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Home My WebLink About9/18/2002 - STAFF REPORTS (22) DATE: August 28, 2002 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of July 31, 2002 Attached is the Treasurer's Investment Report as of July 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 422 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 8/27/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JULY 31, 2002 On Call Deposit Adjusted Basis Category Total Percentage Checking Account $ 1,589,757 State Pool 23,390,000 S 24,979,757 62.90% Short Term Investments (1 year or less) Corporate Notes 996,450 996,450 2 51% Medium Term Investments (1 year to 3 ears) Time Deposit 250,000 U.S.Gov't Agencies 8,988,680 9,238,680 23.26% 11-ong Tenn Investments U.S.Gov't Agencies 4,498,594 4,498,594 11.33% Total Invested Cash $ 39,713,481 100 00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. veasrep TREASURER'S MONTHLY REPORT 8129nW2 DETAIL OF INVESTMENTS JULY 31, 2002 Coupon Yield Adjured (memo only) Prior Qn. Par Valve Rafe Rating Mamnty toMaWtily Cost Basis Category Total Market Value Source Markel Value On Call Dpvtita Chorh'ng-Bach of America 5 N/A variable AAA open L72% 5 1,539,75/ $ 5 1,589,757 $ 3,27,118 Local Agency Invest Fund(LAIF) 23,390,000 variable NIA open 2]1% 23,3%," 23,390,1)00 LAIF 27,890,000 24,979,757 Short Term lnvesbnenls t ear ar less) Corparam Notes Bear S.,Co,Inc 1,"," 613% A2A+ 02/01/03 621% W6,450 1,019,230 BNY Westem Tr 1,019,5m 996,450 Medium Term Invermmts 1 year to3 ears) Time IkpOrt Do.,Sanngs k Loan 250,000 3.20% AAA I1/I8/03 3 20% 250,000 250,000 Oovmey Savings 250,000 U,S Gov't Agency Sororities Feleml Home Loan Bank 1,"," 3.28% N/A 04/08104 3.28% 1,000,o00 1,002,187 BNY WesNm Tr 0 Federal Na00v1 Mortgage Associanon 1,000,000 3.28% N/A 07/15/04 3.28% I,Oolk" 1,012,812 BNY Wesmm Tr 0 Federal National Mortgage Aseocnuon 1,"," 3.70% N/A 09/101" 3.70% l'"'o00 1,015,000 BNY Wc,..Tr 1,010,312 Felerel Naooml Mortgage Assoctamn l'"' 0 3.50% N/A 09n9/04 3.50% 1,000,000 1,013,437 BNY Western Tr 1,w,w Federal Home luan Mortgage Cot, 1,000,000 430% N/A 10/01/04 430% 1,",w 1,W3,480 BNY Westem Tr 1,W5,020 Federal Home loan Bank 1,000,000 3.79% N/A 01/10/05 3.99% 1,"," 1,002,500 SHY Wesmm Tr 0 Federal Home Loan Bank 1,000,000 3.70% N/A 01/11/05 3.90% I,M,M 1,011,875 BNY Wetecm Tr 0 Federal Nauonal Montage Assnctaunn 988MO 405% N/A 03121/05 405% 988,680 1011895 BNYWesmm Tr 1,012,500 Federal Home Loan Bank 1,"," 430% NIA NIIO105 4.30% IA00.000 1,007.501) BNY Westem Tr 1,W$062 9,238.680 Long Term Invesenent 3 ears to 5 ears) U.S.Gov't Agency Securmee Federal Home Loan Morl,a,e Corp. 1,000,000 4]0% N/A 12106/05 4.70% 1,",000 1,018,980 BNY Wutem To 1,017,770 Federal Home Lcan Montage Corp. I'M," 5.02% N/A 10I05/06 5.02% I,000,OW 1,005,370 BNY Western Tr 1,007,620 Feeleral Home Loan Bank I,M,000 5.15% N/A 02/06/07 5.15% 1,000,000 1016562 BNY Wesern Tr 1,015,625 Federal Home Loan Bank 1,000,000 5.45% NIA 03128/07 5.45% 1,C00,000 1,021875 SHY Westem Tr 1,020.937 Financing Corporation(FICO) 5000W 9.80% NIA NINI18 9.80% 499,594 731,565 NamrsBank 694,055 4,498,594 Toul love, Cub 5 39713481 S 40,123,005 5 42,209,569 neasrep TREASURER'S MONTHLY REPORT 8/27/2002 MISCELLANEOUS AND TRUST ACCOUNTS JULY 31, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 39,713,481 $ 39,713,481 $ 39,713,481 Miscellaneous Accounts Petry Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 9,470 N/A N/A open none 9,470 Trust&Agency-Bank of America 640,556 N/A N/A open none 640,556 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 0,6597 57,883 Downpymt.Asst (Housing Fund)-Washington Mutual 32,852 variable N/A open 0.65% 32,852 743,411 De osits 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 2.08% N/A 6/24/2003 2.08% 16,696 113,657 Total Cash Depoated $ 40,570,549 Ifeasrep TREASURER'S MONTHLY REPORT 08m/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JULY 31,2002 Cnapnn Yield Adjusted (memoonly) Prlor Qn Par Value Itase P.ating M=Ht, to Maturity Cost Basis Categoty Total Markel Value Sour¢ Ma.--let Value 1999 Wutewater/Master usse AIM Govcrtnnem&Age.,Puff Private 2,184,84T vaiable AAA open 143% 2,184,842 2,184.847 BNY Western Tf 3,843 U.S.Treasury Bill 0 3.50% AM Day= 350% 0 0 BNY Western Tr 2,162,20 2,184,84] 2 W 1 Curnmdon Center Cuh 1 1 1 BNY Wcsmm Tr I AIM Government&Agency Portf Private 24,169 vulWc AAA open 143% 74,169 74.169 BNY Western Tr 74,123 AIG lnvcsanent Agrcauaaw 3,536,955 668% AAA 1111121 6.68% 3,536,955 3,536,955 BNY Western Tr 3536,955 JP Morgan Treasury Plus Money Market 147 variable AAA open 1.32% 147 147 BNY Western Tr 123 3,611,272 1992 Airport Cash 82,138 82,138 92,139 BNY Western Tr 0 AIM Sh.,,Term Investment Trsy Private 276,235 variable AAA open 1.39% 276,235 276,235 BNY Western Tr W6343 Bayensche Investment Agr. 1207,6G0 TW% AM 01/01M 700% 1,207,600 1,20],(AG BNY Western Tr 1,207,6W 1,565.973 21YI Series B-Housing Cash 12,26,1 12,2W 12,2W BNY Westcm Tr 4/ AIM Government&Agency Portt Pnvme 3,816 vanable AAA open 1.43% 3,816 3,816 BNY Wesmm Tr 3,912 AIG lavesment Agreement 468,105 5.22% AAA 08/01121 5.22% 49,105 468,105 BNY Wcomm Tr 468,105 484.185 1994 Series A&B AM Govetrvnent&Agency Portf Private 675,039 v ariable AAA open 1 43% 675,039 675.039 BNY Western Tr 674,410 TMG Insurance lnvesment Agr I,2W,935 684% AA 09/GI/17 684% 1,7W,935 I WG 935 BNY WeAWrn Tr 1,7W,933 lP Morgan Treasury Plus Money Market 15 variable AAA open 17I% 15 15 BNY Western Tr 14 2,375,989 1996 Muluple Capital FacOt0es Prgmt AM Government&Agency Port'Private 638 variable AAA open 1,43% 638 638 BNY Westem Tr 638 AMBAC Investment Agreement I,729,999 6.40% AA 04101127 640% 1,729,999 1,729,999 BNY Western Tr IJ29,999 1,730,637 199E Airport GARB AIG Investment Agr -Reserve 561,221 520% AAA 01101Q8 5.69% 561,221 561_21 BNY Western Tr 561,221 AM Govertanent&Agency Port'Prrva¢ 138.1% variable AAA open 143% 138,196 138,196 BNY Wesmm Tf 2%,474 699,41] treasrep TREASURER'S MONTHLY REPORT 08127102 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JULY 31, 2002 Coupon Yuld Adjuster] (memo only) Prior Qtr Par Value Rats Ra , musriry to Minority Cost Buts Cui Toul Marker Value Source Market Value 1"8 Airport PFC AIG lnvea4nent Agr -Reserve 949,728 5.70% AAA 01101m 5.70% 849.728 M9,728 BNY W.W.Tr 849,728 AIM Government&Agency Port Privae 209,505 variable AAA Open 1.43% 209.505 209,505 BNY Western Tr 451,144 1,059,233 1998 Multiple Capital Wastewater AIM Government&Agency Nulf Pnvne 300,788 variable AAA open 1 43% 300.288 300,288 BNY Watam Tr 300,508 300,]88 IWS Assessment District 155 A&B AIM Government&Agency POrtf PnvaR 316,124 unable AAA No 143% 316,124 316,124 BNY Western Tr 315,830 316,124 2WI Assessment D¢ntnt I57/158 Cash 4 4 4 BNYWestern Tr 3 AIM GOvemment&Agency Poof Private 163,412 variable AAA open 1.43% 163,412 163,412 BNY Westem Tr 163,262 063,416 Lease RI Fve Veb¢In First Amman Treasury Obligation 0 4.40% AAA Open I.W% 0 0 US Bank 69,724 0 Lease k2-COmpaters First American Treuury Obliganou 0 440% AAA open 1.50% 0 0 US Bank 110,261 lxue fly POliec Vehicles Wells Fargo Government Money Market 35 vanable AAA open 35 35 Wells Fargo 35 35 1<ue SJ Vehteles Wells Fargo Government Money Market 96.981 vuiable AAA open 96,991 96,981 Wells Fargo 29,157 96,981 Touts S 14,599,897 S 14,588,897 5 15,593460 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 08/27/02 JULY 31, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $25,976,207 1 year to 3 years 0.00% 50.00% 23.26% 3 years to 5 years 0.00% 30.00% 10.07% over 5 years N/A N/A 1.26% 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% 2.51% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 34.00% Mortgage Pass Thru's N/A 10.00% 0.00%