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Home My WebLink About1/19/2011 - STAFF REPORTS - 2.F. � �VaLMaa4 u n 'N'olwsW c44 1F°R"%P City Council Staff Re.port DATE: January 19, 2011 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF NOVEMBER 30, 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 November 30, 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 $76,463,272 plus $20,259,476 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $76,782,443. RECOMMENDATION: Receive and File Treasurer's Investment Report as of November 30, 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,I 140. City Council Staff Report January 19, 2011 — Page 2 Treasurer's Investment Report as of November 30, 2010 under current market conditions. We recommend that this exception to the policy be continued. The weighted average maturity (WAM) of the portfolio is 670 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 z2nak,� iC Geoffrey 9. Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report treasrep CITY OF PALM SPRINGS 12/16/2010 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS NOVEMBER 30, 2010 On Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 1,990,506 State Pool 39,700,000 $ 41,690,506 54.52% Short Term Investrneuts 1 YE or less Corporate Notes 986,120 Mortgage Pass-Thrus 290,551 1,276,671 1.67% Medium Term Investments 1 ear to 3 ears) U.S.Gov't Agencies 4,000,000 4,000,000 5.23% Long Term Investments 3 ears to 5 years U.S.Gov't Agencies 2%496,094_ 29,496,094 38.58% S 76,463,272 100,000/0 *Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit, ft—op TREASURER'S MONTHLY REPORT 12r1612010 DETAIL OF INVESTMENTS NOVEMBER 30,2010 Coupon Yield Adjusted {memo only) Prior Qtr, Par Value Rau Rating Maturity to Mat city Cost Basis Category Total Market Value Source Market Value [on can Deposits Ct odmg-Bank of America S WA variable AAA open 0.15Yo S 1,990,506 S 1,990_%6 S 1,045,640 Local Agency Invest Fund(LAIF)* 39,700,000 variable NIA open 0.45% 39,700,000 39,776,020 LAIF 52,M5,805 41,690,506 Shoat Term lnves9ments 1 or less Corporate Tides Wells Fargo&Company 8001000 3.98°/. AA, 1029110 4.20Y. 0 0 Bank o€NY Mellon 801,968 SBC Communications,Inc. 1,000,000 5.30°/. A 11115A0 5.170% 0 0 Sank of NY Mellon 1,005,260 Goldman Sachs Grmp,Inc. 1,000,OOD 5.00% A 01/15/11 5.37Ya 986,120 1,004,920 Bank ofNY Mellon 1,011,900 986,120 Mortgage Pass-Thras Federal National Mortgage Association 50010W 4.00/. NIA 10/01/10 4.95% 0 0 Bank of NY 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 Lam Mortgage Corporation 1,015,552 4.50% NIA 02/01/11 5.24% 139,259 152,402 Bank of NY Mellon 172,920 Federal Hotta Loan Mortgage Corporation 695,000 4.00% N.A 04/01111 5.22% 115,915 130,923 Bards ofNY Mellon 142,616 Federal Hoare Loan Mortgage Corporation 200,000 4.M NIA 05/01/1) 5.37% 35,379 38,345 Bank of NY Mellaa 42,123 290,551 Medium Term Investments 1 to 3 ears U-S.Gov't Agency Securities Federal Home Loan Bank 2,D00,000 1.75Y. NIA 1 OI29112 1.75% 0 0 Bank ofNY Mellon 2,001,875 Federal Home Loan Mmtgalge Corporation 1,000,000 2.50% NIA 12/28/12 2.501% 1,000,000 1,011,780 Bank of NY Mellon 1,015,070 Federal Farm Credit Bank 2,000,000 2.90°/. NIA 01/14/13 2.00% 2,000,000 2,003,125 Bank of W Mellon 2,007,500 Federal Home Loan 4fortgage Corporation 1,OOQ000 1.10°k NIA 01f22113 1.1O% 1,000,000 1.003,370 Bank ofNY Mellon 1,004,070 4,000,ODO €reasrep TREASURER'S MONTHLY REPORT 1 21 1 6120 1 0 DETAIL OF INVESTMENTS NOVEMBER 30,2010 Coupon Yield Adjusted (memo wily) Prior Qtr. Par Vahu Rabe stating Maturity to MIStrrity Cost Basis Category Total Market Value Source Market Value Long Term Invesbme rt 3 bo 5 U.S.Gov't Agency Sm-w*es Federal Home Loan Bank 210001000 2.09% NIA 1=3,113 2.08% 2,000,000 2,001,875 Bank of NY Mellon 2,008,125 Federal Home Loan Mortgage Corporation 1,000.000 1.63% NIA 0112i114 1.63% 11000,000 1,007,220 Bank ofNY Mellor 1,0%,580 Federal National Mortgage Association 1,000,000 1.601A NIA 01/29114 1.60% 1,000,000 I,006,875 Bank of NY Mellon I,008,438 Federal Home Loan Bank 2,0001000 2.35% NIA 03117114 2.35% 2,000,000 2,011,250 Bank of NY Mellon 2,017,500 Federal Farm Credit Bank 1,000,000 1.77% NIA 07108114 1.77% 1,000,000 I,006,875 Bank ofNY Mellon 1,007,500 Federal National Mortgage AssocWAcn 110001000 IMP% NIA 0W=14 2.00% 0 0 Bank ofNY Mellon 1,000,938 Federal Home Loan Mor4age Corporation 1,000,000 3.W1. NIA 11/05/14 3.00'1a 0 0 Bank ofNY Mellon 1,002,570 Federal Farm Credit Bank 1,000,000 1.25% NIA 11117114 1.25% 1,000,000 992,500 Bards ofNY Mellon 0 Federal National Mongage Association 1.000,000 2.05% NIA 01/13/15 2.05% 1,000,000 1,010,939 Bank ofNY Mellon 1,012,188 Federal Home Lour Mortgage Corporation 11000,000 2.391A NIA 0712WI5 2.39% 1,0w,000 1,002,560 Bank ofNY Mellon 1,005,200 Federal Home Loan Bank 1,000,D00 2.35% NIA 07/21/15 2.35% 1,000,000 1,002,813 Bank ofNY Mellon 1,003,313 Federal National Mortgage Association 1,000,000 2.25% NIA 071=15 2.301% 997,500 1,006,563 Sank ofNY Mellon 1,007,500 Federal Farm Credit Bank 1,00%000 1.88% NIA 08/17/15 1.88% 1,000.000 1,000,625 Bank ofNY Mellor 1,005,625 Federal Horse Loan Mor4Kp Corporation 1,000,000 2.00% NIA 08/25/15 2.ODYo 1,000,000 1,002,188 Bank ofNY Mellon 1,003,750 Federal Farm Credit Bank 2,000,0D0 1.99•1A NIA 0980115 1.99Ya 2,000,000 2,005,000 Bank ofNY Mellon 2,008,125 Federal National Mortgage Association 2,000,OD0 2.00% NIA 09/30/15 2.00°/n 2,000,000 1,998,125 Bank ofNY Mellon 1,998,750 Federal Home Loan Bank 2,000,000 2.00% NIA 10/05/15 2.00% 2,00D,000 1,986,975 Bank ofNY Mellon 0 Federal Farm Credit Hank 2,000,OD0 1.62% NIA I IIW15 1.629% 2,000,0D0 1,998,125 Bank ofNY Mellon 0 Federal National Mortgage Association 110001000 1.50% NIA 1 V23115 1.50% 1,000,000 994,699 Bank ofNY Mellon 0 Federal National Mortgage Association 2,0001000 1.50% NIA 11/23/15 1 50% 2,000,000 1,973,750 Bank ofNY Mellon 0 Federal National Mortgage Association 2,0001000 1.50Ya NIA 11123/15 1.50'/u 2,000000 1,973,750 Bank ofNY Mellon 0 Federal National Mortgage Association 2,000,000 1.45% N/A 11/30/15 1.45% 2,000,000 1,970,000 Bank ofNY Mellon 0 Funsuicing Corporation(F1CO) 500,000 9.90% NIA WWI& 9.80% 498,594 739,460 Bank ofAme ice 750,734 29,496,094 Total Invested Cash 76,463,272 S 76,782,443 S 92,707.844 'Includes the following deposits o€non•City funds Principal Interest Totat SMG(Convention Center) 100,000 96,098 196,098 Palm Springs Historical Society 250,000 53,184 303,194 ul TREASURER`S MONTBLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 12/16/2010 NOVEMBER 30, 2414 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 76,463,272 $ 76,463,272 $ 76,463,272 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 1,488,973 N/A N/A open none 1,498,973 Downpayment Assistance(Housing Fund)-JP Morgan Chase 33,710 0.15% N/A open 0.15% 33,710 Workers Compensation-Bank of America 19,050 N/A N/A open none 19,050 General Liability-Bank of America 30,000 N/A N/A open none 30,000 1930's General Store Museum-Bank of America 2,011 NIA N/A open name 2,011 1,597,643 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 78,081,692 CT) TREASURER'S MONTHLY REPORT 11-31VP BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 12/16/10 NOVEMBER 30,2010 Coupon Yield Adjusted {memo only) PriorQrr. Per Valve Rate Rating Mahmw to Mawrt y Cost Be= Category TOW Market value Saeroe Market Value 1991 M101/04 Convealum Center Ietvesca Cmvemmeat&Agency Prsva t 6,420 variable AAA open 0.029'. 6,420 6,420 Barak of NY Meflm 113,557 Federal Hama Loan Morgtgage Co paation 5,465,000 4.13% NIA 9127f13 1.93% 5,867,848 5,967,097 Bards dNY McRon 5,994,422 5,874,268 199ml Swim B-Henrsuw fnvesco Government&Agerny Private 24,624 variable AAA open 4.01% 24,624 24,624 Bank of NY Meflm 14,910 Federal Home Loan Bank 420,000 4.631% NIA 10/10/12 1.38% 433,705 451,763 Bank ofNY Me31m 454,781 478,329 1994R04 Series A&B Inve wo Government&Agency Private 32,361 variable AAA open 0.02% 32,361 32,361 Bank of NY McDm 32,360 Federal Home Loan Mortgage Corporation 965.000 4.13% NIA 9127113 1.93% 1,036,134 1.053,659 Bank ofNY Me81m 1,058,484 Federal Home Lean Mortgage Corporation 571,000 4.13% NIA 9/27/13 1.93% 613,091 623,461 Bank ofNY Me m 626,316 1,681,506 1998 Aeport PFC bwesco Govamtmt&Agency Private 530X3 variable AAA open 0.02% 530,273 530,273 Bank of NY Mellor 388,794 U.S.Treasury Note 918,000 1.38% NIA 3I15113 1.55% 913,374 935,424 Bank ofNY MaRm 936,865 1,443,647 1998 Assessment Distract 155 A&J3 InvescoGovamnmt do Agency Private 147,305 variable AAA open 0.02% 147,305 147,305 Bank ofNY Menou 347,300 147,305 2001 Assessment District 157I158 Invesco GMer anent&Agency Private 176,393 variable AAA open 1102% 176,393 176,393 Bank ofNY.MeRm 176,398 176,393 2002 Parking Structure Cast 3 3 3 Bank ofNY Meflm 3 Inverse Govexmaent&Agency Private 3,231 variable AAA open 0.01% 3,231 3,231 Bank ofNY Melon 3,680 3,234 TREASURER'S MONTHLY REPORT tr-srep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 12/16/10 NOVEMBER 30,2010 Coupon Yid Adjusted t only) Prior Qtr. Par Value Rate Rating Matriy to Maturity Cost Basis Category Tow Market Value Source Market Value 2004 Assessment Dot ict 161 Inveaoo Gov rmmmt&Agency Private 62,626 variable AAA open 0.02% 62,626 62,626 Bank of NY Mellon 62,623 Key Bank Normal Association,Ohio 109,000 4.30% NIA 12rM12 1.80Ye 115,105 115,867 Bank of NY Mellon 116,740 CIT Beak,Salt Lake City,Utah 205.000 3.05% NIA 1128/13 197% 211,607 215,035 Back of NY Mellon 216,273 389,339 2004 Asseasment:District 162 Invesoo Government k Agency Priva t 64,578 variable AAA open 0.01% 64,578 64,578 Bank ofNY Mellon 64,577 Capital One Bask USA NWwW Association 88,000 4.15% NIA 31" Loy. 93,946 94,609 Bank ofNY Mellon 95,301 158,424 2005 Assessment District 164 Invesco Government k Agency Privae 93,675 variable AAA open 0.01% 93,675 93,675 Bank ofNY Mellon 92,916 Cloaca Bar*,Flint,Michigan 245,000 115% N/A 3f4113 Lm 245,347 245,000 Bads ofNY Mellon 245,000 Capital One Bank USA National Assoei_a++on 25,000 4.15% NIA 315/13 1.80°/. 26,661 26,977 Banc ofNY Mellon 27,074 365,683 2006 Airport PFC Invesco Goat&Agency Private 807,221 variable AAA open 0.0w. 807,221 907,221 Bank ofNY Mellon 547,245 U.S.Treastay Note 955,000 1.39% N/A 3115113 1.55% $50,692 971,228 Bank ofNY Mellon 872,570 1,657,912 2007 Merged Project#1 k#2 Imeseo Government&Agency Private 5,997,931 variable AAA opt= 0.02% 5,987,831 5,987,931 Bank ofNY Mellon 6,941,729 5,987,931 2007 Refundi%Lease Revemw Bands ImexoGovernment k Agency Private 1 variable AAA 01en 0.01% 1 1 Banc ofNY Mellon 3-78,950 1 2009 Airport PFC Rdwdmg lrrveaoo Government rt Agency Private 12,953 variable AAA open 0.01% 12,853 I Z953 Bank ofNY Mellon 12,854 Federal Home Loan Mortgage Corporation 603,000 4.13% N/A 9/27/13 1.93% 647,450 658,401 Bank ofNY Mellon 661,416 660,303 Funds With Century Golf 1,235,222 1,235,222 1,235,222 Century Golf 1,355,563 1,235,222 Totals $ 20 259,476 S 24443,036 $ 2I,538 59F Q% treasrep TREASURER'S MONTHLY REPORT 12/16/10 CALCULATION OF INVESTMENT LIMITATIONS NOVEMBER 30, 2010 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 NIA $42,967,178 1 year to 3 years 0.000/0 50.00010 5.23% 3 years to 5 years 0.000/0 30.00% 37.92% over 5 years N/A N/A 0.66% By Type of Investment: Bankers Acceptance-in total NIA 40.00% 0.00% Bankers Acceptance-single bank N/A 20.00% 0.00% Commercial Paper NIA 15.00% 0.00% Certificates of Deposit NIA 30.00% 0.00% Corporate Notes NIA 20.00% 1.29% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thrus N/A 10.00% 0.38% U.S. Government Agencies N/A 50.00010 43.80% U.S. Treasury Notes/Bonds NIA NIA 0.00% Lo