HomeMy WebLinkAbout12/17/2008 - STAFF REPORTS - 2.F. .y
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C�L�FORN`P City Council Staff Repo
DATE: December 17, 2008 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF
OCTOBER 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 October 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
$80,674,952 plus $32,893,451 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $81,031,571.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of October 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 No. 2 • F •
City Council Staff Report
December 17, 2008 — Page 2
Treasurer's Investment Report as of October 31, 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 307 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
Geoffreq. Kiefil, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
Vcasrcp CITY OF PALM SPRINGS
I IP4/2008 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
OCTOBER 31, 2008
On Call De osits Adjusted Basis Category Total Percentage
Checking Account S -722.049
State Pool 52,000,000 S 51,277,951 63.56%
Short Term Investments
(I year or loss
Mortgage Pass-Thrus 1,914.527
Time Deposits 1.940.000
U.S.(mvV Ageecies 929,280 4,843,807 6,00%
Mcdmn Term lnvestmemss
(1 year to ears) -
Corporate Notes 2,785.430
Mortgage Pase-Thrus 4.027,239
U.S.Gov't Agenaes 14.241.930 21,054,600 26.10%
Long Term Investments
(3 years to 5 years
U.S.Gov t Agencies 3,498,594 3.498.594 4,34%
S 80,674,952 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit.
treosrep TREASURER'S MONTHI.Y REPORT
11/242a08 DETAIL OF INVESTMENTS
OCTOBER 31,2008
Coupon Yield Ad3mtad (memo only) Prior Qtr
Pm Vine Rare Raft,, Mannty to Matur.ty Cost Basis Category Total Mvket Value Source Marker Value
On Caul),onts
Cheeking-BmkofAmencn S N/A wnnble AAA open 133% S -722,049 S •722.049 $ -722,049
Local Agency Invert Fund(LAY) 52.000,000 variable N/A Open 271% 52,000,000 51,955,16o 7,AIF 59,497,03$
51,277,951
57rom 7ercm lme�pnenn
1 Z.9r less
MnrtSage P,,Thma
Federal Home Lam Mmpge Corpomtton 1,800.000 4.50% N/A 11/01/08 507% 142.752 150,145 BNY Western Tr 245J g3
Federal Home Laren Mortg.,Cmparnnon 3,000,000 500% N/A 0201/09 508Y 130,477 131.359 BNY West.T, 141-445
Fedeml Home Lom Mortgage Cmpnrnnon 2.335,000 150y N/A 03/01109 488% 520,057 528,360 BNY Wester,it 56075
Federal Home Lam Moaguge Cmpom4oa 480,00a 400% N/A 04/01/09 518% 155,700 161,234 BNY Wesiere Tr I6S,S33
Federal Home taw Mortpnge Corporation 540,MO 3 50% N/A 0610W09 4 79% 222,M5 235.357 BNY Woetmn Tr 2 2 255
Federal Home Loan Morrgage Corpomnere 570,000 4.50% N/A 09/01/09 5 37% 245509 255.485 BNY Wnetem Tr 268.896
Feder.l k79me Loan Mortgage Corpmvhon 3,000,000 5.50% N/A 10/01/09 543/ 194.350 19&= BNY Weaem'h 200,975
Federal Home LawMomgago Corpm m. 2.050.000 4.50% N/A 10/01/09 5 03% 302.797 306,746 BNY V✓a.T, 316,495
1,914,527
Tma.D,nmt
CD Account Registry Sn ta(MARS) 1.000.000 4.001% AAA 03/12/a9 4aay 1.000,000 1,000.000 Palm bcemt Nut Bwk 1,000,000
CD Aceomn Registry$er.7ce(CHARS) 94o,000 3 00% AAA 07A6/09 3 00% 940,000 940,000 Palm nesenNa,Bnnk 940.000
1.940.000
US GoJrAgmcy Secunoes
Federal ylcme Low Mortgage Corporance 1,000,000 338% N/A 04/15/09 3659/s 989,280 1.003,125 BNYWestem Tr 999,689
9$9,280
Medium Term Imes®eats
1 yew to corn
Ccrpo*nkNotes
t Well,Ergo k Compmgq 800,000 3,98$ An] 1029/lo 420% 795,160 7S6,976 BNYWesrem Tr 785,920
SBC Communications,inn 1,000,000 530% A2 11115/10 517% 1.004,150 992,370 BNYWeetem 7i 1,015,240
Goldman Socha Group,Ina 1,000,000 500.4 Ana a1115/11 537% �9E�120 931,040 HNYWesrem Tr 901.930
2,785,430
M7
tieamep TREASURER'S MONTHLY REPORT
1lnarzaog DETAIL OF INVESTMENTS
OCT013ER 31,2008
Coupon Yield Adjusted (memo only) Prior Qu
Parvalue Bnm Rating MnNnry to Mammy Coer Bests Category Trial Market Value Sovrco Mmk4t Value
Mortgage Pave-Tluvs
Federal NehemlTAurlgage Anoetwm 2,700.000 450% NIA 01/01/10 491% 429,501 443,499 BNYWc=rn Tr 466,080
Fed,,Nmetmal Mortgage Auato m 2,500,000 450% NIA 02/03/10 4As% 494,999 A99r72 BNY Western Tr 507.850
Federal Home Lpan Mortgage Cmporatmn 1.455,000 450% NIA 09J01110 522s/o 327,530 341,95; BNYWeatem Tr 349,M
Ttdreal Notional Mortgage Asomation 1,000,000 400% NIA 03101/10 512% 287.643 296,490 HNYWea<em7r 202,51%
Federal HomeLom Mortgage Corpomuoa 2.280.000 4S0% NIA 05/01/10 52911. 632,191 660,441 BNY Wosooi Tr 673,254
Federal Home Loan Mortgage Corporation 1,370,000 500% NIA 09MI110 5.35% 042,427 346,119 BNY Western Tr 359,199
Federal Nahewl Mortgage A250climou 500.000 400% N/A 10/01/10 d,95% 186,956 191,724 PNYWertem Tr 194,252
Federnl Home Loan Book 775,000 4.75% N/A 10/2/10 4SS% 480,567 4M,269 BNY Wcstma Tr 49o,3g
Federal Borne Loon Morw8e Cerpomhon 1,015.552 450% N/A 02J01/11 524% 407,170 44,432 BNYWe9=Tr 427,731
Federal Home Loan Mongage Cpmoration 695,0013 400°/. N/A 04/01/11 522% 340668 953,70 BNYWestrm Tr 357,912
Federal Home Law Mortgage Cmprammi 200,000 450°A NIA 05/01/11 5.37% 97597 4,027,239 101.972 BNY Wntrsa Tr 103,604
S.Gov't Ag=cy Semmoe+
Fedttal Home Loan Bmdr 500,000 4.10°i% N/A 03/03/10 460% 454293 sm.wo BNY Wesrem Tr 500.000
Fodenl Home Loan Hank 750,000 530% N/A 12/15/10 540% 747,638 752,34h BNY Wesrem Tr 753.516
Federal Rome Latin Morigeigo Cmporaaon 1.MA0 4.05% WA 1=0(10 405% 1,000,000 1,007,690 BNYWeatem Tr 1,006,510
Fedeal Farm Coedit Bank 1,000,000 4.39%. NIA 06/23/11 438% 1.000,000 1,006,250 BNY Wesrem Tr 1,0059938
Federal)lome Loan Morrpage Corporation 3,000,000 4WV. NIA 06/24111 400% 1,000,000 1,001,760 BNY Western Tr 1,001,48a
Federal13omeLom Bmk 1,000,000 4IMA NIA a6124AI 41ON. 1,000,000 1.006,673 BNY Western Tr 1.006,25o
Federal Home Law Bank 1.000,000 4.13% N/A 96/24/11 413% 1.000,000 1.011219 BNY Waataen Tr 1,006,563
Fndenl 14eemvl Mprrgage Association 3.000.000 4.0a5% NIA 06/24/11 400% 1,000,000 1,004,478 BNYWeeem Tr 1,004,688
Fedml Home L0411Morrgage Corporation 1,000,0W 4;5% NIA 0030ill A.y/° 1,000,000 1,007,400 BNY Wes=Tr 1.006,406
Federal Home Low Bank 1.000.000 4.28% N/A 06130/1) 4.28% 1,000,000 1,006,875 BNY Woslmn Tr 1,005,938
Federal Fait Credit Bmk 1.000,000 4105: NIA 07/07/31 4.10% %aoo,000 7,004.063 BNYWasams Tr 1,003,439
Fadmd Berae Lam,Bank 2,000,000 550°A NIA 07/27h1 55a°/ 2000,00a 2,032500 BNYWertem Tr 1,033,125
Federsa Borne Law Book 1 1,000,000 55a% NIA 0727/11 550°1. 1,000,000 1,016,250 BNYWoueem Tr 1.016.563
Federal Farm Credit Book 1.000,000 400% N/A 08/11/11 400sG 1,000,000 14241,930 1,003,125 BNYWvsrem Tr 1.001,875
Long Term 7r rm,enr
3 ev op 5 ma
US Gods AS.,Sis.hes
Federal Hmne Lam Hank 1.000.000 402% N/A 322m/11 A02% 1,000,000 1.005,625 BNYWostmn Tr 1,002,500
Federal Spree Loan Mortgage Corporation 1.000.000 402% N/A 06/25/1^_ A02^/° 1,000,000 1.003220 BNY Woetvn T} 1,000,98a
Federal Rome Lam Mortgage Cmpamlr0a 1,00a,0a0 530% NIA 10/16/12 519/ a a BNY West=Tr 1,001,1se
Federal Home Loan Mortgage Corp9raenn 1,0ao,0aa 400% N/A 0&10113 400% 1,000,000 1,002,680 BNY We;tem Tr 1,004,Od0
Finanemg Cmpmeticn(FICO) 5w,000 980% N/A 04/06/18 980% 458,594 3,498,594 669,750 Nari-n Buek 684.688
5 g0,674952 S 91,031,571 s 89.s43,e63
l0 lnvesmd Cnsl, ���
TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
11/24/2008 OCTOBER 31, 2008
Yield Adjusted
Pia-Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total Invested Cash $ 80,674,952 S 80,674,952
F 80.674,952
Miscellaneous Accounts
Perry Cash 3,900 N/A N/A open none 3,900
Revolving Fund Bank ofAmenca 9,022 N/A N/A open none 9,022
Trust&Agency-Bank of America 1,315,729 N/A N/A open none 1.315,729
Downpayment Assistance(Housing
Fund)-Washington Mutual 33,640 variable N/A open 0.25% 33,640
Workers Compensation-Bank ofAmcrica -20,234 N/A N/A open none -20,234
General Liability-Bank of Amenca 18,678 N/A N/A open none 18,678 1,360,735
De osits Field Fa Taut
Time Deposits
(FDIC Insmcd)
Guaranry Bank(Coyote Springs Apt) 19,829 2,72% N/A 6/24/2009 2,75% 19,829 19,829
ToW Cash Depositcd S 82,055,516
TREASURER'S MONTHLY REPORT
n'eavap BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
unaloa •OCTOBER 31,2008
Coupon Yield Adjusted (memo only) Prior Qtr
Pm Value R • R.eng Mmnnry to Mnmdry Cost Bosse Camgory Tow M.rker Value Source Market Value
1991/97/O1/04 Cmvmhm Cutter
AIM Cowtnment&Agency PorifPn%do 9.826.081 variable AAA open 12% 9,926.031 9.826,081 IINYWenem Tr 5,101,641
A1G lavesmrat Alpeemem 1,290,000 6.66% AAA 11/0121 669°i= 0 a BNYWcnem Tr Ir90,000
9,g26,081
19OV06 Anpon
AgN Go ern&Agency PoafPrivam 1,319,243 vsn.ble AAA open I22% 1,319.243 1.319,243 BNYWntemir 1-1at,057
1,319,2 3
1901/01 gme.B-Houaug
AIM Guvmunmr&Agenty PovfFinarc 476,621 vmmble AAA open 122°.= 476,621 476.621 BNYWcetmTr 476,573
.76,621
1094/04 Series A&B
ABM Governtnave&Agency PortfPnvme 2,467.612 venable AAA open 122% 2.467,612 2,467,612 BNYWestem Tr 2,463,960
MBLAlnvesac=Ae ern 1.651.456 517% AAA 0 01O 14 5.17% 1,651.456 1,651,456 BNY Wt7crn Tr 1,651,456
4,119,056
1998 Airport GARS
AIM Govennoeut&Agency PorrfPrrvaee M6 vvn-ble AAA open 122% 216 216 BNY Weatem Tr 367
216
1998108Aup=PFC
AIM Govau.mt&Agency PordPnvate 1,486,632 v4nable AAA apart 122°/a %466.832 1.486,832 ENYWntem Tr 1,381.161
1,486,832
1992 Assessma!D,amat 155 A&B
AIM Govetrmant&AgenWPortPrivate M4,296 variable AAA opm 122% 294.296 284,296 BNY Weatem Tr 283,660
224,296
2001 Assm,mcnt Dlsp7a 157/138
Alm Cmomucmt&Agency rrnft.Pnvam 186.445 v:n.ble AAA open 122% 186.445 136,441 BNYWes[em Tr 166,178
IS6.445
TREASURER'S MONTHLY REPORT
aeosrep BOND ISSUE RESERVE,DEBT SERVICE.&RELATED FUNDS
112QOS OCTOBER 31,2008
Coupon Yield Adlrned (memo only) Prier Qtr
ParVplre Rnm Rating Mawity mMnwnry Cox Basis Crte5pry Total Murke Vuluo Source Market Valuer
2002 Pa4mg structure
Carh 3 3 3 BNY Western Tr 3
AIM Govcmtnml&Agency PmdPnwte 53,94E variable AAA open 122% 53948 53,94E BNY Western Tr 32,252
53951
2004 Aaeeasmrnt➢isusct 161
AIM Government&Agney FortfPnvate 413,554 variable AAA op. 122% 413.554 413,554 BNY Western Tr 412,949
413.554
2004 Aocssmem District 162
AIM Government&Agency PonfPnvate 161207 vwable AAA open 12M1/ 16l207 161"07 BNY Western Tr 160,972
161,207
2005 Asseiammt Daao-iet 164
AIM Government&Agrnry PordfPrivate 367,946 variable AAA opoc 122% 367,946 367946 BNYWesrern Tr 367,1109
367,946
2007 Merged Pmjene#1
Cush 0 a 0 BNY West.Tr 17
Alm Govemmene&Agency PorrfPnvate 13912,469 vodnble AAA oven 122% 13.542,469 13,542,469 HNY Wesica Tr 13,522,991
13942,469
2007 Rafnading Lome Revenue Bonds
AIM Gcv.ent&Agency Pord Prlvam 93 variable AAA open 122% 93 93 BNY Westore Tr 416,550
95
200E Airport PFC Refunding
Cash 0 0 0 BNYWearern Tr 169
AIM Gavernment&AgeocyPord'Pnvato 655,430 variable AAA open 122Ye 655,430 655,430 BNYWesrcru Tr 654,659
655.430
Totals S 32,E93,0.51 t 32,8�®3,451 5 _9�W7153
r
C(7
treasrep TREASURER'S MONTHLY REPORT
11/24/08 CALCULATION OF INVESTMENT LIMITATIONS
OCTOBER 31, 2008
Allowable Percentages
By Maturity: Minimum Maximum, Current Mo.
l day to 365 days $8,000,000 N/A $56,121,758
1 year to 3 years 0.00% 50.00% 26.10%
3 years to 5 years 0.00% 30.00% 3.72%
over 5 years N/A N/A 0.62%
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% 2.40%
Corporate Notes N/A 20,00% 3.45%
Money Market Mutual 'Funds N/A 10.00% 0.00%
Mortgage Pass Tluu's N/A 10.00% 7.37%
U.S. Government Agencies N/A 50.00% 23.22%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
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