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Home My WebLink About3/5/2014 - STAFF REPORTS - 2.G. 4�ppALMS. iy ti c+ v' a �fOE11E� eEa . c4`'F°R`'�P City Council Staff Report DATE: March 5, 2014 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JANUARY 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 January 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 $104,627,641 plus $27,998,116 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $104,440,206. RECOMMENDATION: Receive and File Treasurer's Investment Report as of January 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. �C'�— City Council Staff Report March 5, 2014 — Page 2 Treasurer's Investment Report as of January 31, 2014 The weighted average maturity (WAM) of the portfolio is 33.11 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 • II 2 CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS January 31, 2014 On Call Deposits Adjusted Basis Category Total Percentagg Checking Account $ 6,607,706 CalTrust ShortTerm 22,212,646 CalTrust MidTerm 28,304,044 State Pool 15,051 $ 57,139,447 54.61% Short Term Investments (1 year or less) U.S. Gov't Agencies 44,991,000 44,991,000 43.00% Medium Term Investments (1 year to 3 ears) Corporate Notes I,"," 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% $ 104,627,641 100.00% treasrep 02/26/2014 TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS January 31,2014 Par Coupon Maturity or Yield Adjusted Category (memo only) Nior Qn. Value Rate Balm Call Date m Maturity COa� Total Market Value Source Markel Value Ion Call Deanots Checking-Bank of America S N/A NIA AAA open None 6,W7,706 S 6,607,706 Bank of Amen. 6,409,393 CafFmst ShonTerm' N/A N/A an 0.32% 22,212,646 22.212,646 CelTmst 10,22U,875 Caffmsf MaIT. N/A N/A open 0.60% 28.304,044 28,304,044 CalTrust 28,195.300 Local Allen,Inver Fund(LA1F) 15,051 variable N/A open 0.244% 15,051 15,055 LAIF 15.046 57,139.447 Short Tam Investments (1 year or less) U.S.Gov't Agency Securities Federal Farm Credit Bank 1,000,000 0.55% N/A 11/15/12 0.85% 999,000 995,120 Bank ofNY Mellon 995.313 Federal Hove Loan Bank 2,000,000 1,00% N/A 12/18/12 1.00% 1,999,000 1983,300 Bank ofNY Mellon 1.96%240 Federal Farrar Credit Bank 2,000,000 1,12% N/A 05/20/13 1.12% 2,000,W0 1986,680 Bank ofNY Mellon 1,961,720 Federal Home Loan Mortgage Corporation 1,000,000 1,00% N/A 07/11/11 1.00% 1,000,N0 987.400 Bank ofNY Mellon 979,610 Federal Home Loan Mortgage Corporation 2,000,000 1.05% NIA 07/[6113 1.05% 2,000,W0 1976.800 Bank ofNY Mellon 1,959,460 Federal Home Loan Bank 1,000,NO I.W% N/A 07/301I3 1.00% 1,000000 986,890 Bank of NY Mellon 978,180 Federal Home Loan Bank 1000,W0 0.45% N/A 09/09113 045% 1,000,000 "11000 Bank ofNY Mellon 996,480 Federal Home Loan Bank I,W0,000 1.05% N/A 08/12/13 1.05% 100000 987,840 Bank ofNY Mellon 979,090 Fedml Famr Credit Bank 2,000,000 099% N/A 09/15/13 099% 1997,000 1995,760 Bank nfNY Mellon 1985.920 Federal National Mortgage Association 1,00,00 1.W% N/A O8/28/13 1,00% 998,000 994,100 Bank oFNY Mellon 988.240 Federal National Mortgage Association 2,N0,N0 1.10% N/A 08/28/13 1.10% 2.000,WD 1998,700 Bank ofNY Mellon 1.987,460 Federal Home Loan Mortgage Corporation 2.00,NO 1 00% N/A 09/20/13 1.00% 2,000,00 1,987,040 Bank of NY Mellon 1.973,000 Federal Home Loan Bank 2,W0O0 1.N% N/A 09/20/13 100% 1,999,000 1976,540 Bank of NY Mellon 1,954,940 Federal Home Loan Mortgage Corporation 2,00.00 1.04% N/A 09/27/13 1 04% 2,000,00 1 986,920 Bank of NY Mellon 1,972,640 Federal National Mortgage Association 2,00,O0 1,07% N/A 09/27/13 1 07% 2,000,000 1 989,280 Bank of NY Mellon 1,976,460 Federal Home Loan Bank 1,M0,000 0,75% N/A 11/29/13 075% 1,000,000 991,094 Bank of NY Mellon 980,670 Federal National Mortgaee Association 4.000,000 1 03% NIA O1/30114 1.03% 4,000,000 3,946,280 Bank of NY Mellon 3912.320 Federal National Mortgage Association 1,000,000 2 00% N/A O1/30/14 2.00% 0 0 Bank ofNY Mellon 1001,550 Federal He.Loan Morgage Corporation 2,000,000 1.125% NIA 02/24/14 1.123% 2,000,000 2,000,960 Bank of NY Mellon 1998 040 Federal None.]Mortgage Association 1,000,N0 2 N% NtA 02/28/14 2.00"/ 1,000,000 1.001,320 Bank of NY Mellon 996,460 Federal National Mortgage Association 2,00,000 1.10% N/A 03/12/14 1.101/. 2.000,000 1.957,120 Bank of NY Mellon 1.938.460 Federal National Mortgage Association 1,000,000 2.05% NIA 05/12/14 205% 1,000,000 999,510 Bank of NY Mellon 1,000,625 Federal National Mortgage Association I,000000 2 00% N/A 03113/14 2 00% 1,000,000 1,002.031 Bank of NY Mellon 1,000,110 Federal Home Loan Mortgage Corporation 2,000,0N 1.20% N/A 03/20/14 1 20% 2,000,000 1971 060 Bank of NY Mellon 1,952.380 Federal Home Low Mortgage Corporation 2,000,000 1.15% N/A 04/25A4 1,15% 2,000.000 1.971.020 Bank of NY Mellon 1951,480 Federal National Mortgage Ass iation 2,000,000 1.03% N/A 05/21/14 1 03% 2,000,000 1,957.720 Bank ofNY Mellon 1,938,560 Federal Home Loan Bank 1 000000 0,80% N/A 06/11/14 0.8D°/ 1,000,000 989.350 Bank of NY Mellon 979,710 Federal Home Loan Bank 2,000,000 1.85% N/A 07/30,114 1 85% 2,000,000 1,9W,840 Bank ofNY Mellon 0 44,991,00 not rep 02/26/2014 A TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS January 31, 2014 Par Coupon Maturity or Yield Adjusted Category (memo only) Prior Qu. value Rate Rating Call Date to Maturity Cast Basis Total Market Value Son= Market Value Medium Term Investments I I)ear to ears) Corporate Notes General Electric Capital Corporation 1,000,000 Olio% AI/AA+ 04/13/15 1.20% 1,000,000 1,003,040 Bankof NYMellon 1,000,010 000,000 Time Deposits Ally Bank CD 200,000 1,15% N/A 7/27115 1.15% 200,000 200,000 Bank ofNY Mellon 200,000 GE Cap Retail Bank CD 200,000 1.35% N/A 7/20/t6 1,35% 200,000 203,485 Bank of NY Mellon 203,292 GE Cap Bank CD 200,000 1.35% N/A 7/20116 1.35% 200,000 203,485 Bank of NY Mellon 203,282 600,000 Long Term Investment (3 years to 5 years) Time Deposits Goldman Sachs Bank CD 200,000 1.80% N/A 7/25117 1.80% 198,600 205,290 Bankof NYMellon 204,670 Discover Bank CD 200,000 1.70% N/A 7/26/17 1,70% 200,000 204,602 Bank of NY Mellon 203,966 398,600 U.S.Gov1 Agency Securities Financing Corporation(FICO) 500,000 9 80% N/A 04/06/18 9.80% 498,594 666,178 Bank of Amenca 662,526 498,594 $ 104,627,641 S 104 440.206 S 90.824,457 Total Invested Cash -Includes the following deposits of non-City funds: Principal Interest Total Palm Springs Historical Society 250,000 1 314 251,314 neanep 02/26/2014 TREASURER'S MONTHLY REPORT MISCELLANEOUS AND TRUST ACCOUNTS January 31, 2014 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 104,627,641 $ 104,627,641 $ 104,627,641 Miscellaneous Accounts Petty Cash 4,000 N/A N/A open None 4,000 Trust&Agency-Bank of America 898,868 N/A N/A open None 898,868 Downpayment Assistance(Housing Fund)-Bank of America 33,823 0.05% N/A open 0.05% 33,923 Workers Compensation-Bank of America 67,440 N/A N/A open None 67,440 General Liability-Bank of America 29,466 N/A N/A open None 29,466 1930's General Store Museum-Bank of America 7,605 N/A N/A open None 7,605 On-Line Credit Card Fire Inspection Fees 149,789 N/A N/A open None 149,789 -Bank of America On-Line Credit Card Transportation Permits 9,380 N/A N/A open None 9,380 1,200,371 -Bank of America Total Cash Deposited $ 105,828,012 treasrep 02/26/2014 Of TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS January 31, 2014 Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Ratio¢ Maturity to Maturity Cost Bast Total Market Value Source Market Value 2004/2012 Convention Center Invesco Government&Agency Private 5,936,782 variable AAA open 0.01% 5,936,782 5936,781 Bank of NY Mellon 5,936,630 5,936,782 1991/01 Series B•Housing Invesco Government&Agency Private 852,433 variable AAA open 0,02% 852,433 852,433 Bank of NY Mellon 478,152 952,433 1994/04 Series A&B/2007A,B,&C Invesco Government&Agency Private 1,697 309 variable AAA open 0.01% 1,697.309 1.697,309 Bank of NY Mellon 1697 266 1,697 309 1998 Airport PFC Invesco Government&Agency Private 902,611 variable AAA open O 01% 902,611 902,611 Bank of NY Mellon 2,933,328 902 611 2002 Parking Structure Cash 3 3 3 Bank of NY Mellon 3 Invesco Government&Agency Private 1,848 variable AAA open 0.01% 1,848 1,848 Bank of NY Mellon 1967 851 2004 Assessment District 161 GE Capital Bank CD 200,000 1.70% N/A 01/17/2019 1.70% 200,000 198,659 Bank of NY Mellon Goldman Sachs Bank CD 100,000 1 90% N/A O1/22/2019 1.90% 100,000 101,303 Bank of NY Mellon Invesco Government&Agency Private 94,787 variable AAA open 0Q02% 94,787 94,787 Bank of NY Mellon 394 777 394,787 treasrep 02/26/2014 TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS January 31, 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 Assessment District 162 Goldman Sachs Bank CD 90,000 1.90% N/A 01/22/2019 1.90% 90,000 91,172 Bank of NY Mellon Invesco Government&Agencv Private 66,840 variable AAA open 0,02% 66,840 66,840 Bank of NY Mellon 156,936 156,840 2005 Assessment District 164 GE Capital Retail Bank CD 200,000 1,90% N/A 01/17/2019 1.90% 200,000 202,598 Bank of NY Mellon Goldman Sachs Bank CD 50,000 1,90% N/A O V22/2019 1,90% 50,000 50,651 Bank of NY Mellon Invesco Government&Agency Private 116,758 variable AAA open 0.02% 116,758 116,758 Bank of NY Mellon 366,748 366,758 2006 Airport PFC Invesco Government&Agency Private 1,405,038 variable AAA open 0,02% 1,405,038 1,405,038 Bank of NY Mellon 1,693.273 1,405 038 2007 Refunding Lease Revenue Bonds Invesco Government&Agency Private I variable AAA open 0,01% 1 1 Bank of NY Mellon 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 647464 647.464 Reserve for 2012 Downtown Revitalization Lease Revenue Bond Invesco Government&Agency Private 3,189,426 variable AAA open 0,0I% 3,189,426 3,189426 Bank of NY Mellon 3,189,344 3,189,426 ChevroNCoGen Lease Proceeds Cash 11,893,935 11,893,935 11,893 935 Deutsche Bank 13,416,443 11,893,935 Funds With Century Golf 552 882 552,882 552,882 Century Golf 370,495 552,882 Totals 27,998,116 28,002,499 S $31,192,729 treasrep 02/26/2014 00 TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS January 31, 2014 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $102,130,447 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% 0.96% 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% 43.48% U.S. Treasury Notes/Bonds N/A N/A 0.00% tmasmp 02/26/14 CaWafim of W[IghW Avg Ylamnry M11amrt Comn No.of Days% Cm� Dal[ Da¢ Days 41,fi]0 4L621 41,690 GMMO6 41,621 41.670 I 22212.M6 4 L621 41,670 1 29.3(9.(94 4 L691 41.670 1 15.051 41.691 41,620 1 4i9,OW 41,611 41.670 1 1,W9,INN1 4 1.67 1 41,690 1 2.W O.OA1 41.671 41,670 1 LWO.WO 41,671 41,67I 1 2,W 0.MO 41,671 41.690 1 I.WILWO 41 611 41.670 1 I,W0.000 4 L671 41,690 1 1,004000 41.671 41.670 1 1997,IpO 41,621 41.670 1 998,W0 41,671 41.650 1 2,WO.WO 41.671 41,fi20 1 21NIII,INN1 4 L621 41,670 1 LYYb.WII 41,671 41.670 1 2.WO.WO 4L621 41.670 1 2 MAO 41.691 41.670 1 I. WM0 41.669 41,620 1 AW0.W 41,669 41.690 -1 0 41,fi94 41,670 24 48,10MM 41,699 41.620 28 2X,INNI.(Np 41,710 41.620 40 80.M.OW 41,710 41.620 b 40.000.OW 41,711 41,671) 41 41,W11,IIW 41718 41,620 48 96,WO.I 41J54 41,670 M 168.WO.OW 41]80 41,670 110 2M4 ." 41,802 41.670 132 132.gNI,INXI 41.850 41.620 130 3WM0 0W 42,109 41.670 437 437.MM 42,212 41.670 542 10814W.OW 42.571 41,620 901 180,2W.000 42,511 41,670 wl 1N0,200,11M 42,941 41,670 1,221 252,420.WO 42942 41,620 1,222 R54,41NI,gNI 43.196 41.670 1.526 7W,M5,"4 3.4M.60.491 Tout I....nC. IW.622,MI W"in Days 3111 10