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Home My WebLink About3/4/2009 - STAFF REPORTS - 2.D. �YALM SA G N + h °p r x°` c'4[IF06e�P City Council Staff Re ort DATE: MARCH 4, 2009 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JANUARY 31, 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 January 31, 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 $93,689,976 plus $25,648,659 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $94,641,344, RECOMMENDATION: Receive and File Treasurer's Investment Report as of January 31, 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, Lang 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 ITI=f•R NO. Z . City Council Staff Report March 4, 2009 — Page 2 Treasurer's Investment Report as of January 31, 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 242 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 f Geoffrey S. Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report treatcp CITY OF PALM SPRINGS 2/Z3/2009 TREASURER'S MONTULY REPORT SUMMARY OF INVESTMENTS JANUARY 31, 2009 On Calf D osiL% Adjusted Basis Category 7,oml Percentage Checking Account $ 598,371 Stoic Pool 64,800,000 $ 65,398,371 69.80% Short Term Investments 1 car or less) Mortgage Pass-Thrus 1,696,943 Time Deposits 1,940,000 U.S.GoVt Agencies 989,280 4,626223 4.94% Mcdium Term Investments (I year to 3 Years) Corpornc Notes 2,785,430 Mortgage Pass-Thrus 3,381,358 U.S.Gov't Agencies 14,000,000 20,166,788 21.53% Long Term Investments (3 years to 5 eon) U.S.Gov't Agencies 3,498,594 3,498,594 3.73% S 93.689.976 100.00% "Some investments made prior to the implementation of the current Investment Policy exceed the 5 year limit. ��rro TREASURER'S MONTHLY REPORT nsroo9 DETAIL Or INVESTMENTS JANUARY 31,2009 Coupon Ymld Adjusted (memv only) Pncr Qt For Value Rate Rabng Matmuy to Mmmty Cost B.. Cmegmy Total Mulct Value Sou.-cc Market Veiuc On Ell Depo:iC Checking-Bank ofAmerica S N/A vmmbl. AAA open 015% S 598,371 S 598,37117 S ,,935,514 Local Agency ltverst Fund(I.AIF7 64,800,000 v.blo N/A .pert 205% 64.800.000 64.995269.04 LAIF 51,454,583 65,393,371 Short Term lnveomnem. (1 ear arc•• Mmrtgag.Puse-Thrus Federal Home Lynn Moognsc Corporation 3.000,000 500% N/A D2/01109 503% 2,168 3,39557 BNY Wc.e Tr 51,305 Fedcmd Home Laura Mmngag.Corparueon 2,335,000 450/ N/A 03/01/09 485% 336,613 343,218.02 BNY Wcsmtn'fr ,li296 Federal Home Loon Mmtgagc Corporation 430,000 4.00% N/A 04/01/09 51M. 129,554 134,91343 BNYWesoern Tr 146,617 Federal Hom.Lam Mcrigagi,Corporation 540,000 350% N/A O6101/09 4?9// 191,550 204,821.69 BNY Wesunn Tr 211,511 FedLria Ham.Lam Mortgage C.,mauon 570,000 450% NIA 09/01/09 537% 197.640 206244Au BNY Wesunnlr 2Y6,064 redmnl linmp Lone Mangnge Cmpomnon 3,000,000 550% N/A 111/01109 543% 182,944 187,26292 BNY Western Tr 191=86 Federal Home Loan Mortgage Corporation 2.050,000 450% NIA 10/01/09 503% 269,120 370,9302,3 BNYWesiem Tr 275.659 Federal Nauomal Mortgage Assomahon 2,700.000 450% N/A 01/0I110 491% 387.155 399,67256 BNYWesicm Tr 41C.,8S4 1,696,941 Tome Dcnosiw CD Account Pwgustry SCNICe(CDARS) 1,000,000 4.o0n/ AAA 0311v09 408% 1,000,000 1,000.00000 Palm Desen Nat Banc 3,000,000 CD Account Rogituy Sorvmo(CDA ) 940,000 3001. AAA 07/16/09 300% 940.000 940,000.00 Palm Desert Nat Bank 9ig000 1,940,000 ❑8 Cadt Agency Secunpe• Federal Anme lgnn Mortgnsc Corporation 1,000,000 338% N/A 04/15/09 385% %9,280 1,C05,31250 BNYWe;tcm Tr 1009.125 9g9 2sm Medium Term Invcstrnclls I y.or to 3yes:) Cnrpamte News Wc1L•Faro&Company 800,000 398% Aul 10/29/10 420% 795,360 788,86400 BNYWcsicm Tr 793,625 SBC Communications Inc. 1,000,000 530% 11/15/10 517% 1,004,150 1,027,20000 BNY Wesmm Tr 1,016,480 Goldman S2CL Group,lee. 7.000,000 500% Ana 01/15/11 537% 986,320 993.69000 BNYWcnmtTr 963,594 2.785,430 1.� "mrep TREASURER'S MONTHLY REPORT 2/23/2009 DETAIL OF INVESTMENTS JANUARY 31,2009 Coupon Ymld Adjusted (memo only) Pno,pv Por Value Rate Rana, Maturity to Maturity Cos[Brims Category rind Market Vdue Source Market Value Mort',Po.s•Thn c Fcdenal National Mortgage Association 2,500,000 450% N/A 02/01/10 446% 446,171 449,11452 BNY Wcrtem Tr 469,361 Fedmrl game Loon Mortgage Corporation 1,455,000 450/ NIA 02/01/10 541% 104,864 318,T3974 Bwwcetear Tr 324.149 Fedcml National Mortgage Assomawit 1,000,000 400°Ja WA 03/01/10 512% 260,527 273,55421 BNY Western Tr 279,212 Federal Home Loan Mongago Carynratinn 21260.000 4.50% N/A 05/01/10 5291/. 587,818 611.74165 BNYWesrcrn Tr 6Z,2]9 FadmlI Hann Loon Monppgc Corporation 1.370,000 500% N/A 09/01/10 5.35% 329,607 358,998.11 BNY Weston Tr 337,457 radical Notinnnl Mang,Association 500,000 400% NIA 10/01A0 4.95% 172,161 195,81546 BNY We,tem Tr 196,425 Federal Home Law Bwk 775.000 475% N/A 10/25/10 488% 469,909 480,(AS 32 BNYWcst=Tt 4S1,690 Federal Home Lama Mmtgago Corporation 1.015,552 459% N/A 02/01/11 524% 386,564 400,37899 BNYWcstern Tr 402,399 Federal Homo Laura Mnrtggsc Cnmomnen 695,000 400V.. N/A MOM 522% 325,146 342,21449 BNYWestrnn Tr 345,03E Federal Borne Loan Morig;nge Corporation 200,000 4 50% NIA 05/01/11 5 37% 92,591 96.616 71 BNY Wa tarn Tr 97,209 3,361,35E US Go.h Agency Securities Federal Home Loan Bank 500,000 41011, N/A 03/08/10 4.60% 0 0 ANY Western Tr 500,156 Federal Home Losu Modga,o Cgtpmmmn I'M0,000 405% N/A IM0/20 405% 1,000,0N 1,012,12000 BNYWeslem Tr 1.013,660 Federal Farm(7edn Bank 1,000,000 4.39% N/A 06p3/l1 438% 1,00o,00o 1,012,81250 BNY West=Tr 1,016,563 Federal Home Low Bank 1,000,000 4109l N/A 06/24/11 410% 1,000,000 1,036,56250 BNY Western Tr 11044,063 redeml Home Loon Bank 1,000,000 4I;% N/A 06/24/11 413% 11000,000 1,036,S7500 BNYWestem Tr 1,r ,375 Federal Notional Mortgage Assocmhun 1,000,000 400% N/A 06/24/11 4a0% 1,000.000 1,0I1.5000 BNY Western Tr 1,015,313 Federal Home Low bTengase Cmpcmnan 1,000,000 425% N/A 06r0/11 425% 1,000,000 1,012,55000 BNY Weaaa Tr 1,016,779 Fedmal Home Low Bank 1,00000 428% NIA 06/'30/11 428% 1,000000 1,013,12500 BNY Wc,tcm Tr 1,017,186 Federal Farm Credit Bank 1,000,000 410% N/A 07/07/11 410% 1,000,000 1,012,81250 BNY Western Tr %016,S6 Federal Home Loon Bark 2,000,000 5500K NIA 07/27/11 550% 2,000000 2,042,50000 BNY Waseca Tr 2,053,125 Federd kinetic Low Bank 1.000,000 550% NIA 07/27/11 550% 1,000,000 1,021 250 00 BNY W,tcm Tr 11026,563 Federal Farm Credo Bank 1,000,000 400% NIA 08/11/11 400% 1,000,000 1,015,00000 BNY Western Tr 1,018,750 Federal Home Loon Bank 1,000.000 3.25% N/A IIrV11 325% 1,000,000 1.014,06250 BNY Wesram Tt 1,020,313 Federal Homo Loan Bwk 1,000,000 4.02% N/A t2a3/11 402% 1,000,000 1,01125000 BNY Wcstam Tr 1,014,6E8 14,000,000 Lwg Term Envesaning f]yeorato5 coal U S.Gov't Agency gocanam Federal Home Law Bong 1,000,000 400% N/A 05/03/12 •:00% 1,000,000 1,019,6S750 BNY We ant,Tr 11022,813 Federal Home Loan Mortgage Corporation 1,000,000 402% N/A 06/25/12 402% 1,000,000 1,032,45000 13W Wcsrem Tr 1,034,550 Federal Home Loan Mortgage Corpomtian 1,000,000 400% N/A o6/l0/13 4on% 1,000,000 I,01036000 BNY Wosecm Tr 1,011,380 Financing Corporation(PICO) 500,000 980% N/A 04/06/18 980% 4PS394 729,66750 NanoasBank 757,656 3,49E 594 ion loveaed Can £ 93,5S9,976 g 94,641,344 S 8=0,931 TREASURER'S MONTHLY REPORT ireasrep MISCELLANEOUS AND TRUST ACCOUNTS 2/23/2009 JANUARY 31, 2009 yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 93.689,976 _ $ 93,689,976 $ 93,689,976 Misccllancous Accounts Petry Cash 3,900 N/A N/A open none 3,900 Revolving Ftmd-Bank of America 11,630 N/A N/A open none 11,630 Trust&Agency-Bank of America 1,328.567 N/A N/A open none 1,328,567 Downpayment Assistance(Housing Fund)-Washington Mutual 33,650 variable N/A open 0.12% 33,650 Workers Compensation-Bank of America -17,191 N/A N/A open none -17,191 GenertdLiability-Bank of America 2,363 N/A N/A open none 2,363 1.362,918 Dc osits Held In Trust Time➢eposits (FDIC Insured) Guaranty Bank(Coyore Sprngs Apt) 19,829 2.72% N/A 6/24/2009 2.750/6 19,829 19,829 Total Cash Deposited 5 95,072,723 TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 02n_1109 JANUARY 31,2009 Coupon Yield Adjusted (mmno only) Pnor Qu Pat W.e Rnee Rnnng Mumnty to MENrlty Cost Basis Catcgo,row] Market Value Source Mnrlret Vnlne 1991/97/Ol/04 Con,oauon Center AN4 Gow ocnr&Agency Pct r nve 5,886,700 variable AAA upon 036% 5,886,700 5,886,700 BNY Western Tr 5,8831,253 5,926,700 19 06Auport AIM G.v.t&Agmcy P.rt Prrvnw 1y49,744 variable AAA open 036% 1249744 1,249,744 BNYWeatem Tr 1,468,399 1,249744 1991101 Series B-H., Al Go,..t&Agency Poef Pnvyte 582,146 voneble AAA open 036A 592.149 592,148 BNY Western Tr 477,422 582,146 19N/04 Sin-in A&B Al Go,emment&Agenry PordPnvnie 2,461,098 variable AAA opm 036% 2,461p98 2,461,090 BNYWcsrem Tr 2,471,777 MBLUnveanent Agreement 1,651.456 517% AAA 09/01/34 577% 1.651.456 1,651,456 BNYWeacre Tr 1,651456 4,112,554 1993 Airport GAR➢ C.wr 217 217 217 BNY Wcsm rr 217 217 199Wos Avp=PFC AIM Go ev rfteot&A,.,PortfPnvnte 1,022,353 vonable AAA open 036% 1,022$52 1,022353 BNYWeatem'rr 1,746,273 1,m2,959 1998 Asscssmcm 13r:urnt 155 A&B AIM Cov..&Agenry Pord Pnuntp 284,940 vmrblc AAA open 036% 2g4,940 264,940 BNYWestntelf 261,773 284,Wb ti TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS 021 3109 JANUARY 31,2009 Coupon Ym1d Adlnxed (memo only) Pnot Qv Par Value Rote Rming Matwity to Mummy Cast Buis Category'roW Market value Source M.rket Value 2001 Assessment Dls@Int 1571153 AIM Government&A,m,Pmd Pnvnm 186,868 ennoble AAA Dpeo 036% 156,868 186,868 BNY Wmtnn Tr 166,759 186,869 2002 ParkmS Snewc Cash 3 3 3 BNY We;tem Tr AIM Cnwm nt&Agency Pont'Pnvate II N48 valaable AAA open 036`Y 11.849 11,848 BNY W�tem Tr 19,627 11 851 2004 Assessment Disenet 161 AIM Go=rnen,&Agency PonfPrtvarc 414,491 variable AAA open 03695 414.491 474,491 BNY Western Tr -114,243 41d 491 2004 Asessment Dtsmct 162 AIM Government&Agmey PorffPnvote 161,572 vonnble AAA open 036% 161,572 161,572 BNY Wcstcm Tr 161?7g 161,572 2005 Asseasureut Dteuiee 164 ATM Govenvnont&A,,.,PmdPnvme 368,780 vaniable AAA open 0316°% 363,780 368,78o BNY Western Tr 36¢15f4 30,780 2007 Merged Pmlect Ill&02 AIM Goven=mt&Ayenry Pcnf nvak 10,674,650 wmble AAA open 036% 10,674,650 10,674,650 BNYWeaem Tr 10,814,136 10,674,650 2007 Refundmg 1.e. Raceme 8.& AIM Govcnul t&Agmry Portf P,v,m 93 wrlable AAA open 036% 93 93 BNY WDnnm Tr 93 93 2002 Airport PFC ReLmdmy AIM Cmvemmcnt&Agency PnrtfPnvete 691,698 varu6le AAA op. 036% 691,698 691698 BNY Wcstem Tr 647,944 691,698 Tpmis F 25,648,659 S 25.648,659 8 26.596312 W treasrep TREASURER'S MONTHLY REPORT 02/23/09 CALCULATION OF INVESTMENT LIMITATIONS JANUARY 31, 2009 Allowable Percentages By Maturity: Minimum Maximum. Current Mo. I day to 365 days $8,000,000 N/A S70,024,594 1 year to 3 years 0.00% 50.00% 21.53% 3 years to 5 years 0A0% 30.00% 3.20% over 5 years N/A N/A 0.53% 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% 2,07% Corporate Notes N/A 20.00% 2.97% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thrus N/A 10.00% 5.42% U.S. Government Agencies N/A 50.00% 19.73% U.S. Treasury Notes/Bonds N/A N/A 0.00%