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Home My WebLink About11/19/2003 - STAFF REPORTS (28) DATE: October 29, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of September 30, 2003 Attached is the Treasurer's Investment Report as of September 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 425 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 10/28/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS SEPTEMBER 30, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 2,195,997 State Pool 20,390,000 $ 22,585,997 67 77% Short Term Investments (1 year or less) Time Deposit 250,000 U.S. Gov't Agencies 0 250,000 0.75% Medium Term Investments ( 1 year to 3 years) Corporate Notes 994,130 U S.Gov't Agencies 3,999,750 Time Deposit 1,000,000 5,993,880 17.98% Long Term Investments U.S.Gov't Agencies 4,498,594 4,498,594 13.50% Total Invested Cash $ 33,328,471 100.00% °Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treasrep TREASURER'S MONTHLY REPORT 10/282003 DETAIL OF INVESTMENTS SEPTEMBER 30, 2003 Carron Yield Adjusted (memo only) Prior Qtr. Par Value Rat, Rahn, Maturity mMmmuy Coat Basis Category Twat Market Value Sou¢e Market Valhe On Call De e,its Cheokm,-Bank of Anne $ N/A varrabl, AAA open 0 94% $ 2,195,997 $ $ 2,195,997 $ 3,272221 Unseal Ag,nrylnves[Fnnd(LAIF) 20,390,000 variable N/A open Lfi4% 20,39go00 20390," LAW 30,390,000 22,585,997 Short Term leveret nen6 (] a or less) Time Deposit Downey Savings&Loan 150,000 320% AAA 11/18/03 320% 250,OW 150,000 Downey Savm55 250,000 US Gov't Agency Seommo, Federal National Mortgage Ass ena on I,M," 3 28% N/A 07/15/04 3.28% 0 0 BNY Western Tr 1p00,938 250,000 Medwm Term Inveshnents (1 oar to 3 ears) Carpmme Notes GE Capron]Crop. I,1100,000 2.99% AAA 10/03/05 320% 994,130 1,025,660 BNY Westem To 1,026,220 O S.Gov'[Agency Seemittes Federal Home Loan Bank 1,000,1ID0 3]0% N/A 01/11/05 3 70% 0 0 BNY Western Tr I,000,615 Federal Nahonal Mortgage Aasociatmn 1,000,000 2]5% N/A 02/06/06 2]5% 0 0 BNY Western Tr 1,001,563 Federal National Mortgage Association 1,t100,000 2fi5% N/A 02/13/06 2fi5% 999,750 1,004,063 BNY Western Tr 1,007,813 Federal Nahonal Mortgage Assocunon 1,000,000 2507s N/A 08/11/06 250% L00g000 1,009,375 BNY Western Tr 0 Federal Nepmal Mortgage Asmemhon 1,000,000 2.90% N/A 09/18106 2.90% 1,000,OW I,005,615 BNY Western To 0 Federal Home Loan Mom,.C,rpmahon L"'M 3.06% N/A 09/15/O6 3.0fi% 1,000,000 1,019,120 BNY Western Tr 0 Fedora]Home Loan Bmk LBBB,aro 3.35% NIA 09/19/06 33515 0 0 BNY Western Tr 1,004,375 Tune Deposit Washington Mumal Bank 11000,000 3.41% AAA 01/29/06 347% 1.M,000 I'acii' O Washington M.wn[ 1,000,000 5,993,980 Long Term Investinen[ (3 em [h 5 ears? O.S.Gov,Agent,Seemmes Federal Home Loan Bank LOOO,OW 3.13% N/A 02/07/07 3137, 1,000,000 1,020,625 BNY Western To LC20,313 Federal Nahonal Motagage Assooiatton 1'cxxs O 4.00% N/A 11/05/07 400% 1,000,000 1,W2,812 BNY Western Tr 1,008,750 Federal National Mortgage Assceiatme l,l%IO,WO 410% N/A 12/26/07 4.10% 1,00Q000 I,OW,18/ BNY WeHom To 1,013,125 Federal Home Loan Bank 1'"' 00 380% N/A 02/04/09 3.80% L000,000 L008,750 BNY Weetem To 1.014,375 rumming Cm,malmn(FICO) 50Q000 9.80% N/A 04/06/19 9807, 498,594 757,345 Nsmm,Bank 796,875 4,498,594 Tottl Invested Cash 5 33,318,471 $ 33,696,559 5 45,]9],193 treasrep TREASURER'S MONTHLY REPORT 10/28/2003 MISCELLANEOUS AND TRUST ACCOUNTS SEPTEMBER 30, 2003 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash S 33,328,471 $ 33,328,471 S 33,329,471 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 13,681 N/A N/A open none 13,681 Trust&Agency-Bank of America 1,091,914 N/A N/A open none 1,091,914 1911 Assessment Funds-Bank of America 0 N/A N/A open none 0 Rehab Loans(CDBG)-Washington Mutual 0 variable N/A open 0 Downpymt.Asst. (Housing Fund)-Washington Mutual 33,085 variable N/A open 050% 33,085 Workers Compensation-Bank of America -29,367 N/A N/A open none -29,367 1,111,838 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(Cohen,Mark) 0 1.19% N/A 9/2/2003 1.19% 0 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 1.3457 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 S 34,541 248 Bea:rep TREASURER'S MONTHLY REPORT 101281E BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS SEPTEMBER 30, 2003 Caapou Yield Adjusted (memo only) Prior Q, Per Woe Rate Ren, Mmunty to Mammy Cost Bins Category Total Market Value Source Market Valoe 1998 Airport PFC AIG lnveslmenr Agr -Reserve 849,728 5.709 AAA 01/01128 5.20% 949,728 849,729 BNY We,mm Tr 849,728 AIM Govemment&Alone,Para Pnvare 296,464 variable AAA open 0.62% 286 464 286,46,1 BNY Wenem Tr 450,352 1,136,192 1998 Mvhiple Capful Wastewater AIM Govemment&Agency Portf Pnvae, 359,206 variable AAA open 0.61% 359,206 359,206 BNY Western Tr 299,997 359,206 1998 Assessment Dontr¢t 155 A&E Cash 18,701 18,701 18,701 BNY Westem Tr 0 AIM Govemment&Agency Porit Private 283,421 wriable AAA open 061`0 283,421 283,421 BNY Western Tr 331,911 302,122 2WI Assessment Dinrmt 1571158 - Cash 0 0 0 BNY Western Tr 0 AIM Government&Agency lm¢ Private 163266 varmble AAA open 0.62% 163266 163,266 BNY Western Tr 163,118 163266 Isase P1-Vehicles Welp Fargo Government Money Market 1 varmble AAA open 1 I Wells Fargo 0 1 2W2 Parkmg StmeNre Cash 3 3 3 BNYWestern Tr 0 AIM Govemment&Agency Portf Pnvate 562,405 variable AAA open 061V, 562,405 562,405 BNY Western Tr 591,288 562,408 Tmals 8 13,795,895 5 13,785,895 $ 15,801,074 beaarep TREASURER'S MONTHLY REPORT rang/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS SEPTEMBER 30, 2003 Coupon Yield Adjusted (memo only) Prior Qw Par Value Rare Ran, Maturity to Maturity Cost Balm Category Total Market Value Source Maket Value 1989 Waatewater/Master Lease AIM Govemmevt&Agency Ponf Private 331 variable AAA open 061% 331 331 BNY Wcsem Tr 2,197,003 1991/99/01 Cavvevvon Cevter 31 Cash t 1 AI 1 BNY Western Tr I AIG A mem h(Govemmenr Bt A,.,Par[PPnvare fi8,412 vaiabM AAA opm 0.61$ 68,412 68,412 BNY Wean.Tr M,350 lnvesonen[ gwc 3,536,955 6.68% AAA 11/1/21 5.36% 3,536,955 3,536,955 BNY Weamm Tr 3,536,955 199E Airport 3,W5,368 Cash 1 1 1 BNY Western Tr AIM Short-Term Investment Tray Private 44 1 ve 3,851 variable AAA open 058% 443,851 443,gj1 BNY Wesrem Tr 644,9W Bayensche lnstmml Ar. 1,20],6W ]W% AM 01/01/22 ]W% 1,207,6W 1,207,C BNY W,,.m Tr 1_07,600 ZWI Series B-Hmer., 1,651,45E Cash 182 182 182 BNY Wa,wm Tr 192 AIM Government&Agency Porrt Private 3,849 vu,able AAA open 061% 3,848 3,948 BNY Western Tr 3,845 AIG Investment Areement 468,105 5.22% AAA 08/01M 5.22% 468,105 469,105 BNYWeatem Tr 468,105 1994 Sen.A&B 472,135 AM Government&Aeney Port Pnvale 154,IW tumble AAA open 0.61% 754,100 754,100 BNY Western Tr 698.697 TMG lnsnrance lnvesvneal A, 1,700,935 v694% AA 09/01/17 6.84% 1,700,935 I]W,935 BNY Western Tr 1,700,935 1996 Mulople Capital Facibdes Project 2,455,035 AIM Government&Agency Port(Private 597,499 variable AAA open 06Ie 597,499 597,499 BNY Wesrem Tr AMBAC Inveamtent Agreement 1,]30,000 6.40% AA 04/01Q] 640/0 1,]30,Oo0 1]30,0p0 BNY Western Tr I,730,000 1999 Almon GARB 2,327,499 AIG lnveshnent Agp-Reaerve 561,221 5.70% AAA 01/01/29 570% 561,221 561,221 BNYWe9cm Tr 561,221 AIM Govemmenr&Agency Pmtf Pnvae 189,659 vmmble AAA open 0 61% 199,659 189,659 BNYWesrem Tr 296,586 E50,880 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 10/28/03 SEPTEMBER 30, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $22,835,997 1 year to 3 years 0.00% 50.00% 17.98% 3 years to 5 years 0.00% 30.00% 12.00% over 5 years N/A N/A 1.50% 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% 3.75% Corporate Notes N/A 20.00% 2.99% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 25.50% Mortgage Pass Thru's N/A 10.00% 0.00%