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Home My WebLink About9/3/2003 - STAFF REPORTS (34) DATE: July 23, 2003 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of June 30, 2003 Attached is the Treasurer's Investment Report as of June 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 325 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 7/23/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JUNE 30, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 3,272,221 State Pool 30,390,000 $ 33,662,221 74.14% Short Term Investments (I year or less) Time Deposit 250,000 250,000 0.55% Medium Term Investments (1 year to 3 ears) Corporate Notes 994,130 U.S.Gov't Agencies 3,999,750 Time Deposit 1,000,000 5,993,880 1320% Lang Term Investments U.S.Gov't Agencies 5,498,594 5,498,594 12.11% Total Invested Cash $ 45,404,695 100.00% "Some investments made prior to the implementation of[]to current Investment Policy exceed the 5 year limit. treasrep TREASURER'S MONTHLY REPORT 2/23/2003 DETAIL OF INVESTMENTS TUNE 30, 2003 Coupon Yeld Adjusted (memo only) Prior Qtr. Par Value Rare Rahn, Mamray to Malnnty Cast Bass Category Tom] Market Value So. Maite[Value On Call Dz oatls - Cheekrng-Bank of America $ N/A arotble AAA open 107% 5 3,272,121 S 5 3,272,221 S 6,264,031 Local Agency Invest Fund(LAIF) 30,390,M variable N/A aped L70% 303900W 30,39(,000 LAW 15,390,000 33,fifi2 221 Short Term Investments - (I a ar less) Time Deposit Downey Savings&Loan 250,000 320% AAA 11/18/03 3.20% 250,000 250,000 Downey Savings 250,000 250,000 Medmm Term Investments (I ye,to 3 ears) Carpara.Nees GE Capital Carp I"O 299% AAA 10/03/05 320% 994,130 1,026,220 BNY Western Tr 1,015,540 LLS Gov't Agency Secavtice Federal Natmaal Mortgage Associauon 1000,OW 328% N/A 07/15/04 3.28% I,Wg0o0 1,000,938 BNY Westem Tr 1,W5,937 Federal Nanonal Mortgage Association L000,O 370% N/A 0110IN 3.90% 0 0 BNY Western Tr 1,005,000 Federal Nauonal Mortgage Assocunon Looit,000 3.50% N/A 09/27/04 3.50% 0 0 BNY Western Tr 1,005,625 Federal Home Loan Bank 10oQW0 3.70% N/A 01/11/05 370% 11000' m L",625 BNY Weslem Tr LN6,562 Federal Home Loan Mortgage Corp. LoGta" 4.705 N/A 12/06/05 470% 0 0 BNY Western Tr LW5,000 Federal National Mortgage Awneiauon 1,"'M 275% N/A 01/06/06 275% L"'ti00 LW1,563 BNY Western Tr 1,003,125 Federal Nauonal Mortgage Assmtanon I,000,000 2,657 N/A 02113106 265% 999,750 1,007,813 BNY Western Tr 1,003,437 Time Deposit Washmgton Mumal Bak 1000,000 3.47% AM 01/28/06 3.47% I,Oo0,0o0 10oo0W Washington Mumdl I,OW," 5,993,880 Long Term InvesOnen[ (3 ears m 5 ears) D.S.Gov't Agency Securities FMeral Home Lae.Bark 1,000,000 3.357a N/A 09/18/06 335% 1,000,o00 1,W4,375 BNY Western Tr 1,008,437 Federal Home Logo Bank L000,000 3.13% N/A 02/07/07 3.13% I,000,000 1,020,313 BNY Weslem Tr 1,015,000 Federal Nadonal Mortgage Associanon 1,M," LW% N/A 11/05/07 4A0% I'M, 0 1,008,750 BNY Western Tr 1,016,562 Federal Nadanal Mmupge Association L000,000 410% N/A 12/26/07 4.10s Loon," 1,013,125 BNY Western Tr 1,020,000 Federal Home Loan Bark I,Wg000 3801, N/A 02/04/08 3.80% Loo0,W0 1014,375 BNYWestem Tr 1,0I5,000 Financing Corporation(FICO) 5W,M 980% N/A W106/19 9.80% 498,594 ]86,8]5 Naparellaak 755,155 5,498,594 Taml harrestzd Cash S 45,404,fi95 S 45,797,191 S 36,784,411 trea:rep TREASURER'S MONTHLY REPORT 7/23/2003 MISCELLANEOUS AND TRUST ACCOUNTS JUNE 30, 2003 Yield Adjusted Pm Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 45,404,695 $ 45,404,695 $ 45,404,695 Miscellaneous Accounts Petty Cash 2,625 N/A N/A open none 2,625 Revolving Fund-Bank of America 16,385 N/A N/A open none 16,385 Trust&Agency-Bank of America 1,045,155 N/A N/A open none 1,045,155 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 1,097,209 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) 15,499 1.19% N/A 9/2/2003 1.19% 15,499 Downey S&L(Donovan Bequest) 17,778 1.09% N/A 2/13/2004 109% 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% 17,042 116,439 Total Cash Deposited S 46,618,342 neump TREASURER'S MONTHLY REPORT 07/23/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JUNE 30, 2003 Coupon Yield Ad,.svai (memo only) Par Won be. Pnac Qv. Prato. Mammy to Maturity Cost Bas¢ Category Total Market Value Source Market Value 1989 WastewalerMuler Lease AIM Govemment&Agency Portf Pdvatr 2,197,003 variable AAA open 080% 2,197,003 2,197,003 BNY Western Tr 2,190,587 1991197/01 Convenrion Cenrer 2,197,003 Cash AIM Govemment&Agency Por[f Private 68,350 vafi.bl, AAA I BNY Wesmm Tr 1 AIG lnvestmen[Agreemen[ an 080% 68,350 3,536,955 6689 AAA II/I01 5.367v 3,536,936.9555 68,350 BNY Wealem Tr 28,095 199E Artpaa 3,536,955 BNY Western Tc 3,536,955 605,306 Cash 1 AM Slr n-Tmm Invevauenr Trsy Private t ayerisehe lnvesvnrn[Agc variable AAA open 0.80% fi94900 1 BNYWCSmm Tc 10p,385 B I,20],600 v]00% AAA 644,900 BNY Wesmrn Tr 804,55] Housing 01/01/22 ].00% 120],600 200I HeriesB- 8 120],600 BNY Western Tr L20],600 g 52,501 C h 182 AIM Goverment&Agency Par[f Privam 182 182 BNY Wesmm Tr 182 3,845 variable AAA open 0 80%AIG lnvestmen[Agrecment 3,8454G8,105 5.22% qqq 3.845 BNY Western Tr 3,833 O3101/21 5,22% 468,105 4]2,132 468,105 BNYWesmm Tr 1994 Series A&B 468,105 AIM Govemment&Agency P0r[f Pdvau, 698,699 varmblc AAA oven 0 80% 698,69] TMG Insurance lnvestmem Agr. 1,]00,935 6.84% AA 698,697 BNY Wesmm Tr 763,039 09/Ol/t] 684% 1,700,935 I,700,935 BNY Western Tr Op,935 1996 Multiple CaPiml FacLdes Pryect 2,399,632 AM Govermnen[&Agency Part Priva¢ AMBAC Invesment Agreement 299 ars AAA open 0% 299 l,]30,IM10 v6.4g)%0% AA �04I0t2] 6A 6.40% 299 BNY Western Tr 359 l,]30,000 1,730,000 BNY Western Tr 1,730,000 1998 Airpatt GARB 1,]30,299 AIG lnvastaoat Agc.-Reserve 561,221 5.70% AAA AN Govemment&Agency Pore Privam 01/01 5.fi9% Sfi1221 561221 BNY Western Tr 296,58fi variable AAA No open 0.80% 296,586 561221 296,S86 BNY Weslem Tr 389,867 1998 Aiep0r[PFC ffi].Hp) AIG Investment Agr.-Reserve 849928 530% AAA AM Govemment&Agency Port Prcvale Ol/OIIen 5.]0% 450,352 450,352 BNY Western Tr 450,35E variable AAA open 0&0% 450,35E 849,J28 450,35E BNY Western Tr 590,545 1,3pp,080 Peasrep TREASURER'S MONTHLY REPORT 07/23/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JUNE 30,2003 Coupon Yield Adjmmd (memo only) Prior Qm. Par Value Rare pan, M.tMry IO Maturity Cost Buis Cmegory Total Market Value Source Market Valae 1998 Mvl6ple Capital Wasmsv<ter AIM Gnvenunent&Agency Poff Private 199,997 vanable AAA open 080% 299,997 299,997 BNY Western Tr 300,8]] 1998 Assessment Distric[155 A&B 20,997 Cash 0 AIM Covemmem&Agency Porlf Private v 0 0 BNY Westem Tr p 331,911 ariable AAA open 0.80% 331,911 331,911 BNY Western Tr 0],366 2001 Asseaamenl DlsmICI 151/I58 331,911 Cash 0 AIM Government&Agency Puff Pnvam v 0 0 BNY Western Tr 1,482 163,118 arteble AAA open 0.80% 163jill 163,118 BNY Wesmm Tr 162,642 Lease X]-Vehmles 163,118 Wells Fargo Government Money Market 0 wrmble AAA open 0 0 Wells Fargo 855 2002 Parking Structure 0 AIM Government&Agency Pratt Private 591,288 variable AAA open 0.80% 591,288 591,288 BNY Western Tr I,306,564 591,288 Tongs S 15.801,074 $ 15,801,074 S 1],005,7]0 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 07/23/03 JUNE 30, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $33,912,221 1 year to 3 years 0.00% 50.00% 13.20% 3 years to 5 years 0.00% 30.00% t 1.01% over 5 years N/A N/A 1.10% 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% 2.75% Corporate Notes NIA 20.00% 2.19% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 20.92% Mortgage Pass Thru's N/A 10.00% 0.00%