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Home My WebLink About5/3/2017 - STAFF REPORTS - 1.C. Q ALM SA ,LOB 'Pi y O V N x < �fp 1 hOui¢a c4OFOR % City Council Staff Report DATE: May 3, 2017 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF March 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 March 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 $143,929,360 plus $11,150,353 bond issue capital projects, reserve and debt service funds. There is an additional $2,133,005 in various miscellaneous/trust accounts. The market value of the invested cash is $143,274,521. RECOMMENDATION: Receive and File Treasurer's Investment Report as of March 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. ITEM NO. 1- •C City Council Staff Report May 3, 2017— Page 2 Treasurer's Investment Report as of March 31, 2017 The weighted average maturity (WAM) of the portfolio is 533.79 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 _ Geo rey . Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report oz CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS March 31, 2017 On Call Deposits Adiusted Basis Category Total Percenta¢e Checking Account $ 22,876,913 CalTrust ShortTerm 28,752,073 State Pool 31,909,330 $ 83,538,316 58.04% Short Term Investments (1 year or less) U.S.Gov't Agencies 56,994,000 Time Deposits 398,600 57,392,600 39.88% Medium Term Investments (I year to 3 years) U.S. Gov't Agencies 2,998,444 2,998,444 2.08% Long Term Investments (3 year to 5 ears) 0 0 0.00% $ 143,929,360 100.00% trewre III P 4/25/2017 W Total Investment Allocation $143,929,360 City of Palm Springs As of 03/31/2017 0 Checking Account ■ 0.3% 15.9% 0 22.2% CalTrust ShortTerm 9,360 III U.S. Gov't Agencies y 20.0% State Pool ■ Time Deposits III 41.7% c ,a. TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS March 31,2017 Par Coupon Purchase Maturity First/Neat Optional Days Yield Adjusted Category (mc only) Prior Qtr. Value Rate gal na Date Date Call Dale to M� totem Cost Basis Total Market Value Source Markel Value Checking-Bank of America $ 22,876,913 N/A AAA demand N/A I None 22,876,913 $ 22,876,913 Bank of America 6,8&1,297 CalTmst ShortTerm 27,5000N variable N/A demand N/A 1 1.24% 28,752,073 28,744,829 Ca1'frust 31669,479 Local Agency Invest Fund(LAIF) 31,500,W0 variable N/A demand N/A 1 0.821% 31,9W,330 31,893,036 LAIF 31,827,022 81,876,913 83,538,316 83,538,316 83 5W,777 70,360,79E Short Tenn Investments (I year or Ica,) U.S.GDVt Agency Securities Federal National Mortgage Association 500,000 125% N/A 08/09/16 0124/20 03/01/17 1,060 1.25% SOOOW 493,030 Union Bank 492,630 Federal National Mortgage Association SN,ON I50% N/A 0224/16 1124/20 03fOVl7 1,334 1,500/0 5W,OW 496.360 Union Bank 496,430 Federal Faro Credit Bank 500,000 1.58% N/A 05/17/16 02/17/21 03/OV17 1,419 158% 500,OW 493,755 Union Bank 489,755 Federal Home Lawn Mortgage Cartoon.. LOW,000 125% N/A 06/09/16 06/09/2) 03IN117 1,531 1.25% 1,000,0W 992,080 Union Bank WO,31D Federal National Mortgage Association 500,000 100°/ WA 03110116 03/1021 03/10/17 1440 1.001/0 500,OW 499,325 Union Bank 499,921 Federal Home Loan Bank I",000 1.51FI N/A 09/12/16 10/1212l 03/1117 1,656 1.50°/ LON,ON 979,160 Union Bank 976,770 Federal Home Loan Mortgage Coronation 1,000,000 185% N/A 11/15/16 12114/21 03/14/17 1,719 1.85% 1000,0W 995,660 Union Bank 995,230 Federal Home loan Bank I,OOQ000 125% WA 06/16/16 06/1621 03/16/V 1,538 125% 998,51a) 984,470 Union Bank 982,12D Federal Home Loan Mortgage Cospmalion 2,WO,000 100% WA 09/20/12 09/20/17 03/20.r17 173 10091 2,W0,0W 2,001,340 Union Bank 2,WL040 Federal Ilame Loan Bank 5N,NO 125% N/A 08/09/16 0822/19 03/22/17 874 1.25% 500,OW 494,460 Union Bank 494,260 Federal National Mortgage Association 1,000,000 12oa/e WA 08/03116 02/2420 03/24/17 1,06o 120% 1,000,0N 985.630 Union Bank 984,630 Federal National Mortgage Association 5N,11N 1.375% N/A 03/30/16 03/30/21 03/30/17 1,460 1375% 500,0W 492,235 Union Bank 491,190 Federal Home Loan Bank 1,000,000 2N1. N/A 11/30116 12/30/21 03/30A7 1735 2001% I,ON,ON 998,WO Union Bank I,W0,050 Federal Home Loan Mortgage Corporation I,NO,ON ISO% N/A 09/12/16 09/30/21 03/30A7 I.M4 1500/ I,000,01Y) 989,420 Union Bank 989,440 Federal National Mortgage Association I,N0,000 1.125% N/A 07/27116 07/27/21 M/27/17 1.579 1.125% 1,000,0W 983,560 Union Bank 981,410 Federal Home Loan Mortgage Co oration I,NQON 14000 N/A 09/29/16 I102721 U/27A7 1,671 140'/o LOOQ,OW 973,600 Union Bank 971,700 Federal Home Loan Bank I,WO,ON 100% N/A N/29116 M/28121 04,28/17 1489 1.N% 998,5W 991480 Union Bank 988,680 Federal Home Loan Mortgage Corporation 100Q1100 1.13% N/A 10i12116 10/29/21 M/28/17 1.672 1.13% 1,000,0N 986,770 Union Bank 985,460 Federal Home Loan Mortgage Corporation I,No,NO 105% N/A lOn2116 10/29/21 M28/17 1672 105% LOOQOW 974,680 Union Bank 980,15D Federal Home Loan Bank I,NO,NO 125% N/A 10/24/16 11/08/21 05/08/17 1,683 1,25% 1,000,000 983960 Union Bank 980,120 Federal Home Loan Bank 1000,0110 1.25% N/A 10/13/16 11110121 05/10/17 1.685 125% 1,000,0W 98Q240 Union Bank 983,860 Federal Home Loan Mortgage Corporation 1,000,ON 155% N/A 10/11/16 11/10/21 05AM7 1685 1.55% LOOQ,ON 978,910 Union Bank 977,410 Federal Home Loan Mortgage Cmpomtlon IOOO,ll00 1.10% N/A 10/25/16 05/15/19 05/15/17 775 1.I D°e 1,000,oN 1,000,710 Union Bank I,W2,150 Federal Home loan Bank I,(810,N0 105% N.A 105/16 11/15/21 05/15/17 Low 1.05% 1,000,0W 9W.620 Union Bank 990,470 Federal Home Loan Menage Coporation I,N0,000 1.W% N/A 10/20/16 11/15/19 05/15/17 959 1In% 1,000,ON 991930 Union Bank 990,310 Federal Home Loan Mortgage Cooperation 1,000'N0 125% N/A 07/19/16 08/16/21 05/16/17 1,599 125% LOOO,OW 985,580 Union Bank 983,800 Federal Home loan Bank I,WO,ND IW% N/A 10/20/16 11/1620 05/16/17 1,326 1.00% 1,000,01W 989,010 Union Bank 985,600 Federal Home Loan Bank LNo,WO 1.25% N/A 10/18/16 11/17/21 05/17/17 1692 125% 1,000,0W 993,740 Union Bank 981,570 Federal Home Loan Mortgage Cooperation 1,000,N0 1500/, N/A 10117116 11/3021 05/18,117 1,705 1.5U/v 1,000,0W 983,490 Union Bank 982,220 Federal National Mortgage Association 2,WO,00 103% N/A 05/21/13 0521/I8 05/21/17 416 1.03% 2,000,OW 1,989,180 Union Bank 1986,140 Federal Home Loan Menage Coporation IOW,NO 1.300e N/A 10/24/16 11/22/21 05/2117 1,697 130°/ 1,000,ON 985,150 llnion Bank 983,80 Federal Farm Credit Bank 5N,ON 0625% WA 05/22/15 05/22/17 N/A 52 0625% 500,OW 499,910 Union Bank 499,925 Federal Home loan Bank 1000,N0 130% N.!A 10/26/16 11/23121 05/23/17 1,698 1.3000 1,000,0N 985,270 Union Bank 983,180 Federal Home Loan Mortgage Corporation 500,OW 1.30% N/A 08/09i16 08/23/19 05/23/17 875 130°/ 500,OW 497,135 llnion Bank 495,180 Federal National Mortgage Assoiiation 1,000,N0 113% N/A 08/03/16 112420 05/24/17 1134 1.13% LNQON 977,910 Union Bank 975,650 Federal National Menage Assneunion I,ON,ON 100% N/A 08/03/16 08/24/21 05/24/17 1607 1D0°e 1,000,0W 992,120 Union Bank 989,860 Federal Home Loan Mortgage Corp oration 1000,000 1.00% N/A 08/08/16 082421 05/24/17 1,607 1.00°/> 1,000,0W 992,710 Union Bank W0560 Federal Home Loan Mortgage Corporation LND,m 150% N/A 05Y5/16 05/25/21 05/25/17 1516 1500n 1000,0W 981570 Union Bank 979,960 maramp 4125/2017 C./ TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS March 31,2017 Par Coupon Purchase Maturity First/Next Optional Days Yield Adjusted Category (memo only) Prior Qn- Value Rate Rating Date Date Cell Date to Maturi to Maturty osC tBoc total Market Value Source Market Value Short Perm lnvestmerns(Continued) (1 year or less) U.S.Gov1 Agency Securities(Continued) Federal Home Loan Bank 5W,000 1.25% N/A 05/25/16 05/25/21 0525/17 1516 1.25% 5W,OW 493,205 Union Bank 492,210 Federal Home Loan Mortgage Corporation 500,000 1.25% N/A 05/25/16 05/25/21 05/25/17 1,516 1.25% 500,000 493,220 Union Bank 492,450 Feda,al Home Loan Bank 5W,Wo 1.125% NIA 05/27/15 05/27/21 05/25/17 1518 1125% 499,000 494,330 Uniou Bank 492,975 Federal Home Lawn Mortgage Corporation 2,M,WO 1.50"/e N/A 07/18/16 08/25/21 05/25/17 1,608 1sw/o 2,000,000 1970,980 Union Bank 1968560 '. Federal Home Loan Bank I,M,Wo 1.55% NIA 11/02/16 11/26/21 05/26/17 1,701 1.55% I,000,00C, 989,900 Union Bank 987,100 Federal National Mortgage Association 500,000 1.125% NIA 0126116 0226/21 05/26/17 1,428 1125% 500,OW 499,070 Union Bank 497,265 Federal Named hfongage Association MOO 10O1. NIA 0926A6 02/26/21 05126/17 1,428 10W% 500,000 498,960 Union Bank 498375 Federal National Mortgage Association 5W,W0 140°/ N/A 0926/16 11/26/19 05/26/17 970 140Yo 500,000 495,820 Union Bank 495,490 Federal Home loan Mortgage Coporation 5w,oi0 125% MA 02/26/l6 02/26121 05/26I17 1,428 125% 500,OW 494,345 Union Bank 496,565 Federal Farm Credit Bank 1,OW,Wo 130% NIA 06b696 06/06/19 06I06/17 797 130% 1,000,0110 992,600 Union Bank 995,760 Federal Home loan Mortgage Corporation 10W,OW IG(YPs NIA 11/1W16 06/16M 06/16/17 1,173 LW% 1000,0W 996,780 Union Bank 995,630 Federal farts Credit Bank I,OW,OW 1,12% WA 0620/16 0627/19 06/27/17 918 112% 1,000,im 989,320 Union Bank 997,760 Federal Home Loan Bank IOW," 163% NIA 11/29/16 122821 06/28/17 1,733 163% 1,000,OW 998,930 Union Bank 997,790 Federal National Mortgage Association 1,0W,OW 1.10% WA 062N16 0628/19 06/28/17 819 1,10% 1,000,000 988,520 Union Bank 988,090 Federal Fans Credit Bank 500,000 1,09% N/A 08/04/16 08/15/19 08/15/17 867 109% 500,000 496,125 Union Bank 493,795 Federal National Mortgage Associatian 1,00QOW 1.10% WA 08103/16 0823/19 08/23/17 875 110% 1000,oW 99Q020 Union Bank 987,050 Federal National Mortgage Association 1000,OW 140% N/A 08/03/16 082521 OB/25/17 1,608 140% 1000,0W 969,770 Union Bank 967,850 Federal National Mortgage Association 2,0W,000 1.25% N/A 08/04/16 082820 08/28/17 1,246 125% 2,000,OW 1949,020 Union Bank 1,945,OW Federal Farm Credit Bank I,OW,OW 1.12% N/A 10,119/16 10/11/19 10/11/17 924 112% 999,250 989,400 Union Bank 989,500 Federal National Mortgage Association I,DW,OW 1.17% N/A 1N25/16 I1/15/19 11/15/17 959 117% 999,750 985,580 Union Bank 984,360 Federal Home Loan Bank I,OW,OW 1Oo°/ N/A 10/26/16 I1/1721 11/17/17 1,692 100% 1,000,0W 992840 onion Bank 990,480 Federal Home Loan Mortgage Corporation I,OW,OW 120/. WA 11/01/16 11/29/19 11/29/17 973 120% I,OOQOW 986,920 Union Bank 98540 Federal Home Loan Bank I,OW,OW 170% WA 11/17/16 12/0821 12/08/17 1,713 1]Me 1000,0W 993,430 Union Bank 992,150 57,000,0W 56,994,00t) 56,328,285 55,264,390 Time Deposits Goldman Sachs Bank CD 200,000 I80°n N/A 7125/12 7/25/17 N/A 116 1.80% 198,6W 200,648 Union Bank 201,134 Discover Bank CD 2W,OW IJD°e N/A 726I12 7/26/17 N/A 117 170% 200,OW 200,696 Union Bank 201,196 400,OW 398,600 401,334 402330 Medium Term Investments (I year to 3 years) U.S.Gov't Agency Securities Federal National Mortgage Association 2,000,00t, 1.1(y/6 WA 03/12/13 03/12/18 03/12118 346 110% 2,000,OW 1,999,300 Union Bank 1,999,860 Financing Corporation(FICO) 5W,oW 9.801/ N/A 04I06/88 04/06/18 N/A 371 980% 498,594 543,110 Bank ofAnneri,. 552,986 Fed eral Farm Credit Bank MOW 1.03% N/A 02/24/16 02/12/19 N/A 683 103% 499,850 497715 Union Bank 496,915 3,000,000 2,998,444 3,040,125 3,049,761 Total Invested Cash $ 142.276.913 S 143,929,360 $ 143,274,521 S 129,077,279 Current Quarter Portfolio Yield 0.97% 1.00% Benchmark Yields: Mor Quarter 12 Month LAIF Average 0.6(P/o Pm fee Yield 2 Y.Constant Marano,Trwsury 094% -Interest Income for the Quane,Farm, 3/312017 $ 255,020 -Gross amount before deduction of investment related few treascp 4252017 TREASURER'S MONTHLY REPORT MISCELLANEOUS AND TRUST ACCOUNTS March 31, 2017 Yield Adjusted Par Value Coupon Rating Maturi to Maturity Cost Basis Category Total Total Invested Cash $ 143,929,360 $ 143,929,360 $ 143,929,360 Miscellaneous Accounts Petty Cash 3,950 N/A N/A open None 3,950 Trust&Agency-Bank of America 1,938,368 N/A N/A open None 1,938,368 Downpayment Assistance(Housing Fund) 33,995 0.20% N/A open 0.20% 33,995 -Bank of America Workers Compensation-Bank of America 40,223 N/A N/A open None 40,223 General Liability-Bank of America 28,646 N/A N/A open None 28,646 1930's General Store Museum-Bank of America 14,601 N/A N/A open None 14,601 On-Line Credit Card Fire Inspection Fees 67,852 N/A N/A open None 67,852 -Bank of America On-Line Credit Card Transportation Permits 5,369 N/A N/A open None 5,369 2,133,005 -Bank of America Total Cash Deposited $ 146,062,365 treasrep 4/25/2017 TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS March 31, 2017 Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Ratio e Maturi to Maturity Cost Basis Total Market Value Source Market Value 1998 Airport PFC Invesco Government&Agency Private 829,025 variable AAA open 0.01% 829,025 829,025 US Bank 2,392,574 829,025 2006 Airport PFC lnvesco Government&Agency Private 1,652,259 variable AAA open 0,01% 1,652,259 1,652,259 US Bank 1,589,707 1,652,259 2007 Refunding Lease Revenue Bonds First American Government Obligation 1,084,969 variable AAA open 0.01% 1,084,969 1,084,969 US Bank 0 3,084,969 2007A&B Tax Allocation Bonds First American Government Obligation 13 variable AAA open 0.01% 13 13 US Bank 30 13 2007C Tax Allocation Bonds First American Government Obligation 6 variable AAA open 0.01% 6 6 US Bank l9 6 2008 Airport PFC Refunding Invesco Government&Agency Private 591,170 variable AAA open 0.01% 591,170 591,170 US Bank 601,584 591,170 2012 Downtown Revitalization Lease Revenue Bond Reserve Invesco Government&Agency Private 3,197957 variable AAA open 0.01% 3,197,957 3,197,957 US Bank 3,194,674 3,197,957 neasrep 425/2017 G x TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE &RELATED FUNDS March 31, 2017 Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Ratine Maturity to Maturity Cos(Basis Total Market Value Source Market Value 492,528 2015 Reassesment District No.2015-1 First American Government Obligation 274,411 variable AAA open 0.01% 274,41[ 274,411 US Bank 274,337 274,411 2015 Local Measure A Sales Tax First American Government Obligation 1,113,147 variable AAA open 0.01% 1,113,147 t,113,147 US Bank 1,112,743 1,113,147 2015 Refunding Lease Revenue Bonds First American Government Obligation 0 variable AAA open 0.01% 0 0 US Bank 0 0 Chevron/CoGen Lease Proceeds Cash 716,877 N/A N/A demand None 716,877 716,977 Deutsche Bank 716,877 716,877 Funds With Century Golf 1,185,312 N/A N/A demand None 1,185,312 I,185,312 Century Golf 262,793 1,185,312 Totals 11,150,353 11,150,353 S 10,158,020 ueavrep 4/25/2017 2 TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS March 31, 2017 By Maturity: Minimum Maximum Current Mo. 1 day to 365 days N/A N/A 97.92% 1 year to 3 years N/A 50.00% 2.08% 3 years to 5 years N/A 30.00% 0.00% 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% 0.28% 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% 19.98% Money Market Mutual Funds - More than 1 Year N/A 25.00% 0.00% LAW N/A 100.00% 22.17% U.S. Government Agencies N/A 60.00% 41.68% U.S. Treasury Notes/Bonds N/A 100.00% 0.00% treasrep 4/25/2017 O