HomeMy WebLinkAbout1ECity Council Staff Re{Jorl
DATE: April 08, 2021 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 28,
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 February 28, 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 $258,148,935. There is an additional $24,526,204 held by
a fiscal agent for bond issue reserves, debt service, and related funds, and
$538,465 in other miscellaneous accounts.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of February 28, 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.
/
ITEMNO. \.\-;;:
1
City Council Staff Report
April 08, 2021 -Page 2
Treasurer's Investment Report as of February 28, 2021
The weighted average maturity {VVAM) of the portfolio is 215 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.
Nancy Puley
Director of Finance/City Treasurer
Attachments: Treasurer's Investment Report
2
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
February 28, 2021
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 years or less)
FDIC-Insured CD's
Total Cash and Marketable Securities
Adjustments from prior month
Ending Cash Balance:
Adjusted Basis
1
9,573,875
84,991,456
61,410,445
10,035,922
82,824,422
6,287,983
3,000,000
$
$
$
Category Total
155,975,776
10,035,922
82,824,422
6,287,983
3,000,000
258, 124, 104
24,831
258,148,935
Percentage of Total
60.43%
3.89%
32.09%
2.44%
1.16%
100.00%
3
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
23.8%
Cost Basis
92,860,345
61,410,445
84,991,456
9,573,875
6,287,983
3,000,000
$ 258,124,104
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
February 28, 2021
CalTrust Short Term
32.9%
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)
Par Value
155,975,776
24,840,005
49,182,459
28,125,864
$ 258,124,104
·-·•-~1·_~. ~ ~
U.S. Government Agencies
36.0%
Checking/Custody
C9:p,u-ate
Bonds/Obligations
Certificates of 2.4%
Deposit
1.2%
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l!I .....
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Investment Type
U.S. Government Agencies
LAIF State Pool
CalTrust Short Term
Checking Account
Corporate Bonds/Obligations
Certificates of Degosit
% of Portfolio
36.0%
23.8%
32.9%
3.7%
2.4%
1.2%
100.00%
4
TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
February 28, 2021
Par Value Coupon Moody's/ S&P Purchase Maturity/Called Days Yield Cost Basis Category Market Value as of Market Value as of
~ Rating Date ~ to Maturity to Maturity Total E~bcu1tv ,8 2021 Decemb~[ 30 ,o,o
! On Call Deposits
Checking -Bank of America 9,573,875 N/A NIA Demand 1 None 9,573,875 9,573,875 13,158,908
Union Bank variable NIA Demand 1 None
CalTrust ShortTerm 84,991,456 variable N/A Demand 1 1.64% 84,991,456 84,991,456 57,948,732
local Agency Invest Fund (LAIF) 61 410,445 variable N/A Demand 1 1.79% 61 410445 61 410445 61,302,383
!Short Term Investments p ~ear or lessl I
155,975,776 155,975,776 155,975,776 132,410,023
US Agency Securities
Federal National Mortgage Association 1,000,000 1.40% AaalAA+ 08/03/16 08125121 178 1.40% 1,000,000 1,006,340 1,008,440
Federal Home Loan Bank 1,000,000 1.05% Aaa/AA+ 10111116 11115/21 260 1.05% 1,000,000 1,013,740 1,016,400
US Treasury Notes 2,450,000 1.50% Aaa/AA 09/04/20 11130/21 275 1.25% 2,491,344 2,476,215 2,480,625
Federal Home Loan Bank 3,000,000 1.63% Aaa/AA+ 03117120 12/20/21 295 1.63% 3,046,440 3 ,037,590 3,044,040
US Treasury Notes 2,450,000 1.63% AaalAA 09/04/20 12/31/21 306 1.21% 2,498,139 2,481,581 2,486,750
Federal National Mortgage Association 3,000,000 2.00% Aaa/AA+ 03/17/20 01/05/22 311 2 .00% 3,068,010 3,048,660 3,057,090
Federal National Mortgage Association 3,000,000 2.63% AaalAA+ 03/17/20 01/11122 317 2.63% 3,106,080 3,065,100 3,076,860
Federal Home Loan Mortgage Corporation 3,000,000 2.38% AaalAA 03/17/20 01/13122 319 2.38% 3,092,820 3,059,160 3,069,360
US Treasury Notes 2 450 000 1.38% AaalAA 09/04120 01131122 337 1.30% 2 492 492 2 479 008 2,482,928
!Medium Term Investments p ~ear to 3 ~earsl I
1,000,000 10,035,922 21,667,394 10,036,255
US Agency Securities
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 05131/22 457 1.75% 3,142,334 3 ,111 ,824 3,120,181
Federal Home Loan Mortgage Corporation 3,000,000 2 .50% Aaa/AA+ 07/24120 06/08/22 465 2 .16% 3,001,500 3,004,320 3,008,790
US Treasury Notes 3,050,000 1.75% AaalAA+ 03/24/20 06/15/22 472 1.75% 3,147,100 3,114,233 3,121,736
US Treasury Notes 3,050,000 1.75% AaalAA+ 03124/20 06/30/22 487 1.75% 3,147,814 3,115,880 3,124,237
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 07/15/22 502 1.75% 3,146,504 3,117,924 3,126,250
Federal Home Loan Mortgage Corporation 2,675,000 1.25% AaalAA+ 07/24/20 07125122 512 2.21% 2,669,490 2,675,348 2,675,722
US Treasury Notes 3,050,000 1.50% Aaa/AA+ 03124120 08/15/22 533 1.50% 3,132,922 3,110,756 3,117,924
US Treasury Notes 3,050,000 1.63% Aaa/AA+ 03124120 08/15/22 533 1.63% 3,141,619 3,116,002 3,124,115
Federal National Mortgage Association 3,000,000 1.38% AaalAA+ 03/20/20 09/06/22 555 1.38% 3,054,180 3,057,510 3,063,840
Federal National Mortgage Association 3,000,000 2.00% Aaa/AA+ 03/20120 10/05/22 584 2.00% 3,092,160 3,088,890 3,097,890
US Treasury Notes 1,685,000 1.38% Aaa/AA 09/04/20 10115122 594 1.28% 1,729,034 1,718,380 1,722,525
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03124/20 01/15/23 686 1.50% 3,271,366 3,254,883 3,263,551
Federal National Mortgage Association 3 ,000,000 2.38% Aaa/ AA+ 03120/20 01119/23 690 2.38% 3,134,100 3,125,370 3,137,400
US Treasury Notes 1,685,000 1.75% Aaa/AA 09104120 01/31/23 702 1.31% 1,750,294 1,736,342 1,741 ,734
Federal Home Loan Bank 3,000,000 1.38% Aaa/AA+ 03/20/20 02/17/23 719 1.38% 3,052,314 3,072,630 3,077,700
US Treasury Notes 3,175,000 1.50% AaalAA+ 03124120 02128/23 730 1.50% 3,275,459 3,259,836 3,268,504
US Treasury Notes 3,175,000 0.50% Aaa/AA+ 03124120 03/15/23 745 0.50% 3,184,302 3,196,463 3,200,813
US Treasury Notes 3,175,000 1.50% AaalAA+ 03/24/20 03/31/23 761 1.50% 3,277,443 3,262,440 3,271,742
US Treasury Notes 2,500,000 2.50% Aaa/AA 09/04/20 04/15/23 776 1.33% 2,507,324 2,503,625 2,506,150
Federal Home Loan Mortgage Corporation 2,500,000 2.50% Aaa/AA+ 09104/20 06/26123 848 2.34% 2,500,775 2,500,375 2,505,425
Federal Home Loan Mortgage Corporation 2,790,000 2.50% AaalAA+ 07110/20 07110123 862 2.50% 2,784,002 2,792,260 2,796,668
US Treasury Notes 2,500,000 1.25% AaalAA 09/04/20 07/15/23 867 1.44% 2,498,633 2,494,525 2,498,825
Federal Home Loan Mortgage Corporation 2,075,000 2.50% Aaa/AA+ 08/19/20 08124/23 907 2.50% 2,072,884 2,076,598 2,079,088
Federal Home Loan Mortgage Corporation 3,000,000 1.25% AaalAA+ 10116/20 10116123 960 2.50% 2,988,810 2,988,660 2,997,960
Federal Home Loan Mortgage Corporation 2,365,000 AaalAA+ 12/02/20 12104123 1,009 2.50% 2,362,659 2,360,436 2 ,367,531
91,125,000 82,824,422 70,855,510 92,738,792
3 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
~ &!!i!Jg ~ Date to Maturity to Maturity Total Februacv 28 2021 December 30 2020
lcoreorate Bonds/Obli1;1ations (5 lears or less) I
Apple Incorporated 2,000,000 2.15% FDIC 04/09/20 02/09/22 346 2.10% 2,044,680 2,036,840 2,041,460
Apple Incorporated 1,000,000 2.40% FDIC 10/26/20 01/13/23 684 2.30% 1,044,270 1,037,970 1,042,570
Pepsico Inc 1,000,000 0.75% FDIC 10/30/20 05/01/23 792 0.74% 1,011,210 1,009,230 1,014,260
Microsoft Corporation 1,114,000 2.00% FDIC 04/13/20 08/08/23 891 1.92% 1,153,413 1,157,791 1,162,013
Pepsico Inc 1,035,000 0.04% FDIC 10/07/20 10/07/23 951 0.40% 1,034,410 1,038,436 1,040,703
6,149,000 6,287,983 6,280,267 6,301,006 I Negotiable Certificates of Deeosit [5 lears or less) I
Capital One Bank, NA CD 250,000 2.05% FDIC 08/02/17 08/02/21 155 2.05% 250,000 252,183 252,973
American Express FSB CD 250,000 2.20% FDIC 09/12/17 09/13/21 197 2.20% 250,000 252,910 253,778
Third Federal Savings & Loan CD 250,000 2.00% FDIC 09/15/17 09/15/21 199 2.00% 250,000 252,668 253,455
Patriot Bank CD 250,000 2.95% FDIC 07/30/18 01/31/22 337 2.95% 250,000 256,745 257,840
Synchrony Bank CD 250,000 2.70% FDIC 03/11/19 03/15/22 380 2.70% 250,000 256,923 257,933
Merrick Bank CD 250,000 2.65% FDIC 03/11/19 03/21/22 386 2.65% 250,000 256,898 257,908
Goldman Sachs Bank CD 250,000 2.30% FDIC 08/02/17 08/02/22 520 2.30% 250,000 257,918 258,813
American Express Centurion CD 250,000 2.35% FDIC 08/22/17 08/22/22 540 2.35% 250,000 258,110 258,910
Capital One Bank USA, NA CD 250,000 2.35% FDIC 08/23/17 08/23/22 541 2.35% 250,000 258,403 259,330
Citibank, NA CD 250,000 3.30% FDIC 07/24/18 07/24/23 876 3.30% 250,000 268,818 270,168
Comenity Capital Bank CD 250,000 3.35% FDIC 10/17/18 10/17/23 961 3.35% 250,000 270,828 272,188
UBS Bank USA CD 250,000 3.35% FDIC 10/17/18 10/17/23 961 3.35% 250,000 270,828 272,188
3,000,000 3,000,000 3,113,232 3,125,484
ITotal Invested Cash I $ 257,249,776 $ 258,124,104 $ 257,892,179 $ 244,611,560
Monthly Portfolio Yield: 1.66%
Benchmark Yields:
Current Month LAIF Average: 0.407%
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
February 28, 2021
Yield
Par Value Coupon Rating Maturity to Maturity
$ 258,124,104
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
258,124,104
24,831
9,285
34,258
162,940
233,178
2,900
28,875
67,029
Category Total
258,148,935
538,465
$ 258!687,400
7
TREASURER'S MONTHLY REPORT
CASH WITH FISCAL AGENT (BOND ISSUE RESERVE, DEBT SERVICE, AND RELATED FUNDS)
February 28, 2021
Par Coupon Yield Adjusted Category Market Value as of Market Value as of
Acct Description Va lue Rate Rating Maturity to Maturity Cost Basis Total February 28 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 272,313 variable AAA open 0.01% 272,313 272,313 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 ,113 1,996,113 1,996,113 US Bank 1,995,962
11097 Cash with Fiscal Agent-2019 PFC
Bond Issuance 15,237,326 _j_§,237 ,326 15,237,326 US Bank 17,497,425
11037 2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government & Agency Private 3 ,189,197 variable AAA open 0.01% 3,189,197 3,189,197 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 624,529 624,529 624,529 624,523
11043 First American Government Obligation 8,664 variable AAA open 0.01% 8 ,664 8,664 US Bank 8,664
633,193 633,193 633,187
11080 Funds With Century Golf 468,962 NIA NIA demand None 468,962 468,962 Century Golf 364,257
11090 Cash with Fiscal Agent -Refinance 1,636,625 --1.i,636,625 1,636,625 US Bank 18,315
2007A&B Tax Allocation Bonds
11092 First American Government Obligation 51 ,119 51 ,119 51,119 811
11096 Cash with Fiscal Agent -2017
1,041,344 1,041 ,344 1,041,344 US Bank
Total Cash with Fiscal Agent __ 2_4,526,204 24,526,21M_ 24,526,204 23,97_1_,339
6 8
CALCULATION OF INVESTMENT LIMITATIONS
February 28, 2021
By Maturity:
1 day to 365 days
1 year to 3 years
3 years to 5 years
Total:
BYIY.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:
Minimum Maximum
N/A N/A
N/A 50.00%
N/A 30.00%
N/A 100.00%
NIA 20.00%
N/A 5.00%
NIA 15.00%
N/A 10.00%
NIA 30.00%
NIA 5.00%
NIA 20.00%
N/A 5.00%
NIA 15.00%
NIA 5.00%
NIA 10.00%
N/A 50.00%
NIA 25.00%
NIA 100.00%
N/A 60.00%
N/A 100.00%
7
February 28, 2021
70.10%
29.51%
0.00%
99.61%
3.72%
0.00%
0.00%
0.00%
0.00%
1.17%
0.00%
2.39%
0.00%
0.00%
0.00%
0.00%
33.04%
0.00%
23.87%
35.81%
0.00%
100.00%
9
TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
February 28, 2021
Description Maturity/Called Current No. of Days X Cost
Date Date Days
I On Call Deposits
Checking -Bank of America 02/28/21 1 9,573,875
Union Bank 02/28/21
CalTrust ShortTerm 02/28/21 1 84,991,456
Local Agency Invest Fund (LAIF) 02/28/21 1 61,410,445
I short Term Investments (1 year or less)
US Agency Securities
Federal National Mortgage Association 08/25/21 02/28/21 178 178,000,000
Federal Home Loan Bank 11/15/21 02/28/21 260 260,000,000
US Treasury Notes 11/30/21 02/28/21 319 794,738,656
Federal Home Loan Bank 12/20/21 02/28/21 295 898,699,800
US Treasury Notes 12/31/21 02/28/21 319 796,906,239
Federal National Mortgage Association 01/05/22 02/28/21 311 954,151,110
Federal National Mortgage Association 01/11/22 02/28/21 317 984,627,360
Federal Home Loan Mortgage Corporation 01/13/22 02/28/21 319 986,609,580
US Treasury Notes 01/31/22 02/28/21 319 795,105,009
I Medium Term Investments (1 year to 3 years)
US Agency Securities
US Treasury Notes 05/31/22 02/28/21 457 1,436,046,633
Federal Home Loan Mortgage Corporation 06/08/22 02/28/21 465 1,395,697,500
US Treasury Notes 06/15/22 02/28/21 472 1,485,431,021
US Treasury Notes 06/30/22 02/28/21 487 1,532,985,637
US Treasury Notes 07/15/22 02/28/21 502 1,579,544,968
Federal Home Loan Mortgage Corporation 07/25/22 02/28/21 512 1,366,778,624
US Treasury Notes 08/15/22 02/28/21 533 1,669,847,362
US Treasury Notes 08/15/22 02/28/21 533 1,674,482,996
Federal National Mortgage Association 09/06/22 02/28/21 555 1,695,069,900
Federal National Mortgage Association 10/05/22 02/28/21 584 1,805,821,440
US Treasury Notes 10/15/22 02/28/21 319 551,561,776
US Treasury Notes 01/15/23 02/28/21 686 2,244,157,213
Federal National Mortgage Association 01/19/23 02/28/21 690 2,162,529,000
US Treasury Notes 01/31/23 02/28/21 319 558,343,706
Federal Home Loan Bank 02/17/23 02/28/21 719 2,194,613,766
US Treasury Notes 02/28/23 02/28/21 730 2,391,085,070
8 10
TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
February 28, 2021
Description Maturity/Called Current No. of Days X Cost
Date Date Days
US Treasury Notes 03/15/23 02/28/21 745 2,372,304,819
US Treasury Notes 03/31/23 02/28/21 761 2,494,134,412
US Treasury Notes 04/15/23 02/28/21 319 799,836,429
Federal Home Loan Mortgage Corporation 06/26/23 02/28/21 472 1, 180,365,800
Federal Home Loan Mortgage Corporation 07/10/23 02/28/21 862 2,399,809,293
US Treasury Notes 07115/23 02/28/21 319 797,063,873
Federal Home Loan Mortgage Corporation 08/24/23 02/28/21 907 1,880,105,335
Federal Home Loan Mortgage Corporation 10/16/23 02/28/21 960 2,869,257,600
Federal Home Loan Mortgage Corporation 12/04/23 02/28/21 1,009 2,383,922,578
I corporate Bonds/Obligations (5 years or less)
Apple Incorporated 02/09/22 02/28/21 346 707,459,280
Apple Incorporated 01/13/23 02/28/21 684 714,280,680
Pepsico Inc 05/01/23 02/28/21 792 800,878,320
Microsoft Corporation 08/08/23 02/28/21 891 1,027,690,983
Pepsico Inc 10/07/23 02/28/21 951 983,723,958
I Negotiable Certificates of Deposit (5 years or less)
Capital One Bank, NA CD 08/02/21 02/28/21 155 38,750,000
American Express FSB CD 09/13/21 02/28/21 197 49,250,000
Third Federal Savings & Loan CD 09/15/21 02/28/21 199 49,750,000
Patriot Bank CD 01/31/22 02/28/21 337 84,250,000
Synchrony Bank CD 03/15/22 02/28/21 380 95,000,000
Merrick Bank CD 03/21/22 02/28/21 386 96,500,000
Goldman Sachs Bank CD 08/02/22 02/28/21 520 130,000,000
American Express Centurion CD 08/22/22 02/28/21 540 135,000,000
Capital One Bank USA, NA CD 08/23/22 02/28/21 541 135,250,000
Citibank, NA CD 07/24/23 02/28/21 876 219,000,000
Comenity Capital Bank CD 10/17/23 02/28/21 961 240,250,000
UBS Bank USA CD 10/17/23 02/28/21 961 240,250,000
Total Investments at Cost 258,124,104
WAM in Days 215
9 11