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HomeMy WebLinkAbout4/16/2008 - STAFF REPORTS - 2.E. A��pALM spy iy CD u a 4$ h oAAA[o� c9`1P70WL P City Council Staff Re Port DATE: March 28, 2008 CONSENT CALENDAR SUBJECT: TREASURER'S INVESTMENT REPORT AS OF JANUARY 31, 2008 FROM: Thomas M. Kanarr, Acting Treasurer BY: Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of January 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 $93,635,726 plus $28,950,498 in bond issue capital projects, reserve and debt service funds. The market value of the invested cash is $94,495,935. RECOMMENDATION: Receive and File Treasurer's Investment Report as of January 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, 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 January 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 352 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 Thomas M. Kanarr, Acting Treasurer Attachments: Treasurer's Investment Report 600002 1 ` lrcmacp CITY OF PALM SPRINGS =2r2008 TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS JANUARY 31,2008 Dn Call Deposits Ad3usted Basis Category Total Percentage Checking Accauni S 3,142246 Side Pool 47,440,000 S 50,5582246 54.02% Short Term Invcstmants (]year or less corporare Notes 993.090 MortMe Pass-Thmis 1,524,404 Time Deposits 3,034,000 U.S,Gov4 Agencies 5,500,000 11,051,494 11.s0y Medium Term investmeuls 1 year w 3 years) Corporate Notes 2,785,430 Mortgage Pass-Thwv 6,332,611 U.S.Gov't Agencies 11,430,696 20,548,738 21.95% Long Term invesmlems 3 ycarnta 5 yeas Mortgage Pmu41ms 958.015 U.S.Gov't Agencies 10,495234 11.453249 1223% S 93,635,726 100.00% *Some investmenta made print to the implementation of the current Invemneht Policy exceed the 5 year limit TREASURER'S MONTFILY REPORT 212ZMOOG DETAIL OF INVESTMENTS JANUARY 31,2008 Coupon Ymld Adjusted (memo and PnrYnlue Anrc Retmg Matunry to Manu.ty Co,Hams Category Tond Mmketvalue Source Mmkot value Oo Call Ae site Checkmg-Bank ofArnmea S N/A vwoyle AAA open 299% $ 3,142,246 $ 3,1A2,246 $ M1,530,471 Local Agency roves[Fund(LAT) 47,440,00o Y ablc NIA open 462% -07,A40p00 A5.142.246 LA1F 24,530,071 50,582,246 Short Term Im,smients Clyearrorlems) Corporate Noren Hew Srearas Co 1,000.000 4001. AAI 0151108 434-A 0 BNY Western Tv 999,410 Wells Fwgo Company 1,000,Dao 3 50% AA1 Om04/08 3 73% 993.090 999,740 BNY Werrem Tr 995,a5o 993,090 Mortgnge Pass-Thus Federal Hume Loan Mortgage Cmporatioe 2,600,000 4OW NIA 0mo(/08 492% 594.451 BNY Wesrmr 6?A,520 ,262 Tr Fedttal Human an e Le M9rtguge Corporanon 40,000 40N. NIA MOMS $SG% 121,3gg 60 6077,262 BNY Weaem Tr 129,259 Federal Hone Lem Mortgage Cerponnan 1,4a0,000 4Ow.. NIA 0NOV08 543% 379,934Fedarauu9m,Loan Mortgage C9momuon 1,800,000 45a^/. 392,324 HNY Wetan Tr 402,887 42E,651 454,7g9 HNYWestem Tr 441,749 1.524,404 True Deposits CD A,cuuo[Reysny S-ac(C➢APS) M0,000 535% AAA 01/24/08 5.50% o 0 Palm Desert Nat Bank 4&0,000 Washington Washington Mutual Back 1,000,000 524% AAA 02lOS/aE 524% 1,000.000 1,000,000 Wa.hmgmn Mutual 3.000,000 mgtonMunW Back 1.000,000 524% AAA 02/05/08 524% 1,000,000 1,000,000 W.uhmgsm.Mnnml 1,000,000 CDAceou4t Registry Service(CDARS) 940,000 5 35% AAA 07/17/08 5 50% 940,000 9g0,000 wallPalm D,nerr Nat Honk 940,000 CD Aceenae Aeg�atry Service(CbAA$) 94,000 535% AAA 07I24/08 550% 94,000 94,000 Palm De;err Nat Bank 94,00 3,034,0Do u S.Guth Agency Secwttics Federal Berne Wan Back 500,000 430% NIA OV30/08 430% a BNYWcrcm Tr 499,844 Federal Federal Home Loan Bank 1.000.000 504% N/A 0=8/08 0 5p4% 1,OW,000 1,001,56 BNY W,rY Tr 1,00a625 Homo Lam Hack 1,000,a0o 402% N/A 0el0/08 402% 1,000.000 1,000,313 HNY Weslcra Tr 997,500 Fcdttal Herne Lunn Mongago Cerp9mnon 1,000,00a 525% N/A 06 7/08 525% 1.000,000 1,003,670 BNY Western Tr 1,001.240 Federal Haute Loan Bonk 1.000.000 530% N/A 07/23/08 530% a a BNY Wct.Th 1,WO,625 Federal Home Loos Berk 500,000 4.39% NIA 07/25/06 418% 500.000 500,000 BNYWrxmn Tr 499,844 Federal Horan loon Bmk 750,000 5 00% N/A 10/27/DS 5 00% 0 0 BNY We,,ra Tr 750,469 Federal imm Credit Bank 1,000,000 385% N/A 30/29/08 385% 1,00g000 1.000,313 BNYWcstan Tr 997,188 Federal Bum,Loon Bank 1p00,o00 400% N/A 11/17/Oa 400% 1.001000 1,000.625 HNYWcsrcrn Tr 99¢438 5.500.000 Q G rd� deaar, TREASURER'S MONTHLY REPORT 2122J2003 DETAIL OF INVESTMENTS JANUARY 31,2008 Coupon Yield Adlustad (memoardy) Prior Qor. Far Value Ram It s Maturity toMmw,ry C07 Bans Cwtegmy Toml MUM Val.. Source Market vra" Meditw Teem in+rc:uowm mtO3 ears Corporate Noms Weg9 Fargo&Cm vay 800,000 398% AAl 10/29/10 420% 795,160 SBCCo 802,176 HNYWcsrcm it 737,280 Goldmannmwmadona,lnc 1,000,000 530% A2 11/15l10 517% 1,004,]50 ],OdO,820 BNYWt%=Tr 1,037.770 Saclu Crtoup,inc. 1,000,000 500% AA3 01/15/11 537% 966.120 1,028.5% BNYWcncrn Tr 1,007,940 2,785,430 Mortgage Pn,,•Tlnos Federal Homo Low Motrga6e Cmporanon 31000,000 5.00% N/A Ovol/09 50R% 218,282 222,069 BNY Wr,am Tr 224,941 Federal Home Loan Mongage Corl,9rwon 2X5,000 4,50% N/A 03/01/09 480% 784.842 Fcdmtd Home Loon M rp 789,708 BNYWrmm Tr 799.955 ortg.ge Ca orarian 430,000 4.00% N/A 04/01/09 518% 214,252 219.07 BNYWestem Tr 221,9m Federal Home Lem Mprtg.ge Coipomnon 540,000 3S0% N/A 06/01/m 479% 302.401 313407 BNYWesmnn Tr 314,209 Federal Home Lam Mortgage Co[porahan 570,000 450% N!A 09/01/09 5.37% 336.575 346,05a BNY Western Tr 348,354 Federal Hone Loan Morrgago Carppmdao 3,000.000 550% N/A l0/Ol/09 543% 254,437 262.396 ANY Westemre 276,949 Feder.l Home Loan Mortgage Cpmpranw 2,050,000 4501J NIA 10/Ol/09 503% 382,935 335,734 HNYWesrem Tr M9 ,562 Federal National Mortgage Assocmfien 2,70,mo 450% N/A 01/01/10 4911A 55t,271 565.273 HNYWesnm Tr 578.591 Federal Nadoaal Mortgage Association 2,500,000 450% N/A 02/01/lO 446% 610.283 615,266 BNY Western Tr 613,574 Federal Hem.law Mortgage Corpmnnan 1,455.000 450% N/A 02/01l10 522% 403.839 419,134 BNY Wavem Tr 419,931 FederwlNmpiml Mortgage A ...mpn 1,000.000 400% N/A 03/01/10 512% 352,442 262,715 BNYWaetmn Tr 3Sd62 Fedoed Rome Loan Mantic Corpomuw 2y80,000 450% N/A 05/01/10 529% 756,274 780.214 BNY Wesrem Tr 782,654 Federal Hamm Lom Mortgage Corpmmor, 1,370,000 S.M. N/A 09/01/10 535% 416,865 429,219 BNY Western Tr 425,9= Fedora Ne6onal Mongogo A:comat,m 500.000 400°/ N/A 10/01/10 495% 220,353 226,020 BNY Wcmr,Tr M6,236 Federal Home Lem Hank 775,000 475% N/A 1an5110 488% 526,618 530.228 ➢NYWestern Tr 533,345 6,332,611 U.S GWl Agenpy Securities Federal Home Low Book 1,000,000 525% N/A 0V05109 523% 1,000,000 1,000,313 BNYWrtera Tr 1.001,250 FedcWHome Low Binlr 1,000,000 4M% N/A 0110/W 423% 1,000,000 1,000,000 HNYWestcm Tr 1.000.000 Federal Hone Lam➢mik 1,OOO,OOO 525% N/A 02r27109 525% 1.000.000 1,001,875 BNY WmeenTr 1.001.975 Federal Home Lam MortWe Coepermpn 1,000,000 338% N/A 04/15/09 365% 989,280 1,008,750 BNYW.,tmn Tr 994,6w Federal Hmnp Low MortAirg:Corpurmipa 750,000 300°lo NIA 07/15/09 367A 742,500 751µ23 BNY Wcomm Tr 0 FeeladNmonpl MongogeAs=mon 1,000,000 445% NIA 08/25/09 4WA 0 0 BNYW.Tr 1,000.000 FodeNNmmWMorraamP ,cmton 1,000,000 401% NIA 10/07/09 5.10% 976,196 1,000,000 BNY Wcssmn Tr 999.688 Fodend Horee Law Mortggo Cmpmpgw 1,000,000 500% NIA 10/26/09 512% a 0 BNY Western Tr 1,000,ID0 Federal Farm Credit Bork 1,000.000 425% NIA 11/18109 425% 1,000,000 IgOg93E HNY Wemmn Tr 1,000,625 Federal Home Lawn Bmk 500.000 5OTA N/A II/25/w 500% 500,000 Federal Hem.Lam H 500,751 BNYWrxm Tr 500,78I Fence Hank 1,000,000 430% NIA 12/01/09 430% 0 0 BN Wcrtam Tr 1,000,000 d Horne law Honk 1.000,000 435% N/A 02/22/10 435% 0 0 BNYWcmMTr 1,000,000 Faded Time Low MOAM.Cmppmtipn 1,000,000 406% N/A 02/25/10 415% 99BAM 1.000,933 BNY We rem Tr 999,300 Federal Home Low Mertgngo Cprppmtian 1,000,000 405% N/A 03l08/10 480% 982.M 1,001,406 ➢NY Wrtem Tr 999,600 Federal Home Loan Book 500,000 4.10% N/A 0NOWI➢ 460% 494,293 500,156 ➢NYWesmm Tr 499,6g8 Q Federal Fain Credre➢mk 2.000,000 5.55% N/A 07/16/10 555% 9 0 BNVWcstern Tr 2,001,250 Federal Hama Low➢wk 750,000 530% N/A IX15110 540% 747,63E � 765,469 HNYWestm TrFederd FormCrcduBwk 1,00,00 460% 1,07508G752 . .000 1,002,500 BNY Wctm Tr 0 'Q 11,400,696 1 TREASURER'S MONTHLY REPORT v ,2ppa DETAIL OF INVESTMENTS JANUARY 31,2008 Coupon Held Adjusted (memooNy) Pnor Q, Per Value FAX Hating Macnty to Maturity Cost Bests Catep,Total Mnrk9r Vale. Sowuu MmtetVN,e Long Term]nvm.trnent 3 eenm5 am Morrgagv Pm,-Thrum Federal He..Low Mongng.C.w d,, 1,015,552 45o% N/A 02/01/11 524% 465,801 477,930 BNY Western Tr 476,793 Federal Homo Loan Mrmgugu Cgmorado, 695,000 400 N/A O101/11 5 FedeN l{ome,Lao,Mmtgmgc Corpa,,,, 200,000 450"n T2% 382,945 396.970 ➢NY West=Tr 39d,415 N/A OS/01/11 537% _ 109,270 112,875 BNY Wcelmn Tr lIZ502 958,013 US Gov'tAgan,Securibes Federal Hama Low Bank 1.000,000 530% N/A GZW111 530°/ 1,00.000 1,001.875 ➢NYWcmtem Tr 1,002,168 Fcd-rl Nmonal Mottgeg.A;socmuen 1,000,000 538% NIA 07/01/11 5q7/. Federal Home]ew Bonk 996,6g0 1,000,000 BNY Western Tr 1,001,250 3.000.000 5 50% NIA 07I11/11 5 50% p 0 MY Wa tern Tr 1,000.113 Federal Hem.Lamp Hevk 2,oco,00o 550% N/A 07/27/11 550% 2.W0,000 Federal Home LaevHwk 2,081,875 HNYWesmm Tr 2,055,625 1,ppp,000 5.50% N/A 07/27/11 550% 1,000,000 1,N0,93s BNY Wdtm Tr 1,027,813 Federal Hmrc yam Bank 2,0omo 575% N/A Ox/01/11 5.75% 2,000,000 2,031,350 HNYWeKem Tr 2,o21,S0 Federal Home e=Iaee Mortgage Coepeme9, 1,000,000 550°/ N/A 09/10/12 550% 1.000,000 1,017�30 ➢NY Weslem Tr 1,010,G40 Federal$am.Lora Ma¢gagc Cmpmm " 1,000,000 530% N/A 10/I6/12 S20Y I,000,Opp 1,018,580 BNY Westacn Tr 1.010.640 Federal Fum Crcdp Bank 1.000,000 49p% N/A 01/10/13 497% 1,000.000 1,004,100 BNY We:4em Tr 0 Fmmemg Corpomtlen(F1C0) 500,000 ')80% N/A 04/06/18 980% 498,594 725,156 Nano.:➢nnlr 71.2" 10,495,„34 Tocil]mesre0 ' f 5 91635,72�6 $ 9q®95,935 S 82,756,989 0 0 TREASURER'S MONTHLY REPORT lWasrcp MISCELLANEOUS AND TRUST ACCOUNTS W212008 JANUARY 31, 2008 Yield Adjusted Par Value Coupon Rating Maturity to Matunty Coat Basis Category Total Total Invested Cash S 93,635,726 $ 93,635,726 S 93,635,726 Miscellaneous Accounts Petry Cash 3,275 N/A N/A open none 3,275 Revolving Fund-Hank of America 3,240 N/A N/A open none 3,240 Trust&Agency-Bank of America 1,412,828 N/A NIA open none 1,412,829 Downpaymeul Assrsrance(Housing Fund)-Washington Mutual 33,577 variable N/A open 0.25% 33,577 Workers Compensation-Bank of America -6,875 N/A N/A open none -6,875 General Liability-Bank of America 4,999 N/A N/A open none 4,999 1,451,044 Dc osrts Held In Trust Time Deposits (FDIC Loured) Downey S&L(Car Cyn Country Club) 67,986 4.93% N/A 2/11/2008 5,01% 67,986 Downey S&L(Donovan Bequest) 14,393 4 93% N/A 2/42008 5.01% 14,393 Downey S&L(Palmer Cable TV) 5,514 4.97% N/A 1/17/2009 4.97% 5,514 Guaranty Hank(Coyote Springs Apt) 18,890 4 91% WA 6/24/2008 5,00% 18,990 106,783 atril Cash Dcposired $ 95,193,554 Q . Q CD TREASURER'S MONTHLY REPORT neauep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS oLzv06 JANUARY 31,2008 Coupe. Yicid Adjnmed (memo only) Prior Qv. Par Value Rate Pm.' M.fa.ry to Ma0.mry Cost Basis Calegoty Taw - cket Value Source Market Value 101197/01104 Conveno.Cmrer AIM Goveeev &Agency PoafPnvere 336,249 varlehla AAA open 399% 356,249 336,249 BNY WaUra Tr 355,121 AIG lnvem.mt Apleement 1,290.673 536°U AAA II/01/25 536% 1290,673 1280,673 BNY Wasrc Tr 1280,673 AIG invcsment Agr.=ert 1,290,000 669% AAA II/0im 668% 1290,000 1,290,000 BNY Wc.wn Tr 1290,000 MBIA Invesment Ag ernmr 3.300.402 558% AAA 11/01/35 558% 3a00.402 3200,402 BNY Wcaxcrn Tr 3,300,402 6227,2A 1992/06 Airport AIM Shon T=Tnves Tmy Pnv , 1235,594 variable AAA op. 398% 1135,584 1,235,594 BNY Wastan Tr 1.470,240 1,235,584 1991/01 Smn B.itousinR AIM Ge wmnmt&Agmcy PertfP.vete I13,670 variable AAA open 39E% 1MOD 118.670 BNY Weston Tr 4,349 AlGlovaeemmtAReemenr 468,105 522% AAA 08/01/21 522% 469105 468,105 BNYWcsuna Tr 463.105 566,775 1994/O4 Sees A&B AIMG9vermnmt&A6mcy PordPrivarc 2,325,449 variable AAA open 398% 2225,449 2,325,449 BNYWcstem Tr 2,31 g,083 bID1A lnve�enmt Ag[epnm! 1,651,456 517% AAA 09101/4 517% 1,651,456 1,651,456 BNY W.stem Tr 3.651,456 3.976.905 1996MV07 Multiple Cnpnal Peciltica Pmlect AIM Govenmmt&Agency Portfnnvute 2F,885 vsn4ble AAA open 396% 24.885 24,885 BNYWesrem Tr 24,806 24,885 199E Airport GARB AIGlnvese.mt Aar-Rescrvo 561,221 570Y. AAA 01/01f28 570% 561.221 561221 BNY Wemm Tr 561;�1 AIM Government&Agency Po Pnvm 72.403 v.riahle AAA epm 3 98% 72,403 72,403 BNY Wesmm Tr 408.760 633,624 TREASURER'S MONTHLY REPORT team, BOND ISSUE RESERVE,DEBT SERV CCE&RELATED FUNDS =2108 JANUARY 31,2008 Coupon Yield Adlastod (momoonly) Prior Qo- Pervalue Raw Rating Motunry to Maturity Coat Bati• Category Total Market Val. Soume hlmkcl Value 1998 Arcpnrt PPC AtD lnvesImien[Agf•Reserve 949,728 5 7&/. AAA 01101/28 5.70% 849,728 949,728 BNY Wn.tem Tr 249,728 AIM Government&Agency PorcPPrivam 79,477 vmnble AAA open 398% 79,477 79,477 BNY We•tem Tr 580,136 929,205 I Assessment Dieprot 155 A&B AIM Govemmrnt&Agency PortfPrivate 288525 variable AAA open 398%. 288393 285,583 BNYWcannnTr 297,669 299.583 2001 Ayasmenl➢istnct 157/ISS AMGovmvnrnt&Agency PorlfPmate 183,490 variable AAA open 398y.. 182490 3U,490 BNY Westin Tr IS2,909 183,490 2002 parking Structure Cary 3 3 3 BNY Western Tr 3 AIM Government&Agency PonfPnvate 27,012 variable AAA open 39811. 27.012 27,012 BNY Wcswm if 42.658 27,015 2004 Assessmens Dest ict 161 AIM Government&pgrnry PnrMPnvMe 411,329 variable AAA open 3.Vl 417,828 417,82E BNY Weamm Tr 416,504 417,828 2004 Assessment DLAnd 162 AIMGovetvmmt&Agent'PortfPnvare 161.872 variable AAA open 398% 161,972 161,372 RNYWestcm Tf 161,360 161,872 2005 A=ssment➢istne!164 ATMGovcmwcnt&Agency PcrtfPnvat 370.452 vunnble AAA oprn 398°/. 370,452 070,452 BNY Western Tr 36927E 370,452 207 Merged Prplect&1&N2 AIM Government&Agenq PorrfPnvuw 13,556,956 vartabin AAA open 398% 13,88056 13,666.956 BNY Westernn Tr 13.842969 13.886,556 TOWS 5 28950,498 S 28,950,499 $ 29,5� 6�6,450 f� U b C.O treasrep TREASURER'S MONTHLY REPORT 02/22/08 CALCULATION OF INVESTMENT LIMITATIONS JANUARY 31, 2008 Allowable Percentages By Maturity: Minimum Maximum Current Mo. I day to 365 days $8,000,000 N/A $61,633,740 1 year to 3 years 0.00% 50.00% 21.95% 3 years to 5 years 0.00% 30.00% 11.70% 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% 3.24% Corporate Notes N/A 20.00% 4.04% Money Market Mutual Funds N/A 10.00°% 0.00% Mortgage Pass Tbru's NIA 10.00% 9.41% U.S. Government Agencies N/A 50.00% 29.29% ca U.S. TreasuryNotes/Bonds N/A N/A 0.00% c� ca 0