HomeMy WebLinkAbout9/17/2008 - STAFF REPORTS - 2.E. PALM SA
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City Council Staff Report
DATE: September 17, 2008 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JULY 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 July 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
$104,397,316 plus $32,514,392 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $104,981,871.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of July 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.%tip
City Council Staff Report
September 17, 2008 — Page 2
Treasurers Investment Report as of July 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 306 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
Ceoffr y S. iehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
22
h'easrep CTTY OF PALM SPRINGS
8/20/2008 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JULY 31, 2008
On Call i)e oslis Adjusted Buss Category Total Percentage
Checlatie Account S 2,093,499
State Pool 69,000,000 S 71,093,483 6310%
Short Tenn rnvesmenls
(I year or less)
Moq,aee Pass•Thrm 7,760,944
Time➢eposRs 1,940,000
U.S Gov't Agencies 989,290 4,690,2?4 4.49%
Medmm Tenn Investments
(1 you to 3 ycros)
Corpomte Notes 2,785,430
Mortgage Puss-Thnis 5,097,650
U.S Gov't Agencies 13,241930 21,115,010 2023%
Long Tcnn invcsrmenrg
(3 years ro 5 years)
US Gov't AgL•ncios 7,499,594 7,498,594 718%
S 104,397,316 100 00%
*Some inveatmenus made prior to the tmpkmentatmn of the
cuncnt investment Policy exceed the 5 year Itmn
trsasrep TREASURER'S MONTHLY REPORT
9/2012008 DETAIL OF INVESTMENTS
JULY 31,2008
Coupon Y,,Id Ad)mtod (mr. ooay) Pner Oe
Par Value Rate Rating Maturely to Maturay Cost Basis Category Told Mark,,t VAuc Souree Market Yalu,,
On Can Depmrit
Chackmg-Bank ofAmmcn S N/A vmable AAA epon 184% S 2,093,488 S 2,093,48S S 82,114
Local A,.,kvmst Fund(lA1F) 69,000,000 von¢ble N/A open 279% 69,000,000 68,996,565 1A1F 74,131,435
71,093,488
Short Temt Investments
(1 yeuror less)
Mortpogo Pass-Thus
Federal dame Loan Mortgage Corporation 465,000 400% N/A 08/01/08 5 56% 31,837 36,177 BNY Western Tr 67,830
Federal Flom,,Loran Mortgage Comoranon 1400,000 400% N/A OWOV08 543% 204,012 217,092 BNYWcstcm Tr 274,655
Federal Home Loan hlongnge Corporation 1,800,000 45014o N/A 11/01/08 5V/° 325,355 333,230 BNYWcs1ernl5 3-17,312
Federal Home Loan Mortgage Corporation 3,000,000 500% N/A 02/07/09 503% 160,082 161,425 BNY Wusmm Tr 165,973
Federal Home Loan Mortgage Corpcestian 2335,000 150% N/A 03/07/09 498°A 622,241 630,290 BNYWermm Tr 664,419
Federal Homo Latin Mmtguge Cmpormon 480,000 400% N/A 04101/09 519% 176,176 181,629 BNYWestem Tr 149242
Federal Home Loan Mnmgnge CmpemPOP 540000 350% N/A 06/Ot/09 479% 241.259 255,993 BNY Western Tr 268,120
1.760,944
Tame Depmsnn
CD Account Registry Ser+lcc(CDARS) 940,000 535% AAA 07/17/08 550% 0 0 Pahu Desert Noi Bank 940,000
C➢ACCOnnr Registry Service(CDARS) 94,000 535% AAA 07/211/08 550% 0 0 1'uhn 1)usrt NaL 8.mk Kong
CD Account Registry Service(CDARS) 1,000,000 400% AAA 03/12/09 409% 1,000,000 1,000,000 Palm Desert Nxc Bark 1,000,000
CD Account Repjsuy Service(CDABS) 9110,000 3 0096 AAA 07/16/09 3 00% 940,000 940,000 Pam Desert NuL Bark 0
940,000
US GOvt Agcney Saturmm
Federal home Leon Mongnge Cmpovten 1,000,000 339% N/A 04115/09 30% 9W,280 1,003,750 BNYWwIem Tr 1,004,063
Federal dome Loan Mortgage Carpornmmn 750,000 3 00% N/A 07115/09 3 67^0 0 U BNY Westem Ti 750,117
989,280
Morhum Tram Investment,
(1 vearto 3 years)
Corpmnum News
Wells Fargo&Compwty 800,000 39S% AA1 10/29/10 420% 795,160 795,600 BNYWagarn Tr 796,240
SBC Cmnmumcatom,lne 1,000,000 530% A2 11/15/10 517% 1,004,150 1,026,000 BNY Westem Tr 1,022,670
Goldrmn Saah,Gruup,Inc 1,000,000 5 00% 1N 01/15/11 5 37% 986.120 997,570 BNY Westem Tr 996,490
2,7S5,430
inenre, TREASURER'S MONTHLY REPORT
Sf2,12098 DETAIL OF INVESTMENTS
JULY 31,2008
Coupon Y,eld Ad)wred (memo ovly) Frtar Qtr
Per V.duo Rate Rating Mmwdy mMatunty cart not, Category Tom[ Marker Value So.. Mark=Value
Mortgage Page-Tlum
Fcdrnd Home Lon Martgoge Corporation 570.000 450% N/A 09/01/09 537% 277,013 267,802 BNYWostian Tr 297,915
redeml Home Loan Mortgage Corporation 3,000,G00 5 50% N/A 10/01/09 5 d3% 207,541 214,Mi BNY Wertem Tr 220,655
Federal Home Loan Mortgage Corporation 2.050,000 45n% NIA 10/ol/09 503% 322,551 325,2" BNYWc5earn Tr 535,770
Federal National Manisa,A.cnrm,n 2,700,000 450% N/A 01/01/I0 491% 477,881 493,566 BNYWestem Tx 507,954
Fdd.rd National Mnrtgagp Assamanon 2,500p00 450% N/A 02/01/10 446% 517,776 523,756 BNY Wesrcm Tr 537,786
redeN Home Lon,Martgoge Corpocatum 1,455,000 450% N/A 02/01/10 5 M% 754,175 368,675 BNY Wertmn Tr 375,347
Federal National Metrgagc Asucution 1.000,000 400% N/A 03/01/10 512% 308,603 317,282 13NY Western Tr 330,096
Federal Home Lon Mortgage Comoranon 2y80,000 d50% N/A OS/01I10 529% 680,193 708,712 BNY Western T} 719,099
Fedmd More Lonn Martgoge Corporation 1,370,000 500% N/A 09/011T➢ 335% 375,723 387,655 BNYWoxem Tr 395,891
Federal National Mortgage Asonation 500,000 400% NIA 10/01/10 495% 196,130 200,726 BNY Western Tr 20-1,605
Federal Home Loan Bards 775,000 4 75% N/A 10/P 110 4 gg% 493,419 499 490 ANY Wesrcm Tr S02,686
Federal Hem.Lon Mortgage Cor,rrpidan 1,015,552 4 50% N/A 0J01/11 5 24% 421.696 436,107 BNY Wesrcm Ti 444,449
Federal Rome Loan Martgoge Corporation 695,000 400% N/A 04/01/11 522% 353,911 367t95 BNY We.mm Tr 372,605
Federal Home Loan Mortpege Corpomuon 200,000 45n% NIA oVol/11 537% 100937 105,105 BNYWertem Tr 107,185
5,087,650
U S Gov't Agnoy Securities
Federal llome Lon Bank 500.000 410% N/A OIJ09/2n 460% 49d,293 500,156 BNY Waeimn Tr 500,156
Federal Home Loan Bonk 750,000 5 30010 N/A 12/15/10 5 40% 747,638 756,797 ➢NY Wesrem Tr 757,500
Federal Home loan Mortgage Cmpomtion 1,000,000 403% NIA MGM 405% 1.000.000 1,006,570 BNY Western Ti 1,007,198
Federal Farm Crtna Hart, 1,000,000 438% N/A 06/23/11 438% 1.000,000 1,006.875 BNY Wastmn Tr 1,009,750
Federal Home Lonn Martgoge Comornou 1,000,000 400% N/A 06/24/11 400% 1,000,000 1.001.540 BNYWa.tem Tr 1,002,450
Fedemi llprae Loan Bank 1,000,000 410°A NIA 06/24/11 410% 1,000000 1.007,300 ➢NY Weetem Tr 1,008,125
Federal Home Loan Bank 1,000,000 413% N/A 06P4/11 413% 1,000,000 1,00S,125 BNYWcstem Tr 1,032,2o6
Federal National Mmtgvge A::nomtion 1,000,000 400% WA 06/1,1/11 400% 1000,000 1,004,063 BNY Wesrcm Tr 1,006,555
FodnW Home Low Mmrgngc Corporation 1,000.000 425% N/A n6/30/1I 425% LOGO,000 1,u%,630 BNY Wusuan Tr 1,007,950
Fedmd dome Law Rank L000,000 A28% N/A W30111 129% 1,000,000 1,006875 BNY Weetem Tr 0
Federal Fenn Credit Bank 1,000,000 4 10% N/A 07/07/11 4 1v/. 1,000,000 1,003,436 BNY Westcm Tr 0
redeml Rome Lonn Bank 2,000,000 550% N/A 07/27/11 550/. 2,000,000 2,040,000 BNY Wee-Tern Tr 2,044g75
red.]Rome Loan Bank 1,000,000 55W N/A 0727/11 550% 1,000.000 1,020,000 ➢NYWe,n Tr 1,022,188
13,2,M11,930
Long Term lnvesunent
(3 core to 5 ems)
US GoNt Agnry S... n,
Federal Home Loan Bind 2,000,000 5750/. NIA 06/01/11 575% 2,T) AnOn 2,000,000 BNY Western,Tr 2.004,375
• Fcdeml Home Loan Bank 1,000,000 402% N/A 12/23/11 402% 1,000,000 1,001,563 13NY Western Tr 1.001,563
Federal Home Loan Moei,,o Corporation 1800,000 402% N/A 06,25112 402% 1.000,000 1,000,240 BNY Western Tr 1,001,140
Federal Horne Loan Medgage Cmpmmtnn 1,000,000 5 50% NIA 09/10/12 5 500K 1,000,000 1,003,297 BNY Westcm Tr 1,005,615
Federal Herne Lawn Mmtg.ge CorPornnan 1,00000D 530% N/A IO/16/12 530% 1,000,000 1,003,930 HNY Wc.tem Tr 1,007,410
Federal dome Law Man,,,Corporation 1,000,000 400% N/A 06/IM13 100% 1,000,000 1,001,930 BNY Western Tr 1,002,490
Fm...mg Cmpomnon(FTCO) 500,000 960% N/A 04/OG/18 960% 498,594 696,675 Nan...➢wk 694,063
7.498.594
�7
CS1
TONI Inveskd Cash 9 104,397,316 $ 104-981.871 8 107,239,645
TREASURERS MONTHLY REPORT
treaarep MISCELLANEOUS AND TRUST ACCOUNTS
8/20/2008 JULY 31, 2008
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total
Total invested Cash $ 104,397,316 $ 104,397,316
$ 104,397,316
Miscellaneous ACCnmILS
Petty Cash 3,275 N/A N/A open none 3,275
Revolving Fund-Bank of America 12,624 N/A N/A open none 12,624
Trust&Agency-Bank of America 1,479,912 N/A N/A open none 1,479,912
Downpayment Assistance(Housing
Fund)-Washington Mumal 33,619 Variable N/A open 025% 33,619
Workers Compensation-Bank of America -2,738 N/A N/A open none .2,738
General Liability-Bank of America 802 N/A N/A open none 802 1,527,493
Deposits Held In Trust
Time Deposits
(FDIC Insured)
Guaranty Bank(Coyote 8prmgs Apt) 19,829 2 72% N/A 6/24/2009 2 75% 19,829 19,829
Total Cash Deposited F 105,944,638
TREASURER'S MONTHLY REPORT
to cp BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
08/20108 JULY 31,2008
Coupon Yield Ad)mted (memo only) Prior Qtr
Par Vulue Rare Rating Mxtm Ity TOMarunty Coot Bn,• Category Total Market Value source Market Vilue
1991 NWO 1104.Convention Cotton
Co-sh 503 503 503 BNY We,em Tr 50"a
AIM Government&ASeacy l'orif Pnvem 9,720741 vmmblc AAA open IS7% 3.760,741 3,780,741 BNYWn,em Tr 444,339
AIG lnvestveni ASicemem 1.290,673 556% AAA 11/01/25 536% 1,280,673 1,280,673 BNY We=Tr 1.280.673
AIG Investment Agreement Ir9Q000 666% AAA 11101(21 668% 1,290,000 1290,000 BNYWcsicm Tr 1,290,000
MBIA lnveswant Ageccmcnt 1,300,402 358% AAA 11/01/35 558% 3.300.402 3,300,402 BNY Wesiem Tr 3,300,402
9,652.319
199ZI06 Avpon
AIM Shon=few lnvcsr-Prsy Pnvuti 1,093,713 variable AAA open 187", 1,093,713 1,093,713 BNY Wesmm Tr 2,160,621
1,093.713
lee POI Sntcs B-Housmg
AIM Govmtnrni&Agency PorffPnvnte 353,713 vor.able AAA open 167% 353713 353,713 BNY Western Ti 4,374
AlG invastnent Agreement 469,105 522% AAA O8/01/21 522% 46S 105 '168,105 BNY W..uan Tr 465,105
22I 418
19NI04 Sene•A&B
AIM Government&Agency PordPrivate 2,521,057 variable AAA open 187% 2,521057 2,521,057 BNY Western Tr 2,517,259
MBIA Invnrtnenr Agreement 1,651,456 517% AAA 09/01/34 517% 1,651,456 1,651;156 BNYWestmn Tr 1,651,456
4,172,513
ON Airport GARS
AIM Govntuamt&Agenry PortfPnvnra 366 v. .iblo AAA o,n 178% 366 366 BNY Wcsicnt rr 365
366
1998/OS Almon PFC
A1Glnveepnent Agr-I[oscrvo 649,728 570% AAA 01/01/28 570% 849,728 649,726 BNY Westem Tr 3g9,723
AIM Govenmicni&Agency Pord Pnvate 309,582 vswblc AAA open IS>% 308,552 308,562 BNY WCarerfl It 478,390
1,155,310
1998 Aa9e6al10nlr District 155 A&13
AIM Govetrmicur&Aguri Pont Pnvutc 300,411 vazrabin AAA open 187% 300,413 300,413 BNY Womem Tr 299,960
300,413
TREASURER'S MONTHLY REPORT
�cp BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
0&20i05 .1ULY 31,2008
Coupon Yre1d Adjusted (memo only) Pnnr Qn
PA'value Rate ILnng Mntnnry to Matwiry Cost Bun: Category Total Market Value Source Merkcr Vnlpc
2001 Avessmnnt Mutnct 1571159
ABM Govenwmt&Agmny Pnrtf Pnvnte 185,593 vwnble AAA open 137% 185.593 155,593 BNYWestom Tr 155,313
10.593
2002 Parkmg 5emm.m
Cush 3 3 3 BNY Wcsum Tr
AIM Govmunmt&Age.,Pone Pnvate 19,027 vanable AAA open IA7% 19,027 19,027 BNY Western Tr 15,873
19,030
2004 A. csnnmt Distncn 161
AIM Govemmmt R Agency Pord'Prrvmc 415,153 veuablt AAA npen 187% 415,153 415,153 BNY Wertem Tr 414,528
415,153
20M Assessment Distract 162
AIM Government&Agmry Po fPnvme 161,1449 ..hle AAA open IST/. 161.449 161449 BNYWestem Tr 161,206
161,449
2005 Asse,m.t D.anct led
AIM Govcmmcnt&Agmry Ponf Prrvae 369,844 Unable AAA npen 1670K 369,344 369,844 BNY Western Tr 269,297
369,Aaq
2007 Merged Projecr C l @92
Cash 17 17 17 BNY Wcacm Tr 17
AIM Govemmmp&Agency Potd Puvato 13,517,9(5 variable AAA npen 187% 13,517,965 13,317,965 BNYWe..Tr 13,497,600
13,517,982
2007 RcPunrhng U.e Revenue Bands
AIM GOvommmt&Agmry Part Pnvnte 831 vnnnhlc AAA open 187% 831 83I BNY West=Pr S30
831
2008 Aupon PFC Rdunrhng
Cash 169 169 169 BNY Wester Ti 16,350
AIM Govcmmcnt&Agntey PurffPnvatc 6 '891 v.uiublc AAA open 187% 644.891 644,891 ANY Wcstem Tr 644,114
645,060
Totals S 32,514,392 S 32514392 S 30,051,]96
treasrep TREASURER'S MONTHLY REPORT
08/20/08 CALCULATION OF INVESTMENT LIMITATIONS
JULY 31, 2008
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $75,7U,712
1 year to 3 years 0.00% 50.00% 20.23%
3 years to 5 years 0.00% 30.00% 6.70%
over 5 years N/A N/A 0.48%
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% 1.86%
Corporate Notes N/A 20.00% 2.67%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 6.56%
U.S. Government Agencies N/A 50.00% 20.81%
U.S. Treasury NotesBonds N/A N/A 0.00%
GS