City Council Staff Report
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1 City Council Staff Report DATE: April 6, 2016 CONSENT CALENDAR SUBJECT: FROM: BY: TREASURER S INVESTMENT REPORT AS OF FEBRUARY 29, 2016 Geoffrey S. Kiehl, Director of Finance and Treasurer Department of Finance and Treasury SUMMARY Attached is the Treasurer's Investment Report as of. 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 $123,363,514 plus $12,142,602 bond issue capital projects, reserve and debt service funds. There is an additional $2,299,192 in various miscellaneous/trust accounts. The market value of the invested cash is $123,926,583. RECOMMENDATION: Receive and File Treasurer s Investment Report as of. 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, debt service and related funds. The investments, in type, maturity and as a percentage of the total portfolio, are in compliance with the existing City Council-approved investment policy.
2 City Council Staff Report April6, Page 2 Treasurer's Investment Report as of The weighted average maturity (WAM) of the portfolio is 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 ~~4L( Geoffrey S. Kiehl, Director of Finance and Treasurer Attachments: Treasurer's Investment Report
3 CITY OF PALM SPRINGS TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS On Call Deposits Adjusted Basis Category Total Percentage Short Term Investments (1 year or less) Medium Term Investments (1 year to 3 years) Long Term Investments (3 year to 5 years) Checking Account $ 3,509,395 CalTrust ShortTerm 40,443,101 CalTrust MidTerm 4,950,274 State Pool 42,666,199 $ 91,568, % U.S. Gov't Agencies 27,497,500 Time Deposits 400,000 27,897, % U.S. Gov't Agencies 3,498,444 Time Deposits 398,600 3,897, % % $ 123,363, %
4 2.8% 0.6% 4.0% Investment Allocation City of Palm Springs Total $123,363, % 34.6% State Pool (LAIF) CalTrust ShortTerm U.S. Gov't Agencies CalTrust MidTerm Checking Account Time Deposits 32.8%
5 DETAIL OF INVESTMENTS Par Coupon Purchase Maturity First/Next Optional Days Yield Adjusted Category (memo only) Prior Qtr. Value Rate Rating Date Date Call Date to Maturity to Maturity Cost Basis Total Market Value Source Market Value Checking - Bank of America $ 3,509,395 N/A AAA demand N/A 1 None 3,509,395 $ 3,509,395 Bank of America 3,242,684 CalTrust ShortTerm 40,000,000 variable N/A demand N/A % 40,443,101 40,426,377 CalTrust 37,354,546 CalTrust MidTerm 4,500,000 variable N/A demand N/A % 4,950,274 4,939,335 CalTrust 4,911,988 Local Agency Invest Fund (LAIF) 42,500,000 variable N/A demand N/A % 42,666,199 42,631,510 LAIF 40,598,872 90,509,395 91,568,970 91,506,617 85,371,128 Short Term Investments ( 1 year or less) U.S. Gov't Agency Securities Federal Home Loan Mortgage Corporation % N/A 07/29/15 07/29/20 01/29/ % 0 0 Bank of NY Mellon 1,000,400 Federal Home Loan Mortgage Corporation % N/A 05/22/15 02/22/18 02/22/ % 0 0 Bank of NY Mellon 500,110 Federal National Mortgage Association % N/A 02/27/15 02/27/18 02/27/ % 0 0 Bank of NY Mellon 1,001,180 Federal Farm Credit Bank 500, % N/A 05/26/15 02/26/18 03/01/ % 500, ,530 Bank of NY Mellon 497,910 Federal Home Loan Bank 1,000, % N/A 03/04/15 09/04/18 03/04/ % 1,000,000 1,000,020 Bank of NY Mellon 994,900 Federal Home Loan Mortgage Corporation 1,000, % N/A 03/09/15 03/09/18 03/09/ % 1,000,000 1,000,160 Bank of NY Mellon 1,000,770 Federal Home Loan Bank 1,000, % N/A 06/12/13 06/12/18 03/12/ % 1,000,000 1,000,030 Bank of NY Mellon 998,110 Federal Home Loan Mortgage Corporation 2,000, % N/A 09/20/12 09/20/17 03/20/ % 2,000,000 2,000,860 Bank of NY Mellon 2,003,540 Federal National Mortgage Association 2,000, % N/A 09/27/12 09/27/17 03/27/ % 2,000,000 2,000,220 Bank of NY Mellon 1,995,500 Federal Home Loan Mortgage Corporation 2,000, % N/A 01/29/16 01/29/21 04/29/16 1, % 2,000,000 2,001,920 Bank of NY Mellon 0 Federal Home Loan Mortgage Corporation 2,000, % N/A 01/29/16 01/29/21 04/29/16 1, % 2,000,000 2,000,800 Bank of NY Mellon 0 Federal Home Loan Bank 1,000, % N/A 07/29/15 07/29/20 04/29/16 1, % 997,500 1,001,520 Bank of NY Mellon 1,000,250 Federal Home Loan Mortgage Corporation 500, % N/A 10/29/15 10/29/20 04/29/16 1, % 500, ,530 Bank of NY Mellon 500,035 Federal National Mortgage Association 4,000, % N/A 01/30/13 01/30/18 04/30/ % 4,000,000 4,000,280 Bank of NY Mellon 3,980,880 Federal National Mortgage Association 500, % N/A 05/20/15 05/18/18 05/18/ % 500, ,330 Bank of NY Mellon 500,045 Federal National Mortgage Association 2,000, % N/A 05/21/13 05/21/18 05/21/ % 2,000,000 2,000,060 Bank of NY Mellon 1,987,340 Federal Home Loan Mortgage Corporation 500, % N/A 06/15/15 12/15/17 06/15/ % 500, ,165 Bank of NY Mellon 498,320 Federal Home Loan Bank 2,000, % N/A 01/27/16 07/27/18 07/27/ % 2,000,000 2,003,060 Bank of NY Mellon 0 Federal Home Loan Bank 1,000, % N/A 01/29/16 01/29/21 07/29/16 1, % 1,000,000 1,000,690 Bank of NY Mellon 0 Federal Home Loan Mortgage Corporation 1,000, % N/A 01/29/16 01/29/20 07/29/16 1, % 1,000,000 1,001,950 Bank of NY Mellon 0 Federal Home Loan Bank 1,000, % N/A 07/29/15 07/29/20 07/29/16 1, % 1,000,000 1,002,460 Bank of NY Mellon 1,000,240 Federal National Mortgage Association 500, % N/A 02/26/16 02/26/21 08/26/16 1, % 500,000 1,000,000 Bank of NY Mellon 0 Federal National Mortgage Association 500, % N/A 02/26/16 02/26/21 08/26/16 1, % 500, ,000 Bank of NY Mellon 0 Federal National Mortgage Association 500, % N/A 02/26/16 11/26/19 08/26/16 1, % 500, ,830 Bank of NY Mellon 0 Federal Home Loan Mortgage Corporation 500, % N/A 02/26/16 02/26/21 08/26/16 1, % 500, ,000 Bank of NY Mellon 0 Federal National Mortgage Association 500, % N/A 02/24/16 11/24/20 02/24/17 1, % 500, ,250 Bank of NY Mellon 0 27,500,000 27,497,500 28,015,665 19,459,530
6 DETAIL OF INVESTMENTS Par Coupon Purchase Maturity First/Next Optional Days Yield Adjusted Category (memo only) Prior Qtr. Value Rate Rating Date Date Call Date to Maturity to Maturity Cost Basis Total Market Value Source Market Value Short Term Investments ( 1 year or less) Time Deposits GE Cap Retail Bank CD 200, % N/A 7/20/12 7/20/16 N/A % 200, ,532 Bank of NY Mellon 200,614 GE Cap Bank CD 200, % N/A 7/20/12 7/20/16 N/A % 200, ,532 Bank of NY Mellon 200, , , , ,228 Medium Term Investments ( 1 year to 3 years) Time Deposits Goldman Sachs Bank CD 200, % N/A 7/25/12 7/25/17 N/A % 198, ,091 Bank of NY Mellon 201,977 Discover Bank CD 200, % N/A 7/26/12 7/26/17 N/A % 200, ,813 Bank of NY Mellon 201, , , , ,642 U.S. Gov't Agency Securities Federal Farm Credit Bank 500, % N/A 05/22/15 05/22/17 N/A % 500, ,500 Bank of NY Mellon 497,445 Federal National Mortgage Association 2,000, % N/A 03/12/13 03/12/18 03/12/ % 2,000,000 2,009,680 Bank of NY Mellon 1,997,700 Financing Corporation (FICO) 500, % N/A 04/06/88 04/06/18 N/A % 498, ,794 Bank of America 594,973 Federal Farm Credit Bank 500, % N/A 02/24/16 02/12/19 N/A 1, % 499, ,360 Bank of NY Mellon 0 3,500,000 3,498,444 3,599,334 3,090,118 Total Invested Cash $ 122,309,395 $ 123,363,514 $ 123,926,583 $ 108,725,646 Current Quarter Portfolio Yield 0.74% 0.65%
7 MISCELLANEOUS AND TRUST ACCOUNTS Yield Adjusted Par Value Coupon Rating Maturity to Maturity Cost Basis Category Total Total Invested Cash $ 123,363,514 $ 123,363,514 $ 123,363,514 Miscellaneous Accounts Petty Cash 3,950 N/A N/A open None 3,950 Trust & Agency - Bank of America 2,005,972 N/A N/A open None 2,005,972 Downpayment Assistance (Housing 33, % N/A open 0.15% 33,928 Fund) - Bank of America Workers Compensation - Bank of America 91,715 N/A N/A open None 91,715 General Liability - Bank of America 29,500 N/A N/A open None 29, 's General Store Museum - Bank of America 11,396 N/A N/A open None 11,396 On-Line Credit Card Fire Inspection Fees 116,550 N/A N/A open None 116,550 -Bank of America On-Line Credit Card Transportation Permits 6,182 N/A N/A open None 6,182 2,299,192 -Bank of America Total Cash Deposited $ 125,662,706
8 BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Rating Maturity to Maturity Cost Basis Total Market Value Source Market Value 1998 Airport PFC Invesco Government & Agency Private 918,801 variable AAA open 0.01% 918, ,801 Bank of NY Mellon 1,376, , Airport PFC Invesco Government & Agency Private 1,526,637 variable AAA open 0.02% 1,526,637 1,526,637 Bank of NY Mellon 1,630,010 1,526, Refunding Lease Revenue Bonds First American Government Obligation 0 variable AAA open 0.01% 0 0 US Bank A&B Tax Allocation Bonds First American Government Obligation 736,537 variable AAA open 0.01% 736, ,537 US Bank , C Tax Allocation Bonds First American Government Obligation 521,764 variable AAA open 0.01% 521, ,764 US Bank , Airport PFC Refunding Invesco Government & Agency Private 609,637 variable AAA open 0.02% 609, ,637 Bank of NY Mellon 609, , Downtown Revitalization Lease Revenue Bond Reserve Invesco Government & Agency Private 3,191,397 variable AAA open 0.01% 3,191,397 3,191,397 Bank of NY Mellon 3,191,142 3,191,397
9 BOND ISSUE RESERVE, DEBT SERVICE & RELATED FUNDS Par Coupon Yield Adjusted Category (memo only) Prior Qtr. Value Rate Rating Maturity to Maturity Cost Basis Total Market Value Source Market Value 2012/2014 Convention Center First American Government Obligation 12,677 variable AAA open 0.01% 12,677 12,677 US Bank 12,677 12, Merged Project 1 & 2/Housing Refunding First American Government Obligation 809,209 variable AAA open 0.01% 809, ,209 US Bank 1, , Reassesment District No First American Government Obligation 360, variable AAA open 0.01% 360, ,421 US Bank 288, , Local Measure A Sales Tax First American Government Obligation 1,840,371 variable AAA open 0.01% 1,840,371 1,840,371 US Bank 6,596,180 1,840, Refunding Lease Revenue Bonds Cash Bank of NY Mellon 3 Invesco Government & Agency Private 222 variable AAA open 0.01% Bank of NY Mellon 222 First American Government Obligation 3,604 variable AAA open 0.01% 3,604 3,604 US Bank 3,604 3,830 Chevron/CoGen Lease Proceeds Cash 716,877 N/A N/A demand None 716, ,877 Deutsche Bank 716, ,877 Funds With Century Golf 895,443 N/A N/A demand None 895, ,443 Century Golf 394, ,443 Totals 12,143,602 12,143,602 $ 14,821,166
10 CALCULATION OF INVESTMENT LIMITATIONS By Maturity: Minimum Maximum Current Mo. 1 day to 365 days N/A N/A 96.84% 1 year to 3 years N/A 50.00% 3.16% 3 years to 5 years N/A 30.00% 0.00% By Type of Investment: Bankers Acceptance - in total N/A 20.00% 0.00% Bankers Acceptance - by issuer N/A 5.00% 0.00% Commercial Paper N/A 15.00% 0.00% Time Deposits N/A 10.00% 0.65% Negotiable Certificates of Deposit - in total N/A 30.00% 0.00% Negotiable Certificates of Deposit - by issuer N/A 5.00% 0.00% Corporate Notes - in total N/A 20.00% 0.00% Corporate Notes - by issuer N/A 5.00% 0.00% CA State or City Bonds/Local Agency Bonds - in total N/A 15.00% 0.00% CA State or City Bonds/Local Agency Bonds - by issuer N/A 5.00% 0.00% Money Market Funds N/A 10.00% 0.00% Money Market Mutual Funds - Less than 1 Year N/A 50.00% 32.78% Money Market Mutual Funds - More than 1 Year N/A 25.00% 4.01% LAIF N/A % 34.59% U.S. Government Agencies N/A 60.00% 25.13% U.S. Treasury Notes/Bonds N/A % 0.00%
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