The URL can be used to link to this page

Home My WebLink About5/1/2002 - STAFF REPORTS (23) DATE: April 24, 2002 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of March 31, 2002 Attached is the Treasurer's Investment Report as of March 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 362 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. Kanam Treasurer A treasrep CITY OF PALM SPRINGS 4/23/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MARCH 31, 2002 On CaII De osits Adjusted Basis Category Total Percentage Checking Account S -701,585 State Pool 26,890,000 $ 26,188,415 77 20% Shaer Term Investments (1 year or less) Time Deposit 250,000 Corporate Notes 996,450 1,246,450 3 67% Medium Term Investments (1 year to 3 years) U.S.Gov't Agencies 989,680 988,680 2,91% Long Tetrn Investments U.S.Gov't Agencies 5,498,594 5,498,594 16.21% Total Invested Cash $ 33,922,139 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. ura,rep TREASURER'S MONTHLY REPORT 42312002 DETAIL OF INVESTMENTS MARCH 31, 2002 Coupon Field Adjusted (memo only) Pnor,Qu Par Value Rate Rmag Maui m Mamtity Cou Basis Category Teri Market Value Source Market Value On Call De ovu Checking-Bank of America 5 -701,585 variable AAA open 170% S -701,585 S 8 -701,585 5 4/1257 Local Agency Invest Fund(LAIF) 26,890,000 variable N/A open 2.86% 26,M,000 26,890,000 LAIF 23,890,000 16,188,415 Short Term Invesunentt f I ea,ar le") Turn Deposit Guaranty Bank 250,000 2.]]% AAA 05/14/02 2.80% 250,000 250,0D) P.S.Savings 250,000 C.,mr,,Notes ImemaicamA Lea,Finance C., 2,000,000 140% Al 01/22/02 5.437, 0 0 BNY Western To 2,002,760 Bear Steams Co,IBc L000,00o 613% A2A+ 02/01/03 6.21% 996,450 1,022,510 BNY Western Tr 1032,730 246,450 Medmm Temt InvefMents (I year in 3 eon) U S Gov't Auto,Secunties Federal Home Loan Bank 2'"'cloo 415% N/A 02/14/05 415% 0 0 BNY Western Tr 0 Federal National Mortgage Assicumion 988,680 405% N/A 03/21/05 405% 988,680 994,687 BNY Western Tr 0 988,680 Lon,Term Investment (3 ire a eon) U S Gov't Agency Securities Federal Home Loan Bahr Lord," 430% NIA 06/10/05 4.30% 1000'" 987,500 BNY Western Tr 999,375 Petleral Hume Loan Mortgage Corp 1,00'M 600% N/A 06/14/06 600% 1,000,000 1,00],18] BNY Wcslern Tr 1,017,187 Federal Home Loan Mortgage Corp I'lloo000 502% N/A 10/05/06 502% L000.000 985,120 BNY Western Tr 1001,040 Federel Home Loan Bank I,m,m 530% N/A 11/14/06 5.20% 0 0 BNY Wc,wrn Tr 1004,3/5 Federal Home Loan Bank 1,000,000 5_1511% N/A 02/06/07 5.15% 1'000,000 988,750 BNY Western Tr 0 Federal Hume Loan Bank L000.000 545% NIA 03/28/07 5.45% 1000,000 999,125 BNY Western Tr 0 Rmncma Cmpomnoti(FICO) 500,000 980% N/A 04/06/19 980% 498,594 663,125 Nag on.Bork 683,595 5,499,594 Total l,,co-d Cash 5 33,922,139 $ 34075,419 5 32,}52,319 treasrep TREASURER'S MONTHLY REPORT 4/23/2002 MISCELLANEOUS AND TRUST ACCOUNTS MARCH 31, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash S 33,922,139 $ 33,922,139 $ 33,922,139 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 11,603 N/A N/A open none 11,603 Trust&Agency-Bank of America 627,869 N/A N/A open none 627,869 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 0.74% 57,490 Downpym[.Asst.(Housing 0 Fund)-Washington Mutual 32,799 variable N/A open 0 74% 32,799 737,571 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) 15,090 2 23% N/A 7/16/2002 2.23% 15,090 Downey S&L(Donavan 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) 16,092 3 80% N/A 6/24/2002 3.80% 16,082 112,847 Total Cash Deposited $ 34,772,557 trourep TREASURER'S MONTHLY REPORT 0,1/23/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS MARCH 31, 2002 Coupon Yield Adjusted (memo only) prior Qh Pu Valuc Rate But, Meturity to Melurity Cost Basis Category Toml Marker Vale. Source Mork.Value 1989 we'mo,.mr/Macler Lease AIM Government&Agency Paaf Private 3,831 vanable AAA open 1.54% 3,831 ❑S Trcastry BtB 3,631 BNY Western Tr 360,]]0 2,162,446 350% AAA 07/25/02 3.50% 2,162,446 2,161,596 BNY Western To 1,756,562 2001 C.mernti0r Center 2,166,2]] Cash 1 1 1 BNY Westem To 1 AIM Government&Agency Run,Pnvale 95,122 arable AAA on 154% 85,122 85,122 BNY Western Tr AIG Investment Agreement 35,575 3,536,955 bfi8% AAA 11/1/21 668% 3,536,955 3,536,955 BN W.mno Tr 3,536,955 1992 Aupua ,62208 Cash iM,385 100,385 100,385 BNY Western To 0 AIM Short Term lnvesunent Trsy Prvae 243,732 variable AAA open 154% 243,]32 243,]32 BNY Western Tr Bayertehe lnveaunenr Ago 1,20],b00 v].00% AAA W3,911 01/01/22 ]DO% 1,207,600 1307,600 BNY Western To 1,207,600 2001 Senes B-Housing 1,551,717 Cash 64 6M1 64 BNY Western To 12 AIM Govemmenr&Agency Poaf Private 3,783 v arable AAA open 154% 3,783 3,783 BNW.,kra Tr 16,020 AIG Investment Aynmomt, 469,105 5.22% AAA 08/01121 512% 468,105 468,105 BNY Western To 468,105 1994 Senes A&B 471,952 AIM Govemmenr&Agency Porrf Private 672461 varable AAA open 154% 672,461 TMG Insurancefi]_461 BNY Western Tr ]61,590 lnvesMent Ayr. 1,%00,935 6A4% AA 09/01/17 6.84% 1,700,935 1,703,935 BNY Western To I,700,935 IP Morgan Treasury Plus Money Market IS variable AAA open 152% 15 15 BNY Western To 0 1996 Molfiple Qapital Facibdes project ,373,411 AM Government&Agency Pmlf Pnvom 1,105,683 v artable AAA open 154% 1,105,683 AMBAC Investment Agreement I,729,999 640% AA 04 I,I05,683 BNY Western Tr 47I /01/22 6,10% 17229,999 1,729,999 BNY Western To 1,730,W 1999 Airport GARB 2,835,682 Cash 0 AIG lnvesMent A, -Reserve 561,221 5.63% AAA 011OII28 5.60% 5G1,2200 0 BNY Wesbm To 0 AIM Governmeut&Agency Porrf Private 140,395 variable AAA open 154% 141395 140,395 BNY Western To 299,495 701616 treauc, TREASURER'S MONTHLY REPORT 04/23/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS MARCH 31,2002 Coupon Yield Adjusted (memo only) Prmr Q, Par Value Rae Rating Maturity wMmurhy Cost Basis Cialmy Total Market Value Source Market Value 1998 Airport PFC AIG Investment Aye-Reserve 849,728 5J09 AAA 01/01/28 5.70o 849,728 BNY IVesarn Tr 849,]28 ,]28 AIM Goverment&Agency Porif Private 213,292 variable AAA open 154 a 213 292 849 849,728 BNY Weslem Tr 586,897 1998 Multiple Capital Wastewater ,063,020 AIM Govemment&Agency Port Prtvale 473,740 aanable AAA open 154% 473,740 413,740 BNY Western Tr 307,152 1998 Assessment l num,155 A&B 473,740 AIM Govemment&Agency Puff Prrvam 314,908 variable AAA .,no 154% M4,908 314,W8 BNY Western Tr 287,967 19%Assessment Disvmt 158 314,W8 Bank of New York Cash Reserve 0 0 0 BNY Wes¢m Tr 149 2WI Asses,rosm Dnmat 157/158 0 Cmh 165 65 AIM Government&Agency PuffPrtvae 162,029 v 765 BNY Western Tr 0 arable AAA open 154% 162,029 162.029 BNY Western Tr 162,272 Lemur XI-Flre Vebteles 162,794 First American Treasury ObInmu m 5 4 40 o AAA open 1 W% 5 5 US Bank 0 Lease X2-Compum¢ 5 Fos Amencan Treasury Oblgahon Is, 4407. AAA open L50% 18, - 182 U$Bank 93 Ixase X4-Fire Vehicles 82 Pont Ame,,.n Treasury Obhgauan ] 440T, AAA open 1.07, J J US Bank 6,312 Izase X5-Police Vehicles ] Welle Fargo Government Money Market 35 carlable AAA open 35 35 Wclls Fargo 31,091 35 Totals $ 15,737,424 $ 15,736,574 S I5,570,984 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 04/23/02 MARCH 31, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $27,434,865 1 year to 3 years 0.00% 50.00 2.91% 3 years to 5 years 0.00% 30.00% 14.74% over 5 years N/A N/A 1.47% 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% 2.94% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 19.12% Mortgage Pass Thru's N/A 10.00% 0.00%