The URL can be used to link to this page

Home My WebLink About12/14/2011 - STAFF REPORTS - 2B O�pALA7 SAP iy v m < x Oq<tFORN�P City Council Staff Report DATE: December 14, 2011 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF SEPTEMBER 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 September 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 $88,243,671 plus $15,404,543 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $88,607,360. RECOMMENDATION: Receive and File Treasurer's Investment Report as of September 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 December 14, 2011 — Page 2 Treasurer's Investment Report as of September 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 98 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.Xiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report 02 treasrep CITY OF PALM SPRINGS 11/29/2011 TREASURERS MONTHLY REPORT SUMMARY OF INVESTMENTS SEPTEMBER 30, 2011 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 4,547,077 State Pool 37,200,000 $ 41,747,077 47.31% Short Term Investments (1 year or less) U.S.Gov't Agencies 42,998,000 42,998,000 48.73% Medium Term Investments (1 year to 3 years U.S.Gov't Agencies 3,000,000 3,000,000 3.40% Long Term Investments (3 ear to 5 years U.S.Govt Agencies 498,594 498,594 0.57% $ 88,243,671 100.000% 'Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit 03 treaerep TREASURER'S MONTHLY REPORT 11/29MIl DETAIL OF INVESTMENTS SEPTEMBER 30,2011 Coupon Maturity or Yield Adjusted (memo only) Prior Qtr, Par Value Rate Rating Call Date to Maturity Con Basis Category Total Market Value Market Value On Call Deposes Checking-Bank ofAmetica $ N/A variable AAA open 0.15% $ $4,547,077 $ 4,547,077. 3,777,362 Local Agency rnvest Fund(LAIF)a 37,200,W0 variable N/A open 0,378% 37,200,000 37,M8,730 41,747,077 Short Term Investments year or lee U.S.G.v Agency Securifies Federal Farm Credit Bank LOW,000 If77!a N/A 07/08/11 1.77°0 0 0 1,000,260 Federal Nadonal Mortgage Association LOW,WO 2.05% N/A 07/13/11 205% 0 0 1,000,580 Federal Homa Loan Mortgage Corporation 1,000000 2 38% N/A 0720/1I 2.38% 0 0 1,001,160 Federal Home loan Mortgage Corporation 1,000,000 1.63% N/A 0721/11 1.63% 0 0 1,000,700 Federal Home Loan Mortgage Corporation 1,000,000 I.10% N/A 0722/II 110% 0 0 IOW,480 Federal National Mortgage Association LWO,OW 2,25% N/A 07/2VII 2.30% 0 0 1,001,150 Federal National Mortgage Association I,mo,OW I,W% N/A 07/29/11 160% 0 0 I,OOQ980 Federal Home Loan Bank 2,WO,OW 2W% N/A 08/01/11 200% 0 0 1,986,300 Federal Home Loan Mortgage Corporation 1,000,000 1.57% N/A 08/01/11 1.57% 0 0., 9W,910 Federal Home Loan BaM 1,000,000 1,75% N/A 09/03/11 175% 0 0 997,760 Federal Farm Credit Bank 1,000,000 1,88% N/A 08/17/11 1.88% 0 0 1,002,580 Federal Home Loan Mortgage Corporation 1,000,000 2.00% N/A 08/25/11 2.00°/ 0 0 998,520 Federal National Mortgage Association 2,W0,0W 1.63% N/A 09/21/11 1.63% 0 0 2,005,2A0 Federal National Mortgage Association 2,0W,OW 1,60% N/A 09/28/11 160% 0 0 2,005,420 Federal Farm Credit Bank 2,WO,OW L99% N/A 09/30/11 Lw/. 0 0 2,000,300 Federal He.Loan Bank -2,WD,OW 2.20% N/A 09/30/11 2.20% 0 0 2,046,911 Federal Home Loan Mortgage Corporation I,WQUW 2,65% N/A 10/14/II 265% 1,000,000 1,000,730 1,006,510 Federal Home Loan Mortgage Corporation 2,WO,UW 2.75% N/A 10/18/11 275% 2,000,000 2,002,040 2,014,090 Federal Farm Credit Bank 2,000,000 1,85% N/A 11/15/11 185% 2,000,000 - 2,001,740 0 Federal Farm Credit Bank 2,W0,000 1.62% N/A 11/16/11 162% 2,000,9W 2:003,780 1,987,500 Federal Farm Credit Bank 1,WO,UW - 1,25% N/A 11/17/11 1.25% 1,000,000 1,001,130 lmolO Federal National Mortgage Association L000,000 1.W/o WA 1123/11 1.56°/ 1000,0W 1,009,480 982,700 Federal National Mortgage Association 2,000,000 L50% N/A 1123/11 1.50% 2,000,000 1,988,920 1,%9,520 Federal Home Loan Bank 2,000,0W 1,55% N/A 12/02/11 155% 2,000,000 1984,660 0 Federal National Mortgage Association 1,000,000 225% N/A 12/08/11 225% 1,000,W0 1,003,070 997,000 Federal Home Loan Beek 2,000,000 157% N/A 12/23/11 1.57% 2,000,OW 2,OW,120 0 Federal Home Loan Bank 2,000,WO 1,52% N/A 1228/1) 1.52% 2,000,OW 1,992,300 0 Federal Home Loan Bank 2,000,000 2.02% N/A 1229/I1 202% 1,998,OW 2,007,400 1,997,080 Federal National Mortgage Association 2,000,000 20014. N/A 01/05/12 200% 2,000,000 2,007,360 0 Federal Farm Credit Bank 1,000,000 1,48% N/A 02/14/12 LAS% 1,000,000 1,004,180 LW6,980 Federal Home Loan Bank 2,000000 1.50"/ N/A 0222/12 1,50% 2,000,000 1990,480 0 Federal Farm Credit Bank 2,000,000 1.50% WA 022M12 1.50% 2,000,000 1,990,MO 0 Q 1A treearep TREASURER'S MONTHLY REPORT 11129/20[1 DETAIL OF INVESTMENTS SEPTENMER 30,2011 Coupon Maturity or Yield Adjusted (memo only) Prior Cur, Value Rate Raring Call Date to Mmurity Cos[Bads Category Total Market Value Market Value Short Term Invesmsent, or less U.S.Gov Agency Securities Faded Home Loan Bads 2,000,000 1,55% N/A 02/24/12 1,55% 2,000,000 1,988,980 0 Federal Home Loan Mortgage Coryoration 2,000,000 1.55% N/A 03/01/12 155% 2,000,000 1,999,600 0 Federal Fenn Credit Bads 1,00Q000 2.54% N/A 03/30/12 2 54% l'"' 00 1,011,200 1,013,840 Federal Natiod Mortgage A mfion - I'M0 000 255% N/A O4/20/12 2.55% 1,000,000 1,011,840 1,013,000 Federal National Mortgage A aaeiation 2,000,000 1.45% N/A 05/30/12 145% 2,000,000 2,012,860 1,966,180 Federal Home Loan Mortgage Corporation 2,000,000 230°/s N/A 06/13/12 2.3M.. 2,000,mv 2,022,100 2,000,160 Federal Fenn Credit Bank 2,000,000 1.75% N/A OVIS/12 1,75% 2,000,000 2,002,160 0 Federal Fenn Credit Be& 2,000,000 1.50°/ N/A 08/2VI2 1.50V. 2,000,000 1,994,540 0 Federal Farm Credit Bank 2,000,000 1.50% N/A 09/06/12 1.50°/. 2,000,000 1,999,840 0 42,998,000 Medium Tmm lmeaten (1 ear to 3 years) U.S.CsoVt Ageny Sonorities Federal National Mortgage Association 2,0OQ000 150% N/A 11/23/12 1.50°/ 2,M,M 1,988,920 1,969,520 Federal National Mortgage Association 1,000po 2,50% N/A O4/18/13 ISM 1,000000 1,028,150 1,015,040 3,000,000 Long Term lnve.hmait 3 yew to sae U.S.Gott Agency Securities Financing Corporation(FICO) 500,000 9,W/. N/A 04/06/I9 9.80% 498,5% 743,133 714,170 498,594 S 88,243,671 S Be,W],360 8 4],419,901 Tottl Invested Cash elncludea w following deposit.ofam-City Ruda: Principal Interest Total Palm Sptings Historical Society 250,000 54,259 304,259 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 11/29/2011 SEPTEMBER 30, 2011 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 88,243,671 $ 88,243,671 $ 88,243,671 Miscellaneous Accounts Petty Cash - 3,750 N/A N/A open none 3,750 Revolving Fund-Bank of America 25,000 N/A N/A open none 25,000 Trust&Agency-Bank of America 921,856 N/A N/A open none 921,856 Downpayment Assistance(Housing Fund)-JP Morgan Chase 33,752 0.15% N/A open 0.15% 33,752 Workers Compensation-Bank of America 2,296 N/A N/A open none 2,296 General Liability-Bank of America 30,000 N/A N/A open none 30,000 1930's General Store Museum-Bank of America 3,717 N/A N/A open none 3,717 On-Line Credit Card Transportation Permits- 3,452 N/A _ N/A open none 3,452 1,023,822 Bank of America " Total Cash Deposited - $ 89,267,493 O C" TREASURER'S MONTHLY REPORT ueasrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 11/29/2011 SEPTEMBER 30,20l 1 Coupon Yield Adjusted (memo only) Prior Qtr. Par Value BW Bating Mmuity to Mawrity Coat Basis Category Total Markel Value Market Value 1991/97/01/04 Convention Center Invesoo Government&Agency Private 126,145 variable AAA open 001% 126.145 126,145 I3,430 Federal Home Loan Morgtgage Coryorslion 5,465,000 4,125% N/A 9/27/13 193% 5.867,Mg 5,865,749 5,881,259 5,993,993 1991/01 Series B-Housing Invesco Government&Agency Private 28,843 variable AAA open 0 02% 28,g43 28,843 28,841 Federal Home Loan Beal, 420,000 4.625% N/A 10/10/12 IJB% 453,705 438,766 443,012 482,546 1994/M Series A&B Imeaco CaovenuoW&Agency Private 34,05 variable AAA open 0.02% 34,095 34,095 34.319 Federal Home Loan Mortgage Corporation %5,OW 4,125% N/A 9/27/13 1.93% 1,036,134 1,035,763 1,040,251 Federal Home Loan Mortgage Corporation 571,000 4.125% N/A 9/27/13 L93% 613091 612,871 615,527 1,693,320 1998 Airport PFC Imesco Govemment&Agency Private 401,345 variable AAA open 0 0% 401,345 401,345 435,047 U.S.Treasury Note 918,000 1,375% N/A 3/15/13 1.55% 913,374 933,061 933,061 1,314,719 2001 Asuaement District 157/158 Invesco Goverrmient&Agency Private 167,660 variable AAA No 002% 167,660 167,660 172,032 167,660 20W Parking Structure Cash 4 4 4 IS Invesco Government&Agency Private 15 variable AAA open 0.01% 15 15 0 cm - , TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 11n9/2011 SEPTEMBER 30,2011 Coupon Yield Athumd (memo only) Prior Qtr. Par Value Rate Baling Maturity to Maturity cost Basis Category Total Market Value Market Value 2004 Assessment Diatdct 161 19 Invesco Government&Agency Private 73,417 variable AAA open OOP% 73,417 73,417 70,313 Rey Bank National Aaawiation,Ohio 108'w 430% N/A 12/20/12 1.80% 115,105 112,291 113,779 CIT Bank Salt Lake City,Utah 205,000 305% N/A 1/28/13 1.97°% 211607 210,501 212,667 2004 Assessment District 162 400,129 Lmescn G6verament&Agency Private 68,120 variable AAA open 001°% 68,120 68,120 61,769 Capital One Bank USA National Association 88,000 4,15% N/A 3/5/13 L80% 93.846 91,995 97,643 161,966 2W5 Assessment District 164 Invesco Government&Agency Private 96,205 variable AAA open 0.02% 96,205 96,205 94,535 Citizens Bank,Flint,Michigan 245,00(1 1.85% N/A 314/13 1.80% 245,347 245,000 245,000 Capital One Bank USA Natimod Association 25,000 4.15% N/A 3/5/13 1,8016 26,661 M,135 26,459 369,213 2006 Airport PFC tnveaco Government&Agency Private 473,692 variable AAA open 0.02% 473,692 473,692 1,167,199 U.S.T.ry Now 855,000 1 375% N/A 3/15113 1.55% 850,692 869,027 969,027 1,324,384 2007 Merged Project kl&M2 Invesoo Government&Agency Pdvate 1,225,290 variable AAA open 0.01% 1,225,290 1,225,290 1.305,106 225,290 2007 Refunding Levu Revenue Bonds hrvesco Government&Agancy Private 358,950 variable AAA open 0.01% 358,950 358,950 3 358,950 2008 Aitpon PFC Refunding Invesco Government&Agency Private 12,437 variable AAA open 0.02% 12,437 12,437 12.437 Fdmal Home Loan Mortgage Corporation 603,000 4.125% N/A 9/27/13 1.93% 647,450 647,218 650,022 659,987 Funds With Century Golf 1,263,466 1,263,466 1,263,466 2,020,406 1,263,466 Totals $. 15,40g543 $ 15,418,061 116,143,155 • 00 . TREASURER'S MONTHLY REPORT CALCULATION OF INVESTMENT LIMITATIONS SEPTEMBER 30, 2011 treasrep 11/29/11 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $84,745,077 1 year to 3 years 0.00% 50.00% 3.40% 3 years to 5 years 0.00% 30.00% 0.00% over 5 years N/A N/A 0.57% 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% 52.69% U.S. Treasury Notes/Bonds N/A N/A 0.00% 0 co Calculation of Weighted Avg Maturity Mature Current No.of Days X Cost Date Date Days 40,816 40,817 40,816 1 4,547,077 40,817 40,816 1 37,200,000 40,732 40,816 0 0 40,737 40,816 0 0 40,744 40,816 0 0 40,745 40,816 0 0 40,746 40,816 0 0 40,746 40,816 0 0 40,753 40,816 0 0 40,756 40,816 0 0 40,756 40,816 0 0 40,758 40,816 0 0 40,772 40,816 0 0 40,780 40,816 0 0 40,807 40,816 0 0 40,814 40,816 0 0 40,816 40,816 0 0 40,816 40,816 0 0 40,830 40,816 14 14,000,000 40,834 40,816 18 36,000,000 40,862 40,816 46 92,000,000 40,863 40,816 47 94,000,000 40,864 40,816 48 48,000,000 40,870 40,816 54 54,000,000 40,870 40,816 54 108,000,000 40,879 40,816 63 126,000,000 40,885 40,816 69 69,000,000 40,900 40,816 84 168,000,000 40,905 40,816 89 178,000,000 40,906 40,816 90 179,820,000 40,913 40,816 97 194,000,000 40,953 40,816 137 137,000,000 40,961 40,816 145 290,000,000 40,963 40,816 147 294,000,000 10 40,963 40,816 147 294,000,000 40,969 40,816 153 306,000,000 40,998 40,816 182 182,000,000 41,019 40,816 203 203,000,000 41,059 40,816 243 486,000,000 41,073 40,816 257 514,000,000 41,136 40,816 320 640,000,000 41,143 40,816 327 654,000,000 41,158 40,816 342 684,000,000 41,236 40,816 420 840,000,000 41,382 40,816 566 566,000,000 43,196 40,816 2,380 1,186,653,720 Total Investments at Cost 8,679,220,797 WAM in Days 88,243,671 98.36 11