The URL can be used to link to this page

Home My WebLink About4/7/2004 - STAFF REPORTS (29) DATE: March 26, 2004 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of February 29, 2004 Attached is the Treasurer's Investment Report as of February 29, 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, Lang 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 378 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 3/25/2004 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS FE13RUARY 29, 2004 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -665,998 State Pool 26,390,000 $ 25,724,002 68 62% Short Term Investments (1 year or less) ium Tertom Investments Me(1d year 3 yeats) Corporate Notes 994,130 U.S.Gov't Agencies 3,272,727 Time Deposit 1,000,000 5,266,857 14.05% Long Term Investments U.S Gov't Agencies 6,498,594 6,498,594 17.33% Total Invested Cash $ 37,499,453 100 00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 yeat limit. creasrep TREASURER'S MONTHLY REPORT 312512W4 DETAIL.OF INVESTMENTS FEBRUARY 29, 2004 Coupon Yleld Ad3usled (memo only) Poor Qo Par Value Rate RaOng Maturity to motma, Coat Bast, Category Total Market Value Soar¢ Market Value On Cell De ostts Checking-Bank of America $ NIA vanable AAA open 088% $ -665,998 5 5 -665,998 5 635,286 Local Agency Invest Food(LAIF) 26,3%,W) vanablc N/A open 144% 26,3W," 26,3W,000 LAM 15,0%," 25,]24,Oo2 Short Term lnventments (1 yca,or less) M(edmm Tetm loveebnen¢ 1 ear to 3 ears) C.,m,.te Notes GE Capital Cop. I,000,WO 2.99% AAA 10/03/05 320T. 994,130 1,020,930 BNYWestern Tr 1,018,400 US Gov't Agency oes I ," 229% 0 BN Wesem Tr 101,250Fedeml Home Loan MoneaS Copomuon 101730 BN Wetem Tr 1,003, 0 Fedeml Namnal MOraage A,s.,,00 2.65% N/A OVUM 2657t 0 Federal Notonal Mortgage Associgtom I,Wo,000 2.50% NIA 08/11/06 250% 1,"0 IW5," BNY Western Tr 1003,125 Federal Ntt onal Mort,.-c A55octauon UO ,00o 2%% NIA 08/18/06 2 90% 272,]2] 2]2,72] BNY Weslem To 1 Wl 8]5 Fedeml Home t-n.Monnage Cotporaomt IOoa." 3.06% N/A 09/15106 3.06% 10aa,Boo 1017,020 BNY Western To 1013930 Time Deposit L"'M Woshingmn Mutual 1,"," Washingmn Mutual Bank 1,"," 3.47% AAA 01/29106 3.47% 1,00," 5,?G6,85] Lung Tcrm mveroneno (3 cars m 5 eon) U S.Gov't Agency Se ooiNes Federal Home Loeo Bart- IOOO,OoO 3A3% N/A 02I0]/0] 3.134o 1,"," Lo14,68] BNY Wumm To 1,009,Ofi2 Federal Home Loan Bank I,Wo,C00 310% N/A 04/I6/01 3A0% 1,OOo,WO 1,W2,187 BNY Weamm To 0 Federal National Mmfgage Asmcimioo 1,",ow 3257v NIA 05/10107 3.25% I,C00,000 1,W4,062 BNYWestern Tr LW6,562 Federal Home Loan Bank I'M," 3.34% NIA 09/20/07 3.34% 1,000," 1010000 BNY WesRm To 1,W6,875 Federal Fatm Credit Bank t",000 3.60% NIA 10/29/07 3.60% 1,OW,Wo 1,011,875 BNY Westem To L004,062 Federal Home Loan Book I,",000 3 80% N/A 02/04/08 3 Sol 0 0 BNY Western Tr UW2,500 Federal Farm Credi[Bank L"'000 385% N/A 1OQ91o8 3855, 1,000,WO 1,020,000 BNY Western Tr 1,007,812 Federal Home Loan Bart I,M,aw 433% N/A 31/19I08 4.33% 0 0 BNY Western Tr 1W1,562 Fummemg Cm,m.Hn(FICO) 5w," 9.80% NIA 04106/I3 9.80% 498,594 752,915 N.donsBam_ 734,690 6,498,594 Tmal Invested Cash $ 3>,489.453 $ 37,856,935 S 30,540,591 treasrep TREASURER'S MONTHLY REPORT 3/25/2004 MISCELLANEOUS AND TRUST ACCOUNTS FEBRUARY 29, 2004 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 37,489,453 $ 37,489,453 $ 37,489,453 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 728 N/A N/A open none 728 Trust&Agency-Bank of America 969,230 N/A N/A open none 969,230 Downpayment Assistance(Housing Fund)-Washington Mutual 33,120 variable N/A open 0.42% 33,120 Workers Compensation-Bank of America -7,691 N/A N/A open none -7,691 997,912 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% 12,969 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 $ 38,584,309 tressrep TREASURER'S MONTHLY REPORT 03/25/04 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS FEBRUARY 29, 2004 Coupon Yield Adjusted (memo only) Prior Qn Par Value Rate Rating Maturity to Mamtily Cost Basis Category TOW Market value Source Market Value 1989 Wastewaler/Master Lease AIM Government&Agency PorR Private 511 variable AAA open 0.65% 511 511 BNY Western Tr 511 511 1991197101 Cam end..Center Cash 1 1 I BNY Western Tr 1 AM Government&Agency POA[Pnvate 43,783 vanable AAA open 065% 43,783 43,783 BNY Western Tr 43,760 AIG lnvesonet Agreement 3,536,955 6.68% AAA 11/1/21 5.36% 3,536,955 3,536,955 BNY Westcm Tr 3,536,955 3,580,739 1992 Airport AM Slmrt-Term rnvestmeut Ttsy Pmme 200,370 variable AAA open 0.59% 200,370 200,370 BNY Western Tr 802,138 Bayensche lavestramt Agr 1,207,600 7.00% AAA 01/O1122 7.00% 1,207,600 1,207,600 BNY Wcstem Tr 1,207,600 1,407,970 2001 Sertes B-Housing Cash 182 182 182 BNY Wcslem Tr 182 AM Government&Agency Portf Private 3,954 variable AAA open 0.65% 3,954 3,854 BNY Westem Tr 3,852 AIG lnvesunev[Agreement 469,105 5.22% AAA O8/01/21 5.22% 468,105 468,105 BNY Western Tr 468,105 472,141 1994 Series A&B AR4 Government&Agency Portf Private 812,578 variable AAA open 0.65% 812,578 812,578 BNY Westem Tr 754,663 TMG htsurevice lvvestment Agr 1,70 ,935 684% AA 09/01/17 684% 1,700,935 1,700,935 BNY Westem Tr 1,700,935 2,513,513 1996 Multiple Capital Facilities Project AIM Government&Agency PaRf Pnvate 74 varable AAA open 0.65% 74 74 BNY Westem Tr 75 AMBAC Investment Agreemen[ 1,730,000 6.407. AA 04/01/27 6.40% 1,730,000 1,730,000 BNY Westem Tr 1,730,000 1,730,074 1998 Airport GARB ne.'q TREASURER'S MONTHLY REPORT 03/25/04 BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS FEBRUARY 29, 2004 Coupon Yield Adjusted (memo only) Prior Qtr Par Value Rate Rating Maturity to Maturity Cost Basis Category Tmal Market Value Source Market Value 1999 Airport GARB MG investment Agr.-Rcsmvc 561,221 5.909 AAA O1/01/29 5 90% 561,221 561,221 BNY Western Tr 561,221 AIM Government&Agency Porrf Pnvane 94,011 variable AAA open 0.65% 94,011 94,011 BNY Western Tr 3W,609 655,232 1998 Airport PFC AIG Investment Agr,-Reserve 849,728 5 90% AAA 01/01/28 5 90% 949,728 849,729 BNY Western Tr 849,728 AM Government&Agency Party Pnvme 141,928 variable AAA open 0.65% 141,928 141,928 BNY Westem Tr 546,159 991,656 1998 Multiple Capiml Wastewater AIM Goverment&Agency Portf Pnvam 299,940 variable AAA open 065% 299,940 299,940 BNY Western Tr 299,785 299,940 1998 Assessment District 155 A&B Cash 18,901 19,901 18,901 BNY Westem Tr 18,901 AIM Governmeut&Agency Poirf Private 283,783 variable AAA open 0.65% 283.783 283,783 BNY Western Tr 283,636 302,484 2001 Assessment Distnet 157/158 AM Government&Agency Portf Private 163,473 variable AAA open 065% 163,493 163,4/3 BN Weeacm Tr 163,399 163,4/3 2002 Parlong Structure Cash 3 3 3 BNY Western Tr 3 AIM Government&Agency Ponf Private 105,091 variable AAA open 0 65% 105,081 105,081 BNY Wesern Tr 479,092 105,084 2004 Assessment M rict 161 AIM Government&Agency Portf Private 4,460,062 variable AAA open 065% 4,4 W,062 _ 4,460,062 BNY Western Tr 0 4,4 W,062 Total, $ 16,682,879 $ 16,682,879 $ I3,809,098 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 03/25/04 FEBRUARY 29, 2004 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $25,724,002 1 year to 3 years 0.00% 50.00% 14.05% 3 years to 5 years 0.00% 30.00% 16.00% over 5 years N/A N/A 1.33% 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% 2.67% Corporate Notes N/A 20.00% 2.65% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 26.06% Mortgage Pass Thru's N/A 10.00% 0.00%