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Home My WebLink About9/7/2011 - STAFF REPORTS - 2.D. � apptMsp4 iy a u m x C441FO City Council Staff Report DATE: September 7, 2011 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF MAY 31, 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 May 31, 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 $102,325,699 plus $17,284,198 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $102,646,070. RECOMMENDATION: Receive and File Treasurer's Investment Report as of May 31, 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 7, 2011 — Page 2 Treasurer's Investment Report as of May 31, 2011 under current market conditions. We recommend that this exception to the policy be continued. The weighted average maturity (WAM) of the portfolio is 72 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 �� Geoffr S. Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report 02 treasnep CITY OF PALM SPRINGS &W2011 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MAY 31, 2011 On Call Adjusted Basis Category Total Paoentar Chadang ACODUld S 3,129,605 Stele Pool 59,700,000 S 62,829,605 61.40% Short Term Investments (I year or leas) Mortgage Pass-Thrus 0 U.S.Gov�t Agencies 35,997,500 35,997,500 35.18% Medium Tam Investments (1 year to 3 years) U.S.Gov't Agencies 3,000,000 3,000,000 2.93% IL ong Term Inyeatments (3 year t0 5 years) U.S.Govt Agencies 498,594 498,594 0.49% S 102,325,699 100.00% -Same,investments made prior to the implementation of the oorrrnt Invest Policy mceed the 5 year limit 03 pep TREASURER'S MONTHLY REPORT "Wil DETAIL OF INVESTMENTS MAY 31,2011 Coupon Makuw or Yield Adjusted (memo only) Prior(;oft. Per Val. Rom Rming Call Dab mmmw y Cox Bade Category Total Market Value Source me"Value On Call D mb Chechog•BmdcofAmmie(st�to� $ N/A variabia AAA opm 0.15% S 3,129,605 f 3,129,605 S 1,809,372 Local Agency lnvat Food(LW* 59,700,000 variable N/A opm 0,41% 59,700,000 59,775,351 LAB' 50,763,991 W,829,605 Shore Tam Nveeanmte (lwmoiea) Mortgage Pao-Twee Fedobl Home Loan Morgage Corporation 695,OW 4.W% N/A O"1/11 5,22% 0 0 Bank ofNY Mellon 95,307 Fodstal Home Loan Mongege Capoaxon 200,OOD 4.50% N/A 05/01/11 5,37% 0 0 Bank ofNY Mellon 31,196 0 U.S.Gov t Agency Sepoitia Federal Home Loon Bonk 1,W0,000 2.35% N/A 05/01/11 2.35% 0 0 Bonk ofNY Mail. 995,80D Federal Horn Loan Be* 1,000,000 1.75% N/A 06NM111 1.75% 1,00%000 1,001,563 Bank ofNY Mellon 975,350 Fed"Home Loan Back 2,000,000 2.00% N/A 06/O1111 2.00% 2,W0,OW 1,995,300 Book ofNY Mallon 1,942.220 Fedud Hone Lose Mongolia Caryoelion 1.000.000 1.57% N/A 06/01/11 1.57% I,OOD,000 994,9W Bank ofNYMelbn 967,520 Federal Home Loan Book 2,OOO,ODD 2.OD% N/A O6103/11 2.00% 2,OOD,000 $OOD,460 Bank ofNY Mellon 1,966,2W Federal Home Loam MortgageCorpomti. 1.000,000 2,50% N/A 06/28/11 2.50% I.OW,000 1,001,730 Bads ofNY Mallon 1,005,370 Fedmd Fann Credit Bank 1,000,0W 1.77% N/A 07/08/11 1.77% I,OD0,000 1,0D1,40D Book ofNY Mellon 995,670 Fdum National Mortgage Amonimion I,00%wo 2.05% N/A 07/13/11 2.05% 1,000,000 1,002,100 Bank ofNY Mellon 998,270 Federal Horn Loan Mortgage Cor neom 1,00D,000 238% N/A 07/20/11 2,38% 1,OW,000 1,003.110 BankofNYMeII. 995,460 FdeM Home Lose Mortgage Copononer, 1,000,000 1.63% N/A 07/21/11 1.63% 1100010W I,0D1,650 Bank ofNY Mellon 1,002,050 Federal Homo Loan Mortgage Cop000nx 1,000,000 1.10% N/A 07,22A1 1.10% 1.000,ODD I,00I,I50 BankofNYMelbn 1,0D2,080 Pedmal National Morlgege Acvocini. 1,000,00D 2.25% N/A 0722/11 2.30% 997,500 I,002,930 Bad,ofNY Mall. 987,600 Fdmal National Mongege Aemcimion 1,000,000 1.60% N/A 0729/11 1.60% 1,000,0W I,001,90D BenkofNYMalbn 1,0D1,140 Fdmal Farm Credit Bank 1,000,OW 1.88°% N/A 09/17/11 L88% 1,000,000 I,003,960 Bank ofNY Melbm 997,590 FdedHome Loon Mo,"eCopmmbn 1,000,000 2.00°A N/A 0925111 2.OD% 1,000,000 1, Federal National Mongolic,Aamoimlon 2,0WW,O 1.63% N/A 0921/11 1.63% 002,64D Bank ofNY Mellon 983,240 2,0W,0W 2,006, Bank ofNY Mallon 1, ,880 FdemlNdonal Mogege Amoniati. 2,OW,OW 1.60% N/A W2 W 8r11 1.60% 2,OW,O 2,006,M84O B.k.mkofNY Mallon 1,W992,060 C) kr . TREASURER'S MONTHLY REPORT 8r9f1011 DETAIL OF INVESTMENTS MAY 31,2011 Coupon Maturity or Yield Adjusted (mmo only) PrimQk. Per Valor Rate Ruling Call Dam to Maturity Cost Beds Cdgmy Tod Medret Value Sooree Me"VWW Federal Fate Credit Bank 2.00D,OOD 1.9m WA 09A0/II 1.99% 2,000,00D 2,007,760 Bank ofNYMdlon 1,994,320 Federal Home Lam Mortgage Corporation 1,000,0D0 2.65% WA 10/14/11 2.65% 1,000,00D 1,008,430 BmkofNYMdlol 0 Federal Home Loan Morlgege Corporation 2.00D,0DO 2,75% N/A 10/18/11 2.75% 2,000,000 2,017,900 BankofNYMollon 0 Federal Fatm Credit Burk 2,000,ODO 1,62% WA 11/16/11 LAM 2,000,00D - 1,995,280 BmkofNYMellon 1,941,720 Federal Fate Credit Beds I,000,000 1.25% N/A 11/17/11 1.25% 1,000,000 1,001,150 Bank of NY Mellon 980,010 Feeerd National Mottgogo AmoiYion 1,00D,000 1.50% WA 11/23/11 1.WA 1,0W,000 988,110 BmkofNYMeUmn 959,59D Fedard National Mo WAmorioion 2,000,000 1.50% N/A 11/23/11 1.50% 2,000,000 1.%9.460 Seek ofNY Mallon 1,923AW Federal Farm Credit Bads 1,000.W0 1.40% WA OLI4/12 1.48% 1.000,00(1 1,007,710 BmkofNYMelbn 1,000,060 FederalFerro C,e&tBmk 1,00D,000 2,%% N/A 03/30/12 2.54% 1,000,00D 1,015,730 DakofNYMdion 996,406 Feeerd National Mmtgege Aaeodedon 1,00D,000 2.55% WA 04410/12 2.55% I.000,00D 1,015,600 BmkofNYMW= 0 Federal NatiaW MortgageAwodeCon 2.00D,000 1,45% N/A 05/30/12 1,45% 2,00(400D 1,977,040 BankofNYMallon 1,919,700 35,997,50D M 'um our (1 to3 ) U.S.Oo A Agmvy Securities FadermiNalmommildowip,eAsoccodicir 2,000.000 1.50% WA IM112 1.50% 200,000 1,969,460 BsrikofNYMdba 1,923,460 Fed"Nedoad MonSWAerociadoe 1,00D,000 2.50% WA 04/18/13 2.50% lWGl10D 1,019,450 BmkofNYMdbn 0 3,000,00D Idrg llvre lnvemrmet 3 m5 U.S,OoJt Agency Securities Finmaing CoryorNioo(FICO) 500,WD 9.8054 WA 041WIS 9.90% 499,594 719,532 Burk ofAmerica 705,355 499,594 S iM2 6699 j.1 02,646,070 S 17,827.447 ToW lowered Cash a4oludm it.following dMoalte dnm-Cityfonds: Principd forever Totel Palm Springs Historical Society 250,OOD 53,943 303,943 C) Ln TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 8/9/2011 MAY 31, 2011 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 102,325,699 $ 102,325,699 $ 102,325,699 Miscellaneous Accounts Petty Cash 3,900 N/A N/A open none 3,900 Revohvrg Fund-Bank of America 20,000 N/A NIA open none 20,000 Trust&Agency-Bank of America 1,456,774 NIA N/A open none 1,456,774 Downpayment Assistance(Housing Fund)-JP Morgan Chase 33,735 0.15% N/A open 0.15% 33,735 Workers Compensation-Bank of America 3,621 NIA N/A open none 3,621 General Liability-Bank of America 30,000 N/A N/A open none 30,000 1930's General Store Museum-Bank of America 2,577 NIA N/A open none 2,577 On-Line Credit Card Transportation Permits- 1,817 N/A N/A open none 1,817 1,552,424 Bank of America IDeposits Held In Trust Time Deposits (FDIC Insured) BBVA Compass(Coyote Springs Apt) 20,777 1.090/0 NIA 6/24/11 1.09% 20,777 20,777 Total Crib Deposited $ 103,898,901 O TREASURER'S MONTHLY REPORT aesgnp BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS &92011 MAY 31,2011 Coupon Yield Adjusted (manor only) Prior W. Per Value Isms Retina Materily unMefunty Coat Basis Category Total me"Value Souroe Market Value 1991/97/0104 Convention Carder Inveaco Government&Agmcy Private 13,429 variable AAA open 0,01% 13,429 13,429 BenkofNYMelan 119,136 Federal Home Loan Morgtslpe Coryoraom 5,465,000 4,13% N/A W27/13 193% 5,867,648 5,898,047 BmkofNYMellon 5,864,710 5,881,277 1991N1 Series B•Housing ovemo Govanmmt&Agency Prlvme 28.940 verieble AAA open 0.02% 28,940 28,940 Bank ofNY Mello. 19,127 Federal Home Lam Bank 420,000 4,63% N/A 10/10/12 1,38% 453,705 444,704 Bank ofNY Mellon 445,666 482,545 1994/04 Series A&B Invsm Government&Agency Private 34,322 variable AAA open 0.02% 34.322 34,322 Book ofNY Melon 34,321 Fedrd Henx loan M.%W Cmpdgion 965,000 4.13% N/A 927/13 1.93% 1,036,134 1,041,467 Bank ofNY Melon 1,035,390 Federal Horne Len Mortgage Crpotmim 571,000 4.13% N/A 927/13 1.93% 613,091 616.246 Bank ofNY Mallon 612,763 1493,547 1999 Airport PFC Mvsoo Government&Agency Private 364,659 variable AAA span 0.02% 364,659 364,659 BmkofNYMalo. 223.888 U.S.Treasury Note 918,000 1.38% N/A Y15/13 1.33% 913,374 933,854 Bmk ofNY Melon 928,649 1,278,033 1998 AeemstnentDispict 155 A&B b."Govmnmmt&Agency Private 0 variable AAA open 0.01% 0 0 Bank ofNY Melon 66 0 2001 Aammstnenli%mrim 157/158 aveam Government&AtprryPrivw 172,029 variable AAA spas 0.02% 174029 172,029 Beak ofNY Melon 172,024 172,029 2002 Perking Structure Caleb 3 3 3 Bank ofNY Mellon 3 Inveam Govenunenl&Agency Private 3,025 variable AAA open 0,01% 3,025 3,025 Bank ofNY Mellon 3,117 3,028 Q TREASURER'S MONTHLY REPORT tom BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS R9mil MAY 31,2011 coupon Yield A4ivam6 (msmo only) prim Qn,. Pr Vslue Rate Rating Maturity to Mmumy Con B", Category Tool Maded Voice Souroa Market Value 2004 Assessment Dinrir 161 Inveaco OovemmedAt Agency Privro 67,996 'enable AAA open 0.02% 67,9% 67,9% Bank ofNYbWlm 67,994 Rey Batdt National Association,Ohio 108,000 4.30% N/A 12/20/12 1.80% 115,103 114,199 Bank of NY Mellon 114,356 C1T Bank Hale Lake City,Utah 205,000 3.05% N/A 128/13 1.97% 211,607 213,253 Br�kofNYMellon 213,032 394,709 20D4 Assessment District 162 Btveaoo Oovatntnaat@Agmxy Private 66,275 variable AAA am 0.01% 66,275 66,275 BmkofNYMdlm 66,273 Capita One Bank USA Neliwal Association 88,000 4.15% N/A 3/5/13 1.80% 93,846 93,846 Bank ofWY Mellon 93,452 160,121 2005 Assessment District 164 Invaoo0osrommth AgemyPnvete 94.149 variable AAA span 0.02% 94,149 94,149 BeokofNYMAbn 93,388 Citisru Beek,Film Michigan 245,000 1.95% N/A 3/4113 1.80% 245,347 245,000 BankofNYMdlon 245,000 Capita Oro Bank USA Noticed Association 25,OOD 4.15% N/A 3/5/13 1.80% 26,661 26.550 BadsofNYMellca 26,549 366,156 2006 An"ITC Invesm Oovanwem At Agency Private 1,052,722 lath" AAA open 0,02% 1,052,722 1,052,722 BmkofNYMellon 923,774 U.B.Ttamey Note B55,000 1.38% N/A 3/I5/13 1.55% 350,692 869,766 Beck ofNY Mellon 964.918 1,903,413 2007 Msged Project Bl Q 02 Invero0orrtuoerit&Ageeey Privet 1.971,727 'enable AAA open 0.01% 1,971,727 1.971,727 Bads ofNY Mellon 2,529,480 1,971,727 2007 Raflmding Lem Retinue Bends InvsmGovmvnerdffi'Agww Prhmae 3 variable AAA open 0.01% 3 3 Bank ofNY Mallon 1,373,851) 3 2008 Aitpon PFC Refu d ng Invesoc Gevemmerd At AganeyPnv 12.437 Venable AAA open 0,02% M437 12,437 Bank ofNYMailon 12,437 Federal home Loan Man~Coiponaion 603,000 4,13% N/A 9/27/13 1,93% 647,450 650,782 Beds of NY Mallon 647,103 659,887 Funds With Canary Golf 2,327,723 2,327,723 2,327,723 Canhny Oolf 1,465,517 2327,723 Totae $ 17284.198 B 17.357,050 B IL096,173 Go treasrep TREASURER'S MONTHLY REPORT 08/09/11 CALCULATION OF INVESTMENT LIMITATIONS MAY 31, 2011 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $98,827,105 1 year to 3 years 0.00% 50.00% 2.93% 3 years to 5 years 0.00% 30.00% 0.000/0 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% 0.000/0 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 10.000/0 0.000/0 U.S. Government Agencies N/A 60.00% 38.60% U.S. Treasury Notes/Bonds N/A N/A 0.00% 0 w