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Home My WebLink About3/17/2004 - STAFF REPORTS (29) DATE: February 27, 2004 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of January 31, 2004 Attached is the Treasurer's Investment Report as of January 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 524 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 2/26/2004 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JANUARY 31, 2004 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ -243,174 State Pool 21,290,000 $ 21,046,826 57.60% Short Term Investments (1 year or less) Medium Term Investments (l year to 3 years) Corporate Notes 994,130 U.S Gov't Agencies 4,999,750 Time Deposit 1,000,000 6,993,880 19.14% Lang Term Investments U.S. Gov't Agencies 8,499,594 8,498,594 23.26% Total Invested Cash $ 36,539,300 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. rreasrep TREASURER'S MONTHLY REPORT 2P6/2W4 DETAM OF INVESTMENTS JANUARY 31, 2004 Coupon Yceld Adjusted (memo only) Prior Qn Par Value Ram Bating Mogul to M.,mr, Cost Basis Co.,.,Total Marker Value Somme Market Value On Call De esite Checking-Bank of America $ N/A .,.big AAA open US% $ -243,114 5 $ -243,174 $ 635286 Local Agency Invest Fund(LAIF) 21,2W,000 variable N/A open 1.53% 21290,000 21290,000 LAIF 15,090,000 ?1,046,82fi SM1mt Term Investments (1 ear or less) Medium Term Investments I worm to 3 ests) Cmporale Nods GE Capngl Carp t0gial" 299% AAA 10/03/05 320% 994,130 1019,OW BNY West.Tr 1,018,400 U,S Gov't Agency Securities Fed eral Home loan M.,,e Cc,eraonn 1,lical' 0 229% N/A 10/29/05 =29% 1,000,000 1,002,600 BNY Wootton Tr 1,003,000 Feder)National Mortgage Association I'"'li00 2.65% N/A 02/131M 2 65% 999,750 1,000,313 BNY Western To 1,001250 Federal National Mortgage Association 1,000,000 2.50% N/A 08/11106 2.50% 100QOW 1,002,812 BNY Westem Tr 1,003,125 Federal National Mors"age Astociauon I,OW,000 290% N/A 08118/06 290% I,llold' 0 1,000,625 BNY Westem To 1,001,875 Federal Home Loan Mortgage Carporaonn 1,0ial'" 306% N/A 09/15/06 306% 1,"," 1,013,600 BNY Western Tr 1,013,930 Tnme Depont Washington Mutual Bank 1,000,000 347% AAA 0128/06 347% I,WO,000 1,000,000 WuM1ing[an Mutual I,000,000 tu 6,993 680 Long Team IhvesMenl (3 n�rs m 5 ears) U.S.Gov't Agency Secunties Opp 1,011,562 BNY Westem Tr 1,009,062 Federal Home Lean Bank 1,000 000 3.13% N/A 02/0]/0] 3 13% I.Opp Federal Home Loan Book I000 000 3.10% N/A 0411610/ 3.10% IOBB,BBB 1,003,430 BNY Western To 0 Federal Natimnal Mmha,Asscumm 1000,000 325% N/A 05/1010/ 3.25% 1,000,o00 1,W5,312 BNY Western To 1006,562 Federal Home Loan Bank 106B4O0D 334% N/A 08/20/07 334% I,laddi' 0 1W9,062 BNY Western Tr 1006,875 Federal Farm Credit Bank 1,OW,000 3.0% N/A 10/29/07 3W% I'"'00 1006,8875 BNY Westem Tr 1004,062 Feder)Home Loan Bank 1,OW,000 3.807t N/A 02/04/09 380% 1,000,000 I,11W,000 BNY Westem To 1,002,500 Fedeml From Credit Bank 1,W0000 3.85% N/A IOQ9/08 385% 1000,000 1,011,562 BNY Wessem To 1,007,812 Fdeml Home Loan Bank 1000,000 433% N/A 11/19/08 433% 1,Oo0,000 1,001,562 BNY Wesem Tr 1,001,562 Fnanang Greg...do.(FICO) 50g000 9807. N/A 04/06/18 9.80% 499,594 741,720 NauamBarvl- 734,690 8,498,594 Taal Invested Cash S 36,539,3W S 36,876,959 S 30,540,591 treasrep TREASURER'S MONTHLY REPORT 2/26/2004 MISCELLANEOUS AND TRUST ACCOUNTS JANUARY 31, 2004 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 36,539,300 $ 36,539,300 $ 36,539,300 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 1,275 N/A N/A open none 1,275 Trust&Agency-Bank of America 1,034,329 N/A N/A open none 1,034,329 Downpayment Assistance(Housing Fund)-Washington Mutual 33,120 variable N/A open 0.42% 33,120 Workers Compensation-Bank of America -3,809 N/A N/A open none -3,909 1,067,440 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 61,354 1.39% N/A 2/12/2004 1.39% 61,354 Downey S&L(Donovan Bequest) 17,779 1.09% N/A 2/13/2004 1.09% 17,778 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% 17,042 101,003 Total Cash Deposited $ 37,707,743 Va.", TREASURER'S MONTHLY REPORT 02/26/04 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JANUARY 31,2004 Coupon Yreld Adjusted (memo only) Prmr QW Pu Value Rate Rating Matudly mMamrlty Cos[Basis Category Total Market Vnlne Soueea Market Value 1999 Wastewater/Master Lease AIM Government&Agency Pomf Private 511 vanable AAA open 066% 511 511 BNYWeelem Tr 511 ill 1991197101 Commit..Center Cash 1 1 1 BNY Western Tf 1 AIM Government&Agency Portf private 43,772 v ariable AAA open 0.66% 43,772 43,772 BNY Western Tr 43,7W AIG brvesment Agreement 3,536,955 6.685 AAA 1111/21 536% 3,536,955 3,536,955 BNY Wesee Tr 3,536,955 90,71_8 1992 Anport Cash 0 0 0 BNY Western Tr 0 AIM Short-Term Investment Tory Private 1w,IX v arrable AAA open 0.59% IOQ190 MIA BNY Western Tr 802,138 Bayenselm investmein Age 120],600 ?m% AAA 01/01/22 7007. 1,20],600 1,207,600 BNY Weslem Tr 1207,600 1,30],]90 2001 Series B-Hoosmg Caab 130,322 130,322 130,322 BNY Western Tr 182 AIM Government&Agency Portf private 3,853 v ariable AAA open 066% 3,853 3,853 BNY Western Tr 3,852 AIG Investment Agreement 468,105 5.229 AAA O8/01/21 522% 469,105 469,105 BNY Western Tr 468,105 602280 1994 Series A&B AIM Gov.., Por1f Pat. 754,861 ariable AAA open 066% 754,861 754,861 BNY Western Tr 254,663 TMG Insurance Investment Agr 1,700,935 v6.84% AA 09/01/12 6 84% 1,700,935 1,7W,935 BNY Western Tr 1,700,935 2,455,796 1996 Multiple Cr,WI Fac Imes Pm aet ALM Government&Agency Portf Private 75 v ariable AAA open 0.66% "15 75 BNY Western Tr 75 AMBAC Investment Agreement 1(/30,000 640% AA 04/01/27 6.40% I,730,000 1]30,000 BNY Westem Tr 1,730,OW 1,730,075 to„rep TREASURER'S MONTHLY REPORT 02/26/04 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JANUARY 31,2004 coupon Ywld AOfuswd (me oonly) Pnor Qtr Par Value Rak Rang Mmnrity to Mawrity Coo Basrs Cawgory TeW Market Value Source Market Value 1999 Airport GARB AIG lnvesunen[Agr -Reserve 561,221 5.50% AAA 0101129 5.907, 561,221 - 561,221 BNYWcsmrn Tr 561,221 AIM Govermuent&Agency Por Privae 47,W6 vaneble AAA open O66% 41,005 47,W6 BNY Western Tr 3W,07 08,227 1998 A,.rt PFC AIG lnvesenent An,-Reserve 849,729 570% AAA 011OV28 5.10% 849,729 849,729 BNY Westem Tr 849,728 AIM Goverrnnent&Agency Portf Private 70,962 variable AAA open 0.66% 70,962 70,962 BNY Westem Tr 546,159 920,6% 1999 Multiple cu"I Wastewater AIM Government&Agency Pouf Privam 299,864 variable AAA open 066% 299,864 299,864 BNY Wesem Tr 299,785 299,864 1998 Assessment Oistret 155 A&B Cash 18,201 18,201 18,701 BNY Wesem Tr I8,701 AIM GOvemment&Agency Pefrt Pnvaw 293711 va,nble AAA open 660% 283,711 233,711 BNY Westem Tr 283,636 302,412 2001 Assessment M,wt 1571158 Cuh 0 0 0 BNY Weskrn Tr 0 AIM Covemmem&Agency Parif Pnvaw 163432 vannble AAA open 0.66% 163,432 163,432 BNY Westem Tr 163,399 163,432 2002 Parking S[mcwrc Cash 3 3 3 BNY Weswnr Tr 3 AIM Government&AgencyN fPnvaw 477,321 vazieble AAA open 066% 477,321 477,321 BNY Wesem Tr 427,092 477,324 TOmis S 12,449,129 S 12,449,129 8 13 809,I198 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 02/26/04 JANUARY 31, 2004 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $21,046,826 1 year to 3 years 0.00% 50.00% 19.14% 3 years to 5 years 0.00% 30.00% 21.89% over 5 years N/A N/A 1.37% 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% 2.73% Corporate Notes N/A 20.00% 2.72% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 36.94% Mortgage Pass Thru's N/A 10.00% 0.00%