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Home My WebLink About4/2/2003 - STAFF REPORTS (12) DATE: March 26, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of February 28, 2003 Attached is the Treasurer's Investment Report as of February 28, 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 555 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: / Df Thomas M. Kanarr Treasurer treasrep CITY OF PALM SPRINGS 3/26/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS FEBRUARY 28, 2003 On Call De osi[s Adjusted Basis Category Total Percentage Checking Account $ 1,951,447 State Pool 18,390,000 $ 20,341,447 54.8791 Short Term investments (1 year or less) Time Deposit 250,000 250,000 0 67% Medium Term Investments (I year to 3 years) Corporate Notes 994,130 U.S.Gov't Agencies 7,988,430 Time Deposit 11000,000 9,982,560 26,93% Long Term Investments U.S Gov't Agencies 6,498,594 6,458,594 17.53% Total Invested Cash $ 37,072,601 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 you limit. treasrep TREASURER'S MONTHLY REPORT 3/2612003 DETAIL OF INVESTMENTS FEBRUARY 28, 2003 Coupon Yield Adjasred (memo only) Prior Qm. Par VaWe Bate Ratio, Mamrity 1.Mamnty Con Burs Category Total Market Valoe Sourw Market VaWe On Call De osier Chackrng-Bark of America $ N/A variable AAA open 1.16% $ 1,951,447 $ S 1,951,447 $ 1,863,157 Local Agency lnvast Food(LA[n 18,390,000 .,able N/A open 1 95% 18,3W," 18,3W,CW LAIF 15,3M)," 20,341,447 Short Term lnveorrow, (1 ye.or less) Corporate Nola Bear Steams Co,We. I,Oo0,OW0 6.13% A21A+ 02/01/03 6,217, 0 0 BNY Western Tr 1,002,940 Time Homout Downey Savings&Loaa 250,OW 320% AAA 11/19/03 3.20% 250,000 250,(W Downey Savings 250,000 30,OW Mormon Term Invarmaoma (I year to 3 ears) Corporate Notes GE Cmiul Carp I,"," 2.997v AAA 10/03/05 3.20% 994,130 1,015,400 BNY Wesrem Tr 1,W9,830 Q S.Gov't Agency Sormid s Federal National Mortgage Associaon 1,im,w 3.28% N/A 07/15104 3.28% 1,000," 1,006,875 BNY Wesrem Tr 1,010,312 Federal National Mortgage Amooiamn 1,"," 3.70% N/A 09/10/04 3.70% 1,0w,im 1,W6,250 BNY Western Tr 1010,312 Fedeni National Mortgage Association 1,WO,WO 3.50% NIA 0927/04 3.50% 1,000,Oo0 I,006,875 BNY Western Tr 1,010,625 Federal Home lean Bank I,W,im 3.70% N/A 01/ll/05 3.70% I,000,OW I'MS' 5 BNYWesrem Tr 1,011,875 Fealeral National Mortgage Assoaiation 1,oco," 4.05% N/A 03/21/05 4.05% 988,680 1,001,563 BNY Westera Tr 1,005,937 Federal Home Loan Mortgage Corp I'M," 4.70% N/A 12/06/05 4.70% 1,000,000 1,007,100 BNYWestem Tr 1,011,710 Federal National Mortgage Association 1,tp0,O0p 2.75% N/A 02/06AX 2.75% I,M," 1, W3,]50 BNY Wesrem Tr 0 Federal Nami oal Mortgage Aereiation 1,"," 2.65% N/A 02/13/06 265% 999,]50 1,002,813 BNY Western Tr 0 Time Deposit Washington Mnmal Bank 1,"," 3.47% AAA o1/28/tM 347% 110W,000 1,Op0,W0 Waahingmn Mumal 0 9,982,560 Long Term rnv,arm [ (3 ears m 5 ears) U.S.Gov't Agency Sect Federal Home Loan Bank I,000,000 3.35% N/A 09/18/06 3.35% 1,W0,0p0 1,010,312 BNY Western Tr 1,013,125 Federal Home Loan Bank I,W0,000 5.15% N/A 02106J07 5A5% 0 0 BNY Wesrem Tr 1,003,750 Federal Home luau Bank I,000,1100 3.13% N/A 02/07/07 3.13% 1,000,000 1,01],5W BNY Western Tr p Federal Home Loan Bark 1,000,OW 545% N/A 03/28/07 545% I,OoO,(%10 1,002,8I2 BNY Wesrem Tr L009,680 Federal Nitimmil Mortgage Association I,W0,000 400% N/A 11/05/07 4.110% 1,000,000 I,W2,135 BNYWestem Tr 1,020,Oo0 Federal National Mortgage Association 1,l%IO,WWO 4.10% N/A 12/26/07 4.10% I,W0,000 1021,2 O BNY Western Tr 1,021,250 Federal Home Loan BaN: 1,"," 3,80% N/A 02/04/OS 3805 1,000,000 1,015,625 BNY Wesrem Tr Financing Corporation(FICO) 50Q000 980% N/A (4/06/18 9.80% 498,594 0 ]62,500 NauOnsBaiik 750,62 6,498,594 Toml invested Cash 37,498,321 $ 31,395,135 treasrep TREASURER'S MONTHLY REPORT 3/26/2003 MISCELLANEOUS AND TRUST ACCOUNTS FEBRUARY 28, 2003 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 37,072,601 $ 37,072,601 $ 37,072,601 Miscellaneous Accounts Petty Cash 2,625 N/A N/A open none 2,625 Revolving Fund-Bank of America -833 N/A N/A open none -833 Trust&Agency-Bank of America 897,745 N/A N/A open none 897,745 1911 Assessment Funds-Bank of America 0 N/A N/A open none 0 Rehab Loans(CDBG)-Washington Mutual 57,494 variable N/A open 0.65% 57,494 Downpymt.Asst.(Housing Fund)-Washington Mutual 32,960 variable N/A open 0.65% 32,960 989,991 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 61,354 L39% 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 2.08% N/A 6/24/2003 2.08% 16,696 115,927 Total Cash Deposited $ 38,179,519 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 03/26/03 FEBRUARY 28, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $20,591,447 1 year to 3 years 0.00% 50.00% 26.93% 3 years to 5 years 0.00% 30.00% 16.19% over 5 years N/A N/A 1.34% 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% 2.68% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 39.08% Mortgage Pass Thru's N/A 10.00% 0.00% teamep TREASURER'S MONTHLY REPORT 03/26/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS FEBRUARY 28,2003 Coupon Yield Adlusmd (memo only) Pnar Qtr Par Value Rai, Reopen Maturity mMatunty Cast➢asis Category Total Market Value So. Market Value 1989 W clom aver/ clu r Ixase AIM Government&Agency PCrt P,,vate 2,193,025 o.hdole AAA open 0.92% 2,193,025 2,193,025 BNY Western Tr 2,190,58] 2,193,025 1991/9]/01 CCnv,nvon Center Cash I 1 1 BNY Westem Tr 1 AIM Goverrunent&Agency Pmff Priva® 28,126 enable AM 0.92% AIG Nvesmn:rlAg.meet 3,536,955 v6.68% AAA 11112 536% 36,955 36,955 BNY Wesmm Tr 36,955 5 1 536,e 3,636,955 3,536,955 BNY Wesrern Tr 3,53fi,955 3,565,092 1992 Airport Cash 1 1 I BNY Wesmm Tr I➢ ,385 AIM Short Term,Investment To,Pnval, 200,799 varivble AAA open 092% 200,799 200,799 BNY Western Tr 804,557 Bayerische Investment Ant. 1,207,6W 700% AAA 01/0122 700% 1,207,600 1201,600 BNY Western Tr 1207,6p0 08, 00 20015enes B-HonamS Cuh is, 18, 182 BNY Westem Tr 182 AIM GCvemnnmt&Aso.,Portf Pnvate 3,838 variable AAA upon 0,92% 3,838 3,838 BNYWes¢m Tr 3,833 MG Investment Agreement 468,105 5.22% AAA OS101121 5.22% 469,105 468,105 BNY Western Tr 468,105 472,125 1994 Series A&B AIM GCvervm,nr&Agency Port(Pnvam 1261,863 v eriable AAA open 0 NYeste % 1,261,863 1,261,863 B Wrn Tr 763,029 TMG lnsunnw levesmmen[ASr. 1,700,935 6.84% AA O9101117 6.8484% 1,700,935 1,7O0,935 BNY Weslern Tr 1,700,935 2,962,798 1"6 Multiple Capital Fvcdmes Project AIM Govermnent&Agency Pores Private 360 variable AAA open 0.92% 360 360 BNY Western Tr 359 AMBAC Ievesmsenl Agreement 1,7330,000 6.40% AA 04/01/27 6.40% 1,730,000 1,730,000 BNY Western Tr 1,730,000 1,]30,3 W 1999 Airport GARB AIG lmveslmeer Agr.-Reserve 561221 5.70% AAA 0110129 5.697, 561,221 561,221 BNY Wesiem Tr 561,221 AIM Govemmen[&Agency Port Pavan: 93,559 varroble AAA open 920% 93,559 93,559 BNY Western Tr 389,867 654,780 neasrep TREASURER'S MONTHLY REPORT 03/26/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS FEBRUARY 28, 2003 Coupon Yitltl Adjusletl (memo only) Pnor Qw. Par Value Rule Rating Malntity to Maturity Cost Basis Category Total Market Value Source MarkrValue 1998 Anport PFC AIG Investment Agr.-Reserve 849,728 5.90% AAA 01/01/28 570% M9,728 849,728 BNY Western Tr 849,723 AIM Govemment&Agency Port Private 142,089 variable AAA open 0.92% 142,089 142,089 BNY Westturu Tr 590,545 991,817 1998 Mutnple Capiml W.W. AIM Govettwent&Agency Portf Privale 301,212 variable AAA open 092% 30%212 301,212 BNY Western Tr 3WQ8]] 301,212 1998 Assessment District 155 A&B Cash 108,381 108,381 108,381 BNY Westem Tf 0 AIM Govcrmnent&Agency P.nf Private 307,708 variable AAA open 092% 307.908 307,708 11WWestera Tr 307,366 2001 Assessment Diso-lct 157/I59 416,069 Cuh 202,401 AIM Government&Agent Potrf Private 162,32 162,823 2W,823 BNY Wesf ro Tr 1,482 Y 3 varuble AAA open 092% 162,823 _ 162,823 BNY Western Tr 16�,642 3]0,224 U,l,c#7-Vehicles Wells Fargo Govemmenr Money Market 856 variable AAA open 856 856 Wells Fargo 855 856 20W2 Parking Swcmre AIM Government&Agency Port(Private 1,149,383 variable AAA open 0.92% 1,149,393 1,149,383 BNY Western Tr 1,306,564 1,149,383 TOGIs $ 16,316151 8 16216151 8 1],OOi,990