal 1,C00,OW
5,W4,00
Lang re,m m,�aw�t
(3 yearsm5 cars] ,
U.S.Gov't Aeeacy SamiO,
Fodeal Hem,Loan Bank I,OD],OCO 3.344. NIA BMW 3.34% 0 0 BLW l9e[ern Tr 992,8[2
FMlral Farm Crcda Hank I,CO3,00] 3.6091, NIA [0129.N7 3.W0 1,000,Op0 1,00,937 BNY We=[em Tr 989,062
Fie.[Fl.c L..htoaganc Cmp=,. 2,C07,0U] 4137: NIA 02R5.'L13 4.138 2,000,000 2,020,260 BNY Wee[an Tr 0
FMc.l Fa.Crdn Bank 2,0D7,00] 4 04-% NIA 01271C3 4.0" 2,D30,000 2,027,590 BNY W ,[¢ Tr 0
Falc.[Fan.Cmdl Hank 1,OD],wa 3 85S NIA [0129103 1.85% [,000." 1,009,062 BNY 1 we .Tr 991,56
v_ Fig ing Corpanio.(RCO) 50],000 991n NIA MINAS 9.80% 499.594 737.500 NelionsB_•nA 209,375
6,d98,594
Taall ,."C.b S 45,102,016 S 45,43%460 S :9,023,233
TREASURER'S MONTHLY REPORT
[reasrcp MISCELLANEOUS AND TRUST ACCOUNTS
101512D04 AUGUST 31, 2004
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cnsl Basis Category Total
Total Invested Cash $ 45,102,016 S 45,102,016
$ 45,102,016
Miscellaneous Accounts
Petty Cash 2,575 WA NIA open none 2,575
Revolving Fund-Bank of America 11,600 NIA NIA open none 11,600
Trust&Agency -Bank of America 933,893 NIA NIA open none 933,993
Dowapayment Assistance(Housing
Fund)-Washington Mutual 33,186 variable NIA open 0 4090 33,186
Workers Compensation-Bank of America 6,825 NIA NIA open none 6,825
988,079
Deposits Held In Trust
Time Dcposits
(F➢IC Insured)
Downey 5&L (Cat Cyn Country Club) 62,204 1.14% NIA 2If 112005 1.14% 62,204
➢owney 9&L(Donovan Bequest) 12,869 0.95% NIA 10/12/2004 0.95% 12,869
Downey S &L{Palmer Cable TVJ 4,829 0.95% NIA 1/18/2005 0.95% 4,829
Guaranty Bank (Coyote Springs Apt) 17,181 1.59% NIA 612412005 1.59% 17,181
97,083
Total Cash Deposited
5 46,187,178
TREASURER'S ,MONTHLY REPORT
u�2r BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
[B,mn34 AUGUST 31, 2004
Ccupco Yidd Adjoslal Im•mo on1Y1 P .Qv
Par%raliie Raw Fling M.my to Nbwmy Cost 0.s Car.,Towl Ma,lx,Wa - Smrcc Nt o l'a]nc
1941797;OIAN Caarznlran Cm+.cr
Cash 1 I 1 BNY ArWs.Tr 1
AU,f Gov,..cn[&.AVe Pont Plrvale 492 H4 rumble AAA oven 1 08, 492,2" 4W.2&9 BNY Ww.,m Tr 2,716.399
AM]oveslmeot Agrmncm 1,280,673 5.36% AAA [1.V1125 7.76E [,29,673 1,280,673 ONY µ,or_.Tr 1,260,673
AIG Tuvcsrment A,r Ea 1,2WDOO 6.68E AAA LhMal 6.69% 1,290,M 1,2A7.O00 BNY W.L.Tr 1,2%,000
A[G l vamcm Ap am,m 4,842,C00 2 41% AAA 051M M 2,41% 4,&42,OW 4,842,000 BNY W.r.Tr 4,&M12,"
MB1A Invesmieia A3rxm.t 3,300.402 558E AAA [1,ll1135 538% 3,]W,402 330[l,'02 BNY Wow.Tr 3,303,4W
AIG lnveslm,a[Ap. m,nr 37,4155,731 1.85E AAA 09130.'05 185% 37,C63,731 37,W,73[ BNY W. .Tr 37,O64,731
48.27p,091
1992 Airport
AAi Show-Term 1m25lmnll Tmy P <05 T17 vana6l, AAA open 0.97% 405,117 40,117 BNY W�wm Tr 4A3.539
Bay,risclic lnvawmt Agr 1,2p7,600 7 G73 AAA GU01122 7,ODS 1,207,6W [,207,600 RNY Wes,.Tr 1,207,600
1,6L2,R7
2001 Sens B-H..
Cash 2W 208 200 BNY µ4rt-m Tr 182
AAS Gm¢.mec A A,.,Ponf Prirur 3,Sfi2 savable AAA oPcn LOPS 3,862 3,862 BUY S9,sre.Tr 3,059
AIG in,es nr Agre .m 468,[05 522% AAA 08;QV21 522$ 468,UB 466,105 BNY Wes¢.Tr 469,IW
472,167
1944A14 S+no A&➢
19,287 19,287 19.287 BNY Wale.Tr 19,278
AMf G...,m&A,r,lbnf Paval, 2,365,917 v.bb AAA aPeo 1.09% 2,3W,917 2,365.917 RNY W.1l .Tr 5,309,334
MB1A Iave•mwm Agrrrmem 1,651,45fi S.17% AAA 09A11;34 5.17% 1,651,456 [,65[,45fi BNY Wes,.Tr I,651,456
US T,� Bi[7 3,032,492 1548 AAA 121 004 354% 3,032.4% 3,031.323 WY W.(.Tr 0
7.%9,152
1 WG hivinple Cap'W Rc h[io Pmjeo
AAT Governm.t&A,,.,Paaf Private 457 vuiah[e AAA op. [089, 457 457 BNYWewm Tr 156
,"MAC Nn 1=10 Agrumcnl 1,Y30,000 640% AA 01A1[127 6407. 1,71a,Ow 1,730,O00 BNYW.W.Tr 1.730,000
1,770957
i
TREASURER'S MONTHLY REPORT
am==p BOND ISSUE RESERVE, DEBT SERVICE rY RELATED FUNDS
an n4 AUGUST 31, 20N
CO.'. Yiem Adrnnea (iv'�no Duly) Prior Qlr
P.t`afue [Lc Baling Nawrrty w 67ammy C."Sssis C_lum Top] 6b'u[VA[— S. ' .Llaher VaB�c
1998 Airport GAR
A1G[necumem Agr. Resrn•e 561 p.1 5.70% AAA O1NlR8 5 70% 561,223 561,221 BYY W'euem Tr 561,221
AIDS Goreromcm&A,. ,Ponl N.v 202,273 v.i.bk_ AAA qp 1 08% 202.273 202,273 MY Wcssem Tr 298,656
163.04
1998 Aaron PFC
.A1G Invcuneer AS, Res=rrn 849.'128 5.70% AAA ollolm 5 TO% 849.728 849 718 BNY W. .Tr 049.728
AMf Gorrr-mcnr&.AgmU Ponl Pnvalc 290.845 r'HW= AAA opv 1.03% 298,845 299 845 BNY Wucm Tr 450,050
3.148,573
3998 Mu[nple Capiul WLI mwl
AM GOVCr flvll[&.AV=o Ponf Prrvec 3U],007 ra 01, AAA 1n88 W.007 3W.(YJ7 6NY R•alcm Tr 2W.794
vo.W7
1998 Asses.a Dssmu 155 A&B
AWt Goaenunem&Agceey Ponf Pms'e 324.169 ramble AAA Oren ln% 324,169 124.169 BNY R'zsicm Tr 323,939
324J69
2001 A.a,.mr D,WN 157l158
AR.7 Gm•emmcm&,Agency Ponr Pmsse 161,753 vapblc AAA open 1031, L63.153 163,753 ➢NY Wm,.Tr 163.636
163,953
2002 Par1ang Srmcwre
Cast 17 17 17 BNY W. .Tr 17
AM Gosznw:nl&Au.,Ponr P.ra 47,924 rarubin AAA op:n 1 07% 47,924 47,924 MY W. .Tr 67,569
57,941
2031 Ana,mml➢istn¢L61
ALV G..m&Agmq Ponf Pn,L 1,629,726 v.,iabl- AAA open 103% 1,619,726 1,629,728 BNY weslcm Tr 1,629,527
1,629,726
Totals S 63,532.N7 S 63.531.078 S 66,249,71
treasrep TREASURER'S MONTHLY REPORT
10/05/04 CALCULATION OF INVESTMENT LIMITATIONS
AUGUST 31, 2004
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 NIA $29,609,292
1 year to 3 years 0.00% 50.00% 19.94%
3 years to 5 years 0.00% 30.00% 13.30%
over 5 years NIA NIA 1.11%
By Type of Investment:
Bankers Acceptance - in total NIA 40.00% 0.00%
Bankers Acceptance - single bank NIA 20.00% 0.00%
Commercial Paper NIA 15.00% 0.00%
Certificates of Deposit NIA 30.00% 2.22%
Corporate Notes NIA 20.00% 2.20%
Money Market Mutual Funds NIA 10A0% 0.00%
U.S. Government Agencies NIA 50.00% 29.93%
Mortgage Pass Thra's NIA 10.00% 0.00%