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Home My WebLink About6/16/2004 - STAFF REPORTS (20) DATE: May 26, 2004 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of April 30, 2004 Attached is the Treasurer's Investment Report as of April 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 316 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: d � Jj(4d�pf Thomas M. Kanan Treasurer treasrep CITY OF PALM SPRINGS 5/25/2004 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS APRIL 30, 2004 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 810,123 State Pool 26,690,000 $ 27,500,123 74.34% Short Term Investments ( 1 year or less) Medium Term Investments ( I year to 3 ears) Corporate Notes 994,130 U.S. Gov't Agencies 3,000,000 Time Deposit 1,000,000 4,994,130 13.50% ILong Term Investments U.S. Gov't Agencies 4,498,594 4,498,594 12.16% Total Invested Cash $ 36,992,847 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treasrep TREASURER'S MONTHLY REPORT 5/25/20(A DETAIL OF INVESTMENTS APRIL 30, 2004 Coupon Yield Adjusted (memo only) Prior Qv. Par Value Bate Bating Maturity to Maturity Cost Basb Category TOW Market Value Source Market Value On Call De asps Checking-Bark of Amenca $ N/A variable AAA open 0.93% $ 810,123 $ $ 810,123 $ -17,948 Local Agency Invest Fund HALF) 26,690,000 variable N/A open 1.45% 26,690,000 26,690,000 LAIF 23,690,000 27,50D,123 Shan Term Investments (1 year or less) Medium Term Invemnena (I year to 3 years) Corporate Noes GE Capita Corp. 1,000,000 299% AAA 10/03/05 3.20% 994,130 1,012,520 BNY Wesem Tr 1,021,700 U.S.Gov'L Agency Secunues Federal Home Loan Mortgage Corporation I,000,000 229% N/A 10/29/05 2.29% 0 0 BNY Western Tr 100,810 Federal National Mortgage Association 1,000,000 2.50% N/A 08/11/06 2.50% l'"'000 995,312 BNY Westem Tr 1,004,375 Federal National Mortgage Assocbuou 1,000,000 2.90% N/A 08/18/06 2.90% 0 0 BNY Westem Tr 272,727 Federal Home Loan Mortgage Corporation 1,000,000 3.06% N/A 09115/06 3.06% I,WQ000 I,W7,250 BNY Western Tr 1,016,440 Federal Home Loan Bank l'"'000 3.13% N/A 02/07/07 3.13% 1,000,1100 1,001,875 BNY Western Tr 1,014,375 Federal Home Loan Bank 1,000,000 3.10% N/A 04/16/07 3.10% 0 0 BNY Westem Tr 1,",625 Time DeposiL Washiugmu Mutual Bar; I,1N10,000 3.47% AAA 01/28/06 3.47% 1,000,000 1,000,000 Washington Mutual 1,000,000 4,994,130 Long Term Invesimeut (3 years to 5 years) U.S.Gov't Agency Seendues Federal National Mortgage Assocation 1,000,W0 325% N/A 05/10/07 33% l'"' 00 1,0OQ312 BNY Westem Tr 1,002,187 Federal Home Loan Bank 1,000,OW 334% - N/A 09/20/07 3.34% 1,000,000 999,375 BNY Western Tr 1,008,125 Federdl Farm Credit Bank 1,ODO,WO 3,60% N/A 10/29/07 3.60% I,000,000 996,250 BNY Westem Tr 1,012,500 Federal Farm Credit Bark 1,000,000 3.83% N/A 10/29/08 3.85% 1,OW,WO 998,437 BNY Western Tr 1,027,812 Financing Corporation(FICO) 500,000 9.80% N/A 04/06/18 9.80% 498,594 715,470 NmmmBark 762,815 4,499,594 Told Invested Cash $ 36,992,947 $ 37,226,924 $ 35,816,543 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 5/25/2004 APRIL 30, 2004 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 36,992,847 $ 36,992,847 $ 36,992,847 Miscellaneous Accounts Petty Cash 2,575 N/A N/A open none 2,575 Revolving Fund-Bank of America 10,002 N/A N/A open none 10,002 Trust&Agency-Bank of America 816,479 N/A N/A open none 816,479 Downpayment Assistance(Housing Fund)-Washington Mutual 33,153 variable N/A open 0.40% 33,153 Workers Compensation-Bank of America -15,170 N/A N/A open none -15,170 847,039 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 0.9557 4,829 Guaranty Bank(Coyote Springs Apt) 17,042 0.80% N/A 6/24/2004 0.80% 17,042 96,944 Total Cash Deposited $ 37,936,830 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICES, RELATED FUNDS 05/zs/a4 APRIL 30, 2004 Coupon Yield Adjusted Imemv only) Prior [r. Par Value Rate Ruing Maturity to Maturity Cost Basis Category Total Market Valhoue S°nrce � Mazke[Value 1989 Wastewater/Master Lease AIM Government&Agency Portf Private 0 v.able AAA open 0.65E 0 0 BNY Westem Tr I991/97/01 Convention Center 5110 Cash AIM Govemm¢vt&Agency PortfPnvate 972,078 variable 1 1 BNY Westem Tr AIG Investment Agree '�A opev 0.66E 972078 1 Agreement 1,280,fi73 536E AAA 972,078 BNY Western Tr 43,794 AIG lvves[mev[Agreemen[ , 11/1/25 536E I,2 668E 2,256.282 ,673 2,256,282 6.68% AAA II/12I 1,280,673 Y W¢smm Tr 1,280,673 56.282 eN I99 Airport 2,256,252 BNY Westem Tr 2,256,282 A 4,509,034 AIM Sh Term nevr Tray p 400,784 Bayensche he lavesvnem nent Agr. vanabte AAA open 057E 400,784 1,207,600 7.00% AAA 01/01/22 7.00E 400,784 BNY Westem Tr 300,566 1,207,600 2001 Series B-Housing 1,608,394 1,207,600 BNY Western Tr 1,207,600 Cash 82 AIMGovemmem&Agcm Pouf private 3,856 variable 182 182 BNy Westem Tr AIG lnveslmev[Agreement AAA op. 0.66E 3,856 182 468,105 5.22E AAA 08/01/21 522E 4]2,143 3,956 BNY West.Tr 3,955 468,105 468,105 BNY Westem Tr 1994 Senes A&B 468,105 AIM Goveramem&Agency Porn,Private 610,858 variable TMG loamoeve lavenmeat Agr AAA °pen 6.84E 700,935 1,700,935 6.84E AA 09/OI/I7 6.84E 610,858 BNY Western Tr 610,701 I,700,935 1,700,935 BNy Westem Tr 1996 Mvlfiple Capital paq)ities Project 2,311,793 1,700,935 AIM Goveramcn[&Agency Pouf private AMBAC Ivvesvvev[Agreement 456 variable AAA open 066E 1,73Q000 6.40E AA 04/01/27 6.40E 456 456 HNY Westem Tr 1,132,5W 1,730," 1'ua'%10 BNY Westem Tr 1,730,000 1,730,456 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 05125r04 APRIL 30, 2004 Coupon Yield Adjusted (memo ody) Poor Qn. Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value 1998 Arrport GARB AlG luvesmtent Agr.-Reserve 561,221 5 70% AAA 01/01/28 5.70% 561,221 561,221 BNY Western Tr 561,221 AIM Government&Agency Poorf Pnvare 189,052 variable AAA open 0.6656 188,052 188,052 TINY Westum Tr 141,025 749,273 1998 Airport PFC AIG Investment Agr.-Reserve 849,728 5.70% AAA Ol/01/28 570% 949,729 949,729 BMWevern Tr 949,729 AM Government&Agency Poof Private 283,W6 variable AAA open 066% 283,W6 283,W6 BNY Western Tr 212,908 1,133,634 1998 Multiple Capita Wastewater AIM Government&Agency Poof Private 299,645 variable AAA open 0.66% 299,645 299,M5 13NY Western Tr 499,195 299,645 1998 Assessment District 155 A&B ABvf Government&Agency Portf Pmata 323,777 variable AAA open 0.66% 323,777 323,777 BNY Western Tr 323,696 323,777 2WI Assessment District 157/158 AIM Government&Agency Portf Private 163,555 variable AAA open 066% 163,555 163,555 BNY Western Tr 163,513 163,555 20112 Parking Stmcture Cash 3 3 3 BNY Western Tr 3 AIM Governmem&Agency Pont Private 86,868 variable AAA open 065% 86,868 86,868 13 YWestern Tr 95,404 86,871 2004 Assessment District 161 AIM Goverrenent&Agency Portf Private 2,429,179 viable AAA open 0.667 2,429,179 2,429,179 BNY Westem Tr 2,428,070 2,429,179 Tells $ 15,817,744 8 15,817,744 $ 16,010,469 treasrep TREASURER'S MONTHLY REPORT 05/25/04 CALCULATION OF INVESTMENT LIMITATIONS APRIL 30, 2004 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 NIA $27,500,123 1 year to 3 years 0.00% 50.00% 13.50% 3 years to 5 years 0.00% 30.00% 10.81% over 5 years N/A N/A 1.35% 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% 2.70% Corporate Notes N/A 20.00% 2.69% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 20.27% Mortgage Pass Thru's NIA 10.00% 0.00%