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Np _ _ City Council Staff Report
DATE: January 21, 2009 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
NOVEMBER 30, 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 November 30, 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
$78,260,311 plus $27,658,697 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $78,777,073.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of November 30, 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, 4116118, 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. 2 . E .
City Council Staff Report
January 21, 2009— Page 2
Treasurer's Investment Report as of November 30, 2008
under current market conditions. We recommend that this exception to the
policy be continued.
The AIG investment in the amount of $1,290,000 (Bond Issue Reserve, Debt
Service & Related Funds, 2004 Convention Center), was returned to the City on
October 3, 2008, and is reflected on this report.
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 335.02 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
E 2
Inonr:p CITY Or PALM SPRINGS
12/312009 TREASURER'S MONTHLY REPORT
SUMMARY Or II11V'ESTMENTS
NOVEMBER 30,2008
On Call bo osits Adjusted Basis Culcgory Total Percentage
Checking Account l -244,374
State Pool 47,500,000 S 47,25S,626 60.38%
Short Tenn inveatmenta
(1 Y.or leaa)
Mongage Pros-Thrus 1,625,670
Time Deposits 1,940,000
U.S Gov't Agencies 989,280 4.554.950 5.82%
Medium Term Inveslments
(1 year to 3 ve us)
Corporate Noles 2,785,430
Mortgage Pass-Thrus 3,923,781
US Gov't Agencies 15,241,930 21,951,141 28.05%
Long Term Iove urn is
(3 years to 5 yvcara)
US Gov't Agencies 4,499,594 4498,594 575%
$ 78260,311 100.00%
'Some investments made prior to the implementation of the
cuxtent Invustment Policy exceed the 5 year limit.
03
treaereP TREASU RER'S MONTHLY REPORT
12/312008 DETAIL OF INVESTMENTS
NOVEMBER 30,2008
Coupon Yield Ad3usred (memo only) Pncr Qtr
Pr Vnlae Ante Itutng Man/nry roMamnny Coer Basin Category Total Market Value Souraa Mnrlre[Vllae
Oa Can De'.,L
Checkin;-Bank of America S N/A vwm6la AAA open 073% S .244,$74 S -2,1.1,174 S -722,049
Local Agency lnvtst Fund(LAiF) 47,500,000 w,,able NIA tpm 257% 47.500.000 d709,041 LAIF 59,497,038
47,255,626
Short Tema lnvastne,a,
1 year or lea.)
Mortgage Pus-Thrus
redeml Home Loon Mortgage Coiporuton 11900,000 450% N/A II/01/os 507% 0 0 BNY Wuxem Tr 245,183
Federal Home Lean Martgnge CoMoranea 3,000,000 500% N/A 02/01/09 508% 101,705 102,533 BNY Wesrem Tr 1-,1w45
Federal Home Loan Mortgage Cameramen 2,335,000 450% N/A 03/01/09 4as% d59,416 465,881 13NY Wr¢m Tr 564,175
Federal Home Law Mangnge Camomnan 480,000 400% N/A 04/01/09 518% 146.634 152,066 BNY Wes[cm Ti 169,833
Federal Home Latin Mongege Corporahen 540,000 5 50% N/A O6/01/09 4 79% 209,999 222.312 BNY W est=Tr 3 2,258
Federal Home Loan Moagugc Cmpmanen 570,000 450% N/A 09/01/09 537% 231,340 09.903 ➢NY Wesrem Tr 266,896
Federal Home Loan Mmryage Corpornnan 3.000,000 550% NIA 10/U1/09 5.d3% 193,844 197.611 ANY Wcsnem Tr 200875
Federal Home Loan Mortgage Comoranon 2,050,000 d 50% N/A I Wo U09 5 03% 282,731 293,94 BNY Wesrem Tr 316,495
1,625,670
Tune 13,,,r,
CD Account Aagrsty Sarna,(C13ARS) 1,000,000 400% AAA 03/12/09 408% 1,000,000 1,000,000 Palm Deem Nan Bank 1,U00,000
CD AC,M=L Aeysty Semme(CT)AA5) 940,000 300% AAA 07/16/09 300% 940.000 9d0,000 Palm Deem Nat Bank 950,000
1 940,000
US Gov't Allen,Sawnnea
Federal Home Goan Mang.,Cmpomton 1 000,000 3 38% WA O4/15M9 3 65% 989,220 1,005,436 BNY Wc,, h 999,688
989,260
Medium Term in,onents
(1 eae to 3 year-)
Comomte Noncs
Wells Forgo Y Company 800,000 3 98% Aal 10/29/10 4 20% 795,160 789,736 BNY Western Tr 785,920
1 SBC Communmanoas,in, 1,000,000 5,10% A2 11/15/10 5 17, 1,004,150 992,450 BNYWtuem Tr 1,015,2d0
Goldman Such,Group,1" 1.000,000 500% Au3 01/15/11 5371/. 986.120 939,920 BNY WCsL=Tr 901,930
2,785,00
vF°�
ncasrap TREASURER'S MONTHLY REPORT
12r 1200E DETAIL OF INVESTMENTS
NOVENMER 30,2008
Coupon Ymld Adjusted (memo only) PrwQu
Put Value Rate Itmmg Mmmdy TOMlmrny Cost➢asts C.vegmy Total Msket Value so.. MorkerValue
blmnyvge Pass-Thrus
Federal Nananel Motgage Assaemto, 2,700,0oo 4501% N/A WWI 491% 413,564 422,4g8 BNY western Tr 466,080
Federal Nnuond Manaus AsaoeWhoa 2,500,000 450% NIA 02/01/10 446% 480,503 479,314 BNY Western Tr 507,850
Federal Home Loan Mortgage Cmponnon 1d55,000 450% N/A ON01/10 522% 518,881 326,870 BNY Werrem Tr 349,617
Federal Noonal Moag+c As,amatmn 7,000,000 400% N/A 03/01/10 512% 279,31E 287.266 Bwwegcm Tr 302,572
Federal Home Loan MongeSc Corporaunn 2,280,000 4 50% N/A 05/01/10 5 29% 611,099 631,448 BNY West.Ir 673,254
Federal Home Lora Mart03e Cerpmmnon 1,370,000 500% N/A Oa/01/10 535% 332.864 325,914 BNY WaAarn Tr 359.199
Fedettl Natrmnal Mortgage A6socrmw 500,000 400% NIA 10/01/10 495% 183,842 182,008 BNY W,tam Tr 194.252
Federal Home Loan Bank_ 775,000 d 75% NIA 10/25/10 4 88% 475,71E 491,043 BNY Western Tr 490,324
Federal Brame Latin Mortgage Coppratmn 1,015,552 450% N/A OJOI/11 32d% 398,564 44,529 BNYWcsrem Tr 427,731
Federal Home Loan Morc3age Comomnon 695,000 400% N/A 04/01/11 5221/e 334,2�10 346,307 BNYWcsmin Tr 357,912
Federal Home Low Mortgage Corpornuon 200,000 4 50% N/A 05/01/11 5 37% 95.407 97,539 BNY westcm Tr I U3.604
3,923,781
US Gott Agency Eecrrtnes
Federal Home Caw Hank 500,000 4104"o N/A 03/09/10 460% 494,293 500,156 BNY we.te,,Tr 500,000
Fodaral Home roan Bank 750,000 530% N/A 1915110 340% 747,63E 750,958 BNY Western Tr 753,515
Federal Home Lawn Morg.ge Corporaunu 1.000.000 405% N/A 12/30/10 d05% 1,000,000 1,011?O6 BNYWesora Tr 1,006,510
Federal Fame Credo Bank 1,000,000 438% N/A 96/23/11 438% 11000,000 1,013,750 BNY West.Tr 1,005,93E
Federal Home Law Mortgage Corporannn 1,000,000 4OoN N/A 06/24/11 400% 1,000,000 1,001,520 BNYWestam Tr 1,001480
Federal Home Cow Bank 1,000,000 410% N/A 06/24/11 410% 1000,000 1,027,81" BNY Westem Tr 1.006,260
Federal Home Loan Heck 1,000,000 413% N/A 06/24/11 413% 1,000,000 1,025,620 IdNY Wc•km Tr 1,006,563
Federal National Mortgage A;omnnaa 1,000,000 d00% N/A 06/24/11 400% 1,000,000 1,014,31E BNY Westem Tr 1,004,628
redcral Home Low Mortgage Corpora6mn 1,000000 425% N/A 06/30/11 425% 1,000,000 1,013,270 BNY Wasson Tr 1,006,406
Federal Home Low Bank 1,000,000 428% N/A 06/30/11 d28% 1000,000 1,Old,063 BNY Western Tr 1,005,938
Federal Farm Cretin Bonk 1.000,000 410% N/A 07/07/11 410% 1,000,000 11012,811 BNYWe•tem Tr 1,003,133
Federal Home Lunn Bank 2,000,000 550% NIA 07/27/11 350% 2,000000 2,045,625 BNYWesrem Tr 2,033,725
Federal ilmme Loon Bork 1,000,000 550% NIA 07C7/11 5,50% 1,000,000 1,022,813 BNY Westera Tr 1,016,563
FedeM Fnrm Credit Bmik 1,000,000 400% N/A 08/I 1/II 400% 1.000,000 1,013.125 BNY Western lY 1,001875
Federal flame Lom Bank 1,000,000 325% N/A 11/26/11 325% 1'000,000 993.125 BNY Western Ta 0
15,241,930
Loug Tmn lnvrtmcnt
(3 year-,to 5 wars
US Gov't Agency Seewldes
Federal Home Loan Bank _ 1,000,000 402% N/A 12/23/11 d02% 1,000,000 1,010,938 BNY Wdsrmg Tr 1,002,500
Federal Home Loan Bnnk 1,000,000 400% N/A 05/03/12 400% 1,000,000 1,010,938 BNYWEAem Tr 0
Federal Home Law Mangoge Corpmmbon 1,000,000 402% N/A 06/25/12 402% LOW. U 11018.100 BNY Westem Tr 1,000,9so
Federal Home Low Morroge Corpnraumn 1,000,000 530% N/A 10/16/12 530% 0 0 BNYWexem Tr 1,001,180
Federal Hone Lwn Mongago CmrpmraVan 1,000,000 400% N/A 06/10/13 400% 1,000,000 1,010,o60 BNY We',=Tr 1,004,Od0
puamcmB Corporatron(PICO) 500,000 9.80% N/A 04/06/18 980% 198,594 712,500 NnnonsBmk 684,682
4,498,594
Train 1gvc9cd Cash S 78.260,311 S 78.777,073 S E9,843.969
C '
TREASURER'S MONTHLY REPORT
ueasrep MISCELLANEOUS AND TRUST ACCOUNTS
12/312008 NOVEMBER 30, 2008
Yicld Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Tonal invested Cash 5 78,260,311 S 78,260,311
$ 78,260,311
Miscellaneous AccounL.
Petty Cash 3,900 N/A N/A open none 3,900
Revolving Fund-Bank of America 15,157 N/A N/A open none 15,157
Trust&Agency-Bank of America 1.300,306 N/A N/A open none 1,300,306
Downpayment Assistance(Housing
Fund)-Washington-Mutual 33,640 variable N/A open 0.25% 33,640
Workers Compensation-Bank orAmcrica 2,959 N/A N/A open none 2,959
General Liability-Bank ofAmenca 634 N/A N/A open none 634 1,356,596
De osiis Held In Trust
Tunc Deposits
(FDIC Insured)
Guaranty Bunk(Coyote Sprmgs Apt) 19,829 2.72% N/A 6/24/2009 2,75% 19,829 19,829
Total Cash Deposited $ 79,636.736
r
TREASURER'S MONTHLY REPORT
�e e� BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
t 2riz9ax NOVENMER 30,2008
coupon Yield Adluswd (memo only) root Qo-
Par value gore Ralmg Mammy TO MemnSv Co-R', Catp8ory reed Mwlcmynloe source Marlarvalne
1991/97/01/04 Convennon Ctmtcr
AIM Government&Agency PO Pnvnle 5,878,438 vpneble AAA open 104-A 5,878,438 5,378,438 BNY We-tern Tr 5,101,641
AIG lnvestmcnl Agreement 1290,000 668% AAA 11/01/21 668% 0 0 Swwnerem Tr 1290,000
5,87E 498
1992/06 Auport
AIM Govrmcnt S Agency PortfPrtvw 1,393,850 v.umble AAA Open 104% 1,393,850 7.393,850 13NY Western Tr 1_44,057
1,39 850
1991I01 Series B-Hewing
AIM Govmurient B Agency Pord Pnvaw 477046 vunoble AAA open 1040/a 477,046 477,046 BNYWestern Ti 475,573
477,046
1994/049mnm A&B
ATM Govenemont&Agency PcnfPnvnw 2,469,835 varmbin AAA open Ioa% 2,469,833 2,469,833 BNY Westem Tr 2,463,930
MBIA Investment Agreement 1,651,456 517% AAA 09/01/34 517% 1,651?56 1,651,456 BNY WestemL 1,651,456
4,121,z89
1908 Aupon GARB
Cosh 217 217 217 BNY Westem 7} 0
AIM Government&Agene,PnrtfPrivtu 0 vunnble AAA open iO400 0 0 ANY Westem Tr 367
217
1998/08 Anpon PFC
AMl Gpvemmenl&ABenry P-nIPnvnle 1,592,881 variable AAA opr 104-A 1.592,NNI 1,592,881 BNY We=Tr 1,381,161
1,592,691
1998 A5•,errcnnr District 155 ARB
AIM Govemment&ASeaey PaN Pnvnle 284,550 variable AAA open 104% 284.550 284,550 BNY Wetem Tr 233,660
284,550
TREASURER'S MONTHLY REPORT
Ue4+reP BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
12rr9os NOVEMBER 30,2008
Coupon Yield Adju ed (memo only) Poor Qtr
P.0 Value Rate Rnnng Merurrty to Mnrunry co-,Basis CaL,ory Tmd Mukcr Vol. Source MsIatt Vnl-e
2001 Assessment D.tnct 157l156
AIM Gov.ent&Agency PoiUPnvae 186,612 vannble AAA -pen 104% 186612 186,612 BNY West.Te 186,178
A6,612
2002 PartnaS Stmettrre
Cash 3 3 3 BNY Westin Tr 3
AIM Govemmenr&Ageney PertfPgvnte 19,827 vwnbie AAA open 104% 19,827 19,827 BNY Western Tr 32,282
19,830
2004 At esmcnt Dismct 167
AIM Gnvemmenr&Agency PortfPnvnrc 413.923 vnnnble AAA open Iod% 413,923 413,923 BNY Westem Tr 412,948
413,923
2004 Aseessmept Dtsmct 162
AIM Gmmemmenr&Agunoy Port Private 161a51 von-b1e AAA open IM% 161,351 161,351 BNY Wc.tem Tr 160.972
16l,351
2005 Assesemctu Drunct lad
ArM Governs=&A3enay PorrrPrtvaso 368,274 vanable AAA op. 104% 368274 368274 BNY Wesrcm Tr 367,409
368,274
2007 Merged Project In&e2
Cosh 0 0 0 BNY Westem Tr 17
AIM Govenvnent&Ayenry Porrfpnvare 12,104,335 vmoble AAA open 104% 12,104535 12,104535 BNYWe,tem Tr 13,522,991
12,104,535
2007 Wending Lease Bevcnue ponds
AIM Government&Agcnry Pertpnvate 93 vnrinblp AAA open Iod% 93 93 BNY We,tem Tr 416,550
93
2003 Avport PFC Refundmg
Cash 0 0 U HNY Wertem Tr 769
AIM Government&Agency PortPnvate 655,809 vongble AAA open Iad% 655,809 655,805 BNY We•tem Tr 654,689
655.609
Totals $ 27.658.697 a 27.658.697 S 29,647,253
�J
00
treasrep TREASURER'S MONTHLY REPORT
12/312008 CALCULATION OF INVESTMENT LIMITATIONS
NOVEMBER 30, 2008
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $51,810,576
1 year to 3 years 0.00% 50.00% 28.05%
3 years to 5 years 0.00% 30.00% 5.11%
over 5 years N/A N/A 0.64%
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% 2.48%
Corporate Notes N/A 20.00% 3.56%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 7.09%
U.S. Government Agencies N/A 50.00% 26A9%
U.S. Treasury Notes/Bonds N/A N/A 0.00%