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Home My WebLink About3/19/2003 - STAFF REPORTS (8) DATE: February 27, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of January 31, 2003 Attached is the Treasurer's Investment Report as of January 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 574 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. Kanarlr Treasurer ��1 J treasrep CITY OF PALM SPRINGS 227/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JANUARY 31, 2003 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 513,719 State Pool 14,390,000 $ 14,903,719 5030% Short Term Investments (1 year or less) Corporate Notes 996,450 Time Deposit 250,000 1,246,450 4.21% Medium Term Investments (1 year to 3 years) Corporate Notes 994,130 U.S.Gov't Agencies 5,988,680 Time Deposit 1,000,000 7,982,810 26.94% Long Term Investments U.S.Gov't Agencies 5,498,594 5,498,594 18.56% Total Invested Cash 29,631,573 10000% *Same investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. [reasrep TREASURER'S MONTHLY REPORT 2/2712003 DETAIL OF INVESTMENTS JANUARY 31,2003 Coupon Yleld AdNstud priam only) Prior Qr Par Value Bam Form, Maturity mMamnty Cort Basis Car:,ory Trod Market Value Source Market Value On Call De ostts Chedung-Bank of America S N/A variable AAA open 119% S 513,719 $ $ 513,719 $ 1,863,157 Local Agency Invest Fund(LAIF) 15,390,000 variable N/A open 2 10% 14,390,000 14,390,000 LAIF 15,390,m0 14,903,719 Short Term lmveshneaB (I a or less) Corporate Notes Be.Stearns Co.,Imc. 1,01DO,Om 6.13% AZA+ 02101/03 621% 996,450 I,libbi' m BNY Westem Tr 1,002,940 Time Dcposn Downey Saviors&Loan 2101" 3.20% AAA 11/18/03 320% 2500m 250,000 Downey Savings 2500m 1,246,450 Medmm Term ImvesmnenL' (1 ear l0 3 ears) Cmtporae Noes GE Cardin Corp. I,l%IO,1100 2.997v AAA 10/03/05 320% 994,130 I,006,360 BNY Wes,erm Tr 1,009,830 U.S.Gav'r Agency Securires Federal Nownnl M.,,,,ASmciarom 1,Om0m 3.287. N/A 07/15/04 328% 10m,Om 1,007,812 BNY Wiewm Tr 1,010,312 Federal Now mal Morlle,Association I,l1m,m0 3.70% N1A 09/10/04 3 70% 10m,Om t,m7,812 BNY Westem Tr 1,010,312 Federal Nommal Mmng,e Association 1,000,000 3507. NIA 09/27/04 3.50% 1,000Om 108,125 BNY Wesem Tr 1010,625 Federal Home Loan Bank 1,000,000 3.90% N/A 01/11/05 370% I'licif O 1,010,m0 BNY Western Tr 1,011,875 Federal National Monopole Assoomica 988680 405% N/A 0301/05 405% 988,680 1,003,950 BNY Weseem Tr 1,005,937 Federal Home Loan Manor,Cr, 1,0000m 4.70% N/A 12/06/05 470% I,OmOm I,009,080 BNY Wesem Tr 1,011,710 Time Deposit Washington Mrmil Bank 1,000,m0 347% AAA 01MIM 3.47% l'ono'O Lmgllm Wuhmgton Mutual 0 7,982,810 Lmg Term Inveshmem (3 mimm5 ears) U.S.Gov't Agency Securmes Federal Hume Loan Barak I,IIm,mO 3.35% N/A 09/I8/06 335% IOm,Om 1,009395 BNY Wesem Tr 1,013,125 Federal Home Loan Bank l'"Im 5.157. N/A 02106/07 5.15% l'"'ou 1,000,312 BNYWestem Tr 1,m3,750 Federal Home Loan Bank I,Om,000 545% N/A 03/28/07 545% l'000,000 1,006,250 BNYWcsum Tr 1,009,687 F,dcral National Mot-,,e Association l'"'00 400% N/A 11/05/07 4001, l'"'M 1,016,562 BNYWestcm Tr 1,020,000 Fed eral National M.,,,,Association 1,1g0,Om 4.10% N/A 12/26107 4107 1,f1fI ," 1,017,812 BNY Wesem Tr 1,021250 Financmg Corporation(FICO) 500'" 9.80% N/A 04/06/18 9,80,% 498,594 944,065 fmimnsBamk 750,625 5,498.594 Total Invested Cssh $ 29,631,573 S 30,001,034 S 31,395,135 treasrep TREASURER'S MONTHLY REPORT 2/27/2003 MISCELLANEOUS AND TRUST ACCOUNTS JANUARY 31, 2003 Yield Adjusted Par Value Coupon Raring Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 29,631,573 $ 29,631,573 $ 29,631,573 Miscellaneous Accounts Petty Cash 2,625 N/A N/A open none 2,625 Revolving Fund-Bank of America 1,103 N/A N/A open none 1,103 Trust&Agency-Bank of America 871,926 N/A N/A open none 871,926 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% 32,960 966,109 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 59,700 2.81% N/A 2/12/2003 2.81% 59,700 Downey S&L(Cohen,Mark) 15,286 2.32% N/A 2/11/2003 2.32% 15,286 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% 16,696 114,060 Total Cash Deposited $ 30,711,741 neasmp TREASURER'S MONTHLY REPORT 02/27/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JANUARY 31, 2003 coupon Yield Adlured (memo only) Prior Qtr Par Value Rate Rating Maturity mMawnty Cost Basis Cmegory Toil Market Value Source Market VaWe 1989 wastea'alerlM.n,Lease AIM Government&Agency Perif Private 2,191,876 vanable AAA .,in 0.93% 2,191,876 2,191,976 BNY Weslem Tr 2,19Q589 2,191,876 1991197/01 Conven0an Ceater Cash 1 1 1 BNY Western Tr 1 AIM Govemment&Agency Port Private 28,112 'amble AAA open 093% 28,112 29,112 BNY Western Tr 28,095 AIG lme,mimt Agreement 3,536,955 668% AAA 11/I/21 536% 3,536,955 3,536,955 BNY Western Tr 3,536,955 3,565,069 19W Airport Cash 1 1 1 BNYWestem Tr 100,385 AIM Short-Term Investment Trsy Private 113,063 variable AAA open 093% 113,063 113063 BNYWcstem Tr 804,557 eayensehe Investment Agr. 1,207,600 700% AAA 01/01122 IW% 1209,600 1207,600 BNY Western Tr 1,207,600 1,320,664 2001 Series B-Him,, Cash 133,822 133,822 133,922 BNYWc,ama Tr 182 AIM Govemment&Agency Porlf Prtvme 3,835 ariable AAA open 093% 3,935 3,935 BNY Wesem Tr 3,933 AIG Investment Agam eent 468,105 v5.22. AAA 08101/21 522% 468,105 468,105 BNY Western Tr 468,105 605,762 1994 Series A&B AIM Government&Agency Panf PnvHe 763,479 ariablc AAA open 093% 763,479 763,479 BNY Westcm Tr 763,029 TMG Insurance lnveeVnent Agr 1,7W,935 v684% AA 09/01/17 694% I]00,935 1]00,935 BNY Wesem Tr 1,100,935 2,4M,414 1996 Mul0ple Capful Facilares Prelim AIM Govemment&Agency Parr linear, 359 arable AAA open 0.93% 359 359 BNY Westem Tr 359 ve AMBAC Insunm,Agoimrnt 1,"130,OW v640% AA 04/01/27 6.40% 1,7330,000 1,730,110o BNY Wesem Tr I,130,Ooo 1,730,359 1999 Airport GARB AIG Investment Agr -Reserve 561_21 590% AAA 01/01128 5.69% 561,221 561,221 BNY Wesem Tr 561,221 ABvl Govermnent&Agency Ponf Pnvate 46,768 variable AAA open 0.93% 46,769 46,769 BNY Western Tr 389,867 6W,989 1998 Ampmt PFC AIG Investment Agr -Reserve 849,728 5]0% AAA 01/01129 5.90% 849,728 849,729 BNY Weslem Tr 849,728 AIM Govemmem&Agency Ponf Private 21026 variable AAA open 0.93% 71,026 91026 BNY Western Tr 590,545 920,754 T tr asrep TREASURER'S MONTHLY REPORT 02/27/03 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JANUARY 31,2003 Caapaa Yield Adjnsled kning.oNy) Pnm Qn. Par Value Ram Raring Mawnty to Maturity CostBasis Category Toml Market Value siunm Market Value 1998 muniple Caplul Wasenmater AIM Govemmenr&Agency Puff Pnvate 301,054 eunable AAA open 0.93% 301,054 301,054 BNY Nestemh 300,8]] 301,054 1998 Assessment Disvict 155 A&B AIM Govenunen[&Agency Port Private 307,547 variable AAA open 0.93% 301,547 307,547 BNYWestsn Tr 307,366 307,547 2001 Assessment D¢vict 1571158 Cash 1,482 1482 1,482 BNYWes,.Tr 1,482 AIM Govemmenr&Agency Portr Private 162,737 variable AAA open 0.93% 162,]3] 162,]3] BNY Wesrem Tr I62,642 164 3l9 Isase d]-Veh¢les Wells Fargo Govermnent Money Market 856 variable AAA open 856 856 Wells Fargo 855 956 2002 Parking stmcmre AIM Gove ent&Agency Purlr Private 1,296,926 variable AAA .093% I_96, 1,296,826 826 129682 open fi BNY Western Tr 1,306 SW 1,296,826 Totals S 15,4]],388 5 15,4]],388 8 17,005,770 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 02/27/03 JANUARY 31, 2003 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $16,150,169 1 year to 3 years 0.00% 50.00% 26.94% 3 years to 5 years 0.00% 30.00% 16.88% over 5 years N/A N/A 1.68% 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% 6.72% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 38.77% Mortgage Pass Thru's N/A 10.00% 0.00%