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Home My WebLink About3/20/2002 - STAFF REPORTS (18) DATE: March 1, 2002 TO: City Council FROM: Director of Finance & Treasurer RE: Treasurer's Investment Report as of January 31, 2002 Attached is the Treasurer's Investment Report as of January 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 policywith 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 283 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 OVA neasrep CITY OF PALM SPRINGS 2/27/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JANUARY 30, 2002 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 804,818 State Pool 27,690,000 $ 28,494,818 83.22% Short Term Investments ( I year or less) Time Deposit 250,000 Corporate Notes 0 250,000 0.73% Medium Term Investments (1 year to 3 years) Corporate Notes 996,450 996,450 2,91% Long Term Investments U.S Gov't Agencies 4,498,594 4,498,594 13 14% Total Invested Cash $ 34,239,862 100 00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treaarep - TREASURER'S MONTHLY REPORT 21271202 DETAIL OF INVESTMENTS JANUARY 30, 2002 Cosine Ymld Adlwted (memo onl➢) Prior QN Par Value Rate Rani m,tee ty to Maturity Cost Bais Category Total Market Value Source Markel Value On Call De osi¢ Checkii-Bad:of America 5 80a,e18 variable AAA OPen 1 70% 5 804,918 $ 8 Local Agency Invest Fund(LAIF) 2],6W,000 variable N/A open 3.0]% 2],6900W 2],690,000 804,818 S 471,257 LAIF 23, , 28,a94,8t8 Short Term lnvesnnenls or loss) Time Deposit Guaranty Bank 250,000 2.]]% AAA 05/14/02 280% 250,O 250'm P.S.Savings 25p,00p Coryomte Notes Nteridoo,II Lease Fmwm Core 2.",000 5407r Al 01122102 543% 0 0 BNY Western Tr 2,W2,76() 2500W Medmm Term Inveshneots (t year to 3 ears) Corporate Noms Bear Steams Co,Inc 1,0tict'm 6 13% A21A+ 01/01/03 621% 996,450 1,030,10 BNY Wnsbm Tr 1032,730 996,450 Lang Term Investment (3 y.In5 ews) US Gov't Agency Senurines Federal Home Low Bank I,Wp,000 430% NIA 0611010, 4A0% 1,000,000 999.68] BNY Western Tr 999,395 Federal Home Low Margin Come I,000,000 6MV. N/A 06/14106 6mv, I,Oo0,00p 1999.687 BNY Western Tr I,999,375 Fetleral Home Loan Mortnage CnT 1000,000 5.02% N/A 10/05/06 501% 100Q000 Federal Ho 1, BNY Western Tr F I,OOI,WO Horn,Loan Bd,,L I,W0,000 5.20% NIA LI14106 5.20% I,000,OpO 1,00W2,42A50 50 BNY Western Tr 1,0043>5 inannng Corporaunn(FICO) 50g000 9 90% N/A 01/06118 9 80% 498,594 688,595 Nan on.Brok 683,595 4,498,594 Total lovesW Cash S 34.239.862 S 34 484 24] S 32 352,319 treasrep TREASURER'S MONTHLY REPORT 2/27/2002 MISCELLANEOUS AND TRUST ACCOUNTS JANUARY 30, 2002 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 34,239,862 $ 34,239,862 S 34,239,862 Miscellaneous Accounts Petry Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of Amersa 213 N/A N/A open none 213 Trust&Agency-Bank of America 661,498 N/A N/A open none 661,498 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%% 32,740 754,157 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 56,586 521% N/A 2/12/2002 5.21% 56,586 Downey S&L(Cohen,Mark) 15,090 2 23% N/A 7/16/2002 2 23% 15,090 Downey S&L(Donovan Bequest) 16,901 3 83% N/A 2/17/2002 3.837 16,901 Downey S&L(Palmer Cable TV) 4,643 2.62% N/A 1/19/2003 2 62% 4,643 Guaranty Bank(Coyote Sprigs Apt) 16,082 3 80% N/A 6/24/2002 3.80% 16,082 109,302 Total Cash Deposited $ 35,103,321 11Css", TREASURER'S MONTHLY REPORT 02/27/02 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JANUARY 30, 2002 Coupon Yield Adjusted (memo only) Prmr Q., Par Valne Rate Raung Maturity toMaturuy Cost Basis Category Tmal Market Value Source Market Value 1989 Wmlewater/Master I.eme AIM Government&Agency Puff Private 3,452 araabin AAA open 154% 3,452 3,452 BNY Western Tr 360,]]0 US Treasury Bdl 2,162,446 v3507s AAA 07/25/02 350E 2,162446 2,161,396 BNY Western Tr 1,756,562 200I Convenvan Center 2,165,899 Cash I AIM Government&Agency Puff Prma¢ 84,9]] variable AAA I I BNY Western Tr I open 1.54% 84,9y] 84,9]] BNY Western Tr AIG Investment A rremev[ 36,955 g 3,53fi,955 6.68% AM II/IY21 fi68% 353G,955 3,53Q955 BNY Western Tr 3,53fi,955 1992 Airport 3,621,933 (Aum AIMTerm 20,045 20,045 10,045 BNY Western Tr AIM Short-lov.novestmenr Trsy Private L3,008 venable AAA open 157$ 123,008 123,008 ANY Western Tr 903,911 Bayensche lnvutmen[Agr I20"1600 700% AAA O1101122 ].00% I207,600 I=07,600 BNY Wcstem Tr I.07,600 2001 Sen.8-Homing 1,350,653 Ca,b I25,540 125,540 125,540 BNY Western Tr I2 AIM Government&Agency Puff Private 1fip10 variable AAA open 154E 16,010 25,540 ANY Western Tr 16,012 AIG lnvesmrenl Agreement 468,105 522E AM 08/01/21 522E 468,105 4SS'105 BNY Wesam Tr 468,105 1994 Serra A&3 W 9,655 AIM Government&Agency Porn Private 762,521 arable AAA open 154% Tr ]61,590 762,521 ]fi2,52I BNY Neaern TMG lnsuranw Investment At. 1,700,935 684% AA 09/O1117 6.84% 1)00,935 1,700,935 BNY Western Tr I,I00,935 1996 d1ulople Capital Fanli[ies Pryec[ ,463,456 AIM GOvernmenl&Agency Portf Private 472 at table AAA open 1.54% 472 472 BNY Western Tr 471 AMBAC Invesmieut Agreement 1,730,00n v640% AA 04/01/27 640E 1,730,000 I,730,000 BNY Western Tr 1,730,Ov0 1998 Airp0n GARB 1,730,472 Cash 253 253 253 BNY Western Tr 0 AIG lnvesunevt Agr -Reserve 561,221 i63% AAA 01/01= 560E 561,22I 561,221 BNY W1,.,n Tr 561,221 AIM Government&Agency Port Private 46,919 variable AAA open 154% 46,919 46,919 BNY Western Tr 199,495 1998 Ampon PFC 608,393 AIG Im,e,mevt Agr.-Reserve 849,728 570% AAA 01/01/2 AIM Government&Agene Portf Private 8 5]0% 849,P_8 849,728 BNY Western Tr 849,728 Y ]I,O]0 vanaMe AAA open 154% ]1,0]0 ]1.0]0 BNY Western Tr 586,897 920,799 °C5"p TREASURER'S MONTFTLY REPORT 02127102 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS JANUARY 30, 2002 Coupon Yield Adjusted (menu only) Penn Qn, 1998 Multiple Capiml Wastewomr Par Wee Rate Rating Mrmri[y ro Maturity Cost Buis Cawgnry Told Marke[Vile, Source Marke[Value AIM Govenancnt&Agency Portf Pnvrte 307,527 'amble AAA open 1 54% 307,527 30],52] BNY Western Tr 307,I52 1998 Assessment District 155 A&B 0],52] AIM Gevemment&Agency Ponf Privme 289,319 variable AAA open 1.54% 288,319 289,319 BNY Woerrn Te 287,967 1990 Assessmem Distna 158 89,319 BaM or New York Cash Reserve 249 249 249 BNY Westem Tr 249 2001 Assessment Distort 157II58 249 Cash qq0 AIM Government "0 440 BNY Westem TGovernment&Agency Porzf Prrvale 162,029 variable AAA open 1 54% 162,029 162,029 BNY Wus.: Tr 162,272 Lease ql-Pire Vehicles 61,469- Firs[AmeneanTooe,nryOblganan 3 440% AAA open 1.53% 3 3 US Bank 0 Leased2-Compamrs 3 In.,Amer¢an Treasury Obhganoa 1]] 440% AAA open 160% ❑] IA US Bank 93 Lease N4-Fire VeM1¢les ]] First Amencan Treasury Obligation 6,320 4.40% AAA open I 70% 6,310 6,320 US BaN: 6,312 Lease�5-poke Vehmlen 6,320 Wells Fargo Government A1oney Market 31,140 varable AAA open 31,140 31,140 Wells Fargo 31,091 31,140 Tamis S 1?262462 S 14266412 $ 15,570,984 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 02/27/02 JANUARY 30, 2002 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $28,744,818 1 year to 3 years 0.00% 50.00% 2.91% 3 years to 5 years 0.00% 30.00% 11.68% over 5 years N/A N/A 1.46% By Type of Investment: Bankers Acceptance - in total N/A 40.00% 0.00% Bankers Acceptance - single bank N/A 20.00% 0.00% Conunercial Paper N/A 15.00% 0.00% Negotiable Certificates of Deposit N/A 30.00% 0.00% Corporate Notes N/A 20.00% 2.91% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 13.14% Mortgage Pass Thru's N/A 10.00% 0.00%