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Home My WebLink About6/15/2011 - STAFF REPORTS - 2.D. Ir o�paLMsA� u n 41FORN�P City Council Staff Report DATE: June 15, 2011 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF APRIL 30, 2011 FROM: Geoffrey S. Kiehl, Director of Finance and Treasurer BY: Depai hiient of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of April 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 $88,754,257 plus $19,553,213 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $88,856,006. RECOMMENDATION: Receive and File Treasurer's Investment Report as of April 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, 4/16118, 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 City Council Staff Report June 15, 2011 — Page 2 Treasurer's Investment Report as of April 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 95 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�SKielhl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report a treasm CITY OF PALM SPRINGS 512512011 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS APRIL 30, 2011 fOn Call Deposits AdjmsW Basis Cgtcgory Total Percentage Checking Account $ 536,465 State Pool 47,700,000 $ 48,236,465 54.35% Short Term Investments (1 year or less) Mortgage Pass-Thrms 21,698 U.S_Gov't Agencies 34,997,500 35,019,198 39.46% Medium Term Investments (1 year to 3 years) U.S.Gov't Agencies 5,000,000 5,000,000 5.63% Long Term Investments (3 year to 5 years) U.S Gov't Agencies 498,594 498,594 0 56% $ 89,754,257 100.00% 'Some investments mgdc prior to the implementation of the cwlvnt Inveslwent Policy exceed the 5 year limit TREASURER'S MONTHLY REPORT sl25/2011 DETAIL OF INVESTMENTS APRIL 30,2011 Cnupon Maturity or Yield Adjusted (memo only) PnorQtr Par Value Rau RA" Call Date to Manunv Cost Bases Category Total Market Value Source Market Value ion Cali Deposits Chedw4-Bank ofAmenca S NIA variable AAA open 015% S 536,465 S 536A65 S 1,809,372 Local Agency Invest Fund(LAIF)* 47,700,000 variable N/A open 059% 47,700,000 47,760,205 LA1F 50,763,991 49,236,465 Short Term Invesunerus (I year or less) Mortgage Pass-Thrua Federal Home Loan Mortgage Corporetwn 695,000 4.009E N/A 04/01/11 5 226/. 0 0 Bank ofNY McIlao 95,307 Federal Home Loan Mwpgr Corporabm 200,000 4 50% NIA 051011i l 5 37% 2I,698 24,468 Bank ofNY Mellon 31,196 21,699 us Govt Agency Secuntes Fed"Home Lean Bmk 1,000,D00 2 35% NIA 05/01/11 2 35% 1,000,000 1,000,130 Bank ofNY Mellon 995,800 Federal Home Loan Sank 1,000,000 1 75% NIA 05103111 1 75% 1,000,000 989,219 Bank of NY Mellon 975,350 Federal Home Lon Book 2,000,000 2 00% NIA 05/05/11 2 0DV6 2,000,000 1,969,700 Bank ofNY Mellon 1,942,220 Federal Home Lon Mmtgnf Co.Finahon 1,000,000 2 OOY6 NIA 05125/11 2 00% 1,000,000 995,840 Bank of NY Mellon 993,240 Federal Home Loan Murtme Cteperabon 1,000,000 1 S7% N/A 06)01111 1 57'/6 1,000,000 981,480 Bank ofNY Mellon 967,520 Federal Home Loan Bank 2,000,000 2 Wls NIA 06/03/11 2 0010 2,000,0t10 1,991,600 Bank of NY Mellor: 1,966,200 Federal House Lon MortgW Corporation 1,000,000 2 506/o N/A 06R8/11 2 50% 1,000,000 1,003,550 Bank of NY Mellon I,005,370 Federal Farm Credit Bank 1,000,000 1 77% NIA 071MI 1 1 77%. 1,000,000 11002,010 Bank of NY Mellon 995,670 Federal Naboural Mortgage Associabon 1,000,000 2 050/i NIA 07/13/11 2 05% I,000,000 1,003 230 Bank ofNY Mellon 999,270 Federal Home Loan Mortgage Corporatmn 1,000,000 2 3r,. N/A 07r20/11 2 38N. 1,000,000 1,003,830 Bards of NY Mellon 995,460 Federal Home Laan Mo tpge Corporstwn 1,000,0D0 1 63% NIA 07/21/11 1 635: 1,000,0D0 002,650 Bank ofNY Mellon 1,002,050 Federal Home Loan Mortgags Corporatuon 1,000,0D0 1 t0°.. NIA 07/22 I i I I00/. 1,000,000 1,001,740 Bank ofNY Mellon 1,002,080 Federal Natonal MWWW Assomahon 1,000,000 2 25% NIA 07/22/11 2 30?. 997,500 999,510 Bank ofNY Mellon 987,600 Federal Nmm l Mortgage Association 1,000,000 I W% NIA 07/29/11 1 60% 1,000,000 I,002,890 Bank ofNY Mellon 1,001,340 Federal Farm Credit Bank 1,000,000 1 88% NIA 08/17/11 1 88% 1,000,000 998,970 Bards of NY Mellon 987,590 Federal National Mortgage Association 2,000,000 1 63% NIA 09/21/1 I 1 63% 2,000.000 2,007,400 Bank ofNY Mellon 1,995,880 Federal National Mortgage Association 2,000,000 1 60% NIA 09/28/11 1 60°. 2,000,000 2,006,760 Bank ofN]Mellon t,992,060 treump TREASURER`S MONTHLY REPORT Snsrol l DETAIL OF INVESTMENTS APRIL 30,2011 Coupon Maturity or Yield Adjusted (memo only) Prior Qtr Par Value Rate Rating Call Date to matunty Cost Basis Category Total Market Value Source Market Value Federal Farm Credit Bank 2,000,000 I 99Re NIA 09130111 1 99% 2,000,000 2,005,900 Bank of NY Mellor 1,994,320 Federal Home Lora MortpW Ccapanbm 1,000,000 2 65% NIA 10114111 2 65°16 i1000,000 1,006,000 Bask of NY Mellon 0 Federal Home Loan Mortgage Co,yoranon 2,000,000 2 75% NIA 10/19/11 2 73% 2,0001000 2,015,180 Bank ofNY Mellon 0 Federal Farm Credit Bank 2,000,000 1 62% NIA 11/16111 16264 2,000,000 1,969,460 Bank of NY Mellon 1,941,720 Federal Farm Credit Rank 1,000,D00 1 25% NIA 11117+11 1 25°n, 1,000,000 991,390 Bails cfNY Mellon 980,010 Federal National Mo,Vw Association 1,000,D00 1 50% NIA 11/23/11 1 50% I,000,000 973,720 Bask ofNY Mellon 959,590 Federal National Matpgn Association 2,000,000 1 509E NIA I I123111 15001. 2,000,000 1,960,240 Bank of NY Mellon 1,923,460 Federal Farm Credit Bank 1,000,000 1 48% NIA 02/14/12 I 48°. 1.",00D 1,007,170 Bank ofNY Mellon 1,000,060 Federal Farm Credit Bank 1,000,0(10 2 54% NIA 0313W12 2 54ta 1.000000 1,008,200 Bank of NY Mellon 996,406 Faded National Mortgage Association 1,000,000 2 55% NIA 04120/12 2 55%. I,fl08,000 1,007,850 Bank of NY Mellon 0 34,997,500 Medium Term k"stmeats {I Yeas to 3 Years) U S Gmf Federal Nrtiensl Mor+gage Assocutmn 2,000,OOO 1 45% NIA 05/30/12 1 45% 2,D00,000 1,949,100 Bank ofNY Mellon 1,919,700 Federal Natonal Mortgage Associmm 2,000,000 1 50% NIA 11I23112 1 50*/. 2,000,OOD 1,960,240 Bank ofNY Mellon 1,923,460 Federal National Mortgage Association 1,000,000 2 50Ya NIA 0448113 2 50% 1,000,000 1,010,910 Bank ofNY Mellon 0 5,OD0,000 Long Term InveA,naut {3 years to 5 years) U S Go,/Financing Corporation(FIC0) 500,OOO 9 80% NIA 04*0119 9 80'. 498,594 710,100 Bask of Amtnca 705,335 498,594 S 98,754,257 S 98,856,006 S 97.827,447 11lotal Invested Cash •Includes the fdilawmg deposits ofrion-City funds PnncgW h#trest Total Patin Sprmv llsstor1w Society 250,000 53,837 303,837 CA 'TREASURER'S MONTHLY REPORT "Wep MISCELLANEOUS AND TRUST ACCOUNTS 5/25/2011 APRTT, 30, 2011 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 88,754,257 $ 98,754,257 $ 88,754,257 JMisoellaneouus Accwnts Petty Cash 3,900 NIA NIA open none 3,900 Revolving Fund-Bank of America 19,495 NIA NIA open none 19,495 Trust&Agency-Bank of America 1,430,912 N/A NIA open none 1,430,912 Downpaymeut Assistance(housing Fund)-3P Morgan Chase 33,731 0.15% NIA open 0.15% 33,731 Workers Compensation-Bank of America 6,652 NIA NIA Well none 6,652 Generai Liability-Bank of America 29,555 NIA NIA open none 29,555 1930's General Store Museum-Bank of America 2,577 NIA NIA open none 2,577 On-Line Credit Card Transportation Permits- 1,568 NIA NIA open none 1,568 1,528,390 Bank of America Deposits Held In Trust Time Deposits (FDIC Insured) BBVA Compass(Coyote Springs Apt) 20,777 1.09% N/A 6124111 1 090b 20,777 20,777 Total Cash Deposited S 90,303,424 Cz TREASURER'S MONTHLY REPORT traas(.p BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 5125I2011 APRIL 30,201 I Coupon Yuld Adjusted [memo only) Pear Qtr Par value Rate Rating Mett¢ny to Ma" cost Basis Category Total Market Value Source Market Value I99t 197M/04 Commtion Center Invesco Governnmt&Agency Prtvam 2,124,515 variable AAA open 0 01% 2,124,515 2,124,515 Bank ofNY McRm 119,136 Federal Hoax Loan Morgtgege Corporatm 5,465,000 4 13% NIA 91271I3 1,93% 5,867,848 5,993.127 Bank ofNY Mellon 5,864,710 7,992,363 199110 i Serxs B-Housing Irnesco Government&Agency Pram 28,840 vanable AAA open 0 02"0 28,840 28,840 Bank of NY Mellon 19,127 Federal Home Loan Bank 420,000 4 63% NIA 10i 101t2 1 39% 453,705 445,292 Bank ofNY Mellon 445,666 492,545 1994/04 Senes A&B Invesco Gov-meot&Agency Private 34,321 variable AAA open 0 02% 34,321 34,321 Bank ofNY Mellon 34,321 Federal home Loan Morgage Corporation 965,000 4 13°/. NIA 9127A3 1 93% 1,03-6,134 1,038,832 Bank ofNY Mellon 1,035,580 Federal Hoax Loan Martrr Corporation 371,000 4 13% NIA W27A3 1 93% 613,091 614.697 Bank of NY Mellon 612,763 1,693,547 1998 Aupmt PFC Invesco Oovaweent&Agency Prate 294,273 variable AAA open 0 02% 294,273 294,273 Bank ofNY Mellon 223188 U S Treasury Note 918,000 1 38% NIA 3115113 1 55% 913,374 931,890 Bank ofNY Mellon 928,649 1,207,647 1999 Assatament Diststet 155 A&B Invesco Oove,ument&Agency Pnvate 0 variable AAA open 0 01% 0 0 Berk ofNY Mellon 66 0 200I Assessment District I571158 Invesco GovmLa ent&Agency Pnvate 172,027 variable AAA open 0 01% 172,027 172,027 Bank ofNY Mellon 172,024 172,027 2002 Pwkmg Strucome Cash 3 3 3 Bank of NY Mellon 3 Invesco Govem wd&Agency Private 3,117 van" AAA open 001% 3,117 3,117 Bank ofN4 Mellon 3,117 3,120 TREASURER'S MONTHLY REPORT »r BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS sr2snol l APRIL 30,2011 Coupon Yield Adjusted froemo only) Prior Qtr Par Value Rate Res+ng Matunty to Maturity Cost Basis Category Total Market value Source Market Value 2004 Assedament Dumet 161 Invesco Govaw„ent&Agency Private 67,9% variable AAA open 0 02% 67,996 67,996 Bank of NY Mellon 67,994 Key Bank National Assocmton,Oluo 108,000 4 30%. NIA 12/20/12 1 801/. 115,105 114,351 Bank of NY Mellon 114,356 CTr Bank,Salt Lake City,Utah 205,000 3.05'n NIA 1IM13 1 87% 211,607 211,276 Bank of NY Mellon 2t3,032 394,708 2004 Assessment Matnet 162 lnvevco Oovet km% t&Agency Private 66274 variable AAA open 0 01% 66,274 66,274 Bank of NY Mellon 66 273 Capital One Bank USA National Assocmton 88,000 4 15% NIA 315+13 1 W/o 93,846 93,515 Bank ofNY Mellon 93,452 IK120 2W5 Assessment Dnstnct 164 lnveeca rJDVWL.ent&Agency Private 93,774 vaneble AM open 00111 a 93.774 93,774 Bank ofNY Mellon 93,389 Citizens Bank,Flirt,Mrchrgan 245,DDD l&We NIA 314113 1 W/o 245,347 245,000 Bank ofNY Mellon 245,000 Capital One Bank USA National Aswcmbm 25.WO 4 154,n NIA 315113 t 80!•b 26,661 26,567 Bank ofNY Mellon 26,549 365,782 2006 Aupott PFC Invesco Gov.4mueat&Agency Private 938,247 variable AAA open 0 01% 938,247 938,247 Bank ofNY Mellon 823,774 U.S Treasury Note 855,DDD 1389/4 NIA 3115113 1 55% 850,692 $67,928 Bank ofNY Mellon $64,919 1,788,938 2007 Merged Project 01 dt 02 hsvewo Govm mw&Agency Private 2,529,534 variable AAA open 0 01% 2,529,534 2,529,534 Bank ofNY Mellon 2,52%480 2,529,534 20W Refamdmg Lease Revenue Bonds Invesco Gova.aaent&Agency Private 3 variable AM open 0 01% 3 3 Bank ofNY Mellon 1,373,950 3 2008 Airport PFC Refunding Invesco Gom-mat&Agency Private M437 variable AAA open 002!s 12,437 12,437 Bank ofNY Mellon 12,437 Federal Home Loan Mortgage Corporatwn 603,000 4 13% NIA 9/2T13 193% 647,450 649,136 Bank ofNY Mellon 647,103 659,887 Funds With Century Golf 2,112,992 21I12,992 2,112,992 Century Golf 1,465.517 2,112,992 Totals S 19,553,213 $ 19,601,944 $ 18,096,173 treasrep 'FREASURER'S MONTHLY REPORT 05/25/11 CALCULATION OF INVESTMENT LIMITATIONS APRIL 30, 2011 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 NIA $83,255,663 1 year to 3 years 0.000/0 50.00% 5.63% 3 years to 5 years 0.00% 30.00% 0.00% over 5 years N/A N/A 0.56% By Type of Investment: Bankers Acceptance-in total N/A 40.001% OW/0 Bankers Acceptance -single bank NIA 20.00% 0.000/0 Commercial Paper NIA 15.00% 0.00% Certificates of Deposit NIA 30.00% 0.00% Corporate Notes NIA 20.00% 0.00% Money Market Mutual Funds NIA 10.00% 0.000/0 Mortgage Pass Thrus NIA 10.00% 0.02% U.S. Government Agencies NIA 60.00% 45.63% U.S. Treasury Notes/Bonds N/A NIA 0.00% c;:y