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Home My WebLink About4/16/2008 - STAFF REPORTS - 2.F. ?P L M Spfi rZ e u m °"•oertco•c'• c4`rF°R��P City Council Staff Report DATE: March 28, 2008 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF FEBRUARY 29, 2008 FROM: Thomas M. Kanarr, Acting Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of February 29, 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 $95,999,337 plus $30,068,411 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $96,840,280. RECOMMENDATION.- Receive and File Treasurer's Investment Report as of February 29, 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. — City Council Staff Report March 28, 2008 — Page 2 Treasurer's Investment Report as of February 29, 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 264 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 u�t t �6 I , Thomas M. Kanarr, Acting Treasurer Attachments: Treasurer's Investment Report GOGOU2 trcasrep CITY OF PALM SPRINGS 3116/2008 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS FEBRUARY 29, 2008 On Call Deposits Adjusted Basis C.aegory Toted Perectuage Checicmg Account S 832,431 State Pool 67,240,000 S 69,072,411 70.91% Shore Tenu lnvestments (I year or loss) Corporate Now. 993,090 Mortgage PassIhrus 1,678,395 Time Deposits 1,034,000 U.S.Gov't Agcnctcc 1,000,000 4,705,485 4.90% rm tm edm 'I'erm Investments Investments-.to 3 years) Corporate Notes 2.785,430 Mortgage Pass-Thiwe 6,493,194 U.S GoVi AF=ies 4,956,10o 14,234,724 1483% Long Tern hneslments 3 year:to 5 years) Mortgage P.yy.1'hrns 488,103 U.S.Gov't Agencies 8.498.594 8,986,697 9,36"% S 95,999,337 10000% *Soto invPFtmcnts made prior to the implpmontatron of the nment Investment Policy cxeeed ILL 5 yenr Irmn WEIS nensrm TRLASURL-R'S MONTHLY REPORT 3126POOS DETAIL OF INVESTMENTS FEBRUARY 29,2008 Coupon Yield Adlusmd (memo only) Prior Qtr Pat Value Rate Raring Maturity WMmunry Co,Bws Cnp4gory Totni Market Value Source Mnrkm Vnluc Ou Coll Uepeana Checking-Bards ol'Am.cr.0 S NIA vnnahle AAA open 294% 5 832,431 R 832.431 8 •1,530,471 Local A,.,lnve.t Fund(LAR) 6724QOOO vanable N/A open 416E 67,240,000 67285,664 LAIF 25,454,091 68 071431 Sh0n T.nu lu,.c item (1 ycm or Ic:Q Comorave Notes Brae Stu.C. 1,000,000 400% AA1 01/11/03 434% 0 0 BNY Westem re 998,410 Well,Fargo Company 1000000 350% AAI 04/04N8 373% 993090 999,760 BNY Wc.wna Tr 995,550 993,090 MonpnRe Pass-Tlsrus Fedv.d Hum.Loan Mmtyge Cm,aoratmn 2,600,000 400% NIA 0(d01/08 4A2% SGl,UA5 573,905 BNY Wsmm Tr 624,520 Federal home Lvan Mangnge Cmpomnon 465,000 400% NIA US/U1/Uu SSG% 116,254 120,196 I3NY W,tem Tr 119,259 Federal Home Loan MorWee Corpoia0on 1;100,000 400E NIA 09I01/os 543% 371,690 383,446 BNY Western Tr 402.687 Federal Hornu Loins M.etygo C.rpurauon 1,500,000 450% NIA I1101/OA 507% 417,615 423,117 BNY Western if 441,749 Federal llama Low Mortgage Corporatmn 3,000,000 5 00% NIA 02/61 lug >08% 210.771 213,750 BNY Western Tr 22.1,941 1,678,393 Tame DeposcG CD Account Regis"Service(CDARS) <180,000 535% AAA 01/14/0R 550E 0 0 Palm Desert Nat Bank 1S0,000 Washington Mutual Bunk 1,000,000 514% AAA 02/051OR 574% (1 0 WaShmgton Mutual 1,000,000 Washmgm.Mutual Bade 1,000,000 524% AAA 02/u5/Ok 1240, U 0 Wishtagton Mutwl 1000,000 CD Account Rugsany Surnce(CDARS) 940000 535% AAA 07/17/08 5>U% 940,000 9,10,000 Palm Doeurt N. Book 9110,000 CD Account Registry Servme(CDAIZ_5) 94,000 535% AAA 07/24Ng 550% 94,000 94,000 Palm De-en Nat dank 94,000 1,034,000 US Gov't Agency Securities Federal Horne Loan Bmrk 500,000 430% NIA 0I/-,D/DR 4"In E 0 U BNY WLsmm Tr 199,944 Federal Home Loan➢vdr 1,000000 504% N/A 02/26/08 5U41. 0 0 I3NY Westem Tr 1,000,63 Federal Home Loan Banir, I OOn,000 402% N/A U6/10/08 402% 0 0 ➢NY We-rem Tr 997500 Federal Home Loon Mongnge CoMornemn 1000,000 525% N/A 06/27/08 525% 1,000,000 1001,640 RNY Westem Tr Ip01R40 Federal dome Loon P.nnic 1,000,000 5 30% N/A 07/23/03 3 30% 0 0 BNY Westem Tr 1,000,625 Federnl Home Loan Bonk 500,000 435% N/A 07125/08 43SYa 0 0 BNY Westem Tr 499,844 Federal Home Loins dank 750,000 500% N/A IG127/08 500% 0 U BNY Western If 750,169 Federal Farm Credit➢.1, 1,000000 1A5% N/A 1U/29/08 3as% 0 0 BNY Westem Tr 997,199 Federal He..Loan Bank 1,000,000 A00% N/A 11/17/08 4QO% U 0 BNY Westem Tr o08,438 Fudceal If..,Loan➢,Wr 1,000,000 525% N/A n2/05M9 525% 0 0 BNYWeatem Tr I,001,50 Federal Ilome Loan Bank 1,000,000 423E WA U2/10/09 123% 0 0 BNY Westem Tr 1,000,000 Federal Hume Lnnn Rnnk 1,000,000 525% N/A 02/27/09 525% 0 0 RNY Wesem Tr 1.001,87$ d 1,000000 aL� me., TREASURER'S MONTHLY REPORT 3/26/200E DFTAIL OF INVESTMENTS FEBRUARY 29,2008 Coupon Yield Adjusted (memo only) Fnor Qrr Ya Value Rare Itaung Mmunw to Marmty Coar Basis Cnmgory Total Market Value Snuree Market Value Mednlm Term Invcwnmes 1 ca to3 yea) Corpomtc Noter Wogs Faso L Company 800,000 398% AAl 10/29/10 420% 795,160 809,304 BNY Wcstcm Tr 787280 SBC Commwicauons,Iac 1,000,000 530% A2 11/15/10 517% 1,004,150 1.051,350 13NY Western Tr 1,017,770 Goldman Such,Group,tn, 1,000,000 S00% AA2 01/15/11 537% 986,120 1,026.140 BNY Western T. 1,007,940 2,7E5,430 Mortgage Pav,-Thnrs Federal Home Law Mortgage Corporation 2,335,000 4 50% NIA 03101/09 4 88% 774.331 777,64) ➢NY Wurtta Tr 799,955 Federal Home Law Mortgage Corporation 480,001) 40N. N/A 0,I/01/09 51R-/,, 212,159 216,466 BNY Western rr O21,922 Fodm-alllome Cann MOr[RaRCCorporution 540,000 350% N/A 06/01/09 479% 299,602 309,575 BNY Wcsu.-m Tr 014,209 Federal Item,Loan Mortgage Corporation 570,000 450% N/A 09/01/09 537% 329,304 337,600 BNY Westem Tr 348,354 Federal Home Loan Modgoge Corpmm.a. 3,000,000 5 50% N/A 10101/09 5 43% 142,590 249,761 BNY We•,tem Tr 276,W9 Federal Homo Low Mortgage Corporation 2,050,000 450% NIA 10/01109 502% 377,180 378,504 ANYWestcin Tr 390,562 Federal Nalronal Mortgage Assocrauan 2,700,000 450% N/A O1/01/10 491% 543,693 559491 BNY Western Tr 575,591 Federal Nanowl Mortgage Assomauon 2,500,000 450% N/A O2/01I10 4460A 603,075 608,53$ BNY Westem Tr 615,574 Federal Home Loan Man,,.Corporation 1,455000 4SO% N/A 0J01/10 522% 397.327 412,714 BNY Westem Tr 418,981 Federal Nanonol Mortgage A•wmorlon 1,000,000 400% N/A M/01/10 512% 347,6r11 358,425 BNY Western Tr 363,462 Federal Homu Low Mongage Coryommn 2'2RO'ono 150% N/A 03/0I/10 529% 7,13,190 771,271 BNY Wcstcm Ir 791-654 Fedcrnl Home Loan Mortgage Coipomuua 1,370,000 500% N/A O9/01110 535% 415,463 426,891 BNY Wcaan Tr 415,822 F'cdwd National MorrRagc A590elation 500.000 400% N/A 10/01/10 495% 217,120 223,228 BNYWesmm Tr 22G,286 Federal Home Law Bade 775,000 4 75% N/A 10/25/10 -I 86% 51.1,697 530,780 BNY Wcaern Tr 533,345 Federal Home Loan Mortgage Cnrppmnon 1075552 450% N/A 02/01/11 524% 461,711 173,909 BNY Western Tr 476,785 6,493,194 US Gov t A,.,Secannes Federal Home Low M9902C Corporamn 1,000,000 336% N/A 041]5/09 365% 989,280 1,011,561 BNY Wcuum Tr 994,668 Fedund Home Lnw Mortgage Cm paranon 750,NNN 3 00% N/A 07/15/09 3 67% 742,500 751,795 BNY Western Tr 0 Fcdw National MorrSagc A:sucmnon 1,000,000 445% N/A 08/25/09 4NO% 0 0 BNY Weaem Tr 1,000,000 Federal Nobwal MoaAagc Assocmtion 1,000,000 401% N/A 10/07/09 IN10% 0 0 BNY W,mm Tr 999,658 Federal Home Law Mortgage Copoatinn 1,000000 500% N/A 10/26/09 512% 0 0 BW Westem Tr 1,000,100 Federal Farm Credit Beak 1000000 425% NIA II/IS/09 425% 0 0 BNY Westem Tr 1,000,625 Federal Hoag Law Bank 500,000 5 0N% NIA 11125/ll9 5 00% 0 0 BNY Westew 7. 500,711 44 Federal Home Low Bank 1,000,000 430% NIA 12/01N9 430% 0 0 BNYWesteen Tr 1,000,000 Federal Homo Low Ban, 1,000,000 435% N/A 02/22/10 435% 0 0 BNY WtSLIm Tr 1,000,0N0 Fbdwd dame Low MoM2apo Corparauon 1,000,000 403% N/A 02/25/10 415% 0 0 BNY Wenxm Tr 999,800 ' Federal Horne Latin Mongagc Cmpomuon 1,000,000 a05% NIA 03/08/10 480% 982,390 1,000,200 ➢NY Western Tr 999,600 Tcdeml Home Loao Halt 500,000 410% NIA 03108/III 460% 494.293 500.000 BNY Western l'e 499,68S r Federal Farm Galt Bank 2,000 000 5 5,1 o NIA 07II6II U 5 55% 0 0 BNY Westem if 2,C01 250 y Federal)Home Loan Bank 750,000 550% N/A 12/15/Ill 540% 747,638 764,297 BNY Wcstcm Tr 755,672 t G. Federal Fate Credit Bank 1,000,000 460% N/A 72/20/10 A(a)%, 1,000,000 1,00093E BNY Westem Tr 1,001,2i0 Federal Home Low Book 1,0an000 530% N/A 02/28/11 5101/. 0 0 BNY Westem Tr 1,002.18E F 4,956,100 Y Q � N d �9 N. N Efc. F TREASURER'S MONTHLY REPORT 3/26C008 DETAIL OF INVESTMENTS FEBRUARY 29,2008 Coupon Yield Adlurted (mcm9 only) Pror Qtr Par ValOe Role Rohs Mmm,ry to Mnnlrlty Cost Brio Cutegmy Tnml Mnrket Value S9wec M. !,Lt VAun Laos Term love-anent (3 vent,.to 5 venrsl Mortgose Pn-;-Thies Federal Home Loan Mon,, it Cmpumnon 695,000 4 00% N/A 04/01/11 5 22% 379,894 393,S40 RW Wesrem Tr 194,416 Federal Home Loan Mortgage Cmpomtmn 200,000 450% N/A 05/01/11 537% louzy 111821 BNYWestem Tt 112,502 Ogg I Og ❑S Godt Agency Securities Federal National Mang.,Asocmhon 1 000 000 5 38% N/A 07101/1 I 5 47% 0 0 13NY Western Tr 1,001 230 tcdvrd Homo Low Bwk 1, owoo 550°6, N/A 07/11/11 S ISO% 0 0 BNY Wcs[crn It 1,000,313 Fcdcml Home U.Bnnh 2,000,000 550% N/A 07/27/II 550°/ 2,000,000 2,061,873 BNYWestmn Tr 2,055,65 federal Home Loan Bank 1,000,000 550% N/A 07/27/11 3 50% 1,000,000 1,040,938 BNY Wes etn Tr 1,027,813 Federal Home Loan B.mk 2,000,000 5 75% N/A 08/01/11 5 75% 2,000,000 2,025,625 BNY Western Tr 2,021,250 Federal klume Low Mortgo,e CaMoration 1,000,000 550% N/A 09/10/12 Sdu° 1,000,000 1,014,944 BNY We4[9to 3t 1,010,640 Federal home i.oan M9rtgnge Comoranon 1'000,000 530% N/A 10/16/12 530% 1,000,000 1,016,500 BNY WeAem Tr 1,010,400 Federal Fnrm Credit Bank 1,000,000 497% WA 01/10/13 497% 1,000,000 1,002,231 BNY Weuem Tr 0 Finoncm8 Corporation(FICO) 500.000 9Po)% WA 04/06/19 9So% 08,59,1 724219 NationsBank 712,344 S 49S 594 'fatal�wcsad Last S 95,999,327 5 96.840.280 $ 82,756,9S9 Q Q Q C7 ' TREASURER'S MONTHLY REPORT veasrep MISCELLANEOUS AND TRUST ACCOUNTS 3/26/2008 FEBRUARY 29, 2008 Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Toral Torai Invested Cash S 95,999,337 S 95,999,337 S 95,999,337 Miscellaneous Accounts Petty Cash 3,273 N/A N/A open none 3,275 Revolving Fund-Bank of America 10,376 N/A N/A open none 10,376 Trust&Agency-Bank of America 1,434,599 N/A N/A open none 1,434,589 Downpayment Assisrance(Rousing Fund)-Washington Mutual 33,577 variable N/A open 0.25% 33,577 Workers Compensation-Bank of America -23,000 N/A N/A open none -23,000 Generul Liability-Bank of America 12,844 N/A N/A open none 12,844 1,471,661 Deposits Hcld In Tnrst Time Deposits (FDIC Insured) Downey S&L(Cat Cyn Country Club) 67,986 4.93% N/A 2/11/2008 5.01% 0 Downey S&L(Donovan Bequest) 14,393 4 93% N/A 2/4/2008 5 01% 0 Downey 8&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 4 18,890 Total Cash Deposited $ 97,489,888 Q Q C7 h C7 r TREASURER'S MONTHLY REPORT &=MP BOND ISSUE RESERVE,DEBT SERVICE& RELATED FUNDS 03/26/08 FEBRUARY 29,2008 Coupon Yield Adjusted (memo only) Pnor Otr Par Value Rate Ron, Manmty TO M2hvay Co tBam Cntegmy Toml Market Value Sower Maket Vilue 1991/97/0I l04 Convpnpon Center AIM Govemmenr 4,Agency pornPmale 357,293 vnnubl' AAA upon 296% 357,293 357w93 BNY Wertem Tr 555.121 A1G lnvemnanr Agreement 1_80,673 536"/o AAA 11/01/23 536% 1260,673 1,280,673 BNY Weemm Tr 1,280.673 AIG Investment Aweement 1290,000 668% AAA 11/01/21 662% 1,290,000 1,290,000 BNYWestem Tr 1,290.000 MBIA Investment Agrccvnna 3,500,402 558% AAA 11/01/35 558% 3.30 ,42 3,300,402 BNY Western Tr 3,300,102 6,228,363 199J06 Anpart AIM Shon-Term Invest l rsy Pnvun 1,319,403 vat.able AAA open 2961Po 1,318,403 1,312,403 BNYWestem Tr 1,470,240 1,318,403 1991/01 Serl s B-Hommg A GOVaamaat&A,.,Part Pnvnte 4,344 vanable AAA open 296% 4,344 4,344 BNY Wastem Tr 4,349 A1G lnvrstrmmt Agreement 468,105 5220/, AAA W/01/21 522% 468,705 468,105 BNY Wartem Tr 46R,105 472,449 1994/04 Sane,A&B AIM Gavamment&Agency Partf Pnvatc 3,065 587 vnnnble AAA open 296% 3 065 567 3 065 587 BNY WaTtem Tr 2,318,083 MBIA fnvemnent Agreement 1,651,456 517% AAA 09/01/34 517% If51456 1,651,456 BNY We am Tr 1,65%456 ,717,043 10?G/?8/0]Mulnpie Copies]Pecflbnev Project i AIM G0vannn ant&Agcnry Pngf Pnvnte 24,958 vunahle AAA open 296% 2d,959 24958 BNY Wertem Tr 24 RGG 24;'58 1093 Aapmt GARB A1G Inva.tmant A,r Ra,mv, 361_21 570% AAA 01/01/26 570% 561_21 561,21 BNY Wcatem Tr 5e1,221 A1M Cavemment&Agency Ponf Private 114,657 vonable AAA open 296% 114,657 114,657 BNY We-,tem Tr 408,760 675,e78 Q a p TREASURER'S MONTHLY REPORT tmnrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS n3r6/oe FF.BRUARY 29,2008 Cuupun Yield Adjusted (memo .Jy) Prmr Qtr Pm Val.. Huse Rnnng Maturity to 1vlutur4y Cost Ba;aa Category Total Markus Valu¢ Source M+rlect Value 1993 Anpon PFC AIG lnvearmmt A,-Aescrye 849,729 570% AAA OP01/28 570% 849,728 94972R BNY Western Tr 649,729 AIM Government&Apeney Portr Private 149417 variable AAA open 29ti% 149417 I49417 BNYWestem Tr 530,156 999,145 1998 As,,,smenr District 155 A&B A W Govemmem&Agency Pont Private 326936 vxnablu AAA open 296°/ 326,935 326936 BNY Westem Tr 197,669 326,936 2001 Assemmum De,trmt 157/15S Cash 22,530 22,530 22,530 BNY Westem Tr 0 AIM Govemment&Ageny Po¢f Prints ISd,027 vnrmble AAA op. 296% 184.027 134,027 BNY Westem Tr 102,909 206,557 2002 Parking Structure Cuh 3 3 BNY Wesrcm Tr 3 AIM Gowrnmem&APency Poill'Phvue 21,753 variable AAA open 290% 21,753 21,755 BNY Wes=rr 42,65E 21,756 2OU4 Aaacasmmt Dismut 161 AIM GDvo melt[&Agrnuy P.mFPnv¢te 523,669 vanabl. AAA open 296% 523,669 523,669 BNY Westem Tr 416,504 523,669 2UU4 Assessment District 162 AIM Govermmnt&Ayrnuy PortfPrime 191,567 variable AAA open 296% 191,567 191,567 BNY Wertem Tr 161,3(0 191,567 2005 Assessment District 164 AM Government&Agency Pouf Private 455,823 variable AAA open 296% 455593 455823 BNY Wertem Tr 360„78 455,623 2007 Merged Pmlecr 91&!;2 AIM Government&Agency Poetf Pnvute 11,905,860 variable AAA open 296% 13,905,360 13,903,960 BNY Westem Tr 1;,842,9611 t 3.905.860 Totals 9 30066.4I1 S 30,068411 $ 29.R66.450 Q 0 I treasrep TREASURER'S MONTIMY REPORT 03/26/08 CALCULATION OF INVESTMENT LIMITATIONS FEBRUARY 29, 2008 Allowable Percentages By Maturity: Minimum Maximum Current Mo. 1 day to 365 days S8,000,000 N/A $72,777,915 1 year to 3 years 0.00% 50.00% 14.83% 3 years to 5 years 0.00% 30.00% 8.84% over 5 years N/A N/A 0.52% 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% 1.08% Corporate Notes N/A 20.00% 3.94% Money Market Mutual Funds N/A 10.00% 0.00% Mortgage Pass Thru's N/A 10.00% 9.02% a U.S. Government Agencies N/A 50,00% 15.06% U.S. TreasuryNotes/Bonds N/A N/A 0.00%