HomeMy WebLinkAbout1FCity Council Staff Re{Jort
DATE: October 8, 2020 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JULY 31, 2020
FROM:
BY:
Nancy Pauley, Director of Finance and Treasurer
Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of July 31, 2020. The report
includes the face value and coupon rate (if applicable) of the investments and the
source for the market value estimate. The City's total invested cash and
marketable securities is $232,134,774. There is an additional $27,207,012 held by
fiscal agent for bond issue reserves, debt service, and related funds, and $717,612
in other miscellaneous accounts.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of July 31, 2020.
STAFF ANALYSIS:
The attached report includes the face value and coupon rate (if applicable) of the
investments and the source for the market value estimate. Also included is
information on the investments of bond issue reserve, debt service and related
funds.
The investments, in type, maturity and as a percentage of the total portfolio, are in
compliance with the existing City Council approved investment policy.
ITEM No._..1 ... F ___
2City Council Staff Report October 8, 2020 -Page 2 Treasurer's Investment Report as of July 31, 2020 The weighted average maturity (YVAM) of the portfolio is 248 days. The maximum WAM allowed by the Investment Policy is 1,095 days. The current portfolio and expected revenue cash flow will be sufficient to meet budgeted expenditure requirements for the next six months and the foreseeable future thereafter. FISCAL IMPACT: None. ~ul~ Director of Finance/City Treasurer Attachments: Treasurer's Investment Report
3CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
July 31, 2020
I On Call Deposits
Checking Account -Bank of America
Union Bank
CalTrust Short Term
LAI F State Pool
Short Term Investments -Union Bank
1 vear or less
U.S. Government Agencies
ears
U.S. Government Agencies
!Corporate Bonds/Obligations -Union Bank (5 years or less)
Corporate Bonds
Negotiable Certificates of Deposit-Union Bank
5 vears or less
FDIC-Insured CD's
Total Cash and Marketable Securities
Adjustments from prior month
July 31, 2020 Ending Cash Balance:
Adjusted Basis
Page 1 of 9
9,956,808
21,544,041
42,299,665
74J_19,888
6,500,000
68,~67,958
3,198,093
5,500,000
$
$
$
Category Total
147,950,402
6,500,000
68,967,958
3,198,093
5,500,000
232, 116,454
18,320
232,134,774
Percentage of Total
63.74%
2.80%
29.71%
1.38%
2.37%
100.00%
4CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
July 31, 2020
Portfolio Composition
Investment Type
U.S. Government Agencies
LAIF State Pool
CalTrust Short Term
Checking/Custody
Corporate Bonds/Obligations
Certificates of De~osit
TOTAL
LAIF State Pool
31.9%
U.S. Government Agencies
32.5%
$
Cost Basis
75,467,958
74,149,888
42,299,665
31,500,849
3,198,093
5!5001000
232,116,454
CalTrust Short Term
18.2%
Checking/Custody
13.6%
Corporate
Bonds/Obligations
1.4%
Page 2 of9
q,.~
'"J;~~,.
Portfolio Liquidity
Aging Interval*
Overnight
Less than 1 Year
1 -
2
Years
2-3 Years
3-4 Years
4-5 Years
TOTAL
*To maturity (does not include call date)
<'$.,., ~.,~
., I:.
$-,,.
.f,,i> I:.
$c,~
Par Value
147,950,402
9,000,000
36,112,771
37,399,867
1,653,413
$ 232,116,454
~--i>,~
~ 91:,
$c,~ ci>~
$0
9,
,$'>:. $.,,..,
5TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
July 31, 2020
~ Coupon Moody's/S&P Purchase Maturity/Called Days Yield ~ Category Market Value as of Market Value as of
8m Bil1in9 om ~ ~ 1Q..MilYrilx Imll JL!~ Jl 2Q2Q Jyfli!JQ 2Q2Q
!on Call Deposits
Checking -Bank of America 9,956,808 N/A NIA Demand 1 None 9,956,808 9,956,808 9,869,920
Union Bank 21,544,041 variable N/A Demand 1 None 21,544,041 21,544,041 0
CalTrust ShortTerm 42,299,665 variable NIA Demand 1 1.64% 42,299,665 42,299,665 91,023,854
Local Agency Invest Fund (LAIF) 74149 888 variable NIA Demand 1 1.79% 74 149 888 74149888 73,894,690
147,950,402
!Short Term Investments (1 lear or less) I 147,950,402 147,950,402 174,788,464
US Agency Securities
Federal National Mortgage Association 2,000,000 1.25% Aaa/AA+ 08/04/16 08/28/20 28 1.25% 2,000,000 2,001 ,600 2,003,520
Federal Home Loan Mortgage Corporation 3,000,000 1.70% Aaa/AA+ 09/18/17 09/28/20 59 1.70% 3,000,000 3 ,007,200 3,010,710
Federal National Mortgage Association 500,000 1.50% Aaa/ AA+ 02/24/16 11/24/20 116 1.50% 500,000 502,085 502,600
Federal National Mortgage Association 1,000,000 1.75% Aaa/AA+ 08/16/17 02/16/21 200 1.75% 1 000000 1 008490 109590
!Medium Term Investments {1 lear to 3 lears) I
6,500,000 6,500,000 6,519,375 5,626,420
US Agency Securities
Federal National Mortgage Association 1,000,000 1.40% Aaa/ AA+ 08/03/16 08/25/21 390 1.40% 1,000,000 1,013,350 1,013,110
Federal Home Loan Bank 1,000,000 1.05% Aaa/ AA+ 10/11/16 11/15/21 472 1.05% 1,000,000 1,024,000 1,024,010
Federal Home Loan Bank 3,000,000 1.63% Aaa/AA+ 03/17/20 12/20/21 507 1.63% 3,046,440 3,061,920 3,060,780
Federal National Mortgage Association 3,000,000 2 .00% Aaa/AA+ 03/17/20 01/05/22 523 2.00% 3,068,010 3,079,290 3,082,200
Federal National Mortgage Association 3,000,000 2.63% Aaa/ AA+ 03/17/20 01/11/22 529 2.63% 3,106,080 3,107,640 3,111 ,120
Federal Home Loan Mortgage Corporation 3,000,000 2.38% Aaa/AA 03/17/20 01/13/22 531 2.38% 3,092,820 3,096,330 3,100,020
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 05/31/22 669 1.75% 3,142,334 3,140,677 3,141,866
Federal Home Loan Mortgage Corporation 3,000,000 2.50% Aaa/AA+ 07/24/20 06/08/22 677 2 .16% 3,001,500 2,997,030 0
US Treasury Notes 3 ,050,000 1.75% Aaa/ AA+ 03/24/20 06/15/22 684 1.75% 3,147,100 3,142,934 3,144,367
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 06/30/22 699 1.75% 3,147,814 3,144,245 3,146,014
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 07/15/22 714 1.75% 3,146,504 3,146,746 3,148,058
Federal Home Loan Mortgage Corporation 2,675,000 1.25% Aaa/ AA+ 07/24/20 07/25/22 724 2 .21% 2,669,490 2,672,004
US Treasury Notes 3,050,000 1.50% Aaa/AA+ 03/24/20 08/15/22 745 1.50% 3,132,922 3,135,797 3,136,254
US Treasury Notes 3,050,000 1.63% Aaa/AA+ 03/24/20 08/15/22 745 1.63% 3,141 ,619 3,143,422 3,144,123
Federal National Mortgage Association 3,000,000 1.38% Aaa/AA+ 03/20/20 09/06/22 767 1.38% 3,054,180 3,075,750 3,074,520
Federal National Mortgage Association 3,000,000 2.00% Aaa/ AA+ 03/20/20 10/05/22 796 2 .00% 3,092,160 3,120,300 3,114,930
Federal Home Loan Bank 2,000,000 3.20% Aaa/ AA+ 04/26/20 10/26/22 817 3.20% 2,000,000 2,013,240 2,017,780
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 01/15/23 898 1.50% 3,271 ,366 3,282,283 3,281,426
Federal National Mortgage Association 3,000,000 2 .38% Aaa/AA+ 03/20/20 01/19/23 902 2 .38% 3,134,100 3,162,090 3,169,290
Federal Home Loan Bank 3,000,000 1.38% Aaa/AA+ 03/20/20 02/17/23 931 1.38% 3,052,314 3,089,400 3,088,260
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 02/28/23 942 1.50% 3,275,459 3,287,998 3,286,855
US Treasury Notes 3,175,000 0 .50% Aaa/AA+ 03/24/20 03/15/23 957 0.50% 3,184,302 3,206,750 3,202,654
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 03/31/23 973 1.50% 3,277,443 3,291,840 3,290,475
Federal Home Loan Mortgage Corporation 2,790,000 2.50% Aaa/AA+ 07/10/20 07/10/23 1,074 2.50% 2 784002 2790140 0
67,465,000 68,967,958 60,778,112
!corporate Bonds/Obligations {5 lears or less)
Apple Incorporated 2,000,000 2 .15% FDIC 04/09/20 02/09/22 558 2.10% 2,044,680 2,057,380 2,057,740
Microsoft Corporation 1114 000 2 .00% FDIC 04/13/20 08/08/23 1,103 1.92% 1 153 413 1168 530 1165 979
3,114,000 3,198,093 3,225,910 3,223,719
!Negotiable Certificates of Deposit {5 lears or less)
Discover Bank CD 250,000 1.90% FDIC 08/03/17 08/03/20 3 1.90% 250,000 250,038 250,423
BMW Bank NA CD 250,000 1.90% FDIC 09/08/17 09/08/20 39 1.90% 250,000 250,493 250,870
Page 3 of9
6TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
July 31, 2020
~ Coupon Moody's / S&P Purchase Maturity/Called Days Yield ~ Category Market Value as of Market Value as of
8.§1@ Bilitm Di.ti Qm§ 12..MmY.cib'. 12..MmY.cib'. To1m Julv31 2020 June 3Q 2020
TIAAFSBCD 250,000 1.90% FDIC 09/18/17 09/14/20 45 1.90% 250,000 250,568 250,943
Key Bank NA CD 250,000 1.85% FDIC 09/27/17 09/25/20 56 1.85% 250,000 250,685 251,045
First Bank of Highland CD 250,000 1.90% FDIC 10/23/17 11/02/20 94 1.90% 250,000 251,185 254,540
Barclays Bank CD 250,000 2.00% FDIC 11/03/17 11/09/20 101 2.00% 250,000 251,343 251,720
Investors Bank CD 250,000 2 .10% FDIC 12/27/17 12/28/20 150 2.10% 250,000 252,088 252,480
Carver Federal Savings Bank CD 250,000 2 .15% FDIC 12/29/17 12/29/20 151 2.15% 250,000 252,155 252,558
Citizens National Bank CD 250,000 2.15% FDIC 01/17/18 01/19/21 172 2.15% 250,000 252,450 252,793
Marlin Business Bank CD 250,000 2.20% FDIC 01/18/18 01/19/21 172 2 .20% 250,000 252,510 252,863
Capital One Bank, NA CD 250,000 2 .05% FDIC 08/02/17 08/02/21 367 2.05% 250,000 254,825 255,135
American Express FSB CD 250,000 2 .20% FDIC 09/12/17 09/13/21 409 2 .20% 250,000 255,738 256,023
Third Federal Savings & Loan CD 250,000 2.00% FDIC 09/15/17 09/15/21 411 2 .00% 250,000 255,253 255,538
Patriot Bank CD 250,000 2 .95% FDIC 07/30/18 01/31/22 549 2.95% 250,000 260,555 260,913
Synchrony Bank CD 250,000 2 .70% FDIC 03/11/19 03/15/22 592 2 .70% 250,000 260,333 260,695
Merrick Bank CD 250,000 2.65% FDIC 03/11/19 03/21/22 598 2.65% 250,000 260,215 260,550
Goldman Sachs Bank CD 250,000 2 .30% FDIC 08/02/17 08/02/22 732 2.30% 250,000 260,635 260,823
American Express Centurion CD 250,000 2 .35% FDIC 08/22/17 08/22/22 752 2 .35% 250,000 260,380 260,520
Capital One Bank USA, NA CD 250,000 2.35% FDIC 08/23/17 08/23/22 753 2 .35% 250,000 261,188 261,358
Citibank, NA CD 250,000 3 .30% FDIC 07/24/18 07/24/23 1,088 3.30% 250,000 272,940 272,600
Comenity Capital Bank CD 250,000 3.35% FDIC 10/17/18 10/17/23 1,173 3.35% 250,000 274,838 274,450
UBS Bank USA CD 2501000 3 .35% FDIC 10/17/18 10/17/23 1,173 3.35% 250 000 274 838 274450
5,500,000 5,500,000 5,665,248 5,673,290
!Total Invested Cash I $ 2301529,402 $ 232,116,454 $ 163,360,935 $ 248,0321265
Monthly Portfolio Yield: 1.52%
Benchmark Yields:
12 Month LAIF Average: 2.19%
Page 4 of9
7TREASURER'S MONTHLY REPORT
MISCELLANEOUS AND TRUST ACCOUNTS
July 31, 2020
Yield Adjusted
Account Descri12tion Par Value Cou12on Rating Maturity to Maturity Cost Basis Cateqo[Y Total
!Total Cash
11010 Cash and Marketable Securities $ 232,116,454 232,116,454
Adjustments from Prior Month 18,320 232,134,774
!Miscellaneous Accounts
11016 1930's General Store Museum -Bank of America 10,565 NIA NIA open None 10,565
11017 Downpayment Assistance (Housing Fund) -Bank of America 34,222 0.002 NIA open 0.20% 34,222
11018 Save the Plaza -Bank of America 303,644 NIA NIA open None 303,644
11019 Airport Parking -Bank of America 186,101 NIA NIA open None 186,101
11020 Petty Cash -Various 3,614 NIA NIA open None 3,614
11025 Workers Compensation -Bank of America 175,773 NIA NIA open None 175,773
11026 General Liability -Bank of America 3,692 NIA NIA open None 3,692 717,612
!Total Cash Deposited I $ 232,®2-i385
Page 5 of 9
8TREASURER'S MONTHLY REPORT
CASH WITH FISCAL AGENT (BOND ISSUE RESERVE, DEBT SERVICE, AND RELATED FUNDS)
July 31, 2020
Par Coupon Yield Adjusted Category Market Value as of Market Value as of
Acct Description Value Rate Rating Maturity to Maturity Cost Basis Total July 31 2020 Source March 31 2020
11029 2015 Refunding Lease Revenue Bonds
First American Government Obligation 0 variable AAA open 0.01% 0 0 US Bank 334
11030 2015 Reassessment District No.2015-1
First American Government Obligation 272,989 variable AAA open 0.01% 272,989 272,989 US Bank 272,846
11011 Cash with Fiscal Agent -Reserve 2019
Bond Issuance 2,513,995 2,513,995 2,513,995 US Bank 2,511,368
11097 Cash with Fiscal Agent-2019 PFC
Bond Issuance 16,780,576 16,780,576 16,780,576 US Bank 26,099,159
11037 2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government & Agency Private 3,247,523 variable AAA open 0 .01% 3,247,523 3,247,523 US Bank 3,244,965
11038 Chevron/CoGen Lease Proceeds
Cash N/A N/A demand None 0 Deutsche Bank 715,377
11039 2012/2014 Convention Center
First American Government Obligation 4 variable AAA open 0 .01% 4 4 US Bank 2,380
11041 Cash with Fiscal Agent-2014 Conv 0 (232,555)
2015 Local Measure A Sales Tax
11042 First American Government Obligation 627,358 627,358 627 ,358 632,847
11043 First American Government Obligation 8,663 variable AAA open 0.01% 81663 8,663 US Bank 8,659
636,021 636,021 641,506
11080 Funds With Century Golf 1,354,545 N/A NIA demand None 1,354,545 1,354,545 Century Golf 2,178,922
11090 Cash with Fiscal Agent -Refinance 2,272,888 2,272,888 2,272,888 US Bank 1,616,868
2007A&B Tax Allocation Bonds
11092 First American Government Obligation 128,468 128,468 128,468 128,401
11096 Cash with Fiscal Agent -2017
1 1 1 US Bank 887,494
Total Cash with Fiscal Agent 27,207,012 27,2071012 271207,012 381607,996
Page 6 of9
9TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
July 31, 2020
By Maturity: Minimum
1 day to 365 days N/A
1 year to 3 years N/A
3 years to 5 years N/A
Total:
B~e of Investment:
Bank -Checking/Custody N/A
Bankers Acceptance -in total N/A
Bankers Acceptance -by issuer N/A
Commercial Paper N/A
Time Deposits N/A
Negotiable Certificates of Deposit -in total N/A
Negotiable Certificates of Deposit -by issuer N/A
Corporate Notes -in total N/A
Corporate Notes -by issuer N/A
CA State or City Bonds/Local Agency Bonds -in total N/A
CA State or City Bonds/Local Agency Bonds -by issuer N/A
Money Market Funds N/A
Money Market Mutual Funds -Less than 1 Year N/A
Money Market Mutual Funds -More than 1 Year N/A
LAIF N/A
U.S. Government Agencies N/A
U.S. Treasury Notes/Bonds N/A
Total:
Page 7 of 9
Maximum July 31. 2020
N/A 68.08%
50.00% 31.22%
30.00% 0.70%
100.00%
100.00% 13.66%
20.00% 0.00%
5.00% 0.00%
15.00% 0.00%
10.00% 0.00%
30.00% 2.39%
5.00% 0.00%
20.00% 0.00%
5.00% 0.00%
15.00% 0.00%
5.00% 0.00%
10.00% 0.00%
50.00% 18.35%
25.00% 0.00%
100.00% 32.17%
60.00% 32.08%
100.00% 0.00%
98.65%
10TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
July 31, 2020
Description Maturity/Called Current No. of Days X Cost
Date Date Days
I On Call Deposits
Checking -Bank of America 07/31/20 1 9,956,808
Union Bank 07/31/20 1 21,544,041
CalTrust ShortTerm 07/31/20 1 42,299,665
Local Agency Invest Fund (LAIF) 07/31/20 1 74,149,888
!short Term Investments (1 year or less)
US Agency Securities
Federal National Mortgage Association 08/28/20 07/31/20 28 56,000,000
Federal Home Loan Mortgage Corporation 09/28/20 07/31/20 59 177,000,000
Federal National Mortgage Association 11/24/20 07/31/20 116 58,000,000
Federal National Mortgage Association 02/16/21 07/31/20 353 353,000,000
!Medium Term Investments (1 year to 3 years)
US Agency Securities
Federal National Mortgage Association 08/25/21 07/31/20 390 390,000,000
Federal Home Loan Bank 11/15/21 07/31/20 472 472,000,000
Federal Home Loan Bank 12/20/21 07/31/20 507 1,544,545,080
Federal National Mortgage Association 01/05/22 07/31/20 523 1,604,569,230
Federal National Mortgage Association 01/11/22 07/31/20 529 1,643,116,320
Federal Home Loan Mortgage Corporation 01/13/22 07/31/20 531 1,642,287,420
US Treasury Notes 05/31/22 07/31/20 669 2,102,221,439
Federal Home Loan Mortgage Corporation 06/08/22 07/31/20 677 2,032,015,500
US Treasury Notes 06/15/22 07/31/20 684 2,152,616,140
US Treasury Notes 06/30/22 07/31/20 699 2,200,322,301
US Treasury Notes 07/15/22 07/31/20 714 2,246,603,799
Federal Home Loan Mortgage Corporation 07/25/22 07/31/20 724 1,932,710,398
US Treasury Notes 08/15/22 07/31/20 745 2,334,026,801
US Treasury Notes 08/15/22 07/31/20 745 2,340,506,252
Federal National Mortgage Association 09/06/22 07/31/20 767 2,342,556,060
Federal National Mortgage Association 10/05/22 07/31/20 796 2,461,359,360
Federal Home Loan Bank 10/26/22 07/31/20 817 1,634,000,000
US Treasury Notes 01/15/23 07/31/20 898 2,937,686,848
Federal National Mortgage Association 01/19/23 07/31/20 902 2,826,958,200
Federal Home Loan Bank 02/17/23 07/31/20 931 2,841,704,334
US Treasury Notes 02/28/23 07/31/20 942 3,085,482,378
US Treasury Notes 03/15/23 07/31/20 957 3,047,376,794
Page 8 of 9
11TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
July 31, 2020
Description Maturity/Called Current No. of Days X Cost
Date Date Days
US Treasury Notes 03/31/23 07/31/20 973 3,188,952,409
Federal Home Loan Mortgage Corporation 07/10/23 07/31/20 1,074 2,990,017,611
I corporate Bonds/Obligations (5 years or less)
Apple Incorporated 02/09/22 07/31/20 558 1,140,931,440
Microsoft Corporation 08/08/23 07/31/20 . 1,103 1,272,214,539
I Negotiable Certificates of Deposit (5 years or less)
Discover Bank CD 08/03/20 07/31/20 3 750,000
BMW Bank NA CD 09/08/20 07/31/20 39 9,750,000
TIAAFSBCD 09/14/20 07/31/20 45 11,250,000
Key Bank NA CD 09/25/20 07/31/20 56 14,000,000
First Bank of Highland CD 11/02/20 07/31/20 94 23,500,000
Barclays Bank CD 11/09/20 07/31/20 101 25,250,000
Investors Bank CD 12/28/20 07/31/20 150 37,500,000
Carver Federal Savings Bank CD 12/29/20 07/31/20 151 37,750,000
Citizens National Bank CD 01/19/21 07/31/20 172 43,000,000
Marlin Business Bank CD 01/19/21 07/31/20 172 43,000,000
Capital One Bank, NA CD 08/02/21 07/31/20 367 91,750,000
American Express FSB CD 09/13/21 07/31/20 409 102,250,000
Third Federal Savings & Loan CD 09/15/21 07/31/20 411 102,750,000
Patriot Bank CD 01/31/22 07/31/20 549 137,250,000
Synchrony Bank CD 03/15/22 07/31/20 592 148,000,000
Merrick Bank CD 03/21/22 07/31/20 598 149,500,000
Goldman Sachs Bank CD 08/02/22 07/31/20 732 183,000,000
American Express Centurion CD 08/22/22 07/31/20 752 188,000,000
Capital One Bank USA, NA CD 08/23/22 07/31/20 753 188,250,000
Citibank, NA CD 07/24/23 07/31/20 1,088 272,000,000
Comenity Capital Bank CD 10/17/23 07/31/20 1,173 293,250,000
UBS Bank USA CD 10/17/23 07/31/20 1,173 293,250,000
Total Investments at Cost 232,116,454
WAM in Days 248
/
Page 9 of 9