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Home My WebLink About4/3/2013 - STAFF REPORTS - 2 G ?ALM sp4 A. iy c V N + ryC�'MOEiEA n''4 c1411:0 1�P City Council Staff Report DATE: April 3, 2013 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 28, 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 February 28, 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 $95,961,245 plus $19,890,038 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $96,212,982. RECOMMENDATION: Receive and File Treasurer's Investment Report as of February 28, 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.� --- City Council Staff Report April 3, 2013 — Page 2 Treasurer's Investment Report as of February 28, 2013 under current market conditions. We recommend that this exception to the policy be continued. The weighted average maturity (WAM) of the portfolio is 105.47 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. i<�ector of Finance and Treasurer Attachments: Treasurer's Investment Report 02 CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS February 28, 2013 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 2,072,961 CalTrust Shorfrerm 24,153,643 CalTrust MidTemr 18,153,435 State Pool 15,012 $ 44,395,051 46.26% S ort Term Investments I ear or less) U.S.Gov't Agencies 47,069,000 47,069,000 49.05% Me ium Term Investments I year to 3 ears Corporate Notes 1,000,000 Time Deposits 200,000 U.S.Gov't Agencies 2,000,000 3,200,000 3.33% Long Term Investments 3 year to 5 ears Time Deposits 798,600 U.S.Gov't Agencies 498,594 1,297,194 1.35% $ 95,961,245 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit treasrep 3/20/2013 O W TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS February 28,2013 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 On Call Deposits Checking-Bank of America $ N/A N/A AAA open None 2,072,961 S 2,072,961 1,874,963 CalTrust ShorlTerm- N/A N/A open 0,44% 24,153,643 24,161,472 27,148,244 CalTmst MidTerm N/A N/A open 0.91% 18,153,435 18,135,490 18,112,139 Local Agency Invest Fund(LAIF) 15,012 variable N/A open 0.286% 15,012 15,029 15,029 44,395,051 Short Term investments (1 year or less) U.S.Gov't Agency Securities Federal Farm Credit Bank 1,000,000 0,80% N/A 10/23/12 0,80% 998,750 1,000,070 1,000,060 Federal Farm Credit Bank 1,000,000 0.90% N/A 11/15/12 0.90% 999000 999640 999,970 Federal Farm Credit Bank 1,000,000 0,85% N/A 11/15/12 0.85% 999000 1,000080 1,000,070 Federal Farm Credit Bank 2,000,000 0,92% N/A 12/05/12 092% 1,998,500 1,997,640 1,998,125 Federal Home Loan Bank 2,000,000 1,00% N/A 12/19/12 1,00% 1,999,000 1,999,420 2,000,140 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 2,001,250 0 Federal Home Loan Bank 2,000,000 1.250% N/A 03/22/13 1.250% 2,000,000 2,001.020 2,001,020 Federal National Mortgage Association 2,000,000 1,125% N/A 03/28/13 1.125% 2,000,000 2,000,760 1,997,020 Federal National Mortgage Association 1,000,000 2.50% N/A 04/18/13 2.50% 1,000,000 1 002,730 1,006,420 Federal Farm Credit Bank 2,000,000 1.12% N/A 05/20/13 1.12% 2,000,000 2,002,500 0 Federal National Mortgage Association 2000,000 1.00% N/A 06/06/13 1.00% 2,000,000 2002,580 2,004,400 Federal National Mortgage Association 2,000,000 1,00% N/A 06/07/13 1 00% 2,000,000 2,005,280 2,007,640 Federal Home Loan Mortgage Corporation 5,000,000 2.00% N/A 07/07/13 2.00% 5,079,750 5,035,850 5,049,950 Federal Home Loan Mortgage Corporation 1,000,000 1,00% N/A 07/11/13 1,00% 1,000,000 - 997,840 0 Federal Home Loan Mortgage Corporation 2,000,000 1.05% N/A 07/16/13 1.05% 2,000,000 2,001,600 0 Federal Home Loan Bank 1,000,000 1.00% N/A 07/30/13 1 00% 1,000,000 999,590 0 Federal Home Loan Bank 1,000,000 1.05% N/A 08/12/13 1.05% 1,000,000 1,000,938 0 Federal Farm Credit Bank 2,000,000 0.98% N/A 09/15/13 0,98% 1,997,000 2,005,880 2,007,400 Federal National Mortgage Association 1,000,000 1.00% N/A 08/28/13 1,00% 998000 1,002,330 1,003,200 Federal National Mortgage Association 2,000,000 1,10% N/A 08/28/13 1.10% 2,000,000 2,006,250 2,008,300 Federal Home Loan Mortgage Corporation 2,000,000 1.00% N/A 09/20/13 1.00% 2,000,000 2,004,160 2,005,440 Federal Home Loan Mortgage Corporation 2,000,000 1.04% N/A 09/27/13 1.05% 2,000,000 2,004,460 2,005,860 Federal National Mortgage Association 2,000,000 1,07% N/A 09/27/13 1.07% 2,000,000 2,006,640 2,007,560 Federal National Mortgage Association 4,000,000 1.03% N/A 01/30/14 1.03% 4,000,000 4,000,080 0 Federal Home Loan Mortgage Corporation 2,000,000 1.13% N/A 02/24/14 1.125% 2,000,000 2,010,340 2,011,820 47,069,000 neasrep Q 3/20/2013 TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS February 28, 2013 Par Coupon Maturity or Yield Adjusted Category (memo onh) Prior Qtr. Value Rate Rating Call Date to Maturitv Cost Basis Total Market Value Market Value Medium Term Investments (I year to 3 years) Corporate Notes General Electric Capital Corporation 1,000,000 1.20% Al/AA+ 04/13/15 1,20% 1,000,000 995,430 991,650 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 Federal National Mortgage Association 2,000,000 1.10% N/A 03/20/14 1.100% 2,000,000 2,000,820 2,002,760 2,000,000 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% 200,000 205,208 205,555 GE Cap Bank CD 200,000 1.35% N/A 7/20/16 1.35% 200,000 205,208 205,555 Goldman Sachs Bank CD 200,000 1.80% N/A 7/25/17 1.80% 198,600 208,829 209.539 Discover Bank CD 200,000 1.70% N/A 7/26/17 1.70% 200,000 207,958 208,635 798,600 U.S.Gov't Agency Securities Financing Corporation(FICO) 500,000 9.80% N/A 04/06/18 9.80% 498,594 715,651 715,088 498,594 $ 95,961,245 $ 96,212,982 $ 88,006,612 Total Invested Cash 'Includes the following deposits of non-City funds: Principal Interest Total Palm Springs Historical Society 250,000 436 250,436 treasrep 0=0/2013 Ul TREASURER'S MONTHLY REPORT MISCELLANEOUS AND TRUST ACCOUNTS February 28, 2013 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 95,961,245 $ 95,961,245 $ 95,961,245 Miscellaneous Accounts Petty Cash 4,000 N/A N/A open None 4,000 Trust&Agency-Bank of America 969,969 N/A N/A open None 969,969 Downpayment Assistance(Housing Fund)-JP Morgan Chase 33,804 0.10% N/A open 0.15% 33,804 Workers Compensation-Bank of America -29,658 N/A N/A open None -29,658 General Liability-Bank of America 30,000 N/A N/A open None 30,000 1930's General Store Museum-Bank of America 5,683 N/A N/A open None 5,683 On-Line Credit Card Fire Inspection Fees 54,025 N/A N/A open None 54,025 -Bank of America On-Line Credit Card Transportation Permits 7,253 N/A N/A open None 7,253 1,075,077 -Bank of America Total Cash Deposited $ 97,036,321 treasrep 03/20/2013 O TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS February 28, 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 245,837 variable AAA open 0.01% 245,837 245,836 Bank of NY Mellon 245,831 Federal Home Loan Morgtgage Corporation 5,465,000 4.125% N/A 9/27/13 1.93% 5,867,848 5,606,926 Bank of NY Mellon 5,624,359 6,113,685 1991/01 Series B-Housing Invesco Government&Agency Private 742,402 variable AAA open 0 02% 742,402 742,402 Bank of NY Mellon 478,081 742,402 1994/04 Series A&B Invesco Government&Agency Private 3,005,491 variable AAA open 0 01% 3,005,491 3,005,491 Bank of NY Mellon 97,713 Federal Home Loan Mortgage Corporation 965,000 4.125% N/A 9/27/13 1,93% 1,036,134 986,770 Bank of NY Mellon 993,139 Federal Home Loan Mortgage Corporation 571,000 4.125% N/A 9/27/13 1.93% 613,091 583,882 Bank of NY Mellon 587,650 4,654,716 1998 Airport PFC Invesco Government&Agency Private 146,783 variable AAA open 0 01% 146,783 146,783 Bank of NY Mellon 623,553 U.S.Treasury Note 918,000 1.375% N/A 3/15/13 1,55% 913,374 918,395 Bank of NY Mellon 920,332 1,060,157 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 3 3 3 Bank of NY Mellon 3 Invesco Government&Agency Private 2,593 variable AAA open 0.01% 2,593 2,593 Bank of NY Mellon 2,567 2,597 2004 Assessment District 161 Invesco Government&Agency Private 494,530 variable AAA open 0.02% 494,530 494,530 Bank of NY Mellon 190,999 CIT Bank,Salt Lake City,Utah 205,000 3.05% N/A 1/28/13 1.87% 0 0 Bank of NY Mellon 205,456 494,530 treasrep 3/20/2013 0 .�J TREASURER'S MONTHLY REPORT BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS February 28, 2013 Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Rating Manor i to Maturity Cost Basis Total Market Value Source Market Value 2004 Assessment District 162 Invesco Government&Agency Private 95,275 variable AAA open 0,02% 95,275 95,275 Bank of NY Mellon 68,814 Capital One Bank USA National Association 88,000 4.15% N/A 3/5/13 1.80% 93,846 88,049 Bank of NY Mellon 88,606 189,120 2005 Assessment District 164 Invesco Government&Agency Private 174,781 variable AAA open 0,02% 174,781 174,781 Bank of NY Mellon 96,053 Citizens Bank,Flint,Michigan 245,000 1,85% N/A 3/4/13 1.80% 245,347 245,000 Bank of NY Mellon 245,000 Capital One Bank USA National Association 25,000 4.15% N/A 3/5/13 1.80% 26,661 25,014 Bank of NY Mellon 25,172 446,789 2006 Airport PFC Invesco Government&Agency Private 668,934 variable AAA open 0,02% 668,934 668,934 Bank of NY Mellon 854,462 U.S.Treasury Note 855,000 1.375% N/A 3/15/13 1.55% 850,692 855,368 Bank ofNY Mellon 857,172 1,519,625 2007 Merged Project 41 &N2 Invesco Government&Agency Private 0 variable AAA open 0.01% 0 0 Bank of NY Mellon 0 0 2007 Refunding Lease Revenue Bonds Invesco Government&Agency Private 1 variable AAA open 0.01% 1 1 Bank ot'NY Mellon I 1 2008 Airport PFC Refunding Invesco Government&Agency Private 19,591 variable AAA open 0,02% 19,591 19,591 Bank of NY Mellon 19,591 Federal Home Loan Mortgage Corporation 603,000 4.125% N/A 9/27/13 1,93% 647,450 616,604 Bank of NY Mellon 620,583 667,040 Reserve for 2012 Downtoum Revitalization Lease Revenue Bond Invesco Government&Agency Private 3,188,774 variable AAA open 0.01% 3,188,774 3,188,774 Bank of NY Mellon 3,188,664 3,188,774 Funds With Century Golf 810,600 810,600 810,600 Century Golf 321066 810,600 Totals 19,890,038 19,521,602 $ $16,354,869 treasrep 03/20/2013 00 TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS February 28, 2013 Allowable Percentages By Maturity: MinimumVlaximum Current Mo. 1 day to 365 days $8,000,000 N/A $91,464,051 1 year to 3 years 0.00% 50.00% 3.33% 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% 51.65% U.S. Treasury Notes/Bonds N/A N/A 0.00% treasrep 03/20/13 O c