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Home My WebLink About7/16/2003 - STAFF REPORTS (17) DATE: June 27, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of May 31, 2003 Attached is the Treasurer's Investment Report as of May 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 367 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. f Thomas M. Kanarr Treasurer FI treasrep CITY OF PALM SPRINGS 6/25/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MAY 31, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 2,163,194 State Pool 29,390,000 $ 31,553,194 68.16% Short Term Investments (1 year ar less Time Deposit 250,000 250,000 0.54% Medmm Term Investments (1 year to 3 years) Corporate Notes 994,130 U.S.Gov't Agencies 6,999,750 Time Deposit 1,000,000 8,993,880 1943% Long Term Investments U.S.Gov't Agencies 5,498,594 5,498,594 11.88% Total Invested Cash $ 46,295,668 100.90% Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treasrep TREASURER'S MONTHLY REPORT 6/25/2oo3 DETAIL OF INVESTMENTS MAY 31, 2003 Cogged Yield Adlusted PU Valne Ram Rai na Manor!, to Muddily (memo only) Prior Qw COs[Baais Category Total Marker Value Satires marked ViiValve On CTII De osig Checking-Bank of America $ N/A vr,.blc AkA Loral Agency Invest Fund(LAIF) 29,390," variable N/A open 1'13% $ 2,163,194 S $ 2,I63,194 $ ,264,031 open 197% 29,390,0(Ip 29,390,1100 LAIF I5,3)0,000 31,553,194 Short Term Invemueub (1 year or less) Tome Deposit Favor,Savings&Loan 250,000 3.20% AAA 11/18/03 3.20% 250,00p 250,000 DovmryStivmas 250,000 E50,00p Medmm Term Invemnenis (I ear m 3 ears) Corporate Nines GE Colonel Corp. 1000 000 2997. AAA 10/03/0$ 320% O.S.Gov't Agency Scaninues 994,I30 1,026,010 BNY Western Tr 1,015,590 Federal National Mortgage Asmaadnn I,Op0,000 Y28% N/A 09/10/04 Federal National MongaSe gssociaton 3 28% 1,000,000 I,000,000 3]0% N/A 09/IO/04 1,002,S1q BNY Western Tr 1,005,937 Federal National Morgage Assocmvou }•ppp pp0 350% 350% 1,000,000 1,000,625 BNY Western Tr 1005000 Federal Home Loan Bank WA 09/2]/04 350% 1,000,l1W I,000,WO 3]0% N/A 01/11/05 3]0% 1,001,56E BNY Western Tr 1,006,625 Federal Home Loan Mortgage Corp, 1,000,000 4]0% N/A 1,000'IWO 1,002500 BNY Western Tr 1,00656E Federal National Mortgage Association 02/06/06 275% I,000,000 1,W2,390 BNY Western Tr Federal Navonal Mors"age A,,.Iso.. 1000'000 2]5% N/A 022113/06 _]5% 1,990750 I,OOS,OpO I,000,WO 2E% N/A 02/13/OG 2.65% 1,W2,8L BNY Western Tr I,003,125 Time➢ePasit 999,]50 L008,125 BNY Western Tr 1,003437 Washinamn Mutual Bank l'ohn'" 3.47% AAA 0108106 347% L000,000 I,000,000 Wulunaron Mumal I,OOp,Opp Lana Term Invevpaent 8,993.890 (3 eiia to 5 ears) U S Gov't Agency Secunues Fed eral Home Loan Bsnk I,00p,000 335% NIA Federal Home Loan Bank 09/IS/O6 3.35% 1,000,000 1,005,312 BNY Wesern Tr 1,008437 Federal National Mortgage Asgociutiou I,lI '" 3.137d N/A 07107107 9.131v I,000,000 I,11W,000 400% N/A 11/0510] 1,021:50 BNY Western Tr 1,016,562 Federal HoueL.eoul Bank Asswiauan I,OOp,000 410% 410% 1,000,000 1,015,011 BNY Western Tr 1,016,03)Federal Home Loan Bail N/A IE126/0] 4}p% 1000000 n Co LG(01000 3 80% N/A 02/04/OS 1,015,937 BNY Western Tr Focussing Torauon(F[CO) SOO,pOp 980% N/A 380% 1,000,000 1,015,93] BNY Western Tr 1,020,000 04/06/18 980% 498,594 I,755,155 801,095 NafionsBaN: ]55,165 5,498,594 Tolal Invested Cash $ 46,295,668 S 46,716,937 $ 36,784,411 treasrep TREASURER'S MONTHLY REPORT 6/25/2003 MISCELLANEOUS AND TRUST ACCOUNTS MAY 31, 2003 Yield Adjusted Par Value Coupon P Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash S 46,295,669 $ 46,295,669 $ 46,295,668 Miscellaneous Accounts Petty Cash 2,625 N/A N/A Revolving Fund-Bank of America open none 2,625 8,735 N/A N/A open none Trust&Agency-Bank of America 8,370 1,077,370 N/A N/A 1911 Assessment Funds-Bank of America open none 1,077,370 0 N/le N/A open none Rehab Loans(CDBG)-Washington Mutual 57,868 variable 0 N/A Downpymt.Asst.(Housing open 0.52% 57,868 Fund)-Washington Mutual 33,003 variable N/A open 052% 33,003 1,179,601 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 61,354 1.39% N/A Downey S&L(Cohen,Mark) 2912/2003 1.19% 61,354 15,499 119% N/A /2/200 1. 9%Downey S&L(Donovan Bequest) 17,613 1.547 N/A 6/16/2003 15,499 N/A I/19/2004 134% Downey S&L(Palmer Cable TV) 4,765 1.34% 1.34% 17,613 Guaranty Bank(Coyote Springs Apt) 4,765 16,696 2.08% N/A 6/24/2003 2.08% 16,696 115,927 Total Cash Deposited $ 47,591,196 neasrep TREASURER'S MONTHLY REPORT (6/25103 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS MAY 31, 2003 Coupon Ymld Adjusted prucaroonly) Prior Qh. Par Value Rate Raung Ms." to Mabrrity Cost Bass Caegory Total Market Value Source Market Value 1989 Wastewarer/Master U.c AIM Government&Agency Pond Private 2,196,046 variable AAA open 0.86% 2,196,046 2,196,046 TINY Western Tr 2,190,587 2,196,04fi 1991/97/01 Convention Center Cash 1 1 1 BNY Western Tr 1 AIM Govemment&Agenry Ponf Private 68,324 variable AAA open 0.86% 68,324 68324 BNY Wesmrn Tr 28,095 AIG Investment Agreement 3,536,955 668% AAA 11/1121 5.36% 3536,955 3,536,955 BNY Western Tr 3,536,955 3,605,290 1992 Anp0n Cash I I 1 BNY Western Tr 100,385 AM Soot-Term lnvestinent Troy Pnvale 502,111 valuable AAA open 0.967. 502,111 502,111 BNY Western Tr 8W,559 Bsyerische lnvestrnen[Agr. 1,207,600 700% AAA 01/01/22 9.00% 1207,600 1,207,600 BNY Western Tr 1207,60p 1,709,712 20015enes B-Housng Cash 182 182 18, BNY Western Tr 182 AIM Government&Aent-y Punf Private 3,843 variable AAA open 086% 3,943 3,843 BNY Western Tr 3,833 AIG lnvesnuent Agreement 468,105 522% AAA 08/01121 5.22% 468.105 468,105 BNY Western Tr 468,105 472,130 1994 Series A&B AIM Govermment A,Agency Poluf Private 699,393 v aruble AAA open 086% 698,393 698,393 BNY Wesem Tr 763,029 TMG Insurance lnvesonen[A,. 1,700,935 684% AA 09/01/17 684% 1.7Wl935 1,700,935 BNY Western Tr 120Q935 2,399,328 1996 Mulople Capital Facilities Pr Beet AIM Govenunent&Agency Portr Prvae 298 arlable AAA open 0 86% 298 298 BNY Western Tr 359 AMBAC Invesonent Alpc,.n[ I,730,000 v640% AA 04/01/27 fi104e 1230,000 1,730,000 BNY Western Tr 1,730,000 1,730,298 1998 Airport GARB AIG lnvestmcnt A, -Reserve 561221 570% AAA 01/01R8 569% 561,221 561,221 BNY Western Tr 561,211 AIM Govemment&Agency Portt Private 233,997 variable AAA open 0.86% 233,997 233,997 BNY Western Tr 399,867 795,218 1993 Arryan PFC AIG Investment A, -Reserve 849,728 570% AAA 01f0128 5.70% 849,728 849,728 BNY Western Tr 949,728 AIM Govemment&Agency Portf Private 355.371 variable AAA open 0.86% 355,371 355371 BNY Western Tr 5%,545 1,205,099 o-easrep TREASURER'S MONTHLY REPORT 06/25/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS MAY 31,2003 Coupon Yield Adjusted (memo only) Pn.r Q, Par Value Rare Rahn' MxWrity WMaluriry Co,1 Ba5rs C.eeg.ry Tow Marker Value Source Market Value 1998 Muluple C.'oul W.wo,.ter AIM G..nn,&Age.cy Portf PrivaW 2W,866 vxnable AAA open 0.86% 299,866 199,866 BNY We,Wnn Tr 300,M 1998 Assessment Ch.!,155 A&B 299,866 Cash 0 0 0 BNY Western Tr 0 AIM Govemmenr&AHency Porrf Prrvam 331,766 v.,mble AAA open 0 86% 331,766 331,766 BNY Westem Tr 307,366 200I Assessmen[Dismet 157/158 31,966 Cxh 0 0 0 BNY Westzm Tr 1,492 AIM Govenunent&Agency Prof Pnvme 163,047 variable AAA open 086% 163.047 163,041 BNY Westem Tr 162,642 tease N2-VelrieW 163,04T Wells Fug.Govemmenr Money Market 0 vanable AAA open 0 0 Wells Fargo 855 0 2W2 Parking S.=e AIM Govermaent&Agency Porlf PnvaW 601,572 variable AAA open 0.869 W3,572 601,572 BNY Wee,.Tr 1,306,564 601,572 Tows 5 15,509,362 S 15,509,362 $ 17,005,770 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 06/25/03 MAY 31, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $31,803,194 1 year to 3 years 0.00% 50.00% 19.43% 3 years to 5 years 0.00% 30.00% 10.80% over 5 years N/A N/A 1.08% 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% Negotiable Certificates of Deposit N/A 30.00% 0.00% Corporate Notes N/A 20.00% 2.15% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 27.00% Mortgage Pass Thru's N/A 10.00% 0.00%