HomeMy WebLinkAbout6/11/2008 - STAFF REPORTS - 2.D. QpLM Sa
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City Council Staff Report
DATE: June 11, 2008 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF APRIL 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 April 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
$94,090,620 plus $31,417,700 in bond issue capital projects, reserve and debt
service funds. The market value of the invested cash is $94,964,279.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of April 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, Mortgage
Pass Thru's). 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 • D •
City Council Staff Report
June 11, 2008 — Page 2
Treasurers Investment Report as of April 30, 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 218 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
000002
tea3rep CITY OF PALM SPRINGS
5l27/2008 TREASURER'S MONTHLY REPORT
SUMMARY OF INVI STMENTS
APRIL 30, 2008
On Call Deposits Adjusted Basis Category Total Percentage
Checking Account S 1,288,738
State Pool 68,440,000 S 69,728,738 74 11%
Short Term Investments
(1 year or less)
Corporate Notes 0
Mortgage Pass-Thrus 2,361,007
Time Deposits 2.0.14,000
US Gov't Agencies 11989,280- 6,384,287 679%
Medium Term Investments
(1 year to 3 years)
Corpomle Notes 2,785,430
Mortgage Pass-Thnis 3,603,838
US Gov'tAgencies 1,984,430 10,373,699 1102%
Lang Term Investments
(3 y&vs to 5 years)
Mortgage Pass-Thrus 105,202
U.S.Gov't Agencies 7,498,594 7,603,796 808%
S 94,090.520 10000%
"Some investments made prior to the implementation of the
current lnvcsimcnr Policy exceed the 5 year limit
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U= uP TREASURER'S MONTHLY REPORT
r_vzoox DETAIL OF INVESTMENTS
APRIL 30,2008
Cnuppn Yeeld Adjusted (memo Only) Pnor Qtr
Pmvulue I?mc Rating Maturity to Maturity Cn•t Bnaa Cntcpory Total Market Value Somea Mwlat V:Oue
Du C. D posits
Checlong•Bonk of Amenca S NIA vannble AAA 0P=n 127°% S Iw88,738 8 IZUU,738 S 315,594
Lnwl Agency Invest Fund(LVF) 6A,440,000 varin6lc NIA open 3AV/. 68,440,OOn 66,561,559 LAIF 65,484,441
69,728,738
Short Teem investments
(I carat less
Cmpamte New,
Wells Fargo Company 1,000,000 350E AAI N104108 373% 0 0 BNY Wcstem Tr 999,990
0
Mortgge Pu.•r•Thma
Fedeml Home Loan Mortgage Corporaton 2,600,000 4 00E N/A OW01/08 4 82% 431 119 415,552 BNY Wu.mm Tr 525,662
Federal Home Loon Mortgage Cmpomnon 465,On0 400% N/A 03/01/09 556% 102,288 106,801 BNY Wgtem Tr 115.276
Federal Homo Loan Mortgage Cmpomnan 1 400 000 4 00% N/A 09/01/08 5 4;% 137,250 351,099 BNY Westcm Tr 370,91E
Fcdnut home Loan Mongnge Coepomnon 1,800000 450% N/A II/Ol/OR 5Wiv 383,687 3974;R BNY Western Tr 408,527
Fedeml Home Leon Mmtcl;e Comoranan 3,000,000 5OVA N/A OVOI/09 503% 182,980 1SA M, BNY Western it 202,171
Pedmnl home Loan Mortgage CNPOmuon 2,335,000 450% N/A 03/01/09 455% 718,085 727,&10 BNY Wcstem Tr 752,9S3
Federal Nome Loan Niongalm Cor,emnon 480,000 4OU% NIA &1/01/09 518% 200299 206,654 BNYWeatmn Tr 210,654
2,367.007
Tome Do,,&
CD Account Registry Service(CM6) 940,000 5;15% Aq 07/17/09 530% 940000 940,000 Palm Desert Not Bwlc 940,000
CD Account Registry Service(CDARS) 94,000 5V5% AAA 0724/08 550% 94000 KOOD Palm Desert Nat Bank 91000
CD Account Regtsny Seevieu(MD ) 1,000,000 A00% AAA 0311109 408% 1.000.000 1,000000 Palm Dart Net Bank 1,000,000
2,034,000
US Gov t Aguncy Sccmne:
Federal home Loan Mortgage Corporation 1,000,000 525% NIA 06/27/M 525E 1,000,000 1,004,400 BNY Wcstem rY 1,006,670
Feduml Name l,wn MOrlROge Coporation 1000,000 339% N/A 04/15/09 365% 989,290 1,006,563 BNY Wcstem Tr 1,011,50
ov,280
Medium Terra Invesuncntx
1 yea,rO3 ycw.l
Comorma Notes
Wells Fargo S COmpwy 800,00n 399% AA1 10/29/10 410% 795,160 802,072 BNY Western Tr UIU,875
fl SBC Commumenunns,Inc 1,000,000 530% A2 Il/lS/Ia 577% 1,004,150 1,030360 BNY Wall.Tr 1,037,590
Q Goldnum Suchs Gmup,In= IgovoU 500% AA3 01/15/11 537% 996,120 1010750 BNY Wcstem Tr 1,018,800
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u narep TREASURER'S MONTHLY REPORT
5/2712008 DETAIL OF INVESTMENTS
APRIL 30,2008
Coupon Yield Ad,.Wd (memo only) Pnor Qtr
Pw Value Rrtu Rnnng Mnnmty in Mmmriry Cost Basis Cnlcgary Taut Markel.VWuc Somec Mmkct VWue
Mortgage Pass-thus
Fedcrel home La.Mortgage Carpampan 540. 00 350% N/A 06I01/09 479% 291,602 295,657 BNY Weswea rt 307,369
redemI Rome Lann Mongols Corporation 570,000 450% N/A 09/01/09 537% 309-99 321,494 BNY Wcstcm Tr 333,107
Fcdcrnl Flame Loon Moniiape Corporation 3,000,000 550% N/A 10/01/09 541y 225,065 233,103 BNY Wcstem Tr 243,637
Federal Horne Loan Mortgage Cmporatron 2,050,000 450y N(A 10/01/09 503% 353,130 357,738 BNYWestem Tr 371,204
FadwW Nm...I Mortgage A•:omnnnn 2,700,000 450% NIA 01/01/10 491% 513,200 53$944 BNY Western Tr S47,948
Fcd N.mmW Mnrtgnge ft,piman 2,500,000 4So% NIA 02/01/10 4d6% 558,767 570,177 BNY Western Tr 588,7S3
Federal Home Loan Morgage Corporaton 7,455,000 450% N/A WWII) S22% 379,019 397,486 BNY Wertem Tr 4077�20
Federal National Morcpp Assoctabon 1,000.000 400% N/A 03/01/10 512% 330,481 345,151 ➢NY Weaem Tr 352,213
Federal Home Loan Moetyge Carpmunon 2280,000 4501. N/A US/01Ilu 529% 717,562 748,481 BNY Weamm Tr 764,299
Fod Noma Loam Mortgogo Cmporctmn 1.370,000 5 V0% N/A 09/01/10 5 35% 401,595 417,994 BNY Western Tr 420,300
Fodmd NmonW Mongoge Assocmnon 50u,000 400% N/A 10101/10 495% 209,234 217,669 BNY Weslem7r 221,638
Feder.J dome Low Bank 775,000 475% N/A 10/25/10 488% 509,135 516.01 BNY Western It sm,1E4
redcml Nome Loan MOn9age Corporation 1,015,552 450% NIA oMill1 5244E 441,28o 458,228 BNY We.tem Tr 464,29E
Federal Home Loan MotlRago Corporation 695,000 400% NIA W101/11 5220,L 369.•167 387,17E BNY We:tem Tr 3S9,912
5 6(13 Rag
US Gov't Agency Sccoemn
Federal Home Loss Meng.yo Cmparmon 750,000 300.4 N/A D7115109 3 67% 742,500 750,4R0 ANY Wcstcm Tr 751?03
Fcdvd Homo Lam Bmk 500000 410% NIA 03/08/10 4.60% 494293 500,156 BNY Wesecm Tr 500,156
Federal home Lorin Bonk 750,000 5 30% NIA IM 5/10 5 40% 747.638 763,32E BNY W stem Tr 764,766
1,964,430
Long 7 etm Invcsvncnt
(3 yew.to 5 yeum)
Mortgogc Pc•:"Tarn;
Federal Aomc Loan Mortimse Coiporauon 200,000 450% NIA 05/01/11 537% 105,202 109,973 BNY Wemem Tr 110,630
105,202
US GOVL AS.,Eccwnc
Federd❑mne Lom Berl: 2,000,000 5 50% N/A 07/27II 1 550% 2,000,000 2,073,750 BNY Wcstcm Tr 2,081 250
Fedeal Home Loan Bank 1,000,000 550% NIA 07/27/11 55M, 1,000,000 1,036,875 BNY Wcscm Tr I,M0625
Federal Home Loan Bank 2,000000 575% N/A 08/01/II 575% 2,000,000 2,017,50E BNYWe•,tem Tr 2,023,125
Federal Home Lom Mmtgagu Cmporcuon 1,000,000 550% N/A 09/10/12 530% 1,000,000 1,012,105 BNYWestem Tr 1,014,612
Federal Homu Lom Moft ge Corporctm 1,000000 530% N/A 10/16/12 530% 1,000,000 1,014,47u BNYWestcm"Tr 1,016,710
Fcd,A 17.Crcda Bank I,OW,00u •197% N/A 01/10/13 497% 0 0 BNYWustcm Tr 1,000,625
rimmcmg Carpornnpa(FICO) 500,000 960% N/A 04/06/12 9RO Y. 496594 716,125 NLL[ro.,Bmlr 731,562
7,498,594
'l cullnvesmd C.uh S O4.090.520 N 94,964.279 S 9327.4,249
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TREASURER'S MONTHLY REPORT
treasreP MISCELLANEOUS AND TRUST ACCOUNTS
5/27/2008 APRIL 30, 2008
Xicld Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Basis Category local
Tnlal Invested Cash S 94,090,520 $ 94,090,520
$ 94,090,520
Miscullancous Accounts
Petty Cash 3,275 N/A N/A opm none 3,275
Revolving fund-hank OfAmcrica 6,645 N/A N/A open none 6,645
Trust&Agency-Bank of America 1,404,649 N/A N/A open none 1,404,649
Downpaymcnt Assrsrance(dousing
Fund)-Washington Mutual 33,598 variable N/A open 0.25% 33,598
Workers Compensation-Bank of America -11,212 N/A N/A open none -11,212
General Liabiliry-Bank of America 29,910 N/A N/A open none 29,910 1,466,865
Deposits Huld in Trust
Time Deposits
(FDIC insured)
Guaranty Bank(Coyote Spnngs Apt) 18,890 4 91% N/A 6/24/2008 5 00% 18,890
18,890
Total Cash Deposited $ 95,576,275
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TREASURER'S MONTI ILY REPORT
tri,=p BOND ISSUE RESERVE, DEBT SERVICE& RELATED FUNDS
05127/0 APRIL 30,2008
Coupon Yield Adjusted (momo only) Prior Qtr
par Yai.e IUW Rut,nB M.tunty to Moturiry Cosr Basis Categorylotal Market v"aYe Sours Mark&Vnlue
7991 M7/01/04 Convcn0on Center
AIM Gnvemme.t&Agency Pnrtf Private 2,627,061 rumble AAA npm 2 01% 2,627,001 2,627,061 BNY We,a rn Tr 358 069
AlG investment Ageement 1,380,673 536% AAA 11/01/25 53fn 1280.673 1280,673 BNY Weaem Tr 1_0,673
ATC investment Agreement 1290,000 668% AAA 1I/01/21 668% 1,290.000 1290,000 BNY Wesrem Tr 1,290,000
MRIA Imxstmenr Agreement 3,300,402 558% AAA 11/01/35 558% 3,300,402 3,300,402 13W Wesmm Tr 3a00,402
8,496,136
1992/06 Ailpon
AIM Sbert-Tim.lnve t Try Pnvot, 1,482,363 vmisblc AAA ape. 201% 14R2,6—, 1,432,363 BNYWesnan Tr 1,400,438
1,482,363
1991/01 Series B•ITo...,
AIM Government&Agmcy Partf Pnvate 4,361 vuriablu AAA open 201% 4,561 4,361 BNY We•trn Tr 4,853
AIQ invcs.nmt Agreemenr 468,105 54% AAA OR/01121 522% 468,105 468,105 BNYWestem Tr 468,105
472,466
199AI04 Series A&B
AIM Govcmmcnt&AReaey Pore Private 2,507,010 ...61e AAA oven 201% 2,507,010 2507,010 BNY Wesrem Tr 2,500,384
MBIA Invesment Agreamear 1,651,456 517-4 AAA 0/01/34 517% 1,651,456 1,051456 BNY Wesmm Tr 1651,456
4,158,466
1998 Anpon GARB
AIGI-,=ert Agr-Acservc 561,221 5709/6 AAA 01/01/2R 57fl% s61,221 561_21 BNY Westem Tr 561,221
AIM Govemmmt&Agency Pnrtf Pnvntc 175,W vuriublo AAA npm 201% 17dfpco 175,040 BNY We•tem Tr 156,9;4
736,261
1098 Anpon PFC
AIGlnvesvncnt Ayr-Reserve N4972R 5700/1 AAA 01/07/28 570% R497251 649,728 BNYWestem Tr 549,729
AIM Govcmdlmt&Agency Partf Privute 113R02 vanahle AAA ugu. 201% ;13 R0, 313,802 BNY Westem Tr 119,439
L 165,530
TREASURER'S MONTHLY REPORT
teensrep BOND ISSUE RESERVE, DEBT SERVICE&RELATED FUNDS
05Q7/08 APRIL 30,2008
Coupon Yi,ld Adjusted (memo only) I'nor Qv
Por Vnlne Rate Rneng Metunty to Mamn, Cost Bans Category Total Market Value Settee Market Value
199R Assessment District ISS A&B
AIM Govemment&Agency lbdf Pnvate 299,085 ".able AAA open 201E 299,085 299,085 BNY Western Tr 195,521
299,085
2001 Assessment DlalHel 157/15S
AIM Govcmmcm&Agmy Pero Pnvute 184,772 nnmblc AAA open 201% 184,772 184,772 BNYWestem Tr 18A,427
IRA,77_
1002 Parking Strunwte
Cash 3 3 3 BNY We,,.Tr ,
AIM Go,=mrnt&A,sm,Pord Pnvme 18,374 vunehle AAA open 201% 12,374 18,374 BNY We,rrn Tr 18,321
18,377
2004 Asxcssmrnt Dietnct 161
AIM Govemment&Agency Porffpnvnle 413.318 vonoble AAA cpen 201% 413.318 413,318 BNY Wcstem Tr 412,530
413,315
2004 Duanct 161
ABM Government&A,m,P9Afppvete 160,735 vnnnblc AAA open 201% 160.735 160735 ANY Wes¢m Tr 160.430
160,735
2005As8cssrneat Drstnct 164
AIM Government S Agency PonfP vnm 363,210 vnnnhle AAA open 201% 368.210 368,210 BNY Western Tr 367,509
366 210
2007 Mc ged Prgcd III&Il1
Cash 17 17 17 BNY Wevem Tr 17
AIM Govemment&Agency POIBr Pnvute 13,461,137 1,ui4ble AAA open 201E 13,461137 13,1161,137 BNY Weaem Tr ,437,778
13,461,154
2007 Refunding Lease Revenue BonrL
AIM Govemment&Agency PurN Pnvutu 827 var"blu AAA open 201% S17 827 BNY Wcstem Tr 1,755.813
827
Toml• S 21,417,700 8 31,417,700 S 30,676.000
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treasrep TREASURER'S MONTHLY REPORT
05/27/08 CALCULATION OF INVESTMENT LIMITATIONS
APRIL 30, 2008
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days S8,000,000 N/A S76,113,025
1 year to 3 years 0.00% 50.00% 11.02%
3 years to 5 years 0.00% 30.00% 7.55%
over 5 years N/A N/A 0.53%
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% 2.16%
Corporate Notes N/A 20.00% 2.96%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 8.58%
U.S. Government Agencies N/A 50.00% 12.19%
U.S. TreasuryNotesBonds N/A N/A 0.00%
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