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Home My WebLink About2/19/2003 - STAFF REPORTS (21) DATE: January 30, 2003 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of December 31, 2002 Attached is the Treasurer's Investment Report as of December 31, 2002. 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 raider 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 527 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 treasrep CITY OF PALM SPRINGS 1/29/2003 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS DECEMBER 31, 2002 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 1,863,157 State Pool t5,390,000 $ 17,253,157 55.69% Short Term Investments (1 year or less) Corporate Notes 996,450 4 02% Time Deposit 250,000 1,246,450 Medium Term Investments (1 year m 3 years) Corporate Notes 994,130 U.S.Gov't Agencies 5,988,680 6,982,810 22.54% Long Term Investments U.S.Gov't Agencies 5,498,594 5,498,594 17.75% Total Invested Cash $ 30,981,011 100.00% * omeSinve-Mcnts made prior to the implementation of the current Investment Policy exceed the 5 year limit. [reasrep TREASURER'S MONTHLY REPORT 1119/22003 DETAIL OF INVESTMENTS DECEMBER 31,2002 Coupon Yield Adjusted purna.ordy) Prior Qrr. Par Value Bab liaung Mamrny to Mawrit, C."Basa Cakgory Total Market Value Source Market Value On Call De osia Chenkmg-Bank of AMrMEa S N/A artabla AAA open 128% $ 1,863,157 S 5 1,863,157 5 2,006,821 Loral Agenry I.,.,road(LAIF) I5,390,OW vanablc N/A open 220% 15,390,Im 15,39 ,0 LAIF 16,390,0W ❑,253,157 Short Tetm lnvesvnara (I ear or less) Coryomre Notes Bear Stearns Co,Inc I,g10,000 6A3% AA+ (C/01/03 621% 996,450 1pW,990 BNY Western Tr 1,012,670 Time Deposu Downey Savings&Loan 250,000 3.20% AAA 11/18/03 3.20% 250,000 250,000 Downey Savmgs 250,m 1,246,450 Medam Term Investmnwas (1 va.[a 3 ors) Corporal,Nobs HE Capital Corp I,000,000 299% AAA 10/03/05 3.20% 994,130 1,009,830 BNY Warn Tr 0 U S.God[Agenry Securiues Federal Home Loan Bank I,ow,w 3 28% N/A 04/08104 3 289 0 0 BNY Western To I,",312 Federal National MorOage Assocmtion 1,0W,G00 3287, N/A 07/15/04 328% 1,",000 1.010,312 BUY Western Tr 1,011,875 Federal National Mortgage Aumiadon 1,"," 320% N/A 09110IN 3.70% I'm," 1,010,312 BNY Wesbm Tr 1,013,125 Federal Nauoml Motgage Assocadon 1,Op0,W0 3.507. N/A 09/27/04 3.50% l,WQ000 1,010,625 BNY Wesbm Tr 1,012,500 Federal Home loan Mortgage Cup 1,WQW0 4.30% N/A 10/01/04 4.301. 0 0 BNY Western To I,"," Federal Home loan Bank 1100010W 3.997, N/A 01/10/05 3.99% 0 0 BNY Weaurn Tr I,",312 Fed eral Home Lean Bank 110001OW 370% N/A 01/11/05 3.90% 1,000,000 1,011,975 BNY Western Tr 1,012,912 Federal Naional Mortgage A Occiauoa 988,680 4,05% N/A 03/21/05 4.05% 988,690 1,005,937 BNYWesmm Tr 1,010'" Fedenl Home Loan Borth 1,000,000 430% N/A 06/10/05 430% 0 0 BNY Wsmm Tr 1,004,687 Federal Home Loan MuMage Cop 100QW0 470% N/A 12/06/05 4707. 1,G00,OW 1,011,710 BNYWcsbm Tr 1,016,890 6,982,810 Long Term InvesMent (3 ans.5 ears) US Gov't Agcon,Secutihes Federal Home Loan Barth 1,"," 3.35% N/A 09/18/06 3.357, I,000,000 1,013,125 BNY Wesmm Tr 0 Federal Home Loan Martg71,e Carp 1,"," 5.02% N/A 10/05/06 502% 0 0 BNY Weemm Tr I,OW,340 Federal Home Loan Ban: I,coo,OW 515% N/A 02/06/07 515% I,CW,000 1,W3,750 BNY Weemm Tr 1,011,562 Federal Horne Loan Ban: I'm," 545% N/A 03/28/07 5.45% 1000,cm 1,009,687 BNYWesbm Tr 1,017,187 Federal Nauonal Mortgage Assocaren I'm," 4.W% N/A 11/05/07 4.00% 1,000,000 1,020,000 BNY Werra.Tr 0 Federal Na0onal Mortgage Assoma4oa I,WQ000 4A0% N/A 12/26/07 4.10% I'm," 1,021250 BNY Wesbm Tr 0 Financing Corporahon(FICO) 5w," 9.80% N/A 04/06/18 980% 498,594 750,625 NationsBank 957,655 5,498,594 Tonal lnvesmd Cash 5 30,981,011 B 31,395,135 $ 33,529,748 treasrep TREASURER'S MONTHLY REPORT 1/29/2003 MISCELLANEOUS AND TRUST ACCOUNTS DECEMBER 31, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 30,981,011 $ 30,981,011 $ 30,981,011 Miscellaneous Accounts Petty Cash 2,625 N/A N/A open none 2,625 Revolving Fund-Bank of America 13,897 N/A N/A open none 13,897 Trust&Agency-Bank of America 749,630 N/A N/A open none 749,630 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% 32,960 856,606 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) 4,643 2.62% N/A 1/19/2003 2.625o 4,643 Guaranty Bank(Coyote Springs Apt) 16,696 2.08% N/A 6/24/2003 2.09% 16,696 113,938 Total Cash Deposired $ 31,951,555 Ireasrep TREASURER'S MONTHLY REPORT OIP9103 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS DECEMBER 31,2002 Coupon Yield Adjustetl (memo oNy) Prior Qv Par Woe Rate Raung Matwlty to Maturity Cost Basis Category Totel Market Value Somme Market Value 1989 WaaNwarar/Malm,Lease AIM GOvermment&Agent,Paaf Private 2,190,587 variable AAA open 1009 2,19Q587 2,190,587 BNYWeslem Tr 2,185,062 190,58]19911971O1 Comnmm.Censer , , Cash 1 AIM Govemmenl&Agency Porlf Private 1 BNY Western Tr 1 28,095 vamWe AAA open 1.00% 28.095 28,095 BNY Westem Tr ]q,262 AIG Investment Agreement 3,536,955 6689 AAA 11/1/21 536a 3,536,955 IP Morgan Treasury Plus Money Market 3,536,955 BNY Westem Tr 3,536,955 0 variable AAA open L28% 0 0 BNY Western Tr 194 1992 Airport 3,565,051 Cash 1 ,385 100,385 AIM Slow Term Investment Trsy Pnvm¢ 10g385 BNYWeaern Tr 1 804,55] vaaable AAA open 1.009 804,557 Bayensche lnvestaeat Aga. I207600 700% AAA 804,55] BNY Wesem Tr 559,723 Ol/Ol/z2 ].009 I.0],600 1,207,600 BNY Western Tr 1,207,6W 20oI Seaea B-Hansmg 2,112,542 Cato is, Gover nment 182 182 BNY Westem Tr 19, HA mmen[&Agency port, 3,833 amble AAA open LGOT, 3,833 AIG Investment Agreement 468,105 v5.22% AAA 0810int 522% 468,105 3, BNY Western Tr 3, 468,110505 BNY WesternTr 468,105105 1994 Series A&H 472,120 AM Goveromemt&Agency Porrf Pnvale 763,029 varnable AAA open 1.00 0 763,029 TMG Insurance lnv i estrem A,. 763,029 BNY Weacra Tr 761,017 Morgan Treasury Plus Money Market ,]00,935 684% AA O9/01117 684e 1,700,935 1,]WQ93WesternY Western Tr 1,]Og935 JP 0 variable AAA open 1.21 a p 0 BNY Westem4 63 1996 Multiple Capital Fanhdes Project 2,463,964 AM Gnvemment&Agency Portf Private 359 variable AAA open 1.009 359 AMBAC Investment Agreemem[ 359 BNY W.earr Tr W9,539 I,730,000 640% AA 04/Otl2] 6409 I]30000 1,730,000 BNYWestem Tr 0,000 1998 AVPort GARp 1,730,359 AIG lnvesnnem Agr.-Reserve 561,221 5.90% AAA 01/01/29 569% 561,221 AM Government&Agrm,Poa 389,86] f Private 561561,221 BNY Wesn;m Tr 561,221 variable AAA open 1,00 0 389,86] 389,867 BW Wearern Tr 232,261 n`ar"p TREASURER'S MONTHLY REPORT oin9103 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS DECEMBER 31,2002 Coupon Yield Adjosmd (memo only) Prior Qtr Par Value Rate Rating Mewriry to Mammy CWII.¢ Category Total Marke[Value Source Muke[Value 1998 Auport PPC 951,088 AIG lnveslment Age.-Reserve 849,728 5.70% AAA 01101128 5.70% 949,]2g AIM Govemmem&Agency Portf PrivaN 5W,]28 BNY Westem Tr 351,930 590,545 variable AAA open I W o 590545 590,54i BNY Western Tr 930 1998 MulfiPle Capital Waslewa.r 1,440,273 AIM Govermnen[&Agency Pcaf Pnvak 300,8]] vamble AAA open I0090 3p08]] 300,877 BNY Western Tr 362,159 1998 Assessmem District 155 A&B 300,8]] AIM Govermnen[&Agency Ponf Pnvate 307,366 variable AAA open IW% 307,36fi 307,366 pNY Western Tr 306,630 2001 Assessment Distric[IS]Ilig 307,366 Cash 482 AIM Govemmen[&Agency Port Private 162 1,482 1,482 BNY Western Tr 1,474 ,642 vaiable AAA open IW% 162,642 162,642 BNY Western Tr 162,242 I tic R]-Vehicles 164,124 Wells Fargo Govemmen[Mane'Market 855 variable AAA open 855 855 Wells Fargo 812 2002 ParAing Structure 855 AIM Govemmen[&Agency Porn Priva¢ 1,306,564 variable AAA open LW,a 1,306.564 1,306,5W BNY Wes¢m Tr 5,259,979 1,306,565 Totals $ I7 W5770 F 17,005,770 F 20,925,978 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 01/29/03 DECEMBER 31, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $18,499,607 1 year to 3 years 0.00% 50.00% 22.54% 3 years to 5 years 0.00% 30.00% 16.14% over 5 years N/A N/A 1.61% 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% 6.42% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 37.08% Mortgage Pass Thru's N/A 10.00% 0.00%