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C4<�FORN`P City Council Staff Report
DATE: May 15, 2013 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
MARCH 31, 2013
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, 2013. 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
$96,381,904 plus $20,191,058 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $96,608,446.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of March 31, 2013.
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 with one
exception: the FICO notes ($500,000, 4/16/18, 9.8%) exceed the 5 year
limitation on maturities (Detail of Investments, Long Term Investments, U.S.
Govt. Agency Securities). The investment in question was purchased prior to the
adoption of the 5-year limitation. Since it appears to represent no additional risk
either because of credit-worthiness or liquidity, earlier councils decided to allow it
to be retained in the investment pool because the yield is higher than attainable
ITEM NO. ^H
City Council Staff Report
May 15 2013 — Page 2
Treasurer's Investment Report as of March 31, 2013
under current market conditions. We recommend that this exception to the
policy be continued.
The weighted average maturity (WAM) of the portfolio is 98.77 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
March 31, 2013
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 4,472,390
CalTrustShortTerm 22,162,170
CalTrust MidTemr 18,166,137
State Pool 15,012 $ 44,815,710 46.50%
S ort Term Investments
1 ear or less
U.S.Gov't Agencies 49,069,000 49,069,000 50.91%
Me mm Term Investments
1 year to 3 ea S
Corporate Notes 1,000,000
Time Deposits 200,000
U.S.Gov't Agencies 0 1,200,000 1.25%
Long Term Investments
3 year to 5 ears
Time Deposits 798,600
U.S.Gov't Agencies 498,594 1,297,194 1.35%
$ 96,381,904 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
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4/24/2013
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TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
March 31, 2013
Par Coupon Maturity or Yield Adjusted Category (memo only) Prior Qtr.
Value Rate Rating Call Date to Maturity Cost Basis Total Market Value Market Value
Oa Call Deposits
Checking-Bank of Am erica E N/A N/A AAA open None 4,472,390 $ 4,472,390 1874,963
CalTrst ShortTerm• N/A N/A op. 0.30% 22,162,170 22,169,999 27,148,244
Carfrust MidTerm N/A N/A open 067% 18,166,137 18,148,193 18,112,139
Local Agency Invest Fund(LAIF) 15,012 variable N/A open 0.285% 15,012 15,027 15,029
44,815 710
Short Term Investmems
(1 year 0r less)
U.S.Gott Agency Securities
Federal Fans Credit Bank 1,000,000 0.80% N/A 10/23/12 0,80% 998,750 1,000,050 1,000,060
Federal Farm Credit Bank 1,000,000 0.90% N/A 11/15/12 0.90% 999,000 999,870 999,970
Federal Farm Credit Bank 1,000,000 0.85% N/A 11/15/12 0.85% 999,000 1,000 060 1.000 070
Federal Fart Credit Bank 2,000,000 0 92% N/A 12/05/12 0.92% 1,998,500 1997,980 1998,125
Federal Home Loan Bank 2,000,000 100% N/A 12/18/12 1.00% 1,999,000 1998,400 2000,140
Federal Home Loan Mortgage Corporation 2,000,000 1 03% N/A 02/28/13 1.03% 0 0 2,003 060
Federal Home Loan Bank 2,000,000 1.10% N/A 03/01/13 1.10% 2,000,000 1999,520 0
Federal National Mortgage Association 2,000,000 1.10% N/A 0320/13 1,10% 0 0 2,002,760
Federal Home Loan Bank 2,000,000 1.250% N/A 03/22/13 1,250% 2,000,000 2,001,140 2,001,020
Federal National Mortgage Association 2,000,000 1.125% N/A 03/28/13 1,125% 0 0 1,997,020
Federal National Mortgage Association 1,000,000 2,50% N/A 04/18/13 2.50% 1000,000 1,001,120 1,006,420
Federal Farm Credit Bank 2,000,000 1,12% N/A 05/20/13 1.12% 2,000,000 2,001,640 0
Federal National Mortgage Association 2,000,000 100% N/A 06/06/13 1,00% 2,000,000 2,001 960 2,004,400
Federal National Mortgage Association 2,000,000 1.00% N/A 06/07/13 1,00% 2,000,000 2,003,500 2,007,640
Federal Home Loan Mortgage Corporation 5,000,000 2.00% N/A 07/07/13 2.00% 5,079,750 5,029,100 5,049,950
Federal Home Loan Mortgage Corporation 1,000,000 1.00% N/A 07/11/13 1,00% 1,000,000 997,010 0
Federal Home Loan Mortgage Corporation 2,000,000 1,05% N/A 07/16/13 1.05% 2,000,000 1,999,860 0
Federal Home Loan Bank 1,000,000 1,00% N/A 07/30/13 1.00% 1,000,000 998,640 0
Federal Home Loan Bank 1,000,000 1.05% N/A 08/12/13 105% 1,000,000 1.000,000 0
Federal Farm Credit Bank 2,000,000 0,98% N/A 08/15/13 0 98% 1,997,000 2,005,240 2,007.400
Federal National Mortgage Association 1,000,000 1 00% N/A 08/28/13 1,00% 998,000 1,002,400 1,003,200
Federal National Mortgage Association 2,000,000 1.10% N/A 08/28/13 1.10% 2,000,000 2,006,040 2,008,300
Federal Home Loan Mortgage Corporation 2,000,000 1.00% N/A 0920/13 1,00% 2,000000 2,003,100 2,005,440
Federal Home Loan Mortgage Corporation 2,000,000 1 04% N/A 0927/13 1.04% 2,000,000 2,003,460 2,005,860
Federal National Mortgage Association 2,000,000 1.07% N/A 09/27/13 1.07% 2,000,000 2,006,720 2,007,560
Federal National Mortgage Association 4,000,000 1.03% N/A 01/30/14 103% 4,000,000 3,999,760 0
Federal Home Loan Mortgage Corporation 2,000,000 1.125% N/A 0224/14 1,125% 2,000,000 2,009,520 2,011,820
Federal National Mortgage Association 2,000,000 1.10% N/A 03/12/14 1.10% 2000,000 2,009,140 0
Federal Home Loan Mortgage Corporation 2,000,000 1,20% N/A 03/20/14 120% 2,000,000 1996,250 0
49,069,000
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TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
March 31, 2013
Par Coupon Maturity or Yield Adjusted Category (memo only) Prior Qtr.
Value Rate Rating Call Date to Maturity Cost Basis Total Market Value Market Value
Medium Term Investments
(1 year to 3 years)
Corporate Notes
General Electric Capital Corporation 1,000,000 1.20% AUAA+ 04/13/15 1.20% 1,000,000 995,040 991,650
1,000,000
Time Deposits
Ally Bank CD 200,000 1.15% N/A 7/27/15 1.15% 200,000 200,000 200,000
200,000
U.S.Gov't Agency Securities
0
Long Term Investment
(3 years to 5 years)
Time Deposits
GE Cap Retail Bank CD 200,000 1.35% N/A 7/20/16 1.35% 200,000 204,986 205,555
GE Cap Bank CD 200,000 1.35% N/A 7/20/16 1.35% 200,000 204,986 205,555
Goldman Sachs Bank CD 200,000 1.80% N/A 7/25117 1.80% 198,600 208,646 209,539
Discover Bank CD 200,000 1.70% N/A 7/26/17 1.70% 200,000 207,790 208,635
798,600
U.S.Gov't Agency Securities
Financing Corporation(FICO) 500,000 9.80% N/A 04/06/18 9.80% 498,594 709,910 715,089
498,594
$ 96,381,904 $ 96,608,446 $ 88,006,612
Total Invested Cash
*Includes the following deposits of non-City funds: Principal Interest Total
Palm Springs Historical Society 250,000 585 250,585
treasrep
04/24/2013
TREASURER'S MONTHLY REPORT
MISCELLANEOUS AND TRUST ACCOUNTS
March 31, 2013
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 96,381,904 $ 96,381,904
$ 96,381,904
Miscellaneous Accounts
Petty Cash 4,000 N/A N/A open None 4,000
Trust&Agency-Bank of America 984,299 N/A N/A open None 984,299
Downpayment Assistance(Housing
Fund)-JP Morgan Chase 33,807 0.10% N/A open 0.15% 33,807
Workers Compensation-Bank of America 6,549 N/A N/A open None 6,549
General Liability-Bank of America 27,200 N/A N/A open None 27,200
1930's General Store Museum-Bank of America 5,420 N/A N/A open None 5,420
On-Line Credit Card Fire Inspection Fees 64,538 N/A N/A open None 64,538
-Bank of America
On-Line Credit Card Transportation Permits 7,498 N/A N/A open None 7,498 1,133,311
-Bank of America
Total Cash Deposited $ 97,515,215
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04/24/2013
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TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
March 31, 2013
Par Coupon Yield Adjusted Category (memo only) Prior Qtr.
Value Rate Rating Maturity to Maturity Cost Basis Total Market Value Source Market Value
2004/2012 Convention Center
Invesco Government&Agency Private 245,841 variable AAA open 0,01% 245,841 245,840 Bank of NY Mellon 245,831
Cash 112,720 112,720 112,720 Bank of NY Mellon
Federal Home Loan Morgtgage Corporation 5,465,000 4,125% N/A 9/27/13 193% 5,867,848 5,573,152 Bank of NY Mellon 5,624,359
6,226,409
1991/01 Series B-Housing
Invesco Government&Agency Private 742,414 variable AAA open 0.02% 742,414 742,414 Bank of NY Melton 478,091
742,414
1994/04 Series A&B
Invesco Government&Agency Private 1,261,344 variable AAA open 001% 1,261,344 1,261,344 Bank of NY Mellon 97,713
Federal Home Loan Mortgage Corporation 965,000 4.125% N/A 9/27/13 1.93% 1,036,134 984,097 Bank of NY Mellon 993,139
Federal Home Loan Mortgage Corporation 571,000 4.125% N/A 9/27/13 1.93% 613,091 582,300 Bank of NY Mellon 587,650
2,910,569
1998 Airport PFC
Invesco Government&Agency Private 1,103,589 variable AAA open 0,01% 1,103,589 1,103589 Bank of NY Mellon 623553
Cash 37,701 37,701 37,701 Bank of NY Mellon
U.S.Treasury Note 918,000 1.375% N/A 3/15/13 1.55% 0 0 Bank of NY Mellon 920,332
1,141,290
2001 Assessment District 157/158
Invesco Government&Agency Private 1 variable AAA open 0.00% 1 1 Bank of NY Mellon I
1
2002 Parking Structure
Cash 336 336 336 Bank of NY Mellon 3
Invesco Government&Agency Private 2,461 variable AAA open 0,01% 2,461 2,461 Bank of NY Mellon 2,567
2,797
2004 Assessment District 161
Invesco Government&Agency Private 399,163 variable AAA open 0,02% 399,163 399,163 Bank of NY Mellon 190,999
CIT Bank,Salt Lake City,Utah 205,000 3.05% N/A 1128/13 1.87% 0 0 Bank of NY Mellon 205,456
399,163
treasmy,
4/24/20B
C)
TREASURER'S MONTHLY REPORT
BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS
March 31, 2013
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
Invesco Government&Agency Private 158,628 variable AAA open 0 02% 158,628 158,628 Bank of NY Mellon 68,814
Capital One Bank USA National Association 88,000 4.15% N/A 3/5/13 1,80% 0 0 Bank of NY Mellon 88,606
159,629
2005 Assessment District 164
Invesco Government&Agency Private 367,702 variable AAA open 0 02% 367,702 367,702 Bank of NY Mellon 96,053
Citizens Bank,Flint,Michigan 245,000 1.85% N/A 3/4/13 1.80% 0 0 Bank of NY Mellon 245000
Capital One Bank USA National Association 25,000 4.15% N/A 3/5/13 1,80% 0 0 Bank of NY Mellon 25,172
367,702
2006 Airport PFC
Invesco Government&Agency Private 1,529,821 variable AAA open 0.02% 1,529,821 1,529,821 Bank of NY Mellon 854462
Cash 128,994 128,994 128,994 Bank of NY Mellon
U.S.Treasury Note 855,000 1.375% N/A 3/15/13 1,55% 0 0 Bank of NY Mellon 857,172
658,815
2007 Merged Project#1 
Invesco Government&Agency Private 0 variable AAA open 0,01% 0 0 Bank of NY Mellon 0
0
2007 Refunding Lease Revenue Bonds
Cash 1,418,350 1,418,350 1,418,350 Bank of NY Mellon
Invesco Government&Agency Private I variable AAA open 0,01% 1 1 Bank of NY Mellon 1
1,418,351
2008 Airport PFC Refunding
Invesco Government&Agency Private 32,027 variable AAA open 0.02% 32,027 32,027 Bank of NY Mellon 19,591
Federal Home Loan Mortgage Corporation 603,000 4.125% N/A 9/27/13 1 93% 647,450 614,933 Bank of NY Mellon 620,583
679,477
Reserve for 2012 Downtown Revitalization Lease Revenue Bond
Invesco Government&Agency Private 3,188,823 variable AAA open 0,01% 3,188,823 3,188,823 Bank of NY Mellon 3,188,664
3,188,823
Funds With Century Golf 1,296,620 1,296,620 1,296,620 CenturyGolf 321,066
1,296,620
Totals 20,191058 19,781,017 $ $16,354,869
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04/24/2013
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TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
March 31, 2013
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $93,884,710
1 year to 3 years 0.00% 50.00% 1.25%
3 years to 5 years 0.00% 30.00% 0.83%
over 5 years N/A N/A 0.52%
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% 1.04%
Corporate Notes N/A 20.00% 1.04%
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% 51.43%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
treamp
04/24/13
C
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Cala lanoo of WagMc l Avg Mammy
MaNre C..' No,of Days%Ca t
Dcic Dow Days
41,364
41365 41364 i IA72,191)
41,365 41,364 1 22,162,170
41,365 41,364 1 18,166,117
41J65 41,364 1 15.012
41365 41364 1 998.950
41365 41364 1 999.000
41,365 41364 1 999,OW
41365 41,364 1 1.99xsW
41365 41364 1 1.949,000
41364 41364 0 0
41,365 41364 1 2.WOA00
41364 41364 0 0
41.365 413M I 2.000MO
41,364 41364 0 0
41,382 41,364 I8 18,WOAW
41,414 41,364 50 IW,W0,000
41p31 41,364 67 134,000.000
41,432 41,364 68 136.000,000
4L462 41364 98 497,815,500
CAN 41364 102 102,000,000
41.471 41364 IV 214.WO.WO
41,485 41,364 121 121.WOAW
41,499 41364 134 134,000,000
41,501 41364 137 273S89AW
4L514 41364 IN 149,7OO.ODO
41,514 41364 IN 3W.W.w
41,517 41364 173 146.WO.WO
41,544 41,364 I80 3W.000.OW
41,544 41,364 180 360,000,000
41.669 41,364 305 1,220.000AW
41.694 41,364 310 660.000,000
41,710 41,364 346 692.000,0W
41,718 41364 354 708.000.000
42.107 41364 743 743.000.000
42,212 41,3W 848 169,6W,W0
4Z571 41364 13137 241,400,000
42.571 41,364 1,200 241.00,000
42,941 41,364 1,577 313,192,200
42,942 41,364 1,578 315,WO,OW
43,196 41364 L832 913,424108
9319,530"
Trial 1vc5N sI Cm %,381,904
WAM is Days 98,77
10