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C44/FORN�P City Council Staff Report
DATE: October 18, 2017 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
August 31, 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 August 31, 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
$140,657,843 plus $11,341,040 bond issue capital projects, reserve, and debt
service funds. There is an additional $1,389,053 in various miscellaneous/trust
accounts. The market value of the invested cash is $142,046,895.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of August 31, 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.
rMM NO.�, ,,.,
City Council Staff Report
October 18, 2017— Page 2
Treasurer's Investment Report as of August 31, 2017
The weighted average maturity (WAM) of the portfolio is 500.04 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
_ z� Joe
Geoffrey iehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
August 31, 2017
On Call Deposits Adiusted Basis Category Total Percentage
Checking Account $ 18,458,181
CalTrust Short Term 28,913,219
LAW State Pool 32,043,998 $ 79,415,399 56.46%
Short Term Investments
1 year or less
U.S.Government Agencies 6,498,594 6,498,594 4.62%
Medium Term Investments
(1 year to 3 ears)
U.S.Government Agencies 15,997,850 15,997,850 11.37%
Long Term Investments
3 year to 5 years
U.S.Government Agencies 36,996,000 36,996,000 26.30%
Negotiable Certificates of Deposit
5 years or less)
FDIC-insured CD's 1,750,000 1,750,000 1.24%
$ 140 657,843 100.00%
treasrep
10/2/2017
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CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
August 31,2017
Portfolio Composition Portfolio Liquidity
Investment Type Market Value Aging Intervar Par Value
U.S.Government Agencies 59,492,444 Less than 1 Year 85,915,399
LAIF State Pool 32,043,998 1-2 Years 7,250,000
CalTrust Short Term 28,913,219 2.3 Years 9,250,000
Checking Account 16,458,181 3-4 Years 19,250,000
Certificates of Deposit 1,750,000 4-5 Years 19,000,000
TOTAL $ 140,657,843 TOTAL 140,665,399
'To maturity(does not include call date)
Certificates of Deposit
1.2%
CalTnnt --
Short Term -----
if.B%
!e I 2 3 A
sf ha' 1`Pas ,�`Pa3 •y`P°'? •y.`P°''a
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CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
August 31,2017
Portfolio Composition Portfolio Liquidity
Investment Type Market Value Aging Interval` Par Value
U.S.Government Agencies 59,492,444 Less than 1 Year 85,915,399
LAIF State Pool 32,043,998 1-2 Years 7,250,000
CalTrust Short Term 28,913,219 2-3 Years 9,250,000
Checking Account 18,458,181 3-4 Years 19,250,000
Certificates of Deposit 1,750,000 4-5 Years 19,000,000
TOTAL $ 140,657,843 TOTAL 140,665,399
Certificates of Deposit 'To maturity(does not include call date)
'
1.2% \
'v
Checking Account a
13.1
CalTrust U.S.Government
Short Term Agencies
19.8% 42.3%
LAIF Stale Pool ! G'ao l 1Fa ea'J 3 Qua? v Shea?
22.8% !i
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TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
August 31,2017
Par Value Coupon Moody's/S&P Purchase Maturity Days Yield Cost Basis Category (memo only) Prior Qtr.
Rate Ratio Date Date to Maturity to Maturtly Total Market Value Market Value
On Call Deposits
Checking-Bank of America 18,458,181 N/A NIA Demand I None 18,458,181 8 18,458,181 40,775,575
CalTrust ShortTerm 29,913,219 variable N/A Demand 1 1.23% 28913,219 8 28,999,290 28,812,947
Local Agency Invest Fund(LAIF) 32,043 998 variable N/A Demand 1 1 084% 32 043,998 S 32,010,053 31,936,508
79,415,399 79,415,399 79,366,525 101,525,030
Short Term Investments
(1 year or less)
U S.Gov't Agency Securities
Federal Home Loan Mortgage Corporation 2,000,000 1 00% Am/AA+ 09/20!12 09/20/17 20 1.00% 2000 000 2,000,540 2,001,380
Federal National Mortgage Association 2,000,000 1.10% Ana/AA+ 03/12,113 03/12/19 193 110% 2.000,000 1999,460 1,997,520
Financing Corporation(FICO) 300,000 9.80% Aaa/.AA+ 04/06,188 04/06/18 218 9.80% 498,594 525,820 532,134
Federal National Mortgage Association 2,000,000 103% Aaa/AA+ 05/21/13 05/21/18 263 1.03% 2,000,000 1,996,520 1,995,140
6,500,000 6,498,594 6,522,340 6,526174
Medium Term Investments
(1 year to 3 years
U.S.Gov't Agency Securities
Federal Farm Credit Bank 500,000 1.03% Aaa!AA 1 02/24,116 02/12/19 530 1.03% 499,850 497,975 497,210
Federal Home Loan Mortgage Corporation 1,000,000 1,10% Aa8!AA+ 10/25/16 05/15/19 622 1.10% 1,000,000 1,001,410 1,000,670
Federal Farm Credit Bank 1,000,000 1 30% An/AA+ 06106/16 06/06/19 644 130% 1000.000 997,190 991,720
Federal Farm Credit Bank 1,000,000 1.12% Aaa/AA+ 06/20/16 06/27/19 665 1,12% 1,000.000 993,900 988,710
Federal National Mortgage Association 1,000,000 1.10% An AA+ 06/20,116 06/28/19 666 1.10% 1,000,000 990,120 988,000
Federal Famr Credit Bank S00,000 109% Aaa/AA+ 08/04/16 08/15/19 714 1.08% 500,000 496,090 494,875
Federal Home Loan Bank 500,000 1 25% Ana/AA+ 08/09/16 08/22/19 721 1.25% 500,000 495,150 494075
Federal National Mortgage Association 1,000,000 1.10% Asia!AA1 08/03/16 08/23/19 722 L10% 1,000,000 992,300 990,260
Federal Home Loan Mortgage Corporation 500,000 1.30% Asia I AA+ 09/09/16 08/23/19 722 130% 500,000 497,960 497,310
Federal Farm Credit Bank 1,0110,000 1.12% Aaa/AA+ 10/19/16 10/11/19 771 112% 999250 991610 998,590
Federal Home Loan Mortgage Corporation 1,000,000 1.00% Aaai AA+ 10/20.116 11/15/19 806 1.00°/ 1,000,000 995,550 997680
Federal National Mortgage Association 1,000,000 117% Aaa/AA+ 10/25/16 11/15/19 8o6 1.17% 998,750 989,100 986,760
Federal National Mortgage Association 500,000 140% Aaa/AA+ 02/26/16 11/26/19 817 140% 500,000 497,310 496,295
Federal Home Loan Mortgage Corporation 1,000,000 1.20% Aaa/AA+ 11/01/16 11/29/19 820 120% 1000,000 990,510 988250
Federal National Mortgage Association 500,000 1.25% Aaai AA- W09/16 02/24/20 907 1.25% 500,000 495,715 493.460
Federal National Mortgage Association 1,000,000 1 0% Aaai AA+ 08/03/16 02/24/20 907 1.20% 1,000,000 991,070 996,520
Federal Home Loan Mortgage Corpora6nn 1000,000 100% An AA, I1it 6/16 06/16/20 1020 100% 1,000,000 999,070 997,890
Federal National Mortgage Association 2,000,000 1.25% Aaa/AA+ 09/04/16 08/29/20 1093 1.25% 2,000000 1,983,580 1967,6M1
16,000,000 15,997,850 15,895,610 15,841,875
Long Term Investments
(3 years to 5 years)
It S.Gov't Agency Securities
Federal Home Loan Bank 1000,000 1.00% Aaai AA- 10/20/16 11116,20 1,173 100% 1,000,000 995,640 991990
Federal National Mortgage Association 500,000 1.50% Aaa/AA- 02/24/16 1124,20 1,181 1.50% 500,000 498,765 496,130
Federal National Mortgage Association 1,000,000 1,13% Aaa/AA+ 09/03/16 11/24120 1,191 1.13% 1,000,000 997,050 981910
Federal National Mortgage Association 1,000,000 1.75% Aaa/AA+ 08/16/17 02/16i21 1,265 1,75% 1,000,000 1000,430 0
Federal Farm Credit Bank 500,000 1 59% An/AA+ 05/17/16 02/17/21 1,266 1 58% 500,000 498,700 495,515
Federal Home Loan Mortgage Corporation 500,000 1.25% Aaa/AA+ 02/26/16 02/26/21 1,275 1,25% 500,000 497,990 495,960
0eazrcp
10/2/2017
TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
August 31,2017
Par Value Coupon Moody's/S&P Purchase Maturity Days Yield Cost Basis Category (memo only) Prior Our
Rate Raba Date Date to Maturity to Maturely Taal Market Value Markel Value
[Long Term Investments(Continued)
(3 years to 5 years)
U.S.Gott Agency Securities(Continued)
Federal National Mortgage Association 500," 1.375% Aaa/AA+ 02/26/16 02/26/21 1,275 1,375% 500,000 499,865 499435
Federal National Mortgage Association 500,000 1.50% Aaa/AA, 03i30/16 03/30/21 1,307 1.50% 500,000 497,415 494,110
Federal Home Loan Bank 1,000,000 1 00% Aaa/AA+ 04/29/16 04/28/21 1,336 1 00% 998,500 997,200 993,600
Federal Home Ivan Mortgage Corporation 500,000 1,25% Aaa/AA+ 05/25/16 05/25CI 1,363 1.25% 500,000 496,900 494,625
Federal Home Loan Mortgage Corporation 1,000,000 1.50% Aaa/AA+ 05/15/16 05/25/21 1,363 1.50% 1,000,000 990,100 984,740
Federal Home Loan Bank 500,000 1.25% Aaa/AA+ 05/25/16 05/25/21 1,363 1.25% 500,000 497,105 494,860
Federal Home Loan Bank 500,000 1.125% Aaa/AA+ 05/27/l5 05i27/21 1,365 1,125% 499,000 498,465 496,125
Federal Home Loan Mortgage Corporation 1,000,000 1 25% Aaa/AA+ W09/16 06/09/21 1378 1.25% 1,000,000 998,470 994,770
Federal Home Loan Bank 1000,000 125% Ann/AA+ 06/16/16 06/16/21 1,385 1.25% 998,500 992,860 989,090
Federal National Mortgage Association 1,000,000 1.125% Am AA+ 07/27/I6 07/27/21 1426 1.125% 1,000,000 991,310 986,910
Federal Farts Credit Bank 1,000,000 190% Aaa/AA+ 09/02/17 08/02/21 1,432 1.90% I,000,000 1,000,350 0
Federal Home Loan Mortgage Corporation 1,000,000 1.25% Aaa/AA+ 07/19/I6 08/I601 1,446 1.25% 1,000,000 992,790 989,540
Federal Home Loan Mortgage Corporation 1,000,000 1.50% Aaa/AA+ 09/08/16 09/24/21 1,454 1.50% 1,000,000 998,370 995,520
Federal National Mortgage Association 1,000,000 100% Am/AA+ 08/03/l6 09/2421 1,454 1.00% 1,000,000 999,480 996,800
Federal Home Loan Mortgage Corporation 2.000,000 1.50% Aaa/AA+ 07/18/16 09/25/21 1,455 1.50% 2,000,000 1.987.780 1,976,900
Federal National Mortgage Association 1,000,000 1.40% Aaa/AA+ 08/03/16 08/25/21 1,455 1.40% 1,000,000 985,460 978,240
Federal Home loan Mortgage Corporation 1,000,000 150% Aaa/AA+ 09il2/16 09/30/21 1,491 1.50% 1,000,000 992,760 992,130
Federal Home Loan Bank 1,000.000 1.50% Aaa/AA, 09/12/16 10/12/21 1,503 1.50% 1,000.000 989,740 983,520
Federal Home Loan Mortgage Corporation 1,000,000 1 40/ Aaa/AA+ 09/29/16 10/27/21 1,518 1.40% 1,000,000 994,470 977,550
Federal Home Loan Mortgage Corporation 1,000,000 1.13% Aaa/A.A+ 10/12/16 1OV28121 1519 1.13% 1,000,000 990,540 989,340
Federal Home Loan Mortgage Corporation 1,000,000 1.05% Aaa I AA+ 10/12/16 10i28121 1,519 1.05% 1,000,000 984,800 979,100
Federal Home Loan Bank 1000,000 1.25% Aaa/AA+ 10i24.116 I1108/21 1,530 1.25% 1,000,000 991,820 986,450
Federal Home Loan Mortgage Corporation 1,000,000 1.55% .Aas/AA+ 10/11/16 1 V10/21 1,532 1.55% 1.000,000 989,930 982,450
Federal Home Loan Bank 1,000,000 1 25% Aaa/AA+ 10/13/16 1 I/10121 1,532 1 25% 1,000,000 994,390 989,780
Federal Home Loan Bank 1000,000 1 05% Aaa/AA+ 10/25/16 11/15/21 1,537 1.05% 1,000,000 997,000 994,900
Federal Home Loan Bank 1,000,000 125% Aaa/AA, IWIV16 II/17/21 1,539 125% 1,000,000 992,740 987,410
Federal Home Loan Bank 1,000,000 1 00% Aaa/AA+ 10/26/16 1[117/21 1,539 LOD% 1,000,000 998,500 995,550
Federal Home Loan Mortgage Corporation 1,000,000 1.30% Aaa/AA+ 10/24/l6 111,22/21 1,544 1.30/ 1,000,000 993,250 988,030
Federal Home Loan Bank 1000,000 1.30% Aaa/AA+ IW26/16 11/23/21 1,545 1.30% 1,000,000 993,850 988,720
Federal Home Loan Bank IXO,MO 155% Am/AA+ 11 iO2/16 11/26/21 1548 1.55% 1000,W0 998,000 992,320
Federal Home Loan Mortgage Corporation 1000,000 1.50% Aaa/AA+ 10/17/16 11,30/21 1,552 1.50% 000,000 9921610 986,670
Federal Home Loan Bank 1,000,000 1 70% Aaa/AA+ 11/17/16 12/08/21 1,560 1.70/ 1,000,000 1,000,020 996,280
Federal Home Loan Mortgage Corporation 1,000,000 1,85% Aaa/AA+ 11/15/16 12/14/21 1,566 1.85% 1,000,000 1,000,020 997,580
Federal National Mortgage Association 1,000,000 2.20% Aaa I AA+ 08/23/17 08/23/22 1,818 2.20% 1,000,000 1,000,260 0
37,000,000 16,996,000 39,786,195 33,632,440
Negotiable Certificates of Deposit
(5 years or less)
Goldman Sachs Bank CD 0 180% FDIC 7/25/12 07/25/17 - 1.80/ 0 0 200,114
Discover Bank CD 0 1,70% FDIC 7/26112 07/26/17 - 1.70/< 0 0 200,126
Ally Bank CD 250,000 1.70% FDIC 8i3i17 08/05119 704 170/ 250,000 250,073 0
Discover Bank CD 250,000 190% FDIC 813A7 08/03/20 1,068 1.90% 250,000 -50,398 0
Capital One Bank,NA CD 250,000 2.05% FDIC 8/2/17 08/02121 1,432 2 05% 250,000 251,585 0
Goldman Sachs Bank CD 250,000 2,30% FDIC 8/217 08/02/22 1,797 2.30/, 250,000 250,765 0
American Express Centurion CD 250,000 235% FDIC' 8/22117 08/27/22 1,817 2 35% 250,000 251,045 0
Capital One Bank USA,NA CD 250,000 2.35% FDIC 9/23,117 08/23/22 L818 2.35% 250.000 251,105 0
Sallie Mae CD 250,000 235% FDIC 8/16/17 08,12322 1,818 235% 250,000 251,105 (�
1,750,000 1,750,000 1,756,075 400240
n Total lnv,rited Cash $ 140,665,399 $140,657,843 $ 140,326,744 $ 157,925,759
troasrep
10/2/2017
TREASURER'S MONTHLY REPORT
MISCELLANEOUS AND TRUST ACCOUNTS
August 31, 2017
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 140,657,843 $ 140,657,843
$ 140,657,843
Miscellaneous Accounts
Petty Cash 3,950 N/A N/A open None 3,950
Trust&Agency-Bank of America 1,066,419 N/A N/A open None 1,066,419
Downpayment Assistance(I lousing Fund) 34,023 0.002 N/A open 0.20% 34,023
-Bank of America
Workers Compensation-Bank of America 51,392 N/A N/A open None 51,392
General Liability-Bank of America 29,900 N/A N/A open None 29,900
1930's General Store Museum-Bank of America 15,221 N/A N/A open None 15,221
On-Line Credit Card Fire Inspection Fees 181,304 N/A N/A open None 131,304
-Bank of America
On-Line Credit Card Transportation Permits 6,844 N/A N/A open None 6.844 1,389,053
-Bank of America
Total Cash Deposited $ 142,046,895
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TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
August 31, 2017
Par Coupon Yield Adjusted Category (memo only) Prior Qtr.
Value Rate Ratine Maturity to Maturity Cost Basis Total Market Value Source Market Value
1998 Airport PFC
Invesco Government&Agency Private 998,926 variable AAA open 0.01% 998,926 998,926 US Bank 981,996
998,926
2006 Airport PFC
Invesco Government&Agency Private 1,117,777 variable AAA open 001% 1,117,777 1,117,777 US Bank 2,439,718
1,117,777
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 778,259 variable AAA open 0.01% 778,259 778,259 US Bank 13
778,259
2007C Tax Allocation Bonds
First American Government Obligation 346,406 variable AAA open M11% 346,406 346,406 US Bank 6
346,406
2008 Airport PFC Refunding
Invesco Government&Agency Private 580,201 variable AAA open 0.01% 580,201 580,201 US Bank 592,067
580,201
2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government&Agency Private 3,208,001 variable AAA open 0.01% 3,208,001 3,208,001 US Bank 3,203,660
3,208,001
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TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
August 31, 2017
Par Coupon Yield Adjusted Category (memo only) Prior Qtr.
Value Rate Rating Maturity to Maturity Cost Basis Total Market Value Source Markel Value
2012/2014 Convention Center
First American Government Obligation 12,776 variable AAA open 0.01% 12,776 12,776 US Bank 12,764
12,776
2014 Merged Project &2/1ousing Refunding
First American Government Obligation 1,305,646 variable AAA open 0.01% 1,305,646 1,305 646 US Bank 492,939
1,305,646
2015 Reassesment District No.2015-1
First American Government Obligation 737,363 variable AAA open 0.01% 737,363 737,363 US Bank 274,641
737,363
2015 Local Measure A Sales Tax
First American Government Obligation 1,115,257 variable AAA open 0.01% 1,115,257 1,115,257 US Bank 1,114,250
1,115,257
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 Govemment Obligation 2,022 variable AAA open 0 01% 2,022 2,022 US Bank 8,686
2,022
Chevron/CoGen Lease Proceeds
Cash 715,377 N/A N/A demand None 715,377 715,377 Deutsche Bank 716,877
715,377
Funds With Century Golf 423,021 N/A N/A demand None 423,021 423,021 Century Golf 901,588
423,021
Totals 11,341,040 11,341,040 $ 10,739,213
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TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
August 31, 2017
By Maturity: Minimum Maximum August 31, 2017
1 day to 365 days N/A N/A 61.08%
l year to 3 years N/A 50.00% 11.73%
3 years to 5 years N/A 30.00% 27.19%
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% 4.73%
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 I Year N/A 50.00% 20.56%
Money Market Mutual Funds - More than 1 Year N/A 25.00% 0.00%
LAW N/A 100.00% 22.78%
U.S. Government Agencies N/A 60.00% 42.30%
U.S. Treasury Notes/Bonds N/A 100.00% 0.00%
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