HomeMy WebLinkAbout9/3/2008 - STAFF REPORTS - 2.I. ALM SAS
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City Council Staff Report
DATE: September 3, 2008 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JUNE 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 June 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
$106,499,776 plus $30,051,795 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $107,239,644.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of June 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.
City Council Staff Report
September 3, 2008 — Page 2
Treasurer's Investment Report as of June 30, 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 259 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
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Geoffrey S. Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
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treasrep CITY OF PALM SPRINGS
7/25/2008 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JUNE 30, 2008
On Call De osits Adjusted Rags Category Total Percentage
Chcckmg Accotuu S 82,114
Staec Pool 74,000,000 S 74,082,114 69.56%
Short Term Investments
(1 year or leas)
Corporate Notes 0
Mortgage Pass-Thrus 1,923,222
Time Deposits 2,034,000
U.S Gov't Agencies 989,280 4,946,502 464%
Medium Term Investments
(1 year to 3 years)
Corporate Notes 2,785,430
Mortgage Pass-Thrus SZ2,705
S Gov't Agencies 8,984,430 16,972,565 15.94%
Long Tenn Investments
(3 ycarg m 5 ycarg)
U.S.Gov't Agencies 101d98,594 10,498,594 9.86%
$ 106,499.776 100,00%
'Some investments made prior to the imp)emeAltatlon of the
curtent Investment Policy exceed the 5 year limit.
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neserep TREASURFR'S MONTHLY REPORT
7/3/2003 DETAIL Or INVESTMENTS
JUNE 30,2008
Coupun Vicki AdiustW (mom only) Pnor QV
Pnrvaluc Role Rutmg M..ty to mmurny Coer Bays Camgory lout Market Value Source M.rker Value
O.Call Deposits
Checking-Bank ofBm=a $ N/A variable AAA open I62% S 82,114 S 92,114 S 315,S9q
Local Agcmy lnvaet Fund(LArr) 74,000,000 va file N/A open 289% 74,000,000 74,131435 LAIF 65,48.1,441
74,082,114
S' Timm Invemoenr.
f 1 vent nr le-•)
C.,mmte Nnte:
Wells Fargo Compnn, 1,000000 35CFo AA1 04/04/05 373% 0 0 BNY W,tem Tr 999990
0
Mortgage Pm.;-Thrus
Federal Homo L..m M.ngaga Cmpomnon 2,eWQ000 400% N/A 06101/O9 AR2% 0 0 BNY Wa;Tem Tr 525,662
Fad ral Home Loan Mortgage CoMoranan 465,000 -100% N/A OS/01/0R 5 56% 63,463 67,930 BNY Western Tr 113,278
Fadaml home Leon Mortgage Corporation 1;100,000 400% WA OW0IM 543% 261,535 274,655 BNY Wesrcm'It 370,913
redernl Home Loan Mortgage Corpomtmn 1,800000 450Y. N/A 11/O1108 507% 329,352 347,312 BNYWactem Tr 408,5227
Federal Home Loan Maftgagu Corporation O,000,000 5 00% N/A 01101/09 5 08% 164.562 165,973 BNY Wearem Tr 202,171
Federal Homo Lean Mortgage Cnrpmmhnn 2,335,000 •ISO% N/A 03/07/09 4AR% 6M,970 664,419 ANY Western Tr 752,983
Fcdc Home Loan Mortgage Comornnon 480,000 4 00% NIA 04MI/09 5 18% 182,846 1 RR 242 BNY Western Ti 210,654
Fedam111ame Lon.Mortgage Corporation 540,000 350% N/A O0101/09 479% 255,475 268,120 BNY Weswm Tr 304,969
1,923,222
Time D,.nl,
CD Acmum Registry SeMCC(CDARS) 940,000 535% AAA U7/17IO8 550% 940,000 N0,000 Palm Desert Nat Bond, 940,000
CD Accoum Registry Service(CllARS) 94,000 535% AAA 07/24/03 550% 94,000 91,000 Palm Deert Nat Bank 94,000
CD Acenunr Regsry SLrvgce(Cl)MlS) 1,000,000 4 00".6 AAA 03/12/09 4 OSIA 1 000 000 1 000,000 Palm Desert Nut Bank 1,000 000
2,034,01)U
ll S Gov't Agency Scountms
Federal Ham.Loan Mangage Cmpnratmn 1,000,000 5 25% NIA 06/2VOA >�r% 0 0 BNY Weseent It 1,006,670
Fadcral Home Loan Mango,CoMorndon 1,000,000 3389/. NIA 44115/09 365% 989,280 1,004,063 BNY WLawnt'f[ 1,011,3o
989,280
Medlin.Term rnvesrmenls
(1 year ea 3 y=,)
Corpnmte N9t11
Well,Fmgo&Company 500,000 398y AAI 10129/10 420% 795,160 796,240 BNY Wertem Tr R10,875
SBC Coawtmncaoons,Inc 100,00U 330% A2 11/15/10 517% 1,004,150 1,022,670 BNYWestcm Tr 1,037,590
Gnldman Sachs Group.lac 1,000,000 5OWA AA3 01/15/11 537% M.120 996,490 BNYWeatem Tr I'llim00
2,735,430
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tier TREASURER'S MONTHLY REPORT
'rns/2vv6 DETAIL OF INVESTMCNTS
TUNE 30,2009
Coupon Yield Adlaned (memo only) Prtor Qtr
Par Valuo I1utc gntmg Maturity to Mutunty Cox Bans Cntegory Total Merkur Valuo Suurcu Mmkct Vnlue
Fedeml Home Loan Mortgage Corporation 570 000 4 50% N/A 09/01/09 5 37% 286,998 297,815 BNY Western Tr 333,107
Federal Home Lose Mortyaye Corporation 3,000,000 5 50% NIA 10/01/09 5 4'% 213,877 220,655 BNY Western Ti 243,637
Federal lama Lem Mortgage Cmyormon 2,030,000 450% N/A 10/01/09 503% 332,197 355,770 BNY We:tem Tr 371204
Fedeml Nominal Mor,,age Assoctauon 2,700,000 450% N/A 01/01/10 491% 492,189 507,954 11WWe,tem Tr 547,948
Federal National Mortgage Assocmtim 2,500,000 4 50% N/A 0101110 4 4e% 531,694 527,786 BNY Wcslcm Tr 588,753
Federa111ome,Len Mortgage Corporation 1,455,000 450% N/A 02/01/10 522% 260,717 375,347 BNY We,tem Tr 407,720
Federal National Mortgage Aaegcmnan 1.000.000 a00% N/A 03/01/10 312% 321,105 330,006 BNY Wosunn Tr 352,212
Federal Home Coati Mongoge Corporation 2290,000 d50% N/A 05/01/10 519% 691,104 719,09E BNY Weeaem Tr 7,54,299
Federal Home Lem Moftpgu Corporation 1,370000 500% N/A 09/01/10 535% 183,373 395,891 BNY Western Tr 420,300
Federal National Mcrtye As:omenaa 500,000 -100% N/A 10/01/10 495% 199,798 2w,605 BNYWcstmn Te =.638
Federal Home Loam Bank 775,000 475% N/A 1aL'5/10 4us% 498,293 502.686 ➢NYWesmm Tr 52;,1 PA
Fedeml Hamc Loan Mort8age Corporation 1,015,552 4 50% N/A 0201/l1 514% 429,249 d44,dd8 BNY Western Tr 464,298
Federal Home Lem Mottgxgo Curpmaton 695,000 400% N/A Od/01/11 5a,% 359,295 372,605 BNY Wcstem Tr 389,912
Federal Home Lawn Mang.,Cmporatiaa 200,000 -150% N/A 05/01/l1 517% 102,826 107,IA5 BNY Wuiem Ti 110,630
5,202,705
lJ 6 Gov t Agency$ecuriie,
Fedrral llama Loan Morrgnge Comomtion 750,000 300% N/A 07/IS/09 367% 742,500 750,117 BNY Wmtmn Tr 751,703
Fedem111ame Lnnn Bnak 500,000 410% N/A 03/0VIO 160% 494293 500,156 BNY We,rtmn Tr 500,156
Fedeml Home Low Book 750,000 5 30% N/A 1,115170 5 d0% 747,638 757,500 BNY Westem Tr 764,766
Federal Homo Loan Mmrgnge C.M mtior 1,000,000 4 05% N/A 12/30/l0 4 05% 1,000,000 1,007,196 BNY WeaL.Tr 0
Fedmul Furth Credit Bank 1,000,000 439-A N/A 060/11 436% 1,000,000 1,008,750 BNYWntcm Tr 0
Federal home Lpan M,nmltF Corporation 1,000,000 400% N/A OW24111 4 00% 1,000,000 1,002,450 BNY Wcacm Tr 0
Federal Home Lem Bulk 1,000,000 410% N/A 06/24/11 410% 1,000,000 1,008,125 BNVwioucm Tr 0
Federal Home Loam Bank 1,000,000 413% N/A 06/24/11 413% 1,000,000 1,012,206 BNYWesmm Tr 0
Federal Natmnd Mortgage Aypemoon 1,000,000 400% N/A 06/24/11 400% 1,000,000 1,006.355 BNY We.u.:n Tr 0
Federal home Lnnn Mmrgage Corporation 1,000,000 d 25% N/A 06/30/11 4 25% 1,000,000 1.007,950 BNY Wertem Tr 0
8,964,•130
Long Term Investment
1+veralee lNs)
GS Gov t Agency Seeurtnc,
rederal dome Len Bank 2,000,000 550% N/A OV27111 550% 2,000,000 2,044,375 BNY We,rrn Tr 1.,081,Z,10
Federal Home Lou Book 1,000,000 550% N/A 07/27II1 550% 100,000 1,0�,199 BNY Western Tr 1,040,625
Federal Home Lom Bank 2,000,000 575% N/A 08/01111 575% 2,000,000 2,004,575 BNY Westma Tr 2,023,125
Federal Homo Leon Bank 1,000,000 •102% N/A IM1,111 402% 1,000,000 1,001,563 BNY Weauav Tr 0
Federal Homo Lawn Mortgage Commetinn 1,000,000 •102% N/A 06/25/12 4U_/ 1,000,000 1,001,140 BNYWesmm Tr 0
Federal Home,loan Mortgage Cmporetiaa 1,000,000 550% N/A 09/10/12 150°4 1,000,000 1,005,615 BNY Westcm Tr 1,01d,612
Fedeml Homo Lam Mortgage Contemn,. 1,000,000 530% N/A 10/16/12 53w° 1,000,000 1,007,410 8NY We.tmn Tr 1,016,710
Fodcral Fmm Credit➢.1, 1.000.000 a97% N/A 01/1O/13 497% 0 0 BNY Western Tr 1000,625
Federal llama Lpm Mortgage Corporation 1,000.000 d00% N/A 06/10/13 400% 1,000,000 1,002.490 BNY We:tem Tr 0
Financing Cml,ornnon(FICO) 500,000 980% N/A 04/06/16 980% 49959a 694,063 Nnton:Bnnlr 731,563
10,496,594
Total Invested Lash S 106499776 i 107.239."l S 93,274249
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TREASURER'S MONTBLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
7/2512008 JUKE 30, 2008
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category 1"otal
Total Invested Cash S 106,499,776 $ 106,499,776
$ 106,499,776
Miscellaneous Accounts
Petty Cash 3,275 N/A N/A open Done 3,275
Revolving Fund-Bank of America 10,325 N/A N/A open none 10,325
Trust&Agency-Bank of America 1,342.683 N/A N/A open none 1,342,683
Dowapaymcnt Assistance(Housing
Fund)-Washington Mutual 33,619 variable N/A open 0,25% 33,619
Workers Compensation-Bank of America 4,566 N/A N/A open none 4,566
General Liability-Bank of America 802 N/A N/A open none 802 1,395,269
Deposit 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 $ 107,914.874
TREASURER'S MONTHLY REPORT
veanrep BOND ISSUE RESERVE,DEBT SERVICE& RELATED FUNDS
07/25/03 JUNE 30,2008
Condon Yield Ad,,u,d (memo only) Prior Qlr.
Pnr Vnlne Rate luu, Maturity to Mal=ry Cost Bea: Cnregory Total Markct Value Sourer Mtrktt Vsluc
1991/97101/04 Convnnoon Confer
Cash 503 503 50;1 BNY Wcstcm Tr 0
AIM Govc=ent&Agency Portd Pnvatc 446559 vanable AAA open 1780A 444,339 —'^"19 BNY Western Tt 358,068
AIG lnvtsunutt Ageemrmt 1,280,673 536% AAA 11/01/25 536% 128067; 1,280,673 BNY Wcstctn'lr 1=80,673
AIG lnvowment Ay ement 1,290,000 668% AAA I1/01e1 66R°G 1290,000 1290,000 BNY Wcsdtn I 1290,000
MBIA Invesment Agemamt 3,39Up02 556% AAA II/0155 558% 3300e02 3,300,402 BNY Westtm'fe 3,300,402
6,315,917
1992 06 Anpmt
AIM Short-Term invest Trt,PnvaC 2,160,621 v.nmblc AAA .pen 179% 2.160.621 2,160,621 BNY Wertem Tr 1doo'a8
2,160,621
1991101 Sene•B•Thoumng
AIM Government&Agency PmrFPnvn¢ 4,374 rumble AAA open 178% 4,574 4,374 BNY Weatem Tr a,353
AIG Investment Ageement 468,105 522% AAA 08/01/'l 522% 406.105 169,105 BNY We..Tr a68,105
472,479
1994/04 Senn:A&B
AIM Government&Agency Portf Pnvntc 2,517N59 vurubl. AAA open 17S% 2,517,259 2,517,259 BNY Western Tr 2,500,3&1
MBIAJnv.s .LAgecment 1,651,456 317% AAA 09/01/3a 517% I,e516450 1,651.456 BNY Weston Tr 1,651,456
A,166,715
1998 Avpon GAI0
AIG JaWSIrnertt Ag-ltcmva 0 5700 AAA 01/0128 570% 0 0 BNY WcIent Cr 561=
AIM Govemmennr&Agency P0nf1'uv3tu 365 vmmhle AAA open 178% 365 365 BNYwvtem Tr IS6,934
365
TREASURER'S MONTHLY REPORT
rrcasmp BOND ISSUE RESERVE,DEBT SERVICE& RELATED FUNDS
07nS/08 ,TUNE 30,2008
Coupon Ymld Ad3uted (mums.only) Pnor Qu
Por Value Rote Rnnrig Matmtty to Metunty Cost Basis Catcgory'foW Market Value Source MakuLValuu
1998/08 Airport PFC
A1G lnmulututAge-R.amvc 359,728 570% AAA 01/0112S 570% 849,728 849,728 BNY Wcmcrufr 349,728
ARM Govemmenl&Agency P.rtPnvate 478,390 vvnable AAA up. 178% 478390 47A390 BNYWesrem'D 219,439
1,328,119
1992 Assessment D,slrmt 155 A&B
AIM Govermncin&Agency Port Pn a 299,960 variable AAA .pen 178% 299.960 299,960 BNYWesmm Te 299,521
299,960
2001 Assessment DeVim IS71153
AIM Gove=ent&Agenry Portf Pnvnle 185,313 vnnnble AAA .pen 178% 185,313 185j 13 BNY West.it 184,427
185,312
2002 Pakir,So-uctur i
Cash 3 3 3 BNY Wcatem Tr ,,
ACM Govmnment&Agenry PorrfPdvam 15,972 variable AAA .,an 178% 15,373 15,873 BNY Wcatem Tr I2,32I
15,476
2004 Assessmmt DiS ct 161
AIM Gavommmt m Agenry Puff Pnvnle 414,528 variable AAA .,an 178% 114,523 414,526 BNY Westmn Tr 412,530
414.528
2004 Assessment Di=ct 161
AIM Govmmnent&Agenry Pord Pnvnle 161,206 variable AAA open 178% 161206 161,206 BNY Wertem Tr 160,430
161,206
20051nse.:mcnt Distncr 164
AlM G.vemment&Agency Por fPrevnte 369,20 variable AAA open 178% 369 287 389257 BNY Wertem Tr 367,509
369 2S7
200 Merged Pr,cct UI&n2
Cash 17 17 17 BNY Wc. Tr 17
AIM Governmmu&Agency PortlF nvnte 13,497,500 ennoble AAA open 178% 13.497,600 13,497,600 BNY Wusmm Tr 13,d37,775
13,497,616
2007 Refunding Lease IGmimua Bond.
ARM Govemmenl&Agency Port Pnvnte 830 variable AAA open 17S% 830 830 BNY WuU=Tr 1,755,913
830
2008 Airport PFC Befundmg
Cash 16950 I0,850 14,850 BNY Wsu:m Tr 0
ARM Govcrnnict Agency Port Pnvnle &14,114 ...ble AAA open 172% 6M,114 044,114 BNY Wosdm Tr 0
660,965
Totals S 30,051795 $ 30.051,795 S 30.67(,_600
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treasrep TREASURER'S MONTI--ELY REPORT
07/25/08 CALCULATION OF INVESTMENT LIMITATIONS
JUNE 30, 2008
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $79,028,617
1 year to 3 years 0.00% 50.00% 15.94%
3 years to 5 years 0.00% 30.00% 9.39%
over 5 years N/A N/A 0.47%
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% 1.91%
Corporate Notes N/A 20.00% 2.62%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass %u's N/A 10.00% 6.69%
U.S. Government Agencies N/A 50.00% 1922%
U.S. Treasury Notes/Bonds N/A N/A 0.00%
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