2010 08 11 IABVII
Y.O. lox 1504
LA QUIN 12%, CALIFORNIA 92247-1504
78-495 CALLC-[-Ay,PICO (760) 777-7000
LA Qoiu rA, CALIFORNIA 92253 FAX (760) 777-7101
AGENDA
INVESTMENT ADVISORY BOARD
Caucus Room
78-495 Calle Tampico- La Quinta, CA 92253
August 11, 2010 - 4:00 P.M.
CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
PUBLIC COMMENT - (This is the time set aside for public comment on any matter not scheduled on
the agenda.)
CONFIRMATION OF AGENDA
CONSENT CALENDAR
A. Approval of Minutes of Meeting on July 14, 2010 for the Investment Advisory Board.
BUSINESS SESSION
A. Transmittal of Treasury Report for June 2010
B. Investment Advisory Board 2010/2011 Work Plan
CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - July 2010
B. Pooled Money Investment Board Report — May 2010
BOARD MEMBER ITEMS
Vlll ADJOURNMENT
PUBLIC NOTICES
The La Quinta Caucus Room is handicapped accessible. If special equipment is needed for the hearing impaired, please call the
Finance Department at 777-7150, twenty-four (24) hours in advance of the meeting and accommodations will be made.
Any writings or documents provided to a majority of the Investment Advisory Board regarding any item on this agenda will be
made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quints, CA
92253, during normal business hours.
N
INVESTMENT ADVISORY BOARD
MEETING
July 14, 2010
I. CALL TO ORDER
A regular meeting of the Investment Advisory Board was called to order at 4:00
p.m. by Chairperson Park followed by the Pledge of Allegiance.
PRESENT: Board Members Blum, Park, Rassi, and Spirtos
ABSENT: Board Member Mortenson
STAFF PRESENT: John Falconer, Finance Director and Angela Guereque, Senior
Secretary
II. APPOINTMENT OF OFFICERS
A. Appointment of Investment Advisory Board Chairperson
Member Spirtos nominated Member Park as Chairperson.
Motion — It was moved by Board Members Spirtos/Blum to elect Board Member
Park to serve as Chairperson for the Investment Advisory Board. Motion carried
unanimously.
B. Appointment of Investment Advisory Board Vice -Chairperson
Chairperson Park nominated Member Rassi as Vice -Chairperson
Motion — It was moved by Board Members Park/Blum to elect Board Member Rassi
to serve as Vice -Chairperson for the Investment Advisory Board. Motion carried
unanimously.
III. PUBLIC COMMENT — NONE
IV. CONFIRMATION OF AGENDA
Motion - It was moved by Board Members Spirtos/Blum to confirm the agenda.
Motion carried unanimously.
V. CONSENT CALENDAR
A. Approval of June 9, 2010 Minutes
Motion — It was moved by Board Members Rassi/Park to affirm the minutes of June
9, 2010. Motion carried unanimously.
Motion — It was moved by Board Members Spirtos/Rassi to approve the minutes as
submitted. Motion carried unanimously.
VI. BUSINESS SESSION
A. Transmittal of Treasury Report for May 2010
Mr. Falconer presented and reviewed the staff report for the month of May 2010,
advising the Board that the portfolio's balance ended at $186.59 million, with an
increase of $3.15 million for the month. The increase was due to the receipt of
the second County of Riverside May property tax installment of $26.9 million less
a payment of the $23.5 million SERAF payment to the State of California.
Mr. Falconer also advised that the portfolio performance remained unchanged from
last month and ended at .48% for the month, with the pooled cash investments
yielding .52%. The portfolio yield should continue to stay at these levels for the
near future. At this time last year, the portfolio was yielding .84% which reflects
the current interest rate environment.
Mr. Falconer summarized the Treasurers Report for the new Board members along
with general questions and discussion by the Board in reference to the Treasurers
Report.
Motion — It was moved by Board Members Spirtos/Blum to review, receive, and file
the Treasurers Report for May 2010. Motion carried unanimously.
B. Consideration of Approval of Investment Advisory Board 2010-2011 Work Plan
Mr. Falconer presented and reviewed the staff report.
Chairperson Park suggested moving the item to the August meeting.
Member Spirtos suggested the item be looked at today.
Motion — It was moved by Board Members Spirtos/Rassi to review and approve the
2010-2011 Work Plan items for consideration by the City Council. Motion carried
unanimously.
C. Meeting Schedule for Fiscal Year 2010-2011
Motion — It was moved by Board Members Park/Spirtos to approve the meeting
schedule of the Investment Advisory Board for Fiscal Year 2010-2011. Motion
carried unanimously.
D. LAIF Conference
Mr. Falconer presented and reviewed the staff report.
Chairperson Park suggested that the new members attend.
Member Blum stated he would like to attend and will get back with staff to
confirm.
Member Spirtos stated that she respectfully declined the invitation.
Motion — It was moved by Board Members Park/Spirtos to select up to two Board
Members on a first come basis to attend the LAIF Conference. Motion carried
unanimously.
VII. CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report — June 2010
Mr. Falconer presented and reviewed the staff report.
Noted and Filed
B. Pooled Money Investment Board Reports — April 2010
Mr. Falconer presented and reviewed the staff report.
Noted and Filed
C. Distribution of Investment Policies for Fiscal Year 2010-2011
Mr. Falconer presented and reviewed the staff report.
Noted and Filed
Vill. BOARD MEMBER ITEMS
The Board Members introduced themselves to each other.
Member Spirtos suggested business cards and a name tag for herself.
IX. ADJOURNMENT
It was moved by Members Blum/Spirtos to adjourn the Investment Advisory Board
meeting at 5:30 p.m. Motion carried unanimously.
mit
Angela Guereque
Community Services Senior Secretary
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: August 11, 2010
ITEM TITLE:
Transmittal of Treasury Report
for June 30, 2010
BACKGROUND:
Attached please find a draft of the Treasury Report for June 30, 2010 pending
year-end closing entries. A final Treasury Report for June will be distributed at the
September Investment Advisory Board meeting.
The six month cash flow page will not be available until later in August after the
completion of the annual audit. The page will be sent to the Board when it
becomes available in September, along with the entire final June Treasury Report.
RECOMMENDATION
Review, Receive and File the Treasury Report for June 30, 2010.
John M. Falconer, Finance Director
MEMORANDUM
_jinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for June 30, 2010
DATE: 7/3012010
Attached is the Treasurer's Report for the month ending June 30. 2010. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Department.
The following table summarizes the changes in investment types for the month:
DRAFT
Investment
Be innin
Purchased
Notes
Sold/MaturTdOther
Endin
Chan e
LAIF
Certificates of Deposit
$
51,651,232
1,209,000
$ 3,800,000
$
(5,100,0
$ fill 51,232
(1,300,000)
US Treasuries
98,915,843
729,000
16,000,000
(2)
(969,0
(17,000,0
8,800
969,000
(240,000)
US Gov't Sponsored Enterprises
18,995,608
(2)
97,924,643
(991,200)
Commercial Paper
1 816
18,997,424
1 816
Corporate Notes
15,191,302
(2)
0
0
0
Mutual Funds
411,652
i
(11,785)
15,179,517
(11,785)
Subtotal
$
186,374,637
$ 20,529,000
$
23,069,000 $
170, 138
168,969
581,790
$ 184,003,790 $
170,138
2, 171,131
Cash
$
215,918
1 & 3 $
1,546,499
$ 1,330,581
1,546,499
Total
$
186,590,555
$ 20,529,000
$
24,615,499 $
168,969
$ 182,673,025 _ $
3,917,530)
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment Policy,
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. The City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
*OhnFall
coner
Finance Director/Treasurer Date
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
(3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments
before warrants are presented for payment by the payee at the bank.
2
Treasurer's Commentary
For the Month of June 2010
Cash Balances — The portfolio size decreased by $3.92 million to end the month at $182.67
million. The major reason for the decrease was approximately $2.8 million in Capital
Improvement Project payments made during the month. These included $1.27 million for the
Fire Station/Corporate Yard Project, $240,000 for the Laguna de la Paz Sound wall,
$160,000 for the Adams Street Bridge Crossing Project and $216,000 for the Hwy 111
Traffic Signal Upgrade Project.
Investment Activity — The investment activity resulted in an average maturity decreased by 3
days to 134 days at the end of June. The Treasurer follows a buy and hold investment policy
and purchased two (2) Treasury Bills totaling $16 million in principal and three (3) Certificates
of Deposit totaling $729,000 during the month. The sweep account earned $14 in interest
income for the month of June and the bank fees for the month were $ 2,008 which resulted
in a net decrease of $1,994 in real savings.
Portfolio Performance — The overall portfolio performance decreased by 1 basis point from
last month and ended at .47% for the month, with the pooled cash investments yielding
.50% versus .52 from the prior month. The portfolio yield should continue to stay at these
levels for the near future. At this time last year, the portfolio was yielding .80% which
reflects the current interest rate environment.
Looking Ahead
The Treasurer is still concentrating on safety first and foremost. In the short term, the
Treasurer will be maintaining LAIF balances at the maximum allowable percentage because its
rate declines slower in a declining rate environment.
The Treasurer will not be investing in non-TLGP corporate notes, non-TLGP commercial paper
or Fannie Mae or Freddie Mac Government Sponsored Enterprises (GSE) due to the current
economic conditions affecting the financial markets.
3
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City of La Ovinta
Comparative Rates of Interest
June 30, 2010
Three Month
FY O610]
July 2006
493%
o.on,
aw-n
a=
4.95%
Au9u5t2006
494%
5.01%
497%
48
4.97%
592%
Shat2006
498%
501%
499%
53
5.00%
5.10%
Oct 2006
500%
502%
5,01%
67
4.96%
5.13%
Nov 2006
5.04%
5.03%
6.03%
62
494%
5.13%'.
Dec 2006
5.08%
504%
5.06%
89
4B0%
5.16%
Jan 2007
5,18%
5.12%
5.16%
64
498%
5.18%
Feb 2007
5.10%
5.13%
5.17%
45
4.95%
5,21%
Mar 2007
521%
503%
5.15%
67
4.M%
5.22%
Apr2007
520%
5.14%
5.15%
42
4.84%
5.25%
May 2007
5.20%
5.05%
5.16%
32
481%
5.25%
June 2007
5.19%
4.88%
5.10%
85
480%
52%
FY 07108
July 2007
5.21%
490%
5.12%
129
680%
525%
Augus12007
5.17%
4.65%
508%
109
4.59%
5.23%
Seti
5.16%
4.86%
5.06%
129
400%
514%
Oct2007
5,11%
4.85%
5,02%
116
395%
496%
Nov 2007
503%
4.83%
496%
99
3.34%
480%
Dec 2007
495%
343%
445%
123
3.39%
4.62%
Jan 2008
458%
333%
422%
96
2.31%
4.18%
Feb 2008
4.12%
3.24%
3.85%
86
207%
3%
Mai-2008
407%
2.83%
367%
74
1.50%
340%
Apr2008
345%
3.27%
341%
82
170%
307%
May 2008
3.14%
3.27%
3,17%
63
1,92%
2.89%
June 2008
3.09%
1.04%
2.66%
80
2.14%
229%
2.75%
2,18%
279%
FY OM9
July 2008
299%
193%
2.]]%
62
170%
169%
1.88 %
1.89%
2.14%
2,38%
2.08%
278%
August2908
3.16%
192%
288%
51
1.42%
1.]H%
196%
200%
2.13%
2]]%
Sept 2008
281%
1.92%
264%
37
140%
1,72%
1.50%
2,07%
2.]t%
Oct 2008
2.66%
2.61%
2.61%
29
0.90%
049%
1.04%
125%
145%
2.57%
Nov 2008
2.38%
2.36%
236%
60
0.15%
0.25%
059%
088%
091%
235%
Dec 2008
160%
0.18%
142%
116
005%
0.16%
0,35%
043%
0.88%
031%
2.05%
Jan 2009
1.36%
0.18%
1.23%
82
061%
0.88%
0.48%
1.87%
Feb 2009
1.23%
0.18%
1.11%
95
0.30%
0.50%
ON%
0.31%
182%
Mar 2009
126%
0.18%
1,13%
69
020%
0.42%
070%
0.59%
0.88%
028%
161%
Apr2009
094%
0.18%
0.85%
54
031%
0.33%
0,23%
1.53%
May 2009
0.92%
0.18%
0.84%
80
0.18%
0,30%
053%
088%
0.26%
138%
June 2009
0.85%
0.29%
080%
1t1
0.20%
035%
0.55%
1.13%
0.28%
104%
FY 09110
July 2009
069%
0.30%
066%
111
0.19%
0.28%
047%
046%
100%
1.00%
0,24%
0.93%
Augus12009
0.64%
0.30%
061%
92
0.16%
026%
100%
0.19%
075%
S.pt2009
0,56%
0,31%
0.53%
112
0.12%
0.19%
041%
1.00%
0.19%
O65%
Oct 2009
0.52%
0.31%
0.50%
90
0.08%
0.19%
0.38%
0.75%
0.15%
0.61%
Nay 2009
0.56%
031%
0.53%
152
0.04%
0.14%
0.32%
0.16%
0.57%
Dec 2009
0.56%
0.16%
0.51%
239
0.11%
0.20%
0.16%
100%
088%
0.13%
0,56%
Jan2010
046%
0.15%
0.43%
179
006%
0.14%
0.34%
O88%
0.15%
0.58%
Feb 2010
051%
0.16%
048%
162
0.13%
0.19%
0.32%
100%
0.20%
0.55%
Mar2010
050%
0.16%
0.47%
172
0.15%
024%
0.38%
49%
100%
0.23%
0 59%
Apr 2010
0.52%
0.16%
0 48%
162
0.15%
0.24%
0
075%
0.28%
056%
May 2010
0.52%
0.16%
048%
137
0.17%
0.22%
0.37%
0.32%
1 1 053%
.li no 2010
0.50%
0.15%
047%
134
0.16%
0.22%
1 032%
1 063%
PI
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10
INVESTMENT ADVISORY BOARD MEETING BUSINESS SESSION: B
Meeting Date: August 11, 2010
ITEM TITLE
Investment Advisory Board Work Plan
BACKGROUND:
The City Council approved the attached Annual Work Plan at the August 3rd, 2010
Council meeting.
RECOMMENDATION:
Information item only.
ohn M. Falconer, Finance Director
La s Watt 4 ,v Qumrry
�F a AGENDA CATEGORY: /�
CF'k oF'I'�;Q'�
BUSINESS SESSION: p�1
COUNCIL/RDA MEETING DATE: August 3, 2010 CONSENT CALENDAR:
ITEM TITLE: Consideration Of Investment AdVISOfy STUDY SESSION:
Board 2010-201 1 Work Plan PUBLIC HEARING:
RECOMMENDATION:
Approve the Investment Advisory Board 2010-2011 Work Plan.
FISCAL IMPLICATIONS:
Fiscal implications consist of Board Members meeting expenses, budgeted at
$4,500, and staff support time.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Municipal Code Section 2.70.030 sets forth the work plan items for the Investment
Advisory Board for each year as follows:
The principal functions of the board are: (1) review at least annually the city's
investment policy and recommend appropriate changes; (2) review monthly
treasury report and note compliance with the investment policy and adequacy of
cash and investments for anticipated obligations; (3) receive and consider other
reports provided by the city treasurer; (4) meet with the independent auditor after
completion of the annual audit of the city's financial statements, and receive and
consider the auditor's comments on auditing procedures, internal controls, and
findings for cash and investment activities, and (5) serve as a resource for the city
treasurer on matters such as proposed investments, internal controls, use of
change of financial institutions, custodians, brokers and dealers.
1
The Investment Advisory Board met on July 14, 2010 and is not recommending
that any additional Work Plan Items be added to those outlined in the Municipal
Code.
FINDINGS AND ALTERNATIVES:
The alternatives available to the City Council include:
1. Approve the Investment Advisory Board 2010-201 1 Work Plan; or
2. Do not approve the Investment Advisory Board 2010-201 1 Work Plan; or
3. Provide staff with alternative direction.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, City Manager
PA
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item A
Meeting Date: August 11, 2010
TITLE:
Month End Cash Report - July 2010
BACKGROUND:
This cash report is not a complete Treasury Report (exclude petty cash, deferred
compensation and fiscal agent balances) but would report in a timely fashion
selected cash balances. This report also includes other statistical investment data
for the Board to review.
The budget to actual comparison will not be available until later in August after the
completion of the annual audit. The page will be sent to the Board when it
becomes available.
RECOMMENDATION:
Information item only.
r\
i -t7
John M. Falconer, Finance Director
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Bill Lockyer, State Treasurer
Inside the State Treasurer's Office
Local Agency Investment Fund (LAIF)
PMIA Performance Report
v Date
Dat
field
7/15/2010
0.52
7/16/2010
0.52
7/17/2010
0.52
7/18/2010
0.52M
7/19/2010
0.52
0.54
205
7/20/2010
0.52
0.54
203
7/21/2010
0.52
0.54
203
7/22/2010
0.52
0.54
203
7/23/2010
0.52
0.54
203
7/24/2010
0.52
0.54
203
7/25/2010
0.52
0.54
203
7/26/2010
0.52
0.53
202
7/27/2010
0.51
0.53
202
7/28/2010
0.51
0.531
200
'Daily yield does not reflect capital gains or losses
LAIF Performance Report
Quarter ending 6/30/2010
Apportionment Rate:
Earnings Ratio:
Fair Value Factor:
Daily:
Quarter To Date:
Average Life:
0.56%
.00001523807623153
1.001643776
0.51 %
0.56%
203
PMIA Average Monthly Effective Yields
JUN 2010
0.528%
MAY 2010
0.560%
APR 2010
0.588%
Pooled Money Investment Account
Portfolio Composition
$69.4 Billion
06/30/10
Corporate B
0.18%
Commercial Paper
11.19%
Time Deposits
5.97%
CDs/BNs
11.48%
Loans
10.79%
Agencies Mortgages
12 79% 0.94%
Treasuries
46.66%
3
Recent Bill Auction Results
TreasuryDrect
II I dqA, ,Orstma00II I All 1c mx0ts. I)ata& rtt'dn Lele'I AdUA)pllu ` Recenr B I I I A arrialilSaIt'
Recent Bill Auction Results
S¢[uritY
Term
Issne
Date
MatartIY
Date
Discount
Pate °b
InA...A J
LAID, %
Pr1ce
Per SA Of
CUSIP
4-WFFK
56-DAY
13 WEEK
2fi-WEEK
52 WEEK
4WEEK
50 DA
13-WEEK
26-WEEK
-
4WCEK
56 DAY
13-W[EK
26 WEEK
4-WEEK
56-DAY
13-WEEK
26-WEEK
h-WEEK
56-DAY
13-WEEK
26WEEK
52-WEEK
h-WEEK
56-DAY
33-WEEK
26-WE( K
4-WEEK
56 DAY
13-WILEK
26-WCEK
S DAY
4-WEEK
56-0AY
130WEEK
26-WEEK
4-WILEK
56-DAY
33-WEEK
26 WEEK
52-WEEK
02-292010
07-29 2010
0129-2010
O7-29 2010
07-09 2010
07-22-2010
O7 22.203U
01-22-2010
0]-15-2010
7 b 2010
DT35-2010
07-15-2010
07-00Q010
07 08-2010
01-06-2010
01-08-2010
09-01-2010
07 01-2010
07 01-2010
0]-01-2010
0701-2010
06-24-201D
06-24-2010
06-24-2010
06-24-2010
04-V4010
0A_ll, la 0
06 17-2010
06-17 2010
06-10-2010
06-30-2010
06-t0-2010
06-10-2010
06-10-20ID
06-03-2010
06-03 2010
06-0320tD
06-03-2010
06-032010
06-26-2010
09-23-2010
1028-2010
O1-27 -2011
07-28 2011
00-19-2010
09-]6-2010
O1 30 2011
U6-3[-2030
09-09-2010
10-14-2010
01-13-2011
08-05-2010
09-02-2010
10-07-2010
01-06-2011
0]-29-2010
08-26-2010
09.30-N IS
12-30 2010.
0630-2011
07-22 2010
00.19 2010
09 23-2030
12-23-2010
0]-15-2010
06 12-2010
09-16-2030
12-16-2010
06-15 2010
07-08-2010
18-05-2010
09-09 2010
0-09-2010
07-01-2010
07-29-2010
09-022010
12-02-2010
06-022011
0.155
0.155
0.ISO
a NO
,295
0.155
0.160
0155
0.195
0.150
0.160
0. 15D
0.200
U.165
0. 165
0,165
0.205
0. 150
0.180
0.160
0215
0.320
fleas
0IN
0.115
0.170
0030
0.090
0.065
0.150
0.160
O.000
0.095
0.130
0.210
0.130
0.140
0.160
0220
0.365
0. 15]
0. 157
0.112
0.203
0.300
0.157
0362
015]
0.196
0.152
0.162
OJY2
0.203
0.16]
0.167
0.16l
0.208
0.152
0.1.83
0162
0.21B
0.325
0 O86
0.122
a 117
0.173
OIM
0.091
1A66
U.152
D.Iti2
0.111
0.096
0.132
0.213
0. 132
0. I A2
0.162
0,223
0.3]1
99987944
99.9]5889
90962083
99.896869
99 J01722
99,987544
99.97Stll
99.960819
99.901417
99,988333
99.962,83
999fi2063
19.898889
99 Stiff67
99.914333
99 958292
99.696361
99.988333
99912000
99.95955E
99.691306
99676444
99.993389
99.981333
99.9]0931
99914036
99992667
99,986000
99.983569
99 924167
9999177B
99.993000
99985222
99.96]t 39
99.893833
99.989889
99.978222
99959556
99,880]]8
99,630944
9127951182
912795090
912795W49
S1219 X97
91279SX63
912]95V65
9U95VO4
932795U112
91279SX69
912]95V5>
91J95VA6
912]95 W33
912295UX7
91279SV24
912195V23
912795W23
9ll 195%91
9II I95rl/h
912795U82
912795VC2
912795%SS
912795X22
912]95U22
932795V65
912]95U90
912795X90
912795UYS
91279SV57
912795VB4
912195UK5
912795Z53
912795UW9
912795d2I
91)155VA6
912195%30
912]951166
9127951174
912)95V73
91279SW90
912795VI54
Effective with the 1112/98 auction, all bills are auctioned using the single -priced method
IOCCOoOf Idd>IdI1I1dr.n.I Ll-KGoda e 1 'r v�cy a"A" bocce'. I WOVII,Q TPrMs Is Ct41j1tiOOY I Aus21p1b DataQuarry
,11�0 prtne,l if or, T iry BVEeauf lha Pubk DCbl
4
http://www.treasurydirect.gov/RI/OFBills 8/2/2010
Recent Note, Bond, and TIPS Auction Results _a
TreasuryDirect
Hu 1,tto➢g0al AOOsl ltenle. 04t 4NeSNtI L1tr11A10A OG RecentY H'd, anit nl n tiun Resvlle
Recent Note, Bond, and TIPS Auction Results
Iuvuc
Maturity
Interest
Yield
Price
CVSIP
Sefurit,
Term
T11.
pate
Date
R.".. R.
M
Per $1D0
NOTE
08-02-200
07-31-2012
0.125
0.665
99.920863
912828NQ9
2-YFAR
08-02-2010
0,-3'.2015
1.150
1.796
99.731106
912828NPt
5-YEAR
NOTE
0231-201J
2.32E
2394
99.878150
91262BNR2
TAEAR
NOTE
08-02-2010
2013
1.000
1.05E
99 B38004
912828NN6
3 YEAR
NOTE
07-15 2010
02-15
3.SU0
1Ere
103.199611
912828ND0
9 YEAR
30-MONTH
NOT[
UI 15 2010
05-15-2U20
295
99.579194
912828N1Atl
30-YEAR
UPS
02 15-2010
02 15-2020
1.250
1
YEAR
10-MONTH
BOND
0]-15-2030
05-11 2040
4.325
4.080
105,053815
912UUQH4
29
NOTE
O6-30-2010
06-303O12
0.62E
O71E
99 116020
912020N55
2-YFAR
NOTE
0G-30-10 E0
0G 30-2015
L875
1.99
99 AE164ti
912820N10
S-YEAR
NOTE
06-30-2U10
O630-20"
2.500
2.9E
99.52239E
912820tJN1
YEAR
06 15-2010
06-15-2013
1, 125
1.221
99.720997
Y12828NH9
3-YEAR
NOTE
05-15-2020
3.500
3.242
102,169092
912818ND8
Y-YEAR
11-MONTH
NOTE
06-15-2010
4.375
4.182
IUY.270808
912810Qf14
29 YEAR
11-I40NTH
BOND
06-154U10
054E-2040
169
99962406
912828NE6
2-YEAR
NOTE
06-81-2010
OS-91-2012
0.750
0
NOTE
06 01-200
05-31-2015
2.125
2.130
99 916355
912828NF3
5-YEAR
NOIL
06-01-2.910
0531-2011
2. I50
2.815
99, 569671
912828NG1
/-YEAR
-
NOTE
05-V-201O
05-I5-2013
1.325
1.414
99.865991
912R2814C0
3-YEAR
NOTE
O$-17 2030
05-15-2020
3.500
3.548
99.54Fi 223
91281NN D8
10-YEAR
O5 1)-2ft10
05-15-2040
4. 375
t190
9N. 114362
9128 NQM4
30'YEAR
BOND
NOTE
04-30-2010
04-30-2012
1 000
1.024
99 95260.3
912828N82
2 YEAR
TIPS
04-30-2010
04-15-2015
0.Soo
0 510
92167640
912828MY3
S YEAR
NOTE
04 30-2010
04-30-2015
2500
254P
99 913289
91282SM70
S-YEAR
NOTE
04-30 2010
04-30 2017
3.125
3.210
99 470682
412828NM
1-YEAR
NOTE
04-153010
0415-2033
1.950
1.77E
99.924368
912828PMS
3-YEAR
PONT.
TIPS
04-IS 2010
01-15 2020
1.375
1.209
97219005
912828MF4
9 YEAR
9 YEAR
9
10-MONT1i
NOTE
04 15-2010
02-15-2020
3 625
3.900
97 763192
912828MP2
!, 29-YEAR
J0-YIQNTM
BOND
044E-2010
02-15-2040
4.62E
4720
97 e12939
912810QEI
NOTE
03-31 2010
03-31-2012
1.000
1.000
100,000000
912828NUl
2 YEAR
NOTE
03-31-2010
0331-2015
2500
2.605
99510730
9128201MVD
5.YEAR
NOTE
03 31 2010
03-31-2017
3250
3.324
992326EU
912628MV9
2-YEAR
NOTE
03-15 '2010
03-15-2013
L32s
1432
99.818569
912028MT4
}.YEAR
9-YEAR
11-MONTH
NOTE
03-15-2030
02-15-2020
3.625
3 235
99.090493
912828MI12
,9 YEAR
It -MONTH
BOND
03-15-2010
O2-1S-2B40
4.625
4.6%9
99.128159
9120 tOQE1
NOIE
03 01-2010
02 29-2012
081E
0.895
99.911,86
91282814Q0
2-YEAR
NOTE
03 01-2010
02-n 2015
23Y5
2.395
99.906254
R12820MR0
5'YEAR
NOTE
03-01-2010
02'28-201,
3.000
3.078
9992216
9R828M56
I YEAR
IIPS
02-26-2010
02-15-2040
2. 125
2.229
92.667212
9128IOQF8
^30-YFAR
NOTE
02-16-2010
02-15-2013
1.315
1171
99.994122
912928MN7
3-YEAR
NOTE
02-16-2010
02-15-2020
3.62E
3.G92
99 A43944
912628FIP2
10-YEAR
30"YEAR
NOND
02-16-2010
02-15-2040
4.625
4]20
98,483611
Ot2810QE,
Denotes TIPS bond; all other TIPS vothout asterisk$ are notes
Preeda t,(ort0a1r1.At I IT'eF 5u510 tr"- I Irvacl 3_t al f)at ce4 I YYat t n58 O4Pft I AtcIII Sl1 ota Quc ly
-_- - - Il _';,F t "At ofth, Trrol ry Idea Vl. Iftht F bl<DIAI:.
5
http://www.treasurydirect.gov/RI/OFNtebnd 8/2/2010
FRB: H.15--Selected Interest hates, web-unly fatly upuate--Jury Ju, aVly
a
Federal Reserve Statistical Release µ .
K 15
Selected Interest Rates (Daily)
tik lV io Conrevl
Release Date: July 30, 2010
Weekly release dates I I Iistorical data I Data Download Program (DDP) About Announcements
Daily update Otherjormats: Screen reader I ASCII
-----..__...--- y �11�� oa� oowmaaa
Pr rem
The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday
through Friday on this site. If Monday is a holiday, the weekly release will be posted on Tuesday
after the holiday and the daily update will not be posted on that Tuesday.
FEDERAL RESERVE STATISTICAL RELEASE
H.15 DAILY UPDATE: WEB RELEASE ONLY
SELECTED INTEREST RATES
For use at 4:15 p.m. Eastern Time
Yields in percent per annum
July
30,
2010
2010
2010
2010
2010
Instruments
Jul
Jul
Jul
Jul
26
27
28
29
Federal funds (effective) 1 2 3
0.19
0.19
0.20
0.19
Commercial Paper 3 4 5 6
Nonfinancial
1-month
0.20
0.20
0.21
0.23
2-month
0.23
0.24
0.21
0.20
3-month
0.24
n.a.
0.24
0.26
Financial
1-month
0.24
0.15
0.23
0.18
2-month
0.27
0.22
0.25
0.22
3-month
0.30
0.28
0.28
0.35
CDs (secondary market) 3 7
1-month
0.28
0.27
0.27
0.27
3-month
0.39
0.38
0.38
0.38
6-month
0.59
0.56
0.56
0.54
Eurodollar deposits (London) 3 8
1-month
0.45
0.45
0.40
0.40
3-month
0.62
0.62
0.60
0.60
6-month
0.73
0.73
0.70
0.70
Bank prime loan 2 3 9
3.25
3.25
3.25
3.25
Discount window primary credit 2 10
0.75
0.75
0.75
0.75
U.S. government securities
Treasury bills (secondary market) 3 4
4-week
0.15
0.16
0.15
0.15
3-month
0.16
0.15
0.15
0.15
6-month
0.20
0.21
0.20
0.20
1-year
0.27
0.30
0.30
0.29
Treasury constant maturities
Nominal 11
1-month
0.15
0.16
0.15
0.15
3-month
0.16
0.15
0.15
0.15
6-month
0.20
0.21
0.20
0.20
1-year
0.29
0.30
0.30
0.30
2-year
0.62
0.65
0.61
0.59
3-year
0.97
1.02
0.95
0.92
5-year
1.76
1.82
1.75
1.70
7-year
2.45
2.51
2.43
2.40
10-year
3.03
3.08
3.03
3.03
20-year
3.82
3.88
3.86
3.86
30-year
4.03
4.08
4.07
4.08
Inflation indexed 12
5-year
0.36
0.38
0.29
0.25
7-year
0.73
0.75
0.69
0.66
10-year
1.24
1.26
1.22
1.21
6
http://www.federalreserve.gov/Releases/Hl 5/update/ 8/2/2010
FRB: H.15--Selected interest Kates, wen-uniy Many UPUdLc -au ,r
20-year
30-year
Inflation -indexed long-term average 13
Interest rate swaps 14
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
Corporate bonds
Moody's seasoned
Aaa 15
Baa
State & local bonds 16
Conventional mortgages 17
n.a. Not available.
1.87 1.92 1.85 1.83
1.92 1.94 1.91 1.92
1.83 1.85 1.81 1.82
0.56 0.55 0.53 0.51
0.85 0.85 0.82 0.76
1.23 1.22 1.19 1.11
1.62 1.61 1.58 1.49
1.97 1.97 1.95 1.84
2.54 2.53 2.52 2.43
3.04 3.03 3.02 2.96
3.81 3.80 3.80 3.79
4.74 4.81 4.76 4.80
5.95 5.98 5.95 5.95
4.21
4.54
------------------------------
Footnotes
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly
figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The
Depository Trust Company. The trades represent sales of commercial paper by dealers or direct
issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are equivalent to the
30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page
(www.federalreserve.gov/releases/cp/).
6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not
excluded from relevant indexes, nor is any financial or nonfinancial commercial paper that may be
directly or indirectly affected by one or more of the Federal Reserve's liquidity facilities. Thus
the rates published after September 19, 2008, likely reflect the direct or indirect effects of the
new temporary programs and, accordingly, likely are not comparable for some purposes to rates
published prior to that period.
7. An average of dealer bid rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered
commercial banks. Prime is one of several base rates used by banks to price short-term business
loans.
10. The rate charged for discounts made and advances extended under the Federal Reserve's primary
credit discount window program, which became effective January 9, 2003. This rate replaces that for
adjustment credit, which was discontinued after January 8, 2003. For further information, see
www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate reported is that
for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as
well as the rate on primary credit are available at www.federalreserve.gov/releases/hlS/data.htm.
11. Yields on actively traded non -inflation -indexed issues adjusted to constant maturities. The
30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced
on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S. Treasury published a
factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year
nominal rate. The historical adjustment factor can be found at
www.treas.gov/offices/domestic-finance/debt-management/interest-rate/Itcompositeindex historical.shtml.
Source: U.S. Treasury.
12. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities.
Source: U.S. Treasury. Additional information on both nominal and inflation -indexed yields may be
found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/.
7
http://www.federalreserve.gov/Releases/Hl 5/update/ 8/2/2010
FRB: H.15--Selected Interest Rates, Web-Unty uaily upaate--Jury w, zuIv �s�
13. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of
more than 10 years.
14. International Swaps and Derivatives Association (ISDA?) mid -market par swap rates. Rates are
for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on rates collected
at 11:00 a.m. Eastern time by Garban Intercapital plc and published on Reuters Page ISDAFIX?1.
ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited.
15. Moody's Aaa rates through December 6, 2001, are averages of Aaa utility and Aaa industrial bond
rates. As of December 7, 2001, these rates are averages of Aaa industrial bonds only.
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. Contract interest rates on commitments for fixed-rate first mortgages. Source: Primary Mortgage
Market Survey? data provided by Freddie Mac.
Note: weekly and monthly figures on this release, as well as annual figures available on the
Board's historical H.15 web site (see below), are averages of business days unless otherwise noted.
Current and historical H.15 data are available on the Federal Reserve Board's web site
(www.federalreserve.gov/). For information about individual copies or subscriptions, contact
Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886). For paid
electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
---------------------------------------------------------------------------------------------------
Description of the Treasury Nominal and Inflation -Indexed Constant Maturity Series
Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury
from the daily yield curve for non -inflation -indexed Treasury securities. This curve, which relates
the yield on a security to its time to maturity, is based on the closing market bid yields on
actively traded Treasury securities in the over-the-counter market. These market yields are
calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The
constant maturity yield values are read from the yield curve at fixed maturities, currently 1, 3,
and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year
maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.
Similarly, yields on inflation -indexed securities at "constant maturity" are interpolated from the
daily yield curve for Treasury inflation protected securities in the over-the-counter market. The
inflation -indexed constant maturity yields are read from this yield curve at fixed maturities,
currently 5, 7, 10, and 20 years.
Weekly release dates I Historical data I Data Download program GNP) I About I Announcements
Daily update Otherformats: Screen reader I ASCII
Statistical releases
Home I Econonacreseurchand_than
Accessibility I Contact Us
Last update: July 30, 2010
8
http://www.federalreserve.gov/Releases/H15/update/ 8/2/2010
FRB: Commercial Paper Rates and Outstandings
Federal Resew e 'Release
Commercial Pa
Release _About Amrouncements Outstandings I Volume statistics Year-end I Maturity_Distribution I Data
Download Program (DDP)
Data as of July 30, 2010
Commercial Paper Rates and Outstanding
Derived from data supplied by The Depository Trust & Clearing Corporation
Posted August 2, 2010
Term
AA i
nonfinancial
A2/P2
nonfinancial
AA
i►nanc►al
AA
asset -backed
1-day
0.19
0.36
0.16
0.28
0.18
0.32
7-day
0.19
0.35
15-day
0.21
0.42
0.19
0.34
30-day
0.20
0.22
0.40
0.49
0.21
0.34
60-day
90-day
0.25
n.a.
aa
7. ,Im nnto in,
id ri.nt m sunnort calcWation
of the 90-day
30, 201
Yield curve
mamui uiaua
---- AA nonrnancial
........... A2&2-nunCnintciiii
--- AA litnfncial
1.
Percent
----� 0,75
l{ {
0.25
{ {{
1 7 15 30 60 Idu
Days to Maturity
9
http://www.federalreserve.gov/Releases/CP/ 8/2/2010
FRB: Commercial Paper Kates and uutstanatngs
Discount rate spread
Thirty -day A2/P2 less AA nonfinancial commercial paper (daily) Basis points 800
S•day movingavg 700
600
500
j 400
300
_ j 200
I
_ 1l4 100
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Discount rate history
Thirty -day commercial paper taauyl
-- AA nc+nfinnncini
------ A2JA2 nonlmzncial i
— AA gn avci d
� a
i
2001 2002 2003 2004 2005 2006 2007 2008 2o09 Zulu
Outstandings
Weekly (Wednesday), seasonally adjusted
7
6
5
4
3
2
1
0
10
http://www.federalreserve.gov/Releases/CP/ 8/2/2010
FRB: Commercial Paper Rates and Uutstanamgs
1190
1090
990
890
790
690
590
490
390
„rd„nnm
Billions of dollars
— — — Nonfinancial (6�01( �c lO
Firmlicial(Ivu,c3AeI
i
l
I
t ,✓ + j t U.
2001 2003 2005. 2007 LUUy
280
240
200
160
120
80
The daily commercial paper release will usually be available before 11:OOam EST. However, the Federal
Reserve Board makes no guarantee regarding the timing of the daily commercial paper release. When the
Federal Reserve Board is closed on a business day, rates for the previous business day will be available
through the Federal Reserve Board's Data Download Program (DDP). This policy is subject to change at
any time without notice.
Release I About I Announcements I Outstandngs I Volume statistics I Year-end I Maturity Distribution I Data
Download Program (DDP)
Home I Statistical releases
Accessibility I Contact Us
Last update: August 2, 2010
11
http://www.federalreserve.gov/Releases/CP/ 8/2/2010
INVESTMENT ADVISORY BOARD
Meeting Date: August 11, 2010
TITLE:
Pooled Money Investment Board Report
for May 2010
BACKGROUND:
Correspondence & Written
Material Item B
The Pooled Money Investment Board Report for May, 2010, summary pages have
been attached for the Board's review. A complete copy is available for review upon
request.
RECOMMENDATION:
Receive & File
�-/ John M. Falconer, Finance Director
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF MAY 2010 WITH MAY 2009
(DOLLARS IN THOUSANDS)
MAY 2010 MAY 2009 CHANGE
Average Daily Portfolio
$ 70,962,676 $
55,514,182 $
+15,448,494
Accrued Earnings
$ 33,735 $
72,151 $
-38,416
Effective Yield
0.560 %
1.530 %
-0.97
Average Life -Month End (in Days) 182 186 -4
Total Security Transactions
Amount
$
24,857,867
$
8,731,989
$
+16,125,878
Number
508
175
+333
Total Time Deposit Transactions
Amount
$
2,530,480
$
3,693,700
$
-1,163,220
Number
126
167
41
Average Workday Investment Activity
$
1,369,417
$
621,284
$
+748,133
Prescribed Demand Account Balances
For Services
$
1,424,449
$
1,009,662
$
+414,787
For Uncollected Funds
$
106,630
$
133,204
$
-26,574
NOW Account Average Balance
$
0
$
0
$
0
1
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
May 31, 2010
DIFFERENCE IN
PERCENT OF
PERCENT OF
PORTFOLIO FROM
TYPE OF SECURITY
AMOUNT
PORTFOLIO
PRIOR MONTH
Government
Bills
$
27,619,021
38.38
+3.40
Bonds
0
0.00
0
Notes
7,454,433
10.36
-0.31
Strips
0
0.00
0
Total Government
$
35,073,454
48.74
+3.09
Federal Agency Debentures
$
2,068,975
2.88
-0.07
Certificates of Deposit
6,325,020
8.79
-2.92
Bank Notes
500,000
0.69
+0.28
Bankers' Acceptances
0
0.00
0
Repurchases
0
0.00
0
Federal Agency Discount Notes
4,922,917
6.84
-1.91
Time Deposits
4,054,640
5.63
+0.11
GNMAs
74
0.00
0
Commercial Paper
7,817,116
10.87
-0.40
FHLMCIRemics
692,696
0.96
-0.10
Corporate Bonds
125,120
0.17
0
AB 55 Loans
285,434
0.40
+0.01
GF Loans
9,795,800
13.61
+1.90
NOW Accounts
0
0.00
0
Other
300,000
0.42
+0.01
Reversed Repurchases
0
0.00
0
Total (All Types)
$
71,961,246
100.00
INVESTMENT ACTIVITY
MAY 2010
APRIL
2010
NUMBER
AMOUNT
NUMBER
AMOUNT
Pooled Money
508
$ 24,857,867
426
$ 20,916,243
Other
52
3,244,277
7
15,031
Time Deposits
126
2,530,480
207
4,558,280
Totals
686
$ 30,632,624
640
$ 25,489,554
PMIA Monthly Average Effective Yield
0.560
0.588
Year to Date Yield Last Day of Month
0.663
0.675
2
Pooled Money Investment Account
Portfolio Composition
$72.0 Billion
05/31 /10
Corporate B
0.17%
Commercial Paper
10.87%
Time Deposits
5.63%
CDs/B
9.489
Loans
14.01 %
Agencies Mortgages
10.14% 0.96%
Treasuries
48.74%
BOARD MEMBER ITEMS