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Home My WebLink About6/17/2009 - STAFF REPORTS - 2.E. �pPLMg CA u Pn R �ToPiFO♦P, xc�``k°Re�P City Council Staff Report DATE: JUNE 17, 2009 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF APRIL 30, 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 April 30, 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 $90,996,563 plus $25,902,166 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $91,820,491. RECOMMENDATION: Receive and File Treasurer's Investment Report as of April 30, 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, 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 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 Item No. 2 • E • City Council Staff Report June 17, 2009 — Page 2 Treasurer's Investment Report as of April 30, 2009 under current market conditions. We recommend that this exception to the policy be continued. The weighted average maturity (WAM) of the portfolio is 223 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 y . Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report nessrep CITY OF PALM SPRINGS 5/21/2009 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS APRIL 30, 2009 On Call Deposits Adjusted Basis Category Total Percentage Checking Account S 2,630,294 Stare Pool 62,300,000 $ 64,930,294 71.35 Short Term Invesmtcnts (1 year or Iess) Mortgage Pass-Thtus 1,809,403 Time Deposits 1,846,900 U.S.Gov't Agencies 0 3,655,903 4.02%. Medium Term htvesi rents (I year to 3 ears) Corporate Notes 2,785,430 Mortgage Pass-Thms 2,126,342 U S.Gov't Agencies 14,000,000 18,911,772 20.78 Long Tenn InvestmenLS (3 years, to 5 ) U.S.Gov't,Agencies 3,498.594 3,498,594 3.847 S 90,996,563 10000%n *Some investments made pnor to the implementation of the current Investment Policy exceed the 5 year limit. C. v 41 vcssrcp TREASURER'S MONTRLY REPORT 5/21/2009 DETAIL OF INVESTMENTS APRIL 30,2009 Cpppen Yield Adjured (memo only) Prior QV Pnrynlue ➢ntp Rating Mutunty TOMaturity Con11", CatpgeryTuvd Market Value Source Markinvalw Cln C Il Deposits Checlang-Bank ofAmwen S N/A rpnphli, AAA Drys 021% S 2,630„94 $ 2,630294 S 3408;160 Local Agency ln KFund(CA1F) 6Z,3oo,00o mrin6le N/A open 167% 62.300.000 62A13,980 L41F 60,933,215 M,930,�e4 Shoo Tetra]nvemnenz: I Vpm or 1.) MnmpASc Paa9-T1vw Federal Hine.1.ow Mortgage Corpormon 480,Ooo 400% N/A o4/01109 518% 0 0 BNY Western Tr 31,579 Federal Home Lawn Mcctage Comoratmn 540,000 350% N/A 06/01/09 479/0 129,603 144,017 BNY We:ben Tr 174,141 Federal Home Lem MbApso Corporation 570,000 450% N/A 09/01/09 537% 138,001 147,777 BNYWesiera Tr 160503 Federal Home Loon Mimpge Corporation 3,000,000 5M% N/A 10/O1/09 543% 174,471 179,S33 BNY Western Tr 161,961 Federal Home Lunn Mortgngc Corporation 2,050,000 450% N/A 10/01/09 503% 231,112 2:4,a64 BNY Wenmm Tr No 141 Fedor Nph9nal MotlMe Association 2.700,000 450% N/A 01/01/10 4.91% 305,819 321,811 BNY Western Tr 348,715 Federal National Mortgage,A -eammo 2.500,000 450% N/A 02/01/10 446% 362.3 5 369,604 BNY Westem Ti 394398 Federal Home Lem Mprtgpge Corpomnoo Id55,000 4.50% N/A OD01110 522% 249,115 267,867 BNY Western Tr 285,zes Federal Npnpnnl Mor[3n8e Aasopmu. 1,000,000 400% N/A 03/01/10 312% 219026 235,672 BNY Western Tr 247.432 1,809,405 TMe Dep0seL CD Account Registry Stt icn(CDABS) 9.10.000 300% AAA 07/16/09 300% 940,000 940,000 Palm Dtail NaL Bwlr 940,Oo0 CD AceQuat Registry Scrvrco(MARSS) 906,500 230% AM 03/1IA0 133% 906,500 906,500 Palm Desen Not.Bind: 905500 1$46,500 it S Govy Agency Sccuntes Federal Heine Low MortgnpF Corporation I r000,000 3 38% N/A 04/15/09 t 65% 0 0 BNY Wpraem Tr 1 000,93S 0 Medrmn Tam investincam ( wr ro3 vwre Corppr to Note- Wells Fargo G Company 800,000 596% Aal 10129/10 4201A 795,160 771,200 BNY We.Tr 767464 SBC Communicavore,lac %000,000 530% A2 11/15/10 517% 1,004,150 1,038r270 BNY We,.Tr 1,030,270 Goldmm Saclu Group,lac 1,000.000 5.00% AO 01/15/11 537% 996,120 1,009,800 ➢NYWe..e Tr 992,650 2,785,430 kS1 u04arep TREASURER'S MONTHLY REPORT 5/21 P009 DETA I L OF INVESTMENTS APRIL 30,2009 Coupoa Ymld Ad)ustad (mwno ordy) Fnnr Q� Pm Vuluo lento Rang Maennty to Mmway Cottnano Cmegmy Tuml Marker Yolne 50mce Market Vuluc Mortmogc Pwo-Thrua Federal Home Loon Manse,Cm,wamac- 2,280,000 450% N/A 05MI/10 52944 507,795 5'7,223 BNY Vle r. Tr 56,L392 Fcdcrul Home Lawn MortRaRe Corpornnon 1,370,000 500% NIA 09/01/10 535% 299,959 313,78a BNY Wcorern Tr 3�,05e Federal Nm,p-al Mmtgnge Ae.ocmuon 500.000 400% N/A 10/01/10 495% 161,400 172,010 BNY W.Ucm Tr 175,446 Federal Hume Ln-n IImdc 775,000 4 75% N/A 1=5110 4 RWI 443,301 459,N6 BNY Wostera Tr 469,951 Federal Home Loan Mou nge Corpreanan 1,015,552 450% N/A OY/01/11 524V. SSR,R11 363,658 Bwwv✓ emn Tr 374,022 rcd�al Homc Lem Mortgage Coryomuon 695,000 400% N/A 04/01/11 522% 291244 312,514 BNY Wesfem Tr 321,125 Federal l{9me Lam,Manppge C-rpomu-n 200,000 4 50%, N/A 05/01/11 5 37% 83,931 90,640 BNY W,W.Tr 92„03( 2,126,312 U$C Vt ASenry Seeurmec Fed-rLd Homc Loan Mortgage Corpomaon 1,000,000 405% N/A 12/30/10 105% 1.000,000 1,005,430 BNYWesmm Tr 1,007,350 Federal rmm 6e6a Bank 1,000.000 438% N/A 06/23/11 438% 1,000,000 1,W5,313 BNY%csrem Tr 1,007,500 Federal Home Lon-Berl, I'mm.000 410% N/A 061-14111 41 V1. 1,000,000 1,035,313 13 YWasmm Tr 1,033.438 Federal Home Loon Bonk 1,000.000 4 13% NIA 06/2 11 413% 1,000,000 1,035,625 BNY Weacm Tr 1,033,438 Fedeal Nmmnal Morrgogc Assomapon 1,000,000 400% N/A 06PWI1 400% 1.000,000 1.005,000 BNYWcsmrn Tr 1,006,563 Federal Homo Loan Mortgage Coryomuon 1,000,000 4P % N/A 0650111 425% 1,000,000 1,005,690 BNYWestcrn Tr 1,007,d90 Fcdcml game U.Bank 1,000,000 428% NIA 0650/11 428% 1,000,000 1,005,93E BNY We,=lY 1,007,813 Federal Farm Credo Bank 1,000,000 410% N/A 07/0L 11 410% 1000,000 1,005,93'g BNYW,—Tr 1,007,813 Fed=l Home Loan Bank ti000,000 550% N/A 07/27/11 a50% 2,000,000 2,023,125 BNY Ww.Tr 2,023,125 Fedmul Home Loan Milk 1,000,000 550% N/A 07/27/I1 550% 1,000,000 1,011,563 BNY Wemem Tr 1,014,063 Federal Farm Credit B.,k 1,000.000 400% N/A os/I1/11 40011, 1,000,000 1,008,750 BNY Weston Tr %W0,000 Federal Home Loran Hank 1,000,000 325% N/A 11/29/11 325% 1,000,000 1,018,750 BNYWe.tmn Tr 1,014,688 Federal Home lean Bank 1,000,000 402% N/A I2/ /11 402% I,OM,000 1,004,68E BNYWc.e Tr 1,006,250 14,000,00 Long Tenn Invectmrnt (3 e.t-5 era:) US Gowt Agency Seam rae5 Federal Home Ln-n Barak 1,000,000 400% N/A 05/03/12 400% 1,000,000 1,015.025 BNY W,tem Tr 1,015,000 Federal Home Lem Mortgage Carpamnan %aa000 402% N/A 06/p5112 402% 1.000,000 1,033,940 BNY Western Tr 1,031,320 Federal Home Loin Moramp Corpomnon 1,000,000 4uVY N/A 06/t0/13 40M.. 1,000p00 1,003,750 BNY Western Tr 1,005,65 F.emg Corpoeanm(FICO) 500,000 980°/ N/A (14/06116 980% 498394 736,406 Naumu➢mek 751,406 3.498.594 TOw11-ve.ted Casly F 90.996563 5 91,820,491 3 92,459,544 QT' TREASURER'S MONTMY REPORT trcwrep MISCELLANEOUS AND TRUST ACCOUNTS 5/21/2009 APRIL 30, 2009 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 90,996,563 S 90,996,563 $ 90,996,563 Misccllancom Aucouuts Petry Cash 3,900 N/A N/A open none 3,900 Revolving Fund-Bank of America 11,297 N/A N/A open none 11,297 Trust&Agency-Bank of America 1,249,479 N/A N/A opal none 1,248,479 Downpayment Assistance(Housing Fund)-Washington Mutual 33,651 variable N/A open 0,07% 33,651 Workers Compensation-Bank ofAmcrica 4,052 N/A N!A open none 4,052 GenentLiability-BankofAmerica 9,706 N/A N/A open none 9,706 1,311,085 Deposits Held In Tntst Time Deposits (FDIC Insured) Guaranty Bank(Coyote Spnngs Apt) 19,829 2,72% N/A 6/24/2009 2,75% 19,929 19,829 Total Cash Deposited $ 92,327,477 G w TREASURER'S MONTHLY REPORT mcasnep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 05ml/09 APRIL 30,2009 Coupon Yield Adjusted (memo only) Puoi Qt, Pnrvalte Rate Rating M=i[y tt Maturity Cost Bann C.acpary local Market value Bomoc M&knt Value 1991197101104 Convenhm Center AIM Goverment&Agency P9nfPnvat4 8,063949 vasiablc AAA upon 004% 5,063,949 8,063,949 BNY Wie.a=Tr 5,339,951 3,063,WR 1992/Of.Atmon AIM Govemmcat&Agency Poref Private 1,483,MS v.mnbie AAA open 004-A 1,483,648 1,433,343 BNY Weser Tr 1,405,911 1,483,845 1991/01 Series B-Hoasmg AIM Govenunent&Agency PorlfPdvam 472,835 vwnble d A open 0041 472,$55 472,835 ➢NY West-Tr 471,767 472;835 1999/04 Seeks A&B A]M Government&Agmcy Pont a 51948,162 variable AAA open 004% 3.948.162 3,948,162 BNY Westem Tr 3,947386 1,949,162 1998/0SArrpert PFC Am Goverment&Agency Porff Pnvnic 1,342922 vaiablo AAA open o011 1.342,922 1,342,922 BNY Wentmn Tr 1236,14D 1342,9R 1998 Assessment District 155 A&B ABM Goverment&Agency Pouf Pi ivwn 239561 variable AM open 004% 259,561 299,561 BNY Wester Tr 229,519 289,561 2001 Assofamnet Datnct 157/153 AIM Govcmmmt&Aymry purerPrrvzm 136,999 vmmble AAA open 005% 180.999 186,999 BNY Westem Tr 186,972 186.999 2002 P.nlong Stud re G.uh 3 3 BNY Westem Tr 3 AIM G9verment&Agent'PortFPnvate 13,492 variable AAA op. 005% 13,492 13495 BNY West.Tr 11,991 13,495 20M Agmatent District 161 AIM Goverment&Agency PorrfPrivane 412,716 v.umblo AAA open 005% 412,716 41Z716 ➢NYWea Tr 412,656 412,716 2004 A crenent Drsincf 162 AM Goverment&Agency Portf Private 161,711 variable AAA open 0051 161,711 161,711 BNY Wmtcr TV 161,653 161,711 2005A.esmmntDtrictl64 A(M Gevmmnmt&AgmryPortPrivnte 367,477 variable AAA coca D05% 367,177 367,477 BNY Wusu.-mM 367,423 367,477 2007 Mrrged Project Ill&92 AIM Govcrmrt&Aymry PonfPrivste 3,510,^,22 variable AAA open 005% 6.510,322 8,510a22 BNY Western Tr 8,509,096 $510,322 2007 RefLnding Usse ltcvcuue Bond- AIM Govermnent&Apevny PonfPrivnw 32 vwmble AAA open a061 S2 BNY Westem Tr 1,341,550 20og Aimon PFC Refondmg AIMC vermcnt&Agency Pond Private 646,136 rmobic AAA open 005% 643,138 645,133 ➢NY Vlexmn Tr 643,133 648,133 Totals S 25,902.166 S 25.902.166 S 24.881.423 f treasrep TREASURER'S MONTHLY REPORT 05/21/09 CALCULATION OF INVESTMENT LIMITATIONS APRIL 30, 2009 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $68,586,197 1 year to 3 years 0.00% 50.00% 20.78% 3 years to 5 years 0.00% 30.00% 3.30% 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% 2.03% Corporate Notes N/A 20.00% 3.06% Money Market Mutual Funds N/A 10.00% 0 00% Mortgage Pass Thrus N/A 10.00% 4.33% U.S. Government Agencies N/A 50.00% 19.23% U.S. Treasury Notes/Bonds N/A N/A 0.00% C G7