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Home My WebLink About1BCity Council Staff Report DATE: January 14, 2021 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF NOVEMBER 30, 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 November 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 $233,611,225 . There is an additional $21,173,371 held by a fiscal agent for bond issue reserves, debt service , and related funds , and $726,431 in other miscellaneous accounts . RECOMMENDATION: Receive and File Treasurer's Investment Report as of November 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. rrc:M No._1.._f>._. __ 2City Council Staff Report January 14, 2021 -Page 2 Treasurer's Investment Report as of November 30, 2020 The weighted average maturity (WAM) of the portfolio is 267 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. Ph.D City Manager Attachments: Treasurer's Investment Report 3 I On Call Deeosits CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS November 30, 2020 Adjusted Basis Checking Account -Bank of America 13,190,190 Union Bank 4,877,879 CalTrust Short Term 44,427,627 LAIF State Pool 69,302,383 $ Short Term Investments -Union Bank 1 ear or less) U.S. Government Agencies 2,000,000 U.S. Government Agencies 89,497,686 !Corporate Bonds/Obligations -Union Bank (5 ~ears or less~ Corporate Bonds 6,287,983 Negotiable Certificates of Deposit -Union Bank ( 5 ears or less FDIC-Insured CD's 4,000,000 Total Cash and Marketable Securities $ Adjustments from prior month Ending Cash Balance: $ Page 1 of 9 Category Total Percentage of Total 131,798,079 56.42% 2,000,000 0.86% 89,497,686 38.32% 6,287,983 2.69% 4,000,000 1.71% 233,583,748 100.00% 27,477 233,611,225 4Portfolio 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 29.7% U.S. Government Agencies 39.2% $ Cost Basis 91,497,686 69,302,383 44,427,627 18,068,069 6,287,983 4,000 ,000 233,583,748 Deposit 1.7% CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT PORTFOLIO STATISTICS November 30, 2020 CalTrust Short Term 19.0% Checking/Custody 7.7% Corporate Bonds/Obligations 2.7% Page 2 of 9 q.f! ~, ~, 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) $53,253,317 $0 ~.a:,. ., -~ "S.,. 'i ~., iii>~ 'i iii>,- ~-~ Par Value 131,798,079 #VALUE! 53,253,317 41,291,008 #VALUE! $0 ~ •9>:. 'i iii>~ $.,~ $0 9 ·.s-'i iii>~ 5TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS November 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 BfilirJg ~ ~ to Maturity to Matyrjty Total November 30 2020 September 30 2020 I On Call Deeosits Checking -Bank of America 13,190,190 NIA N/A Demand None 13,190,190 13,190,190 10,149,076 Union Bank 4,877,879 variable NIA Demand None 4,877,879 4,877,879 10,967,308 CalTrust ShortTerm 44,427,627 variable N/A Demand 1.64% 44,427,627 44,427,627 47,370,649 Local Agency Invest Fund (LAIF) 69,302,383 variable N/A Demand 1.79% 69,302,383 69,302,383 69,149,888 131,798,079 131,798,079 131,798,079 137,636,921 I short Term Investments (1 year or less) US Agency Securities Federal National Mortgage Association 1,000,000 1.75% Aaa/AA+ 08/16/17 02/16/21 78 1.75% 1,000,000 1,003,410 1,005,880 Federal National Mortgage Association 1000000 1.40% Aaa/ AA+ 08/03/16 08/25/21 268 1.40% 1000000 1009450 1 011210 2,000,000 2,000,000 2,012,860 2,017,090 I Medium Term Investments p year to 3 years) US Agency Securities Federal Home Loan Bank 1,000,000 1.05% Aaa/ AA+ 10/11/16 11/15/21 350 1.05% 1,000,000 1,017,780 1,021,010 US Treasury Notes 2,450,000 1.50% Aaa/AA 09/04/20 11/30/21 365 1.25% 2,491,344 2,483,688 2,488,465 Federal Home Loan Bank 3,000,000 1.63% Aaa/ AA+ 03/17/20 12/20/21 385 1.63% 3,046,440 3,047,010 3,054,870 US Treasury Notes 2,450,000 1.63% Aaa/AA 09/04/20 12/31/21 396 1.21% 2,498,139 2,490,205 2,495,546 Federal National Mortgage Association 3,000,000 2.00% Aaa/ AA+ 03/17/20 01/05/22 401 2.00% 3,068,010 3,061,710 3,071,520 Federal National Mortgage Association 3,000,000 2.63% Aaa/ AA+ 03/17/20 01/11/22 407 2.63% 3,106,080 3,082,980 3,095,520 Federal Home Loan Mortgage Corporation 3,000,000 2.38% Aaa/AA 03/17/20 01/13/22 409 2.38% 3,092,820 3,075,540 3,086,610 US Treasury Notes 2,450,000 1.38% Aaa/AA 09/04/20 01/31/22 427 1.30% 2,492,492 2,485,501 2,490,670 US Treasury Notes 3,050,000 1.75% Aaa/ AA+ 03/24/20 05/31/22 547 1.75% 3,142,334 3,124,359 3,132,320 Federal Home Loan Mortgage Corporation 3,000,000 2.50% Aaa/ AA+ 07/24/20 06/08/22 555 2.16% 3,001,500 3,005,190 3,004,140 US Treasury Notes 3,050,000 1.75% Aaa / AA+ 03/24/20 06/15/22 562 1.75% 3,147,100 3,125,762 3,133,997 US Treasury Notes 3,050,000 1.75% Aaa I AA+ 03/24/20 06/30/22 577 1.75% 3,147,814 3,127,684 3,136,376 US Treasury Notes 3,050,000 1.75% Aaa/ AA+ 03/24/20 07/15/22 592 1.75% 3,146,504 3,129,239 3,138,633 Federal Home Loan Mortgage Corporation 2,675,000 1.25% Aaa/ AA+ 07/24/20 07/25/22 602 2.21% 2,669,490 2,673,288 2,672,566 US Treasury Notes 3,050,000 1.50% Aaa/ AA+ 03/24/20 08/15/22 623 1.50% 3,132,922 3,120,882 3,128,629 US Treasury Notes 3,050,000 1.63% Aaa/ AA+ 03/24/20 08/15/22 623 1.63% 3,141,619 3,127,440 3,135,675 Federal National Mortgage Association 3,000,000 1.38% Aaa/ AA+ 03/20/20 09/06/22 645 1.38% 3,054,180 3,064,380 3,070,410 Federal National Mortgage Association 3,000,000 2.00% Aaa/ AA+ 03/20/20 10/05/22 674 2.00% 3,092,160 3,100,620 3,111,240 US Treasury Notes 1,685,000 1.38% Aaa/AA 09/04/20 10/15/22 684 1.28% 1,729,034 1,723,502 1,727,715 US Treasury Notes 3,175,000 1.50% Aaa/ AA+ 03/24/20 01/15/23 776 1.50% 3,271,366 3,265,170 3,273,489 Federal National Mortgage Association 3,000,000 2.38% Aaa / AA+ 03/20/20 01/19/23 780 2.38% 3,134,100 3,138,750 3,147 ,150 US Treasury Notes 1,685,000 1.75% Aaa/AA 09/04/20 01/31/23 792 1.31% 1,750,294 1,743,048 1,748,120 Federal Home Loan Bank 3,000,000 1.38% Aaa / AA+ 03/20/20 02/17/23 809 1.38% 3,052,314 3,077,700 3,084,090 US Treasury Notes 3,175,000 1.50% Aaa/ AA+ 03/24/20 02/28/23 820 1.50% 3,275,459 3,270,631 3,279,299 US Treasury Notes 3,175,000 0.50% Aaa/ AA+ 03/24/20 03/15/23 835 0.50% 3,184,302 3,199,448 3,202,527 US Treasury Notes 3,175,000 1.50% Aaa/ AA+ 03/24/20 03/31/23 851 1.50% 3,277,443 3,273,965 3,282,537 US Treasury Notes 2,500,000 2.50% Aaa/AA 09/04/20 04/15/23 866 1.33% 2,507,324 2,505,275 2,506,750 Federal Home Loan Mortgage Corporation 2,500,000 2.50% Aaa/ AA+ 09/04/20 06/26/23 938 2.34% 2,500,775 2,502,500 2,502,250 Federal Home Loan Mortgage Corporation 2,790,000 2.50% Aaa/ AA+ 07/10/20 07/10/23 952 2.50% 2,784,002 2,790,809 2,789,414 US Treasury Notes 2,500,000 1.25% Aaa/AA 09/04/20 07/15/23 957 1.44% 2,498,633 2,496,975 2,498,250 Federal Home Loan Mortgage Corporation 2,075,000 2.50% Aaa/AA+ 08/19/20 08/24/23 997 2 .50% 2,072,884 2,075,643 2,076,411 Federal Home Loan Mortgage Corporation 3 000,000 1.25% Aaa I AA+ 10/16/20 10/16/23 1,050 2.50% 2 988 810 2 992 200 90,760,000 89,497,686 89,398,872 89,614,497 I corporate Bonds/Obligations (5 years or less) Page 3 of9 6TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS November 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 November 30 2020 September 30 2020 Apple Incorporated 2,000,000 2.15% FDIC 04/09/20 02/09/22 436 2.10% 2,044,680 2,045,400 2,051,060 Apple Incorporated 1,000,000 2.40% FDIC 10/26/20 01/13/23 774 2.30% 1,044,270 1,043,140 Pepsico Inc 1,000,000 0.75% FDIC 10/30/20 05/01/23 882 0.74% 1,011,210 1,011,580 Microsoft Corporation 1,114,000 2.00% FDIC 04/13/20 08/08/23 981 1.92% 1,153,413 1,162,971 1,163,150 Pepsico Inc 1035000 0.04% FDIC 10/07/20 10/07/23 1,041 0.40% 1034410 1038571 I Negotiable Certificates of Deeosit (5 lears or less) 6,149,000 6,287,983 6,301,662 3,214,210 Investors Bank CD 250,000 2.10% FDIC 12/27/17 12/28/20 28 2.10% 250,000 250,400 251,263 Carver Federal Savings Bank CD 250,000 2.15% FDIC 12/29/17 12/29/20 29 2.15% 250,000 250,425 251,308 Citizens National Bank CD 250,000 2.15% FDIC 01/17/18 01/19/21 50 2.15% 250,000 250,730 251,610 Marlin Business Bank CD 250,000 2.20% FDIC 01/18/18 01/19/21 50 2.20% 250,000 250,748 251,650 Capital One Bank, NA CD 250,000 2.05% FDIC 08/02/17 08/02/21 245 2.05% 250,000 253,373 254,168 American Express FSB CD 250,000 2.20% FDIC 09/12/17 09/13/21 287 2.20% 250,000 254,198 255,050 Third Federal Savings & Loan CD 250,000 2.00% FDIC 09/15/17 09/15/21 289 2.00% 250,000 253,833 254,600 Patriot Bank CD 250,000 2.95% FDIC 07/30/18 01/31/22 427 2.95% 250,000 258,398 259,530 Synchrony Bank CD 250,000 2.70% FDIC 03/11/19 03/15/22 470 2.70% 250,000 258,408 259,440 Merrick Bank CD 250,000 2.65% FDIC 03/11/19 03/21/22 476 2.65% 250,000 258,350 259,345 Goldman Sachs Bank CD 250,000 2.30% FDIC 08/02/17 08/02/22 610 2.30% 250,000 259,085 259,980 American Express Centurion CD 250,000 2.35% FDIC 08/22/17 08/22/22 630 2.35% 250,000 259,095 259,850 Capital One Bank USA, NA CD 250,000 2.35% FDIC 08/23/17 08/23/22 631 2.35% 250,000 259,593 260,515 Citibank, NA CD 250,000 3.30% FDIC 07/24/18 07/24/23 966 3.30% 250,000 270,630 271,918 Comenity Capital Bank CD 250,000 3.35% FDIC 10/17/18 10/17/23 1,051 3.35% 250,000 272,718 273,935 UBS Bank USA CD 250 000 3.35% FDIC 10/17/18 10/17/23 1,051 3.35% 250 000 272 718 273 935 4,000,000 4,000,000 4,132,698 4,148,095 !Total Invested Cash $ 234,707,079 $ 233 583 748 $ 233 644170 $ 236,630,813 Monthly Portfolio Yield: 1.60% Benchmark Yields: Current Month LAIF Average: 0.620% Page 4of9 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 November 30, 2020 Yield Par Value Coupon Rating Maturity to Maturity $ 233,583,748 8,907 N/A N/A open None 11017 Downpayment Assistance (Housing Fund) -Bank of America 34,238 0.002 N/A open 0.20% 11018 Save the Plaza -Bank of America 303,657 N/A NIA open None 11019 Airport Parking -Bank of America 427,829 N/A N/A open None 11020 Petty Cash -Various 2,600 N/A N/A open None 11025 Workers Compensation -Bank of America 275,875 N/A N/A open None 11026 General Liability -Bank of America 74,159 N/A N/A open None !Total Cash Deposited Page 5 of 9 Adjusted Cost Basis 233,583,748 27,477 8,707 34,243 303,667 118,119 2,600 167,862 91,233 Category Total 233,611,225 726,431 $ 234,337,656 8TREASURER'S MONTHLY REPORT CASH WITH FISCAL AGENT (BOND ISSUE RESERVE, DEBT SERVICE, AND RELATED FUNDS) November 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 November 30 2020 Source September 30 2020 11029 2015 Refunding Lease Revenue Bonds First American Government Obligation variable AAA open 0.01% US Bank 11030 2015 Reassessment District No.2015-1 First American Government Obligation 272,309 variable AAA open 0.01% 272,309 272,309 US Bank 272,306 11032 Cash with Fiscal Agent -Conv 04/12 (4) {41 (4) US Bank 11011 Cash with Fiscal Agent -Reserve 2019 Bond Issuance 2,514,406 2,514,406 2,514,406 US Bank 2,514,238 11097 Cash with Fiscal Agent -2019 PFC Bond Issuance 14,411,136 14,411,136 14,411,136 US Bank 14,312,430 11037 2012 Downtown Revitalization Lease Revenue Bond Reserve Invesco Government & Agency Private 3,969,655 variable AAA open 0.01% 3,969,655 3,969,655 US Bank 3,247,838 11039 2012/2014 Convention Center First American Government Obligation 15 variable AAA open 0.01% 15 15 US Bank 4 2015 Local Measure A Sales Tax 11042 First American Government Obligation 664,644 664,644 664,644 627,364 11043 First American Government Obligation 8,664 variable AAA open 0.01% 8,664 8,664 US Bank 8,664 673,307 673,307 636,027 11080 Funds With Century Golf 313,422 N/A N/A demand None 313,422 313,422 Century Golf 795,484 11090 Cash with Fiscal Agent -Refinance 18,315 18,315 18,315 US Bank 18,314 2007A&B Tax Allocation Bonds 11092 First American Government Obligation 811 811 811 811 11096 Cash with Fiscal Agent -2017 0 US Bank Total Cash with Fiscal Agent 22,173,371 22,173,371 22,173,371 21,797,454 Page 6 of 9 9TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS November 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~ee of Investment: Bank -Checking/Custody N/A Bankers Acceptance -in total N/A Bankers Acceptance -by issuer N/A Commercial Paper NIA 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 NIA 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 NIA U.S. Treasury Notes/Bonds N/A Total: Page 7 of 9 Maximum November 30 1 2020 N/A 59.22% 50.00% 39.50% 30.00% 0.00% 98.72% 100.00% 7.70% 20.00% 0.00% 5.00% 0.00% 15.00% 0.00% 10.00% 0.00% 30.00% 1.70% 5.00% 2.64% 20.00% 0.00% 5.00% 0.00% 15.00% 0.00% 5.00% 0.00% 10.00% 0.00% 50.00% 18.93% 25.00% 0.00% 100.00% 29.53% 60.00% 39.52% 100.00% 0.00% 100.02% 10TREASURER'S MONTHLY REPORT CALCULATION OF WEIGHTED AVERAGE MATURITY November 30, 2020 Description Maturity/Called Current No. of Days X Cost Date Date Days I On Call Deposits Checking -Bank of America 11/30/20 13,190,190 Union Bank 11/30/20 4,877,879 CalTrust ShortTerm 11/30/20 44,427,627 Local Agency Invest Fund (LAIF) 11/30/20 69,302,383 I short Term Investments (1 year or less) US Agency Securities Federal National Mortgage Association 02/16/21 11/30/20 353 353,000,000 Federal National Mortgage Association 08/25/21 11/30/20 268 268,000,000 I Medium Term Investments (1 year to 3 years) US Agency Securities Federal Home Loan Bank 11/15/21 11/30/20 350 350,000,000 US Treasury Notes 01/13/22 11/30/20 409 1,018,959,594 Federal Home Loan Bank 12/20/21 11/30/20 385 1,172,879,400 US Treasury Notes 01/13/22 11/30/20 409 1,021,738,720 Federal National Mortgage Association 01/05/22 11/30/20 401 1,230,272,010 Federal National Mortgage Association 01/11/22 11/30/20 407 1,264,174,560 Federal Home Loan Mortgage Corporation 01/13/22 11/30/20 409 1,264,963,380 US Treasury Notes 01/13/22 11/30/20 409 1,019,429,306 US Treasury Notes 05/31/22 11/30/20 547 1,718,856,693 Federal Home Loan Mortgage Corporation 06/08/22 11/30/20 555 1,665,832,500 US Treasury Notes 06/15/22 11/30/20 562 1,768,669,986 US Treasury Notes 06/30/22 11/30/20 577 1,816,288,938 US Treasury Notes 07/15/22 11/30/20 592 1,862,730,321 Federal Home Loan Mortgage Corporation 07/25/22 11/30/20 602 1,607,032,679 US Treasury Notes 08/15/22 11/30/20 623 1,951,810,331 US Treasury Notes 08/15/22 11/30/20 623 1,957,228,718 Federal National Mortgage Association 09/06/22 11/30/20 645 1,969,946,100 Federal National Mortgage Association 10/05/22 11/30/20 674 2,084,115,840 US Treasury Notes 01/13/22 11/30/20 409 707,174,816 US Treasury Notes 01/15/23 11/30/20 776 2,538,580,171 Federal National Mortgage Association 01/19/23 11/30/20 780 2,444,598,000 US Treasury Notes 01/13/22 11/30/20 409 715,870,144 Federal Home Loan Bank 02/17/23 11/30/20 809 2,469,322,026 US Treasury Notes 02/28/23 11/30/20 820 2,685,876,380 Page 8 of 9 11TREASURER'S MONTHLY REPORT CALCULATION OF WEIGHTED AVERAGE MATURITY Description US Treasury Notes US Treasury Notes US Treasury Notes Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation US Treasury Notes Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation I corporate Bonds/Obligations (5 years or less) Apple Incorporated Apple Incorporated Pepsico Inc Microsoft Corporation Pepsico Inc I Negotiable Certificates of Deposit (5 years or less) Investors Bank CD Carver Federal Savings Bank CD Citizens National Bank CD Marlin Business Bank CD Capital One Bank, NA CD American Express FSB CD Third Federal Savings & Loan CD Patriot Bank CD Synchrony Bank CD Merrick Bank CD Goldman Sachs Bank CD American Express Centurion CD Capital One Bank USA, NA CD Citibank, NA CD Comenity Capital Bank CD UBS Bank USA CD November 30, 2020 Maturity/Called Date 03/15/23 03/31/23 01/13/22 06/15/22 07/10/23 01/13/22 08/24/23 08/24/23 02/09/22 01/13/23 05/01/23 08/08/23 10/07/23 12/28/20 12/29/20 01/19/21 01/19/21 08/02/21 09/13/21 09/15/21 01/31/22 03/15/22 03/21/22 08/02/22 08/22/22 08/23/22 07/24/23 10/17/23 10/17/23 Total Investments at Cost WAM in Days Page 9 of 9 Current Date 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 11/30/20 No. of Days 835 851 409 562 952 409 997 997 436 774 882 981 1,041 28 29 50 50 245 287 289 427 470 476 610 630 631 966 1,051 1,051 Days X Cost 2,658,891,978 2,789,104,316 1,025,495,610 1,405,435,550 2,650,369,428 1,021,940,827 2,066,664,850 2,979,843,570 891,480,480 808,264,980 891,887,220 1,131,498,153 1,076,820,862 7,000,000 7,250,000 12,500,000 12,500,000 61,250,000 71,750,000 72,250,000 106,750,000 117,500,000 119,000,000 152,500,000 157,500,000 157,750,000 241,500,000 262,750,000 262,750,000 233,583,748 267