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Home My WebLink About6/5/2002 - STAFF REPORTS (27) DATE: May 24, 2002 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of April 30, 2002 Attached is the Treasurer's Investment Report as of April 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, 4/16118, 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 351 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: A I Thomas M. Kanarr` Treasurer treasrep CITY OF PALM SPRINGS 5/23/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS APRIL 30, 2002 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 1,246,262 State Pool 26,890,000 $ 28,136,262 76.31% Short Term Investmems (1 year or less) Time Deposit 250,000 Corporate Notes 996,450 1,246,450 3.38% Medium Term Investments (I year[0 I years) U.S.Gov't Agencies 1,988,680 1,988,680 5.39% Long Term Investments U.S.Gov't Agencies 5,498,594 5,498,594 14.91% Total Invested Cash $ 36,869,986 100.00% *Some investments made prior to the implememalion of the current Investment Policy exceed the 5 year limit. meaarep TREASURER'S MONTHLY REPORT 5/23f 002 DETAIL OF INVESTMENTS APRIL 30,2002 Coupon Yleld Adjusud (memo only) Prior Qtr. Par Value Ram Rating Maturity to Maturity Cart Baal, CaeBmy Toml Marktt Value Source Marken Value On Calla osia Cbrekmg-Bank of Amcdca $ 1,146,262 'car ble AAA open l.]e'% S 1,246,262 S S 1,246,262 5 -101,585 Local Agency Invest Ford(LAIF) 26,890,000 variable N/A open 2.85% 26,5%,000 26,890,000 LAIF 26,890," 28,136,262 short Term lnvesmw.n¢ 1 ear or less) Time Deposit Guaranty Bank 250,W0 2-]]% MA 05/l4/02 2.80% 250,0W 250,000 Goarany Bank 2501000 Corymam Notes Bear Swam,Co.,Inc. 1,W0,000 6.13% A1A+ 02)01103 6.21% 996,450 1,022,8% BNYWesmm Tr 1,022,510 1,24fi 450 Medium Term Invesnnen6 1 ear m3 ears D S Gov't Agency Stormores Federal Home Loan Mortgage Corp. I,",OW 4.30% N/A 10/01/04 4,30% I,Wg000 1.00(1,610 BNYWesmm Tr 0 Federal National Mmrgage Ancoamm 999,690 405% NIA 03I21(05 4.05% 988,680 9W.375 BNY Weslcm Tr 984,68i 1,988,680 Long Term Invesnnmt 3 eazs soS e U.S.Gov't Agerey Securmes Federal Home Loan Bank 1,000,op0 4.30% N/A 06/10/05 430% 1,oW,WO 1,002,812 BNY Weslem To 987,500 Federal Home Loan Mortgage Cop I,WQOW 6W% N/A 06/14/06 6.009 1,000,M 1,00,1,687 BNY Wesmm To 1,W],18] Federal Home Loan Mortgage Corp 1'".000 5.02% N/A 10/05/06 502% IOW,WO 999,810 BNY Westem Ti- 985,120 Federal Home Loan Bank I"'" 5155 N/A 02/06/07 5A5% 1'"'W0 I,003,125 BNY Weawm Tr 988,750 Federal Home Loan Bank I,000,OW 5A5% N/A 03na/07 5457. 1,0000W 1011,250 BNY Weslem Tr 998,125 Financing Corporation(PICO) 5W,000 980% N/A w0foll8 9.80% 498,594 680,470 NatiousBank 663,125 498594 Tonal lmestcd Cash S 36,869,986 S 3],117,291 S 34,0]5,419 treasrep TREASURER'S MONTHLY REPORT 5/23/2002 MISCELLANEOUS AND TRUST ACCOUNTS APRIL 30, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Fatal Invested Cash S 36,869,986 $ 36,869,986 $ 36,869,986 Miscellaneous Accounts Petry Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 9,939 N/A N/A open none 9,939 Trust&Agency-Bank of America 616,745 N/A N/A open none 616,745 1911 Assessment Funds-Bank of America 5,160 N/A N/A open none 5,160 Rehab Loans(CDBG)-Washington Mutual 57,490 variable N/A open 0.7497 57,490 Downpymt Asst (Housing Fund)-Washington Mutual 32,799 variable N/A open 0.74% 32,799 724,783 Depmm Held In Trust Tune 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 10117/2002 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) 16,082 3.80% N/A 6/24/2002 3,80% 16,082 112,947 Total Cash Deposited $ 37,707,616 nearrep TREASURER'S MONTHLY REPORT os/z3roz BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS APRIL 30,2002 Coupon Yte1U AOjustW (memoonlyJ Prior Qv. Par Value Rate Rating Manning, to Maturity CostBuis Cmegory Taal Market Value Source Market Vabe 1989 Wutrwmr/Muter t.,.e AM Government&Agency Portf Private 3,835 variable AM open 1."% 3,835 3,835 BNY Westem Tr 3,831 U.S Treat Bill 2,162,446 3.50% AM 07/25/02 350% 2,162,446 2,162,451 BNY W...Tr 2,161,5% 2,166,281 2001 Convention Center cash 1 I I BNY Weatem Tr 1 AIM Govcrrmrent&Agency Pont Pnvae 1,136.20 vanWe AM open 1.44% 1,136,260 1.136,20 BNY Western To 95,122 AIG lnveslmcni Agreement 3,536,955 668% AM II/1/21 668% 3,536955 3.536,955 BNYWesmm Tr 3,536,955 4,673,216 1M Airport Cash 0 0 0 BNY Western Tr IDQ385 AIM Short-Term lnvesnnent Tray Private 444,733 v ariable AM open 1.4% 4 ,733 044,]33 BNYWesmm Tr 243,732 Bayerische Investment Agr 1,207,1500 7.00% MA 01101/22 V.W% 1,207,600 1,207,600 BNYWestem TT 1207600 1,92,333 2001 Series B-Bating Cash 46 46 46 BNYWestem Tr 64 AN Government&Agency Portf Private 3,8M v ariable AM open L44% 3,804 3,804 BNY Wesmm Tr 3,283 AIG Investment Agreement 468,105 5.22% AAA 0810ini 5.22% 468,105 468,105 BNY Western To 468,105 471,955 1994 Sencs A&B AIM Government&Agency Pont Private 673,132 v ariable AAA open 1."% 673,132 673,132 BNYWesrem Tr 672,461 W TMG oran Investment re At,, 1,700,935 684% M 09/01117 684% 1,200,935 1,100,935 BNYWestem Tr 1,700,935 1P Morgan Trauury Plus Money Medn 15 variable MA open 1.52% 15 15 BNY W.W.Tr IS 2,374,082 1M Multiple Capeal Famltpes Proton AM Govenunent&Agency Pont Private 636 variable AM open 144% 636 636 BNY Western To 1,105,683 AMBAC Investment Agreement 1,729,999 6.407, M 04/01R2 6.40% 1,729,999 I.729,9W BNY Western Tr 1,929,999 1,730,635 1998 Airport GARB cuh 0 0 0 BNYWonem Tr 0 AIG Investment Agr -Reserve 561221 5.63% AM 01/01/28 5. 0% 561,221 561.221 BNY Went.Tr 561,221 AIM Government&Agenry Pont Priam 187,077 variable MA .,an 1.4,1% 187.077 180,071 BNY Western Tr M,395 tmsrep TREASURER'S MONTHLY REPORT 0523102 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS APRIL 30, 2002 coupon Yield Adltismd (memo only) Her Qm. Par Value Rate Rating Maturity mMaturity Cost Basis Category Tmnl Markin Value Sourm Marker Value IW8 AnMort PFC AIG Investment Agr -Reserve 849,728 5.20% AAA OI101128 5.70% 849,728 849,728 BNY Wenem Tr 849,728 AIM Government&Agency Port Primte 284,483 variable AAA open 144% 284,483 284,483 BNY Westem Tr 213,292 1.134,211 1998 Multiple Capful Wastewater AIM Govemment&Agency Portf Pnvae 299,939 variable AAA open 144R 299.939 299,939 BNY Westem Tr 473,740 299,939 1998 Assessment District 155 A&B AIM Govemment&Agency Ponf Private 315231 vanable AAA open 144% 315231 315,231 BNY Wesmm Tr 314,W8 315,231 2MI Assessment Distrtet 1571158 Cash 0 0 0 BNY Western Tr 765 AIM Government&Agency Pmtf Pnva® 162,955 vanable AAA open 1 4l% 162,955 162,955 BNY Westem Tr 162,M9 162,955 Lease XI-Fre Vehcles Fust American Treasury Obligation 5 4 M7. AAA open 1 60% 5 5 US Bank 5 5 Lease N2 Computers Fnat Amencan Treaznry Obbgation 182 4 40% AAA open 150% 182 182 us Bank 192 182 Lease F4-Flm Vebmles Fnst Amencan Treasury Obhgaten 8 440% AAA open 1W% 8 8 US Bank 9 8 Lease N5-Polme Vehicles Wells Fargo Government Money Market 35 vanable AAA open 35 35 Wells Fargo 35 35 Tomis S 15,5229,366 S 15,729,371 S 15,]36,5]4 treasrep CALCULATION OF INVESTMENT LIMITATIONS 05/23/02 APRIL 30, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $29,382,712 1 year to 3 years 0.00% 50.00% 5.39% 3 years to 5 years 0.00% 30.00% 13.56% over 5 years N/A N/A 1.35% 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% 2.70% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 20.31% Mortgage Pass Thru's N/A 10.00% 0.00%