HomeMy WebLinkAbout5/6/2009 - STAFF REPORTS - 2.D. ALMSA�
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cQ�1PORN�P City Council Staff Re ort
DATE: MAY 6, 2009 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
MARCH 31, 2009
FROM: Geoffrey S. Kiehl, Director of Finance and Treasurer
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of March 31, 2009. 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 is
$91,583,640 plus $24,881,423 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $92,458,544.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of March 31, 2009.
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 funds, and on loan
repayment programs managed by a bank.
The investments, in type, maturity and as a percentage of the total portfolio, are
in compliance with the existing City Council-approved investment policy with one
exception: the FICO notes ($500,000, 4/16/18, 9.8%) exceed the 5 year
limitation on maturities (Detail of Investments, Long Term Investments, U.S.
Govt. Agency Securities). The investment in question was purchased prior to the
adoption of the 5-year limitation. Since it appears to represent no additional risk
either because of credit-worthiness or liquidity, earlier councils decided to allow it
to be retained in the investment pool because the yield is higher than attainable
ITEhNi NO. Z .
City Council Staff Report
May 6, 2009 — Page 2
Treasurer's Investment Report as of March 31, 2009
under current market conditions. We recommend that this exception to the
policy be continued.
State law requires this report to be submitted within 30 days of the end of the
quarter. Because all of the City's bank accounts may not be completely
reconciled, there may be minor adjustments to the cash on hand in the checking
account and to the valuation of the bond issue's money market investments. All
other amounts are actual.
The weighted average maturity (WAM) of the portfolio is 231 days. The
maximum WAM allowed by the Investment Policy is 1095 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
Geoffrey S. Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
0.y�;
treasrep CITY OF PALM SPRINGS
41171'2009 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
MARCH 31, 2009
On Call De ostis dkdjuswd Basis Category Told Percentage
Checking Account $, 3,408,460
Stale Pool 60,800,000 S 64,208,460 70.11%
Short Tenn Investments
(I year or less
Mortgage Pass-Thnts 2,037,205
1"ime Deposits 1,846,500
U.S.Govt Agencies 989,280 4,872,98$ 5.32%
Medium Term Invcstrncnts
(1 car m 3 cars
Corporate Notes 2,735,430
Mortgage Pass-Thins 2,218,171
U S.Gov't Agencies 14,000,000 19,003,601 20,75%
Long Term Tgwstmcnt5
(3 years to 5 cars)
U.S.Gov't Agencies 3.498,594 3,498,594 3.82%
S 91,593,640 100,00%
*Some investments made prior to the implementation of the
enrrent Investment Policy exceed the 5 year limit.
tr ry
tote., TREASURER'S MONTHLY REPORT
4/17r009 DrTAIL OF rNVESTMENTS
MARCH 31,2009
Coupon Yreld Adjusted (memo only) Prior Qt
Par VaInc Raw gang Mnlunry to Lnnty Cast Basis Category Total Market Vnluc Sour.. Market Vnlua
On Cag D.post,
Chcckmg-Bank.fAmera, S N/A vu ba, AAA open 015% 8 3,408,460 g 3,408,460 g 3,935,514
Local A,�acy Invest Fund(LAIP) 60,800,aw van.61e N/A op. 1 S2% 60.800,000 6u,983,215 I-AIF 51454,583
64,208,460
S6.nTerm mvrtnmG
(1 year 9r leas)
Mortgage P.-nru;
redeml Home Loan Manage Cerpomaon 5,000.000 5 00'/ N/A 02/01/09 5 08% 0 a BNY Wes=Tr (•1,305
Federal He..Loan Morgage Cmpomtion 2.335,000 450°h N)A 03/01/09 488% 0 0 BNY Wcswm Tr 411296
Federal Home Lo.M.ega,Cmpamton 480003 40f// N/A 04/01/09 518% 76,154 51,579 BNY Weswm Tr 146,617
Fcdmd Home Loan Mongoge Corpomtloe 540,M0 5S17% N/A 06/01/09 479% 160262 174,141 BNY WesI<tirr Tr 213,511
Federal Home Low Manage Corpemu.n 570,0W 450% N/A 09/01/09 537°A 151,815 160,509 BNY We.tem Tr 226,064
Federal Home law M64mge Cmp.raon 3,000,000 550-A N/A 10/Ol/09 5413% 177,690 151961 BNY Wc5mm Tr 1912M
Federal he..Loan Mortgage Car,...to, 2,050,000 450% N/A 10/01/09 5" 243.853 246,141 BNYWeswm Tr 275,659
Federal Nvtmud Mnrtgagc Associotlan 2,700,000 450% N/A 01/01/10 491% 334,966 348,715 BNYWeswnt Tr 416,BSA
Fedeml Notional Manage nsxe.uton 2,500,000 4501A N/A 02/01/10 446% 389,918 594,596 BNY We:.m Tr 469,361
Fedeml Home Loan M.dgage Carp.mton 1,455,000 4509/ N/A 02/01/10 522% 269.500 285,265 BNY Wesrem Tr 324,149
Federal Nauoed Mortgage A-,,rand,, 1,000,000 4GW/, N/A 03MIllo 512% 233,047 247,432 ENY Western Tr 279,212
2,037,205
Trmc Deposits
CD Account flegsty 8em.e(CDAPS) 906,500 400% AAA 031IM9 4 0 8% 0 0 Palm Desert Nat Bank 1,000,000
C➢Aaouuntg rainy Semce(CDARS) W0,000 300% AAA 07/16(09 3.00% 940,000 940,000 Pehn Dcstrt NW.IImdc 940000
CD Account Registry Scrvwc(CDA[t8) 906,500 230'/ AAA 03/11/10 233% 906.500 906.500 Palm Dwane Nat Bank 0
I,B46,500
US Gov't Ag.,Se.mte-
F.deral Home Lnnn Monwge Cmpomtan 1,0000a0 336% N/A 04/15/00 365% 989,280 1000,938 BNY Wc,wrn Tr I,OOfl,125
Federal lLmc Loan Bank 5pp'000 410% N/A 0"o/08/10 460% 0 0 BNYWr.:wrn Tr 500,156
989 nSD
Medium Term luvcewfcnL
I yew to' can
A
Carp.mw Notes IV
Wells FOrg0&company 800'aw 398% Aa1 10/29/10 420% 795JW 767,4W BNYWestcm Tr 793,625
SHC Communications,Inc 1,000,0W 5301A A2 I1/15/10 517% 1,004,150 1,030,270 BNYWestcm Tr 1,016,43D
Goldman Sachs Croup,Inc 1,000,000 500% Au3 D1/15/11 537% 986120 W2,650 BNY Wesicm Tr 963,594
2,725,430
kP%
treaarep TREASURER'S MONTHLY REPORT
4/17/2009 DETAIL OF INVESTMENTS
MARCH 31,2009
Coapan Ymld Adjwred (mamo only) Pnar Qv
Par Vduo Ram Rating Mmurrty to Muwnty Corr Basis Camgor ToLd Morten Value Source Market Value
Me,tpsc Pass-Thais
Federal Home Loan Mertgayc C.,omton 2,280,000 450% N/A 05/01/10 529% 538,630 564,392 BNY Wcetam Tr 6�1,1-9
Federal Home Lost Mortyoge Cmpomnan 1,370.000 5 00'/ NIA 04/01/10 S 35% 314,640 325,054 BNY Werra rn Tr 337,457
Federal Nahemd Mortgage A,ae,do9 500,000 400% N/A 10/01/10 495% 166,719 175,446 6NYWc7cm Tr 186,425
Fedeml name Loan Bank 775,000 475% N/A 10/25/10 488% 453,676 468,951 BNY Wa:tmn Tr 4s1690
FcdeN Home Loan Mortgage Corpom�on 11015,552 450% NIA 0J01III 524% 355,040 374,022 BNY Wetunn Tr 402,299
Federal Home Loon Mortgage Corpormon 095,000 400% N/A twol/II 522°% 302,749 521,126 BNY We.wn Tr 355,03S
Federal He=Loam Motgage Corp9mmop 200,000 450% N/A WOO 537% 96,718 92,036 BNY We:tam Tr 97,209
2,218,171
US Gov't AS.,Secrmtm:
Federal Home Loan tdappge Corporation 1,000,000 405% N/A 12/30110 405% 1,000,000 1,007,550 BNY Western Tr 1,015,660
Fedwd Form Credit Bank 1,000,000 4.58% N/A 0623/11 4380/0 1,000,000 1,007,500 BNY W.:u'rr 3,016,563
Fedeml Home Loan Bad: 1,OOa,00a 410% N/A 06/74/11 4101. 1,000,000 1,033,438 BNY We•tem Tr 1,044.065
Federal Homo Lean Bvd: 1,000,000 413% N/A 06/24/11 413% 1000,000 1,033,43s BNYWestcm Tr 1,0•Y1,375
Federal NanmW McrrRwn Association 1,000,000 400% N/A o6/24/11 4OW,, 1,000,000 1,006,56.1 BNY Western,Ti 1,015,317
Federal Nome Laos Mortgage Corpommn 1,000,000 425% N/A 06I30/11 425% 1.000.000 1,007,490 BNY Wctem Tr 1,016,719
Federal Home Loan B.mk 1.000.000 4.28% N/A 06450/11 428% 1,000,000 11,007,813 BNYWeaem Tr 1,M7,188
Federal Farm Cmdn Bade 1.000,000 410% NIA 07/07/11 4.10% 1,000,000 1,007,813 BNY Westem Tr 1,oi6,563
Fcdmvi Home Low Bank 2,000,000 55011. NIA 0=111 5501/. 2,000pa0 2,028,125 ENYWesurn Tr 2,053,125
Fedeml Plome l.oml Bank 1,003,000 5501A NIA 07/27/11 550% 1,000,000 1,014,063 BNYWcsunt Tr 1,016,563
Fedeml Farm Credit Badt 1,000,000 400% NIA 08/11/11 4076 1,000,0w 1,010,000 BNY Wmawn Tr 1,016750
Federal Homo roan Bank 1,000,000 325% N/A II/28/11 325% 1,000,000 1,014,688 BNYweam,,Tr 1,020,513
Federal Homo Lawn Bank 1.000,000 4 02% N/A 12/25/11 4 02% 1.000000 %006,250 BNY Western Tr 1,014,688
vl.vvv,aav 'i
Lang imm Investment
3 yem-m 5 venrsl i
US Goer Agc gSccwme:
Federal Hone L9w Bank 1,000,000 4 0010 N/A 05/03/12 400% 1,000,000 1,015,000 BNY Wmm.Tr 1,022 812
Fedeml home Loan Mortganc Corpomhon 1,000,000 402% NIA 06/15/12 402% 1p00,000 1.031,320 BNY Wartmn Tr 1,034,350
FeMral Home Loan Mortgage Cerperauan 1,000,000 400% N/A 06/1Ol13 4(016 1,000,000 1,005,525 BNY We tam Tr 1,011,380
Finaaemg Corpmetren(F1CO) 500.000 990% N/A 04/06/18 980% 199.594 751,406 NnnonsBank 757,656
3,493,5W
It Toms Invested puh S 91,583.640 S 92 53,544 S 85250.951 ,
I
L 1
1
TREASURER'S MONTHLY REPORT
trcasrep MISCELLANEOUS AND TRUST ACCOUNTS
4/17/2009 MARCH 31, 2009
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total invested Cash S 91,583,640 91,583,640
S 91,583,640
Miscellaneous Accounts
Petty Cash 3,900 NIA N/A open none 3,900
Rcvolvmg Fund Bank ofAmcrica 10,061 N/A N/A open none 10,061
Trust&Agency-Bank of America 1,241.707 N/A N/A open none 1,241,707
Downpaymcnt Assistance(Housing
Fund)-Washington Mutual 33,651 variablu N/A open 001% 33,651
Workers Compensation-Bank of America 5,988 N/A N/A open none 5,988
General Liability-Bank of America 10,410 N/A N/A open none 10,410 1,305,719
IDeposirs Held in Trust
Time Deposits
(FDIC Insured)
Guaranty Bank(Coyole Spnngs Apt) 19,829 2 72% N/A 6/24/2009 2 75% 19,829 19,829
Total Cash Deposited S 92,909,187
Cr'7 p
TREASURER'S MONTHLY REPORT
treosrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
04/17/09 MARCH 31,2009
Coupon Yield Ad)usied (memo only) Pnorgtr
Pnrvoluc Rate RanR4 Maturity to Maturity COsr Basle Calegory Tow] Marker Value Source Marker Value
1 9 9 119 7101JW Cane,,,,-Cen¢r
AIM Govemmenr d Agency Pond Private 5,889,981 varmble AAA opnr 012% 5,569,9s1 5,ssg9sl BNY Wost.1, 5,8s3,253
5,989,931
199V06 Anporr
ATM Government&Agency PortfPnvam 1.405.911 vunnble AAA upev 012% 1,405,911 1,405,911 BNY We.tem Tr 1,46S,3S9
1,405,911
1991/01 Senes B-Housikg
AIM Govem anent&Agency Ponf Pnvam 472,767 venohlo AAA open 012% 47Z767 472,767 BNY Wiuwi-n Tr 477,422
472,767
1994/615cno5A&.8
AIM Gov vwvcnt&Agncy Nnt(Pri to 3,947,588 vnnable AAA open 012% 3,947,538 5,947,568 BNYWestem Tr 2,471.777
MBU lnvestrmtt Aynomnera 0 517% AAA 09/01/34 517% 0 0 BNYWestem Tr 1.651,456
3,947,5A2
1999 Airport GARB
Cash 0 0 0 BNY We-,tern Tr 0
0
199WOR Aoporr PFC
AIM Govemment&Agency Portf Pnvate 1,256,140 variable AAA open 012% 1236,140 1,236140 HNYWestem Tr 7,746,273
_36,140
I WR Assessment➢ismet 155 A&B
AIM Government&Agency Purd Pervato 289,519 vwuble AAA open 012% 259,519 259,519 ANY W,,e Tr 2PA,77,3
299,519
1:
TREASURER'S MONTHLY REPORT
menarep BOND ISSUE RESERVE,DEBT SERVICE i& RELATED FUNDS
04/17/09 MARCH 31,2009
Coupon Yield Adjusted (mrmo eel,) Pnar Qu
Pnr Value Rate Pamig Maturity to Menmry Cast Basis Category g0t11 Murket Value gourcc Market Value
2001 Aascssmmt Dulrint 157/155
AIM Govemmenr&Agency Podf Prime 186,972 variable AAA open 012% 196,972 I96972 BNY Wwmm Tr 186,759
196,972
2002 Parking Swetwe
Gv6 3 3 3 BNY Wist=Tr
AIM Government&Agency Portf Pnvate 11,991 rviabla AAA open 012% 11,991 11,991 BNY Western Tr 19,627
11,994
2004 A=e Went District ICI
AIM Government&Agency Ponf Private 412656 variable AAA open 012% 412.656 412,656 UNY Westem Tr 41a,248
412,656
2004 Assessment District 162
AIM Goveriwctn&Agency Pord'Pnvnte 161,688 variable AA.A open 0IN. 16i,6sg 161,686 BNY Westetu3r 161,478
161,68E
2005 Ammsmunt DLL ct 164
AIM Govemment&Agency Pmf Ptiw¢ 367,423 vrenable AAA op. 012% 367,4. 367,423 BNY We 4em Tr 569.564
367,423
tom Merged Project#I
AIM Govumment&Agency Portf Private 8,509,096 vnn64 AAA open 012Y 845091096 8}09,096 BNY Weier Tr 10,814,236
8,509,096
2007 IW=drnS Leine Revenue Bonds
AIM Government&Amen,Pwrf Private 1.341.350 vonehlo AAA open 012% 1,341,550 1,341,550 BNY Wic.tem Tr 1,341,550
1,341,550
2008 Avpoei PFC Re6mdmS
AIM GovuerateaL A,eve,Po Pavan 648,136 variable AAA open 012% 618,139 648,138 BNY Wtstem Tr 647,944-
646.138
Louis F 24.861.423, S 211,981,423 5 27337.752
treasrep TREASURER'S MONTHLY REPORT
04/17/09 CALCULATION OF INVESTMENT LIMITATIONS
MARCH 31, 2009
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $69,091,445
1 year to 3 years 0.00% 50.00% 20.75%
3 years to 5 years 0.00% 30.00% 3.28%
over 5 years N/A N/A 0.54%
By Type of Investment:
Bankers Acceptance -in total N/A 40.00% 0.00%
Bankers Acceptance- single bank N/A 20.00% 0.00%
Commercial Paper N/A 15.00% 0.00%
Certificates of Deposit N/A 30.00% 2.02%
Corporate Notes N/A 20.00% 3.04%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Tbrus N/A 10.00% 4.65%
U.S. Government Agencies N/A 50.00% 20.19%
U.S. Treasury Notes/Bonds N/A N/A 0.00%