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HomeMy WebLinkAbout5/7/2008 - STAFF REPORTS - 2.F. P LM SA4 iy c U y + �`••oee. w City Council Staff Report DATE: May 7, 2008 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF MARCH 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 March 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 $92,421,105 plus $30,676,601 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $93,274,250. RECOMMENDATION: Receive and File Treasurer's Investment Report as of March 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, 4116118, 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 2 . 17 . City Council Staff Report April 29, 2008 -- Page 2 Treasurer's Investment Report as of March 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 250 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 000032 vcasrep CITY OF PALM SPRINGS 4f2112009 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMLNTS MARCH 31, 2008 On Call De osq; Adjusted Busts Category Total Percentage Chcckmg Account $ 315,594 State Pool 65,440,000 $ 65.75.5,594 71 D% Shan-Penn Investments I year 9r less Corporate Notes 993,090 Mortgage Pass-Thrus 2,324916 'lime Deposits 2,034000 US Gov't Agencies 1,000,000 6,351,906 6 97% Medium Term Inve,.tments I year to' cars) Corporate Notes 2.795,430 Mortgage Pass-T1tnr.5 5,576,600 U S Gov't Agencies 2,973,710 11,335,740 1227% Long Cent Investments 3 rein 10 5 ears) Mortgage Pass-This 479,271 U S.Govt Agencies 8,498,594 3,977,865 9.71% S 92,421,105 100.00% "Some investment-6 made prior to the implcmCntation of the cunem Investment Policy exceed Inc 5 year limit n00aa3 trcnsrep TREASURER'S MONTHLY REPORT 4n_InanS DETAIL OF INVESTMENTS MARCH 31,2008 Coupon Yield Adlux,d (memo only) Pnor Qu Per Value Rut, Raung Maturity to Matenty Cu.t Buv Caagm,Tmal Mmkt Value Source Mmlat Value on cnu u,pa•�t. Checking•Bank ofAmermn S N/A mumble AAA open 219% S 315,594 S 315.594 9 4,530,471 Local Agency lnve%t Tund(LAT) 65,410,000 vnrm6le NIA open 3 781/. 65,4do,000 95,484,141 LAIF 25,434,051 65,755 594 $hnrt Teem Invclam [5 11 t.er is Comonte Notes Bear Seems Co 1,000,000 4U0% AAI 01/31/08 434% 0 U BNY We,ten Tr 998110 Willa Fargo Compaay 1,000,000 3 50% AA] 04/04/OS 3 73% 993.090 999 990 BNY Weseem Tr 995,350 993,090 Mortgage Pu•••Thrus Federal Home Lem Mortgage Corporation 2,600,000 400% N/A 06/0Vas 462% 511,781 525,661 ENY Western Ti 624,520 Federal llome Loon Martgopc Corpor von 465,000 100% N/A Og/mlo6 556% 110,903 115.278 SNYWmtmn Tr 129„259 Fedeml Home Loan Mongago Cmpontron 1,400,000 400% N/A 09/01/06 513% 257,618 370,918 BNY W,rten RF -IO2,S87 Federal Homo Lana Mortgage COMOMOOD 1,800,000 450% NIA I1/01/08 507% 401,043 408,527 BNY Western Tr 4,11,749 Fod,rd dome Loan MonRORe Cotporanan 3,000,000 5 00% N/A O V01/09 5 08% 197,763 202,171 BNY Wosteen Tr 22A,941 Fedeml Home Luau Mongago Comomeon 2,335,000 A 50% N/A OVO U09 ass% 745.709 752,983 BNY W,sten Tr 799,953 2.3?4 816 Time D,posm CD Aceount Rey re y Service(CDAlkS) 480,000 5 35% AAA U1121/08 5 50% 0 0 PNm De,e¢Not Bank 180,000 Wa hmgron Mutual Bank 1,000,000 5 24% AAA 0105108 5 24% 0 0 WasluaRmn Mtnaal I,00o,000 Wnsl,utRmn Mutual B.mk 1,000,000 534% AAA 0105/1J8 514% 0 0 Wasltmgtort Mutual 1,000.000 CD Account Registry SmnCe(CDARS) W0,000 535% AAA 0/17/US 550% 940,UUU 940,000 Palm Ds•ert Net Bank 940,000 CD Account Rcgistry Service(CDARS) 94,000 535% AAA 07/241OR 550°9 94,000 9n DO0 Palm Desen Nat Bank 94,000 CD Aceouet R,mre,Bemce(CDARS) 1,000,000 400% AAA 03/I2/09 4as% Ip00.000 100,000 Palm Doren Net Bank 0 2,034 000 US Govt Agency Sc=bsn Fedeml Htimc Loan Bank 500,000 430% N/A UI/30/08 4;09/s 0 0 BNY Wcstcm Tr 499,341 Federal Home Low Bmk 1.000,000 5 04% N/A 02%m8/08 5 N% 0 0 3NY W cstem Tr 1 000 625 Federal Home Law Bonk 1,000,000 402% N/A 061I0/08 402% 0 0 BNY Westeen7'e 997,500 F'cdo A Home Lom Mortgage COMOranan 1,000,000 525% N/A O6r7108 525% 1,000,000 1,005,670 BNY Wesam Te 1,001,840 Fedeml Home Loan Bank 1,000,000 330% NIA 07/23/08 530% 0 0 BNYWestem Tr 1,000,625 Federal Home Lam,Brack 500,000 4 33% N/A 07/25/OS a 38% 0 0 BNY Wevrcm Tr 499,544 ' Federal Home Loan Bank 750,000 5 00% N/A 10/27/08 5 OD% 0 0 BNY Western Tr 750,469 Federal Term Credit Bonk Ip00,000 385% N/A IOM108 3as% n 0 BNY Waseca Tr 997,IRR C Federal Home Loan Bank 1,000,000 400% N/A 11/17/08 400% 0 0 BNY We.ten Tr 998436 Q Federal Home Loon B.mk 1,000,000 525% NIA OD05109 525% 0 0 BNY Werten Tr 1,001,250 Q Federal Home Loan Bunk 1,000,000 423% N/A 02/10/09 42i% 0 0 BNY Wese=Tr 1,00000 Fadnal Hume Lom Bank 1,000,000 525% WA OD27109 525% 0 0 BNY Western Ti 1 001,575 1,000,000 1iF� tiaa:.en TREASURER'S MONTHLY REPORT 4/21/2009 DETAIL OF INVFSTMENTS MARCH 31,2008 Coupon Ymld Adjusted (roman only) Pno1 Qv Par Vdae 8mc Sewrg Maturity to Maurity Cost Bask Cnxcgory T'oW Market Vnlne Source Market Value Madman Term Inveamentr 1 car to 3 year-,) Comoram Nate: Walls Fargo&Company 500,000 398% AA] 10/29/10 420Y, 795,160 810,1375 BNY Wcstcm Tr 7s7,250 SEC Comtnumcuuons,lit, 1000,000 530% A2 11/15/10 517% 1,004,150 1,037,590 BNY Wuxam Tr 1,077,770 Goldmm Smhv Group,Inc 1,000,000 500'% AA3 OIll 5/I1 537% %6,12o 1'078,800 BNY Wa.tem Tr 1007,940 2,785,430 Mortgage Pa,,-T Rls Federal Home Wirt Martgago C-Moranon 480.000 400% MA o4101/00 518% 204,951 110,604 BNY Western Tr 221,922 Federal llome Lam Mortgage Corporation 540,000 330°1. N/A O6/0l/09 479% 292,089 304,869 BNY Westem Tr 314,209 Federal dome Low MortyagL Corporation 570,000 450% N/A 09/01/09 5,31% 322,173 333,107 BNY Westetn'rt 349,354 Federal Homo Lunn Mortgage Corpora.. 3.000,000 550% N/A 10/01/09 513% 256,276 343,6.7 BNY Western Tr Z76,949 tcderal liame Law Mertgege Corporation 2,050,000 490a/ N/A 10/01/09 501% 367,997 971,204 BNY Westem Tr 390,5E Federal National Mortgage Assocrauen 2,700,000 450% N/A 01/01/10 491% 529,012 547,94g BNY We9lem Tr 573591 Federal Nnuonnl MortgogcArocmnan 2,500,000 450% N/A 02/01/10 446% 577,536 588,753 BNY Wertem Tr 615574 Federal Home Lem Morxgnge Cm parauoa 1;155,000 4 50% N/A 02/01/10 5 22% 390,018 407 720 ➢NY Wcstcm T, 41 A 961 Federal Natmwl Mortgage Asmciatian 1,000,000 100% N/A 03/01/10 51Z% 33 7,08 1 352,213 BNY Western Tr 363,462 Fedvsl Home 1 oan Mortgage Corporation 2„280,000 450% NIA 03/01/10 529% 736,618 764299 BNY We-tern Tr 782,654 Federal Home Load Mortgage Corporation I370,000 500% N/A 09/01/10 515-Y, 404,932 420,300 BNY Westem Ti 425,822 Federal National Martgape.Assocam,a 500000 40091. N/A 10/01/10 493V% 211,362 221,638 BNYWcsmm Tr 226,286 Federal Home Lam Bank 775,000 -175% N/A 10/23/10 188% 513,471 523,184 BNY Westem Tr 533,345 kodcrul Rome Low Manage Corporanea 1,015,552 450"o N/A OY01/11 524% 448,184 16A,296 BNY Westem Tr 476,789 5,576,600 V.S GeV,Agency Sce&;Uca Federal Home Loan Mortgage Corporation 1,000,000 938% N/A 04/15109 365% 989,280 1.017,250 BNYWagum Tr 99{688 Federal Homo Lom MortgoSa Cerparation 750,000 3 00% N/A 07/15/09 3 67% 742,500 751,703 BNY Westem Tr 0 Federal Nuuonnl Mongsge Assoaauon I,000,000 445% N/A Og/25/09 480% 0 0 BNY W,tem Tr 1,000,000 Federal National Moetgugc Association 1,000,000 401% NIA 10/07/09 510% 0 0 BNY Westem Tr 999688 Federal Nome Law Morgage Corporation 1,000,000 500% NIA 10/26/09 512% 0 0 BNY Westem Tr 1,000 IOU Federal Farm Cretin Bank 1,000,000 I25% N/A II/I8/(y) 425% 0 0 BNY Westem Tr 1,000,625 Federal Home Lam Bank 500,000 5 00% N/A [1/25)09 5 00% 0 0 BNY Western Tr 500,761 Federal Home Loan Bank I,oOo,000 430% N/A 12/01/09 430% 0 0 BNY Western Tr 1,000,000 Fcdcral 11ume Law Bwk 1,000,000 435% N/A 02/22/10 4p5% 0 0 BNY Western Tr 1,000,000 Federal Home Loan Mortgage Corporation 1,000,000 a08% N/A 02/25/10 4 1 5% 0 0 BNY We:xem Tr 999,800 Federal Home Lom Mortgage Corporation 1,000,000 405% N/A 03/08/10 480% a 0 ➢NYWesrcm Ti 999,500 Federal Home Leon Bank 500,000 410% N/A 03/08/10 460% 499293 500,156 BNY Wcstcm Tr 499,eg8 Federal Farm Credit Berk 2,000,000 555% NIA 07/10/10 555% 0 0 BNYWestem Tr Z,001250 Federal Home Lam Bank 750,000 530% NIA 12/15/10 540% 747,6,8 764766 BNY Wertem Tr 753,672 Q Federal Fran Credit➢rink 1000,000 4G0% NIA Moll0 4009= 0 0 BNYWestem Tr 1,001m50 Federal Home Conn➢auk 1,000000 530°: NIA 0128/11 530-1. 0 0 ➢NY Wesxeru'1'r 1,0021 Sx 4 2,973,7IO O C:3 Ul °``step TREASURER'S MONTHLY REPORT 4/2112008 DETAIL OF INVESTMENTS MARCH 31,2008 Coupon Y,eid Adjustod (memo only) Prwr Qie Par Value Rate IUung Marmny to MQtunty Cost Bears Category'r.W Market Value Source Market VAue Long Term InvesMmt (3 years to 5 ors MortSnge Pass-Throe Federal dome LQan Mortgage Cmpomtron 695,000 a00y N/A 04/01/11 522% 373.201 389912 BNY Wereem Tr 394,g18 Federal HQmc Lora Mongeee CQrpamlion 200,000 450, N/A 05/oUl1 537% 106,070 110,630 BNY Wrmm Tr 112502 479,271 US GoVt Agenrygeeunnes Federal Natmml Mortgage Aaa0e1ml0n 1,000,000 53S% N/A 07101/11 547% 0 0 BNY Western Tr 1,001230 Federal Home Loon Bank 1 000,000 5 501A NIA 07/11/I I 5 50% 0 0 BNY Westem Tr 1.000,313 Federal Home Loan B.mk 2 000 000 5 50% NIA 07/27/11 5 50"a 2,000,000 2,081 250 BNY Westura Tr 2,055,625 Fedmal Homo Loan gunk 1,000,uuu 550% N/A 07/27/11 550% 1,000,000 I,040,625 BNY Westem Tr 1,027,AI3 Federal Home Loan Bank 2,000,000 5 75^o N/A 0g/01/t 1 5 75% 2,000,000 2,023,123 BNY Weser rn Tr 2,021 250 Federal Howe Lom MQngage Corporawn 1000,000 350% N/A 09/10/12 55000 19000,000 1,014612 BNY Weerom Tr 1,010,E40 Federal Rome Loam McayWgo Corpomn,, 1,000,000 530% N/A I006/12 330% 1,000,000 1,016,710 BNYWe,tem Tr 1010900 Federal Farm CNdrt B,mk 1,000,000 497% N/A QIIIO113 497% L000,000 1000,625 BNY Western Tr 0 Fuwrmrne Corporation(FICO) 50U,000 9H0% NIA 04/06/18 9NU% 498594 731,563 NarwnsBank 712,344 8,498.594 Total Invested Cash S 92,421.105 5 93,274,250 S 32,756,9S9 TREASURER'S MONTHLY REPORT neasrep MISCELLANEOUS AND TRUST ACCOUNTS 4/21/2008 MARCH 31, 2008 Yield Adjusted Par Value Coupon Ramtg Manurty to Maturity Cast Basis Category Total Total Invested Cash S 92,421,105 5 92,421,105 5 92,421,105 Miscellaneous Accountg Petty Cash 3,275 N/A N/A open none 3,275 Ruwolvmg Fund-Bank of America 14,127 N/A N/A open none 14,127 Trust&Agency-Bank of America 1,424,906 N/A N/A open none 1,424,906 Downpaymcnt Assistance(Housing Fund)-Washington Mutual 33,598 vanable N/A open 0 25% 33,598 Workers Compcnsavon-Bank of America -3,518 N/A N/A open none -3,518 General Liability-Bank of America 29,460 N/A N/A open none 29,460 1,501,348 Deposatc Held In Trust Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 67,986 4 93% N/A 2/1 1/2008 5 01% 0 Downey S&L(Donovan Bequest) 14,393 4 93% N/A 2/4/2008 5.01% 0 Downey S&L(Palmer Cable TV) 5,514 4.97•/ N/A 1/17/2009 4.97% 0 Guaranty Bank(Coyote Springs Apt) 18,890 4 91% N/A 6/24/2008 5,00% 18,890 18,890 $ 93,941,843 Total Cult Deposited C O yJ TREASURER'S MONTHLY REPORT vcasmp BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS o4n_vos MARCH 31,2008 Coupon Yield Aclusted (Menlo any) Pn9r Qtr Par Value Rate Rein, %lawrim [o Maturity Cost Basin Cnre"local Market Value Source Mi kct Value 1991(97/01/04 Convention Centel AIM Government&Agency Port'Private 358,069 variable AAA open 226% 359.069 358,068 BNY Wu.temh 355,12I AEG lnvestmcu[Agze®eat 1280,672 536% AAA 11/01/25 336% 1,280,673 1,280,673 ISNYWenrem Tr I_90,67y AIG lavestincat Agreement 1290,000 669-A AAA 11/01/21 668% 1290,000 1290,000 BNY Wcemm Tr 1,7.)0,000 M81A Inves[mbu[AgTernnenr 3,300,402 559°11 AAA 1110105 555% 3900.402 3,300,402 BNY Wc.tcm Tr 3,300,402 fi 729,145 1992/06 Auporr A lSher-Te[m lnve9t Trsy Pnvnn 1,40U,488 vunohle AAA open 226% 1,400ASS 1,400,4SS SW Western Se 1,470240 I,d00AS8 1991 ME Svcs B-Housing A IM Govenvnbnt L Agency Ponf Private 4,353 variable AAA open 226% 4,353 4,353, BNY Westcm Tr 4,319 A IG lnvosnnrnt Agreement 168,105 522% AAA 08/01/21 322°% Abs.105 468,105 BNY Westcm Tr 46mos 472,458 1994/04 Sonic,A L HE AIM Goveraneat&Agency PonfPnvate 2,500i81 vwrsblo AM open 226% 2,509,584 2500,;A4 BNY Wuetem Tr 2el6083 MBEA Envc.tment AIMED,= 1,65145G 517% AAA 09/01/31 517% 1,651450 1,651,456 BNY Wei[om Tr 1,651456 g151 S40 1996/98 krulopIc Capnnl Paedrbes Proleut AIM Government&ASenry Part Pnvo[c 0 vanoblc AAA open 296% 0 0 BNY Westcm Tr N'906 0 1998 Auport GARB AIGInv4stmcnt Agt -Reserve 561,221 570% AAA o1/01128 570% 561221 561221 BNYWestem'fr 561,221 AIM Goverammt&Agency Port Pnvatu 156,914 vnnnble AAA open 226% 156,934 156034 BNY We:rem Tr i08,760 718 155 Q C� 0� TREASURER'S MONTHLY REPORT [rcaarep BOND ISSUE RESERVE,DEBT SERVTCE&RELATED FUNDS ar_vae MARCH 31,2008 Coupon Yield Adlu ted (memo only) Pnot Qm Pnr Value Rate RatulA Matwey to MOtpray cul Basis CateRmy TuW Market Value Sours Market Value 1999 Aupon PFC AIG lnvec[mant API-ltccm'e 949,728 570% AAA 01/01/28 57036 849,728 849,728 BNY We-tem Tr S49,728 AIM Govemment&Agmcy P-rtf Pnvalo 219,419 vsmble AAA -pen 226% 219439 219459 BNY Westem Tr SR0,156 1.069 161 1998 Assesment Dlstncl 155 A&B AIM Covmnment&Agency Port Prtvam 298,521 vanable AAA open 236% 298521 299,521 BNY Wcnwm Tr 287,669 298,521 2001 Assessment Dana 157/158 Cash 0 0 0 BNY Wemem Tr 0 AIM Govemmenr&Agency Pnrt Prime 184,427 vwlable AAA open 226% 184,427 184427 BNY Wexem Tr 132,909 I S4,427 2002 Puking Structure Cash 3 3 3 BNY Wester„Tr 3 AIM Govcrmntu&Agency Pend N lvate 18,321 vsmblu AAA apse 226% IAi2l 16,321 BNY Wesrem Tr 42,65E 18,324 2004 A essment Dtsumt 161 ,UM Govc=mt&Agency PoMPnvate 412,530 '.able AAA open 226% dI2.530 412550 BNY Wesrcm Tr 116,504 412,530 2004 A,.;cssment➢tsVrct 162 AIM Gwamune4t&Agency Partf Priaw 160430 wnxble AAA -pen 226"1 160430 160,430 BNY Waew[n Te 161360 160,430 2005 Awssment Disumt 164 ATM Govcnment&Agency Poruf Private 367.509 v.mable AAA Open 226% 367,509 367,509 BNY W.Aena Tr 369�78 367 509 2007 Merged Pr'ect41&F2 Cash 17 17 17 BNY Wastem Tr 0 AIM Government&Agency P-nf PrNale 13,437778 vnrmble AAA open 226% 13,437776 13,427,778 BNY Wsuem Tr 13&12,969 13,437,795 2007 Refunding Le.xsa Revenue Bonds AIM Gomnnment 4k ARenoy?ofLr Pnvarc 1,755,813 vsmble AAA open 226% 1,755,313 1,155813 BNY We,em Tr 0 1,755 913 Toils 9 30676,601 S 30,676,601 S 29.6666.450 d C7 O C3 C.P treasrep TREASURER'S MONTHLY REPORT 04/21/08 CALCULATION OF INVESTMENT LIMITATIONS MARCH 31, 2008 Allowable Percentages By Maturity: Minimum. Maximum Current Mo. I day to 365 days $8,000,000 N/A $72,107,501 1 year to 3 years 0.00% 50.00% 12.27% 3 years to 5 years 0.00% 30.00% 9.17% over 5 years N/A N/A 0.54% 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% 2.20% Corporate Notes N/A 20.00% 4.09% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thru's N/A 10.00% 9.07% =a U.S. Government Agencies N/A 50.00% 13.50% c7 ca U.S. Treasury Notes/Bonds N/A N/A 0.00% 0