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Home My WebLink About7/31/2002 - STAFF REPORTS (15) DATE: July 19, 2002 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of June 30, 2002 Attached is the Treasurer's Investment Report as of June 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 334 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: l l Thomas M. Kanarr Treasurer Tom Kanarr From: Patrick.Sullivan@sce.com Sent: Friday, July 19, 2002 11:17 AM To: tomk@ci.palm-springs.ca.us; maureenf@ci.palm-springs.ca.us Subject: Annual Exemption Listing 111 Annual Confirmation of Exempti... Per our telephone conversation, you have stated that the Annual Exemption Listing in your records is correct as it stands. Please--si-gn—of-€with a signature and return the document for our files. Our fax number is�y 626/30 you. Thank you. \\\\ (See attached file: Annual Confirmation of Exemption 2002.doc) \ J. Patrick Sullivan //\) Legislative and Local Governmental Affairs _ Room 312, G. O. 1 Phone: 626/302-6999 '�-�—"—'-- Fax: 626/302-6870 - .- 1 Southern California Edison Company Annual Confirmation of UUT Exemption Listings Please review the attached listing of SCE customers/residents who are currently exempt from paying your Utility User Tax. For those customers/residents who no longer require an exemption status, place an "X" in the box at the far right of the listing. Please add any SCE customers/residents who should be exempt from the UUT and are not on the listing. Please complete your review of these lists prior to June 15, 2002 and return to Patrick Sullivan. Please sign and date in the spaces provided below. If you have any questions, please telephone Donna C. McCort at (626) 302-9463. Thank you. (Please Check One) d, Exemption Lists Are Approved as Shown _ Exemption Lists Are Approved With Changes Signature: i Title: ,(w ti, <J��i �.- liZe Date: -7 m' ?� G Taxing Jurisdiction: - U Annual Confirmation of Exemptions 2002.doc treasrep CITY OF PALM SPRINGS 7/18/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JUNE 30, 2002 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 3,257,118 State Pool 27,890,000 $ 31,147,118 74.37% Shari Term Investments (I ear or less) Corporate Notes 996,450 996,450 2.38% Medium Term Investments (1 ear to 3 ears) Time Deposit 250,000 U.S.Gov't Agencies 4,988,680 5,238.680 12.51% Long Term Investments U.S.Gov't Agencies 4,498,594 4,498,594 10.74% Total Invested Cash $ 41,890,842 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. Weasrep TREASURER'S MONTHLY REPORT 7/18/2002 DETAIL OF INVESTMENTS NNE 30,2002 Coupon Yield Adjusted (memo only) Poor Qn. Par Value Bale Rating Maturity to Maturity Cost Basis Category Tom[ Market Valne smnC Markel Value On Ca11De osity Cheeking-Bank of Amen. S N/A .table AM open 1.]2% S 3,257,118 5 5 3257,118 S -"l01,585 Local A&ercY ltrves[Fund(IAIF) 2T,890,000 vutable N/A open 2.69% 2],890,M0 27,8W,000 LAIF 26,890,000 31,147,118 Short Term Investments I yea at less Carponte Notes Bear Steams Co.,Inc I,000,000 613% A A+ 02/01103 6.21% W6,450 1,019,540 BNY Wesmm Tr I,022.5I0 9M,450 Medmm Term Invesvnenu t ear[a 3 ur To.Depoan Downey Savings&Loan 250,000 3.20% AAA 11/18/03 3.20% 250,000 250,000 Downey Savings 250,000 U 5 Gov't Agency Seemna s Federal National Mortgage Assooiatinn I,000,WO 3.70% N/A M/10/M 3.70% I.M,ta I 1,010,312 BNYWesem Tr 0 Federal National Mmngage Assomadon 1,000,000 3.50% N/A W9 7104 3.50% 1,WQ000 1,"." BNY Weetem Tr 0 Federal Home Loan Mortgage Cop. I,tpp,0pp 4.30% N/A 10101IN 4.30% 11".AW 1,W5,020 BNY Wes¢m Tr 0 Federal National Mortgage Maosdadon 988,680 405% N/A 03/21/05 4.05% 988,680 1,012,5W BNY Western Tr 984,687 Federal Home lawn Bank I,000,000 4.30% N/A Milo/05 4.M% I,W0,000 1,W9,062 BNY Weslem Tr 987,5W 5,238,680 Long Tenn Investment (3 eus m 5 ears) U S Gov't Agency Saundes Federal Home Loan Mortgage Corp. I,Opp,000 4.90% NIA 121MI05 4.70% I,OW,MO 1,017,770 BNY Wesrem Tr 0 Federal Home loan Mortgage Co[p 1'"' O 6 W% N/A 06/14/M 6.00% 0 0 BNY Wesem Tr 1,00],I8] Federal Home Loan Mortgage Corp I,OO ," 502% N/A 10/05IM 5A2% I,WO,OW IW7,620 BNY Wesem Tr 985,120 Federal Home LOan Bank 1=0W 5A5% NIA 02/W/W 515% 1,000,000 1,015,E+5 BNY Wesrem Tr 988,750 Federzl Home Loan Bank I,M0,000 545% NIA 03/28/07 5.45% I,OW,Wp 1,020,937 BNY Wesem Tr Fi 998,125 n,eing CoMmadon(FICO) 500,000 9.80% N/A W06/18 9.80% 498,594 694,M5 NationsHanl 663,125 4.498,594 Tmal Invested Cash 5 41880,842 $ 42,209,569 5 34,075,419 treasrep TREASURER'S MONTHLY REPORT 7/18/2002 MISCELLANEOUS AND TRUST ACCOUNTS JUNE 30, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 41,880,842 $ 41,880,842 $ 41,980,842 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 7,357 N/A N/A open none 7,357 Trust&Agency-Bank of America 649,838 N/A N/A open none 649,838 1911 Assessment Funds-Bank of America 0 N/A N/A open none 0 Rehab Loam(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% 32,852 750,580 De osirs Held In Tms[ 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) 15,090 2.23% - N/A 7/16/2002 2.23% 15,090 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% 16,696 113,461 Total Cash Deposited $ 42,744,983 eeasrep TREASURER'S MONTHLY REPORT 07118/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JUNE 30, 2002 Coupon Yield Adjusted (memo only) Prior Qh Par Value Rate Red, Matanty mMamrky Cost Basis Category Toml Market Value Source Market Value 1989 Wastea'alelm.ur Lease AIM Govemment&Agency Pord Private 3,843 v amble AAA Open 1.46% 3,843 3,843 BNY Western Te 3,831 U.S.Treasury Blll 11162,446 3.507, AAA 07/25/02 3,50% 2,162,446 2.162265 BNY Western Tr 2,161,596 2001 Convention Cemer 2,166,289 Cash 1 1 1 BNY Wesmm Tr, NY 1 AU1 Govemment&Agency PoPondPnvam m v ]4,123 able AAA open 146% ]4123 ]4,123 B Wesmm Tr 85,12E MG rnveahnent Agreement 3,536,955 6.68% AAA 1111121 668% 3,536,955 3,536,955 BNY Wesmm Tr 3,536,955 1P Morgan Treasury Plus Money Market 123 variable AAA upon 133% 113 123 BNY Wesmm Tr 0 1992 Auport 3,611202 Cash 0 0 0 BNY Weslem Tr 100,385 AU1 Short-Term lnveshnent Trsy Privae 646,243 v arable AAA open 1.43% 64fi243 64 BNY 6,243 B Western Tr 243,732 Bayensche lnvesanent Agr. 1,207,600 ].00% AAA 01/01/22 7AW% 1207,600 I207,600 ➢NY Western Tr 1,201,600 2W1 Series B-Housing 1,853,843 Cash 47 47 47 BNY Western Tr 64 AU4 Govermneat&Ageooy Port)Private 3,812 arable AAA open L46% 3,812 3,912 BNY Wesmm Tr 3,783 AIG fuvesnnent Agreement 468,105 v5.22% AAA 09/01/21 5.22% 468,105 468,10, BNY Wesmm Tr 469,105 1994 Series A&3 471,964 AU1 Govemment&Agency Portf Private 674,410 variable AM open 1.46% 674,410 674,410 BNY Weslem Tr 672,461 TMG Insurance lnveshnem Agr. 1,700,935 684% AA 09/01/17 6.84% 1,700,935 1,70g935 BNY Western Tr 1,90 ,935 JP MO,,.Treasury Plus Money Markel 14 vanabh, AAA open 152% 14 14 BNY Wesmm Tr 15 1996 Mulfiple Caplpl Facilides Projret 2,375,359 AU4 Govemment&Agency Portf Pnva, 638 variable AAA open 145% 638 638 BNY Weslem Tr 1,105,683 AMBAC Investment Agreement 1,729,999 6l0% AA 04/01/27 640% 1,729,999 1,729,999 BNY Wesmm Tr 1,729,999 I998 Airport GARB 1,730,637 Cash 0 0 0 BNY Wesmm Tr 0 A1G hrvesuneul Agr.-Reserve 561221 5.63% AAA 01/01128 56011 561,221 561221 ➢NYWesona Tr 561,221 AU1 Govemment&Agency Port Pnvam 296,474 variable AAA open 146% 296.474 296,474 BNY We>mm Tr 140,395 857,695 neas,ep TREASURER'S MONTHLY REPORT 07/18/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS TUNE 30, 2002 Coupon Yield Adlusted (memo only) Prior Qtr 1998 Airport PFC ating Par Value Raw R Maturity to Maturity Cost Basis Category Tatal Market Value Souree Market Value AIG Investment Age-Reserve 849,729 570% AAA 01/01/28 5.70% 849,728 849,729 BNY Wsslem Tr 949,728 AIM(avermnen[&Agency Partf Privae 451,144 vanble AAA open 1.4671 451jeks 451144 BNY Western Tr 213,292 1990 Multiple Cnptul Was¢wamr ,300,8]2 AIM Government&Apeacy Por[f Private 300,508 vanble AAA open 1.46% 3W,508 300508 BNY W.n.Tr 4]3,]40 1998 Assessmem Dutrn[155 A&B W,508 AIM Government&Agency Pirtf Private 315,830 variable AAA open 1.46% 315,830 315,830 BNY Westem Tr 314,908 2001 Assessmen[Dishic[IS]I158 15,830 Cash 3 3 3 BNY WesRm Tr 765 AIM Goverment&Agency Portf Private 163,262 varmble AAA open 1.461, 163,262 163,262 BNY Westam Tr 162,029 Lease X1-Fire Velncles 163,265 Fin[American Treasury Obligation 69,724 440% AAA open 1(0% 69,724 69,724 us Bank 5 Lease X2-Campumre 69,724 Fos,Ameneln Treasury OLligauon 110,261 4A0% AAA open 150% 110,261 110,261 ❑s Bank 182 Lease#4-Fne Vebmles 110,261 First American Treasury Obligation 0 4407, AAA open 160% 0 0 llB Bank ] Lease XS-Police Vehicles 0 Wells Fugo Government Money Make, 35 variable AAA open 35 35 Wells Fargo 35 Lease X]-VeM1ides 5 Wells Fargo Govemment Moacy Make, 266,157 variable AAA open 266,157 266,157 Weh6 Fargo 0 266,157 Totals b 15,593,642 5 15,593,461 6 I5,736,574 treasrep CALCULATION OF INVESTMENT LIMITATIONS 07/18/02 JUNE 30, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $32,143,568 1 year to 3 years 0.00% 50.00% 12.51% 3 years to 5 years 0.00% 30.00% 9.55% over 5 years N/A N/A 1.19% 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% 2.38% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 22.65% Mortgage Pass Thru's N/A 10.00% 0.00%