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Home My WebLink About12/17/2003 - STAFF REPORTS (31) DATE: December 1, 2003 TO: City Council . FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of October 31, 2003 Attached is the Treasurer's Investment Report as of October 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 572 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. Kanari Treasurer C/ / l treasrep CITY OF PALM SPRINGS 11/24/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS OCTOBER 31, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 434,122 State Pool 16,990,000 $ 17,424,122 55.91% Short Term Investnents (1 year or less) Time Deposit 250,000 250,000 0.80% Medium Term Investments (1 year to 3 years) Corporate Notes 994,130 U.S. Gov't Agencies 4,999,750 Time Deposit 1,000,000 6,993,880 22 44% Long Term Investments U.S.Gov't Agencies 6,498,594 6,499,594 20.85% Total Invested Cash 31,166,596 100.00% *Some investments made prior to the implementation of die cuirem Investment Policy exceed the 5 year limit. 3aA- � treasrep TREASURER'S MONTHLY REPORT 11/24n003 DETAIL OF INVESTMENTS OCTOBER 31, 2003 Coupon Yleld Adjusted Qs- Par Value Rate Sao, Manmvy to Matmity Cost Basis ma,lst hrly) Pporvid Category Total Marke[Value Source Market Value On Call Dc osts Checking-BamF of Aromas S N/A variable AAA Local Agency Invest Fund(LAIF) open 164% § 434,122 $ S 9W,M $ 2,3W,9W I6,990,0p0 variable N/A aPen l fi4% 16,990,000 I6,990,OW LAIF 20,390,000 ]9,424,122 Sher,Terut love,hom, (1 year or Is,,) Time Deport Downey Savings&Lear 250,000 320% AM lV18/03 320% 250000 250,000 Dotmey Savings 250,000 2so,aoo Medium Term Iavesmren6 (I ear m 3 ems) Corporate Notes GE Capltid Corp 1,000,000 2 99% AAA 10103/05 3 20% 994,130 IT S.Gov't Agency Securmes 1,016,000 BNY Westem Tr 1,025,660 Federal Home Loan Meetgage Corporation 1,",000 2297. N/A 10/28/05 229%Federal Nauoal Mortgage Assonadon 1,000,000 265% N/A I999,750 I'M," BNY Western Tr 08/11/06 250% 999,]50 0 Federal NaM1onal Mortgage Assoclanon 1,000,000 250 r% N/A 0811I/Ofi 1,000,000 BNY Western Tr 1,004,Ofi3 375 Federal Nomitvl MmIgage Assocslar I,000,p00 2.50% 1,",000 999,062 BNYWestem Tr 2.06% N/A 00/11/06 H 90% I,000' 0 1,019,120 Federal Home Loan Mortgage Cotporafitin 1,000,000 306% N/A O9/G/06 1,002,812 BNY Westem Tr 1,005,625 3.06% 1,000,000 1,012,500 HNY Western Tr t,a19,1zp Time Deposit Washington Mumal Bank 1000000 3479 AAA 01/28/06 347% 10001g0 6,993,880 I,OW,000 Washington n Manual ' Lang Term Investment (3 a rs m 5 curs) U S Gov't Agency Semurtties Federal Home Loan Bard, 1,000,000 3.13% N/A 0210710]Federal Patin Credo Bank 3' % 1,00p,000 1,009,062 BNY Westem Tr 10� I,000,p00 3.60% N/A 10/29/0] 3 0 fi0% 1,000,OOp _0,625 Federal National Mortgage Association 1,"," 4,00% N/A 11/05107 1,000,625 BNY Western Tr 0 Federal NiN.mI Mortgage Association 4'10% 1,000.000 1,000,312 BNY Western Tr 1,002,812 I'000'000 12126/0] 4 10%Federal Home Loan Bank 1 00U 000 3'80% N/A 1,000,000 Federal Farm Credit Bark N/A W/W/08 3.80% 1,004,3]5 BNY Western Tr L00],18] 1,000,000 385% NIA I'M," 1,005,625 HNY WeNY llem Tr 10/29/O& 3 85% 1,000.000 1,008,750 Financing Cmpomdon(FICO) 50g00p 980% N/A 04/06/19 (.732,970 B.h.n,B era Tr 0 9909 498,594 ]32,9]0 NauonsBank 6,498,594 ]5],345 TOGI Inve+leitl Cash W S 31,166,596 S 31,463,492 S 33,696,559 treasrep TREASURER'S MONTHLY REPORT 11/24/2003 MISCELLANEOUS AND TRUST ACCOUNTS OCTOBER 31, 2003 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 31,166,596 $ 31,166,596 S 31,166,596 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 6,373 N/A N/A open none 6,373 Trust&Agency-Bank of America 902,362 N/A N/A open none 902,362 Downpayment Assistance(Housing Fund)-Washington Mutual 33,085 variable N/A open 050% 33,085 Workers Compensation-Bank of America -37,187 N/A N/A open none -37,187 907,158 Deposits Held In Trus[ Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 61,354 1.397 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) 4,765 1 34% N/A 1/19/2004 1.34% 4,765 Guaranty Bank(Coyote Springs Apt) 17,042 0 80% N/A 6/24/2004 0.80% 17,042 100,939 (�Total Cash Deposited $ 32,174,693 W V`� treasrep TREASURER'S MONTHLY REPORT lIP4103 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS OCTOBER 31, 2003 Coupon Yield Adlusled (memo only) Prior Qtr per Value Rete 11su, Mamnty tomn.6ty Cost Bass Category Tool Market Value Source Market Value 1989 Wastewater/Master Lease ABM Govemmert&Agency Port Private 511 variable AAA open 067% 511 511 BNYWealem Tr 331 1991/9"1/01 Convention Center 11 Cash 1 1 1 BNY Western Tr 1 AIM Government&Agency Por[(Pnva¢ 1551,219 v arable AAA open 067% 2,551219 15 AIC lnvesMent Agreement 3,536,955 6 66% AAA 1111121 512 19 BNY Western Tr 68,412 5 36% 3,536,955 3,536,955 131 Y Western Tr 3,536,955 1992 Anport 6,088,175 Cash 1 I 1 BNY Wesrem Tr I AIM Short-Term Investment Trsy Pnvale 544,262 vanuble AAA open 0611, 544,262 544,2((2 BNY Western Tr 443,851 Bayeneche lnvesuueut Agr 1,207,600 ]00% AAA 01/01/22 ].00% 1207,600 1207,600 HNY WesNrn Tr 1207,600 200I Series B-Housing 1,]5I 863 Cash 182 182 182 BNY Western Tr 182 AIM Government&Agency Portl Private 3,8eo v,nable AAA open 067% 3,850 3,850 BNY Weslem Tr 3,848 A1G Investment Agreement 468,105 522% AAA 09/01/21 522% 469,105 468,105 BNY Western Tr 468,105 1994 Series A&B 492.137 AIM Government&Agency P,ntf Prvate 754279 variable AAA open 067% 754,279 754,279 BNY Western Tr 754,1W TMG hlnurance ltrveshnent Agr. 1,700,935 694% AA 09101/17 6.84% 1,700,935 1,700,935 BNY Western Tr 1,7OQ935 1996 Multiple Capital Fanhfies Pm1m[ ,455,214 AIM Government&Agency Ponf Private 74 arable AAA open 0.67% 74 74 BNY Wesem Tr 597,499 AMBAC Investment Agreement 1,730,0W v640% AA O9/OI127 6.407s 1]30,000 1,730,000 BNY Western Tr 1,730,000 1998 Anport GARB 1,730,074 AIG hrvesunenl Agr.-Reserve 561221 570% AAA 01/01/28 5.20% 561221 561221 BNY Western Tr 561221 AIM Gwennuem&Agency Pn,f Private 136,463 variable AAA open 067% 236,463 236,463 BNY Weslem Tr 189,659 11 797,684 rt nu." TREASURER'S MONTHLY REPORT 1124I03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS OCTOBER 31, 2003 Coupon Yield Aajnslea (mmmuonly) Pnor Q, Paz Value Rate Rahn., Mammy In M,mnry C."B..ts Camgury Tour Market Value Source Market Value 1998 Airport PFC AIGlnveshnenr Agr -Reserve 849,728 5.70% AAA O1I0128 5.10% 849,728 849,728 BNYWesmrn Tr 849,729 AIM Government&Agency Pont Private 357,546 variable AAA open 067% 357,546 357,546 BNY Western Tv 286464 1,207,214 1998 Mnitiple Capual W astemater AIM Government&Agency Porn Prvate 299,633 variable AAA open 067% 299,633 299,633 BNY Western Tr 359,206 199,633 1999 Assessment Dilurld 155 A&B Cash 18,701 18,701 I8,701 BNYWestem Tr 18,701 AN Government&Agency Peru Prlvam 293,491 variable AAA open 067% 293,491 283,491 BNY Wesern Tr 783,421 302,192 2WI AueasmemD,,mrr 1571158 Gsh 0 0 0 BNY Weuem Tr 0 AIM Government&Agency Ponr Pnvale 163,305 ,miabpe AAA open 067% 163305 163,305 BNY Wegem Tr 163366 163,305 Lease%]-Vehicles Wells Fergu Government Money Market 1 voromin AAA open 1 1 Wells Far, 1 1 2W2 Pxrkmg Stmcmre Cash 3 3 3 6NY Wesrem Tr 3 AN Government&Agency Portf Pnvam 550,016 vmlable AAA upen 067% 550,016 550,016 BNYWe,.Tr 562,eI05 550,019 Tohtls S 15,818,082 5 15,818.092 5 13,785,895 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 11/24/03 OCTOBER 31, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. I day to 365 days $8,000,000 N/A $17,674,122 1 year to 3 years 0.00% 50.00% 22.44% 3 years to 5 years 0.00% 30.00% 19.25% over 5 years N/A N/A 1.60% 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 NIA 15.00% 0.00% Certificates of Deposit N/A 30.00% 4.01% Corporate Notes N/A 20.00% 3.19% Money Market Mutual Funds NIA 10.00% 0.00% U.S. Government Agencies N/A 50.00% 36.89% pkyj Mortgage Pass Thru's N/A 10.00% 0.00% N