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441FOVLO City -Council Staff Report
DATE: March 6, 2013 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
JANUARY 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 January 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
$96,618,065 plus $16,273,864 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $96,764,121.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of January 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. _
City Council Staff Report
March 6, 2013 — Page 2
Treasurer's Investment Report as of January 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 107.63 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
2�1
Geoffrey S. Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
treasrep CITY OF PALM SPRINGS
2/25/2013 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
January 31, 2013
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 5,751,148
CalTrust ShortTerm 26,144,878
CalTrust MidTerm 18,141,833
State Pool 15,012 $ 50,052,871 51.80%
Short Term Investments
(1 year or less)
U.S.Gov't Agencies 40.068,000 40,068.000 41.47%
Medium Tenn Investments
(1 year to 3 years)
Corporate Notes 1,000,000
Time Deposits 200,000
U.S.Gov't Agencies 4,000,000 5,200,000 5.38%
Long Term Investments
(3 yearto 5 years)
Time Deposits 798,600
U.S.Gov't Agencies 498,594 1,297,194 1.34%
$ 96,618,065 100.00%
-Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
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Ir..mp TREASURER'S MONTHLY REPORT
uvzsrznu DETAIL OF INVESTMENTS
January 31,2013
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TREASURER'S MONTHLY REPORT
iterate, MISCELLANEOUS AND TRUST ACCOUNTS
02/292013 January 31,2013
Yield Adjusled
Par Value Coupon Rating Maturity to Mamnty Cost Basis Care,.,Total
Total Invested Cash S 96,618,065 S 96,618,065
$ 96,618,065
Miscellaneous Accounts
Petty Cash 4,000 N/A N/A open None 4.0o0
Trust&Agency-Bank of America 976,664 N/A N/A Per None 978,b64
Downpaymeat As,astance(Housing
Fund)-ID Morgan Chase 33,801 0.10% N/A open 0.15% 33,801
Workers Compensation-Ban,of America 34,811 N/A N/A open None 34811
General Liability-Barkof America 30,000 WA N/A open None 30,000
1930's General Store Museum-Bank of America 5,917 N/A N/A open Nonc i.717
On-Line Credit Card Fire Inspection Fees 44,912 N/A N/A ,,an None 44,912
-Bank ofMiene.
On-Line Credit Card Transportation Permits 6796 N/A N/A open None 6,796 1,138,701
-Bank of America
Total Cash Deposited $ 97,756A6
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TREASURER'S MONTHLY REPORT
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TREASURER'S MONTHLY REPORT
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n2nsnnu January 31,2013
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treasrep
02/25/13 TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
January 31, 2013
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days 8,000,000 N/A $90,120,871
1 year to 3 years 0.00% 50.00% 5.38%
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% 1.03%
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% 46.13%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
0
Calculation of Weighted Avg Maturity
Mature Current No.of Days X Cost
Datc Date Days
41.305
41.306 41,305 1 5.751,148
41 3% 41,305 1 26,144.878
41,306 41,305 1 18,141,833
41306 41,305 1 15.012
41.205 41,305 -100 -99,875,000
41,228 41.305 -77 -76.923,000
41,228 41.305 -77 -76.923.000
41,248 41,305 -57 -113,914,500
41,261 41,305 -44 -87,956,000
41.333 41,305 28 55,972,000
41,361 41.305 56 112,000,000
41,38E 41,305 77 77,000.000
41.431 41.305 126 252,000.000
41.432 41.305 127 254,000,000
41,462 41,305 157 797,520,750
41,466 41305 161 161,000,000
41,471 41.305 166 332,000.000
41A85 41.305 190 180,000.000
41,501 41,305 196 391,412.000
41,514 41,305 209 208,582,000
41,514 41.305 209 418,000,000
41,537 41,305 232 464,000,000
41,544 41,305 239 478,000.000
41,544 41.305 239 478,000,000
4L669 41,305 364 1,456,000,000
42,107 41,305 302 802,000,000
42,212 41,305 907 181,400.000
41,694 41,305 389 778,000,000
41,718 41,305 413 826,000,000
42,571 41305 1,266 253,200,000
42.571 41,305 1,266 253,200,000
42.941 41,305 1,636 324,909.600
42,942 41,305 1,637 327,400,000
43,196 41,305 1,891 942,841,254
10,398,898,975
Total Investments at Cost 96,618,065
WAM in Days 107.63 10