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Home My WebLink About9/26/2017 - STAFF REPORTS - 1.A. lip ALM Sb �l N + f } 1'co nf f C 4OATk 4``FORa` City Council Staff Report DATE: September 26, 2017 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF July 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 July 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 $145,787,713 plus $9,025,082 bond issue capital projects, reserve, and debt service funds. There is an additional $1,260,406 in various miscellaneous/trust accounts. The market value of the invested cash is $147,048,119. RECOMMENDATION: Receive and File Treasurer's Investment Report as of July 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. nW tom.,., :�__ City Council Staff Report September 26, 2017— Page 2 Treasurer's Investment Report as of July 31, 2017 The weighted average maturity (WAM) of the portfolio is 445.63 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 Geoff y S. Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report 02 CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS July 31, 2017 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 28396,384 CalTrust Short Term 28,854,887 LAW State Pool 31043,998 $ 89,295,269 61.25% Short Term Investments (1 year or less) IJ.S.Government Agencies 6,498,594 6,498,594 4.46% Medium Term Investments (l year to 3 ears) U.S. Government Agencies 15,997,850 15,997,850 10.97% Long Term Investments (3 year to 5 ears) U.S. Government Agencies 33,996,000 33,996.000 23.32% Negotiable Certificates of Deposit (5 years or less) FDIC-Insured CD's 0 0 0.00% $ 145,787,713 100.00% treasrep 9/12/2017 G3 CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT PORTFOLIO STATISTICS July 31, 2017 Portfolio Composition Portfolio Liquidity Investment Type Market Value Aging Interval' Par Value U.S.Government Agencies 56,492,444 Less than 1 Year 94,296,384 LAIF State Pool 32,043,998 1-2 Years 4,500,000 CalTrust Short Term 28,854,887 2-3 Years 9,500,000 Checking Account 28,396,384 3-4 Years 13,000,000 Certificates of Deposit 4-5 Years 23,000,000 TOTAL 145,787,713 TOTAL 144,296,354 Certificates of 'To maturity(does not include call date) Deposit 0.0% ICalTrust Term .8% 1 2 3 0 43r�P� `jyPd-s `3rPP�s 4rPd'� `S•`Pd�s 1` Pit TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS July 31, 2017 Par Coupon Moody's/S&P Purchase Maturity Days Yield Adjusted Category (memo only) Prior Qlr. Valuc Rate in Q8[g Date to Maturity to Maturity Cost Basis Total Market Value Market Value On Call Deposits Checking-Bank of America 29.396,394 MA MA Demand I None 29396,384 $ 28,396,394 40,775,575 CalTrust ShortTerm 27,500,000 variable NIA Demand 1 1.15% 28,854.887 S 28,839,958 2&812,947 Local Agency Invest Fund(LAIF) 31 500,000 variable MA Demand 1 1.051% 32,043,998 $ 32.010,053 31,936,508 87396,384 89,295 269 89,246,395 101,525,030 Sh I'Y' rInvestments ( year or less) U.S.Gov%Agency Securities Federal Home Loan Mortgage Corporation 2,000,000 1,00% An/AA+ 09/20/12 09/20/17 51 L00% 2,000,000 2,000,940 2.001,380 Federal National Mortgage Association 2,000,000 1.10"/ Am/AA+ 03/12/13 03/12/19 224 1 10% 2,000,000 1,997,920 1,997,520 Financing Corporation(FICO) 500,000 9.80% Am/AA+ 04/06/88 04/06/18 249 9.80% 498,594 532,134 Federal National Mortgage Association 2000,000 1,03% Am AA+ 05/21/l3 05/21/19 294 1.03% 2,000,000 1996,340 1.995,140 6,500,000 6,498,594 5,995,100 1995,140 Medirun Tenn Investments (1 year to 3 years) U.S.Govt Agency Securities Federal Farm Credit Bank 500,000 1,03% Aaa/AA+ 02/24/16 02/12/19 561 1.03% 499,850 497,655 497,210 Federal Home Loan Mortgage Corporation 1,000,000 1.10% Am AA+ 10/25/16 05/15/19 653 1.10% 1000,000 1000250 1000,670 Federal Farm Credit Bank 1,000,000 1.30% Aea!AA+ 06/06/16 06/0619 675 1.30% 1,000,000 992,790 991,720 Federal Farm Credit Bank 1000,000 1.12% Am/A.A+ 06/20/16 06/27/19 696 1.12% 1,000,000 989,900 988,710 Federal National Mortgage Association 1,000.000 1,100/6 Aaa/A.Ai 06/20/16 06/28/19 697 1.10% 1,000,000 989,220 988,000 Federal Farm Credit Bank 500,000 1.08% Am/AA+ 08/04/16 08/15l19 745 1.08% 500.000 495,470 494,875 Federal Home Loan Bank 500,000 1.25% Am/AA+ 08/09/16 08/22/19 752 1 25% 500,000 494,695 494,075 Federal Home Loan Mortgage Corporation 500,000 1.30% Am l A.A+ 08/09/16 08/23/19 753 1.30% 500,000 497,600 497,310 Federal National Mortgage Assuciation LOOQ000 1.10°16 Aas!A.A+ 08/03/I6 08/23119 753 1.10% LOW000 991,430 990,260 Federal Farm Credit Bank 1,000,000 1.12% Aea/AA+ 10/19/16 10111/19 802 1.12% 999,250 990,710 988,590 Federal National Mortgage Association 1,000,000 1,1r/ An AA 10/25/16 11/15/,19 837 1.17% 998,750 988,100 986,760 Federal Home Loan Mortgage Corporation 1,000,000 1.00% Aaa/A.A+ 10/20/16 11/15/19 837 1.00% 1,000mo 994,810 9193,680 Federal National Mortgage Association 500,000 I AO% Aaa!A.A+ 02/26/16 11/26119 848 1 40% 500,000 496,900 496,295 Federal Home Loan Mortgage Corporation 1,000,000 1.206/6 Aaa!AA+ 11/01/16 11/29/19 851 1.20% 1,000,000 999,550 988,250 Federal National Mortgage Association 1,000,000 1.20°i6 Aaa/AA+ 08/03/16 02,24/20 938 1.20% 1,000,000 988,390 986,520 Federal National Mortgage Association 500.000 1,25% Aaa!AA+ 08/09/16 02,24/20 938 1 25% 500,000 494,385 493,460 Federal Home Loan Mortgage Corporation 1,000.000 1.00% Aaa/AA 1 11/16/16 06/16/20 1,051 1.00% 1,000,000 998,460 997,990 Federal National Mortgage Assuciatiun 2,000000 1.25% Aaa/AA+ 09/04/16 08/28/20 1,124 1.25% 2,000,000 1,981,480 1,967,600 16,000,000 15 997,950 15,871,785 15,941,875 Long Term Investments (3 years to 5 years) U.S.Gov1 Agency Securities Federal Home Loan Bank 1,000,000 100% Aaa/AA+ 10/20/16 1 U16120 1,204 1.00% 1,000,000 993,570 991,980 Federal National Mortgage Association 500,000 150% Aaa/AA+ 02,24!16 11/24120 1,212 150% 500,000 497,175 496,130 treasrep 9/12/2017 TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS July 31,2017 Par Coupon Moody'si S&P Purchase Maturity Days Yield Adjusted Caleg9ry (memo only) Prior Qtr Value Bate Ratio Date Date to Maturity to Maturity Cost Basis Total Market Value Market Value Long Term Investments(Continued) (3 years to 5 years) U.S.Gov1 Agency Securities(Continued) Federal National Mortgage Association 1,000,000 1.13% Aaa/AA, 08/03/16 11/24/20 1,212 1.13% 1,000,000 984.110 981910 Federal Farm Credit Bank 500,W0 158% Aaa/AA+ 05/17/16 02/17/21 1,297 1.58% 500,000 495,215 495,515 Federal National Mortgage Association 500,000 1.00% Aaa I AA+ 0226116 02/26/21 1,306 L00% 500.000 499,670 499,435 Federal Home Loan Mortgage Corporation 500,000 1.25% .Aaa/AA 1 02/26/16 02/26121 1.306 1.25% 500,000 496.735 495,960 Federal National Mortgage Association 500,000 1375% Aaa/AA+ 03,30/16 03/30/21 1,339 1375% 500,000 495,370 494,110 Federal Home Loan Bank 1000,000 1.00% Ae81AA+ 04/29/16 04/28/21 1367 1.00% 998,500 994,960 993,600 Federal Home Loan Mortgage Corporation 1,000,000 1.50% Ass/AA+ 05/25/,16 05/25/21 1,394 1.50% 1,000,000 986,760 994..740 Federal Home Loan Bank 500,000 1.25% Aaa/AA+ 05/25/16 05/25/21 1,394 1.25% 500000 495,715 494,960 Federal Home Loan Mortgage Corporation 500,000 1.25% Aaa/AA+ 05/25/16 05/25f21 1,394 1.25% 500,000 495,505 494,625 Federal Home Loan Bank 500,000 1.125% Aaa/AA+ 05/27/I5 05/27!21 1,396 1,125% 499,000 497,020 496.125 Federal Home Loan Mortgage Corporation 1,000,000 1.25% .Aaa/AA 06/09/16 06109,121 1409 1.25% 1,000,000 996.120 994,770 Federal Home Loan Bank 1,000,000 1.25% Ass/AA+ 06/I6/16 06/16/21 1416 1.25% 998500 989910 988,090 Federal National Mortgage Association 1,00n,W0 1.125% Aaa/AA+ 07/27/16 0727121 1,457 1.125% 1,000,000 988,640 986,910 Federal Home Loan Mortgage Corporation 1,000,000 125% .Aaa/AA+ 07/19/16 08/16/21 1,477 1.25% 1,000000 990,190 998,540 Federal National Mortgage Association 1,000,000 1.00% Aaa/AA+ 08/03/16 08/24,121 1,485 1.00% 1,000,000 997,950 996,800 Federal Home Loan Mortgage Corporation 1,000000 1.00% Aan/AA+ 08/08/16 08,2421 1,485 100% 1,000,000 996,760 995,520 Federal National Mortgage Association 1,000.000 1.40% Aaa/AA+ 08/03/16 O&25!21 1,486 1.40% 1,000,000 980,380 978,240 Federal Home Loan Mortgage Corporation 2000,000 1.50% .Aaa/AA1 07/18/16 08/25,'21 1486 1.50% 2,000,000 1990,860 1976,900 Federal Home Loan Mortgage Corporation 1000,000 1.50% Aaa/AA+ 09/12/16 09/30!21 1,522 1.50% 1000,000 994,110 992,130 Federal Home Loan Bank 1,000,000 1 50% Aaa/AA+ 09/12/16 10/12/21 1,534 1.50% 1000,000 985,980 983,520 Federal Home Loan Mortgage Corporation 1,000,000 1.40% Aaa IAA+ 00/29/16 10/27'21 1,540 140% 1000,000 9g0,150 977,550 Federal home Loan Mortgage Corporation 1,000,000 1.13% AaaIAA+ 10/12/16 10/28121 1,550 1 13% 1000,000 987,300 989,340 Federal Home Loan Mortgage Corporation 1,000,000 1 05% Aan/AA+ 10112/16 10/2821 1,550 1 05% 1,000,000 981,290 979,100 Federal Home Loan Bank 1,000,000 1.25% Aaa I AA+ 10/24/16 l l/08,'21 1,561 1.25°h 1,000,000 988,490 996,450 Federal Home Loan Mortgage Corporati on 1000000 1.55% Aaa/AA 10/11/16 11/10!21 1,563 1.55% 1,000.000 984930 992450 Federal Home Loan Bank 1000,000 L25% Aaa/AA+ 10/13/16 11/10/21 1563 1.250/0 1000,000 991,550 989780 Federal Home Loan Bank 1,000,000 [09% Aaa/AA+ 10/25/16 11/15!21 1,568 1.05% 1,000,000 995,790 994,900 Federal Home Loan Bank 1000,000 1.25% Aaa/AA+ 10/I8/16 11/17/21 1570 1.25% 1,000,000 089,430 087,410 Federal home Loan Bank 1000,000 1.00% Aaa/AA+ 10/26/16 11/17/21 1570 1.00% 1,000,000 996,740 995,550 Federal Home Loan Mortgage Corporation 1000,000 1 3O% Aaa/AA+ 10/24/16 1 U22/21 1575 1 30% 1000,000 989,991) 988,030 Federal Home Loan Bank 1,000,000 1 30% Aaa/AA+ 10/26/16 11/23/21 1576 1.30% 1,000,000 990,620 988.720 Federal Home Loan Bank 1000,000 1.55% Aaa/.AA+ 11/02/16 11/26/21 1,579 1.55% 1,000,000 994,370 992,320 Federal Home Loan Mortgage Corporation 1,000,000 1.50% Aaa/AA+ 10/17/16 11/30/21 1583 1.50% 1000,000 988,940 986,670 Federal Home Loan Bank 1,000,000 170% Arm/AA+ 11/17/16 12/08/21 1,591 1.70% 1000.000 997,760 996,290 Federal Home Loan Mortgage Corporation 1,000,000 1.85% Aaa/AA+ 11/15,116 12/14/21 1597 1.85% 1,000000 999,000 997,580 34000,000 33,995,000 33,689,455 33,632,440 Negotiable Cefices of Deposit (5 years or lessrti) at Goldman Sachs Bank CD 200,000 180% FDIC 7/25/12 7/25/17 - I80% 0 200,114 Discover Bank CD 200,000 1,70% FDIC 7/26112 7/26/17 - 170% 0 200,126 400,000 0 0 400,240 Total Invested Cash S 144296,384 $145,787,713 S 144,802,735 S 153,394,725 Ircasrep 9/12/2017 TREASURER'S MONTHLY REPORT MISCELLANEOUS AND TRUST ACCOUNTS July 31, 2017 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 145,787,713 $ 145,787,713 $ 145,787,713 Misccllaneous Accounts Petty Cash 3,950 N/A N/A open None 3,950 Trust&Agency-Bank of America 1,016,446 N/A N/A open None 1,016,446 Downpayment Assistance(Housing Fund) 34,017 0.002 N/A open 0.20% 34,017 -Bank of America Workers Compensation-Bank of America -9,569 N/A N/A open None -9,569 General Liability-Bank of America 30.000 N/A N/A open None 30,000 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 163,366 N/A N/A open None 163,366 -Bank of America On-Line Credit Card Transportation Permits 6,975 N/A N/A open None 6,975 1,260,406 -Bank of America Total Cash Deposited $ 147,048,119 treasrep 9/12/2017 TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS July 31,2017 Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Rating Malunty to Maturity Cost Basis Total Market Value Source Market Value 1998 Airport PFC Invesco Government&Agency Private 958,738 variable AAA open 0.01% 958,738 958,738 US Bank 981,996 958,738 2006 Airport PFC Invesco Government&Agency Private 1,003,039 variable AAA open 0.01% 1,003,039 1,003,039 US Bank 2,439,718 1,003,039 2007 Refunding Lease Revenue Bonds First American Govemment Obligation 0 variable AAA open 0.01% 0 0 US Bank 0 0 2007A&B'fax Allocation Bonds First American Government Obligation 13 variable AAA open 0,01% 13 13 US Bank 13 13 2007C I ax Allocation Bonds First American Government Obligation 6 variable AAA open 0.01% 6 6 US Rank 6 6 2008 Airport PFC Refunding Invesco Government&Agency Private 579,775 variable AAA open 0.()1% 579,775 579,775 US Bank 592,067 579,775 2012 Downtown Revitalization Lease Revenue Bond Reserve Invesco Government&Agency Private 3,205,666 variable AAA open 0.01% 3,205,666 3,205,666 US Bank 3,203,660 3,205,666 treasrep 9/12/2017 00 TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS July 31, 2017 Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Rating Maturity to Maturity Cost Basis Total Market Value Source Market Value 2012/2014 Convention Center First American Government Obligation 12,770 variable AAA open 0.01% 12,770 12,770 US Bank 12,764 12,770 2014 Merged Project I&2/Housing Refunding First American Government Obligation 493,138 variable AAA open 0.01% 493,138 493,138 US Bank 492,939 493,138 2015 Reassesment District No.2015-1 First American Government Obligation 274,752 variable AAA open 0.01% 274,752 274,752 US Bank 274,641 274,752 2015 Local Measure A Sales Tax First American Government Obligation 1,114,701 variable AAA open 0.01% 1,114,701 1,114,701 US Bank 1,114,250 1,114,701 2015 Refunding Lease Revenue Bonds First American Government Obligation 8 variable AAA open 0,01% 8 8 US Rank 8 8 2017 Refunding Lease Revenue Bonds First American Government Obligation 8,703 variable AAA open 0.01% 8,703 8,703 US Bank 8,686 8,703 Chevror✓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 059,398 N/A N/A demand None 658,398 658,398 Century Golf 901,588 658,398 Totals 9,025,082 9,025,082 $ 10,739,213 treasrep 9/12/2017 TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS July 31, 2017 By Maturity: Minimum Maximum July 31, 2017 1 day to 365 days N/A N/A 65.71% 1 year to 3 years N/A 50.00% 10.97% 3 years to 5 years N/A 30.00% 23.32% 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% 0.00% 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% 19.79% Money Market Mutual Funds -More than 1 Year N/A 25.00% 0.00% LAW N/A 100.00% 21.98% U.S. Government Agencies N/A 60.00% 38.75% U.S. Treasury Notes/Bonds N/A 100.00% 0.00% treasrep 9/12/2017 O