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gOFORN� City Council Staff Report
DATE: November 7, 2012 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
SEPTEMBER 30, 2012
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 September 30, 2012. 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
$96,021,956 plus $16,543,031 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $96,397,611.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of September 30, 2012.
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
MU NQ-2--9,,,�„!
City Council Staff Report
November 7, 2012 — Page 2
Treasurer's Investment Report as of September 30, 2012
under current market conditions. We recommend that this exception to the
policy be continued.
The weighted average maturity (WAM) of the portfolio is 138.92 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
treasrep CITY OF PALM SPRINGS
10/29/2012 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
September 30, 2012
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 3,246,966
Heritage Money Market Fund 0
CalTrust ShortTerm 27,103,359
CalTrust MidTerm 18,090,948
State Pool 15,000 $ 48,456,273 50.46%
Short Term Investments
(1 year or less)
U.S. Gov't Agencies 41,068,489 41,068,489 42.77%
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 5.42%
Long Term Investments
(3 year to 5 years)
Time Deposits 798,600
U.S. Gov't Agencies 498,594 1,297,194 1.35%
$ 96,021,956 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit 3
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o-ea:rev - TREASURERS MONTHLY REPORT
m292o12 DETAIL OF INVESTMENTS
September 30,2012
Co.,. Mewrin of Yield mpow (memo only) Prior Gar
Par Value Ran, Rating Call Dale IO M.'a y ('oel Dart, Category Total Markel Value Source Markel Value
Medmm Tcrm N,enmcnm
(1 nar l0 3 yeas)
Corpmmc Nan
Gemml ElecGc Capital C.Wratian 10011000 120% AI/AA, 04/13/15 12(i% LOGb,000 992360 Bank of NY Mellon 991960
1000,000
Time DeFosils
Arl,Bank CD 200000 1.15% N/A 7/29/I5 115% 200000 2.doo 0
200,00.
U.S.Gm5 Agency Securities
Federal Home Loan Mortgage Cwporalino 2000000 LU% N/A 02/24/14 1.125% 2,000,001, 2,11.7,160 Bank of NY Mellon 2013,140
Federal National Mortgage Aramiatlon 2'am'000 1.10% N/A 0320114 1IOV/. 2,000,01111 20M,280 Bank of NY Molloo 2011.M0
000,000
Lang Tam Nastmcnt
(3 cma to 5e.,a)
Toro Depoalts
BE Cap Road Bank CD 200A. 133% N/A 7120116 133% 200W0 206.100 0
BE Cap Bank CD 2011,Oo0 135% N/A Wml,, 1,35% 200i000 206,100 0
Goldman Seeks Bank CD 200,000 1,80% N/A 7/25117 180% 198,600 211,244 0
Di..,Bank CD 200000 190% N/A I/26/19 190% 2M 0011 2119.290 0
798,600
US Go,'t Agony Sc aitwr
Financing CoMeralion(FICO) 5I10.000 980% N/A 04/06/IX kraoi 498,594 92T161 Bank of Amerna 728.051
49X.594
d 96.021,956 $ 96,3Y1611 5 1113224.219
Toml lmulW Cash
'Includes tM folloamg deposits of uanCity funds Principal Interest Total
PaNt Spring,Hismrical Sooner, 25110110 163 2511A63
TREASURER'S MONTHLY REPORT
trea:rep MISCELLANEOUS AND TRUST ACCOUNTS
W/29f2012 September 30, 2012
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 96,021,956 $ 96,021,956
$ 96,021,956
Miscellaneous Accounts
Petry Cash 4,000 N/A N/A open None 4,000
Revolving Fund-Bank of America 0 N/A N/A open None 0
Trust&Agency-Bank of America 962,085 N/A N/A open None 962,085
Downpaymwrt Assistance(Housing
Fund)-3P Morgan Chase 33,790 0.10% N/A open 0.15% 31790
Workers Compensation-Bank of Amenca 2,236 N/A N/A open None 2,236
General Liability-Bank of America 30,000 N/A N/A open None 30000
1930's General Store Museum-Bank of America 4,233 N/A N/A open None 4,233
On-Line Credit Card Fire Inspection Fees 11,140 N/A N/A open None 11,140
-Bank of America
On-Line Credit Card Transportation Permits 4,778 N/A N/A open None 4,778 1052 261
-Bank of America
Total Cash Deposited $ 97,074,217
O"
TREASURER'S MONTHLY REPORT
,,.are, BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
10129/2012 September 30,2012
Coopan Yield AdryslN Imemo only) Perot Qn.
Par Valoc Rare Rating Meaning, to Maturi, Coal Basis Care,—real Woke,V.I- So.. Market Value
200412012 Convention Center
louse.Governnn nor&Ago.,Private 249.801 vavieble AA4 open rl"I% 249,801 249A00 Bank of NY Mellon 137099
Bell Home Lon.mor"itge Corporation 5465,hard 4.121% N/A 927/13 1.93% S,867.848 5.672990 Bank ofNYMellen 5.724,110
6,11]rO9
1991/01 Sefies B-Housing
loco Govermnent&Agency Private 48315 variable AAA open 11r2% 48,315 48311 Bank of NY Mellon 421059
Fadool None Loan Bank 420,000 4625er N/A UJAQ12 1,3.% 453705 420,475 Bonk efNY Met[.. 425,184
502020
1994/I4 Series A&B
Imsco Gmernmem&Annoy Pmam 97698 variable AAA open OUP% 97,698 97,698 Bank of NY Mellon 1904,443
Pecaral Hone Loan Mortgage Corporation 165,000 4.125% N/A 927/13 1,93% 1,036,134 1002,50. Bank ofNY Mallon 1,01f,761'
record Homo[,.an Moroi,Corpvante 571,(1110 4.125f, N/A 927/13 113% 1113.091 593.1.9 Bank of NY Mello. 598077
U46,923
1998A ri PFC
Invxua Govemn¢nt&Agenq Private 411 819 variable AAA open 11 @% 411 819 411,819 Bank of NY Mellw 433 994
U.S.retain,Nolc 918,0W 1375% N/A 3/15/13 1.55% 913,374 923095 Bank of NY Mellon 925,564
325,193
2001 Asseonwor Britain,157/158
In—e.Coiarinnn&Agenq Pmme 113.136 anable All open 002% 163,136 163,136 Bad of NY Mellon 165,408
163,131,
2002 Parking Structure
Crab 3 3 3 Bank efNY Mellon 3
Ina—Gko nearer,&Agnq Private 2345 varobla AAA open OIIP% 2341 3341 Bank of NY Mellon 2713
2 348
2U 4 Aseasmenr,Barra 161
Invvsao Note rn0tent&Area,Povolc 80661 variable AAA open 11,112% 80,661 80,661 Bank of NY Mellon 81,238
Kao Bank National Aes.ciallonANio IIIfl,onal 430% N/A 12/20/12 I8M/ 115A05 109,000 Bonkef NY Mellon 109841
CR Bank.Salt Lakx C.Laarb 211,("10 303% N/A 1/28/13 18P6 211,607 2.a,." Bank of NY Mellon 20?909
'V
TREASURER'S MONTHLY REPORT
Voaarep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
1012912012 September 30,2012
Coupon Yield Adjusted (memo only) Prim Qu.
Par Value fan, RelinB Metann, to Miami" Cost Basis Ca¢8mp Total Markel Value Soue, A uln Value
2004 Asscesmenl BleVlcl 162
Imxaro Gorttrunrnl&Agency P a,, 6b.05 ...table AAA open 0.1% LX8115 6890, BortF of NY Mellon 69952
Capital One Book USA National AMSeialion 88,000 4.15% N/.4 311113 180% 93.846 89438 Bank of NY Mellon 89966
162 651
2005 A55es6menl PiSVIG 1 W
Imvem Cmsormmm&A,ne,'Pn-la 94910 svrlable AAA opev 002N 94,910 94.910 Behr of NY Mellon 100,143
Ciliie.Bad,F4ty MwbiBun 245,0MI 185% N/A 314/13 1.80% 245,347 245(X10 Bank of NY Mellon 245.Vl
Capital One Bank USA National A Axatoon 25,000 4,15% N/A 3)5/13 1,80% 26,661 25,408 Snarl,of NY Mellon 25.559
366,918
2006 Avpto PFC
Im...o Government&Aeon,pinto, 40398 rarinble AAA open ..2% 46),)89 467,188 BaNs NNY Mellon 1.164984
U.B.Treasury Note 855,000 1375% N/A 3/I5/13 1.55% M,02 959,745 Bunkof NY Mellon 862,045
1118419
2002 Mated Pr jai 01&p2
In,It,.G ennmml&Alone,Fit,nto, 0 sortable AAA open 001% 0 0 Badof NY Mellon 0
0
20112 ReNMo,Leese Re,en.,Ben&
Into...Go,arvnem&Ali Minnie 33.350 ,..table AAA open OOP% 33X3511 338,35o Bank of NY Mellon 4
33X,330
2009 Ai,,U PFC Refunding
In,esm 5iner—I&Alen,Nna, 19589 'aneble AAA open 0.2% 19.,89 19599 Bahr of NY Mellon 12.437
Pnderal He.,Loan Morlgaga C.,.,.. 603000 4125% N/A 9R9/13 1,93% 6474111 626d33 BaaofNY Mellon 631594
667,039
Recur for 2012 Doenmxn R—nalamoon Lease Revenue Bnnd
Imesco Goaemmmt&A,.,,Nolo 3.188247 ,.ruble AAA open 3.188247 3.IX8242 Bank of NY Mellon 3204343
3.IX8.24]
Fiat&With CrnWry OoT 236904 236204 236,204 CcvturyOolf 820593
23GI04
Taub $ 16.543031 S 14246,716 S $11A25838
00
TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
September 30, 2012
treasrep
10/29/12
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $89,524,762
1 year to 3 years 0.00% 50.00% 5.42%
3 years to 5 years 0.00% 30.00% 0.83%
over 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% 47.45%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
cn
Caleulation of Weighted Avg Mamriry
M. Currem N. of Days X Cos
Da,e Date Days
41,182
41,183 41,182 1 3246.966
41,183 41,182 1 0
41,183 41,182 1 27,103.359
41,183 41.182 I 18,090948
41,183 41,182 1 15,000
41,019 41,182 -165 0
41,032 41,182 -150 0
41,036 41,182 -146 0
41,102 41,182 -80 0
41,136 41,182 -06 0
41,143 41,182 -39 0
41,145 41,182 SI 0
41,158 41,192 -24 0
41,165 41,182 -17 0
41.166 41.182 -16 0
41,1" 41.182 17 17,000,000
41,201 41.182 19 38.000,000
41,205 41,182 23 22,982,494
41 206 41.182 24 48,0)0.000
41,228 41,182 46 45 954.000
41,228 41,182 46 45,954.000
41,236 41,182 54 54,000,000
41,236 41,182 54 54,000,00
41240 41,182 58 58.0W.000
41,241 41,182 59 59,000,000
41,248 41,182 66 131,901,000
41.261 41,182 29 157,921,000
41.333 41,182 151 301,849,000
41,361 41.182 109 358,000,000
41,382 41.182 200 200.000,000
41 431 41.182 249 498,000,000
41,432 41,182 250 500.000,000
41,462 41,182 280 1,422,330.())()
41.501 41.182 319 637,043,000
41,514 41,182 332 331,336.000
41,514 41,182 332 6 ,000,000
41,537 41,182 355 710.000,000
41,544 41.182 362 724,000.000
41,544 41.182 362 724.000.000
42,109 41,182 925 925,000,000
42,212 41,182 1,030 206,000,000
41,694 41,182 512 1,024,000,000
41,218 41,182 536 I,092p00.000
42,591 41,182 1,389 27/,800,000
42,571 41,182 1,389 2T1,800,000
42,941 41,182 1.759 349,331,400
42,962 41,182 l,760 352.000.000
43,1% 41,182 2,014 1,004.168,316
-10
13,339,832,483
TaW Invesmems az Cos 96.021,956
WAM in Days 138.92