HomeMy WebLinkAbout04 OCTOBER 1998 AGENDA
INVESTMENT & FINANCE COMMITTEE
WEDNESDAY, October 21, 1998— Il:00 A.M.
NORTH WING CONFERENCE ROOM
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I. CALL TO ORDER
II. ROLL CALL
III. APPROVAL OF MINUTES
Rec: Approve the Minutes of September 16, 1998 as submitted.
Acrion:
IV. ORAI� COMMUNICATIONS
A. Any person wishing to discuss any item not otherwise on the agenda may
address the Investrnent&Finance Committee at this point by giving his or
her name and address for the record. Remazks shall be limited to a
ma�cimum of five minutes unless additional time is authorized by the
Chairman.
B. This is the time and place for any person who wishes to comment on non-
hearing agenda items. It should be noted that at the Investment&Finance
Committee's discretion, these comments may be deferred until such time
on the agenda, as the item is discussed. Remazks shall be lnnited to a
maximum of five minutes unless additional time is authorized by the
Chairman.
V. OLD BUSINESS
A. Status of Public and Private Partnerships BackEround Checks for
'on 4
Rec: Report by Cazlos Ortega.
Action:
B. Bond Issuance by Palm Desert Financing Authority
Rec: Status Report on new Bonds for Bighorn.
Action:
AGENDA-INVESTMENT& FINANCE COMNIITTEE October 21, 1998
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VI. NEW BUSINESS
A. Citv and Redevelooment A��y Inveshnent Sched��P for September
�2$
Rec: Review and submit to the next City Council agenda. Review the
presentation on the investment graphs. Review the investment
activity during the month of August. Review status of capital
projects and cash flow projections.
Action:
B. Review Short Term Investments Maturing in Oc+�hPr_ �QQQ
Rec: Review inveshnents in 1) collateralized deposits; 2) treasury bonds
and notes; and, 3) Agencies discount notes.
To be distributed on meeting date.
Action:
C. State of Califomia nra A�e�Investment Fund Monthly Reports
for Au�ust 1998
Rec: Informational item for the Committee to review. No action
required.
D. Monthly Financial ReDort for Citv Council for September 1998
Rec: Report and submit to City Council.
Action:
E. Parkview Professional Office Buildings - Financial Reports &
Prop� anagement reement
Rec: Review of 9/30/98 financial statements.
Review and recommend property management group.
Action:
F. Desert Willow Golf Resort Financial Information for Segtember, 1998
Rec: Review and file report.
Action:
AGENDA-INVESTMENT & FINANCE COMMITTEE October 21, 1998
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G. Palm Desert Recreation Facilities Corooration Income Analysic for
Seotember. 1998
Rec: Review and file report.
Action:
H. McCallum Theatre Reoort
Rec: Report to be given by Antonia Graphos
Action:
VII. REPORTS AND REMARKS
A. $enorts and Remarks by�nv Gommittee Member
B. Items to be placed on the Next A�enda
VIII. NEXT MEETING DATE
Next regulazly scheduled meeting is:
�c�c�m�c��c�ffid�, �T�d�mmi�c��_ll�,��� �tt IlIlo�� ffio�no
IX. ADJOURNMENT
I hereby certify under penalty of perjury under the laws of the State of California, that the
foregoing agenda for the Palm Desert Inveshnent and Finance Committee was posted on the City
Hall bulletin boazd not less than 72 hours prior to the meeting. Dated this Octo er 14, 1998.
/
Veronica Abazca, Recording Secretary
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� Minutes
Finance Committee
CONVENE On September 16, 1998, the Investrnent 6t Finance Committee was
cafled to order at 11:03 a.m. by Mr. Paul Gibson.
ROLL CALL Paul Gibson, Ray Diaz, Dave Erwin, Murray Magioff, Bill Veazie, Carlos
Ortega, )ean Benson, Thomas ]effrey and Veronica Abarca, recording
secretary.
Dennis Coleman, Redevelopment Agency
Introduction of Thomas )effrey, Investment Manager, previousiy
employed by the San Luis Rey Water District in North San Diego County.
APPROVAL OF MINUTES Upon motion by Mr. Bill Ueazie, and seconded by Mr. Murray Maglo�; the
Minutes of the June 17, 1998 meeting were APPROVED as submitted.
ORAL COMMUNICATIONS None.
OLD BUSINESS A. Staws of Public and Private Partnershins Backaround Checks for
Section 4
Mr. Ortega reported that the background process is currendy being
applied to the developer we're negotiating with on a hotel site by the
name of United Properties, from Vancouver Canada and Phoenbc,
• Arizona.
A sub-committee meeting will be called to review the background check
and will be submitted to the Finance Committee and subsequently City
Council.
Ms. Benson stated that she artd Dave Yrigoyen had visited one of their
sites in Vancouver and were very pleased with the set up.
B. �nd Issuance bv Palm DeseR Financina Authoritv
Mr. Coleman reported that at present, we are creatfng an assessment
districc for the Canyons at Bigfiorn in addition to issuing the Serles B
Bi�orn financing which is part of the original project. The old
development formerly known as "Bighorn" will now be called "The
1
Minutes
I�'inancc Commll;Lce
Mountains at Bighorn" and the new development wili be calied "The
` Canyons at Bighorn". The final appraisal of the golf course on the total
aggregate retail base is approximately $175 million for the 275 lot and
$19 million for the golf course. The golf course wili cost $28-$38
million to build. The lien to value ratio is approximately 4.9 to 1.
The developer has requested that the "Canyons" be expedited without
the Series B Refinance. The assessment district has been formed, the
engineers report has been done and is being modified. The financing
team is scheduling visits for potential bonds people to view the Canyons.
Mr. Coleman stated that the City has no credit liability, the bond merely
bares our name . The City's only obligation is to foreclose on the project
if they can not meet debt service.
We are presently in the process of completing the preliminary "official
statement", which is the instrument used to market the bond to potential
buyers.
There are two things which staff is still working on with the bond issues.
Agreemenu will have to be in place with the water district and Cal-Trans
prior to the pricing of the bond issues. Both have been contacted. Once
the contracu are signed, the tentatively scheduled pricing is October l,
1998 and closing on October 13 and 14. The bond is different in that
it is based on the strength of the developers track record. It will be more
difticult to seli due to the fact that the principals want to remain
anonymous however, Bighorn is known nationally.
Ms. Benson stated that the lou and homes are then considered as
collateral. �Mr. Coleman responded that she was correct.
Mr. Gibson stated that any signatures needed would need to be requested
prior to October 6, since he will be in court with the Wymer case.
Mr. Diaz stated that he read that this private golf course is second in
expense only to the Steve Wynn course in Las Vegas.
New Business A. City and Redevelopment Agency Investment Schedule
Mr. Gibson notated that staff was unable to print the graphs for the
committee to review. Graphs will be sent out in the next couple weeks. .
Mr. Gibson stated that as of]uly 1, 1998 changes were made to the
Redevelopment Agency/City investment report. The auditors have
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. Minutes
i�'inancc Commi��ce
requested that the land given to the RDA be shown as an advance be it
cash or other asset. The investment reports will now reflect that as total
advances to tie out to the financial reports.
No funds have been invested in the recent months.
Mr. Gibson has requested Mr. ]effrey to sit with Mr. Coleman to get a
good cash flow understanding of the construction bonds so that it can be
tied out to the investmenu purchased. He has also requested that Mr.
_ _ _ _
)effrey reyiew the various. investmenu fo.r.improvemenu.
Mr. Gibson stated that unfortunately all investments which recently have
matured have been used for cash flow due to the increased volume of
. construction projecu.
_ _ _ _ _ _ _ _ _ _ .. _. _ _ ___ _
Mr. Gibson informed the committee that LAIF no longer has a cap of
$20 million, it has now increased to $30 million. If any investmenu
mature they will be transferred to LAIF for immediate availability.
Mr. Spiegel requested that the reports be decreased and not show all the
detail in the councii copies. The main details are all that need to be
reviewed.
Receive and file report.
B. Review Short Term investments Maturing in September, 1998
Mr. Gibson stated there were no investmenu maturing at this time. The .
next maturity will be in October, 1998.
Receive and file report.
C. State of California Local A¢encv Investment Fund Monthly_Report
Mr. Gibson reported on the LAIF reports for May, )une and July. As of
July we are earning 5.62% and our balance is $19.620 million. The
Redevelopment Agency has $20.003 million.
Receive and file report.
D. Monthly Financial Report for City Council
Mr. Gibson reported the budgeted expenditures�were $25.172 million
and at present we are right on line with the budgeted $25.359 million.
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. Minul;es
I'Inanec Commi��ee
Mr. Gibson reported that sales tax revenues are presently up within the
City.
Mr. Magloff asked Mr. Ortega if all of the Desert Rose Project was sold
out. Mr. Ortega stated that it is sald out, in fact Chere are a few who are
attempting to seli right now.
Ms. Benson asked if the re-sale is something the Agency is involved in.
Mr. Ortega stated that we have assumed the responsibility. If somebody
_ wanu to sell they need_to contact RedevelopmentAgency and the
waiting list is reviewed for possible puCchasers.
Ms. Benson asked when the Santa Rosa rehab would be completed. Mr.
Ortega stated that itwould be very aoon. The improvemenu have been
-- - made at a much lower price than what was origittally quoted by a
contractor.
Mr. Veazie complimented staff on their professionalism and efficiency.
Receive and file report.
E. Parkview Professional Office Buildin�s - Financial Reports
Mr. Gibson stated that the total revenues are $736,000 and total
expenditures were $259,000 (excluding depreciation), operating income
is $360,576. Mr. Gibson stated tNat the State Rehab is attempting to
squeeze 4,000 s.f. of office into 2,000 office space. Construction will
not be complete until about December or )anuary. Met Life will be ,
moving from the larger area and State Rehab will take over their spot.
Mr. Gibson stated that there are two additional agencies which will be
submitted to Councii to move into Che two story building. One being
similar to WMA and the ofher a non-profit agency.
Mr. Gibson stated that the FBI was contacted this week and they have
indicated that they will stay in Palm Springs due to abundance of
gambling in the area.
Parkview will be 100% occupied in the one-story building and 87%
occupied in the two story building.
Mr. Diaz stated that Portola Community Center is currently occupied
through 11/98. �
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. Minut;es
I�'Inancc Commi�tce
Mr. Gibson stated that bids have been submitted to the consultant
regarding the addition of sunscreen on the windows of the two buiidings.
This would give a 30% savings on the electricity cost. The permanent
screens are more efficient. Bergman currently has the screening in place.
Receive and file report.
F. Desert Willow Golf Resort Financial Information for lune and
Au¢ust. 1998
__ _ _. .._ ._._ _ _ _ _. __ _ _ .. _ _ .
Mr. Gibson stated thatfor )une, without depreciation, we broke even
with the golf course. For 1998/99 we will no longer show depreciation
in the budget.
-- -- - - - ---There-isadditional $67,000 expenditure�compared to last year, due to
the south course (Mountain View) construction.
Mr. Hernandez, Finance Department, will meet with Gregg Lindquist,
Kemper Sports, quarterly and review the differences between budget and
actual. The differences will then be noted on the financial statemenu.
Receive and file report.
G. Palm Desert Recreation Facilities Corooration Income Analysis for
)une, 1998 '
Mr. Gibson reviewed the report.
Ms. Benson asked if we would be allowing Kemper to operate the Club
House or are we going out to bid for someone who is familiar with
restauranu. Mr. Gibson stated that part of the agreement with Kemper is
to have them run the restaurant as well. Ms. Benson is afraid we may
lose money if they are not familiar with the restaurant business. Mr.
Gibson suggested that the City oversee who is selected to manage the
restaurant.
Mr. Magloff asked who would be responsible for selecting the
management team for the restaurant. Mr. Gibson replied that Kemper is
responsible, but the City would like to be involved in that selection. Mr.
Magloff asked if Kemper has experience with running restauranu at golf
courses. Mr. Gibson replied that yes, they do run other restauranu at
other courses.
Receive and file report.
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. Minutes
I'Inancc Commi�tce
H. Fiscal Economic Advisory Committee
Mr. Diaz stated that with the reorganization resulting from the Economic
Advisory Committee being eliminated, he is evaluating the possibility of
creating a committee that will not only review the economic aspect of
projecu but also the fiscal impact.
Mr. Diaz suggesu that a committee composed of the Finance Committee
members as well as some other who have experience_with the Economic
Advisory side would make a good combination in analyzing the growth of
the City and iu impact fiscally. The committee will not only review
investmenu, but would also review agreemenu for fiscal feasibility.
- - -- Mr. Diaz asked the committee to-think about-the change and he will bring
more information to a future meeting. Mr. Diaz said that only a couple
of inembers will be added to deal with the economic side of the issues.
Mr. Veazie stated that the idea is favorable and combining the two
committees would be beneficial to our growth.
I. Reoortt and Remarks bv Committee Members
Mr. Magloff requested information on the status of the McCallum and
the Wymer case. Mr. Gibson stated that the Wymer case has a trial date
of October 6. Mr. Ortega statedthat depending on the decision of the
court we may or may not receive any additional money owed by REFCO.
Mr. Gibson stated that with losing an employee and currently completing
the audit process, he has been unable to complete the McCallum report.
Ms. Benson suggested that we have Tony Graphos come to a meeting
again this year and give a brief review of the status of the McCallum.
Mr. Veazie questioned the City's plan to deal with the Year 2000
problem. Mr. Diaz stated that yes, we are looking at the alternatives and
will be having a meeting sometime in the future. Mr. Gibson stated that
the only machine which we see an issue with will be the Landscaping
Controller (STAR System). We will manually change the system date so
that does not present a problem.
Mr. Diaz requested that the A,B,C files be used to organize the various
agenda items for the finance committee like the ones used for Council
Meetings. Mr. Gibson agreed. �
6
- Minul;es
I�'Inancc Commi�l;ce
NEXT MEETING DATE The next Investment 8L Finance Committee meeting will be held
Wednesday, November 18, 1998 at 11:00 a.m.
AD]OURNMENT Upon motion by Murray Magloff and seeonded by Bill Veazie the
Investment &Finance Committee adjourned at 12:30 p.m.
Respectfulty submitted,
Veronica L. Abarca
Recording Secretary
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STATE OF CAUFORNIA MATT FONG Treerurer
� OFFICE OF THE TREASURER
SACRAMENTO �
LOCAL AGENCY INVESTMENT FUND
P.O. BOX 942809
Date : 08/31�98 SACRAMENTO, CA 94209-0001
Page: O1 AUGUST, 1996 STATEMENT
ACCOUNT NUMBER; 98-33-621
CITY OF PALM DESERT
ATTN: CITY TREASURER
73510 FRED WARING DRIVE
PALM DESERT CA 92260
EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT BALANCE
--------- ----------- ---- ------ ------ --------------- ---------------
BEGINNING BALANCE - REG $19 , 620, 117 . 33
---------------
ENDING BALANCE - REG $19 , 620, 117 . 33
---------------
GRAND TOTAL
$19, 620, 117 . 33
---------------
---------------
SUMMARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
---------- ----------------- --------------------
REG 0 $0 . 00 $0 . 00
�
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�C- = TJ I V�
TZ E Wa 8? :'�S 86,
!t,_;��b:��a �c�;•;,�
iZ+_ . 'i^ i� „ _ �0 .1!�
POuLED MONEY INVESTMENT ACCOU'NT
SUMMARy OF INVESTMENT DATA
A COMPARISON OF AUGUST 1998 WITH AUGUST 1997
(Dollars in Thousands)
AUGUST 1998 AUGUST 1997 CHANGE
Average Daily Portfolio $31,350,849 $27,688,353 +$3,662,496
Accrued Eamings $150,496 $133,804 +g16,692
Effective Yield 5.652 5.690 -.038
Average Life—Month End(in days) 201 218 - 17
Total Security Transactions
�101°� $25,113,159 $57,672,668 -$32,559,509
Number 550 1,244 -694
Total Time Deposit Transactions
Amount $1,023,200 $581,700 +
$441,500
Nucnber 53 37 +16
Average Workday Invesqneat Acriviry $1,244,589 $2,774,017 -$1,529,428
Prescribed Demand Account Balances
For Services $132,551 $170,159 -$37,608
For Uncoliected Funds $151,320 $149,733 +$�,587
LOCAL AGENCY INVESTMENT FUND*
3UNIMARY OF ACTIVITY
AUGUST 1998
BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$12,534,366,324.29 $1,455,236,262.40 $1,287,405,500.55 $12,702,197,086.14
•Local Agency Investrnent Fund Invested Through Pooled Money Investment Account
State of California
Pooled Money Investment Account
Market Valuation
8/31/98
Description Carrying Cost Plus
Accrued Interest Purch. Fair Value Accrued Interest
United States Treasu :
Bills $ 2,291,093,290.97 $ 2,348,019,900.20 NA
Notes $ 5,223,903,655.58 $ 5,251,605,675.00 $ 49,530,353.08
Federal A en :
Bonds $ 1,921,458,705.22 $ 1,924,444,733.75 $ 22,771,286.99
Floaters $ 170,000,000.00 $ 169,934,900.00 $ 500,725.30
MBS $ 119,461,096.99 $ 121,411,398.63 $ 703,097.82
GNMA $ 2,229,571.74 $ 2,548,823.77 $ 22.076.24
SBA $ 254,533,343.97 $ 255,760,872.88 $ 2,535,394.31
FHLMC PC $ 21,386,752.45 $ 22,870,147.24 $ 343.264.75
Discount Notes $ 754,400,635.01 $ 761,846,832.50 NA
Bankers Acce tances NA NA NA
Co orate:
Bonds $ 1,003,589,872.02 $ 1,004,257,398.60 $ 20,644,705.56
Floaters $ 757,753,898.19 $ 754,393,553.50 $ 5,900,707.20
CDs $ 6,303,687,876.91 $ 6,297,670,337.59 $ 77,250,671.92
Bank Notes $ 1,255,977,492.87 $ 1,255,686,096.89 $ 11,550,779.18
Re urchase A reements $ 340,000,000.00 $ 340,000,000.00 NA
Time De osits $ 1,763,390,000.00 $ 1,763,390,000.00 NA
AB 55&GF Loans $ 1,999,517,429.00 $ 1,999,517,429.00 NA
Commercial Pa er $ 6,594,684,749.96 $ 6,665,838,852.43 NA
Reverse Re urchase $ 321,670,950.00 $ 321,670,950.00 $ 770,593.91
TOTAL $ 30,455,397,420.90 $ 30,617,526,001.98 $ 190,982,468.44
Fair Value Including Accrued Interest $ 30,808,508,470.42
Repurchase Agreements, Time Deposits, AB 55 8 General Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value(carrying cost).
,^ _
. ,
1998 LAIF CONFERENCE LAIF SYSTEM
On September 18, issa, the Local YEAR 2000 COMPLIANT
Agency Investment Fund held iYs Annual
Conference at the Sacramento Convention In the summer of 1996, the State
Center. Treasurer's Office (STO) formed a Year 2000
The conference was very well received Project Team to update all STO date sensitive
with over 95 participants in attendance. equipment and computer programs in order
This year's guest speakers included to prevent date-related processing errors
William Dudley, Managing Director and associated with Year 2000 from occurring.
Director of U.S. Economic Research for Since then, the LAIF program has
Goldman, Sachs and Co., and John implemented the new Oracle database
Schiavetta, Senior Director, Fitch IBCA, Inc. system. On Au9ust 27, 7998,the Information
In add'Rion, a panel consisting of Jerry Rogers, Services Division of the STO conducted a
City of Riverside, Alan Setser, State Year 2000 test of the OraCle system which
Controller's Office, and Joe Aguilar, Vavrinek, included a test of the LAIF application, the
Trine Day & Co., discussed the aftermath of internal and external interfaces and the
GASB 31. environment in which it wiil reside.
Apre-conference,whichincludedatour A "Time Machine" environment
of the vauft, was held at the State Treasurer's representing target production environment
Office on September 17, 1ggg, was utilized for this testing. A complete
snapshot of the LAIF data and application was
copied to the"Time Machine" Testing began
LAIF NEARING $13 BILLION MARK with the current date to ensure the
The Local Agency Investment Fund datarba eser�rer nte nal lockwast enroled
(LAIF) is closing in on a newrecord high of $13 forwardto dates in the year2000 and beyond.
billion on deposks made by local governments Test results confirmed that all critical dates
and special districts. had been processed as expected.
This new record will follow the record set The LAIF application, the internal and
in May, 1998 where LAIF hitthe$12 billion mark external interfaces and the operating
for the first time since its inception in 1977. environment all proved to be Year 2000
LAIF takes pride in providing its compliant. If you would like additional
participants with quality service, safe investment information, please call a LAIF staff member
practices and the highest interest earnings. at (916) 653-3001.
GASB 31 NOTE '2��� � � ` � , � �Y
� .��: ,� � f
The static markets of 1997-98 have � � � ��� _ �y� £ j6
� ,i>, , ,
resuked in immaterial portfolio value changes. Mn , } ' � '
This wil! not always be ihe case. Be diligent. k �� ��
Educate your ovarsight group. V � � �"�' '"'`"�`�
'�.5:.: _.. ' ' • M�k•
STATE OF CALJFORNIA
MATf FONG Trsesuror
. OFFICE OF THE TREASURER
SACRAMENTO - �
LOCAL AGENCY INVESTMENT FUND
P.O. BOX 942809
Date: 08/31/9B SACRAMENTO, CA 94209-0001
Page: O1 AUGUST, 1998 STATEMENT
ACCOUNT NUMBER: 65-33-015
PALM DESEF2T REDEVELOPMENT AGENCY
ATTN: PAUL GIBSON, TREASURER
73-510 FRED WARING DRIVE
PALM' DESERT CA 92260
EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT SALANCE
--------- ----------- ---- ------ ------ -------------- ---------------
BEGINNING BALANCE - REG $20, 003, 046 . 22
06�11�98 08�11�98 RW 737 PSG -$3 , 000, 000 . 00 $17, 003, 046 . 22
---------------
ENDING BALANCE - REG $17 , 003, 046 . 22
---------------
GRAND TOTAL $17 , 003, 046 . 22
---------------
---------------
SUMMARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
---------- ----------------- --------------------
REG 1 $0 . 00 -$3, 000, 000 . 00
l.J-� - �_ _.
�,: I��v�
TZ � !�'-� 8Z _''S 86:
_ _„�:. ._a � ,
-�_ .. :� ;;; ,�, -
=� �,.�
, POULED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF AUGUST 1998 WITH AUGUST 1997
(Dollars in Thousands)
AUGUST 1998 AUGUST 1997 CHANGE
Average Daily Portfolio $31,350,849 $27,688,353 +$3,662,496
Accxued Eamings $150,496
$133,804 +$16,692
Effective Yield 5.652 5.690 -.038
Average Life--Month End(in days) 201 218 - 17
Total Security Transacdons
Amount $25,113,159
Nwnber 550 $57,672,668 -$32,559,509
1,244 -694
Total Time Deposit Transactions
Amount $1,023,200
Nutnber $581,700 +$4q1,500
53 37 +16
Average Workday Investrnent Acpviry $1,244,589 $2,774,017 -$1,529,428
Prescribed Demand Account Balances
For Services $132,551 $170,159 _$37 608
For Uncollected Funds $151,320 5149,733 +g�,587
LOCAL AGENCY INVESTMENT FUND*
SIIMMARY OF ACTIVITy
AUGUST 1998
BEGINPIING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$12,534,366,324.29 $1,455,236,262.40 $1,287,405,500.55 $12,702,197,086.14
'Local Agency Invesuneni Fund Invested Through Pooled Money InvesRnent Account
State of California
Pooled Money Investment Account
Market Valuation
8/31/98
Description Carryfng Cost Plus
Accrued Interest Purch. - FalrValue Accrued lnterest
United States Treasu :
Bills $ 2,291,093,290.97 $ 2,348,019,900.20 NA
Notes $ 5,223,903,655.58 $ 5,251,605,675.00 $ 49,530,353.08
Federal A en :
Bonds $ 1,921,458,70522 $ 1,924,444,733.75 $ 22,771,286.99
Floaters $ 170,000,000.00 $ 169,934,900.00 $ 500,725.30
MBS $ 119,461,096.99 $ 121,411,398.63 $ 703,097.82
GNMA $ 2,229,571.74 $ 2,548,823.77 $ 22,076.24
SBA $ 254,533,343.97 $ 255,760,872.88 $ 2,535,394.31
FHLMC PC $ 21,386,752.45 $ 22,870,14724 $ 343,264.75
Discount Notes $ 754,400,635.01 $ 761,846,832.50 NA
Bankers Acce tances NA NA NA
Co orate:
Bonds $ 1,003,589,872.02 $ 1,004,257,398.60 $ 20,644,705.56
Floaters $ 757,753,898.19 $ 754,393,553.50 $ 5,900,707.20
CDs $ 6,303,687,876.91 $ 6,297,670,337.59 $ 77,250,671.92
Bank Notes $ 1,255,977,492.87 $ 1,255,686,096.89 $ 11,550,779.t8
Re urchase A reements $ 340,000,000.00 $ 340,000,000.00 NA
Time De osits $ 1,763,390,000.00 $ 1,763,390,000.00 NA
AB 55&GF Loans $ 1,999,517;429.00 $ 1,999,517,429.00 NA
Commercial Pa er $ 6,594,664,749.98 $ 6,665,838,852.43 NA
Reverse Re urchase $ 321,670,950.00 $ 321,670,950.00 $ 770,593.91
TOTAL $ 30,455,397,420.90 $ 30,617,526,001.98 $ 190,982,468.44
Fair Value Including Accrued Interest $ 30,8o8,5oa.a7o.az
Repurchase Agreements,Time Deposits, AB 55 8 General Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value(carrying cost).
,— ...
1
'..��
���`.�'�Y..'
1998 LAIF CONFERENCE LAIF SYSTEM
or, September 18, �ssa, the Local YEAR 2000 COMPLIANT
Agency Investment Fund held iYs Annual
Conference at the Sacramento Convention In the summer of 1996, the State
Center, Treasurer's Office (STO) formed a Year 2000
The conference was very well received Project Team to update all STO date sensitive
wfth over 95 participants in attendance. equipment and computer programs in order
This year's guest speakers included to prevent date-related processing errors
William Dudley, Managing Director and associated wfth Year 2000 from occurring.
Director of U.S. Economic Research for Since then, the LAIF program has
Gotdman, Sachs and Co., and John implemented the new Oracle database
Schiavetta, Senior Director, Fitch IBCA, Inc. system. On August 27, 1998,the Information
In addition, a panel consisting of Jerry Rogers, Services Division of the STO conducted a
City of Riverside, Alan Setser, State Year 2000 test of the Oracle system which
Controller's Office, and Joe Aguilar,Vavrinek, included a test of the LAIF application, the
Trine Day & Co., discussed the aftermath of internal and external interfaces and the
GASB 31. environment in which it will reside.
Apre-conference,whichincludedatour A "Time Machine" environment
of the vault, was held at the State Treasurer's representing target production environment
Office on September 17, 1998. was utilized for this testing. A complete
snapshot of the LAI F data and application was
copied to the'Time Machine:' Testing began
LAIF NEARING $13 BILLION MARK With the current date to ensure the
The Local Agency Investment Fund datarba eserver nte nalclodcwast en roled
(LAIF) is closing in on a new record high of$13 forward to dates in the year 2000 and beyond.
billion on deposits made by local governments Test results confirmed that all critical dates
and special districts. had been processed as expected.
This new record will followthe record set The LAIF application, the internal and
in May, 1998 where LAIF hitthe$12 billion mark external interfaces and the operating
for the first time since its inception in 1977. environment all proved to be Year 2000
LAIF takes pride in providing its compliant. If you would like additional
participants wRh quality service,safe investment information, please call a LAIF staff member
practices and the highest interest earnings. at (916) 653-3001. -
GASB 31 NOTE ������ E � ' .� �`�� � rM�
�, .
5 w 3
a a �t. .r
ag�}s�G . :^� 3 �,_ +����
>q. Y � �' ..ye�� ���
The static markets of 1997-98 have ���
resulted in immaterial portfolio value changes. .<::,>�
This will not always be the case. Be diligent. �p'
.•..: �...
Educate your oversight group. �::::�A�.. .. �
- PALM DESERT RLDEVELOPMENTAGF"cY -
COMBINE�J Ca f4TEMENT OF ACTUI
REVENUE�3 EXPENDITURES
� COMPARED TO BUDGET
30$ep-88
RDA RDA °k of (FAV)UNFAV
Budget YTD Budget Actual YTD Budget Variance
REVENUES .
1 Tax inaement 31,312,423 7,828,t06 0.00% 7,828,106
2 Interest 1,886,400 471,600 (159,433) -33.81% 631,033
Sales of Property 0.00%
3 Reimbursement From Other Agendes 800,000 200,000 62,682 31.34�0 137,318
3 OMer Revenue 6d,000 16,000 54,610 341.31% (38,610)
3 Transfers In 462,000 115,500 308,646 267.23% (193,146)
4 Palm Desert Housing Authoriry Revenue 3,�98,191 799,548 0.00% 799,548
TOTAL REVENUES 37,723,014 9,430,754 9,164,248
EXPENDITURES � FAV(UNFAV)
Variance
AdministrativeCosts 1,148,797 287,199 272,039 94.72% 15,160
Professional Services 2,501,004 625,251 33,353 5.33°k 591,898
Property Tax Administrdtive Fee 812,290 203,073 0.00% 203,073
Cost of Inventory Sdd
Capipl Outlay
Oifice Equipment 20,000 5,000 680 �3.60% 4,320
Deep Canyon/Hwy 111 4,099 1,025 0.00% � 1,025
Parking Spaces 16,000,000 4,000,000 0.00% 4,000,000
I-t0lnterchanges 250,000 250,000 250,000 100.00%
Jani Drive Extension 250,000 62,500 0.00% 62,500
Desert Wlllow-MounNain Yew Course 21,301,998 5,325,500 743,341 13.96% 4,582,159
Desert Willow-FlredtfF Course 14,815,220 3,703,805 764,689 20.65°k 2,939,116
Washington Street Improvements 300,000 75,000 0.00% 75.000
Fred Warinp improvements 435,000 108,750 0.00% 108,750
Project Area 4 Perimeter Lantlscape 374,000 93,500 0.00% 93,500
Street Improvements 3,255 814 O.00qo 814
Storm Drain Improvements 2,200,000 550,000 0.00% 550,000
Desert Crossing Improvements 43,450 10,863 0.00% 10,863
0.00%
HOUSING 0.00%
New Houses-for Resale HIP#7 786,165 196,541 165,977 84.45% 30,565
Home Improvement Program 1-6 70,056 17,514 959 16,555
Sanfa Rosa Rehab Program 502,158 125,540 277 0.22% 125,263
5 Desart Rose ProJect 199,000 49,750 127,830 256.94% (78,080)
5 Portola Palms Prajed 105,326 26,332 41,371 (15,039)
Land Purchases/Bldg Improvemenis 1,190,350 297,588 0.00% 297,588 .
Palm Desert Housing Authority Expenditures 1,947,050 486,763 t20,708 24.80% 366,054
Dedine in Value on InvenWry Held
For Resale
Payments to Other Govemmental Agendes 7,270,900 1,817,725 0.00% 1,817,725
Bond Issuance Costs (39,000) 39,000
Bond Diseount
6 Interest Md Fiscal Charges 12,801,112 3,200,278 9,444,059 295.10% (6,243,781)
6 PMndpal Paymenfs 1,325,000 331,250 3,276,456 989.12% (2,945,206)
Trensfers Out InGuding Low/Mod 14,874,296 3,668,574 737,146 20.09% 2,931,428
TOTAL EXPENDITURES 101,330,526 25,520,132 15,839,884 9,580,247
'TAX INCREMENT REVENUE IS USED TO PAY DEBT.
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S�P�b�ri! S�pMmMrA! R % Y1D YTD • %
emaK ncwN w�l.�ce wrYn�. e /kwd wnanc. v�n.no
Revenues
RerRal S b8,800 S 54,337 S (4.683) B2.?5% S 778,700 S 787,BB8 S (14,804) 81.82%
DNideMe/IMereet S 1,200 S 2.54/ S 7.9A1 211.78% S 3,800 S 7.817 S 4,217 277.71%
Total Rsvenun S l0,1U7 s se,m i � 7 W.!/X S 7t0 f 7M,717 S t0,607 9{.1]%
Expenses
Professbnal-AawMl�g&Autlltl�q $ 3,700 S 5,167 S (7,481) 739.48% S 11.100 S 13.483 S (1.989) 738.<9%
Profeasbnel-MBnegBmeMFea $ 5,500 S 5,500 = - 100.00% S 18,600 f 20.075 S (3,619) 12128%
TeneM Imp�ovemBnls S 5,800 S • S 5,800 0.00% S 17.100 S • S 17.100 0.00%
RepeirsBMallReneflCBBuNdllq S 8,700 S 1,0.52 S 8,0/8 11.58% S Y7,900 3 11,706 S 18,132 �0.91%
Repalrs 8 Maintenarice•LeMeCBpinp 5 1.078 S - S 1,079 0.00% S 3,?37 S - S 3,737 0.00%
UN�Mbn-Wetm S 250 E 107 S 143 42.70% E 750 S JZO S 190 4287%
Uttlltlea-Gas/Ebctrk S 5,500 S 5,818 S (318) 105.75% 5 18,500 S 17.712 S (1,242) 107.5976
UIYXIes-Trash S 450 S � S (91) 707.67% S 1.350 S 1.100 S (6b) 104A3%
Ttleplpne S 150 S 774 S (21) 115.8876 S �` S �31 S 1Y 85.78%
Inaurance S 521 S • S S21 0.00% S 1.581 S - S 1,581 0.00%
TohlExp�n��s f ]2,OW S tt i{ Z 1�,73! 57.W% f %1N S i 2Y.6l5 6Y1JX
Imen41%&Imw�
' City of PWm Dewrt
` Desert Wlllow
BudQet V�Aetual -
For khe moath of Saptamber 1998
Bvd�atW Actud Bud�atM Aetv�l
e�pbmbar eaptembar ¢ parcap��p Yav to Ywr to $ Pueent�e
Reo�nae 1998 1998 V�rynee Vvi�nce qts Dats Vv4nce Vvi�nce
Course&Ground $ 95,747 $ 112,166 $ 16,419 11Z15% $ 265,149 $ 212,206 $ (52,943) 80.03%
Car[s $ 5,356 $ 2,200 $ �3,156) 41.08% $ 15,014 $ fi,788 $ �8,226) 45.21%
GolfShop $ 17,950 $ 19,034 $ 1,084 lOfi.04% $ 51,650 $ 43,513 $ �8,137) 84.25%
Renge $ 954 $ 174 $ (780) 18.24% $ 2,755 $ 590 $ (2,165) 21.42%
Food&Beverage $ 14,985 $ 16,620 $ 1,635 110.91% $ 43,294 $ 33,781 $ �9,513� 98.03%
Interestlncome $ 1,500 $ 640 $ (860) 42.67% $ 4,500 $ 5,067 $ 567 112.60%a
Tot�l Reveauas � $ 136 492 $ 150 834 $ 14 342 110.51% $ 382 362 $ 301 945 $ 80 4l7 78.97%
Payroll
PerimererLandscapmg $ 9,085 $ 8,030 $ 1,055 88.39% $ 27,255 $ 19,313 $ 7,942 70.86%
Proshop $ 7,884 $ 6,063 $ 1,821 "/6.90% $ 13,818 $ 12,695 $ 1,125 91.8'/o
Cart $ 8,052 $ 6,633 $ 1,419 82.38% $ 24,156 $ 20,282 $ 3,874 83.96°/a
CourseBsGround $ 57,932 $ 60,154 $ (2,222) 103.84% $ 192,632 $ 210,070 $ (37,438) 121.69%
GolCOperavons $ 16,332 $ 13,059 $ 3,273 79.96^/0 $ 35,880 $ 30,867 $ 5,013 86.03%
Generel&Administration $ 23,141 $ 15,802 $ 7,339 68.29% $ 69,423 $ 52,013 $ 17,410 74.92%
FoodBsBeverage $ 9,952 $ 8,634 $ 1,318 86.76% $ 29,856 $ 25,521 $ 4,335 85.48%
Totd P. oLL $ 132 378 $ 118 375 $ 14 003 89.42°/ $ 373 020 $ 370 761 $ 2 259 99.39%
Other&apanditvtat
PerimeterLandscaping $ 4,900 $ 4,002 $ 898 81.67% $ 14,700 $ 8,166 $ 6,534 55.55%
Proshop $ 1,160 $ 735 $ 425 63.36% $ 3,080 $ 2,321 $ 759 75.36%
Proshop-COGS $ ll,069 $ 15,392 $ (4,323) 139.06% $ 31,979 $ 30,600 $ 1,379 95.69%
Cert $ 17,108 $ 13,351 $ 3,757 78.04% $ 41,124 $ 38,585 $ 2,539 93.83%
Course&Ground-North Course $ 103,771 $ 46,289 $ 57,482 44.61% $ 228,563 $ 147,648 $ 80,915 64.60%
Course&Gmund-South Course $ 18,530 $ 18,377 $ 153 99.17^/0 $ 47,790 $ 41,697 $ 6,093 87.25%
Caurse&Ground-DesertPallebN $ 3,700 $ - $ 3,700 0.00°/a $ 12,400 $ - $ 12,400 0.00%
Course&Ground-DesertPallet-S $ 2,445 $ - $ 2,445 0.00°0 $ 8,195 $ - $ 8,195 0.00%
GolfOperetions $ 15,510 $ 357 $ 15,153 2.30% $ 17,830 $ 422 $ 17,408 2.37%
General�AdminisVauon $ 53,834 $ 35,961 $ 17,873 66.80% $ 118,048 $ 99,223 $ 18,825 84.05%
Renge $ 10,700 $ 9,272 $ 1,428 86.65^/0 $ 11,200 $ 9,599 $ 1,601 85.91%
Food&Beverage $ 2,410 $ 5,548 $ (3,138) 230.21% $ 6,830 $ 12,766 $ (5,936) 186.91%
Food&Beverage COGS $ 5,245 $ 8,243 $ (2,998) 157.16% $ 15,153 $ 19,427 $ (4,274) 128.21%
ManagementFee $ 12,500 $ 12,500 $ - 100.00% $ 37,500 $ 37,500 $ - 100.00%
Financir�g/Lease $ 6,603 $ 6,574 $ 29 99.56% $ 19,956 $ 19,746 $ 210 98.95%
Tohl O[h�r adituea $ 269 485 $ 176 601 $ 92 884 65.53% $ fi 14 348 $ 467 700 $ 146 648 76.13% �
D�Wd LndbHhr And�my
Leaming Cencer Revenues $ 15,000 $ 4,692 $ Q0,308� 3128% $ 50,000 $ � 15,791 $ �31,209� 37.58%
ReimburxmentsmDevidl.eadbetter $ �72,750) $ (3,988� $ 8,762 3128% $ �42,500) $ �15,872) $ 26,628 37.35%
OtherExpenditures $ Q,450) $ (3,036� $ Q,586� 209.38% $ (4,350) $ (6,092) $ (1,742) 140.05%
L�vaivsCenterlmome�Lou) $ 800 $ (2,332� $ �3,132) -291.50°a $ 3,150 $ (3,173) $ (6,323) $ 2.15
Aat Incoma Lou $ 264 571 $ 146 474 $ 11 B 097 55.36% $ 601 856 $ 539 689 $ 62 167 89.67%
Dx9899;Finandal3te[ement
City of Prtm Derrt
DawR Wlllow
ltiro IZ)Ye�r Compariwo
I[onYL to Yoothlo Yav to Yar to
D�te D�4e $ Pera¢[q� D�b Drt� '
Rwen¢e Bay96 Bep97 V�rl�nae VVLaa� 1998 1997 V�zLnca
Courx&Ground $ 112,166 $ 63,374 $ 48,792 176.99% $ 212,206 $ I16,156 $ 96,050 182.69 0
Certs $ 2,200 $ 2,198 $ 2 100.09% $ 6,788 $ 5,431 $ 1,357 124.99%
Go1C5hop $ 19,034 $ 12,748 $ 6,286 149.31% $ 43,513 $ 27,082 $ 16,431 160.67 0
Renge $ 174 $ 3,648 $ (3,474� 477% $ 590 $ 6,520 $ (5,930) 9.05%
Food 8s Beverage $ 16,620 $ 9,892 $ 6,728 168.01% $ 33,781 $ I9,510 $ 14,271 17315%
In[erest Income $ 640 $ 4,020 $ (3,380) 15.92% $ 5,067 $ - $ 5,067 100.00%
' Tot�l R�vaane� $ 150 834 95 880 $ 54 954 157.32^/ $ 301 945 $ 174 699 $ 127 246 172.84%
P�yroll
Perimemr Lendscaping $ 8,030 $ - $ 8,030 100.00% $ 19,313 $ - $ 19,313 100.00°0
Proshop(includes Golf Operations) $ 19,122 $ 7,221 $ 11,901 264.81% $ 43,562 $ 19,927 $ 23,635 218.61%
Cart $ 6,633 $ 5,317 $ 1,316 124.75% $ 20,282 $ 11,612 $ 8,670 174.66%
Cwrse&Ground ' $ 60,154 $ 47,793 $ 12,361 125.86Yo $ 210,070 $ 99,387 $ 110,683 21137%
Gmerel&Adminisvation $ 15,802 $ 19,868 $ �4,066) 79.53% $ 52,013 $ 43.133 $ 8,880 120.59%
Food&Bwerage $ 8,634 $ 7,747 $ 887 111.45% $ 25,521 $ 14,940 $ 10,581 170.82%
Tot�l ri $ 118 375 $ 87 946 $ 30 429 134.60% 370 761 $ 188 999 181 762 196.77%
oth�rID�p�adituru
PerimeterLendsceping $ 4,002 $ - $ 4,002 100.0� $ 8,166 $ - $ 8,166 100.00%
Proshop $ 1,092 $ 6,462 $ �5,370) I6.90^/0 $ 2,743 $ 868 $ 1,875 316.01°/a
Proshop-COGS $ 15,392 $ 3,405 $ 11,987 452.04% $ 30,600 $ 17,988 $ 12,612 170.11°0
Cert $ 13,351 $ 9,012 $ 4,339 148.15% $ 38,585 $ 21,174 $ 17,411 182.23%
Course&Ground $ 64,666 $ 62,163 $ 2,503 104.03% $ 189,345 $ 120,022 $ 69,323 157.76%
Grneral&Adminisvaliov $ 35,961 $ 29,184 $ 6,777 12322% $ 99,223 $ 44,837 $ 54,386 221.30%
Range $ 9.272 $ - $ 9,2�2 100.00% $ 9.599 $ �84) $ 9.683 -11427.38%
Food&Beverage $ 5,548 $ 3,389 $ 2,I59 163.71°/ $ 12,766 $ 15,978 $ (3,212) 79.90^0
Food&BeverageCOGS $ 8,243 $ 3,938 $ 4,305 209.32% $ 19,427 $ 10,557 $ 8,870 184.02%
ManegementFee $ 12,500 $ I2,500 $ - 100.00% $ 37,500 $ 25,000 $ 12,500 150.00%
Finencing/Lease $ 6,579 $ 2,732 $ 3,842 240.63% $ 19,746 $ 5,511 $ I4,235 358.30%
Totd oth�[ aditum $ 176 601 $ 132 785 $ 43 816 133.00% $ 467 700 $ 261 S51 $ 205 849 178.61%
D�v/d LwdWttx Ao�d�m�
LeemingCenterRevenues $ 4,692 $ - $ 4,692 100.00% $ 18,791 $ - $ 18,791 100.00%
Leaming Center Expenditwes $ �7,024) $ - $ (7,024) 100.00% $ �21,964) $ - $ �21,964) 100.00%
Levnin{C�nNrlamma�Lou� $ �2,332) $ - $ �2,332) 100.00% $ (3,1�3) $ $ (3173) 100.00%
H�t lncom� Lau $ 146 474 $ 124 851 $ 21 623 117.32% $ 539 689 $ 276 151 $ 263 538 195.43%
Dw9899;�yr Comparisun
City o(Alm psn
� Dese+t Wilbw
' 1'hree MouN Cash Rexrve Aqplyy�
Three Month
_ Rojected Expenditures October November December Pro'ec[ed Expenditures
Pa roll $ 1'76 851 $ 193 030 $ 201 674 $ 571 555
1 1
erann �
Totals � ,1 1, 1,787
� Cas6 Reserve Anelysis One Month Three Months
Re uired Reserve $ 519 157.00 $ 1 461 787.00
Cash on Hand $ 393,529J1 $ 393,529J1
Variance-Favorable Unfavorable ,� 125 627.29 $ 1 068 257.29
Recoaciliatlon ot aAlusteA cash ttquiremeat Ro[e: Thls analysis dces not include the
projected perimeter acpenditures.Which are
estimated at$13,985.
ReConciled Cash on hand $ 393.529.71 Additionevy,edjus�ents ere mede m me acma�cash
Add: belence cor re-o
p pening czpenditures owed[o Desert
Preopening Owed by the CiTy $ 4,548.77 wiuow by�he ciry�tt�n. einelly,sn eajuscmen[is msae for m
Preopening owed by the RDA $ 2Q97S.77 perimeter ezpmdi[ures peid that are elloceble ro other
Peiimetei $ 27,479.89 i projects vritiUn the Desert WIDow Resort
Adjusted Cash on Hand $ 446,537.14
ReserveRequirement $ 519,157.00 �
Due by Kemper Sporta Mgmt. $(72,619.86)
' Represents perimeter expenditures to date.
' Represents budgeted expenditures for October 1998. Does not
Include perimeter projected expenditures.
Reconciliation of adjusted cash requirement
Dw9899;Cuh Com
Pah__�esert Recreation Facilities Corpar.__on
Income Statement
Sep-88 Sep-98 # '/e
Budget Actual Variance Variance
Food 8 Beverage Revenue $ 14,885.00 S 16,620.00 $ 1,635.00 710.87°/a
Total Revenues S 14,985.00 s 16,620.00 S 1,635.00 110.91Yo
S818ries E 9,952.00 = 8,634.00 5 1,378.00 86.76°h
Cost of Goods Sold-F&B $ 5,245.00 S 5,548.00 3 (303.00) 105.78Ye
Food 8 Beverage Expense $ 2,410.00 $ 8,243.00 $ (5,833.00) 342.03Y.
Total Expenses a 17,607.00 22,425.00 S (4,818.00) 127.36Yo
Net Income(Loss) S (2,622_OOL S (5,805.00)
Note: The above revenues and expenditures are also included in the Desert Willow analysis.
Dw9899;PDRFC Budget
10/19/1998 �� -- CITY OF PALM DESERT -- �^ PM - 1
' PORTFOLIO MASTER.SUMMARY �I�y�y
' SEPTEPIDER 30, 1998 ACCRUAL
AVERAG6 ---YIELD TO MATURITY---
PERCENT OF AVERAGE DAYS TO 360 365
INVESTMENTS BOOK VALSIE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT
UNITED STATES TREASVRY - COVPON.. . ......... ..$ 34,105,938.86 2"l.44 1,289 880 5.�80 5.868
FEDERAL AGENCY - COUPON............ .. .. . .. .. .5 27,901,661.01 22.45 999 563 5.918 6.000
LOCAL AGENCY INVESTMENT FUND........ . . . . .. . ..$ 22,620,119.33 18.20 1 1 5.562 5.639
CITY LOAN TO RDA... . . ................ . . . . . . . .$ 21,055,000.00 16.94 2,192 1,004 5.962 5.538
FIDELITY 1REASURY POOL. ............... .. . ....$ 8,520,2]8.26 6.85 1 1 5.28'I 5.360
UNITEtl STATES TREAS[1RY - OISCOUNT..... . . . . . ..$ 4,84'/,122.36 3.90 1,]06 1,412 5.'/38 5.818
' HIGF�ARK SWEEP ACCOUNTS................. .....$ 9,992,913.52 3.86 1 1 4.409 4.490
STATE & LOCAL GpVT SERIES - TIME..... .. ......$ 465,000.00 0.39 1,953 1,459 0.000 0.000
_____"_______________________________________"_____"______"__'_________'___"_
TOTAL INVESTMENTS and AVERAGES.............$ 124,309,491.34 100.00k 1,010 599 5.6093 5.680#
CASH
Passbook/Checking - No Yield To[ale..........5 825,999.1'] 0.000 0.000
(not included in yield calculationa) �
Accrued Intereat at Purchaee.................5 4,181.6'l
__________________""_""____________"'_'____'"_______________________________
1'OTAL CASH and PURCHASE INT6REST.............5 830,180.89
TOTAL CASH and INVESTMENTS.. ... ............5 125,13'/,652.18
MONTH ENDING FISCAL
TOTAL EARNINGS SEPTEMIDER 30 YEAR TO DATE
Cvrrent Yeaz � S 591,OB2.09 S 1,825,08'1.88
AVERAGE DAILY BALANCE $ 128,931,'/38.4� $ 12B,929,805.99
EFFECTIVE RATE OF RETURN S.SBk 5.64&
THE CITY'S INVESTMENT PORTFOLTO IS IN COMPLIANCE WITH ALL CAI,IFORNIA GOVERNMENT
PAUL S. GIHSON CODE AND CITY INVESTMENI' POLICY PROVISIONS RELATZNG TO THE INVESTMENT OF LOCAL
FINANCE DIRECfOR 4 CITY TREASUREH AGENCY FUN�S. NOTWITHSTANDING ANY FVIVRE ACTIONS ITY TFIE CITY COUNCIL OR AN
UNFORESEEN CATASTROPHE, T}SE CITY HAS SUFFICIENT CASH FIqW TO MEET ITS
EXPENDI'('�E R£QUIREMENTS FOR THE NE%T SIX MONTHS. MARKET VALUES WERE OHTAINED
DATE FROM U.S. BANR AND FROM INTERACTIVE DATA CORP. ALL HALANCES ARE BANA BALANCES.
10/19/1998 ^� -- CITY OF PALM DESERT -- �-' pM _ 2
� .NVESTMENT pORTFOLIO DETAILS - INVESTMENTS �:Ty
SEPTEMBER 30, 1998 ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATI7RITY DAYS
NVPIDEA ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARI(gT VALUE RATE 360 365 DATE TO MAT
____________'______'"___"_'_'____"'_"________""_______________""__'_____"_'_____"__"_'__'___'______"""'_______'_""""__
UNITED STATES '�'RF,ASURY - CbUPON
16000 I UNZTED STATES 1R6ASURY 12/12/95 1,010,900.51 1,000,000.00 1,022,18�.50 6.3]5 5.338 5.413 O1/15/00 4]1
1600B I UNITED STATES 1REASURY 12/12/95 959,193.67 445,000.00 45'/,'/93.75 8.000 5.279 5.352 OB/15/99 318
16010 I UNITED STATES TREASURY 12/12/95 1,000,623.80 1,000,000.00 1,001,250.00 '/.125 5.2'/2 5.345 10/15/9B 14
16037 IMITED STATES TREASURY O6/26/96 � 2,994,245.00 3,000,000.00 3,003,750.00 5.125 6:31a 6.902 11/30/98 60
16049 UNITED STATES TAEASURY OS/O1/9� 2,001,266.29 2,000,000.00 2,020,000.00 6.3"/5 6.1]1 6.25'/ 04/30/99 211
16048 UNITED STATES TREASUAY 03/21/97 1,991,542.0] 2,000,000.00 2,002,500.00 5.000 6.124 6.209 02/15/99 13]
16050 ONITED STATES TREASURY 12/11/9"/ 92,091.]4 92,000.00 93,006.25 5.8"JS 5.6]4 5.953 OB/31/99 339
16051 UNITED STATES TREASURY 12/11/9] 1,358,408.9'] 1,390,000.00 1,428,'lO5.00 6.250 5.061 5.841 OB/31/02 1,430
16052 llNITED STATES TREASVRY 12/11/9'/ 12,215.00 12,000.00 12,423."JS '1.125 5.6'J2 5.'/50 02/29/00 516
16053 UNSTED STATES TREASURY 12/11/9] 9],']68.99 9'/,000.00 100,2"13."/S 6.250 5.']13 5.'/92 O8/31/00 '!00
16054 UNITED STATES TREASURY 12/11/9'] 12,95"/.36 13,000.00 13,365.63 5.625 5.693 5.'1'/2 02/2B/01 BB1
16055 UNITED STATES TREASURY 12/11/9'/ 104,'/'/8.31 103,000.00 108,858.13 6.500 5.'/50 5.830 OB/31/O1 1,065
16056 UNITED STATES TREASURY 12/11/9'! 13,15'/.'/] 13,000.00 13,'l63.'/S 6.250 5.'l61 5.841 02/28/02 1,246
16059 UNITED STATES TREASURY 12/11/9] 11,989.86 12,000.00 12,045.00 5.500 5.629 5.'l0'1 02/28/99 150
16060 UNITED STATES TREASURY 12/11/9� 30'/,08].11 300,000.00 321,562.50 6.625 5.]68 S.B48 03/31/02 1�2]'/
16061 UNITED STATES TREASURY 12/I1/9] 15,209,809.04 15,194,000.00 16,029,921.88 5.875 5.'/62 S.B92 09/30/02 1,460
16062 UNITEO STATES TI2EASURY 12/11/9� 923,904.']1 911,000.00 960,820.31 6.3'/5 5.'15B 5�838 09/30/O1 1,095
16063 UNITED STATES TREASURY 12/11/9'J 285,465.3"/ 282,000.00 295,042.50 6.3'IS 5.'!9B 5.828 03/31/O1 912
16064 UNITED STATES TREASUAY 12/11/9] 851,906.03 847,000.00 875,056.BB 6.125 5.�29 5.803 09/30/00 730
16065 llNITED STATES TREASURY 12/11/9] 269,012.76 265,000.00 2'13,993.95 6.8]5 5.696 5.'I'IS 03/31/00 59'I
16066 IINITED STATES 1R£ASURY 12/11/97 806,790.74 807,000.00 815,826.56 5 J50 5.693 5.772 09/30/99 364
1606'/ UNITED STATES 1R6ASURY 12/11/9'/ 250,610.28 250,000.00 252,031.25 6.250 5.646 S.'124 03/31/99 181
16070 UNITED STATES TREASURY O5/1B/98 9,099,636.98 4,000,000.00 4,078,750.00 6.875 5.506 5.582 08/31/99 334
__'"________""_ _""__'_'_____' "__'"_"'____' '__"_"'______" ____'_ __'__' '____"
SUBTOTALS and AVER9GES 34,847,732.60 34,105,438.86 35,187,948.14
33,983,000.00 5.�8'I 5.868 880
FEDERAL AGENCY - COUPON
14016 FEDERAL FARM CREDIT BANK OB/09/99 3,000,000.00 3,000,000.00 3,068,43].50 6.000 6.000 6.083 OB/04/00 693
1900] FEDERAL HOME LOAN BANK 10/24/96 3,999,361.26 4,000,000.00 9,002,500.00 5.820 6.019 6.102 11/02/98 32
19011 FEDERAL HOME :.ONS B�L1K 03/26/9'I 1,800,000.00 1,800,000.00 1,B11,B12.50 6.310 6.310 6.398 03/26/99 176
19020 FED£RAL HOME IAAN BANK O1/14/98 3,000,000.00 3,000,000.00 3,00'1,500.00 5.802 5.802 S.BB3 O1/14/00 4'/0
19022 � FEDERAL HOME LOAN HANIC O1/09/98 2,000,000.00 2,000,000.00 2,018,]50.00 6.105 6.145 6.231 O1/09/02 1,196
19024 FEDERAL HOME IlJAN BANIC 03/03/98 2,995.855.54 3,000,000.00 3,001,875.00 5.935 5.998 6.OB1 02/13/O1 866
19002 I FEDERAL NATIONAL MTG ASSOC 12/12/95 1,020,046.89 1,000,000.00 1,02'/,18'/.50 8.450 S.B']'1 5.958 0']/12/99 289
14004 I FEDERAL NATIONAL MTG ASSOC 12/12/95 1,045,808.'/3 1,000,000.00 1,062,812.50 9.050 5.620 5.699 04/10/00 55]
19021 FEDERAL NATIONAI. MTG ASSOC O1/OS/98 999,325.00 1,000,000.00 1,000,312.50 5.230 5.689 5.'/6B 11/25/98 55
19023 FE�ERAL NATIONAL MTG ASSOC O1/14/98 2,000,000.00 2,000,000.00 2,030,625.00 6.030 5.928 6.010 O1/14/03 1,566
19025 FE�ERAL NATIONAL MTG ASSOC OS/18/98 2,04'/,'144.61 2,000,000.00 2,0'/4,3'I5.00 '].590 5.'!26 5.805 02/14/00 501
19026 FEDERAL NATIONAL MTG ASSOC OS/18/98 1,991,902.34 2�000,000.00 2,016,B75.00 5.430 5.']50 5.830 O1/27/00 483
1902] FEDERAL NATIONAL MTG ASSOC OS/18/98 2,001,616.69 2,000,000.00 2,020,000.00 5.'/90 5."110 5.'IB9 11/OS/99 400
___""__________"_ ______________ "'__"'_"""'__ ______________ ______ ______ _""""_
' SUBTOTALS and AVERAGES 28,3']1,24'1.61 2'/,901,661.01 28,193,062.50
27,800,000.00 5.918 6.000 563
10/19/1998 ""� --- CI�TY OF PALM DESERT --- --- PM - 3
' � .VESTMENT PORTFOLIO DETAILS - INVESTMENTS �ITy
SEPTEt�IDER 30, 1998 ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- rypT[JRITY DAYS
NOMBER ISSUER BliL7iNCE DATE HOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 �ATE TO MAT
_____"__"_____________________________""_________________"____"_______________________"________'"____________"___________________
I/JCAL AGENCY INVESTMENT FUND
12000 STATE OF CALIFORNIA 22,620,11'/.J3 22,620,11].33 22,620,117.33 5.639 5.562 5.639 1
AVERAGES 22,520,117.33
CITY LOAN TO RDA
12001 CITY OF PALM DESERT 0'I/O1/95 21,055,000.00 21,055,000.00 21,055,OOQ.00 5.538 5.462 .5.538 0"//O1/O1 1,009
AVERAGES 21,055,000.00 .
FIDELITY 1REASUAY POOL
12004 FIDELITY INVESTM6NT5 0.00 0.00 0.00 5.360 5.28] 5.360 1
12005 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
12006 R FIDEL3TY INVESTMENTS 0.00 0.00 0.00 5.360 5.287 5.360 1
1200� FIDELII'P INVESTMENTS 0.00 0.00 0.00 5.360 5.28"/ 5.360 1
32009 I FIDELITY INVESTMENTS 3'1,115.06 3'/,115.86 3],115.86 5.360 5.28'/ 5.360 1
12010 R FIDELITY INVESTMENTS 192,599.9'/ 192,599.9'1 192,594.9'/ 5.360 5.2B'1 5.360 1
12012 I FIDELII7 INVESTMENTS 266,920.89 266,928.84 266,920.89 5.360 5.28'] 5.360 1
12013 R FIDELITY INVESTMENTS 132,383.15 132,383.15 132,383.15 5.360 5.28'/ 5.360 1
12015 FIDELITY INVESTMENTS 0.00 O.OU 0.00 5.360 5.28"/ 5.360 1
12016 I FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
12022 R FIDELITY INVESTM£NTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
12024 FSDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.287 5.360 1
1R025 R FI➢�I.;TY IIJy$STMENLS 472,669.38 972,669.38 472,669.38 5.360 5.287 5.360 1
1202'/ R FIDELITY INVESTMENTS 63,8']B.'J'/ 63,8'IB.'1'J 63,8'/B.']'] 5.360 5.28'/ 5.360 1
12028 R FIDELITY INVESTMENTS 162,OB6.00 162,086.00 162,006.00 5.360 5.287 5.360 1
12031 . FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.29'] 5.360 1
12033 FIDELITY INVESTMENTS _ 0.00 0.00 0.00 5.360 5.287 5.360 1
12039 FIDELITY INVESTMENTS 91.30 91.38 91.38 5.360 5.28'] 5.360 1
12035 FIDELITY INVESTMENTS 912.82 412.82 412.82 5.360 5.287 5.360 1
12036 FIDELITY INVESTMENTS 110.'/'/ 110.'1'1 110.'l� 5.360 5.28'I 5.360 1 '
1203'/ FIDELITY INVESTMENTS 72.96 '/2.96 72.96 5.360 5.28'/ 5.360 1
12039 FIDELITY INVESTMENTS 0.93 0.93 0.93 5.360 5.28'I 5.360 1
12042 I FIDELII'T INVE3TM.ENTS 0.00 0.00 0.00 5.360 5.289 5.360 1
12043 FIDELII'1 INVESTMENTS 0.00 0.00 0.00 5.360 5.280 5.360 � 1
12043 R FIDELITY INVESTMENTS 0.00 0.00 0.00 5.350 5.2]'/ 5.350 1
12049 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'1 5.360 1
12045 FIDELSTY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
12046 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
12049 FI➢ELITY INVESTM£NTS 69,035.11 6�,035 11 69,035.11 5.360 5.28] 5.360 1
12050 FIDELITY INVESTMENTS ]66,560.52 066,560.52 066,560.52 5.360 5.28] 5.360 1
12051 FIDELITY 3NVESTMENTS 195.49 195.99 195.49 5.360 5.28] 5.360 1
12052 FIDELITY INVESTMENTS 430.9] 430.9"/ 430.9'] 5.360 5.28] 5.360 , 1
12053 FIDELITY INVESTMENTS 200,9]4.'ll 200,9']4.'1l 200,9']4.]1 5.360 5.28] 5.360 1
12054 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.289 5.360 1
12055 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.29'J 5.360 1
10/19/1998 ' -- CITY OF pp1,ry DESERT -- " pM - 4
.+VESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY
SEPTEhIDER 30, 1998 ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITy DAYS
NUDIDER ISSUER BALANCE DATE BOOR VALUE FACE VALISE MARItET VALUE RATE 360 365 DATE TO MAT
__"_________________"__'___________________"_'_____________________________________________'________"____"__"___'______"_________
FIDELITY TREASURY POOL
1205'! FIDELITY INVESIMENTS 3,29B,BB0.'IB 3,298,880.'IB 3,29B,BB0."!8 5.360 5.28'1 5.360 1
12058 FIDELITY INVESTMENTS SB,376.66 58,376.66 58,376.66 5.360 5.287 5.360 1
12059 FIDELITY INVESTMENTS 1,282.90 1,282.40 1,282.40 5.360 5.28] 5.360 1
12060 FIDELITY INVESTMENTS BBB,19B.69 888,148.69 BBB,19B.69 5.360 5.28] 5.360 1
12061 FIDELITY INVESTMENTS 306,266.33 306,266.33 306,266.33 5.360 5.28] 5.360 1
' 12062 FIDELITY INVESTMENTS 125,090.59 125,090.59 125,090.59 5.360 5.28] 5.360 1
12063 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'1 5.360 I
12064 FIDELITY INVESTMENTS 0.00 0.0� 0.00 5.360 5.28] 5.360 1
12065 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'1 5.360 1
12066 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
1206] FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'J 5.360 1
12068 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'] 5.360 1
12069 FIDELITY INVESTMENTS 189.91 189.91 189.91 5.360 5.29"/ 5.360 1
120'!0 FIDELITY ZNVESTMENTS 0.00 0.00 0.00 5.380 5.306 5.380 1
120'/l FIDELITY INVESTMENTS 0.00 ' 0.00 0.00 5.360 5.28'] 5.360 1
120'/2 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.29'/ 5.360 1
12073 FIDELITY INVESTMENTS 0.00 O.OU 0.00 5.360 5.28'] 5.360 1
12074 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.29'] 5.360 1
120]5 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
120]6 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'J 5.360 1
120]'l FIDELITY INVESTMENTS 0.00 0.00 0.00 5.3fi0 5.287 5.360 1
120'/9 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.20] 5.360 1
12Q79 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.287 5.360 1
12080 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
12081 FIDELITY INVE5TMENTS 0.00 0.00 0.00 5.360 5.287 5.360 1
12082 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.2B'! 5.360 1
12083 FID£LITY INVESTMENTS 0.00 0.00 0.00 5.360 5.207 5.360 1
12084 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.20') 5.360 1
12085 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
12086 FIDELITY INVE5IMENTS 0.00 0.00 0.00 5.360 5.2B'/ 5.360 1
12089 FIDELITY INVEuTkENTS 0.00 0.00 0.00 5.360 5.289 5.360 1
12088 FIDELITY INVE5IMENTS 0.00 0.00 0.00 5.360 5.287 5.360 1
12089 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'] 5.360 1
12090 FIDELITY INVE5IMENTS 33,999.64 33,994.64 33,994.64 5.360 5:28'] 5.360 1
12091 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.2B'] 5.360 1
12092 FIDELITY INVESTMENTS 849,495.63 .899,945.63 849,495.63 5.360 5.28] 5.360 1
12093 FIDELII'Y INVESTMENTS 595,000.00 595,000.00 595,000.00 5.360 5.28] 5.360 1
12099 FIDELSTY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
12095 FIDELITY INVESTM£NTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
12096 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28� 5.360 1
12099 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
___"_____________ _"___""_______ ____"__'______ ______________ ______ ______ ______
SUB'1C)TALS and AVERAGES '],]69,486.89 8,520,218.26 8,520,218.26
. 8,520,218.26 5.287 5.360 1
10/19/1990 '��� --- CITY OF PALM D£SERT --- pM _ 5
.NESTM&NT PORT£OLIO DETAILS - INVESTMENTS CITY
SEPTEMBER 30, 1998 ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- Y1M --- MATURITY DAYS
NVPIDER ISSUEH BALANCE DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
____________________________________________________"_"__"______________________'_______"""_________"___________________________'_
UNI1'ED STATES 1REASURY - DISCOUNT
1'!0]0 UNITED STATES TREASURY 12/11/9'1 128,6'16.56 166,000.00 142,033.')5 5.0�8 5.'J58 5.838 OS/15/02 1,322
17071 UNITED STATES TRBASURY 12/11/97 4,918,445.80 6,1]0,000.0� 5,225,218.75 5.028 5 J37 S.B17 OB/15/02 1,414
__'"_____________ ______'""__'_' ___"_'__"_____ "'______""' _""_ '_"'_ _"'__'
SUBTOTALS and AVERAGES 4,84],122.36 4,847,122.3fi 5,367,252.50 �
� � 6,336,000.00 5.']38 5.818 1,412
HIGHMARK SWEEP ACCOIJNTS .
24015 CITY MAIN SWEEP (!1H) 3,B39,3'/3.64 3,839,3"/3.64 3,839,3'13.64 4.4'/0 4.409 9.4]0 1
24019 DESERT WILLOW SWEEP (UB) 210,80].26 210,807.26 210,80'/.26 4.9]0 4.409 9.490 1
24016 OFFICE COMPLEX SWEEP (UB) ]42,932.62 742,732.62 ']42,]32.62 4.900 4.409 9.490 1
'__'__________'_' __"'___'______ ___'__'____'"' ""'"'_'""'__"_ ______ _'_"'_ ______
SUBTOTALS and AVERAGES 6,161,'/13.52 4,'192,913.52 4,"l92,913.52
4,]92,913.52 4.409 4.4�0 1
STATE & IACAL GOVT SERIES - TIME
]3000 UNITED STATES 1REASllRY 12/11/9'/ 430,000.00 930,000.00 430,000.00 0.000 0.000 0.000 10/O1/02 1,461
23001 UNI1'ED STATES TAEASURY 12/11/9] 35,000.00 35,000.00 35,000.00 0.000 0.000 0.000 09/02/02 1,432
_'____"______"' _"_'__'__"__ ______________ '_'___"""_" ______ '_____ '_'___
SUBTOTALS and AVERAGES 965,000.00 965,000.00 a65,000.00
465,000.00 0.000 0.000 1,459
_____________'____'_""'________'_'_'___'__'_____________________'_'___'_"__"_'___'_'__"__________'
TOTAL INV&STMENTS and AVG. $ 129,307,471.34 126,151,512.25
126,03'/,920.26 125,5'l2,249.11 5.6099 5.68]} 599
10/19/1998 '"� --- CITY OF PALM DESERT --- -� PM - 6
INVESTMETTT PORT£OLIO DETAILS - CASH �iTy
SEPTE�ID&R 30, 1998 ACCRUAL
INVESTMENT AVERAGE PVRCHASE STATED --- YTM --- MATURITY DAYS
NUMBER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
__"_________'""'__""'""'__"___'_____'"_"______________________________'_______'_"__'"_'__"___""_____"_'___________________"
PASSHOOR/CHECRING
' 1301'1 OFFICE COMPLE% CHECKING (UB) 50,561.05 0.000 0.000 0.000
13016 CITY MAIN CHECRING (OB) 535�169.�4 0.000 0.000 0.000
13013 DESERT WILIAW CHECKING (UB) 166,901.94 0.000 0.000 0.000
13015 LIBRARY FOUNDATION CHAG �(UB7 ' 19,236.39 0.000 0.000 0.000
13018 OFFICE COMPLEX TRUST (VB) 22,'/90.91 0.000 0.000 0.000
13020 RECREATIONAL FAC CHECKING (UB) 31,339.69 0.000 0.000 0.000
___'___'__'__' __"'_"""" _"__' ___'_'
SUBTOTALS and AVERAGES 2,894,318.20 825,999.17 0.000 0.000
Accrued Interest at Purchaee a,181.67
'______'_"_____'_____""___"____'___'_""___"_"""'_'__'___'"_"___'__'_'__'_"_
TOTAL CASH 5 830,380.84
TOTAL CASH and INVESTMENTS 5 128,931,'/38.4'] 125,13'/,652.18
�e��m�e«a�e.�.»����s»��eay..e......�.�....��m�aa�.sas��.�a....a.esa�a��=__��s�sasvms���es��mm�a�em��e�
Rounds Analysis for six months ending 1997 and 1998
Avg. $I rnd. Resident Rounds Posted Rounds Other Rounds Package Rnds. Total Round Rev.
Jul-97 $27.31 817 1,076 171 223 $62,452.00
Aug-97 $25.81 1,021 1,061 342 99 $65,116.00
Sep-97 $25.70 1,051 893 288 330 $65,843.00
Oct-97 $63.02 634 825 58 948 $155,334.00
Nov-97 $66.08 1,290 1,438 216 1457 $290,804.00
Dec-97 $53.59 863 1,025 418 732 $162,811.00
Tota11997 $46.44 5,676 6,318 1493 3789 $802,360.00
Jul-98 $26.28 54 141 205 1334 $45,561.00
Aug-98 $25.47 65 21 238 1829 $54,842.00
Sep-98 $29.63 293 502 144 2550 $103,391.00
Oct-98 $75.36 1,428 1,878 352 950 $347,268.00
Nov-98 $73.49 1,858 1,687 351 716 $338,928.00
Dec-98 $5422 810 433 711 434 $129,467.00
Tota11998 $53.70 4,508 4,662 2001 7813 $1,019,457.00
July, August & Sepember of 1998 the true count of residents is unavailable due to discounts other than
Resident discounts that residents used.
December 1998 is through the 13th and compared to the entire month of December 1997.
Other rounds include all comps, cart fees, donations, charity events, PGA, special events, &Jr. fee.
Package rounds include wholesalers, passbooks, stand by golf.
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Cttv of Palm Desert
Portfolio Composition
As of September 30, 1998
For the month ended September 30, 1998, the City of Palm Desert�s investment portfolio had a
total book value of S124,307,471.34. The investments included:
Fitlelitv Treasury Pool -The Ffdelity Pools are money market accounts that are t(ed to
bond funds. The bond trustee uses the money in the Fidelity Pool accounts to pay for expenses.
Deposfts are made from interest earnings, and maturing fnvestments.
The Fidelity Treasury Pool decreasetl by 5199,750.30 due to assessment districts.
Local Agencv Investment Fund ("LAIF")-The State of California operates an investment
pool for the exclusive use of munfcipalities and other local agencies. Each account has a
maximum limit of S30 million and funds are available for withtlrawal daily.
The LAIF balance increased by S3,00,000.00 tlue to proceeds from maturing investments.
Federal A�encv Counons-This group inclutles all Federal government agency issues that
pay periodfc interest payment(s) prior to maturity. These items can be purchased at a premium
or a discount.
Federal Agency coupons decreased by 51,006,064.31 due to a maturfng security .
Treasury Coupons-These are securitles issued by the United States Treasury calletl
treasury notes. They are Ifke the Fetleral Agency coupons in that they pay periodic interest
payment(s) prior to maturity, and can be purchased at a premium or a tliscount.
Treasury coupons decreased by 5769,760.99 due to a maturing security.
Highmark Sween Aceount-All collected funds in the City�s main checking acCount are
placed in a money market account at the end of each day. The balance on this account changes
each day depending on the checks presented for payment antl the tleposits receivetl.
7he portfolio compositlon chart compares the balances on July 31, 1998 and August 31, 1998.
RDA Loan The City has loaned the Redevelopment Agency S21,055,000. There is no
change in that amount.
7he total Book Value of the portfolio is the carrying cost of the investments. In the month of
September, the book value showed a net decrease of S368,398.72, driven by maturing securities
and reduced sweep account balances. Market Value is the amount that would be received if the
entire portfolfo were soltl on the reporting date. On September 30, 1998, the market value was
greater tnan the book value by 51,844,040.91 (this is describetl as a gain in the Gain cLoss)section
of the reporU.
10/�9/199B , ' -- REDEVELOPMENT AGENCY --- —" PM - 1
PORTFOLIO MASTEA SVMM1fRY FiDA
SEPTEPIDER 30, 1998 ACCRUAL
AVERAGE -—YIEL� TO MATURITY-—
PERCENT OF AV&RAGE DAYS TO 360 365
INVESTMENTS BOOK VALUE PORTFOLIO TERM MATURITY £QUIVt�j,�£N'1' EQUIVALENT
""'"___________________________________"_"___'__'______"______'________'________'_______________________"'_______________________"__
STATE 6 LOCAL GOVT SERIES - COUPON...........$ 66,429,662.00 41.68 1,028 1,294 5.960 5.840
FIDELITY TAEASURY POOL. ......................$ 58,385,155.17 36.63 1 1 5.28"/ 5.360
LOCAL AGENCY INVESTMENT FUND.................$ 11,203,04fi.22 9.03 1 1 5.562 5.639
VNITED STATES TREASVRY - CWPON. . . . . ..... . . . .$ B,96B4O56.29 5.50 963 655 - 5.622 5.']00
STATE & LOCAL GOVT SERIES - TIME... ....... .. .$ 6,319,501.00 3.96 ' 930 511 0.000 �0.000
UNITED STATES TREASlRtY - DISCOUNT.. ..........$ 5,920,113.69 3.71 2,339 2,087 5.454 5.529
HIGFAtARR SWEEP ACCOUNTS. .....................$ 1,391,54].13 0.96 1 1 4.909 4.900
FEDERAI, AGENCY - COUPON................ . .....$ 995,951.19 0.62 619 4B3 5.]69 5.849
� TOTAL INVESTMENTS and AVERAGES. ... . . . . . . . . .5 159,393,032.8'/ 1o0.00& 901 676 5.314§ 5.38'/7
CASH
Paeebook/Checking - No Yield Totals..........$ 54,805.55 0.000 0.000
(not included in yield calculatione)
Accrued intereet at Purchaee.................5 16,�42.50
TOTAL CASH and PURCHASE INTEREST.............5 �1,548.05
TOTAL CASH and INVESTMENTS.................$ 159,464,580.92
� MONTH ENDING FISCAL
TOTAL EARNINGS SEPTEMBER 30 YEAR TO DATE
Cvrrent Year S 708,048.14 $ 2,238,BB8.22
AVERAGE DAILY HALANCE 5 158,900,334.95 $ 165,259,80'1.26
EFFECTIVE RATE OF RETURN 5.42& 5.38t
THE ftDA'S INVESTMENT PORTFOLIO IS IN COMPLIANCE WITH ALL CALIFORNIA CAVERNMENT
PAVL S. GIBSON CODE AND RDA INVESTMENT POLICY PROVISIONS RELATING TO THE INVESTMENT OF IqCAL
FINANCE OIRECTOR fi CITY TREASURER AGENCY FUNDS. NOTWITHSTANDING ANY FUTURE ACTIONS ITY THE F2DA'S GOVERNING HOARD
OR AN UNFORESEEN CATASTROPHE, THE RDA HAS SIIFFICIENT CASH FIlJW TO MEET ITS
£XPEN�ITURE R6QUIREMENTS FOR THE NEXT SIX MONTHS. MARICET VALIIES WERE OBTAIN6D
DATE FROM U.S. BANK AND FROM INTERACTIVE OATA CORP. ALL 9ALANCES ARE HANK BALANCES.
10/]9/1998 , � -- REDEVELOPMENT AGENCY --- � PM - 2
6STMENT PORTFOLIO DETAILS - INVESTMENTS RIJA
SEPTEI�ER 30, 1998 ACCROAL
=NtJEgTMENT AVERAGE PUACHASE STATED --- YTM --- MATURITY DAYS
IiUMBER ISSUER HALANCE DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
STATE & LOCAL GOVT SERIES - WUPON
19500 UNITED STATES TFtEASURY 0'I/24/9"/ 5,686,82'/.00 5,6B6,B2'/.00 5,6B6,B2'1.00 3.165 3.122 3.165 04/O1/02 1,2�8
19501 llNITED STATES TREASURY 07/29/97 60,742,B35.00 60,742,835.00 60,742,835.00 6.090 6.00"1 6.090 04/18/02 1,295
SUBTOTALS and AVERAGES 66,429,662.00 66,429,bb2.00 66,929,b62.00
66,429,662.00 5.960 5.840 :.294
FIDELITY TREASURY POOL
11002 I FIDELITY INVESTMENTS �5,556,953.63 25,556,453.63 25,556,453.63 5.360 5.287 5.360 1
11003 R FIDELITY INVESTMENTS 1,994,049.60 1,994,09'/.60 1,999,04'/.60 5.360 5.28] 5.360 1
11005 I FIDELITY INVESTMENTS 4,251,535.00 4,251,535.00 4,251,535.00 5.360 5.287 5.360 1
11006 R FIDELITY INVESTMENTS 249,594.86 299,594.86 249,599.86 5.360 5.28'/ 5.360 1
11008 R FIDELITY INVESTMENTS . 1,]01,653.83 1,701,653.93 1,'/01,653.93 5.360 5.28] 5.360 1
11009 I FIDELITY INVESTMENTS 1,853,234.93 1,853,234.93 1,853,234.93 5.360 5.28� 5.360 1
11010 I FIDELITY INVESTTIENTS 5,'/64,825.30 5,'/64,825.30 5,'/64,825.30 5.360 5.28'] 5.360 1
11011 R FIDELITY INVESTMENTS 2,]40,]01.09 2,940,901.09 2,�90,]01.09 5.360 5.28] 5.360 1
11012 E FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
11018 FIDELSTY INVESTMENTS 196,800.48 196,800.48 196,800.48 5.360 5.28'1 5.360 1
11019 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 I
11020 FIPELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.20'l 5.360 1
11021 FIDELITY SNVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11022 FIDELITY INVESTMENTS �68.31 '/68.31 ]6B.31 5.360 5.28] 5.360 1
11023 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'I 5.360 1
11025 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.287 5.360 3
11026 . FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.207 5.360 1
1102'/ E FIDELITY INVESTMENTS _ 0.00 0.00 0.00 5.380 5.306 5.380 1
11028 FIDELITY INVESTMENTS 11'/.53 11'/.53 11�.53 5.360 5.26'] 5.360 1
11029 FIDELITY INVESTMENTS 694,436.25 693,436.25 694,436.25 5.360 5.287 5.360 1
11030 R FIDELITY INVESTMENTS 68'/,168.28 68'1,168.28 68'1,168.28 5.360 5.28'1 5.360 1 .
11031 FIDELITY INVESTMENTS 8.92 6.92 8.92 5.360 5.287 5.360 1
11032 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
1103'] FIDELITY INVESTM�NTE 0.19 0.19 0.19 5.360 � 5.28'/ 5.360 1
11038 FIDELITY INVESTMENTS 31.26 31.26 31.26 5.360 5.280 5.360 � 1 �
11039 R FSDELITY INVESTMENTS 536,202.99 536,202.44 536,202.44 5.360 5.287 5.360 � 1 '
11040 FIDELITY INVESTMENTS 449.04 490.09 440.04 5.360 5.28'J 5.360 . 1
11091 I FIDELITY INV£STMENTS 81,'737.Sfi 81,']3'].56 B1,']3'/.56 5.360 5.287 5.360 1
11042 FIDELITY INVESTMENTS 12.25 12.25 12.25 5.360 5.289 5.360 3
11044 FIDELI'fY INVESTMENTS 36,O1B.B3 36,018.83 36,018.83 5.360 5.28'] 5.360 1
11046 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.260 5.360 1
1104'/ FI�ELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11048 FTDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.289 5.360 1
11049 FIDELITY SNVESTMENTS 69.18 69.18 69.18 5.360 5.28'I' S.360 1
11050 FIDELITY IN�ESTM1IENTS 2,797.99 2�099.99 2,79].99 5.360 5.28"! 5.360 1
11051 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
10/19/199Q �^� --- RED&VELOPMENf AGENCY --- � PM - 3
�VESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
SEPTEMBER 30, 1998 ACCROAL
INVESTMENT AVERAGE PORCHASE STATED -- YTM --- MATURITY DAYS
NOMBER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARI(ET VALUE RAT£ 360 365 DATE TO MAT
______"__________________"___'"_"_""___"______"_____________"___________"__"_______________"___________________________________"_
FIDELITY TREASURY POOL
11052 FIDELITY INVESTMENTS 19,329.23 19,329.23 1],329.23 5.360 5.289 5.360 1
11053 FIDELITY SNVESTMENTS 0.00 0.00 0.00 5.3fi0 5.287 5.360 1
11054 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11055 FIDELITY INVESTMENTS 21,612.90 21,612.90 21,612.90 5.3fi0 5.29'/ 5.360 1
11056 FIDELITY INVESTMENTS 1,520.1] 1,520.1'1 1,520.1"I 5.360 5.28'/ 5.360 1
� 11057 FIDELITY INVESTMENTS 19,184 J4 19,184.74 19,184.74 5.360 5.287 5.360 1
11058 FIDELITY INVESTMENTS 29,825.8] 24,825.89 24,825.8� 5.360 5.280 5.360 1
11061 FIDELITY INVESTMENTS 30,237.80 30;237.80 30,239.80 5.360 5.28'/ 5.360 1
11062 FIDELITY INVESTMENTS 9,908,260.84 4,408,260.84 4,408,260.84 5.360 5.28� 5.360 1
13063 FIDELITY INVESIMENTS 1,865,349.14 1,865.349.14 1,865,349.14 5.360 5.20"I 5.360 1
11064 FIDELITY INVESTMENTS 324,1�4.38 324,1'l4.38 324,1']4.38 5.360 5.28'/ 5.360 1
13066 FIDELITY INVESTMENTS 1,805,263.43 1,805,263.43 1,805,263.43 5.360 5.28'/ 5.360 1
11068 FIDELITY INVESTMENTS 1,8'/4,935.46 1,8'/4,935.46 1,8'J4,935.46 5.360 5.28'I 5.360 1
13069 FIDELITY INVESTMENTS 0.04 0.09 0.04 5.360 5.28'/ 5.360 1
11070 FIDELITY INVESTMENTS 0.00 ' 0.00 0.00 5.360 5.287 5.360 1
110']1 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
130]4 FIDELITY INVESTMENTS 0.00 O.OU 0.00 5.360 5.28'/ 5.360 1
110]5 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11076 FIDELITY INV6STMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
130]'/ FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
110]8 FIDELITY INVfiSTMENTS 0.00 0.00 0.00 5.360 5.287 5.360 1
130]9 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'I 5.360 1
11080 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'1 5.3fi0 1
11081 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
13082 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11083 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11084 FIDELITY INVESTMENTS 1.00 1.00 1.00 5.360 5.287 5.360 1
13085 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.26'/ 5.360 1
11086 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.287 5.360 1
1108'/ �FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'1 5.360 1
11088 FIOELITY INVE3TMENT3 1.20 1.20 � 1.20 5.360 5.28'/ 5.360 1
11092 FIDELITY INVESTMENTS 13.12 13.12 13.12 5.360 5.28'/ 5.360 1
11093 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11094 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.�28'! 5.360 1
11095 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'! 5.360 1
11096 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
1109'! FIOELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
11099 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.289 5.360 1
11100 FIDELITY INVESTMENTS 0.00 0.0� 0.00 5.360 5.28] 5.360 1
11101 FIDELITY INVESTMENTS 2.42 2.42 2.42 5.360 5.28'/ 5.360 1
11102 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11103 FID£LITY INV6STMENTS 0.00 0.00 0.00 5.360 5.28'I 5.360 1
11104 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'l 5.360 1
1Of19/199a `� -- REDEVELOPMENT' AGENCY .-- "' PM - 4
.VESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
SEPTEhIDER 30, 1998 ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MA'(4JJtITY DAYS
NUPIDER ISSUER BALANCE DATE BOOR VALUE FACE VALUE MARKET VALUE FA'PE 360 365 DATE TO MAT
FIDELITY TREAS�Jj2Y ppOL
11105 FIDELITY INVESTMENTS 20,391.90 20,391.90 20,391.90 5.360 5.289 5.360 1
11106 FIDELII7 INVESIMENTS 0.00 0.00 0.00 5.360 5.28'1 5.360 1
1110'1 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28] 5.360 1
11108 FIDELITY INVESTMENTS 1.00 1.00 1.00 5.360 5.287 5.360 � 1
11109 . FIDELITY INVESTMENTS .0.00 0.00 0.00 5.360 5.28'/ 5.360 1
. 11110 FIDELITY INVESTMENTS 0.00 0�.00 0.00 5.360 i 26] 5.360 1
11111 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
11112 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.360 5.28'] 5.360 1
11113 FIDELITY INVESTMENTS 1,623,389.'1B 1,623,389.'JB 1,623,389.'IB 5.360 5.28'J 5.360 1
11119 FIDELITY INVESTM£NTS 0.00 0.00 0.00 5.360 5.2B'J 5.360 1
___'___"_______' ______'____'"_ "'__________" ___'________" ____'_ __"___ "_"__
�SUBTOTALS and AVERAGES 52,65'/,346.31 SB,3B5,155.1'/ 58,385,155.1'/
58,385,155.1'/ 5.28], 5.360 1
IlJCAL AGENCY INVESTMENT FVND
21000 STATE OF CALIFORNIA 11,203,046.22 11,203,046.22 11,203,046.22 5.639 5.562 5.639 1
AVERAGES 15,046,399.55
UNITED STATES TREASURY - CWPON
19013 R UNITED STA1'ES 1REASURY 0'//O1/95 105,635.SB 104,000.00 109,672.50 ].'J50 6.09B 6.182 11/30/99 425
1'/oe3 UNITED STATES 1RSASURY a3/21/9'/ 1,991,592.07 2,000,000.00 2,002,500.00 5.000 6.124 6.209 02/15/99 137
1]OB'/ UNITED STATES TREASURY O1/22/98 151,OB0.04 151,000.00 151,566.25 5.500 5.2'/3 5.34"I 02/2B/99 150
17088 UNITED STATES TREASURY O1/22/98 155,704.00 155,000.00 156,695.31 5.875 5.274 5.347 08/31/99 334
1']089 UNITED STATES TREASVRY O1/22/98 163,762.50 160,000.00 165,650.00 ].125 5.266 5.339 02/29/00 516
17090 UNITED STATES TREASURY O1/22/98 168,612.82 166,000.00 171,602.50 6.250 5.282 5.355 OB/31/00 ']00
1'l091 UNITED STATES TREASUAY O1/22/98 1')0,9�0.'16 1'l0,000.00 1'/4,"l81.25 5.625 5.289 5.3fi3 02/28/O1 B81
17092 UNITED STATES 7REASURY O1/22/58 181,048.04 176,000.00 166,010.00 6.500 5.329 5.403 OB/31/O1 1,065
17093 llNITED STATES TREASURY O1/22/98 185,469.50 181,000.00 191,633.'/5 6.250 5.35� 5.431 02/28/02 1,296
1']095 VNITED STATES TR£ASVAY O1/22/98 434,519.92 422,900.00 450,903.88 6.250 5.359 5.432 OB/31/02 1,430
1"l096 UNITED STATES TREASORY O1/22/98 416,530.5] 405,200.00 932,094.50 6.250 5.35'/ 5.932 OB/31/02 1,430
1'!09] UNITEO STATES TP.EASURY O1/22/98 9,354.46 9,100.0� 9,'/02.BB 6.250 5.35'1 5.932 08/31/02 1,430
1'/098 UNITED STATES TREASURY 03/10/98 1,381,183.92 1,360,000.00 1,413,315.00 6.125 5.523 5.599 09/30/00 '/30
1'/099 UNITED STATES TREASURY 03/10/98 1,5'/6,624.03 1,59'],000.00 1,631,601.56 6.3'/S 5.582 5.659 09/30/O1 1,095
17101 UNITED STATES TREASURY 03/10/98 1,696,010.08 1,603,000.00 1,691,298.99 5.950 5.480 5.556 U9/30/99 364
_____'"____'_____ ____________"' __'_____'___" _____'""___'__ _"__"" ___"' ""_"'
SUBTOTALS and AVEAAGES 10,228,805.69 8,]fi8,056.29 8,936,'19�.82
8,688,000.00 5.622 5.']00 655
STATE & IACAL GOVT SERIES - TIME
19008 UNITED STATES TREASUAY 0�/24/9> 239,]15.00 239,'/15.00 239,�15.00 0.000 0.000 0.000 10/O1/98 0
19009 UNITED STATES TREASORY 09/29/99 12,659.00 12,650.00 12,659.00 0.000 0.000 0.000 03/25/99 195
19010 UNITED STATES TREASURY 0')/24/9'/ 1,581,41'/.00 1�581,41'1.00 1�SB1�91'/.00 0�000 0.000 0.000 04/O1/99 182
19011 UNITED STATES TREAS[1RY 0'//24/9] 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/16/99 350
1Of19/199q "' -- REDEVELOPMENT AGENCY --- "'� PM - 5
�VESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
SEPTEMBER 30, 1998 ACCRUAL
ZNVESTMENT AVERAGE pURCFNSE STATED --- YTM --- MAT[]RITY DAYS
NUMBER ISSUER BALANCE DATE BOOR VALUE FACE VALllE MARKET VALUE RATE 36� 365 DATE TO MAT
"___'_"_'__________'__________"_""______'__'"_"_'_'_'______"_____"'_'_______________"'_'__"""'_____""'___""__"""___
STATE & IACAL GOVT SERIES - TIME
� 19012 VNITED STATES TREASURY 09/24/99 199,191.00 100,191.00 199,191.00 0.000 0.000 0.000 10/O1/99 365
19013 VNITED STATES TREASURY 07/24/97 12�65'].00 12,65'1.00 12,65'].00 0.000 0.000 0.000 03/09/00 525
19019 UNITED STATES 1REASURY 0]/24/9"1 1,622,191.00 1,622,191.00 1,622,191.00 0.000 0.000 0.000 04/O1/00 548
19015 UNITE➢ STATES TREASURY � 07/24/97 361,813.00 361,813.00 361,B13.00 0.000 0.000 0.000 04/12/00 559
19016 UNITED STATES 1REASURY 0]/24/9] 158,295.00 158,295.00 158,2"I5.00 0.000 0.000 0.000� 10/OS/00 935
19017 UNITED 5TATE5 TREASURY 0"]/24/97 12,656.00 12,656.00 12,656.00 0.000 0.00� 0.000 �3/29/O1 910
� 19018 UNITED STATES 1REASURY 0']/34/9] 1,669,9]'/.00 1,664,9'/].00 1,664,9]'I.00 0.000 0.000 0.000 04/O1/O1 913
19019 UNITED STATES TREASURY 07/24/9'1 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/20/O1 1,OB5
19020 UNITED STATES 1REASURY 07/24/9"] BB,B2'/.00 88,827.00 88,82].00 0.000 0.000 0.000 10/O1/O1 1,096
19021 UNITED STATES TREASURY 07/29/97 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 03/19/02 1,260
19032 UNITED STATES TREASURY 09/2]/98 349,157.00 349,15'/.00 349,15].00 0.000 0.000 0.000 10/O1/9B 0
'_____""_____'__' '_____________ ""'_"_'"'__" '_______"'"__ _'___' _"___ __'___
SUB'1C)TALS and AVERAGES 6,319,501.00 6,319,501.00 6,319,501.00
6,319,501.00 0.000 0.000 511
UNITED STATES TREASURY - DISCO[R4T
18023 UNITED STA1'ES TREASVRY O1/32/98 150,'l94.82 198,000.00 163,968.]5 4.'!04 5.3'14 5.449 02/15/03 1,598
18025 UNITED STATES TREASVRY O1/22/98 130,16].96 191,000.00 193,103.13 4.628 5.434 5.509 02/15/04 1,963
19029 UNITED STATES TREASURY O1/22/98 4,989,E]1.22 '],193,000.00 5,599,053.']5 4.590 5.464 5.540 OB/15/04 2,145
18028 UNITED STATES TREASURY O1/22/98 394,2]9.9� 532,900.00 933,0]'/.63 4.662 5.395 5.4]0 OB/15/03 1,'1'19
18029 UNITED STATES 1R£ASUAY O1/22/98 255,200.42 399,600.00 299,018.31 4.662 5.395 5.490 OB/15/03 1,]]9
___"____________ ___"__"'_____ ______________ "_"________""_ ___"__ "_____ ____"_
S�TOTALS and AV�RpGES 5,920,113.89 5,920,113.89 6,561,921.57
B,399,000.00 5.454 5.529 2,08'1
HIGHMARR SWEEP ACCOIINTS
26016 HOVSING AUTH Cf[K SWEEP (UB) 1,180,92'l.52 1,180,92'/.52 1,180,92'/.52 9.4"!0 4.909 4.4'/0 1
2601'] HOUSING AUTH TRT SWEEP (UBI 190,619.61 190,619.61 190,619.61 4.470 4.909 4.4'/0 1
_'_"___"'_"__'_' "_"_'_______ "______"_'"'_ "_________"_ __'__' "'___ _"""_'
SUBTOTALS and AVERAGES 1,250,'l13.B0 1,3'/1,59'/.13 1,3'l1,54'/.13
1,371,547.13 4.409 4.4'/0 - 1
FEDERAL AGENCY - WVPON
15022 FEDERAL NATIONAL MTG ASSOC OS/1B/9B 995,951.1'/ 1,000,000.00 1,008,43'/.50 5.930 5.'/69 5.849 O1/2'//00 483
AVERAGES 995,B29.B3
_'__'_'____'__"_""'_____"'""________'__'_"_'_'_'_____'____'_'"'"________'"____"_'___'__________
TOTAL INVESTMENTS and AVG. $ 159,393,032.8'/ 160,216,098.41
158,948,350.0] 161,795,911.52 5.314& 5.38]& 676
10/19/199Q � -- REDEVEIAPMENT AGENCY --- ^� pM - 6
INVESTMENT PORTFOLIO DETAILS - CASH RIJA
' SEPTEMBER 30, 1998 ACCRUAL
INVESTMENT AVERAGE PUACfIASE STATE➢ --- YTM --- MATQRITY DAYS
NVMHER ISSVER BALANCE DATE BOOA VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
_______________________________________"____"_______________'"________________________________________________"__________"'_'_____
PASSHOOK/CHECKING
25014 SELF-HELP CHECI(ING (BA) 59,905.'l2 0.000 0.000 0.000
25015 HOUSING AVTH Cf�CKING (UB) -10'/.20 0.000 0.000 0.000
25016 HOUSING AUTH 1RUST (UB) 9.03 0.000 0.000 0.000
______________ ______________
SUBTOTALS and AVERAGES 51,989.30 54,805.55 0.000 0.000 �
' Accrued Interest at Puzchase 16,'/42.50
'"__'____'"_"_"________"'_'_________""__'_____"________"_____"'__"_'___'___
TOTAL CASH $ 71,548.05
TOTAL CASH and INVESTMENTS 5 158,900,334.45 159,464,580.92
10/19/1998, ' — pM _ �
-- REDEVELOPMENT AGENCY --- gDA
INVESTMENT ACTIVITY SUMMF�RY ACCRUAL
SEPTEMBER 1999 through SEPT£MBER 1998
YIELD TO MATURITY MANAG6D NUDIDER OF NUMBER OF AVERAGE
MONTH NOMBER OF TOTAL 360 365 POOL SECUAITIES SECURITIES AVERAGE DAYS TO
END YEAR SECORITIES INVESTED EQUIV EQUIV RATE PURCHASED MATORED/SOLD TERM MATURITY
____'_""_____'_'______"'_'________'__'_____"'_'__'_'______'"'"'____"""'_"""______'_""'""'__"'"_"______"__
SepCember 99 91 199,291,990.28 5.299 5.3'12 5.000 1 5 900 809
October 99 95 152,995,190.39 5.288 5.362 5.6B0 4 � 4 - 8]8 ]]1 �
Nwember 9"J 90 150,T13,0']OJ9 5.291 5.36h 5.680 0 5 B]6 ']60
December 9'/ 9'/ 153,392,308.92 5.308 5.381 5.680 0 4 B39 '/27
Jamaxy 9B 110 155,513,4]1.90 �5.323 5.39] 5.944 1'1 9 920 805
February 98 109 155,5'15,324.']5 5.31'] 5.391 5."/a4 0 2 919 �BB
March 9B 109 166,326,263.03 5.309 5.382 5.'144 4 5 868 "!44
April 9B 115 163,206,958.79 5.303 5.3'1'1 5.]00 5 2 B83 '/93
May 98 115 169,'/20,205.16 5.316 5.390 5.6'/3 1 1 B53 '/07
.Tune 96 115 163,018,630.86 5.318 5.392 5.900 0 0 083 "/26
� duly 98 150 170,785,592.fi5 5.328 5902 5.652 0 2 B45 664
Auguet 98 134 169,452,444.06 5.339 5.419 5.900 0 3 8]5 6'12
SePtember 98 133 159,393,032.8] 5.314 5.38'/ 5�360 0 1 901 676
AVERAGES 113 $ 159,632,650.05 5.313& 5.3858 5.651$ 2 3 880 ']3'/
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Palm Desert Redevelo ment A en
Po ol o Compos on
As of September 30, 1998
For the month ended September 30, 1998, the Palm Desert Redevelopment Agency�s investment
portfolio had a totai book value of S'I59,393,032.87. Part of the portfolio is zero interest State
and Local Government Series (SLGS) that have little or no interest earning as is required by the
refunding bonds for which they are invested. The SLGS increasetl the portfolfo balance and
lowered the yfelds substantially. Beginning in October 1997, the graphs wiil be compiled without
including the SLGS informatfon. The investments include:
Fidelitv Treasury Pool -The Fidelity pools are money market accounts that are tied to
bond funds. The bond trustee uses the money in the Fidelity pool accounts to pay for expenses.
Deposits are made from interest earnings, and maturing investments.
The Fidelity Treasury Pool increased by S2,121,823.16 tlue to proceeds from assessment districts.
LOC81 Ag811CV 111VeStmellt FUfltl (LAIF) -T►12 ST2t@ Of C211f01't112 Op@I'at@S 2tl II1VBStR1@Ilt
pool for the exctusive use of muntcipalitles antl other local agencies. Each account has a
maximum limit of $30 million and funds are available for withdrawal daily.
The LAIF balance decreased by $5,800,000.00 due to tlebt service payments.
Federal AgencY Counons-This group includes all Federal government agency i55ue5 that
pay periodic interest payment(s) prior to maturity. These items can be purchased at a premium
or a discount.
Federal Agency Coupons increased by S251.�8 tlue to amortization of principal.
Federal Aaencv Discount-This type of security is also issued by Federal government
agencies, but they do not receive interest payments like the coupon securities. They are
purchased for an amount less than the face value. The interest earnings is the difference
between the cost and the face value received at maturity.
The category had no activity.
Treasury toupons -These are securities issued by the United States Treasury called
treasury notes. 7hey are like the federal aJency coupons in that they pay periodic interest
payment(s) prior to maturity and can be purchased at a premium or a tliscount.
Treasury Coupons tlecreasetl by S1,511,211.22 due a maturing security.
Treasury Discounts-These are treasury zero coupon bonds commonly called strips.
Tney are purchased at a discount antl mature at face value. There are no periodic interest
payments. All interest earnetl is the difference between the cost and the face value received at
maturity.
This category had no activity.
State and Local Government Series (SLCS) -This a unique type of securfty that was
createtl by the Treasury tlepartment to be used exclusfvely to invest bond proceeds for
refunded municipal bonds. There are two tVpes, o those that earns 0°� interest antl �those
that earn interest paid twice a year called coupon.
This category had_no activity.
The total Book Value of the portfolio is the carrying cost of the (nvestments. In the month of
August, tne book value showetl a net decrease of S5,059,41�.19, driven by a maturing security
and a deClining LAIF balance . Market Value is the amount that would be received if the entire
portfolio was sold on the reporting date. On September 30, 1998, marKet value exceedetl booK
value by S823,015.54 (this is described as a gain in the Gain lLossl section of the reportl. This is a
°paper gain^ resulting from market changes.