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Home My WebLink About2/4/2004 - STAFF REPORTS (16) DATE: January 26, 2004 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of December 31, 2003 Attached is the Treasurer's Investment Report as of December 31, 2003. 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 612 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 NA treasrep CITY OF PALM SPRINGS 1/26/2004 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS DECEMBER 31, 2003 On Call Deposits Adjusted Bans Category Total Percentage Checking Account $ 635,286 State Pool 15,090,000 $ 15,725,296 52.04% Short Term Investments (I year or less) Time Deposit 0 0 0 00% Medium Term Investments (I year to 3 years) Corporate Notes 994,130 U.S.Gov't Agencies 4,999,750 Time Deposit 1,000,000 6,993,980 23.14% Long Term Investments U.S.Gov't Agencies 7,498,594 7,498,594 24 82% Total Invested Cash $ 30,217,760 100.00% Some investments made prior to the implementation or the current Investment Policy exceed the 5 year limit. treasrep TREASURER'S MONTHLY REPORT 1/26/2W4 DETAIL OF INVESTMENTS DECEMBER 31, 2003 Coupon Ymld Adjusted (me only) Prior Qu. Par Value Ram Ram, Matnty to Matnty Cos,Bans Category TmB Market Value Source Market Value On Call De oeu, Checking-Bank of Amenra $ N/A amble AAA open 091% S 635,286 $ $ 635,286 $ 2,195,997 Local Agency ltrvest Fund(LAIF) 15,090,000 vmrabk N/A open 155% 15,W 000 15,090,000 LAW 20,390,00(l 15,725,286 Short Term Investments (I'ar on le") Tune Deposit Downey Smut,&Loan 250,000 3 20% AAA 11119/03 3 207 0 0 Neon,Savmgs 250,000 0 Medium Term Invesnnonta (1 ear m 3 ears) Cmpa'.Notes GE Capital Cop 1'000,000 2 99% AAA 10/03/05 3 20% 994,130 1,018,400 BNY Western Tr 1,025,660 U S Gov't Agency Secundes Federal Home Lom Mortgage C.,mauon 1WQa00 229% N/A 10/28/05 229% I"'000 1003,fi00 BNYWesem Tr 0 Federal Normal Mortgage A,Aeamm I,OOQo00 2,65% N/A 02/13/06 265% 999,750 1,001250 BNY Western To 1,004063 Federal Norval Mortgage Aamoi,uou 1,"," 250% N/A 09/11/06 250% 1,000,000 1,003,125 BNY Wesmm To 1,009,395 Federal Normal Mortgage A,,em,uom 10oQ0t10 2.90% N/A 081ts/06 290% I,000,WO 1,001,895 BNY Wcstern To 1,005,625 Federal Home Loan Mortgage Corpouuom I"'o00 306% N/A 09/15/06 306% 1000,0o0 1,013,930 BNY Wcsmrn To 1019,120 Time Deposit Washington Mumal Boo: 1,00Q000 341% AAA 01/28/06 347% I,"," I,"," Washmgmn Mound 1,WO,Ooci 6,993,880 Long Tetm mvesunent (3 eatto5 aa) U S.Gov't Agency Secundes Federal Home lean Bank I'W'P00 313% N/A 02/07/07 3.13% I,Poo,00o 1,009,062 BNY Western Tr 1020,625 Federal Nauonal Mortgage Aseaciauan l'ori 3.25% N/A 05/10/07 3.255 1,000,000 1,006,562 BNY Western Tr o Fedeml Home Loan Bark- 1,000,000 3.34% N/A 0820/07 3.347, l"'coo 1,W6,975 BNY Western Tr 0 Federal Parm Cmdrt BnM I,M,000 360% N/A 10/29/07 3.601, 1,ot0J%10 1,004,062 BNY Western Tr 0 Federal Normal Mortgage Association 1,000,000 4.00% N/A 11/05/07 4.00% 0 0 BNY Wcstern Tr 1002812 Federal Nauonal Mori.,A,,.ieuon 1000,000 4.10% N/A 12P_6/07 410% 0 0 BNY Weslern Tr 1,007,151 Fedeml Home Loan Bank 1,000,ofo 3.80% N/A 02/04/08 380% 1,0o0,o00 1,W2,500 BNY Western Tr 1,008,750 Federal Farm Credit Bank I,000,WO 3.85% N/A 10/29/08 335% 1'"' 00 1,007,812 BNY Western To 0 Federal Home Loan BVA I,WQ000 433% N/A il/19/08 433% 1,0o0,o00 1,001,562 BNY Western To 0 Firming Cm,mmm(FICO) 500,000 9.80,% N/A 04/06/I8 9 80% 499,594 734,690 N...n Bark 757,345 7,498,594 Total Invested Cash $ 30,217,70 S 30,540,591 S 33,696,559 treasrep TREASURER'S MONTHLY REPORT 1/26/2004 MISCELLANEOUS AND TRUST ACCOUNTS DECEMBER 31, 2003 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 30,217,760 $ 30,217,760 $ 30,217,760 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 8,228 N/A N/A open none 8,228 Trust&Agency-Bank of America 1,206,053 N/A N/A open none 1,206,053 Downpayment Assistance(Housing Fund)-Washington Mutual 33,120 variable N/A open 0.42% 33,120 Workers Compensation-Bank of America 17,880 N/A N/A open none 17,890 _67,806 Deposits Held In Trust Time Deposits (FDIC Ihsured) 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) 17,778 1 09% N/A 2/13/2004 1.09% 17,778 Downey S&L(Palmer Cable TV) 4,765 1.34% N/A 1/19/2004 1.34% 4,765 Guaranty Bank(Coyote Springs Apt) 17,042 0.8091 N/A 6/24/2004 0.80% 17,042 100,939 Total Cash Deposited $ 31,586,505 trnasmp TREASURER'S MONTHLY REPORT 01/26/04 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS DECEMBER 31, 2003 Cwpnn Ymld Adjusted Par Value Rate Rndng Matwiry to Mawnty Cos[Basis Cade° (memo Only) Pnor Qd ygTOM Market Value Source Market Value 1999 Wastewa¢r/Master Lease AIM Govemment&Ae,Pon(Pnvam 511 variable AAA open 06990 511 SII BNY Western Tr I991197/01 Convmdon Cenmr 511 33I Cash 1 AIM Goverwnem&Amcy PorlFPnvare 43,]W arable MA 1 1 BNY Wesrem Tr I AIG Investment Agreement °pen 069% 4370 3,536,955 668% AAA 11/I/21 5.3fi90 43.]60 BNY Western Tr 68412 3,536,955 3,536,955 BNY Wesern Tr 199�Ai t 3,536,955 tpor 3,580,]I6 Cash 0 AIMBhort-Tenn lnvesunen[Trsy Pnvate v 0 0 BNY Weslero Tr 1 802,138 0 61 H1y111che lnvesvnrn[Agr. 120]fi00 7W% AAA MA open 802,138 802,138 HNY Werem Tr 01/01/22 ].00% 1,207 fi00 443,851 1,20>,60p BNY Western Tr 1,207,600 20018enes B-Housing 2,009]38 Cash 182 AIM Govemment&Agency Pnnf prtvam 3,852 v qM 182 182 BNY Western Tr is, AIG lnvesuneM Agreement arable open 069% 3,852 969,105 5.22% AAA 08/01/21 5.i% 8,105 BNY Wesrem Tr 9,105 46$I05 968,105 BNY Nes[em Tr 4fi8,105 848 1994 Series A&B 4]2 139 AIM Govemment&Agency Portf Pnvare 754,663 vanable qM opell TMG Insurance hrvesunen[Age 1/17 0. 754,663 84,663 BNY Wesrem Tr ]SW,100 1]00,935 6.84% AA 09/01/I] 6 84%84% 1]00,935 I,7G0,935 BNY Weswm Tr 1,700,935 1996 MvlM1ple Capital FaclhGes Pm/ec[ 2,455,598 AIM Govemment&Agency Portf Pnvaw 75 vwlable AAA AMBAC Invev°nent Agreement 1>30,000 640% AA 04/01/2] &40% 75 JS BNY Wesrem Tr 591, 499 6.40% 1,]30,OW 1]30,000 BNY Western Tr 1,730,M000 1,730,075 mention TREASURER'S MONTHLY REPORT 01/26/04 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS DECEMBER 31,2003 Coupon Yield Adjusted (memo only) Prior Qn. Par Value Ram Rating Maturity to Mai Coco Bass Catevory Total Market Valae Source Market Value 1998 Airport GARB AIG Investment Am,-Reserve 561221 5705 AAA 01/01/28 5707. 561,221 561,221 BNY Western To 561,221 AIM Government&Agency Po¢f Private 360,607 variable AAA opcn 068% 360607 360,607 BNY Western Tr 199,659 1998 Anp.rt PFC 921,929 AIG Investment Ago.-Reserve 849,728 5.70o AAA MAIMS 570% 849,728 949,729 BNY Western To 849,729 AIM Governmetu&Agency Pond Private 546,159 variable AAA open 0687. 546,159 546,159 BNY Western Tr 286,4fi4 1998 Multiple Capital Wastewater 1,395,887 AIM Government&Agency Po¢f Private 299,785 variable AAA .,an 068% 299,785 299,795 BNY Westem Tr 359,206 1998 Assessment District 155 A&B 99,785 Cash I8,701 18,701 18,701 BNY Westem Tr 18,701 AIM Government&Agency Pond Private 283,636 variable AAA ape. 069% 283,636 183,636 BNY Westem Tr 283,421 2001 Assessmun[Orshret 157/158 02337 Cash 0 0 0 BNY Western To 0 AIM Government&Agency Port Private 163,399 varubla AAA .,an 2687v 163399 163,389 BNYWesmrn Tr 163,266 Lease q]-Velucles 163,389 Wells Fargo Goverament Money Market 0 variable AAA open 0 0 Wells Fargo 1 2002 Parking Btrvcture 0 Cash BNY Wes AIM Government&Acre,PorUPriva open Ofi9% 4]] t ,09 e 4]],092 variable AAA 3 3 NYWes.m Tr 3 2 4]],094 Btem Tr 562,405 4]],095 Totals S 13,909,099 S 13,809p98 8 13,785,895 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 01/26/04 DECEMBER 31, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $15,725,286 1 year to 3 years 0.00% 50.00% 23.14% 3 years to 5 years 0.00% 30.00% 23.17% over 5 years N/A N/A 1.65% 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% 331% Corporate Notes N/A 20.00% 3.29% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 41.36% Mortgage Pass Thru's N/A 10.00% 0.00%