HomeMy WebLinkAbout10/17/2012 - STAFF REPORTS - 2.I. PALMS*
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Cq�IFORN�P+ City Council Staff Report
DATE: October 17, 2012 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
AUGUST 31, 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 August 31, 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
$97,253,516 plus $18,491,906 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $97,651,810.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of August 31, 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
ITEM NO.
City Council Staff Report
October 17, 2012 — Page 2
Treasurer's Investment Report as of August 31, 2012
under current market conditions. We recommend that this exception to the
policy be continued.
The weighted average maturity (WAM) of the portfolio is 124 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. Kehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
treasrep CITY OF PALM SPRINGS
9/25/2012 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
August 31, 2012
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 1,506,434
Heritage Money Market Fund 0
CalTrust ShortTerm 34,086,504
CalTrust MidTemn 18,077,395
State Pool 15,000 $ 53,685,333 55.20%
Short Term Investments
(1 year or less)
U.S.Gov't Agencies 37,070,989 37,070,989 38.12%
Medium Term 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 5.35%
Long Term Investments
(3 year to 5 years)
Time Deposits 798,600
U.S.Gov't Agencies 498,594 1,297,194 1.33%
$ 97,253,516 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
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3
oneorep TREASURER'S MONTHLY REPORT
D925/2012 DETAIL OF INVESTMENTS
August 31,2012
Cwpon Mawdn or Yield Ad maoa (memo only) Prom rnr.
Pelf Value Ram Ealing Call Date an Mean, Coat Bmvia Camgoly Toml Merkur Value Source Markel Venue
n4eamm Tmm Inve6lmenla
l Laarm3re.ra)
Cerpomm NoBe
Gem-1 El,cm.Cap.)CoWenion Low000 1MI. Al/AA, W/13115 120% IO04WU 993san Book of NY Mellon 111911,
Time Noma.
Mly Bank CD 200000 1.15% N/A 7127/15 1.15% 200000 2000100 II
2000U0
U.S.Oovt Agmtcy Seemnim
PNatl Hone Loan Mmlgage CmponAon 2,000.000 1.13% N/A 112R4/14 1.125%e 2,000mlo 2012660 Bank of NY Mellon 20U_140
Pdual Nalional Mon,,Aameimon 2,000,000 LIP/e N/A 03R0/14 LIOW/n 2.000M0 2,g14340 Bank of NY Mellon 2.011.04D
4.om.0oo
Long Tam Im'almenl
(3 ve ar 1.5 ears)
Tome D,a,ila
BE Cap Be.,[Bank CD 200,000 1a5% N/A 7/20/16 135% 200,000 201A49 0
BE Cap Bank CD 200,000 135% N/A 7/20116 135% 200,000 205,889 n
Beldam.SaoN Bank CD 200,000 180% N/A 9125117 I,80% 198.60U 2W924 11
DomoSr Bank CD 200,000 1,20% WA 9R6/17 190% 200,000 2W1156 0
US Gov't Agency Samilies T)B.GUO
PWnoing Cmpmallon(FICO) 500.00. 98P/ N/A 04/0NIg 9.80% 498,594 729422 Bank of America 928,1151
498,594
Taal Imxsld CmeF S 97,253516 5 9I651.S10 S 103224,219
'Includes the followmg aeons mf mmn ity funds'. Principal Intone, Tonal
Palm Springs Hislmieal Some, 250,000 PA 250,084
CA
TREASURER'S MONTHLY REPORT
heastep MISCELLANEOUS AND TRUST ACCOUNTS
09/25/2012 August 31, 2012
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 97,253,516 $ 97,253,516
$ 97.253,516
Miscellaneous Accounts
Petty Cash 4,000 N/A N/A open None 4,000
Revolving Fund-Bank of America 20,000 N/A N/A open None 20,000
Trust&Agency-Bank of America 902,644 N/A N/A open None 902,644
Downpayment Assistance(Housing
Fund)-1P Morgan Chase 33,787 0_10% N/A open 0,15% 33787
Workers Compensation-Bank of America 8,003 N/A N/A open None 8,003
General Liability-Bank of America 30,000 N/A N/A open None 30,000
1930's General Store Museum-Bank of America 4,693 N/A N/A open None 4,693
On-Line Credit Card Fire Inspection Fees 4,219 N/A N/A open None 4,219
-Bank of America
On-Line Credit Card Transportation Permits 3,763 N/A N/A open None 3,763 1011,109
-Bank of America
ITotal Cash Deposited $ 98,264,625
0
t"
TREASURER'S MONTHLY REPORT
aeaarm BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
09I25/2012 August 31,2012
Coupon Yield Adjund (memo amyl Prior Our
Par Value Raw Ran, Mawr, Ia Melurity Con,Basle Criegm Toml Markel Volut Swrtc Markel value
2004ON2 Comrnlion fencer
Imtuo Omeruntnl k Agen,PrLule I37.083 ,miable AAA open 0,01% 139,0%3 1370112 Bank ofNY Mellon IJ7.0T
F,drarl Home Lear Morplya Corpora— 5,465.0110 4.125% N/A 9/27/11 113'V. 5,8r"4g 5,693,IPre Bank nFNY Mellon 5,724,1511
WA931
1991101 SetleeB-Houaiog
Imnro Govcmmenr&Agency Privale 48314 amiable AAA open U OAe 481 314 4&314 Bonk of NY Mellon 421 Or
Federal H.,Lwn Bank 4200W 4625% NIA 10110/12 13.% 451405 421907 Bank of NY Mellon 425,1.
5U3,019
iy%/04 Series A&B
Iweaao Onasmerv.&Age,Ptivole 1,90S06 uvleblo AAA glen o.02% IY04.506 1904506 Bank of NY Mellon LIMA43
Foderal Home Lan MMgagn Cwpmlion 965,WKI 4.125% N/A 9/27,I3 1,93% 1,036,134 1.1101,279 Bank of NY Mellon IJ1142611
FMeral Home Lon MAlgage Ceyorallml 5II000 4.125: N/A 9/27II3 193% 613091 594834 Bank of NY Mellon 19x0A
3 551731
Fari Aikpof PFC
foresco Goa'ommenl&Agency Privane 334942 ...while AAA .Pen o.02Y 334942 334947 Bank of NY Mollm 435MN
U.9.Treason New 918,000 1,175% NIA 3115/13 155% 913,374 923agl Bonk of NY Mellon 925514
1 248 321
2001 Asmarmtns District 157/159
In,'eseo Goatrrontnl&Ageney Privale 245413 a,,,able AAA area 002% 245413 W,413 Binh of NY Mellon I"Ap.
245,4❑
2M2 Parking Stmdwt
Cash 3 3 3 Bonk of NY Mellon 3
love..Go--.&Agmmy Privale 2994 vurlable AAA open Ool% 2.104 2874 Bond,of NY Mcllon 2713
2 07
20M Assessment Downer 161
lov.GmeOlmenl&Agency Pliaale 308,730 ,arable AAA open 002% 308,730 30X7311 Bank of Nl'Mellon 81238
hey Bank National Aareeneion.Ohio IOd.l810 4.30% WA IV20/12 1RRI. 11YA115 IIN.289 Bank of Nl'Mellon InY N91
CIT Bank,Sell Lake City,Ulnh 21151100 3.05% N/A V21/0 tar/. 211,007 207,I72 BnnkofNY Mellon 202709
635.443
TREASURER'S MONTHLY REPORT
menarep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
09125/21n2 August 31,2012
Coupon Yield Adjusted (moots only) Fri.Up.
Par Veto, Ram Rating Mamrlry to Mauniw Con Baeis Celegory Total Market Value Seat. Market VnLs
20W Aaaaameat Diorim 162
1—e.GovennvA&Agency Free. - 1343112 .ruble AAA open 001% 134.282 134,282 Bank of NY Mellon 62952
Capital One Bank USA National Ase.iatlon 88.000 415% N/A 3/5/13 190% 93,846 84568 Bank of NY Mellon 89,966
28
2D05 Aeecaamrnt turner 164
hover.0avemmatt&A,—Penn. 294265 variable AAA open 002% 284265 284.20 book of NY Mellon Iall IeU
Onnsp Bank.Flint,Miehigan 243,W0 185% N/A 3/4/I3 I80% 245,347 245000 Bonk of NY Mellon 245,plan
Capital One Bank USA National Association 25,000 4.15% NIA 315/13 I,81N/e 26661 25A45 Bonk ofNY Mellon 21,559
556,293
20W Airgnt PFC
honest,0ovttnnwt&Agecy private 333,042 vocable AAA open 002% 333,042 333,042 Bark of NY Mellon 1,164984
U.S.Tmaaury Note 955,000 1375% N/A 3115113 155% 850692 860492 Bonk of NY Mellon 862043
1la1933
2007 Mrrpd Projat 91&92
been.Crovemmenr&AS.,Private 0 rumble AAA open 001% 0 0 Bank ofNY Mellon 0
11
2007 Refunding Lease Revrnm Bonds
Invests Gormnnenr&Aden Private 4 variable AAA on 001% 4 4 Bank of NY Mellon 4
4
2008 Airport PFC Refunding
Nsearo Goverim.&AS.,Private ),152 .,able AAA open 002% 7,152 2,152 Bank ofNY Mellon 12437
Foderal Hors,Loan Mortgage Corporation 603000 4125% WA 9/29/13 193% .7,450 6281611 Dark ofNY Mallon 631,594
654S02
Resent for 2012 Donvloavn Revitalimtlon Lease Reverie point
Invest.Government&Agency P-sto 3,IRRSW vanoble AAA open 3,188,209 3,I89,209 Bank ofNY Mellon 3,204,343
3.188,201
Funds With Century(rolf 488220 488221) 4g81211 Corry Golf 890511
488120
Tmels S 18,491906 S 18121.175 S BI9A25,838
CD
00
TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
August 31, 2012
treasrep
09/25/12
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $90,756,322
1 year to 3 years 0.00% 50.00% 5.35%
3 years to 5 years 0.00% 30.00% 0.82%
over 5 years N/A N/A 0.51%
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% 1.03%
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% 42.74%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
O
to
Calculation of W 6good Avg Maturity
Mature C., No.of Days X Cost
Daze Date Days
41.152
41I53 41,152 1 1.506.434
41,153 41.152 1 0
41,153 41.152 1 34.086.504
41I53 41.152 1 1&077,395
41I53 41.152 1 15.0W
41,017 4LI52 -135 0
41.032 41.152 -120 0
41.036 41.152 -116 0
41102 41,152 SO 0
4L136 41.152 -16 0
41,143 41,I52 -9 0
41,145 41.152 -9 0
41,158 41I52 6 12,000,000
41,165 41,152 13 26,000,000
41.166 41.152 14 28,000,000
41,199 41.152 47 47.OW.OW
41201 41.152 49 98,OW,"
41205 41.152 53 52.959.661
412M 41.152 54 108.0W.1100
41228 41.152 76 75.924.OW
41228 41,152 96 75.924.W0
41.236 41,152 84 84,OW,WO
4L236 41.152 84 84,OW,000
4L240 41352 88 88.000,000
41,241 41.152 89 89.000,000
41.333 41.152 181 361,819.OW
41.361 41.152 209 418,OW,000
41382 41,152 230 23UM W
41.431 41.152 279 558,OW,WO
41A32 41.152 280 560,OW.000
41A62 41,152 310 1.574222,5W
41501 41,152 349 696.953.WO
41.514 41,152 362 361.276.000
4L514 41.152 362 724.OW.000
42,107 41.152 955 955,00 .000
42.212 41,152 I.M0 212,OW,WO
41.694 41.152 542 L0840W.000
41,718 41.152 566 1,132,OW,000
42.511 41,152 1,419 283.800,WO
42.571 41.152 1.419 283.8W.000
42.941 41.152 1.789 355.295.400
42.942 41.152 1.7% 358,OW,OW
43.196 41.152 2,044 1,019,126,136
12p90.285,030
ioW Ivvcerm mat Cos[ 97253,516 10
WAM in Days 124.32