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2010 09 08 IABP.O. Box 1504 LA Ql INI'A, CAIAtORNI.A 92247-1504 78-495 CALLF-FANINCO 760) 7 7 7 - 7 0 0 0 LA QuINTA, CALIFORNIA 92253 FAX (760) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Caucus Room 78-495 Calle Tampico- La Quinta, CA 92253 September 8, 2010 — 4:00 P.M. CALL TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT - (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR Approval of Minutes of Meeting on August 1 1, 2010 for the Investment Advisory Board V BUSINESS SESSION A. Transmittal of Treasury Report for June and July, 2010 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - August 2010 B. Pooled Money Investment Board Reports — June 2010 C. Bank of New York Insurance D. Municipal Code Section 2.06.020 VII BOARD MEMBER ITEMS VIII 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 iegarding 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 Quinta, CA 92253, during normal business hours. IN INVESTMENT ADVISORY BOARD MEETING August 11, 2010 1. CALL TO ORDER A regular meeting of the Investment Advisory Board was called to order at 4:00 p.m. by Board Member Spirtos, appointed Acting Chair followed by the Pledge of Allegiance. PRESENT: Board Members Mortenson, Blum and Spirtos ABSENT: Board Members Park and Rassi STAFF PRESENT: John Falconer, Finance Director and Vianka Orrantia, Senior Secretary II. PUBLIC COMMENT - None III. CONFIRMATION OF AGENDA - Confirmed IV. CONSENT CALENDAR A. Approval of Minutes of Meeting on July 14, 2010 for the Investment Advisory Board General discussion ensued amongst the Board and staff regarding the reason for payment for the Supplemental Educational Relief Augmentation Fund (SERAF). MOTION: It was moved by Board Members Mortenson/Blum to approve the minutes of July 14, 2010. Motion carried unanimously. V. BUSINESS SESSION A. Transmittal of Treasury Report for June 2010 Mr. Falconer presented the draft Treasurer's Report for the month of June, advising the Board that due to the City's recent audit, the final numbers were unavailable at this time, as well as the cash flow report. Mr. Falconer reviewed the draft report advising the Board that the portfolio balance ended at $182.67 million, a decline of $3.9 million F3 VI as a result of the following city capital improvement projects: the Fire Station/Corporate Yard Project at $1.27 million, the Laguna de la Paz Sound wall at $240,000, the Adams Street Bridge Crossing Project at $160,000, and the Highway 111 Traffic Signal Upgrade Project at $216,000. Mr. Falconer commented that the month of June is not a large revenue generating month for the city. Mr. Falconer further advised that the investment activity resulted in an average maturity which decreased by 3 days to 134 days at the end of June. In addition, purchases of two Treasury Bills totaling $16 million and three Certificates of Deposit with local banks totaling $729,000 were made during the month. The portfolio performance decreased by one basis point in comparison to the previous month ending the month at .47% for the month with the pooled cash investments yielding .50% versus .52% from the prior month. In response to Board Member Spirtos, Mr. Falconer clarified that page 7 reflects different balances due to monies invested in LAIF versus monies being drawn down in LAIF. Mr. Falconer recommended that the Treasurer's Report for the month of June be continued to the next scheduled meeting. Board concurred. MOTION - It was moved by Board Members Blum/Mortenson to continue the Treasurer's Reports for June 2010 to the next scheduled meeting in September. Motion carried unanimously. Investment Advisory Board 2010/2011 Work Plan Mr. Falconer advised that the approved work plan staff report approved by the City Council was included in the agenda for the Board. Mr. Falconer advised the upcoming LAIF Conference was going to be attended by Board Members Mortensen and Blum. MOTION: It was moved by Board Members Blum/Mortenson to approve the 2010-201 1 Work Plan. Motion carried unanimously CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report — July 2010 Mr. Falconer presented and reviewed the Month Cash Report for July 2010, reiterating to the Board that the report is used to track the city's cash position. The current report reflects four CD's purchased with the local banks: Rabo Bank, One West Bank, Palm Desert National Bank and 1st Bank. Mr. Falconer advised that page 3 of the report was a summary of the LAIF performance. General discussion and questions ensued by the Board in reference to the Month End Cash Report. In response to Board Member Mortenson, Mr. Falconer advised that he would follow-up with Bank of New York in regards to excess insurance coverage and will report back to the Board. Mr. Falconer summarized for the Board the City's trade process. Noted and Filed B. Pooled Money Investment Board Report — May 2010 Noted and Filed VII BOARD MEMBER ITEMS - None VII ADJOURNMENT It was moved by Members Blum/Mortenson to adjourn the Investment Advisory ar eting at 4:38 p.m. Motion carried unanimously. Vianka Orrantia Senior Secretary INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: September 8, 2010 ITEM TITLE: Transmittal of Treasury Report for June and July 2010 BACKGROUND: Attached please find the Treasury Report for June and July 2010. RECOMMENDATION: Review, Receive and File the Treasury Report for June and July 2010. A, 'tl— J"e"' John M. Falconer, Finance Director Z MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for June 30, 2010 DATE: July 31, 2010 Attached is the Treasurers 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: Investment Beginning Purchased Notes Sold/Matured Other Ending Change LAIF Certificates of Deposit US Treasuries US Gov't Sponsored Enterprises Commercial Paper Corporate Notes Mutual Funds $ 51,651,232 1.209,000 98,915,843 18,995,608 - 15,191,302 411,652 $ 3,800,000 729,000 16.000,000 (2) (2) (2) i $ (5,100.000) (969,000) (17,000,000) 6,952 1.816 0 (11,785) 170,138 $ 50,351,232 969,000 97,922,795 18,997,424 0 15,179,517 581,790 (1,300,000) (240,000) (993,048) 1,816 0 (11,785) 170,138 Subtotal $ 186,374.637 $ 20,529,000 1 $ 23,069,000 $ 167,121 $ 184,001,758 $ 2,372,879 Cash - $ 215,918 1 & 3 $ 1,545,249 $ 1,329,331 1,545,249 Total $ 186,590,555 $ 20,529,060 $ 24,614,249 $ 167,12 $$ 182,672,427 $ 3,918,198) 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. VIhn. Falconer Date Finance Direclon Treasurer 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 decrease of 3 days to end June at134 days. 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 $1,994 in real savings. Portfolio Performance — The overall portfolio performance decreased by 1 basis point from last month and ended at .47% for the month, with the pooled cash investments yielding .50% versus .52% from the prior month. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding .80% which reflects the current interest rate environment. Looking Ahead The Treasurer is still concentrating on safety first and foremost. In the short term, the Treasurer will be maintaining LAIF balances at the maximum allowable percentage because its rate declines slower in a declining rate environment. 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En 8 c His mF&Da =gig g E gifig �g hugs fiLL L$Yti?�'i n4�Ns t°y �m bnyNNUfiu ma r8H5�n`3u`sr .0 »a �uEr ruv,»n`�ar h»a�a.° M UU� a � n`_NNmm� �. x -momR rz om a o' `s Y g E s � S s 9 � m a�E5 pp 2b d� gb 5 E m a`rn inrc� rc d3 �naou L z u Lz u° E &2E c � M �nrci Cu, of La Quints Comparative Rates of Interest June 30, 2010 Coy of La Quetta Ave., I I Treasur,BllsrNote 1 I Three Fugusl lUUS 4.94% 501% 4.97% 48 497% 4.95% Sept 2006 498% 601% 4.99% 53 5.00% 502% Oc12006 500% 502% 5.01% 67 496% 5,10% Nov2006 5.04V 503% 5.03% 62 4.94% 5.13% Dec 2006 5.08% 5.04% 5.06% 80 490% 5.13% Jan 200] 5.18% 5.12% 5.16% 64 498% 5.10% Feb 200) 5.1". 5.13% 6,1]% 45 495% 5.18% Mar 200) 5.21% 503% 67 4.88% 5.21% Apr200] 5.20% 5.14% 5.15% 42 4.84% 522% May 200) 520% 505% 5.16% 32 481% 5.25% June 200] 5.19% 4.88% 5.10% 85 4.81% 5.25% FY 07108 July 20W 5.21% 4.90% 5.12% 129 4.80% August 200) 5.1]% 485% 508% 10H 459% 5.26% S-11200] 5.16% 4.86% 506% 129 400% 5.25% 00t200) 5.11% 4,85% 5.02% 116 3.95% 523% 5.14% Nov 2007 5.03% 483% 4.96% 99 3.34% 496% Dec 2007 4.95% 343% 445% 123 339% 480% Jan 2008 4.58% 3.33% 4,22% 96 2.31% 4.62% Fe62008 4.12% 3.24% 385% 86 207% 4.16% Mar 2008 4.07% 2.83% 3.87% 74 1.50% 378% Apr 2008 3.45% 3.2)% 3,41% 82 1.70% 340% May 2008 3.14% 32]% 3,17% 63 1.92% 3,07% June 2008 3.09% 194% 286% 80 2.14% 2,89% FY 08I09 Ju"2008 2.99% 1.93% 2.77% 62 1.70% 1.88% 2.29% 215% 2.18% 279% Augus12"8 3.16% 1.92% 2,88% 51 1.69% 1,89% 2.14% 2.38% 208% 2.78% Sep12008 281% 1.92% 2.64% 37 1,42% 1,79% 196% 2.00% 2.13% 2.)]% Oc12008 2.66% 2.61% 2.61% 29 090% 140% 1.72% 1,50% 2,07% 271% Nav 2008 2.38% 2.36% 2.36% 89 0.16% 0.49% 1.04% 1.25% 1,45% 257% Dec 2008 1.60% 0.18% 1.42% 116 0.05% 0.25% 0.59% 0.88% 0.97% 2,35% Jan 2009 1.36% 0.18% 1.23% 82 0.15% 0,35% 043% 0.88% 0.31% 2.05% Fe12009 1.23% 0.18% 1.11% 75 030% 0.50% 0,61% 0,88% 0.48% 1.87% Mar2009 126% 0.18% 1.13% 69 020% 042% 0.70% 0.88% 0.37% 1.82% Apr 2009 0H4% 0. 18% 085% 54 031% 0,33% 0,59% 088% 0.28% 161% May 2009 092% 0.18% 0.84% 80 0.18% 0.30% 0.53% 088% 0.23% 153% June 2009 0.85% 029% 0,80% 111 0.20% 0.35% 0.55% 1.13% 026% 1.38% FY 09110 July 2009 0.30% 065% 111 0.19% 0,28% 047% 1.00% 0.28% 1.04% August 2009 0.64% 0,30% 0.61% 92 0.16% 0.26% 046% 1.00% 0.24% 093% Sep12009 0.56% 0,31% 0.53% 112 0.12% 0.19% 041% 1.00% 0.19% 075% Oc12009 0.52% 0.31% 0,60% 90 0.06% 0.19% 038% 1.00% 0.19% 0.65% Nov 2009 0.56% 0.31% 0.53% 152 0.04% 014% 032% 075% 0.15% 061% Dec 2009 0.56% a 15% 0.51% 239 0.11% 0.20% 0.16% 100% a 16% 0.57% Jan 2010 046% 0.15% 0.43% 179 006% 0.14% 0.34% 088% 0.13% 0.56% Feb 2010 0,51% 0.16% 048% 162 0.13% 0.19% 0.32% 088% 0.15% 058% Mar2010 0.50% 0.16% 047% 172 0.15% 0.24% 0,38% 1.00% 0.20% 055% Apr2010 0.52% 0.16% 0,48% 162 0,15% 0.24% 0.49% 1,00% 023% 0.59% May2010 0.52% 0.16% 0.40% 137 0.17% 0.22% 0.37% 0.75% 0.28% 056% lone 2010 0.50% 016% ne)% 11n n- ..-, ........ 10 I � 1 I I 1 I I I � 1 1 I I ' I I I I I I I is I I I r NI I N d � I J Y O o = w 0 +S+ w p 0� � N U CD N O W O ((9 O W U V O ON O (a N -� a 0 O O O 11 MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director7Treasurer SUBJECT: Treasurer's Report for July 31, 2010 DATE: August 31, 2010 Attached is the Treasurer's Report for the month ending July 31, 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: Investment Beginning Purchased Notes Sold/Matured Other Ending Change LAIF Certificates of Deposit US Treasuries US Gov't Sponsored Enterprises Commercial Paper Corporate Notes Mutual Funds $ 50,351,232 969,000 97.922,795 18,997,424 15,179.517 581,790 $ 1,063,381 10,000,000 (2) (2) (2) 1 $ (4,100,000) (10.000,000) 12,216 1,874 0 (12.177) 0 $ 47,314,613 969.000 97,935.011 18.999,298 0 15,167,340 581,790 (3,036,61 0 0 12,216 1,874 0 (12,17 0 0 Subtotal $ 186,374,637 1 $ 11,063,381 $ 14,100,000 1 $ 1,913 $ 180,0" 052 $ 3,034,706 Cash 1 $ 1,329,331 1 & 3 $ 809,679 1 1 $ 519,652 809,679 Total 1 $ 182,672,427 1 $ 11,063.381 1 1 $ 13,290,321 $ 1,913 1 $ 180,447,400 $ _ (2,225,027) 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, I ` 9I2—2.o 10 ohn M. Falconer -f Date Finance Director/Treasurer 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. 12 Treasurer's Commentary For the Month of July 2010 Cash Balances — The portfolio size decreased by $2.23 million to end the month at $180.45 million. The major reason for the decrease was payment of County of Riverside Sheriff's bill ($1 million), and payment of our annual insurance coverage for FY 2010/2011 ($500,000). Investment Activity — The investment activity resulted in an average maturity decreased by 15 days from the prior month to end the month of July at 119 days. The Treasurer follows a buy and hold investment policy and purchased one (1) Treasury Bills totaling $10 million in principal in July to replace a matured Treasury Bill. The sweep account earned $1 1 in interest income for the month of July and the bank fees for the month were $ 1,842 which resulted in a net decrease of $1,831 in real savings. Portfolio Performance — The overall portfolio performance had no change from the prior month and ended at .47% for the month, with the pooled cash investments yield remained unchanged from the prior month at .50%. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding .65% which reflects the current interest rate environment. Looking Ahead The Treasurer is still concentrating on safety first and foremost. In the short term, the Treasurer will be maintaining LAW balances at the maximum allowable percentage because its rate declines slower in a declining rate environment. The Treasurer will not be investing in non-TLGP corporate notes, non-TLGP commercial paper or Fannie Mae or Freddie Mac Government Sponsored Enterprises (GSE) due to the current economic conditions affecting the financial markets. 13 U C O N W C N N N N 0 z z z Z Z z O Z O z W c Q o N Q rn n ' S E n E 0 d � m0 h a C N N N m d N > C ` N m C N N m N N E N m 0 m m a N ip > > O T T O O O C NN J N J O V C V> C N C� y N ;O C C C O O O O c O N N LL > rp a �� ts N n a o E E E E E N n 0 m 0 N o « O O O O O O o O 0 0 o0 C E; d' E �oovio vi o S= o ¢ c 0 c N» N (9 t9 11 X w E N �O C1 v 0 0 0 0 0 o 0 0 o 0 0 0 Co 0 0 0 N e e O .0. 0.000 O a \ a e \ O a 0 S cl O LL a C N S o 0 O 0 coo O o 0 N\ LL tp J O o °00 O 0 O 0 S S 0 o 0 0 O o 0 (O O O i[I N N o " E 0 0 0 0 0 8800 S E �o o 0 LL m S 0 0 0 S 0 o '� o S S g o Q M N N N �O N �O N T m8i aj Of D eta C N`o� t 0 m E d o E E N A N N N N$ LL O U N >, O c d aOE �E >`mJ 0 m 0W LL N 6 a m m m c y V Q 0 o rn 0 E d N N X o pp 01 N N O L c t o z c Q am Z N p V ws m 50�0- a c o o 2 t �V R5 o zFh- JU' 0 N y Y m N = F- 0 D m c E D m '-' " _ N d m E- o �� oc c o m o B m n L�- m Ll E m rn «ON E.n m y N = E V Q N U N J J N .E o U U' LL 0 > N E y E c O 'm NN o N U z c N N E E v Up'nT c m ^� E� Orn > o 7 -6€° 0, mm E ON Nm cin > ETd NN0 m °cE E N E ww N a>c x � E TV o m o 00 o �wQ 2 c7 C7 E m d d N N N 14 =pezz 'Ypp zzz = > � ��oa d=zozzz [N iz 5z oSS � :e N 'mZ'N�gNd EN BBB 89 R a °. 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d 17 v A V$ � mwr gib a U m� e B= y F F A$' qua 'y Ej i ry22 • j SNW1 yy 4M1U0 1- U �fUO<`OaNrt�W�d�NFm 6 Al-UD —ms3' mama ea�m:� s m� = m- tO n$� _qqa� � S nnry n$nw `6�m& R$m. -'"°Sm w a�m�nm$m� ate:. �-•-�-�-�$ t26�m arv:ry z aw » � a�.mx.asrm .nry w „ ME 3 85§� � mmg �&mmo $-•-ee-m �m� �--�o�o 8 d.ww�q�wy$ &.m$r'�$= ms��mme Z_WN %mr .-it mui rirva a•-`o^_ a�'=n.^,n �$ o;N n„mN rsm ���»a x :�»maim s„o;mw ter.. ma 3�sr�mm r ��% nag i8g zga - § m p&Ezoyy E m°dog E rE$g Eppp€Eio GE ydF�iifi baN�u'FP .eSNN�gn ad@Io fi Hvi�p��5'Ro n�m Ep� So 3mwE�SS °d 'a E �Sn FUNJJOUVFF YUNJJLLVUFF YUNJJRUF YVN776UFF a" 4 � aaaoW$ ate« oho&oo $v Ne��mo F 4 � 92 9 �o 5 F Yea g g�^2n$ pi um� 3`� Boo ne �&G�oM S m' o- m� N^ j B m' E s t � Ul m ui S¢E OK wv�ircOdor i Fl City of La Chinta Comparative Rates of Interest July 31, 2010 Three Month August 200E 4.94% 5.01% 4.97% 48 4.97% 495% Sept 2006 498% 5.01 % 499% 53 5.00% 502% Oct 2006 500% 5.02% 5.01% 67 4,96% 5.10% Nov 2006 504% 5,03% 503% 62 4.94% 5.13% Dec 2006 5,08% 504% 506% 80 4.90% 5.13% Jan 2007 5,18% 5.12% 5.16% 64 4.98% 5.16% Feb 2007 5.19% 5.13% 5.17% 45 4,95% 5.18% Mar2007 5.21% 503% 5.15% 67 4.88% 5.21% Apr2007 5.20% 5.14% 5.15% 42 4,84% 5.22% May 2007 5,20% 505% 5.16% 32 481% 5.25% June 2007 5,19% 4.88% 5.10% 85 481% 5.25% FY 07/08 July 2007 521% 490% 5.12% 129 480% 526% A.g.st2009 5. 17% 485% 5,08% 109 459% 6,26% Sept 2007 5.16% 486% 506% 129 4,00% 523% Oct 2007 5.11% 4.85% 5.02% 116 395% 5,14% Nov 2007 503% 4.83% 496% 99 3.34% Call% Dec 2007 4.96% 343% 445% 123 3.39% 4.80% Jan 2008 4.58% 3.33% 4.22% 96 2.31% 4.62% Feb 2008 4.12% 3.24% 3.85% 86 2.07% 4.16 % Mar2008 4.07% 2,83% 3.67% 74 150% 378 % Apr2008 345% 3.27% 3.41% 82 170% 3.40% May 2008 3.14% 3,27% 3,17% 63 1.92% 3.07% June 2008 3.09% 1.94% 2.86% Be 2.14% 289% FY 08109 July 2008 290% 1.93% 2.77% 62 170% 188% 2.29% 275% 2.18% 279% August 20E6 3.16% 1.92% 288% 51 169% 189% 2.14% 238% 208% 278% Sep12008 2.81% 1.92% 264% 37 142% 179% 1.96% 200 % 2.13% 277% Oct 2008 266% 2.61% 2.61% 29 am% 140% 172% 1.50% 207% 271% Nov2008 2.38% 2,36% 2.36% 64 0.15% 049% 1.04% 1.25% 145% 2.57% Dec 2008 1.60% 0.18% 1.42% 116 005% 0.25% 0,59% 088% 0.97% 235% Jan 2009 1.36% 0.18% 1.23% 82 0.15% 035% 043% 088% 0.31% 205% Feb 2009 1.23% 0.18% 1.11% 75 030% 0.50% 061% 0.88% 0.48% f 87% Mar 2009 1.26% 0.18% 1.13% 69 0.20% 042% 0]0% 0.88% 0.37% 182% Aor2009 0.94% 0.18% 0.85% 54 0.31% 0.33% 0.59% 0.88% 0.28% 161% May 2009 092% 0,18% 0.84% 80 0.18% 0.30% 0.53% 0.88% 0.23% 153% June 2009 0.85% 029% 0.80% 111 020% 035% 055% 1.13% 026% 1.38% FY 09110 July 2009 0.69% 0.30% 0,65% 111 0.19% 0.28% 047% 400% 028% 1.04% Aug,Jst2000 0.64% 0.30% 061% 92 0.16% 026% 046% 100% 0,24% 0.93% Sept2009 0.56% 0.31% 0.53% 112 0.12% 0.19% 041% 1,00% 0.19% 0.75% Oct2009 0,52% 031% 0.50% 90 000% 0,19% 038% 1.00% 0.19% 0.65% Nov 2009 056% 0,31% 0.53% 152 004% 0.14% 0.32% 095% 0,15% 0.61% Dec 2009 0.56% 0.15% 0,51% 239 0.11% 0.20% 0.16% 1.00% 0,16% 0.57% Jan 2010 046% 0.15% 0,43% 179 006% 0.14% am% 0.68% 0,13% 056% Feb 2010 0.51% 0.16% 048% 162 0,13% 0.19% 0,32% 088% 0,15% 0.58% Mar2019 0.50% 0.16% 047% 172 0.15% 0.24% 0.38% 100% 020% 0.55% Apr2010 052% 0,16% 048% 162 0.15% 024% 0.49% 100% 023% 0.59% May 2010 0.52% 0.16% 048% 116 0.17% 0,22% 0.37% 075% 0.28% 056% June 2010 050% 0.15% 047% 134 016% 022% 032% 0.63% 0.32% 053% 20 I m I I I I I Im 1 1 I i I I 1 m 1 I I t I I m 1 1 I 1 I I 1 p O T I 0 N I Y N � I 000 N V cc o 0 0 0 o 0 7 o O o o N O o Cj O o0 (O 7 O N O O O LL - - - ----- a-- 21 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: September 8, 2010 TITLE: Month End Cash Report — August 2010 BACKGROUND: This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances) but will report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. John M. Falconer, Finance Director np N 12 O (O N O 0. V O O O In 0 m N N O O N l7 f0 10 O O f C) N N O Q F O O Ip N O O O N N tN° O p 1 n N m^ N N �2 N l7 V N f0 0 O O O O O m m d N In T N O O fO it0] N V N O Z E V omon. io n n N 0 .- O N O O O O O m m O [O O O O O O N N n n W y> O O O N N N N N l7 C N W N N _ E In m m m m ° N InN '� UI O IDO O O O n N iV N n n n U `o In a m In e In < In In o 0 o In e Q LL KQ J N 0 N (O N O O !O m O N N In CJ N N W N n n Yn1 n VI n N N N O O O N Ino m o 0 In o 6 n m U g N N N .0 O n n n n n 0i N 0i N 0i N o N O 20 y H LL O 0 O O O O '^ In o a v o d 6 d 0 v v v N N N N 4 N o' M M O ��m O N N N W rvda LL y ao O 0 O 0 O 0 O O O O Id3 (A 0 M V N N N 0 W IN O Wm W N 0 o fn0 0 0c m n N o N r m N tP+l 0 N N m h n O N CIF O ^ ry Q N M W O M In N 0 N m N m 0 � r m m W N ym 0 °-a m 0 2 m 3d = 0 A m 0m n N w m '2 r m o a.c E L a E 1° a 2 '� c a d E 0 d 0 2 m° 0 yy n E= T C w d iI o ffi 0 n 0 O uWi m« m OOH W Q 0 a m d Q W Qa102❑-I 0 9 0 c O c 0 0 N N r u y. FU 2 Bill Lockyer, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) LAIF CONFERENCE REGISTRATION PMIA Performance Report LAIF Performance Report Date Daily Yiet uarter t Date Yleldt ,9"verage�' turrty ° in tla s), 8/13/2010 0.52 0.53 198 8/14/2010 0.52 0.53 198 8/15/2010 0.52 0.53 198 8/16/2010 0.52 0.53 195 8/17/2010 0.51 0.531 193 8/18/2010 0.51 0.53 193 8/19/2010 0.51 0.53 191 8/20/2010 0.51 0.53 191 8/21/2010 0.51 0.53 191 8/22/2010 0.51 0.53 191 8/23/2010 0.51 0.53 188 8/24/2010 0.51 0.52 190 8/25/2010 0.511 0.521 189 8/26/2010 1 0.511 0.521 199 *Daily yield does not reflect capital gains or losses 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 JUL 2010 0.531% JUN 2010 0.528% MAY 2010 0.560% Pooled Money Investment Account Portfolio Composition $68.5 Billion 07/31 /10 Corporate Bor 0.18% Commercial Paper 7.03% Time Deposits 6.13% CDs/BNt 10.05% Loans 16.58% Agencies Mortgages 11.89% 0.93% 3 I, KB: H.1J--Selected interest Kates, Web -Only Daily Update --August 31, 2010 Pagel of 3 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 August 31, 2010 2010 Instruments Aug 30 Federal funds (effective) 1 2 3 0.19 Commercial Paper 3 4 5 6 Nonfinancial 1-month 0.18 2-month 0.21 3-month n.a. Financial 1-month 0.18 2-month 0.25 3-month 0.27 CDs (secondary market) 3 7 1-month 0.25 3-month 0.29 6-month 0.38 Eurodollar deposits (London) 3 8 1-month 0.36 3-month 0.45 6-month 0.62 Bank prime loan 2 3 9 3.25 Discount window primary credit 2 10 0.75 U.S. government securities Treasury bills (secondary market) 3 4 4-week 0.16 3-month 0.14 6-month 0.19 1-year 0.25 Treasury constant maturities Nominal 11 1-month 0.16 3-month 0.14 6-month 0.19 1-year 0.26 2-year 0.50 3-year 0.75 5-year 1.39 7-year 1.98 10-year 2.54 20-year 3.30 30-year 3.60 Inflation indexed 12 5-year 0.16 7-year 0.52 10-year 0.99 http://www.federalreserve.gov/Releases/Hl 5/update/ Federal Reserve Statistical Release H.15 Selected Interest Rates (Daily) 5!ciP m Comvrt Release Date: August 31, 2010 Week1v release dates I Historical data Data DoHmload Program DDP)_j About I Announcements Daily update Otherformats: Screen reader � ASCII -IT oa (tea 1 Program 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. 9/1/2010 0 11\ . rr.r�--Jcicl:lcu 111tG1GJl1CcLLCS, WCO-Vnly Zany Upaate--AUgUSt JI, 2UIU Page 2 of j 20-year 1.54 30-year 1.62 Inflation -indexed long-term average 13 1.46 Interest rate swaps 14 1-year 0.42 2-Year 0.67 3-year 0.98 4-yeas 1.31 5-year 1.63 7-year 2.13 10-year 2.59 30-year 3.27 Corporate bonds Moody's seasoned Asa 15 4.34 Baa 5.53 State & local bonds 16 Conventional mortgages 17 n.a. Not available 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. S. 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-yeas 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/ltcompositeindex 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/. 5 http://www.federalreserve.gov/Releases/H 15/update/ 9/ 1 /2010 11w.11.1✓--.lwwwu 1r11c1w1 lkataa� vv ov-viny Lally V11UatC--1-kUg USL-)1, LUIU 11age S ot-i 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?l. 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 Asa 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 (DD.P).j About I Announcements Daily update Other formats Screen reader I ASCII Statistical releases Home I Lconomic nseamh and data Accctis:bihty I Contact Its Last update: August 31, 2010 6 http://www.federalreserve.gov/Releases/Hl5/update/ 9/1/2010 xecent tilt Auction xesuits rage t of t Treasury -Direct c , I1'.ffSuti A m19Ce aols, Late & galuitl , Laust Auction Ei , Recant Bill AneUan Results Recent Bill Auction Results seanrlty ss:ue w o-il, m:count mves[ment Price Term Date Date R.lte % Rate oy Fer$I.. CUSIP 4-WEEK 09 02 2010 09-30-2010 0.160 0.162 99982556 912295VC] 56-DAY 09-12 Erna 10-28 2010 0,125 0.1.2E 99.980556 912195W99 13 WFFK 09-02 2010 12 02 2010 0. 145 0.14E 99.96334E 912795W98 26WEEK09-02-20ID 03-03-2011. 0. 190 0. 193 99 903944 9122952D2 21-DAY 08-26-2010 09-16-2010 0. 120 0E72 99.990081 912795VO4 4 WEEK 08-26-2010 09 23 2010 0. 155 0.157 99.982944 91279SU90 56 DAY 08-26 2010 10 21.2010 0.140 0.142 99,978222 912795U112 13 WEEK 08 26 2010 11 26 2010 0.15E 0.15E 99,960389 912295W80 26 WEEK 08-26-2010 02 24-2011 0.18E 0.188 99,906472 9122952C4 52-WEEK DO-26-2010 08-25-2011 0,260 0.264 99J32111 9127952AO 4-WEEK 08 19-2010 09-16-2010 0.155 0. 152 99.981944 912195VO4 56-DAY 08 19-2010 10-14-2010 0,145 0. 142 99.911444 912295W31 13-WEEK 00 19-Z010 11-18-2010 0.155 0. 152 99.960819 912795.18 26-WLEK 08-19-2010 02-12-2011 0.185 0.1a8 99.906472 9122952B6 4-WEEK 08-12-2010 09-09-2010 0.145 0. 141 99.969722 912295VA6 56-DAY 08-12-2010 10-01-2010 0.135 0.131 99.979000 912795W23 13-WEEK 08-12-2010 11-J2-2010 0.150 0,152 99.96166E 912]99WY 2 26 -WEEK 2-2010 02-10-2011 0.190 0.193 99.903944 912295V40 4-WEEK 06-05-2010 09-02-2010 0.150 0.152 99,988333 912795V13 56 -DAY 08-05-2010 09-30-2010 0,160 0.162 99.975111 912295VC2 13-WEEK 06-052010 11-04-2010 0,155 0.157 99,960819 91.2295W56 26-WEEK 06-05-2010 02-03-2011 0.195 0. 198 9990t412 912195121 4-WEEK 07-29-2010 06-26-2010 0.155 0, 152 99.987944 91 27951182 56 DAY DA 39-2010 09 23 2010 0,155 U.IS7 99,975689 912295U90 13 WEEK 97 29-2010 10 26-2010 0. 150 UE112 99,962081 912795W49 26 WEEK 02-29-2010 01-27-2011 0.200 0.201 n9.0986ER 912195%91 52-WEEK OF 39-2010 01-282011 0.295 0.300 99701722 912195W3 4 WEEK 02 22-2010 08 19 2". 0. 155 0.157 99.987944 912195V65 56 DAY 07-22-2010 09-16-2010 0,160 0.162 99,975111 912295VD4 13-WEEK 07-22-2010 10-21-2010 0.155 0,157 99.960819 91279SU112 26-WEEK 07-22-2010 01-20-2011 0.195 0.19a 99.90141E 912195%89 4-WEEK 07-15-2010 08-12-2010 0.150 0,152 99.988333 912295V59 56-DAY 0/-15-2010 09-09-2010 0.160 0,162 99.915111 912195VA6 13 WEEK 07-15-2DI0 10-14-2010 0. 150 0.152 99.962083 912295W31 26-WEFK 02-15-2010 01-13-2011 0,200 0.203 99.898889 912295U%2 4-WEEK 01-08-2010 08-05-2010 0. 165 0.16E 99.987167 912795V24 56 DAY 02-08-2010 09-02-2010 0. 165 0.16E 99.924333 912195V13 13 WEEK 02-08-2010 10-07-201D 0. 165 0. 162 99.958292 912195W23 26 WEEK 02-08 201D 01 06 2011 0.205 a 208 99 896361 912195%21 4-WEEK 01-01-2010 01-29-2010 0. 150 0. 152 99.988333 9127951114 Effective with the 11/2/98 auction, all bills are auctioned using the single -priced method, freadken ofI rDlrlutlen Act I LIA& Gimence I Prnecy.&-Legal nDlces I WeMte Terms a Cori tioos I Acces,blly I Data Quality U `j,.0 lartnettor_g1BT ry, BupaV of Me PlblC print 7 http://www.treasurydirect.gov/RI/OFBills 9/1/2010 Keeent iwte, t5ona, ana I IYJ Auetton Kesults Page 1 of 1 Treasury©irect P n' I 111st, uatiorfu I 1 Nei0G21nts.,Data 6. Re Its , LatosiAuction Data , Race,,! Nice, Boid, a'TTIPS ANLNIOn Resm[, Recent Note, Bond, and TIPS Auction Results satanic Term TWe Oni'm wahvi" Interact Yima Prise Date Date Rate all A v.,$,.a cusm 2-YEAR NOTE 08-31-2010 08-31-2012 0375 0.498 99]55524 912828PH2 S YEAR NOTE 00-31-2010 08-31-2015 1250 1,374 99.4027V 91.2628NV8 2TYEAR NOTE 08-31-20ID OB-31 -2012 1.825 1.989 99,258493 912620Nw6 "29YEAR 6'MONTH TIPS 08-31-2010 02-15 2040 2.125 1760 109,086119 912810QrR 3-YEAR NOTE 08-16-2010 03 15 2013 a Is. 0.844 99.722358 912828NUO 10 YEAR NOTE 06-1G-2010 08 15 2020 2.625 Li'm 99.086655 912628NT3 30-YEAR BONO 06-16-2010 08 15 2040 1025 3.954 98 619129 912810QK2 2-YEAR NOTE 08-02-2010 07-31-2012 OR25 0.60E 99.920863 912820NQ9 5 YEAR NOTE 06-02-2010 02-31-IBIS IJ50 1.296 99781106 912828NP1 7-WAR NOTE 08-02-2010 02-31-2012 2, 375 2,394 99.828150 912826NR2 3 YEAR NOTE 02-15-2010 02-15-2013 1.000 1,055 99.836004 912028NN6 9 YEAR 10-MONTH NOTE 02-15-2030 05-15-Z020 3,500 3.119 103.199671 912828ND8 10 YEAR TIPS BY 15-2010 01 Is 2020 1.250 1,295 99.579194 932828NM8 29 YEAR 10-MONTII BOND 07-15-2010 05-15-2040 4,325 4.080 IDS.053815 912010QI14 2-YEAR NOTE 06 30 2010 Ob-30-2012 0.625 0. 138 99.226070 912828N55 5-YEAR NOTE 06 302010 06-3D-2015 1.875 1.995 99.43164E 912828NL0 YEAR NOTE 06 30-2010 06-3D-2017 2.500 2.525 99.522396 912828NK2 3-YEAR NOTE 06-15-2010 06-15-2013 1.125 1.220 99J2098J 91282aNH9 9-YEAR 11 MONTH NOTE 06-15-2010 05-15-2020 3.500 3.242 102,169092 91.2828NDS 29-YEAR 11-MONTH BOND 06-15-2010 05-15-2040 4.325 4,182 1.03,270303 el2SRQH4 2-YEAR NOTE 06-01-2010 05-31-2012 0950 0,269 99.96240E 912828NE6 5-YEAR NOTE O6 O1 2010 05-31-2015 2,125 0 130 99.976355 912828NE3 2-YEAR NOTE 06 01-2010 05-31-20 7 2.250 2.815 99.589671 912828NG1 3-YEAR NOTE 05-12-20 O 05-15 2013 1,375 1,414 99.885991 912820NC0 10 YEAR NOTE 05 12-2010 05-15-2020 3.500 3.546 99,590723 d12820ED8 30-YEAR BOND 05-12-2010 05-15-2040 4.325 9 490 98.114367 912830QH4 2-YEAR NOTE 04-30-2010 04-30-2012 1.000 1.024 SusiO 00 912820NB2 5-YEAR THIS 04-30-2010 04-15-2015 0500 0.550 99.767648 912828MY3 5-YEAR NOTE 04-30-2010 04-30-2015 2.500 2,540 99013289 912628MZ0 2-YEAR NOTE 04-302010 04-30-2017 3.125 3.210 99470887 912828NA4 3-WAR NOTE 04-15-2010 04-15-2013 1,750 1J26 99.924366 912628MX5 9-YCAR 9-MONTH UPS 04-15-2010 01-15-2020 1.325 1.209 97 219605 9128281114 9-YEAR 10 MONTH NOTE 04-15-2010 02-]5-202D 3.625 3.900 92.)63192 912020HP2 29-YEAR 10 MONTH BOND 04-15-2010 02 15-1040 4.625 4.220 91,692939 9128IDQE1 2-YEAR NOTE 03-31-2010 03 31 2012. 1,000 IRON IOO.000000 912828MUI 5-YEAR NOTE 03-31-2010 03 31-2015 2,500 2.605 99.510730 912828MV17 7-YE.AR NOTE 03-31-2010 03-31-2012 3,250 3.324 99,232610 91282811V9 3-YEAR NOTE 03-15-2010 03-15-2013 1315 IRV 99.818589 912828MT4 9 YEAR 11-MONTH NOTE 03-15-2010 02-15-2020 3.625 3.735 an T10493 912628MV2 29-YEAR 11-MONTH BOND 03-15-2010 02-15-2040 4.625 4.679 99.120159 912810QE1 Denotes TIPS bond; all other TIPS without asterisks are notes Froccci, of Information AT I Law tE Guidance 12civarl & L No[ cul I VEITIrl I cml& CaIH Buns I ACCesa b l Gr I data Qrmyy II.S Do nrtranI of I I, Tru I L.1,kureau ofIlr Prblc Deal W http://www.treasurydirect.gov/RI/OFNtebnd 9/1/2010 FRB: Commercial Paper Rates and Outstandings Page 1 of .i Federal Reserve Release Release I About I Announcements I Outstandin s I Volume statistics I Year-end I Ma�uri Distribution I Data Download Program (DDP) Data as of August 31, 2010 Commercial Paper Rates and Outstanding Derived from data supplied by The Depository Trust & Clearing Corporation Posted September 1, 2010 Dkennnt rates FTerm]nonfinanaal AA A2/P2 nonfinancial AAAA financral asset -backed 1-day 0.20 0.35 0.15 0.30 7-day 0.19 0.39 0.19 0.43 15-day 0.17 0.35 0.19 0.34 30-day 0.19 0.39 0.20 0.27 60-day 0.25 n.a. 0.23 0.30 90-day 0.27 n.a. 0.24 0.33 Trade data insufficient to support calculation of the 60-day A2/P2 nonfinancial and 90-day A2/P2 nonfinancial rates for August 31, 2010. Yield curve Money market basis ree�erri — — — AA noo rnpineial ........... A2/P2 nanfinmciul --- AA financial 1 7 15 30 Days to Maturity M 0.75 0.50 0.25 0.00 0 http://www.federalreserve.gov/Releases/CP/ 9/1/2010 FRB: Commercial Faper Kates ana vutstanamgs Discount rate spread 2001 2002ra a04 2005 2006 2007 2008aa+ 2010 Discount rate history Thirty -day commercial paper (daily) rercenr AA mmi inancial .... A?fl'n nonrtn;mcial H AA financial ' t, qq 7, i yy 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Outstandings Weekly (Wednesday), seasonally adjusted 800 700 600 500 400 300 200 100 0 7 6 5 4 3 2 1 0 hftp://www.federalreserve.gov/Releases/CP/ 9/1/2010 10 rK13: Uommercial raper Kates ana umsumamgs use 1190 1090 990 890 790 690 590 490 390 Billions of dollars Billions of dollars 9 240 200 f 7 tr y51, ti.'� 160 120 80 2001 2003 2005 2007 2009 — — — Nonfinancial fright scsCc) l �•� Finaneialfluescalc7 All i4. / r ti •t 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 (DPP). This policy is subject to change at any time without notice. Release I About I Announcements I Outstandings I Volume statistics I Year-end I MaturitX Distribution I Data Download Program_(DDP) Home I Statistical releases Accessibili , ContactUs Last update: September 1, 2010 11 http://www.federalreserve.gov/Releases/CP/ 9/1 /2010 City of La Quinta Cash Flow Budget to Actual July 31, 2010 Cash Basis Budget Actual Accrual I Adjusted Total Variance Account 7110 7/10 Adjustment 7/10 Over Under Notes Property Taxl Tax Increment Transient Occupancy Tax 212.550 190,415 190,415 (22, 135) Sales Tax 323,55,1 (323,554) Did rot receive July Sales Tax payment SllverRock Golf 182,155 90.487 90,487 (91,668) Decreaseln Jug .If rounds Library Riverside Co Transportation Commission 456 - (456) Otherrevenues 1, 378,558 460,124 460124 918,434 Revenues for July were accrued back to June Revenues 2,097,273 741,026 741,026 (1,356,247) Expenditures Salaries B Fringe Benefits 185,660 510,103 510,103 324,443 Eight days accrued back to June Other expenditures 2826,761 998593 998593 1,828,168 Did net pay July Police invoice 3,012,421 1,508696 1.508,696 1,503.725 Subtotal 258,724 57,209 67,209 (191,515)Expenses Redevelopment Agency kr July were accrued back June Debt Service (Principal/InteresVPass Through) 281,375 307170 25,793 281 3]] 2 540,099 374 379 25,193 348,586 191,513 Subtotal Capital Projects 185,660 f85660 185,660 Total Ex enditures 3,738,180 2,068,735 25,793) 2,042,942 (1,695,238 Net RavenueslExpendltures J1,114i 1,327,709) 25,793 1 (1,301,916)1 (3,051,484 NOTE 1'. Expenditures are budgeted at 8.34 % per month Difference between actual and budget (Underspent) DEPARTMENT Overspent Nate. GENERAL GOVERNMENT 233,360 CITY CLERK (21,237) COMMUNITY SERVICES 53,683 FINANCE (49,732) BUILDING 8 SAFETY (154,556) PUBLIC SAFETY (1,031,908) Did rot pay July Police Invoice PLANNING (50,910) PUBLIC WORKS' 355,658 Street Maintenance lower than budget 1,386,958 SUBTOTAL -GENERAL FUND Library Gas Tax Federal Assistance - JAG Grant Slesf(Cops) Revenue - Indian Gaming - Lighting 8 Landscaping RCTC Development Agreement AB 939 (5,588) Quimby Infrastructure Proposition 18 - South Coast Air Quality (4,079) Transportation Parks 8 Recreation Civic Center Library Development Community Center Street Facility Park Facility Fire Protection Arts In Public Places (4,418) Interest Allocation Equipment Replacement (39,334) Information Technology 24,674 Park Maintenance Facility (37,563) Silverftock Golf (307,951) Decreased rounds In July SilverR ick Reserve LQ Public Safety Officer (167) Housing Authority (500) Finance Authority (1,066) Capital Improvement - Total 11.762 950 51 12 INVESTMENT ADVISORY BOARD Meeting Date: September 8, 2010 TITLE: Pooled Money Investment Board Report for June 2010 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for June 2010 is included in the agenda packet. RECOMMENDATION: Receive & File John M. Falconer, Finance Director POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JUNE 2010 WITH JUNE 2009 (DOLLARS IN THOUSANDS) JUNE 2010 JUNE 2009 CHANGE Average Daily Portfolio $ 69,119,428 $ 48,048,110 $ +21,071,318 Accrued Earnings $ 30,010 $ 54,379 $ -24,369 Effective Yield 0.528 % 1.377 % -0.849 % Average Life -Month End (In Days) 203 235 -32 Total Security Transactions Amount $ 35,320,501 $ 20,885,182 $ +14,435,319 Number 719 422 +297 Total Time Deposit Transactions Amount $ 2,785,990 $ 3,089,000 $ -303,010 Number 138 150 -12 Average Workday Investment Activity $ 1,732,113 $ 1,089,735 $ +642,378 Prescribed Demand Account Balances For Services $ 1,630,752 $ 1,208,832 $ +421,920 For Uncollected Funds $ 116,760 $ 156,475 $ -39,715 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) June 30,2010 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 25,723,850 37.07 -1.31 Bonds 0 0.00 0 Notes 6,652,334 9.59 -0.77 Strips 0 0.00 0 Total Government $ 32,376,184 46.66 -2.08 Federal Agency Debentures $ 1,103,585 1.59 -1.29 Certificates of Deposit 7,565,023 10.90 +2.11 Bank Notes 400,000 0.58 -0.11 Bankers' Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 7,471,882 10.77 +3.93 Time Deposits 4,146,150 5.97 +0,34 GNMAs 71 0.00 0 Commercial Paper 7,763,458 11.19 +0.32 FHLMCIRemics 650,242 0.94 -0.02 Corporate Bonds 125,120 0.18 +0.01 AB 55 Loans 352,651 0.51 +0.11 GF Loans 7,131,600 10.28 -3.33 NOW Accounts 0 0.00 0 Other 300,000 0.43 +0.01 Reversed Repurchases 0 0.00 0 Total (All Types) $ 69,385,966 100.00 INVESTMENT ACTIVITY JUNE 2010 MAY 2010 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 719 $ 35,320,501 508 $ 24,857,867 Other 22 325,138 52 3,244,277 Time Deposits 138 2,785,990 126 2,530,480 Totals 879 $ 38,431,629 686 $ 30,632,624 PMIA Monthly Average Effective Yield 0.528 0.560 Year to Date Yield Last Day of Month 0.651 0.663 2 Pooled Money Investment Account Portfolio Composition $69.4 Billion 06/30/10 Corpora`- 0.1 Commercial Papei 11.19% Time Deposits 5.97% CDs/BN 11.480X Loans 10.79% Agencies Mortgages 12.79% 0.94% Treasuries 46.66% INVESTMENT ADVISORY BOARD Correspondence & Written Material Item: C Meeting Date: September 8, 2010 ITEM TITLE - Bank of New York Insurance BACKGROUND: At last months Investment Advisory Board meeting, staff was directed to obtain insurance coverage maintained on the City of La Quinta custodian account with the Bank of New York. RECOMMENDATION: Information item only. John M. Falconer, Finance Director The following insurance coverage is maintained. All coverage is continually renewed prior to expiration dates. Please note that our policies are stand-alone policies and loss limits are not combined. Carrier: Lloyd's of London Coverage Type: a) Dishonesty of Employees b) Forgery of securities, checks, drafts or other written instruments c) Loss or destruction of cash or securities Expiration: 12/1/10 Per Loss Limit: I $850,OO600 Carrier: Lloyd's of London Coverage Type: Loss or destruction of cash or securities on or off premises (including securities of others held in custody). Expiration: 1211/10 Per Envelope Limit: $100,000,000 non-negotiable $10,000,000 negotiable Carrier: Chubb Group of Insurance Companies Coverage Type: All risk of physical loss of property sent by registered mail or overnight courier. Expiration: Continuous Limit: Carrier: Houston Casualty, XL, Ace, Axis & BNY Trade Ins Ltd Coverage Type: Losses due to errors or omissions Expiration: 12/1/10 Per Loss Limit: Corporate: $30,000,000 Individual: $30,000,000 Carrier: XL and Houston Casualty Coverage Type: Coverage for wrongful acts in respective capacities of Directors or Officers of the Company Expiration: 1211110 Per Loss Limit: $2,000,000 (separate limit for each) Carrier: Federal Insurance Coverage Type: 3rtl party bodily injury / property damage Expiration: 4/1/11 Per Loss Limit: $25,000,000 Carrier: Chartis Coverage Type: Liability coverage in excess of primary coverage Expiration: 4/1/11 ' 2 Per Loss Limit: $800,000,000 California Earthquake $50,000,000 Carrier: Lexington, Chubb, Ace, & Various Other Carriers Coverage Type: Coverage includes Data Processing, Business Interruption, Boiler and Machinery Service Interruption / Extra Expense, Earthquake / Flood, Fine Arts Expiration: 611/11 .- .. �. Carrier: Chartis Coverage Type: Job related injuries. Statutory $1,000,000 Limit for Employers Liability Expiration: 411/11 Enterprise; Privacy Liabilit Carrier: Lloyd's of London, & Chartis Limit: $30,000,000 Limit Coverage: Privacy Breach and Internet Liability Expiration:. 12/1/10 The insurance coverage listed provides protection for The Bank of New York Mellon Corporation and all other corporations, companies, firms, enterprises, or entities which are subsidiaries of, or affiliated with it, and in which the named insured has more than 50% ownership. All carriers are rated A- or better by A.M. Best 3 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item: D Meeting Date: September 8, 2010 ITEM TITLE: Municipal Code Section 2.06.020 BACKGROUND: Staff wanted to remind the Investment Advisory Board of this section of the Municipal Code dealing with attendance at Board Meetings. B. Any member of a board or commission of this city may be removed from office at any time, with or without cause, by a majority vote of the city council. If a member absents him or herself from two consecutive regular meetings, or absents him or herself from a total of three scheduled meetings within any fiscal year, his or her office shall become vacant and shall be filled as any other vacancy. A board or commission member may request advance permission from the city council to be absent at one or more regular meetings due to extenuating circumstances, and/or may request the city council to excuse an absence after -the -fact where such extenuating circumstances prevented the member from seeking advance permission to be absent. If such permission or excuse is granted by the city council, the absence shall not be counted toward the above -stated limitations on absences. RECOMMENDATION: Information item only. &Lnla lconer, Finance Director BOARD MEMBER ITEMS