The URL can be used to link to this page

Home My WebLink About10/2/2002 - STAFF REPORTS (20) DATE: September 23, 2002 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of August 31, 2002 Attached is the Treasurer's Investment Report as of August 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 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 477 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: f u!I, j ^G A/,1__ Thomas narr Treasurer C11 treasrep CITY OF PALM SPRINGS 9/20/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS AUGUST 31, 2002 On Call De osits Adjusted Basis Category Total Percentage Checking Account $ -939,030 State Pool 20,390,000 S 19,450,970 5690% Short Term Investments (I ear or less) Corporate Notes 996,450 996,450 2.91% Medium Term Investments (1 year to 3 ears) Time Deposit 250,000 U.S.Gov't Agencies 8,989,680 9,238,680 27.03% Long Term Investments U.S.Gov't Agencies 4,498,594 4,498,594 13.16% Total Invested Cash $ 34,184,694 100.00% *Some inveSnnents made prior to the implementation of the current Investment Policy exceed die 5 year limit aeasrep TREASURER'S MONTHLY REPORT 9n0nm2 DETAIL OF INVESTMENTS AUGUST 31, 2002 Coupon yield Adjusmd (memo only) Poor Qn. Par Valus Rate Raying Maturity mMaturity Cos[➢asis Cone,.,Tom] Market Value Source Make[Value On Call D c-- Checking-Bartle of America 5 N/A variable AAA open 169% 9 -939,030 S S -939,030 5 m 3,25],I18eal Agency Invest Fund(1 IF) 23,390,000 variable N/A open 259% 20,390.000 20,350,Om LAIF 2]890Um 19,450,WO Short Term lnvesnnenm (1 yeor or less) Corporals No., ➢ear Ste.,Co.,Ins 1,m0,Op0 6A3% A2A+ 0JOI103 6.21% 996,450 I,O15,020 BNY Western Tr 1,0191540 996,450 Medium Tetra Inveslmenm (1 yt.10 3 ears) Time Oeposu Downey Savings&Loan 250," 3.20% AAA 11/18/03 3.20% 2ns m 250,000 Downey Soon., 250,000 U S Gov't Agency Securldes Federal Home loan Bank 10m0m 328% N/A "ININ 3.28% I'M'" 1,001250 BNY Wesmm Tr 0 Federal National Manage Assoc000n l0m,m0 328% N/A 07/15/04 328% 10m,m0 I,012,500 BNY Westem Tr 0 Federal Nanonal Monage Assoaadon I,Om,IM10 3.70% N/A 09/10/m 3.70% 1,11m,000 1,014,3]5 BNY Western Tr I,010,312 Federal Natimml Mortgage Assoeta0on I,Om,Om 350% N/A 09/27/04 3.50% 1,Om,00p 1,014,375 BNY Western Tr 1,0110,012 Federal Home Loan Mortgage Corp. I,p00,Om 430% N/A 10/0l/04 450R I,(00,000 1,001]90 BNY W.Wos Tr I,m5.M0 Federal Home Loan Bank I,Om,Om 3.79% N/A 01/10/05 3.]9% I'M,000 1,001,562Fede pNY Wesmm Tr O Federal rel Home Loan Bank I,Om,Om 3]0% N/A 01111105 3.]0% I,Om,m0 1 013,125 BNY Western TFederal Nanonal Morrgege Associatlon 988,680 405% N/A 0321/05 4,05% 988,680 1,011250 BNY Western Tr 1,012,500 FeJeul Home Loan Bank I'M," 4.30% N/A 06/10/05 4 M% 1,0000m 1,005,937 BNY Wesrem Tr 1,00t)062 9.239,680 Long Term Investment I3 ears m 5 ears) U S Gov't Agency Secunces Federal Home Loan Morlgage Corp. 100QO04) 4.70% N/A 12/W05 4.70% I,Om,000 1,016,840 BNY Western Tr 1017,]]0 Federal Home Loan Manage Cm,. l,om,6m 5 02% N/A 10/05/06 5.02% I,Om,Om 1002,812 BNY Weswm Tr I,m7,620 Federal Home Loan Bank 1,",Om 515% N/A 02106/w 515% I,Om,C00 Federal Home 1,014,3]5 BNY Wes¢m Tr 1,015,625 Finan loan Bank 1,Om,000 5.45% N/A OWN I,000,000 1,020,O110 BNY Western Tr 1,020,937 ang Corporanon(FICO) 500,Om 9 80% N/A W06/18 9.W% 498.594 734,220 NanensBank 694,065 4,498,59,1 Toml InvesmJ Ca,h 5 34,184,694 S 34,579,463 S 92,209,569 treasrep TREASURER'S MONTHLY REPORT 9/20/2002 MISCELLANEOUS AND TRUST ACCOUNTS AUGUST 31, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 34,184,694 $ 34,184,694 $ 34,184,694 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 1,643 N/A N/A open none 1,643 Trust&Agency-Bank of America 610,545 N/A N/A open none 610,545 1911 Assessment Funds-Bank of America 0 N/A N/A open none 0 Rehab Loans(CDBG)-Washington Mutual 57,883 variable N/A open 0.65% 57,883 Downpymt.Asst.(Housing Fund)-Washington Mutual 32,852 variable N/A open 0.65% 32,852 705,573 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 2.47% N/A 10/17/2002 2.47% 17,332 Downey S&L(Palmer Cable TV) 4,643 2.62% N/A 1/19/2003 2.62% 4,643 Guaranty Bank(Coyote Springs Apt) 16,696 2.089. N/A 6/24/2003 2.08% 16,696 113,657 Total Cash Deposited 5 35,003,924 neasrep TREASURER'S MONTHLY REPORT 09/20/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS AUGUST 31, 2002 Coupon Yield Adjusted (memo only) Prior Qt. Par Value Rate Raring Maturity mMamrity Cos,Basis Category Total Market Value Source Maekel Value 1989 Wastewater/Master Ieaee AIM Govemmem&Agency Ponf Prtvam 4416.883 variable AAA open 1.39% 4,416,893 4,416,883 BNY Western Tr 3.843 US Treasury Bdl 0 3.50% AAA 07/25/02 350% 0 0 BNY Western Tr 2,162,20 4,416,883 2001 Convention Cotner Cash I 1 1 BNY Western Tr 1 AIM Government&Agency Portf Private 94,216 variable AAA open 139% 74,216 74,216 BNY Wesem Tr 74,123 AIG Investment Agreement 3,536,955 6.68% AAA II/IRI 5,36% 3,536,955 3,536,955 BNY Wesrem Tr 3,536,955 IT Morgan Treasury Plus Money Muket 170 variable AAA open 1.30% 170 I70 BNY Weslem Tr 123 3,611,342 1992 Airport Cash I 1 1 BNY WesNin Tr 0 AIM Short-Term lnvoetmem Trsy Private 459,005 variable AAA open 1.39% 459,005 459,005 BNY Western Tr 616,243 Bayerische Inve,emen,Agr 1207,600 7.00% AAA 01/01/22 ]OOR 1207,600 1 202,600 BNY Western Tr 1 20],600 b66,606 20015enes B-Haustng Cash 182 182 192 BNY Wcsrom Tr 41 AIM Govermment&Agency Purr(Private 3,819 v arlable AAA open 1.39% 3,819 3,819 BNYWeWmTr 3,812 AIG lnvesaayag Agreement ISS'105 522% AAA 08/01/21 5.22% 468,105 4M.I05 BNY Wesmm Tr 468,105 - 472,106 lW4 Serves A&B AIM Government&Agency Trutt Prvam 1,880,014 variable AAA open 1.39% 1.880,014 1890014 BNY WCskm Te 674,410 TMG Insurance Investment Aga 1,70l 6.84% AA 09/01/17 6.84% 1,70l 1.7W,935 BNY WesRm Tr 1,700,935 IT Morgan Treasury Plus Money Merkur 0 variable AAA open 1.21% 0 0 BNY Wesmrn Tr 14 3,580,949 1996 Multiple Capowl Facilities Project AIM Govem rem,&Agency Pont l Private 639 variable AAA open 1 39% 639 639 BNY Westem Tr 638 AMBAC Investment Agreement 1,729,999 640% AA W/01/27 6.40% 1,729,999 1.729,999 BNY Weslem Te 1,729,999 730,638 IW8 Ar mt GAR➢ AIG lnvesnnem Agr.-Reserve 561,221 5.90% AAA 01/01/28 5.69% 561,221 561221 BNY Western Tr 561,221 AIM Government&Agency Partf Private 185,207 variable AAA 1,39% 19520] 1852 Open 07 BNY Western Tr 296,474 746.428 hea,rep TREASURER'S MONTHLY REPORT 09120/02 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS AUGUST 31, 2002 Coupon Yield Adjusted (memo only) Poor Qv. Par Value Rme Barn& Maonty WMaOnity Case Basis Cmeaory Tool Markct Value Source Market Value 1998 Airport PFC AID Investment Agr -Reserve 849,728 5.20% AAA 01101129 590% 849,728 849,728 BNY Western Tr 849,T28 AIM Government&Agency Poref Private 280,686 variable AAA open 139% 28%686 290,686 BNY Western Tr 451jeas 1,130,414 1998 Multiple Capital Wastewater AIM Government&Agency Pcrf Private 301,071 variable AAA open 1.39% 301,071 301,011 BNY Westem Tr 3W,508 301,071 1998 Assessment District 155 A&B AIM Govermnene&Agency Portf Pmale 316,422 varutble AAA open 1,39% 316,422 316,422 BNY Western Tr 315,830 316,422 2001 Assessment District I57/158 Cash 253,112 253,112 23,112 BNY Western Tr 3 AIM Go-siren&Agency lic PPrivate 163.565 vunable AAA open 139% 163,565 163,565 BNY Western Tr 163,262 416,677 Lease XI-Fire Vehicles Fast American Treasury Obligation 0 440% AAA open 1.60% 0 0 US Bank 69,724 0 Lease#2-Computers First American Treasury Obligadon 0 4.40% AAA open 150% 0 0 US Bank 110,261 0 IL:ue S4-Fire Veh,eles Cash 41542 41,542 41,542 US Bank 0 41,542 [rase M5-Police Vehicles Wells Fargo Government Money Market 140,570 variable AAA open M0,570 140,570 Wells Fargo 35 M0,5T0 trace M2-Vehicles Wells Fargo Government Money Market 97,152 vuuable AAA open 97,157 97,152 Ws11a Fargo 26Q157 97.157 2002 Parking Ssmcmre AIM Government&Agency Pavf Private 5268,775 variable AAA apev 139% 5,268,775 5269,775 BNY Western Tr 0 5,268,775 Tuuh S 23,937,580 $ 23,931,580 S 15,593,460 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 09/20/02 AUGUST 31, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $20,447,420 1 year to 3 years 0.00% 50.00% 27.03% 3 years to 5 years 0.00% 30.00% 11.70% over 5 years N/A N/A 1.46% 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% 2.91% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 39.45% Mortgage Pass Thru's N/A 10.00% 0.00%