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Home My WebLink About5/4/2011 - STAFF REPORTS - 2M p�pALMSAP iy 4� ca ci ub Omit CityCouncil Staff Re oft DATE: May 4, 2011 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 28, 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 February 28, 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 $86,601,953 plus $18,442,651 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $86,272,816. RECOMMENDATION: Receive and File Treasurer's Investment Report as of February 28, 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 ITEM NO. CITY OF PALM SPRINGS 3/2 112 0 1 1 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS FEBRUARY 28, 2011 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 2,780,024 State Pool 49 200,000 $ 51,980,024 60.02% Short Term Inve"ents Ulym or less) Corporate Notes 0 Mortgage Pm-I-ww 125,835 34.786/o U.S.Goat Agencies 29,997,500 30,123,335 Medium Term Investments I ear to 3 ears U.S.Gov't Agencies 4,000,000 4,000,000 4.62% Long Term Investments 3 ear to 5 ears U.S.Gov't Agencies 499,594 498 594 0.580/6 $ $6,60I,953 100,00% *Some investments trade prior to the implenentation of the current Investment Policy exceed the 5 year limit. TREASURER'S MONTHLY REPORT 3n112011 DETAIL OF INVESTMENTS FEBRUARY 28,2011 Coupon Maturity or Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Call Date to Maturity Coat Basis Category Total ;Market Value Source Market Value Ion Call Deposits Checking-BankofAmerica $ NIA variable AAA open 0.15% $ 2,780,024 $ 2,780,024 $ 1,348,775 Local Agency Invest Fund(LAIF)• 49,200,000 variable NIA �,open 0.51/ 49,200,000 49,271,897 LAIF 37,772,190 51,980,024 Short Term Investments l year or less Corporate Notes Goldman Sachs Group,Inc. 1,000,000 5.00°/n A 01115111 537°/ 0 0 Bank of NY Mellon 1,001,094 0 Mortgage Pass-Thrus Federal Home Loan Mortgage Corporation 1,015,552 4.50°/, NIA 0210111 i 5.24% 0 0 Bank ofNY Mellon 131,975 Federal Home Loan Mortgage Corporation 695,000 4.00°/. NIA 04/01/11 5.22% 95,477 109,796 Bank of NY Mellon 124,912 Federal Home Loan Mortgage Corporation 200,000 4.50°/a N/A 05/01/11 5.37% 30,358 33,158 Bank ofNY Mellon 36,085 125,835 U.S.GcnA Agency Securities Federal Farm Credit Bank 2,000,000 2.00°/a NIA 01/14/11 2.OD% 0 0 Bank ofNY Mellon 2,000,860 Federal Home Loan Bank 1,000,000 2.35% NIA 03/0111 I 2.35% 1,000,000 998,000 Bank ofNY Mellon 1,000,100 Federal Home Loan Bank 1,000,000 1.75% NIA 03/03/11 1.75% 1,000,000 973,980 Bank ofNY Mellon 965,920 Federal Home Loan Bank 2,000,000 2.35% NIA 03/17/11 2.35% 2,000,000 2,001,620 Bank ofNY Mellon 2,007,960 Federal National Mortgage Association 2,000,000 2.00% NIA 0313011E 2.00°A 2,000,000 1,970,480 Bank ofNY Mellon 1,959,480 Federal Home Loan Bait 2,000,000 2.00% N/A 04/05111 2.00°/a 2,000,000 1,938,940 Bank ofNY Mellon 1,939,360 Federal Home Loan Mortgage Corporation I,000,000 2.39% NIA 0412M 1 2.38% 1,000,000 E,000,460 Bank ofNY Mellon 1,000,890 Federal Home Loan Mortgage Corporation I,000,000 2.001. WA 05/25111 2.00% I,000,000 994,560 Bank ofNY Mellon 985,810 Federal Home Loen Mortgage Corporation I,000,000 157% NIA 06/01/11 1.57% 1,000,000 969,030 Bank ofNY Mellon 988,460 Federal Home Loan Bank 2,000,000 2.001% NIA 06/03/11 2.00% 2,000,000 1,963,800 Bank of NY Mellon 1,960,938 Federal Home lam Mortgage Corporation 1,000,000 2.501% NIA 06/28111 2.50'/° 1,000,000 1,007,170 Bank cfNY Mellon 1,0I0,250 Federal Farm Credit Bank 1,000,000 1.771/. NIA 07/08111 1.77°/ 1,000,000 995,930 Bank of NY Mellon 1,002,080 treamp TREASURER'S MONTHLY REPORT 3/21/2011 DETAIL OF INVESTMENTS FEBRUARY 28,2011 Coupon Maturity or Yield Adjusted (nremo only) prior Par Value Rate Rating Call Date to Maturity Cost Basis Category Total Market Value Source Market Value Federal National Mortgage Association 1,000,000 2.05% NIA 07113/I1 2.05% I,000,000 998,790 Bank afNY Mellon 1,003,770 Federal Home Loan Mortgage Corporation 1,000,000 1.63% NIA 07/21/11 1.631/1 I'm,000 I,002,813 Bank of NY Mellon 1,005,720 Federal Home Loan Mortgage Corporation 1,000,000 1.101/6 NIA W221i 1 1.100/. 1,000,000 1,002,650 Bank o€NY Mellon 1,002,940 Federal National Mortgage Association 1,000,000 2.23% NIA 07/22/11 2.30"/u 997,500 985,110 BankofNYMellon 992,370 Federal National Mortgage Association 1,000,000 1.60% NIA 07/29/11 L&rl, 1,000,000 1,002,090 BankofNYMellon 1,004,860 Federal Farm Credit Bank 1,000,DOD 1.88% NIA 08/17/11 1.891/0 1,000,000 980,080 Bank of NY Mellon 995,469 Federal Farm Credit Bank 2,000,000 1.990/. NIA 09/30/11 1.99% 2,000,000 1,962,940 Beak ofNY Mellon 1,972,780 Federal Fann Credit Bank 2,000,00D 1.62% NIA 11/16/I1 1.62°/a 2,000,000 1,940,939 Bank ofNY Mellon 1,950,240 Federal Farm Credit Bank 1,000,0DO 1.25"/ NIA 11/17/11 1.25°/ - 1,000,000 980,220 Bank of NY Mellon 999,340 Federal National Mortgage Association 1,000,000 1.500/ NIA 11/23/11 t.501/. 1,000,000 957,510 Bank ofNY Mellon 962,900 Federal National Mortgage Association 2,000,000 1.50%.. NIA 11/23/11 1.50% 2,000,000 1,919,360 Bank of NY Mellon 1,930,313 Federal Farm Credit Bank 1,000,000 1.48% NIA O 114/12 1.480/ 1,000,000 998,870 Bank of NY Mellon 0 29,997,500 Medium Tam Invest rents (I year to 3 years) U.S.Go✓t Agency Securities Federal National Mortgage Association 2,000,000 1.45% NIA 05/30/12 1.45% 2,000,000 1,915,660 Bank of NY Mellon 1,926,340 Federal National Mortgage Association 2,000,000 1.50% NIA 11/23112 1.5001. 210001000 1,919,360 Bank of NY Mellon 1,930,313 4,OD0,000 Long Term Investment 3 years to 5 ears U.S.Gav't Agency Securities Financing Corporation(FICO) - 300,000 9.800/ NIA 04/06/18 9.W/. 498,594 707,681 Bank of Amenea 716,569 499,594 Total Invested Cash $ 96,60I,953 $ 86,272,816 $ 75,612,560 *Includes the fallowing deposits of non-City fiords: Principal Interest Total SMG(Convention Center) 100,0DO 96,342 196,342 Palm Springs Historical-Society 250,0DO 53,561 303,361 TREASURER'S MONTHLY REPDRT tre" BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 3121/Wll FEBRUARY 28,2011 C-Pon Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Maricrity to Maturity Cost Basis Category Total Market Value Source Market Value 1 99 1/9 710 1/0 4 Convention Center kvmo Govanmemt&Agency Private 6,420 variable AAA open 0.020/a 6,420 6,420 Bank of NY Mellon 6,420 Federal Home Lash Mortggage Corporation 5,465,000 4.13% NIA 9/27113 1.93% 5,867,848 5,892,471 Bank of NY MoRm 5,922,038 1991107 Series B-Housing ' 5,874" ]msco Government&Agency Pnva a 19,127 variable AAA open 0.020/. 19,127 19,127 Bank of NY Mellon 24,624 Federal Home Loan Bank 420,000 4.63% N/A 10/10/12 1.38% 453,705 447,245 Bank ofNY Mellon 450,013 1994104 Series A&B 472,832 Inveaoo GovmTment&Agene}Private 519,554 variable AAA open 0.021/0 519,554 519,554 Bank of NY Mellon 32,362 Federal Rome Low MwtSW Cmpmat an 965,000 4.13% NIA 9127/13 1.93% I,036,134 I.039,716 Bank of NY Mellon 1,045,703 Federal Home Loan Mortgage Corporatian 57I,000 4.13% NIA 9127l13 1.93% 613,091 614,619 Bank ofNY Mellon 618,753 1998 Airport PFC 2,I68,780 Imvesco Goveamneat&Agency Private 147,192 variable AAA open 0.02% 147,192 147,192 Bank ofNY Mellon 601,014 U.S.Treasury Note 918,a00 1.38% NIA 3/15/13 1.55% 913,374 930,411 Bank ofNY Mellon 931,412 1,060,567 1998 Assessment District 155 A&B Ltvesco Governtnent&Agency Private 65 variable AAA open 0.02% 65 65 Bank DENY Mellon 147,307 65 2001 Assessment District 157/158 Imesco Government&Agmcy Private 176,402 variable AAA open 002% 176,402 I76,402 Bank ofNY Mellen 176,396 176,402 2002 Parking Str=Wre Cash 3 3 3 Bank ofNY Mellon 3 Invesco Government&Agency Private 2,841 variable AAA open 0.02% 2,841 2,841 Bank ofNY Mellon 15 2,944 TREASURER'S MONTHLY REPORT treas:ep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 3,121/2011 FEBRUARY 28,20I I COUPon Yield Adusted (memo only) Prior Qtr, Par Value Rabe Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value 2004 Assessment District 16I Invasco Government&Agency Private 168,600 variable AAA Key Bank National Assoc' open 0.02Ya 168.600 168;600 Bank DENY Melon 64,955 utrion,Dhio 108,000 4.30% N/A l2/20/12 1.W% 115,105 114,682 Bank ofNY Mellon 115,451 CIT Bank,Salt Lake City,Utah 205,000 3.05% NIA 1/2&13 L97Y. 211,607 213,499 Bank ofNY Mellon 214,381 2004 Assessment District 162 495,312 Inveseo Government&Agency Private 92,600 variable AAA open 0,01% 92,600 92,600 Bank ofNY Mellon 64,580 Capital One Bank USA National Association 88,D00 4.15% N/A 3/5/13 1.803'. 93,846 93,710 Bank ofNY Mellon 94,168 2005 Assessment District 164 186,445 lnvesco Gwent&Agency Private 174,915 variable AAA open 0.01% 174,915 174,913 Bank ofNY Mellon 94,049 CWzens Bank,Flint,Michigan 245,000 1.85'A NIA 314113 1.8w. 245,347 245,000 Bank ofNY Mellon 245,000 Capital One Bank USA National Association 25,000 4.15% N/A 3/5113 Len/. 26,661 26,622 Bank ofNY Mellon 26,752 2006 Airport PFC 446,923 Invesco Govwme tt&Agency Private 703,425 variable AAA open 0.02'/o 703,425 703,425 Bank ofNY Mellon 937,212 U.S.Treastuy Note $55,000 1.38% NIA 3/15113 1.55% 950,692 866,560 Bank ofNY Mellon 867,492 1,554,117 2007 Merged Project#1&#2 love,swGovemment&Agency Private 3,891,129 variable AAA open 0.02% 3,891,129 3,891,I29 Bank ofNY Mellon 4,839,141 3,891,129 2007 Refunding Lease Revenue Bonds Invesco Government&Agency Private 1 varmblt AAA open 0.01% i 1 Bad ofNY Mellon t 1 2008 Airport PFC Refunding Invesco Government&Agency Private 0 variable AAA open 0.01% 0 0 Bank ofNY Mellon 12,953 Federal Home Loan Mortgage Corporation 603,000 4.13% NIA 9/27113 1.93%. 647,450 649,063 Bank ofNY Mellon 653,429 647,450 Funds With Century Golf 1,465,517 1,465,517 1.465,5I7 Century Golf 991,488 1.465,517 Totals S 18,442,651 S 18,490,392 $ 19,177,011 TREASURER'S MONTHLY REPORT treasm MISCELLANEOUS AND TRUST ACCOUNTS 3/21/2011 FEBRUARY 28, 2011 Yield Adjusted Paz Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 86,601,953 S 86,601,953 $ 86,601,953 Misoameous Accounts Petty Cash 3,900 N/A N/A open none 3,900 Revolving Fund-Bank of America 15,000 N/A N/A open none 15,000 Trust&Agency-Bank of America 1,468,185 N/A N/A open none 1,468,185 Downpayment Assistance(Housing Fund)-7P Morgan Chase 33,722 0.15% N/A open 0.15% 33,722 Workers Compensation-Bank of America 747 N/A N/A open none 747 General Liability-Bank of America 30,000 N/A N/A open none 30,000 1930's General Store Museum-Bank of America 3,542 N/A N/A open none 3,542 On-Line Credit Card Transportation Permits- 1,277 N/A N/A open none 1,277 1,556,373 Bank of America IDeposits Held In Trust Time Deposits (FDIC Insured) BBVA Compass(Coyote Springs Apt) 20,777 1.090/0 N/A 6/24/11 1,090/0 20,777 20,777 Total Cash Deposited S 88,179,103 treasrep TREASURER`S MONTHLY REPORT 03/21/11 CALCULATION OF INVESTMENT LIMITATIONS FEBRUARY 28, 2011 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 NIA $82,103,359 1 year to 3 years 0.00% 50.00% 4.62% 3 years to 5 years 0.00% 30.00% 0.00% over 5 years NIA N/A 0.58% By Type of Investment: Bankers Acceptance-in total NIA 40A0°/o 0.00% Bankers Acceptance-single bank NIA 20A011/o 0.00% Commercial Paper N/A 15.00% 0.00% Certificates of Deposit NIA 30.00% 0.00% Corporate Notes N/A 20.00% 0.00% Money Market Mutual Funds NIA 10.00% 0.0011/0 Mortgage Pass Thrus NIA 10.00°/a 0.15% U.S. Government Agencies NIA 50A01/16 39.83% U.S. Treasury Notes/Bonds NIA NIA 0.000/0 CAD Calculation of Weighted Avg Maturity Mature Current No.of Days X Cost Date Date Days 40,602 40,603 40,602 1 2,780,024 40,603 40,602 1 49,200,000 40,558 40,602 0 0 40,575 40,602 0 0 40,634 40,602 32 3,055,273 40,664 40,602 62 1,882,207 40,557 40,602 0 0 40,603 40,602 1 1,000,000 40,605 40,602 3 3,000,000 40,619 40,602 17 34,000,000 40,632 40,602 30 60,000,000 40,638 40,602 36 72,000,000 40,653 40,602 51 51,000,000 40,688 40,602 86 86,000,000 40,695 40,602 93 93,000,000 40,697 40,602 95 190,000,000 40,722 40,602 120 120,000,000 40,732 40,602 130 130,000,000 . 0 40,737 40,602 135 135,000,000 40,745 40,602 143 143,000,000 40,746 40,602 144 144,000,000 40,746 40,602 144 143,640,000 40,753 40,602 151 151,000,000 40,772 40,602 170 170,000,000 40,816 40,602 214 428,000,000 40,863 40,602 261 522,000,000 40,864 40,602 262 262,000,000 40,870 40,602 268 268,000,000 40,870 40,602 268 536,000,000 40,953 40,602 351 351,000,000 41,059 40,602 457 914,000,000 41,236 40,602 634 1,268,000,000 43,196 40,602 2,594 1,293,3$2,836 Total Investments at Cost 7,625,910,340 WAM in Days 86,601,953 88.06