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Home My WebLink About1/16/2002 - STAFF REPORTS (22) DATE: December 31, 2001 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of November 30, 2001 Attached is the Treasurer's Investment Report as of November 30, 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, 4/16118, 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 218 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:y Thomas M. Kanarr Treasurer a3 treasrep CITY OF PALM SPRINGS 12/21/2001 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS NOVEMBER 30, 2001 On Call Deposits I Adjusted Basis Category Total Percentage Checking Account $ 727,048 State Pool 25,690,000 $ 26,417,048 82.14% Short Term Investments ( 1 year of less) Time Deposit 250,000 Corporate Notes 1,999,660 2,249,660 6.99% Medium Term Investments ( 1 year to 3 years) U.S. Gov't Agencies 0 Corporate Notes 996,450 996,450 3 10% ILong Term Investments U.S. Gov't Agencies 2,498,594 2,498,594 7.77% (Total Invested Cash $ 32,160,752 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. veuree TREASURER'S MONTHLY REPORT 13/21/2001 DETAIL OF INVESTMENTS NOVEMBER 30, 2001 Conpmn Yield Adjusted (memo only) prime Qlr Poe Value Rafe Rating Mmunly fO Wway Cw Basis Category Toral Markel Value Source Marks'Value lOn Can Deposits Checking-Bank of America $ 727,0,18 intrFible AAA .,on 2.19% $ 229,TB S S 727,048 5 -56,%3 Local Agency Invest Fund(LAIP) 25,69Q000 variable N/A open 3.53% 25,69Q000 25,690," LAIF 31,7W,M 26,417,048 (Short Term lnvesdnen¢ (1 year or less) Time Deposit Gmranly Baal 250,000 2.]]% AAA 05/14/02 2.80% 250,000 250,000 PS.SavNa 250," Cmrpmete Notes Inonammnd tease Finance COT 2,OW,OW 5.40% Al 01/22/01 543% 1,998,60 2,006,520 BNY Westem Tr 2,016,1W 2,248 660 Medium Term lnvcsmenu (1 year[m 3 yews) U.S.Gov't Agency Sucunnes Fedeml Nall Mortgage Assn I'do0,000 6.85% N/A 11113103 685% 0 0 BNY Weson,Tr I'M5," Concorde Notes Beat Steams Cc,Inc l'"' 00 613% A'A+ 01/01/03 621% 996,450 1,034,375 BNY Western Tr 1,033,850 996,450 Long Term Invesmreot (3 years ro S yzars) U.S Gov I Agency Sew no is Fedeml Home"a Mongayc Corp I,000,000 600:F NIA 06/14/06 600% 1,W0,000 1,021,250 BNY Western Tr 1,024,375 Federal Home Loan Moneage Comm 1,000,000 5.02% N/A 10105/06 502% I,o00,000 1,007,I87 BNY Westem Tr 0 Financing CorporammTICO) 5w,m 980% N/A 04/06/18 990% 498,594 697,500 N.m,mBmk 702,655 2,498594 Tolal lnves¢d Cash 5 32,160,752 S 32,433 980 5 3J,25"!,0"1J treasrep TREASURER'S MONTHLY REPORT 12/21/2001 MISCELLANEOUS AND TRUST ACCOUNTS NOVEMBER 30, 2001 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 32,160,752 $ 32,160,752 $ 32,160,752 (Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 6,907 N/A N/A open none 6,907 Trust&Agency-Bank of America 653,987 N/A N/A open none 653,987 1911 Assessment Funds-Bank of America 0 N/A N/A open none 0 Rehab Loans(CDBG)-Washington Mutual 56,678 variable N/A open 0.75% 56,678 Downpymt.Asst (Housing Fund)-Washington Mutual 32,678 variable N/A open 0.75% 32,678 752,900 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(Donavan Bequest) 16,901 3.83% N/A 2/17/2002 3.83% 16,901 Downey S&L(Palmer Cable TV) 4,395 5.507 N/A l/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 (Total Cash Deposited S 33,022,706 twasvep TREASURER'S MONTHLY REPORT 12/21/01 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS NOVEMBER 30, 2001 Coupon YwId AdJusmd (one .poly) Prior Be. Par Value Ram Raring Maturity to Maturny Cost Basis Camg.ry Total Market Value Source Market Value 1999 Waslewa o,/Muter Liebe AIM Govermnen[&Agency Portf Privam 3W,268 v ariable AAA open 1.98% 3fi0,268 3W,268 BNYm Wesm Tr 358,375 U.S.Treasury Now 1,259,297 625% AAA 01/31/02 620% 1,759,297 1,771,875 BNY Western Tr 1771,875 2,119,565 1991/1997 Corven0.n Center Cuh I I I BNY Western Tr 1 AIM Govermnent&Agency Poo Private 2,088 variable AAA .pen 2.297. 2,088 2,088 BNY Wesmm Tr 2,088AIG❑rveslmen[Agreemem 4,098,545 668% AAA 11/II2I 6.68% 4,09$545 4,098,545545 BNY Western Tr 4,098,545 4,100,634 1992 A,,.rt Cash 31 31 31 BNYWoBcon Tr 0 AIM Sh.,TCIm inves[met.Try Pnv.w 760,150 v..able AAA open 199% 70,150 70,150 BNY Western Tr 557,629 B,e,,.he Investment Ay 1,207,600 1.00% AAA 01/01/22 Z00% I_07,600 1,207,600 BNY Western Tr 1,207,600 1,967,781 2001 Series B-Homing Cash 11,641 11,641 11,641 BNY Western Tr 585 AIM Government&Agency Potf Private 4,3/5 varmbl, AAA open 233% 4,3/5 4, 5 BNY Western Tr 483?6 AIG lnvestmen[Agramen[ 468,105 522% AAA 09/01/21 522% 468,105 468,10105 BNY We 0stern Tr 0 484,111 1994 Series A As B AIM Govemmem&Agency Po[f Pnvam 960,531 arrabl. AAA open 1.98% 760,531 70,531 BNY Western Tr 757,349 TMG Insurance lnves[men[Agr. 1,000,935 v6.84% AA 09101/17 684% I,700,935 1,700,935 BNY Western Tr I,700,935 2,461,466 1996 Multiple Capital F,,jnws Pfolmt AIM Government&naency Prof Private 471 ariable AAA open 1.98% 411 471 BNY Western Tr 610,673 AMBAC Investment Agreement 1,730,000 v640% AA 04/01/27 6.40% 1,730,000 1,730,000 BNY Wesmm Tr I,730,000 1,730.471 1998 Airport GARB AIG lnvesimeo Agr -Reserve 561,221 5.637. AAA 01/01/28 5.60% 561,221 561,221 ➢NY Wesmm Tr 561,111 AIM G.vemmem&Agency Pod P.vs e 236,202 variable AAA open 198% 236,202 236,20E BNY Western Tr 141,661 797,423 1999 Nrp.n PFC AIG lnvespmnt A, -Reserve 849,728 5.70% AAA 01/01/29 5.90% 849,728 849,728 TINY Western Tr 849,718 treasrep TREASURER'S MONTHLY REPORT 11/11101 BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS NOVEMBER 30, 2001 Coupon Yidd Adusrea (me oONy) Prior Qtr. Par Value Ram Rating Minnvty In Maturity crq Basis Category Total Marke[Value Source Market Value AIM Government&Agency Purff Prrvme 491,10, variable AAA open 1989 491,105 491,105 BNY Western Tr 347,913 340,833 1998 Multiple Capital Wastewater AIM Government&Agency Portf Pnvas, 306,725 vaiable AAA open 198% 306,725 306,78 BNY Western Tr 369,698 306,725 1998 Assessment Disrmt 155 A& AIM Government&Agency Pertf Private 287,567 vaiable AAA open 1 98% 287,567 287,567 BNY Western Tr 186,446 287,567 19W Assessment Dhar.r 158 Bank of New York Cush Reserve 249 249 249 BNY Western Tr 220 249 2WI Assessment District 1571159 AIM Govenrment&Agency Portf Pnaw, 162,029 variable AAA open 233a 162,029 162,029 BNY Wesmm Tr 194,311 162,029 !rase N1-Fire Vehicles First American Treasury Obligation ) 4409 AAA open 1.70% ] V US Bank ] Lease X2-Compurcrs First Amerman Treasury Obligation 63555 4409 AAA open 1707, 63,555 63,555 US Bank 63,301 63,555 Lease R3-Peirce VebuAes Fin,Amenean Treasury Oblipuon 14 4 40 a AAA open I sws 14 14 US Bank 14 14 Lea,e#4-Rre Vehicles First American Treasury Obligation 6,303 440% AAA upon 1,70 6303 6,303 US Bank 6,274 6,303 Lease A5-Police Vchmles Well,Fargo Government Money Market 31,091 variable AAA open 31,091 31,091 Welk Fargo 30,895 31,091 Lease#6-Pu1me antl C ty Velncle5 Well,Fargo Government Money Market 0 va,mble AAA Per 0 0 Wells Fag,, 0 0 Trnals 5 15,859,834 5 15,8]2,412 5 Ifi,140,808 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 12/21/01 NOVEMBER 30, 2001 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $28,665,708 1 year to 3 years 0.00% 50.00% 3.10% 3 years to 5 years 0.00% 30.00% 6.22% 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% 9.31% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 7.77% Mortgage Pass Thru's N/A 10.00% 0.00% Calculation of Weighted Avg Maturity Mature Current No. of Days X Cost Date Date Days 37,225 37,226 37,225 1 727,048 37,226 37,225 1 25,690,000 37,390 37,225 165 41,250,000 37,278 37,225 53 105,928,980 37,938 37,225 713 0 37,653 37,225 428 426,480,600 38,882 37,225 1,657 1,657,000,000 38,995 37,225 1,770 1,770,000,000 43,196 37,225 5,971 2,977,104,774 7,004,181,402 Total Investments at Cost 32,160,752 WAM in Days 217.79