HomeMy WebLinkAbout1D OCRCity Council Staff Re{)orl
DATE: February 25, 2021 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF DECEMBER 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 December 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 $236,074,537. There is an additional $23,971,335 held by
a fiscal agent for bond issue reserves, debt service, and related funds, and
$762,806 in other miscellaneous accounts.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of December 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.
ITEMNO. J.,b.
2City Council Staff Report February 25, 2021 -Page 2 Treasurer's Investment Report as of December 31, 2020 The weighted average maturity 0/'IAM) of the portfolio is 262 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. -2:.:::~~~ ~ p~ David H. Ready. Esq~ NancyPu1ey 0 City Manager Director of Finance/City Treasurer Attachments: Treasurer's Investment Report
3I On Call Deposits
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
December 31, 2020
Adjusted Basis
Checking Account -Bank of America 13,158,908
Union Bank
CalTrust Short Term 57,948,732
LAI F State Pool 61,302,383 $
Short Term Investments -Union Bank
1 lear or less l I
U.S. Government Agencies 11,035,922
U.S. Government Agencies 82,824,422
!Coreorate Bonds/Obligations -Union Bank (5 lears or lessl
Corporate Bonds 6,287,983
Negotiable Certificates of Deposit -Union Bank
( 5 lea rs or less l I
FDIC-Insured CD's 3,500,000
Total Cash and Marketable Securities $
Adjustments from prior month -
Ending Cash Balance: $
1
Category Total Percentage of Total
132,410,024 56.09%
11,035,922 4.68%
82,824,422 35.09%
6,287,983 2.66%
3,500,000 1.48%
236,058,351 100.00%
16,186
236,074,537
4CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
December 31, 2020
Portfolio Composition Portfolio Liquidity
Investment Type
U.S. Government Agencies
LAIF State Pool
CalTrust Short Term
Checking/Custody
Corporate Bonds/Obligations
Certificates of Deeosit
TOTAL
LAIF State Pool
26.0%
U.S. Government Agencies
39.8%
$
Cost Basis
93,860,345
61,302,383
57,948,732
13,158,908
6,287,983
3,500,000
236,058,351
CalTrust Short Term
24.5%
Checking/Custody
Co~p~°fate
Bonds/Obligations
2.7%
q.(t'». ~,
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)
Par Value
132,410,024
12,285,922
47,708,738
43,653,667
$ 236,058,351
$12,2as,922 l~,.~.m ,,
-• $0 $0
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Investment Type
U.S. Government Agencies
LAIF State Pool
CalTrust Short Term
Checking Account
Corporate Bonds/Obligations
Certificates of De.e_osit
% of Portfolio
39 .8%
26.0%
24.5%
5.6%
2.7%
1.5%
100.00%
5TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
December 31, 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
~ Rating Date Date to Maturity to Maturity I2!fil De~ml2!i!C ~l 2oio ~e12tembe[ ~Q ~Q2Q
I On Call Deposits
Checking -Bank of America 13,158,908 N/A N/A Demand 1 None 13,158,908 13,158,908 10,149,076
Union Bank variable NIA Demand 1 None 10,967,308
CalTrust ShortTerm 57,948,732 variable N/A Demand 1 1.64% 57,948,732 57,948,732 47,370,649
Local Agency Invest Fund (LAIF) 6113021383 variable N/A Demand 1 1.79% 61 302 383 6113021383 69149 888
ishort Term Investments (1 :i:ear or lessl I
132,410,024 132,410,024 132,410,024 137,636,921
US Agency Securities
Federal National Mortgage Association 1,000,000 1.75% Aaa/AA+ 08/16/17 02/16/21 47 1.75% 1,000,000 1,001,930 1,005,880
Federal National Mortgage Association 1,000,000 1.40% Aaa/AA+ 08/03/16 08/25/21 237 1.40% 1,000,000 1,008,440 1,011,210
Federal Home Loan Bank 1,000,000 1.05% Aaa/AA+ 10/11/16 11/15/21 319 1.05% 1,000,000 1,016,400 1,021,010
US Treasury Notes 2,450,000 1.50% Aaa/AA 09/04/20 11/30/21 334 1.25% 2,491,344 2,480,625 2,488,465
Federal Home Loan Bank 3,000,000 1.63% Aaa/AA+ 03/17/20 12/20/21 354 1.63% 3,046,440 3,044,040 3,054,870
US Treasury Notes 2 450000 1.63% Aaa/ AA 09/04/20 12/31/21 365 1.21% 2 498139 2 486 750 2 495 546
2,000,000 11,035,922 11,038,185 11,076,981 I Medium Term Investments (1 :i:ear to 3 :i:earsl I
US Agency Securities
Federal National Mortgage Association 3,000,000 2.00% Aaa/AA+ 03/17/20 01/05/22 370 2.00% 3,068,010 3,057,090 3,071,520
Federal National Mortgage Association 3,000,000 2.63% Aaa/AA+ 03/17/20 01/11/22 376 2.63% 3,106,080 3,076,860 3,095,320
Federal Home Loan Mortgage Corporation 3,000,000 2.38% Aaa/AA 03/17/20 01/13/22 378 2.38% 3,092,820 3,069,360 3,086,610
US Treasury Notes 2,450,000 1.38% Aaa/AA .09/04/20 01/31/22 396 1.30% 2,492,492 2,482,928 2,490,670
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 05/31/22 516 1.75% 3,142,334 3,120,181 3,132,320
Federal Home Loan Mortgage Corporation 3,000,000 2 .50% Aaa/AA+ 07/24/20 06/08/22 524 2.16% 3,001,500 3,008,790 3,004,140
US Treasury Notes 3,050,000 1.75% Aaa/ AA+ 03/24/20 06/15/22 531 1.75% 3,147,100 3,121,736 3,133,997
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 06/30/22 546 1.75% 3,147,814 3,124,237 3,136,376
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 07/15/22 561 1.75% 3,146,504 3,126,250 3,138,633
Federal Home Loan Mortgage Corporation 2,675,000 1.25% Aaa/AA+ 07/24/20 07/25/22 571 2.21% 2,669,490 2,675,722 2,672,566
US Treasury Notes 3,050,000 1.50% Aaa/AA+ 03/24/20 08/15/22 592 1.50% 3,132,922 3,117,924 3,128,629
US Treasury Notes 3,050,000 1.63% Aaa/AA+ 03/24/20 08/15/22 592 1.63% 3,141,619 3,124,115 3,135,675
Federal National Mortgage Association 3,000,000 1.38% Aaa/AA+ 03/20/20 09/06/22 614 1.38% 3,054,180 3,063,840 3,070,410
Federal National Mortgage Association 3,000,000 2.00% Aaa/AA+ 03/20/20 10/05/22 643 2.00% 3,092,160 3,097,890 3,111,240
US Treasury Notes 1,685,000 1.38% Aaa/AA 09/04/20 10/15/22 653 1.28% 1,729,034 1,722,525 1,727,715
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 01/15/23 745 1.50% 3,271,366 3,263,551 3,273,489
Federal National Mortgage Association 3,000,000 2 .38% Aaa/AA+ 03/20/20 01/19/23 749 2.38% 3,134,100 3,137,400 3,147 ,1 50
US Treasury Notes 1,685,000 1.75% Aaa/AA 09/04/20 01/31/23 761 1.31% 1,750,294 1,741,734 1,748,120
Federal Home Loan Bank 3,000,000 1.38% Aaa/AA+ 03/20/20 02/17/23 778 1.38% 3,052,314 3,077,700 3,084,090
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 02/28/23 789 1.50% 3,275,459 3,268,504 3,279,299
US Treasury Notes 3,175,000 0.50% Aaa/AA+ 03/24/20 03/15/23 804 0.50% 3,184,302 3,200,813 3,202,527
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 03/31/23 820 1.50% 3,277,443 3,271,742 3,282,537
US Treasury Notes 2,500,000 2.50% Aaa/AA 09/04/20 04/15/23 835 1.33% 2,507,324 2,506,150 2,506,750
Federal Home Loan Mortgage Corporation 2,500,000 2.50% Aaa/AA+ 09/04/20 06/26/23 907 2.34% 2,500,775 2,505,425 2,502,250
Federal Home Loan Mortgage Corporation 2,790,000 2.50% Aaa/AA+ 07/10/20 07/10/23 921 2.50% 2,784,002 2,796,668 2,789,414
US Treasury Notes 2,500,000 1.25% Aaa/AA 09/04/20 07/15/23 926 1.44% 2,498,633 2,498,825 2,498,250
Federal Home Loan Mortgage Corporation 2,075,000 2.50% Aaa/AA+ 08/19/20 08/24/23 966 2.50% 2,072,884 2,079,088 2 ,076,411
Federal Home Loan Mortgage Corporation 3,000,000 1.25% Aaa/AA+ 10/16/20 10/16/23 1,019 2.50% 2,988,810 2,997,960 2,992,200
Federal Home Loan Mortgage Corporation 213651000 Aaa/AA+ 12/02/20 12/04/23 1,068 2 .50% 2 362 659 2 367 531
92,125,000 82,824,422 82,702,537 80,518,308
6Par Value Coupon Moody's / 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 December 31 2020 §egtember 30 ioio
lcoreorate Bonds/Obligations (5 lears or less)
Apple Incorporated 2,000,000 2.15% FDIC 04/09/20 02/09/22 405 2.10% 2,044,680 2,041,460 2,051,060
Apple Incorporated 1,000,000 2.40% FDIC 10/26/20 01/13/23 743 2.30% 1,044,270 1,042,570
Pepsico Inc 1,000,000 0.75% FDIC 10/30/20 05/01/23 851 0.74% 1,011,210 1,014,260
Microsoft Corporation 1,114,000 2.00% FDIC 04/13/20 08/08/23 950 1.92% 1,153,413 1,162,013 1,163,150
Pepsico Inc 1,035,000 0.04% FDIC 10/07/20 10/07/23 1,010 0.40% 1,034,410 1,040,703
6,149,000 I Negotiable Certificates of Deeosit (5 lears or less) I
6,287,983 6,301,006 3,214,210
Citizens National Bank CD 250,000 2.15% FDIC 01/17/18 01/19/21 19 2.15% 250,000 250,278 251,610
Marlin Business Bank CD 250,000 2.20% FDIC 01/18/18 01/19/21 19 2.20% 250,000 250,283 251,650
Capital One Bank, NA CD 250,000 2.05% FDIC 08/02/17 08/02/21 214 2.05% 250,000 252,973 254,168
American Express FSB CD 250,000 2.20% FDIC 09/12/17 09/13/21 256 2.20% 250,000 253,778 255,050
Third Federal Savings & Loan CD 250,000 2.00% FDIC 09/15/17 09/15/21 258 2.00% 250,000 253,455 254,600
Patriot Bank CD 250,000 2.95% FDIC 07/30/18 01/31/22 396 2.95% 250,000 257,840 259,530
Synchrony Bank CD 250,000 2.70% FDIC 03/11/19 03/15/22 439 2.70% 250,000 257,933 259,440
Merrick Bank CD 250,000 2.65% FDIC 03/11/19 03/21/22 445 2.65% 250,000 257,908 259,345
Goldman Sachs Bank CD 250,000 2.30% FDIC 08/02/17 08/02/22 579 2.30% 250,000 258,813 259,980
American Express Centurion CD 250,000 2.35% FDIC 08/22/17 08/22/22 599 2.35% 250,000 258,910 259,850
Capital One Bank USA, NA CD 250,000 2.35% FDIC 08/23/17 08/23/22 600 2.35% 250,000 259,330 260,515
Citibank, NA CD 250,000 3.30% FDIC 07/24/18 07/24/23 935 3.30% 250,000 270,168 271,918
Comenity Capital Bank CD 250,000 3.35% FDIC 10/17/18 10/17/23 1,020 3.35% 250,000 272,188 273,935
UBS Bank USA CD 250,000 3.35% FDIC 10/17/18 10/17/23 1,020 3.35% 250,000 272,188 273,935
3,500,000 3,500,000 3,626,045 3,645,525
!Total Invested Cash I $ 236,184,024 $ 2361058,351 $ 236,077,797 $ 236,091,945
Monthly Portfolio Yield: 1.63%
Benchmark Yields:
Current Month LAIF Average: 0.620%
4
7Account
(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
December 31, 2020
Yield
Par Value Coupon Rating Maturity to Maturity
$ 236,058,351
8,907 NIA NIA open None
11017 Downpayment Assistance (Housing Fund) -Bank of America 34,238 0.002 NIA open 0 .20%
11018 Save the Plaza -Bank of America 303,657 NIA NIA open None
11019 Airport Parking -Bank of America 427,829 NIA NIA open None
11020 Petty Cash -Various 2,600 NIA NIA open None
11025 Workers Compensation -Bank of America 275,875 NIA NIA open None
11026 General Liability -Bank of America 74,159 NIA NIA open None
(rotal Cash Deposited
5
Adjusted
Cost Basis
236,058,351
16,186
8,507
34,248
212,946
171,869
2,600
232,636
100,000
Category Total
236,074,537
762,806
$ 236,837,343
8TREASURER'S MONTHLY REPORT
CASH WITH FISCAL AGENT (BOND ISSUE RESERVE, DEBT SERVICE, AND RELATED FUNDS)
December 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 December 31 2020 Source September 30 2020
11029 2015 Refunding Lease Revenue Bonds
First American Government Obligation 1 variable AAA open 0.01% 1 1 US Bank
11030 2015 Reassessment District No.2015-1
First American Government Obligation 272,310 variable AAA open 0.01% 272,310 272,310 US Bank 272,309
11032 Cash with Fiscal Agent -Conv 04/12
(4) !4l (4) US Bank (4)
11011 Cash with Fiscal Agent -Reserve 2019
Bond Issuance 1,995,962 1,995,962 1,995,962 US Bank 2,514,238
11097 Cash with Fiscal Agent -2019 PFC
Bond Issuance 17,497,425 ___!L497,425 17,497,425 US Bank 14,312,430
11037 2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government & Agency Private 3,189,056 variable AAA open 0.01% 3,189,056 3,189,056 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 624,523 624,523 624,523 627,364
11043 First American Government Obligation 8,664 variable AAA open 0.01% 8,664 8,664 US Bank 8,664
633,187 633,187 636,028
11080 Funds With Century Golf 364,257 N/A N/A demand None 364,257 364,257 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 23,971,335 23,971,335 23,971,335 21,797,456
6
9CALCULATION OF INVESTMENT LIMITATIONS
December 31, 2020
By Maturity: Minimum
1 day to 365 days N/A
1 year to 3 years NIA
3 years to 5 years NIA
Total:
BY.IYee 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:
7
Maximum December 31 1 2_02_0
N/A 61.21%
50.00% 37.95%
30.00% 0.00%
99.15%
100.00% 5.57%
20.00% 0.00%
5.00% 0.00%
15.00% 0.00%
10.00% 0.00%
30.00% 1.48%
5.00% 0.00%
20.00% 2.60%
5.00% 0.00%
15.00% 0.00%
5.00% 0.00%
10.00% 0.00%
50.00% 24.54%
25.00% 0.00%
100.00% 25.96%
60.00% 39.85%
100.00% 0.00%
100.00%
10TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
December 31, 2020
Description Maturity/Called Current No. of Days X Cost
Date Date Days
I 0_1!_ CalL Deposits
Checking -Bank of America 12/31/20 1 13,158,908
Union Bank 12/31/20
CalTrust ShortTerm 12/31/20 1 57,948,732
Local Agency Invest Fund (LAIF) 12/31/20 1 61,302,383
!short Term Investments (1 year or less)
US Agency Securities
Federal National Mortgage Association 02/16/21 12/31/20 47 353,000,000
Federal National Mortgage Association 08/25/21 12/31/20 237 237,000,000
Federal Home Loan Bank 11/15/21 12/31/20 319 319,000,000
US Treasury Notes 01/13/22 12/31/20 378 941,727,938
Federal Home Loan Bank 12/20/21 12/31/20 354 1,078,439,760
US Treasury Notes 01/13/22 12/31/20 378 944,296,421
I Medium Term Investments (1 year to 3 years)
US Agency Securities
Federal National Mortgage Association 01/05/22 12/31/20 370 1,135,163,700
Federal National Mortgage Association 01/11/22 12/31/20 376 1,167,886,080
Federal Home Loan Mortgage Corporation 01/13/22 12/31/20 378 1,169,085,960
US Treasury Notes 01/13/22 12/31/20 378 942,162,048
US Treasury Notes 05/31/22 12/31/20 516 1,621,444,339
Federal Home Loan Mortgage Corporation 06/08/22 12/31/20 524 1,572,786,000
US Treasury Notes 06/15/22 12/31/20 531 1,671,109,898
US Treasury Notes 06/30/22 12/31/20 546 1,718,706,690
US Treasury Notes 07/15/22 12/31/20 561 1,765,188,699
Federal Home Loan Mortgage Corporation 07/25/22 12/31/20 571 1,524,278,505
US Treasury Notes 08/15/22 12/31/20 592 1,854,689,753
US Treasury Notes 08/15/22 12/31/20 592 1,859,838,525
Federal National Mortgage Association 09/06/22 12/31/20 614 1,875,266,520
Federal National Mortgage Association 10/05/22 12/31/20 643 1,988,258,880
US Treasury Notes 01/13/22 12/31/20 378 653,574,769
US Treasury Notes 01/15/23 12/31/20 745 2,437,167,819
Federal National Mortgage Association 01/19/23 12/31/20 749 2,347,440,900
US Treasury Notes 01/13/22 12/31/20 378 661,611,038
Federal Home Loan Bank 02/17/23 12/31/20 778 2,374,700,292
US Treasury Notes 02/28/23 12/31/20 789 2,584,337,151
US Treasury Notes 03/15/23 12/31/20 804 2,560,178,623
US Treasury Notes 03/31/23 12/31/20 820 2,687,503,572
8
11US 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
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)
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
01/13/22
06/15/22
07/10/23
01/13/22
08/24/23
10/16/23
12/04/23
02/09/22
01/13/23
05/01/23
08/08/23
10/07/23
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
9
12/31/20 378
12/31/20 531
12/31/20 921
12/31/20 378
12/31/20 966
12/31/20 1,019
12/31/20 1,068
12/31/20 405
12/31/20 743
12/31/20 851
12/31/20 950
12/31/20 1,010
12/31/20 19
12/31/20 19
12/31/20 214
12/31/20 256
12/31/20 258
12/31/20 396
12/31/20 439
12/31/20 445
12/31/20 579
12/31/20 599
12/31/20 600
12/31/20 935
12/31/20 1,020
12/31/20 1,020
947,768,559
1,327,911,525
2,564,065,382
944,483,210
2,002,405,461
3,045,597,390
2,523,319,438
828,095,400
775,892,610
860,539,710
1,095,742,350
1,044,754,151
4,750,000
4,750,000
53,500,000
64,000,000
64,500,000
99,000,000
109,750,000
111,250,000
144,750,000
149,750,000
150,000,000
233,750,000
255,000,000
255,000,000
236,058,351
262