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Home My WebLink About9/15/2004 - STAFF REPORTS (32) DATE: September 1, 2004 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of July 31, 2004 Attached is the Treasurer's Investment Report as of July 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. 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 273 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: Iry Thomas M. Kanarr Treasurer treasrep CITY OF PALM SPRINGS 8126/2004 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JULY 31, 2004 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -1,866,012 State Pool 33,890,000 $ 32,023,988 75.32% Short Term Investments ( 1 year or less) Medium Term Investments ( 1 year to 3 ears) Corporate Notes 994,130 U.S. Gov't Agencies 5,000,000 Time Deposit 1,000,000 6,994,130 16.45% 11,ong Term Investments U.S. Gov't Agencies 3,498,594 3,498,594 8.23% Total Invested Cash $ 42,516,712 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit, treasrep TREASURER'S MONTHLY REPORT 8/26r2004 DETAIL OF INVESTMENTS JULY 31, 2004 Coupon Yield Ad3us ed (memo auly) Prior Qu. Par Value Bate Bang Maturity to Mammy Cost Basis Category Total Market Value Source Mmke[Value On Call Deposits Checking-Bad:of America § N/A variable AAA open 1.26% $ -1,866,012 $ $ -1,866,012 $ 177,281 Local Agemy Invest Ford(LAIF) 33,890,000 variable N/A open 160% 33,890,000 33,89Q000 LAIF 38,190,OW 32,023,988 Short Term luvestmeuw (1 year or less) Medium Term Investrunds (I year to 3 years) Cmpormc Notes GE Capita Corp. 1,",000 2.99% AAA 10/03/05 3.20% 994,130 1,005,290 BNY Westem Tr 1,004,910 US Gov'[Agency Securities Federal Home Loan Barak 1,000,000 240% N/A 02/24/06 240% 1,000,000 995,312 BNY Western Tr 994,062 Federal Home Loan Mortgage Corporation I,000,000 255% N/A 05/10/06 255% 1,000,000 995,870 BNY Western Tr 993,150 Federal National Mortgage Association 1,000,000 2.50% N/A 09/11/06 2.50% 1,000,000 992,187 BNY Western Tr 987,812 Federal Home Loan Mortgage Corporadou 1,000,000 3.06% N/A 09/15/06 3.06% 1,000,000 1,001,270 BNY Western Tr 999,520 Federal Home Loan Book l,lloo'co0 3.13% N/A 02/07/07 3.13% 1,000,000 997,187 BNY Western Tr 994,687 Time Deposit Washington Mutual Bank 1,000,OW 347% AAA 01/28/06 3.47% 1,000,000 1,000,000 Washington Mutual l'"' W 6,994,130 Long Term haves—TI (3 years m 5 years) U.S Gov't Agency Securities Federal Home Loan Barak 1,000,000 3.34% N/A 08/20/07 3,34% 1,OOQ000 996,250 BNY Western Tr 992,812 Federal Farm Credit Bouk I,000,OW 3.60% N/A 1029/07 3.60% I,000,000 992,500 BNY Wesem Tr 989,062 Federal Farm Credit Barak I,000,000 3.85% N/A to/29/08 3.85% 1,000,000 995,000 BNY Western Tr 991,562 Financing Corpnradou(FICO) 500,000 980% N/A 04/06/19 9.80% 499,594 717,030 Nourn Bank 709,375 3,498,594 Tota invested Cash $ 42,516,712 $ 42,711,884 $ 49,023,233 TREASURER'S MONTHLY REPORT veaarep BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS 08/26/04 JULY 31, 2004 Coupon Yield Adjusted (memo only) Prior Qn. Par Value Rate Rating Matunry to Maturity Cast Basis Category Trust Market Value Source Market Value 1 9 9 119 710 1/0 4 Convention Center Cash 1 1 1 BNY Western Tr I AIM Government&Agency Portf Private 2,722,496 variable AAA open 0.887. 2,722,496 2,722,496 BNY Western Tr 2,716,598 AIG bivesuaent Agreement 1,290,673 536% AAA II101125 5.36% 1,280,673 1,290,673 BNY Western Tr 1,280,673 AIG lavestment Agreement 1,290 00 669% AAA 11/01/21 6.68% 1,290,000 1,290,000 BNY Western Tr I,290,000 AIG Investment Agreement 4,842,000 241% AAA 05/01/06 2A1% 4.842,000 4,842,000 BW Western Tr 4,842,000 MBIA Ivvesuveat Agreement 3,30 ,402 558% AAA 11101135 558% 3,300,402 3,300,402 BNY Western Tr 3,300,402 AIG lnvesunent Agreement 37,064,731 185% AAA 09/30/05 1.85% 37,064,731 37,064,731 BNY Western Tr 37,064,731 50,500,303 1992 Airport AM Soon-Tenn Investment Tray P 405,014 variable AAA open 082% 405,014 405,014 BNY Western Tr 643,539 BUrnsche lvvesweat Agr 1,207,6W 7.00% AAA O1/01/22 700% 1,207,600 1,207,6W BNY Western Tr 1,207,600 1,612,614 2001 Series B-Hausmg Cash 335,340 335,340 335,340 BNY Western Tr 182 AM Government&Agency Portf Private 3,860 vanable AAA open 0.887 3,860 3,8W BNY Westem Tr 3,859 AIG Investment Agreement 468,I05 5.22% AAA 08/0V21 5.22% 469,105 468,105 BNY Wesrem Tr 468,105 807,303 1994104 Series A&B Cash 19,291 19,281 19,291 BNY Western Tr 19,278 AM Government&Agency Portf Private 2,349,238 variable AAA open 0.89% 2,349,239 2,349,238 BNY Western Tr 5,388,334 MBIA Invesunent Agreement 1,651,456 5.17% AAA 09/01/34 5A7% 1,651,456 1,651,456 BNY Western Tr 1,651.456 US Treasury BiB 3,056,000 154% AAA 12/30/2W4 1.54% 3.032,492 3,031,323 BNY Western Tr 0 7,052,467 1996 Multiple Capital Facdiues Project AIM Govennment&Agency Porrf Private 456 variable AAA open 0.98% 456 456 BNY Western Tr 456 AMBAC Invesurnem Agreement 1,730,000 640% AA 04/01/27 640% 1,730,000 1,730,000 BNY Western Tr 1,730,0W 1,730,456 1998 Airport GARB AIG lovestmcut Agr.-Reserve 561,221 5.70% AAA 01/01/29 570% 561,221 561,221 BNY Western Tr 561,221 ABM Government&Agency Portf Pnvme 155,223 variable AAA open 0.89% 155,223 155,223 BNY Western Tr 298,056 716,444 TREASURER'S MONTHLY REPORT urea.P BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 08/26/04 JULY 31, 2004 Coupon Yield Adjusted (memo oNy) Prior Qtr Par Value Rate Reding Maturity to Maturity Cost B.au Category Trial Market Value Source Maket Value 1998 Airport PFC AIG Investment Age-Reserve 849,728 570% AAA 01/01/29 570% 849,728 949,729 BNY Western Tr 849,728 AM Government&Agency Portf Private 227,813 variable AAA open 088% 227,813 227,813 BNY West,.Tr 450,050 1,077,541 1998 Muluple Capital Wastewater AM Govc..t&Agency Por f Private 299,872 variable AAA open 0 89% 299,872 299,872 BNY Western Tr 299,794 299,972 1998 Assessment Elarret 155 A&B AIM Government&Agency Pouf Private 324,023 variable AAA open 0.98% 324,023 324,023 BNY Western Tr 323,939 324,023 2001 Assessment Dwmct 157/158 AIM Government&Agency Portf Private 163,679 variable AAA open 099% 163,679 163,679 BNY Western Tr 163,636 163,679 2002 Parking Structure Cash 17 17 17 BNY Western Tr 17 AIM Government&Agency Pont Private 58,664 variable AAA open 089% 58,664 58,664 BNY Western Tr 67,569 59,681 2004 Assessment Dimict 161 _ AIM Government&Agency Port'Private 1,628,991 variable AAA open 088% 1,628,991 1,628,991 BNY Western Tr 1,628,527 1,628,991 Tends $ 65,972,376 S 65,971,207 $ 66,249,751 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 8/26/2004 JULY 31, 2004 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 42,516,712 $ 42,516,712 $ 42,516,712 Miscellaneous Accounts Petty Cash 2,575 N/A N/A open none 2,575 Revolving Fund-Bank of America 8,574 N/A N/A open none 8,574 Trust&Agency-Bank of America 906,747 N/A N/A open none 906,747 Downpayment Assistance(Housing Fond)-Washington Mutual 33,186 variable N/A open 0.40% 33,186 Workers Compensation-Bank of America -9,703 N/A N/A open none -9,703 941,379 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) 12,869 0.95% N/A 10/12/2004 0.95% 12,869 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 97,083 Total Cash Deposited $ 43,555,174 treasrep TREASURER'S MONTHLY REPORT 08/26/04 CALCULATION OF INVESTMENT LIMITATIONS JULY 31, 2004 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $32,023,988 1 year to 3 years 0.00% 50.00% 16.45% 3 years to 5 years 0.00% 30.00% 7.06% over 5 years N/A N/A 1.17% 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% 2.35% Corporate Notes N/A 20.00% 2.34% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 19.99% Mortgage Pass Thru's N/A 10.00% 0.00%