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Home My WebLink About5/18/2011 - STAFF REPORTS - 2.E. C�ppLhi S . a u` n k TQ �� • +bRA� c4` P City Council Staff Re ort DATE: May 18, 2011 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF MARCH 31, 2011 FROM: Geoffrey S. Kiehl, Director of Finance and Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurers Investment Report as of March 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 $88,115,060 plus $18,079,255 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $87,827,447. RECOMMENDATION: Receive and File Treasurer's Investment Report as of March 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, 4116/18, 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 City Council Staff Report May 8, 2011 --Page 2 Treasurer's Investment Report as of March 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 88 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. iehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report tr'easrep CITY OF PALM SPRINGS 4/27/2011 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS MARCH 31, 2011 [On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 1,809,372 State Pool 50,700,000 $ 52,509,372 59.59% Short Term Investments 1 year or less Corporate Notes 0 Mortgage Pass-Thrus 109,594 U.S.Govt Agencies 30,997,500 31,107,094 35.30% Medium Term Investments 1 ear to 3 years U.S.Godt Agencies 4,000,000 4,000,000 4.54% Long Term Investments 3 year to 5 ears) U.S.Gov t Agencies 498,594 498,594 0.57% S $$,115 060 100.000/0 'Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. 3 treasrep TREASURER'S MONTHLY REPORT 4I27120I I DETAIL OF INVESTMENTS MARCH 31,2011 Coapon Maturity or Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Cali Dais to Maturity Cast Basis Category Total Market Value Some Market Value [On Cali Deposits Checking-Barak of America S NIA variable AAA open 0.15n/* $ 1,909,372 S 1,809,372 S 1,349,775 Local Agency Invest Fund{LASE}* 50,700,000 variable NIA open 0.50n/. 50,700,000 50,763,991 LAIF 37,772,190 52,309,372 Short Term Investments 1 year or less Corporate Notes Goldman Sachs Group,Inc. 1,000,C00 5.00% A 01/15/11 5.37% 0 0 Bank ofNY Mellon 1,001,094 0 Mortgage Pass-Thrus Federal Home Loan Mortgage Corporation 1,015,552 4.50n/. NIA 02/01111 5.24% 0 0 Bank ofNY Mellon 131,975 Fstleral Home Loan Mortgage Corporation 695,006 4.003: NIA 04/01111 5.2rlo 91,170 95,307 Bank of NY Mellon 124,912 Federal Home Loan Mortgage Corporation 200,000 4.50°/. NIA 05/01/11 5.37% 28,424 31,196 Bank ofNY Mellon 36,085 . 109,594 U.S.Gov t Agency Securities Federal Farm Credit Bank 2,000,000 2.00% NIA 01/14111 2.00Yo 0 0 Bank ofNY Mellon 2,000,860 Federal flame Loan Bank 1,000,000 2.35% NIA 0410I111 2.35% 1,000,000 995,800 Bank ofNY Mellon I,O00,100 Federal Home Loan Bank 1,000,000 1.75% NIA 04/03/11 1.75% 1,000,000 975,350 Bank ofNY Mellon 965,920 Federal}Same Loan Bank 2,000,000 2.35nh NIA 03/17/11 2.35% 0 0 Bank ofNY Mellon 2,007,960 Federal National Mortgage Association 2,000,000 2.001% NIA 03/30/11 2.00% 0 0 Bank ofNY Mellon 1,959,480 Federal home Loan Bank 2,000,000 2.0OY. NIA 04/05/11 2.00% 2,000,000 1,942,220 Bank ofNY Mellon 1,939,360 Federal}Tome Loan Mortgage,Corporation 1,000,000 2.38%. NIA 0412M 1 2.38% 1,000,000 995,460 Bank ofNY Mellon 1,000,890 Fedend Home Loan Mortgage Corporation 1,000,000 2.001% NIA 05/25/11 2.000% 1,000,000 983,240 Bank ofNY Mellon 985,810 Federal Home Loan Mortgage Corporation 1,000,000 1.57% NIA 06/01/11 1.57% 1,000,000 967,520 Bank ofNY Mellon 988,460 Federal Hoarse Loan Bank 2,000,000 2.00n/. NIA 06/03/11 2.001% 2,000,000 1,966,200 Bank ofNY Mellon 1,960,938 Federal Home Loan Mortgage Corporation 1,000,000 2.50% NIA 06128J1 I 2.50Y. 1,000,000 1,005,370 Bank ofNY Mellon 1,010,250 Federal Farm Credit Bank 1,000,000 1.77n/. NIA 071081]I 1.77% 1,000,000 995,670 Bank ofNY Mellon 1,002,090 treasrep TREASURER`S MONTHLY REPORT 4/27rAI I DETAIL OF INVESTMENTS MARCH 31,2011 Coupon Maturity or Yield Adjusted [meano only) Prior Qtr. Pr Value Rate Rating can Daft to Maturity Cast Basis Category Total Market Value Source Market Value Federal National Mortgage Association 1,000,000 2.05% N/A 07/13/11 2.05'/i 1,000,000 998,270 Bank ofNY Mellon 1,005,770 Federal Home Low Mortgage Corporation 1,000,000 1.63% N/A 07/21/11 1.63% 1,000,OD0 1,002,050 Bank ofNY Mellon 1,003,220 Federal Home LAW Mortgage Corporation 1,000,000 1.10% N/A 0712VI1 1.100% 1,000,OOO 1,002,080 Bank ofNY Mellon 1,002,940 Federal National Mortgage Association 1,000,000 2.25% NIA 07/22/11 2.30% 997,500 987,600 Bank ofNY Mellon 992,370 Federal National Mortgage Association 1,000,000 1.601% NIA 07/29/11 1.60°% 1,0X000 1,001,140 Bank ofNY Mellon 1,004,860 Federal Farm Credit Bank 1,000,000 1.8811. NIA W17/11 1.98% 1,000,0DD 987,590 Bank ofNY Mellon 983,469 Federal National Mortgage Association 2,000,000 1.63% N/A 09/21/11 1.63% 2,000,ODO 1,995,880 Bank ofNY Mellon 0 Federal National Mortgage Association 2,000,000 1.60Yo NIA 09/28/11 1.60% 2,000,000 1,992,060 Bank ofNY Mellon 0 Federal Farm Credit Bank 2,000,000 1.99Yo NIA 09/30/11 1.99% 2,000,000 1,994,320 Bank ofNY Mellon 1,972,780 Federal Farm Credit Bank 2,000,000 1.62Yo NIA 11/16/11 1.62% 2,000,000 1,94I,720 Bank of NY Mellon 1,950,240 Federal Farm Credit Bank 1,000,000 1.25% NIA 11/17/11 1.25% 1,000,000 980,010 Bank ofNY Mellon 989,340 Federal National Mortgage Associatiast 1,000,000 1.50% N/A I1/23111 1.501% 1,000,000 939,590 Bank ofNY Mellon 962,900 Federal National Mortgage Association 2,000,000 1.50% NIA i 1/23/1l 1.50% 2,DOO,000 1,923,460 Bank ofNY Melton 1,930,313 Federal Farm Credit Bank 1,000,000 1.480/ WA 02/14/12 1.48% 1,OOD,000 1,000,D60 Bank of NY Mellon 0 Federal Farm Credit Bank 1,000,DD0 2.54% NIA 03/30/12 2.54% 1,000,000 996,406 Bank of NY Mellow 0 30,997,300 Medium Term lavestmmts 1 year to 3 U.S.Gov't Agency Securities Federal National Mortgage Association 2,000,000 1.450/ NIA OSI301I2 1.450/. 2,ODD,000 1,919,700 Bank ofNY Mellon 1,926,340 Federal National Mortgage Association 2,000,000 1.50% NIA 11/23/12 1.50% 2,000,000 1,923,460 Bank ofNY Mellon 1,930,313 4,00D,000 Long Term Investment 3 years to 5years) U.S.Gov t Agency Securities Financing Corporation(FICO) 500,000 9.80% NIA 0410&18 9.80Yo 499,594 705,355 Bank of America 716,569 499,594 Total Invested aslt S 88,115,060 S 87,827,447 S 75,612,560 *Includes du€oltawing deposits of rxatLity funds: Principal interest Taral SMG(Convention Center) 100,OOO 96,345 196,345 Palm Springs Historical Society 250,OOO 53,690 303,690 Q1 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 4/27/2011 MARCH 31, 2011 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cast Basis Category Total Total Invested Cash $ 88,115,060 $ 88,115,060 $ 88,115,060 Miscellaneous Accounts Petty Cash 3,900 N/A N/A open none 3,900 Revolving Fund-Bank of America 20,000 NIA N/A open none 20,000 Trust&Agency-Bank of America 1,509,028 N/A NIA open none 1,509,028 Downpayment Assistance(Housing Fund)-JP Morgan Chase 33,726 0.15% N/A open 0.15% 33,726 Workers Compensation-Bank of America 6,677 N/A N/A open none 6,677 General Liability-Bank of America 29,157 NIA N/A open none 29,157 193Us General Store Museum-Bank of America 3,360 N/A N/A open none 3,360 On-Line Credit Card Transportation Permits- 1,359 N/A N/A open none 1,359 1,607,208 Bank of America IDeposits Held In Trust Time Deposits (FDIC Insured) BBVA Compass(Coyote Springs Apt) 20,777 1.09% N/A 6/24/11 1.090/0 20,777 20,777 Total Cash Deposited $ 89,743,045 C� TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 4/2712011 MARCH 31,2011 Coupon Yield Adjusted (memo only} Prior Qtr. Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value 1 9 9 1 19 710 1/04 Convention cello Invesca Government&Agency Private 119,136 variable AAA open 0.01% 119,136 119,136 Bank ofNY Mellon 6,420 Federal Horne Loan MogtSW Corporation 5.465,000 4.13% NIA 9127113 1.93% 5,967,948 5,864,710 Bank ofNY Mellon 5,922,058 5,986,984 1991/01 Series B-Housing lavesco Government&Agency Private 19,127 variable AAA open 0.02% 19,127 19,127 Bank ofNY Mellon 24,624 Federal Home Loan Beak 420,000 4.63% NIA 10/10/12 1.38% 453,705 445,666 Sank ofNY Mellon 450,013 472,932 1994104 Series A&B Invesco Government&Agency Private 34,321 variable AAA opal 0.02% 34,321 34,321 Bank ofNY Mellon 32,362 Federal Haase Loan Mortgage Corporation 965,000 4.13% NIA 9127113 1.93% 1,036,134 1,035,580 Sank ofNY Mellon 1,045,703 Federal Home Loan Mortgage Corporation 571,000 4.13% NIA 9/27/13 1.93% 613,091 612,763 Sank ofNY Mellon 618,753 1,683,547 1998 AvWrt PFC Invesco Government&Agency Private 223,988 variable AAA open 0.01% 223,888 223,888 Sank ofNY Mellon 601,014 U.S.Treasury Note 918,000 1,38% NIA 3/15/13 1.55% 913,374 928,649 Bank ofNY Mellon 931,412 1,137,262 1998 Assessment District 155 A&B Invesco Government&Agency Private 66 ,wiabte AAA open 0.01% 66 66 Bank ofNY Mellon 147,307 66 2001 Assessment District 157/158 Inveso Government&Agency Private 172,024 variable AAA open 0.01% 172,024 172,024 Bank ofNY Mellon 176,396 172,024 2002 Parlmg Structure Cash 3 3 3 Bank of NY Mellon 3 Invesco Goverment&Agency Private 3,117 variable AAA open 0.10%. 3,117 3,117 Bank ofNY Mellon 15 3,120 TREASURER'S MONTHLY REPORT tmmep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 4/27/201I MARCH 31,2011 Coupon Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value 2004 Assessment District 161 lavesco Government&Agency Private 67,994 variable AAA open 0021/6 67,994 67,994 Bank ofNY Mellon 64,955 Key Bank National Association,Ohio 108,000 4.30% NIA 12/20/12 1.80% 115,105 114,356 Bank ofNY Mellon 115,451 C1T Bank,Sah Lake City,Utah 205,000 3.051% NIA i128/13 1.87"/n 211,607 213,032 Bank ofNY Mellon 214,381 394,707 2004 Assessment District 162 hirvesco Government&Agency Private 66,273 variable AAA open 0.01% 66,273 66,273 Bank ofNY Mellon 64,580 Capital One Bank USA National Association 88,000 4.15% N/A 315/13 1.80% 93,946 93,452 Bank ofNY Mellon 94,169 160,119 2005 Assessment District 164 Invesco Government&Agency Private 93,388 variable AAA open 0.01% 93,398 93,389 Bank ofNY Mellon 94,049 Citizens Bank,Flint,Michigan 245,000 1.85% NIA 314/13 1.80'/n 245,347 245,000 Bank ofNY Mellon 245,000 Capital One Bank USA National Association 25 WO 4.151% NIA 3/5113 1.80°/a 26,661 26,549 Bank ofNY Mellon 26,752 365,396 2006 Airport PFC lurvesco Government&Agency Private 923,774 Variable AAA open 0.01%. 823,774 823,774 Bank ofNY Mellon 937,212 U.S.Treasury Note 855,000 1.381/6 NIA 3115/13 1.55% 830,692 964,918 Bank ofNY Mellon 867,492 1,674,465 2007 Merged Project#1&#2 hwesco Government&Agency Private 2,529,480 variable AAA open 001% 2,529,480 2,529,480 Bank of NY Mellow 4,839,141 2,529,480 2007 Refunding Lease Revenue Bonds lnvesoo Government&Agency Private 073,850 variable AAA open 0.021% 1,373,950 1,373,850 Bank of NY Mellon 1 1,373,850 2008 Airport PFC Refunding Invesoo Govetnment&Agency Private 12,437 variable AAA open 0.021% 12,437 12,437 Sank ofNY Mellon 12,853 Federal home Loan Mortgage Corporation 603,000 4.13% NIA 9/271I3 1.93% 647,450 647,103 Sank ofNY Mellon 653,429 659,887 Funds With Century Golf 1,465,517 1,465,517 1,465,517 Century Golf 991,488 1,465,517 Totem S 19,079,255 S 18,096,174 S 19,177,O11 +j treasrep TREASURER`S MONTHLY REPORT 04/27/11 CALCULATION OF INVESTMENT LIMITATIONS MARCH 31, 2011 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 NIA $83,616,466 1 year to 3 years 0.0010/0 50.00% 4.54% 3 years to 5 years 0.00% 30.00% 0.00% over 5 years NIA N/A 0.57% By Type of Investment: Bankers Acceptance -in total N/A 40.00% 0.00% Bankers Acceptance -single bank NIA 20.00% 0.0011/0 Commercial Paper NIA 15.00% 0.0011/0 Certificates of Deposit N/A 30.00% 0.00% Corporate Notes NIA 20.00% 0.00% Money Market Mutual Funds NIA 10.00% 0.00% Mortgage Pass Thrus NIA 10.00% 0.12% U.S. Government Agencies NIA 60.00% 40.28% U.S. Treasury Notes/Bonds N/A N/A 0.00%