HomeMy WebLinkAbout9/2/2009 - STAFF REPORTS - 2.S. 0V14110v1 .
City Council Staff Report
DATE: September 2, 2009 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
June 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 June 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
$108,407,461 plus $23,539,591 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $109,183,884.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of June 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, 4116/18, 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 ''NlO. � �
City Council Staff Report
September 2, 2009 — Page 2
Treasurer's Investment Report as of June 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 175 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: Treasurers Investment Report
Ireasrep CITY OF PALM SPRINGS
7/152009 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JUNE 30, 2009
On Call Depos7ts Adjusted[dads Category Total Percentage
Checking Account :b 4,916,053
State Pool 80,000,000 3 84,916,053 78 33%
Short Tenn Invesuncnr_s
O year or Icss)
Mortgage Puss-Thrus 1,876,979
'I'imt T7eposrts 1,846,500
U S Gov't Agencies 0 3,723,479 3 43%
Medium Term Invcstmcnes
(1 year to 3 years)
Corporate Notes 2,7859430
Mortgage Pass-Thrus 1,483 905
U.S.Gov't Agencies 13,000,000 15,269,335 14 09%
Long Term Investments
(3 years to 5 years)
TI.S.Guv't Agencies 4,498,594 4,499,594 4.15%
S 108,407,461 100,00%
*Some investments made prior to the implementation of the
current investment Policy exceed the 5 year limit.
nea:lep TREASURER'S MONTHLY REPORT
7115P1009 DETAIL OF INVESTMENTS
TUNE 30,2009
Coupon Yield Ad,uted (nlcino only) Pnor Qtr
Par Valuc lime Ratng Mntanry to Mamnry Cpet➢..i- Camgory Toral Mmkei Value Source Nrnrkec Vahm
On Call Deposits
Chcekmg-Bank ofAmenea $ N/A wnable AAA open 015% S d,916,053 8 4,916.053 3 3,403,-160
Local Agency Invert Fund(LArF) 80,000,000 v,enable N/A open 138% 80,000.000 60,146,363 LAIF 60,983,215
64 916,053
$hOrl Tarm L1vc9We.m
I Ymii'ae less)
Mnngagc Pass-Tlws
Fedea al Home L..Mortgxgc Corpomtoa 46uxo 400% N/A W/N/09 516% 0 0 BNY Weaem Tr 81,579
redcrnl rromc Loan Mortgage Corporation 540000 350% N/A 06/aI/O9 d79% 0 0 BNY WMEeft Te 174 Id1
Federal Home Lou Mortgage Corporation 570,000 450% N/A 09/01/09 517% 86,580 95,172 BNY Wdemin're 160,50E
Federal Home Loan Mortgage Cmppmtoa 3,000,000 550% N/A 10/01/09 543% 149,215 15,1,185 ➢NYWcrtem Tr ISI9ii1
Federal Home Law Mortgage Corpomtrm 2,050,000 4 50% N/A 10/01/09 5 03% 207,241 210,079 BNY Wcxtem Tr 246,1-11
Federal Natowl Mmtgoge A•mmnpin 2,700,000 d50% N/A 01/01/10 491% 266,142 280,306 RNYWcslem Tr 348,715
Fedoml Nanonpl MOrrga§e Assoclanan 2,500,000 a50% N/A 02/01/10 446% 329,365 334,562 BNYWestem Tr 394,39E
Feduld Home Loan Mortgage Corporabon I?55,000 450A N/A 02/01/10 5221/. 212,225 230,261 BNY WMen Te 255=65
Federal Nationd Mart,,Aneocmtoa 1,000,00a 400% N/A 03/01/10 512% 155,047 196,669 BNY Wcaem Tr 247,452
Fedcaal Homo Low Mortgage Corporation 2,260,000 450% N/A 05/61/10 529% 441,166 470,144 BNY Wi,ucm Tr 564,392
1,876.979
Time Doposn9
CD Account Registry Smvice(CDARS) 940,nn0 300% AAA 07/16/09 300% 940,000 940,000 Palm Desert Nor Dark 940,000
CD Accoual Ha,.ty Serice(CPARS) 906,500 230% AAA 05/11/10 233% 906.500 906,500 Palm Desert Nat Bank 906,500
1,646,500
❑S GoYt Agenry Secure;
Federal Home Loon Mortgage Coipov4tioa 1,000,000 338°e N/A 04/15/09 3(5% 0 0 ➢NYWe:tmn Tr 1pOn,938
0
Merbum Tmm Ice cstnents
flvear To ems)
Cerp9mcc Notes
Well:rargo&Company 500,000 398% AA- 10/29/10 420% 795,160 813,136 BNYWe.mrn Tr 767dty4
S➢C Communications,Inc 1,000,000 5 30% A 1 P15110 5 17% 1,004,150 1,036210 HNY Wea ra Tr 1,030,270
Goldmon Sachs Group,lne 1,000,00n 500% A 01/15/11 537% 996,120 1,027,510 BNY Weaem Tr 992,650
2,785,430
"easfep TREASURER'S MONTHLY REPORT
711 SM09 DETAI I,OF INVESTMENTS
RN E 30,2009
Coupon Yreld Adjusted
Par Value Rnte Butmg Mo., TO Mufwlty Cost Basis Cufegory TOral Mwket Vnlu)e prior Off.
Source NImket Valk
Mortgage Pnas-T1uue
Federal Home Loan Mortgage CmpomUon
s 1.370,000 500% N/A 09/01/10
95% 264,197
276856 BNY Wustmn Tr 325,054
Federal Naumnl Mangage Asocia[mn $00,000 4.00% N/A 1001/10 4950Fedrnl Honor Low Basile 145,585 15 , BNYWesunTY 1]5,446$•000 475% N/A 10/25/10 4 % 1 , 434,443 BNY Westem Tr 77 ,redeml Hole Loan Morlyuge Corpou Ibn 1,015,552 1.50% N/A 0201/ll 5 % 30,459 334,449 BNY Western Tr 294•022Fedefvl Home Loon Mnrtgn eCopom an 695,000 40U% N/A. 04/01/II $22 266,570
951
rcderal Here L,m Mortgage Corparm, 200,000 450% 77,709 NY
N/A 05/01/17 537% 2A7,900 BNY Western Tr 3036
32?72 Bwcs[cm 92,Tr 92,03G
1,4A3.905
❑S.Gov't Agency Secwines
Federal Home Loan Mortgage Corporation 1,000,000 405% N/A 12/30/10 405%Federal F.Crndrt Bank 1.000,000 498% N/A 06/2in1 0 0 BNY Wce[cm Tr ]007,350
Federal Home Lom Bank, 1,000,000 410% N/A 06/24/11 410% 0 0 BNY Wcsten Tr 1,007,500
Fcdemi Home Lem Book 4 10°4 1,000,000 1,033.125 BNY Western Tr 1,033.m
1,000,000 413% N/A 06/24/11 413% 1,000000 Federal Nouewi ry[artgagn A-:ocmuon 1,000.000 100% N/A 06/24/11 4001/ I,033;130 BNYWesmm rt 1,006563
Federal Home Loan Manguge Corpomimti 1,000,000 425% 0 0 BNYWeaem rr 1,006565
redcml Home Lnnn Bank N/A 06/30/11 425y^ 0 BNY Westem rr 1,00743
1,000,000 425 o N/A 06/30/11 4,�,g% Q . 9
Federul Fein Credit Bank 11000,000 410% N/A 07/07/11 0 BNY Weste,Tr 1,007,813
Federal Home Lmm Bank 2,000.000 550% N/A m/27/Il 550% L000,000 1,000,625 BNY We tern Tr I,00],Su
Federal Home Loin Bonk 2,000,000 a 125
1,000000 550% N/A 07/27/11 550% 1'000,000 1,003,750 BNYWesem Tr 201
Federal Fwm Credit Bank 1,000,000 a00% N/A 08/11/11 400% 1,000,000 1.003,750 BNYWestem Tr 1,014,063
Federal Home Lom Bank 1,000,000 33% N/A 11/20/11 12 % 1,017,615 BNYWesfcfn Tr 1.014,088 it
Federl limme Lawn Bank 1,000,000 402% N/A p $% 1,000,000 1,017,810 BNY Western Tf 1,006.6O
Federal Home Low Bmilr ✓29/11 4 00% 0 0 BNY Wcgcrll Tr 1,015,000
1,000,000 402% N/A 06/23/12 402% 1,000,000
Federal Homo Loan Mottguge Coryomhen I,p00,000 402% N/A OG/25/12 402q'a I,000,000 1,010,625 BNY Westem Tr 1,015,000
Federal Home Coin Bank 1,000,000 250°/ N/A M29/12 250% 1,000.000 1,030,120BNYWestcm Tr 1,021,220
1,003,75 0 BNY Wcsrt Tr 0 �
11,ppp,ppp
Luny Temrluvc:enw[
(3 ears, 5 cur,)
[]8 Gov'[Agency Sesunee•,
Y Federal Home[van Mndgage Cofpomnon 2,000,000 2 75 o N/A 12l24/12 �
Federal Home Lom[Bank 1,000.000 230% N/A 1aa 27B% 2,000,000 2,009,$20 BNY Western Tr 0
Fedcml Items Loan Mortgage Co `i`al' 230% 1,000,000 999,688 BNY Westem Tr 0
eporntion I,000,000 250% N/A 12/2S/12 230% I,000,000 1,007,120 BNY Western Tr 0
Fadeal limme l.n4v Mongogc Corpemfion 1,000,000 400% N/A O6/10/13 400% I
Futancmg Coromvumn(FICO) 500,pp0 980% N/A 04/06/I8 950% 0 0 BNY Wa.tern Tr I,005,625 _
____III 514 692,969 Nanen 13ml, 751,406
4.49a,594 -
TotN invested Gosh
S 108.407,411 5 109.183,664
S6 92,45S,5"
Cali 1
TREASURER'S MONTHLY REPORT
acasrcp MISCELLANEOUS AND TRUST ACCOUNTS
7/15/2009 TUNE 30, 2009
Yield Adjusted
Par Value Coupon Ratmg Matunty to Maturity Cost Basis Category Total
Total Invested Cash x 108,407,461 5 108,407,461
S 108,407,461
Miscellaneous Accounts
Petty Cash 3,900 N/A N/A open none 3,900
Revolving Fund-Bank of America 15,139 N/A N/A open none 15,139
Trust&Agency-Bank of Amcncu 1,208.579 N/A N/A open none 1,,208.579
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,652 0 01% N/A open 0 01% 33,652
Workers Compensation-Bank of America 4,860 N/A N/A open none 4,860
General Liability-Bank of Amenca 27,580 N/A N/A open none 27,590 1,293,710
De oshs FIeld In Trust
Time Deposits
(FDTC Tnsured)
Guaranty Bank(Coyote Springs Apt) 20,372 1 99% N/A 6/24/2010 2.00% 20,372 20,372
Total Cash De S 109,721,543
G7
TREASURER'S MONTHLY REPORT
tmisrm BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
17(15/P9 JUNE,30,2009
Cou1w Y,eId Ad1naIW (memo only) Pnor Qtr
Par vdue Rom Bating Mo4mly to Matunty cm Rae.. Caugory low Markel Value Smrae Madrut VAuu
1 WOVE 1161 Collvmuw,Cmta
AIM Governmmlf ARmq Ponf Pnmk 5,XX9.191 vanablu AAA opm n n4% 5.80192 5 XR9,19$ Bw Wcsrum Tr 5,RR9,961
S,NX9,l92
I pgJOL lurpnrt
AIM Gwcmmmt&Agent FoOrUrlvale 1639,195 v..ble AAA opm 00456 16394R5 1.630,495 BW Wlo-n Tr 1,405911
1 639,JR5
1991N18e11a R-Houcmg
AIMGmemnmt&Agmry P4flfPnvalc 432893 v Iu AAA npm 004% 472 R83 192393 BW W11..n Tr 472,767
472,863
19941W 5.s,A&➢
AN Covemnmm A AXmcP PoeSPnvare 3,94X,567 •anablc AAA ppm uu4A 3N6.567 3,946,567 Bw wpal9m Tr 3,947 58X
3,9Ii,56i
199R106 Arryon PFC
AN Gov.mmml&A6uncv NePrlvnl. 1,5sA:292 ramble AAA open n 14% 1.536,92 1556 292 BW Wink.Tr I.Ysjla
1,556,m
1991 Assessment 0rmlur 155 A&B
NM Cnecmmenl&Agency P.m Pdvgk 3R9 591 variable AAA open n M% 2X9,3'll 30,591 BW Wean IT 2R9 519
299 591
2001 As:casmenml[nd 157/158
NM Gov.mmmt&lu;enq 4ortl'P,Igk IXZmR vanablo AAA open 005% 197u1R MOTE BWWusrem Tr 106.992
18),uIX
2002 ParArng Sm,mrm
F,eh 3 3 BW warm,Tr 3
AIM Gwummnu&A,.,PonRnvwe 11.125 rre'able AAA opm 005% 11125 11,13X 8W Wmwm Tr 11,991
11,129
'_ON Ausrrmn[DkNa.Ifil
AN Govemmnl[&AR ,P.d P.. 412,7SX ranabk AAA open nos i, 411.759 413,75R BW Wcstvn Tr 472,656
41275X
2PW4 Aaadammt➢uma 162
AIM Gmammux&Agnmy PorlPPma10 161929 vNble AAA ripe. 004% 161726 161928 6NY W-,IP Tr 161,6m
161,728
2005 Assaan=p Mmtnn 164
AIM Gommnmt&Agmq Porn Pr,v nc 367,514 vamblu AAA opm 005% 36751a 36751,1 ➢W Warem Tr 369,423
367,514
2003 Merged Pr Via[rII&U2
AIM Go.emmrnt&Agency Port Pnvne 7.955262 vanob4 AAA open 005% 7955262 7,955,262 ➢HY Wm1-1 Tr 9309,096
]']55,262
2007 111Y 1.g L 1 Rm gl,Bonds
AIM Pwv.mmml&A6mq Pom'Pr,vru. 32 ramble AAA opuu 005% _32 32 BW Wa¢m Tr 1,341,550
33
2009 Auport PVC W,Odm¢
NM Ga mmml&A6eaq Porn Pnwa; NIX 141 vanoblo AAA opm n w% 64k 147 &IR'l I BWWamm Te 616,138
64X,141
Tomik ; n,d39,59I S 23.539.591 $ 24 XBI p33
ty
treasrep TREASURERS MONTHLY REPORT
07/15/09 CALCULATION OF INVESTMENT LIMITATIONS
JUNE 30, 2009
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days S8,000,000 N/A $88,639,532
1 year to 3 years 0.00% 50.00% 14.09%
3 years to 5 years 0.00% 30.00% 3.69%
over 5 years N/A N/A 0.46%
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% 1.70%
Corporate Notes N/A 20.00% 2.57%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thrus N/A 10.00% 3.10%
U.S. Government Agencies N/A 50.00% 14.30%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
00