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Home My WebLink About4/15/2009 - STAFF REPORTS - 2.E. FQALMSa c V N + rcevou. c4``FovttO City Council Staff Report DATE: APRIL 15, 2009 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 28, 2009 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 February 28, 2009- 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 $94,881,020 plus $24,758,425 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $95,787,776_ RECOMMENDATION: Receive and File Treasurer's Investment Report as of February 28, 2009. 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 funds, and on loan repayment programs managed by a bank. 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 April 15, 2009 — Page 2 Treasurer's Investment Report as of February 28, 2009 under current market conditions. We recommend that this exception to the policy be continued. State law requires this report to be submitted within 30 days of the end of the quarter. Because all of the City's bank accounts may not be completely reconciled, there may be minor adjustments to the cash on hand in the checking account and to the valuation of the bond issue's money market investments. All other amounts are actual. The weighted average maturity (WAM) of the portfolio is 229 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'Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report 62 tr—P CITY OF PALM SPRINGS V27/2009 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS FEBRUARY 28, 2009 On Call Deposits AdjustLd 13asis Category Total Percentage Checking Acmunt $ 728,100 State Pool 66,300,000 $ 67,028.100 70.64% Short Term Investments (I year or loss) Mortgage Pass-Thrus 2,184,585 Time Deposits 1,846,500 U.S.Gov't Agmcics 989,280 5,020,365 5.29% Medium Tam Investments (I year to 3 years) Corporate Noics 2,785,430 Mortgage Pass-Thrus 2,548,531 U.S.Gov't Agencies 14,000.000 19,333,961 20.38% Long Term rove 1mentb (3 years to 5 cars) U.S.Gov't Agencies 3,498,594 3,498,594 3.69% $ 94,881,020 100.00% *Some investments made pnor to the implementation of the Current Investment policy exceed the u year limit. li; men imp TREASURER'S MONTHLY REPORT 312V2009 .DETAIL OF INVESTMENTS FEBRUARY 28,2009 Coupon Yield Adjusted (memo only) Prt"Qtr Par Value Ram Rating Mammy xn Mmms-it' Cos,Basis Cmepory Total Market Value Source MnrLet Value On Call Deposits Clmclung-Bank ol'Amencn S N/A vurmble AAA open 015% S 723,100 a 729,100 S "a,935,51a Local Agerey Invest Flmd(LAIF) 66,300,000 vnnaFlc N/A open 167% 66,300,000 66,499,70 LAIF 51,154,568 67,028,100 Short Term lnvcsnnenL• caror less) Martsnge Pn'5JImis Federal Homo Loan M.rtgago Coporation 3,000,000 5 00% NIA 02/01/09 5 08% a 0 BNY Wcetem Tr 61,305 Fedeal Nome Loan Morsiaum Corporation 2,335,000 450% N/A MICl/09 488° 221,512 227,984 BNYWestem Tr 47I,.'.96 redcml lime Lana MoupRe Corporation 430,000 400% N/A 04/O1/09 518% 113,102 1111,624 BNY Western Tr 146,617 Federal Home Loan Mongugu Cos put auun 540,000 350/ N/A 06/01/09 179% 181,855 195,989 BNY Woamn'1r 233,511 Fedctal Home Loan Mortgage Corporation 570,000 450% N/A 09/01/09 5 37% 170 163 179,176 BNY Wa•tem Tr 226,064 Federal Home Loan MnngaSe OWpemD09 3,000,000 S 50% N/A 10/01/09 5 4;% 178,088 I32,542 BNY Wesrem Tr 191,186 Fedem111ame Lsurn MpnPARe Corporation 2,050,000 450% N/A 10/01/09 505% 255,138 257,SR7 BNY Western Tr 275659 Fedcml National Mortgage Association 2,700 Dan 450% N/A 01/01/10 491% 359,873 274,693 BNY Western Tr 116354 Federal National Mongegu Aacomatio. ,500,000 a50% N/A 02/01/10 446% 414,127 41g,742 BNYWcbmm Tr 469,361 Fcd=i He..Loan Mortgage Corporate. 1,455,000 45W. N/A aMill0 522% 290.672 307,194 ➢NY Wesem Tr 31:,149 2,184,585 Time Deposits CD Account Regisvy Se ica(CDARS) 906,500 400% AAA 0311J09 408% 906,500 906,500 Felon De,e Nor Bank 1,000000 CD Acceunt Repstry Ser ca((DARS) 940,000 300% AM 071I6/09 300% 940.000 940,000 P.Im Da•err Wait Banlr 940,000 1,346500 US Gov4Agcncy5ecerines Federal Home Loan Monpagc Corporation 1,000,000 33sA NIA 011151m9 365% 989,280 1,003,125 BNYWcsuvn Tr 1,005,13 929,280 Medium Tema Investmmits 1 car to 3 veers) Corporate Not.: Wells Fargo&Company 800,000 39R% MI 10129/10 420% 795,160 776,375 BNY Wsuem Tr 793,625 SBC Communications,hie 1,000,000 510% A2 11/15/10 517% 1,004,150 1,023,740 BNY Wecmm Tr I,016,480 Goldman Sachs G oup,Inc l,onnnn0 500 l� Au3 01/15/11 537% 996.120 985,770 BNY Weammh 968994 2,755,430 XT tre ir", TREASURER'S MONTHLY REPORT 3/2712009 DETAIL OI�IN V ESTM ENTS FEBRUARY 28,2009 Coupon Yield Adjusted (in me.only) Pnor Qte Parvalue Raw Raging Matunty to Mmmntry Cost Basis Ca1.Aoiy Total Mmket Valu, Same. MwICCt Value Mortgage Paas-Thras Federal Nanore.I Man,,A::ocwt,on 1,000,000 400% N/A 03/01/10 SI2% 244,905 259,885 BNYWcstcm Tr 279,212 Fed.,al Homc Law Mortgage Cmpnmenn 2260,000 450% N/A 05/01/10 529% 563,726 590,709 BNY Western Ti 622,239 Federal llama Loan Mortgage Cmpornban 1,570,000 500% N/A 09/01/10 515% 320,963 331,829 BNY WL•vem Tr 337,457 Fedcrnl National Mortpage Association 500,000 400% NIA 10/01/10 495% 173,656 132,771 BNY Wa•tam Tr 126425 Federal Hama Lem,Bank 775,000 475% NIA 10/25/10 4S8°/ 46d,32d 475,425 BNY W9stcra 2] 437,690 F.Jarel Home Lam,Mortgage Cmpmntmn 1,015,552 450% NIA 02/01/11 52d% 374,261 394,250 BNYWestem•L 402,399 Federal Home Lrw MmtSG2c Corp9mnon 695,000 400% N/A 04/01/11 522% 316,624 333,514 BNYWLaem Tr 345,03E Federal B9me tgnn Mortgage Corporation 200,000 A50% N/A 05/01/11 537% 89.772 95,266 BNY Western Tr 97,209 2,548,531 US Gov't Aoency5ccurWcs Fedcrnl Home Low Bahr 500,000 410% N/A 03/08/10 46U% 0 0 ANY Wcstam Tr 500,156 Federal Home Low Moog.,Carp.retmn 1,000,000 405% N/A InulIU 405% 1,000,000 1,009,520 RW Wc,tcm Tr 1,015,00 Federal Farm Credal B.W, 1,000,000 436% N/A 06/23/11 4.38% 1,000,000 1010,313 BNY Western Tr 1,016,563 Fedeml dome Loan Bank 1,000,909 -I I a% N/A 06124/11 410% 1,000000 1,034,375 BNY Wastma Tr 1,Odd,063 Fedcrnl Rome Loan Bank 1,000,000 4 13% N/A od as/I I d 13% 1,000,0ou 1,034,63E BNY Wartem Tr I,Odd,375 Federal National Mol tgagc Aisa9muun 1,000,000 400% NIA 06/24/11 4UU% 1,000,000 1,009,375 BNY We,tem Tr 1,015.313 Federal Home Low Mongega Cmp.mew 1,000000 425^/o N/A 06/30/11 125% 1,000000 I010,5A0 BNYWesteml, 1,016,719 Federal Home Lem➢wl, 1,000,000 429% N/A 06/3c/lI d2E% 1,000000 1,010,625 BNYWL8WMft rr 1,017,13S Fedeml Farm Credit Beal: 1,000,000 4 10% NIA 07/07/1I d 10% 1,000,000 1,010 93S BNY Wa.tam Tr 1,016,563 Federal Home Loon Bank 2,000,000 550% N/A O7/27/11 550% 2,000,000 2036250 BNY Wcsiem Tr 2,051,125 Federal Home Low Bank 1,000,000 550% N/A 07/27/11 5 5o% %000,000 I of S 125 BNY Westem Tr 1,026,563 Fad.rl Farm Credit Bun]: 1,000,000 400% N/A 03/11/11 400% 1000.000 1,013,725 BNY Wmt,m Tr 1,018,750 Fedeml llama Low Bank 1.000.000 325% N/A II/18/II 315% 1,000,000 1,014,375 BNY W.etem Tr 1,020,313 Fedeml Home Law Bonk 1,000,000 402% N/A 12r3/11 402% 1.000.000 1,009,063 BNY Weaem Tr 1,01A,6g8 14,000,000 Leng Tma InvestmLmt (3 uwato5vamrc) US Gov't Ageacy5eemmcs kederal he..Low Baal, 11000,000 400% N/A 05/03/12 400% 1,000,000 I,U17,SOU BNY Wastere Tv 1,=.313 Fedmdlloma Low Mortgage CoTmnpon 1,000,000 4UVI/ N/A 06/25/12 A02% 1,00n000 1,033,510 BNY W.:tem Tr 1,034,350 Fedmn]l home Lnw Mongnge Corporation 1,000,000 400% N/A 06/10/13 A00% 1,000.000 1,00E,050 BNY Wescem Tr 10I1330 rmwcmg Cmporation(FTCO) 500000 9K% NIA tWMti/18 980% 198,594 712,ISS Nntwn,Banl, 757656 1 ;d98,594 Y ) Total invested Cash S 94,331,020 S 95,737,776 B 85.250.931 1 I r I �r`Q t , TREASURER'S MONTHLY REPORT ucasrep MISCELLANEOUS AND TRUST ACCOUNTS 3/27/2009 FEBRUARY 28, 2009 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Told Invested Cush S 94,881,020 $ 94,891,020 b 94,881,020 Miacellaneou5 Acenunrs Petry Cash 3,900 N/A N/A open none 3,900 Revolving Fund-Banlc of America 11,498 N/A NIA open none 11,498 Trust&Agency-Bank of America 1,285,683 N/A N/A open none 1,285,683 Aovmpaymenl Assislanae(Housing Fund)-Washington Mutual 33,650 variable N/A open 0.12% 33,650 Workers Compensation-Banic of funerica 7,780 N/A N/A open none 7,780 General Liability-Bank ofAmerica 32,363 N/A N/A open none 32,363 1,374,873 Dc osits Field Fu Trvsl Time Deposits (FDIC Insured) Guaranty Bank(Coyote Sprigs Apt) 19,829 2 72% N/A 6/24/2009 2 75% 19,829 19,829 Tnial Cash➢eposimd S 96,275,722 r� TREASURERS MONTHLY REPOFT tre4•�P BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS u:nvw FEBRUARY 28,2009 Coupon Yield Aalusmd (umma ably) Pnar Qlr Parvalue tint. Raring Matwny to Matarity COar Bass Coto,,T.m1 Marker Value Source Mnrket Valuc 1W1/97/01/04 Convention Center AIM Gmemmvnt&Agency PoN'Pnvcim Sg88,605 variable AAA open 027% 5,888605 5,888,605 BNYWestem Ti 5,8S3'3 3 508,605 199M6 Anport AM Government&:Agency PorcfPnvore 1,327,874 vanabTe AAA open 027% 1,327374 1,527,874 BNY W.atem Tr 1?6S,SS9 1,327,874 1991101 Series 8-doming AIM Govemmem L Agenry Portf Private 472,656 vmmbli, AAA Open 027% ;72,666 472,656 13 YWcrmrn Tr 477,422 472,656 I Q94/04 Scnc.A&B AIM Government&Agency PomfPnvate 5,05S,858 v.vmble AAA open 027% 5,058,858 5,058,858 13NY Western Tr 2,671,777 MI31A 1nvertmmtt Agreement 0 517% AAA 0910154 517% 0 0 BNY Western Tr 1,651,456 5,058,858 1993 furport GARB Cash 217 217 217 BNY W.xnn Tr 217 217 199S/0SAup.rt PFC AIM Gmemment&Agency Portf Private 1,050,312 ..ble AAA open 02745 1,050,312 1,050,312 BNYWestem'fi 1,746,273 050,312 1993 A a:aaaa t Di:sncr 155 A&B AIM Government&Agrncy PortfPnvate 305,247 vminhle qAA open 027% 305247 .05,47 BNYWcstemm 294,779 303,247 y 1� A TREASURER'S MONTHLY REPORT nc.ueap BONA ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 05/27/09 FEBRUARY 28,2009 Coupon Yield Adlvstod (memo only) Prici QLr Par Value Ra[o Rating Mnnmry to Maturity Cost Basis Col.,,Total Market Value Source Marker Value 2001 Ansessmmt➢amee 157115S AM G.ont&Ageney Pouf Private 203.999 vmsnble AAA opal 027% 203,999 203,909 BNY Wcelern Tr 156,759 203,999 2002 Palung Structure Cash 3 3 3 BNYWcstmn Tr 3 AM Gmv nmmt&Agency Pmnf Ptjvatc 16 v table AAA open 027% 16 16 BNYWLt.Tr 19,627 19 2004 A—envaeat➢1;7ncr 161 AIM Gwcmaint&ABency Pori Pnv4lu 522,84p variable AAA open 027% 522.640 521,940 BNY Wc•tem Tr 41�.248 54,840 2004 Assessment Desuict 162 AIM GOVmiVvanL&Agency Pouf Pnvnte 192,60o v.auble AAA open 027% 192,600 19'-G00 BNY Westcm Tr 161,47S ' 192,600 2005 Asecsemont➢.,tad 164 AIM Gevmnmmt&Agenry PogfPnvnte 454,899 vunable AAA open 027% 454,899 454.899 BNY Wes[cm TV 365,564 454,999 20a7 Maeged Proicct HI&02 ATM Gwemment&ASen,PusffPnvate 8,5ZjZ vaesebta AAA an 027% 3,553,106 8,555,106 BNY Westem Tr 10,81-1,236 8,553,106 2007 Refundmp Leasc Rcvmuc Bonds AIM Govemmeut&Agency PonfPnvate 93 vumblu AAA - open 027% 93 98 BNYWestem Tr 93 1 93 2008 Nrpoin SEC Refunding AIM Govemeacra&Agency PonfPnvaea 727,101 vanablu AAA open 027% 727,101 727,101 BNY Wesomff 647944 727,101 I Totals g 24 756,425 S 24.753,425 S 26,596,512 I A N Ny 1 ireasrep TREASURER'S MONTHLY REPORT 03/27/09 CALCULATION OF INVESTMENT LIMITATIONS FEBRUARY 28, 2009 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $72,048,465 1 year to 3 years 0.00% 50.00% 20.38% 3 years to 5 years 0.00% 30.00% 3.16% over 5 years N/A N/A 0.53% y 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% 1.95°% Corporate Notes N/A 20.00% 2.94% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thrus N/A 10.00% 4.99% U.S. Government Agencies N/A 50.00% 19.49% U.S. TreasuryNotesBonds N/A N/A 0.00% "