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Home My WebLink About10/15/2003 - STAFF REPORTS (13) DATE: September 24, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of August 31, 2003 Attached is the Treasurer's Investment Report as of August 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, 4116/18, 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 389 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 l 7/e treasrep CITY OF PALM SPRINGS 9/24/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS AUGUST 31, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 1,100,387 State Pool 25,390,000 $ 26,490,387 7115% Short Term Investments (1 year or less) Time Deposit 250,000 U S.Gov't Agencies 0 250,000 0.67% Medium Term Investments (I year to 3 years) Corporate Notes 994,130 U.S.Gov't Agencies 2,999,750 Time Deposit 1,000,000 4,993,880 13.41% Long Tenn Investments U.S Gov't Agencies 5,498,594 5,498,594 14.77% Total Invested Cash $ 37,232,861 100.00% *Some investments made prior to the implementation of the current Investment Polley exceed the 5 year limit. rreasrep TREASURER'S MONTHLY REPORT 911411003 DETAIL OF INVESTMENTS AUGUST 31, 2003 Coupon Yield Adjusted mort.otdy) Prior Qn. Per Value Rate Rating Mamnty to M.Wnty Cost Basis Category Total MarketVJue Source Market Value On Cell De esitr Chmkrng-Bank of Amcrice s N/A earlmls AAA open 088% $ 1,100,387 S 5 1,100,387 $ 3272,121 Local Agency Invest Fund(LAIF) 25,390,000 variable N/A open 1 63% 25,390,000 25,390," LAM 30,390," 26,490,38] Short Term lnvestmenls (I a ar less) Time Deposit Downey Savings&Loan 250,000 320% AAA 11/18103 3.20% 250,000 150,000 Downey Savings 250,000 US Gov'[Agency Secuntie Federal National Mongege Asvxtation I"'odu 328% N/A 07I15/(D 3.287. 0 0 BNY Weslcrn Tr 1,",938 250,030 Medium Tettn lnvcsmtcnts (I eatto3 ears) COWuraR Notes GE Capital Carp- 1,000,000 2 99% AAA 10/03/05 3 20% 994,130 I,014,062 BNY Wesern Tr 1 02fi,220 US Gov't Agency Seculm,l Federal Home Loan Bank 1'"'M 3 707. N/A 01/11/05 3 70% 0 0 BNY Wesrem Tr 1,M,625 0 BNY Wcmern Tr I,W1,563 Federal National Mortgage Assomeuon I'doei'm 265% NIA 02/13/06 2.?5% 0 999,062 BNY Western Tr I,W7,813 Federal National Margot,Association I'M," 265% N/A 08/11/06 2.65% 999,750 Federal National Mortgage Assotmen I,000,000 2.50% N/A 08/18/06 250% I,"," 994,375 BNY Western Tr 0 Federal National Mortgage Assonation 1,000,000 290% N/A OSIIS/06 290% 1000,000 1,001,562 BNY Westetn Tr 0 Time Deposit W.11mgmn Mumal Band, I,M," 34]% AAA 01/28/06 41% I000,000 1,1100,000 Nashingmn MuNal I,000,000 3. 4,993,880 Long Term Investment (3 ears In 5 ears) US Gov't Agenry Seconder Federal Home Loan BaN: 1,"," 3.35% N/A 09/19/06 3357, 1,M,M 1,000,937 BNY Western Tr 1,004,375 Federal Hume Loon Bats I,M,M 3.13% N/A 02/07/07 313% 1,000,000 1,005,625 BNY Wesern Tr 1,020,313 Federal National Mmlgage Association 1,000,000 4W% N/A 11/05/07 400% I,W0,000 1,0(15," BNY Western Tr I,WS,750 Federal National Mortgage Asmciation 1"," 4 10% N/A 1226107 4A07. 1 000,000 1,OW,812 BNY Wesmm Tr 1,013,125 Federal Home Loan Bank 1'"' 0 3 80% N/A 02104/09 Mod, 1,000,1g0 1,0W,000 BNY Western Te 1,014,375 Famemg Corpnramn(FICO) 5w,000 980% N/A 04/06/18 Min 498,594 724,065 NationslLnk 786,875 5,498$94 Told Invested Cash 5 37,232,861 S 37,492,887 $ 45,797,193 treasrep TREASURER'S MONTHLY REPORT 9/24/2003 MISCELLANEOUS AND TRUST ACCOUNTS AUGUST 31, 2003 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cast Basis Category Total-- Totat Invested Cash $ 37,232,961 $ 37,232,961 $ 37,232,861 Miscellaneous Accounts Petty Cash 2,525 N/A N/A open none 2,525 Revolving Fund-Bank of America 2,212 N/A N/A open none 2,212 Trust&Agency-Bank of America 1,090,065 N/A N/A open none 1,090,065 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 33,044 variable N/A open 0 50% 33,044 Workers Compensation-Bank of America 2,083 N/A N/A open none 2,083 1,129,929 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 1.34% 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 $ 38,463,729 tease, TREASURER'S MONTHLY REPORT 0924/03 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS AUGUST 31, 2003 Coupon Yield Adjusted (memo only) Pnor Qtr. Par Value Rate Ran, MBtunty to Matunty Cost Bmm Category Total Market Value stage Market Value 1989 W astewmer/Masmr Ixasc AIM Govemment&Agency Port Private 4,419,519 vanable AAA open 0.62% 4,419,518 4,419,518 BNY Western Tr 2,197,W3 4,419,518 1991197101 Convennoa Center Cash I 1 1 BNY Wesmm Tr 1 AIM Govermnem&Agency Portf Pnvare 68,395 v ariable AAA open 0.62% 68,395 69,395 BNY Western Tr 68,350 AIG Investment Agreement 3,536,955 6689 AAA 11/1121 5.367. 3,536,955 3,536,955 BNY West.Tr 3,536,955 3,605,351 1992 Airport Cash 1 1 1 BNY Wesl m Tr I AIM Short-Term lmvesuneia Trsy Pnvaaa 343,453 variable AAA open 0551, 343,453 343,453 BNY Western Tr 644,9W Bayer-be Investment Ann 1207,6W Z00% AAA 01/01/22 7009 1307600 1207,6W BNY Weemrn Tr 1207,60) 1,551,054 2001 Scncs B-Housing Cash 182 182 182 3NY Wesbm Tr 182 AIM Government&Agency Porn'Private 3,847 variable AAA .,an 0 62% 3,847 3,847 BNY Westa o Tr 3,845 AIG Investment Agreement 468,105 522% AAA 08/01/21 522% 468,105 468,105 BNY Western Tr 468,105 472,134 1994 Senn A&B AIM Govemment&Agency Port Pnvale ]5],642 .table AAA open 0620 757,642 ]5),642 BNY Western Tr 699,697 TMG I... me asea lovesint A, 1,JW,935 v&84% AA 09101/17 684% 1]00,935 1,7W,935 BNY Western Tr 1,700,935 2,458,577 1996 Mi luple Capital Faihtes Project AIM Govemment&Agency Port Privsm 3 W romble AAA open 0 62% 3 W 3W BNY Western Tr 199 AMBAC Investment Agreement 1,730,OW v640% AA 04101/27 640% I]30AW 1,730,000 BNY Western Tr I,730,000 1,]30 3W 1999 Arrport GARB AIG Invesnnent All, -Reserve 561,221 5 70% AAA 01101128 5 70% 561,221 561,221 BNY Weaetn Tr 561221 AIM Government&Agency Portf Pnvate 142,864 variable AAA ape. 062% 142,864 142,864 BNY Western Tr 196,586 VO4,085 1998 AiMmt PFC AIG ltvesvnen[Agr-Reserve 849,728 5705' AAA 0110128 570% 849,728 849,728 BNY West.Tr 849,728 AIM Government&Agency Ponf Porte 215,397 vmmble AAA .pen 0627, 215,397 215,397 BNY Western Tr 450,352 1,065,125 Ims"sp TREASURER'S MONTHLY REPORT 09/24/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS AUGUST 31,2003 Coupon Yield Ad a,.d (me .only) Prior Qn Wr Value Rale Raring Mal.nty asMutant, Cm,Brie C.......Tmal Market Value Source Market Value 1998 Multiple Capnal Wasrewaler AIM Govemment&Agency Prof Private 30 ,lim vutabl, AAA .pen 062% 30J90 30 ,190 BNY We,mm Tr 199,997 300,190 1999 Assessment Dlsh¢t 155 A&B Cash 0 0 0 BNY Wesmm Tr 0 AIM Government&Alin.,P.rtf Pnvue 332,125 variable AAA open 0627t 332,125 332,1 25 BNY Webers Tr 331,911 332,125 2001 Assessment District 159/158 Cuh 0 0 0 BNY Weelam Tr 0 AIM Govemment&Agency Portf Pnvaw 163,223 variable AAA .pen 0.62% 163223 163223 RNY Western Tr 163,118 163,223 lease A2-Vehmlea Wells Fargo G.vemmem Money Marker 1 variable AAA open I 1 Wells Far,. 0 1 2002 Park,.,,,Structure AIM Government&Agency Portf Private 571,279 variable AAA area 0 62% 571 279 571,279 BNY Westem Tr 591,288 571,279 Totals 5 17,372,962 $ 17,372 962 5 15,801,074 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 09/24/03 AUGUST 31, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $26,740,387 1 year to 3 years 0.00% 50.00% 13.41% 3 years to 5 years 0.00% 30.00% 13.43% over 5 years N/A N/A 1.34% 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% 3.36% Corporate Notes N/A 20.00% 2.67% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 22.82% Mortgage Pass Thru's N/A 10.00% 0.00%