HomeMy WebLinkAbout1B OCRCity Council Staff Re{Jorl
DATE: March 11, 2021 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JANUARY 31,
2021
FROM: Nancy Pauley, Director of Finance and Treasurer
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of January 31, 2021. 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 $256,082,405. There is an additional $21,760,927 held by
a fiscal agent for bond issue reserves, debt service, and related funds, and
$618,825 in other miscellaneous accounts.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of January 31, 2021.
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.
1 8 . ITEM NO. __ • __ _
City Council Staff Report
March 11, 2021 -Page 2
Treasurer's Investment Report as of January 31, 2021
The weighted average maturity (YVAM) of the portfolio is 229 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.
~>·a ~~
David H. Ready. Es -~
City Manager
Nancy Pley
Director of Finance/City Treasurer
Attachments: Treasurer's Investment Report
2
!On Call Deposits
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
January 31, 2021
Adjusted Basis
Checking Account -Bank of America
Union Bank
26,534,828
64,968,810
61,410,445
CalTrust Short Term
LAIF State Pool
Short Term Investments -Union Bank
( 1 year or less)
U.S. Government Agencies
U.S. Government Agencies
!Coreorate Bonds/Obligations -Union Bank (5 years or less)
Corporate Bonds
Negotiable Certificates of Deposit -Union Bank
(5 years or less)
FDIC-Insured CD's
Total Cash and Marketable Securities
Adjustments from prior month
Ending Cash Balance:
$
11,035,922
82,824,422
6,287,983
3,000,000
$
-
$
1
Category Total Percentage of Total
152,914,083 59.72%
11,035,922 4.31%
82,824,422 32.35%
6,287,983 2.46%
3,000,000 1.17%
256,062,411 100.00%
19,994
256,082,405
3
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
January 31, 2021
Portfolio Composition Portfolio Liquidity
Investment Type
U.S. Government Agencies
LAIF State Pool
CalTrust Short Term
Checking/Custody
Corporate Bonds/Obligations
Certificates of Degosit
TOTAL
LAIF State Pool
24.0%
U.S. Government Agencies
36.7%
Cost Basis
93,860,345
61,410,445
64,968,810
26,534,828
6,287,983
3..QQQ.000
$ 256,062,411
CalTrust Short Term
25.4%
Checking/Custody
10.4%
Corporate
Bonds/Obligations
Certificates of 2.5%
Deposit
1.2%
q.C! ,,,~,
Aging Interval*
Overnight
Less than 1 Year
1 -2 Years
2-3 Years
3-4 Years
4-5 Years
TOTAL
•ro maturity (does not include call date)
$44,899,366
$23,795,325
Par Value
152,914,083
23,795,325
44,899,366
34,453,637
$ 256,062,411
I $34,453,637 -•-$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 Deeosit
% of Portfolio
36.7%
24.0%
25.4%
10.4%
2.5%
1.2%
100.00%
4
TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
January 31, 2021
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 ~ to Maturity to Maturity IQ!aJ. Januacv 3:1 2021 Deceml.2~[ 3Q 2020
I On Call Deposits
Checking -Bank of America 26,534,828 NIA N/A Demand 1 None 26,534,828 26,534,828 13,158,908
Union Bank variable N/A Demand 1 None
CalTrust ShortTerm 64,968,810 variable N/A Demand 1 1.64% 64,968,810 64,968,810 57,948,732
Local Agency Invest Fund (LAIF) 61 410445 variable N/A Demand 1 1.79% 61410445 61 410445 6113021383
152,914,083 152,914,083 152,914,083 132,410,023 I Short Term Investments (1 lear or less) I
US Agency Securities
Federal National Mortgage Association 1,000,000 1.75% Aaa/AA+ 08/16/17 02/16/21 16 1.75% 1,000,000 1,000,690 1,001,930
Federal National Mortgage Association 1,000,000 1.40% Aaa/AA+ 08/03/16 08/25/21 206 1.40% 1,000,000 1,007,350 1,008,440
Federal Home Loan Bank 1,000,000 1.05% Aaa/AA+ 10/11/16 11/15/21 288 1.05% 1,000,000 1,014,950 1,016,400
US Treasury Notes 2,450,000 1.50% Aaa/AA 09/04/20 11/30/21 303 1.25% 2,491,344 2,478,420 2,480,625
Federal Home Loan Bank 3,000,000 1.63% Aaa/AA+ 03/17/20 12/20/21 323 1.63% 3,046,440 3,040,500 3,044,040
US Treasury Notes 2,450,000 1.63% Aaa/AA 09/04/20 12/31/21 334 1.21% 2,498,139 2,483,884 2,486,750
Federal National Mortgage Association 3,000,000 2 .00% Aaa/AA+ 03/17/20 01/05/22 339 2.00% 3,068,010 3,052,920 3,057,090
Federal National Mortgage Association 3,000,000 2.63% Aaa/AA+ 03/17/20 01/11/22 345 2.63% 3,106,080 3,071,610 3,076,860
Federal Home Loan Mortgage Corporation 3,000,000 2.38% Aaa/AA 03/17/20 01/13/22 347 2.38% 3,092,820 3,064,920 3,069,360
US Treasury Notes 2 450 000 1.38% Aaa/AA 09/04/20 01/31/22 365 1.30% 2 492492 2481115 214821928
2,000,000 11,035,922 11,025,794 11,038,185 I Medium Term Investments {1 lear to 3 lears) I
US Agency Securities
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 05/31/22 485 1.75% 3,142,334 3,116,002 3,120,181
Federal Home Loan Mortgage Corporation 3,000,000 2.50% Aaa/ AA+ 07/24/20 06/08/22 493 2.16% 3,001,500 3,007,440 3,008,790
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 06/15/22 500 1.75% 3,147,100 3,118,046 3,121,736
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 06/30/22 515 1.75% 3,147,814 3,120,547 3,124,237
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 07/15/22 530 1.75% 3,146,504 3,122,438 3,126,250
Federal Home Loan Mortgage Corporation 2,675,000 1.25% Aaa/AA+ 07/24/20 07/25/22 540 2.21% 2,669,490 2,675,696 2,675,722
US Treasury Notes 3,050,000 1.50% Aaa/AA+ 03/24/20 08/15/22 561 1.50% 3,132,922 3,115,179 3,117,924
US Treasury Notes 3,050,000 1.63% Aaa/AA+ 03/24/20 08/15/22 561 1.63% 3,141,619 3,121,126 3,124,115
Federal National Mortgage Association 3,000,000 1.38% Aaa/AA+ 03/20/20 09/06/22 583 1.38% 3,054,180 3,061,560 3,063,840
Federal National Mortgage Association 3,000,000 2.00% Aaa/AA+ 03/20/20 10/05/22 612 2.00% 3,092,160 3,093,990 3,097,890
US Treasury Notes 1,685,000 1.38% Aaa/AA 09/04/20 10/15/22 622 1.28% 1,729,034 1,720,806 1,722,525
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 01/15/23 714 1.50% 3,271,366 3,259,709 3,263,551
Federal National Mortgage Association 3,000,000 2.38% Aaa/AA+ 03/20/20 01/19/23 718 2.38% 3,134,100 3,131,580 3,137,400
US Treasury Notes 1,685,000 1.75% Aaa/AA 09/04/20 01/31/23 730 1.31% 1,750,294 1,739,493 1,741,734
Federal Home Loan Bank 3,000,000 1.38% Aaa/AA+ 03/20/20 02/17/23 747 1.38% 3,052,314 3,078,450 3,077,700
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 02/28/23 758 1.50% 3,275,459 3,264,535 3,268,504
US Treasury Notes 3,175,000 0.50% Aaa/AA+ 03/24/20 03/15/23 773 0.50% 3,184,302 3,199,448 3,200,813
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 03/31/23 789 1.50% 3,277,443 3,268,282 3,271,742
US Treasury Notes 2,500,000 2.50% Aaa/AA 09/04/20 04/15/23 804 1.33% 2,507,324 2,506,150 2,506,150
Federal Home Loan Mortgage Corporation 2,500,000 2 .50% Aaa/AA+ 09/04/20 06/26/23 876 2.34% 2,500,775 2,505,325 2,505,425
Federal Home Loan Mortgage Corporation 2,790,000 2.50% Aaa/AA+ 07/10/20 07/10/23 890 2.50% 2,784,002 2,796,166 2,796,668
US Treasury Notes 2,500,000 1.25% Aaa/AA 09/04/20 07/15/23 895 1.44% 2,498,633 2,498,525 2,498,825
Federal Home Loan Mortgage Corporation 2,075,000 2.50% Aaa/AA+ 08/19/20 08/24/23 935 2.50% 2,072,884 2,079,669 2,079,088
Federal Home Loan Mortgage Corporation 3,000,000 1.25% Aaa/AA+ 10/16/20 10/16/23 988 2.50% 2,988,810 2,995,890 2,997,960
Federal Home Loan Mortgage Corporation 213651000 Aaa/AA+ 12/02/20 12/04/23 1,037 2.50% 2 362 659 2 367 862 2 367 531
92,125,000 82,824,422 93,660,273 93,740,722
5
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 to Maturity to Maturity Total Januai:y 31 20,1 December 30 20,0
lcor~rate Bonds/Obligations (5 lears or less)
Apple Incorporated 2,000,000 2.15% FDIC 04/09/20 02/09/22 374 2.10% 2,044,680 2,039,680 2,041,460
Apple Incorporated 1,000,000 2.40% FDIC 10/26/20 01/13/23 712 2.30% 1,044,270 1,040,390 1,042,570
Pepsico Inc 1,000,000 0.75% FDIC 10/30/20 05/01/23 820 0.74% 1,011,210 1,012,600 1,014,260
Microsoft Corporation 1,114,000 2.00% FDIC 04/13/20 08/08/23 919 1.92% 1,153,413 1,158,749 1,162,013
Pepsico Inc 1,035,000 0.04% FDIC 10/07/20 10/07/23 979 0.40% 1,034 410 1,037,629 1 040703
IN!!l;jotiable Certificates of Deeosit (5 lears or less) I
6,149,000 6,287,983 6,289,048 6,301 ,006
Capital One Bank, NA CD 250,000 2.05% FDIC 08/02/17 08/02/21 183 2 .05% 250,000 252,580 252,973
American Express FSB CD 250,000 2.20% FDIC 09/12/17 09/13/21 225 2.20% 250,000 253,355 253,778
Third Federal Savings & Loan CD 250,000 2.00% FDIC 09/15/17 09/15/21 227 2.00% 250,000 253,073 253,455
Patriot Bank CD 250,000 2.95% FDIC 07/30/18 01/31/22 365 2 .95% 250,000 257,270 257,840
Synchrony Bank CD 250,000 2.70% FDIC 03/11/19 03/15/22 408 2.70% 250,000 257,410 257,933
Merrick Bank CD 250,000 2.65% FDIC 03/11/19 03/21/22 414 2.65% 250,000 257,413 257,908
Goldman Sachs Bank CD 250,000 2 .30% FDIC 08/02/17 08/02/22 548 2.30% 250,000 258,363 258,813
American Express Centurion CD 250,000 2.35% FDIC 08/22/17 08/22/22 568 2.35% 250,000 258,518 258,910
Capital One Bank USA, NA CD 250,000 2.35% FDIC 08/23/17 08/23/22 569 2.35% 250,000 258,870 259,330
Citibank, NA CD 250,000 3.30% FDIC 07/24/18 07/24/23 904 3.30% 250,000 269,540 270,168
Comenity Capital Bank CO 250,000 3.35% FDIC 10/17/18 10/17/23 989 3.35% 250,000 271,550 272,188
UBS Bank USA CD 250,000 3.35% FDIC 10/17/18 10/17/23 989 3.35% 250,000 271,550 272188
3,000,000 3,000,000 3,119,492 3,125,484
!Total Invested Cash I $ 256,188,083 $ 256,062,411 $ 2671008,690 $ 246,6151420
Monthly Portfolio Yield: 1.55%
Benchmark Yields:
Current Month LAIF Average: 0 .620%
4 6
Account
(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
January 31, 2021
Yield
Par Value Coupon Rating Maturity to Maturity
$ 256,062,411
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
jTotal Cash Deposited
5
Adjusted
Cost Basis
256,062,411
19,994
9,485
34,253
212,940
143,912
2,600
123,509
92,126
Category Total
256,082,405
618,825
$ 256,701,230
7
TREASURER'S MONTHLY REPORT
CASH WITH FISCAL AGENT (BOND ISSUE RESERVE, DEBT SERVICE, AND RELATED FUNDS)
January 31, 2021
Par Coupon Yield Adjusted Category Market Value as of Market Value as of
Acct Description Value Rate Rating Maturity to Maturity Cost Basis Total January 31 2021 Source December 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 272,312 variable AAA open 0.01% 272,312 272,312 US Bank 272,310
11032 Cash with Fiscal Agent -Conv 04112
(4) {4} (4) US Bank (4)
11011 Cash with Fiscal Agent -Reserve 2019
Bond Issuance 1,996,017 1,996,017 1,996,017 US Bank 1,995,962
11097 Cash with Fiscal Agent -2019 PFC
Bond Issuance 15,237,014 15,237,014 15,237 ,014 US Bank 17,497,425
11037 2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government & Agency Private 3,189,127 variable AAA open 0.01% 3,189,127 3,189,127 US Bank 3,189,056
11039 201212014 Convention Center
First American Government Obligation 15 variable AAA open 0.01% 15 15 US Bank 15
2015 Local Measure A Sales Tax
11042 First American Government Obligation 624,526 624,526 624,526 624,523
11043 First American Government Obligation 8,664 variable AAA open 0.01% 8664 8,664 US Bank 8 664
633,190 633,190 633,187
11080 Funds With Century Golf 414,129 NIA NIA demand None 414,129 414,129 Century Golf 364,257
11090 Cash with Fiscal Agent -Refinance 18,315 18 315 18,315 US Bank 18,315
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 21,760,927 21,760,927 21,760,927 23,971,339
6 8
CALCULATION OF INVESTMENT LIMITATIONS
January 31, 2021
By Maturity:
1 day to 365 days
1 year to 3 years
3 years to 5 years
Total:
BY.lY.ee of Investment:
Bank -Checking/Custody
Bankers Acceptance -in total
Bankers Acceptance -by issuer
Commercial Paper
Time Deposits
Negotiable Certificates of Deposit -in total
Negotiable Certificates of Deposit -by issuer
Corporate Notes -in total
Corporate Notes -by issuer
CA State or City Bonds/Local Agency Bonds -in total
CA State or City Bonds/Local Agency Bonds -by issuer
Money Market Funds
Money Market Mutual Funds -Less than 1 Year
Money Market Mutual Funds -More than 1 Year
LAIF
U.S. Government Agencies
U.S. Treasury Notes/Bonds
Total:
7
Minimum Maximum
NIA N/A
N/A 50.00%
N/A 30.00%
N/A
N/A
N/A
NIA
N/A
N/A
N/A
NIA
N/A
NIA
N/A
N/A
NIA
NIA
N/A
N/A
N/A
100.00%
20.00%
5.00%
15.00%
10.00%
30.00%
5.00%
20.00%
5.00%
15.00%
5.00%
10.00%
50.00%
25.00%
100.00%
60.00%
100.00%
January 31, 2021
68.80%
30.42%
0.00%
99.22%
10.36%
0.00%
0.00%
0.00%
0.00%
1.17%
0.00%
2.40%
0.00%
0.00%
0.00%
0.00%
25.36%
0.00%
23.97%
36.74%
0.00%
100.00%
9
TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
January 31, 2021
Description Maturity/Called Current No. of Days X Cost
Date Date Days
[o_l'lJ:;all Deposits
Checking -Bank of America 01/31/21 1 26,534,828
Union Bank 01/31/21
CalTrust ShortTerm 01/31/21 1 64,968,810
Local Agency Invest Fund (LAIF) 01/31/21 1 61,410,445
I short Term Investments (1 year or less)
US Agency Securities
Federal National Mortgage Association 02/16/21 01/31/21 16 353,000,000
Federal National Mortgage Association 08/25/21 01/31/21 206 206,000,000
Federal Home Loan Bank 11/15/21 01/31/21 288 288,000,000
US Treasury Notes 11/30/21 01/31/21 347 864,496,281
Federal Home Loan Bank 12/20/21 01/31/21 323 984,000,120
US Treasury Notes 12/31/21 01/31/21 347 866,854, 122
Federal National Mortgage Association 01/05/22 01/31/21 339 1,040,055,390
Federal National Mortgage Association 01/11/22 01/31/21 345 1,071,597,600
Federal Home Loan Mortgage Corporation 01/13/22 01/31/21 347 1,073,208,540
US Treasury Notes 01/31/22 01/31/21 347 864,894,790
I Medium Term Investments (1 year to 3 years)
US Agency Securities
US Treasury Notes 05/31/22 01/31/21 485 1,524,031 ,985
Federal Home Loan Mortgage Corporation 06/08/22 01/31/21 493 1,479,739,500
US Treasury Notes 06/15/22 01/31/21 500 1,573,549,810
US Treasury Notes 06/30/22 01/31/21 515 1,621,124,442
US Treasury Notes 07/15/22 01/31/21 530 1,667,647,078
Federal Home Loan Mortgage Corporation 07/25/22 01/31/21 540 1,441,524,330
US Treasury Notes 08/15/22 01/31/21 561 1,757,569,175
US Treasury Notes 08/15/22 01/31/21 561 1,762,448,332
Federal National Mortgage Association 09/06/22 01/31/21 583 1,780,586,940
Federal National Mortgage Association 10/05/22 01/31/21 612 1,892,401,920
US Treasury Notes 10/15/22 01/31/21 347 599,974,722
US Treasury Notes 01/15/23 01/31/21 714 2,335,755,467
Federal National Mortgage Association 01/19/23 01/31/21 718 2,250,283,800
US Treasury Notes 01/31/23 01/31/21 347 607,351,931
Federal Home Loan Bank 02/17/23 01/31/21 747 2,280,078,558
US Treasury Notes 02/28/23 01/31/21 758 2,482,797,922
8 10
TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
January 31, 2021
Description Maturity/Called Current No. of Days X Cost
Date Date Days
US Treasury Notes 03/15/23 01/31/21 773 2,461,465,268
US Treasury Notes 03/31/23 01/31/21 789 2,585,902,827
US Treasury Notes 04/15/23 01/31/21 347 870,041 ,508
Federal Home Loan Mortgage Corporation 06/26/23 01/31/21 500 1,250,387,500
Federal Home Loan Mortgage Corporation 07/10/23 01/31/21 890 2,477,761,335
US Treasury Notes 07/15/23 01/31/21 347 867,025,592
Federal Home Loan Mortgage Corporation 08/24/23 01/31/21 935 1,938,146,073
Federal Home Loan Mortgage Corporation 10/16/23 01/31/21 988 2,952,944,280
Federal Home Loan Mortgage Corporation 12/04/23 01/31/21 1,037 2,450,077,020
I corporate Bonds/Obligations (5 years or less)
Apple Incorporated 02/09/22 01/31/21 374 764,710,320
Apple Incorporated 01/13/23 01/31/21 712 743,520,240
Pepsico Inc 05/01/23 01/31/21 820 829, 192,200
Microsoft Corporation 08/08/23 01/31/21 919 1,059,986,547
Pepsico Inc 10/07/23 01/31/21 979 1,012,687,439
!Negotiable Certificates of Deposit (5 years or less)
Capital One Bank, NA CD 08/02/21 01/31/21 183 45,750,000
American Express FSB CD 09/13/21 01/31/21 225 56,250,000
Third Federal Savings & Loan CD 09/15/21 01/31/21 227 56,750,000
Patriot Bank CD 01/31/22 01/31/21 365 91,250,000
Synchrony Bank CD 03/15/22 01/31/21 408 102,000,000
Merrick Bank CD 03/21/22 01/31/21 414 103,500,000
Goldman Sachs Bank CD 08/02/22 01/31/21 548 137,000,000
American Express Centurion CD 08/22/22 01/31/21 568 142,000,000
Capital One Bank USA, NA CD 08/23/22 01/31/21 569 142,250,000
Citibank, NA CD 07/24/23 01/31/21 904 226,000,000
Comenity Capital Bank CD 10/17/23 01/31/21 989 247,250,000
UBS Bank USA CD 10/17/23 01/31/21 989 247,250,000
Total Investments at Cost 256,062,411
WAM in Days 229
9 11