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Home My WebLink About2/6/2002 - STAFF REPORTS (26) DATE: January 24, 2002 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of December 31, 2001 Attached is the Treasurer's Investment Report as of December 31, 2001. 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 308 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 treasrep CITY OF PALM SPRINGS 1/23/2002 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS DECEMBER 31, 2001 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 471,257 State Pool 23,890,000 $ 24,361,257 75 88% Short Term Investments (1 year or less) Time Deposit 250,000 Corporate Notes 1,998,660 2,248,660 7.00% Medium Term hrvesnnents (1 year to 3 years) U.S. Gov't Agencies 0 Corporate Notes 996,450 996,450 3.10% Long Term Investments U.S. Gov't Agencies 4,498,594 4,498,594 14.01% Total Invested Cash $ 32,104,961 10000% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. .ramp TREASURER'S MONTHLY REPORT 111312MI DETAIL,OF INVESTMENTS DECEMBER 31, 2001 Coupon Yield Adlu>teJ (memo Only) Pnor,QV. Par Value Rne Rmmg Mammy [o Sari Cost Basis Cmegory Trial Markel Value Seance Slacker Value on Call Oe.ails Checking-Baal,of Amens S 491,257 variable AAA open 1901. S 471,257 $ 5 471,257 S -564,963 Local Agency Invest Pond(LAIF) 23,8AO,0oO variable N/A open 3267. 23,8W M 23,8W,000 LAIF 31]9QOW 24,361,257 Shurl Term lnvesm[e.0 (I ,a,or less) Time Deposit Guaranry Bark 250,000 2]]% AAA 05/14/02 2.80% 250,000 25OTM P S.Savings 250,000 Corporate Notes ll[teman.rel Lease Finanee Co, 2,000,000 540% Al 0122/02 5A3% 1,998.660 2,002,760 BNY Westem Tr 2,016,10 2,249,660 Medium Term Invesuac.. (I ear 1.3 ears) US G.v't Agency Sr.mv, Federal Na['I Mortgage Assn. I,m,m 685% N/A 11/13/03 6 95% 0 0 BNY Wesmm Tr I,005.000 Cm a,a,a NOres Bear Steams Co.,Inc. I,OOo,0o0 613% A2A+ 02/01/03 621S. 99fi450 1,032,730 BNY Western Tr 1,033,950 996,450 Long Term Invesonene (3 years 10 5 years) U S.Gov't Agency Securities Federal Home Loan Bank I000,W0 4307. N/A 06/10/05 4307. I,W0,000 999,375 BNY Western Tr 0 Federal Home Loan Mortgr;e COT 1000,000 6007. N/A 06/14/06 6W% I,000OW 1,017,187 BNY Western Tr 1,024,375 Federal Home Lomr Mortgage Corry 1,000,000 501% N/A 10/05/06 5027. 1,000,000 1001040 BNY Western Tr 0 Federal Home Loan Bank 1,000000 5.1011 N/A 12/14/06 520% 1000,000 1,004,375 BNY Western Tr 0 Finamm.g Cnrp.rae.n(FICO) MOOD 9.80% N/A 04106118 9 80% 498,594 683 595 NauonsBank 702,655 4,499,594 Total Invoiced Cash $ 32,104,961 S 32357,319 S 37,257077 treasrep TREASURER'S MONTHLY REPORT 1/23/2002 MISCELLANEOUS AND TRUST ACCOUNTS DECEMBER 31, 2001 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash S 32,104,961 $ 32,104,961 $ 32,104,961 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 9,225 N/A N/A open none 9,225 Trust&Agency-Bank of America 654,109 N/A N/A open none 654,109 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% 32,740 755,790 Deposits Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 56,586 5 21% 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 83% 16,901 Downey S&L(Palmer Cable TV) 4,395 5 50% N/A 1/19/2002 5.50% 4,395 Guaranty Bank(Coyote Springs Apt) 16,082 3.80% N/A 6/24/2002 3.80% 16,082 109,054 Toul Cash Deposued $ 32,969,795 ""SfAp TREASURER'S MONTHLY REPORT 01/23/01 BOND ISSUE RESERVE, DEBT SERVICES, RELATED FUNDS DECEMBER 31, 2001 Coupon Ymld Ad,,red (memo only) Prom Qn. PS Who Rare Raring Mamnly IO Mamriry co"Basis Cetegory ToW Merkel Valae Source Markel Valae 1989 W¢stewaer/Hasler Lease AIM Govemmenl&Amery Pomp P...... 30,770 v ariable AAA open 1.90% 360,770 360,]]0 BNY Westem Tr 358,375 US Treasury Note 1,759,297 625% AAA 01/31/02 6.20% 1,759,197 1,956,56E BNY Westem Tr 1,97IBO5 200I Convennmo Censer 2,120,067 Cesh 1 1 1 BNY Wesem Tr 1 AIM Government&Agency Pont Private 35,575 arable AAA open Lv0% 35575 AIG lnvestmem Agreement 3,536,955 ,668% AAA 11/1121 668% 3,536,955 3,536,955 BNY Wesern Tr 4,0K545 1992 AnpOn 3,592,531 Cash 0 0 0 BNY Wuunm Tr 0 AIM Short-Term Investment Trsy Prim W3,911 variable AAA open 1 70% M3,911 903,911 BNY Western Tr 557,629 Baye,Aom invesment Agr 1,209,6W 7W% AAA 01/01/22 9A0% 1207,600 1,207,600 BNY Westem Tr t 20],WO 2WI SeriesB Hnusmg 2,111,511 Cash 1> AIM Government&Agency Porn Private 16,020 variable AAA Opea L70% 16,010 16,020 BNY Western Tr 483,4 A IG lnvesnnent Agremnem 468,105 522% AAA O910l12I 522% 468,105 469,105 BNY Western Tr 0 1994 Sens A&B 484,1'7 AIM Governmem&Agency Pnrl1 Private 961,590 variable AAA .,on UO% 961,590 961,590 BNY Westem Tr 757,349 TMG Insurance Inuesltnem Ago. 1,700,935 6 84% AA 09/01/17 6A4% 1,200 935 1,900,935 BNY Westem Tr 1,700,935 1996 A1ulople Cepiul Fanbves PraJect 462,525 Alhf Gnvernnsm&Agency Purtl Pnvae 471 vonablc AAA open 1.90% 471 491 BNY Westem To 616 73, AMBAC Inmstmenl Agreement 1,930,000 640% AA 04/01/27 640% 1,730,000 1,930,000 BNY Western Tr I,730,000 1998 Ai,h,t GARB ]]30,471 AIG lnvcstmem Agr -Reserve 561,221 5.63% AAA 01/01/28 5.6071 561,221 561,271 BNY Wo,em Tr 561.111 AIM Gavernmrnt&Agency Pohl Private 299,495 vamble AAA on 1907, 299,495 299,495 BNY Westem Tr 141,661 S60,716 tressrep TREASURER'S MONTHLY REPORT 01/13/01 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS DECEMBER 31, 2001 Coupon yn,Id AOln,.d (mc o only) Pnof Qw Par Value Rae Ransil, Mamnty In Maturity Cost Basis Category T.Wl Market Value Source Marker Value 1998 Airport RTC AIG Investment Ayr -Reserve 849,728 5.90% AAA 01/01/28 570% 849,728 849,729 BNY Western Tr 849,728 AIM Government&Agency PoTf Private 596,897 variable AAA open 1707. 596,897 596,897 BNY Western Tr 347,913 1,436,625 1998 Multiple Capital Wamo etar AIM Gave mment&Agency Portf Prrvaee 307,152 variable AAA upon 170% 307.152 307,152 BNY Western Tr 369699 307,152 1998 Assessment District 155 A&B AIM Government&Agency PortfPrate 297,967 variable AAA open 17076 287,967 287,967 BNY Western Tr 286,446 287,967 19W Assessment District 159 Bank of Near York Cash Reserve 249 249 249 BNY Western Tr 220 249 2001 Assessment Restrict 157I158 AIM Guvemment&Ayeney Parr Inane 162,272 ."able AAA upon 1 70% 162,272 162,272 BNY Western Tr 194,311 162,2P_ Lease p1-Fire VeUoles First American Treasury Obligation 0 4.40% AAA open 1707. 0 0 US Bank 0 Uric ff2-Computers First American Treasury Oblgati0n 93 4407, AAA open 130% 93 93 US Bank 63,301 93 Line n'3-Police Vehicles First American Treanary Obligation 0 440% AAA open 1807. 0 0 11S Bank 14 0 lease„4-Fire Vehicles Flirt Amencan Treasury Obli,me. 6,312 440% AAA open 110% 6,312 6312 LIS Bank 6_24 6,312 Lease X5-Police Vehicles Wells Fargo Govenunem Money Market 31,091 variable AAA upon 31,091 31091 Wells Fargo 30,895 31,091 Lease#6-Police and Cny Vehldes Will,Fargo Government Money Market 0 vaniable AAA risen 0 0 Wells Fargo 0 0 Trials S 15,573,719 $ 15,570,98,1 $ 16,140809 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS O1/23/02 DECEMBER 31, 2001 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $26,609,917 1 year to 3 years 0.00% 50.00% 3.10% 3 years to 5 years 0.00% 30.00% 12.46% over 5 years N/A N/A 1.55% 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% 9.33% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 14.01% Mortgage Pass Thin's N/A 10.00% 0.00%