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HomeMy WebLinkAbout10/6/2010 - STAFF REPORTS - 2.E.�QALM S.6 .� 1. ra f.► us �Wr�no c44 l FOIL%% City Council Staff Report DATE: October 6, 2010 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF AUGUST 31, 2010 FROM: Geoffrey S. Kiehl, Director of Finance and Treasurer BY: Department of Finance and Treasury kIJf-li '1 Attached is the Treasurer's Investment Report as of August 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 $91,224,379 plus $23,470,468 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $91,808,557. RECOMMENDATION: Receive and File Treasurer's Investment Report as of August 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. __�• & - City Council Staff Report October 6, 2010 — Page 2 Treasurer's Investment Report as of August 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 343 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 114 Geoffrey S. Zl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report N try CITY OF PALM SPRINGS 9/21/2010 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS AUGUST 31, 2010 10n Call Deposits Adjusted Basis Category Total Percentage Checking Account $ 1,928,441 State Pool 62,200,000 $ 64,128,441 70.30% Short Term lnvesnnentc (1 year or less) Corporate Notes 2,785,430 Mortgage Pass-Thrus 814,414 Time Deposits 0 3,599,944 3.95% Medium Term Investments (1 year to 3 years) U.S. Gov't Agencies 8,000,000 8,000,000 8.77% Long Term Investments (3 years to 5 years) U.S. Gov't Agencies 15,496,094 15,496,094 16.99% $ 91,224,379 100.000/0 "Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. treasrep 9/21/2010 I On Call Deposits 1 Checking - Bank of America Local Agency Invest Fund {i., * (Short Term Investments (I year or less) 1 Corporate Notes Wells Fargo & Company SEC Communications, Inc. Goldman Sachs Qoup, Inc. Mortgage Pau-Thrus Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal Home Loan Bank Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Time Deposits CD Account Registry Service (CDARS) W-- Coupon Par Value Rabe S NIA variable 62,200,0W variable TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS AUGUST 31, 2010 Rating Maturity AAA open WA open Yield Adjusted to Maturity Cost Basis 0.15% S 1,928,441 0.51% 62,200,00D fro only) Category Total Market Value 64,128,441 S 1,929,441 62,302,243 LAIF Prior Qtr. Source Market Value $ 1,968,573 79,794,292 800,000 3 98% AA- 10/29/10 4.20^/. 795,160 803.784 Bank of NY Mellon 806,560 1,000,000 5.30°/. A I1/i5/10 5.17'/. k,004,150 1,009,360 Bank of NY Mellon 1,015,860 1,000,000 5.00^/. A 01/15/11 5.37% 986,120 1,014,810 Bank of NY Mellon 1,015,220 2,785,430 1,370,000 5A0°/. NIA 09/01/10 5.35°/. 100,283 105,485 Bank ofNY Mellon 127,190 500,000 4A0°/. NIA 10/01/10 4.95°/. 44,654 50,198 Bank of NY Mellon 78,962 775,000 4.75°/. NIA 10Y15110 4.88% 323,064 327,800 Bank ofNY Mellon 347,767 1,015,552 4.50°/. NIA 02/01,111 5.24% 169,811 183,944 Bank of NY Mellon 198,6% 695,000 4.00"/. NIA 04/01/11 5.22% 135,708 151,565 Bank of NY Mellon 171,000 200,000 4.50°/. NIA 05101.111 5.37°/. 40,894 44,030 Bank of NY Mellon 50,797 814,414 940,000 1. W/o AAA 07/15/10 1.61% 0 0 Palm Desert Nat. Bank 940,000 0 treasrep 912112010 Medium Tem investments f I year to 3 years) US Gov t Agency Securities Federal Home Loan Bank Federal Horne Loan ]Mortgage Corporation Federal Farm Credit Bank Federal Home Low Mortgage Corporation Federal Home Low Mortgage Corporation Federal Home Lew Bank Federal Home Loan Bank Long Term Investment { ( 3 years to 5 years) IF U.S. Gout Agency Securities Federal Home Low Hank Federal Home Low Mortgage Corporation Federal National Mortgage Association Federal Home Low Bank Federal Farm Credit Bank Federal National Mortgage Association Federal National Mortgage Association Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal Home Low Mortgage Corporation Federal Home Low Bank Federal National Mortgage Association Federal Farm Credit Bank Federal Home Low Mortgage Corporation Financing Corporation (FIC©) Total Invested Cash ) *includes the following deposits of non -City funds: SMG (Conventi0n Center) Pala Springs Historical Society TREASURER'S MONTHLY REPORT DETAIL OF INVESTMENTS AUGUST 31, 2010 Coupon Yield Adjusted (memo only) Prior Qtr. Par Value Rate Rating Maturity to Maturity Cost Basis Category Toms Market Value Source Market Value 2,000,000 1.75% NIA 10/29/12 1.75% 2,000,000 2,004,373 Bank ofNYMellon 2,008J25 I,000,000 2.50% NIA 12,28112 2.W/. 1,000,000 1,016,170 Bank ofNY Mellon 1,018,570 2,000,000 2.00% NIA 01/14/13 2.00% 2,000,000 2,010.000 Bank ofNY Mellon 2,013,750 1,000,000 1.10% N/A 01=13 1.100/. 1,000,000 1,003,160 BankofNYMellon 0 1,000,000 2.25% NIA 01.30/13 2.25% 0 0 Bank ofDYMellon 1,001,230 2,000,000 2.00% NIA 06/24/13 2.00% 2,900,000 2,001,975 Bank ofNYMellon 2,006,873 1,000,000 2.85% NIA 08/191,13 2.85°/. 0 0 Bank ofNY Mellon 1,003,125 8,000,000 2,000,000 2 D8% N/A 12/23/13 2.08°/. 2,000,000 2,010,625 Bank of NY Mellon 2,016,875 1,000,000 1.63% NIA 01/21/14 1.639b 1,000,000 1,008,890 Bank of NY Mellon 0 1,000,000 1.60% N/A OW9114 L60% 1,000,000 1,008,438 Bank ofNYMellon 0 2,00%000 2.351% NIA 03/17/14 2.35% 2,000,000 2,021,250 Bank of NY Mellon 2,025,625 1,000,000 1.77% NIA 07/08/14 I.77% 1,000,000 I,006,563 Bank of NY Mellon 0 1,000,000 2.0D % NIA 07/22/14 200% 1,000,000 I,OD2,188 Bank ofNY Mellon 0 1,000,000 3.501% NIA 08/25/14 3.50% 0 0 Bank of NY McHm 1,004,375 1,000,D00 3.00% NIA 11/03/14 3.00% 1,000,000 1,064,870 Bank of NY Mellon 1,009,240 1,000,000 2.05% NIA 01/13/15 2.05% 1,000,000 1,012,813 Bank of NY Mellon 0 1,000,000 2.38% NIA 07I20115 2 38"/0 1,000,000 1,006,370 Bank of NY Mellon 0 1,000,000 2.35% NIA 07i21/15 2.35% 1,OOQ0D0 1,009063 Bank ofNYMellon 0 1,000,000 2 25% NIA 07fM15 2.30% 997,1Of1 1,012,300 Bank of NY Mellon 0 1,000.000 LAW. NIA 08/17/15 1.88% 1,000,000 1,OO1,563 Bank of NY Mellon 0 1,000,000 2.0a% NIA O8/25/15 200% 1,000,000 1,0D0,520 Bank of NY Mellon 0 500,D00 9.90% NIA 041061I8 9 80% 499,594 748,267 NatiensBank 715,000 15,496,094 S 91,224,379 S 91,808,557 S IO2,237,698 Principal Interest Toml I GD,000 95,864 195,864 250,000 32,923 302,823 treasrep 9/21/2010 JTotal Invested Cash Miscellaneous Accounts Petty Cash Revolving Fund - Bank of America Trust & Agency - Bank of America Downpayment Assistance (Housing Fund) - 7P Morgan Chase Workers Compensation - Bank of America General Liability - Bank of America 1930's General Store Museum - Bank of America Deposits Held In Trust Time Deposits (FDIC Insured) BBVA Compass (Coyote Springs Apt) JTotal Cash Deposited M TREASURER'S MONTHLY REPORT MISCELLANEOUS AND TRUST ACCOUNTS AUGUST 31, 2010 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total $ 91,224,379 91,224,379 $ 91,224,379 3,900 N/A N/A open none 3,900 I6,000 NIA N/A open none 16,000 2,080,741 N/A N/A open none 2,080,741 33,697 0.15% N/A open 0.15% 33,697 4,018 N/A N/A open none 4,018 34,212 N/A N/A open none 34,212 3,533 N/A N/A open none 3,533 2,168,065 20,777 1.090/0, N/A 6/24/11 1.090/0 20,777 20,777 $ 93,413,221 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS 0912IA0 AUGUST 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 1991197101/04 Convention Center Invests Government & Agency Private 841 variable AAA open 0.01% 841 841 Bank ofNY Mellon 941 Federal Home Loan Morgtgage Corporation 5,465,000 4.13%. N/A 9127113 1.931/u 5,867.848 5,991,066 Basic ofNY Mellon 3,958,559 5,868,699 199I10I Series B • Housing invesco Government & Agency Private 14,910 variable AAA open 0.01%. 14,910 14,910 Bank of NY Mellon 14,909 Federal Home Loan Bank 420,000 4.63% NIA 10/10/12 1.381% 453,705 455,044 Bank ofNY Mellon 455,963 468,615 1994/04 Series A & B Invesco Government & Agony Private 1,119,390 variable AAA open 0.021% 1,119,390 1,119,390 Bank ofNY Mellon 1,610 Federal Horse Loan Mortgage Corporation 965,000 4.13% NIA 9MI13 1.93"/. 1,036,I34 1,057,981 Bank ofNY Mellon 1,052,152 Federal Home Loan Mortgage Corporation 571,000 4.13% NIA 9l27113 1.93% 6I3,09i 625,959 Bank ofNY Mellon 622,568 2,768,615 1998 Airport PFC Invesco Government & Agency Private 311,745 variable AAA open 0.02% 311,745 311,743 Bank ofNY Mellon 1,042,199 U.S. TreasuryNate 918,000 1.38% NIA 3115/13 1.55% 913,374 935,643 Bank of NY Mellon 929,905 1,Y25,119 1998 Assessment District 155 A&B Invesco Government & Agency Private 147,298 variable AAA open 0.02% 147,298 147,298 Bank of NY Mellon 147,293 147,298 2001 Assessment District 1571158 Invesco Government & Agency Private 417,090 variable AAA open 0.02% 417,090 417,090 Bank of NY Mellon 187,094 417,090 2002 Parking Structure Cash 3 3 3 Bank of NY Mellon 3 Invesco Government & Agency Private 193,991 variable AAA open 0 01% 193,881 193,891 Bank ofNY-Mellon 3,881 193,884 -Z TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS 09121/10 AUGUST 31, 2010 Coupon Yield Adjusted {memo only) Prior Qtr. Par Value Rau hating Maturity to Maturity Cost Basis Category Total Market Value Source Market Value 2004 Assessment District 161 Invesce Government & Agency Private 295,569 variable AAA open 0.01% 295,569 295,569 Bank ofNY Mellon 85,709 Key Bank National Association, Ohio 108,000 4.300% NIA 12P20112 1.8w. 115,105 116,850 Bank ofNY Mellon 116,402 CIT Bank, Salt Lake City, Utah 205,000 3.05% N/A U28113 1.87% 211.607 216,241 Bank ofNY Mellon 214,869 622,28] 2004 Assessment District 162 Invesoo Government & Agency Private 126,547 variable AAA open 0.01% 126,547 126,547 Bank ofNY Mellon 66,895 Capital One drank USA National Association 88,000 4.15% N/A 315/13 1.801% 93,846 95,344 Bank of NY Mellon 94,827 220,393 2005 Assessment District 164 imesco Government & Agency Private 281,444 variable AAA open 0.01% 281,444 281,444 Bank of NY Mellon 95,799 Citizens Bank, Flint, Michigan 245,000 1.85% N+A 314/13 1.80% 245,347 245,000 Bank of NY Mellon 245,000 Capital One Bank USA National Association 25,000 4.15% NIA 315113 1.80% 26,661 27,096 Bank of NY Mellon 26,940 553.452 2006 Airport PFC lnvmo Government & Agency Private 411,383 variable AAA open 0.02% 411,383 411,383 Bank ofNY Mellon 1,022,058 U.B. Treasury Note 855,000 1.38% NIA 3.115113 1.55% 850,692 871,432 Bank of NY Mellon 966,088 1,262,075 2007 Merged Project #1 & #2 Invesco Government & Agency Private 7,533,393 variable AAA open 0.02% 7,533.383 7,333,383 Bank ofNY Mellon 7,245,208 7,533,383 2007 Refunding Lease Revenue Bonds imesco Government & Agency Private 9 variable AAA open 0 01% 9 9 Bank ofNY Mellon 9 9 2008 Airport PFC Refunding lavesco Government & Agency Private 416 variable AAA open 0 01 % 416 416 Bank ofNY Mellon 416 Federal Ilonte Loan Mortgage Corporation 603,000 4.13% NIA 9,27/13 l 93°/a 647,450 661,039 Bank ofNY Mellon 657,458 647,866 ERICA Radio System Lease Financial Square Federal Fund Service 170,198 variable AAA open 0.01% 0 0 Deutsche Bank 170,197 0 Funds With Century Golf 1,541,700 1,541,700 1,541,700 Century Golf 1,883,303 1,541.700 Totals S 23,470,468 S 23,694,134 S 23,709,143 >8 • treasrep TREASURER'S MONTHLY REPORT 09/21/10 CALCULATION OF INVESTMENT LIMITATIONS AUGUST 31, 2010 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 NIA $67,728,285 1 year to 3 years 0.00% 50.00% 8.77% 3 years to 5 years 0.00% 30.00% 16.44% over 5 years N/A NIA 0.55% 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 N/A 30.00% 0.00% Corporate Notes N/A 20.00% 3.05% Money Market Mutual Finds N/A 10.00% 0.00% Mortgage Pass Thrus NIA 10.00% 0.89% U.S. Government Agencies NIA 50.00% 25.76% U.S. Treasury Notes/Bonds NIA N/A 0.00% cc