HomeMy WebLinkAbout2/15/2017 - STAFF REPORTS - 1.D. A,OQ p A LM S..
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Cq<IFORN"P City Council Staff Report
DATE: February 15, 2017 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
December 31, 2016
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 December 31, 2016. 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
$130,786,657 plus $10,158,020 bond issue capital projects, reserve and debt
service funds. There is an additional $2,314.910 in various miscellaneous/trust
accounts. The market value of the invested cash is $130,065,739.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of December 31, 2016.
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••D
City Council Staff Report
February 15, 2017— Page 2
Treasurer's Investment Report as of December 31, 2016
The weighted average maturity (WAM) of the portfolio is 628.89 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 Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
December 31, 2016
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 6,864,297
CalTrust ShortTemr 31,685,946
State Pool 31,845,370 $ 70,395,613 53.82%
Short Term Investments
(7 year or less)
U.S. Govt Agencies 56,994,000
Time Deposits 398,600 57,392,600 43.88%
Medium Term Investments
(1 year to 3 years)
U.S. Govt Agencies 2,998,444
2,998,444 2.29%
Long Term Investments
(3 year to 5 ears)
0 0 0.00%
$ 130,786,657 100.00%
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Total Investment Allocation
$130,786,657 City of Palm Springs As of 12/31/2016
■ 0.3% 7S 5.2%
Checking Account
24.3%
CalTrust ShortTerm
Z 24.2%
III U.S. Gov't Agencies
I
N State Pool
■ Time Deposits
III 45.9%
0
TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
December 31,2016
P. Coupon Purchaze Maturity Foes i,.Optional Dayr Yield Adjusted Category (memo only) Prior Qtr.
Value Rale Rene Dale Date Call Dan tom tom Cost B.. Total Market Value Souree Market Viden
Checking-Bank ofame.. 5 6,864,297 N/A AAA demand N/A I None 6,864,299 S 6.864,297 Bank of Arterica 6,637497
CelTruat ShortTe,m 30,500,000 vanabbe N/A den a d NIA 1 0.92% 31,695946 31.669,479 Ca[Tmsl 42,625,546
Local Agene,Invest Ford(LMF) 31500,000 variable N/A knell N/A I 021,% 31845,320 31,827,022 IAIF 42,301,284
68,864,297 p,395,613 70,360,798 92,061,327
Short Term Investment,
(I Fear or ks5)
U.S.GoVt.Agenry S,ourilies
Federal Home loan Bank 0 148% N/A 03N2116 03/0220 10/02/16 - 1.48% 0 0 Bank ofNe.York 5W,015
Federal Far in Credit Bank 0 1.65% NIA 05/04/16 11/04/20 10/04116 - 165% 0 0 Bank of New York 5W,010
Federal home Wen Mortgage Cmpondion 0 1.50°n N/A 0421116 04/22/21 1N21/16 - 1.50% 0 0 Union Bar, 500045
Federal National Mortgage Assoc.in. 0 1.03% N/A 01 W113 01/30,18 10/30/16 - 103% 0 0 Union Bank 3,998,320
Federal Par.Credit Bank 500,000 158% NIA 05/17/16 02/19/21 12/01/16 1,509 1,58% 500,000 439,755 Union Berk 499,8E
Federal Home lean Mortgage Corporation I,OW,000 1,25% N/A 06/09,16 06/09/21 1U09/16 1621 125% L000,000 990,310 Union Bank 1'000,080
Federal Hone Lean Bark 1000,000 125% N/A 06/I6/16 06/16/21 12/I6/16 1,628 125% 998,500 982,120 Union Bank ['000,030
Federal Home Loan Mortgage Cmpp,ation 3,OW,000 100% N/A 09R0/12 09/20/17 12/20,16 263 100% 2.00Q000 2,001,040 Union Bank 2,00L920
Federal National Mortgage Awoaatlon 500,000 1375% N/A 03/30/16 03/3021 12/30/16 1,550 13730% 500,000 491,190 Union Bank 499,830
Federal HOme]oaa Bank 1,000,000 150% NIA 09/12/16 10/12/21 01/12/17 1,746 1.50% 1.000,000 976,770 Union Bank 0
Federal National Mortgage Monaetion 1,omw 1.125% NIA 07/27/16 0712721 0127/17 1,669 1125% 1000,000 981,410 Union Bank 99Z970
Federal home loon Bank 1000,000 100% NIA 04/29/16 04/28/21 0102 17 1,579 1.00% 998,500 988,690 Union Bank 999610
genital Hom,Union Mortgage Cmpomtion 1000,000 1.55% N/A 10A 1/16 11/10/21 02/10/17 1,775 155% IOW,000 977,410 Union Bank 0
Federal[lon,loan Mortgage Corporation 1,000,000 100% N/A 10/20/16 II/15/19 02/15/17 1,049 100% I,0W,000 990,310 Union Berk 0
Federal Home Loan Mortgage Corporation 1,000,000 1.25% NIA 07/19/16 08116/21 02/16/17 1699 125% I,000,WO 983,800 Union Bank 999,780
Federal Hone Leon Mortgage Cr,prraton 1,000,000 150% N/A 10/17i[6 11/3021 02/18/17 1,795 150% I,INb,000 982,220 Union Bank 0
Federal National Mortgage Association 2,000.WO 1,03% NIA 05/2lA3 05121/19 02/21/17 506 103% 20W,000 1,986,140 Union Bank 2,000,180
Pede.l Home Loon Bank So0000 125% WA M09/16 08,72/19 0222/17 964 125'G 5W,000 494260 Union Bank 499770
Federal Home Loan Mortgega CorporMnn 500,000 1.305k NIA 09/o9/16 08133/19 0212V17 965 130% 500,000 495,180 Union Bank 500,120
Federal National Mortgage&e euttnai 1,OOn WO 1 13% NIA 08/03/I6 11,24/20 02/24/17 1,424 113% I,Cco,wo 971 fi50 Union Bank 996,510
Federal Notorol Mortgage A Cation 1,000,W0 120% NIA 08.413/16 12124/20 02/24;17 1,150 1,20% 1,000,000 984,630 ❑tor Bark 1000,010
Federal National Mortgage Asocialion 1 000,000 100% N/A 08/03/I6 08/24/21 02/24/17 1,697 100% 1,000,000 989,860 Union Bark 99&620
Federal home Loan Mortgage CmpOraton 1000,000 100% NIA 08.n08/16 0812,21 02/24/17 1697 1.00% 1,000,000 990,560 Union Bank 992,910
Federal Nationel Mortgage Aaeocialion 500000 125% NIA 08/09/I6 02/24/20 02/24A7 1,150 125% 500000 492,630 Union Bank 499,351
Federal Nolotul Mortgage M,.enlion 500,000 150% N/A O24/16 IIa4/20 02/24/17 1424 150% 500,OW 496430 Union Bark 501,125
Federal Home Loan Mortgage Corporaon 1000,000 150% WA 0525/I6 05/25/21 02/25/17 1,606 1.50% I,0000W 979,960 Union Bank 1000,120
Federal lbme Loan Bank 500000 1.25% VA 0525/16 05n5/21 02/25/17 1,606 1,25% 500,OW 492,210 Uenr Bank 500,125
Federal Home Loan Mortgage Corporation 506000 1,25% N/A 05/25/16 05,15/21 02/21/17 1606 1.250 500,000 492,450 Union Bank 500.100
Federal Home Loan Bank 500,000 1.125% VA 0527/I5 052N21 02/25/17 1,608 1.123% 499,000 492S75 Union Bad 499,991
Fedeal Hone Union Mortgage Corporation 2,000,000 1.50% NLA 07/1896 08,15/21 02/21/17 1,698 1.50% 2000,OW 1968,560 Union Bark 1,993.920
Federal National Mortgage Association 500,000 1.125% NIA 0226/16 0226/21 02/26/17 1,518 1.125% 500,000 497,265 Union Bad 499,935
Federal National Mortgage Asvacioner 500,000 [.00% WA 02/26/16 02/26/2I 02/26/17 1,518 1.00% 500,000 498.375 Union Bank 500,120
Federal Natbral Mortgage Aemriation 500,000 1.40% N/A 01/26/16 1126/19 0226117 1,060 1.40% 500,000 495,490 Union Bonk 50Q 170
Federal Hone Loan Mortgage Cmporazon 500,000 125% NA OV26/16 02/2621 02/26/17 1,118 1.25% 100,000 496,365 Union Bank 500,120
Federal Norneal Mortgage Ac,eci.ion 500,000 1.00% N/A 03/10,16 03/1021 03110A7 1,530 1.On% 500,000 499,321 Union Bank 560155
Federal Hong,Loan Mortgage Corporaon 1.000,000 L85% N/A 11/15/111 1311421 03/14/I7 1,809 1.85% 1000,000 995,230 Union Bank 0
Federal Home Loan Bank Inng000 2.00% N/A I1/30116 12601,21 03/30/I7 1,825 2.00% 1000,000 IOn0,050 Gmon Ben], 0
Federal l brae Loan Mortgage Corporation 1000000 150% WA W/12/I6 09U0/21 03/30117 1,734 1.50% 1000,000 988,440 Union Bark 1001,920
Federal Home loan Mortgage C rporaton 1000.000 1.00% N/A 11/l6/16 06/1620 06/16,117 1,263 100% 1000,000 995,630 Gmon Bad o
Federal lbrrc Loan Bank l.m.000 163% N/A 11129,116 12Q8121 06/28/17 1,823 163% 1,000,000 997,790 Uron Bank 0
Federal Hone loan Bank 1,000.000 1.70% N/A 11/17/16 12/0821 12/08/17 1,803 190% 1000000 992,150 Union Bank 0
one,
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TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
December 31,2016
Par Coupon Purchase Maturily FrorrNam Opti Ind Days Ywld Adjusted Category (memn mu,,) pror Qtr
Value Rele Rat., pglt Our, Call Dal Dalg 1o178WL@ w miduri 5;p8{8�53 T t Market Value Source Market Value
Shoo Term Investments(Continued)
(I Yea or lest
G.S.Gott Agenq Securities(Continued)
Federal Hone loan MOngage COIT(oation 1000,000 140% N/A 09/29.96 1112721 04/27/17 I,761 140% I000,000 971.700 Union Bank 0
Federal Home Loan Mongagc Corporation 1,000.000 1.11% N/A 10/12/16 10/2921 0428/17 I,762 113% 1,000,000 985,460 Unarm Bank 0
Federal IT.-Loan Mortgage Corporation 1000,000 105% N/A 10/1V 16 I0/292) 04/28/19 1,962 105% 1,000000 980,150 Union Bank 0
Federal home loan Bank I,000,000 125% MA 10/24/16 II/08/21 05MS/12 I,I73 1.25% 1,000,000 980,120 Union Bank 0
Federal Home loan Beek 1,000.000 125% N/A 10/13/16 11/10/21 05/10112 I,715 1.25% L000,000 983,860 Crum Bank 0
Federal Home Loan Mortgage Corporation 1,000,000 1.10% N/A 10/25/I6 0545/19 05/15/17 865 1.100 1000,000 1002.150 Union Bank 0
Federal Home Loam Bank 1000,000 105°% MA 1025/16 11/15/21 05/15,17 I,7w 105°% 1,000,000 990,470 Union Bank 0
Federal Home loan Bank 1000,0c0 100% MA 10/10/16 II116/20 05/16/12 1,416 1.00% 1,000,000 985,600 Cum Bank 0
Federal Hum,Loam Back 1,000,000 1 25% N/A 10/18/16 11117,21 05/17/17 IJ32 1.25% 1000.000 981590 Crdon Bank 0
Federal Home Loam Mortgage Co"nation 1000,000 1.30% N/A 10/24/16 11/22/2) 05/22/I7 1(187 130% 1,000,000 983.800 union Bank 0
Federal Farm Credit Bad: 500.000 0.625°% MA 05/21,15 0522/12 N/A 142 0625°% 50URN 499,921 Union Bank 499,425
Federal Home Loan Bmk 1000,000 130% N/A 10/26/16 1123/21 05/23/17 1,788 130% 1000000 983,180 Union Bank 0
Federal home loan Bank 1,000.000 1.55% MA 11/02/16 1M6/21 0526/12 1,791 1.55% 1000000 987,100 Union Berk 0
Federal Farm Cruet Bank 1000,000 110% N/A 06106,16 06/06/19 06/06/17 997 130% 1000,000 995,760 Union Bank 1.001740
Federal It..Credit Bank 1000,00o 1.12% MA 06/2N 16 0627/19 06/27/17 908 LIP% 1,000,000 987,360 Union Bank 1000,100
Federal National Mortgage Asocirlmn 1,000,000 1.10% N/A 06120/16 06/28/19 06/29,17 909 1.GP% 1000,000 988,090 Union Bank 998,600
Federal Farm Credit Bank 500,000 108% N/A 08/04/16 08/15/19 08/15/12 959 1.08% 500,000 493,N5 Union Bank 499,400
Federal National Mortgage Asociatim 1000000 1.10% N/A 08/03/16 03123119 08/23117 965 1.1a% 1000,000 987,050 ❑Non Dank 999,370
Federal Narional Mortgage Association 1000,000 1411% N/.A 08/03/16 08/25/21 08/25/17 1,698 140% 1,000,000 96,,950 Uram Bank 1000,120
Federal National Mortgage Association 2,000,000 125% N/A 08/04/16 08/28/20 0/11211/17 1336 1.25% 2,000000 1,945,000 ❑tuon Bank 1,999,180
Federal Farm Credit Balk 10011,000 1.12% N/A 10/19A6 10/11/19 10/11/19 1014 1.12% 999,250 989,500 U.Bvik 0
Federal National Mortgage Association 1000000 117% N/A 10251I6 11/11/19 IVIS/❑ 1,019 LU% 998750 994,360 Union Bank 0
Federal Home loan Bank 1000,000 1.00% N/A 1026A6 I1/19/21 I1/17/17 1,782 1.00% 1,000,000 990,480 Union Bank 0
Federal Home,Loan Mongagc Corporation 1,600,000 120°% N/A 11/01/16 11/29/19 1129/17 1,063 1.20% 1,000,000 985,4W 11.Bari: 0
57,000,000 56,994,000 56,252,850 37,489200
Tma Dcpoai¢
Goldman Sachs Bank CD 200,000 1.80% N/A 925/12 92</12 N/A 206 1 80% 199,6C0 201,134 Union Bank 200,e02
Do.,,,Bank CD 200,000 1.70% N/A 7/26/11 7/26/17 N/A 207 170% 200900 201,196 Union Berik 200.640
400,000 198,600 402330 401,442
Medmm Term lnveaments
(1 year to 3 Years)
❑5.Cmrh Agenry Securdies
Federal National Mortgab Asomalion 2,000,MO 1.10% N/A 03/12/13 03/12/19 03,12118 416 1.10°% 2,OHI,000 1,999,960 Union Bank 2,007,390
Fimnc.g Cor,mau n(NCO) 5000W 980% N/A 04/06/88 N/06/18 NA 461 9.80°% 498,594 552986 Bank Of Amunce 5W509
Federal Farm Credit Bank 500,000 1 03% N/A 02/24/16 02112,19 N/A 793 103°% 499,850 496,915 Union Bank 500,895
3,000,000 2,998,444 3049,261 3,066,224
Total Invested Cash S 129,264,292 $ 130,786.657 $ 130,n65.239 $ 111021 242 1
Current Quarter Portfolio Yield 100% LL82%
Benchmark Y fields. Prior Quaver
12 Month LAIF Aw<age 0.58% Portfolio Yield
2 Year Constant Mammy Treasury 0.84°%
'Interest Income fnhe Quarter Eorling 12/31/2016 S 165938
•Gus amowt before deduction of in,comen,related fees
•• ••hide qtrly portfolio yield above when prmtmg repcnl 111•••••
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TREASURER'S MONTHLY REPORT
MISCELLANEOUS AND TRUST ACCOUNTS
December 31, 2016
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total invested Cash $ 130,786,657 $ 130,786,657
$ 130,786,657
Miscellaneous Accounts
Petty Cash 3,950 N/A N/A open None 3,950
Trust&Agency-Bank of America 1,950,053 N/A N/A open None 1,950,053
Downpayment Assistance(Housing Fund) 33,978 0.20% N/A open 0.20% 33,978
-Bank of America
Workers Compensation-Bank of America 104,970 N/A N/A open None 104,970
General Liability-Bank of America 26,500 N/A N/A open None 26,500
1930's General Store Museum-Bank of America 14,646 N/A N/A open None 14,646
On-Line Credit Card Fire Inspection Fees 169,622 N/A N/A open None 169,622
-Bank of America
On-Line Credit Card Transportation Permits 11,191 N/A N/A open None 11,191 2,314,910
-Bank of America
Total Cash Deposited $ 133,101,567
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TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
December 31, 2016
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 2,392574 variable AAA open 0.01% 2,392,574 2,392,574 US Bank 1,134,969
2,392 574
2006 Airport PFC
Invesco Government&Agency Private 1,589,707 variable AAA open 0.01% 1,589,707 1,589,707 US Bank 1,241,900
1,589,707
2007 Refunding Lease Revenue Bonds
First American Government Obligation 0 variable AAA open 0.01% 0 0 US Bank 259,969
0
2007A&B Tax Allocation Bonds
First American Government Obligation 30 variable AAA open 0.01% 30 30 US Bank 30
30
2007C'I'as Allocation Bonds
First American Government Obligation 19 variable AAA open 0 01% 19 19 US Bank 19
19
2008 Airport PFC Refunding
Invesco Government&Agency Private 601,584 variable AAA open 0.01% 601,584 601,584 US Bank 601:382
601,584
2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government&Agency Private 3,194,674 variable AAA open 0.01% 3,194,674 3,194,674 US Bank 3,193,818
3,194,674
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TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
December 31, 2016
Par Coupon Yield Adjusted Category (memo only) Prior Qlr.
Value Rate Rating Mature to Maturity Cost Basis Total Market Value Source Market Value
2012/2014 Convention Center
First American Government Obligation 12,676 variable AAA open 0.01% 12,676 12,676 US Bank 12,672
12,676
2014 Merged Project I &2/Housing Refunding
First American Government Obligation 6 variable AAA open 0.01% 6 6 US Bank 6
6
2015 Reassesment District No.2015-1
First American Government Obligation 274,337 variable AAA open 0.01% 274,337 274,337 US Bank 274,333
274,337
2015 Local Measure A Sales Tax
First American Government Obligation 1,112,743 variable AAA open 0.01% 1,112,743 1,112,743 US Bank 1,112,744
1,112,743
2015 Refunding Lease Revenue Bonds
First American Government Obligation 0 variable AAA open 0.01% 0 0 OS Bank 3,604
0
ChevroNCoGen Lease Proceeds
Cash 716,977 WA N/A demand None 716,877 716,877 Deutsche Bank 716,877
716,877
Funds With Century Golf 262,793 N/A N/A demand None 262,793 262,793 Century Golf 325,812
262,793
Totals 10,158 020 10,158,020 $ 8,878,133
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TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
December 31, 2016
By Maturity: Minimum Maximum Current Mo.
I day to 365 days N/A N/A 97.71%
1 year to 3 years N/A 50.00% 2.29%
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% 0.30%
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 I Year N/A 50.00% 24.23%
Money Market Mutual Funds -More than 1 Year N/A 25.00% 0.00%
LAIF N/A 100.00% 24.35%
U.S. Government Agencies N/A 60.00% 45.87%
U.S. Treasury NotesBonds N/A 100.00% 0.00%
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