HomeMy WebLinkAbout7/20/2012 - STAFF REPORTS - 2D A. Y A`M$
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c-gOFOR City Council Staff Report
DATE: March 7, 2012 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
JANUARY 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 January 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
$91,764,415 plus $16,617,669 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $92,143,930.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of January 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, 4/16118, 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
March 7, 2012 — Page 2
Treasurer's Investment Report as of January 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 62 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
Geofffrey�. Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
treasrep CITY OF PALM SPRINGS
2/21/2012 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
January 31, 2012
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account $ 58,250,821
State Pool 15,000 $ 58,265,821 63.50%
Short Term Investments
(1 year or less)
U.S.Gov't Agencies 32,000,000 32,000,000 34.87%
Medium Term Investme
(I year to 3 years) nts
U.S.Gov't Agencies 1,000,000 1,000,000 1.09%
Long Term Investments
(3 yew to 5 years)
U.S.Gov't Agencies 498,594 498,594 0.540%
$ 91,764,415 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
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vanarep TREASURER'S MONTHLY REPORT
2/2l/2012 DETAIL OF INVESTMENTS
January 31,2012
Coupon Mahon,or Yield Adjusted (memo only) Prior Qt,.
Par Value Bate Rating Call Data to Maturity Cost Bnsis Category Total Market Value Source Market Value
Medium Term Investments
(1 yearm Years)
US Galt Agency Securities
Federal National Mortgage Association 1,000,000 2.50"/ N/A 04/18/13 2.50% 1,000000 1,024,800 Bank ofNY Mallon 1,025,700
1,000,000
Long Term Investment
(3 yee.to5 ¢art
U.S.Gott Agency Securities
Finammng Cotporaticn(FICO) 500,000 9.80% N/A 04/06/18 9.80'o 498,594 736115 Bankof Ameriea 734,799
498,594
$ 917",415 $ 92,143,930 $ 93,064,573
Total Invested Cash
*Includes the following deposits ofnon-Cityhnds Principal Interest Total
Palm Springs Historical Society 250,000 54,752 3M.752
Q
TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
2/21/2012 January 31, 2012
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 91,764,415 $ 91,764,415
$ 91,764,415
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 997,278 N/A N/A open None 997,279
Dmvnpayment Assistance(Housing
Fund)-JP Morgan Chase 33,768 0.15% N/A open 0.15% 33,768
Workers Compensation-Bank of America 532 N/A N/A open None 532
General Liability-Bank of America 28,944 N/A N/A open None 28,944
1930's General Store Museum-Bank of America 6,181 N/A N/A open None 6,181
On-Line Credit Card Fire Inspection Fees 357 N/A N/A open None 357
Bank of America
On-Line Credit Card Transportation Permits- 4,828 N/A N/A open None 4,828 1,095,887
Bank of America
Total Cash Deposited $ 92,860,302
O
03
TREASURER'S MONTHLY REPORT
treaarep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
2/21/2012 January 31,2012
Coupon Yield Adjusted (.am.only) Prior Qtr.
Par Value Rate going Maturity to Maturity Cost Basis Category Tom[ Market Value Source Market Value
1991/97/01/04 Convention Center
rnvesco Government&Agency Private 20,363 variable AAA open 001% 20,363 20,363 Bankof NYMelloa 20,363
Federal Home Learn Morgtgege Corporation. 5,465,000 4.125% N/A 9/27/13 193% 5,867,848 5,804,814 Bankof NYMellon 5,815,908
5,888,211
1991 AN Series B-Housing
Invesco Government&Agency Private 504,076 variable AAA open 0,02% 504,076 504,076 Bankof NYMellon 38,559
Federal Home Login Bank 420,000 4625% N/A 10/10/12 138% 453,705 433,079 Bank of NY Mellon 434,314
957,791
1994N4 Since A&B
Invests Government&Agency Private 1,691,281 variable AAA open 0.02% 1,681281 1,681,281 Bankof NYMellon 34,096
Federal Home Loan Mortgage Connotation 965,000 4,125% N/A 9/27/13 193% 1,036,134 1,025,004 Bankof NYMelloa 1026,963
Federal Home L...Mortgage Corporation 571,000 4.125% N/A 9/27/13 193% 613,091 606,503 Bankof NYMellon 601,664
3,330,506
1998 Airport FTC
Invesco Government&Agency Private 76,911 variable AAA open 0.02% 76,911 06,911 Bank ofNY Mellon 612,571
U.S.Treasury Note 918,000 1395% N/A 3/15/13 1,55% 913,374 930,375 Bank of NY Mellon 931,091
990,285
2001 Assessment District 157/158
Invest.Government&Agency Ptivam 167,6/5 variable AAA open 002% 167,675 16/,675 Bank ofNY Mellon 167,672
167,675
2002 Parking Structure
Cash 3 3 3 Bank ofNY Mellon 3
Invesco Government&Agency Private 2,434 variable AAA open 001% 2434 2,434 Book of NY Mellon 2,696
2,438
TREASURER'S MONTHLY REPORT
henarep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
V21/2012 January 31,2012
Coupon Yield Adjusted (memo only) Prior Qtr_
Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value
2004 Assessment District 161
notion Government&Agency Private 78,903 variable AAA open 002% 98,903 98,903 Bank of NY Mellon 95,950
Key Bank National Ae,eeti6on,Ohio 108,000 4.30% N/A 12/20/12 1.80% 115,105 111,127 Bank ofNYMellon 111,422
CIT Bank,Salt Lake City,Utah 205,000 3.05% N/A 1/28J13 187% 211,607 209,006 BankofNYMellon 209,294
405,615
2004 Assessment District 162
Invoice Gevemmeot&Agency Private 68,125 variable AAA open 0.01% 68,125 68,125 Back ofNYMellon 68,124
Capital One Bank USA National Aesooitu n 88,000 4.15% N/A 3/5/13 180% 93,846 91,049 Bank ofNYMellon 91,215
161.971
2005 Assessment District 164
Invesco Government&Agency Private 90,729 variable AAA open 002% 97,729 9],]29 Bank of NY Mellon 97,342
Citiuna Bank,Flim,Michigan 245,000 IA5% N/A 3/4/13 1,80% 245,347 245,000 Bank of NY Mellon 245,000
Capital One Bank USA National Association 25,000 4.15% N/A 3/5/13 1.80% 26,661 25,866 Bank of NY Mellon 25,913
369,737
2006 Airport PFC
Inveaco Government&Agency Private 526,463 variable AAA open 0.02% 526,463 526,463 Bank ofNYMellon 849,471
U.S.Treasury Note 855,000 1375% N/A 3/15/13 155% 850692 866,525 Bank ofNYMellon 867,192
1,377,155
2007 Merged Project#1
Invesco Government&Agency Private 1,259,958 variable AAA open 001% 1259858 1,259,858 Bank of NY Mallon 1,028,590
259,858
2007 Refunding Lease Revenue Bonds
Invoice Government&Agency Private 1 variable AAA open 0.01% 1 1 Bank ofNYMellon 1
1
2008 Airport PPC Refunding
Invesco Government&Agency Private variable AAA open 002% 0 0 _ Bank ofNY Mellon 12,437
Federal Home Loan Mortgage Corporation 603,000 4125% N/A 9/27/13 193% 649,450 640,495 Bank ofNY Mellon 641,719
647,450
Funds With Century Golf 1,038988 1058,988 1,058,988 Century Golf 886,416
1,058,988
Totals $ 16,617,669 $ 16,531,654 $ $14,899,773
00
TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
January 31, 2012
treasrep
02/21/12
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
I day to 365 days $8,000,000 N/A $90,265,821
1 year to 3 years 0.00% 50.00% 1.09%
3 years to 5 years 0.00% 30.00% 0.00%
over 5 years N/A N/A 0.54%
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% 36.50%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
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Calculation of Weighted Avg Maturity
Mature Current No.of Days X Cost
Date Date Days
40,939
40,940 40,939 1 58,250,821
40,940 40,939 1 15,000
40,879 40,939 -60 0
40,900 40,939 -39 0
40,905 40,939 -34 0
40,913 40,939 -26 0
40,927 40,939 -12 0
40,934 40,939 -5 0
40,953 40,939 14 14,000,000
40,961 40,939 22 44,000,000
40,963 40,939 24 48,000,000
40,963 40,939 24 48,000,000
40,969 40,939 30 60,000,000
40,998 40,939 59 59,000,000
41,017 40,939 78 156,000,000
41,019 40,939 80 80,000,000
41,038 40,939 99 198,000,000
41,038 40,939 99 99,000,000
41,059 40,939 120 240,000,000 -
41,073 40,939 134 268,000,000
41,075 40,939 136 136,000,000
41,136 40,939 197 394,000,000
41,143 40,939 204 408,000,000
41,158 40,939 219 438,000,000
41,201 40,939 262 524,000,000
41,206 40,939 267 534,000,000
41,236 40,939 297 297,000,000
41,382 40,939 443 443,000,000
43,196 40,939 2,257 1,125,326,658
Total Investments at Cost 5,671,592,479
WAM in Days
91,764,415
61.81 10