HomeMy WebLinkAbout5/21/2003 - STAFF REPORTS (23) DATE: April 30, 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 492 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
b
treasrep CITY OF PALM SPRINGS
4/25/2003 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
MARCH 3], 2003
On Cull Deposits Adjusted Bans Calegory Total Percentage
Cliecking Account S G,264,031
State Pool 15,390,000 S 21,654,031 59.49%
Short Term Investments
I 1 uir or less)
Time Deposit Jsujxyn 250,000 0.69%
Medium Term Investments
(1 eat to 3 cars)
Corporate Notes 994,130
U S.Gov t Agencies 6,999,750
'rmie Depora 1,000,000 9,993,860 24.71%
Long Term Investments
U S.Gov't Agencies 5,498,594 5,498,594 15 115;
Total Invested Cash
5 16.396.505 100 00%
"Some mvi-eimcace made poor to die implementation of the
curtcnr Investment Policy exceed the 5 year limit
[reasrep TREASURER'S MONTHLY REPORT
DETAIL OF UNVESTMENTS
MARCH 3I, 2003
Caupan Y,,M Ad;ucn[ (ni,tu cc y) P.Q's
Par ve" Rfr RaLrg %1> p, IO Sivuay Cm!Bemis Cvcy,�p Toml h1arAH Vz+v Sourm A[>�s Valuc
on Cu o. ii
Cha ki5 Bar of Amerin 5 MA rsuh4 AAA uen 1]5% 5 6,2fi4,03] 5 5 6,2W,011 5 1,863,157
Local AS.rcy 1.11 rend(LA1F] 15,3Al,CCO Y.hl N[A aXn 90% 15,390,(Cs3 ]c,34],CaV Nff 15,390,0]]
21,654p31
W,A T.1nre,M[['..a
f] r m lus7
Ccrprnle Nolu
B^ Swe.Co,Inc. ],Cg1,BIH 613A ,LA+ p1h11iGl 6.?1R p a My Wl,r Tr 1,002,90
T M,.w
D..T Savers&Inmi 256,Wa ]2BA AAA 111i8mV 3 2DR 250.0]] 250,Cr0 D..,Sm,, SO,ttO
bo,O l
M1funm Tenn Inrulmrrs
(1 m3 zn]
COrpmxY N[•YS
GL Capil.]Cap LW2.M 299% MA 1a03.b5 3.n% 9A1,13B 1.01530 BVY WY=ern It 1,W9,>iu]
U.5 Gor'[�enry SaunL<s
FM:xal Ni11on.]hlurlg�A,Wtt n 1,W],LI:U 3.2B% NIA 0TI15i11! 3.n% I CCB B00
].C3. ]T BNY%W,1an Tr ],0[0,3L
Fd:ral NcuonA Mongsx M•relrmn LWl,ttO }TOA N;A 89110•V4 3]OR [,OOB,Wa ],C05,ttO BN1'414slan Tr ],O[0,3L
Fu*ralNnoti[Mm"B As.ceisss 1033.tt 3.10% N'!A 89.12711 3.50% 1,000.W] 1,C05,625 BNYWvslan Tr 3,010,625
Fakral lbmc Lo.n Bank 1'3). C 3 70S NIA 0IMM, 3.70% 1,m W] 1'tt .562 BNY Wal[n Tr 1,B[1,8]5
FZYraIN.AMoa54e A,,ximm 1,Cr0," 40a% NIA 03123jL1s 4B]R 0 0 BNYWcL,.T. 1,Wa,937
Fa.l Hnm:Lam Sinr.S>ec Cmp 1,P]]M 4]0% NIA 12,%to 4 ip$ 1,W0,(r0 1,BBapW llYY Wskm Tv 1,0[1,]]0
RM r.]NIDa [LSm:Sme AssrcnLm I,tt0,00B 2 75% NIA 0Mh3 2 75 a 1,DJ3,G]0 L W%]25 BNY W'xs nL Tr 0
Te .]Nm. 1 LSmT.yge Assoyem ],[M,BOB 2.651% NIA 02Irji 2 65% 939,b0 [,083;3] BVY W,,,rn It 0
Time[kpos'1
IViFa2tn M...1 B,A I,M,O 347% A,LM1 O1P_B:IIfi 3.47% ],000,WB I.M.CW WV 11 [m Mutual p
8,931,88p
I Tx[m re+e•wiem
[3 rarslo5+eaa]
US Gov'[A�xnry S¢un«s
Rxlral 31.me Loa Bulk L03.cco 3.13% NM a9I1M6 135a I,W3.cco I,W8.437 BNY1 ,W.Tr 1,013.M
FM..1 Humc Loa Bank 01],No 515% Nr4 Qitaa•W 515% B 0 BNY Wc,m..r ],C11},b0
FMrl Hamc Lau Barak 1.033." 311A NIA WNT.'B] 313% ],Crr',0W ],WS,CCU BNYIW,l LTr 0
re3 lHoinc Uo 11M 1,0.i�,0p0 545% 1fl.S 0.1I28.07 545% 0 0 BNYIV 1.n Tr 1,CO9,fi8]
Fe3crnl N¢enm1%J.N,3ge AssucnYm I,Cku. 0 40% NIA 16UL0] 4.03A ],000,BW 1,016,562 BWWOLm Tr 1,020,OW
F Yal Nrxul l{m'ysgc Assovuco 1,1co.wl d [G% NIA 12P_6'07 4.10% 1.Mwl I,M0,000 llt4'W Tr 1,021,'L50
Fatxral Ham.Lose Bank ],tt0,000 3 BU% NIA M1 .TE 3M% I,p00,W3 1,015.M BVY Tr 0
r�.:�e corpnr.d+i(F1co) SCI m 9 80 a NIA MOMS 9.80A <98541 755,155 NalioiuBank 75a,6
5.499.3A
Tuml]nrul:d Cuh 5 m3%505 5 35,TSlpLL 5 M.3bJ35
Irea.srep TREASURER'S MONTHLY REPORT
412512W3 MISCELLANEOUS AND TRUST ACCOUNTS
MARCH 31, 2003
Yield Adjusted
Par Value Coupon Raring Maturily [o Maturity Cost Basis Category Total
T01al Invested Cash 5 36,396,505 $ 36,396,505
$ 36,396,505
Miscellaneous Accounts
Pelty Cash 2.625 NIA NIA open nmte 2,625
Revolving Fund-Bank of America 15,254 NIA NIA open none 15,254
Tmst&Agency-Bank of America 878,768 NIA NIA open none 878,769
1911 Assessment Funds-Bank of America 0 NIA WA open none 0
Rehab Loam(CDBG)-Washington Mutual 57,868 variable NIA open 0.52% 57,868
➢owopymt.Asrl (Flouring
Fund)-❑a,,hinglon Mutual 33,003 variable NIA open 0.52% 33,003
997,518
Dcposir,Held In Trust
Time DepostK
(F➢IC Insured)
Downey S&L(Car Cyn Country C[uh) 61,354 1.39% NIA 2/12/2004 1.39% 61,354
Downey S&L(Cohen,Mark) 15.499 1 19% NIA gnJ2003 1 19% 15,499
Downey S&L(Donovan Bequest) 17,613 1.54% NIA 6116/2003 1.54% 17,613
Downey S&L(Palmer Cable TV) 4,765 1.34% NIA 1/19/2004 1 3 4%, 4,765
Guaratrty Bank(Coyolc Springs Ap[) 16,696 2.08% NIA 6/24/2003 2.08% 16,696
115,927
Total Cash Deposited S 37,499,950
vrasrre TREASURER'S MONTHLY REPORT
1un3m3 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FARMS
MARCH 31, 2003
CcuBen YL-'L AJIu•aJ (memo rely] Pnur QV.
Par Val.- RaL- Rain N v ,[, InNbw.p Co•[Rsu Cseyury Towr Mvka IW.. Source Af.L.Value
1998 A,F PPC
AIG ASr,-Re.errc 89,728 5104 AAA 0MIM iM 849W 819,T_+8 BWWelEm Tr 89,728
AIRS Gmemmxnl&Agxn7 Pcnf PnyJ 213,bD rmuble AAA cOen 0.896 213150 213,ho BNYWct Tr 5%.545
1,Ofi2,B]8
Le MuluP\GWlw 1Vvlrnaler
AN Gnermren[&A;xnU N«a Prir.ax 493.J� u Io A" o0a 089% u81,595 481,54 Bh'Y W,r Tr 300,B77
se1395
IM A.sm —1 Dis¢a:1155 A&B
C--`� D 0 0 BW R'c,rs.Tr 0
AM Gaserr— a&Ageney Kaf Prir..e 331,4W ruble A.LI oBm 0897 331,4W 331,40 BVY 14'x=Tern Tr 307_'
531,4W
MI A,sni�i DL�115T'b8
Csb D D 0 WNY Wes¢n Tr 1,4&
A1A4 G.,.icnr-or&Ag-imy Pasf Pr,.1 M2,89] s.ble AAA .Bw D 89% 1p.,w 162,S97 RNY W.M Tr 1fil.Nl
Maw
Lrase ii Vxlr.les
Well F? .C..mtia M1funy 1SssAel &iW ruble AAA oPn 857 8f] fVells Fargo 8]5
85]
M2 PULE Slruelure
A1M1f Gorxmma&A,�,P fPr.r. 919,270 .ruble AAA opn O.S94 %9.276 919.W BW We mm Tr ]�05,Sfi4
919,?e8
Tulals S 16.6l ,731 S 1G,6:B,T3] 5 1i,W5,]]D
TREASURER'S MONTHLY REPORT
o:rum3 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
MARCH 31, 2003
Ccupcn Y]u &rJ.IN [ce aonly) Pricr Qv
Pa Valu. R�s Rdin9 In hfalumy' Cml Rssls L3LettY Toml A[uke[Vtrue Smnce Mt ka Wa
[9894Vaslr icrrMfa base
AN�n[&Age TPooR Pnv 1,191,016 r.ble AAA c4en 0.09% 2,[94,01fi 1,194.E 6 RNY WV Wrnh 1,1',bSBi
2,[W.W6
IWIl56b1 Canvrum Cent¢
C�� I 1 I RNY Wemm Tr 1
AW Gova. -.A A,.,Pont Pnvim 20,140 Yam. Ie "A %4 n 0.99% 28.140 21IJ40 RNY1Vesrcm Tr 28,095
AIG lw s"m ABrr mcr4 ]"m'q9 s 669% AAA 111101 5 36% 3,036,955 3516.955 RNY Wc,¢rn Tr 3536 935
3,5U.W&
19i2 Avpon
Ca.T I 1 1 RRYWesmm Tr 100,385
A]PIS rl Tam lnruunr.Tfsy Pmm 301,LW AAA corn 0.89% 301,197 331,[9T RRYWeslcm Tr 9 'n7
Il1Yms:ka lnralm s As I M7,H i W% AAA Ol- 1W2 T W% ]=O'1.6W l,tA],KO ONY W,s .Tr I WI,6C0
1,5W,i98
MI Sencs b-1[nssin�
Cuh 133 103 101 0W W.Il Tr IV
A]M Gorernmel&ASRcy K f l'nral %&19 rarrble AAA open 0.89'm 3,839 3.839 BWIWslan Tr 3,811
A 10 En%ev A-rx nl 468,105 522% AAA 0801121 22% 463,105 4(3,16o BKY W.I,.Tr YJlb
471,127
1994 Saes A&R
AIM U.,rmoenl&A,�,P...f Prtral_ 697J29 .i 1l AAA cfl:n 069E 697,729 69I,719 BNY14'ul.oTi I63,029
TMG[nyrCYc[r:,xOmcrn A, I,7W,935 684% AA 0OW? 68:4 1.7W.935 1,700.935 B.YYH'c.l•m Tr 1.1W.935
1,398,W
I"G6 vlllple Cr J fxiHes Pmjw[
AIM Gm r.nl&AOccy Pc rr.i: 1,114,4dV ranshle AAA [fen 089: 1,[19,481 1,[[9,04 BNYWY� mTc 359
AA[OAC lnveslm.O Amn nl 1,730,01] 6'0% AA Wro1r] 6A % 030.013 1,i]O,OW IINY tYn'em Tc 1,730,W0
1s49xu
[998.L d GARB
AIG lny¢ mnl Ate.-R4ene 561.ul 5 707 AAA O3 OK?18 5 69% 5fi1,121 561,221 R&Y%Vcsmm h 561.221
AIM Gm my nl&A-e y PorILP le 140,]50 ranble AAA c,n O.n% 14.150 loxe RNY We m Tr 311%Z67
itl1,511
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
04/25/03 MARCH 31, 2003
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 NIA $21,904,031
1 year to 3 years 0.00% 50.00% 24.71%
3 years to 5 years 0.00% 30.00% 13.74%
over 5 years NIA NIA 1.37%
By Type of Investment:
Bankers Acceptance - in total NIA 40.00% 0.00%
Bankers Acceptance - single bank NIA 20.00% 0.00%
Commercial Paper NIA 15.00% 0.00%
Negotiable Certificates of Deposit NIA 30.00% 0.00%
Corporate Notes NIA 20.00% 2.73%
Money Market Mutual Funds NIA 10.00% 0.00%
U.S. Government Agencies NIA 50.00% 34.34%