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CqOFORN�p City Council Staff Report
DATE: November 15, 2017 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
September 30, 2017
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 September 30, 2017. 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
$144,432,863 plus $8,287,911 bond issue capital projects, reserve, and debt
service funds. There is an additional $1,785,173 in various miscellaneous/trust
accounts. The market value of the invested cash is $146,218,036.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of September 30, 2017.
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.
irEMN( �••�'
City Council Staff Report
November 15, 2017— Page 2
Treasurer's Investment Report as of September 30, 2017
The weighted average maturity (WAM) of the portfolio is 572.51 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 5 kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
September 30, 2017
On Call Deposits Adiusted Basis Cateeory Total Percentaee
Checking Account $ 14,954,937
CalTrust Short Term 28,941,484
LAIF State Pool 32,043,998 $ 75,940,419 52.58%
Short Term Investments
year or less
U.S.Government Agencies 4,498,594 4,498,594 3.11%
Medium Term Investments
(l year to 3 ears)
U.S.Government Agencies 18,997,850 18,997,850 13.15%
Long Term Investments
3 year to 5 ears
U.S.Government Agencies 41,996,000 41,996,000 29.08%
Negotiable Certificates of Deposit
5 years or less
FDIC-Insured CD's 3,000,000 3,000,000 2.08%
$ 144,432,863 100.00%
trcasrcp
11/3/2017
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
September 30,2017
Portfolio Composition Portfolio Liquidity
Investment Type Market Value Aging Intervar' Par Value
U.S.Government Agencies 65,492,444 Less than 1 Year 80,440,419
LAW Stale Pool 32.043,998 1-2 Years 7,250,000
CalTrust Short Term 28,941,484 2-3 Years 13,000,000
Checking Account 14,954,937 3-4Years 19,750,000
Certificates of Deposit 3,000,000 4-5 Years 24,000,000
TOTAL $ 144,432,863 TOTAL 144,440,419
'To matun y(does not include call date)
Certificates of Deposit
2.1%
Carriust
ShoR Term
19.6% F" _
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TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
September 30,2017
Par Value Coupon Moodys/U& Purchase Matunty/Called Days Yicld Cost Basis Category (memo only) Prior Qtr.
Rate Kann Date Date to Maturity to Minn.N Total Market Value Market Woo
On Call Deposits
Checking-Bank of America 14,954937 N/A N/A Remand I None 14,954,937 8 14954,937 40,775,575
Carrust ShonTerm 28,941,484 variable N/A Demand 1 1.23% 29,941,484 8 23320,555 28,812,947
Local Agency Invest Ford(LAIF) 32,043998 variable N/A Demand I 1.111% 32,043993 E 32.013,303 31936,509
75,940,419 75940,419 75,894794 101.525.030
Short Term Investments
(I year or less)
U.S.Govt Agency Securities
Federal Home Loan Mortgage C.ro,w.n 0 1.(V!4. Aaa1AA+ 09/20/12 09/20/17 - 1.00% 0 0 2,001,180
Federal National Mortgage Association 2,000WO 1-10% Aaa I AA+ 03/12/13 03/12/18 163 1.10% 2,)00000 1,999,980 1997,520
Financing Corpmatnm(FICD) 500,000 980% Aaa/AA+ (4/D6/88 04/06/I8 188 9.80% 498,594 522,041 532,134
Federal National Mortgage Association 2,000,000 1,03% Aaa/AA+ 0521/13 05/21/18 233 1.03% 2X0,00o 1,996,060 1,995,140
4,500,000 4,498,594 4,517,081 6,526,174
Medium Term Investments
(1 year to 3 years)
U.S-Cmvt Agency Securities
Federal Farm Credit Bank 5n0,000 1.03% Aaa/AA+ 02/24/16 02JI2119 500 103% 499850 497,145 497,210
Federal Home Loan Mnngage Corporation I,000WO 110°/a Aaa/AA+ 1025116 05/15/,19 592 1.10% 1,0W,000 1,000,660 10W,670
Federal Farm Credit Bank 1,000,000 130% Aaa/AA+ 06/D6/16 06,06119 614 1.30% 1000,000 995,040 991,720
Federal Farm Credit Bank 1,000,000 112% Aaa/AA+ 06/20/16 06/27/19 635 1.12% 100000 991780 988,710
Federal National Mortgage Association 1000.000 1-10% Ara/AA+ 06/20/16 W28/19 030 1.10% 1000.000 991.710 988 000
Federal Farm Credit Bank 500,000 1.08% Aaa/AA, 08/D4/16 09/15/19 684 1.08% 500.000 495,365 494,875
Federal Home Loan Bank 500,000 1.25% Aaa/AA, 03/09/16 08i22/19 691 1.25% 500.000 494.055 494.075
Federal National Mortgage Association 1,000.000 1.10°o Aaa/AA, 09/03/16 08/23/19 692 1,10% 1,000.000 991,980 990,260
Federal Home Loan Mortgage Corporation 500.000 1.30°% .Aaa/AA, 08109.116 08/23/19 692 1.30% 500,000 496,740 497,310
Federal Farm Credit Bank 1000000 1,12% Aaa/AA+ 10/19/16 l0/11119 741 1.12% 999,250 989,620 988,590
Federal Home Loan Mortgage Corporation 1000.000 100•% Aaa/AA+ 10120116 II/15/19 776 100% 1000,000 993,820 993,680
Federal National Mortgage Association 1000000 1.17/6 Aaa/AA+ I0/2inti 11/15/,19 776 1-17% 996,750 986,610 996,760
Federal National Mortgage Association 500,000 140% Ana/AA+ 0226n6 11/26/19 797 1.40% 500,OW 495930 496,295
Federal Home Loan Mortgage Corporation 1,000,000 1.20% Aaa/AA+ I1101116 11/29/19 790 120% I,WOOW 987,900 998,250
Federal National Mortgage Association 500.000 1,25% .Aaa/AA+ 08/09.116 02/24,'20 877 125% 500,000 495,405 493,460
Federal National Mortgage Association 1,000,000 120% Aaa/AA+ 08/07116 02/24,20 877 120% I000,900 999,480 986,520
Federal Home Loan Mortgage Corporation 1,000,000 100°/ Aaa/AA, 11/16116 06/16/20 990 1,00% I,000,000 998,970 997,890
Federal National Mortgage.Association 2,000,000 1,25% Aaa/AA+ 08/04/16 09/2920 1,063 1.25% 2,000,000 1971,360 1967,600
Federal Home Loan Mortgage Corporation 3,000.000 1.70% Aea/AA+ 09118117 09/28/20 1,094 1.70% 3.000,000 2992,620 0
19,000,000 18,997,856 18 856,090 15,841 875
I-gTenn Investments
(3 years m 5 yeem)
US Gov't Agency Securities
Federal Home Loan Bank 1,000,000 1 00% Aaa/AA+ 10,'20/I6 11/16/20 1.143 1.00% 1,000,000 993.080 991,980
Federal National Mortgage Association 500.000 1.5o^/, Aaa/AAI 02/24/16 11/24.20 1,151 1.50% 500,000 496,075 496.130
Federal National Mortgage Association 1000,000 1.13% Aaa/AA+ 08/03/16 1124,120 1,151 1,13% 1,000,000 993,350 991910
Federal National Mortgage Association 1,000,000 1.75% Aaa/AA+ 08/16/17 01/16/21 1,235 175% 1,000,000 996,430 0
Federal Farm Credit Bank 500,0010 1.58% Aaa/AA+ 05.117116 02/17121 1,236 1.59% 500,000 495,695 495,515
Federal Home Loan Mortgage Corporation 500,000 1.25% A.1 AA+ 02/26116 02/26,21 1,245 1.25% 500,000 496,465 495,960
Federal National Mortgnge Aesoeiation 500,000 1375% Aaa 1 AA+ 02/26/16 022621 1,245 1.375% 500000 499,490 499135
Federal National Mortgage.Association 500,000 1.50% Aaa/AA+ 03/30/16 03/3021 1277 1.5Wn 500.000 494250 494,110
roan,
Cn 11/3/2017
TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
September 30,2017
PA,Value Coupon Moody's/S&P Purchase Malurdv/Called Days Yield Cost R - Categon' inner.only) Pnor Qlr.
Eau Rat- Date Date to Maturity to Matunly Total Market Value Markel Value
Long Term I., mall,(Continued)
(3}cars to years)
U.S.GoVL Agency Securities(Continued)
Federal Home Loan Bank 1,W0,(oo LW% Aaa/AA4 04/29/16 04/28/21 1,306 LOn% 998,50 994.230 993,600
Federal Home Loan Mortgage Corporation 500,W0 1.25% Aaa/AA, 05/25/16 05/25/21 1.313 1,25% 500,000 494,900 494,625
Federal Hon.Lean Mortgage Corporation 1'"'No I SO% Asa/AA+ 65125/16 05/25/21 1,333 1,50% 1,000.000 995,180 994,740
Federal Home Loan Bank 5DO,W0 1.25% Asa/AA, 05/2S/16 05/25/21 1333 1.25% 5(8),WO 49y095 494,R60
Federal Home Loan Bank 50U.W0 1.125% Am I AA+ 05/27/15 05,27121 1,335 1.125% 499,000 496,490 496,125
Federal Home Loan Mortgage Corporation 1,000,W0 1.25% Asa AA, 06/09/16 06/09/21 1,348 1.25% 1000,000 995.730 994.770
Federal Home Loan Bank 1,000,000 1.25% Asia/AA+ IW16/16 0611(J21 1,355 1,25% 998,500 989,840 998,090
Federal National Mortgage Association 1,OW0W 1.125% Aw/AA+ 07/27/16 07/27/21 1,396 1,125% 1,000,000 989,190 096,910
Federal Farm Credit Bank 1,Wt1,ogo LW% A. AA+ OR/02/17 08/02/21 1,462 1,90% 1000,000 901,810 0
Federal Home Loan Mortgage Corporation 1,000,W0 1.25% Aaa/AA+ 07/19/16 08/1621 1,416 125% I,WOWO 989,420 99R,540
Federal Home Loan Mortgage Corporation 1,000,000 1.50% Aw/AA+ OW08/16 09/24/21 1424 1,50% I,000000 996,68(1 995,520
Federal National Mortgage Association 1,000,000 LW% Ass/AA+ 08/03/16 08/24/21 1,424 100% I,000,000 997,690 996,800
Federal Home loan Mortgage Corporolion 2,000,000 150% Asa/AA+ 07/1R/16 08/2V21 1,425 150% 2,000,000 1,976,560 1,976,800
Federal National Mortgage Association 1omofF1 IM% A.IAA+ 09/03/16 092521 1425 1.40% IMo.000 982,720 078.240
Federal Hon.Low Mortgage Corporation 1,0000W 150% Aaa/AA+ 09/12/16 (1 1,461 1.5D% 1,000,000 999,410 992,130
Federal Home Low Bank 1,000,000 1,50% Aaa/AA, 09/12/16 10/12/21 1A73 I50% I,W0,000 983560 993,520
Federal Home Low Mortgage Corporation 1,000,000 1,40% Aaa/AA+ 09/29/16 10,27121 1,489 140% 1,W0,000 978,010 977,550
Federal Home Low Mortgage Corporation 1,000,fA00 1.13% Asa/AA+ 10/12/16 I0/28/2) 1.489 1.13% 1,000,000 996.730 999,340
Federal Hon.Law Mortgage Crop oratinn 1011(LW0 1.Is% Aaa/AA+ 10/12/16 10,129121 1489 105% 1,6110,1]00 979,260 979.I00
Federal Horne Low Bwk IOOQWO 125% Aaa/AA+ 10/24/I6 11/09/21 15W 1.25% 1 000000 987(Ll0 9M 450
Federal Home Low Mortgage Corporation 7 OW." 1,55% Am/AA+ 10/11/16 11/10/21 1,502 155% I WO W8 992,440 992,450
Federal Home Low Bank 1000.000 1.25% An AA, 10/13/I6 11/10/21 1.502 1.25% I000.000 990550 9K9.780
Federal Home Law Bank 1.W0.W0 1.05% Aaa/AA+ 10/25/l6 11/1921 1507 1.05% 1.000,000 99600 994,900
Federal Hon.Low Bank 10(I(," 125% Aaa/AA+ INI06 A117/21 150 1,25% 1M0.000 987_810 997,410
Federal Home Low Bank 1000_000 LW% Aaa/AA+ 10/26/16 11/17/21 15W 1.00% IA90 W0 9965CA 995550
Federal Ilome Low Mortgage Corporation 1.000.000 1.30% Asa/AA+ 10/24116 11/22121 1514 1 30% 1 000,000 989 220 9914,030
Federal Home Law Bank I"." 1.30% Aaa/AA+ I0/26n6 1123/21 1.515 1.30% 19W.W0 98K770 988720
Federal Home Lams Bonk 1,(W.000 1.55% Aaa/AA+ 11/02I16 1126/21 1.51K 155% 1000,000 991.770 992,320
Federal Home l,ow Mongrge Corporation IOW,IFH) 1.50% Aaa/AA+ 10/17n6 11/30,21 1.522 1.50% 1.000.000 986,540 986.670
Federal Hon.Low Book lANB),IR81 170% Aaa/AA+ 11/17/16 121OK121 1530 170% 1t1000)0 995670 g96,280
Federal Home Low Mortgage Corporation 0 195% Aaa/AA+ 11,15/16 09/14/17 - 1.85% 11 0 992580
Federal National Mortgage Association 101X,(KKI 2.20% Aaa/AA, 023/17 082322 1798 2.20% 1000.000 993030 0
Federal Form Credit Bank 30)0,000 2.00% .4ae/AA, 09/12117 09/12/22 IRUK 2.00% 3,IN10,0oU 2,981980 0
Federal Home Low Mortgage Corporation 3,000,1)(10 2.00% Aw AA+ 04/28/17 09/28/22 I R24 2.00% 3.01)0,000 2,981,670 U
4200(),000 41,906,1)00 41593,390 33,632,440
Negotiable Certificates of Deposit
(5 yews or less)
Gold.Sachs Bank CD 0 IBO% FDIC 7/25/12 0725/17 - 180% 0 11 20,114
Discover Bank CD 0 1.70% FDIC 7,126f12 07/26/17 - 130% 0 (1 200,126
All,Bank CD 250,000 1,70% FDIC 8/3/17 08,05/19 674 I70% 250,000 250.130 0
Discover Bonk CO 254000 LW% FDIC 8/3/17 08/0Y20 1038 190% 250,000 250,173 0
BMW Bank NA CD 250." 1.90% FDIC 9/8/17 09/0820 1074 190% 250,000 V11,033 A
TIAAFSBCID 250,000 1.90% FDIC 9118/17 (1911400 1090 190% 250,WO 25n,010 0
Key Bank NA CD 250,W0 1.85% FDIC 9127/17 U9125120 1091 1 85% 250.O110 249,603 0
Capital One Bank.NA CD 250,000 2.05% FDIC 8/2/17 08/0221 1.402 205% 250,000 250.773 0
American Express FSB CD 250,000 2.20% FDIC 9112117 09/13/21 1444 2,20% 250,(X)0 249.815 0
Third Federal Sacir,s&La.CD 2W000 2.00% FDIC 9115/77 M/15/21 1446 200% 2in.000 250,243 0
Goldman Sachs Bank CD 250000 230% FDIC 8/2117 (18/)2/22 1767 230% 25gWD 250718 0
American E,,press Centurion CD 250.000 2.35% FDIC $112117 08/22/22 1,787 2.35% 250000 250 808 1)
Capital One Bank USA,NA CD 250,W0 2.35% FDIC 812Y17 082322 1788 2,35% 25RWO 251098 0
Sallie Moe CD 2in,000 235% FDIC 8116/17 08/23/22 1,788 2,35% 250,000 251,098 0
3,000,0100 3,001 3,1 ,498 400.240
Total Invested Cash S 144.4J0,419 5144.432B53 S 143.80 852 $ 157.925.759
mnicp
11/3/2017
TREASURER'S MONTHLY REPORT
MISCELLANEOUS AND TRUST ACCOUNTS
September 30, 2017
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
total Invested Cash $ 144,440,419 $ 144,432,863
$ 144,432,863
Miscellaneous Accounts—�
Petty Cash 3,950 N/A N/A open None 3,950
Trust&Agency-Bank of America 1,395,239 N/A N/A open None 1,395,239
Downpayment Assistance(Housing Fund) 34,029 0.002 N/A open 0.20% 34,029
-Bank of America
Workers Compensation-Bank of America 103,125 N/A N/A open None 103,125
General Liability-Bank of America 26,633 N/A N/A open None 26,633
1930's General Store Museum-Bank of America 14,977 N/A N/A open None 14,977
On-Line Credit Card Fire Inspection Fees 200,508 N/A N/A open None 200,508
-Bank of America
On-Line Credit Card Transportation Permits 6,713 N/A N/A open None 6.713 1,785,173
-Bank of America
Total Cash Deposited $ 146,218,036
treasrep
11/3/2017
TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
September 30, 2017
Par Coupon Yield Adjusted Category (memo only) Prior Qtr.
Value Rate Rating Maturity to Maturity Cost Basis Total Market Value Source Market Value
1998 Airport PFC
Invesco Government&Agency Private 1,039,159 variable AAA open 0.01% 1,039,159 1,039,159 US Bank 981,996
1,039,159
2006 Airport PFC
lnvesco Government&Agency Private 1,232,556 variable AAA open 0.01% 1,232,556 1,232,556 US Bank 2,439,718
1,232,556
2007 Refunding Lease Revenue Bonds
First American Government Obligation 0 variable AAA open 0.01% 0 0 US Bank 0
0
2007A&B Tax Allocation Bonds
First American Government Obligation 26 variable AAA open 0.01% 26 26 US Bank 13
26
2007C Tax Allocation Bonds
First American Govemment Obligation 46 variable AAA open 0,01% 46 46 US Bank 6
46
2008 Airport PFC Refunding
Invesco Government&Agency Private 580,201 variable AAA open 0.01% 580,201 590,201 US Bank 592,067
580,201
2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government&Agency Private 3,210.390 variable AAA open 0.01% 3,210,390 3,210 390 US Bank 3,203 660
3,210,390
treasrep
11/3/2017
00
TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
September 30, 2017
Par Coupon Yield Adjusted Category (memo only) Prior Qtr.
Value Rate Ratine Maturttv to Maturity Cost Basis Total Market Value Source Market Value
2012/2014 Convention Center
First American Government Obligation 12,783 variable AAA open 0.01% 12,783 12,783 US Bank 12,764
12,783
2014 Merged Project I&2/Flousing Refunding
First American Government Obligation 609 variable AAA open 0.01% 609 609 US Bank 492,939
609
2015 Reassesment District No 2015-1
First American Government Obligation 273,188 variable AAA open 0.01% 273,188 273,188 US Bank 274,641
273,188
2015 Local Measure A Sales Tax
First American Government Obligation 1,115,832 variable AAA open 0,01% 1,115,832 1,115,832 US Bank 1,114,250
1,115 932
2015 Refunding Lease Revenue Bonds
First American Government Obligation 8 variable AAA open 0.01% 8 8 US Bank 8
8
2017 Refunding Lease Revenue Bonds
First American Government Obligation 2,024 variable AAA open 0.01% 2,024 2,024 US Bank 8,686
2,024
Chevron/CoGen Lease Proceeds
Cash 715,377 WA N/A demand None 715,377 715,377 Deutsche Bank 716,977
715,377
Funds With Century Golf 105,712 N/A N/A demand None 105,712 105,712 Century Golf 901,588
105,712
Totals 8,287,911 9,287 911 S 10,739,213
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I1/3/2017
1-3
CD
TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
September 30, 2017
By Maturity: Minimum Maximum September 30, 2017
1 day to 365 days N/A N/A 55.69%
1 year to 3 years N/A 50.00% 13.50%
3 years to 5 years N/A 30.00% 30.29%
By Type of Investment:
Bankers Acceptance- in total N/A 20.00% 0.00%
Bankers Acceptance-by issuer N/A 5.00% 0.00%
Commercial Paper N/A 15.00% 0.00%
Time Deposits N/A 10.00% 0.00%
Negotiable Certificates of Deposit - in total N/A 30.00% 7.14%
Negotiable Certificates of Deposit -by issuer N/A 5.00% 0.00%
Corporate Notes - in total N/A 20.00% 0.00%
Corporate Notes - by issuer N/A 5.00% 0.00%
CA State or City Bonds/Local Agency Bonds - in total N/A 15.00% 0.00%
CA State or City Bonds/Local Agency Bonds - by issuer N/A 5.00% 0.00%
Money Market Funds N/A 10.00% 0.00%
Money Market Mutual Funds- Less than 1 Year N/A 50.00% 20.04%
Money Market Mutual Funds- More than I Year N/A 25.00% 0.00%
LAIF N/A 100.00% 22.19%
U.S. Government Agencies N/A 60.00% 45.34%
U.S. Treasury Notes/Bonds N/A 100.00% 0.00%
treasrep
11/3/2017
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