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Home My WebLink About3/16/2011 - STAFF REPORTS - 2E sA� � a u u P •ao.,..a' P City Council Staff Re ort DATE: March 16, 2011 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JANUARY 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 January 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 $86,898,530 plus $17,457,020 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $86,728,151. RECOMMENDATION: Receive and File Treasurer's Investment Report as of January 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 March 16, 2011 — Page 2 Treasurer's Investment Report as of January 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 606 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 9. Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report treaSM CITY OF PALM SPRINGS 2/24/2011 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JANUARY 31, 2011 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 993,462 State Pool 52,200,000 $ 53,193,462 61.21% Short Term Investments 1 Yw or less Corporate Notes 0 Mortgage pass-Thtus 208,973 208,973 0.240/9 Medium Team Investments 1 yew to 3 U.S.Gov't Agencies 4,000,000 4,000,000 4.60% Long Term Investments 3 years to 5 ears U.S.Gov't Agencies 29,496,094 29,496,094 33.94% S 96,998,530 100,000/0 *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. 3 treasrop TREASURER'S MONTHLY REPORT 2/24MI I DETAIL OF INVESTMENTS JANUARY 31,2011 Coupon yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Maturity to Maturity Cast Basis category Total Market value Source Market Value On Ca3 Deposits Choking-Bank of America S NJA variable AAA open 0.15% $ 993,462 $ 993,462 S 1,348,775 Local Agency Invest Fund(LAIF)' 52,200,000 variable NIA open 0.54% 52,200,000 52,276,281 LAIF 37,772,190 53,193,462 Short Term investments 1 year or less Corporate Notes Cvkhnan Saba Camp,Inc. 1,000,000 5.00'1. A 01/15/11 5.37°/a 0 0 Bank of NY Mellows 1,001,094 0 Mortgage Pass-Thnu Federal Home Low Mortgage Corporation 1,015,552 4.50% NIA 02101111 5.24% 74,710 86,094 Bank of NY Mellon 131 975 Federal Home Loan Moue Corporation 695,000 4.00% NIA U0111 I 5.220A 102,226 116,756 Bank of NY Mellon 124,912 Federal Horne Loan Mortgage Corporation 200,000 4.50%a NIA 05/01/11 5.37% 32,037 34,889 Bank ofNY Mellon 36,085 208,973 Medium Term Investments 1 year to 3 U.S.Gov't Agency Securities Federal Home LowMortgaye Corporation 1,000,000 2.50A NIA 1=12 2.50°1. 1,000,000 1.008,960 Bank of NY Mellon 1,010,250 Federal Farm Credit Bank 2,000,000 2.00% NIA 01AV13 2.00°/0 0 0 Bank ofNY Mellon 2,000,860 Federal Home Loan Mortgage Corporation 1,000,000 1.106/a NIA 01P121'i3 I.101% 1,000,000 1,003.230 Bank of NY Mellon 1,002,940 Federal Home Loan Mortgage Corporation 1,000,000 1.63% NIA 01/21/14 1.63% 11000,000 1,OD4,410 Bank of NY Mellon 1,005,220 Federal National Mortgage Association 1,000,000 1.60Ya NIA OIT29'14 1.60°!e 1,000,000 1,003,750 Bank of NY Mellon 1,004,860 4,000,000 treawv TREASURER'S MONTHLY REPORT 2124P2011 DETAIL OF INVESTMENTS JANUARY 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 Long Term imeatmmt 3 years to 5 U.S.Gov't Agency Securities Federal Home Loan Bank 2,000,000 2.35% NIA 03/17/14 2,35% 210001000 2.004,740 Bank of NY Mellon 2,007,460 Federal Farm Credit Bank 1,000,000 1.77% N/A 07108/l4 1.71P/0 1,000,000 1,001,710 Bank ofNY Mellon 1,002,080 Federal Farm Credit Bank 1,000,000 1IS% NIA 11/17/14 1.25% 1,000,000 984,340 Bank ofNY Mellon 989_140 Federal National Mortgage Association 1,000,000 2.05% N/A 01/13/15 2.05% 1,000,000 1,006,520 Bank ofNY Mellon 1,005.770 Federal Home Loan Mortgage Corporation 1,000,000 2.38% N/A 07/20/15 2.38% 1,00D,000 1,002,720 Bank ofNY Mellon 1,000,890 Federal Home Loan Bank 1,000,000 2.35% NIA 07/21/15 235°/. 1,00D,000 1,000,220 Bank ofNY Mellon 1,000,100 Federal National Mortgage Association 1,000,000 2.25% N/A 07/2V15 2.30% 997,500 992,390 Bank ofNY Mellon 992,370 Federal Farm Credit Bank 1,000,000 1.88% N/A 08/17/15 i.W/. 1,000,000 966,910 Bank ofNY Mellon 905,469 Federal Home Loan Mortgag Corporation 1,000,000 2.00% N/A 08/25/15 2.00% 1,000,000 988,170 Bank ofNY McRm 985,810 Federal Farm Credit Bank 210001000 1.99% N/A 09/30/15 1.W/. 2,000,000 1,975,660 Bank ofNY Mellon 1,972,780 Federal National Mortgage Association 2,000,000 2.00% NIA 09/30/15 2.000/. 2,000,000 1,937,960 Bank ofNY Mellon 1,959,480 Federal Home Lawn Bank 2,000,000 2.00% NIA 10/05/15 2.OD°/. 2,000,000 1,949,700 Bank oM McUon 1,939,360 Federal Farm Credit Bank 2,000,000 L(ir. N/A 1111&15 1.6r/. 2,000,000 1,953,280 Bank of NY Mellon 1,950,240 Federal National Mortgage Association 1,000.000 1.50% NIA 11/23115 1.50% 11000,000 962,240 Bank ofNY Mellon 962,900 Federal National Mortgage Association 2,OOO,DOO 1.5094 NIA 11/23/13 1.50% 2,000,000 1.928,920 Bank ofNY Mellon 1,930,313 Federal National MortpW Association 2,00Q000 1.50% NIA 11/23/15 1.50°/. 2,000,000 1,928,920 Bank ofNY Mellon 1,910,313 Federal National Mortgage Association 2,000,OD0 1.45% NIA 11/30/15 1.45% 2,000,000 1,924,860 Bank of NY Mellon 1,926,340 Federal Home Loan Mortgage Corporation 1,000,000 1.57% WA 12'flil15 1.57% 1,000,000 572,110 Bank ofNY Mellon 988,460 Federal Home LowaBank 1,000,000 1.75% NIA 12/03/15 1.75% 1,000,000 972,960 Bank ofNY Mellon 965,920 Federal Home Loan Bank 2,000,000 2.00% NIA 12/03/15 2.00°/. 2,ODO,O00 074,220 Bank ofNY Mellon 1,960,938 Firmneiog Corporation(FIC6) 500,000 9.80% NIA 04/06/18 9.80y/u 498,594 706,789 Bank of America 716.569 29,496,094 jTotallnvestedC S 86,998,530 S 96,728,151 S 75612,560 *Includes the following deposits of non-City fiords: Principal Interest Total SMG(Convention Center) 100,000 96,264 196,264 Palm Springs Historical Society 250,000 53,442 303,442 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 2/24/2011 JANUARY 31, 2011 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash S 86,898,530 S 96,898,530 $ 86,898,530 Miscellaneous Accounts Petty Cash 3,900 N/A N/A open name 3,900 Revolving Fund-Bank of America 20,000 N/A N/A open none 20,000 Trust&Agency-Bank of America 1,496,575 N/A N/A open none 1,496,575 Downpayment Assistance(Housing Fund)-]P Morgan Chase 33,714 0.15% N/A open 0.15% 33,714 Workers Compensation-Bank of America 4,332 N/A N/A open none 4,332 General Liability-Bank of America 30,000 N/A N/A open none 30,000 1930's General Store Museum-Bank of America 3,631 N/A N/A open none 3,631 On-Line Credit Card Transportation Permits- 805 N/A N/A open none 805 1,592,957 Bank of America IDeposits Held In Trust Time Deposits (FDIC insured) BBVA Compass(Coyote Springs Apt) 20,777 1.090/0 N/A 6/24111 L09% 20,777 20,777 Total Cash Deposited $ 88,512,264 0) TREASURER'S MONTHLY REPORT treastep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 0=4111 JANUARY 31,2011 COUP- Yield Adjusted {memo only) Prior Qtr. Par Value Rate Rating Matuity to Maturity Cost Basis Category Total Market Value Source Market Value 1991197101104 Convention Center Invesco Govannamit&Agency Private 6,420 variable AAA open 0.02% 6,420 6,420 Bank ofNY Mellow 6,420 Federal Home Loan Morgfgage Corporation 5,465,000 4.13% NIA Writ 3 1.93% 5,867,948 5,914,223 Bank of NY Melton 5,922,038 5,974,269 1991101 Series B-Housing brvesco Govanment&Agency Private 117,960 variable AAA open 0.02% 117,960 117,960 Bank of NY Medan 24,624 Federal Home Loan Bank 420,000 4.63% NIA 10l10A2 1.38% 453,705 449,119 Bank of NY Mellon 450,013 571,665 1994/04 Series A&B. Invesco Government&Agency Private 32,362 variable AAA open 0.02% 32,362 32,362 Bank of NY Mellon 32,362 Federal Ho®e Lm Mortgage Corpomon 965,000 4,13% NIA 9/27/13 1.93% 1,036,134 1,044,32.3 Bank ofNY Mdkn 1,045,703 Federal Home Loan Mortgage Corporation 571,000 4.13% N/A 9MI13 1.93% 613,091 617,936 Bank ofNY Mellon 613,753 1,681,587 1999 Airport PFC Invesco Govaaromnt&Agency Private 76,809 variable AAA open 0.02% 76,809 76,809 Bank ofNY Mellon 601,014 U.S.TreasaryNote 918,000 1.38% NIA 3/15/13 1.55°!n 913,374 932,559 Bank ofNY Mellon 931,412 990,183 1998 Assessment District 155 A&B Invesco Government&Agency Private 147,310 variable AAA open 0.02% 147,310 147,310 Bank ofNY Mellon 147,307 147,310 2001 Assessment District 1571158 Invewo Government&Agexy Private 176,399 variable AAA open 0.02°/n 176,399 176,399 Bank ofNY Mellon 176,396 176,399 2002 Parking Strucnua Cast 3 3 3 Bank ofNY Mellon 3 Invesco Crovernment&Agency Private 2,946 variable AAA open 0.02% 2,946 2,946 Bank ofNY Mellon 15 2,949 TREASURER'S MONTHLY REPORT tmaarep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 0212N]1 JANUARY 31,2011 Coupon Yield Adjusted (memo only) Prior Qtr. Par Valise Rate Roans Maturity to Maturity Cast Basis Caugory Total Market Value Source Market Value 2004 Assessment District 161 Invesco Government&Agency Private 68,108 variable AAA open 0.02% 69,109 68,109 Bank ofNY Mellon 64,955 Key Bank National Anv,ri.r'ion,Ohio 108,000 4.30% NIA 12/20/12 1.80% 115.105 115,224 Bank ofNY Mallon 115,451 CiT Bank,Sak Lake City,Utah 205,000 3.05% NIA 1l28113 1.87% 211,607 214,318 Bank ofNY Mellon 214,381 394,920 2004 Assessment District 162 bvesco Govemnent&Agency Private 64,580 variable AAA open 0.01% 64,590 64,380 Bank ofNY Mellon 64,580 Capital One Bank USA National Association $8,000 4.15% NIA 315113 1.80% 93,846 94,082 Bank ofNY Mallon 94,168 158,426 2005 Assessment District 164 Invesco Government&Agency Private 94,436 variable AAA open 0.01% 94,436 94,436 Bank ofNY Mellon 94,049 Cit ms Bank,flint,Michigan 245,000 1.95% NIA 314113 1.90% 245,347 243,000 Basile ofNY Mellon 245,000 Capital One Bank USA National Associatien 25,000 4.15% NIA 3I5113 1.80% 26,661 26,728 Bank ofNY Mellon 26,752 366,444 2006 Airport PFC Invesco Government&Agency Private 588,955 variable AAA open 0,02% 588,955 588,955 Bank ofNY Mellon 937,212 U.S.Treasury Note 855,000 1.38% NIA 3115113 1.551A 950,692 868,560 Bank ofNY Mellon 967,492 1,439,647 2007 Merged Project#1&02 Invesco Government&Agency Private 3,891,051 variable AAA open 0.02% 3,891,051 3,991,051 Bank ofNY Mellon 4,939,141 3,891,051 2007 Rmhmding Lease Revenue Bonda Invesco Governmart&Agency Private 1 variable AAA open 0.01% 1 1 Bank ofNY Mellon 1 1 2008 Airport PFC Refimdi ag Invesco Government&Agency Private 0 variable AAA open 0.01% 0 0 Bank ofNY Mellon 12,853 Federal Home Laen Mortgage Corporation 603,000 4.13% NIA 9127I13 1.931y. 647,450 653,429 Bank ofNY Mellon 653,429 647,450 Funds With Century Golf 1,114,820 1,1 I4,820 1.114,820 Century Golf 991,488 1,114,820 Totals 3 17,457,020 S 17,557,662 S i9,177,011 treasrep TREASURER'S MONTHLY REPORT 02/24/11 CALCULATION OF INVESTMENT LIMITATIONS JANUARY 31, 2011 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $53,402,436 1 year to 3 years 0.00% 50.00% 4.W/o 3 years to 5 years 0.000/0 3 0.00% 3 3.3 7% over 5 years N/A NIA 0.57% 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% 0.24% U.S. Government Agencies N/A 50.00% 38.55% U.S. Treasury Notes/Bonds N/A N/A 0.00%