HomeMy WebLinkAbout10/15/2008 - STAFF REPORTS - 2.E. 4�pALMS,
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City Council Staff Report
DATE: October 15, 2008 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORTAS OF AUGUST 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 August 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
$96,720,807 plus $31,976,604 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $97,286,307.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of August 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 • E •
City Council Staff Report
October 15, 2008 — Page 2
Treasurer's Investment Report as of August 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 308 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
Geoff yer S Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
treasrep CITY OF PALM SPRINGS
9/24/2008 TREASURER'S MONTI ILY REPORT
SUMMARY OF INVESTMENTS
AUGUST 31, 2008
On Call Deposits__ Adjusted 13asis Careg9ry Total Percentage
Checking Account a 240,025
State Pool 64,500.000 8 64,740,025 66.93'7
Short Tcm Invcmmcncs
(1 you or loss)
Mortgage Pass-Thtus 1,550,272
Timc Deposits 1,940,000
U S.Gov't Agencies 989,280 4,479,552 4 63
Medium Term lnveatrnents
(1 year to 3 years)
Corporate Notes 2,785,430
Mortgage Pass-Thrus 4,975,276
U.S Gov't Agencies 14 241,930 22,002.636 22 75%
Long Tenn investments
(3 um to 5 curs)
U S.C:ov'r Ateneiec 5,498,594 5,498,594 5 69/
.8 96,720,807 10000%
*Some investments made prior to the implementatmn of Lhe
cutrcnt lnvestmcnt Policy exceed the 5 year hntit
a rep TREASURER'S MONTHLY REPORT
9L24/2006 DETAIL OF INVESTMENTS
AUGUST 31,2008
Coupon Yield Adlmmd (memo Duly) Prior Qlf
Par Value Rete Rnnng Mmmuy to A4n4mry C06t Bus. Cntegmy Total Mntka Value Source Market VWuc
04 Cull Deposits
Cheelnng•Bank ofAmerlca B N/A ..ble AAA op.. I 2,10,025 $ 240,025 $ 52,111
Local Agency Lweet Fund(LA ) K500000 vwnble N/A open 278% 64,500,000 64,496,789 LATF 7,1,131,435
64740,025
Short Teem Tnvesrmenu
(I yearof le99)
Murtgege Pa,-Thins
Fedcrvl home T,oan Mortgage Corpemli.n 405,000 400% N/A 08/OI/as 556% 0 0 BNY W,tmn Tr 67,330
FeJm:d limas Lon.Mortgage Corpomuon 1doo,000 4.00% N/A 09/01/08 5,13% I07,530 120614 BNY Wciere Tr 214,655
Federal home Lon.Mortgage Cotpofuoun 1,800,000 450% N/A IU01/08 307% 294,514 302,081 BNY Wosum Tr 347,312
redeml Rome Loin Morrgogu Cmpuratr.n 3,000,00U 5 00% N/A 02./O1/09 5 08% 152,114 153,451 BNY Wcrtem Tr 165,978
Federal Rome Loan Marl,,Cmpomnoa 2,335,000 450% N/A 03/01/09 492% 590,518 595,332 BNYWestem Tr 664;119
Federal Hotta Law Mortgage Cmpormion 490,000 400% N/A OQD1109 518% 169,710 174,997 BNY Westem77 IS32d2
Federal Home Low Mortgage Corporatma 540,000 350% N/A O6101/09 479% 235.840 24R,103 BNY Waste.Tr 269,120
1 550172
Tune Deposes
CD Account xc,ritry Smvme(CDARS) 940,000 535% A.4A 07/17108 550°e 0 0 Palm Desert Nat Beak 940,000
CD Account Registry gemce(CDARS) 94,000 535% AAA 07/24/08 530% 0 0 Palm Desch Noe B,mk 94,Oo0
CD Account Regi:ay Servtee(CDARS) 1,000,000 400% AAA 03/12/09 405% 1,000,000 1,000,000 Polio Desert Nat Back 1,000,000
CD Account Re,irby$ervse(CDARS) 940,000 3 00% AAA 07/10/09 3 00% WON) gaii'm 0 Mai Desert Nat B: 0
1,940,000
u s G.Yt Agency Seem Wes
Feder al Home Low Mongoge CoMomnon 1,000,000 338% N/A 04/15/09 365% 989280 1,001,875 BNYWesteul Tf 1,004,065
Federal Hume Low Mongnge Camomnon 750,000 300,10 N/A 07A 5/09 3 67% 0 0 BNY Wastcm Tr 750,117
989,280
Medium Tema iavestmenls
(1 venrro."+ core
1
t CCC m L.Note.
Wells Furgo L Company 800,00D 398% AAI 10/29/10 120% 795,1(,0 799,696 BNY Wctem Tr 796,240
SBC Commumcallans,Lta I,000,000 530% A2 I1115110 517% 1,004,150 7,031,020 BNY W,tem Tr 1,02,670
Goldman Sachs Group.Ole uovlu0 500% M3 01/15/I1 537% 936,120 999,550 BNY Westem Tr 996,490
� 2,735,430
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tearep TREASURER'S MONTHLY REPORT
9124POOB DETAIL OF INVESTMENTS
AUGUST 3),zoos
Coupon Yield Adluted (memo only) Pnor Qtr
Parvalue Rare lutum Mntunty to Mwwty Cost B.xo, C.a,,my Towl Market Value Somne Mark.Value
Mortgage Pass-Thus
Fadi]Homo Low Mortgage Corpmaton 570,000 450% N/A U9/Ol/U9 337% 267,575 277,714 BNYWcnmm Tr 297,S15
Federal Flame Loon MOngn20 Cmyoraoon 3,000,UUO 550% N/A 10/01/09 543% 201,985 10R,179 13NY Western Tr 220,655
Federal Home Loan Morr8age Corporation 2,050,000 450% N/A 10/01/09 503% -,17,93R 321,117 BNY Western Tr 355,770
Federal National Mortgage Assocmtot 2,700,000 450% N/A 01/01/10 491% 465215 479,925 BNY Westem Tx 507,954
Fedeal National Mortgage A.aviation 2,500,000 450% N/A 02/01/10 446% 513,434 518,454 BNY We.wm Tr 537,796
Federal home Leom Mortgnge Corporation 1,455.000 150% N/A 02/01/10 512% 344,151 355,014 13NY Westem Tr 375j47
Federal Notional Mortgage Association 1,000,000 400% N/A 03/01/10 512% 296022 304-1196 BNY Western Tr 350,006
Federal Home Law Morrg,4.Corporation 2,230,000 a50% N/A 05/01/10 529% 661,641 688,629 BNY Westem'15 719,098
tedetal Home Lamm Mortise Corporation 1,370,000 500% N/A 09/01/10 535% 362,060 372,272 BNY Wuewrn Tr 395,891
Federal National Mortgage Assocranau 500.000 400% N/A la/a1110 495% 192,199 196,669 BNY Western Tr 204.605
F4d9rnl Home Low Bonk 775,000 4.75% N/A 1015110 498% 4g9,3g4 496,804 BNY Western Tr 502,686
Federal Home Loan tvloetgugn Curpmutiw 1,015,552 450% NIA Mir)I111 524% 415,376 429,367 BNY Wearern re 444,113
Federal Home Low Mortgnge Cmporatmn 695,000 400% N/A 04/0111 522% 348,U91 360,796 BNY Woswm Tv 372,605
Federal home Loon Mortgnge CoTonmon 200,000 4 50% N/A 05/01/11 5 37% 100,105 104,133 BNY We,em Tr 107,1 S5
1,975,27G
❑S Ow't A,m,Seeurtnes
Feder]home Lt.Bank 500,000 4 10% N/A 03/08/10 4 60% 494,293 500,000 RNY Westem Tr 500,156
Federal Home Low Bank 750,000 530% NIA 1J15/10 540% 747,63E 754,922 BNY Western Tr 757,500
Federal Home Low Mmtgagc Cor,mmlcm 1,000,000 405% N/A I1/30/10 405% 1,000.000 1,005,050 BNY Western 3Y 1,007,193
Federal F4 Ceuln Bud, 1,000,000 4n% N/A 06/23/II 438% 1,000,000 1,006,563 BNYWepwm Tr 1,006,750
Feclm.d home Low Mortgpge Comaraton 1,000,000 400% N/A 06/24/11 400% 1,000,000 1,000,290 BNY We:xem Tr 1,002,450
Federal Home Loon Bank 1,000,000 110% N/A 06/24/11 410% 1,000,000 1,008,125 BNY Westem Tr 1,008.12.5
Federal Home Loan Bank 1,000,000 413% N6k 06124/11 411/ 1,000,000 1,008,750 BNYWcsteru Tr 1,012,2M
Federal Notional Mortgage Aa300wrmn 1,000,000 400% N/A 06r4/11 400% 1,000,000 1,002,513 BNY west..Tr 1,006,553
Federal Homo Lean Mortgage Corporation 1000,000 425% N/A 06/30/11 425% 1,000,000 1,004,960 BNY We tem Tr 1,007,950
Fedend Home Law Bank 1,000,000 428% WA 08/30/11 428% 1,000,000 1,006,562 BNY Westem Tr 0
Feder]Fmm Cmda Bank 1,000,000 410% NIA 07/07/11 410% 1.000,000 1,003,750 BNY W4sr4m Tr 0
Federal Home Latin Hnnl, 2,000,000 550% NIA 07127Y 11 550% 2,000,000 2,036,250 BNY Westem Tr 2,044,375
Feder]Home La.awl, 1,000,000 550% N/A 07/27/11 550% 1,000,000 1,019,13 RNY Westem Tr 1,022,188
FedeM Home U.Seek 2,000,000 575% N/A 05/01/11 575% 0 0 BNYWestem Tr 2,004,375
Federal Farm C,edn Bank 1,000,000 400% N/A 08I11/II 400% 1,000,000 1,nn2,500 BNY Westem Ti 0
14,241?30
Lang Tom Invest lent
(3 veins to 5 vemr)
I US Gov't Aeency Seewwes
Feder ai Home Loan Bunk 1,000,000 402y N/A 12/23/11 402% 1,000,000 1,002,13E BNY We..Tr 1,001,563
1 Federal Home Loma Motyge Cmporahon 1,000,000 402N N/A 06/25/12 102% 1,000,000 999,580 BNY We:xem Tr 1,001,140
Federal Howe Loma Mortgage C.,ormnn 1000000 550% N/A 00/10/12 550% 1,000,000 1,000,594 BNY Wesrcm Tr 1,005,615
Fudeni Home Loan Mortgage CaMornn9n 1,000,000 5 30% N/A 10/16/12 5 30% 1,000,000 1,003,050 33NY Western TT 1,007,410
Federal Home Low Mnrxgnge Carpomton 1,000,000 400% N/A 06110/13 400% 1,000,000 1,000,830 BNY Wcarem Tr 1,UU2,490
Fmummmg Cprpamnpn(MCO) 500,000 980v. N/A 04/06I18 930% 49S,594 698,125 NationsBank 694,063
5.498.594
Gu
Tavel lnve:ted Cah S 96,720,907 F 97296.307 S 107239.645
TREASURER'S MONTHLY REPORT
veasrep MISCELLANEOUS AND TRUST ACCOUNTS
9/24/2008 AUGUST 31, 2008
Yield Adjusted
Par Value Coupon Rating Maturity io Matuity Cost Basis Caregory"total
Total invested Cash S 96,720,807 S 96,720,807
5 96,720,807
Miscellaneous Accoun4s
Perry Cash 3,275 N/A N/A open none 3,275
Revolving Fund-Bank of Amcrca 8,978 N/A N/A open none 8,978
Trust&Agency-Bank of America 1.363,982 N/A N/A open none 1,363,982
Dovmpayment Assisuince(Flouring
Fund)-Washington Mutual 33,619 variable N/A open 0 25% 33,619
Workers Compensation-Bank of America -12,658 N/A N/A open. none -12,658
General Liability-Bank of America 18,728 N/A N/A open none 18,728 1,415,924
De osits Held In Tmsr
Time 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 $ 98,156,560
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TREASURERS MONTHLY REPORT
bnsrro BOND ISSUE RESERVE,DEBT SERVICE& RELATED FUNDS
09, Ofi AUGUST 31,2008
Coupon Yield Ad3Psred (memo only) pnoO Oft
Par Vuluc Rate Ronne M.ty mMnRinry COST Basis Categery Total Market Value Sourec Maket V,Luu
1991197101104 Convention Center
Cush 0 0 0 ➢NY We:tem Tr 505
AIM Govemment&ASeney Portf Pnvnte 5,786,145 vaneble AAA oprn 1869/. 3,786.145 3,786,145 ➢NY Wesmm Tr 451,339
AIG Imvomm tAgreement 1,280,673 536% AAA 11101/25 536% 1280.673 1=50,673 ➢NYW...ni Ti- I280,673
ATG Investment Agreement 1,290,0m0 668% AAA 11/01/21 668% 1290,000 1290000 BNY Wesrem Tr 1,290,000
MBTA lmxstnent Agccmcnt 3,300,402 558% AAA 11/01/35 55S% 0 0 BNY Wesrem Tr 3,300402
6,356,919
1992/06 Aimort
ATM Short-Term Invest Trsy Pnveo I,I68,6II eatable AAA open 186% 1,169,811 I,16$SII BNY Wesrem Tr 2,160,621
1,168,811
1001/01 Series B-Housing
AIM Govemmcur&Agency Portfn rvatu 4,399 vormblc AAA open IR6% 4,M9 4,389 BNYWnt.Tr 4,374
AIG Investment Agrocmcit 465,105 521% AAA nR/nlpl 5220/o 468,105 468,195 BNY Wt L=Tr 465,105
472,494
1994/04 5 Yms A&B
A1M Govemment&Agenry Port Pnvnte d,1g474R vnnsble AAA open 166°% -1,184,748 4,184,748 ➢NY Wertem Tr 2,517,39
M➢IA lnv,ftnent Agreement 1,651,456 517% AAA 09/01134 517% 1,651,456 1651?56 ➢NY Wertsm Tr 1,651,456
5,836,204
1998/carport GAR➢
NM Govemment&Agency Pant Pl Wait, 366 vanable AM open 1 8e% 366 366 BNY Westom Tr 365
366
199VOR Amon PFC
AIGlnvestment Agr-Fescrve 649,728 370% AAA 01/01/28 570% 549,725 $49,726 BNY Wcemm Tr 849,728
AIM Govemment&Agenry Partf Pnvnte 413.722 vmjabla AAA upon 166% 413,722 413,722 BNY Western Tr 478,90
63,450
1999 Asse rment D-smco 155 A&➢
AIM Govemment&Agenry PortPta.e 925,(:a2 vanable AAA open IS6% 825,642 825,642 ➢NY Wesrem Tr 299960
825,642
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TREASURERS MONTHLY REPORT
tn,..rm BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
09124)Gg AUGUST 31,2008
Coupon Yield Adluaed (memo only) Pnor Qt.
Pnrvalne Rme Rnbng Mnumry to Mammy Com Bn"' Category Total Mmiretvnlue Source Mslretvalue
2001 Assessment Dismct 1571156
(.uh 232,530 232,530 252,530 BNY Western Tr 0
AIM Gove=mai&Agency PoafPrtvaw 165,683 vuiabl. AAA opcu 186% 185.883 165,883 BNYWcstcm Tr 185,SIS
418,413
2002 Pa kmg Stru=c
Cash 3 3 3 BNY Western Tr
Al Govm cot&Agency PoiLfPtivmo 18,913 vonibl. AAA open 186% 1S.013 18,013 BNY Westem Tr 15,873
18,016
2004 Asseiimmlt Dlstrrct 161
AIM Comnnment&Agrmcy PorTPnvme 694,290 'unable AAA open I N6% W,290 6W _90 BNY Western Tr 414,528
644,290
'001 Assessment Disnee,162
AIM Cov mmat&Agency Pertf Pnvaw 227,180 v.vuble AAA open 186% 227,160 227180 BNY Westem Tr 161,206
227,190
M05 Asscs.mcnt Distract I64
AIM Covmmnent&Agency Punf Pnvatu 530,916 varubh AAA open 186% 550,916 550,916 BNY Westem Tr 369,287
550,916
2007 Merged Pr,act I)I&02
Ca.h 17 17 17 BNY Wcswnt rr 17
AIM Covmmnent&Agency Poet Pnvaw 13,539,134 vwuhle AAA upon 186°% 13,539,134 13,539,134 BNY Wcstcm rr 13,497,600
13,539,151
2007 R dmg L m e Revenue Bond:
AIM Covm mot&Agency PoNPnvutu 832 v..bIc AAA open 1S6% 632 832 BNY Wcstcm 830
632
2009 Aupert PFC Rcfundmg
Cash 169 169 169 BNYWcstcm"rr 16.M
AIM Govcn ueut&Agency Ponfliivotu 653,853 vm,abie AAA opcu I 66% 653.653 653,853 BNY Western Tr (;44,114
654.022
Touts S 31,976,604 5 31,976,604 8 30.051.796
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treasrep TREASURER'S MONTHLY REPORT
09/24/08 CALCULATION OF INVESTMENT LIMITATIONS
AUGUST 31, 2008
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $69,219,576
1 year to 3 years 0.00% 50.00% 22.75%
3 years to 5 years 0.00% 30.00% 5.17%
over 5 years N/A N/A 0.52%
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% 2.01%
Corporate Notes N/A 20.00% 2.88%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 6.75%
U.S. Government Agencies N/A 50.00% 21.43%
U.S_ Treasury Notes/Bonds N/A N/A 0.00%
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