HomeMy WebLinkAbout2002-02-27 IFC Regular Meeting Agenda Packet •
Finance Department
\ iiirAti MEMORANDUM
To: Rachelle Klassen, Deputy City Clerk
From: Diana Leal, Administrative Secretary .ey
Subject: Investment and Finance Committee
Date: April 1, 2002
Attached is a copy of the February 27, 2002 minutes of the Investment and Finance Committee
approved by the Committee on March 27, 2002. Please place on the next City Council agenda for
approval thereof.
Additionally, attached is the sign in sheet of said meeting.
Thank you for your assistance.
Attachments (2)
•
•
G:\Finance\Diana Leal\Wpdocs\lnvestment Committee\2002 Memos\City Clerk\1-15-02 minutes.wpd
. 1 - )
4.
\ $
w tn % }
/ A a � �( z a ! t
2 ° 4 A \ k ,
2 R4 9 q • § 3 \
m a •
o g $ y
u w a o
) § » \ % ®
$ \ § § \ \
§ \ \ ) � � ( ,
2 4 { \ ) /
< \ ® \ ¥ /
\ \ / � . } k �/
IA/
)
ni{„) ,...„:';N..,-c \ ...
K,
' 1
\»/ \
. ,, . /\ `
a` ,.i / . ..�
\ % , „.. .
CITY OF PALM DESERT
Kett / °. INVESTMENT & FINANCE COMMITTEE
;j AGENDA
vti 19/ February 27, 2002, 2:00 p.m.
- a r ' :�t •a -W North Wing Conference Room
••"9rE9�35.;r
CALL TO ORDER
II. ROLL CALL
III. ORAL COMMUNICATIONS
A. Any person wishing to discuss any item not on the agenda may
address the Investment and Finance Committee at this point by
giving his/her name and address for the record. Remarks shall be
limited to a maximum of five minutes, unless the Investment and
Finance Committee authorizes additional time.
B. This is the time and place for any person who wishes to comment
on agenda items. It should be noted that at the Investment and
Finance Committee's discretion, these comments may be deferred
until such time on the agenda as the item is discussed. Remarks
shall be limited to a maximum of five minutes, unless the
Investment and Finance Committee authorizes additional time.
IV. CONSENT CALENDAR
ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE
CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE
ROLL CALL VOTE. THERE WILL BE NO SEPARATE DISCUSSION OF
THESE ITEMS UNLESS MEMBERS OF THE INVESTMENT & FINANCE
COMMITTEE OR AUDIENCE REQUEST ITEMS BE REMOVED FROM
THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND
ACTION UNDER SECTION V. CONSENT ITEMS HELD OVER, OF THE
AGENDA.
A. Approval of Minutes
Rec: Approve minutes of the regular meeting of January 15, 2002,
as submitted.
Action:
1
022702.wpd
INVESTMENT & FINANCE COMMITTEE
AGENDA February 27, 2002
V. CONSENT ITEMS HELD OVER
None.
VI. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and
Summary of Cash Reports for December 2001
Rec: Review and submit for the next City Council agenda.
Review the presentation on the investment graphs. Review
the investment activity for December 2001. Review status of
capital projects and cash-flow projections.
Action:
B. Review Short-Term Investments Maturing in February 2002
Rec: Review investments in 1) collateralized deposits; 2) treasury
bonds and notes; and 3) agencies discount notes
Action:
C. LAIF Withdrawal Legislation
Rec: Review and submit for the next City Council agenda
Action:
D. State of California Local Agency Investment Fund — Forty-Fifth
Annual Report, Fiscal Year 2000-2001
Rec: Informational item for the Committee to review. No action
required
E. City and Redevelopment Agency Monthly Financial Reports for City
Council for January 2002
Rec: Report and submit to City Council
Action:
2
022702.wpd
r •
INVESTMENT & FINANCE COMMITTEE
AGENDA February 27, 2002
F. Parkview Professional Office Buildings - Financial Report for
January 2002
Rec: Review and file report:
Action:
G. Palm Desert Golf Course Facilities Corporation Financial
Information for December 2001
Rec: Review and file report
Action:
VII. CONTINUED BUSINESS
None.
VIII. OLD BUSINESS
A. Status of Public and Private Partnerships Background Checks
Rec: Status report on background checks
Action:
B. Bond Issuance by Palm Desert Financing Authority
Rec: Status report on issuing new bonds
Action:
IX. NEXT MEETING -Wednesday, March 27, 2002 at 2:00 p.m.
X. ADJOURNMENT
I hereby certify under penalty of perjury under the laws of the State of California,
that the foregoing agenda for the Investment and Finance Committee was posted
on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated
this 215` day of February, 2002.
i `a L I, rdin. Secretary
3
022702.wpd
CITY OF PALM DESERT
/ . /, �1 \ INVESTMENT & FINANCE COMMITTEE
ir/ Minutes
b.� /.4 _ February 27, 2002, 2:00 p.m.
`:;°� r,:' North Wing Conference Room
•..'pia..9�.••
I. CALL TO ORDER
A regular meeting was called to order by Chairman Gibson on Wednesday,
February 27, 2002, at 2:09 p.m.
II. ROLL CALL
Present: Absent:
Paul Gibson, Chairman Thomas Jeffrey; Investment Manager
Jean Benson, Mayor Pro-Tempore
Bob Spiegel, Council Member
Carlos Ortega, City Manager
Dave Erwin, City Attorney
Russ Campbell
Murray Magloff
Bill Veazie
Everett Wood
Also Present:
David Yrigoyen, Redevelopment Director
Diana Leal, Recording Secretary
III. ORAL COMMUNICATIONS
Mr. Everett Wood was sworn in as a new member of the Investment and Finance
Committee by Deputy City Clerk Rachelle Klassen.
Ms. Klassen reminded the Committee members about submitting their Conflict of
Interest Statements and offered to assist them in any way possible.
Mr. Gibson welcomed Mr. Wood. Mr. Wood spoke briefly of his background.
1
022702.wpd
INVESTMENT & FINANCE COMMITTEE
MINUTES February 27, 2002
IV. CONSENT CALENDAR
A. Approval of Minutes
Motion was made by Mr. Spiegel and seconded by Mr. Veazie to approve
the Minutes of the January 15, 2002 meeting as submitted. Motion
carried, with Mr. Wood abstaining.
V. CONSENT ITEMS HELD OVER
None.
VI. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and Summary of
Cash Reports for January 2002
Mr. Gibson said that Mr. Jeffrey was out of town and unable to provide the
report for January. He asked the committee members if they had any
questions about the reports provided. He said that the City is still ahead of
LAIF at 3.27 versus LAIF's 3.07. The City continues to drop as maturities
mature.
There being no questions, reports were received and will be filed.
B. Review Short-Term Investments Maturing in February 2002
Mr. Gibson gave a brief overview of maturing investments in February
2002 for the City and for the Redevelopment Agency.
C. LAIF Withdrawal Legislation
Mr. Gibson said that there is concern about the Local Agency Investment
Fund. In 1997, the Howard Jarvis Tax Payer's Association brought suit
against the State of California over the issuance of state warrants,
including warrants paid from the state to the banks to cover wire transfers
for money invested in LAIF. This law suit prevents anyone from
withdrawing any funds for approximately two months. There is a
constitutional amendment which prevents the State from issuing any
warrants without a budget adopted as of July 1. The problem this
presents to the City is that cash that is with LAIF ($40 million RDA and
$40 million City).
2
022702.wpd
INVESTMENT & FINANCE COMMITTEE
MINUTES February 27, 2002
cannot be withdrawn until the State has a budget in place. Mr. Jeffrey is in
Los Angeles researching the court case involving LAIF withdrawals to
assist him in preparing language to be presented to legislation before
•
June. Mr. Gibson is looking at other investing alternatives.
D. State of California Local Agency Investment Fund Forty-Fifth Annual
Report. Fiscal Year 2000-2001
Mr. Gibson said that LAIF is a State of California program whereby the
state allows local agencies including counties, cities and special districts to
place their surplus cash into LAIF's pool of cash. LAIF invests the surplus
money for the local agencies and provides the local agencies with
quarterly interest based on earnings. Typically, the length of maturity for
the monies invested is about 165 -180 days.
Mr. Magloff inquired about the security the City has in relation to the
monies provided to LAIF for investing. Mr. Gibson said that LAIF sets up
an account for the investments/assets of the pool. The City is a member
of the pool thereby making LAIF assets our security.
Mr. Magloff asked if LAIF is restricted by law as to what instruments they
can invest in. Mr. Gibson said that they have the same restrictions as the
City. The only difference is that LAIF can utilize the lowest A rating and
still can invest. They can receive a little better yield than the City,
however, they are required to do more due diligence on the review of the
companies where money is to be invested. The City continues to do
comparisons of other money market companies, and overall, LAIF does
very well.
E. City and Redevelopment Agency Monthly Financial Reports for City
Council for January 2002
Mr. Spiegel asked if information for the fourth quarter had been received.
Mr. Gibson said that the fourth quarter information is expected to be
received by March 24, 2002. The third quarter report was for the period of
August through October 15, thus it included September 11. Fourth quarter
report includes October 16 through January 15. The state said that the
statewide average was down 3% for the third quarter. The sales tax
auditor indicated that northern California created the negative 3% as they
were impacted more severely. Southern California fared better than
northern California.
Mr. Gibson said that the first installment of the tax increment was received
and is reflected in the Redevelopment Agency report.
3
022702.wpd
INVESTMENT & FINANCE COMMITTEE
MINUTES February 27, 2002
There is $10.7 million in the,McCallum Foundation account. McCallum is
currently working with Rancho Mirage and Indian Wells to obtain additional
funding. Mr. Gibson said that he will provide the committee with a copy of
last year's financial statements at the next meeting.
Ms. Benson asked if the Joint Power Authority bond was included. Mr.
Gibson said that it is strictly the refunding of existing bonds that were
issued for Project Area No. 1. Pricing will be done on February 28 and the
closing will be March 13.
Mr. Magloff asked how the Joshua Hills project, where they plan to build
7,000 homes, three hotels, etc. , affects the City of Palm Desert and what
will the City do to prevent the loss of the "desert" look.
Mr. Ortega said that the project will not directly impact the City financially,
or through requirement of services. He said that for a project of that size
an environmental impact report is required that will take a few years to
complete and can delay or stop the project depending on the findings.
However, if all environmental issues are addressed, the project can
continue.
F. Parkview Professional Office Buildings - Financial Report for January 2002
Mr. Gibson provided a brief summary of the financial reports for January
2002 and informed Mr. Wood about the location of the professional office
buildings and status of tenants.
Ms. Benson inquired about the use of funds received from the Parkview
Office Buildings. Mr. Gibson said that last year a staff report was
presented to the City Council asking for direction on how to use funds
received from the Parkview Office Building and the Council asked that
staff direct the funds toward park expenditures. $1 million was transferred
to the park expenditures which will be used to fund the amphitheater
project. Staff does not expect to have funds available this year as various
tenant improvements are expected to be completed.
There being no questions, discussion ensued to the next agenda item.
4
022702.wpd
INVESTMENT & FINANCE COMMITTEE
MINUTES February 27, 2002
G. Palm Desert Golf Course Facilities Corporation Financial Information for
December 2001
Mr. Gibson said Rodney Young was not in attendance. He asked if any
one had any questions.
Mr. Spiegel said that he noticed that the rounds were down. Mr. Gibson
said that the number of rounds from residents are up while the non-
residents are down. Therefore, the dollar per round is lower than it would
have been last year.
Mr. Spiegel asked what was to be attributed for the increase in Food and
Beverage. Mr. Gibson said that he believes that the increase can be
attributed to the overall management of the new food manager, their new
menu, their cost efficiency and staff availability.
• Ms. Benson asked about the status of the lights for Desert Willow as the
parking lot is very dark at night. Mr. Ortega said that at this time no capital
money has been appropriated for the lighting at Desert Willow. He thinks
that maybe the City should wait to see what the hotels will be providing in
the area. For the most part, Desert Willow remains a day operation,
however, they do expect to have some functions in the evening and
eventually becoming a place where dinners are provided. Ms. Benson
said that she was concerned about the potential of people having an
accidental fall due to the lack of lighting.
Mr. Spiegel mentioned the trees at Desert Willow looked as if they were in
need of being trimmed. Ms. Benson agreed and said that at a meeting
she previously attended City staff mentioned that the trees would be
trimmed in April.
VII. CONTINUED BUSINESS
None.
VIII. OLD BUSINESS
A. Status of Public and Private Partnerships Background Checks
There being no business issues to report, discussion ensued to the next
agenda item.
5
022702 wpd
INVESTMENT & FINANCE COMMITTEE
MINUTES February 27, 2002
B. Bond Issuance by Palm Desert Financing Authority
Mr. Gibson said that Mr. Coleman was unable to attend. He distributed
a memorandum prepared by Mr. Coleman which recapped the status of
the Project Area No. 1, 2002, Series A Bond Issue.
Mr. Ortega said that the memorandum includes the potential interest rates
attainable. A few months ago, the City was able to obtain a yield of under
5. Now, it is looking at an effective yield of 5.05 which is still considered a
good rate.
Miscellaneous
Mr. Campbell said that he would not be able to attend the next Investment and
Finance Committee meeting as he will be on vacation.
IX. NEXT MEETING - Wednesday, March 27. 2002 at 2:00 p.m.
X. ADJOURNMENT
There being no further business, the meeting was adjourned by Mr. Gibson at 2:40 p.m.
Respectfully submitted,
Dian Leal, Rec r ng ecretary
6
022702.wpd
o § r § §
§1,3
c; ; ; 0Du 311110 0 EC al \ \ \ �
§ § ) ) |
|
7 ] ) ) |
0002
, : oet!
Orr 1
& ,
: § § q
§ kk * IL 0
ƒ
� ( 0
lif ; § E m ;
o = 1
00 ; 0
2 \ \ 2
cam
) mm
£ _ae
® X
{ 3 § ;
2 #
0 a0000 }
en Iv co 2 U
} H
, § 5 �
\
\ ( 0
/ ! ) !
A O
N
O
d CO 113
O c
w P.
IJ_ N R
m C)
m co
N
J r
N
V <
N A
A T
CD C
4
o
- -1
c m
0 q
C,71
c
m
cn
D CD
a
vgo
c m
A N
A o rn O
N = 3
T < m
c c fD CD Z
o m Cr -
N
N '� m
T° CO N Z
T C :
d
m N
z C0
3 o
N =
o
N
C
P
O
m m m 9
3
o o o w C
o o o 7
m Cl,
AE
N p�
o m n
C)
0
3
3
N
aW
✓
en0
3
a
m O
7. O
u A
N v D
e
in
0 a .,
o u ai
o h a o
R YS -
e ,a ffi
ca o o ,5 A
W 0 o w
W
c, t- a
0 0 0 0 0 0 e o 0 0 0 0 0 0 0
10 <{ 0 V1 .-. .�-i N M O n.N O N
.tied �. ON ,�. C1 ma .. .N. ON .-� 9 r ON r r CO r C
0 N
IX O o P7 ❑
A
7
Web
00 N .-�. M 0 T r .. 0 Vt 7 Vi C\ O 01 0 ro
00 C. o N C, O en O Vl N 0 O 4\ O
00 V? O C 'O OY r? u1 7 co a, O Vl o d' 0 000
W W Q 7 N N O O .4 0 7 Q N M M .-• N O O a
Ce 71
alO tg
0 of
JW �. 00 in M Vl r- o 00 a
< G CN N vri 7 O 00
0 >
a F F _ � r r U � OOOOO � N
Um Q U a :
N VI O, l0 0 00 N M V1 N 't .N. N o ' y
O C so N O> Vl 0 0 r re-;
7 en o r O> >,
W �. 00 M 00 ^} ‘Ti- �O Vl C; 'V; _R t+l r O .• 00 0 0 ..
11 13/44 G - v CM - .-. o O 0 M i r; v r; CM O in .-: o
r ti d Q 0.
q q 0
V
4 O O_ N O O N ON. ‘0 "Zr ,is CO ,--I 70 ON 0 N A
0 t'
O 0 N N 7 — 7 ref ON N vt 4 Ci O VV./ 0 N 0
OA 00 't N \0 V tr.. N 7 LO 00 .0 N En in 0 ^+ 0
4 N — O o o — O . V 47 ^ M O Q\ O 1-
PA PA P
o
A 0 O
El F
>
O
0
R 0 0 0 0 0 0 0 O
otie M o en o 0 or- of ON m. a • 0 0 0 0 0 0 0
00 0 0 7 00 l� Cr: 7 Cr! 0 06 0 0 0 0 o CO 0 0
i 0pMN M N .--. .^ ^ ^ M9 F 0 0 0 0 0 0 0 -.9+9 ti yQ Q °
0000 0, oN N 00 0 0 O— 0aO o in ^-i Vl .0 Er) h N o
o d C 44 4N In 4M M y
C
ex
o — 0�4 O
o m s. a
Y c .0 O 0.1 C
O 2 2 NO x C > o
ed 4) Lx
-o i;_ oN F. 013 a P.
t m TN T S. q O WP.
V / / mob� i. 0,0.1 I r 00, > Of
O O. ^y C
oY yqo ta"a ' m 'n
o
O
E • a to a
( Q s 4 -51 > WH b
,[[ v'l r` mPA O etW 4)
F tiw cm o �. F
z 7O C 'o
I C '\. yC 0` o om x " P
:4 � >' y 0 d i 7 7 m
LL n o Na oi .uYL ; P+ 0 7 O.y 0 ou0
a oa C O N Q g o
,2 nOy CDqa w ° F 0, Z
o imi � � O
idmF44 W 4md O x a0 a a U '
N F W F FTi .i
Finance Department
x .? Interoffice Memorandum
To: Investment and Finance Committee
From: Diana Leal, Administrative Secretary
Subject: Feb. 27, 2002 Investment and Finance Committee Meeting Item
Date: February 22, 2002
Attached for your review is the Redevelopment Monthly Financial Report for January 2002.
Please insert the report in your sorter under section"E". Thank you.
I look forward to seeing you at the meeting.
G:6hlance\Diana LeanWpOoaunvesUnem Committee\INVSTCOMPAemos 2003V.lemnsUmscom Lwpd
;f
PALM DESERT REDEVELOPMENT AGENCY
COMBINED STATEMENT
REVENUE AND EXPENDITURES COMPARED TO BUDGET
31-Jan-02
TOTAL RDA
RDA RDA %OF ACTUAL (FAV)UNFAV
BUDGET YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE
REVENUES
1,5 Tax increment 38,265,287.00 22,321,417.42 20,728,353.50 93% 1,593,063.92
2 Interest 986,000.00 575,166.67 753,560.01 131% (178,393.34)
Sales of Property - - - 0% -
3 Reimbursement From Other Agencies 1,207,300.00 704,258.33 951,238.60 135% (246,980.27)
Other Revenue - - 2,801.35 0% (2,801.35)
Transfers to/from other funds - - - 0% -
TOTAL REVENUES 40,458,587.00 23,600,842.42 22,435,953.46 1,164,888.96
•
FAV(UNFAV)
EXPENDITURES
Administrative Costs 1,127,150.00 657,504.17 546,385.92 83% 111,118.25
Professional Services 1,206,888.00 704,018.00 70,442.26 10°/ 633,575.74
6 Property Tax Administrative Fee 577,543.00 336,900.08 - 0% 336,900.08
Payments to Other Governmental Agencies 13,284,792.00 7,749,462.00 1,297,252.24 17% 6,452,209.76
Bond Issuance Costs - - - NoBudget -
Bond Discount - - - NoBudget -
Interest And Fiscal Charges 9,489,885.00 5,535,766.25 3,176,945.24 57% 2,358,821.01
Principal Payments 3,055,000.00 1,782,083.33 51,159.27 3% 1,730,924.06
Cost of Inventory Sold - - - NoBudget -
NoBudget -
Capital Outlay NoBudget -
Office Equipment 13,617.00 : 7,943.25 1,159.27 15% 6,783.98
Undergrounding Projects-Major Art 1,970,937.00 • 1,149,713.25 - 0% 1,149,713.25
Undergrounding Projects-Neighbor 3,000,000.00 1,750,000.00 - 0% 1,750,000.00
Undergrounding Projects-Hwy 74 2,100,000.00 1,225,000.00 - 0% 1,225,000.00
Entrada-El Paseo 8,938,164.00 • 5,213,929.00 119,981.97 2% 5,093,947.03
Parking Spaces 400,000.00 , 233,333.33 312,893.54 134% (79,560.21)
Parking Lot-Pres Plaza 1,015,115.00 ' 592,150.42 . - 0% 592,150.42
4 Fred Waring Street Improvements 4,293,784.00 2,504,707.33 - 0% 2,504,707.33
1-10 Cook St Interchange 250,000.00 250,000.00 250,000.00 100% -
Business Center 33,850.00 19,745.83 - 0% 19,745.83
UCR Infrastructure 2,000,000.00 1,166,666.67 - 0% 1,166,666.67
Cal-State Infrastructure 1,200,000.00 ; 700,000.00 - 0% 700,000.00
JFK Clinic 300,000.00 ; . 175,000.00 - 0% 175,000.00
Sandpiper Improvements 400,000.00 , 233,333.33 - 0% 233,333.33
Palms to Pines East Project i 1,000,000.00 583,333.33 - 0% 583,333.33
Public Library/Community Center f 403,915.00 , 235,617.08 210,212.18 89% 25,404.90
No.Sphere Infrastructure 3 1,097,364.00 ! 640,129.00 15,172.05 2% 624,956.95
RDA Projects C 3,313,582.00; 1,932,922.83 - 0% 1,932,922.83
Desert Willow Pad Stabilization 200,000.00 1 116,666.67 40,851.82 35% 75,814.85
Section 4-Desert Willow 81,690.00 47,652.50 3,153.96 7% 44,498.54
Property Acquisition 1,996,904.00. 1,164,860.67 2,042,886.07 175% (878,025.40)
Business Enhancement Program 1,000,000.00 ! 583,333.33 155,000.00 27% '428,333.33
Contrib-McCallum 5,000,000.00 ; 5,000,000.00 5,003,120.00 100% (3,120.00)
Contrib-Housing - 1,800,000.00 , 1,050,000.00 - 0% 1,050,000.00
Regional Park 7,250,000.00 4,229,166.67 - 0% 4,229,166.67
Transfers
Transfer Out Administrative Costs - - 0% -
3 Transfer(In)/Out Capital Exp Reimb - (1,782,563.00) 0% 1,782,563.00
5 Transfer Out Low/Mod Set-Aside 7,651,150.00 : 4,463,170.83 4,145,670.70 93% 317,500.13
TOTAL EXPENDITURES 85,451,330.00 52,034,109.17 15,659,723.49 _ _ ____ _ 36,374,385.68!
1. Tax increment is received in Jan&May
2. Interest is received as securities mature
3. Reimbursements for the Library are posted at yearend.
4.
5. 20%Set Aside included here,shown as transfer out
6. Administrative fee net from TI
RDA Financial Report 1-2002 J. Moore 2/22/02
O N O N 0 0 N 0 0 0 0 O N O O O r V 0 O o O o O 0 O O 0 lO O N o r O O O O 0000 0 V
0 c0 O N O) O 0) 00000 O N 0 0 0 O) i 0 o 0 0 0 0 0 0 0 0 — 0 0 oM 0) 0 0 0 0 0 0000 O d'
O c0 0 0 O O L0 M O O D 0 0 0 0 0 r t•') O O O O O O O O O N N O n) O O O O O O O M O O r
2 N 0 coo N N O N W W O r 10 N W O N CO M
CO_ r 0 0 MO fl 00 0 N r M m O r N r
a A N o N M O N r O N O O In O M N N C] N O'
co O co O W a 0 r r m rr a O N O 0 0
OH r N Q 0 r M N N O r O r 0
N N CO
y I
Z O r o M
0
D Se- ri of W m..
LL O m o a
.(70)
o a 4 N • N
W
0
O O Cl 0 O
0. o 0 of ci cd',
J tin co 0 N (0
f 22 or of
co <0
- as co
r
Q
0 •
Cl I 0) N 0 W M 0'
N O. M N (0 0 Nf
c N 0 0C d
C N O O (O r orco
' O E d' o N i0 O M 01
M
a s r r d W
m •
m (o v) Cr NO r Ne o co roo a:
0 0 M m W r N 0)• IO o c o o r,
666 m;
C) n O l 0 N m r '0 N O) O N NON V
d 0 r 0 (O O i or 0) 0 O N coo .- 0)
a Qff2 V N N O` p Cr,) O) N O O M O O WTI
0 0: 10 r M N N CV ,-. 0 ob
N 01
✓ O o 0 0 0 O 0 0 0 0 0 0 0 0 0 O O O O O O O o 0 0 0 0 0 O 0 0 0 0
. O
U OOOOOO O. O0 O000O oOooO000000OOOOOOOOO• 01, , ,
Z P 0 0 O OM
too rrOOQomyOOOOOOONdNOOd' OOO.O
000 (00 ? 001000000? 00000-0000 Cl
(Oi
W N ice O M 6o] N 0?O O O r O M 0 0 0 0 0 0 M R)O (O W O O O O Cr
EN M r MOOOof O N MO 0'i 000 O O Mr l: No0 OOO rf
N N N NM .-N 0 O 0 0 0 0 0 0 O.O 0 0 0 W 0 0 0 0 0 0 N
Q -m d' r .- 0 0 0 r 0 d' o N N O N M d' O d' O M N 0 0 O o�N N
Z
f x
0. W r
•
O •p a) Q m a c a`) E a
WC a `o o r °) Eo 2 _0 E
w w N ry N N d d N 2 N SD
W 0 0 0 2 Z S > m toO w
O m cc N N N 22 0 r0 2.2,0 N a U d Q W
W C 43 0 u G U m n a m c 2•E '5 n 3 'c o x _ w
Q. w c ? vdd E (`O o maoo .- o m '- wm
> p 0 .15 o o Q a t u E ;� E 2 m — c E .: m m 0
F- K E w w2 a` a`a m dE 22 > w o m3 ou E o, � 'no G
(F 2 z .0, 0 2• O d 01 W O] N N N _-' N O U a y .N ry {p C •E c Z
y 0 a w o '2 E m E o c'o 4' w a, m 5 c 2 m E c a''S m d,Q t U ' " E V 3 W
W W m'c m W V y Q 2 'S > > >w a o e m V = 0 a 2@ aoi Q w S ¢ O _1 x
O S 'c o. d a' 0 > - c o Q Q o m J m o @ m E `m o n m 'o m m 5^5 W
27•p 0 2ES Wv co d w wrn '^ aw o m `c ,(_o_ n... � c c as c c
0 m a a' m Q rc m o ~ = = d d d m a c 3 U — y U a w y y a o d c 'S E O c 0
N O 0 7 V) '(n T 0 9 V a "� 'E O Y C E 1) Q N U d VI C C 0 ry ry ry
V W e '^ O t) O 'c H ry`o < C C C N N i) 'NJ U N ' N (O J O D N ry Q 7 0 0 N w O
a (A ° .x �_ E •0 f o E 2 o H OO »>wa auMDO tOaaZWOmamOUCC E 2 2 2 r
EE
wr comu aaaCO�o a 21- -
c
w x m m
C w 0 it
j 00) 00) 000 0' 000 V 00 Tr 000 CO
N 7 O M 0 0 0 0 0 (.00D100030 O 0 r r,
.
M O N O O O M O 0 O N O O N O O O O 0'
co co O (co e) 0) N 0 co in 0)) O 0 0
To r N N W r N I N fl 0�
o 0 N N' r. co- of <0.
I— O) 0) 0
0
D a ' O
C . 0) 0)
co 'c o co no
o N L O O
Z C 5 N N
7 Q
Li...
LLJ
o 0 v v o co i.- v'
0 0 0) N. m a•
co W > N N 0) co Tr r
W a, @ r r v co 0) 0
M 0 O N N N M r '0 O
I— d Q 0 O N (D. CO'
m M CO-,
W
0
0
N 0 Tr Lc?
lm CO
5 coco (0 IN
N 0 co Co. i(0 co
'p N O co COi (O
T-
o_ Q N co 1�
i
1
T 0 (0 o N 00 N, 0
C)
Cl.)• O N CO 0 N N O 10. CO
N 0 co
Q a)) a` Q` cD coO Ti Or) r to O Cr) N
N V 0 (0
c
Q. 0 co coam co O O co co
O W (0 N v. 6M m
(o '
O T— O O r O O N N.
M V! 0 N O M' `
CD• °MS M d Q N N uuMO'', N N N i C
N
0 0 0 0 0 0 O. 00000000 O O: V
Q) • 0 0 0 0 0 0 N-' O O O O O O O O 0 0' C
In 0 r 0 0 0 0 0 R' O O C) O) O N-0 O O!
d m _m N O O 0' O 0) CO 0 r C
_ NO O Na CD 00 C)I
O > > LOU) W CO N' I r Tar-
O O 1n oM'), .0 •
�. N 'm. N N V N'' N N. Cl- O CO NI N o
(a = c0+) M D)C) �1 0
d 0) N O
CO
a) E
73
ti c Q 0 E w - ~
m 0
Q 0 LL N (� a N -00 O
-ca > E m > 111 N co c =_
To N m « N 3
O . N U N N (I .y. U N a 0 Y C N
2• 0 7 Z 0 .0 0 (��OQ} N -C 0 V j 0
C N O N N N 9 L U y N - J 0 d 2 N
E. Oam aj ,_ > a) coQ O 8 cii E QO -J O. ..-c CC
d o E Fa o re > m w 3 a m 5 ^c 5 Ij
E a 0 >> m ri o l->. co 2 8 a d o o d 'y
y c)• y O O d' �+ r y N L N N D N O. w cn w 0 C 0
C X cv E L E F C -E p T C C N .0 W W 2 ~ .X N
> � inmOF- o,¢ aaamm - a rt- I- 1- 1-
K w
PALM DESERT REDEVELOPMENT AGENCY 31-Jan-02
Schedule of Revenue and Expenditures
HOUSING FUND
YTD (FAV)UNFAV
Budget Budget •• Actual YTD Variance
REVENUES
2 Transfer in of 20% Set-Aside 7,685,200.00< 4,483,033 33 4 1d5,t570.74 337,362.63
3 Interest 20,000.00 11,666.67 11,666.67
Rental Income 48000.00 i 28,000.00 16,701.84 11,298.16
Sales of Property - 153,000.00 (153,000.00)
1 Reimbursement From Other Agencies - -
2 Housing Mitigation Fees -
Other Revenue - 282,602.13 (282,602.13)
TOTAL REVENUES 7,753 20000 4,522,700,00 4,597,974.67 (75,274,67)<
EXPENDITURES FAV(UNFAV)
Administrative Costs 417 400.0a 243,483.33 189,970,05± 53,513.28
Professional Services 305000.00 177,916.67 92,686.11 l 85,230.56
Property Tax Administrative Fee - -
Cost of Inventory Sold -
6 Interest And Fiscal Charges 2,580198,00 1,505,115.50 1,298,956,58 206,158.92
6 Principal Payments 955,000,00 557,083 33 • 955,000,00 (397,916.67)
Office Equipment 5,000.00 2,916.67 364.21 2,552.46
Acquisition Rehab/Resale#7 780,000,00 455,000.00 21,29039 433,709.61
Home Improvement Program 1-6 - - 80,698.68 (80,698.68)
Palm Village Apartments - - -
Property Purchases - -
5 Desert Rose • • 10,COO.00 ':. 5,833.33 59.99 5,773.34
5 Portola Palms Mobilehome Park 470,000,00 99,166.67 177,280,47 (78,113.80)
Fred Waring Improvements - 363,895.D0!
Multi-Family Improvmt Program 200 ODO.00
Housing Development 3,812447,00 2,223,927.42 795,899.78 1,428,027.64
Transfers -
Transfer(In)/Out Administrative Costs -
Transfer(In)/Out Capital Exp Reimb -
TOTAL EXPENDITURES 9,235 045,00 5,270,442,02 3'976,101.26 1,658,236.66
Notes:
1 Reimbursements are various throughout the year
2 This transfer is done once a year only. (This is an based on actual$ rcvd)
3 Interest is posted with investment maturities or dividend payments
4
5 Includes re-purchases and re-sales
6 Debt Service is due 10/1 and 4/1 of each year
Housing 20% Financial Report, J. Moore 2/22/02
a - Q 1 CO N a N r O 0 ol a 0
a)1 U C IC N O CO N CD N O
Z C = CO a r a ea M co , r 0)
co E 07 or.
r) co- v O 0)
Q To ^O .- V v O N
Q
w
O CCO CMO 0 CO V 00 0 0))) 0 OD 0
N 0) N 0) N coN O r O N 0
0 N a CO CO 0
} o coN N (NO N � 0)0) U 00) N
co CV
(O f- N r)
N C) CO 0) 0 CO 0 CO N
O r a N 0 a 0 CO C)
CO
J 0) N M 00) N Cr) 1- co U co
Ia- ¢T N O co N ft N 0) '- CO
O to co CO COO N 0 U) c.5
cc;
a�}
N Cr? (') a O CO O 0 O (O M
E N O CO N ri or CO O OO ci
CO a N a N CUO CO CO CO r N M
# N Cv)) en0 co N C') a CN r'
O
-+ to
C I
d
E toa N N CO0O CO N
--' n ° ri f` 0 0i Ci ' LL] N Ti
CD NCti 0CD N co.b C0O N N- CO
co
CO a N N co- N N N
d ' N N r N
0 r N (r') O) O n 0 (No N
M u0]
Co co O COam R Ti 0 N N (0O CO N LC)
Co (o 0 a) 0 CO r N- N (o n a 0
— N d
H C co (o N co (O N N a aN
N d O O r_ a n (+)
tE" a
„ 0)) 8 N- CO0 CV CI CO N 0 0 (UO N
p o LO
O O (0 L tO 6 CO 0) m
L- Z " o) r CON 0 O CO CO CO r) N N
a Z a a N
la Y U) r) C) 6 R v
LO
C CO N
( N CO or C`a') V coE
d C 0 CO a LLO Cn N r O r)
Ce or N
_• W n (n M CO
COO_ N- a co
a coa
Q # o a ^ a CO 6 CO 6 Tr a
I m N r)
Q J
d N CO CO VO O rO CO O O (OO COO CO
00
'O N t` a 0) N O (O n CO
COD a CCOO CO Oa) PO- co co 0 00) v (NO
# N (6 CON CC) a 6 (D N N O ram)
a) .- t- 'I-
a)
0
CO co co (O or O O (O co f-
CO O a O N CO 0 0 CO CO
N .0 O 0) (O O 6 Oi ci O CCi ci
a N N. CO CCOO 0) CD
N 00) NN- 0 a
# N N N CO a or:a ' O r
U a 0 a)
a) co I
o a N
C j co
ND O
a) N 'O
CC a) W a) N co
iD C N C o. % O c
E d F~o- a c a w w c m
O O CU a w a) N O) g
C 0 N O UI H � 2
m
N To 7 (C O ° co a) t
C O N C aa N 0) f0 N O
m - a 0 0 a 2 0 a To I'
aa)) x o
a w
C I-- " FORTY-FIFTH ANNUAL REPORT
E ms, T41 7�: FISCAL YEAR 2000/2001
ue
y
a: S f is.b r`£,iy3�1..`
I
POOLED MONEY
INVESTMENT
BOARD
PHILIP ANGELIDES
State Treasurer and Chairman
1
1
1
California State Treasurer's Office
915 Capitol Mall
Sacramento, CA 95814
• (916) 653-2917
Pooled Money
Investment Board
Executive Summary
The Pooled Money Investment Board, created by the Legislature in
1955, is comprised of Philip Angelides, State Treasurer, as chairman;
Kathleen Connell, State Controller; and B. Timothy Gage, Director of
Finance. The purpose of the Board is to design an effective cash management
and investment program, using all monies flowing through the Treasurer's
bank accounts and keeping all available funds invested consistent with the
goals of safety, liquidity and yield.
The law restricts the Treasurer to investments in the following
categories: U.S. government securities, securities of federally-sponsored
agencies, domestic corporate bonds, interest-bearing time deposits in
California banks and savings and loan associations, prime-rated commercial
paper, repurchase and reverse repurchase agreements, security loans, banker's
acceptances, negotiable certificates of deposit and loans to various bond
funds. Subsequent sections of this report deal individually with the demand
account and investment programs for which the Board has oversight
responsibilities, and which the Treasurer directly administers.
During the 2000/01 fiscal year, program earnings totaled $2.676
billion. Approximately $873 million of this amount was credited to units of
local government as a result of their deposits in our investment pool. This
level of voluntary participation, which averaged $14.397 billion, reflects the
confidence they have in our investment management capabilities. The
magnitude of these investment earnings provide a significant reduction in the
tax burden that otherwise would have been imposed on the citizens of
California.
v Pooled Money
Investment
Board Members
4
elik.,
i.
i
Chairman
4 ,
PHILIP ANGELIDES $' '
State Treasurer -,
f,:iw'li‘'itti::::.t.
y'
1
Member
KATHLEEN CONNELL
t' State Controller
I
Member
B. TIMOTHY GAGE
Director of Finance
ii
Table of Contents
Page
OVERVIEW POOLED MONEY INVESTMENT BOARD
Pooled Money Investment Board Executive Summary
Pooled Money Investment Board Members 11
The Year in Review
Investment Activity FY 1992 through 2001 1
2000/01 Investment Market Conditions 2
Pooled Money Investment Account Comparison of
Average Daily Portfolio and Earnings FY 1992 through 2001 3
POOLED MONEY INVESTMENT ACCOUNT (PMIA) 4
The Year in Review 4
Demand Account Program 5
Rate Schedule for Banking Services 6
Average Daily Balance in Demand Bank Accounts 7
Investment Program 8
Schedule of Security Purchases - by Term 9
Analysis of the PMIA Portfolio 9
Dollar Amount of Interest-Bearing Time Deposits 10
PMIA Summary of Investments and Earnings 11
Financial Community Coverage 13
SURPLUS MONEY INVESTMENT FUND (SMIF) 14
The Year in Review 15
Participation 15
Earnings for 2000/01 14
Resources of the SMIF 16
LOCAL AGENCY INVESTMENT FUND (LAIF) 17
The Year in Review 17
Participation 17
Earnings for 2000/01 17
Resources of the LAIF 18
Appendix A - PMIA Summary of Investments and Earnings, 1957 through 2001 19
Note To PMIA Summary of Investments and Earnings 20
Appendix B - Historical PMIA Yields 21-29
1
The Year In Review
Average Daily Portfolio $43,840,420,719
Earnings $2,676,158,235
Effective Yield 6.10%
bambini A i ityfa'the
Rca! Vats Thing Jtn?30
($Inlillicns)
Fad Yew 1992 1923 1991 1995 19% 1997 1999 1999 21) 2091
apt $1W8 325 $2101 $277.4 $237.4 $209.3 $301.6 $237.3 $3536 $3102
T)i,wikn 4,133 6898 5,169 4'151 5,721 5,12) 7,108 5,n1 6447 7,'r:'
p
InvestnetrActilities 1
Fumd Vern T3rhg une30
0 ($IniIiims)
$100,0—
TRO
$410a
$1110 I I I I 1 I 1 I
1992 1993 1994 196 1996 1997 1993 1999 200 2101
I
Source: State Treasurer's Office,Division of Investment
2
2000/01 Investment Market Conditions
To indicate prevailing market conditions during the 2000/01 fiscal year, the following
table shows monthly money market rates, as computed from daily closing bid prices. The
information was obtained from Federal Reserve Bulletins published by the Board of
Governors, Federal Reserve System, and The Bureau of Public Debt.
Monthly Yield On
iVIoney Securities
(Yield in Percent PerAmum)
Finance
3Month Company %Lhy 62*n h l Year 3Year
Feartl Th rzswy Cal'»rrrtl Certificate Treasury Treasury Treasury
Minh Finns Bills Raver ofDerrosits Bills Bills Issues
July,2000.._ 6.54 5.96 6.54 6.67 6.01 6.80 628
August... 6.50 611 6.49 6.61 6.08 6.18 6.17
September-..._ .. 6.52 6.00 6.47 660 5.98 6.13 6.02
6.51 6.11 6.52 667 6.04 6.01 5.85
I�Ioveari ',,. 6.51 6.19 652 6.65 6.07 609 5.79
Decerri3er 6.40 5.83 6.33 645 5.70 5.60 5.26
January,M)1.... 5.98 5.21 551 5.62 5.00 4.81 4.77
February 5.49 4.86 519 5.26 4.69 4.68 471
Nlaruh 5.31 4.45 4.81 4.89 4.32 4.30 4.43
April 4.80 3.91 4.47 4.53 3.88 3.98 4.42
May 4.21 3.61 3.96 4.02 3.61 3.78 4.51
June. 3.97 3.48 3.69 3.74 3.44 3.58 4.35
2001'2001 Average 5.73 5.14 5.54 5.64 5.07 5.16 5.21
1999/2000Average 559 527 5.:: 5.92 5.42 5.40 6.20
lnciease/( rse) 0.14 -0.13 -0.34 -0.28 -0.35 -0.24 -0.99
Note:3 and 6 month Treasury Issues and 90 day Commercial Paper are quoted on a discount basis.
3
Pooled Money Investment Account
Comparison of Earnings and Average Daily Portfolio
Fiscal Years Ending June 30, 1992 through 2001
/ I
Average Daily Portfolio
($ In Millions) ,g91
$45,000$40,000 J
$35,000 -/
29,345
$30,000 -/ 26802 44
13 3
$25,000 -/ 23,052
21 _6 21.456
$20,000 _ [....J
$15,000 - '
$10,000 -�
$5,000 -�
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
I
I \
Earnings
($ In Millions)
$3,000 -
$2,500 J
1,999
$2,000 1 788
1,672 MT
29
$1,500 1,330
$1,000
$500
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Source: State Treasurer's Office,Division of Investment
4
Pooled Money
Investment Account
The Year In Review
Resources $ 44,260.1 million per day on the average
Demand Accounts $ 419.7 million per day on the average
Portfolio $ 43,840.4 million per day on the average
Earnings $ 2,424.9 million from security investments
251.2 million from bank time deposits
- million from General Fund loans
Earning Rate 6.10 percent average for all investments
Dollar Value of Investment Transactions $ 310.2 billion
Number of Investment Transactions 7,889 transactions
Time Deposits 124 banks,credit unions and savings banks
held PMIA money at year-end
Source: State Treasurer's Office,Division of Investment
Resources of the Pooled Money Investment Account averaged $44,260,140,719
per day during the fiscal year although the daily figures fluctuated widely with receipts
and disbursements. High point for the year occurred June 27, 2001, when the total
reached $57,242,259,235. Resources for the account were lowest on December 8, 2000,
when balances totaled $38,807,371,213.
A breakdown of an average day's resources during the fiscal year shows the
following: $419.7 million in non-interest-bearing bank accounts; $39.522 billion in
securities and General Fund Loans; and $4.318 billion in interest-bearing time deposits.
On the closing day of the fiscal year, the following resources were on hand in the
Pooled Money Investment Account:
Demand bank account $ 735,639,664
Time bank account 4,865,145,000
Securities 49,627,613,483
Total Resources $55,228,398,147
5
Demand Account Program
Investments of the PMIA are made from monies flowing through the Treasurer's
demand (non-interest-bearing) bank accounts maintained in the seven banks that serve as
State depositories. Currently, the seven depository banks are: Bank of America,
California Bank & Trust, Union Bank of California, United California Bank, U.S. Bank,
Wells Fargo Bank and Westamerica Bank. A small portion of these funds must remain in
the accounts as compensating balances which consist of (1) a balance for uncollected
funds and (2) a balance for banking services. Uncollected funds represent the total dollar
amount of checks deposited by the State for which the banks give immediate credit, but
for which they do not receive good funds until these checks are presented to the banks on
which they are drawn. The Pooled Money Investment Board allows the banks an average
balance for uncollected funds equivalent to 1.3 calendar days on all checks deposited
other than cashier's checks and checks under the presort of deposit system.
Under the presort of deposit system, the major revenue collecting agencies sort
their checks by the five State depository banks and then deposit them directly in the
banks on which they are drawn, thus avoiding the need for providing bank balances for
uncollected funds. The remaining checks are deposited under a contract whereby the
depository bank receives bank balances equivalent to 1.345 calendar days for the amount
of such deposits.
The balances allowed for banking services represent compensation for handling
393 thousand deposits, 56.2 million checks deposited, 334 thousand dishonored checks,
$694.9 million in currency deposited, $11.4 million in coin deposited, 112.1 million
warrants and 29.7 thousand checks paid.
All amounts in excess of these compensating balances are promptly invested by
the Treasurer. Intensive and expert analysis of receipts and disbursement data is used
daily to estimate the State's rapidly shifting cash position in order to determine exactly
how much money is available for investment. This results in maximum earnings
consistent with prudent management.
Compensating balances are determined by a formula, which accounts for the
estimated volume of each service item as well as its unit cost. The rate schedule for the
compensating balance formula is determined through annual negotiations with the State's
depository banks and the cost for any particular service may be raised or lowered as
conditions warrant. Adjustments for the difference between actual and estimated work-
6
load for any fiscal year are made in the following fiscal year. The PMIB made no
changes in the rate schedule for banking services for the 2000/01 fiscal year. In addition
to the rates shown below, the Board agreed to include the costs of account reconciliation
and electronic funds transfer services within the compensating balance formula starting in
the 1991/92 fiscal year. The costs for these two services are paid (with balances) on a
lagged, actual basis when billed by each bank. The Board approved the following rate
schedule for the 2000/01 fiscal year:
Rate Schedule For Banking Services
2000/01 Fiscal Year
Encoded Checks Deposited
"On Us" $ 0.04
"Other 0.05 •
Non-Encoded Checks Deposited. 0.09
Warrants Paid 0.01
Checks Paid. 0.12
Dishonored Checks 2.75
Deposits 1.20
Split Bags Deposits 0.55
Coin Deposited 11.00 per thousand
Currency Deposited 1.05 per thousand
Account Maintenance 15.00 per month
Daily Statements 6.00 per statement
Source: State Treasurer's Office,Division of Cash Management
7
Average Daily Balance In Demand Bank Accounts
2000/01
($ In Thousands)
Bank Balance Bank Balance Less Net Bank Balance Actual
Required for Required for Delayed Deposit Prescribed by Average Daily
Month Banking Services Uncollected Funds Credit PMIB Bank Balance
Jul-00 $178,457 $173,774 $3,912 $348,318 $340,056
Aug-00 175,858 179,760 5,585 350,033 356,490
Sep-00 159,223 238,287 7,148 390,362 407,957
Oct-00 163,084 156.970 5,882 314,173 406,499
Nov-00 172,538 194,217 7,292 359,463 360,566
Dec-00 174,833 231,566 8,913 397,486 351,634
Jan-01 161,287 252,589 11,365 402,511 494,691
Feb-01 208,955 268,696 62 477,589 344,507
Mar-01 197,057 167,809 7,338 357,528 346,283
Apr-01 231,905 450,721 11,591 671,034 701,610
May-01 271,806 278,336 7,179 542,963 443,131
Jun-01 268,013 257,843 8,327 517,530 484,840
Weighted $196,698 $236,768 $7.090 $426.377 $419,720
Average
Average Balance In Demand Bank Accounts
2000/01
($In Thousands)
$750,000
$650,000
;1C
$550,000 '
::.
, " _
.
, .
$250,000 t
�t �i 'fie pi Cat ye Je0 Jsr° qcc" C�\\ tie; )J�c
=,u \eF c� ie eA sc .p4 4. P
�Q O Zo Q¢ ) gc
- U' Prescribed by PN --6--Average Daily
I
Source: State Treasurer's Office,Division of Cash Management
8
Investment Program
Although the Pooled Money Investment Board designates how much shall be
invested in interest-bearing time accounts in California banks and savings and loan
associations, and in securities, it is the responsibility of the State Treasurer to administer the
investment program on a day-to-day basis in line with overall Board policy. This entails a
daily determination of amounts available for investment, or the need for liquidating securities
to meet estimated warrant redemption requirements, while maintaining the approved
compensating balance position. This means that the State Treasurer must continually adjust
the estimates for receipts and disbursements to reflect current available information.
For the 2000/01 fiscal year, investments in time deposits ranged from $3,668,440,000
to $4,865,145,000 and averaged $4,317,935,890. There were 1,639 transactions totaling
$19,680,865,000 during the year. Commercial banks, savings banks and credit unions
receiving these State deposits must secure them with approved securities having a market
value of at least 110 percent of the deposits or with approved promissory notes secured by
mortgages or deeds of trust having a market value of at least 150 percent of the deposits. The
same collateral requirements also apply to the State's demand accounts. At the end of fiscal
year 2000/01, interest-bearing time deposits were held by 93 commercial banks, 17 credit
unions and 14 savings banks throughout California. For the fiscal year, PMIA holdings in
time deposits had an average yield of 5.82 percent.
The amount of money designated by the Board for investment in securities varies
dramatically throughout the year. Such designations are made at least monthly, and again,
the State Treasurer handles the actual investments, determining the issue and maturity of
authorized securities to be bought or sold in accordance with cash needs and both current and
projected market conditions. During fiscal year 2000/01, there were 3,225 security purchase
transactions and 3,025 security sales or redemption transactions, with a total investment
activity of$290.5 billion.
Total earnings for the Pooled Money Investment Account in fiscal year 2000/01
were $2,676,158,235. These earnings were credited as follows:
General Fund $822,696,302
Fish and Game Preservation Fund $ 305,456
Surplus Money Investment Fund $974,657,023
Local Agency Investment Fund $873,410,950
Public Employee's Retirement Fund $ 2,791,247
State Teacher's Retirement Fund $ 2,297,257
Earnings consisted of $2,424,943,624 from security investments at an average
6.10 percent yield and $251,214,611 from time deposits at an average 5.82 percent yield.
The overall return on investment was 6.10 percent.
The portfolio holdings of the Pooled Money Investment Account for the 2000/01
fiscal year are illustrated in the following table:
9
POOLED MONEY INVESTMENT ACCOUNT
SCHEDULE OF SECURITY PURCHASES-BY TERM
2000/01 Fiscal Year
(At Cost-$In Thousands)
Under 90 Days- I-3 Over
MONTH 10 Days 10-29 Days 30-89Ll ys 1 Year Years 3 Years TOTALS
July,2000 $1,945,482 $1,496,463 $2,657,765 $649,672 $210,106 $0 $ 6,959,488
August 3,294,803 2,208,004 613,084 3,180,073 702,199 0 9,998,163
September 3,964,302 2,113,845 1,772,979 2,192,792 586,219 14,101 10,644,238
1 October 2,610,255 2,786,479 1,833,721 2,841,591 117,669 174,637 10,364,352
November 2,560,314 2,002,131 888,281 2,653,238 449,799 0 8,553,763
December 3,128,498 1,600,974 2,428,083 5,066,350 775,761 10,631 13,010,297
January,2001 4,398,410 2,463,208 959,618 6,597,579 825,739 170,740 15,415,294
February 772,762 4,968,691 932,539 772,762 806,774 0 8,253,528
March 3,611,201 6,789,775 782,144 788,689 91,603 0 12,063,412
April 1,448,881 4,358,536 4,387,442 6,779,159 833,646 9,097 17,816,761
May 1,283,214 2,526,635 3,657,691 1,692,440 350,645 0 9,510,625
June 2 659,639 3,324,717 3,968958 7061151 1,716,209 60,935 1$,792.609
TOTAL $31,677,761 $36,639.458 $24,882,305 $40,276A96 $7.466,369 $440,141 $141,382,530
PERCENT 22.40% 25.92% 17.60% 28.49% 5.28% 0.31% 100.00%
Source: State Treasurer's Office,Division of Investments
POOLED MONEY INVESTMENT ACCOUNT
ANALYSIS OF PORTFOLIO
2000/01 Fiscal Year
Effective Average Percent
Average Percent Percentage Portfolio Life Of
Daily Of Earnings Yield on 6/30/01 Portfolio
Type Of Security Portfolio Portfolio For Year For Year (In Days) On 6130101
U.S.Treasury Blt4Strips $2,646,954,548 6.04 $159,144,419 6.01 129 3.33
U.S.Treasury Bonds&Notes 3,056,497,078 6.97 176,273,771 5,77 493 6.43
Federal Agency Cpn Securities 3,282,193,454 7.49 203,889,095 6.21 515 8.44
Federal Agency Discount Notes 9,011,738,061 20.56 573,877,152 6.37 176 18.62
GNMA 1,166,433 0.00 138,015 11.83 4,381 0.00
FHtMC 11,353,297 0.03 1,094,517 9.64 4,381 0.02
Negotiable CDs 8,184,759,498 18.67 502,011,011 6.13 132 18.05
Time Deposits 4,317,935,890 9.85 251,214,610 5.82 100 8.93
Bankers Acceptances 11,464,798 0.03 755,994 6.59 114 0.00
Cmmnercial Paper 9,273,506,834 21.15 548,616,241 5.92 38 26.57
Corporate Bonds 2,364,913,906 5.26 144,406,953 6.27 534 4.59
Repurchase Agreements 5,808,219 0.01 331,680 5.71 14 0.00
Reverse.Repurchase Agreements (857,535,461) -1.96 (49,840,879) 5.81 292 0.00
AB55Loam 2,589,664,164 5.91 164,245,656 6.34 226 5.01
General Forod Lows 0 040 0 049 _0 0.00
TOTAL PORTFOLIO $43,840,420,719 100% $2,676,158,235 6.10% 180 100%
Source: State Treasurer's Office,Division of Investments
10
DOLLAR AMOUNT OF INTEREST - BEARING
TIME DEPOSITS BY MONTH-END
POOLED MONEY INVESTMENT ACCOUNT
2000-01 Fiscal Year
MONTH TOTAL
July $ 3,747,440,000
August 3,868,440,000
September 4,037,440,000
October 4,111,940,000
November 4,206,940,000
December 4,340,845,000
January 4,433,345,000
February 4,631,345,000
March 4,693,345,000
April 4,726,345,000
May 4,774,345,000
June 4,865,145,000
Dollar Amount Of Interest-Bearing
$4,900,000 — Time Deposits By Month-End
($ In Thousands)
$4,600,000 —
$4,300,000 —
$4,000,000 — -
$3,700,000 1 1 1 1 4 1 1 1 1 1 1
J" J, �e met e< ve �.6 � C
.6 t, C� i sr,
' te,¢ c ��0 ,cF a ooJ �J „so „ S` 1
�yQ o �o oes.
•
Source: State Treasurer's Office, Division of Investments
li
Su nnv y of Investments and Earnings
Fiscal Years Ending June 30, 1992 through 2001
($In Thousands)
INVESTMENT INSECORYIIES INVFS1MFNTINTTMEDEPOSITS
Avemge Daily Earnings Average Daily Earnings
Fiscal Year Investment Earrings Rate(%) Fiscal Year Investment Fanzines Rate(%)
1991/92 20,322,527 1,259,654 8.01 1991/92 131,362 6,817 5.19
1992/93 21,499,605 1,013,606 6.20 1992/93 139,146 4,977 3.58
1993/94 24,322,849 1,0E8,915 4.71 1993/94 107,647 3,700 3.44
1994/95 26,468,520 1,465,018 4.39 1994/95 217,522 12,218 5.62
1995/96 25,362,783 1,448,002 5.53 1995/96 351,050 19,416 5.53
1996/97 27,674,553 1,550,599 5.71 1996/97 419,648 22,376 5.33
1997/98 28,034,192 1,601,603 5.60 1997/98 1,076,268 57,452 5.34
1998/99 31,409,593 1,688,570 5.34 1998/99 1,928,600 93,095 4.83
1999/00 32,177,870 1,845,503 5.71 1999/00 2,820,736 152,310 5.40
2000Y01 39,522,485 2,424,943 6.10 2000/01 4,317,936 251,215 5.82
(
Avenge Daily ImSnnits Avenge Dilly Investments
In Securities In Time Deposits
($In%Mii s) (MI Millions)
$45,000 — $5,000
$40,� $4.500
$4,000
Sa5,000 500
530,000 $3,000
$25,000 $2,000
$20,000 ' $1,500
$1,000 '
$1_5,000 '
$50D
$10000 1 1 1 1 I 1 1 1
$D ' I 1- 1 I 1 1 I 1
a �4444I t.e 44 , , e /9 e /9 ee /9` e $ /e e / / , /9, •41
♦ ,
J /
Source: State Treasurer's Office,Division of Investments
12
Swam y of Investments and Earnings
Fiscal Years Ending June 30, 1992 through 2001
($In Thousands)
LOAD TO THE GENERAL FUND TOTAL INVESTMENTS
Average Daily Earnings Avenge Daily Earnings
Fiscal Year Investment Earnings Rate(%) Fiscal Year Investment Earnings Rate(%)
1991/92 1,002,544 63,005 6.28 1991/92 21,456,433 1,329,476 6.20
1992/93 1,412,792 66,543 4.71 1992/93 23,051,543 1,085,126 4.71
1993/94 1,002,582 43,045 4.29 1993/94 25,433,078 1,115,660 4.39
1994/95 116,081 5,338 4.60 1994/95 26,802,123 1,482,574 5.53
1995/96 909,353 51,602 5.67 1995/96 26,623,196 1,519,020 5.71 .
1996/97 169,868 9,468 5.57 1996/97 28,264,069 1,582,443 5.60
1997/98 234,052 13,327 5.69 1997/98 29,344,512 1,672,382 5.70
1998/99 112,895 6,099 5.40 1998/99 33,451,088 1,787,764 5.34
1999/00 30,428 1,670 5.49 1999/00 35,029,034 1,999,483 5.71
2000/01 - - - 2000/01 43,840,421 2,676,158 6.10
i •
Loans To the General Ibd Average Deily Total Investments
($Inlveliims) ($In Mlfims)
$1,600
$1,430 $45,000
$1,200 $40,000 —
$1,000 $35000 -
$800 $30.000
$400 $20,000
$209 $15,000
$0 ' I I I I 1 I I $10,000 1 I 1 I I I I I
,gq�Pti`qc) `ggsPs,$sP`,gggPb,ggbP ,gg.,P%,ggg\�`ggg\0 tipc' `gg`Ph`ggryP�`gg�Pt`ggpPq�ggaP ,,p `4,P6`gp `? ryst
l
Sauce: State Treasure's Office,Division of Invesinrnts.
13
Financial Community Coverage
The following firms conducted investment transactions with the StateTreasurer's Office
during the 2000-01 Fiscal Year.
A.G.Edwards and Sons,Inc. Fahnestock and Company Operating Engineers Federal Credit Union
American Express Credit Corp Farmers&Merchants Bank of Central California Pacific Crest Bank
American River Bank Federal National Mortgage Association Pacific State Bank
Antelope Valley Bank First Bank and Trust Pacific Union Bank
Asiana Bank First Bank Beverly Hills Pacific Western National Bank
Associates Corp North America First Bank San Luis Obispo Paribus Corporation
Banc of America Securities First Fidelity Investment and Loan Peninsula Bank of Commerce
Banc One Capital Markets,Inc. First United Bank PFF Bank and Trust
Bank of Canton of California FNB Central California Plumas Bank
Bank of Granada Hills Ford Motor Credit Corp Preferred Bank
Bank of Montreal Fuji Securities Inc Provident Central Credit Union
Bank of Nova Scotia Fullerton Community Bank Prudential Securities
Bank of Petaluma Garvin GuyButler Pryor,McClendon,Counts and Company
Bank of Sacramento General Bank Quaker City Bank
Bank of Santa Clara General Electric Capital Corp Redwood Credit Union
Bank of the Sierra General Motors Acceptance Corp Redwood Securities Group,Inc.
Bank of the West Golden Gate Bank River City Bank
Bank of Visalia Golden One Credit Union Sae Han Bank
Bank United Securities Corp Goldman Sachs and Company SAFE Credit Union
Bay Area Bank Grand National Bank Salomon Smith Barney
Bay Bank Commerce Hacienda Bank San Jose National Bank
Bear Stearns and Company Inc Hanmi Bank San Luis Trust Bank
Bongo Springs Bank Hawthorne Savings Bank Santa Barbara Bank and Trust
Broadway Federal Bank Heller Financial Company Santa Clara Federal Credit Union
Business Bank California Heritage Bank of Commerce Santel Federal Credit Union
California Center Bank Household Finance Corp Sanwa Bank California
California ChoHung Bank HSBC Securities,Inc. Scripps Bank
California Credit Union Imperial Bank Sears Roebuck Acceptance Corp
California Federal Bank J.P.Morgan Chase Securities Securities America,Inc. '
California Pacific Bank La Jolla Bank SilverGate Bank
CalState 9 Credit Union Lake Community Bank Societe Generale
Camarillo Community Bank Lehman Brothers Holdings,Inc. South Bay Bank
Canadian Imperial Bank of Commerce Loop Capital Markets South Western Credit Union
Canyon National Bank Los Robles Bank Spear,Leeds and Kellogg
Cathay Bank Malaga Bank State Bank of India(California)
Central California Bank Manufacturers Bank Sunwest Bank
Cerritos Valley Bank Marathon National Bank Tehama Bank
Chapman Company McDonald and Company TransPacific Bank
China Trust Bank(USA) Mechanics Bank Travis Credit Union
CitiGroup Securities Mellon First Business Bank Tri Counties Bank
Citizens Business Bank Mercantile National Bank Trust Bank
City National Bank Merchants National Bank U.S.Bank
Coast Commercial Bank Merit Capital Associates,Inc. Union Bank of California
CommerzBank Meriwest Credit Union Union Safe Deposit Bank
Community Bank Merrill Lynch Capital Markets United Commercial Bank
Community Bank of Central California Mesirow Financial,Inc. United Security Bank
Community Federal Credit Union Metro Commerce Bank US Bancorp Piper Jaffray
Constitution Capital Corp. Mid Peninsula Bank Valencia Bank and Trust
County Bank Mid State Bank Valley Independent Bank
Courts&Records Federal Credit Union Millennium Bank Verdugo Banking Company
Credit Agricole Indosuez Mission Community Bank Vining Sparks
CS/First Boston Corp Mission Federal Credit Union Warburg Dillon Read
Cupertino National Bank Monterey Bay Bank Washington Mutual Bank,FA
Delta National Bank Morgan Keegan and Company Wells Fargo and Company
Deutsche Bank Morgan Stanley,Dean Witter&Company WesCom Credit Union
Donaldson,Lufkin and Jenrette Inc National Bank of the Redwoods WestAmerica Bank
East West Federal Bank Neighborhood National Bank Western Federal Credit Union
Eastern International Bank North Island Federal Credit Union Western State Bank
EBTEL Federal Credit Union North State National Bank Williams Capital Group
El Dorado Savings Bank North Valley Bank Wilshire State Bank
Eldorado Bank Oak Valley Community Bank Xerox Federal Credit Union
EuroBrokers Inc Oceanic Bank
EverTrust Bank Omni Bank
14
Surplus Money
Investment Fund
The Surplus Money Investment Fund consists of the available cash of all special
funds which do not have investment authority of their own; and all or a portion of the
'7 available cash of special funds having investment authority of their own, but which have
elected to be included in the program. Cash balances in excess of needs in any of these
participating funds are invested by the State Treasurer.
The Pooled Money Investment Board is responsible for determining whether any
cash balances of the participating funds are in excess of current needs and available for
investment, or whether it is necessary to liquidate previous investments to meet current
requirements. This determination is operationally performed by the State Controller's
Office by means of a continuing review of the cash balances of the participating funds.
As a result of these determinations, the State Controller prepares a document for
the Pooled Money Investment Board's approval which authorizes the State Controller to
increase or decrease the contribution balances of the applicable funds.
All of the resources of the Surplus Money Investment Fund are invested through
the Pooled Money Investment Account. Prior to the 1967/68 fiscal year, the Surplus
Money Investment Fund was a separate investment program. In 1967, legislation was
enacted (Chapter 505, Statutes 1967) which provided that money in the Surplus Money
Investment Fund shall be invested through the Pooled Money Investment Account. This
legislation further provided that the Surplus Money Investment Fund would share in the
interest earnings of the Pooled Money Investment Account based on the ratio that the
dollar-day contributions of the Surplus Money Investment Fund bear to the dollar-day
investments of the Pooled Money Investment Account.
This legislation increased the potential investment earnings for both programs,
since their high and low resource periods tend to complement each other. Consequently,
under normal market conditions, more long-term, higher yielding securities may be
purchased.
Earnings for 2000/01
Gross earnings totaled $974,657,023 for the 2000/01 fiscal year. This represents
It an earning rate 6.12 percent for this investment program.
SMIF earnings are computed on a dollar-day basis to guarantee equitable
distribution among all member funds. An apportionment of the earnings is made by the
Controller,twice yearly as of December 31 and June 30.
15
The Year in Review
Resources $ 15.936 billion per day on average
Earnings $ 974.7 million
'4
Earning Rate 6.12 percent
Source:State Treasurer's Office,Division of Cash Management
Participation
•
There were over one thousand special funds and accounts participating in the
Surplus Money Investment Fund as of the last day of the fiscal year, June 30, 2001.
Their combined deposits totaled$21,588,923,000.
•
Large contributors as of June 30, 2001 were the: Department of Water Resources
Electric Power Fund, $4,239,623,000; State Highway Fund, $1,192,124,000; California
Housing Finance Fund, $916,729,000; School Facilities Fund 1998, $864,422,000; Public
Buildings Construction Fund, $722,788,000; Unemployment Compensation Disability
Fund, $544,085,000; California Infrastructure & Economic Development Bank Fund,
$475,092,000; State Lottery Fund, $417,499,000; Special Deposit Fund, $413,947,000.
16
Monthly deposit balances are shown in the following table:
RESOURCES OF
THE SURPLUS MONEY INVESTMENT FUND
2000/01 FISCAL YEAR (Month-End Balances)
MONTH TOTAL
July 2000 $14,401,665,000
August 16,795,506,000
September 15,507,073,000
October 15,642,236,000
November 16,838,333,000
December 15,855,465,000
January 2001 16,845,845,000
February 16,053,375,000
March 15,828,412,000
April 16,229,270,000
May 17,728,265,000
June 21,588,923,000
Resources of the Surplus Money Investment Fund
- 2000/01 Fiscal Year(Month-End Balances)
$21,500,000 — ($Jnshousands)
$19,000,000 —
$16,500,000 —
$14,000,000 1 1 1 4 1 1 1 1 1 1 i
ye4 0 o O` 4c
Source: State Controller's Office, Report of Cash Assets of All Funds in The State Treasury
17
Local Agency
Investment Fund
The Local Agency Investment Fund was established by Chapter 730, Statutes of
1976. This fund enables local governmental agencies or trustees to remit money not
required for immediate needs to the State Treasurer for the purpose of investment. In
order to derive the maximum rate of return possible, the State Treasurer has elected to
invest these monies with State monies as a part of the Pooled Money Investment
Account.
Each participating agency determines the length of time its money will be on
deposit with the State Treasurer with the exception of bond proceeds, which must remain
for a minimum of 30 days. At the end of each calendar quarter, all earnings derived from
investments are distributed by the State Controller to the participating government
agencies in proportion to each agency's respective amounts deposited in the Fund and the
length of time such amounts remained therein. Prior to the distribution, the State's
reasonable costs of administering this program are deducted from the earnings.
Earnings for 2000/01
Gross earnings for fiscal year 2000/01 totaled $873,410,950. This represented a
6.07 percent yield for this investment program.
Participation
As of June 30, 2001, there were 2,928 participants in the Local Agency
Investment Fund consisting of 54 counties, 468 cities, 1,896 special districts, 286 trustees
and 224 bond accounts. Deposits in the fund averaged $14.397 billion for the year.
The Year in Review
Resources $ 14.397 billion per clay on average
Earnings $ 873.4 million
Earning Rate 6.07 percent
Participation 2,928 Agencies or accounts at
year-end.
Source:State Treasurer's Office,Division of Investments(LAID)
18
The following table shows monthly resources of the Local Agency Investment Fund
during the 2000/01 fiscal year.
RESOURCES OF
THE LOCAL AGENCY INVESTMENT FUND
2000/01 FISCAL YEAR (Month-End Balances)
MONTH TOTAL
July $12,428,775,233
August - 12,314,582,632
September 12,263,501,615
October 12,627,775,581
November 12,638,223,548
December 13,703,045,852
January 14,834,148,718
February 15,506,766,793
March 16,006,134,697
April 17,504,408,043
May 17,785,660,588
June 17,705,113,712
Resources of the Local Agency Investment Fund
2000/01 Fiscal Year (Month-End Balances)
($ In Thousands)
$18,000,000
$16,000,000
•
$14,000,000
$12,000,000
S , J$Je`y¢Q�¢F,pe4 o`ee� ,¢ee` Oecioe` 'QGo, 4¢�<J�<j 9�c'c PQi �oj s
I`
+o
Source:State Treasurer's Office,Division of Investments(LAIF)
19
Appendix A
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENTS AND EARNINGS
($ In Thousands)
Annual
Average Earnings Average Earning Rate
Investment Rate (Percent)
Fiscal Year Portfolio Earnings (Percent) 5 Years 10 Years 15 years .
1957-58 $ 594,306 $ 16,421 2.76 '
1958-59 544,868 15,762 2.89 S<
1959-60 614,835 21,045 3.42
1960-61 736,204 28,139 3.82 3.23
1961-62 867,144 26,521 3.06 3.19
1962-63 910,863 30,548 3.35 3.31
1963-64 896,535 32,519 3.63 3.46
1964-65 966,592 38,004 3.93 3.56
1965-66 1,083,347 47,761 4.41 3.68 3.48
1966-67 1,057,800 52,540 4.97 4.06 3.62
1967-68 1,117,717 56,566 5.06 4.40 3.85
1968-69 1,301,302 78,174 6.01 4.88 4.17
1969-70 1,216,414 84,781 6.97 5.48 4.52
1970-71 1,264,894 77,527 6.13 5.83 4.75 4.32
1971-72 1,397,464 68,350 4.89 5.81 4.93 4.35
1972-73 2,254,401 125,116 5.55 5.91 5.15 4.54
1973-74 2,594,629 232,780 8.97 6.50 5.69 4.94
1974-75 2,749,431 238,298 8.67 6.84 6.16 5.29
1975-76 3,209,143 204,303 6.37 6.89 6.36 5.46
1976-77 4,460,487 261,657 5.87 7.08 6.45 5.65
1977-78 6,843,940 458,625 6.70 7.31 6.61 5.87
1978-79 8,123,266 692,417 8.52 7.22 6.86 6.20
1979-80 8,285,941 873,469 10.54 7.60 7.22 6.64
1980-81 7,298,693 786,877 10.78 8.48 7.69 7.07
1981-82 5,234,524 631,968 12.07 9.72 8.40 7.54
1982-83 5,254,589 549,229 10.45 10.47 8.89 7.90
1983-84 7,094,849 738,462 10.41 10.85 9.04 8.19
1984-85 11,903,660 1,275,503 10.72 10.89 9.24 8.44
1985-86 15,438,406 1,401,990 9.08 10.55 9.51 8.64
1986-87 19,167,196 1,425,047 7.43 9.62 9.67 8.81
1987-88 17,628,558 1,388,074 7.87 9.10 9.79 8.96
1988-89 17,496,405 1,516,767 8.67 8.75 9.80 8.94
1989-90 19,558,775 1,692,905 8.66 8.34 9.61 8.94 1
1990-91 20,754,895 1.663,140 8.01 8.13 9.34 9.05
1991-92 21,456,433 1.329,476 6.20 7.88 8.75 9.07
1992-93 23,051,543 1,085,126 4.71 7.25 8.18 8.94 t
1993-94 25,433,078 1,115,660 4.39 6.39 7.57 8.67
1994-95 26,802,123 1,482,574 5.53 5.77 7.05 8.33
1995-96 26,623,196 1,519,020 5.71 5.31 6.72 7.99
1996-97 28,264,069 1,582,443 5.60 5.19 6.53 7.56
1997-98 29,344,512 1,672,382 5.70 5.38 6.32 7.25
1998-99 33,451,088 1,787,765 5.34 5.58 5.98 6.91
1999-00 35,029,034 1,999,483 5.71 5.61 5.69 6.57
2000-01 43,840,421 2,676,158 6.10 5.69 5.50 6.38
Souece. The average investment portfolio,earnings and annual earnings rate were taken from the published
Annual Report of the Pooled Money Investment Board for each fiscal year. Please see the following note. j
20
NOTE TO PMIA SUMMARY OF INVESTMENTS
AND EARNINGS TABLE
The Pooled Money Investment Board was established as an agency of State government
by Chapter 1703, Statutes of 1955, and became operational in April 1956. The 1956-57
fiscal year was the first full year for the Pooled Money Investment Account (PMIA). In
-74 1957-58, the Surplus Money Investment Fund (SMIF) and the Condemnation Deposits
Fund (CDF) were placed under the administration of the PMIB. Separate investment
portfolios were managed for these two funds for a number of years. SMIF operated this
way until the 1967-68 fiscal year, when legislation allowed this fund to be invested as a
part of the PMIA. The CDF continued as a separate investment portfolio until 1975,
when it also was combined with the PMIA. In order to make data for the early years in
the table comparable to the later years (1975-76 and after), the average daily investment
and the annual earnings for both SMIF and CDF were combined with those for the
PMIA. The earning rates for these early years were computed using these combined
figures.
21
HISTORICAL PMIA YIELDS
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LAW SMIF
DATE AVERAGE AVERAGE QUARTERLY SEMI-ANNUAL
Jan-77 5.77
Feb-77 5.66
Mar-77 5.66 5.68
Apr-77 5.65
May-77 5.76
Jun-77 5.85 5.87 5.78 5.79
Jul-77 5.93
Aug-77 6.05
Sep-77 6.09 5.84
Oct-77 6.39
Nov-77 6.61
Dec-77 6.73 6.45 6.18
Jan-78 6.92
Feb-78 7.05
Mar-78 7.14 6.97
Apr-78 7.27
May-78 7.39
Jun-78 7.57 6.70 7.35 7.17
Jul-78 7.65
Aug-78 7.82
Sep-78 7.87 7.86
Oct-78 8.11
Nov-78 8.29
Dec-78 8.77 8.32 8.09
Jan-79 8.78
Feb-79 8.90
Mar-79 8.82 8.81
Apr-79 9.08
May-79 9.05
Jun-79 9.22 8.52 9.10 8.98
Jul-79 9.20
Aug-79 9.53
Sep-79 9.26 9.26
Oct-79 9.81
Nov-79 10.22
Dec-79, 10.22 10.06 9.66
22
HISTORICAL PMLA YIELDS (Continued)
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LA1F SMWF
DATE AVERAGE AVERAGE QUARTERLY SEMI-ANNUAL
Jan-80 10.98
Feb-80 11.25
Mar-80 11.49 11.11
Apr-80 11.48
May-80 12.02
Jun-80 11.80 10.54 11.54 11.38
Jul-80 10.21
Aug-80 9.87
Sep-80 9.95 10.01
Oct-80 10.06
Nov-80 10.43
Dec-80 10.96 10.47 10.21
Jan-81 10.99
Feb-81 11.69
Mar-81 11.13 11.23
Apr-81 11.48
May-81 12.18
Jun-81 11.44 10.78 11.68 11.69
Jul-81 12.35
Aug-81 12.84
Sep-81 12.06 12.40
Oct-81 12.40
Nov-81 11.89
Dec-81 11.48 11.91 12.19
Jan-82 11.68
' Feb-82 12.04
Mar-82 11.84 11.82
Apr-82 11.77
May-82 12.27
Jun-82 11.99 12.07 11.99 11.93
Jul-82 12.24
Aug-82 11.91
Sep-82 11.15 11.74
Oct-82 11.11
Nov-82 10.70
Dec-82 10.40 10.71 11.26
23
HISTORICAL PNIIA YIELDS (Continued)
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LAN SMMLF
DATE AVERAGE AVERAGE QUARTERLY SEMI-ANNUAL
Jan-83 10.25
Feb-83 9.89
Mar-83 9.69 9.87
Apr-83 9.87
May-83 9.53
Jun-83 9.60 10.45 9.64 9.98
Jul-83 9.88
Aug-83 10.08
Sep-83 10.20 10.04
Oct-83 10.18
Nov-83 10.16
Dec-83 10.23 10.18 10.15
Jan-84 10.31
Feb-84 10.28
Mar-84 10.38 10.32
Apr-84 10.59
May-84 10.84
Jun-84 11.12 10.41 10.88 10.63
Jul-84 11.36
Aug-84 11.56
Sep-84 11.60 11.53
Oct-84 11.68
Nov-84 11.47
Dec-84 11.02 11.41 11.44
Jan-85 10.58
Feb-85 10.29
Mar-85 10.12 10.32
Apr-85 10.03
May-85 10.18
Jun-85 9.74 10.72 9.98 10.19
Jul-85 9.66
Aug-85 9.42
Sep-85 9.57 9.54
Oct-85 9.48
Nov-85 9.49
Dec-85 9.37 9.43 9.50
24
HISTORICAL PMIA YIELDS (Continued)
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LAD' SMIF
;- DATE AVERAGE AVERAGE , C)UARTERLY SEMI-ANNUAL
Jan-86 9.25
Feb-86 9.09
Mar-86 8.96 9.09
Apr-86 8.62
May-86 8.37
Jun-86 8.23 9.08 8.39 8.70
Jul-86 8.14
Aug-86 7.84
Sep-86 7.51 7.81
Oct-86 7.59
Nov-86 7.43
Dec-86 7.44 7.48 7.65
Jan-87 7.37
Feb-87 7.16
Mar-87 7.21 7.24
Apr-87 7.04
May-87 7.29
Jun-87 7.29 7.44 7.21 7.23
Jul-87 7.46
Aug-87 7.56
Sep-87 7.71 7.54
Oct-87 7.83
Nov-87 8.12
Dec-87 8.07 7.97 7.80
Jan-88 8.08
Feb-88 8.05
Mar-88 7.95 8.01
Apr-88 7.94
May-88 7.82
Jun-88 7.93 7.87 7.87 7.95
Jul-88 8.09
Aug-88 8.25
Sep-88 8.34 8.20
Oct-88 8.40
Nov-88 8.47
Dec-88 8.56 8.45 8.34
25
HISTORICAL PMIA YIELDS (Continued)
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LAIF SMIF
DATE AVERAGE AVERAGE QUARTERLY SEMI-ANNUAL
Jan-89 8.70
Feb-89 8.77
Mar-89 8.87 8.76
Apr-89 8.99
May-89 9.23
Jun-89 9.20 8.67 9.13 8.97
Jul-89 9.06
Aug-89 8.83
Sep-89 8.80 8.87
Oct-89 8.77
Nov-89 8.69
Dec-89 8.65 8.68 8.78
Jan-90 8.57
Feb-90 8.54
Mar-90 8.51 8.52
Apr-90 8.50
May-90 8.53
Jun-90 8.54 8.66 8.50 8.52
Jul-90 8.52
Aug-90 8.38
Sep-90 8.33 8.39
Oct-90 8.32
Nov-90 8.27
Dec-90 8.28 8.27 8.34
Jan-91 8.16
Feb-91 8.00
Mar-91 7.78 7.97
Apr-91 7.67
May-91 7.37
Jun-91 7.17 8.01 7.38 7.67
Jul-91 7.10
Aug-91 7.07
Sep-91 6.86 7.00
Oct-91 6.72
Nov-91 6.59
Dec-91 6.32 6.52 6.74
26
HISTORICAL PMIA YIELDS (Continued)
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LAIF SMIF
DATE AVERAGE AVERAGE QUARTERLY SEMI-ANNUAL
Jan-92 6.12
Feb-92 5.86
Mar-92 5.68 5.87
Apr-92 5.69
May-92 5.38
Jun-92 5.32 6.20 5.45 5.65
Jul-92 5.24
Aug-92 4.96
Sep-92 4.76 4.97
Oct-92 4.73
Nov-92 4.66
Dec-92 4.65 4.67 4.82
Jan-93 4.68
Feb-93 4.65
Mar-93 4.62 4.64
Apr-93 4.61
May-93 4.43
Jun-93 4.55 4.71 4.51 4.61
Jul-93 4.44
Aug-93 4.47
Sep-93 4.43 4.44
Oct-93 4.38
Nov-93 4.37
Dec-93 4.38 4.36 4.39
Jan-94 4.36
Feb-94 4.18
Mar-94 4.25 4.25
`r Apr-94 4.33
May-94 4.43
Jun-94 4.62 4.39 4.45 4.36
Jul-94 4.82
Aug-94 4.99
Sep-94 5.11 4.96
Oct-94 5.24
Nov-94 5.38
Dec-94 5.53 5.37 5.15
27
HISTORICAL PMIA YIELDS (Continued)
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LAD" SMF
DATE AVERAGE AVERAGE QUARTERLY SEMI-ANNUAL
Jan-95 5.61
Feb-95 5.78
Mar-95 5.93 5.76
Apr-95 5.96
May-95 6.01
Jun-95 6.00 5.53 5.98 5.87
Jul-95 5.97
Aug-95 5.91
Sep-95 5.83 5.89
Oct-95 5.78
Nov-95 5.81
Dec-95 5.75 5.76 5.83
Jan-96 5.70
Feb-96 5.64
Mar-96 5.56 5.62
Apr-96 5.54
May-96 5.50
Jun-96 5.55 5.71 5.52 5.56
Jul-96 5.59
Aug-96 5.57
Sep-96 5.60 5.57
Oct-96 5.60
Nov-96 5.60
Dec-96 5.57 5.58 5.57
Jan-97 5.58
Feb-97 5.58
Mar-97 5.58 5.56
Apr-97 5.61
May-97 5.63
Jun-97 5.67 5.59 5.63 5.59
Jul-97 5.68
Aug-97 5.69
Sep-97 5.71 5.68
Oct-97 5.71
Nov-97 5.72
Dec-97 5.74 5.71 5.69
28
HISTORICAL PMIA YIELDS (Continued)
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LAIF SMEF'
DATE AVERAGE AVERAGE QUARTERLY SEMI-ANNUAL,
Jan-98 5.74
Feb-98 5.72
Mar-98 5.68 5.70
Apr-98 5.67
May-98 5.67
Jun-98 5.67 5.70 5.66 5.67
Jul-98 5.65
Aug-98 5.65
Sep-98 5.64 5.64
Oct-98 5.56
Nov-98 5.49
Dec-98 5.37 5.46 5.55
Jan-99 5.26
Feb-99 5.21
Mar-99 5.14 5.19
Apr-99 5.12
May-99 5.09
Jun-99 5.09 5.34 5.08 5.13
Jul-99 5.18
Aug-99 5.22
Sep-99 5.27 5.21
Oct-99 5.39
Nov-99 5.48
Dec-99 5.64 5.49 5.34
Jan-00 5.76
Feb-00 5.82
Mar-00 5.85 5.80
Apr-00 6.01
May-00 6.19
Jun-00 6.35 5.71 6.18 5.99
29
HISTORICAL PMIA YIELDS (Continued)
(Yield In Percent Per Annum)
ALLOCATION RATE
MONTHLY ANNUAL LAW SMIF
DATE AVERAGE AVERAGE QUARTERLY SEMI-ANNUAL
Jul-00 6.44
Aug-00 6.50
Sep-00 6.50 6.47
Oct-00 6.52
Nov-00 6.54
Dec-00 6.53 6.52 6.49
Jan-01 6.37
Feb-01 6.17
Mar-01 5.98 6.16
Apr-01 5.76
May-01 5.33
Jun-01 4.96 6.10 5.32 5.73
The State Treasurer's Office complies with the Americans With Disabilities Act (ADA). If you need
additional information or assistance, please contact the State Treasurer's Pooled Money Investment Board
at(916)653-2917.
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO v E °
CIF C,- Pr, C-S=R, ern
Local Agency Investment Fund F: tS, .CE DEP, R? MEN I
PO Box 942809
Sacramento, CA 94209-0001 277 ;T ! 3 ' E :7
(916) 653-3001
January, 2002 Statement
PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015
Attn: TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 92260
Transactions
Effective Transaction Tran Confirm Authorized Amount
Date Date Type Number Caller
01-15-2002 01-14-2002 QRD SYSTEM 170,726.59
Account Summary
Total Deposit : 170,726.59 Beginning Balance : 18,336,116.34
Total Withdrawal : 0.00 Ending Balance : 18,506,842.93
161frk Cevrre—
Page : 1 of 1
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
'FEU L OF THE TREASURER
alienft
SACRAMENTO )
ktwit
LOCAL AGENCY INVESTMENT FUND
PO BOX 942809
SACRAMENTO,CALIFORNIA 94209-0001
(916)653-3001
2002 ANNUAL INFORMATION UPDATE
Please verify the following information and indicate any needed changes.
Please return all original forms to LAIF no later than April 30th whether you have changes or not.
LAIF Account Number: 65-33-015 Jan. 16,2002
PALM DESERT REDEVELOPMENT AGENCY
ATTN: TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 92260
Phone Number(s)
Office: (760) 346-0611
Fax: (760) 776-6383
E Mail:
Please Indicate Office Hours:
AUTHORIZED PERSON(S)
Please indicate additions,deletions or changes
Name Title
JOSE LUIS ESPINOZA FINANCE OPERATIONS MANAGER
PAUL S.GIBSON DIRECTOR OF FINANCE/TREASURER
THOMAS W.JEFFREY INVESTMENT MANAGER
Page: 1
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
zOFFIdE OF THE TREASURER
SACRAMENTO
LAW Account Number: 65-33-015
BANKING INFORMATION
Please indicate additions,deletions or changes
UNION BANK OF CALIFORNIA
UBC 217
1800 HARRISON STREET#1450
OAKLAND CA 94612-0000
(800) 798-6466 Ext: 0
Bank Acct Number: 2170000466
ABA Number: 122000496
Correspondent Bank: UBC UNION BANK OF CALIFORNIA
Wire Instructions:
Original Signatures of Two Persons Currently Authorized on LAIF Account Required.
(Person Cannot Sign if being added)
Authorized Signature Authorized Signature
Print Name Print Name
Title Title
Page: 2
•
DECEMBER 31 , 2001
QUARTERLY
• ANSWER BOOK
UPDATE
REPLACEMENT PAGES
2, 4, 5, 12, 13, 14, 25, 27, 28, 37, 39, 40, 41 , 42,
47, 51 AND 52
Revised December 31,2001
•
Additionally, the PMIA has Policies, Goals and Objectives for the portfolio to
make certain that our goals of Safety,Liquidity and Yield are not jeopardized and that
prudent management prevails. These policies are formulated by.investment staff and
reviewed by both the PMIB and the LAIF Board on an annual basis.
The State Treasurer's Office is audited by the Bureau of State Audits on an annual
basis. The resulting opinion is included in the subsequent Pooled Money monthly report
following its publication. The Bureau of State Audits also has a continuing audit process
throughout the year. All investment and LAIF claims are audited on a daily basis by the
State Controller's Office as well as an in-house audit process involving three separate
divisions.
It has been determined that the State of California cannot declare bankruptcy
under Federal regulations,thereby allowing the Government Code Section 16429.3 to
• stand. This Section states that "money placed with the state treasurer for deposit in the
LAIF shall not be subject to either: (a) transfer or loan pursuant to Sections 16310,
16312, or 16313, or (b) impoundment or seizure by any state official or state agency."
The LAIF has grown from 293 participants and $468 million in 1977 to 3,039
participants and$18.9 billion in 2001.
State Treasurer's Office
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916)653-3001
. http://www.treasurer.ca.gov
2 Revised December 31,2001
•
LOCAL AGENCY INVESTMENT FUND
•
Participation as of 12/31/01
3,039 Agencies
259 BONDS 54 COUNTIES
470 CITIES
340 TRUSTEES 9% 2% 15°I°
4(!ii-fitieZtilitz-4,1'71:
hzt
§ Y 5
§
1,916 DISTRICTS
63%
❑54 COUNTIES
❑470 CITIES
1,916 DISTRICTS
❑340 TRUSTEES
El 259 BONDS
•
4 Revised December 31,2001 I
PHILIP ANGELIDES -
TREASURER
• STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
December 31,2001
PERCENTAGE
CHANGE FROM
TYPE OF SECURITY AMOUNT PERCENT PRIOR MONTH
Government
Bills $ 1,138,076 2.29 +0.57
Bonds 0 0 0
Notes 4,318,604 8.68 +0.64
Strips 0 0 0
Total Governments $ 5,456,680 10.97 +1.21
• Federal Agency Coupons $ 5,205,539 10.46 -0.17
Certificate of Deposits 5,240,047 10.53 -1.42
Bank Notes 1,115,009 2.24 -0.05
Bankers'Acceptances 17,877 0.03 +0.03
Repurchases 0 0 0
Federal Agency Discount Notes 10,929,044 21.96 -2.81
Time Deposits 5,078,795 10.20 +0.22
GNMAs 859 0 0
Commerical Paper 11,511,436 23.13 +3.17
FHLMC 8,621 0.02 0
Corporate Bonds 2,511,685 5.05 +0.17
Pooled Loans 2,989,262 6.01 +0.25
GF Loans 0 0 0
Reversed Repurchases -300,375 -0.60 +0.60
Total(All Types) $ 49,764,479 100.00
•
Average Life of Portfolio as of December 31,2001 is 183 Days
5 Revised December 31,2001
State of California
• Pooled Money Investment Account
Market Valuation
12/31/01
" s s Carrying Cost Plus,' t : ; h ;, f i:1 a , y
Description;'. ." Accrued'Interest,Purch. - Amortized Cost' ' 'Fair Value Accrued Interest:;
United States Treasury.
Bills $ 1,138,075,722.39 $ 1,142,970,729.26 $ 1,144,122,500.00 NA
Notes $ 4,318,603,694.27 $ 4,317,850,975.48 $ 4,399,497,250.00 $ 64,881,050.50
Federal Agency.
SBA $ 264,505,629.34 $ 264,505,629.34 $ 263,984,645.25 $ 1,576,449.67
MBS $ 698,079,442.09 $ 698,079,442.09 $ 701,163,186.71 $ 3,605,331.70
Bonds $ 4,242,953,871.84 $ 4,242,268,976.01 $ 4,286,070,714.80 $ 57,732,513.78
Floaters $ - $ - $ - $ -
Discount Notes $ 10,929,043,768.36 $ 11,065,396,065.60 $ 11,096,090,229.32 NA
FHLMC PC $ 8,620,709.82 $ 8,620,709.82 $ 9,348,175.20 $ 138,601.70
GNMA $ 858,833.75 $ 858,833.75 $ 989,249.21 $ 8,503.83
Bankers Acceptances $ 17,877,221.82 $ 17,881,030.68 $ 17,885,350.72 NA
"rank Notes $ 1,115,008,664.83 $ 1,115,008,664.83 $ 1,118,500,239.55 $ 14,780,287.16
Ds $ 5,240,047,588.05 $ 5,240,047,588.05 $ 5,243,868,828.60 $ 20,793,138.88
Commercial Paper $ 11,511,436,136.36 $ 11,548,460,782.67 $ 11,554,908,922.17 NA
Corporate:
Floaters $ 1,246,949,677.63 $ 1,246,791,506.79 $ 1,240,379,079.10 $ 4,230,804.06
Bonds $ 1,264,735,633.69 $ 1,263,385,126.14 $ 1,284,445,955.88 $ 19,936,017.20
Repurchase Agreements $ - $ - $ - NA
Reverse Repurchase $ (300,375,000.00) $ (300,375,000.00) $ (300,375,000.00) $ (475,593.75)
Time Deposits $ 5,078,795,000.00 $ 5,078,795,000.00 $ 5,078,795,000.00 NA
AB 55&GF Loans $ 2,989,262,546.90 $ 2,989,262,546.90 $ 2,989,262,546.90 NA
-
TOTAL $ 49,764,479,141.14 $ 49,939,808,607.40 $ 50,128,936,873.41 $ 187,207,104.73
Fair Value Including Accrued Interest $ 50,316,143,978.14
Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
The value of each participating dollar equals the fair value divided by the amortized cost (1.003787124).
As an example: if an agency has an account balance of$20,000,000.00, then the agency would report its
participation in the LAIF valued at$20,075,742.49 or$20,000,000.00 x 1.003787124.
Revised December 31 2001
12 ,
m co co
C � ;O 'o N N 0
0 - �'.O W - 49 O
• cm
C O. 0{. M M M o
rdr to tor
V!
C et
O 'A a N to e
i, ". a a
/A to M
C q
co cer
'0 W >, ♦. >, N N N ,...
Om C 1- ' N N M 19 tl►
0. 0 ' 0 0
00 10 00 N
�.- N N co a
0 co
z N= ' �' w a a a a r
W 03
,.,OS � N CCD N - n e
r �
Q 0 N N, a S W va W
0 `~
M V COW CD
Mm to ''0. :0'"0 - - COW C CrD' t, ,�. 00
a
,^ O ^,:: Nt CA tla va W CO
O '0
. Z •— •� O tO0 a r C4 C CO
N C O :6 m C
Li C - �';-, < N W CO
C ,'r;; a w va va a w w va a
A, ' O Nb ON 'CO N I- co ; .g •O .0(.70,
N CD ID - e- Na
O
: a n v
', 03 A O "a N W N CO P e C Y C
J e-a~ O' N b to C
Q .,a jn. w M/ W fA d► W j
y g. NONW.0W e ._ ` y
- a r '00: N h N V C
A .e- O' r ca a+ 10 w
1.V .10. O)i a a a a a a a Co 0) C 0
. 'i0+ '0 d 'O
Yg ., ,, •. L
COW r (N0 COW CO0�D a 3 C +'' )
C5
2.'O _a0_...'O — - 00 a N d - N
iig9
p d C d
Q v,. Apr N ? N 0 Co)O Q ` 7
N CO 0) CNI
s.. a. et N. )o C 0 C 0+
• ''.' O N Q �' 3 0
ft re
re v m m O ):
'� N iLi. p
.., r�v U Z
ww + U
a. F, F r a m v 8U '9 a ZO ZO ZO ZO
13 Revised December 31,2001
r. N 0) CO 0 CO CO U) N CO U) CO N-
Q N CO N- CO N U) c ) O c0 00 N CO
O M 0) N M 0) CO U) N h U) N
N O cn ui Ui 0 v v v ri ri ri
• 0 La O O Or
A 4 S S' Cn C1i
N C1i tO Ui CO CO CO co cO c0 (O (O CO
ct S co� O N a 000 N I N Ft O) U) co0
a)- N N — r O O r N N CId' (D
^^y, _ .. 0Ui Cn 0 Ui co Ui co Ui co co
W rc
g,.
00 N 0 0 N CO r N N O) n N NI-
(3) tt N CO r` N- N U) co M U) O N
o t` r CO. CO CO (0 CO CO CO 17 d' CO
A, 'r. U) Ui co Ui Cri 0 Ui Ui LOU) Ui U)
W
•pi* 4- co U) 0 N O.t r- S I-- 0 O O U)
: CO COSO N CD'ISC) U7 U) U) CO CO CO CO C) t` r` N 1---
ea r Ui co Ui Ui Ui Ui Ui Ui 0 Ui Cri 0
I� ,.0) 00) M C) C00 O O�}t Ono COO O O 0)) n
1 T 1 ay (O co U) U) U) CA cn U) CO CO U) CO
I� r CO Ui Ui Ui cn 6 Ui ui Ui Ui Ui Ui
•
4 tri N 0 co CD N M t O v
• -� CO N 0) O) O 0) 0) O) CO r- CO f-
Am) r:,, to Ui Cri Ui (D Ui Ui LOU) Ui Ui Ui
o
a y an, N `4? M N N O O N COO N
, M N 2 a CO CO 8 8 N '? U)
r 'V 4 4 m' tF 'i 4 in Cn U) Cn
C �y
0) co CNO 00 N '0 CO N- CI M 0 co
et O)
tom' If C Nr 'V Nt Nt V Nt N' N' Nt
111
..CAI N CO O N CD U) CO O O O) r-
.0)' N CO CO O) I-- N elU) CO CO U)
CA r co CD CO CO CON O) N r, (0 CO
;+r' CO U) Cn U) U) O U) vi
N U) CO Nt 0) O N 0) 0) ' CO
�u,� CD 0 1- to r` co O) r- U) , 0) r
kr r O N CO CO O O CO 1` in co
r 0 Co h r-: r-: n CO (O CO CO
` ` 1 , .-
: > , ' `t, a
w ,�
, + Qi ;,! -� w /W W
• � L _ , :w m al 2
,a tizI � a ° >° m ' a } Z # , 0:
a. 25 Revised December 31,2001
• SOURCE OF FUNDS
Pooled Money Investment Account
Average Quarterly Balance
12/31/01
$50.498 Billion
*SMIF LAIF
41.89% 36.34%
• .11111111110
p
Other General Fund
0.31 /O 21.46%
• *SMIF: Surplus Money Investment Fund
14 Revised December 31,2001
0 LOCAL AGENCY INVESTMENT FUND
QUARTERLY APPORTIONMENT RATES
, da rk, '� {##EMBER ECK MBR]
. »rs
\.
> y:9 7 568 578 584 64
' 9 8\\ 6.97 ! 7.35 j 7.86 8.32
\\ 9 9 8.81 910 9.26 j 10.06
9 0 41 11.11 11 10.01 1 10.47
-;1981 %\ 11.23 11 1240 11
\ 2 11 11 11 10.71
m»d, 9.87 9.64 10.04 1018
/ 9 4, 10.32 10.88 11 ( 11/1
985 1032 ! 9.98 954 - 943
96,1 909 839 781 748
97 % 724 ' 721 754 797
e 8 •) 8.01 i 7.87 I 8.20 8.45
/9.89: 87 9.13 887 86
f«» ` «
2'1.990 4 %g 8.50 8.39 8.27
}91 797 7.38 700 } 652
' 92' 587 545 49 46
1993, 1 4.64 4.51 4.44 j 4.36
: 111994 ) 4.25
4.45 4.96 5.37
9 Al 57 i% im iA
t 196 j ig 5.52 55 iA
9 7 556 ! 563 5.68 571
%}9 8 1! 5.70 ! 5.66 5.64 5.46
9 9 ) 519 5.08 5.21 5.49
• 00 580 618 647 65
▪ 001// 6.16 5.32 4.47 3.52 1
•
27 Revised December 31,20e
LOCAL AGENCY INVESTMENT FUND
• ADMINISTRATIVE EARNINGS (COST)
? 'QUARTER: ^ PERCENTAGE OF EQUIVALENT BASIS
` ENDING;, EARNINGS (COST) , POINT VALUE-',
03/31/93 0.25 1.2
06/30/93 0.26 1.2
09/30/93 0.23 1.0
12/31/93 0.27 1.2
03/30/94 0.26 1.1
06/30/94 0.25 1.1
09/30/94 0.27 1.4
12/31/94 0.26 1.4
03/31/95 0.26 1.5
06/30/95 0.19 1.2
09/30/95 0.23 1.3
12/31/95 0.25 1.5
03/31/96 0.23 1.3
06/30/96 0.19 1.1
09/30/96 0.22 1.2
12/31/96 0.26 1.5
03/31/97 0.30 1.7
•
06/30/97 0.16 0.9
09/30/97 0.23 1.3
12/31/97 0.24 1.4
03/31/98 0.24 1.4
06/30/98 0.16 0.9
09/30/98 0.08 0.5
12/31/98 0.24 1.3
03/31/99 0.23 1.2
06/30/99 0.32 1.6
09/30/99 0.20 1.1
12/31/99 0.22 1.2
03/31/00 0.22 1.3
06/30/00 0.28 1.7
09/30/00 0.20 1.3
12/31/00 0.20 1.3
03/31/01 0.18 1.1
06/30/01 0.21 1.1
09/30/01 0.21 0.9
12/31/01 0.31 1.1
• The law provides that reimbursements cannot exceed one-half of 1 percent of the
EARNINGS of the fund per quarter. Listed above is the percentage of earnings
(costs) per quarter.
28 Revised December 31,2001
• U WI -oC
G
N a N O O
U
a a a E coN0
C .- E coL to O 4) N
Z C N > C m
Q O 0 xi U aco
Q N E o 2 E E E D
z o :° aEimQ Et a m co Ec Ec
D. To ac co y E c m C
W W d E -c=F Ev ° E c E c
- E a m c c 0 c m c m
Ce U) co c p 7 O m N co o
N� o N
>:, c > O V N o 0.) V _ = J
< y p coa)2Ua) E ° tEL E
Z m O m
a Uy c. o0 in
v ° O 9' v
Z co C
O O
O O) CO 63 rcA H IA ee
O d d J U U O CO i i cc
p
CO Z Z Z 0
2
w
W W W W
O } Y Y r
0
O.
I-
z
w
• fr
y z N
Cl) lo
w a
It
. a E
�'
Z .0 c p C E
c.. 0 E co O a
O
c E
L N E j
c ° L co m o
o U a) ; m E
"0a CO• ca, a) d -om
CO CD N L_ 45 N
Z O N T N N 0 E 3 L 0
0
V
F c - C V C U N �i "O
m a w
O. co m um 0 c E E
CO D •co c m c cpi m o o E E
w c a o m w °
co 3 p j o m E
E E
N ° `o m m E a m c ID a
w as a 'x E -� ° m co
EL
w .j E c ° m E E
5N
m v c •—y a E ° Lm a m E E
m o E E 'c 'c
m T V tea) E a 2 E_ _E c o E E
co a) V V cn — ° = _
c - y m Z o - ° c ° Lm•. 'E
m d o c O a .aci a E a y = N N
o m .c d p d d CO y CO
3 3 a) Pe o t d t d .c t
12
• 0 0 0
ci V ¢ m 0 `� 0 m 2 m a
N 5 ' N ri )O
37 Revised December 31,2001
•
DISCLOSURE STATEMENT
PORTFOLIO HOLDINGS: DERIVATIVES
STRUCTURED NOTES, AND ASSET-BACKED SECURITIES
The Treasury Investment Division has received a number of inquiries
concerning our various portfolio holdings. Questions involving
• structured notes, derivative products, and asset-backed securities are
the most notable. We have found that the lack of acceptable
definitions regarding these financial products has led to confusion
and disagreement with our reported positions.
In an effort to clarify the information provided in our monthly
statements, we would like to share with you our understanding of
these financial products, as defined by the U.S. General Accounting
Office (GAO).
In a recent survey of sales practices for these financial products the
GAO provided definitions and examples of what they considered
1) plain vanilla OTC derivatives, 2) more complex OTC derivatives,
3) structured notes, and 4) asset-backed securities. Following are the
GAO definitions, as well as the State of California Treasurer's
holdings in each category as of December 31, 2001:
•
39 Revised December 31,2001
• *1. Plain Vanilla OTC Derivative Products
A derivative product is a financial instrument whose market value is
derived from a reference rate, index, or value of an underlying asset. OTC
derivatives are privately negotiated contracts and are not traded on organized
exchanges.
U.S. $ 0 As of: 12/31/01
*2. More Complex OTC Derivative Products
Other more complex OTC derivatives have at least one of the following
characteristics:
a. Their prices tend to be difficult to obtain because they are often
available from only a few dealers.
b. The payments required by the derivative contract are calculated
•
on the basis of more than one interest rate, currency, asset, or other factor.
c. The derivative contract has terms that are not determined until
some future date.
d. The contract involves a term that acts as a multiplier or increases
the leverage of the rate(s) used to compute payments.
e. The contract CAN entail potentially unlimited risk.
U.S. $ 0 As of: 12/31/01
" The Pooled Money Investment Account Portfolio has not invested
• in, nor will it invest in, Derivative Products as defined in General
Accounting definitions #1 & #2. The GAO separation of derivatives,
structured notes, and asset-backed securities is consistent with GASB
94-1.
40 Revised December 31,2001
3. Structured Notes
• Structured notes are debt securities (other than asset-backed securities) whose
cash-flow characteristics (coupon rate, redemption amount, or stated maturity)
depend upon one or more indices and/or that have embedded forwards or
options. They are issued by corporations and by government-sponsored
enterprises such as the Federal National Mortgage Association and the Federal
Home than Bank System.
U.S. $1,373.048 million As of: 12/31/01
4. Asset-Backed Securities
Asset-backed securities, the bulk of which are mortgage-backed securities, entitle
their purchasers to receive a share of the cash flows from a pool of assets such as
principal and interest repayments from a pool of mortgages (such as CMOs) or
credit card receivables.
• U.S. $972.065 million As of: 12/31/01
Securities Accountability
1) Vanilla Derivatives 0
2) Complex Derivatives 0
3) Structured Notes
a. Callable Agency $ 100.000 million
b. 3 month LIBOR Agency Floater $ 00.000 million
c. 3 month LIBOR Corporate Floater $ 1,273.048 million
d. 2 year CMT Corporate Floater $ 00.000 million
e. 3 month T-Bill Agency Floater $ 00.000 million
• f. 3 month T-Bill Corporate Floater $ 00.000 million
41 Revised December 31,2001
• 4) Asset-Backed
a. Small Business Administration Pools $ 264.506 million
b. Agency CMOs $ 698.079 million
c. GNMA Pools $ 0.859 million
d. FHLMC PC Pools $ 8.621 million
Total Portfolio As of: 12/31/01 $49,764,479,141.14
Financial Products as a percent of portfolio: 4.712%
.
•
42 Revised December 31,2001
How to Participate in the
Local Agency Investment Fund
Before any deposits will be accepted, the local governmental agency must file with the
State Treasurer a resolution and bank authorization form. The resolution will contain
the following:
1. Name, address, and telephone number of agency.
2. A statement that the agency agrees to deposit or withdraw money in the Local
Agency Investment Fund in the State Treasury in accordance with the provisions
of Section 16429.1 of the Government Code for the purpose of investment as
stated therein.
3. The names and titles of the officials authorized by this resolution to order the
deposit or withdrawal of money in the Local Agency Investment Fund.
4. Resolution number and date passed by the governing body.
5. Signature(s) of the person(s) authorized to sign resolutions.
6. Seal of the agency if one is usually affixed to resolutions.
• The bank authorization form will contain the following:
1. The names, titles and signature(s) of person(s) authorized to order the deposit or
withdrawal of money in the Local Agency Investment Fund.
2. Banking information signed by two persons authorized on the resolution.
Deposits or withdrawals must be in multiples of one thousand dollars ($1,000);
minimum transaction size is five thousand dollars ($5,000) and a cap of $40 million
per account. Bond proceeds also have a five thousand dollar ($5,000) minimum with
no cap. Fifteen transactions are allowed per month for each regular account. Deposits
and withdrawals count as separate transactions.
The LAIF provides each participating agency the following reports:
• Monthly Agency Statement of Activity
• Monthly LAIF Newsletter providing Selected Investment Data of Pooled Portfolio,
available on the STO home page at www.treasurer.ca.gov
• Report of Monthly Activity of Pooled Portfolio, available on the STO home page at
www.treasurer.ca.gov
• Monthly Market Valuation of the Pooled Portfolio, available on the STO home page
• at www.treasurer.ca.gov
• Quarterly Maturity Schedule of the Pooled Portfolio, available on the STO home
page at www.treasurer.ca.gov.
47 Revised December 31,2001
REPORTING DOCUMENTS
EACH MONTH YOU CAN EXPECT:
1) Your agency's statement of activity,which includes your beginning and ending balances and all
transactions and or adjustments which took place for the previous month.
2) A"Summary of Investment Data"for the previous month(included in the LAIF monthly
newsletter). This analysis ofthe Pooled Portfolio indicates the monthly changes for the portfolio in
comparison to the previous year,and LAW deposit information for the previous month.
3) The"Market Valuation"ofthe Pooled Portfolio indicating the estimated market value for the
previous month. The Market Valuation is available on the STO home page at www.treasurer.ca.gov.
4) The"Pooled Money Investment Report,"a summarization of the pool including investment data,
portfolio composition,investment transactions,time deposits and Pooled Money Board designations. Since
information for this report is gathered from several sources,it represents investment activity for the month
prior to the statements. The Monthly Report is available on the STO home page at www.treasurer.ca.gov.
• EACH QUARTER YOU WILL RECEIVE/EXPECT(IN ADDITION TO THE MONTHLY
INFORMATION):
1) A"Maturity Schedule"for the Pooled Portfolio. This indicates the par values maturing by date
and type and the percentages represented by maturity range. The Maturity Schedule is available on the
STO home page at www.treasurer.ca.gov.
2) LAW"Answer Book"updates. The initial book was sent to all participating agencies in
January, 1997,with updates following on a quarterly basis. This book is specific to the LAW and
includes information such as how and when the fund was created,how interest is calculated,the
percentage of fees charged and specific questions relating to the Pool and how it functions. The"Answer
Book"is available upon request.
3) The remittance advice(interest statement). This indicates the quarterly distribution of earnings
to each agency account and includes agency's interest earnings,total dollar day,the apportionment rate and
the earnings ratio. The remittance advices are available on the STO home page at www.treasurer.ca.gov or
through the State Controller's Office website at http://laif sco.ca.gov/laif/.
ANNUALLY YOU WILL RECEIVE:
• 1) The"Pooled Money Investment Board Annual Report." This report is a year in review of the
previous fiscal year and includes information about the Pooled Money Investment Account(PMIA),
Surplus Money Investment Fund(SMIF),and the LAIF.
51 Revised December 31,2001
• 2) Annual Information Updates. This form is sent to participating agencies to assist LAIF staff in
maintaining the most current information possible about your account with LAIR. We ask each agency to
have authorized person/s review,sign and return this form to LAIF as quickly as possible,whether or not
changes are needed.
3) LAW calendar which indicates the dates the State of California(LAW)is open for business.
The LAW calendar is available on the STO home page at www.treasurer.ca.gov.
4) Conference information. Approximately three months prior to the LAW conference you will
receive a"save-the-date"notice,two months prior to the conference you will receive your registration
packet. The conference registration information will be available on the STO website two months prior to
the conference.
CO' ' p AVAILABLE TARGETED DATE OF
DESCRIPTION OF ITEM t. _FREQUENCY . , . . VIA • "`RELEASE
LAW Monthly Statement Monthly Mail 20th of month
LAW Newsletter which includes the
PMIA Summary of Investment Data Monthly Website 20th of month
PMIA Market Valuation available on the
STO home page Monthly Website 20th of month
• PMIA Monthly Report Monthly Website 20th of month
PMIA Maturity Schedule Quarterly Website 20th of month
LAIF Answer Book Updates Quarterly Mail 20th of month
Quarterly Remittance Advice(Interest STO Website/
Statement) Quarterly SCO Website* interest posting date
PMIA Annual Report Annually Mail 20th of month
LAW Annual Information Updates Annually Mail January
LAIF Calendar Annually Mail/Website December
Two months prior to
LAW Conference Material Annually Mail/Website conference
We hope you will find this listing useful for your reporting requirements. If you do not receive any
of the above mentioned documents,please call LAW at(916)653-3001.
STO website address: www.treasurer.ca.gov
•
*SCO website:http://laifsco.ca.gov/laif/
52 Revised December 31,2001
any or raim uesen
Parkview Office Complex
Financial Statement
for Fiscal Year 2001-2002
January-02 January-02 # % YTD YTD #
Budget Actual Variance Variance Budget Actual Variance Variance
...... ....... .
Revenues
Rental $ 68,500 $ 62,932 $ (5,568) 91 87% $ 479,500 $ 465,237 $ (14,263) 97.03%
Dividends/Interest $ 4,500 $ 1,500 $ (3,000) 33.34% - $ 30,000 $ 18,562 $ (11,438) 61.87%
Total Revenues $ 73,000 $ 64,432 $ (8,568) 88.26% _. $ 509,500 $ 483,799 $ (25,701) 94.96°/c
Expenses
Professional-Accounting&Auditing $ 5,800 $ 6,800 $ (1,000) 117.24% -- $ 46,600 $ 47,600 $ (1,000) 102.15%
Professional-Consultants $ 6,000 $ 12,239 $ (6,239) 203.99% $ 42,000 $ 45,681 $ (3,681) 108.76%
Tenant Improvements $ 2,500 $ 15,507 $ (13,007) 620.29% $ 17,500 $ 15,507 $ 1,993 88.61%
Repairs&Maintenance Building $ 8,000 $ 12,672 $ (4,672) 158.39% $ 56,000 $ 74,137 $ (18,137) 132.39%
Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 0.00% $ 16,100 $ - $ 16,100 0.00%
Utilities-Water $ 250 $ 109 $ 141 43.48% • $ 1,750 $ 689 $ 1,061 39.38%
Utilities-Gas/Electric $ 5,000 $ 4,525 $ 475 90.51% ' '. $ 56,000 $ 61,114 $ (5,114) 109.13%
Utilities-Trash $ 700 $ 526 $ 174 75.14% $ 4,900 $ 1,578 $ 3,322 32.20%
Telephone $ 150 $ 306 $ (156) 204.21% : $ 1,050 $ 1,125 $ (75) 107.14%
Insurance $ 521 $ - $ 521 0.00% $ 3,645 $ - $ 3,645 0.00%
Total Expenses $ 31,221 $ 52,685 $ (21,464) 168.75% { $ 245,545 $ 247,431 $ (1,886) 100.77%
•
iOnerat ugrncotrrc- $__, 41,779' $ 11,74 7${30,1r32) 28.12% :$ 2633,955 $ 236,38$ $ (27;587).' 89,55%,
Equipment Replacement Reserve $ 10,000 $ 12,618 $ (2,618) 126.18% $ 70,000 $ 88,324 $ (18,324) 126.18%
Fet[ncome - . $ 3079 >$ j,8 `J. ${32,%6soir 474,14 ':$19393$ 1 BFQ4.4 $ 4$1,911) ' 76.33%
•
2002 investment Reporl2002 Invest Report
City of Palm Desert
_ - Parkview Office Complex
Vacancy Rate Schedule by Suite
January 2002
Suite Square
No. Tenant Feet
•
73-710 Fred Waring Drive-Two(2)Story Building
100 Hanover 2,560
102 Bergren 1,360
103 Multiple Sclerosis 488
104 Arthritis Foundation 960
106 Vacant(Lease terminated with JMS as of October 2001) 928
108 Senator Kelly 785
112 Assemblyman Battin 1,406
114 Chamber of Commerce 1,478
118 Goodwill Industries 1,250
119 City/CVAG Conference Room 1,380
120 Duke Gerstal 1,750
200 CVAG 4,292
200A University of California Riverside 841
201 City Storage 604
203 Vacant 480
205 Coachella Valley Economic Partnership 700
208 Vacant 960
210 Wilson,Pesota&Pichardo 3,040
211 Alzheimer's Association 937
217 Joe B.McMillan,.Esq. 775
220 CA.State Dept.of Agriculture 1,607
777 Vacant 2,981
Total square footage(2 story Building) 31,562
Vacancy Rate-5,953/31,562= 18.86%
73-720 Fred Waring Drive-One Story Building
2002 Investment Report2002 Vacancy Report
City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
January 2002
Suite Square
No. Tenant Feet
100 State of California-Water Resources 15,233
102 State of California-Rehabilitation Department 4,396
Total Square Footage 19,629
Vacancy Rate--0.00°/ 0.00%
Overall Vacancy Rate for Both Buildings:
Vacancy Rate-5,953/51,191 11.63%
Occupancy Rate-45,238/51,191 88.37%
2002 Investment Report2002 Vacancy Report
City of Palm Desert
Desert Willow
Budget Vs Actual
For the month of
December 2001
Budgeted Actual Budgeted Actual
December December S Percentage Year to Year to $ Percentage
Revenue 2001 2001 Variance Variance Date Date Variance Variance
Course&Ground $ 313,197 $ 269,809 $ (43,388) 86.15% $ 1,559,386 $ 1,460,165 S (99,221) 93 64%
Carts $ 19,684 $ 21,560 $ 1,876 109.53% $ 121,371 $ 128,955 $ 7,584 106.25%
Golf Shop $ 77,186 $ 69,547 $ (7,639) 90.10% $ 336,276 $ 284,756 $ (51,520) 84.68%
Range $ 1,000 $ 6,196 $ 5,196 619.60% $ 5,150 $ 13,552 $ 8,402 263.15%
Food&Beverage $ 98,526 $ 123,265 $ 24,739 125.11% $ 495,682 $ 531,732 $ 36,050 107.27%
Interest Income $ 2,000 $ 391 $ (1,609) 19.55% $ 19,000 $ 4,316 $ (14,684) 2272%
1Total Revenues S 511.593 $ 490,768 S (20.825) 95.93% $ 2.536,865 $ 2,423.476 $ (113,389) 95.539
Payroll
Proshop $ .8,410 $ 5,588 $ 2,822 66.44% $ 35,315 $ 23,202 $ 12,113 65.70%
Can $ 18,970 $ 22,074 $ (3,104) 116.36% $ 102,818 $ 123.819 S (21,001) 120.43%
Course&Ground $ 121,896 $ 107,630 $ 14,266 88.30% S 752,567 $ 728,028 $ 24539 96.74%
Golf Operations $ 26,761 $ 22,198 $ 4,563 82.95% $ 138,982 $ 128,141 $ • 10,841 92.20%
General&Administration $ 40,878 $ 26,411 $ 14,467 64.61% $ 240,278 $ 211,726 $ 28,552 88.12%
Food&Beverage $ 60,684 $ 55,400 $ 5,284 91.29% $ 293,999 $ 289.982 $ 4.017 98 63%
Total Payroll $ 277.599 S 239,301 $ 38.298 86.20% $ 1.563.959 S 1,504.898 $ 59,061 96.229
Other Expenditures
Perimeter Landscaping $ - $ - $ - 0.00% $ - $ - $ - 0.00%
Proshop $ 1,550 $ 4,723 $ (3,173) 304.71% $ 13,100 $ 18,206 $ (5.106) 138.98%
Proshop-COGS $ 26,272 $ 32,031 $ (5,759) 121.92% $ 149,685 $ 173,200 $ (23,515) 115.71%
Cart $ 13,600 $ 11,704 $ 1,896 86.06% $ 83200 $ 66,042 $ 17,158 79.38%
Course&Ground-North Course $ 43,849 $ 45,157 $ (1,308) 102.98% $ 394,168 $ 459,397 $ (65,229) 116.55%
Course&Ground-South Course $ 42,997 $ 63,465 $ (20,468) 147.60% $ 409,158 $ 357,613 $ 51,545 87.40%
Course&Ground-Desert Pallet-N $ 1,450 $ 905 $ 545 62.41% $ 9,825 $ 5,335 $ 4,490 54.30%
Course&Ground-Desert Pallet-S S 1440 $ 759 $ 681 52.71% $ 10,050 $ 4,808 $ 5,242 47.84%
Golf Operations $ - $ 347 $ (347) 100 00% $ 10,500 $ 9,865 $ 635 93.95%
General&Administration • $ 83,932 $ 52,513 $ 31,419 62.57% $ 424,993 $ 354,382 $ 70,611 83.39%
Range $ 450 S (1,123) $ 1,573 -249.56% $ 11,450 $ 14.243 $ (2,793) 24.39%
Food&Beverage $ 15,842 $ 24,448 $ (8,606) 154.32% $ 84,739 $ 116,699 $ (31,960) 37.72%
Food&Beverage COGS $ 30,129 $ 39,939 $ (9,810) 132.56% $ 154,810 $ 175,863 $ (21.053) 13.60%
Management Fee $ 25,000 $ 25,000 $ - 100.00% $ 150,000 $ 150,000 $ - 00.00%
. Financing/Lease $ 4,250 $ 4,309 $ (59) 101.39% $ 17,019 $ 27,133 $ (10,114) 59.43%
Total Other Expenditures S 290.761 S 304,177 $ (13,416) 104.61% $ 1,922.697 $ 1,932,786 S (10,089) 00.529
Desert Willow Golf Academy
Desert Willow Golf Academy $ 15,100 $ 4,223 $ (10,877) 27.97% $ 82,250 $ 24,407 $ (57,843) 29.67%
COGS-Merchandise $ (4.880) $ (3,164) $ 1,716 64.84% $ (26,839) $ (21.500) S 5.339 80 11%
Other Expenditures $ (1,700) $ (1,183) $ 517 69.59% $ (12,015) $ (9,871) $ 2,144 82.16%
Learning Center Income(Loss) $ 8,520 $ (124) $ (8.644) -1.46% $ 43.396 $ (6,964) $ (50,360) -16.05%
Operating Income(Loss) $ (48,247) $ (52,834) $ (4,587) 109.51% $ (906,395) $ (1.021,172) S (114,777) 112.66%
Equipment Reserve Replacement $ 71,955 $ 76,929 $ 4,974 106.91% $ 431,730 $ 460,565 $ 28.835 106.68%
1 Net Income(Loss) $ (120,202) $ (129,763) S • (9,561) 107.95% S (1.338,125) $ (1,481,737) S (143,612) 110.739
Snapshot of Golf Rounds Budgeted(mo Actual(mo) Variance Variance% Budgeted(vtd) Actual(vtd) Variance Variance
Resident 1,145 1.554 409 . 136% 5,783 6,967 1,184 120%
Non Resident 2,845 2.676 (169) 94% IS 440 17,757 (683) 96%
Other - 60 60 100% - 455 455 100%
Complimentary 130 350 220 269% 799 2.457 1,658 308%
Total 4,120 4,640 520 113% 25,022 27,636 2,614 110%
Folder:Desert Willow 2001:Dw2002;Financial Statement Page 1
if) LO
@LOCO / $ /cCOi k
k0 11N his] ) s ` ` /
al ) \| k \ i; T) k \Mu }ƒ \ / E \ /! { k
fl \ ) g el /\ )\ \ \ /} \ \ / n
\ i
0
Qt
{ !
§ ` L 7 §
� # ® {� da \ ®
Wu | . � - - a °
1 \ m ( v �
! 1 : . ƒ! ;
o e 11
� .
| ! & (
7 � C2
a \
) ecl
§ w $
§ 0 0
/ ! \! ) 7 ) ƒ / ; t
; - a
{ ± k
a a k
\
N
Y
W
e serve eetb& _ $ P8' eeeeta$ 8 - see e - r
P - - _ - - rtP - - - 688e 8 000 2
- -
i
i
., .. g 2 _. _ _ ., ei ..,.,� ., .. .. .._ r, r. _-
o r - m
»»r»» » » »«rrrr » »»»»»»r.,»»»» » » »» » » » »
7.
a
h LL - -'
rasp rrr »»» » »»r» »r » rrrrrrr»rrrr » rrr » » r »
ma0 < =
osa_mRFE2ag s =
. _
» r _ - NN _° � -
aLNF i
-
U 06 rr maw r rrrrrrrrrrrr r rrr r r r r a
a a
e d e
N e e e e` & e e 8`.�,b e e s e e b e e d
>
> j
rr» r » r r rr» rr» r rrr »rrr »r» »» r »rr » » r r
'o p` 7
rrrr »r r rrrr» r r rrrr»rrr »r»» r »»» 4, 4, 4, 4, a
_ - - . __
tt
o A•
rr»rrr r rrrr«» 4, rrrr»«« «rrrr r »r» r r r r a
E d
a 3 E.
5 A. R V o , i 5
' u a ' O 5 a m' o L t i. i' 8 U - -
y. c` y ,y `uw� c` U y .`� . = o E� r O' E 5 g - _ „
J V O 5 u — F n V V U U 'C .. a .:U 4 U O C 'C - E 6 F . O O w z S 5 L O v 4
7 a
NP
k §
= !
»g
7
`
§
§
�/
2 ®\
a EA #
| q \a
8 ! }e | 2 &§
! | 2a | '
, ■ � a ; §
1...A ®t
Q (° ! ° 2 &/ I2
g
\j �}
R asir
k w}
� �
&§
$
it
rt. ! / C ] )
} ° °
) 0 |
4
1
in
W
a
8g
CV g8
N N
Q
T
_I L.6 a
—
G Z
a N
st
Aaa� W �1 2
Ig8s m a 03
32IIy ' t0 $
W O. W of v
vi
• N
▪ 8 L
co t•I
ci
W
UT CD \
$
LL
if:
1
Itfa
ffi g' E Fa 1 I
c es
E m = a �
m
a M 0 d B
f LL ToU E 3
a c
Mobeieo
0
t
V m
6
o M e m e m 0 be
Ac ::: ::
g
A
0>
a
y O
N
>
O
w m
v-
L m
L)
o
o N N
K- h v r
ca
O
o ee BQ BQ 6e ee ee ge
M,Z. - m
A N v n
>"
0 _ _ o v v N n
E c'9
m0
0
seeeeeeeeeee e o sv — _
n
t ° w m r_ — m z o N _ n v,
o e a i O F 00
01
O o „ --.. e n ee � e< sete< Be
6 2. O R O >
03 0
0 o mmeeeFBe ee ye u BR ee ee BR * g ye - p
T, 0 m . mngan > E - � s $an R = &
� � ea- o =_ _ - ce. = mRo S
a 0 > >
g _ _ _ 0� _ ag�, . a
s -
06. .n R _ 9 Cr
• R c F a
> m3
U z
m BR ee ee BQ 8e g° .v N u
?E - _ P2 3 - E
K W r r r V >K.� oC co
z °m F _<
R •
g °
r2 BF BF BF BVF m m eF e- . y z eF Be 0 0 o o e
'^ P C_ P h ^ N �O OOP N m ❑R a 4 - ems- $ '.-q1 en , - C
° o o >-- - nv eov d �, n n -v _ _
a No .naA_
R O _ _ N N ^ e - `
eeeeeeeee * Pgr, — u - g8oc S fl— . ^ o
o? _ _ _ vNn N 8 = Ryy
s > y c >
-o
U
n o - - no o�., N h
c N _ - �3 m - cE � vmh $� - `oy _ - _ _ - nN � mo�
`oo _ _ vi _ C9 __N- N .7 �C - N n vv P a co m - m;
K ' °m YZ Fcm
R V
_ _ _ _ en F - _ nn, Aa ; _ _ 1
F� `<z • o Fa a7 l OE
j _
O R
C E. F _ F 9 F cc
o
0 0 Y - 0 } _ 0 i ❑ 0 Y A
IK w a
fW 2 <Ji0i U .', < °J,� zo V ga'v`, ozn 0 - < :% CzX V
9 r
Y •Y
> s F A.
a
o
m5 888888 g
o
5
g` c
8 ne � s 1
N
>
z
v9
0
= mn -ro 4
K,. ry - N
. t Q
0
O e - - e e
o O b N 8 C Np .
p
>
N
>
K Y'
n m
F°-
om
m 8 - eeeee * c
8mO� _ � m zA -_ a
OC O GV! .0 - [- E<., o0 oxa 6 u "0 '57
eetett
F' "ct. N 9EM - - —
a e a5 >
9
.h ”** * * a eee t eeee Le — — - —
a �z n8r $ m -.
Cr, c P U !- t- n b ee _ - - n
o 1
n' O > - >n
J
_ m =o n ry & moQ $ c 8� _ _ � .
m e, -- _ n _ e
m ao
c a n o s`
a _ ^m
a > c
z
eeeee eat a e & ,r cOO C A W N _ N
oi
`o 7 rzo — , ,La
tz °0 5
a z
ceett & h ^c
tte e e t*
8 _ N Pb N,A OOP - a? PbO Q . n P
O _ n . m N
_ _ _ _ _ 0a r Z - rscO V
`c - - _ n n _ m PIa a! en
N a m C . _
Ee y
z >' y
-c
N ^ at5 orc' ,Z .5 ao Aqa — „�
o a - m o - _ c
a i- o F C
z` `o= iz z z
a
taea
p_
e 9 3 2 0
0
_ } t F F
k } Y
0
G �`. c L - E g y _ c 18 E E c o t L
m ; <' v? z` f U 3 ; tcx<fza ; dz8 U m
< n zc U
I
\ * II
us
; ;
b ` a
no
§ * \ ! !
v� }! � 3 .
H
■
) � § \ Co « Cl K
, -
!t ! `
2 & � ! 1
§ fa g
§ _ #
, 0_ 2 Ili
2 H2 • \ " & |a i !
22 — Cl1,7
i77
¥ _ \ ■
a \ < ® I -
cL
gm 0
; f
o
k $ % ,
s •
! k R.
) ■
va
h ! <
` -
.
c)
/t� \ jI
q
| /: & v
ks ;
` t !
!
I (
Desert Willow
Breakdown of Rounds
per point of sale system
Desert Willow - Combined Analysis- December 2001
Resident 1,554 $ 69,930 $ 45.00 33.49%
Non-Resident 2,676 $ 219,796 $ 82.14 57.67%
Other 60 $ 600 $ 10.00 1.29%
Complimentary 350 $ 610 $ 1.74 7.54%
Desert Willow Totals 4,640 $ 290,936 $ 62.70 100.00%
Dw2002;POS AVG RD Page 9
_ Desert Willow
Breakdown of Rounds
per point of sale system
FIRECLIFF COURSE- DECEMBER 2001
Description No. Of Revenue Avg. Per Pct to
Rounds Per POS Round Total
Resident Rounds
Resident Fee- Weekend 570 $ 25,650 $ 45.00 14.69%
Resident Fee-Weekday 566 $ 25,470 $ 45.00 14.58%
Resident -Twilight 128 5,760 $ 45.00 3.30%
Total Resident 1,264 $ 56,880 $ 45.00 32.57%
Non Resident
Posted Weekend 151 $ 22,595 $ 149.64 3.89%
Posted Weekday 116 $ 14,505 $ 125.04 2.99%
IROC Des. PRTY - Weekday 149 $ 9,188 $ 61.66 3.84%
IROC Mbr. Guest - Weekday 28 $ 2,772 $ 99.00 0.72%
IROC Des. PRTY - Weekend 252 $ 18,600 $ 73.81 6.49%
IROC Mbr. Guest - Weekend 41 $ 4,900 $ 119.51 1.06%
Wholesale Weekend 341 $ 29,762 $ 87.28 8.79%
Wholesale Weekday 546 $ 33,657 $ 61.64 14.07%
I Twilight 229 $ 18,030 $ 78.73 5.90%
Posted Replay 5 $ 410 $ 82.00 0.13%
I Passbook - Weekday 14 $ 1,330 $ 95.00 0.36%
Passbook - Weekend 17 $ 1,885 $ 110.88 0.44%
Charity Event 82 $ 2,460 $ 30.00 2.11%
1 Fee Special Event Variable 286 $ 19,575 $ 68.44 7.37%
Total Non Resident Rounds 2,257 $ 179,669 $ 79.61 58.16%
Other Rounds
Junior Walking 45 $ 450 $ 10.00 1.16%
Total Other 45 $ 450 $ 10.00 1.31%
Complimentary
VIP 59 $ - $ - 1.52%
PGA Member 53 $ 560 $ 10.57 1.37%
Trade 24 $ - $ - 0.62%
Donation 28 $ - $ - 0.72%
Employee 151 $ - $ - 3.89%
Total Complimentary 315 $ 560 $ 1.78 8.12%
Total Round (FireCliff) 3,881 $ 237,559 $ 61.21 100.00%
Dw2002;POS AVG RD Page 10
Desert Willow
Breakdown of Rounds
per point of sale system
MOUNTAINVIEW COURSE- DECEMBER 2001
Description No. Of Revenue Avg. Per Pct to
Rounds Per POS Round Total
Resident Rounds
Resident Fee- Weekend 125 $ 5,625 $ 45.00 16.47%
Resident Fee-Weekday 137 $ 6,165 $ 45.00 18.05%
Resident Twilight 28 $ 1,260 $ 45.00 3.69%
Total Resident 290 $ 13,050 $ 45.00 38.21%
Non Resident
Posted Weekend 32 $ 5,280 $ 165.00 4.22%
Posted Weekday 31 $ 4,140 $ 133.55 4.08%
IROC Des. PRTY- Weekday 40 $ 2,640 $ 66.00 5.27%
IROC Des. PRTY- Weekend 68 $ 5,590 $ 82.21 8.96%
IROC Mbr / Guest -weekend 12 $ 1,584 $ 132.00 1.58%
IROC Mbr / Guest -weekday 12 $ 1,296 $ 108.00 1.58%
Wholesale Weekend 63 $ 5,618 $ 89.17 8.30%
Wholesale Weekday 47 $ 3,472 $ 73.87 6.19%
Twilight 62 $ 5,540 $ 89.35 8.17%
Super Twilight 4 $ 260 $ 65.00 0.53%
Charity 2 $ 60 $ 30.00 0.26%
1 Fee Special Event Variable 46 $ 4,647 $ 101.02 6.06%
Total Non Resident Rounds 419 $ 40,127 $ 95.77 55.20%
Other Rounds
Junior Walking 15 $ 150 $ 10.00 1.98%
Total Other 15 $ 150 $ 10.00 1.98%
Complimentary
VIP 9 $ - $ - 1.19%
PGA Member 11 $ 50 $ 4.55 1.45%
Employee 15 $ - $ - 1.98%
Total Complimentary 35 $ 50 $ 1.43 4.61%
Total Round (Mountainview) 759 $ 53,377 $ 70:33 100%
Dw2002;POS AVG RD Page 11
City of Palm Desert
Desert Willow
Cash Reserve Analysis
for the month of
December 2001
Cash Reserve Analysis One Month
Required Reserve $ 500,000.00
Cash on Hand $ 534,320.40 I
Variance- Favorable Unfavorable $ 34,320.40
Please note: Although the cash balance is over the $500,000 reserve requirement; Kemper Sports Management Inc.
has transferred $273,463.49 to cover the cash shortfalls. To date Kemper has not been reimbursed.
Page 12
\ .
-
PALM DESERT REDEVELOPMENT AGENCY
MEMORANDUM
t,,
TO: Paul S. Gibson, Director of Finance
David Yrigoyen, Director of Redevelopment
FROM: Dennis M. Coleman, Redevelopment Finance Manager gv '
DATE: February 26, 2002
SUBJECT: Status of the Project Area No. 1, 2002, Series A Bond Issue
This memo is intended to give you a quick recap of where we are with the bond issue.
This will allowyou togive aquick report to the Finance and Investment Committee on
p
Wednesday, February 27, 2002.
We are going to have a preliminary bond pricing conference call on Wednesday,
February 27, 2002 to review the market and give the underwriting team permission to
go price and sell the bonds. The total proposed bond issue is $21,900,000. This will
refund the remaining 1992, Project Area No.1 bonds, and issue about $914,000 in new
bond proceeds. The current structure has us selling two term bond, one for
$10,850,000, maturing on April 1, 2025, and another term bond of$11,050,000 which
matures on April 1, 2030.
The structure was set this way to keep our debt service as level as possible, and
enables us to issue the more new money, when we are ready to issue the new bonds.
We are currently looking at issuing the $10,850,000 (4/1/25) bond at 5.00 coupon,
discounted to yield 5.05%. The second term bond we are looking a par bond priced
. with a 5.10% yield. We will see how the market receives our bond issue.
MBIA has committed to insuring our bond issue and issuing a surety for our reserve
fund. The cost of the insurance is 120 basis points (1.2%) of the debt service, and we
will be able to issue new bonds at a 1.15 coverage rate.
Staff and the underwriting team solicited Ambac for an insurance commitment for this
issue. They declined to bid on this issue because the were concerned with our ability
G\RDA\Den=Colvnmi\DATA\WNMEMOS\psg_pa 1bond200)a 022602wpd
to pay debt under the most extreme scenario of a loss of 20% of revenue and no
growth. The analysis revealed if this scenario happen we could only cover 99% of the
debt service in the year 2023. Ambac also stated that they would have preferred a
coverage ration of 1.25, and would have charged us 120 to 150 basis points for the
insurance.
Ambac stated since they now understand our credit that they would bid on a
commitment when we issue bonds for our Project Area No.2. Staff feels that we will
only be able to reduce the coverage from the current 1.6 to 1.25. This is a comfortable
level for Ambac and they should be competitive.
I have attached a copy of the structure, the comparisons and the cost of issuance
schedule. Thank you for all of your assistance and expertise on this matter.
DMC
Attachments (as noted)
C VLDA\Dmne Coleman\DATA\WPMEMOS\ysyyal bond2002a 022602.wyd
Palm Desert Financing Authority
Tax Allocation Revenue Bonds, Series 2002 A
(Project Area 1 as Amended)
Refunding of Tax Allocation Revenue Bonds, 1992 Series A
1992 Series A
Par Amount of Bonds 21,900,000.00
Accrued Interest -
Total Sources 21,900,000.00
Cost of Escrow Securities 19,944,577.97
Beginning Escrow Cash Balance New Bond Proceeds 914,868.53
Reserve Surety Premium (1) 45,000.00
Underwriter's Discount (2) 240,900.00
Costs of Issuance (3) - 162,653.50
Insurance Premium (4) 592,000.00
OID / (OIP)
Accrued Interest -
Total Uses 21,900,000.00
Adjustment 0.00
Assumptions
(1) 4.00% of the Parity Reserve Fund Requirement
(2) 1.10% of the Par Amount of Bonds
(3) See Attached Schedule
(4) 120bp or 1.20% of Total Principal and Interest
Run Date February 20, 2002
Run Time 9:14 AM
Prepared By MuniSoft
2/20/2002.9:15 AM
•
Palm Desert Financing Authority
Tax Allocation Revenue Bonds,Series 2002 A
(Project Area 1 as Amended)
Refunding of Tax Allocation Revenue Bonds, 1992 Series A
Proposed Costs of Issuance _
Bond Counsel 45,000.00
Bond Counsel Expenses 1,500.00
Disclosure Counsel 25,000.00
Financial Advisor 43,000.00
Fiscal Consultant 20,000.00
Trustee/Paying/Escrow Agent 3,153.50
Trustee Counsel 1,500.00
Rating Fee(S&P) 9,000.00
Printing/Miscellaneous 10,000.00
Escrow Verification 4,500.00
Total 162,653.50
Prepared By MuniSoft
212012002,9:15 AM
Gross Debt Service on New Issue (Series 92 Refunding)
Period Fiscal
Date principal Rate Interest Total Total
3/13/2002
4/1/2002
10/1/2002 617,333.75 617,333.75
4/1/2003 - 0.000 561,212.50 561,212.50 1,176,546.25
10/1/2003 561,212.50 561,212.50
4/1/2004 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2004 561,212.50 561,212.50
4/1/2005 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2005 561,212.50 561,212.50
4/1/2006 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2006 561,212.50 561,212.50
4/1/2007 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2007 561,212.50 561,212.50
4/1/2008 - 0.000 561,212.50 561,212.50 1,122,425.00
•
10/1/2008 561,212.50 561,212.50
4/1/2009 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2009 561,212.50 561,212.50
4/1/2010 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2010 561,212.50 561,212.50
I 4/1/2011 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2011 561,212.50 561,212.50
4/1/2012 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2012 561,212.50 561,212.50
4/1/2013 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2013 561,212.50 561,212.50
4/1/2014 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2014 561,212.50 561,212.50
4/1/2015 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2015 561,212.50 561,212.50
4/1/2016 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2016 561,212.50 561,212.50
4/1/2017 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2017 561,212.50 561,212.50
4/1/2018 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2018 561,212.50 561,212.50
4/1/2019 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2019 561,212.50 561,212.50
4/1/2020 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2020 561,212.50 561,212.50
4/1/2021 - 0.000 561,212.50 561,212.50 • 1,122,425.00
10/1/2021 561,212.50 561,212.50
4/1/2022 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2022 561,212.50 561,212.50
4/1/2023 - 0.000 561,212.50 561,212.50 1,122,425.00
10/1/2023 561,212.50 561,212.50
4/1/2024 4,750,000 5.100 561,212.50 5,311,212.50 5,672,425.00
10/1/2024 440,087.50 440,087.50
4/1/2025 6,100,000 5.100 440,087.50 6,540,087.50 6,980,175.00
10/1/2025 284,537.50 284,537.50
4/1/2026 1,995,000 5.150 264,537.50 2,279,537.50 2,564,075.00
10/1/2026 233,166.25 233,166.25
4/1/2027 2,095,000 5.150 233,166.25 2,228,166.25 2,561,332.50
10/1/2027 179,220.00 179,220.00
4/1/2028 2,205,000 5.150 179,220.00 2,384,220.00 2,563,440.00
10/1/2026 122,441.25 122,441.25
4/1/2029 2,320,000 5.150 122,441.25 2,442,441.25 2,564,882.50
10/1/2029 62,101.25 62,701.25
4/1/2030 2,435,000 5.150 62,701.25 2,497,701.25 2,560,402.50
10/1/2030 - -
4/1/2031 - 0.000 - - -
21,900,000 27,393,778.75 49,293,778.75 49,293,778.75
E
1e .
/
~ L ¢
�F
raammm “:“.; ammmmmmmmnr- rnnnnn n ..7
v ma
Im
q
F
g� m
.42
Ad
tQn „ .. nnnnnnnnnnnnnnnnnnnn � . . . . .
k P
] z E € :. . m . em _ . _ . ammmmo . / mmn
i
M & ytl
'4 " nnnnnnnnnnnmm � nnnnnnnnn . ,- . . . .-
14g A : 3
9 ` ' , nnnnnnnnnnnnn . nn . nnnnnnnnn , n E I'
i : a 8 / y
5
e,g: tr
5 ^ iE
F: is
. . . pU
b "
S:
z °
gm
is
is _ . . a
s
" ^
x
z
i
ca '.
s: jai , "
54
:5z z _
in % y &
888888888888E 888 p3
a8
/15 11 in 88888888888888E 8
al glal.
83 z i,ryvm*,4erg.n-3'r,,..al.nmr, ".'°8 ." - - . , " rn_..8
1 8788888888888988888E9.8 8 8
im
III
d
n I 8;8888888E881E88888888 8 8 N
558 d 4 NNu:::ii:u:i::u««SSS S :
II]
■$ i
lli
HI 1
rz yr Im x ,. sA:s3'Aw.=-.r8 8 ' "8 8 8 8 8 E ..8 2 8 d^Ef2rss'"'ut2r.
iI
gg 888888888888888888288889 8 8
! j
€ g' § e g88888888888888888888888 8 1
ti; E 8+ . .
is :i
Iii I 3 a
"s-��T".-gym_g Jc."i.-.r.., ".:�'".��Pt.'rz g;..n an*,;;+rvra,.
1 3
888888888888888888E 8
N : :: 3 I
II; 7 n 88888s8888E88g88888 a g ;
. . 3'E 99 :.3: .: n
iff N is i
in III sy^ {':
9 88888588�8R8��S88888 98
ai
y {{ C �N«nnnN6 :::..:::nn n n
i� [ in 8 88888888888881888898 8 88
3 s 2 If i
22
H.
i s n 3: § a
ii. F W i
f1+�{8 8 g
i F8i 3`SI .ia
8 d 8
yxs d
E i y
O
Ili- i i• 8 8
i Ili< t a 8
01 el
Ili i f
if
1141 E 7, E i
08SiS86SS EFEE2EEAEEBE9 s
gip a,'! . j CEEEEEEEEEE EEEB Y.EEEEEEEEEEEEEBEEE 1
L s
I e $ s ! a a e
Si a € ; I 8 a 8
+ 's a ;
i +
d3pg $2
e88288888893828a illI eRa;9RR8
a3t
1 a 8 foJA!dasa!3I•as:E=$irm§sese8es,
II aJ s �NN.f.T iA♦t�f.iS' e Cdui
N
i 8
.r.x#'w4rtaflu i,..-+q,,v.„, l w_r. _mNa ::.uS'rammasum"S�nlai%' ±
7 7 i 3 5
ii
li
i i
g 7 a e e
al HN 8
V"` .i.'Tuta!`"9krrTk '�..""y�tr�.�.._!sie .a i w. :J.'yvaia viL .semen
3 8 2 : 3 a § a
a e41
3
i
Si 8 a a 8 9 8 1 R
I r 7
iir.w^r.: ad,: -I—u-s 'll.'lv3xi"e"".c ",c...+�..rtT.., ._r",�;:3:n :1a:;
“8888882222 2 a a
F F444;4, 44444 i e n
I
I
g� a €�8288a8F988 8 0 e
11 S«NNNMnMn n :In
ii L
a i
t g H
I 8 ' i 9 I
I ili< a II
s
I al
38 11 a 3ii f
1141
11 , a
vita l i WI oaaa88saa azraaaasUaeaza ;
101 i : 1¢ :8828222222822828882282222222882 1
dS E 2
'WA]
'WA2
'1211A1
�a
m
'11/1A1 y
L C
} l
1 '1WA1
O y
M C g"
-p O
C N WA/
. !LO C I r 3
paF a
1 'Wit m
C � N 'WA1I >-
YIAI
-10
C
MO •moot
slid
111A1
n a d A $
PIRA
wm
•
1W1nt
fill
mn1
I
r
nu y
171 )1
ID
.,1ml
M = +�/ wno 3
c w I
R O , P e
Q C' H - i m�u o e
d ' it
m
m
C VIM
41 � 0
C r ) Inn e
>0 } �`. tonne.1110111 R
`/ co co .
V F mn.
CI
ir: 11:11
7 wne
3 F
.0 vim
O 11u1n1
m 7
mn>
ididi
1111197
wnT
g al 9 9
PRA