The URL can be used to link to this page

Home My WebLink About4/11/2012 - STAFF REPORTS - 2.P. OEVALM$A .y O N • 'boo sA" � orou*r^ F°"N�P City Council Staff Report DATE: April 11, 2012 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 29, 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 February 29, 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 $93,862,713 plus $17,245,817 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $94,206,687. RECOMMENDATION: Receive and File Treasurer's Investment Report as of February 29, 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 April 11, 2012 — Page 2 Treasurer's Investment Report as of February 29, 2012 under current market conditions. We recommend that this exception to the policy be continued. The weighted average maturity (WAM) of the portfolio is 68 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. 6ehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report 02 treasrep CITY OF PALM SPRINGS 3/28/2012 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS February 29, 2012 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 7,349,119 CalTrust ShortTerm 37,000,000 CalTrust MidTerm 18,000,000 State Pool 15,000 $ 62,364,119 66.44% Short Term Investments (1 year or less) U.S. Gov't Agencies 28,000,000 28,000,000 29.83% Medium Term Inves (1 year to 3 years)tments U.S. Gov't Agencies 3,000,000 3,000,000 3.20% Long Term Investments (3 year to 5 years) U.S. Gov't Agencies 498,594 498,594 0.53% $ 93,862,713 100.00% *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit 03 treasrep TREASURER'S MONTHLY REPORT 3/28/2012 DETAIL OF INVESTMENTS February 29, 2012 Coupon Maturity or Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Call Date to Maturity Cost Basis Category Total Market Value Somme Markel Value On Call De sits Checking-Bankof America $ N/A N/A AAA open None $ $7,349,119 $ 7,349.119 $ 2.627,814 CalTrust SoutTerm• N/A open 0.540% $37,000,000 32.036,963 CalTmst 0 Offoutt MidTenn N/A open 1.220% $I8.000.000 18,000,000 CalTmst 0 Local Agency Invest Fund(LAIF) 151000 variable N/A open 0.389% 15,000 15,025 LAIF 37,561,950 62,364,119 Shan Term Investments (1 ear or less) U.S.Gov't Agency Securities Federal Home Loan Bank 2,OOg000 1,55% N/A 12/02/11 1,55% 0 0 2,000,060 Federal Home Lose Bank 2,OW 000 1.57% N/A 12/23/11 1.57% 0 0 Bank of NY Mellon 2,000,060 Federal Home Loan Bank 2,000,000 1.52% N/A 12/28/11 1.52% 0 0 Bank of NY Mellon 2,0110.060 Federal National Mortgage Association 2,000,00t) 2.00% N/A 01/05/12 2.W% 0 0 Bank of NY Mellon 2.000,180 Federal Farm Credit Bank I.00QOW L60% N/A 01/19/12 1.60% 0 0 Bank of NY Mellon 1.000,610 Federal Home Loan Mortgage Corporation 2.0(10,000 1.50% NIA 01/26n2 1.50% 0 0 Bank of NY Mellon 2,001.400 Federal Farm Credit Bank 1,000,000 1,48% NIA 02/14/12 1.48% 0 0 Bank of NY Mellon I,WIJ40 Federal Home Loan Bank 2.000,000 1.50% N/A 02/22/12 1.50% 0 0 Bark of NY Meilon 2,001,980 Federal Farm Credit Bank 2,OOO'clat 1.50% N/A 02/24/12 1.50% 0 0 Bank of NY Mellon 2.002,340 Federal Home Loan Bank 2,001l 1.55% N/A 02/24/12 1,55% 0 0 Bank of NY Mellon 2,001.84) FedeW Home Loan Mortgage Corporation 2,O00,M 1.55% N/A 03/01/12 1.55% 2,000,000 2,000,000 Bank of NY Mellon 2W2 7W Federal Farm Credit Bank 1,000,000 2.54% N/A 03/30112 2.54% 1,000'" LWL830 Bank of NY Mellon LW5,840 Federal Farm Credit Bank 2,1g10,000 1.09% N/A 04/18112 1.09% 2,000,000 1,990,240 Bank of NY Mellon 0 Federal National Mortgage Association 1,000,000 2.55% N/A 04/20/12 2.55% I,OOO,lN10 1,003,140 Bank of NY Meilon 1,006,6W Federal Home Loan Bank 2,OW.OW LW% NIA 05/03/12 1.02% 2,000,000 1,996,080 Bank of NY Mellon 0 Federal Home Loan Bank I'M," 1.W% N/A 05/0/l12 L20% 1,000,000 mucto Bank of NY Mellon 0 Federal Home Loan Mortgage Corporation 2,000,000 1.75% N/A OS/W/12 1.75% 2,OO ,M 2,004,720 Bank of NY Mellon 2,007,500 Federal Home Loan Mortgage Corporation I,000.WO 1.80% N/A 05/09/12 1.80% 1,000,000 1,002,420 Bank of NY Mellon 1,003,860 Federal National Mortgage Association 2.W.WO 1.45% N/A 05/30/12 1.45% 2,000,000 2.005,780 Bank of NY Mellon 2,008,980 Federal National Mortgage Association, 1.000,000 1.30% N/A 06115/12 1.30% 11000,004) I,W 1,990 Bank of NY Mellon 1,0]1,39) Federal Home Loan Mortgage Corporation 2,000,OW 2.30% NIA 06/13/12 2.30% 2,000,000 2,010,920 Bank of NY Mellon 2,016,250 Federal Farm Credit Bank 2,O0p,000 1.95% N/A 08/15/12 1.95% 2,000,000 2,008,080 Bank of NY Mellon 2,011,980 Federal Fans Credit Bank 2,000,000 L50% N/A O8/22/12 1.50% 2,01)(l 2,006,500 Bank of NY Mellon 2,W9.8W Federal Farm Credit Bank 2,000,000 1.50% N/A NINI12 LSO% 2,000,000 2,008,280 Bank of NY Mellon 2.011,gW Federal National Mortgage A iaion 2,OO .W 1.325% N/A 10/19/12 L325% 2,OOO,000 2,00(,,360 Bank of NY Mellon 1,W t20 Federal National Mortgage Association 2,000,000 1,20% N/A IO/24/12 1.00% 2,000,000 2,012,I00 Bank of NY Mellon 2,011,860 Federal National Mortgage Association 1,000,000 1.50% N/A 1l/23/12 1.50% l,o(gp00 I,007,200 Bank of NY Mellon I,008,320 28,0W,0W 0 k� treureP TREASURER'S MONTHLY REPORT 3R.8/2012 DETAIL OF INVESTMENTS February 29, 2012 Coupon Maturity or Yield Adjusted (memo only) Prior Qir, Par Value Rate Rating Call Date to Maturity Cost Basis Category Total Market Value Source Markel Value Medium Term Investments I 1 year to 3 years) U.S.Gov't Agency Securities Federal National Mongolia Association 1'"1" 2.50% N/A W118/13 2.50% 1,000,000 I,W3,5% Bank of NY Mellon 1,0257W Federal Home Loan Mortgage Corporation 2,000,000 1,125% N/A 02/24/14 1.125% 2,000,000 1,986.540 Bonk of NY Mellon 0 3.000,000 U.S Term Investment (]yams to 5 ears) U.S.Gov't Agency Securities Financing Corporation(FICO) 5W,000 9.80% N/A 04/06I18 9.90% 498.5% 731,W7 Bank of America 734,799 498,5% 8 91,862,713 $ W.206,687 $ 83,W,573 Total Invested Cash 'Includes the following deposits of mar-City funds: Principal Interest Total Palm Springs Historical Society 250,W) 54.883 304,883 Q U1 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 3/28/2012 February 29, 2012 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 93,862,713 $ 93,862,713 $ 93,862,713 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 881,876 N/A N/A open None 881,876 Downpayment Assistance(Housing Fund)-JP Morgan Chase 33,770 0.15% N/A open 0.15% 33,770 Workers Compensation-Bank of America 7980 N/A N/A open None 7,980 General Liability-Bank of America 29,199 N/A N/A open None 29,199 1930's General Store Museum-Bank of America 4,324 N/A N/A open None 4,324 On-Line Credit Card Fire Inspection Fees 8,331 N/A N/A open None 8,331 On-Line Credit Card Transportation Permits- 6,142 N/A N/A open None 6,142 995,622 Bank of America Total Cash Deposited $ 94,858,335 O W TREASURER'S MONTHLY REPORT tretsrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 3rze/2012 February 29, 2012 Coupon Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Maturity to Maturity Cost Ruis Category Total Market Value Source Market Value IWIA 101104 Convention Center Invesco Government&Agency Private 20,365 variable AAA open 0,01% 20,365 20,364 Bank of NY Mellon 20,363 Federal Home Loan Morgtgage Corporation 5A651000 4A25% N/A 9/27113 L%% 5,867,848 5.990.933 Bank of NY Mellon 5.815.%8 5.888,213 1991101 Series B-Housing Invesco Government&Agency Private 411,319 variable AAA open 0.02% 411,318 411.318 Bank of NY Mellon 38.558 Federal Home Loan Bank 420,000 4.625% N/A 10110/12 1.38% 453,705 431,491 Bank of NY Mellon 434,314 865,023 1994/04 Series A&B Invesco Government&Agency Private 2,941,141 variable AAA open 0.02% 2.941,161 2,941,141 Bank of NY Mellon 34,096 Federal Home Loan Mortgage Corporation %5,000 4.125% N/A 9/27/13 1.93% 1,036,134 1,022,553 Bank of NY Mellon 1.026,963 Federal Home Loan Mortgage Corporaion 511,000 CM% N/A 9127113 1.93% 613,091 605,054 Bank of NY Mellon 607,664 4,590,36! 1998 Airport PFC Invesco Government&Agency Private 147,463 variable AAA open 0.02% 147,463 147,453 Bank of NY Mellon 612,571 U.S.Treasury Note 918,000 1.325% NIA 3115113 1.55% 913,374 929.080 Bank of NY Mellon 931,091 1.060,838 2001 Assessment District 1571158 Invesco Government&Agency Private 167,677 variable AAA open 0.02% 167,671 16/.6/9 Bank of NY Mellon 167,672 167,677 2002 Parking Structure Cash 3 3 3 Bank of NY Mellon 3 Invesco Government&Agency Private 2,434 variable AAA open 0.01% 2,434 2,434 Mak of NY Mellon 2.696 2,438 TREASURER'S MONTHLY REPORT tmasmp BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS 3/28/2012 February 29, 2012 Coupon Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Mawnty m Mount, Cost Basis Category Tote) Market Value Source Markel Value 2004 Assessment Distract 161 Invesco Government&Agency Private 176,W6 variable AAA open O N% 176,416 176,W6 Bank of NY Mellon 95,950 Key Bank National Association,Ohio 108.000 4.30% NIA 12/20/12 1.80% 115,105 110,933 Bank of NY Mellon 111,422 CIT Bank,Sail Lake City,Utah 205,000 3.05% NIA 1/28113 1.82% 211,6U2 208,856 Bank of NY Mellon 209.294 503,688 2Wi Assessment District 162 Invesco Government&Agency Private 95,445 variable AAA open 0.01% 95,445 95,445 Bank of NY Mellon 68.124 Capital One Bonk USA National Association 88,W0 4.15% NIA 315/13 1.80% 93,846 90.819 Bank of NY Mellon 91,215 189,291 2005 Assessment District l64 Invesco Government le Agency Private 12$380 variable AAA open 0.02% 178,380 178,380 Bank of NY Mellon 91,342 Clomps Rank,Flint,Michigan 245,000 1.85% NIA 3/4I13 1.80% 245,347 245,000 Bank of NY Mellon 2A5." Capital One Bank USA National Association 25,000 4.15% NIA 3/5113 1.80% 26,661 25,801 Bank of NY Mellon 25,913 450,388 2006 Airport PFC Invesco Govemment&Agency Private 652,988 variable AAA open 0.02% 652,988 652,988 Bank of NY Mellon 847.471 U.S.Treasury Note 855,000 1.375% NIA 3115/13 L55% 850.692 865.320 Bank of NY Mellon 862.1W 1,503,679 2WT Merged Project#1&#2 Invesco Government&Agency Private 10 variable AAA Per 0.01% 10 10 Bank of NY Mellon 1,028,577 10 2002 Refunding Lease Revenue Boars Invesco Government&Agency Private 1 variable AAA open 0,01% 1 1 Bank of NY Mellon I 1 2008 Airport PFC Refunding Invesco Government&Agency Private variable AAA open 0.02% 0 0 Bank of NY Mellon 12,437 Federal Home Lear Mortgage Corporation 60300 4.125% NIA 9/29I13 L%% 647,450 538,963 Bank of NY Mellon 641,719 542,450 Funds With Century Golf 1,376,754 1,376,754 1,376,754 Century Golf 886,416 1.376,754 Totals S 17,243,817 $ 17,135,758 $ $14,899,773 O 00 TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS February 29, 2012 treasrep 03/28/12 Allowable Percentages By Maturity: Minimum Maximum Current Mo. T day to 365 days $8,000,000 N/A $90,364,119 1 year to 3 years 0.00% 50.00% 3.20% 3 years to 5 years 0.00% 30.00% 0.00% over 5 years N/A N/A 0.53% 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% 33.56% U.S. Treasury Notes/Bonds N/A N/A 0.00% 0 W Calculation of Weighted Avg Maturity Mature Current No.of Days X Cost Date Date Days 40,968 40,969 40,968 l 7,349.119 40.969 40,968 l 37,000,000 40,969 40,968 1 18,000.000 40,969 40,968 1 15,000 40,879 40.968 -89 0 40,900 40,968 -68 0 40,905 40,968 -63 0 40,913 40,968 -55 0 40,927 40,968 -41 0 40,934 40,968 -34 0 40,953 40,968 -15 0 40.961 40,968 -7 0 40,963 40,968 -5 0 40.963 40,968 -5 0 40,969 40,968 1 2,000,000 40,998 40,968 30 30,000,000 41,017 40,968 49 98,000,000 41.019 40,968 51 51,000,000 41,032 40,968 64 128,000,000 41,036 40,968 68 68,000,000 41,038 40,968 70 140,000,000 41.038 40,968 70 70,000,000 41,059 40,968 91 182,000,000 41,075 40,968 107 107,000,000 41,073 40,968 105 210,000,000 41,136 40,968 168 336,000,000 41,143 40,968 175 350,000,000 41,158 40,968 190 380,000,000 41,201 40,968 233 466,000,000 41.206 40,968 238 476,000.000 41,236 40,968 268 268,000,000 41,382 40,968 414 414,000,000 41,694 40,968 726 1,452,000,000 43,196 40,968 2,228 1,110,867,432 Total Investments u Cost 6.401,231,551 WAM in Days 93,862,713 O 68.20