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Home My WebLink About7/1/2009 - STAFF REPORTS - 2.B. p AIM SP G1 V an C CtroMlM10 P A``FO"` City Council Staff Report DATE: JULY 1, 2009 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF May 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 May 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 $109,856,204 plus $23,368,178 in bond issue capital projects, reserve and debt service funds_ The market value of the invested cash is $110,697,213. RECOMMENDATION: Receive and File Treasurer's Investment Report as of May 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, 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. e . V , City Council Staff Report July 1, 2009 — Page 2 Treasurer's Investment Report as of May 31, 2009 under current market conditions. We recommend that this exception to the policy be continued. The weighted average maturity (WAM) of the portfolio is 177 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 eoffrey S. Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report 6eaan p CITY OF .PALM SPRINGS 6/16/2.009 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MAY 31, 2009 On Call Deposits Adjusted Basis Category Total Perccmage Checking Account $ 4,053,136 Slate Pool 80,00Q0W S 84,053,136 76 51 Short Tonn Invc ftncln5 (1 ear or leas) Mortgage Pass-Thins 2,108,205 Time Deposits 1,846,500 US Govt Agencies 0 3,954,705 3.600/. Medium Tenn lnvcstmcros 1 ettr to 3 years) Corporate Notes 2,785,430 Mortgage Puss=lhrus 1,564,340 U.S Gov't Agencies 15,000,000 19,349,770 17.61% Long Term Investments (3 years to 5 years) U.S.Gov't Agencies 2,498,594 2,498,594 227% S 109,856,204 10000% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. f� � o-enrreP TREASURER'S MONTHLY REPORT 6n6roo9 DETAIL OF INVESTMENTS MAY 31,2009 Cnu9nn Yield Adjusted (me only) t'cmi QU Pm Vulu Ru ne une Rating Maturity to Monmty Cost Basis cat.,.,3ut.I Markc Value Source Market Valum On Gill llepoxrt: Chaelnng•➢wk of Americo S N/A venable AAA open 015% S 4,055,13G S 4,0531;ti S 3105,160 Local Agency Invest Fund(LAIF) 20,000,000 variable NIA open 153% 50,000,000 R0146-,65 LAIF 60953215 84,051.1 S6 Short Teem rove-,imencs (1 .. Or IC55) Mortgugm Pa-Torn Federal Flame Loon Mortgage Co[poiauon 480,000 400% NIA Wollo9 519% 0 0 BNY Western Tr 51,579 federal Homo Low Mortgage C,,,nio9n 540,000 350% N/A 06/0 U09 479% 51,903 65,811 BNY Westem Tr 174,141 Federal Homo Lawn Mortgage Corpomtmn 570,00ti 450% N/A 0910109 537% 13,918 134,941 BNY Woctem Tr 160,508 Fcdcel Home Law ivlprtgnge Corpnrabnn 3,000.000 5.50% N/A I(1/01/0? 513% 165,545 170,839 BNYWarem Tr 181?61 Federal home Loan Mlongnge Comarntion 2,050,000 450% N/A I0/0I/U9 503G 721,000 =3,863 BNY Wesrem Tr 246,141 Federal National Mortgage Associatou 2,700,000 4501/1 N/A 01/01110 491% 281,U91 296,g14 BNYWesteui Ti 345,715 Federal National Mongagm Aaaaclanan 2500,000 450% N/A Omillo 446% 349,267 :56,m BNY WttlL=Tr 394,395 Federal Hmnt Loan Mortgage Cmpmm,lw 1455000 150% N/A 02/01/10 522% 231249 219,674 BNY Wertom Tr 2S5265 Federal N9nonel Mnregoge Association 1,000,000 400% N/A 03101/I0 512.E �l 1,533 22S,142 BNY Western Tr 247,1132 Federal Florae Loon Mortgage Corporation 2,280000 450% NIA 05/01/10 529% 470.599 499247 BNY Westem Tr 364,392 2,108 205 Two D,.a,m. CD Ammount Regrsny Service(CMIS) 940,000 300% A.4A 071I6/09 300% 940,000 940,000 Palm Desert Nat Bank 940.000 CD Acenynl 111111y Service(CDARS) 906,500 2;0"/1 AAA 03/11/10 _S;% 9UO500 906,500 Palm Desert Nat Bank 906,500 I,S46,500 U5 Gov'[Apoe Se.urme. Fedm.d dome Low Moirgnge Cmpomnon 1,000,000 3 38% N/A 04W109 3 65% 0 0 BNY Western Tr 1,000,938 0 rMedmm Term LiveshncnH I I vcar to 3 years) Corporate Notes Wells Forgo d Company 800,000 :98% Aul IM9110 4g0% 795,160 602560 BNY Westem Tr 767464 SBC CommumcaLo.,Inc 1,000,000 5.30% A2 11(15110 517% 1,004.150 1,039,140 BNY Wo:mm Tr 10;0270 Goldman Sath Group,inm 1,000,000 5.00% Ana 01/15/11 537% 986,120 1,024,150 BNY Wo,em Tr 992,650 2,785,430 trea:rep TREASURER'S MONTHLY REPORT 6116/20OR DETAIL OF INVESTMENTS MAY 31,2009 Coupon Yield Adlusrcd (memo only) Prior Qtr Pm Vduo hate ltaung Mawriry to Maturity Cosr Basis Cntegnry Tnml miirket Value Source M kit value Morty,c Pass=l'Ww rsdcr Borne Low Mort,,Corpora[.. 1,370,000 500% N/A 09/01/10 535% 286,541 299,759 BNY West..Tr 325,034 Fedcal National Morrgagc Association 500.000 400% N/A 10/01/10 495% 153,560 164,093 BNY Wcsrcm Tr 175.446 Federal Home Loon Bonk 775,000 4 75% N/A IO 5110 4 98% 432.365 446,742 BNY Wcn.m Tr 16S,951 Federal Home Low Nlortpooc Corteornnon 1,015.552 450% N/A 01/01/11 524% 328,549 353,444 BNY Western Tr ,74022 Fcdaal Humc luw Mmtgav Corp4muon 695,000 400% N/A 04/01/11 592% 292,735 304,354 BNY Wosrcw Tt 321,126 Federal Home Loan Mortgage Cmpomnon 200,000 a 50% NIA 05/01/11 5 37% 80,590 87,360 BNY Wcsrcm Tr 92,036 1 561,340 US Gott Ageo,Seem-me: Federal Homo Low Mmt,ago Cmporut.n 1.000.000 405% N/A 12/30/10 405% 1,000,000 1,002,550 BNTY Western Tr 1,007,350 redeml 17=Credit Bmilc 1,000,000 a33-A WA 06MAI 439% 1,000,000 1,002,500 ➢NV W,v,e Tr 1,007,500 Federid Home l,on.Bonk 1,000,000 A10% N/A 06nal1 410% 1,000,000 1,035,51"a BNV Wesrcm Tr 1,039,43E Federal Home Lom Bank I,000,000 413% N/A 06/2a/11 A13% 1,000,000 1,035,625 BNYWestcm Tr LD3343F Fcdeial National Mortgage Assocmuou 1,000,000 400% WA 06ndll1 A00% 1,000,000 1.002,158 BNY Westr.0 Tr 1,006,56" Federal Homo Lawn Moagagu Corporation 1,000,000 425% NIA 000/11 4251/b 1,000,000 1,002,940 BNY WLsi=Tr 1,007,490 Federal home Low Bwk 1,000,000 a23% N/A 06/30/17 428% 1,000,000 1,009,125 BNY Wen..Tr 1,007,1313 Federal Fan Credit Bank 1,000,000 a10% N/A 07/07/11 410% 1,000,000 1,003,43E BNY Wesrem Tr 1,007,913 Federal Home Low Bank 2,000.000 5 50% N/A 07/27/11 5 50% 2,000,000 2,015,625 BNY Western Tr 2,029,125 Fodrml He..La=Ba.k 1,000,000 5501/, N/A u7/27I11 550% 1,000,000 1,007,813 BNY We.tcrn Tr 1,014,065 Fcdmol Fmm Credit Bank 1,e00,000 400% N/A OS/11/11 400% 1,000,000 1,006,563 ANY We,=Tr 1,010,000 Federal Home l,9nn➢wk 1,000,000 3P % N/A 11/28/11 3.25% 1,000,000 1,018,750 BNY We;Tem Tr I,OIa,6SS Federal Home Lom Ban[ 1000,000 409% N/A IM3111 A01% 1,000,000 1,002,188 BNY Western Tr 1,00(,,250 Federal Home Wort Bank 1,000,000 40045 NIA 05/03/12 A00% 1,000,000 1,013,125 BNY Wusic.'li 1,01>,000 15,000,000 Lon,T..I iemrienn (3 vcv-.m 5 vevr•1 US Gov'r Agency Secaemes Fodcral Ho.c law Mort,.r,c Cmporatiw 1.000.000 402% N/A 06/25/12 402% 1,000,000 1,032,a00 ➢NY W.W.Tr 1,031,320 Federal Home Law M4rt,u,e Cmporatmn 1,000,000 dOM. NIA O6I10/13 400% 1,000,000 1,000,850 ➢NVWe:tem Tr 1,005,625 Financing CoMomt.n(CTCO) 500,000 980% NIA 04/06/18 980% 498.594 719,375 Nnr.n5Bii.k 751 A06 2.498,594 iutsl lavctcd Cn•.h $ I09 E56 204 F 110,697,213 S 92,453,541 CJZ TREASURER'S MONTHLY REPORT Vcwrcp MISCELLANEOUS AND TRUST ACCOUNTS 6/16/2009 MAY 31, 2009 Yield Adjusted Par value Coupon Rating Maturity to Maturity Cost Basis Category Total Total invested Cash 5 109,856,204 8 109,856,204 S 109,856,204 Miscellaneous Accounrs Perty Cash 3,900 N/A N/A open none 3,900 Revolving f and-Bank of America 11,520 N/A N/A open none 11,520 Trust&Agency-Bank of America 1,243,234 N/A N/A open nonc 1,243,234 Downpayment Assistance(I-Tuusing Fund)-Washington Mutual 33,651 variable N/A open 0.01% 33,651 Workers Compensation-Ban1c of America 2,583 N/A N/A open none 2,583 General Liability-Bank of America 30,000 N/A N/A opCv none 30,000 1,324,388 IDeposits Held In Trust Time Deposits (FDIC insured) Guaranty Bank(Coyote Springs Apt) 19,829 2.72% N/A 6/24/2009 2 75% 19,829 19,829 Total Cash Deposited F I J.1,200,921 G TREASURER'S MONTHLY REPORT Innsrep BOND ISSUE RESERVE,DEBT SERVICE& RELATED FUNDS 06n6109 MAY 31,2009 Coupon Yield Adjusted pncmo only) Pnor Qv Par Vnlue Raa RininA Monty tomaunty Cost Bests Categnry Totnl M.nkot VAuc Source Market Value 1991M7/01/04 Convention Center AIM Govcmment&Agency PonfPnvote 5,8SS,942 &table AAA open 005% 5,880,942 5,886,942 BNY Westem Tr 5,559,951 S,SSA,9d2 1993106 Airport AIM Govmnmrmt&Agrncy P.6f Pri,ate 1,561,677 vmnble .AAA open 005% 1,561,677 1,561,677 BNY Wesant Tr 1,405,911 561,677 1991/01 Sene:B.Tiou.mg AIM Govemment&Agrncy Pohl IVAC 472,843 vlvmhle AAA open 0041/t 472,863 472963 BNY Westem Tr 472,767 472,863 1994/04 Sene•A&B AIM Govemmmt&Agmcy PortfPnvute 3,943.399 ennoble AAA open 005% 3,948,399 394A,$99 RTsY West.Tr 3,90,588 3,948,399 199910A Aimon PPC AIM GOvemment&Agency Port P=te 1,4-09,G16 variable AAA open 001% 1,4d9,616 1,449,616 BNY Westem Tr I_36,140 1,449,616 1998 Assessment DMITICt 155 A&B A1M Government&Agency Pon(Privn¢ 289,57B varmble AAA open 005% 269.578 269,575 BNY Western Tr 269,519 229,578 2001 Amemmrnt 0.9tnet 3571158 AIM Govemmcnr&Agcncy Portf Pnvate 157,010 vmnble AAA open 005% 187010 197,010 BNY Wester Tr I86,97� 167 010 2002 Prolong Stnetueu Cns, 3 BNY Wocunn Tr o ATM Gnvementm&A,.,PortfPnvmo 19,793 vnn'ble AAA open 005% 19,793 19,796 BNY Westem Tr 11,991 79,796 2004 Assessment D*tnet 161 AIM Gmemmem&At.,PortfPnvmo 412,741 vnn,h]e .61A op= 005% 412741 412,741 BNY Wea rn Tr 112,656 412,741 2004 A,crmmt Dsstnct 162 AIM Govemmmt&Agme,Perif Pnvaa 161,121 vmnble AAA open 005% 161.721 161,721 BNY Westem Tr 16i,688 161,721 M05.V.cs. rot Drstrct 164 AlAl Govttrmant&Agency Port Pnvpte 367,d99 vmnble AAA open 005% 367,499 367,499 BNY Westem Ti 367,423a 367,499 2007 Merged Projcet III&112 AIM Government&Agway Pertf Pftvatc 7,960,169 vmnMc AAA open 005^/, 7,960,163 7,960,163 BNY W,tcm Te B,S09.096 7,960.163 2007 BeFhndmg l.cme Rrvcnuo Bonds AIM Gov.mcnt&Aged,P4nf Pfine 32 vmnble AAA open 0061/. 32 +_ BNY We.tern Tr 1,341,550 '2005 Avpen FPC Refending AIM Govenunent&Agency Ponflimnec 6d8,141 vmnble AAA open 004% 646,141 64$141 BNY Wcatem Tt 648,1aS 648.ldl Tntnl: S 23,365,178 S_23.368.17& S 24,SS1;123 trcasrep TREASURER'S MONTI-ILY REPORT 06/16/09 CALCULATION OF INVESTMENT LIMITATIONS MAY 31, 2009 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $98,007,840 1 year to 3 years 0.00% 50.00% 17.61% 3 years to 5 years 0.00% 30.00% 1.82% over 5 years N/A N/A 0.45% 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% 1.68% Corporate Notes N/A 20.00% 2.54% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Tlirus N/A 10.00% 134% U.S. Govemment Agencies N/A 50.00% 15.93% U.S. Treasury Notes/Bonds N/A N/A 0.00% c�