The URL can be used to link to this page

Home My WebLink About6/18/2003 - STAFF REPORTS (34) DATE: June 2, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of April 30, 2003 Attached is the Treasurer's Investment Report as of April 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 443 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: 7 Thomas M. Kanarr Treasurer 3S)9 treasrep CITY OF PALM SPRINGS 5/27/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS APRIL 30, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 3,233,418 State Pool 21,390,000 S 24,623,478 62.55% Short Term Investments (1 year or Tess) Time Deposit 250,000 250,000 0.64% Medium 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 22.85% Long Term Investments U.S.Gov't Agencies 5,498,594 5,498,594 13,97% Total Invested Caslt $ 39,365,952 10000% *Some investments made prior to the implementation or the current Investment Policy exceed the 5 year limit. treasrep TREASURER'S MONTBLY REPORT 5P7"L003 DETAIL OF INVESTMENTS APRIL 30,2003 Coupon Yield Ad o,ted Par (memo nu(y) Pnar Qa" Yalue Rare 12aunS Mamnry co MaWntY Cost Basis Camgory Tcgl Market Value Source Marka Valuu On Call os2s Checking Bank of America $ NIA arioble AAA open 1I2% $ 3,233,478 Local Agency invest Fund(LA(F) 21,3RICKKI variable NIA 1 $ s 3,233 0W 5 fi_fi4,031 open 90% 21,39p,000 21,390,000 LAIF 15,390,000 24,623,478 Snort Term lnvesMen6 (1 yovr or less) Tune Deposit Downey Savings&Loan 250,000 320% AAA 11AS/03 320% 250,000 250,Wp 250,O00 Dovmey Savings 250,000 Medmm Term Invesm�en6 (1 ear m 3 ews) Corymace Notes GE Capnal Cory 1p00,000 2.99% AAA 10/03/05 3207. 994,130 I,OlB=40 BNY Western To 1,015,540 ❑S Gov'[Agency Securities Federal Nato-al Mortgage Assocoadan t coo," 3 28% N/A 07115/04 3 29% 1 Opp 000 Feaecal National Morgage Associaton Lcgoo,000 3.70% N/A 09110I04oco 1,0043]5 BNY Weslem Tr 1,005,93] Fderal Naumml Mortgage Assoiiaiou 1"(q0 3.50% I'm," 1,O3,812 BNY Westecti Tr 1,005,000 J.50% NIA 09p1I05 3.50% I,W0,000 1,003,]50 HNY Western Tr 1,005,625 Federal Home Loan Barak 1"," 3.70% NIA 01/11105 3 70% I OOO Oo0 Federal Home Loan Mortgge Cocp I000 Opp 4'lOSo 1,005,000 BNY Wes¢m Tr I,Wfi Sfi2 Feaecal National Mo N/A l2/p6Po5 4]0% 1 C00 00D ttS ac Association LCK)L00 2.]5% N/A 02106/06 1,002,W0 BNY Weswm Tr 1W3,000 Federal Nabonal Mortgage Association L000,000 2.65% WA 02113/06 265% t'W9'� LOp2,500 BNY Weamm Tr 1,003,L5 999,75O I,OB4,375 BNY Wesmcn To 1,003,430 Time Deposi[ Wutington Mumal Bank I,WO,Op0 3.47% AAA 01/29106 3477, 1.000,000 I,O00,000 Washingmn Muwal I,oW,000 8,g93,880 Lone Teem investment (3 2e.s m 5 years) D S Gov'c Agency securipes Feaer9 Home Loan Hank 3 35% NIA 09/18/06 3 35% 1,OOO,p00 Federal Home Lora Bank 1 M,W 3 139a 1,OO6,250 BNY Wes�ern Tr 1,008,43"1 Federal Nauonal Morf�a eA..idum NIA 02105/0] 3 13% 1,OO 'm 1,014,375 BNYWeswm To 1,016,562 g 1,cccow 4.10% NIA M61lV00] 4.10% I,W0,000 1,018,125 BNYWcsknu Tr 1,016,562 Federal Ho.L Mortgage Assocation I,OOO," 4.10% NIA 12Y26/0] 4.10% 1 OOO.Oo0 FMeral Home Loan Bank 1,OO,coa 3.807 N/A 02/04I08 3.80% I ppp 000 1,016,562 BNY W..00 Tr 1,015'" Fir�anemg Coeponuon(FICO) SOO,OOp 980% N/A 04/06118 9.90% 498,594 ip&L220 BNYWeswm Tr 1,755,155 ]fi4,220 NationsBaak ]55,155 5,498,594 Total luvcswa Cash 5 39,365,952 s 39,753,707 s 36,784,411 treasrep TREASURER'S MONTHLY REPORT 5/27/2003 MISCELLANEOUS AND TRUST ACCOUNTS APRIL 30, 2003 Yield Adjusted Par Value Coupon Raung Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 39,365,952 $ 39,365,952 $ 39,365,952 Miscellaneous Accounts Petty Cash 2,625 N/A N/A open none 2,625 Revolving Fund-Bank of America 14,111 N/A N/A open none 14,111 Trust&Agency-Bank of America 1,041,687 N/A N/A open none 1,041,687 1911 Assessment Funds-Bank of America 0 N/A N/A open none 0 Rehab Loans(CDBG)-Washington Muual 57,868 variable N/A open 0.52% 57,868 Downpym[.Asst.(Housing Fund)-Washington Mutual 33,003 variable N/A open 0.52% 33,003 1,149,294 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) 17,613 1.54% N/A 6/16/2003 1.54% 17,613 Downey S&L(Palmer Cable TV) 4,765 1 34% N/A 1/19/2004 1.34% 4,765 Guaranty Bank(Coyote Springs Apt) 16,696 2.085 N/A 6/24/2003 2.08% 16,696 115,927 Total Cash Deposited $ 40,631,173 Qcu"c' TREASURER'S MONTHLY REPORT 05127/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS APRIL 30, 2003 Coupon Yield Adjusted (memoanly) Prior Qh. Par Value Rate R¢un8 Mamnry to Matonty Cmt8u15 Camgory Toml Market Value Source Markel Value 1989 Wazmwater/Muter Ieue AIM Goverauneat&Agency Party Private 1,195,073 v.,,able AAA open 0.89% 2A95073 2,195,073 BNY Wesern Tr 2,190,587 1991/97/01 Canvendon Center 2,195,073 Cuh 1 AIM Government&Agency Pocrf Private1 BNYWeswm Tr I 1.0W,791 vanable AAA open 089% I,Cb0,791 100,791 BNY Wesrem Tr 28,095 AIG lnvesnacnt Agreement 3,536,955 668% AAA Il/1/21 536% 3,536,955 3,536,955 BNY Wesrem Tr 3,536,955 IW2 Atryort 4,537,747 Cash I AIM 5hart-Term Invesmaenf Trey Privam 401,63J amble "AI I BNY Wesrem Tr I W,385 Bayerische Investment Agr. npzn 089% 4p1,637 401,637 BNY Wesrem Tr 804,557 I,207,6W ].W% AAA 01/01/22 7.W% 1,207,600 1,207,b BNY Wesrem Tr 1,207,6pp 2W l Series 6-Housing fi09,238 Cash 182 182 182 BNY Wesrem Tr AIM GOvermnen[&Agenc Porff Pnvale 833 Y 9,105 522% AAA open 022% 3,105 8,105 BNY Weawm Tr 3,105 AIG Investment Agrv�emem 468,105 v5 229 AAA OBI01/2I 5.22% 468,105 468,105 BNY Wesrem Tr 468105 I9945enes A&B 472,128 AIM Gevemment&Agency Part Private 698,083 variable AAA open 0 89%an 698,093 698,083 pNY Wesrem Tr 763,029 TMGlnsurce lnvestmen[Agr 1,]00,935 684% AA 09/01/17 684% 1,7W,935 1,7W,935 BNY Wesrem Tr 1,7W,935 1996 Multiple Capital Facilities Project 2,399,018 AW Gavemmcnr&Agency Puff Private 298 v ubk AAA oPrn 0.89SS 298 AMBAC Investment Agrremen[ 298 BNY 1Vesrem Tr 3591,730,0 640% AA 04/01/27 6.40% 1,730,OW I,730.M BNY Western Tr 1,730,0W 1998 Anport GARB 1730,298 AIG lnvesmrem Agr -Reserve 561_21 5.70% AAA O1/01/28 5.69% 561,221 561,221 BNYWeswm Tr 561,221 AIM Gnvemment&Aency Pevtf Private 187,165 vanable AAA open 0.89% 187,10 187,165 BNY Western Tr 389,867 1998 Aarport PFC 748,386 AIG llsvestment A, -Reserve 849,728 5.70% AAA 01/01/28 5.70% 849,729 949,728 BNYWestern Tr 849.729 AM Goeumnent&Agency Porif Private 294.248 vanable AAA open 0.89% 284,148 284,248 BNY Wesrem Tr 5 W,545 133,976 treurep TREASURER'S MONTHLY REPORT 05/27/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS APRIL 30,2003 C.up.n Yield Adjusted (me .only) Prior Qtr Par Value Rate Rahng Mammy to Mvmnty COS,Ba515 Category Tsai] Market Value 8.orce Market Value 1998 Multiple C'hal W.'.a cr AIM Government&Agency Portf Pnvote 299,733 varable AAA open 0 89% 299,733 299,733 BNY Western Tr 300,8]] 299,733 1998 Assessment District 155 A&B Cash 0 0 0 BNY Western Tr 0 AIM Govemment&Agency Portf Pnvate 331,618 variable AAA open 0.89% 331,618 331,618 BNY Wes woo Tr 307,366 331,618 2001 Assessment District 1571159 Cuh 0 0 0 BNY Western Tr 1,482 AIM G.verrunent&Agency P.rlf Priwte 162,975 varable AAA open 0.89% 162,975 162,975 BAY Western Tr 162642 162,975 Lease# -Vehicles Welk Forgo Government Money Market 0 variable AAA .pen 0 0 Wells Fargo 855 0 MOOR Parking Shot. AM Govemment&Agency Poor Private 699,953 variable AAA open 0.89% 688,953 698,953 BNY Western Tr 1,306,564 698,953 Took $ 16,309,143 S 16,309,143 8 17,WS,]]0 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 05/27/03 APRIL 30, 2003 Allowable Percentages By Maturity: Mmunum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $24,873,478 1 year to 3 years 0.00% 50.00% 22.85% 3 years to 5 years 0.00% 30.00% 12.70% over 5 years N/A N/A 1.27% 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% 2.52% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 31.75% Mortgage Pass Thru's N/A 10.00% 0.00%