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Home My WebLink About7/21/2004 - STAFF REPORTS (29) DATE: June 29, 2004 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of May 31, 2004 Attached is the Treasurer's Investment Report as of May 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 260 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 6/28/2004 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MAY 31, 2004 On Call De osits Adjusted Basis Category Total Percentage Checking Account $ 774,907 State Pool 35,390,000 $ 36,164,907 77.51% Short Term Investments ( 1 year or Tess) Medium Term Investments ( 1 ear to 3 ears) Corporate Notes 994,130 US Gov't Agencies 5,000,000 Time Deposit 1,000,000 6,994,130 14.99% Long Term Investments U.S. Gov't Agencies 3,498,594 3,498,594 7.50% Total Invested Cash $ 46,657,631 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treallrep TREASURER'S MONTHLY REPORT 6/28/2004 DETAIL OF INVESTMENTS MAY 31, 2004 Coupon Yield Ad3usted (roman oudy) Prior(Am. Par Value Bate Rating Maturity to Maturity Cost Buis Category Total Market Value Source Market Value On Call Deposits Chormg-Bank of America $ N/A variable AAA open 0.93% 5 774,W7 S $ 774,907 $ -17,948 Loral Agency luvut Food(LAIF) 35,390,000 variable N/A open 1.43% 35,390,000 35,390,000 LAZE 23,690,000 36,164,907 Short Term Investments (1 year ar less) Medium Term Investments (I yeei m 3 years) Corpmmte Notes GE Capital Cot,. 1,m0,000 299% AAA 10/03/05 3.20% 994,130 1,008,390 BNY Westem Tr 1,021,700 U S.Gov't Agency Securities Federal Home Loan Mortgage Corporation 1,000000 2.29% N/A 10/28/05 2.29% 0 0 BNY Wustem Tr 1,0W.810 Federal Home Loan Bank l'"' 00 2.40% N/A 02/24/06 2 40% 1,000,000 995,625 BNY Westem Tr 0 Federal Home Loan Mortgage CoMoarmi 1000,000 2.55% N/A 05/10/06 255% 1,000,000 997,090 BNY Westem Tr 0 Federal National Mortgage Associaum I,000,000 2.50% N/A 08/11/06 250% l'"'W0 990,625 BNY Westem Tr 1,004,375 Federal National Mortgage Associamn 1,(HI0,000 2.90% N/A 08/18/06 2 90% 0 0 BNY Westem Tr 272,727 Federal Home Loan Mortgage Cmpmarion 1,000,000 3.06% N/A 09/15/06 306% 1000,000 1,002,510 BNY Westem Tr 1,016,440 Federal Home Loan Bank 1,000,000 313% N/A 02/07/07 313% 1000,O 995,937 BNY Westem Tr 1,014,375 Federal Home Loan Bank 1'cxk, 00 310% N/A 04/16/07 3.10% 0 0 BNY Wesmm Tr 1,000,G� Federall Nadomal Mortgage Associadm l'"' 00 325% N/A 05/10/07 3 2% 0 0 BNY Westem Tr 1002,187 Tme Deposit Washington Mutual Bank l'"' 00 347% AAA 01/28/06 347% 1,00Q000 1,000,000 Washington Mutual 1,000p00 6,994,130 Long Term Invesment (3 years to 5 years) U S Gov't Agency Securities Federal Home Loan Bank I,000,000 334% N/A 08/20/07 334% 1,000,000 992,812 BNY Western Tr 1,009,125 Federal Farm Credit Badr 1,000,000 360% N/A 10/29/07 360% 1,000,000 983,750 BNY Westem Tr 1,W2,500 Federal Farm Credit Basic 1,000,000 3.95% N/A 10/29/08 385% 1,Wg000 988,750 BNY Westem Tr 1,027,812 Finammg Cmpmation(FICO) 500,000 990% N/A 04/06/18 980% 493,594 715,470 NanonsBadc 762,815 3,498,594 Told Invested Cash 5 46,657,631 $ 46,840,866 $ 35,816,543 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 6/28/2004 MAY 31, 2004 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 46,657,631 $ 46,657,631 $ 46,657,631 Miscellaneous Accounts Petty Cash 2,575 N/A N/A open none 2,575 Revolving Fund-Bank of America 15,306 N/A N/A open none 15,306 Trust&Agency-Bank of America 904,715 N/A N/A open none 804,715 Downpayment Assistance(Housing Fund)-Washington Mutual 33,153 variable N/A open 0.40% 33,153 Workers Compensation-Bank of America 4,830 N/A N/A open none 4,830 860,579 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 62,204 1.14% N/A 2/11/2005 1.147 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) 17,042 0.80% N/A 6/24/2004 0.80% 17,042 96,944 Tmat Cash Deposited $ 47,615,154 TREASURER'S MONTHLY REPORT treserep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 06/28IN MAY 31, 2004 Coupon Yield Adjusted (memo only) PmrQv Par Value Rate Raring Maturity [o Maturity Cost Basis Category TvcU Market Value Source Market Value 1989 Wastewater/Master Lease AIM Government&Agency Ponf Private 0 variable AAA open 0 65% Q 0 BNY Western Tr 511 1991197/O1 Convention Center 0 Cash 1 1 1 BNY Wean Tr 1 AIM Government&Agency Portf private 42,964 variable AAA open 0.65% 42,964 42,964 BNY Western Tr 43,794 AIG MVv linen[Agreement 1,280,673 5.367. AAA II/1/25 536% 1,290,673 1,290,673 BNY Western Tr 1,280,673 AIG lnvesnuent Agreement 2,256,282 668% AAA 11/1121 6.68% 2,256,282 2,256,282 BNY W.W.Tr 2,256,282 1992 Airport 3,579,920 AM Shorr-Term levesmevl T.,P 400,843 variable AAA open 059% 400,843 400,843 BNY Western Tr 300,566 Bayerische rovesunen[Agr 1,207,600 7.00% AAA 01/01/22 7,00% 1,207,600 1,207,600 BNY Western Tr 1,207,600 2001 Series B-Housing 1,608,443 Cash 182 182 182 BNY Western Tr 182 AIM Government&Agency Porrf Private 3,858 variable AAA open 0.64% 3,858 3,858 BNY Western Tr 3,855 AIG Investment Agreemevr 469,105 5.22% AAA O8/01121 5.22% 469,105 468,105 BNY Western Tr 469,105 1994 Series A&B 472,145 AIM Government&Agency Ponf Private 611,007 variable AAA open 0 64% 611,007 61 I,007 BNY Western Tr 610,701 TMG Insurance lavesnuent Age 1,700,935 6.84% AA 09/01/17 694% 1,700,935 1,700,935 BNY Western Tr 1,700,935 1996 Multiple CapitalEacctiues Project 2,311,942 AIM Government&Agency Ponf Pnvate 456 variable AAA open 0.64% 456 456 BNY Western Tr 1,132,500 AMBAC Invesonent Agreement 1,730,000 640% AA 04/01/27 6.40% 1,730,000 1,730,000 BNY Western Tr 1,730,000 1,730,456 TREASURER'S MONTHLY REPORT neasrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 06/28/04 MAY 31, 2004 Coupon Yield Adjusted jmemo only) Pnor Qtr Par Value Raze Ruing Maturity to Maturity Cos[Buis Category Total Market Value Source Market Value 1998 Allure GARB AIG lnvestmeut Age-Reserve 561,221 5.70% AAA 01/01/28 570% 561,221 561,221 BNY West.Tr 561,221 AIM Government&Agency Ponf Pnvate 235,091 varrable AAA open 064% 235,091 235,091 BNY Wrstem Tr 141,025 796,312 1998 Airport PFC AIG rnvenarom Agr -Reserve 849,729 570% AAA 01/01/28 5.70% 949,728 949,729 BNY Western Tr 849,728 AIM Govemment&Agency Poref Private 354,920 variable AAA open 0.64% 354,920 354,920 BNY Western Tr 212,908 1,204,648 1999 Mulvple Capital W astewarer AIM Govemment&Agency Ponf Pnvate 299,719 variable AAA open 064% 299,719 299,719 BNY Westem Tr 499,195 299,719 1998 Assessmem Mu et 155 A&B AIM Government Be Agency Pont Private 323,857 variable AAA open 0.M% 323,857 323,857 BNY Wcsmm Tr 323,696 323.857 2001 Assessmem D¢mcr 1571159 AM Govemment&Agency Ponf Pnvate 163,595 vanable AAA open 0.64% 163,595 163,595 BNY Westem Tr 163,513 163,595 2002 Parlong Structure Cuh 17 17 17 BNY Westem Tr 3 AIM Govervrueat&Agency Ponf Private 75,533 variable AAA open 065% 75,533 75,533 BNY Weslem Tr 95,404 75,550 2004 Assessment Donner 161 AIM Govemment&Agency Pouf Pnvate 2,429,772 variable AAA open 0.64% 2,429,772 2,429,772 BNY Western Tr 2,428,070 2,429,772 Totals $ 14,996,359 S 14,996,359 S 16,010,469 treasrep TREASURER'S MONTHLY REPORT 06/28/04 CALCULATION OF INVESTMENT LIMITATIONS MAY 31, 2004 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $36,164,907 1 year to 3 years 0.00% 50.00% 14.99% 3 years to 5 years 0.00% 30.00% 6.43% over 5 years N/A N/A 1.07% 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% 2.14% Corporate Notes N/A 20.00% 2.13% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 18.21% Mortgage Pass Thru's N/A 10.00% 0.00%