HomeMy WebLinkAbout1/18/2012 - STAFF REPORTS - 2.F. OEPALM sp9
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Cq</FORN�P City Council Staff Report
DATE: January 18, 2012 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
NOVEMBER 30, 2011
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 November 30, 2011. 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
$75,629,923 plus $14,899,408 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $76,021,747.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of November 30, 2011.
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
January 18, 2012 — Page 2
Treasurer's Investment Report as of November 30, 2011
under current market conditions. We recommend that this exception to the
policy be continued.
The weighted average maturity (WAM) of the portfolio is 101 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 . Kehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
treasrep CITY OF PALM SPRINGS
12/28/2011 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
NOVEMBER 30, 2011
On Call Deposits Adjusted Buis Category Total Percentage
Checking Account $ 7,633,329
State Pool 23,500,000 $ 31,133,329 41,17%
Short Tetra Investments
(1 year or less)
U.S.Govt Agencies 42,998,000 42,998,000 56.85%
Medium Term Investments
1 earto3 ears)
U.S.Gov t Agencies 1,000,000 1,000,000 1.32%
Long Tenn Investments
(3 year to 5 years)
U.S.Gov't Agencies 498,594 498,594 0.66%
$ 75,629,923 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
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TREASURER'S MONTHLY REPORT
nonstop MISCELLANEOUS AND TRUST ACCOUNTS
12/28/2011 NOVEMBER 30,2011
Yield Adjusted
Par Value Coupon Rating Maturity to maturity Cast Basis Category Total
Total Invested Cash S 75,629,923 E 75,629,923
$ 75,629,923
Miscellaneous Accomts
Petty Cash 3,750 N/A N/A open one 3,750
Revolving Fund-Bank of America 20,000 N/A N/A open none 20,000
Trust&Agency-Bank of America 945,672 N/A N/A open none 945,672
Downpayment Assistance(Housing
Fund)-JP Morgan Chase 33,760 0.15% N/A open 0,15% 33,760
Workers Compensation-Bank of America* (1,109) N/A N/A open none (1,100)
General Liability-Bank of America 30,000 N/A N/A open none 30,000
1930's General Store Musemn-Bank of America 5,902 N/A N/A open none 5,902
On-Line Credit Card Transportation Pemtits- 4,333 N/A N/A o
Per' none 4,333 1,042,308
Bank of America
Total Cash Deposited $ 76,672,231
*Tinting due to replenishment of funds
TREASURER'S MONTHLY REPORT
..me, BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
lmwoll NOVEMBER 30,2011
Coupon Yield Adlumed (memo only) Prior Qn.
P.Value Rut Relag Mamdly w mmo my Ctal Baca Co.,.,Twl Marko Value Markel Value
1991N9/01/04 Convention Cenkr
Invaeo Govemmem,&A,mw,Me. 20,363 teablt AM open 001% 20,363 20.363 126,145
Federal Home Loon MotSlgege Coryarelion 5.461,000 4.125% N/A 9127/13 193% 5967,848 5831975 5,865,748
5,8W211
199]101 Sake 8.xamNg
invcco Gavemmenl&A,.,Pivam 39,556 tamable AAA open 002% 38.356 38,556 29,843
FM.1 Home Loan Book 420.000 4625% N/A 10/10/12 1.38% 453,705 435.952 438.766
492.261
1994/04 Setiee A&B
tww.Gavemmenl&A,ney&ivole 34,095 amiable AAA open 0.02% 34,095 34,095 34,095
Federal Home Loan Mortgage Comomin 965,000 4125% N/A 9Q9/13 193% 1036,134 1,029,800 1,035,763
Fedtml Name Loan Mortgage Cormradon 571.W 4.125% N/A 9R0/I3 1M. 613,091 609,343 612,871
1,693,320
1998 Aupon PFC
kw..Gmemmrnt&Agcncy P6,.. 542,154 mitble pM open 002% 542,154 542,154 401,345
US.Tremury Now 918,000 1325% N/A 3/15/11 1.55% 911174 932p91 933,061
1,455,528
2001 ASemmem Biemicl 157/I59
Ime.Garemmenl&A,.,Private 167,666 tormble qqA open 002% 167,,666 167,666 167.660
167,666
2002 Puking SnucNre
Crab 3 3 3 4
Invaeco Goremment&Agmny Rivele 2.328 variable AM open 001% 2,328 2,328 15
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TREASURER'S MONTBLY REPORT
tfearea, BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
12/2mail NOVEMBER 30,2011
crude. Yield Adiuemd (mem0rnty3 Pou Qv.
Par Veluc Bm< Ruling Matmiry eo Maturity Cute Buis Camgmy Trial Market Value Markel Value
2004 Armament Derider 161
Invemo Grvemmant&Agency Private 73,419 salable AAA area 002% 93619 73i19 73,417
Key Bank NaUoml AUOcuti.n,Oh. 108.0m 4.301 N/A IV20112 1M.. 115J05 II I,J38 112.291
CIT Bank,SWL City,Ueab 205,00 305% N/A I/28/13 LBNb 211,60E 209893 21u,50t
2004 Aruaamant Dialsi.162 UVt3l
loveset Cpesmmenl&Agency Private 69,122 miabk AAA alien 0.006 69.122 68,122 68,120
Usual One Usual,USA National Aaaunimien 88,000 4.15% N/A 315/13 1,80% 93,146 90.7 91,995
61,968
205 Auwrmene District 164
Nvexa Grvemmant&Agency Private 96,966 ariable AAA open 002% 96,966 96,%6 96,205
Curren Bank,Fie Michigan 245.000 195% N/A 3M/13 IBM. 245,347 245.00 245.000
C,.[One Bark USA N.6.1 Minton- 25,000 4,15% N/A 3tl/13 1.8M. 26,661 26,019 26,135
369.974
2006 Airport PFC
Invuco Gavemmene&Asian,Private 722,86E .ruble AAA0.2%
U.S.Tmas. None a open 155% 950,692 868,124 4Yf,692
rY 855,000 1.3E5% N/A 3ll5lll 1.55% 85069E g68,124 B69,02E
1,573,558
200E Mettler!Project Yl&12
1-110 Govemmenl&ABency Private 1028.540 earuble AAA open 001% 1.028.540 1028540 1,225290
1,028,540
2007 Refunding Leue Revenue Bonds
lrvnco Orvemment&Agency Private 1 variable AAA alien 0.01% I 1 358.950
2008 Airport PFC Refunding I
Inveeoo G..,.t&Agency Private 12,437 stable AAA open 0.02% 12,437 12.437 12,43E
Federal Home lmu Mong.ge Caryrras. 603.000 4125% N/A 9/27113 193% 647,450 643,491 6,17,218
659,88E
Funds With Ccnwq PoIf 1017 031 1017,031 1,017.031 1028,24E
I111E031
TONIr S I4899A08 E 14,859,561 g15.L92842
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TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
NOVEMBER 30, 2011
treasrep
12/28/11
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $74,131,329
1 year to 3 years 0.00% 50.00% 1.32%
3 years to 5 years 0.00% 30.00% 0.00%
over 5 years N/A N/A 0.66%
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% 58.83%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
0
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Calonlatian of Weighted Avg MaWdty
Me Covent No.of Days X Cost
Date Dme Days
40,877
40,878 40,877 1 7,633 329
40,878 4,877 1 23,500,WO
4 ,830 4 ,877 47 0
4 ,834 4 ,877 43 0
40,862 40,977 -15 0
40,M3 40,877 -14 0
40,864 4,877 -13 0
40,870 4 ,877 -7 0
4 ,870 4,877 -7 0
40,879 t0,977 2 3,000,000
40,885 40,877 8 8,000,000
40,900 40,877 23 46,000,000
40,905 40,877 28 M,00ipo
40,906 4,877 29 57,942,OW
4,913 40,877 36 72,000,WO
40,927 40,877 50 50,000,000
4 ,934 4Q877 57 114,WO,000
4 ,953 4 ,977 76 76,WO,000
40,961 40,877 84 168,000,000
40,963 40,877 86 172,000,000
40,%3 40,877 86 172,000,000
40,%9 40,877 92 I84,000,000
40,W8 40,877 121 121","
41,019 40,877 142 142,OWM
41,038 4Q877 161 3M,000,000
41,038 40,877 161 161,000,000
41,059 40,877 182 364,M,WO
41,073 40,877 1% 392,WO WO
41,136 40,877 259 518'"'W0
41,143 4,977 M6 532,",WG
41,158 4 ,877 281 562,000,000
41,201 40,877 324 648,000,000
41,2U6 40,877 329 658,",000
41,236 40,877 359 359,000,000
41,382 40,877 505 505,000,000
43,1% 4 ,877 2,319 1,156,239,486
Total lri etnen¢#Con 7,651,314,815
WAM in Days
75,629,923
101.17
09