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Home My WebLink About4/2/2014 - STAFF REPORTS - 2.G. QpLM Sp ;0 4�y c u m .q`'FOVW City Council Staff Report DATE: April 2, 2014 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 28, 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 February 28, 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 $104,747,343 plus $30,111,967 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $104,619,145. RECOMMENDATION: Receive and File Treasurer's Investment Report as of February 28, 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 April 2, 2014 — Page 2 Treasurer's Investment Report as of February 28, 2014 The weighted average maturity (WAM) of the portfolio is 31.12 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 2 CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS February 28, 2014 On Call Deposits Adiusted Basis Category Total Percentage Checking Account $ 5,708,601 CalTrust ShortTerm 22,216,620 CalTrust MidTerm 28,318,877 State Pool 15,051 $ 56,259,149 53.71% Short Term Investments (1 year or less) U.S.Gov't Agencies 45,991,000 45,991,000 43.91% Medium Term Investments (1 year to 3 ears) Corporate Notes 1,000,000 Time Deposits 600,000 1,600,000 1.53% Long Term Investments (3 year to 5 ears) Time Deposits 398,600 U.S.Gov't Agencies 498,594 897,194 0.86% $ 104,747,343 100.00% treasrep 03/18/2014 W TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS February 28,2014 Par Coupon Maturity or Yield Adjusted Category (memo only) Prior Q0. Valor Rate hating . 1(dl Bate to Martin ry Cost Bsip iylal Market Value sour" Market Vidue On Call Deposits Checking-Bank ot'Amenca S N/A N./.S AAA open None 5,708,601 S 5,708,601 Bard:of Ameriea 6,409,393 CalTnea ShortTenn' N/A N/A open 0.50% 22,216,620 22,216,620 CalTmst 10,220,875 Calf u Muffemn N/A N/A open 0,79% 28,318,877 28,319,977 CBITmst 28,195,300 Local Agenry Invest Ford(LAIF) 15.051 variable N/A open 0.236% 15,051 15,055 LAIF 15,046 56,259,149 Short Term Investments (I year or less) U.S.Gov't Agency Securities Federal Farm Credit Bank IOwdOO 0.93% N/A 11/15/12 D.85% 999,000 996,680 Bank of NY Mellon 995,313 Federal Home Loan Bank 2,000,000 100% N,A 12/18/12 100% 1999,000 1983,260 Bank of NY Mellon 1.969,240 Federal Farm Credit Bank 2,000,000 1.12% N,A 05/20/13 1.12% 2,000,000 1 990,06D Bank of NY Mellon 1,961,720 Federal Home loan Mortgage Corporation I,OOQ000 100% N/A 07'11/13 1,00% 1,000,000 989,480 Bank ofNY Mellon 978.610 Federal Home Loan Mortgage Corporation 2,000,000 1,05% N/A 07/16/11 103% 2,000,000 1979,020 Bank of NY Mellon 1959,460 Federal Home loan Bank 1000000 1.00% N/A 07/30/13 100% 1000,000 987,969 Bank of NY Mellon 979,180 Federal Home Loan Bank 1000,000 045% N/A 08/09/13 045% 1000,000 999,150 Bank ofNY Mellon 996,480 Federal Home Loan Bank 1,000,000 1,05% N/A 08/12/13 1.05% 1,000,000 988,970 Bank of NY Mellon 979,D80 Federal Farm Credit Bank 2,000,000 098% N,A 08/15/13 098% 1997,000 1998,900 Bank of NY Mellon 1985,920 Federal Not..]Mortgage Association 1,000,000 1.00% N/A 08/28/13 100% 998,000 995.370 Bank of NY Mellon 998.240 Federal National Mortgage Association 2,000,000 1.10% N/A 09/28/13 1.10% 2,000,000 1.996,440 Bank of NY Mellon 1,997,460 Federal Home Loan Mortgage Corporation 2,000,000 100% N/A 0920113 1.00% 2,000,000 1986,980 Bank of N\'Mellon 1973000 Federal Home Loan Bank 2,000,000 1,00% N/A 09/20/13 1.00% 1,998,000 1980340 Bank ofNYMellm, 1.954,940 Federal Home Loan Mortgage Corporation 2,000,000 1,04% N/A 09,27/l3 104% 2,000,000 1986,960 Bank of NY Mellon 1972,640 Federal National Mortgage Association 2,000,000 1.07% N/A 0927/13 1,07% 2,000,000 1,992,060 Bank of NY Mellon 1,976.460 Federal Home Loan Bank 1000,000 0.75% N/A 1129/13 075% 1000,000 992,300 Bank ofNY Mellon 990,670 Federal National Mortgage Association 4,000,000 1,03% N/A 01/30/14 1,03% 4,000,000 3,952,320 Bank ofNY Mellon i 912,320 Federal National Mortgage Association 1,000,000 200% NIA 01/30/14 200% 0 0 Bank of NY Mellon 1.001,550 Federal Home Loan Mortgage Corporation 2,000,000 1.125% N/A 02/24/14 1 125% 0 0 Bank of NY Mellon 1998,040 Federal National Mortgage Association I,ONQ000 2.00% N/A 02/28/14 2 00% 0 0 Bank ofNY Mellon 996,460 Federal National Mortgage Association 2,000,000 1.10% N/A 03/12/14 1.10% 2,000,000 1,960,260 Bank of NY Mellon 1 938,460 Federal National Mortgage Association 1,000,000 2D5% N/A 03/12/14 205% I,000,000 1000,440 Bank of NY Mellon 1000,625 Federal National Mortgage Association 1000.000 2.00% N/A 03/13/14 2 DO% 1,000,000 1.000.510 Bank efNY Mellon 1000,110 Federal Home Loan Mortgage Corporation 2,000,000 120% N/A 0320/14 1.20% 2.000,000 1984.200 Bank ufNY Mellon 1,952,190 Federal Home Loan Mortgage Corporation 2,000,000 1.15% N/A 04/25/14 1.15% 2.000,000 1,973,280 Bank efNY Mellon 1.951,490 Federal Home loan Bank 2,000,000 2.05% N/A 05/13/14 205% 2,000.000 2,005t60 Bank ofNY Mellon 0 Federal Home Loan Bard: 2,000,000 2.00% N/A 05/14/14 200% 2,000,000 2.005.400 Bank ofNY Mellon 0 Federal National Mortgage Association 2,000,000 1.03% N/A 0521/14 1.03% 2,000,000 1.960.920 Bank of NY Mellon 1938,560 Federal Home Loan Bank 1,000,000 0.90% N/A 06/12/14 0.80% 1,000,000 991.190 Bank ofNY Mcllon 978,710 Federal Home Loan Bank 2,000,000 1,85% N/A 0730/14 1,85% 2,000.000 2.000,060 Bank of NY Mellon 0 45,991,000 rceurcp 03/18/2014 aC1 TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS February 28, 2014 Par Coupon Maturity or Yield Adjusted Category (memo only) Prior Qtr. Value Rate Rating Call Date to Maturity Cost Basis Total Market Value Source Market Value Medium Term Investments ( 1 year to 3 years) Corporate Notes General Electric Capital Corporation 1,000,000 060% AVAA+ 04/13/15 120% 1,000,000 1,002,800 Bankof NYMellon I00010 000,000 Time Deposits Ally Bank CD 200,000 1.15% NA 7/27/15 1.15% 200,000 200,000 Bank of NY Mellon 200,000 GE Cap Retail Bank CD 200,000 1.35% N/A 720/16 1,35% 200,000 203,485 Bank of NY Mellon 203,532 GE Cap Bank CD 200,000 1.35% N/A 720/16 1.35% 200,000 203,485 Bank of NY Mellon 203,532 600,000 Long Term Investment (3 years to 5 years) Time Deposits Goldman Sachs Bank CD 200,000 1.80% N/A 72511117 1,80% 198,600 205,290 Bankof NYMellon 205409 Discover Bank CD 200,000 1.70% N/A 726/17 1.70% 200,000 204,602 Bank of NY Mellon 204,735 398,600 U.S.Gov't Agency Securities Financing Corporation(FICO) 500,000 9.80% N/A 04/06/I8 9,80% 498,594 663,491 Bank of America 662,526 498,594 $ 104,747,343 S 104,619,145 $ 90,826,465 Total Invested Cash "Includes the following deposits of non-City funds, Principal Interest Total Palm Springs Historical Society 250,000 1,411 251,411 neasrep 03/18/2014 TREASURER'S MONTHLY REPORT MISCELLANEOUS AND TRUST ACCOUNTS February 28, 2014 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 104,747,343 $ 104,747,343 $ 104,747,343 Miscellaneous Accounts Petty Cash 4,000 N/A N/A open None 4,000 Trust&Agency-Bank of America 893,742 N/A N/A open None 893,742 Downpayment Assistance(Housing Fund)-Bank of America 33,827 0.05% N/A open 0,05% 33,827 Workers Compensation-Bank of America 48,535 N/A N/A open None 48,535 General Liability-Bank of America 30,000 N/A N/A open None 30,000 1930's General Store Museum-Bank of America 7,434 N/A N/A open None 7,434 On-Line Credit Card Fire Inspection Fees 158,598 N/A N/A open None 158,598 -Bank of America On-Line Credit Card Transportation Permits 10,304 N/A N/A open None 10,304 1,186,439 -Bank of America Total Cash Deposited $ 105,933,782 treasrep 03/18/2014 01 TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS February 28, 2014 Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Ratine Maturity to Maturity Cost Basis Total Market Value Source Market Value 2004/2011 Convention Center Invesco Government&Agency Private 5,936,933 variable AAA open 0.01% 5,936,933 5,936,1)32 Bank of NY Mellon 5,936,630 5,936,933 1991/01 Series B-Housing Invesco Government&Agency Private 773,533 variable AAA open 0,02% 773,533 773,533 Bank of NY Mellon 478.152 773,533 1994/04 Series A&B/2007A,B,&C Invesco Government&Agency Private 4,026,536 variable AAA open 0.01% 4.026,536 4,026,536 Bank of NY Mellon 1,697.266 4,026,536 1998 Airport PFC Invesco Government&Agency Private 959,405 variable AAA open 0.01% 959,405 959,405 Bank of NY Mellon 2.833.328 959,405 2002 Parking Structure Cash 3 3 3 Bank of NY Mellon 3 Invesco Government&Agency Private 1,540 variable AAA open 0.01% 1,540 1,540 Bank of NY Mellon 1967 1,543 2004 Assessment District 161 GE Capital Bank CD 200,000 1.70% N/A 01/17/2019 170% 200.000 198,997 Bank of NY Mellon Goldman Sachs Bank CD 100,000 1 90% N/A 01/22//2019 1.90% 100,000 101,431 Bank of NY Mellon Invesco Government&Agency Private 187,090 variable AAA open 0.02% 187.090 187,090 Bank of NY Mellon 394.777 487,090 treasrep 03118/2014 -J TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS February 28, 2014 For Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Ratine Maturity tQ MaturityCost Basis Total Market Value Source Market Value 2004 Assessment District 162 Goldman Sachs Bank CD 90,000 1 90% NA 01/22/2019 190% 90,000 91288 Bank of NY Mellon Invesco Government&Agency Private 92,412 variable AAA open 0.02% 92,412 92,412 Bank of NY Mellon 156,836 182.412 2005 Assessment District 164 GE Capital Retail Bank CD 200,000 1.90% N,rA 01/17/2019 1.90% 200,000 202,854 Bank of NY Mellon Goldman Sachs Bank CD 50,000 1.90% N/A 01;22/2019 L90% 50,000 50,716 Bank of NY Mellon Invesco Government&Agencv Private 192,249 variable AAA open O,02% 192,249 192,249 Bank of NY Mellon 366,748 442,249 2006 Airport PFC Invesco Government&Agency Private 1,522,654 variable AM open 0.02% 1,522,654 1.522,654 Bank of NY Mellon I693,273 1522 654 2007 Refunding Lease Revenue Bonds Invesco Government&Agency Private 1 variable AAA open 0.01% 1 1 Bank of NY Mellor I 1 2008 Airport PFC Refunding Invesco Government&Agency Private 647,464 variable AAA open 0.02% 647,464 647,464 Bank of NY Mellon 647,464 647,464 Reserve for 20t2 Downtown Revitalization Lease Revenue Bond Invesco Government&Agencv Private 3,189,507 variable AAA open 0.01% 3,189,507 3,189,507 Bank of NY Mellon 3,189,344 3,189 507 Chevron/CoGen Lease Proceeds Cash 11 030,650 11,030,650 11 030,650 Deutsche Bank 13,416,443 11,030.650 Funds With Century Golf 911,991 911,991 911.991 Century Golf 370,495 911,991 Totals 30,111967 30,117,252 S $31,192,729 treasrep 03AV2014 co TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS February 28, 2014 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $102,250,149 1 year to 3 years 0.00% 50.00% 1.53% 3 years to 5 years 0.00% 30.00% 0.86% over 5 years N/A N/A 0.00% By Type of Investment: Bankers Acceptance- in total N/A 40.00% 0.00% Bankers Acceptance- single bank N/A 20.00% 0.00% Commercial Paper N/A 15.00% 0.00% Time Deposits N/A 30.00% 0.95% Corporate Notes N/A 20.00% 0.95% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thrus N/A 10.00% 0.00% U.S. Government Agencies N/A 60.00% 44.38% U.S. Treasury Notes/Bonds N/A N/A 0.00% lreasrep 03/18/14 Ca"blion nfwe8mm Ar enmrl, Mils, C.., N.of Drys r Casl Dale Dale Dan 41.698 41p99 41.699 1 5MR,601 4L699 41,698 1 22,216620 41,699 41,698 1 28,119,8'I2 41,699 41.698 1 IM51 41.699 41,698 1 99Y,INA� 41,699 41.698 1 I,WY,INNI 41,699 41,698 1 2.WLLOIN 41,699 41,699 1 I,WO,WII 41.699 41,699 1 2WO.W0 41,699 41,699 1 I,WO,IpO 41,699 41,698 1 IM."M 41,699 41,698 1 I,w)jol 41,699 41.698 1 1,997,WO 41,699 41,08 1 998,W11 41.699 41,698 1 2,IIW,WY1 41,699 41,698 1 2.WO,WO 41.699 41,698 1 1,998,Wo 4L699 41.698 1 21 W,WO 41,699 41.698 1 2,"MO 41,699 41.698 1 1 W.WO 41,699 41,693 1 4,W4W0 41fi69 41,698 -29 0 41,694 41,698 4 0 41,698 41.698 0 0 41]10 41,698 12 24.lM.110 41,710 41,699 12 12.",OW 41?II 41,6911 li 13"M.W 41,719 4L698 20 41,1".000 41,954 4L698 56 112,WO.W11 41,272 41,699 94 14R,M.WD 41,723 41,699 25 MMM.W11 41,780 41,699 82 164.WO.WO 41.802 41,698 1A IW.mj,WII 41,950 41,698 152 3KWp W 42,I07 41,698 4W 409,Ip],I810 42,212 41,698 514 102,8W.O 42.571 41,699 R71 174.iM.11 42.571 41,699 873 174,600,W0 42,941 41,698 1.241 246,859,81N1 42,942 41,698 1.20 248,800,W0 41.196 41,698 1,498 246,891,81E 3,259,90317fil Tolal 1mg4"A C. IW,747,343 W'AM.Days iI.12 10