HomeMy WebLinkAbout7/9/2008 - STAFF REPORTS - 2.E. ;o?ALMgp�
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9L�F0RN, City Council Staff Report
DATE: July 9, 2008 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF MAY 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 May 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
$104,759,106 plus $29,853,181 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $105,531,316.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of May 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
under
Item No. 2 . E •
City Council Staff Report
July 9, 2008 — Page 2
Treasurer's Investment Report as of May 31, 2008
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 187 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 S�Kiehl, Director of Finance and Treasurer
Attachments: Treasurer's Investment Report
00000
treasn r CITY OF PALM SPRINGS
6/16/200S TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
MAY 31, 2008
On Call De osns Adjusted Basis Category Tom) Percentage
Checking Account S 881,754
State Pool 80,000,000 S 80,881,754 77 21
Short Conn Investments
(1 you or less)
Corporate Notes 0
Mortgage Pass-Thrus 2.013.676
Time Deposits 2,034,000
U S.Gov4 Agencies 1,989,280 6,036,956 5 76"/.
Medium Tenn Investments
(1 year to 3 ears)
Corporate Notes 2,785,430
Mortgage Pass-Thrus 5,468,516
U.S Gov't Agencies 1,984,430 30,238,376 977%
Long Tenn Investments
3 years to 5 years
Mortgage Pass fhrus 103426
U S.Gov't Agencies 7,498,594 7,602,020 726%
S 104,759,106 100.00%
*Some investments made prior to the implementation of the
current Investment Policy exceed the 5 year limit
0000�3
Fensreo TREASURER'S MONTHLY REPORT
6/1612008 DETAIL OF INVESTMENTS
MAY 31,2008
Coupon Yield Ad3ustud (memo only) Pnor Qn'
Fur Value Rate Rmm2 Mmmnry N Mal.a, Cast Busts Cutayory T.0 Market Value Source Market Vnloc
On Call Deposits
Checking-Bank ofAmencn S N/A vnnn6le AAA Open 124% S 681,754 8 681,754 5 315,594
Lacul Agency lnvest Food(LArr) 60,000,000 vmtz6k NIA open 307% 80,000,000 80,142.092 LAIF 66,484441
80,881,7b4
Short Term Inv,tment.
I car or less)
Cmpomte Note:
Wells Fargo Company 1,000,000 350% AA 04/04/0F 173% 0 0 BNY Westem Tr 999,990
0
Met".Pusr•Ttrnu
Fedeml Home Loon Mortgage Coepofuuoa 2.600,000 a00% N/A Oe/01/09 482% 219,6n4 233,320 BNY Wertcm Tr 525,662
Federal Home Lana Mcet,aye Cmpomton 465,000 A day, N/A 08/01/08 5 56% 84,921 99,221 BNY Westcm Tr 115,278
Fadcrd Homo Loan Morryuge Cmpomnon 1,400,000 400% N/A 09/01/03 543% 297,939 -,10,892 BNY Western Tr 370.918
Fcdcrel home Lam Mce gpge Corpomaw 1,800,000 4 50% NIA 11/01/08 5 07% 369,545 571,795 BNY Western Ti 409,327
redeml lrome Loan Mcrrgnge Corporation 3,000,000 500% N/A 02/01/09 508% 174,123 175,725 BNY Western TV 202,171
Federal Home Loon Mortgage Corporatran 2,335,000 450% N/A 03/01/09 4 98% 683,864 62,572 BNY Wc:err Tr 752,95;
Federal Home Loan Morrgegu Corpomuon 480,000 400^n N/A 04/01/09 313% 169,780 195,936 BNYWessm Tr 210,654
2,019,676
Term Depos r4
CD Account Registry Service(CDAaS) 940,000 535% AAA 07/17/Ok 550% 940,000 940,000 Palm Deerr Nor Rank 940,000
CD Account Reeisuy Sermee(CDARS) 94,000 535% AAA 07/24/08 550% 94.000 94,000 Palm➢eoere Nor Bnnlc 94,000
CD Account Regtsuy SYvlco(CDARS) 1,000,000 400% AAA 03/12/09 a06°% 1,000,000 1,000,000 Pnlm Desem Nat Bank 1,000,000
2,034,000
US Gov'tAgencySecuntm-
Federal Home Loan MorrgugcCorporation 1,000,000 525% N/A 06/27/09 515% 1.000,000 1,001,950 BNY Wostem Ir 1,006,670
Fed{ml Home Loan MorrBnpe Coiporauan 1,000,000 338% N/A 04/15/09 3n5"/° 969280 1,005,939 BNY We-torn Tr 1,011250
1,939,230
Medium 1'crrn Inveswents
f 1 vow to 3 vein)
Corporate Notes
Q Wells Fargo ti Company 800,000 398% AAI 111/z)/10 420% 795.160 792,912 BNY Western Tr 810,875
SEC Couununmatoar,lac, 1,0muco 530% A2 ll/15110 517% 1,004,150 1,026,240 BNY West.Tr 1,037,590
Goldmmt Sachs Cnaup,lac 1,000,000 500°Po AA'-' OII15/11 537% 936,120 1005,"aa0 BNY Western Tr 1,018,800
2,785,430
b1pti
trwaeF TREASURER'S MONTHLY REPORT
6/162008 DETAIL OF I N V ES'I•M ENTS
MAY 31,2008
Coupon Yield Adjusted (nn wa only) 1'noe Qa
Par Value Rate Raring Mamrny t9 Maturity Cost Basis CmeRoryloml Market Value Source Market Value
Mongngc Pus=rlmus
Fcdrnd Hum.Low Mortgxg,Corporation 540 000 3 50% NIA 06N1/09 4 79% 260,939 274,048 ➢NY Wa uam Tr 304,S69
rederal Home Low Mmrg¢ge[brpnmtinre 570 000 4 50% N/A 09/OI/09 5 3 7% 296,697 3013,10 BNY Western Tr 3,3,107
Federal Home Loan Mormcige Commotion 3,000,000 550% N/A 10/01/09 543% 222,777 230,087 BNYWestera Ti 2113,637
Federal Home Loan Mortgage Corporation 2,050,000 4 50% N/A 10/01/09 5 03% 345,487 348,573 BNY West.Tr 371,204
Federal National Mortg rg.Assomanon 2,700,000 4 50% N/A 01/01110 4 91% 302,407 519,138 BNY We.tmn Tr 547,94E
rode al Nm.enI Mortgag.ns:¢n¢non 2,500,000 450% NIA 02/01/10 4469A 5d2,SS0 550,045 ➢NY Weaem Tr 59s,753
Federal Home Loon Mortgope Corpoi anon 1,455,000 450% N/A 02/01/10 522% 369.719 385,342 BNY Western Tt 407,720
Federal National MortppAc Assomatlon 1,000xU 400% N/A 03/01/10 512% 324,523 333,936 BNY West rYrt 352,213
Federal Home Loon Mortgage CreF stern 2,280,000 150% N/A 05/01/10 529% 700,85d 730,266 BNY Western Tr 764299
F.dm.d He..Low Mmty.yc Cmpm¢non 1,370,000 5 00% NIA 09/01/10 5 35% 398,358 d12,I43 ➢NY Weaem Tr 420,300
Federal N.towi Mortgage Aesomanon 500,000 400% NIA 10/01/I0 495% 203,959 209,061 BNY Western Tr 221638
reder.l Home Low Bwk 775,000 4 75% N/A 10/25/10 4 R6% 503,151 510,726 BNY Western Tr 523,184
Federal Home Loan MormaF,e Corporation 1,015,552 450% N/A 02/01/11 524% 434,501 •150,S02 BNY Western Tr 464293
Federal Home Loan Mortgage Corpoi scion 693,000 400% N/A 01/01/11 522% 363,324 377,212 BNY We:tmn Tr 389,912
5,4n8,516
❑S Gov't Agent'Secmmes
Federal Home Last Mong4gc CaiFatau.n 730,000 3 00% N/A 07/15/09 3 67% 742,500 750,210 ➢NY Waste.Tr 751,703
Fedrnal llama Law Bwk 500,000 410% N/A 03108/lo 460% 494,293 500000 BNY West4m Tr 500156
redeml name Law Brink 750,000 130% N/A 12/15/10 5 40% 747.658 760,072 BNY Wcste n Tr 764,766
1,9&I 430
Long Tenn Invc:tinrnt
(3 vow.to 5 ve.u:)
Morrgage Pm:•Thrus
Federal Home Lon.Mo¢2age Corporation 200,000 450% MA 0>/OIIII 537% 103,426 108,041 BNY Wesevnlr 110,830
103,426
US GoVt Agoney Sec.nties
rederal Home l.ow Bank 2000,000 550% NIA 07/27/l 1 5 56% 2.000,000 2,056,875 BNY Western Tr 2,081,250
Federal H9me L9np Bank 1,000,000 550% N/A 07/27/11 550% 1,000,000 1,029,438 BNY Weso.Ir Ipd0,625
Federal Home Loan Bank 2,000,000 575% N/A 08/01/11 575% 2,000,000 2,009,375 BNY West=Tr 2,023,125
Federal Home Loan Mortgage Cotylnrmlon 1,000,000 550% N/A 09/10/12 550% 1,000,000 I,00792S BNY Weaem Tr 1,W46I2
Federal Homo Lem Mortgage Corporation 1,000,000 530% N/A 10/16/11 530% 1,000,000 1y10,050 BNY Wesicm Tr 1,016,710
reder:l F.Credit Bard, 1,000,000 497% NIA 01/10/I; 497/ 0 0 BNY Western Tr 1p00,625
Fmmrimng Cmpomemn(IICO) 500,000 90% NIA 0410C/I9 9A0% 406.594 701,406 NawroBank 731,563
7,499,594
raw Invested C...n S 104.759.106 $ 105.531.316 S 93.274219
O
TREASURER'S MONTHLY REPORT
neasrep MISCELLANEOUS AND TRUST ACCOUNTS
6/16/2008 MAY 31, 2008
Yield Adjusted
Par Value Coupon Rating Mantray to Maturity Cost Basis Category Total
Total Invested Cash $ 104,759,106 $ 104,759,106
$ 104,759,106
Miscellaneous Accounts
Petty Cash 3,275 N/A N/A open none 3,275
Revolving Fund-Bank of America 13,586 N/A N/A open none 13,586
Trust&Agency-Bank of America 1,542,847 N/A N/A open none 1,342,847
Downpaymcnt Assistance(Housing
Fund)-Washington Mutual 33,598 v,aiablc N/A open 0 25% 33,598
Workers Compensation-Bank OfAmerica -12,941 N/A N/A open none -12,941
General Liability-Bank of America 891 N/A NIA open none 891 1,381.256
Deposits Held in Trust
Time Deposits
(FDIC Insured)
Guaranty Bank(Coyote Springs Apt) 18,890 4.91% N/A 6/2412008 5.00% 18,890
18,890
Total Cash Dcpostcd $ 106,159,252
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TRFASURFR'S MONTHLY REPORT
We., BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
0M6/08 MAY 31,2008
Condon Ymid Ad/assed (memo only) Prior Q¢.
Parvalne Rate Rating Metwty to Mamrity Cna➢n:ia Category Tntnl Mnrke[Vnlpe Saute Market Value
1991/97/01/04 Convention Center
Csh 504 504 504 ➢NYWestcm Tr 0
AIM Covemment&Agency Ponf Pnva[e 4,13,693 variable AAA open 191"/0 443,698 443,698 ➢NY Westem Tr 35S,06E
AIG investmcnc Agreement 1,280,673 536% AAA II/01/25 536% 1,230,673 12SO,673 RNY Wesrem Tr 1280,673a
AG Investment Agreement 1290,000 66s% AAA 11/01/21 6N% 1290,000 1290,000 RNY Wecrem Tr 1290,000
MRIA Investment Agreement 3,300,402 556% AAA IINI/35 558% 3,300,402 3,300,402 RNY We•,rem Tr "'MO4 Z
6315177
199M6 Anpon
AIM Short-Term Invest Toy Pnvao 2,07S,S33 vaneble AAA open IPI% 2,075,333 2,078,533 RNY Wcsmm Tr 1,400,488
2,075,833
1991101 Scncs B-Honsmg
AIM Govemmcnt&Agency Por[f Private 4,36E aLae AAA open 191% 4,361; 4,36E ➢NY We•xm Tr 4,g5g
AIG lnvesprInt Agreement 468,105 522% AAA t18/01/21 522% 166,105 169,105 RNY Westem Tr 469,105
472,473
I994/04 Senes A&B
AIM Govemmcnt&Agency POFlfPnvatc 2,512196 variable AAA open 191% 2,512,196 2512,196 BNY Western Tr 2,500,384
MBIA Investment Agecraimt 1.651456 517% AAA 09/01/34 517% 1,651 d56 I651156 BNYWestem Tr 1,651,456
4,163,652
1998 Anport GARB
AlGinvesmtcnntAgr-RmNe 0 570% AAA 01/O1/28 57V6 0 0 TINY Wmtcm Tr 561,221
AIM Covemment&Agency Pont Prl vote 0 variable AAA open 201% 0 0 ➢NY Wc•tcm Tr IS(;954
0
1998 Anpnrt PAC
AIG Investment A,-Reserve 8,19,728 570% AAA 01/01/23 5M% 8,19,728 849,72E ➢NY We•tem Tr 84972E
AIM Covemment&Agency PavT Private 383,990 vonablc AAA open 191% 363390 393.990 6NY We•tem Tr 219429
1,233,716
Q
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treasrep TREASURER'S MONTHLY REPORT
06/16/08 CALCULATION OF INVESTMENT LIMITATIONS
MAY 31, 2008
Allowable Percentages
By Maturity: Minimum Maximum Current Mo_
1 day to 365 days $8,000,000 N/A S86,918,710
1 year to 3 years 0.00% 50.00% 9.77%
3 years to 5 years 0 00% 30.00% 6.78%
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% 1.94%
Corporate Notes N/A 20.00% 2.66%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 7.24%
U.S. Government Agencies N/A 50.00% 10.95%
0
o U.S. TreasuryNotes/Bonds N/A N/A 0.00%
0
0
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TREASURER'S MONTHLY REPORT
rea,rep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
06/I6/08 MAY 31,2008
Coupon Yiuld Adlu•ted (mnom ndy) Pam Qtr
Par Value ILte g4nng Mntuuty mMutunty Corr➢ov5 Category Total M.rkot Value Soume Market Value
1992 Assessment D.stnct 155 ASkII
ArM Government d4.Agoney PmtfP vate 299,528 ..ble AAA open 191.E 299.526 299,529 ➢NYWestcm Tr 298,521
299,5_S
2001 Assessment Dislaet 157115E
AIM Goverronm a,Agency Poref Pn td, 185 046 vnnnble AAA open 1 91% 185.046 I S5 046 BNY Western Tr 134,427
195,046
2002 Parlor,structure
Cash 3 3 3 BNY Woxtmn Tr
AIM Government&Agency Portf Prtvmc IS,136 variable AAA open I'I% 18.136 18,136 BNYW.,L.Tr 15,321
15,139
2004 A,me are.t Dismct 161
AIM Govemmnrt&Agency P,,fl'nvate 413 930 vmmbl. AAA open 1 91% 413 930 413,930 BNY We-tern Tr 4 h,530
413,930
2004 162
AIM Government&Agency Pord'Prtvatc 160,973 vmiablo AAA open 191% 160,973 160,973 BNYW.,L=Tr 160,430
160,973
2005,kt-ecmnent Drsrrict 164
AIM Govemmcrt&Apctey l'anfPhvam 368,755 vurmblo AAA open 191% 368,755 368,755 ➢NY Wesem Tr 367,509
568,7t5
2007 Merged Pmlecr}I @ 62
C.h 17 17 17 BNY Western Tr 17
AIM Govemmert,C Agency PortfPnvatr 13,479587 varmblo AAA npen 1 0 1% 13,479,587 13,479,567 BNYWestum Tr 1'437.779
1;,479604
2Q07 Isofunrhng Le u c Bevenoe Bonds
AIM Gov=nent&Agent,PonTPnvme 829 vnnnble AAA open 191% 829 829 BNY Weston.Tr 1,755,SI3
829
2W8 Aupofl PFC Refimdmg
AIM Govvmmsrt G A,.,Prnf Pnvnte 662,426 vnriabTc AAA open 191% 662,1126 662,426 BNY Wuxtoml'r 0
662,426
Totals S 29,953,191 5 29.853.161 S 30,676,600
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