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Home My WebLink About5/19/2004 - STAFF REPORTS (23) DATE: March 26, 2004 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of March 31, 2004 Attached is the Treasurer's Investment Report as of March 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, 4/16118, 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 391 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 lla3 treasrep CITY OF PALM SPRINGS 4/26/2004 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MARCH 31, 2004 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -17,948 State Pool 23,690,000 $ 23,672,052 66,80% Short Term Investments ( 1 ear or less) Medium Term Investments ( 1 ear to 3 ears) Corporate Notes 994,130 U.S. Gov't Agencies 4,272,727 Time Deposit 1,000,000 6,266,857 17.68% Long Term Investments U.S. Gov't Agencies 5,498,594 5,498,594 15,52% Total Invested Cash $ 35,437,503 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year lunit. treasrep TREASURER'S MONTHLY REPORT 4/26/2W4 DETAIL OF INVESTMENTS MARCH 31, 2004 Coupon Yield Adjusted Par Value Rate Rating Maturity onMamdry Cost Basta Category Tmal Marker Va1uc Source Mark t Value On Call De osih Checking-Bank of Amedca $ N/A variable AAA open 0.91% $ -17,948 $ $ -17,943 Local Agency lnv.L Fund(LAM) 23,690,000 variable N/A open 1A7% 23,690 5 635,28fi ,000 23,fi90,000 LAIF 15,090000 23,672,052 Short Term Invesmonts (I year on lesa) Medinm Term Invvsworms (1 year to 3 yeacO Corporate Notcs GE Capital Corp. 1,"," 2.99% AAA 10/03/05 3.20% 994,130 1,021,7W ENY Western Tr 1,018,400 U S.Gov't Agency Secunties ` Federal Home Loan Mortgage Corpormon 1'"' 0 2.29% N/A 10/28/05 2.29% 1,000,W0 1,000,810 HNY Western Tr 1,003,600 Federal National Mortgage Associavnn L00 'Wo 2.65% N/A 02/13/06 2.65% 0 0 BNY Wesmm Tr 1, ,250 W Federal National Mortgage Assomauov L000,000 250% N/A 08/11/06 250% 1,OO ,OOD 1,004,375 BNY Western Tr 1,003,125 Federal National Mortgage Association 1,000,000 2 90% N/A O9118106 2%% 272,727 272,727 BNY Western Tr 1,001,875 Federal Home Loan Mortgage Corporation 1,OOQ000 3 06% N/A 09/15/06 3.06% L"'000 1,016,440 BNY Western Tr I,OI3,930 Federal Home Loan Bank 1,000,000 3.13% N/A 02/07/07 313% L000.000 1,014,375 BUY Western Tr 1,009,062 Time Deposit WazWvgton Mutual Bank I,000,000 3.47% AAA 01/19/06 347% 1,000,0W 6,266,857 1,000,000 Washington Manual Mual LDOD,DOD Long Term investment (3 years to 5 yens) U.S.Gov't Agency Secunties Federal Home Loan Bank 1,000,000 3.10% N/A 04/16/07 3.107 1,000,000 I,000,625 HNY Western Tr 0 Federal National Mortgage Asseciatim 1,11W,W0 3.25% N/A 05/10/07 3.25% 1,000,000 1,002,18] BNY Western Tr LOOfi,560 Fetleml Home Loan Bank 1,000,000 334% N/A 08/20/07 334% 1'"' 00 1,008,125 BNY Western Tr 1,006,975 Federal Farm Credit Bank I,000,00D 3.60% N/A 10/29/07 3.6017 L000,000 1,012,500 BNY Western Tr 1,W4,062 Federal Home Loan Bank 1,000,000 3.80% N/A 02/04/08 3.SD% 0 0 BNY Wearern Tr 1,002,500 Federal Farm Credit Baer 1,000,000 385% N/A 10/29/08 385% 1,000,000 1,02],SI2 BNY Western Tr 1,007,8I2 F Federal Home Loan Bam, 1,000,000 433% N/A II/19/08 4.33% 0 0 BNY WeIem Tr 1,00L562FinancingCnrporauon(FICO) 500,OOD 9.90% N/A 04/06/18 9.80% 498,594 762,815 Natmotl3 i, 734,6W 5,499,594 Tmal rrtves[ed Cash $ 35,437,503 $ 35,816,543 $ 30,540,591 treasrep TREASURER'S MONTHLY REPORT 4/26/2004 MISCELLANEOUS AND TRUST ACCOUNTS MARCH 31, 2004 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 35,437,503 $ 35,437,503 $ 35,437,503 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 17,587 N/A N/A open none 17,587 Trust&Agency-Bank of America 797,117 N/A N/A open none 797,117 Downpayment Assistance(Housing Fund)-Washington Mutual 33,153 variable N/A open 0.40% 33,153 Workers Compensation-Bank of America 5,256 N/A N/A open none 5,256 855,638 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) 17,042 0.80% N/A 6/24/2004 0.80% 17,042 96,944 Total Cash Deposited $ 36,390,085 TREASURER'S MONTHLY REPORT o-ea:rep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 04/26/04 MARCH 31, 2004 Coupon Yield Adjusted (memo only) Prior Qv. Par Value Bale Baring Maturity to Maturity Cost Basis Category Tot] Market Value Source Market V]uc 1989 Wasmwamu]vbpter L,pe AIM Government&Agency Pont Private 511 variable AAA open 0.65% 511 511 BNY Wesiem Tr 511 1991/97/01 Convention Center 11 Cash 1 1 1 BNY Western Tr I AN Government&Agency Pond Private 43,794 variable AAA open 065% 43,794 43,794 BNY Western Tr 43,760 AIG levesnnent Agreement 1,280.673 5.36% AAA I1/l/25 536% 1,290,673 1,280,673 BNY Western Tr I,280,673 AIG Investment Agreement 2,256,282 668% AAA ll/I/21 6.68% 2,256,282 2,236,282 BNY Wesiem Tr 2,256,282 1992 Airport 3,580,750 AIM Short-Term lnversam,Tmy P 3WQ566 variable AAA open 0.627 300,566 Bayerische]aveswent Agr 1,207,6W0 700% AAA 01/01/22 7W% 1,207.600 300,566 BN Weem Tr 802,138 , 0 , BN Western Tr 1, 0 ,2001 Series B-Housing I J08,166 Cash 182 192 182 BNY Wesiem Tr 182 APN Government&Agevcy Portf Private 3,955 varivble AAA open 0.65% 3,855 3,855 BNY Western Tr 3,852 AIG Investment Agreement 468,105 5.22% AAA 08/01/21 5.22% 469,105 468,105 BNY Western Tr 468,105 1994 Series A&B 472,142 AIM Govemmucat&Agency Portf Private 610,701 variable AAA open 0 65% 610,701 TMG B 610,701 BNY Western Tr 754,663 ssuruice Investment Age 1,700,935 684% AA 09/01/17 6.84% 1,70Q935 1,70Q935 BNY Western Tr 1,70 ,935 1996 Multiple Capital Facilities Project 2,311,636 AIM Government&Agency Portf Private 1,132,500 variable AAA open 0.65% 1,132,500 A 1,132,500 BNY Western Tr 75 MBAC Investment Agreement I,730,000 640% AA 04/Ol/27 640% 1,730,W00 1,730,0W0 BNY Western Tr 1,730,000 2,862,500 TREASURER'S MONTHLY REPORT measrep BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS 04/26/04 MARCH 31, 2004 Coupo. Yteld Adjosed (memo only) Prior Qw. Par Vale Rate Rating Mamnty to Maturity Cost Basis Category Tmm Market Valve Somme Market Value 1998 Air mn GARB AIG Invesunent Ago-Reserve 561,221 5.707. AAA 01/01/28 5.70% 561,221 561,221 BNY Western Tr 561,221 AIM Government&Agency Ponf Private 141,025 vanable AAA open 0.65% 141,025 14I,025 BNY Western Tr 360,W7 1998 Airpon PFC 702,246 AIG Investment Agn-Reserve 849,728 5.70% AAA 01/01/29 5.70% 849,729 949,728 BNY Western Tr 949,728 AIM Government&Agency Portf Pnvate 212,908 variable AAA open 065% 212,908 212,908 BNY Western Tr 546,159 1998 Multiple Capita Wastewater ,062,636 AIM Government&Agency Proof Private 499,195 variable AAA open 0.65% 499,195 499,195 BNY Wesmrn Tr 299,785 1998 Assessment Deanne,li5 A&B 499,195 Cash 0 0 0 BNY Western Tr 18,701 AIM Governmeat&Agency Ponf Private 323,696 variable AAA ape. 065% 323,696 323,696 BNY Western Tr 283,636 2001 Assessment Distnet 157/I58 23,696 AM Government&Agency Ponf Private 163,513 variable AAA open 0 65% 163,513 163,513 BNY Western Tr 163,389 2002 Parking Stmctu¢ 163,513 Cash 3 3 3 BNY Wesrem Te 3 AIM Government&Agency Ponf Private 95,404 vanable AAA ape. 065% 95,404 95,404 BNY Western Tr 477,092 2004 Assessment District 161 95,407 AM Governme.[&Age.,Pelf Private 2,428,070 vanable AAA open 0 65% 2,428,070 2,428,070 BNY Western Tr 0 Totals 2,428,070 S Ifi,010,468 $ Ifi,010,4fi8 S 13,809,098 treasrep TREASURER'S MONTHLY REPORT 04/26/04 CALCULATION OF INVESTMENT LIMITATIONS MARCH 31, 2004 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $23,672,052 1 year to 3 years 0.00% 50.00% 17.68% 3 years to 5 years 0.00% 30.00% 14.11% over 5 years N/A N/A 1.41% 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% 2.82% Corporate Notes N/A 20.00% 2.81% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 27.57% Mortgage Pass Thrn's N/A 10.00% 0.00%