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2011 09 14 IAB0 41a, 0940266-V P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLE TAMPICO LA QUINTA, CALIFORNIA 92253 AGENDA INVESTMENT ADVISORY BOARD Caucus Room 78-495 Calla Tampico- La Quinta, CA 92253 September 14, 2011 - 4:00 P.M. VIA CONFERENCE CALL: Kurt Mortenson 218 Main St., S.W. Menahga, MN 56464 CALL TO ORDER a. Pledge of Allegiance b. Roll Call (7 6 0) 7 7 7 - 7 0 0 0 FAX (760) 777-7101 11 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 July 13, 2011, for the Investment Advisory Board V BUSINESS SESSION A. Transmittal of Treasury Report for June and July, 2011 V11 CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report -August 2011 B. Pooled Money Investment Board Reports - May and June 2011 Vil BOARD MEMBER ITEMS Vill 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 Calla Tampico, La Quints, CA 92253, during normal business hours. [4 4al tIONJ INVESTMENT ADVISORY BOARD MEETING July 13, 2011 1. CALL TO ORDER Regular meeting of the La Quinta Investment Advisory Board was called to order at the hour of 4:00 p.m. by Vice -Chairperson Spirtos followed by the Pledge of Allegiance. PRESENT: Board Members Blum, Spirtos and Donais ABSENT: Board Members Mortenson and Park OTHERS PRESENT: John Falconer, Finance Director, and Vianka Orrantia, Senior Secretary 11 APPOINTMENT OF OFFICERS A. Appointment of Investment Advisory Board Chairperson Vice -Chairperson Spirtos opened nominations for Chairperson. Board Member Blum nominated Board Member Spirtos for the position of Chairperson. With no other nominations, Board Member Blum closed the nominations. VOTE: All Ayes B. Appointment of Investment Advisory Board Vice -Chairperson Chairperson Spirtos opened nominations for Vice -Chairperson. Board Member Blum nominated Board Member Mortenson as Vice- Chairperson. Chairperson Spirtos nominated Board Member Blum as Vice - Chairperson. With no other nominations, Chairperson Spirtos closed the nominations. VOTE: 2 Ayes - Board Member Blum 1 Aye - Board Member Mortenson III PUBLIC COMMENT - None IV CONFIRMATION OF AGENDA - Confirmed V CONSENT CALENDAR A. Approval of Minutes of Meeting on June 8, 2011 for the Investment Advisory Board Mr. Falconer advised the Board of the handout, a revision to page 2 of the meeting minutes with a change in the motion to read: It was moved by Board Members Spirtos/Mortenson to review, 1 IRTMI-1-0 receive, and file the Treasurers Report for MaFeh AIRF-1 2011. �M' MOTION — It was moved by Board Members Blum/Spirtos to approve the Minutes of June 8, 2011 as amended. Motion carried unanimously. VI. BUSINESS SESSION A. Transmittal of Treasury Report for May 2011 Mr. Falconer presented and reviewed the staff report for the month of May. General discussion ensued amongst the Board regarding the various Capital Improvement Projects, (Village Land acquisition, Coral Mountain Apartment project and the Eisenhower Drive synchronization project). In response to Board Member Spirtos, Mr. Falconer defined the acronym of "SERAF", Supplemental Educational Relief Augmentation Fund. Mr. Falconer advised that due to the passing of the State budget, staff presented the City Council with the Rabobank proposal in July in lieu of an alternative to LAIF, therefore reducing the LAIF account to a 2 minimum in the event there is a need to withdraw the City's money from the pooled account as well as diversifying the City's portfolio. Mr. Falconer advised that the portfolio ended the month at .41 % with the pooled cash investments ending at .48%. General discussion ensued amongst the Board regarding the possible elimination of the Redevelopment Agencies and its impact to local level government agencies, as well as a general discussion of the possible alternative to continue as a Redevelopment Agency and the required payments to the state. In response to Board Member Spirtos, Mr. Falconer advised that funds for the improvements for the Washington Street Apartments were allocated through the City's capital improvement projects, in addition to the 2004 bond proceeds and possible tax credits. MOTION — It was moved by Board Members Donais/Blurn to review, receive, and file the Treasurers Report for May 2011. Motion carried unanimously. B. FY 2011/2012 Meeting Schedule Mr. Falconer presented the FY 2011/2012 Meeting Schedule to the Board. Board Member Blum suggested that the Board go dark in the month of August. Board concurred. MOTION — It was moved by Board Members Blum/Spritos to accept the FY 2011/2012 Meeting Schedule with the Board going dark in the month of August. Motion carried unanimously. VI. CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report — June 2011 Mr. Falconer presented and reviewed the Month End Cash Report for June 2011. Noted and Filed 3 B. Pooled Money Investment Board Reports — April 2011 Mr. Falconer presented and reviewed the Pooled Money Investment Board Reports for April 2011. Noted and Filed C. Distribution of Investment Policies for Fiscal Year 2011 /2012 Mr. Falconer presented the Fiscal Year 2011/2012 Investment Policy. Mr. Falconer advised the Board that the change requested by Board Member Mortenson clarifying the U.S. Treasury Bills maximum maturity of one year was not incorporated into the investment policy. Mr. Falconer suggested that the Board either make the change to the policy and summit for Council approval or add as a work plan item for the upcoming fiscal year 2011/2012. The Board agreed to add as a work plan item for the upcoming fiscal year 2011/2012. Noted and Filed Vil. BOARD MEMBER ITEMS Board Member Spirtos suggested that a contact list of all Board members be distributed amongst the Board. Vill. ADJOURNMENT MOTION — It was moved by Board Members Blum/Donais to adjourn the meeting at 5:08 p.m. Motion carried unanimously. Submftife-"y Vianka Orrantia Senior Secretary 2 J ETV14311T, F#-LTk W-11 DITI Meeting Date: September 14, 2011 ITEM TITLE: Transmittal of Treasury Report for June and July 2011 BACKGROUND: Business Session: A Attached please find the Treasury Report for June. The July report will be distributed under separate cover as soon as it's available. RECOMMENDATION: Review, Receive and File the Treasury Report for June and July 2011. John M. Falconer, Finance Director MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for June 30. 2011 DATE: September 7,2011 Attached is the Treasurers Report for the month ending June 30, 2011 . 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 I Sold/Matured Other Endmo Chantle LAIF Cerlificates of Deposit US Treasuries US Gov't Sponsored Enterprises Commercial Paper Corporate Notes Mutual Funds $ 37,588.191 969,000 71,930,152 19,988,729 19,994,862 10,053.732 1.380,031 $ 1,300,000 484.000 5,000,000 43,918,063 (2) (2) (2) (2) (1) $ (4,100,000) (729,000) (13,000,000) (5,000,000) 0 6.446 2,818 (1,974) (9,521) 0 $ 34.788,191 724,000 58,936,598 19,991,547 19,992,888 10,044,211 45,298,094 (2.800,000) (245,000) (12,993,554) 2,818 (1,974) (9,521) 43,918,063 Subtotal -161,904 697 5070-2,063 $ (22.829�000)1 $ 231), 189,775,529 $ 27,870,832 Cash 1 $ (782,81Q1 $ 1.060,041 1 (1) (3)1 $ 277.229 1 ITotal L�_ 161,121,885 1 $ 51,762,104 $ (22,829.000) $ 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 am 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. q/-71 2-011 ��John M. Falconer Date Finance Directorfrreasurer 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 pfernium/discount for the month on US Treasury, Commercial Paper and Agency investments. (3) The cash account may reflect a negative balance This negative balance wilf be offset with transfers from other investments before warrants are presented for payment by the payee at the bank. 9 Treasurer's Commentary For the Month of June 2011 Cash Balances - The portfolio size increased by $28.9 million to end the month at $190.1 million. The major reason for the increase was the net proceeds received from the 2011 Project Area No. 2 Bond issue ($6,000,000) and the 2011 Finance Authority PA 2 Revenue Bond issue ($28,850,000). Offsetting these net proceeds were $7.4 million in Capital Improvement Project costs in June - $1.45 million for the Parker Village property, 1.45 million for the Yessayian Village property, $1.27 million payment to CVWD for a well site mitigation payment, $989,000 for the Varge Village property, $523,000 for the Adams Street Bridge project, and $402,000 for the Yessiayian 5-plex property. Investment Activity - The investment activity resulted in an average maturity decrease of thirty (30) days from the prior month to end the month of June at 126 days. The Treasurer follows a buy and hold investment policy with one investments of Commercial Paper and two investments in Certificates of Deposits made in the month of June. The sweep account earned $32 in interest income for the month of June and the bank fees for the month were $ 2,098 which resulted in a net decrease of $2,066 in real savings. Portfolio Performance - The overall portfolio performance had a six (6) basis point decrease from the prior month and ended at .35% for the month, with the pooled cash investments at .53%. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding .35% which reflects the current interest rate environment. The portfolio had an unrealized gain of $269,103 as of June 30, 2011. Under GASB 31, this amount has been recognized as interest income in the year end Financial Statements as interest income which has been allocated across the various funds. Looking Ahead The Treasurer is still concentrating on safety first and foremost. In the short term, the Treasurer will be investing in the approved Rabobank interest bearing active deposit account as an alternative to LAIF. 3 0 w a w E E E zo v E 0 0 z z 0 z 0 z 0 z 0 z 0 z 0 z W L A E2 0 S d E2 0. w ig E tO E 0 0 z 0 > L 0 '0 0,0 00 0 > E E EE E Z; E 0 S2 E E 0 E < 0 0 2.60 -'6 < ci 6 E ol Ct Q CD . a q C� . 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LAIF Ra W07 Jul ' OOs J"ly2OOf5 4,93% 5,00% 498% 95 6.06% N.-F.na�cbg us' 00' Aogust2OO( `g 4.94% 5,01% 497% 48 497% 4,85% Sep 0 Sept 2006 1 06 498% lsom 4.99% 53 5,00% 495% Oct 206 00 DcI 6 500% 502% 5,01% 67 495% 5.02% N. 2" rAp2007 5,04% 5,03% 503% 62 4,941% 510% Dec 2006 508% 504% 506% 490% 513% Jan 2007 518% 6,12% 516% 43,4 911% 513% Fob 2007 5,19% 513% 5.17% 45 :95% 516% is r Mar2007 521% 503% &15% 67 4m% 518% pr DO 520% 514% 5 15% 42 4, 14% 521% May 2007 May " 520% 505% 516% 32 481% 522% June 2007 5,19% 488% 5.10% 85 481% 525% FY07MB July 2007 521% 490% 5 12% 129 480% 525% August 2W] 5 17% 485% 508% 109 459% 526% Sap12OO7 516% 486% 5,06% 129 4,00% 525% 00207 5 11% 485% 502% 116 3,95% 523% Nov 2007 503% 483% 496% 99 3,14% 5,14% Dec 2007 495% 343% 445% 123 339% 496% Jan 2008 4541% 333% 422% 96 231% 480% Feb 2W8 412% 324% 385% 207% 462% W, 2008 407% 283% 367% 74 1 50% 416% Ap,2008 345% 327% 341% 82 170% 3,78% May 2008 314% 327% 3 17% 63 192% 340% June 2008 309% 194% 286% 80 2,14% 307% FY 08109 July 2008 2,99% 193% 277% 62 170% 188% 229% 2 75% 2.18% 289% August 2001 3 16% 192% 288% 51 169% 189% 214% 2 313% 208% 279% Sept 2008 281% 1.92% 264% 37 142% 1,79% 1.95% 200% 2 13% 278% Oct 208 266% 261% 261% 29 090% 140% 172% 1 207% 2.77% 2,71% Nov 20M 238% 236% 2m% 64 015% 049% 104% .50% 125% 145% 257% D.2DO8 160% a 18% 1.42% 116 0.05% 025% 059% 088% 0,97% 235% J.o 2009 lm% 010% 123% 82 0 15% 035% 043% 088% 031% 205% Felo 2009 123% 0,18% 1 11% 75 OW% 050% 0,61% OBB% 048% 187% Mar 2009 126% 0.18% 1,13% 69 0.20% OA2% 070% OS8% 0,37% 1.82% Apr2009 094% 0,18% 0,85% 54 031% 033% 059% 088% 028% 161% May 2009 092% 018% 0�14% 80 018% 030% 053% 088% 023% 153% FY 09,10 June 2009 July 2009 085% 069% 0.29% 0,80% Ill 020% OW% 0.55% 1 13% 026% 138% OW% 065% Ill 0.19% 028% 0,47% 1,00% 0,28% 1,04% August 2GO5 06,1% 030% 061% 92 016% 0,26% 046% 1�00% 024% 093% Sept 2009 ON% 0,31% 063% 112 0,12% 019% 0,41% 10% 0.19% 075% 00 2009 052% 031% 050% 90 0,08% 019% 038% 100% 019% 065% Nov 2009 056% 031% 053% 152 004% 0,14% 032% 075% 0,15% 061% Dec 2009 056% 015% 051% 239 011% 020% 016% 100% 016% 057% Jan 20 10 046% 015% 043% 179 006% 0,14% OU% 088% 0 13% 056% Feb 2010 051% 016% 048% 162 0 13% 019% 0,32% 008% 015% D 58% Mar2010 050% 0,16% 047% 172 0.15% 024% 038% 100% 020% 055% A,pr20lO 052% 016% 048% 162 0 is% 024% 049% 1.00% 023% 059% May 2010 052% 016% 048% 116 017% 022% 037% 075% 028% 056% June 2010 053% 000% 035% 134 016% 022% 032% 063% 032% 053% FY 10111 July 2010 050% 015% 047% 119 0,16% 020% 0.30% 0,63% 0.20% 0,53% August 20 11 049% 0 15% 040% IN 015% 0,19% 026% 0,38% 0,25% 051% Sppt2010 055% a 15% 051% 107 0,16% 019% 027% 038% 024% 050% Oct 2010 OS5% 015% 0.51% 88 0.13% 0 17% 023% Om% 0,23% a 'W1% Nov 2010 053% 0 15% 049% 84 018% 021% 028% 050% 023% 045% Dec 2010 057% 014% 052% 265 015% 0,19% 0,30% 063% 023% 046% Jao 2011 051% OA4% 043% 206 0,16% 0 18% 028% 063% 024% 054% Fob 2011 055% 0 17% 046% 210 015% 0 17% 031% 063% 023% 0:1% Mar 2011 0 5,t% 0 17% 045% 218 005% 013% 026% 075% 023% 0 0% Apt 2011 0.59% 0 17% 0,48% 192 005% 010% 028% 063% 020% 059% . May 2011 048% 0 17% 041%1 1% 006% OA2% 020% 050% 016% 041% 10 cc S CL < CL 'E t5 i? 0 . 1� LL CY < N ca -.0- -.01 �00- P- cc C) co C) r� C) to C) U� C> v C) c) C) C) C) 64 1 0 c (a c; C5 6 C; 6 ci 6 n IL 11 TO FROM: SUBJECT: DATE: MEMORANDUM La Quinta City Council John M. Falconer, Finance DirectorrrreaSUreF Treasurer's Report for July 31, 2011 September 13. 2011 Attached is the Treasurers Report for the month ending July 31, 2011 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 (he changes in investment types for the month �il 1 $ 34,788,191 Interest bearing active bank deposit $ 40,554 $ 10,001 $ (13.450,000) 0 $ 21.378,745 (13,409,446 Certificates of Deposit 724,0001 US Treasuries 051 244.'000 (244,000) $ 10,001,051 10.001,051 58.936,598 US Gov't Sponsored Enterprises 19,991.547 (2) I 724.000 5.561 58.942,159 I 0 5,561 I Commercial Paper 19,992.888 1 (2) (2) 2.912 19,994.459 2�9112 Corporate Notes 10,044,211 (2) 0 19,992,888 0 Mutual Funds 45.298 rq4 — (9,838) 10,034.373 19 83A 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. J fm . ',cri ohn M. Falconer Finance Director[Treasurer Footnote (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month, T/) -5/ 2-0 I Date (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 2011 Cash Balances - The portfolio size decreased by $3.4 million to end the month at $186.6 million. The major reason for the decrease were $1.2 million in Police costs, a $1.08 million franchise fee payment to Burrtec, a payment of $570,000 for retiree costs, and a $407,000 payment for general liability coverage. Capital improvement project costs for July totaled $218,412 - $113,700 was spent on the Landscape Green projects, and $ 54,000 was spent on the "A" Street extension off of Dune Palms Road next to the DSUSD Administrative Offices. Investment Activity - The investment activity resulted in an average maturity decrease of fourteen (14) days from the prior month to end the month of July at 112 days. The Treasurer follows a buy and hold investment policy with one investment in a Certificates of Deposit made in the month of July and the opening of the Rabobank interest bearing active bank deposit account. The sweep account earned $ 10 in interest income for the month of July and the bank fees for the month were $ 1,631 which resulted in a net decrease of $1,621 in real savings. Portfolio Performance - The overall portfolio performance remained unchanged from the prior month ended at .35% for the month, with the pooled cash investments at .53%. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding .47% 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 investing in the approved Rabobank interest bearing active deposit account as an alternative to LAIF. 13 2 E 0 z 0 z z z A t�z - -FEE. Sc 0 v 8 0 WaB ki VE 2 E X ZI, E e 50 E E �4 1 0 Z CE m 10 mzm c 0 E 0 . j E I- 0 H 3 — . D I __ 20 MO 0 m E E E g E ww. 0 3 3 14 t E Z22�!222zz 27Z 02 05 0 n 65 If I I A azeeog t � s z z z I z .1 e gs 8, z z 15 - - - - - - - - - - - - - - - - - - - z I Z!� - - - - - - - - - - - - 4 �2 LY 000C N N 16 0 c .6 c CD E m E > a c 0 Z: -di , 0 > 41 E E U) (3 0 0 0 C C%l 0 0 0 a E E 0 0 CL > > (D (D 4) (D > > 0 Q� af 'D 0 cc IL E co > E ID n -0 E 0 0 LL > cc c 0 6 cl >1 C) 0 C� lz� C� C� C� Ci C� Ct Cli Cli CL 0 0 0 0 0 0 0 0 a 0 0 0 �5 76 7-u �6 *6 *6 0 co U) U) U) U) U) in Im cc 0 M, 0 0 o 0 z z 'a ca 0 i5 E —co -0 Z — E (D 0 . 0 Im (n 0 0 D a E E cp a) w 0 > a. (D > Co c CD '0 w E 61 E 0 4) 0 ca 0.6 4) d* > :E 0 c E 0 C: w E 41 1 o C) o C) 0 0 3: . . — 0 E ID E w IL L� L� u- 0 di a 0 E > > C C < < 0 z 0 2E IVA ----- ------- posts -1 is; J is -ANN so to 116 R r 111131151 Alf mill Foes R ISK 7 0 i NUM 1 1 lit V- 2 ------- ------- - Sf ------- - ------- - ------ 1 :12 i E2 2. 1 Rv 0 E -R. Us"11111 lips! 4118 Nor V- E game ------- - ---------- ----- iG— Egn I Mv E �OE ---------- ------- - TZO-218R. -Aw= it AWTH E ;g S-g-".2 R an XT may S§ 2-12STI 12 ------- ------ - — - - - - - - - - - - - - - - - - --- �Pts Zoo o 2"10- -pT i - - - - - - - - tag I . 2,11-11" S .1 2 ;ik 19 City of La Quvila CQ-Pa.Wa Rat.� of Interest July 31, 2011 Ave., I I Tna.�ory Wle(Not. I I Three Manin AuquSI ZWk 494% 501% 497% 48 497% ; ��iZ Sept 2006 498% 501% 4.99% 53 500% � 20N 500% 502% 501% 67 4%% 502% Nov 2006 504% 503% 503% 62 494% 5 10% Cet, N06 508% 504% 506% 80 490% 513% Jan 2W? 510% 512% 5,16% 64 4N% 513% Feb 2007 5,19% 513% 5 17% 45 495% 516% Mar2NI 521% 503% 5 15% 67 468% 5,18% Apr 21107 520% 5 14% 5 15% 42 4U% 521% May 2007 520% 505% 516% 32 481% 522% June 200 7 519% 488% 5 10% 65 481% 525% FY 0710B July 2007 521% 490% 5 12% 129 480% 525% Augus12007 5 17% 485% 508% 109 459% 526% Sapt2007 5 16% 486% 5 N% 129 4 DG% 525% Cel 2007 511% 485% 502% 116 395% 523% Nov2OO7 503% 483% 4%% 99 13al% 5 14% 0�2007 495% 343% 445% 123 339% 4%% Jan 2008 458% 333% 422% SO 231% 4 � Feb 2W6 4 12% 324% 385% SO 207% 462% Ma, 20013 407% 283% 367% 74 1 50% 416% Ape 2008 345% 3 27% 341% 82 170% 378% May2008 314% 327% 3 17% 63 192% 340% Jure2008 309% 194% 286% but 2,14% 107% FY 08109 Jut, 20N 2 M% 193% 277% 62 1.70% 188% 229% 2 75% 2 18% 289% 279% Augura 20GE 3 16% 192% 2813% 51 169% 1 89% 2 14% 238% 208% 278% Sept 2008 281% 192% 264% 37 142% 179% 1 96% 2 N% 2 13% 277% � 2008 266% 261% 261% 29 090% 140% 1 72% 150% 207% 271% Nov 2W8 2 38% 236% 236% 64 0 15% 049% 1 �04% 125% 145% 257% Doi, 2008 1 N% 0 18% 142% 116 005% 025% 059% 088% 097% 235% Jan 2134N 1 36% 018% 123% 62 0 15% 0 35% 043% a"% 031% 205% Feb 2W9 1 23% 0 18% 1 It% 75 030% 050% 061% 088% 048% 187% W,2009 126% 018% 1 13% 69 020% 042% 070% ON% 037% 1 B2% Apr 2009 094% 0 18% 085% 54 031% 033% 0,59% 0 811% 028% 161% May 2009 092% 0 18% 004% 80 0 18% 030% 053% 0138% 023% 153% June 2W9 085% 029% 080% ill 020% 035% 055% 1 13% 026% 1311% FY 09110 JuIV2009 069% 030% 065% ill 0 19% 028% 047% 100% 028% t N% Auguvl 20(H 064% 0 3G% 061% 92 0,16% 026% 046% 100% 024% 093% Sept 2009 056% 031% 053% 112 012% 019% 041% 1 W% 0 19% 075% �;?005) 0 52% 031% 050% 90 006% 019% O.M% 100% 0 19% 065% Nov 2009 Omvv 031% 053% 152 004% 0 14% 032% 0 75% 0,15% 061% Coe 2W9 056% 015% 051% 239 011% 020% 016% 100% 016% 067% Jan 20 10 046% 0 15% 043% 179 006% 014% OU% 088% 013% 056% Feb 2010 051% 0,16% 048% 162 0 13% 019% 032% 008% 0 15% 058% Ma,2010 OSO% 016% 047% 172 0 15% G 24% Om% 100% 020% 055% Api-2010 052% 016% 048% 162 015% 024% 049% 100% 023% 0,59% May 2010 052% 0 16-A 0 �% INEi 0.17% 0.22% 037% 075% 028% 056% J.re20lO 053% ON% 035% 134 016% 022% 032% 00% 032% 053% FY 10,11 July2010 0 50% OA5% 047% 119 016% 020% O.W% 063% 028% 053% Augul(2011] 049% 0 15% 046% 108 015% 019% 026% 030% 025% 051% Sept nio 055% 015% 051% 107 0,16% 0 19% 027% 030% 024% 0 5()% 002010 055% 015% 051% 88 013% a 17% 023% Om% 023% 048% Nov 2010 053% 0 15% 049% 84 0 18% 021% 028% OSO% 023% 045% Dpc20lO 057% 0 14% 052% 265 0,15% 0.19,; 030% OW% 023% 046% Jan 2011 051% 0.14% 043% 206 016% 0 to% 028% 063% 024% 054% Feb 2011 055% 0.17% 046% 210 015% 0 17% 031% 063% 023% 051% Ma-2011 054% 0 17% 045% 218 005% 0 13% 026% 0 75% 023% 050% Api-2011 059% 0 17% 048-4 192 005% 0 10% 028% 063% 020% 059% May 2011 048% 0 17% 041% 156 ON% 012% 020% 050% 016% 041% June2011 053% 000% 035% 126 003% 010% 020% 038% 015% 045% 20 JE a cm 0 m co cy LL C4 �.-o 0�0 80� 10-0 C) C5 C� C) C) C) C) co f.- (D U� C-) C,4 CD ci ci 6 8 ci ci LL IL 21 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: September 14, 2011 TITLE: Month End Cash Report - August 2011 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. *W-� John M. Falconer, Finance Director 2 0 *6 0 0 I w 0 W-A N 0 �Ndd 0 qqq--N'T, C� ci C6 � � . � 0 0 � I 4 C'i ci v 0 00 C6 0 ci 0 0 ow 0 0 Ra,w,. w ,2. IQ 0 6 ai gN.�; � 0 N a cl� 0 c; 0 m N m mm 'n Im cli 0 OR6" 0 ci 16 ci o sc NO 0 2 8 0 0 0 t! 0 m m E E E v 2 w w 0 z 0 EL 0 —0 JG E 0 E 0 0 m 0 0— LD w Bill Lockyer, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) 2011 LAW CONFERENCE REGISTRATION PMIA Performance Report LAW Performance Report 8/17/2011 0.37 u 0.40 244 8/18/2011 0.37 0.40 243 8/19/2011 0.37 0.40 243 8/20/2011 0.37 0.40 243 8/21/2011 1 0.37 0.40, 243 8/22/2011 0.37 0.40 241 8/23/2011 0.37 0.40 241 8/24/2011 0.37 0.40 239 8/25/2011 0.37 0.40 241 8/26/2011 0.37 0.40 240 8/27/2011 0.37 0.39 240 1 8/28/2011 0 37! 0.39 240 r �? 9 11 j t37 0.39 234 1 8/30/2011 1 0.371 0.39 235 *Daily yield does not reflect capital gains or losses Quarter ending 06/30/2011 Apportionment Rate: Earnings Ratio: Fair Value Factor: Daily: Quarter To Date: Average Life: 0.48% .00001304422399226 1.001576470 0.37% 0.48% 237 PMlA Average Monthly Effective Yields JUL 2011 0.381% JUN 2011 0.448% MAY 2011 0.413% Pooled Money Investment Account Portfolio Composition $65 Billion 07/31/11 Loans 4.63% Corporate Bonds 0.00% Commercial Paper 9.09% zo Time Deposits 6.23% CDs/BNs 10.16% Mortgages 0.70% Treasuries 57.72% 3 KeCCnt lJ111 AUCUOn XeSUIIS rage i oi i TrelosuryDirect. , ., I I'll, 1 1,111111 ","v., �, �M, V�t,, & Er-11, U'c', cr,v L"i, , k- Pill pvlcil� Recent Bill Auction Results securny I=e, M.D.rn, Dr.—n E..:.1,rfPE Price, Ten. Da , R ie c 1. � Per $I CUED, 14-DAY 09 01 NIL ,A "1 101, 0 005 0 00s 99,999806 c01953�5 4 WEEK 09-0� 2 09 29 2,0� en.5 0,005 999,9611 917795IL3 13-WEEK .,-. Z' i 1 0 I 12.11 n 10,15 IS A , 9 96208 91 27113v' 26 WEEK 09-01 2011 13 D (Eni �r,177�Y. 91279'1746 WEEK 08-2� 2011 09 22 2011 OPOO 0 000 100 00000. 9127952F7 13 WEEK P _ , 11 25 201, 0 015 .,015 99 996167 9127953U3 26 WEEK 1 .2 21 �.12 0 045 0046 AA Y77250 912795Z38 52 WEEK 08-25 2011 23 2 0 0 1.0 0,102 Tj 898889 912795Y96 12 DAY 8 19 2GIL �2 31 20 1 0 015 0 015 9 A9 995QO 912796AD1 4 WEEK 06-1 8 09 zolf Onfo 0 1110 99 999222 912795JK5 I � WILE Is- 0 �O:i is 11 7 2011 0 Us 0 Olb 99 991I�3 9127952P5 2t, WEEK 8 1 8 02-16-2012 0.080 0 061 99 959$56 912795Z20 4-WEEK �O�� 1- 0 09 08-2011 0.035 0 u3b 99 991218 9127q53JB 13 WEEK D: III ME 11-10-2011 Ov45 0 �41f 99 96025 9127953"' 26 WEEK 08 11 2011 02-09-2012 0.065 0 066 99 967139 9127953C3 na 11.1 08-05-2011 06 15 2021 0 E�D 0 100 100 000000 912796AC3 4 W�FK 06 0 2 0 - 1-20%1 0.070 0 011 re) 994556 9127953F6 13-Wel-K � -C):-20 �: 191-001 2 1 0 0 9 920931 9 7 9�27953(nl 26 WEEK 0: 04-2oull 02 02 2 Of 2 �15 0 50 �11 0 53 gg 9 41 (17 9 279SY88 1 .1 07-28-2DII 08 02 2011 0,00. 0 000 100 000000 912795779 4 WEEK 07 28 �III ..-�S 2011 0.055 0 056 99 95M 9127952AS 13 IFK 07 28 2011 10-27 2011 0,050 0 061 9A 981833 9127953Q2 26 WEEK 07 2 2 .1 �s 2012 0 �00 0 102 'Pi A149444 IZ79511E 52 W"ff 07 2: 200 :: 07 26 2012 . 200 0 2DI 99 797778 912795�54 ,i WEEK 07 21 2011 06-18 2011 0 005 0 005 99 999611 91279S3E9 13 WE EK �7 ZI-2.:j 10-20 20�; 0,020 0 020 99 994944 9127952K6 26 11 LEK 07 21 20 of 19 20 0 060 0 061 99 969667 rIZ791YA2 14 DAY 07 _ 14-2011 07 28 2U11 0 000 0 POO DEC, 000000 91271ESX63 WEEK 01-�4-2 0 11 08 -�I-2011 0 020 0.020 99 99344� �121913.1 I I WELK 07- 4-201 10 3 2011 0.030 0,031 99 992�17 91211531ff 26 WELK 07 14 201t 01 12 2012 Q'Ibs 0 066 99 967139 9127952Y. 4-WIIK .1 07 2011 08 04-2011 Q,ODO 0 000 100 000000 912,9530, 13 W " IK E? 0 7 2011 IG-Ob-2011 0 025 0,025 99 993681 9127953mi 26 WEEK 01-0' -201i 01-05-2012 O.ORO 0,081 99 959556 91279S4Ab A WEEK 06-30-20 1 01 28 2011 OPOS 0.005 99 �11611 91214S.r, 13 WEEK 06 3. 201� 09 lq-101 OX?S 0 025 99Aq'i6in 912PIA313 26 WEE K 6 -,0 201 12 2�-20 0 QA5 , 0q, 99 c51912 912/9,11, 52 WEEK 06-30 20H 06 28 201 f 0.100 0.20A 99,7W7/. 901q'i 1119 WEEK 06 23 2011 01�?, ?011 . Los 0 005 99 "1611 9127453A7 13 WFEic 06 23 20tl 01 12 ?011 0 035 0 .36 As "1153 912795�i`7 Effective with the 1112/98 vil Nils are ar�cbohecl using the single -priced rEethod. Frrpd�ri of Infi�rrr,�cn Art I Lac, & 10,ince I Privacy � Legal.Norc, W�b,rc � 1�1 & Ac.... 11 S, 71,,aInrit If thc T,1EIYL1', R ,f th, N�blr, D-bt http://www.treasurydirect.gov/RI/OFBills 9/6/2011 4 Kecent Note, i3ona, ana I IFN Auction Kesults vage i ot i W�� I KrIll I I'll, t,ne"If � Afi,inf z If I Ol, olt' � PII1OI I LIVIIII I.111IT' DIOS - Rrio�f MITI, blad, ald i's Arlifn R111i III Recent Note, Bond, and TIPS Auction Results s'i-R, Terin T,,. I ... e fell TRY Q, al-ral field Ptic C.Slp Rate AS Y, Per STO 0 SO AN NOTE 08 31- 2011 CS 31 2013 D 125 OY?? 19 Boll", 91 2ifirreol I YEAR 8 MONTH 7PS 08 31 2011 04 15 2016 .,�s 0 825 106,85?530 91 282SCOis I YEAR NOTE 08 31 1011 08-31 2016 reo. I IS SNPSIOIR S12.281al 7 YEAR NOTE 08 in 20il 08 31 2.1. "Ine I 'so 19T71818 912828RF2 .3 YEAR NOTE 08 15 2011 08 15 2014 0 500 0 no IEPPEREEE el,,828M. 10 YEAR NOTE 08 15 2GII 08 15�2021 2,125 2,1,40 99 865607 912828IC6 3STYNNR DONE 08 15 2011 08 15 2041 3,11E 3TA ICP,.00CBO 91291UQSU 2 YEAR NOTE 08 Or 2011 07 31 2013 0,375 OAI7 99,916547 9l2828Q113 5-YEAR NOTE 08 01 2011 07 31 2016 1 Sao 1 580 99,617012 912828Qa, 7 YEAR NOTE 08-01-2011 Of 31 2018 2.250 1280 99 UOISS14 91 10 YEAR Tils ill 21 2ull 01 15 2021 0 0215 O�I,39 100,076731 912828QVS 3 YEAR NOTE 07-15 2011 Of 15 2014 0,625 0 SIR 99 .66569 uBk.Qf, 9 YEAR III MOUTI] NOTE Of 15 2011 0-15-2021 3,125 2.9tB 101,753719 912826QU3 29 YEAR 10-MONTFI PCOND 05 2041 4.375 4 193 L02.985551 quilloolOa 2 'EAR HOT E 06 10 101 07 15 201� �5 06_ o_?ar3 0 3/5 a3N5 P9,960197 o1282.RAO 5 YEAR NOTE 06 30 2011 06-30-2016 1,500 1.61s SNAI9/34 9l2826QET I YEAR NOTE 06 10 2011 06 30 2018 2.375 2,430 99,6o7922 a, "28(fio '29-YEAR 8 MONTE HIS 06-30 201� 02 2 B41 2,125 1 744 111698711 WROOQ16 3 YEAR NOTE 06 15 2 0 A �5 06 S-20 1 4 a 750 0 7 65 99,955596 912828QS2 9 YEAR I I MONTH NOTE 06 15 2011 0, 15 2021 3.125 2.967 101345530 912828QN3 29 YEAR 11 MONTH BOND 06 15 2011 05 15-2041 4.375 4,236 102,304368 on III 2 YEAR NOTE 05 31 2011 TO 31 2013 O'SOO 0,560 99a$0835 91282SQ26 5 YEAR NOTE 05 31 2011 65 31-2016 1 750 1813 90J00152 9,7828QP8 7 YEAR NOTE 05 31 2011 05 31 2018 2.375 2,429 OrN54311 gI282aQQS 9 YEAR 8 MONTH TIPS 05 31 2011 01 IS 2021 1 I's 0,887 104 359972 912828PP9 3 YEAR NOTE 05 16 2011 05 15 2014 1.000 1.000 99 999987 912B28Q.5 10-YEAR NOTE 05 16 2011 05 15 2021 1 125 3,210 99r277862 912829QN3 30 YEAR BOND 05 16 2011 05 15 2041 4 375 4.380 99 91E711 91281OW4 2 YEAR NOTE 05-02 2011 . 30-2013 P621 PiI3 99 905047 9t2828QE3 $-YEAR NOTE 05-02-2011 04 30 2016 2POB 2.124 99 415214 9128ZOQFU 7 YEAR NOTE 05-02-2011 04 30-2018 2�621 irst, 99 `;IH8900 112828W,8 5-YEaR TIES DW-29 2011 OA IS-20I6 OA25 0 160 101�754296 91282BQ05 3 YEAR NOTE 04-V, 2011 04 IS 2014 1�2!,f 1 280 99 911982 9L2828QC7 9 YEAR to MONTH NOTE 04-IS 2011 02 IS-2021 3,625 � ITT 101 GfrrI 9126?8'X2 2A YEAR 10-MONIH WIND 04-t5 2011 of 11 2041 4 150 4,511 101 55n79 ql28JRQNI 2-YEBR NOTE 03-3t 2011 03 It 2013 0 150 0 1" 44 121163 91282SQT7 5 YEAR NOTE 03 31 2011 03 31-2016 2,250 ),160 99 152972 Ol2S28QAI 7 YEAR NOTE 03-31-7011 01 31-2018 2 675 2.891 S'i 974.94 fj2,2aQ5o 9-YEAR 10-MONTH TIPS 03 31 2011 01 15 ?021 1 "1 0 020 102.594550 r12828PP9 3 YEAR NOTE 03 11 ?011 03 15 7014 1 250 1 �198 99 859215 91262SP77 Denotes TIPS bond; a [I other TIPS .,thout asterisks are notes 11.1111I, Ill �,r ,,, A�t I LaW S, fin (Id fLO [ Prrv,Ycy & Lloa I II I l, �t f,SI I 1r1II & Cluld,1,111 I AIleII III, I, I Otto O's DIT"n, ...... fith, —, II 'If E,- Pith, C'It http://www.treasurydirect.gov/RI/0FNtebnd 9/6/2011 5 PF-13: Commercial Faper Kates ana utuistancing �Ummary rage i oi / Mar. New Met's Nee - Site Map - A� Index - Camara - RSS - All Videos - cement FAQS _ j2n�jAdli,..d search Abner N.- Nine.., li.riks�' P.V..d, Eds.neeld ci�n,iener cin-suric, pa"'mca' rtibie.flo- Viel'iid &E-nts I.a.,nnatase lissiessixin itifitinnaftee. De-kiiarn-1 F.- & Regiflotfon 5"5c,"' & Dw. Home > Ecorderc Research Is Data > statistical Releases and Hencrical Data Commercial Paper Summary Rates Volume statistics Outstanding year-end Maturity Distribution About Announcements Commercial Paper Rates and Outstanding Summary0enved train data supplied by The Depository Trust & Clearing Corporation Da I a as .4 September 2, 2011 l'usted Sciathember 6, 2011 Tire commercial paper release will usually to posted daily at 9,45 a.m. However, the Federal Resenas Board makes no guarantee regarding the timing of the daily posting This policy is subject to change at any time without notice. P ates AA nonfinancial Period i 1 2 1-da, 7-day 15-day 30-day 60-day 90-day Aug. 30 D.05 0.06 0.09 0 10 0.11 0 13 1 Aug. 31 i 0.05 0.05 0.09 0.07 0.06 0.09 Sept. 1 0.05 0.05 0.06 0.08 0.08 0.12 Sept. 2 0.05 0.07 0.07 0.10 0.11 0,16 Sept. 5 n.a. nca. n.a. n.a. ice. n.a. A2/P2 nonfinancial 1-day l 7-day 15-day 30-day 60-day 90-day 0.32 0.34 0.35 0.38 0.40 n.a. 0.31 0.36 i 0.35 0.28 0.34 n.a. 0.29 0.33 0.34 0.36 0.38 n.a. 0.30 0.36 0.37 0.38 n.a. n.a. n.a. n.a. n.a. rha. n.a. n.a. Note. be indicates that Veda data was insufficient to support caddlacon of the particular rate AA financial Period 1-day 7-day 15-day 30-day 60-day 90-day Aug. 30 0.04 0.09 O.G9 0.16 0.18 0.32 Aug. 31 0.04 0.03 0.04 0.15 0.23 0.18 Sept. 1 0.04 0.04 0.09 0.13 0.16 0.28 Sept. 2 0.041 0.09 0.12 0.16 0.19 0.20 Sept. S n.a. be. n.a. rha. ace. nac AA asset -backed 1-day 7-day 15-day 30-day 60-day 90-day 0.26 0.45 0.57 0.29 0.25 0.33 0.27 0.41 0.44 0.24 0.29 0.32 0.27 0.44 0.52 0.32 0.27 1 0.32 0,27. 0.32 0.48 0.38 0.261 0.27 - . I i na, rica. n.a. n... ace. I n.a. Note n a indicates that aside data was insufficient to support calculation of the particular rate, Outstanding Levels Seasonally adjusted Billions of dollars Nonfinancial Financial Period Total Asset Total Derarestic-1-- Other Foreign Total i Domestic Foreign backed Monthly,sand levels 2011-Apr. 1,167.9 151.7 120.3 May 1,175.5 154.5 122.2 JIune 1,171.2 162.9 121.8 3uIV 1,138.3 169.0 134.7 Aug. 1,091.1 169.9 137.4 Weekly (Wednesday) levels 31.5 633.2 381.5 32.3 627.7 362.2 41.1 606.7 352.1 34.3 556.5 332.2 32.5 557.5 333.5 251.8 382.9 .0 265.4 393.3 .0 254.7 401.5 .0 224.3 412.9 224.0 363.7 .0 0 JdIDDP 2ipc,t http://www.federalreserve.gov/Releases/CP/ 9/6/2011 v KB: uommerciai Faper xates ana uutstanaing �lummary Fage 2 ot 2 Aug. 3 1 , 175.8 I 183.2 149.8 I 33.4 567.3 347.8 219.5 425.3 .0 Aug. 10 1,169.4 184.2 151.4, 32.8 557.0 342.6 214.4 428.2 .0 Aug. 17 1,146.7 179.6 150.1 29.5 543.3 333.9 209.5 423.8 .0 Aug. 24 1,117.1 176.2 147.4 28.9 543.9 333.6 210.4 396.9 .0 Aug. 31 1,097.8 170.7 141.5 , 29.2 . 545.2 333.0 212.2 381.9 .0 Not seasonally adjusted Billionsofdollan; Return to top Home I Economic research and data Accessibility Contact us Disclaimer 0 Linking Policy POIA PDF Read., Ff' 7 http://www.federalreserve.gov/Releases/CP/ 9/6/2011 rKb: H.i:i--beiectea interest Kates, wen-uniy uany upcIate-l!epterricterz, /uii What's New Where Next Site Map A-Z Index - Gainers RSS - Somto� Ad,ml Ss.�,nh i-age i oij Aho.t 1 14 ... tor, 5-lim, F-momic C,momol C.soomml, mponfin publi-H.- lof--h.. P.,in-ol Rawalumh 9 m. Rol & E-1, P.1o, & & D. . ..... Hord > Economic Research & Data > Still Releases and Historioad Data Selected Interest Rates (Daily) - H. 15 0 Jill dl Current Release Release Dates Daily Update Histoncl About Announcements Daily Update .. . ........... Release Date: Ssepterl 2. 2011 The weekly release is posted on Monday Daily updates of the weekly release are posted Tuesday through Friday on this site, If Monday as a holiday, the weekly release will be posted on Tuesday after the holiday and the daily update will not be posted on that Tuesday. September 2, 2011 Selected Interest Rates Helds inpercentper annum 2011 2011 2011 2011 Instruments 3 Aug Aug Aug Sao 29 30 31 1 Federal funds (effective) 0.09 D.08 0.08 0.08 Commercial Paper 3 a Nonfinancial �i 1-month 0 12 0 10 0.07 0.08 2-month 0.11 0.11 0. 0.08 3-month n.a. 0.13 0.09 0.12 Financial 1-month 014 0 16 0.15 0.13 2-month 0.14 0.18 0.23 0.16 3-month 0.21 0.32 0.18 0.28 CDs (secondary market) 3 7 1-month D.20 0.20 0.19 0.18 3-month 0.31 0.31 0.30 0.31 G-month 0.43 0.42 0.43 0 42 Eurodollar deposits (Wall 3 8 1-month 0.26 0.26 0.30 0.30 3-month 0.37 0.37 0.38 0.38 6-month 0.52 0.52 0.55 0.55 Bank prime loan . . . 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-veask 0.00 0.01 0.01 0.02 3-month 0 0 1 0.02 6-nnonth 0.05 0. 5 0.05 1 0.05 0.09 0.09 0.10 0.10 Treasury constant asurturitils; Nominal 1-month 1 0.00 0.01 0.01 0.02 8 http://www.federalreserve.gov/Releases/H I 5/update/ 9/6/2011 FRB: H.15--Selected Interest Rates, Web -Only Vally Update--Neptember 2, 2011 Fage 2 ot J 3-month 1 0.02 D.D1 0.02 0,02 I 6-month - - ---------- 0.05 ____ _ 0.05 __4_ 0.05 . . 0.05 1-year 0.09 0.09 0.10 0.10 2-year i 0.20 0.20 0.20 0.19 3-year 0.35 0.33 0.33 0.31 5-year 0.99 0.94 0,96 0.90 _7-trear 1.60 1.52 1.56 1.49 10-year 2.28 2.19 2.23 2.15 20-year 1 3,22 3.12 3.19 3.10 30-influr 3.63 3.53 3.60 3.51 Inflation indexed 12 5-yesur -0.68 -0.73 -0.76 0.82 7-year -0.30 -0.36 -0.36 -0.44 10-lnear 0.22 0.14 0.18 0.07 1 20-thear 0.84 0.76 0.83 0.72 30-yftr 1.17 1.10 1.18 1.07 I Inflation-indmed long1arrin average 13 0.83 0.76 0.84 0.73 Interest rate maps 14 1-year 46 0.47 0.47 2-hrear 0.50 0.50 0.50 0.50 i 3-year 0.67 0.65 0.66 0.64 4-Vear 91 0.93 0.93 0.92 5-year 1.29 1 25 1.25 1.25 7-year 1.87 1.81 1.81 1.82 1 i 10-year 1 2.42 2 36 2.36 2.39 'i so -year 1.26 3.20 3.19 3.24 Corporate bonds Moody's seasoned Aaa is 4.48 4.33 4.41 4.33 sea 5.53 5.41 5.48 5.38 State & local bonds 16 4.14 17 lCon 4.22 .. tientual mortgages na. Not available. Footnotes 1, The dairy effective federal funds rate is a weighted average of rates on brokered trades. 2, Weekly figures am averages of 7 calendar days ending on Wednesday of the current week, monthly figures include can calendar day in Me month 3 Annualized using a 360_day year or bank interest 4 On a discount basis 5 Interest rates interpolated from data on bertain commencIal paper trades seffied by The Depository Trust Company The trades represent miss 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 (�w,federaimserve.govtreleases/cpo, 6 Financial paper that is insured by the FDlC*s Temporary Liquidity Guarantee Program is not excluded from relevant indexes nor is any financial or nonfinancial commercial paper Mat may be directly or indinel affected by one or more of We Federal ReSturves liquidity facilities, Thus the rates published after Septivinter 19. 2008, likely hired 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 perod 7 An average of dealer bid rates on nalionally traded certificates of deposit 8. Source Bloomberg and CTRB ICAP Fixed Income & Money Market Products 9 http://www.federaireserve.gov/Releases/H I 5/update/ 9/6/2011 rr�D._ rI.IJ--3IVIOUtIVU InLUrUSIL WrLi LJ411y UPUdtf:--3VPUZ:11]l /, /V1 I rage .3 01.3 9 Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S -chartered commercial banks Prime is one of sieveral base rates used by banks to price short-term business loans 10, The rate Merged for discounts made and advances extended under the Federal Reserm's primary credit discountweldom, program, which became effective January 9, 2003. This rate replaces Mat for adjustment credit wilm was discontinued after January 8, 2003 Fortirther information, sea wwv ferkeralreserve goviboarddocs/press�cregl2N2/200210312/default him The rate reported is that for the Federal Reserve Bank of New Yorii. Historical series for the rate on adjustment credit as well as the rate on primary credit am available at wv,w fedem resenvo govIreleaserAirl 5/data him. 11. Yelds ch actively traded non-inflaton-sidexed issues adjusted to constant maturities The 33-year Treasury constant maturity series was discontinued on Fetoi 18 2002, and reintroduced on February 9. 2006 From February 18 2002, to February 9. 2". 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 has found at www treasury govIrescurce �riter/data�liart.�riter/[ntuest-ratesi Source. U S Treasury 12 Yelds on Treasury inflation protected securities (TIPS) adjusted to constant maturities, Source U,S, Treasury Additional information on both nominal and rifflation-inklexed yields may befiDund at ww,v teasu�.gov��atim�-�iitprfdata-chaft- cerhar/interest-mes/. 13 Based on the unweighted average bid yields for all TIPS wit remaining terms to maturity of mom than 10 years 14, Internal Swaps and Derivatives Association (ISDAe) mid-mal par swap rates. Rates are for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on rates collected at 1100 a m Eastern time by Garthan Intercapital pic and published on Reuters Page ISDAFIXV ISDAFIX is a registered service mark of ISDA, Source Reuters Limited 15 Moody s Also rates through December 6. 2001, am averages of Aaa utility and Aea industrial bond rates As of December 7, 2001, Mesa rates am 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 Metal Sul 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 (sea below). am averages of business days unless othemist, noted Current and historittil H, 15 data are available an the Federal Reserve Board's web site (wvw.federaIreserve.gov/) For information about individual copies or subsuiptions contact Publications Services at the Federal Resesve Board (phone 202452-3244, fax 202-728-5886) Description of the Treasury Nominal and Inflation -Indexed Constant Majority Series Yields on Treasury nominal secturities at constant maturity' am interpolated by the U S, Treasury from the daily yield curve for non -inflation -indexed Treasury securities Irris curve, winich relates Me 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 am calculated from composites of quotations obtained by the Federal Reserve Bank of New York The constant maturity yield values am 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 1 0-year maturity, for exarn ple, even if no outstanding security has exactly 10 years remaining to maturity. Similarly, yields on inflation -indexed se,siritess at 'consent maturity' am interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market, The nflabon-indeed constant maturity yields am read from this yield curve at fixed maturities, currently 5, 7, 10, and 20 years Home I Economic Research & Data Accessibility Contact us Disclaimer FP Linking Policy FOIA PDF Reader Tu 10 http://www.federalreserve.gov/Releases/Hl 5/update/ 9/6/2011 City a La Quinta Cash Flom, Budget to Actual June 30.2011 Cash Basis Budget Actual Accrual Adjusted Total Variance Account 6/11 6/11 Adjustment 6/11 Over(Under) Notes Property Taxl Tax Increment 937,548 742.085 742,085 (195,463) Property Tax less than budgeted Transient Occupancy Tax 585.363 8130,728 860,72B 275,365 Remved $299k Legacy Miles Mitegation Fee Sales Tax 959.710 2,290,275 2.290.275 1.330,565 Rrexernal $9171, Sales Tax Reimbursement SgverF?ock Golf 194.130 290,259 290.259 96,129 Library 1,294.424 1,134.978 1.134,978 (159,446) Received less than budgeted Reneived Van Motor Vehidy-mi $2.5 Fire Tax Credit received US W In WI 1 Loe Mod Other revenues 41,285,788 44,523,489 44.523,489 3,237,701 Bond funds and Sam in PA 2 2011 B,nd funds Revenues 45,258,9113 49,841,814 . 49,841,814 . 4,584,851 Expendibmi Salaries & Fringe Benefits 885,275 1,270,576 1,270.576 385,301 Fireman of vacation and sict time for radirms Paid 4 months of Poliki. my.., ($34m): Library and Museum expenses $76or for Jan - June 2011. Deprecation expense for fixed Other expenditures 2,005,133 9T447,139 7,442,006 assets $12., Fee expense, $=k 2,890,408 10,717,715 - 10,717.715 7,827,307 Subtotal Paid $827k in Bond Nadi costs for 2011 Redevelopment Agency 1,852.973 1,550,037 1.55D.037 (3D2,936) bonds Debt Service (PrincipalfinterestrPass Through) I 1 (0) Paid Brand., p.ini y..M for FY 10/11 1,852.973 2,139,153 . 511: 1 69, '50 (3D2,936) Subtotal 7,4211256 71421 t256 7 �2037 1�421 '6 Capital Projects 12,164.637 1 20,278,124 (589,116) 1 89,01 7,624,37�1 1 INot Revententrexpenditurfel M,092,325 29,50,601 539,115 11 NOTE 1 Expenditures am budgeted at 8.34% per month Difference behasen actual and budget (Undempent) DEPARTMENT Overspent Notes GENERAL GOVERNMENT 578,576 ACCausil far Fiscal Redudion $55Sk and thl7k employee senerance CITY CLERK (2,849) COMMUNITY SERVICES 648,229 Li"ry expenses he 1131 - M0111 FINANCE 29,386 BUILDING & SAFETY 22,187 PUBLIC SAFETY 3.245,916 Paid for four ...the Police moces and $1.5m Fire was for Inn qU. PLANNING 67,514 PUBLIC WORKS 183,199 Turfil"12.6konerixidget Landscaping $152k werbudget and construction 343 4koverbudget 4,772,158 SUBTOTAL - GENERAL FUND - Library Gas Tax Federal Assistance JAG Grant Sheaf (Cops) Revenue CMAQ Lighting & Landscaping RCTC DevelopmentAgreentent AD 939 (8,849) Quimby Infrastructure Proposition IB South Coast Air Quality 21,6B6 Transportation Parks & Remotion Civic Center Library Development Community Center Street Facility Park Facility Fire Protection Arts In Public Places (9,314) Interest Allocation Equipment Replacement 242.077 Depreciation expense Information Technology 52.694 Park Maintenance Facility 475.275 caMixation expense SilverRock Gaff 508.309 capnei,anion expense SilverRock Reserve - LO Public Safety Officer (165) Housing Authority (90,732) Finance Authority (33,053) Capital Improvement 44.396 Total r---5 974=482 11 INVESTMENT ADVISORY BOARD Meeting Date: September 14, 2011 TITLE: Pooled Money Investment Board Report for May and June 2011 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for May and June 2011 is included in the agenda packet. RECOMMENDATION: Receive & File J .h. M ohn M. Falconer, Finance Director POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MAY 2011 WITH MAY 2010 (DOLLARS IN THOUSANDS) IMAY 20111 ] I ' MAY 2010 , I Average Daily Portfolio $ 67,004,498 $ 70,962,676 $ -3,968,178 Accrued Earnings $ 23,619 $ 33,735 $ -10,216 Effective Yield 0.413 % 0.660% -0.147% Average Life -Month End (in Diys) 185 182 +3 Total Security Transactions Amount $ 22,284,236 $ 24,867,867 $ -2,673,631 Number 461 608 -67 Total Time Deposit Transactions Amount $ 1,620,980 $ 2,630,480 $ -909,600 Number 91 126 -36 Average Workday Investment Activity $ l,138,344 $ 1,369,417 $ -231,073 Prescribed Demand Account Balances For Services $ 1,663,657 $ 1,424,449 $ +239,208 1 BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) May 31, 2011 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUN PORTFOU PRIOR MONTH Government Bills $ 24,416,194 35.16 -2.65 Bonds 0 0.00 Notes 8,704,552 12.53 +3.10 Strips 0 0.00 Total Government $ F 33,120,746 -47.69 +0.45 Federal Agency Debentures $ 1,910,508 2.75 -0.27 Certificates of Deposit 10,000,133 14.41 +2.65 Bank Notes 650,000 0.94 +0.01 Bankers'Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 8,387,954 12.08 -0.31 Time Deposits 3,977,640 5.73 +0.22 GNMAs 49 0.00 0 Commercial Paper 6,341,118 9.13 -2.12 FHLMC/RemIcs 479,799 0.69 -0.01 Corporate Bonds 0 0.00 0 AB 55 Loans 461,581 0.66 +0.17 GF Loans 3,815,800 6.49 .0.79 NOW Accounts 0 0.00 0 Other 300,000 0.43 0 Reversed Repurchases 0 0.00 0 Total (All Types) $ 69,445,328 100.00 INVESTMENT ACTIVITY MAY 2011 APRIL 2011 NUMBER AMOUN NUMBER AMOUNT Pooled Money 451 $ 22,284,236 448 $ 22,200,718 Other 12 64,984 9 $ 30,352 Time Deposits 91 1,620,980 147 $ 3,354,500 Totals 554 $ 23,970,200 604 $ 25,585,570 PMIA Monthly Average Effective Yield 0.413 0.588 Year to Date Yield Last Day of Month 0.499 0.508 Pooled Money Investment Account Portfolio Composition $69.4 Billion 05/31/11 Commerci 9.13 Time Deposits 5.73% CDs/BNs 15.35% Loans 6.15% Corporate Bonds 0.00% Agencies 15.26% Mortgages 0.69% Treasuries 47.69% POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JUNE 2011 WITH JUNE 2010 (DOLLARS IN THOUSANDS) IJUNE 2011 ] 1, JUNE 2010 1 Average Daily Portfolio $ 67,009,936 $ Accrued Earnings $ 24,665 $ Effective Yield Average Life -Month End (in Days) Total Security Transactions Amount $ Number Total Time Deposit Transactions Amount $ Number Average Workday Investment Activity $ Prescribed Demand Account Balances For Services $ 0.448 % 237 36,232,038 $ 732 2,563,500 $ 117 1,763,434 $ 1,736,305 $ 1 69,119,428 $ 30,010 $ -5,345 0.528% -0.08% 203 35,320,501 $ 719 2,786,990 $ 138 1,732,113 $ 1,630,752 $ +34 +911,637 +13 -222,490 -21 +31,321 +106,663 BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) June 30, 2011 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLI PRIOR MONTH Government Bills $ 24,818,178 37.40 +2.24 Bonds 0 0.00 Notes 10,713,938 16.15 +3.62 Strips 0 0.00 Total Government $ 36,532,116 '53.55 +5.86 Federal Agency Debentures $ 1,921,292 2.90 +0.16 Certificates of Deposit 7,380,134 11.12 -3.29 Bank Notes 550,000 0.83 -0.11 Bankers'Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 3,"1,069 5.19 -6.89 Time Deposits 3,968,140 5.98 +0.25 GNMAs 46 0.00 0 Commercial Paper 7,479,733 11.27 +2.14 FHLMC/RemIcs 468,463 0.71 +0.02 Corporate Bonds 0 0.00 0 AS 55 Loans 465,291 0.70 +0.04 GF Loans 4,846,500 7.30 +11.811 NOWAccounts 0 0.00 0 Other 300,000 0.45 +0.02 Reversed Repurchases 0 0.00 0 Total (All Types) $ 66,352,784 100.00 INVESTMENT ACTIVITY JUNE 2011 MAY 2011 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 732 $ 36,232,038 451 $ 22,284,236 Other 25 627,187 12 $ 64,984 Time Deposits 117 2,563,500 91 $ 1,620,980 Totals 874 $ 39,422,72S 554 $ 23,970,200 PMIA Monthly Average Effective Yield 0."8 0.413 Year to Date Yield Last Day of Month 0.495 0.499 Pooled Money Investment Account Portfolio Composition $66.4 Billion 06/30/11 Commercial R . 11.27% Time Deposits 5.98% CDs1BNs 11.95% Loans 8.00% Corporate Bonds 8.54% Mortgages 0.71% Treasuries 53.55% BOARD MEMBER ITEMS