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Home My WebLink About11/19/2008 - STAFF REPORTS - 2.E. 4�?PAM Sp4 A y c V m w' °Tovyea'" C,g4'F0PT,4 City Council Staff Repo DATE: November 19, 2008 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF SEPTEMBER 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 September 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 $92,362,111 plus $29,647,253 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $92,772,749. RECOMMENDATION: Receive and File Treasurer's Investment Report as of September 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, 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 • E . City Council Staff Report November 19, 2008 — Page 2 Treasurer's Investment Report as of September 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 will be reflected on the October 31, 2008 Treasurer's Investment 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 296 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 . lehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report 12 treasrep CITY OF PALM SPRINGS 10/29/2008 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS SEPTEMBER 30, 2008 On Call Deposits Adjusted Basis Category Total Pcrcenmgc Checking Account $ 2206,838 Slate Pool 59,500,000 S 61,706,838 66.81% Short Term Investments (1 year or less) Mortgage Pass-fhrua 1,585,359 Time Deposits 1,940,000 U S.Gov Agencies 989,280 4,514,639 4,39% Medium Term Investments 0 year to 3 years) Corporate Notes 2,785,430 Mon8lee Pass-TIMS 4,614,680 US Gov't Agencies 14,241,930 21,642,041 2343% Long Term Investments (3 years to 5 years) US.OWL AgeocieF 4,498,594 4,498,594 4.97% S 92,362.111 100 00% 'Some invo&rments made prior to the implementation of the current invesnnent Policy exceed the 5 year limit peas p TREASURER'S MONTHLY REPORT 1v29eaoe DETAIL OF INVESTMENTS SEPTEMBER 30,2008 Coupon Yield Adloyeed (nn omdy) Pvae Qt. Pwvnlne Rate Butng Mnnrity to Matwdy Cost➢sr Category Total MofkoLVEoo Source Market Value On Call Dcponts Checlang.Hunk ofAmerlea S N/A vernblo MA open 171% S 2206,899 S =206,838 S 32,114 Local Agency Invest trwd(LAu,J 59,500,000 vunnble NIA opan 277% 59-500-uou 59497,038 LAIF 74,131,425 61,706,838 Short Tenn Investments 1 year or Ices) Mortgage Pass-Tlws Federal Homu Low Mortgage Comoranan 465,000 a 00% NIA 08/01/05 5 56% 0 0 BNY Wcsw Tr 67,530 redernl Flame Loan Moagagc Cvpomtioo 1 400,Dt10 4 00% N/A 09/01/08 513% 0 0 SNY Western Tr 274,655 Federal Home Loon Moagagc Corpomton I,a00,000 450°% NIA 11/01/08 507% 237,446 245,IS3 BNYWestem Tr 317,312 Federal Home Lame Mort,,Corporat,n 1,000,000 500% NIA 02/UI/09 508% 1�9,896 141245 BNY Western"Ir 165,978 Federal Homo Loan Mortgage Comomton 2,335,000 450% N/A 03/01/09 4SS% 554,051 564,175 BNY West.Tr 664,419 Fcdval Home Low M9rtgnge Corporation 450,000 400% N/A 04/01/09 51R% 163,347 16g,833 BNYWestem Tr 188_42 Federralllrme F.9un Mange Corpombof 5d0,000 350% N/A 06/01/39 479% 229,853 24223S BNY We,rem Tr 268,120 Fedcrnl Home Loan Moapge Cmpomton 570,000 450% N/A 09/01(09 537% 259.765 26S,996 BNY Western Tr 297,515 1,555,359 Time De,pt;. CD Account Rugrxty Scrnce(CDARS) 940,000 535% AAA 07/17/OS 550% U 0 Palm Desvt Nat➢wk 940,000 CD Accowt Regrsty Sernee(CDARS) 94,000 5 35 G P.A.4 07/24/OS 5 50% 0 0 Palm Desert Net➢MI 94,000 CD Account Regnxry Service(CDARS) 1,000,000 400% AAA 03/12/09 408% 1,000,000 1,000,000 PEm Desert Nat Bank 1,000,000 CD Accaunr Rcg[sny Scfvjcc(CDARS) 940000 i00% AM 07116/09 3U0% 9d0,000 940,000 Palm prep Nat Bank 0 9-10,000 US Gov't Agency Steffan,, Fudcml home Law Mortgnge Comomnon 1,000,000 3aS"/n N/A 04/15/09 36511, 989,230 999,688 BNY We tem Tr 1,004,063 Federal home Low Mcngnge Cotpomuon 750,000 9 00% NIA 07/15/09 S 47% 0 0 BNY Wrtem Tr 750,117 9s>_ao Medium Term Investmenm I year m i yosn) Comomte Notes We115 Fargo&company 800,000 398% AAl 10/29/10 420% 795,160 795,920 BNYWcsrcm'If 796,240 S13C Commmlcaoo.tx,Inc. 1,000,000 5.30% A2 11/15/10 517% 1004,150 I,015,240 BNY Wcs[vo Ic 1,021 670 Goldman Sachs Goup,Inc I,000,000 500% AA3 01/15/11 537% 9sG.120 9019;0 BNY W.SE=Tr '96,490 2,7R5.4;n a.astep TREASURER'S MONTHLY REPORT Innnn_ami DFTAII,OF INVESTMENTS SEPTEMBER 30,2008 Cuapo. Yield Ad7mted (memo only) Pnor Qtr Par Yalu. RAW auuug Mmw4y to Matunry Cost Basis Camgoz Total Mnrkcrvallic See,= mrh,tr7alpe Mnrtgagc Pass-1'Ivm Federal Home Luau Mortgage Corpomtou 3,000,000 5 50% N/A 10/01/09 5 M. 194,832 200,875 8NY Wertem Tr 220,655 Fedued Home loan M.rtgagu Cmponmun 2,050,000 450% N/A 10/01/09 SU3% 315,135 316,495 BNYWcsicm Tr ;35,770 Fadmal Nn.nd M.rtyg.Assomabmn 2,700,000 450% N/A O1/01/10 4 91% 4Su,917 466,080 BNYWeorem Tr 507,954 redernl Nnp...I Ment,ri,A,,,mmirn 2,500,000 450% N/A OM1110 446% 502,237 507,850 BNY Western Tt 537,786 Federal Home Loon MonRaµc Corporation 1,455,000 4 50% N/A 02/01/10 5 2M. "+35 045 349,617 BNY Wertm Tr 375,347 Federal Nmional Mortgago. aac.xtiou 1,000,000 400% N/A 03/01/10 512% 293,606 ,",02,578 BNY Wutem Tr 5=0,006 Fedm l H.m.Law hAmtygo Cmpom m. 2,280,000 4 50% N/A 05/01/10 5 29% 645,609 67 254 BNY Western Tr 719,098 redem]Umne,Lam Martgnge,Cmror.mn 1,370,000 500% NIA 09101I10 535% 348,962 359,199 BNY Western It 395,801 Federal National Mortgage Assocmuon 500,000 400% N/A 10/01/10 495% 189,368 194,251 BNY We.tern Tr 204,605 redml Home Loan Bank 775,000 475% N/A 10I25/10 4S8% 485,143 490,384 BNY Western Tr SU2,686 Fedmad Name Loan Mortgage Corportmon 1,015,552 450% N/A OMUI1 314% 411.969 427,731 BNY Western Tr 4i4,448 Federnl Fomc Loan Mongngc Connotation 095,000 400% N/A 04/01/11 522% 344,753 357,911 BNYWeA.Tr 372,605 Feder al Home Loan Mortgage Corporation 200,000 450% N/A 05/01/11 537% 99.103 103,604 BNY W,,am Tr 107,IS5 A,6UI,680 US Gov t Aguney S.cuemus Federal Hmnu Loan Bank 500,000 410% N/A 03/06/10 460% 494,293 500,000 BNY Western Tr 500,156 federal Home Low Bank 750.000 530% N/A =5110 540% 747,638 753,516 BNYWestun T'r 757,500 redem1 F.me Latin Mortgage Comamnan 1,000,000 405% NIA IT30110 405% 1.000.000 1.006,510 BNYWcstcm TY 1,007,198 redeml Pn*rn Crcda Annk 1,000,000 436% N/A 06/33I11 438% 1,000,000 1,005,933 BNYWestcm TL 1,005,750 Federal Home Loan Mortgage Corporation 1,000,000 400% N/A 06/24/I1 400% 1,000,000 1,001,430 BNY We:rm Tr 1,002450 Fcdnrd Home law Bavk 1,000,000 410% N/A 06/24/11 410% 1,000,000 1.006,250 BNY Wcsrem Tr 1,008,13 Federal flame Lom Bank 1,000,000 413% N/A 06/24/II 413% 1,000,000 1,006,563 BNY Western Tr 1,012-206 redernl Nntional Mortgage A;7ocrnnan 1,000,000 400% N/A O6n4111 400% 1,000,000 1,004,688 BNY Wrstnn Tr 1,006,555 Federal Home Loan Mort8a8e Corporation 1,000,000 425% N/A 06/30/11 425? 1,000,000 1,006,406 BNY Wo.tm Tr 1,007,950 Federal Home Loan Bonk 1.000,000 428% N/A 06/30/11 426% 1,000,000 1,005,938 ANY Westin Tr 0 Ftdcral Farm Credo Bade 1,000,000 110% N/A 07/07/11 410% 1,000,000 1,003,438 BNY Western Tr 0 Fedml Home Low➢rmk 2,000,000 550% N/A 07/27/11 550% 2,000.000 2,033,123 BNY Western Tr 2,L ,375 Feder&home Loan Bank 1,000,000 550% NIA 07/27/11 550% 1.000,000 1,016,563 BNY Wcstcm Tt 1,022,188 Fedml Fame Loan Bank 2,000,000 5 75% N/A 08/01/11 5 75% 0 0 I3NY Wesnmr Tr 2,004,375 Federnl Farm Credit Rank 1000,000 400% NIA 08/11/11 400% 1,000,000 1,001,875 BNYWestem Tr 0 14,261,930 Long Tcnn Invesmfent (3 y.=to 5 y.ars) ❑S GoWt Agency Secunncs Fcdeml Fomc Loan Bank I000,00n 402°A N/A ?/23/11 402% 1,000,000 1,002,500 BNY Wcrtem Tr 1,001,563 Federal Home Loan MonpaBc Cot potation 1,000,000 402% N/A 0(1/25/12 4LC% 1,000,000 1000,980 BNYWe•,tcm Tr 1,00I 140 Federal Home Loan Mortgage Ciporauoa I,000,000 550% NIA 09/30/12 550% 0 0 BNYWestem Tr 1,005.615 Fader&Horne Lain Mortgagu Ceryoeation 1,000,000 530% NIA 10I16/II 530% 7,000,000 1,001,180 BNY Western Tr 7,007,410 Fedml Herne Low Mortgage Cmporatim 1 000,000 400% NIA O&I0/13 4 00% 7.000,000 1,004,040 BNY West=ri 1,002,490 Fnmmemg Cmromnm(MCO) 500,000 980% N/A o4/06/1S 980% 198,594 684,688 Nanons8wk 694,063 4,495,594 t:3 Qj� Tnml lnvemed Cnh S 92,362,111 S 92,772,749 S 107,239,645 TREASURER'S MONTHLY REPORT treasrep MISCELLANEOUS AND TRUST ACCOUNTS 10/29/2008 SEPTEMBER 30, 2008 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash S 92.362,111 S 92,362,111 S 92,362,111 Mtscellaneou5 Accounts Petry Cash 3,275 N/A N/A opun none 3,275 Revolving Fund-Bank of America 4,595 N/A N/A open none 4,595 Trust&Agency-Bank of America 1,319,056 N/A N/A open none 1,319,056 Downpayment Assistance(I•Iousing Fund)-Washington Mutual 33,640 variable N/A open 0 25% 33,640 Workers Compensation-Bank ofAmenca 5,162 N/A N/A open none 5,162 General Liability-Bank of America 18,716 N/A N/A open none 18,716 1,394,444 DL osus Held In Trust Tune Deposits (FDIC Insured) Guaranty Bank(Coyote Springs Apt) 19,829 2 72% N/A 6/24/2009 2 75% 19,829 19.829 Total Cash Deposited S 93,766,384 �1 Cy7 TREASURER'S MONTHLY REPORT tn,s,aep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS lon_9/o6 SF-PTFM13E.R 30,2008 Coupon Yteld Adjusted (memo only) Prior QK Par Valun 11,tte Raba, Mntunry To Matunty CoBr Ba819 Category Tot.0 Market Value Spume MPrka Value 1991/W101/04 Convennon Center Cash 0 0 0 BNY Westctn Ti 503 ATM Government&Agency Parll'PhV¢W 5,101,641 vanablc AAA op., 153% 5,101,641 5,101,(41 BNY Wcewn'rr +14339 AlG Investment Ap3ecment I2SO,673 5361/1 AAA 11/01/25 536% 0 0 BNY WeB=rr 1,250,673 AIG lnvesmcut Agrc¢wnm 1,290000 6680/0 AAA 11/01/21 668% 12990,000 1290,000 BNYW=w Tr 1290,000 MBIA Invcsbunu Ageocmont 3,300,402 558% AAA 11/01/35 558% 0 0 BNY Wesu:m Tr 3,300,402 6,391,G41 199J06 Auport AIM Government&Agency Ponf Pnvnte 1244,057 vanzbl. AAA open 185% 1,244,057 1,244,057 Rw Wcstem Tr 2,160,621 1244,057 1991/01 Series B-Housing NM Goverment&ASCuy PurltPr,vato 476,579 vnnable AAA open 185% 476.573 476,573 BNY Westem7r 4,374 AlGlnvcBmcatAgrv=mt 468,105 522% AAA 03/01/21 522% 0 0 BNY Weatcm Tr 465,105 416,573 1994104 San.:A&B AIM Govcmment&Agent,PnrtPPnvnte 2,463,930 vet iablc AAA ripen IA5% 2,463,930 2,463,930 BNY Western Tr 2,517_59 MBhUnvaetmnmt Agreement 1,651,436 317% AAA 09/01/34 517% 1.651,456 1,651,456 BNY W,aern 1.651,456 4,115 3S6 1998 Airport GARB AIM Govenmenn&Agytey Pent Pnvnte 367 variable AAA .",n 1S5% 3(,7 367 BNY W..t.Tr 365 367 7998/O8 Airpon PFC ATG invesOneut Agt.-Reservu 549,729 570% AAA 01/01/28 570% 0 0 BNY Western Tr 349,725 ATM Govenmenr&Agenoy?.elf Pnvutn 1,381,1E1 variable AAA upon 155% 1,;81,161 1,381,161 BNY We:um Tr 475,390 1,381,161 199E Assessmcns DisWc[155 A&B AIM Govemment&Agency Ponf l'uvate 293,260 v¢rmble AM open 185% 283,560 383,860 BNY Wcstem rr 299,960 293,960 (a TREASURER'S MONTHLY REPORT treasrep BOND ISSUE RESERVE,DEBT SERVICE& RELATED FUNDS 10/29/02 SEPTEMBER 30,2008 Cnap99 Yield Ad)4sred (memo only) Prior Qtr Par VNne Rule Rating Maturity to Maturity Cost B... Category Tate] Market V51ne Source Market Value 2001 As cssmrnt➢i=ce 15T 15S Cash 0 0 0 BNY Wcon-ry Tr 0 A1M Governmenp&Agency Port Pnvatc 186,173 variable AAA open 185% 186.178 186,178 BNYWasnmi Tr IS5,313 166,176 2002 Par19ng Svumare Cnh 3 3 3 BNY We.tern Tr 3 AIM Government&Agency Por7'Privatc 32,282 variable AAA open 185% 32Z2 32292 BNY We.tern Tr 15,973 32,285 20W Assessment Dismet 161 AIM Government&Agency Peru`Pnvate 412,948 varable AAA open I SS% 412,94E 412,949 BNYWestern Tr 414,528 412,948 2064 Assessment Neuter 162 ATM Government&Agency PmtfPnvatc 160,972 variable AAA open I83% 160,972 160,972 BNYWesiem Tr 161,2u6 160,972 2005 Assesswent 54 AIM Government&Agency Porel'Pnvzte i67409 variable AAA open 185% 367,409 Sd7,409 BNY Western Tr 369,287 567,409 Z007 Mcrgcd Prgcct II I&42 Cash 17 17 17 BNY Western Tr 17 AIM GiNm murnt&Agency Portf Private 13,522991 vocable AAA open 185% 13,522,991 13,522,991 BNY Western Tr 13,497,600 13,523,008 2007 Refimdmg Lease Revenue Benda AIM Government&Agency Porn'Prrvwc 416,550 variable AAA open Iu3% 416,550 d16,550 ➢NY Wctem Tr 880 4I6350 2009 Airport PPC Refunding Cash 169 169 169 BNY W,tem Tr 16,550 AIM Govemment&Agency Pord Private 654,689 variable AAA open 1A5% 654,689 654,659 BNY Wertem Tr 64,114 654,858 Tmr Is S 29,647 33 S 29 647,33 c S0.051.796 GJ• treasrep TREASURER'S MONTHLY REPORT 10/29/08 CALCULATION OF INVESTMENT LIMITATIONS SEPTEMBER 30, 2008 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days $8,000,000 N/A $66,221,477 1 year to 3 years 0.00% 50.00% 23.43% 3 years to 5 years 0.00% 30.00% 4.33% over 5 years N/A N/A 0.54% 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% 2.10% Corporate Notes N/A 20.00% 3.02% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thru's N/A 10.00% 6.71% U.S. Government Agencies N/A 50.00% 21.36% U.S. Treasury Notes/Bonds N/A N/A 0.00% p C.O