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Home My WebLink About12/19/2001 - STAFF REPORTS (25) DATE: November 30, 2001 TO: City Council FROM: Director of Finance &Treasurer RE: Treasurer's Investment Report as of October 31, 2001 Attached is the Treasurer's Investment Report as of October 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 230 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: 2&g=n n�� Treasurer treasrep CITY OF PALM SPRINGS 11/28/2001 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS OCTOBER 31, 2001 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 891,830 State Pool 26,590,000 $ 27,481,830 80.30% Short Term Investments ( 1 year or less) Time Deposit 250,000 Corporate Notes 1,998,660 2,248,660 6.57% Medium Term Investments ( 1 year[0 3 years) U.S. Gov't Agencies 1,000,000 Corporate Notes 996,450 1,996,450 5.83% Long Term Investments U,S.Gov't Agencies 2,498,594 2,498,594 7.30% Total Invested Cash $ 34,225,534 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. met", TREASURER'S MONTHLY REPORT 11/2812001 DETAIL OF INVESTMENTS OCTOBER 31,2001 Canpan Yield Adjusted! (memo cNy) Prior Qo Par Value Rate RaOng Maturity to Mawrdy Cost Basis Category Tom1 Marker Value Source Market Value On Call De osiu Checking-Bank of Amcnn S 891,830 variable AM open 336% $ 891,830 S S 891,830 5 -564,963 Loral Agency Invest Fund(LAIF) 26,5W,000 variable N/A open 3.79% 26,590,000 26,590," LAIF 31,%W ," 27,481,930 Shoff Term Investments (1 a or less) To.D,md, Gamma,Bank 250,W0 660% AAA II/0"//01 697% :fsfoo0 250,000 P.S Savor, 250,000 Coryorate Notes International lease Finance Cr, 2,03(1 540% At 0162/02 5.43% 1,998,66D 2,012,520 BNY Western Tr 2,016,160 2248,60 Medium Tam Investmmts (t ear m 3 ears) U.S.Gov't Agency Secunnes Federal Hat Mortgage Assn. 1,"'" 685% N/A 11/13/03 6.85% I,M," 1,001,562 BNY Western Tr 1005.000 Coryorate Nods Bear Stearns Co,Inc 1000,900 6.13% AA+ 02/01/03 621% 996,450 1,037,310 BNY Western Tr 1033,850 1,996,450 Long Term Investment (3 years to 5 years) U S.Gov't Agency Sevunoes Federal Home Loan Mortgage Corp, 1,000,00D (00% N/A 06/14IN 600% i'm'Go0 1,023]50 BNY Western Tr 1,024,375 Federal Home U.Mortgage Cory 1,000,000 5A2% N/A 101051N 5.02% I,W.M 1,009,470 BNY Western Tr 0 Finanang Corporation(FICO) 50g000 9 80% N/A 04/06/18 9 80% 498,594 734,065 NaturlBank 702.655 2,498,594 Total mccord Cash 5 34,225,534 $ 34,550,50E S 37,257,077 treasrep TREASURER'S MONTHLY REPORT 11/28/2001 MISCELLANEOUS AND TRUST ACCOUNTS OCTOBER 31, 2001 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 34,225,534 § 34,225,534 $ 34,225,534 Miscellaneous Accounts Petty Cash 2,650 N/A N/A open none 2,650 Revolving Fund-Bank of America 7,728 N/A N/A open none 7,728 Trust&Agency-Bank of America 678,085 N/A N/A open none 678,085 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% 32,678 777,819 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) 14,770 3 92% N/A 12/18/2001 3 92% 14,770 Downey S&L(Donovan Bequest) 16,901 3.93% 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) 16,092 3.90% N/A 6/24/2002 3.80% 16,082 108,734 Total Cash Deposited $ 35,112,087 was" TREASURER'S MONTHLY REPORT IIn8m1 BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS OCTOBER 31, 2001 Coupon Yield Adjusted (me only) Prior Qrr Par Value Rate Rating Mamriry MMaturity Cog Basis Category Total Market Value Source Market Value 1989 W.I.ater/Master I,c.' AM Government&Agency Portf Private 359,860 v ariable AAA open 2.33% 359,860 359,860 BNY Western Tr 358,375 US Treasury Note 1,759,297 625% AAA O1/31102 6.16% 1,759,297 1,711,875 BNY Western Tr 1,771,895 2,119,157 I991/1997 Convend0a Center Cash I 1 I BNY Western Tr 1 AIM Government&Agency Porrt Private 2,088 .,table AAA 0pno 229% 2,089 2,088 BNY Western Tr 2,088 AIG lnvesm¢nt Agraemcot 4,098,545 v6 fib% AAA 11/1n1 668% 4,098,545 4,098,545 BNY Western Tr 4,098,545 4,100,634 1"2 Air,., AIM Short-Term lnvessnent Trsy Private 658,939 v artable AAA open 2.33% 658,939 658,939 BNY Western Tr 557,679 Bayerische lnvestmetn Aar 120],600 7.00% AAA 01/01/22 7.00% 1,207,600 1,207,600 BNY Western Tr 1207,600 1.866,539 1991/01 Series B-Haostng Cast, 585 585 585 BNY Western Tr 585 AIM Government&Agency Portf Private 493,502 variable AAA open 233% 483.502 483,502 BNY Western Tr 483464 484,087 1"4 Series A&B AIM Government&Agency Parrf Private 759,214 v artable AAA open 2.33% 759,214 759,214 BNY Western Tr 757,349 TMG Insurance lnveeunent Aar. I,700,935 684% AA 09/01117 694% 1,100,935 1,7W,935 BNY Western Tr 1,700,935 2,4W,149 1996 Multiple Capital Facilities Project AIM Government&Aaevcy Portf Private 470 variable AAA open 233% •420 420 BNY Western Tr 620,673 AMBAC Investmetn Agreement 1]30,1ID0 6407. AA 0,1/01/27 6.40% I,930,000 1>30,000 BNY Western Tr 1,730,000 1.730,470 IWS A,,.,,GARB AIG lnvesnnetn Age-Reserve 561,221 563% AAA 01101n8 560% 561221 561,221 BNY Western Tr 561221 AIM Government&Agency Portf Prorate 188,914 variable AAA No 233% 188.914 198,914 BNY Western Tr 141.661 750,135 1998 At@0rt PFC AIG lnve,.,.t A, -Reserve 849,728 5.70% AAA 01101n8 590% 849,128 849,728 BNY Western Tr 849,718 AIM Governmem&Agency Portf Private 419,506 va,,ablc AAA open 233% 419506 419,505 BNY Watem Tr 347,913 269,234 mess" TREASURER'S MONTHLY REPORT nnaml BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS OCTOBER 31, 2001 Coupon Yield Adjusted (memo only) Prior Qtr, Par Value Rate Rating Mamnty to Muonty Cost Boss Catebmy Total Market Value Source Market Value 1998 Multiple Came]Wasmwamr AIM Government&Agency Porn Private 306,194 variable AAA open 2.33% 306,194 306,194 3NY Western Tr 369.698 306,194 1998 Assessment District 155 A&B AIM Government&Agency Poe f Private 287,068 vsm.ble AAA ape. 2.33% 287,068 287,068 BNY Western Tr 286,446 28],p68 1990 Assessment Disona 159 Bank at New York Cash Reserve 249 249 249 BNY Western Tr 220 249 2001 Assessment District 1571158 AIM Govemmml:&Agency Pores Private 186,706 varublc AAA .pen 233% 186,206 186,906 BNY Wc,.m Tr 194,311 186,706 t-ease X1-Fire Vehicles First Americm Treasury Obligation ] 4.40% AAA open 210% V 7 US Bank 2 l-ease N2-Computers First American Treasury Obligcd.. 63,438 4A0% AAA 'co 2.20% 63,439 63,438 US Bank 63301 63,439 Usti,M3-Pobm Vehicles First American Treasury Obligation 14 4 et)% AAA open 220% 14 14 US Bank 14 14 Lease N4-Fire Vehicles First American Treasury Oblgahon 6,292 4.40% AAA ape. 2.20% 6,292 6,292 US Bank 6,274 6,292 Lease X5-Police Vehicles Wells Fargo Government Money Market 30,923 variable AAA .,on 30,973 30,923 Wells Fargo 30,395 30,973 Leme#6-Poli.and City Vehicles Wells Fargo Government M.ney Market 82 vanahle AAA .pen 87 87 Wel le Fug. 0 8> Toth S 15,661,433 $ 15,674,011 5 16,1,10,808 TREASURER'S MONTHLY REPORT treasrep CALCULATION OF INVESTMENT LIMITATIONS 11/28/01 OCTOBER 31, 2001 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $29,730,490 1 year to 3 years 0.00% 50.00% 5.83% 3 years to 5 years 0.00% 30.00% 5.84% 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% Commercial Paper N/A 15.00% 0.00% Negotiable Certificates of Deposit N/A 30.00% 0.00% Corporate Notes N/A 20.00% 8.75% Money Market Mutual Funds N/A 10.00% 0.00% U.S. Government Agencies N/A 50.00% 10.22% Mortgage Pass Thru's N/A 10.00% 0.00%