HomeMy WebLinkAbout2/4/2009 - STAFF REPORTS - 2.D. .lam?ALMsp� -
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Citz Council Staff Rego
DATE: February 4, 2009 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
DECEMBER 31, 2008
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 December 31, 2008- 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
$84,292,061 plus $26,596,512 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $85,250,931.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of December 31, 2008.
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 2 . D .
City Council Staff Report
February 4, 2009 — Page 2
Treasurer's Investment Report as of December 31, 2008
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 282 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 ,' /�
P,�,��--y� � /� �
Geoffrey S. Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
62
Ireasmp CITY OF PALM SPR]NGS
123/2009 TREASURER'S MONTHLY REPORT
SUMMARY OF EVVESTMENTS
DECEMBER 31, 2008
On Call DEPosits Adjusted Bass Category Torts Percentage
Checking Account S 3,935,514
State Pool 51,300,000 S 55.235,514 65.53%
Short Tenn Invesmrentc
(1 ycor or Icws
Monaage Pros-Thnu 1,485,53S
Time Deposits 1.940.000
US GOO Agencies 989,280 4,414,815 5.24%
Medium Tenn Invesuncnts
(1 Vcnr to 3 carx)
Corpomie Notes 2,795,430
Mortgage Pass-Thrus 3,963,415
US Gov't Agencies 14,494,293 21,143,13E 25.09%
Long Tom Invc=cntc
(3 yearn to 5 Vans)
U.S.Gov't ABeocies 3,498,594 3,498,$94 4.15"%
$ 84292,061 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed I he 5 year hmit
Gy
ua.trr9p TREASURER'S MONTHLY REPORT
I123/2009 DETAIL OF INVFSTMENTS
DECEMBER 31,2008
Conpon Yield Adlmmd (mu only) Pnor Qtr
par Vnlue Rnte Ratma Metwtry to Malwny Cost Baas Cta,m,TaW M.nket Vela. S9mc9 Market VNue
On Call Deposits -
Checking-Bank of Amer as 5 N/A viumble AAA open 026% 9 3,935,514 5 3,935,514 5 •722049
Local Agmey lawn Fund(LAIF) 51,10D,000 varmble N/A open 235% 51,300,000 51p54,588 LAW 59497,058
55,35,514
Shoo fcrmftivestacent
(1 u.v 01 10ss)
Mortgage Pass-Thus
Fed el Home Lam Motgage Ccr,mmon 1,800,000 450% N/A 11/01/03 507% 0 0 BNY Wesrem Tr 745,165
Federal Home Loan Mongoge Corpmutmn 3,M0,000 500% N/A D±/olro9 5080/0 60,301 61,305 BNY Western Tr 141245
Federal Home Loon Momsage Corporahou 2,335,000 450% N/A 03/01/09 488% 404,245 411,296 BNY WeatLYn Tr 5Gf,175
Federal Home Loan es.ap cCmporum 480,000 400% N/A 04/01/09 5IS% 141,089 146,617 BNY We•tenr Tr Id3,833
F98med dome L9m Mortgage C,,,rnnon 540,000 350% N/A 06/al/D9 47P% 200,745 213,511 BNY Wcicm Tr 42,259
Federal flume Lom Morrgcge Corporanon 570,000 4 50% N/A 09/01/09 5 37% 217,901 226,064 BNY Western Tr 268,896
Federal Home Loan Mongape Corpot auan 3,000,000 5.50% N/A 10/01/o9 543% 187.169 191,286 BNY Wesiem 71 200,575
Federal Home Loan Moopgc Corpomh0u 2,050,000 a 50% N/A 10/01/09 5 0-'% 274.063 275,659 BNY W[scan Tr 316,495
AS5,535
Ttme Deposits
CD Aeeoam liagrslry Sttnca(MARS) 1,000,000 4001/. AAA 03/12/09 408% 1,000,000 3,000.000 Palm Desert Nat 1mic 1,000,000
CO Accoani Registry Servlcc(CDARS) 940,000 300% AAA 07/16/09 300% 940,00D 940.000 P41m D,en Nat Hmlr 940,000
1,940,000
US r39dt Agency Secnrines
Federal Home Loan Mortgage Corporauon 1,000,000 338% N/A OA115100 5(,5% 9(19.280 1,008,125 BNY Wc.tcra Tr 999,638
989,280
Medium Term lnvcswamul
-1 you to 3 cars)
C9Tamic Nores
Well,Fargo K Company 800.000 3 98% Apt 10/29/10 4 20% 795,160 795,625 8NY WILL=fa 195,920
SBC COmmarelMmna,Ole 1,000,000 5801/. A2 11/15/10 517% 1,004,150 1,016,480 BNYWe•tem Tr 1,015,240
Goldman Sachs Group,Inc 1,000,000 5 00% Ana 01/15/11 5 37% 985,120 96s,594 BNY Wc.xm Tr 901,930
2,795,430
TREASURER'S MONTHLY REPORT
1/23/2009 DETAIL OF INVESTMENTS
DECEMBER 31,2008
C..Pon Ymld Ad3usmd (memo only) Pnar Qtr
P.,Value Rate Rating Morurny to Marwny CuSt Basis Cmegory Tool Market Value Source Marker VNma
Mortgage Psr.•Thm•
Federal Nauond Murtyage A:Demtmn 2,700,000 450% N/A 01/01/10 491% 405,556 416,654 BNY Wmsttty Tr 166,080
Federal Norman]Mortgage A.somnVon 2,�00,000 450% NIA 0901110 446^n 467,961 _ 469,361 BNY Wctem Tr 507,950
Federal dome Loan Manppe Corporation 1,455,000 450% N/A 02/01/10 522% 314,109 32A,149 ➢NY Wc•tem Tr ;49,617
Federal National Mortgage Association 1,000,000 400% N/A 03/01/10 512% 269,60E 279,212 ANY Western Tr i02,578
Fedual Home Lunn Mortgage Cmpmewan 2,2g0,000 450% N/A 05/01/10 5.19% 600,490 6:2,239 BNY Western Tr 673,254
Federal Home Low Mortgage Corpomlmn 1,370,a00 500% N/A DRID1110 59511, 331.965 337,457 BNY Weston Tr 359,199
Federal Nnnonal Mortgage Association 500,000 4DD% N/A Io/01/10 495% 161,200 186,425 BNY We•tam Tr 194,252
Fedwd Home Loran Bank 775,000 475% N/A 10/25/10 489% 472,679 481,690 BNY Western Tr 490,384
Federal Home Loan Mortgage Corpomrw 11015,552 450% N/A 02/01/11 524% 394,245 402,399 BNYWestem Tr 4a7,751
Fedmal Home Low Mortgage CoMomnon 695,000 400% N/A 04/01/11 522% S31pll 345,039 BNY Weston lY 357,912
Federal Tlmme[onn Mortgage Corporation 200,000 450% N/A 05/01/11 5;7% 94.550 97.209 BNY We.tem Tr 103,604
3,863,415
US Gov't Agway Sdmmmes
Fedeal]Some Lew➢ark 500.000 410% N/A ONovio 460% 494,293 500,156 BNY Wcstora It 500,00D
Federal limne Loon Hank 730,000 530% N/A M5110 540% 0 0 BNY Westcm Tr 753,516
redcrlJ Boma Loan Mongoge Corporation 1,000,000 405% WA I2j50110 405% 1,000,000 1,015,660 GNY Wertem Tr 1,006,510
Federal Farm Crcdn Bank 1,000,000 4%% N/A O6C3111 436% 1000,000 1,016,565 BNYWeucm Tr 1,005,938
Fedual Home Low Mortgage Corponmmn 1,000,000 400% N/A 06/24/11 a00% D 0 BNY Western Tr 1,001,480
Federal Home Law Bank 1,000,000 4 10% N/A 06/24/11 a I0% 11000,000 1,044,063 BNY Wea.Ir 1,006,250
Federal Home Tow Bank 1,000,000 413% N/A O6/24/11 411% 1,000,000 1,044,375 BNY We.mm Tr 1,006,563
Federal National Monpove Association 1000,000 400% N/A 06124,11 400% 1,000,000 7,015,313 BNYWp:tern Tr 1,004,68E
Federal Home low Mortgage Cmporeron 1,000,000 425% N/A 06/50/11 4.25% 1,000,000 1,016,719 BNY Westcm Tr 1,006.406
Federal Home mBwk 11000.000 428% N/A 06130?11 428% 1,000,000 1,017.198 BNY Weertm Ti 1,005,938
Federal Form CmrhL Burk 1,000,000 410% NIA 07/07/11 410% I,00D,000 1,016.56'a BNYWestern•re 1,003,435
Fcdurai Hum.Low➢wk 2,000,000 350% WA 07/P7111 550% 2,000,000 2.053.125 BNY weslcra rt 2,033,125
Federal Items Low Hank 1,000,000 550% N/A 07/27/11 550,10 1,000,000 1,026,563 BNY Westcm Tr 1,016,363
Federal Farm Credit Bank 1,000,000 400% N/A a8111/11 40O% 1,000,000 1,019,750 BNY We•tam Tr 1,001S75
Fedsml Home Low Bank 1,000,000 325% NIA II28/11 3Z5% 1,000,000 1.020,313 BNYWestcm Tr 0
Federal Home Loan Bank 1,000.000 4 02% N/A QrM 1 4 02% 1,000,000 1,014,69S ANY Wcstem Tr 110X,500
14,494 293
Long T ram lnvmm�rnt
3 ow.m5ycuc)
ITS Gov't Agency Securities
Federal Home Loan Bonk 11000,000 400% N/A 05/03/12 400% 1,000,D00 1,022,61" BNYWesltiaTt 0
Federal Homo Loan Mar[gagd Cmmnmrpn 1,000,000 402% N/A 06/25/1' a01% Ip00,000 1,034,350 BNY Westcm Tt 1,000,980
Federal Home Low Martgnge Carpamtion 1,000,000 530% N/A 10/16/12 510% 0 0 BNY Wmtem Tr 1,001,180
Federal IIome Law Mcrrgnge Corporation 1,000,000 400% N/A 06/1o11s 400% 1,000,000 1,011,330 ➢NY Westem Tr 1,004,Oa0
Fmmmmg Cerpmranpn(FICO) 500,000 990% N/d 04/06/18 980% 498,594 757,656 NannneBMTC 684,655
9,498,594
rood invested Cas Y 84]92.061 S 95,250,931 S 89,543,663
CJ1
TREASURER'S MONTHLY REPORT
trcasrep MISCELLANEOUS AND TRUST ACCOUNTS
1/23/zao9 DECEMBER 31, 2008
Yield Adjusted
Par Value Coupon Rating Matariry to Maturity Cost Basis Category Total
Total Invested Cash S 84,292,061 6 84,292,061
5 84,292,061
Misccllancous Accounts
Petty Cash 3,900 N/A N/A open none 3,900
Revolving Fund Bank of America 15,937 N/A N/A open none 15,937
Trust&Agency-Bank of America 1,301,162 N/A N/A open none 1,301,162
➢cw payment Assistance(Housmg
Fund)-Washington Mutual 33,650 variable N/A open 0 12% 33,650
Workers Compensation-13mk of Amcnca -11,288 N/A N/A open none -11,288
General Liability-Bank of America 3,721 N/A N/A open none 3,721 1,347,082
II)cposi6 Held In Trust
Tune Deposits
(FDIC Insured)
Guaranty Batik(Coyote Springs Apt) 19,829 2.72% N/A 6/24/2009 2,75% 19,829 19,829
Total Cash Deposited S 95,653,972
C37
TREASURER'S MONTHLY REPORT
tTeyrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
01113/09 DECEMBER 31,2008
a
Coupon Ym3d Adjusted (alcm9 oaly) Pnor on
Par Value ltmc Rutra' Mutunty to Mwunry Cast Basis Category"local make[Value source Mslret Value
1991/97/01/04 Convcnpon Center
AIM Goverrunen[&AUmcy Poe Pnvnte 5,883,253 varmblp AAA open n 46% 5,883,253 5,853,253 BNY We xem Tr 5,101,641
A10 lavaiwent Ay.mt 1,290000 66896 AM 11/01/21 668% a 0 13NY We,tem Tr 1290000
5,883,253
1992/o6Aupert
AIM Govemmimt&ABcn� PanfPrivme 1,468,359 v.n,ble AAA open 048% 1,468,339 1?68,399 BNY Westem Tr 1,244,057
d68,389
19PI/01 Senor B•Ilou:mB
AIM Gwcrmnent At ABenry Porrf Prlvme 477,422 vmnble AAA open 048% 477,422 477,d22 BNYWc7cm Tr 476,573
477,422
1094/04 Smc:A&B
AIM Gpvammenc&ABenry PonfPrtvatc 2,471,777 vpnablc AAA open 048% 2,471,n7 2.471,777 BNY Western Tr 2,46 930
MBIAInvc:tmmtAg men. 1,651,456 517% AAA 09N1/34 517% 1,651,456 1,651p56 BNY Wemem Tr 1,651;156
4,123.25a
1WS Auporx GARB
Cush 217 217 217 BNY Western Tr 0
ALM Govcn .&ABenry Parr(Pnvara 0 varable AAA open 104% 0 0 BNY Wescem Tr 367
217
1998106 Auport PF
AIM Govenuneut&AS.,Po Pra. 1,746,273 vmrable AAA open 048% 1.746273 1,7d6,273 BNY We•tem Tr 1,361,161
1,746,273
1999 Ag=5mene District 155 A&B
AIM G—mmcm&Agency Porrf Pnvute 2"779 voneble AAA open 0as% N4.773 294773 BNY Weetem Tr 253,860
204,773
C'1
TREASURER'S MONTHLY REPORT
treasrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
cimicig DECEMBER 31,2008
Coupnn Ymld Adusted (memo roily) Prior Qtr
Par Value Ratc Ratmp, Mmway to Maturity Cox Bni% Category Tonal MXIWt Val.. so.. Market Value
2001 Axc:. not Dgtnct 157/15A
AIM Covemmem&Agency Pprtf Private 186,759 vnnnhlc AAA open 0d8% 1$6,759 186,759 BNYWestem Te 186,178
18b,759
2002 Parton,Stru.tur,
Cush 3 3 3 BNYWoa.Tr 3
AIM Govemmenr&Agency Portf Private 19,627 variable AAA open 049% 19.627 IP 627 BNY Wenmm Tr 32222
19,630
2004 Asc:=, inr Dismcr 161
AIM Govemment&ARency Porrf Pavata dId,249 variable AAA open 04R% 414.246 414248 BNY Wesem Tr 412,94R
414,218
2004 As,csmcnt District 162
ATNf Gevemmenr&ARency Pouf Prlvam 16147$ variable AAA open 042% 161.478 161,47E RNYWeatem Tr 160,972
161,478
2005 AMeSSW Ult DOW=164
AIMGovammcnt&A,enry Portf Prvate 368,564 vanoblc AAA Open 048% 368,564 368,564 BNY Wcstem'Pr 367;109
369,564
2007 Merged Pegeu II l&R'
Cash 0 0 0 BNY Wesem Tr 17
AIM Govemment&Agency Purtf Pnvam 10,914.236 vocable AAA open 048% 10,314,236 I0,214,236 BNY Westem Tr 13,522,991
10,514 236
2007 Refvndin,Leaae Revenue Bands
AIM Govemment&Agency Ponf Private 93 variable AAA opon 048% 93 93 ➢NY Westem Tr 416,550
93
2008 Airport PPC Rcfyndmg
' 0 0 0 BNY We•=Tr 169
AIM Govemment&Agency PorfPrivate 647,944 variable AAA open 048% 647.944 647,9dd ➢N1'We•tem Tr 654,689
647,P,4
Totah S 26,596,512 S 26.596,512 S 29.647255
treasrep TREASURER'S MONTHLY REPORT
01/23/09 CALCULATION Or INVESTMENT LIMITATIONS
DECEMBER 31, 2008
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $59,650,329
1 year to 3 years 0.00% 50.00% 25.08%
3 years to 5 years 0.00% 30.00% 3.56%
over 5 years N/A N/A 0.59%
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% 2.30%
Corporate Notes N/A 20.00% 3.30%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thrus N/A 10.00% 6.35%
U.S. Government Agencies N/A 50.00% 22.52%
U.S. TreasuryNotes/Bonds N/A N/A 0.000/0
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