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I Cq�IFORN�PE City Council Staff Report
DATE: February 4, 2015 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
DECEMBER 31, 2014
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, 2014. 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
$102,719,740 plus $13,182,706 bond issue capital projects, reserve and debt
service funds. There is an additional $1,279,268 in various miscellaneous/trust
accounts. The market value of the invested cash is $102,560,983.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of December 31, 2014.
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.
City Council Staff Report
February 4, 2015— Page 2
Treasurer's Investment Report as of December 31, 2014
The weighted average maturity (WAM) of the portfolio is 507.04 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
Geoffrey S. 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, 2014
On Call Deposits Adjusted Basis Category Total Percentaee �!
Checking Account $ 4,014,316
CalTrust ShortTerm 13,282,332
CalTrust MidTerm 12,894,147
State Pool 26,040,751 $ 56,231,546 54,74%
Short Term Investments
(1 ear or less)
U.S. Gov't Agencies 41,991,000
Corporate Notes 1,000,000
Time Deposits 200,000 43,191,000 42.05%
Medium Term Investments
(I yearto 3 ears)
Time Deposits 798,600 798,600 0.78%
Long Term Investments
(3 year to 5 ears)
U.S. Gov't Agencies 2,498,594 2,498,594 2.43%
$ 102,719,740 100.00%
treasrep
01/26/2015
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TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
December 31.2014
Par Coulson Purchase Mahan, FiracN'ext Optional Dap Yield Ackmled Calegory (memo enly) Pnnr on
Value Rate Rminw Dale Date Call Dale ro� is Mamm, ('om Basis Total Markel Value Sam, Markel Vol,
Oo Call Deposits
Checking-Bank 9fAmenea E 4014316 N/4 AAA demand N/A 1 None 4.014,316 s 4,014,316 Bank of America 9,956,357
CalTrust ShonTerm 13,000,000 arable N/A demand N/A 1 039% 13,232132 13,276,193 CalTrusl 15.275,157
Coffmat MWTmm 12300.0011 ariable N/A demand N/A 1 074% 12,394,147 12,839,739 CalTmsl 12823953
Local Agency lnveat Fund(LAIF) 26,W0,000 variable N/A demand N/A 1 0269% 26,040751 26.045,472 LAIF 25,032,370
55,514,316 56,231,546 56,175,720 62,992,717
Short Term Investmems
(I year or less)
U.S.Gott Agency Secundes
Federal Home Coen Bank 0 200% N/A 07/08/14 09/08I19 0 200% 0 0 Bank of NYMellon 2000.340
Federal Home Loan Mortgage C9,mrar m 0 2.00% N/A 07124114 0724'19 0 200% 0 0 Bank of NY Mellon 2,002,480
Federal Home Lan Bonk 0 195% N/A 01/30/14 01/30/19 0 1.95% 0 0 Bank of NY Mellon 1916.690
Federal Home Lon Mortgage Corporation 0 205% N/A 08I28/14 09,29/19 0 2 05% 0 0 Bank of NY Mellon 99R 190
Federal Home Coon Book 1,000000 045% N/A 05,09113 05/09/16 01,101,15 495 045% 1000,000 990,540 Bonk of NY Mellon 996,190
Federal Farm Credit Bank 1.000000 0.95% N/A 09/15112 02115/17 01/01/15 799 0.95% 999000 997,840 Bank of NYMellon 998.125
Federal Farm Credit Bank 2,000000 099% N/A 09/15/12 08/15/17 01I01/15 919 099% 199Z000 1998,140 Bank of NYMellon 1992960
Federal Home Lawn Book 2,000,000 100% N/A 09/Igll2 09/18117 01/01/I5 902 100% 1999,000 1991000 Bank of NY Wilon 1WA20
Federal Farm Credit Book 2.000000 1.12% N/A 02/20/13 0220/19 01,01115 1.14E 1.12% 2,000000 1,991620 Bank of NYMellon 1991R20
Federal Home Loan Bank 2,000,000 207% N/A 04/15/14 04115/19 01,101115 1,566 207% 2,000000 2009_I00 Bank of NY Mellon 1996.120 '
Federal Home U.Book 1,000,000 0 75% N/A 05/29/U 0529119 01/01/15 1,245 0 75% 1 ow000 993,090 Bank of NY Mellon 992,610
Federal Home L9oo Mortgage C9rp0raun 1,000,000 100a/. N/A 01,11111 01/11AS 01/11/15 1,109 100% 1000000 992,020 Bank of NY Mellon 98g.720
Federal Home U.Book 5000,000 1.5W° N/A 07/15/14 07/15/19 111115,11 1,657 2,00% 2,000,000 1,983,340 Bank of NY Mellon 1966,120
Federal Home Loan Mortgage Corporator 2,000.000 105% N.'A ol/16/13 01/16/18 01/16VIS 1,112 105% 2,000,000 1991720 Book of NY Mellon 1,989,500
Federal Home L000 Mortgage Corporwtion 2.000,000 1.15% NIA 04Y25/13 0425/I8 01125,11 1211 1.15% 2,000,000 1992060 Bank of NY Mellon 1925,3411
Federal National Mortgage Assocmom 4,000,000 103% N/A 01/30/13 01/30/18 01I10115 1,126 103% 4000,000 3,916,600 Bank of NY Mellon 3,946080
Federal Home L000 Book 1000,000 1.00Y. N,'A 01/30/13 0190A8 01/30/15 1126 1no% 1,000.000 989110 Bank of NY Mellon 988.110
Federal Home Loan Book 1000,000 105% NIA 02/12113 12,12/I8 02I12/15 1,139 105% 1000000 990,090 Bank of NY Mellon 988.880
Federal National Manage Association 2000,000 1,n3% N/A 05,21/13 0521/18 02/21/11 1,237 103% 2,000,000 1,969,920 Bank of NY Mellon 1961 R40
Federal National Mortgage Assoriman 1,000.000 1.00% N/A 09,28112 08,'28117 02128/15 991 100% 999,000 994,320 Bank of NY Mellon 992,62U
Federal National Mortgage.Association 2000,000 1.to% N/A 08@8/12 0828/17 02/2995 971 110% 2,000,000 1993,360 Bank of NY Md19n 1993g20
Federal Home L9oo Book 1,000000 0.90% N/A 06/12113 06112A9 03/12/15 1259 090% 1000,000 994770 Bnk of NY Mellon 991.5e0
Federal Home U.Mortgage Corporation 2000000 1.00% NIA 09/20/12 0920/17 03120,11 994 100% 2,000,000 1996,900 Bank of NY Mellon 1.990,Ron
Federal Home Loan Moa,,Cin,ormmm 2000,000 120% N/A 03/20/13 03/20/18 0320115 1,175 1.20% 2,000000 1989990 Bank of NY Mellon 102080
Federal Home Loan Book 2000000 100% N/A 06/20/13 06,10/19 0320115 126E 100% 1,999,000 1986,960 Bank of NY Mellon 1980290
Federal Home Loan Mortgage Corporation 2,000,000 104°1. N/A 09/27/12 0927.117 03/27/15 1,001 104% 2,000000 1991,120 Book of NY Mellon 1984.140
Federal National Mortgage Association 2,000000 1n7. N/A 09/27/12 09?III7 0327,15 1001 10). 2,000,000 1996,120 Bank of NY Mellon 1998n60
Federal National Mortgage Association 2,000,000 200°6 N/A (a4/10I14 04/10119 04/30115 1'581 200°% 2.000,000 2,009698 Bnk9f NYMellon 2,000,080
42000,001) 4['991,000 41,157,598 40689,145
C.,m.Notes
i3emaml Elxtnc Capital Corporation 1,000,000 073% AI/AA- 04/13/12 04/13/15 NIA 103 073% 1,000,000 1,001.230 Bank of NY Mellon 1002,190
1.000,000 1,000,000 I001,230 1002.380
Time Deposits
Ally Book CD 200.000 1.15% NIA 7,27112 7,27!15 N/A 208 1.15% 200000 200,000 Book of NY Mellon 200,000
200,00o 200000 200000 200.W0
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TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
December 31,2014
Par Coupon Purchase Maturity FiratMext Optional Days Yield Adjusted Category (memo only) Prior QV
Value Rare Ratio Date Pglf Cull IRI tom tom Cost Basis Total Mark.,Value Sourcc Markel L'alne
Medium Term Investments
(I year to 3 years)
'lime Deposi¢
GE Cap Retail Bank CD 200,000 1.35% N/A 4R0A2 7,20/16 N/A 569 1.35% 200,000 202,026 Bank of NY Mellon 202,158
GE Cep Bank CD 200,000 1.35% N/A 2R0,12 V20/16 N/A 567 135% 200,000 202,D26 Bank of NYMelloo 202,158
Goldman Sachs Bank CD 200,000 190% N/A 7125/12 2R5117 N/A 939 180% 193,600 203,473 Bank of NY.Mellon 203,235
Discover Bank CD 200,000 I70% N/A 7/26,12 7,26/17 N/A 939 I70% 200,000 202,964 Bank of NYM411on 202,678
800000 299.600 S10,499 810229
Lang Tam Investment
(3 years 10 5 ymn)
U.S.(3ov'tAgency Securinea
Federal National Mortgage Association 1,000,000 1.10% N/A 03/12/13 03112i 18 03/1298 1,167 1.10% 2,000.000 1982,160 Bank of NY Mellon 1972,490
Financing Corroraden(FICO) 500000 9.80% N/A W06,99 04/Will N/A 1,192 9.90% 498,594 63])87 Bank of America 642,129
2,500,000 2,498,594 2,615947 2,614,658
Total Invested Cash S 101914,316 S 102,219.240 $ 102,560,933 $ 116,309,149
Cunene Quarter Ponfalio Yield 0 9'!°/° 0 g0%
Benchmark Yields Poor Quaner
12 Moron LAIF Average 0 25% Ponfolm Yield
2 Year Constant Mnwriry Imsem, 046%
"Interest Income for the Quarter Ending 11131,2014 200p42
`Gross amount bekm teducnan of investment related Fees
CA
TREASURER'S MONTHLY REPORT
MISCELLANEOUS AND TRUST ACCOUNTS
December 31, 2014
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Catepory Total
Total Invested Cash $ 102,719,740 $ 102,719,740
$ 101719,740
Miscellaneous Accounts
Petty Cash 3,950 N/A N/A open None 3,950
Trust&Agency-Bank of America 1,052,670 N/A N/A open None 1,052,670
Downpayment Assistance(Housing 33,869 0.15% N/A open 0.15% 33,869
Fund)-Bank of America
Workers Compensation-Bank of America 90,129 N/A N/A open None 90,129
General Liability-Bank of America 30,000 N/A N/A open None 30,000
1930's General Store Museum-Bank of America 10,263 N/A N/A open None 10,263
On-Line Credit Card Fire Inspection Fees 55,058 N/A N/A open None 55,059
-Bank of America
On-Line Credit Card Transportation Permits 3,330 N/A N/A open None 3,330 1,279,268
-Bank of America
Total Cash Deposited $ 103,999,009
treasrep
01/26/2015
TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
December 31, 2014
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 12,867 variable AAA open 0,01% 12,867 12,867 US Bank 14,182
12,867
1991/01 Series B-Housing
Invesco Government&Agency Private 9 variable AAA open 0,02% 9 9 Bank of NY Mellon 9
9
2004A/B,Merged Project#11#2
Invesco Government&Agency Private 113 variable AAA open 0.01% 113 113 Bank of NY Mellon 303
113
2007A,B,&C Tax Allocation Bonds
Invesco Government&Agency Private 10 variable AAA open 0.01% 10 10 US Bank 10
10
1998 Airport PFC
Invesco Government&Agency Private 2,373,976 variable AAA open 0.01% 2,373,976 2,373,976 Bank of NY Mellon 1,197,746
2,373 976
2002 Parking Structure
Cash 3 3 3 Bank of NY Mellon 3
Invesco Government&Agency Private 1,630 variable AAA open 0.01% 1,630 1630 Bank of NY Mellon 1,520
1,634
2004 Assessment District 161
GE Capital Bank CD 200,000 1.70% N/A 01/17/2019 1.70% 200,000 199,058 Bank of NY Mellon 200,458
Goldman Sachs Bank CD 100,000 1.90% N/A 01/22/2019 1.90% 100.000 101,231 Bank of NY Mellon 100,589
Invesco Government&Agency Private 97,399 variable AAA open 0 02% 97,399 97,399 Bank of NY Mellon 97,397
397,399
2004 Assessment District 162
Goldman Sachs Bank CD 90,000 1 90% N/A 01/22/2019 1 90% 90.000 91,107 Bank of NY Mellon 90,530
Invesco Govemment&Agency Private 67,685 variable AAA open 0.02% 67,685 67,685 Bank of NY Mellon 67,683
157,685
Ueasrep
01262015
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TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
December 31, 2014
Par Coupon Yield Adjusted Category (memo only) Prior Our
Value Rate RAM Maturity to Maturity Cost Basis Total Market Value Source Market Value
2005 Assessment District 164
GE Capital Retail Bank CD 200,000 L90% N/A 0l/P7z2019 1.90% 200,000 202,453 Bank of NY Mellon 201.175
Goldman Sachs Bank CD 50,000 1,90% NrA 01/22/2019 1.90% 50,000 50,615 Bank ofNY Mellon 50,295
lnvesco Government&Agency Private 119,094 variable AAA open 0.02% 1 19 094 119,094 Bank ofNY Mellon 119,091
369,094
2006 Airport PFC
lnvesco Govemment&Agency Private 1,637,413 variable AAA open 0.02% 1 637,413 1,637,413 Bank of NY Mellon 1,271,861
1,637,413
2007 Refunding Lease Revenue Bonds
lnvesco Government&Agency Private 0 variable AAA open 0 01% 0 0 US Bank 296,069
0
2008 Airport PFC Refunding
lnvesco Government&Agency Private 618,377 variable AAA open 0.02% 61&377 618,377 Bank ofNY Mellon 61$377
618,377
2012 Downtown Revitalization Lease Revenue Bond Reserve
lnvesco Government&Agency Private 3,189,851 variable AAA open 001% 3,189,851 3,189.851 Bank ofNY Mellon 3,189774
3,189,851
2014 Merged Project l&2/11ousing Refunding
First American Govemment Obligation 1,006 variable AAA open 0.01% 1,006 1,006 US Bank 11615
1,006
ChevrowCoGen Lease Proceeds
Cash 4,046,360 4,046,360 L046360 Deutsche Bank 5,908,164
4,046,360
Funds With Century Golf 376,914 376,914 376,914 Century Golf 371,034
376,914
Totals 13,182,706 13,197,171 $ 13,807,884
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01/26/2015
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TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
December 31, 2014
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days N/A N/A 96.79%
1 year to 3 years N/A 50.00% 0.78%
3 years to 5 years N/A 30.00% 2.43%
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% 0.97%
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% 0.19%
Corporate Notes-by issuer N/A 5.00% 0.19%
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% 12.93%
Money Market Mutual Funds -More than 1 Year N/A 25.00% 12.55%
LAIF N/A 100.00% 52.08%
U.S. Government Agencies N/A 60.00% 43.31%
U.S. Treasury Notes/Bonds N/A 100.00% 0.00%
treasmp
01/26/2015
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CD
Calmlalion of A ghou Avg Maluny
M1lalurc Cuvml No.of Dap X Coal
D.m Dam D—
IL}I/ml4
O11012015 I2,3112014 1 4.014,116
QPO1/201s 12/1P2014 1 13.282,232
011012(115 I2,312014 1 12,994,147
0 v)12015 12/av2014 1 26,W0,251
1111082019 123U2014 0 0
01242019 12,1112014 0 0
01,'11100N 1JM,2014 U 0
08282019 11/112014 0 0
05/0912016 1211,2014 495 495.W140W
02/152017 1b312014 222 726,223.000
08/152017 1LI112014 958 1,913.126,IXq
09/18/2017 1WM14 992 1,983.008.W0
02/26,20(8 IL31,,7014 1,142 2,294,W,W0
Nil52019 11112014 1.566 ).132.W4WU
05d9/2018 12 11/2014 1,245 1,145,000 WU
• 011112011 11M,2914 1,102 1.1 11701W,W0
07,15,2019 121M014 1,657 1,314,W0,000
01/16/2018 1ry312014 L112 2,22gWOW0
04252018 12131,2014 1.211 2A22.000W0
01/311/2018 1L112014 1,126 4,5(µW0,01N1
01402018 IVM12014 1.126 1.126W0.000
02,122018 1 N3 112014 11139 1,139,wo,"
05/21/2018 Ib3112015 I.232 2,424WQW0
W262019 12,11,2014 991 969.058,.0
W/28/2017 1VI112014 921 1,942,INq,W11
0692/2018 123PZ024 1,259 1,259,OW000
0920/2017 1131/2014 994 1,988,INq,WO
03,2W2018 12312014 1,195 2,350.1MMO
0620/1019 1b312014 1.262 2,531,466.W0
09/22/2017 12/31/2014 1,001 2,W2,M,WO
09272017 I2/3112014 1.001 2,002,WO.WO
04110,'2019 12/312014 1.581 3,162,Ofq,M*
N/1312U15 121W2014 103 IO3WU,0011
07272011 1261II014 2W 44W40011
0920/2011, 12/112014 562 I13,4001W0
02/211/2016 12/31/2014 562 I1 1,400,011(1
O7,252012 IN3 I/2014 939 186,099,200
07,26/2017 1VI112014 938 182,600.OW
03/122019 IIMM 1.167 2,334,OW.000
IW06I2018 12/31/2014 1.192 594,324,048
52083,524p94
1'WllmevncMs at Cost 102,719,740
WAM in Days 50I04
10