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HomeMy WebLinkAbout2/16/2011 - STAFF REPORTS - 2E .y � o v w ti o� *C CpTIP4A`Tp � q�rFORN�P sty Counc il Staff Report DATE: February 16, 2011 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF DECEMBER 31, 2010 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 December 31, 2010. 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 $75,793,867 plus $19,067,279 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $75,612,560. RECOMMENDATION: Receive and File Treasurer's Investment Report as of December 31, 2010. 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.--n ►� --- City Council Staff Report February 16, 2011 -- Page 2 Treasurer's Investment Report as of December 31, 2010 under current market conditions. We recommend that this exception to the policy be continued. The weighted average maturity (WAM) of the portfolio is 728 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 - .�-✓ /-1 Geoffrey S. Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report trcasmp CITY OF PALM SPRINGS 1/31/2011 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS DECEMBER 31, 2010 Chi Call 20sits Adjusted Basis Category Total Peroentage Checking Account $ 1,349,775 State Pool 37,700,000 $ 39,048,775 51.52% Short Term Investments (1 year or less Corporate Notes 986,120 Mortgage Pass-Thrus 262,878 1,248,998 1.65% Medium Term Investments (1 year to 3 ears U.S.Gov't Agencies 4,000,000 4,000,000 5.28% Long Term Investments 3 years to 5 ears U.S.Gov't Agencies 31,496,094 31,496,094 41,55% $ 75,793,867 100,000/0 *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. 3 treasnep TREASURER'S MONTHLY REPORT 1/312011 DETAIL OF INVESTMENTS DECEMBER 31,2010 Coupon Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value On Call Deposits Checking-Sank ofAmenca S NIA unable AAA open 0.15% S 1,348,775 S 1,349,775 $ 1,045,640 Local Agency Invest Fund(L.A1F)" 37,700,000 variable NIA open 0.46% 37,700,000 37,772,190 LAIF 52,285,805 39,048,775 Short Term Investments 1 year or less Corporate Notes Wells Fargo&Company 800,000 3.98% AA- 1029/10 4200/. 0 0 Bank of NY Mellon 901,968 SBC Communications,Inc. 1,000,000 5.30% A 11!151,10 5.170/. 0 0 Bank of NY Mellon 1,005,260 Goldman Sachs Group,Inc. 1,000,000 5.00%. A 01/15/11 5.37"/ 996,120 1,001,094 Bank ofNY Mellon 1,011,80o 986,120 Mortgage Pass-Thras Federal National Mortgage Association 500,0DO 4.00°/ NIA I0101110 4.95% 0 0 Bank ofNY Mellon 2,747 Federal Home Loan Bank 775,000 4.75% NIA 10/25/10 4.88% 0 0 Bank of NY Mellon 317,615 Federal Home Loan Mortgage Corporation 1,015,552 4.50Y NIA 02/01/11 5.24% 119,573 131,975 Bank of NY Mellon 172,920 Federal Home Loan Mortgage Corporation 695.000 4.00'/o NIA 04/01/11 5.22'/. 110,135 124,912 Bank of NY Mellon 142,616 Federal Home Loan Mortgage Corporation 200,000 4.50% NIA 05101`11 5.371/. 33,171 36,085 Bank of NY Mellon 42,123 262,878 Mediurn Term Investments 1 year to 3 U.S.Gov't Agency Securities Federal Howe Loan Bank 2,OW,000 1.753E NIA I=9112 1.75% 0 0 Bank ofNY Mellon 2,001,875 Federal Home Loan Mortgage Corporation 1,000,000 2.500/. NIA 1228112 2.500% 1,000,000 1,010,230 Bank ofNY Mellon 1,015,070 Federal Farm Credit Bank 2,000,OW 2.00% N/A 01/14/13 2.00°/a 2,000,000 2,00Q8W Bank ofNY Mellon 2,007,500 Federal Home Loan Mortgage Corporation 1,000,000 1.10% N/A 0122I13 1.101/a 1,000,000 1,002,940 Bank ofNY Mellon 1,004,070 Federal Home Loan Bank 2,000,000 2.08% NIA 1223A 3 2.08% 0 0 Bank ofNY Mellon 2,008,125 4,000,000 treasrep TREASURER'S MONTHLY REPORT 1/31n011 DETAIL OF INVESTMENTS DECEMBER 31,2010 Coupon Yield Adjusted (mono only) Prior Qtr. Par Value Rate R-18 Maturity to Maturity Cost Basis Category Total Market Value Source Market Value Long Tam Imxstment 3 yearstc,5years) U-S.Gov't Agency Securities Federal Home Loan Mortgage Corporation 1,000,000 1.63% NIA OU21/14 1.63% 1,000,000 1,005,220 Bank of NY Mellon 1,008,580 Federal National Mortgage Association 1,000,000 1.60%. NIA 01/29114 1.601% 1,000,000 1,004,860 Bank of NY Mellon 1,008,438 Federal Home Loan Bank 2,000,000 2.35%. NIA 03117/14 2.35% 2,000,000 2,007,960 Bank of NY Mellon 2,017,500 Federal Farm Credit Bank 1,000,OOU 1.771% NIA 07/09/14 1.77% 1,000,000 1,002,080 Bank ofNY Mellon 1,007,500 Federal National Martgage Association 1,000,000 2.OW. NIA 07,22114 2.001. 0 0 Bank ofNY Mellon 1,000,938 Federal Home Loan Mortgage Corporation 1,000,000 3001% N/A 11./05/14 3.00% 0 0 Bank ofNY Mellon 1,002,570 Federal Farm Credit Bank 1,000,000 1.25% NIA 11/17/14 1.25% 1,000,000 989,340 Bank ofNY Mellon 0 Federal National Mortgage Association 1,000,000 2.05% NIA 01/13/15 2.05% I,OW Ot10 1,005,770 Bank ofNY Mellon 1,012,188 Federal Home Loan Mortgage Corporation 1,000,000 2.38% NIA 07/20/15 2.38% 1,000,000 1,000,890 Bank ofNY Mellon 1,005,200 Federal Home Loan Bank 1,000,000 235% NIA 07/21/15 2.35% 1,000,000 1,000,100 Bank ofNY Mellon 1,005,313 Federal National Mortgage Association 1,000,000 225% NIA 07I22115 2.3(ft 997,500 992,370 Bank ofNY Mellon 1,007,500 Federal Farm Credit Bank 1,OOQo00 1.88"/ NIA 08/17/15 1.88% 1,000,000 985,469 Bank ofNY Mellon 1,005,625 Federal Home Loan Mortgage Corporation 1,000,000 2.DO% N/A O8n3115 2.00% 1,000,000 985,810 Bank ofNY Mellon 1,003,750 Federal Farm Credit Bank 2,000,000 1.99% N/A 09130I15 1.99Y. 2,000,000 1,972,780 Bank ofNY Mellon 2,008,I25 Federal National Mortgage Association 2,OW,000 2.00%. N/A 09)30115 2.W1. 2,000,000 1,959,480 Bank ofNY Mellon 1,998,750 Federal Home Loan Bank 2,000,000 2.001A NIA 10105.15 2.00% 2,000,000 1,939,360 Bank of NY Mellon 0 Federal Farm Credit Bank 2,000,000 1.62% NIA 11116+7 5 1.62% 2,000,000 1,950,240 Bank of NY Mellon 0 Federal National Mortgage Association 1,000,000 1.5011. NIA 11123 15 1.50°/ 1,000,000 962,900 Bank of NY Mellon 0 Federal National Mortgage Association 2,Ooo,600 L"A NIA 11/23/15 1.501y. 2,000,000 1,930,313 Bank of NY Mellon 0 Federal National Mortgage Association 2,000,000 1.50%a NIA 11/23/15 1.501y. 2,000,000 1,930313 Bank of NY Mellon 0 Federal National Mortgage Association 2,000,000 1.45% NIA 11/30/13 1 A5%. 2,000,000 1,926,340 Bank ofNY Mellon 0 Federal Home Loan Mortgage Corporation 1,000,000 1.57% N/A 12/01/15 1.57% 1,000,000 998,460 Bank of Ny Mellon 0 Federal Home Loan Bank 1,000,000 1.75% NIA 12/03/15 1.75"/. 1,000,000 965,920 Bank ofNY Mellon 0 Federal Home Loan Bank 2,000,000 2.00%. NIA 12/03/15 2.00% 2,000,p00 1,960,939 Bank offY Mellon 0 Financing Corporation(FICU) 500,000 9.80% NIIA 04106/18 9.80°/ 498,594 716,569 Bank of America 750,734 31,496,094 Total Invested Cash S 75,7913,867 S 75,612,560 S 82,707,844 'Includes the following deposits of non-City fiords: Principal Interest Total SMG(Convention Center) 100,000 96,175 196,175 Palm Springs Historical Society 250,000 53,303 303,303 Li TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 1/31/2011 DECEMBER 31, 2010 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 75,793,867 S 75,793,867 $ 75,793,967 Miscellaneous Accounts Petty Cash 3,900 N/A N/A open none 3,900 Revolving Fund-Bank of America 20,000 N/A N/A open none 20,000 Trust&Agency-Bank of America 1,472,493 N/A N/A open none 1,472,493 Do"mpayment Assistance housing Fund)-7P Morgan Chase 33,714 0.15% NiA open 0.15% 33,714 Workers Compensation-Bank of America 8,123 N/A NIA open none 8,123 General Liability-Bank of America 22,220 N/A NIA open none 22,220 1930's General Store Museum-Bank of America 4,972 N/A NiA open none 4,972 On-Line Credit Card Transportation Permits- 524 N/A N,:A open none 524 1,565,946 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 1.09% X777 20,777 Total Cash Deposited 5 77,380,590 treasrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 01/31/11 DECEMBER 31,2010 Coupon Yield Adjusted (memo only) prior Qtr. Paz Value Rate Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value 1991,197r01104 Convention Center lnvesco Government&Agency Private 6,420 variable AAA open 0.02% 6,420 6,420 Bank of NY Mellon 113,557 Federal Home Loan Morgtgage Corporation 5,465,000 4.13% NIA 9t27113 1.93% 5,867,948 5,922,038 Bank of NY Mellon 3,994,422 5,974,268 1991161 Series B-Housing Invesco Government&Agency Private 24,624 variable AAA open 0.01% 24,624 24,624 Bank of NY Mellon 14,910 Federal Home Loam Bank 420,000 4.63% N.A 10/101I2 1.38% 433,705 450,013 Bank ANY Mellon 454,781 478,329 1994104 Series A&B Invesco Government&Agency Private 32,362 variable AAA open 0.02% 32,362 32,362 Bank ofNY Mellon 32,360 Federal Home Loan Mortgage Corporation 965,000 4.13% N A 9t27113 1.93% 1,036,134 1,043,703 Bank ofNY Mellon 1,058,484 Federal Home Loan Mortgage Corporation 571,000 4.13% NIA 9.27113 1.93% 613,091 618,733 Bank ofNY Mellon 626,316 1,681,587 1998 Airport PFC Invesco Government&Agency Private 601,014 variable AAA open 0.02°/a 601,014 601,014 Bank of NY Mellon 388,794 U.S.Treasury Note 918,000 138% N/A 3A5113 1.55% 913,374 931,412 BankofNYMellon 936,865 1,314,388 1998 Assessment District I55 A&B Invesco Government&Agency Private 147,307 variable AAA open 0.02% 147,307 147,307 Bank of NY Mellon 147,300 147,307 2001 Assessment District 1571158 Invesco Government&Agency Private 176,396 variable AAA open 0.02°/a 176,396 176,396 Bank of NY Mellon 176,388 176,396 2002 Parking Structure Cash 3 3 3 Bank ofNY Mellon 3 Invesco Government&Agency Private 15 variable AAA open 0.01% 15 15 Bank ofNY Mellon 3,680 18 treasrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 01/31/11 DECEMBER 31,2010 Coupon Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Maturity to Maturity Cost Basis Category Total Market Value Source Market Valve 2004 Assessment District 161 Invesco Government&Agency Private 64,955 variable AAA open 0.02% 64,955 64,955 Bank of NY Mellon 62,623 Key Bank National Association,Oluo 108,000 4.30°/ NIA 12/20/12 1.S0'/. 113,105 115,451 Bank of NY Mellon 116,740 C1T Bank,Salt Lake City,Utah 205,000 3.05% NIA 1+28113 1.97% 211,607 214,381 Bank of NY.Mellon 216,273 391,667 2004 Assessment District 162 Invesco.Government&Agenc}Private 64,580 variable AAA open 0.01% 64,590 64,580 Bank of NY Mellon 64,577 Capital One Bank USA National Association 88,000 4.15% NIA 3/5'13 1.80% 93,846 94,168 Bank of NY.Mellon 95,301 158,426 2005 Assessment District 164 Invesco Government&Agency Private 94,049 variable AAA open 0.01% 94,049 94,049 Bank ofNY Mellon 92,916 Citizens Bank,Flint,Michigan 245,000 1.85% NIA 3/411 3 1.WA 245,347 245,000 Bank of NY.Mellon 245,000 Capital One Bank USA National Association 25,000 4.15% NIA 315113 1.90% 26,661 26,752 Bank of NY Mellon 27,074 366,057 2006 Airport PFC Invesco Government&Agency Private 937112 variable AAA open 0.02% 937,212 937,212 Bank of NY.Mellon 547,243 U.S.Treasury Note 855,000 1381/6 N/A 3I15113 1.55% 950,692 967,492 BankofNYMellon 872,570 1,787.903 2007 Merged Project#1&#2 Invesco Government&Agency Private 4,839,141 variable AAA open 0.02% 4.939,141 4,839,141 Bank ofNY Mellon 6,941,729 4,839,141 2007 Refundvig Lease Revenue Bonds Invesco Government&Agency Private I variable AAA open 0.01% 1 1 Bank ofNY Mellon 378,950 1 2008 Airport PFC Refunding Invesco Government&Agency Private 12,853 variable AAA open 0.01% 12,853 12,853 Bank ofNY Mellon 12,854 Federal Home Loan Mortgage Corporation 603,000 4.13% NA 9127/13 1.93% 647,450 653,429 Bank ofNY Mellon 661,416 660,303 Fends With Century Golf 991,488 991,488 991,438 Century Golf 1,355,563 991,488 Totals S 19,067,279 S 19,177,011 S 21,538,591 treasrep TREASURER'S MONTHLY REPORT 01/31/11 CALCULATION OF INVESTMENT LIMITATIONS DECEMBER 31, 2010 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 NIA $40,297,773 1 year to 3 years 0.00% 50.00% 5.28% 3 years to 5 years 0.00% 30.00% 40.90% over 5 years NIA NIA 0.65% By Type of Investment: Bankers Acceptance - in total NIA 40.00% 0.00% Bankers Acceptance - single bank NIA 20.00% 0.00% Commercial Paper NIA 15.00% 0.00% Certificates of Deposit NIA 30.00% 0.00% Corporate Notes NIA 20.00% 1.30% Money Market Mutual Funds NIA 10.00% 0.00% Mortgage Pass Thrus N/A 10.00% 0.35% U.S. Government Agencies NIA 50.00% 46.83% U.S. Treasury Notes/Bonds NIA NIA 0.00% .