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c441F01t%%% City Council Staff Report
DATE: May 2, 2012 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
MARCH 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 March 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
$88,569,174 plus $18,251,501 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $88,864,676.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of March 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
May 2, 2012 — Page 2
Treasurer's Investment Report as of March 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 86 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. iehl, Director of Finance and Treasurer
Attachments: Treasurers Investment Report
002
treasrep CITY OF PALM SPRINGS
4/23/2012 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
March 31, 2012
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 2,049,194
Heritage Money Market Fund 393
CalTrust ShortTerm 36,005,377
CalTrust MidTerm 18,000,617
State Pool 15,000 $ 56,070,580 63.31%
Short Term Investments
(1 year or less)
U.S.Gov't Agencies 27,000,000 27,000,000 30.48%
Medium Term Investments
(1 year to 3 years)
U.S.Gov't Agencies 5,000,000 5,000,000 5.65%
Long Term Investments
(3 year to 5 years)
U.S.Gov't Agencies 498,594 498,594 0.56%
$ 88,569,174 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
003
v,mrep TREASURERS MONTHLY REPORT
4/23n012 DETAIL OF INVESTMENTS
March 31,2012
COnpon Maturity., Yield Adjusted (memo only) Prior Qua
Par Value Rate Rating Call Data toMaroriry Cosa Basis Category Total Markel Value Souris Market Value
On Call Depoena
Checking-Bank of America $ N/A N/A AAA open None $ 2,049,19425 8 2,049,194 Bank of Arrari.a 2.627,814
Honing,Money Market Fund N/A 0010% 392.60 393 CalTrusa 0
Ca Tmeat Shortiem' N/A N/A open 0400a/ 36,005})6.82 36,038,647 Carfare, 37,000,000
COT rust MulTenn N/A N/A .pen 1020% lg000,616.54 17,982,794 caffruit 180W,W0
Local Agency Invest Food(FAT) 15,000 variable N/A open 0383% I5,000 15,025 LAW 37,561,950
56,070,580
Short Tenn Investments
(I yeas er,1.)
U S.Gov't Agency Sec.dlies
Federal Home Loan Bank 2,000,000 1,55% N/A 12/02A1 155% 0 0 2,",060
Federal Home Loan Bank 2,000,000 1.57% N/A 12123/11 157% 0 0 Bank of NY Mellon 2,000,060
Federal Home Loan Bank 2.000,000 152% N/A =8/11 152% 0 0 Bank of NY Mellon 2,",060
Federal Normal Mortgage Aasocielion 2,0OOWO 200% N/A 01/05/12 20Wo 0 0 Bank of NY Mellon 2,000,180
Federal Farm Credit Bank 1,000,000 160a/e N/A 01/19/12 160% 0 0 Bank.f NYMell.n 1,000,610
Federal Home Lam Mortgage Corporation 2,000,000 1.50% N/A 01/26/12 ISOd, 0 0 Bank of NY Mellon 2,001,400
Federal Farm Credit Bank 1,000,000 1.48% N/A 02114/12 148% 0 0 BarJ:of NYMellon 1,001,340
Federal Home Loan Bank 2,000,000 1.50% N/A 02122/12 150°e 0 0 B,g&.f NYMellon 2,001,980
Federal Farm Credit Bank 2,000,000 1.50% N/A 02/24/12 150% 0 0 Baukof NYMellon 2,002,340
Federal Home Loan Bank 201 1.55% N/A 0224/12 1.55% 0 0 Beak of NY Mellon 2,001,840
Federal Home loan Mortgage Comomtion 2,000,000 155% N/A 03/01/12 1.55% 0 0 Bank of NY Mellon 2,002,760
Federal Farm Credit Bank 1000,000 2,54% N/A 03/30/12 2.54% 0 0 Bank of NY Mellon 1,005,840
Federal Farm Credit Bank 2,000,000 rw/° N/A 04/18/12 1.09% 2,000,W0 1995,520 Bank of NY Mellon 0
Federal National Mortgage Association 1000,000 2.55% N/A N4 0/12 155% 1,000,000 1,001,180 Bank of NY Mellon 1006,660
Federal Home Loan Bank 2000000 102% N/A 05/03/12 IOPu 2,",WO 1996,440 Bank of NY Mellon 0
Federal Home Loan Bank 1,000,00 12v/e N/A 05/07/12 I' % 1000,000 997,969 Bank of NY Mellon 0
Federal Home From Mortgage Corporation 2,000,000 175% N/A 05/09/12 V5% 2000,000 2003,090 Bank of NY Mellon 2.007,500
Federal Home Form Mortgage Corporation I,000,WO I8VK NIA 05/09/12 1.809/ 1000,0W 1,001563 Bank of NY Mellon 1,003,860
Federal National Mortgage Association 2.000,000 145% N/A 05/30/12 1,45% 2.",000 2004,000 Bank of NY Mellon 2,W8,980
Federal National Marriage Aame,urnon I,OW,WO 130v/e NIA 06/15/12 1 3 0% 1000,000 1001260 Bank of NY Mellon 1001390
Fdaml Home Loom Mortgage Coporaton 2,000,00 230% N/A 06/13/12 2,30% 2,000,000 2,007,860 Bank of NY Mellon 2016,250
Federal Farm Credit Bank 2,000,OW 175% NIA 08/15/12 175% 2,W0000 2,008,040 Bankof NYMellon 2,011,980
Federal Farm Credit Bank 2,000,000 150% N/A 0822/12 1,50% 2,000,000 2,007,260 Bmkof NYMellon 2,00%860
Federal Farm Credit Bonk 2,000,000 150% N/A 09/06/12 150% 2,000,000 2,009,201) Bark of NY Mellon 2,011,860
Federal Nafi.W Mortgage Association 2,00,000 1375% N/A 10/19/12 1375% 2,000,000 2,000,920 Bmkof NYMellon 1997,320
Federal National Mortgage Association 2,000,000 170% N/A 10/24/12 170% 2,000,000 2,009,820 Bank of NY Mellon 20118(10
Federal National Mortgage Marto li. I.M,WO I5U% N/A 11/23/12 150°o IOW,WO 1006,240 Bank of NY Mellon 1008,320
Federal National Mortgage Association 2,000,000 1.13% N/A 03/29/13 150K 2,000,000 1,993,780 Bmkof NY Mellon 0
21,000,000
to
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treasrep TREASURER'S MONTHLY REPORT
4/23/2012 DETAIL OF INVESTMENTS
March 31,2012
coo', Matunty or Yield Adjusted (meenon only) Prior Qn.
Par Value Rare Rating Cell Date mMamrity Cost Basis Category Total Market Value Source Market Value
Medium Term Investments
(1 year to 3 years)
U.S.GrVt Agenry Secunues
Federal Nalional Mortgage Association 1,000,000 2.50% N/A 04/IS/13 2.50% 1,000,000 1022.110 Bank of NY Mellon 1025,900
Federal Home LMn Mortgage Co"onnon 2,M,W 1.125% N/A 0224/14 1.125% 2,000,000 1986,520 Benk of NY Mellon 0
Federal Sartorial Mortgage Association 2000,000 1.100% N/A 03W14 1,125% 2,000.000 2,001,250 Bank of NY Mellon 0
.5,000,000
Iung Term Investment
3 ears to5
U.S.Gott Agency Securities
Financing Cor omdon(FICO) 500,000 980% N/A 04/06/18 9,90% 498,594 724,612 Bankof America 734,799
498,594
8 88,569,174 E 88,864,676 5 138,116Q573
Total Invested Cash
'Intludes Ore follovang dMwits of nor-City funds Principal Interest Total
Palm Springs Howneal Society 250,000 54,986 304,986
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TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
4/23/2012 March 31, 2012
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 88,569,174 $ 88,569,174
$ 88,569,174
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 910,831 N/A N/A open None 910,831
Downpayment Assistance(Housing
Fund)-JP Morgan Chase 33,773 0.15% N/A open 0.15% 33,773
Workers Compensation-Bank of America 7,613 N/A N/A open None 7,613
General Liability-Bank of America 21,741 N/A N/A open None 21,741
1930's General Store Museum-Bank of America 3,892 N/A N/A open None 3,892
Bank of America
On-Line Credit Card Fire Inspection Fees 20,494 N/A N/A open None 20,494
On-Line Credit Card Transportation Permits- 6,316 N/A N/A open None 6,316 1,028,659
Bank of America
Total Cash Deposited $ 89,597,833
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TREASURERS MONTHLY REPORT
o-essrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
4/232012 March 31,2012
Coupon Yield Adjusted (me only) Pdor Qv
Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Marker Value Source Marker Value
1997/01/04/12 Convention Center
lees.Oovemmanl&Agency Private 139,04E variable AAA open 0.01% 139,04E 139,041 Bank of NY Mellon 20,363
Federal Home loan Morgtgege Corymatem 5,465,000 4.125% N/A 9/27/13 193% 5,867,848 5,773,117 Bad,of NY Mellon 5,815,908
6,006,890
1991/01 Series B-Housing
loves.G vemment&Agency Private 411,325 ariable AAA open 002% 411325 411,325 Bad,of NY Mellon 38,558
Federal Home Loan Bank 420,000 4625% N/A 10/10/12 1.38% 453,705 429,895 Bad,of NY Mellon 434,314
865,030
1994/04 Series A&B
Inveaco Cmvemment&Agency Privnte 1904,347 variable AAA open 002% 1904,347 1,904,34E Bank of NY Mellon 34,0%
Fort"Home Loan Mortgage corypmtion 965.000 4.125% N/A 927/13 1.93% 1,036,134 1,019,407 Bad,of NY Mellon 1,026,963
Federal Home Loan Mortgage Corporation 571,000 4.125% N/A I2E113 1.93% 613,091 603,193 Bad,of NY Mellon 607,664
3,553,5E2
1998 AirPON PFC
lnvesoo Ge mment&Agency Private 224,328 variable AAA open OOP. 224.328 224,329 Bad,of NY Mellon M2,501
U.S.Treasury Note 918,000 1,3E5% N/A 3/15/13 1,55% 913,374 92E,933 Bank of NY Mellon 931,091
1137,702
2001 Assessment District 157/158
Invesco Govemmem&Agency Plivare 165,40o variable AAA open 0.02% 165,400 165,400 Bad,of NY Mellon 16E,622
165,400
2002 Parking Svucture
Cash 18 IB is Bank of NY Mellon 3
Invesco Govemmenr&Agency Private 2,644 variable AAA open 0.01% 2,644 2,644 Bad,of NY Mellon 2,696
2.662
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TREASURER'S MONTHLY REPORT
treaerep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
4/23/2012 March 31,2012
Coupon Yield Adjusted (memo only) Nor Our
Per Value Rate Rating Maturity, to Maturity Cos[Baeis Category Total Market Value Source Market Value
2004 Assessment District 161
mvesw Oovemmwt&Agency Private 78,906 variable AAA open 0.02% 78,906 78,906 Bank of NY Mellon 75,050
Key Bank Natonal Association,Ohio 108,000 4,30% N/A 12/20/12 180% 115,105 110,6,16 Bank of NY Mellon 111,422
CUT Benk,Salt Lake City,Utah 205,000 305% N/A 1/28/13 L8A/o 211,607 208,505 Bank of NY Mellon 209,294
405,619
20M Assessment District 162
Invesw covemment&Agency Pmate 69,948 variable AAA open 001% 69,948 69,948 Bank of NY Mellon 68,124
Capital One Bank USA National Association 88,000 4.15% N/A V5/13 190% 93,846 90,489 Benk of NY Mellon 91215
163,794
2005 Assessment District lid
lroon.Government&Agency Pdvele 98,995 variable AAA opw 0.02% 98,995 98,995 Bonk of"Mellon 97,342
Citizens Bank,Flint,Michigan 245,000 185% N/A 314/13 180% 245,347 245,000 Barikof NY Mellon 245,000
Capital One Bank USA National Assocla6on 21,000 4.15% N/A 3/5/13 1.80% 26,661 25,707 Bank of NYMellon 25,911
371.013
2006 Airport PPC
Invrsco Oovemmem&Agency Private 785,392 yantible AAA Were 002% 785,392 785,392 Barak of NY Mail. 847,471
U.S.Treasury Note 855,000 1.375% N/A 3/I5/13 1.55% 850.692 864,251 Bart:of NY Mellon 967,192
1,636,083
2007 Merged Project pl&N2
Unvesw Govemmwt&Agency Private 0 variable AAA open 001% 0 0 Bonk of NY Mellon 1028,571
0
2007 Refunding Lease Revenue Bonds
Myra.Government&Agency N. 1388.951 ennoble AAA open 0.01% 1,388,951 1,388,951 Bard of NY Mellon 1
1,388,951
2008 Airport PFC Refunding
Invesco Dovemment&Agency Private 12,430 variable AAA open 0.02% 12,437 12,430 Bank of NY Mellon 12,437
Federal Home Loen Mortgage Capered. 601,000 4.125% N/A 9/22/13 193% 647,450 636,997 Beak ofNY Mellon 641,719
659.997
Funds With Cwtmy Golf 1,894,908 1,894,908 1,894,908 Century Golf 886,416
1,894,908
Totals S 18,251.501 $ 18,111,779 $ $14,899.773
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TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
March 31, 2012
treasrep
04/23/12
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $83,070,580
1 year to 3 years 0.00% 50.00% 5.65%
3 years to 5 years 0.00% 30.00% 0.00%
over 5 years N/A N/A 0.56%
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% 36.69%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
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Calculation of Weighted Avg Maturity
Mato, Current No.of Days X Cost
Date Date Days
40,999
41,000 40,999 1 2,049,194
41,000 40,999 1 393
41,000 40,999 1 36,005,377
41,000 40,999 1 18,000,617
41,000 40,999 1 15,000
40,879 40,999 420 0
40,900 40,999 -99 0
40,905 40,999 -94 0
40,913 40,999 -86 0
40,927 40,999 -72 0
40,934 40,999 .65 0
40,953 40,999 46 0
40,961 40,999 -38 0
40,963 40,999 -36 0
40,963 40,999 -36 0
40,969 40,999 -30 0
40,998 40,999 -1 0
41,017 40,999 18 36,000,000
41,019 40,999 20 20,000,000
41,032 40,999 33 66,000,000
41,036 40,999 37 37,000,000
41,038 40,999 39 78,000,000
41,038 40,999 39 39,000,000
41,059 40,999 60 120,000,000
4I,075 40,999 76 76,000,000
41,073 40,999 74 148,000,000
41,136 40,999 137 274,000,000
41,143 40,999 1" 288,000,000
41,158 40,999 159 318,000,000
41,201 40,999 202 404,000,000
41,206 40,999 207 414,000,000
41,236 40,999 237 237,000,000
41,361 40,999 362 724,000,000
41,382 40,999 383 383,000,000
41,694 40,999 695 1,390,000,000
41,718 40,999 7l9 1,438,000,000
43,196 40,999 2,197 1,095,411,018
Total lnvestrneuts at Cost 7,641,481,598
WAM in Days
88,569,174 010
86.28