HomeMy WebLinkAbout7/11/2012 - STAFF REPORTS - 2.F. *PALM Sp4
iy
V N
x
C Me
ORPORPLEO 9'a
c'`'F01t0% City Council Staff Report
DATE: July 11, 2012 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
MAY 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 May 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
$98,567,062 plus $17,401,508 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $98,899,379.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of May 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
July 11, 2012 — Page 2
Treasurer's Investment Report as of May 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 79 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
2t�,A�
Geoffrey S. Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
treasrep CITY OF PALM SPRINGS
6/2 112 0 1 2 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
May 31, 2012
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 3,983,499
Heritage Money Market Fund 393
CalTrust ShottTerm 42,035,947
CalTrust MidTerm 18,033,629
State Pool 15,000 $ 64,068,468 65.00%
Short Term Investments
(I year or less)
U.S.Gov't Agencies 29,000,000 29,000,000 29.42%
Medium Term Investments
(1 year to 3 years)
U.S.Gov't Agencies 4,000,000 4,000,000 4.06%
Long Term Investments
(3 year to 5 years)
Corporate Notes 1,000,000
U.S.Gov't Agencies 498,594 1,498,594 1.52%
$ 98,567,062 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
03
vQ
W E R
m a
.S.8.8.8a
e"��e.m"'Ceemlje c�ea3amaa . n5aa
Y zY z:zzzm xYxm222xxe 3 u
oo' g gig
nnn�
333333333 $$�d3g3s��cg3$
a���w�� aw"-"-�',.ma mma3am33m5� e
a aaamc�aa. Fga � " FmT
nS
zzzz e
z z z z z zzz zYYz zzzz zz Zz zzzzzz zzz ay
aa>a 'a,a'a'a'aa'a
�r3arl�J i3 i+= =or3m N="`.1U33ooa= -2 � L"
a �
- - -- -
z x
I n
'2
y
� 39
ie
< a
mgmrFg mm m�m _ _ ,?dmm
Z ZZZZZY25',ZZ .........ZZZZZZZ w �
K KKKK << 'iK KKKK<
333333333',3>;333333333333 u n
3
<A
u,,tsmp TREASURER'S MONTHLY REPORT
6MM012 DETAIL OF INVESTMENTS
May 31,2012
Coupon Mamfilyof YN[d Adjusted (memo only) Prior Qu.
Par Value Ram Rating Call D. roM.l.n, Cost Basis 6raaory T01a1 Mark.,Value Source Markel Value
Mcdlum Term Ipuestmrnts
(Iwarlo3 were)
US Gott A,-,Swuiuiea
Fsdefal Home Loan Mortgage Cpmomlion 2,000,000 1.125% NIA 02/24/14 1.123% 2,000,000 2,(113 fiX0 Bank of NY Melon 1,986520
Fodeml National Mongaga Asoeintioo 2,000,000 1,100e N/A 0M0/14 1.100% 2000000 2012,06(1 Bank of NY Mellon 2,1,01,251,
udo 000
Lona Tem 1mresMmt
(3 war,m 5 wem3
U.S.Gov't Agency Securiliea
Finwojng CoMormion(MCO) 500,000 9,90% N/A 04/06/I8 9.80% 498594 733,1,19 Baok ofAmnrien 924(12
Corporals Notes
Cenenl Elxlrie Capiml Corporation 1,00(1000 L20% AI/AAa (14/13/I3 120% I,000,000 99330u Bank d NY Mellon U
1.49N 594
$ 905671162 8' 99,9911,399 % t8,864,676
Total Nvented Cash
•0aiude€I fisllowmB dePoi�t6Ynon:ClT nda. PfmciPel _. Int.. Total
Palm Springs Huloriwl Society 250,000 55,200 305,200
Q
Un
TREASURER'S MONTHLY REPORT
treasreP MISCELLANEOUS AND TRUST ACCOUNTS
6/21/2012 May 31, 2012
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category'lotal
Total Invested Cash $ 98,567,062
$ 98,567,062
$ 98,567,062
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 911,884 N/A N/A open None 911,884
Downpayment Assistance(Housing
Fund)-JP Morgan Chase 33,779 0.15% N/A open 0.15% 33,779
Workers Compensation-Bank of America 3,940 N/A N/A open None 3,940
General Liability-Bank of America 30,000 N/A N/A open None 30000
I930's General Store Museum-Bank of America 5,200 N/A N/A open None 5,200
On-Line Credit Card Fire Inspection Fees 43,026 N/A N/A open None 43,026
-Banc of America
On-Line Credit Card Transportation Permits 6,813 N/A N/A open None 6,813 1058 641
-Bank of America
Tmal Ce h-Deposited- _ _.. _. . _ _ _
99,623,703
O
Q)
TREASURER'S MONTHLY REPORT
arm—, BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
612WO12 May 31,2012
Coupon Yield Adjusted (mem only) Prior QP.
Par Value Re. Ram, Memrity to Maturity Cost Boni, Cmegmy Toml Market Value Source Mailer Value
20042012 Conwation Canter
Invest.Govmnmavl ffi Ageney%ivate 133,793 sunable AAA open 001% 131,783 135,782 Bank of NY bfolleo 20363
Federal Home Low Morgtgage Cory.nNov 5465.000 4.125% N/A 9/27/13 193% 5.867,848 5943J69 Bank of NY Mullen S.gl5,",a
6,00J.632
1991/01 Same B-Norman,
froouo Govemmert&Agenoy Privem 421,051 a.i.blc AAA open 002°e 421051 421(151 Bank of NY Mellon 38,558
Fedaml Home Loan Bonk 430,000 4625% N/A 10/10/12 138% 453,705 426,821 Bunk of NY Mellon 434,314
874,75a
1994104 Series A&B
Invade.Govmnmeal&Agency Private 1,904,410 sariabl. AAA open 002% 1,904410 1904,410 Bank of NY Mellon 34,096
Federal Home Lam Mortgage Corporalmn 965,000 4.125% N/A 9/27/13 193% 1036,134 1A14,119 Bonk of NY Mellon 1026963
Federal Home Lamm Moo,,.Corpormum 57I.000 4,125% N/A 9/27/13 193% 61301 600,064 Brink of NY Melia. 609,664
3,553,635
1999 Aitpon PFC
Iowsoo Govommenl&Amu,Pdvale 365,437 vanabla AAA .pan 1102% 361,432 30 137 Bank of NY Mellon 1112,571
U.S.Treasury Nae 918,900 1,325% N/A 3115/❑ 155% 113,374 026174 Back ofNY Mellon 931,11,11
1]J8.$11
2001 Assessment Detract 157/158
Incem.0ovemmonl&AM.,Prom 165,405 sariable AAA open 002% 165,4111 1"f. 15 Bank.1 NY Mellon 167612
165 4M
2002 Parking Structure
Cwh 3 3 3 Bak ofNY Mcllon 3
Inveuu Govmnmavtffi Agenoy Private 2,713 -noble AAA .,on 001% 2213 2,713 Burk of NY Mellon 2690
2 716
TREASURER'S MONTHLY REPORT
Us.., BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
01W2 May 31,2012
Coupon Yield Adjusted (memo onlv3 Prior Qlr_
Par Value Rate Rming Maerhy to Maoriry Coal Basis Category Total Mader Value So.— Markel Value
2004 Assessment DiNim 161
Irvesoo Govemmen(&Agency Pdoam 78908 sariable AAA open 0,02% 78908 98,908 Bonk tFNY Mallon ]5,]50
Key Bank National Amooistloo,Ohio 108,000 430% N/A 12R0/12 1.80% 113,105 110,108 Bank ofNY Mallon 111,422
CIT Brad,Sall Lake Ciry,Utah 205pn0 305% N/A 1128113 LMY% 211.60] 207963 Bank of NY Mellon 2011294
405 621
2004 Assessmrnt Distrito 162
havens,Government&Agenty pnr one 69,951 savable AAA open 001% 6991 6111 Bank tf NY Mcllon 68,I24
GpimlOm BaN:USA National Area ciation SP 000 4.15% N/A 3/5/13 IHO% 13946 vU 14
.Hn Bonk ofNY Mdlon e1215
163,]96
2005 Ationment Dia rice 164
Inros.Govammenl&Agenty None, 99,756 s ariable AAA open 0 6 Ben
02% 99,]56 99]5k of NY Moll- 17342
Ciinens Bank Plot,Michas 245,000 1.95% N/A 3/4/13 190% 245347 245 uu0 Book of Nl'Mellon 245.00o
Cannot One Book USA Nmional Assaoiation 25,000 4.15% N/A 3/5/13 1.80% 26,661 21610 BankofNY Mallon 25913
3]L]64
2006 Airport PFC
Brosnan Government&Agenty Private 1033,451 vmiable AAA open 0,02% 1,038.451 1,039,451 Bank or NY Mellon 9474/1
U.S.Tmasury Notu 855,000 1373% N/A 3115113 1.55% 850,692 862,986 Bank of NY Mellon 86].192
1,989,142
2007 Morged Projeet kl&M2
lnveaoo Govormnmt&Agenty Prioam 0 omiaNe AAA anon 0.01% 0 0 Bank of NY Malloy I,028,1]]
0
2007 Refunding Lease Revenue Bonds
[present Government&Agency Privme 4 suable AAA open 1101% 4 4 Bank of NY Mellon 1
4
2008 Ahpon PPC Refunding
Bnvmoo Govemmem&Agency Poo. 12,437 .,able AAA a- .,on 002% 12,437 12.437 Bank of NY Mcllon 12,43]
Federal H unn ame L Mortgage Coryorntmq_ _ . _.. ¢03.040 4.125°!0 _N/A. . 9l27/11. 1.93% - 647,450 - -- M133693 - Bank vfNY Mellon -1,417I4
659,88]
Fonds With Lentpry Golf 2,032,339 2032,339 2,032.339 (YompGulf 886416
3,032339
TmuM
5 17.40 1 508 S 17.212.x9a 3 YI4.899,]]3
CD
00
TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
May 31, 2012
treasrep
06/21/12
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $93,068,468
1 year to 3 years 0.00% 50.00% 4.06%
3 years to 5 years 0.00% 30.00% 0.00%
over 5 years N/A N/A 1.52%
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%
Certificates of Deposit N/A 30.00% 0.00%
Corporate Notes N/A 20.00% 1.01%
Money Market Mutual Funds -N/A 10 000/0 0.0Oe>o
Mortgage Pass Thrus N/A 10.00% 0.00%
U.S. Government Agencies N/A 60.00% 33.99%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
0
<.o
Calculation of Weighted Avg Maturity
Mature Current No.of Days X Cost
Date Date Days
41 060
41,061 4L060 l 3,983,499
41,061 41,060 1 393
41,061 4L060 1 42,035,947
41,061 41.060 1 18,0B3,629
41,061 41.060 1 15,000
41,017 41,060 -43 -86,000,000
41,019 41,060 41 0
41,032 41,060 28 -56,000,000
41,036 41,060 -24 -24,000,000
41,038 41,060 -22 0
41,038 41,060 -22 0
41,040 41,060 -20 0
41,059 41.060 -1 0
41,073 41,060 13 26,000,000
41,075 41,060 15 15,000,000
41,102 41,060 42 42,000,000
41,136 41,060 76 152,000,000
41,143 41,060 83 166,000,000
41,145 41,060 85 170,000,000
41,158 41,060 98 196,000,000
41,199 41,060 139 139,000,000
41,201 41,060 141 282,000,000
41,206 41,060 146 292,000,000
41,236 41,060 176 176,000,000
41,236 41,060 176 176,000,000
41,240 41,060 180 180,000,000
41,241 41,060 181 181,000,000
41,361 41,060 301 602,000,000
41,382 41,060 322 322,000,000
41,694 41,060 634 1,268,000,000
41,718 41,060 658 1,316,000,000
43,196 41,060 2,136 1,064,996,784
42,124 41,060 1,064 1,064,000,000
Total lnvestruents at Cost 7,728,065,252
WAM in Days
98,567,062 O
78.40