HomeMy WebLinkAbout1D OCRCity Council Staff Report
DATE: October 22, 2020 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF SEPTEMBER 30,
2020
FROM: Nancy Pauley, Director of Finance and Treasurer
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of September 30, 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 $236,372,044. There is an additional $21,797,455 held by
fiscal agent for bond issue reserves, debt service, and related funds, and $721,789
in other miscellaneous accounts.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of September 30, 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._i ........ D __
2City Council Staff Report October 22, 2020-Page 2 Treasurer's Investment Report as of September 30, 2020 The weighted average maturity (WAM) of the portfolio is 270 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. David H. Ready. Esq. City Manager Attachments: Treasurer's Investment Report
3
I On Call Deposits
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
September 30, 2020
Adjusted Basis
Checking Account -Bank of America
Union Bank
10,149,076
10,967,308
47,370,649
69,149,888
CalTrust Short Term
LAI F State Pool
Short Term Investments -Union Bank
(1 ear or less)
U.S. Government Agencies
U.S. Government Agencies
!Corporate Bonds/Obligations -Union Bank (5 lears or less)
Corporate Bonds
Negotiable Certificates of Deposit -Union Bank
( 5 ears or less)
FDIC-Insured CD's
Total Cash and Marketable Securities
Adjustments from prior month
Ending Cash Balance:
$
2,500,000
88,508,876
3,198,093
4,500,000
$
$
Page 1 of 9
Category Total Percentage of Total
137,636,921 58.24%
2,500,000 1.06%
88,508,876 37.45%
3,198,093 1.35%
4,500,000 1.90%
236,343,890 100.00%
28,154
236,372,044
4
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
September 30, 2020
Portfolio Composition
Investment Type
U.S. Government Agencies
LAIF State Pool
CalTrust Short Term
Checking/Custody
Corporate Bonds/Obligations
Certificates of Deeosit
TOTAL
LAIF State Pool
U.S. Government Agencies
38.5%
29.3%
$
Cost Basis
91,008,876
69,149,888
47,370,649
21,116,384
3,198,093
4,500,000
236,343,890
CalTrust Short Term
20.0%
Checking/Custody
8.9%
Corporate
Bonds/Obligations
Certificates of 1.4%
Deposit
1.9%
q,fl
~~ ~,
Page 2 of 9
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)
~~ ., -~ Ir~ ~ .,,, ii>,..,. ., >:.
fl~,.
Par Value
137,636,921
4,750,000
51,923,467
41,533,502
500,000
$ 236,343,890
$500,000
~ ~ -~ '9>:. ~ ii>':!-fl~':!-
$0
9
'$ ~
"':I-
5TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
September 30, 2020
Par Value Coupon Moody's I S&P Purchase Maturity/Called Days Yield Cost Basis Category Market Value as of Market Value as of
Rate Rating Date Date to Maturity to Maturity Total September 30 2020 June 30 2020
I On Call Deeosits
Checking -Bank of America 10,149,076 NIA N/A Demand None 10,149,076 10,149,076 9,869,920
Union Bank 10,967,308 variable N/A Demand None 10,967,308 10,967,308
CalTrust ShortTerm 47,370,649 variable NIA Demand 1.64% 47,370,649 47,370,649 91,023,854
Local Agency Invest Fund (LAIF) 69,149,888 variable N/A Demand 1.79% 69,149,888 69,149,888 73,894,690
137,636,921 137,636,921 137,636,921 174,788,464 I short Term Investments (1 lear or less)
US Agency Securities
Federal National Mortgage Association 500,000 1.50% Aaa/ AA+ 02/24/16 11/24/20 55 1.50% 500,000 501,025 502,600
Federal National Mortgage Association 1,000,000 1.75% Aaa/ AA+ 08/16/17 02/16/21 139 1.75% 1,000,000 1,005,880 109,590
Federal National Mortgage Association 1,000,000 1.40% Aaa/ AA+ 08/03/16 08/25/21 329 1.40% 1,000,000 1,011,210 1,013,110
2,500,000 I Medium Term Investments (1 lear to 3 lears)
2,500,000 2,518,115 1,625,300
US Agency Securities
Federal Home Loan Bank 1,000,000 1.05% Aaa/ AA+ 10/11/16 11/15/21 411 1.05% 1,000,000 1,021,010 1,024,010
US Treasury Notes 2,450,000 1.50% Aaa/ AA 09/04/20 11/30/21 426 1.25% 2,491,344 2,488,465
Federal Home Loan Bank 3,000,000 1.63% Aaa/ AA+ 03/17/20 12/20/21 446 1.63% 3,046,440 3,054,870 3,060,780
US Treasury Notes 2,450,000 1.63% Aaa/ AA 09/04/20 12/31/21 457 1.21% 2,498,139 2,495,546
Federal National Mortgage Association 3,000,000 2.00% Aaa I AA+ 03/17/20 01/05/22 462 2.00% 3,068,010 3,071,520 3,082,200
Federal National Mortgage Association 3,000,000 2.63% Aaa I AA+ 03/17/20 01/11/22 468 2.63% 3,106,080 3,095,520 3,111,120
Federal Home Loan Mortgage Corporation 3,000,000 2.38% Aaa/ AA 03/17/20 01/13/22 470 2.38% 3,092,820 3,086,610 3,100,020
US Treasury Notes 2,450,000 1.38% Aaa/AA 09/04/20 01/31/22 488 1.30% 2,492,492 2,490,670
US Treasury Notes 3,050,000 1.75% Aaa I AA+ 03/24/20 05/31/22 608 1.75% 3,142,334 3,132,320 3,141,866
Federal Home Loan Mortgage Corporation 3,000,000 2.50% Aaa/AA+ 07/24/20 06/08/22 616 2.16% 3,001,500 3,004,140
US Treasury Notes 3,050,000 1.75% Aaa I AA+ 03/24/20 06/15/22 623 1.75% 3,147,100 3,133,997 3,144,367
US Treasury Notes 3,050,000 1.75% Aaa I AA+ 03/24/20 06/30/22 638 1.75% 3,147,814 3,136,376
US Treasury Notes 3,050,000 1.75% Aaa I AA+ 03/24/20 07/15/22 653 1.75% 3,146,504 3,138,633 3,148,058
Federal Home Loan Mortgage Corporation 2,675,000 1.25% Aaa/ AA+ 07/24/20 07/25/22 663 2.21% 2,669,490 2,672,566
US Treasury Notes 3,050,000 1.50% Aaa I AA+ 03/24/20 08/15/22 684 1.50% 3,132,922 3,128,629 3,136,254
US Treasury Notes 3,050,000 1.63% Aaa I AA+ 03/24/20 08/15/22 684 1.63% 3,141,619 3,135,675 3,144,123
Federal National Mortgage Association 3,000,000 1.38% Aaa I AA+ 03/20/20 09/06/22 706 1.38% 3,054,180 3,070,410 3,074,520
Federal National Mortgage Association 3,000,000 2.00% Aaa/ AA+ 03/20/20 10/05/22 735 2.00% 3,092,160 3,111,240 3,114,930
US Treasury Notes 1,685,000 1.38% Aaa/AA 09/04/20 10/15/22 745 1.28% 1,729,034 1,727,715
Federal Home Loan Bank 2,000,000 3.20% Aaa/ AA+ 04/26/20 10/26/22 756 3.20% 2,000,000 2,004,420 2,017,780
US Treasury Notes 3,175,000 1.50% Aaa/ AA+ 03/24/20 01/15/23 837 1.50% 3,271,366 3,273,489 3,281,426
Federal National Mortgage Association 3,000,000 2.38% Aaa/ AA+ 03/20/20 01/19/23 841 2.38% 3,134,100 3,147,150 3,169,290
US Treasury Notes 1,685,000 1.75% Aaa/ AA 09/04/20 01/31/23 853 1.31% 1,750,294 1,748,120
Federal Home Loan Bank 3,000,000 1.38% Aaa/ AA+ 03/20/20 02/17/23 870 1.38% 3,052,314 3,084,090 3,088,260
US Treasury Notes 3,175,000 1.50% Aaa/ AA+ 03/24/20 02/28/23 881 1.50% 3,275,459 3,279,299 3,286,855
US Treasury Notes 3,175,000 0.50% Aaa/ AA+ 03/24/20 03/15/23 896 0.50% 3,184,302 3,202,527 3,202,654
US Treasury Notes 3,175,000 1.50% Aaa/ AA+ 03/24/20 03/31/23 912 1.50% 3,277,443 3,282,537 3,290,475
US Treasury Notes 2,500,000 2.50% Aaa/ AA 09/04/20 04/15/23 927 1.33% 2,507,324 2,506,750
Federal Home Loan Mortgage Corporation 2,500,000 2.50% Aaa/ AA+ 09/04/20 06/26/23 999 2.34% 2,500,775 2,502,250
Federal Home Loan Mortgage Corporation 2,790,000 2.50% Aaa/ AA+ 07/10/20 07/10/23 1,013 2.50% 2,784,002 2,789,414
US Treasury Notes 2,500,000 1.25% Aaa/ AA 09/04/20 07/15/23 1,018 1.44% 2,498,633 2,498,250
Federal Home Loan Mortgage Corporation 2,0751000 2.50% Aaa I AA+ 08/19/20 08/24/23 1,058 2.50% 2 072 884 2 076 411
90,260,000 88,508,876 92,119,942 59,257,398
lco!Eorate Bonds/Obligations (5 lears or less)
Apple Incorporated 2,000,000 2.15% FDIC 04/09/20 02/09/22 497 2.10% 2,044,680 2,051,060 2,057,740
Microsoft Corporation 1,114,000 2.00% FDIC 04/13/20 08/08/23 1,042 1.92% 1153413 1,163150 1165,979
3,114,000 3,198,093 3,214,210 3,223,719
Page 3 of9
6TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
September 30, 2020
~ Coupon Moody's I S&P Purchase Maturity/Called Days Yield Cost Basis Category Market Value as of Market Value as of
Rate Rating Date ~ to Maturity to Maturity ~ September 30 2020 June 30 2020
I Negotiable Certificates of Deeosit (5 ~ears or less)
First Bank of Highland CD 250,000 1.90% FDIC 10/23/17 11/02/20 33 1.90% 250,000 250,423 254,540
Bardays Bank CD 250,000 2.00% FDIC 11/03/17 11/09/20 40 2.00% 250,000 250,540 251,720
Investors Bank CD 250,000 2.10% FDIC 12/27/17 12/28/20 89 2 .10% 250,000 251,263 252,480
Carver Federal Savings Bank CD 250,000 2.15% FDIC 12/29/17 12/29/20 90 2.15% 250,000 251,308 252,558
Citizens National Bank CD 250,000 2.15% FDIC 01/17/18 01/19/21 111 2.15% 250,000 251,610 252,793
Martin Business Bank CD 250,000 2.20% FDIC 01/18/18 01/19/21 111 2.20% 250,000 251,650 252,863
Capital One Bank, NA CD 250,000 2.05% FDIC 08/02/17 08/02/21 306 2.05% 250,000 254,168 255,135
American Express FSB CD 250,000 2.20% FDIC 09/12/17 09/13/21 348 2.20% 250,000 255,050 256,023
Third Federal Savings & Loan CD 250,000 2.00% FDIC 09/15/17 09/15/21 350 2.00% 250,000 254,600 255,538
Patriot Bank CD 250,000 2.95% FDIC 07/30/18 01/31/22 488 2.95% 250,000 259,530 260,913
Synchrony Bank CD 250,000 2.70% FDIC 03/11/19 03/15/22 531 2.70% 250,000 259,440 260,695
Merrick Bank CD 250,000 2.65% FDIC 03/11/19 03/21/22 537 2 .65% 250,000 259,345 260,550
Goldman Sachs Bank CD 250,000 2.30% FDIC 08/02/17 08/02/22 671 2 .30% 250,000 259,980 260,823
American Express Centurion CD 250,000 2.35% FDIC 08/22/17 08/22/22 691 2.35% 250,000 259,850 260,520
Capital One Bank USA, NA CD 250,000 2.35% FDIC 08/23/17 08/23/22 692 2 .35% 250,000 260,515 261,358
Citibank, NA CD 250,000 3.30% FDIC 07/24/18 07/24/23 1,027 3.30% 250,000 271,918 272,600
Comenity Capital Bank CD 250,000 3.35% FDIC 10/17/18 10/17/23 1,112 3.35% 250,000 273,935 274,450
UBS Bank USA CD 250,000 3.35% FDIC 10/17/18 10/17/23 1,112 3.35% 250 000 273 935 274 450
4,500,000 4,500,000 4,649,058 4,670,009
lrotal Invested Cash $ 238 010 921 $ 236 343,890 $ 240 138 245 $ 2411507,150
Monthly Portfolio Yield : 1.59%
Benchmark Yields:
12 Month LAIF Average: 1.55%
Page 4 of 9
7!Total Cash
11010
Description
Cash and Marketable Securities
Adjustments from Prior Month
I Miscellaneous Accounts
11016 1930's General Store Museum -Bank of America
TREASURER'S MONTHLY REPORT
MISCELLANEOUS AND TRUST ACCOUNTS
September 30, 2020
Yield
Par Value Coupon Rating Maturity to Maturity
$ 236,343,890
9,127 N/A N/A open None
11017 Downpayment Assistance (Housing Fund) -Bank of America 34,233 0.002 N/A open 0.20%
11018 Save the Plaza -Bank of America 303 ,663 N/A NIA open None
11019 Airport Parking -Bank of America 129,791 N/A N/A open None
11020 Petty Cash -Various 2,600 N/A N/A open None
11025 Workers Compensation -Bank of America 334 ,330 N/A N/A open None
11026 General Liability -Bank of America (91 ,954) N/A N/A open None
!Total Cash Deposited
Page 5 of 9
Adjusted
Cost Basis
236,343,890
28,154
9,127
34,233
303,663
129,791
2,600
334,330
-91,954
Category Total
236,372,044
721,789
$ 237,093,833
8TREASURER'S MONTHLY REPORT
CASH WITH FISCAL AGENT (BOND ISSUE RESERVE, DEBT SERVICE, AND RELATED FUNDS)
September 30, 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 September 30 2020 Source June 30 2020
11030 2015 Reassessment District No.2015-1
First American Government Obligation 272,306 variable AAA open 0.01% 272,306 272,306 US Bank 272,988
11011 Cash with Fiscal Agent -Reserve 2019
Bond Issuance 2,514,238 2,514,238 2,514,238 US Bank 2,513,881
11097 Cash with Fiscal Agent -2019 PFC
Bond Issuance 14,312,430 14,312,430 14,312,430 US Bank 19,464,837
11037 2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government & Agency Private 3,247,838 variable AAA open 0 .01% 3,247,838 3,247,838 US Bank 3,247,375
11039 2012/2014 Convention Center
First American Government Obligation 4 variable AAA open 0 .01% 4 4 US Bank 4
2015 Local Measure A Sales Tax
11042 First American Government Obligation 627,364 627,364 627,364 627,355
11043 First American Government Obligation 8,664 variable AAA open 0.01% 8,664 8,664 US Bank 8,663
636,027 636,027 636,018
11080 Funds With Century Golf 795,484 NIA N/A demand None 795,484 795,484 Century Golf 1,527,797
11090 Cash with Fiscal Agent -Refinance 18 ,314 18,314 18,314 US Bank 2 ,272,877
2007A&B Tax Allocation Bonds
11092 First American Government Obligation 811 811 811 128,468
11096 Cash with Fiscal Agent -2017
US Bank
Total Cash with Fiscal Agent 21,797,455 21,797,455 21,797,455 30,064,246
Page 6 of 9
9TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
September 30, 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;t T;tee 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 NIA
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 Se~tember 30 1 2020
N/A 59.82%
50.00% 38.50%
30.00% 0.21%
98.53%
100.00% 8.87%
20.00% 0.00%
5.00% 0.00%
15.00% 0.00%
10.00% 0.00%
30.00% 1.89%
5.00% 0.00%
20.00% 1.33%
5.00% 0.00%
15.00% 0.00%
5.00% 0.00%
10.00% 0.00%
50.00% 19.90%
25.00% 0.00%
100.00% 29.05%
60.00% 38.97%
100.00% 0.00%
100.02%
10TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
September 30, 2020
Description Maturity/Called Current No. of Days X Cost
Date Date Days
I On Call Deposits
Checking -Bank of America 09/30/20 15,700,096
Union Bank 09/30/20 29,471,158
CalTrust ShortTerm 09/30/20 37,349,393
Local Agency Invest Fund (LAIF) 09/30/20 69,149,888
I short Term Investments (1 year or less)
US Agency Securities
Federal National Mortgage Association 11/24/20 09/30/20 55 27,500,000
Federal National Mortgage Association 02/16/21 09/30/20 353 353,000,000
Federal National Mortgage Association 08/25/21 09/30/20 329 329,000,000
I Medium Term Investments (1 year to 3 years)
US Agency Securities
Federal Home Loan Bank 11/15/21 09/30/20 411 411,000,000
US Treasury Notes 01/13/22 09/30/20 470 1,170,931,563
Federal Home Loan Bank 12/20/21 09/30/20 446 1,358,712,240
US Treasury Notes 01/13/22 09/30/20 470 1,174,125,180
Federal National Mortgage Association 01/05/22 09/30/20 462 1,417,420,620
Federal National Mortgage Association 01/11/22 09/30/20 468 1,453,645,440
Federal Home Loan Mortgage Corporation 01/13/22 09/30/20 470 1,453,625,400
US Treasury Notes 01/13/22 09/30/20 470 1,171,471,329
US Treasury Notes 05/31/22 09/30/20 608 1,910,539,066
Federal Home Loan Mortgage Corporation 06/08/22 09/30/20 616 1,848,924,000
US Treasury Notes 06/15/22 09/30/20 623 1,960,643,063
US Treasury Notes 06/30/22 09/30/20 638 2,008,305,619
US Treasury Notes 07/15/22 09/30/20 653 2,054,667,060
Federal Home Loan Mortgage Corporation 07/25/22 09/30/20 663 1,769,871,539
US Treasury Notes 08/15/22 09/30/20 684 2,142,918,566
US Treasury Notes 08/15/22 09/30/20 684 2,148,867,485
Federal National Mortgage Association 09/06/22 09/30/20 706 2,156,251,080
Federal National Mortgage Association 10/05/22 09/30/20 735 2,272,737,600
US Treasury Notes 01/13/22 09/30/20 470 812,645,877
Federal Home Loan Bank 10/26/22 09/30/20 756 1,512,000,000
US Treasury Notes 01/15/23 09/30/20 837 2,738,133,509
Federal National Mortgage Association 01/19/23 09/30/20 841 2,635,778,100
US Treasury Notes 01/13/22 09/30/20 470 822,638,063
Page 8 of 9
11TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
September 30, 2020
Description Maturity/Called Current No. of Days X Cost
Date Date Days
Federal Home Loan Bank 02/17/23 09/30/20 870 2,655,513,180
US Treasury Notes 02/28/23 09/30/20 881 2 ,885,679 ,379
US Treasury Notes 03/15/23 09/30/20 896 2,853,134,386
US Treasury Notes 03/31/23 09/30/20 912 2,989,028,363
US Treasury Notes 01/13/22 09/30/20 470 1, 178,442,388
Federal Home Loan Mortgage Corporation 06/15/22 09/30/20 623 1,557,982,825
Federal Home Loan Mortgage Corporation 07/10/23 09/30/20 1,013 2,820,193,520
US Treasury Notes 01/13/22 09/30/20 470 1,174,357,430
Federal Home Loan Mortgage Corporation 08/24/23 09/30/20 1,058 2,193,110,743
I Corporate Bonds/Obligations (5 years or less)
Apple Incorporated 02/09/22 09/30/20 497 1,016,205,960
Microsoft Corporation 08/08/23 09/30/20 1,042 1,201,856,346
I Negotiable Certificates of Deposit (5 years or less)
First Bank of Highland CD 11/02/20 09/30/20 33 8,250,000
Barclays Bank CD 11/09/20 09/30/20 40 10,000,000
Investors Bank CD 12/28/20 09/30/20 89 22,250,000
Carver Federal Savings Bank CD 12/29/20 09/30/20 90 22,500,000
Citizens National Bank CD 01/19/21 09/30/20 111 27,750,000
Marlin Business Bank CD 01/19/21 09/30/20 111 27,750,000
Capital One Bank, NA CD 08/02/21 09/30/20 306 76,500,000
American Express FSB CD 09/13/21 09/30/20 348 87,000,000
Third Federal Savings & Loan CD 09/15/21 09/30/20 350 87 ,500,000
Patriot Bank CD 01/31/22 09/30/20 488 122,000,000
Synchrony Bank CD 03/15/22 09/30/20 531 132,750,000
Merrick Bank CD 03/21/22 09/30/20 537 134,250,000
Goldman Sachs Bank CD 08/02/22 09/30/20 671 167,750,000
American Express Centurion CD 08/22/22 09/30/20 691 172,750,000
Capital One Bank USA, NA CD 08/23/22 09/30/20 692 173,000,000
Citibank, NA CD 07/24/23 09/30/20 1,027 256,750,000
Comenity Capital Bank CD 10/17/23 09/30/20 1,112 278,000,000
UBS Bank USA CD 10/17/23 09/30/20 1,112 278,000,000
Total Investments at Cost 236,343,890
WAM in Days 270
Page 9 of 9