HomeMy WebLinkAbout11/6/2002 - STAFF REPORTS (15) DATE: October 24, 2002
TO: City Council
FROM: Director of Finance & Treasurer
RE: Treasurer's Investment Report as of September 30, 2002
Attached is the Treasurer's Investment Report as of September 30, 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 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 479 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:
j
Thomas M. Kanarr
Treasurer
treasrep CITY OF PALM SPRINGS
10/23/2002 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
SEPTEMBER 30, 2002
On Call De osits Adjusted Basis Category Total Percentage
Checking Account $ 2,006,821
State Pool 16,390,000 $ 18,396,821 55.53%
Short Term Investnts
(1 year or lesme
s)
Corporate Notes 996,450 996,450 3.01%
Medium Tenn Investments
(1 year to 3 ears)
Time Deposit 250,000
U.S.Gov't Agencies 8,988,680 9,239,680 27.89%
]Long Term Investments
U.S.Gov't Agencies 4,499,594 4,498,594 13.58%
Total Invested Cash
$ 33,130,545 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed Ore 5 year limit.
treasrep TREASURER'S MONTHLY REPORT
10123/2002 DETAIL OF INVESTMENTS
SEPTEMDER 30,2002
Coupon Yield Adjuster (ramme only) Pnm Qn-
Par Value Rare Rating Maturity to Minority Cast Basis Category Toul Market Value Source Market Value
On Call De muv
Checking-Bank of Amenca S N/A variable AAA open 1.61% $ 2,006,821 S S 2,m6,821 S 3,257,118
Local Agency Invest Fund(LAM 23,35K),M variable N/A open 2.W% 16,3m,M 16,390,m0 LAIF 27,890,04)(D
18,396,821
Short Term Im esmenLs
I year a,less)
Cotperare Notes
Bear Stearns Co,We. Lw,Om 613% A2A+ 02/01/03 6.21% 996,450 1,012,670 BNY Wesem Tr 1,019,540
W6,450
Medmm Term Investments
1 ear t 3 ears)
Tune Deposit
Downey Savings&Loan 250' m 3.20% AAA 11/18/03 3.20% 250,mo 250,000 Downey Savings 250,000
D S.Gov't Agency Securiaes
Federal Home Loan Bad 1,l% 'lle0 3.28% N/A NAMI04 3.29% 1'"," L",312 BNY Western Tr 0
Federal Nakmd Mortgage Association 1'",tlm 329% N/A 07/15/04 3.29% I,000,000 1011,875 BNY Wrstem Tr 0
Federal Namnal Mortgage Asnciation I,Om,Om 370% N/A 09/10/04 3.70% 1'"," 1,013,125 BNY Western Tr 1,010,312
Federal Nsoonal Mortgage Associadon I,W,m0 3.50% N/A W/27/04 3.50% lOm,Om 1,012,5m BNY W.W.Tr 10mOm
Federal Home Loan Mortgage Corp. IOm'" 4.30% N/A 101011" 4,30% L"'om 100gOm BNYWesmm Tr LW5,020
Federal Home Loan Book Lm, m 399% N/A 01/10105 379% IOmOm 1000312 BNYWesmrn Tr 0
Federal Home Lean Bank L m,000 3.70% N/A 01/11/05 390% 1"," 1,012,912 BNY Western Tr 0
Federal Nemmal Mcagage Assomadon 989,680 4.05% N/A 0321/05 4.05% 988,680 1,0100m BNY West.Tr 1,012,5m
Federal Homy:Lawn Bank 1,11 'Isgo 4.30% N/A M/10/05 4.30% tOm000 1,004,687 BNY Western Tr I,009,062
9,238,680
Long Term Investment
(3 ears to 5 eas)
US Gov't Agency Secundes
Federal Home Loan Mmleage Carp L"'O00 4.70% N/A 12/05/05 4.70% 1'"," 1,016,M BNY Western Tr 1,017,770
Federal Home Loan Mortgage Cotp I,M,M 5.02% N/A 10105/(16 5.02% 1'"," 1,000,340 BNYWestem Tr 1,007,620
Federal Game Loan Hank 1,Op0,m0 5.15% NIA WI06/07 5.15% 1,m0," 1,01L562 BNY Westera Tr 1,015,625
Federal Home Lot Bank l'"'M 5.45% N/A 03/28/07 5.45% Loot," 1,017.187 BNY Western Tr 1,020,937
Fmerel,Corporaion(FICO) 5m,o00 9.80% N/A 04/06/18 9 90% 498,594 757,655 Nainn.Bark 6W,W5
4,498,594
Total Invested Cash S 33,130,545 S 33,528.748 $ 42,209,Sfi9
treasrep TREASURER'S MONTHLY REPORT
10/23/2002 MISCELLANEOUS AND TRUST ACCOUNTS
SEPTEMBER 30, 2002
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 33,130,545 $ 33,130,545
$ 33,130,545
Miscellaneous Accounts
Petty Cash 2,625 N/A N/A open none 2,625
Revolving Fund-Bank of America 13,803 N/A N/A open none 13,803
Trust&Agency-Bank of America 682,511 N/A N/A open none 682,511
1911 Assessment Funds-Bank of America 0 N/A N/A open none 0
Rehab Loans(CDBG)-Washington Mutual 56,800 variable N/A open 0.65% 56,800
Downpymt.Asst.(Housing
Fund)-Washington Mutual 32,906 variable N/A open 0.6597 32,906
788,645
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) 17,332 2.4757 N/A 10/17/2002 2.47% 17,332
Downey S&L(Palmer Cable TV) 4,643 2.62% N/A 1/19/2003 2.62S, 4,643
Guaranty Back(Coyote Springs Apt) 16,696 2.08% N/A 6/24/2003 2.08% 16,696
113,657
Total Cash Deposited $ 34,032,847
seem" TREASURER'S MONTHLY REPORT
10/23102 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
SEPTEMBER 30,2002
Coupon Yield Adjusted (memo only) Prier Qn.
Par Value Rate Rating Maturity to Maturity Cost Basis Camgory Total Maket Value Sour¢ Marker Value
1989 Wastewam./Muter Lease
AIM Govemment&Agency Ponf Private 2,185,M2 eaelffile AAA open 136% 2,185,0152 2,185,062 BNY Western Tr 3,843
US Treasury Btll 0 350% AAA 07/25/02 350% 0 0 BNY Wesmm Te 2,162,265
2WI Convennan Center 2,185,1M2
Cash I 1 t BNY Westem Tr I
AIM Government&Agency Portf Private 74,26E variable AAA open 1.36% 74,262 74,262 BNY Western Tr 74.123
AIG Investment Agreement 3,536,955 6.68% AM HAM 5.36% 3,536,955 3,536,955 BNY Weamm Tr 3,536,955
JP Morgan Treasury Plus Money Marker 19eI variable AAA open 1,28% 1% 194 BNY Western Tr 123
199E Airport 3,611,412
Cash I 1 1 BNY Wesern Tr 0
AIM Sbmr-Term Investment Trsy Pnvam 559,723 variable AAA open L34% 559,723 559,723 BNY Wamm Te 646,243
Bayensche lnveab..n A, 1,207,600 7 W% AAA 01/01Q2 7.W% 1.207,600
1207,600 BNY Western Tr 1,207,600
20l Series B-Housing 1,767,324
Cash 182 192 182 SNYWestem Tr 47
AIM Government&Agency Ponf Prvam 3,823 .!able AAA op NY
en 1.36% 3,923 3,823 BWestem Te 3,912
AIG lnvemnent Agreement 468,105 v5.22% AAA U/01131 522% 49,105 468,105 BNY Wesmm Tr 468,305
19945enes A&B 472,110
AIM Govemment&Agency Pmrif Pnvam 761,017 vaial,le AM open 1.36% 761,017 761,017 BNYWestem Te 674,410
TMG Insurance lmesunent Ayr 1,70 ,935 6.M% AA 0W01/17 6.94% 1,70Q935 1,70Q935 BNY Wesmm Tr 1,700,935
JP Me,.Treasury Plus Money Market 63 variable AAA open 1.21% 63 63 BNY Western Tr 14
1996 MUlmple Capful Fazilives Proles[ ,462,015
AIM Govemment&Agency Portf Private E ,539 vaiable AAA open 1.36% 609,539 609,539 BNY Western Te 638
AMBAC Invesment Agreement 1,730,t30p 6.Q% AA 03/01/27 6.40% 1,730000 1,730,000 BNY Western Tr 1,729,999
1998 Atrpon GARB 2.339,539
AIG Investment A,,-Reserve 561,221 570% AAA 01/01/29 5.69% 561,221 561221 BNY Western Tr 561,221
AIM Governmen&Agency Ponf Pnvam 232,261 vanable AAA open 1,36% 232,261 232,261 BNY Western Tr 2%,474
793,482
n=ur=p TREASURER'S MONTHLY REPORT
10/23/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
SEPTEMBER 30, 2002
Coupon Yield Adjusted (memo oN
Y) Prior Qlr.
Par Value Rate Raung Moronity to Mommy Cost Basis Category Total Market Value Source Muket Valu=
1998 Airport PFC
AIG Investment Agr.-Reserve 849,729 5.20% AAA 01/01/28 5.90% 849,728 849,729 BNYWeetem Tr M9,728
AIM Govermnent&Agency Porn Private 351,930 iable AAA open 1.36% 351,930 351,930 BNY W.W.Tr 451,144
1,201,658
1998 Multiple Capml ws,ne.own
AIM Government&Agency Pactf Private 362,159 vuiable AAA open 1.36% 362,159 362,159 BNY Wesrem Te 30Q508
362,159
1998 Assessment District 155 A&B
AIM Govermnent&Agency Prof Pnvae 306,610 variable AAA open 1.36% 306,610 306,610 BNY Western Tr 315,630
306,610
2001 Assessment DiArmt 157/158
Cash I,4/4 1,474 1,474 BNY Western Te 3
AIM Govermnent&Agency Pont Pnvme 162,242 variable AAA open 136% 162,242 162,242 BNY Wesmrn Tr 163,262
Lease#1-Fire Velueles 163,716
Fnsl Amencan Treasury Obligaunn 0 4A0% AAA open l.w% 0 0 US Bank 69,724
0
Lease#2-Computers
First Amencon Treasury 061gation 0 440% AAA open 150% 0 0 US Bank 110,261
0
Lease#4-Fire Vehicles
Cash 0 0 0 US Bank 0
0
ease#5-Pehen VeIntIe5
Wells Fargo Government Money Market 0 vuisble AAA open 0 0 Wells Fargo 35
0
base#]-Vehicles
Wells Fugo Government Money Market 812 wfiable AAA upon 812 812 Wells Fargo 266,157
812
2002 Parking Structure
AIM Government&Agency Pertf Private 5,259.979 variable AAA ocen 1.36% 5,259,979 5259,979 BNY Western Tr 0
5,259,979
Tmals 5 20,9M,8/8 $ 20.925.878 S 15,593,460
TREASURER'S MONTHLY REPORT
treasrep CALCULATION OF INVESTMENT LIMITATIONS
10/23/02 SEPTEMBER 30, 2002
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $19,393,271
1 year to 3 years 0.00% 50.00% 27.89%
3 years to 5 years 0.00% 30.00% 12.07%
over 5 years N/A N/A 1.51%
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% 3.01%
Money Market Mutual Funds N/A 10.00% 0.00%
U.S. Government Agencies N/A 50.00% 40.71%
Mortgage Pass Thru's N/A 10.00% 0.00%