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Home My WebLink About1/7/2004 - STAFF REPORTS (8) a DATE: December 29, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of November 30, 2003 Attached is the Treasurer's Investment Report as of November 30, 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 697 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 /04 treasrep CITY OF PALM SPRINGS 12/23/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS NOVEMBER 30, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 836,272 State Pool 12,990,000 $ 13,826,272 47.16% Short Term Investments (1 year or less) Time Deposit 0 0 0.00% Medium Term Investments (1 year to 3 years) Cooperate Notes 994,130 U.S.Gov't Agencies 4,999,750 Time Deposit 1,000,000 6,993,880 23.85% Long Term Investments U.S.Gov't Agencies 8,498,594 9,498,594 28.99% Total Invested Cash $ 29,318,746 100.00% 'Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit treasrep TREASURER'S MONTHLY REPORT 1212312003 DETAIL OF INVESTMENTS NOVEMBER 30, 2003 Coupon Yield Adjusted (memo only) Pnor Qn. Par Value Ram Radng Mmura,t to Memrlty Co„Basis Category Total Market Value Source Market Value On Call De os, Checking-Bank oFAmerlca $ N/A armble AAA open 0.91.% $ 836,272 5 s 836,272 $ 2,195,997 Local Agency Invest Food(LAIF) 12,m,coo variable N/A open 1.57% 12,99 M 12,990,000 LAIF 20,390,000 13,82fi ZP_ Short Term Investments (1 a Or lesa) Time Deport, Downey Savin,&Loan 250,000 3.20% AAA 11/18/03 3 207. 0 0 Downey Savings 250,000 0 Medmm Tenn Investmenp (1 ear to 3 r.) Corpora¢Notes GE Capual Corp. 1,M,000 299% AAA 10/03/05 3207. 994,130 1,012,980 BNY Western Tr 1,025,660 U.S.Gov't Agency Seeman, Fedeml Home Loan Mortgage Cmponuon 1,000,000 229% NIA /0/28105 2.297, 1,000,Oo0 1,001,960 BNY Wesmm Tr 0 Federal National Mortg>oe A,ma,imm 1000,0oo 265% N/A 02/13/06 265% 999,750 998,125 BNY Woolen,Tr 1,004,063 Federal Niuooal Mmtgage A„mtaton 1,"," 250% N/A 08111/06 2S0% 1,oci 996,562 BNY Westem Tr 1,009,375 FedomI National Mm,,n ASswaation I,OW,000 2%% N/A 09/18/06 2.90% 1,000,Ooo 1,001,562 BNY Weatem Tr 1,005,625 Federal Home Loan Mortgage Cmpmaann 1,mQ 306% N/A 09/15/06 3.06% 1,OOo,00o 1,010,469 BNY We,ain Tr 1,019,120 Time Depwa Washington MUWal Bank I'M,00 347e AAA 01Q8/06 347% L000,000 I,000,000 Wa,hmgmn Mutual l'"'00 6,993,880 long Term Investmem (3 ear6 b 5 'ear)c US Gov't Agency Sectnaea Federal Home Loan Bank 1,"," 313% NIA 02/07/01 3.13% 1,0o0,000 1,003,125 BNY Western Tr 1,020,625 Federal National Mortgage Association 1"'000 325% N/A 05/10/01 3.255 1,000,000 1,004,062 BNY W,,mm Tr 0 Federal Homc Loan Bank 1000,000 334% N/A OS/20/07 3.34% I'm'll10 1,002,812 BNY Woman To 0 Federal Farm Credt Bind_ 1,Oo0,0o0 3.60% N/A 1OP9107 3W% 1,000,000 998,750 BNY Wesmm Tr 0 Federal National Mortgage Assoeaton I,000,OW 4.00% N/A 11/05107 400% 0 0 BNY Western Tr 1,002,812 Federal Nalumal Mmtgage Asannumn I,WQ000 410% N/A 12/26107 410% 1"," 1,002,187 BNY Western Tr 1,007,I87 Federal Home Loan Bank 1,000,000 380% N/A 02/04108 3807, 1,OOo,WO 1003,437 BNY Western Tr 1,WS,750 Federal Farm Ctedt Bank l'"' 00 385% N/A 10129/08 385$ 1,Oo0,000 1,000,635 BNY Wesmm Tr 0 Federal Rome Loan Bank 1,"0 433% N/A 11/19/09 433% I,000,000 1,001,562 BNY W,eeru Tr 0 Fnancing Corpmatom(FICO) 500,000 9 80% N/A 04106/18 9 80% 498,594 734,565 N,o.m,Brmk 757,345 9,498,594 Toml Inve,led Cash 5 29,318,746 8 29,599,955 5 33,696,559 treasrep TREASURER'S MONTHLY REPORT 12/23/2003 MISCELLANEOUS AND TRUST ACCOUNTS NOVEMBER 30, 2003 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 29,318,746 $ 29,318,746 $ 29,318,746 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 11,630 N/A N/A open none 11,630 Trust&Agency-Bank of America 899,077 N/A N/A open none 899,077 Downpayment Assistance(Housing Fund)-Washington Mutual 33,085 variable N/A open 0.50% 33,085 Workers Compensation-Bank of America 4,563 N/A N/A open none 4,563 950,880 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Car 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 0.90% N/A 6/24/2004 0 80% 17,042 100,939 Total Cash Deposited $ 30,370,565 Wager, TREASURER'S MONTHLY REPORT 12/23/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS NOVEMBER 30, 2003 Coupon Ytela Aain:me (memo only) Prior Q, Par Value Rate Raring Mammy mMamnty Cost Bars Category Taml Market Valve Source Maket Value 1989 Wasrewa rl/Master Lease AIM Govemment&Agency Portf Private 511 variable AAA open 06]% 511 511 BNY Western Tr 331 511 1991/97/01 Convention Center Cuh 1 1 1 BNY Western Tr 1 AIM Govemment&Agency Portt Pnvme 43,703 variable AAA open 667. 36,955 36,955 BNY Western Tr 36,412 955 AIG lnvestmen[Agreemen[ 3,53fi 95i 668% AAA 11/1/21 536% 3,536,955 3,536,955 BNY Western Tr 3,53Q955 1992 Airport 3,580,659 Cash 100,342 100,342 100,342 BNY Wcsmm Tr 1 AIM SImrt-Term lnvesvuen[Trsy Private 544,354 variable AAA open 061% 544,354 544,354 BNY We5lem Te 443,851 Bayensche Investurenr Agr 1207,fi00 J WT, AAA 01/0122 ]00% 1,207,600 1207,fiW TINY Wes[em Tr 1,207,600 2W 1 Senes B-Hovsng 1,852 296 Cash 188 151 BNY Weslem Tr 848 AIM Govertw v en[&Agency PorO Private 3,851 amble AAA open 0.66% 3,851 3,851 851 BNY Western Tr 3,E48 AIG lnveshnent Agreement 468,105 522% AAA 08/01/21 522% 468,105 468,105 BNY Western Tr 468,105 472,138 1994 Senes A&B AIM Goverranent&Agency Portt Private 754,472 varmble AAA open 0.66% 754,472 754,472 BNY Western Tr 754,100 TMG lneurance Investment Age I,100,935 6.84% AA 09101/17 694% I,700,935 1,700,935 BNY Western Tr 1,700,935 1996 Multiple Capita Facilities Project 2,455407 AIM Govermnent&Agency Portt Private 75 arlable AAA AMBAC Investment Agreement open 0.6]% J5 ]5 BNY Western Tr 59],499 6 [ I,J30,000 640% AA 04/01/2] 640% 1,730,000 1]30,000 BNY W.W.Tr I,730,000 1,730,075 bean' TREASURER'S MONTHLY REPORT 12/23/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS NOVEMBER 30,2003 Conga^ Ymld Adjasled (memo any) Pnor Qg. Par VaWe Ratu Rating Maturity to MaWnty C.e,Buis Category Total Market VaWe Source Market Value 1998 Airport GARB AIG lavesonent ASr.-Reserve 561,221 5.90% AAA 01/01/28 5707. 561,221 561,221 BNY Western Tr 561,221 ALM Govemmetn&Aaeacy Ponf Pnvale 283281 variable AAA open 0.66% 283,281 283281 BNYWesrem Tr 189,659 1998 Airport PFC 844,502 AIG Investmeat Aar -Reserve 849,728 5 707 AAA 01/O1129 5 70 0 949,728 849,728 BNY Westem it 849,71_8 AIM Government&Agency Portf Private 428,647 variable AAA open 066% 42$647 428,647 BNY Western Tr 286,464 1996 Multiple Capital Waztewater ,278295 AIM Govemment&Agency Pont Private 299,709 vanable AAA open 0.66 o 299,709 299,709 BNY Westem Tr 359,206 1998 Assessment D ct ism 155 A&B 299,709 Cash 18,701 18,701 18,701 BNY Westin Tr 19,701 AIM Govemment&Agency Port Prrvaw 283,5fi4 variable AAA open 066% 283,5M 283,564 BNY Westem Tr 283,421 2001 Assessmea[Disn¢[I57/158 02,265 Cash 0 0 0 BNY Westem Tr AIM Govemment&Agency Paa Ppnvme 163,348 variable AAA open p 06]`m I63,348 163,349 BNY Westem it 16326 Lease M]-Vehicles 163,348 Wells Fargo Gavemmeat Money Market 0 vanable AAA open 0 0 Wells Fargo I 2002 ParlwS Swcwre 0 Cazh 3 3 3 BNY Wesrern Tr AIM Government&Agency Portf Private 538,567 variable AAA open 06/9 538,567 3 538,56] BNY Westnm Tr 56240 538,570 Tools 8 13,517.955 5 13,517,855 8 13,785,895 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 12/23/03 NOVEMBER 30, 2003 Allowable Percentages By Maturity: Mmunum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $13,826,272 1 year to 3 years 0.00% 50.00% 23.85% 3 years to 5 years 0.00% 30.00% 27.29% over 5 years N/A N/A 1.70% 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% 3.41% Corporate Notes N/A 20.00% 3.39% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 46.04% Mortgage Pass Thru's N/A 10.00% 0.00%