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Home My WebLink About9/17/2003 - STAFF REPORTS (19) DATE: August 27, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of July 31, 2003 Attached is the Treasurer's Investment Report as of July 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 312 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 8/27/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JULY 31, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 3,266,764 State Pool 30,390,000 $ 33,656,764 77.55% Short Term Investments (1 year or less) Time Deposit 250,000 U.S.Gov't Agencies 0 250,000 0.58% Medium Term Investments (1 year to 3 years) Corporate Notes 994,130 U S.Gov't Agencies 1,999,750 Time Deposit 1,000,000 3,993,880 9.20% Long Term Investments U.S.Gov't Agencies 5,499,594 5,498,594 12 67% Total Invested Cash S 43,399,238 10000% "Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. rreasrep TREASURER'S MONTHLY REPORT 812712013 DETAIL OF INVESTMENTS JULY 31, 2003 Coupon Yield Adluswl (memo Only) Prior Qtr Par Value Ram Rating Maturity to Matunry, Cost Bus¢ Category Total Market Value Source Market Value On Call Deposits Checking-Bank of America $ NIA vmmice AAA open 0 93% $ 3,266,964 $ 5 3,26fi]64 $ 3,272,221 Local Agency Invest Food(LAIF) 30,3M," variable N/A open 1.65% 30JW0 00 30,390,11(F0 LAIF 30,3%," 33,656,764 Short Term Investments (1 year or less) Time Deposit Doxmey Savings&Loan 250,01 3.20% AAA 11/18103 3 207. mo,000 250,0M Downey Savings 250,000 U S.Gov't Agency Secunuee Federal National Mortgage Association 1,0M,0M 3.28% NIA 07/15/04 3 28% 0 0 BNY Weetem Tr 1,1A10,939 2500M Medmm Term Iovestinems (t year m 3 ears) Constitute Nods GECopmdCorn 1,Mg000 299% AAA 10/03/05 320% 994,130 1,015,6M BNY Weslem Tr 1,026,220 U S.Gov't Agency Securities Federal Home Loan Batik 1OOg000 370% N/A 01/11105 320% 0 0 BNY Western Tr 1,",625 Federal N,onmed Mortgage Assmistien t"000 2 75% N/A 02/06/06 2 75% 1,Iy10,11M F",312 BNY Western Tr 1,001,563 Federal Na000al Mortgage Associauon 1,Ooll 2 65% N/A 02/13/06 2 65% 999,750 997,812 BNY Western Tr 1,M1,813 Time Depma Washington Mutual Book 1,0M,M0 347% AAA 0128/06 347% 1,1100,000 1,Op0,0pp Washington Mutual L000,000 3,993,890 _ Lang Term loveAment (3 yeas t0 5 ears) U.S.Gov't Agency Secunues Federal Home Loan Book l 000,000 3.35% N/A 09/19/06 3.35% 1,000,0M 1,C)i BNYWestem Tr 1,004,375 Federal Home Loan Bank 1,11fp,M0 3.13% N/A 02/07/07 3.13A IOW,000 I,M4,68"/ BNY Wes¢m Tr 1,020,313 Federal Forrest Mortgage Asmciatton 1,0adth'" 4.00% N/A 11/05107 4.00% I'law 0 1,007,180 BNY Weitem Tr 1,008,750 Federal Nanonal Mmtgage Assticlauon I,M0,000 4.10% N/A 12/26/07 4 10% I' M," 1,010,000 BNY Western Tr 1,013,125 Federal Home Loan Bank 1,000,0M 3A0% NIA 02AH108 3A0% 1,000,00) 1,M5,0M BNY Western Tr 1014,375 Financing Consoration(FfCO) 5M,M0 9.80% N/A 04/06/18 9 80% 498,594 721,405 NadonsBank 796,975 5,498,594 TWO Invested Cash 5 43,399,238 S 43,6]1 26T $ 45,T4/,193 treaarep TREASURER'S MONTHLY REPORT 8/27/2003 MISCELLANEOUS AND TRUST ACCOUNTS JULY 31, 2003 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 43,399,238 $ 43,399,239 $ 43,399,238 Miscellaneous Accounts Petty Cash 2,625 N/A N/A open none 2,625 Revolving Fund-Bank of America 7,156 N/A N/A open none 7,156 Toast&Agency-Bank of America 998,448 N/A N/A open none 998,448 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 Muual 33,044 variable N/A open 0.50% 33,044 Workers Compensation-Bank of America -98,494 N/A N/A open none -98,494 942,779 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 9/2/2G03 1.19% 15,499 Downey S&L(Donovan Bequest) 17,778 1.09% N/A 2/13/2004 1.09% 17,779 Downey S&L(Palmer Cable TV) 4,765 1.345; N/A 1/19/2004 1.34% 4,765 Guaranty Bank(Coyote Springs Apt) 17,042 0.807. N/A 6/24/2004 0 80% 17,042 116,438 Toml Cash Deposited $ 44,458,455 measrep TREASURER'S MONTHLY REPORT 08127/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JULY 31,2003 Cnnpon Yield Adjusted (memo o.ly) Prior Qh Parvalue Rite Renng Maturity WMaturity Cost Basis Category Total Market Wei, Source Maket Value 1989 Wastmv iter/Manter Lease AIM Govemment&Agency Peru Private 1,197,832 vermble AAA open 0.66% 2,197,831 2,197,832 BNY Western Tr 2,197,W3 1991197/O1 Convention Center 2,197,932 Cash 1 1 1 BNY Western Tr AIM Govermne.[&Agency P.rtf Private 68,3]6 ,uhmic AAA 1 AIG Investment Agreement open 066% 68,3]6 68,376 BNY Weslem Tr 68,350 3,53fi,955 fi fi8% AAA II/l/21 5.36% 3,536,955 3,536,955 BNY Western Tr 3,536,955 1992 Airport 3,W5,332 Cash 1 1 1 BNY Western Tr AIM Shun-Term Lveshnent Tiny Pnvate 243,051 1 variable AM open 0.66% 243,051 Bayerisclre Investment Agr. 1,20],6W v].00% AAA 0I10122 243,051 BNY Western Tr 644,900 ]00% 1,20],600 1207,600 BNY Western Tr 1,207,600 2M1 Series B-Housing 1.450,652 Cash 12,40) 12,900 12,400 BN AIM Gorerm.&Agency Froa Private 3,84fi amble AAA 3 846 Y Western Tr 182 AIG Investment Agreement gfi3,846 v522le AAA 08/O'r. 926% 468846 3,846 BNY Weslem Tr 3,845 469,105 3NY Western Tr 468,105 1994 Series A&B 484,351 AIM Government&Agency Port Prrvme 698,962 varoMe AAA 698,962 TMG Insurance Investment Agr. open O66% 698,962 BNY Wesrem Tr 1,7W,935 6.84% AA 09101/17 684% 1,700,935 120p,935 BNY tVestem Tr 1,7W,935]00,935 1996 Muluple Capitul Facihues pmleer ,399,89] AIM Govemment&Agency Poi f Private 299 variable AAA open 0 66% 299 AMBAC Investment Agreement 1,]30,000 6.40% AA 0 299 BNY WesKm Tr 4(012] fi40% 1,]30,000 1,]30,2W BNY Western Tr 299 ,]30,0(t) IW8 Airport GARB 1,730,299 AlG fnvcstmenr Agr -Reserve 561221 5]0% AAA 01/01/28 5]0% 561,221 AIM Government&Agency per,Private 9fi 0]0 variable AAA open 0G6% 96,0]0 561,221 BNY Western Tr 561221 96,070 BNYWcstem Tr 296,586 1998 Airport PFC 657,291 AIG Invesnnent Agr -Reserve 849,728 5]0% AAA 01/01/29 5701, 849,728 BNY Western Tr,49]28 AIM Government&Agency Porlf Private 144,332 variable AAA ape. O66% 144,332 84,728 BNYWesrem Tr 849728 450,352 "eaarep TREASURER'S MONTHLY REPORT 03n7/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JULY 31, 2003 Coupon Yield Adluated (memo only) Prior QR. Par Value Rile Rating Maturity WMamnty Cost Basis Category Total Market Value Sourrr Market Valve 1998 Mvluple Capowl Wastewater AIM Govenvnem&Agency Port Pnvme 3W,110 'arable AAA open A66% 30 ,110 30 ,110 BNY Western Tr 299,997 1998 Assessment Disvic[155 A&B W,110 Cash 0 0 0 BNY Western Tr AIM Government&Agency P.,fPrivate 332,037 variable AAA ape. 066% 0 332p3] 332,037 BNY Western Tr 331,91 2001 Assessmen[Dis¢ic[157/158 32,03] Cash 0 0 0 BNY Western Tr 0 AIM Goverment&Agency Port Private 163,190 variable AAA open 066% 163,180 163,180 BNY Western Tr 163,118 Lease X]-Vehicles 163,180 Wells Fargo Government Money Market I variable AAA open 1 1 Wells Fargo 0 2002 Parking 5¢ucmre AIM Government&Agency Portf Private 582,330 variable AAA ape. 0%% 582,330 582,330 BNY Wesern Tr 591,288 582,330 Tolala 3 14,897,372 8 14,897,372 b 15,801,074 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 08/27/03 JULY 31, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $33,906,764 1 year to 3 years 0.00% 50.00% 9.20% 3 years to 5 years 0.00% 30.00% 11.52% over 5 years N/A N/A 1.15% 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% 2.88% Corporate Notes N/A 20.00% 2.29% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 17.28% Mortgage Pass Thru's N/A 10.00% 0.00%