HomeMy WebLinkAbout9/21/2011 - STAFF REPORTS - 2I ;O�pALMgA�
iy
� a
V N
r
u+m
O4<IFORN�P City Council Staff Report
DATE: September 21, 2011 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
JUNE 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 June 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
$105,036,456 plus $16,806,649 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $105,259,865.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of June 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
September 21, 2011 — Page 2
Treasurer's Investment Report as of June 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 84 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
2? ,&, 1<
Geoffrey S. Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
02
treasrep CITY OF PALM SPRINGS
8/22MIl TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JUNE 30, 2011
On Call its Adjusted Buis Category Total Percentage
Checking Account $ 3,777,362
State Pool 57,700,000 $ 61,477,362 58.53%
Short Term Investments
(I year or less)
Mortgage Pus-Thins 0
U.S.Gov't Agewies 40,060,500 40,060,500 38.14%
Medium Term Investments
(I year to 3 years)
U.S.Gov't Agencies 3,000,000 3,000,000 2.86%
Long Term Investmem6
(3 year to 5 years)
U.S.Gov't Agencies 498,594 498,594 0.47%
$ 105,036,456 100.00%
'Some investments made prior to the implementation of the 03
current Investment Policy exceed die 5 year limit
1fasfCP TREASURER'S MONTHLY REPORT
8n212011 - DETAIL OF INVESTMENTS
JUNE 30, 2011
Coupon Maturity or Yield Adjusted (memo only) Prior Qtr.
Par Value Rate Razing Call Date toMaturity Cost Basis Category Tmtl Market Value Source Market Value
Call Deposits
Ch.ki.g-Bank of America $ N/A variable AAA open 0.15% E 3,T/7,362 E 3,777,362 $ 1,809.372
Local Agercy Invest Fund(LAIF)* 57,700,000 variable N/A open 0.4i% 37,700,OD0 53,777.362 IAIF 51,809.372
763,991
61.477,362
Short Term Inveclments
1 eerar less
Mortgage PasaThma
Federal Home Loan Mortgage Corporation 695,000 4.00% N/A 04/01/11 5.22% 0 0 Bank of NY Mellon 95,307
Federal Home Low Mortgage Corporation 200.0D0 4.50% N/A 05/01/11 5.37% 0 0 Bank of NY Mellon 31,196
0
U.S.Gov't Agency Securities
Federal Honor Loan Bank I,000,000 2.35% N/A 05/01/11 2.35% 0 0 Bank of NY Mellon 993,800
Federal Home Loan Bank 11000,000 1.75% N/A 06/03/11 1.75% 1,000,000 997,760 Bank of NY Mellon 975,350
Federal Herne Loan Bank 2.000,000 2,00% N/A 06/01/11 2.00% 2,000,000 1.995,300 Bank of NY Mellon 1,942,220
Federal Home Wan Mortgage Corporation 1.0D0,000 1.57% N/A 06/01/11 1.37% 11000,000 99Q910 Bank of NY Mellon 967,520
Federal Home loan Bank 2,000.000 2.00% N/A 06/03/11 2.OD% 0 0 Bank of NY Mellon 1,966.200
Federal Home Loan Mortgage Corporaion 1,000.000 2.50% N/A 06/28/11 2.50% 0 0 Bank of NY Mellon 1,005,370
Federal Farm Credit Bank 1,000,OOD 1.77% N/A 07/08/11 1,77% 11000.000 1.00D,260 Bank of NY Mellon 995,670
Federal National Mortgage Association 1,000.000 2.05% N/A - 07/13/11 2.05% 1,000,000 1,00D,580 Bank of NY Mellon 998.270
Federal Home Loan Mortgage Corporation 1,000,0OD 2.38% N/A 07/20/11 2,38% 11000,000 1,001,160 Bank of NY Mellon 995,460
Federal Home loan Mortgage Corporation L000,000 1.63% N/A 07/21/11 1.63% 1,000,000 1,000,700 Basic of NY Mellon 1.002,050
Fedend Home Low Mortgage Corporation 1,000,000 1.10% N/A 07/22/11 1.10% 1.000." 1,000.480 Bank of NY Mellon 11002,080
Federal National Mortgage Association I,OOD.000 2.25% N/A 07/22/11 2.30% 997,500 1.001,150 Bank of NY Mellon 987,600
Federal National Mortgage Association 11000,000 1.60% N/A 07/29/11 1.60% 1.0001000 1,0110,980 Bank of NY Mellon 11001,140
Federal Fenn Credit Bank 1,00D,000 1.88% N/A 08/17/11 1.98% 11000,000 1,002,580 Bank of NY Mellon 987,1%
Federal Home Low Mortgage Corporation 1,000,000 2.00% N/A 08/25/11 2.00% 1.000,000 998,520 Bank of NY Mellon 983,240
Federal National Mortgage Association 2,000,000 1.63% N/A 09/21/11 1,63% 2.000.OfD 2,005,240 Bank of NY Mellon 1,995,980
Federal National Mortgage Association 2,000,OOD 1.60% N/A 09/28/11 1.60% 2,000,000 2,005,420 Bank of NY Mellon L992.060
Federal Form Credit Bank 2.000,000 1.99% N/A 09/30/11 1.99% 21000,000 2.000.300 Bank of NY Mellon 1,984.320
Federal Hone low Bank 2.00D,000 2.20% N/A 09/30/11 2.20% 2,065,000 2,046,911 Bank of NY Mellon 0
Federal Home Loan Mortgage Corporation 1,000,000 2.65% N/A 10/14/11 2.65% 11000,000 L006,510 Bank of NY Mellon 0
Federal Home loan MOUP99 CorpoMion 21000,000 2.73% N/A 10/18/11 275% 2.000,000 2,014,080 Bank of NV Mellon 0
Federal Fears,Credit Bards 2,000,000 1.62% N/A 11/16/11 1,62% 2,000.000 1,987,500 Bank of NY Mellon 1,941,720
Federal Form Credit Bank 11000,000 1.25% N/A 11/17/11 1,25% 1.00D,000 11000,010 Bank of NY Mellon 980,010
Federal National Mortgage Association 1.000,000 1.50% N/A 11/23/11 1.50% 1.00D,000 982,700 Bank of NY Mellon 959,390
Federal National Mortgage Association 2,000,000 1.50% N/A 11/23/11 1.50% 2,000,000 1,969,520 Bank of NY Mellon 1,923,460
Federal National Mortgage Association 1,000.000 2.25% N/A 12/08/11 2.25% 11000,000 997.000 Bad of NY Mellon 0
Federal Home Low Bank 2,000,000 2.02% N/A 12/29/11 2.02% 11998,000 1.997,080 Bank of NY Mellon 0
Federal Form Credit Bank 1,000,OOD 1.48% N/A 02/14/12 1.48% 1.000,000 1,006,980 Bank of NY Mellon 1,000,060
Federal Farm Credit Bank 11000,000 2.54% N/A 03/30/12 2.54% 11000,000 1,013,940 Bank of NY Mellon 996,406
Federal National Mortgage Antsdation I,0110,000 2.55% N/A 04/20/12 2.55% 1,000,000 1,013,000 Bork of NY Mellon . 0
Federal National Mortgage Association 2,00),000 - 1.45% N/A 05/30/12 1.45% 2,000.000 1,966.180 Bank of NY Mellon 1,919,700
Federal Home Loan Mortgage Corporaion 2,000,000 2.30% N/A 06/13/12 2.30% 21000,0002,000,160 Bank of NY Mellon 0
Q 40.030,500
measreP TREASURER'S MONTHLY REPORT
8/22/2011 DETAIL OF INVESTMENTS
TUNE 30, 2011
Medium erm loveumensa
(1 year w 3 Years)
U.S.Gov't Agency Securities
Federal National Mortgage Association 2.000,000 1.50% NIA 1123/12 1.50% 2.000.000 1,969,520 Bank of NY Mellon 1.923,460
Federal National Mortgage Associations 1A00,000 2.50% N/A 04/I8113 2.50% 1,000,000 1,015,040 Bank of NY Mellon 0
3,0110.000
Long Term Investment
(3 years on S years)
U.S.Gov't Agency Securities
Financing Corporation(F1CO) $00,000 9.80% NIA. 04/06/18 9.80% 498,594 714,170 Bank of America 705,355
498.594
Total Imeawd Cash $105,036,456 1 105,259,865 $87,827,447
•includes the following deposits of non-City funds: Principal internal Town
Palm Springs Howd.ai Society 250.00) 54.055 304,055
C)
CA
TREASURER'S MONTHLY REPORT
treasrap MISCELLANEOUS AND TRUST ACCOUNTS
8/22/2011 JUNE 30, 2011
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 105,036,456
$ 105,036,456
$ 105,036,456
Miscellaneous Accounts
Petry Cash 4,050 N/A N/A open none 4,050
Revolving Fund-Bank of America 18,482 N/A N/A open none 18,482
Trust&Agency-Bank of America 900,322 N/A N/A open none 900,322
Downpayment Assistance(Housing
Fund)-JP Morgan Chase 33,739 0.15% N/A open 0.15% 33,739
Workers Compensation-Bank of America -$40,451.95 N/A N/A open none 40,452
General Liability-Bank of America 29,364 N/A N/A open none 29,364
1930's General Store Museum-Bank of America 4,457 N/A N/A open none 4,457
On-Line Credit Card Transportation Permits- 1,946 N/A N/A open none 1,946 951,908
Bank of America
JDeposits Held In Trust
Time Deposits
(FDIC Insured)
BBVA Compass(Coyote Springs Apt) 20,780 1.09% N/A 6/24/11 1.09% 20,780 20,780
Total Cash Deposited
$ 106,009,144
O
TREASURER'S MONTHLY REPORT
treasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
BIM2011 JUNE 30, 2011
Coupon - Yield Adjusted (memo only) Prior Qn.
Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value
19911rml/04 Convention Center
Invesco Government&Agency Private 13,430 variable AAA open 0.01% 13,430 13.430 Bank of NY Mellon 119,136
Federal Home Loan Morgtgage Corporation 5,465,000 3.82% N/A 9/27113 1.93% 5,867,848 5,881,259 Bank of NY Mellon 5,864,710
5,881,278
1991/01 Series B-Housing
Invesco Government&Agency Private 28,841 variable AAA open 0.02% 28,941 28,841 Bank of NY Mellon 19.127
Federal Home Loan Boos 420,0D11 4.38% N/A 10/10/12 1.38% 453,705 443,012 Bank of NY Mellon 445,666
1994/04 Series A&B 482,546
haveaco Government&Agency Private 34,323 variable AAA open 0.02% 34,323 34,319 Bank of NY Mellon 34,321
Federal Home Loan Mortgage Corporation 965,000 3,82% N/A 9/27/13 1,93% 1,036,134 1,040,251 Bank of NY Mellon 1,035,580
Federal Home Loan Mortgage Corpora0on 571,000 3.82% N/A 927/13 1.0% 6I3,091 615,527 Bank of NY Mellon 612,763
1,683,548
1998 Airport PFC
Invesco Government&Agency Private 435.047 variable AAA open 0.02% 435,047 435,047 Bank of NY Mellon 223,888
U.S.Treasury Note 918,000 1.35% N/A 3/15/13 1.55% 913,374 933,061 Bank of NY Mellon 928,649
1998 Assessment District 155 A&B ,348,421
lovesco Government&Agency Private 0 variable AAA open 0.01% 0 0 Bank of NY Mellon 66
0
2001 Assessment District 1571158
Invasion Goverment&Agency Private 172,032 variable AAA open 0,02% 172,032 172,032 Bank of NY Mellon 172,024
2002 Parking Structure172.032
Cash 18 18 18 Bank of NY Mellon 3
Invesco Goverment&Agency Private 0 variable AAA open 0.01% 0 0 Bank of NY Mellon 3,117
2004 Assessrnt District 161
8
len esco Government&Agency Private 70,313 variable AAA open 0.02% 70,313 70,313 Bank of NY Mellon 67,994
Key Bank National Association,Ohio 108,000 4.08% N/A 1220/12 1.80% 115,105 113,774 Bank of NY Mellon 114,356
CIT Bank,Salt Lake City,Utah 205.000 2,94% N/A 1/28/13 1.87% 211,607 212.667 Bank of NY Mellon 213,032
397,025
a
TREASURER'S MONTHLY REPORT
teasrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
8122/2011 JUNE 30, 2011
2 Assessment District 162
Invesco Government&Agency Private 61,769 variable AAA open 0.01% 61,769 61,769 Bank of NY Mellon 66,273
Capital One Bahr USA National Association 88,000 C 15% N/A 3/5/13 1.80% 98.353 97,643 Bank of NY Mellon 93,452
160,122
2005 Assessment District 164
Invesco Government&Agency Private 94.535 variable AAA open 0.02% 94,535 94,535 Bank of NY Mellon 93,388
Cidwns Bank,Flint,Michigan 245,000 1.85% N/A 314/13 1,80% 243.347 245," Bank of NY Mellon 245,0011
Capital One Bank USA National Association 25,000 4.15% N/A 3/5113 1,80% 26,661 26,459 Bank of NY Mellon 26,549
366,543
2006 Airport PFC
lovesro Government&Agency Private 1.167,199 variable AAA open 0,02% 1.167,199 1,167,199 Bank of NY Mellon 823,774
U.S.Treasury No¢ 855,000 1,38% N/A 3/15/13 1,55% 850,692 869,027 Bank of NY Mellon 864,918
2007 Merged Protect pl&R2 2,017,891
Invasion,Government&Ageray Private 1,305.106 variable AAA open 0.01% 1,305,106 1,305,106 Bank of NY Mellon 2,529,480
1,305.106
20D7 Refunding Lem Revenue Bonds
Invescb Government&Agency Private 3 variable AAA open 0.01% 3 3 Bank of NY Mellon 1,373,850
3
20D8 Airport PFC RefuMing
Invesco Governmem&Agency Private 12,437 variable AAA open a m% 12,437 12.437 Bank of NY Mellon 12,437
Federal Home Lone Mortgage Corporation 603,000 4.13% N/A 9/27/13 1,93% 647,450 650,022 Bank of NY Mellon 647,103
659,88
Fulls With Century Golf 2.020,406 2,020,406 2,020,406 Century Golf 1,465,517
2.020,406
Totals $ 16,494,825 $ 16,543,155 $ 18,096,173
O
c*
treasrep TREASURER'S MONTHLY REPORT
08/22/11 CALCULATION OF INVESTMENT LIMITATIONS
JUNE 30, 2011
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $101,537,862
1 year to 3 years 0.00% 50.00% 2.86%
3 years to 5 years 0.00% 30.00% 0.00%
over 5 years N/A N/A 0.49%
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% 38,60%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
G
C.0
Calculation of Weighted Avg Maturity
Mature Current No. of Days X Cost
Date Date Days
40,694
40,695 40,694 1 3,777,362
40,695 40,694 1 57,700,000
40,634 40,694 0 0
40,664 40,694 -30 0
40,664 40,694 -30 0
40,697 40,694 3 3,000,000
40,699 40,694 5 10,000,000
40,695 40,694 1 1,000,000
40,697 40,694 3 0
40,722 40,694 28 0
40,732 40,694 38 38,000,000
40,737 40,694 43 43,000,000
40,744 40,694 50 50,000,000
40,745 40,694 51 51,000,000
40,746 40,694 52 52,000,000
40,746 40,694 52 51,870,000
40,753 40,694 59 59,000,000
40,772 40,694 78 78,000,000
40,780 40,694 86 86,000,000
40,807 40,694 113 226,000,000
40,814 40,694 120 240,000,000
40,816 40,694 122 244,000,000
40,816 40,694 122 251,930,000
40,830 40,694 136 136,000,000
10
40,834 40,694 140 280,000,000
40,863 40,694 169 338,000,000
40,864 40,694 170 170,000,000
40,870 40,694 176 176,000,000
40,870 40,694 176 352,000,000
40,870 40,694 176 176,000,000
40,870 40,694 176 351,648,000
40,953 40,694 259 259,000,000
40,998 40,694 304 304,000,000
41,019 40,694 325 325,000,000
41,019 40,694 325 650,000,000
41,059 40,694 365 730,000,000
41,236 40,694 542 1,084,000,000
41,382 40,694 688 688,000,000
43,196 40,694 2,502 1,247,482,188
Total Investments at Cost 8,813,407,550
WAM in Days
105,036,456
83.91
11