The URL can be used to link to this page

Home My WebLink About4/24/2002 - STAFF REPORTS (22) t DATE: March 28, 2002 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of February 28, 2002 Attached is the Treasurer's Investment Report as of February 28, 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 341 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 Thomas M. Kanarr Treasurer �1�4 treasiep CITY OF PALM SPRINGS 3/27/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS FEBRUARY 28, 2002 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 1,463,001 State Pool 29,290,000 $ 30,753,001 7786% Short Teim Investments (1 year or less) Time Deposit 250,000 Corporate Notes 996,450 1,246,450 3.16% Medium Term Inve ents stm (1 year to 3 years) U.S. Gov't Agencies 2,000,000 2,000,000 5.06% Long Term Investments U.S.Gov't Agencies 5,498,594 5,498,594 13.92% Total Invested Cash $ 39,498,045 100 00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. Weas[ep TREASURER'S MONTHLY REPORT 3P2712002 DETAIL OF INVESTMENTS FEBRUARY 28,2002 Coupon Yield Ad/uvted (memo only) Prmr Qo- Par Value Rafe Rayne Mmmnty toMamdty Cost Basis C.".,To[al Marke[Value Source Marke[Valuc On Call De Csl[s Cheekmg-Bomko[Amerlca S 1,463,001 ermble AAA opera 163% S 1,463,Wl S 5 1,463,001 $ 471,257 Local Agency Invest Fimd(LAIF) 29,2!X)," vanable N/A open 2 9/% 29,290,000 29,2%," LAIF 23,890," 30,]53,001 Slmrt Teem Inves[mentt (I a oe leas) Time Deposit Guaranty Bank 250,000 2]]% AAA 05/14/02 2.80% 250," 250,000 P S Savmg 250,000 Corporate Nods Inremumnal Lease Finance Corp. 2,"'" 540% At 01/22/02 543% 0 0 BNY Western To 2.W2,70 Be.,Steams Ca,Inc 1,0p0,000 6 13% A21A+ 03/O1I03 6217. 996,450 1,038,610 HNY Wesrcen To 1.032,730 1,246,450 McJmm Rrm Invesmnen[s (t ur m 3 ears) US Gov Agency Secuvmea Federal llome Loam Rank 2,"'" 415% N/A 01/14/05 4,15% 2,O0g000 2,001250 BNYWestern To 0 2,000,000 Lmm Term Invesvnent (3 a rs m 5 ears) U S Gov'[Ag-,Securnicn Federal Home Loam Barak I'W'o00 4 30% N/A 06/10/05 4 30% I,G00,000 1,003,437 BNY WesNm Tr 999375 Federal Home Loam Mar[gage Corp 1000,000 600% N/A 06/14/06 600% 1,"," 1,011,562 BNY Western To 101],18] Federal Home Loan Mortgage Corp. 1,000,000 5 02% N/A 10105/06 502% i'(W' 00 I'M1,810 HNY WieWm Tr 1,001,040 Federal Home Loan Bank I,cOp,000 520% N/A 12/14/06 520% I"'Wo 1,000,937 H.NY Wesern Tr 1.004,375 Federal Home Loan Bank I,OW,000 5157, N/A 02/06/07 515% 10W,000 1,009,687 BNY Ws,emo Tr 0 Rmammng Corporation(FICO) 5w,m 9 80% N/A 04/06118 9 80% 498,594 693,373 Na6onsBamk 683,595 498,594 TCml lnvn[ed Cash S 39,499045 5 39,753,667 S 32,352,319 treasrep TREASURER'S MONTHLY REPORT 3/2 712 0 02 MISCELLANEOUS AND TRUST ACCOUNTS FEBRUARY 28, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 39,498,045 $ 39,498,045 $ 39,498,045 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 3,404 N/A N/A open none 3,404 Trust&Agency-Bank of America 643,181 N/A N/A open none 643,181 1911 Assessment Funds-Bank of America 0 N/A N/A open none 0 Rehab Loans(CDBG)-Washington Mutual 57,056 variable N/A open 0.75% 57,056 Downpymt.Asst.(Housing Fund)-Washington Mutual 32,740 variable N/A open 0.75% 32,740 739,031 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(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) 16,082 3.80% N/A 6/24/2002 3.80% 16,082 112,847 Total Cash Deposited $ 40,349,923 hessrep TREASURER'S MONTHLY REPORT 03/27/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS FEBRUARY 28, 2002 Coopen Yield Adjusted (memo only) Poor Qm. Par Vale, Rate Bar, Maturity to Mamrlty CostBurs Cakgory Total Mmket Value Source Market Value 1999 Waztewater/Mazter Lease AIM Govemment&Agency Pmtr Pnvan: 3,828 miable AAA open 165% 3,828 3,828 BNY Western Tr 360,]]0 US Treasury Bill 2,162,446 v3507. AAA 07115102 3.50% 2,162,446 2,162,249 BNY Western Tr 1,756,562 2,166,274 2001 Convention Center Cash 1 I 1 BNY Western Tr 1 ABM Government&Agency Porrf Pnvam 85,043 variable AAA open L65% 85,043 85,043 BNY Western Tr 35,575 AIG lnveshnent Agreement 3,536,955 6.69% AAA 11/1/21 6.68% 3,536955 3,536,955 BNY Western Tr 3,536,955 3,621,999 1992 Airport Cash I00,385 100,385 100,385 BNY Western Tr 0 AIM Short-Term hweshnent Trsy Priverc 143214 varable AAA open I65% 143,214 143,214 BNY Western Tr 903,911 Bayerische lnvestmmt All 1207,600 7.007s AAA 01/01/22 7.00% 1,207,600 1201,60O BNY Western Tr 1207,600 1,451,199 2001 Sen.B-Bousto, Cash 59 59 59 BNY Western Tr 12 AIM Govemment&Agency Porn Private 3,792 vmable AAA open 1 65% 3,282 3282 BNY Western Tf 16,010 AIG lnvesment Agreemem 468,105 5.22$ AAA 08/01/21 52275 468,105 468,105 BNY W.W.Tr 468,105 471,946 1994 Series A&B ABM Govemment&Agency Portf Pnvne 1251,795 vvoable AAA open L65% 1251,785 1,251,785 BNY Western Tr 761,5W TMG hemonec Investment Agr 1,7WQ935 6.84% AA 09/01/17 6.94% I,700,935 I,700,935 BNY Western Tr 1,200,935 2,952,720 1996 Mnldple Captml Famines Project AIM Govemment&Agency Pere Pnvate 424 tunable AAA open 1.65% 494 474 BNY Western Tr 411 AMBAC mv,aonent Agreement 1,729,999 6.40% AA 04/01/27 6.40% 1,729,999 1,529,999 BNY Western Tr 1,730,OW 1,730,473 1998 Airport GARB Cuh 0 0 0 BNY Western Tr 0 AIGlnvesenent Agr -Reserve 561221 5.63% AAA 01/01/28 56015 561,221 561,221 BNY Western Tr 561221 AIM Govermment&Agency Pertt Private 93,769 variable AAA open 165% 93,768 93,768 BNY Western Tr 299,495 654,989 o-eanep TREASURER'S MONTHLY REPORT EY27102 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS FEBRUARY 28,2002 1998 Airport PFC AIG lnvesvnen[A,.-Reserve 849,728 570% AAA 01/01/28 5.707, 849,728 849,728 BNY Western Tr 849,728 AIM Govemment&Agency Portf Private 142,184 variable AAA open 165% 142,184 142,184 BNY Western Tr 586,897 W1,912 199l Multiple Capital Wastewater AIM Govermneet&Agency PoRl Prrvate 307,958 variable AAA open 165% 307,859 307,858 BNY Western Tr 307,152 307,858 1998 Assessment District 155 A&B AIM Govemment&A6eacy Porff Private 408,540 variable AAA open 1657. 418,540 408,540 BNY Western Tr 187,967 408,540 19W Assessment Distrct 158 Bank of New York Cash Reserve 0 0 0 BNY Western Tr 249 0 2001 Assessment Dismet 157/158 Cash 615 615 615 BNY Western Tr 0 AIM Govemment&Agency Poof Pnvate 162,029 variable AAA open 1657, 162029 162,0 29 9 BNY Western Tr 162,272 162,644 Lease a-Free Vehicles First American Treaswy Obligation 5 440% AAA open 153% 5 5 US Bank 0 5 lease#2-Computers First Ameresn Treasury Obligation 181 440% AAA open I W% 181 181 US Bank 93 181 Lease#4-Fne Vehcles l American Treasury Obligation 6.328 440% AAA Per 170% 6,328 6,328 US Bank 6,312 6,328 lease p5-Police Velucles Wells Fargo Govemment Money Market 31,186 variable AAA open 31,186 31,186 Wells Fargo 31,091 31,186 Tessin § 14,958,254 5 14,958,057 S 15,570,984 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 03/27/02 FEBRUARY 28, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $31,999,451 1 year to 3 years 0.00% 50.00% 5.06% 3 years to 5 years 0.00% 30.00% 12.66% 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% 2.52% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 18.98% Mortgage Pass Thru's N/A 10.00% 0.00%