HomeMy WebLinkAbout6/2/2010 - STAFF REPORTS - 2.C. �ofpALM S,,
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c441FOIL City Council Staff Report
DATE: June 2, 2010 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
April 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 April 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
$90,019,368 plus $24,775,403 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $90,527,905.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of April 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, 4/16118, 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 N10. � ��
City Council Staff Report
June 2, 2010— Page 2
Treasurer's Investment Report as of April 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 369 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 S. I 'ehl, Director
of Finance and Treasurer
Attachments: Treasurer's Investment Report
tressrep CITY OF PALM SPRINGS
sngrzmo TREASURER'S MONTIELY REPORT
SUMMARY OF INVESTMENTS
APRIL, 30, 2010
On Ca0 .� Adjusted Basis a tcgmy'row Percentage
Checking Account $ 1,997,889
State Pool 55y7W,000 S 57,697,889 64,09%
Short Teim Investments
1 year or IM
Corporate Now 2,785,430
Mortgage Pass-lfuus 1,051,199
Time Depamis 940,000 4,776,629 5.31%
Medium Term Investments
I m 3 ears
Mortgage Pass-TbM 52,407
U.S.Gmet Agmciea 12,993,849 13,046,25$ 14.49%
I.a1g Term Investments
3 to 5
❑_S.Gov't Agencdea 14498594 14,498,594 16.11%
$ 90,019,368 100.00%
*Some mveetmenta made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
°'-wq TREASURER'S MONTHLY REPORT
511sr2010 DETAIL OF INVESTMENTS
APRIL 30,2010
ccepm YWd A�ueted [memo anl3'1 Prim Qr.
Par Va. Bela Bmo>a matra3' mMIN.Ay Co BBSIS Cmw�yT'oW MmkmVatu Saaae mxik vdm
Checkieg-Bmk ofAemiw - S N1A rouble AAA apm D-M 5 1,997,A89 8 5.765.8% S 2,38LS033
F rc•1 Apmey To.._PmM(LAff)� SS,70D,O0D >miabk N'A open 05934 SS,700,E00 33,7a5,B98 LAIF 36,753,74R
57,W.,809
9hpre Tltm ifteNEmeoh
] mlees
Coepm Nttes -
WeGsFarBo&cmrpmm mom 3%% AA- 10'29'10 420A 795.160 SIZ569 Beek MlY Mettm a15,02
SBC C&=..D wcd,Inc. 1,000,000 '130% A 1V1513D 5.17% 3,0m,150 - 1,025,130 Bmk of\Y Me1E® 1,02S,m
Geldmm Smbs GrouA lec 1,0 oDo 5.00% A 0V13171 537% 98Q120 1,023,650 Bmk ofn Mdb= 032,950
2,785,430
Mwww Hue-Th=
FWeNHome Lae4MmtWcmpmaaim 21MOOD 4-M MA MOM 5.19% 101,843 123,608 Beok of32y klftuw 217,295
Fadom.Nana lam Mmtyaga CmPmafiao 1,37g00D 5.00% N.A MUM 5.35% 134,473 140,494 Beek ofNY"alelloo 145,708
FadWM N"col ymt~e_yw:a,,,, S00,000 4.00% NIA 10.N3110 4.95% U,147 91,E80 BmkofNYMdlon 97,478
FodWd Hems Ease Bank 775,000 4.75% NIA lomil0 4.82% 334,096 365,334 Beek ofNYMeBan 373,187
F"Wd Hems Lam Mo� vcwpmalim 3,015,552 CM NIA M1111 5.24% 198,194 213,401 BeekofNykdeBm 219,608
Fedwd Hcme Lam MmWW Cwpmadm 695,000 4.00M NIA 04/01111 5.22% 177,436 194,547 Bmk ofNy!AeOca 205,049
1,051.399
Tie Dvpoeila
M-Umoet ftse9 Sani9a(CDAl3S) 94%WD 1.60% AAA 07/15/10 3.61% 940,000 940A00 PsmDel ,WJ Beek 940,WD
94Cy000
3Ae�Term hwmft mu
to 3
LSorrta Paas-Tkoa
Fodwd Hm lam M*,WW Carymatioe 200.000 4.30% NIA 05013 1.111 3.37% 52,407 55,631 BmkafNYMeMw 58,261
52,07
onset TREASURER'S MONTHLY REPQRT
5i]&=10 DETAII.OF INVESTMENTS
APRIL 30,2010
Cuv➢eo Yidd Adjusted Only) Prim Qer.
Per Vahu Rate Baf®g MAW-ty taMawrily cost Been Cexgoty Told Madw Val" Source 3dmket Yalw
U.S.GM Agmey Swutiim -
Pedmd Rearm LOmBak 3,00g00D 4.EO% MA 0&W11 4.10% I,DDOAM 1,005.J13 Bak 9fNYMGm 1AW6 438
Fedmal Hame Laa Beek 1,00 .000 4[3% NIA 06241E] 4.13% ],000,000 1,0m,313 BakofNYMeBm 1AM710
Fedsd lSnme lam Bank ],ODOp00 3.25% NIA 11M] 3.25% 1,OO Oco - 1,D31,569 Bak ofNYMei]on 1,003,750
FtderbiN®e WmNiortpge Corpm 1,OO WD 4.02% NIA OCJ26112 4.02% ].Wuw
FedmalHcme Wm Bmk 2,000,000 3.75% NIA IMA112 1.75% 2,000,000 1,004,960 Bmk oPNY McBm U06IAM,050
Fedora]Nome Lam Bmk 1=000 2.30% NIA ]L21I12 2.30% ],ODMW '009;375 Beak ofNY McOm 2,004AW
Feder]Nome Laa 3doggag Cap..a 1,OO coo 2,SD% NIA ]22g112 2,50% ], - 00�560 EmkofNYMeum 1,004,0m
000,000 2,009.375 BwkofNYMetlon 2A01,250
Federal Roma Loa Bork 2,000,000 2.00% .,}',rP. 07114'!3 2.0035 2,OOg000 2,D79,373 Bank oYNYldellm - ;OD3,250
Federal lIomr Lowe Mmtpr Cwpc 1,00g000 2,25% NIA 61.701n 2.25% - 1,OOOAM I.W3,530 Be]cofNYMetlm 1,003,630
Fedxa]Farm C,ad9Bmk 2ADO.Wo 2,00% 31A 0UM13 2.10% 3,993,849 2,OOO,COD Esok oY34Y 7deBm 1,995,875
72,993,Sa9
Long TM latYam0nt -
3 Kam toy
US,GoA Agmmy Seusities
Fedod Home Lam Bak 2,000,000 2W% VA 062N33 200% 2,Omcoo 2,0."8,750 Bankamy Melltm %000,625
Federal Homo Loa Bank 1,000,000 28594 VA 0W14Y13 28554 1AKDO0 1AW'873 Baek&NYM4= 1,009,688
Federal Home Lao Uwtpe Cwpw&Ya 2,000,W 200% WA 09l11113 200% 2AM.O00
Fedard Hama Load Be* E,0OAW 2.�% WA 121231]3 2.CrA - 2A40 BankolNYMellae 1,99',980
Paderame LoanBwek 2,ODO,D00 2,0M.000,000 BenkalNYMelloa
l Na 1,986,875
2,Ciq,000 235Y, NU O3!]7R4 23554 2,OD3,000 2,000,625 Bank afNY Mallat ;,986,875
Federal NemadM Afaeeiseim 1,W0,000 350% NIA Og25114 3.50% 1,00g000 1,009,375 BankeiNYMellan 3,DID,m0
Federal Nero Loco Moriptge Carywa[im 1,WOOo0 3.COY MA IVOY14 3.Ofl% 1,00g000 1,008,900 Beek Of NY Mdbm 3,004,420
Pederel\a6aod Moayaee Ateociad® - 1,00DAW 125% MA 11/12/14 325% 1,000,OOD _ 1,O00,05 Bak 0M. mama 1,003,i25
Federal Perm C}edA Bak %W01000 2. 5% NIA 12M.14 2.75% 2,OOO,DDD 1,99$125 Bmk cfYY Me]lun ],%6,875
Fi—c CmpWAl(FXO) joop 3 - 9.80% NIA 04-m18 9.90% 499,,594 6W,625 N.r nKB.+k 61.1,406
14,498394
ToWh.wtvaCsiftS 9L10343� S 27 5 92,k90,5is
'loduies the Fo➢owing depmits ofoen N)Sm&
Primes lateael TOW
We(Ctaveolim Center) E00,000 95,513 195,513
F.L.Sprmp Hiseodcd 306'" 25%000 $2,280 302AD
L�
TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
snsnako APRIL 30, 2010
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash 5 90,019,368
$ 90,O19,368
$ 90,019,368
Miscellaneom Accawts -
Petty Cash 3,900 N'A NIA open none 3,900
Revolving Fund-Bank of America 12,590 NIA NIA open - none 12,590
Trust.@ Agency-Bank of America 2,104,890 NIA N/A open none 2,104,890
Dmmpaymew Assunanoe(Housing
Funo-IPMorganChase 33,680 0.15% NIA open 0.15% 33,680
Wotkas Compensation-Bank ofAmerica 4,692 NIA NrA open tone 4,692
OweralLiability-Bank of America 37,486 NIA NIA open none 37,486
1939s General Store Museum 1,986 NIA NIA open none 1,986 2,199,224
IDepoft Held In Trust - -
Time Depoai[s
(FDIC Insured)
Gttaant}•Bank(Coyote Springs Apt) 20,372 1.99% NIA 6124110 2.00% 20,372 20,372
Total Cash Deposited 5 92,238,963
CT)
TREASURER'S MONTHLY REPORT
MMM BONA ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
mnvl6 APRIL 30,2010
Ceawo Yids -Anted (memo®1r1 Pdm Qv.
parval m Ban Bating M+t$' m Mmviry Cmt Been Corte mp Tani Maekdvslue Sm Market Value
1991.+47.+01N4 Convmtlaa Camay -
h earn Gaveeomed&Agancilhtl 2.146,126 vviable AAA 9Fm 00t96 ;146,326 2,146,326 Ban1ofNYM.0w 1,847
Fedual Forma L. lrlm3Fgega OmytaOim 5,465,= 4.13% NIA 9l27113 1.93% 5,86 A" 5,839.5015 Beak o£NY-Ww 5,847,550
t99M Aixpmi
kr+otw Ganmmeol&A"m yftmo 639,927 variable AAA OPM OOI% 639,927 639,927 Bank of NY McOm 5E,149
U.S.7teuury Nan 855,000 1.39% MA 311L13. I55% M,692 351,196 Sank ofNYMcom 849,990
490 M 9
i991N1 Svia B•13o94ug3
7aveaae Gwemment&Agency Pm 14,909 vaiable AAA
FedmO B9nm Lom Bmk 420,0.70 4,63% NIA L(VIDA2 036% 4534• 5ZB13 BmkofNYMeOm 9386
43;B13 Hamr ofNY MaOw 452,813
,liKS 4
1994YH Soria A&B
Inwaeo Gavemmmt&44mq Ari 314,702 variable AAA 9pa31 0.01% 114,7P2 114,702 Book OfNY mell.m IL4,668
Federal Bwze Lam Mmva Cnpm 955,wo 413% NIA - 9l27113 1.93% 1,036034 1,034,65t Beak of NY MaBw 1,032,550
Federal Barre Lomm=tpgeOdporericm 571,000 413% MIA 9027113 1.9355 613,091 612.219 Bmk.fNYMen= 610,970
1.763,927
199N08AupwtFFC
Ins Gavemmem&Apeewy Private 605,707 .viable AAA Door 09355 695,7(r7 695,70 Bork a[PIY Me7ka 522,450
US,7kauur)Nm 9lopm 1.38% MA 3115113 1.53% 911,374 916,063 Bahr ofNY MalLm 91;621
1,609,OBI
t998 Aaaeamlent Dirhot l55 A&B
larmeo Gavemmma&Apmoy Frivan 347.289 raieble AAA opm 0,01%. 147,Mg 147,2BS BmkoMbUlme 147,285
147,288
2001 Ammm-eot DtaWl57AJ8
Inveew Gaveameot&AgmoS•Privara 187,078 rniable - AAA open 0.01% 187,079 187,078 Banko(WYMOILn 187,D75
2002Pakiag Saacmre
Gab 3 3 3 Bmk oftiY Mel6m 0
in+area G�&Age Pri 15 variable AAA ryes 0.01% 15 15 Bmk ofhY Mellor 4,021
i8
+3
i
TREASURER'S MONTELY REPORT
eD BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
OS�f8130 APRIL 30,2010
CmWco Yield - A4u4ted (aeemo only) Aicr Qt.
Per Yxbm Rage Rating Marty to[Amur Cart Bepe fs*K,Tow Muiw Yalm Sauce Mmkdvnkv
2W4 Ameer�Difhia 161
Iwom O�&Aiw:)Prime 83,3A9 wable AAA
Key Bank NofioaY opm 1..00% 15,1053ft 15,763 BmlrofNYMellcm d7;fi2]
Aeaxietim,Ohio 108,000 430% NJA 127NE2 1.80% t15,105 315,7fi3 Hsok oFNY MaIIm 0
Cff Benlr,Salt Lake City,Utah 205,W4 3.05% NA M-13 1.07% 211,6M 213,OA8 Bank ofNY Me➢.= 0
2C04 Ameacnant—"Diaeict 362 4MI01
-
msmcoGwermieat&AgemPAvm 66,893 mieble AAA opan 0.01% 66,893 66,893 BankofNYMallaa 161,056
CWW De Bak USA Nateoal Aalwletim 88,000 4.15% NIA IW13 1.80% 93.846 94,021 HaokofNYMdM 0
2005 Asemst=Uintiet 164 - F60,T38
maem Ommimant&Agsory Prime 95,038 miable AAA opee QOl% 95,038
95,038 BaekofNYMellen 367,16
Cieizeoe Bao$Ptial,Idiclagrm - 245,000 LAM WA 3141F3 1.80% 745,347 245,DOD Book oYNY Melrn 0 0
CaPBel One Hack USA Vabmal Ama m 25,000 435% NA 315I13 1.80% 26,661 26,729 Bank ofNY Mallon 0
M7,pa5
2007 Hayed Pmject li&#
lnv amwnraeot&ARM7 hd - 7,276,537 Mieble AAA open 0.011% 7,27y537 7,276,537 BaokofNYMellmt 7,306,W
2607 ReNudmv Leese 13wmoa Hmida 7,276,537
_ms GawnmeM&Agmoy Peima 9 miable AAA open 0.01% 9 9 BeokofNYMO= t,358,053
9
20M Air m PFC Rd=ding
BWO&W Gwmameu&ASIM Prime 416 variable AAA open O.OF% M6 416 Berk OfNYMallm 416
Fedard Home LM Mo[tyelaetbiPoratim 6M.D30 4.13% NIA 927113 1.93% 647,450 646,529 Beak of NY Mellon 645,210
647,Bfi6
ERlCA3ladio HS+tm LeaM -
Fi Ld kuao Petard F5md Ben 170,195 s.,able AAA op. oat% 170,191 170.195 ❑a cba Beek 1?0,193
170,195
Fmde R'ith C...,Golf 2,062.t 14 2,0641k4 2,062.114 Co Calf 037,376
2,06$il4
TOW, - 8 24,775,403 d 24,770,IS8 S 2;W 14
urasrep TREASURER'S MONTHLY REPORT
05/18/10 CALCULATION OF INVESTMENF LIMITATIONS
APRIL. 30, 2010
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $62,474,518
1 year to 3 yew 0.00% 50.00010 14.49%
3 years to 5 years 0.00% 30.00% 15.56%
over 5 years N/A N/A 0.55%
By Type of Investment:
Bankers Acceptance - in total N/A 40.00% 0.W/a
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% 1.04%
Corporate Notes N/A 20.00% 3.09%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thras N/A 10.00% 1.23%
U.S. Government Agencies N/A 50.00% 30.54%
U.S. Treasury Notes/Bonds N/A N/A 0.00%