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Home My WebLink About6/6/2012 - STAFF REPORTS - 2.F. ?ALM Sp A. Q�y Vc V N Cg41F0RN`P City Council Staff Report DATE: June 6, 2012 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF APRIL 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 April 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 $92,823,871 plus $ 18,924,645 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $93,197,610. RECOMMENDATION: Receive and File Treasurers Investment Report as of April 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, 4/16118, 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 June 6, 2012 — Page 2 Treasurer's Investment Report as of April 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 87 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 G offre�D recto Finance and Treasurer Attachments: Treasurer's Investment Report 02 treasrep CITY OF PALM SPRINGS 5/15/2012 TREASURER'S MONT14LY REPORT SUMMARY OF INVESTMENTS Apri130, 2012 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 5,270,992 Heritage Money Market Fund 393 CalTrust ShonTerm 33,021,999 CalTrust MdTerm 18,016,893 State Pool 15,000 $ 56,325,277 60.68% Short Term Investments (1 year or less) U.S.Gov't Agencies 30,000,000 30,000,000 32.32% Medium Tenn Investments (1 yewm3 ears) U.S.Gov't Agencies 5,000,000 5,000,000 5.39% Long Tenn Investments (3 year to 5 years) 77 Corporate Notes 1,000,000 U.S.Gov`t Agencies 498,594 1,498,594 1.61% $ 92,823,871 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit 03 treaarre TREASURER'S MONTHLY REPORT 5/15/2012 DETAIL OF INVESTMENTS April 30, 2012 Coupon Maturity or Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Call Date to Maturity Cost Basis Category Total Market Value Source Market Value On Call Deposits Checking-Bank of America $ NIA N/A AAA open None $ 5,270,992 g 5,270.992 Bank of America 2,049,194 Heritage Money Market Fund N/A 0.010% 393 393 CmTmat 391 CelTrust ShorsTerm• N/A N/A open 0.400% 33.021,999 33,052,501 CBITrust 36.038,647 CelTmst MidTerm N/A N/A open 1.070% 18,016,893 18,016,909 CalTrust 17,992,794 local Agency Invest Fund(LAIF) 1$,000 variable N/A open 0.383% 15,000 15,018 LAIF 15,025 56.325,277 Short Term lnvn[mema 1 e or Ins U.S.Gov't Agency Securities Federal Farm Credit Bank 2,010,000 1.09% N/A W/I8/12 1.09% 2,000.000 2,000,220 Bank of NY Mellon 1,995.520 Federal National Mortgage Association 1,"," 2,55% N/A 0420/12 2.55% 0 0 Bank of NY Mellon 1,001,180 Federal Home Waa Bank 2,000,000 1.02% N/A 05/03/12 1.02% 2,000.000 2,000,220 Bank of NY Mellon 1,996,440 Federal Home Wan Bank 1,000,000 1.20% N/A 05/07/12 1.20% 1,"," l'"j90 Bank of NY Mellon 992.969 Federal Home Wan Mortgage Corporation 2,000,000 1,25% N/A 05/09/12 1.25% 2.000,000 2,000,660 Bank of NY Mellon 2,003,080 Federal Home Wan Mortgage Corporation 1."' 0 1.80% N/A 05109112 1.80% 1,000,000 1,",330 Bank of NY Mellon 101,563 Federal Home Wen Bank 2,000,000 1.25% N/A 05111/12 1.80% 2,000.000 2.".580 Bank of NY Mellon 0 Federal National Mortgage Association 2,0ll1 1.45% N/A 05/30/12 1.45% 2,000,000 2,001,900 Bank of NY Mellon 2.004,000 Federal Home Wen Mortgage Corporation 2,000,000 2.30% NIA M113/12 2.30% 2,".M 2,004,540 Bank of NY Mellon L001,260 Federal National Mortgage Asseciaion 1,000,000 1.30% NIA 06115112 1.30% I,M." 1,001,200 Bank of NY Mellon 2.002,860 Federal Home Wan Bank 1,"," 1.30% NIA 09112112 2.30% 1,000,000 1,001,260 Bank of NY Mellon 0 Federal Farm Credit Bank 2,000,000 1.25% NIA 08/15/12 I.75% 2,000.000 2,002,900 Bank of NY Mellon 2,W8,040 Federal Farm Credit Bank 2,000,000 1.50% NIA 08122/12 1150% 2.M.000 2.M.580 Bank of NY Mellon 2,002,260 Federal Farm Coedit Book 2.0110,000 1.50% NIA 09106112 1.50% 2,000,000 2,008.900 Bank of NY Mellon 2,009,200 Federal National Mortgage Association 1,000,o00 1.65% N/A 10/17/12 1,oxfo00 1,005,110 Bank of NY Mellon 0 Federal Na mud Mortgage Association 2,000,000 1.325% NIA 10119112 1.325% 2,000.000 2,00/,420 Bank of NY Mellon 2,M,920 Federal National Mortgage Association 2,000,000 1.20% NIA 10/24/12 1.70% 2,000,000 2,011,000 Bank of NY Mellon 2,009.820 Federal National Mortgage Association I,000,000 1.50% NIA 11/23112 1.50% I,000' O 1.006,020 Bank of NY Mellon 1,006,240 Federal National Mortgage Association 2,000,000 1.13% N/A 03/28/13 1.50% 2,000,M 2,008,920 Bank of NY Mellon 1.993,780 30,000.M iQ treasrep TREASURER'S MONTHLY REPORT 5/15/2012 DETAIL OF INVESTMENTS April 30, 2012 Coupon Maturity or Yield Adjusted (avow only) Prior Qtr. Par Value Rate Rating Call Dare to Maturity Cost Basis Category rural Marker Value Source Mark.Value Medium Term frvestrxms (1 year to 3 years) U.S.Gov't Agcncy Securities Pedeol Natural Mortgage Association I,W0jyj0 2.50% N/A 04/18/13 2.50% L"," 1,020,210 Bonk of NY Mellon 1,022.110 Federal Home 1-can Mortgage Corporation 2,"," 1.125% N/A 02/24/14 1,125% 21004000 2,013,620 Bonk of NY Mellon 1,986,520 Federal Natioral Mortgage Association 2,000.000 1.I00% N/A 03/20/14 1.125% 2,000,000 2,010,220 Bank of NY Mellon 2.001.250 5,00D,000 Lang Term Investment 3 ears to 5 ears) U.S.Gov't Agemy,Securities Financing CorpOrmlon(FICO) 500'" 9.80% N/A 04/06/18 9.80% 498,594 731,347 Bank of America 724,612 Cofparate Notes Go..[Electric Capiml Corporation 1,000,000 1.20% N/A 04/13/15 1.20% 1,000,000 992,650 Sank of NY Mellon 0 1,498,594 $ 92,823.8]]1 $ 93.19].610 $ 88,864,676 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 5/15/2012 April 30, 2012 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 92,823,871 $ 92,823,871 $ 92,823,871 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 911,909 N/A N/A open None 911,909 Downpayment Assistance(Housing Fund)-JP Morgan Chase 33,776 0.15% N/A open 0,15% 33,776 Workers Compensation-Bank of America 26,822 N/A N/A open None 26,822 General Liability-Bank of America 29,850 N/A N/A open None 29,850 1930's General Store Museum-Bank of America 2,805 N/A N/A open None 2,805 On-Line Credit Card Fire Inspection Fees 32,041 N/A N/A open None 32,041 -Bank of America On-Line Credit Card Transportation Permits 6,538 N/A N/A open None 6,538 1,067,741 -Bank of America - Total Cash Deposited $ 93,891,613 O TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 5/15/2012 April 30,2012 Coupon Yield Adjusted (memo only) Prior Qv. Par Value Bare Rating Maturity to Maturity Cost Basis Category Total Market Value Source Markel Value 1997/01/04/12 Convention Center Invesco Government&Agency Private 1,7/9,878 variable AAA ocen 0.01% I,7/9,878 1,779,877 Bank of NY Mellon 20,363 Federal Home Loan Morgtgage Corporation 5,465,000 4,125% N/A 9@2/13 1,93% 5,867,848 5,760,274 Bank of NY Mellon 5,815.908 7,647,726 ]"1/01 Series B-Housing Investor Government&Agency Private 421,044 variable AAA open 0.02% 421,044 421,(Wi Bank of NY Mellon 38.558 Federal Home Loan Bank 420,000 4.625% N/A 10/10112 1.38% 453,705 428,375 Bank of NY Mellon 434,314 874,749 1994/04 Series A&B Investor Goverment&Agency Private 1,904,379 variable AAA open 0.02% 1,90,1379 1.904,3/9 Bank of NY Mellon 34,096 Federal Home loan Mortgage Corporation %5,000 4.125% NIA 9127113 1.93% 1,036,134 1,017.139 Bank of NY Mellon 1,026.963 Federal Home Loan Mortgage Corporation 571,000 4.125% N/A 9/22/13 1.93% 613,091 601,851 Bank of NY Mellon 60/,664 3,553.604 1998 Airport PFC Invesco Government&Agency Private 294,882 variable AAA open 0.02% 294.882 294,892 Bank of NY Mellon 612,571 U.S.Treasury Nate 918,000 1.375% N/A 3/15/13 1.55% 913,374 927,391 Bank of NY Mellon 931,091 1.208,256 2001 Asseasmmt District I5//158 Invesco Government&Agency Private 165,403 variable AAA open O.02% 165,403 165,403 Bank of NY Mellon 167,672 165,403 2002 Parking Structure Cash 3 3 3 Bank of NY Mellon 3 Invesco Govermnem&Agenry Private 2.513 variable AAA open 0.01% 2.513 2,513 Bank of NY Mellon 2,696 2,517 0 f� TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 5/15/2012 April 30, 2012 Coupon Yield AdjustN (memo only) Prior Qtr. Par Value Be. Rating Maturity to Maturity Cost Basis Category Torsi Market Value Source Market Value 2004 Assessment District 161 Invesco Government At Agenry Private 78,%7 v ariable AAA open 0.02% 78,907 78,907 Bank of NY Mellon 75,750 Kay Bank National Association,Ohio 108,000 4.30% N/A 12/20/12 1,80% 115,105 110,390 Bank of NY Mellon 111,422 CIT Bank,Salt lake City,Utah 205,000 3.05% N/A 1128113 1.87% 211,607 208,274 Bank of NY Mellon 209,2% 405,620 2004 Assessment District 162 Invesco Government&Agency Private 69,950 v ariable AAA open 0.01% 69,950 69,950 Bank of NY Mellon 68.124 Capital One Bank USA National Association 88,M 4,15% N/A 3/5113 1.80% 93,80 90,349 Bank of NY Mellon 91,215 163,795 2005 Assessment District 164 Invention Government&Agency Private 99,382 v ariable AAA open 0,02% 99,382 99,382 Bank of NY Mellon 97,342 Citizens Bank,Flint,Michigan 245," 1.85% NIA 314/13 1.80% 245,347 245." Bank of NY Mellon 245,000 Capital One Bath USA National Association 25,000 4.15% N/A 3/5113 1.80% 26,661 25,667 Bank of NY Mellon 25,913 371,390 2q Airport PFC Inveaca Government&Agency Private 91 I'Wo smitible AAA open 0.02% 91 I'W0 911,920 Bank of NY Mellen 847,471 U.S.Treasury Note 855,000 1.375% NIA 3115/13 1.55% 850,6W 863,747 Bank of NY Mellon 867,192 1,762,6)2 2007 Me[ge i Project NI&p2 Invesco Government&Agency Private 0 variable AAA open 0.01% 0 0 Bank of NY Mellon 1,028,577 0 2007 Refunding I.nora Revenue Bonds Invesco Government&Agency Private 3 variable AAA open 0.01% 3 3 Bank of NY Mellon 1 3 2008 Airport PFC Refunding _ InvIen,Government&Agency Private 12,437 variable AAA open 0.02% 12.437 12,437 Bank of NY Mellon 12,437 Federal Home Loan Mortgage C.,memion 603,000 4.125% NIA 9/27/13 1.93% 647,450 635,580 Bank of NY Mellon "1.719 659,897 Funds With Century Golf 2,109,085 2,109,085 2,109,085 Century Golf 886,416 2.109,085 Torah $ 18,924,645 S 18,763,821 $ $14,899,773 0 TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS April 30, 2012 treasrep 05/15/12 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $86,325,277 1 year to 3 years 0.00% 50.00% 5.39% 3 years to 5 years 0.00% 30.00% 0.00% over 5 years N/A N/A 1.61% 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% 0.00% 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% 38.24% U.S. Treasury Notes/Bonds N/A N/A 0.00% a ca Calculation of Weighted Avg Maturity Mature Current No. of Days X Cost Date Date Days 41,029 41,030 41,029 1 5,270,992 41,030 41,029 1 393 41,030 41,029 1 33,021,999 41,030 41,029 1 18,016,893 41,030 41,029 1 15,000 41,017 41,029 -12 -24,000,000 41,019 41,029 -10 0 41,032 41,029 3 6,000,000 41,036 41,029 7 7,000,000 41,038 41,029 9 18,000,000 41,038 41,029 9 9,000,000 41,040 41,029 11 22,000,000 41,059 41,029 30 60,000,000 41,073 41,029 44 88,000,000 41,075 41,029 46 46,000,000 41,102 41,029 73 73,000,000 41,136 41,029 107 214,000,000 41,143 41,029 114 228,000,000 41,158 41,029 129 258,000,000 41,199 41,029 170 170,000,000 41,201 41,029 172 344,000,000 41,206 41,029 177 354,000,000 41,236 41,029 207 207,000,000 41,361 41,029 332 664,000,000 41,382 41,029 353 353,000,000 41,694 41,029 665 1,330,000,000 41,718 41,029 689 1,378,000,000 43,196 41,029 2,167 1,080,453,198 42,124 41,029 1,095 1,095,000,000 Total Investments at Cost 8,036,778,475 WAM in Days _ _ 92,823,871 86.58 10