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2011 10 12 IABQN-4-44 X_4� P.O. Box 1504 LA QUINTA, CALIFORNM 92247-1504 78-495 CALLE TAMPICO (7 6 0) 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 Quints, CA 92253 October 12, 2011 - 4:00 P.M. CALL TO ORDER a. Pledge of Allegiance b. Roll Call 11 PUBLIC COMMENT- (This is the time set aside for public comment an any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR Approval of Minutes of Meeting on September 14, 2011 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for August, 2011 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - September 2011 B. Pooled Money Investment Board Report — July 2011 C. Joint City Council/IAB Meeting 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 Calls Tampico, La Quinta, CA 92253, during normal business hours. 14 N2111k 116i INVESTMENT ADVISORY BOARD Meeting September 14, 2011 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 Chairperson Spirtos followed by the Pledge of Allegiance. PRESENT: Chairperson Spirtos, Board Members Mortenson, Blum, Donais and Park (4:04) ABSENT: None OTHERS PRESENT: John Falconer, Finance Director and Vianka Orrantia, Senior Secretary 11 PUBLIC COMMENT - None III CONFIRMATION OF AGENDA - Confirmed IV CONSENT CALENDAR Approval of Minutes of Meeting on July 13, 2011 for the Investment Advisory Board. Board Member Spirtos requested that the following correction be made to page 2, Item V. Consent Calendar, "Motion" should read as follows: Motion — It was moved by Board Members Blum/Spirtos to approve the Minutes of June 8, 2011 1 ... I MOTION - It was moved by Board Members Blum/Donais to approve the Minutes of July 13, 2011 as amended. Motion carried unanimously. I V BUSINESS SESSION A. Transmittal of Treasury Report for June and July 2011 Mr. Falconer presented and reviewed the staff report for the month of June advising the Board that the cash balance had increased by $28.9 million ending the month at $190.1 million. Mr. Falconer further advised that the increase in net proceeds was due to the Governor's consideration to eliminate the Redevelopment Agencies; as a result the City issued two taxable bonds giving flexibility for cash if needed. Mr. Falconer also advised that issuance of the bonds does not impact the City's credit rating. The two bonds issued by the City were for Project Area No. 2 for $6,000,000, with a commitment from the City to Torre Nissan for upgrades and improvements of $1,500,000; and the Housing Authority Project Area No. 2 for $28,850,000 for capital improvements and the purchase of several properties in the Village. The titles of these properties were transferred from the Redevelopment Agency over to the City. Mr. Falconer advised that page 7 reflects the maturity of existing bond proceeds with staff rolling over the proceeds into mutual funds. The portfolio continues to remain the same at .53%, with investments remaining in money market funds. Mr. Falconer advised the Board that during the City's audit an unrealized gain of $269,103, which was reflected in the Financial Statements as interest income under GASB 31 marking to market requirements, was reported by the auditors and due to GASB 31 Standards the gain would have to be reported. General discussion ensued amongst the Board and staff regarding GASB 31. in response to Chairperson Spirtos, Mr. Falconer clarified the footnote on page 9 in reference to the Museum expenses. In response to Board Member Blum, Mr. Falconer clarified the difference between taxable and non-taxable bonds. 2 MOTION — It was moved by Board Members Blum/Park to review, receive, and file the Treasurers Report for June 2011. Motion carried unanimously. Mr. Falconer presented and reviewed the staff report for the month of July advising the Board that page 2 reflects a decrease in the LAIF balance due to the transferring of funds into a Rabobank interesting bearing account, which allows the City same day liquidity; as well as a reinvestment of a CD which was rolled over to One West Bank. Mr. Falconer further advised that the portfolio was down by $3.4 million due to the following expenditures: $1.2 million in Police expenses, $1.09 million in franchise fees paid to Burrtec, $570,000 for one time retiree costs, $407,000 for general liability coverage as well as various capital improvement projects costs. Mr. Falconer commented that the bank service costs for the month of July were $1,631 which resulted in a net decrease of approximately $400 from the prior month due to the implementation of the new bank contract. He also commented that Rabobank is currently paying 51 basis points and as the City's current commercial paper investments mature the funds would be reinvested into the Rabobank interest bearing account. MOTION — It was moved by Board Members Mortenson/Blum to review, receive, and file the Treasurers Report for July 2011. Motion carried unanimously. VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report — August 2011 Mr. Falconer advised the Board of a decrease on page 2 to the LAIF account due to the payment of the debt service payment due on September 1, 2011. Mr. Falconer further advised that the current average daily yields were at .37%, with both the U.S. Treasury Bills and Note rates at historical low. Noted and Filed N B. Pooled Money Investment Board Reports - May and June 2011 Mr. Falconer commented that the LAIF portfolio activity was slightly down from the previous year and they had extended their maturities out to 237 days. Noted and Filed Vil BOARD MEMBER ITEMS - None Vill ADJOURNMENT MOTION - It was moved by Board Members Blum/Park to adjourn the meeting at 4:38 p.m. Motion carried unanimously. itted Vianka Orrantia Senior Secretary 4 INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: October 12, 2011 ITEM TITLE: Transmittal of Treasury Report for August 31, 2011 BACKGROUND: Attached please find the Treasury Report for August 31, 2011. RECOMMENDATION: Review, Receive and File the Treasury Report for August 31, 2011. ��John M. Falconer, Finance Director Treasurer's Commentary For the Month of August 2011 Cash Balances — The portfolio size decreased by $3.7 million to end the month at $182.9 million. The major reasons for the decrease in cash were $2.6 million in Police service costs and Capital improvement project costs totaled $1.41 million in August. Major capital improvement expenditures were $338,000 spent on the Adams Street Bridge, $266,000 spent toward the Fischer 5-plex on Avenida La Fonda, and $202,000 spent on the Adams Street signal synchronization project. Investment Activity — The investment activity resulted in an average maturity decrease of ten (10) days from the prior month to end the month of August at 102 days. The Treasurer follows a buy and hold investment policy with one investment in a Certificates of Deposit made in the month of August and the maturity of three (3) Commercial Paper investments which were not reinvested. The month end cash balance of $9.98 million is unusually high because of the semi-annual debt service payment of $11.9 million was wired on September 1, 2011. The sweep account earned $6 in interest income for the month of August and the bank fees for the month were $ 1,608 which resulted in a net decrease of $1,602 in real savings. Portfolio Performance — The overall portfolio performance was three (3) basis points lower than the prior month ending at .38% for the month, with the pooled cash investments at .60%. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding .46% 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 LAIR 3 MEMO RAND U M TO La Quinta City Council FROM, John M. Falconer. Finance Director/Treasurer SUBJECT Treasurers Report for August 31, 2011 DATE September 30, 2011 Attached is the Treasurer's Report for the month ending August, 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 v In a en stm investment I —Pur—chased -Wotes —Sold/Mltulld —Othr LAIF LA, F Interest be r n Interest bearing active bank deposit a I g active bank deposit $ 21,378,745 $ 10,001,051 $ 10,000,000 $ 5,006.063 $ (13,400,000) 0 $ 17.978,745 (3,400,000) -1 fi te Certificates of Deposit C, ' " ' of Posit 7De 724,000 240,000 (240,000) $ 15,007,114 5,006,063 US Treasuries 58,942,159 (2) 724,000 0 US Gov't Sponsored Enterprises 19.994,459 (2) 5,563 58,947.722 5,563 Commercial Paper Corporate Notes 19,992,888 (2) (15,000,000) 2.912 4,545 19,997,371 4.997,433 2,912 (14,995.455) Mutual Funds 10,034,373 45,287,175 1 (2) 1 (9,839 10,024.534 (9,839 Subtotal $ T$ 15 —246,063+--11� (28,343) 0 J.181 1 45.258.832 4, 1 fZ,Uj*,1b1 1 (28,343 $ (13,419,099 Cash $ 281 528 1 � V,b�,blbu 1 (1) & (3)l 1 owl $ 186�63642A 1 � zqv�j,Vjj 1 1 $ (28,668,343)1 $ 3,181 $ 182.912,279 $ 3724 149) 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. ql�012-011 Finance DirectorrFreasurer Date I 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 transfem from other investments before warrants are presented for payment by the payee at the bank. 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IL (L W U) 03 min 0 0) 0 L) 0 to ;a u E 0 6 LU > Ot — — — ic z 0 ITL F- a m 15 � 5 16 06 0; w E E V) —0 Od E 0 > > 7 > IL -0(-) I EL � VA ------- - ------- - ------- - ------ - ---------- ----- -- - ---------- -------- ------ - uju a-!,2--. ----- --- - - ------ -- 9H - --------- ------ - -- - ------- -- - ------ -- -------- -,§gs V88.2v§; -RR�-- H, - --------- ------ Oil Ok Ok a a Mz� ME 2VE I vwo E EH 2 0 m > E IE Z.1 �,.Co Owl .Woll .5 RI City of La Cutout COmpamove Rates of johi Augus[31,2011 Year FY Month Fbas, Ann Caton lo,ed Eahnno Foosl A b emil Awmge Whanty Wayal Theselti-ni; &XIMonlin One Tyvo Y., ...... -- -'e, Th. Month i-AlF Fla 061'07 July 20M 4,93% 5.00% 4N% 95 5.06% NonFanabaal August 20( 4�94% 501% 497% 48 4.97% 485% Sept 2006 T9B% 501% 4,99%. 53 5,00% 495% Oct 2006 500% 602% 5,01% 67 50 Nov 2006 5U% 503% 503% 62 496% 12% 5 0% Dan 2006 608% 5,04% 506% 80 4.9ul% 513% Jan 2007 518% 5,12% 5,16% 61 490% 513% Feb2W7 5,19% 513% 517% 45 4,98% 516% Maf 2007 521% 503% 515% 67 4,95% 4A8% 518% Ap, 2W7 520% 514% 515% 42 484% 521% MaV2007 520% 505% 5,16% 32 481% 522% June 2007 519% 488% 510% 85 481% 525% FY 07108 July 2007 521% 490% 512% 129 480% 525% August 2001 517% 485% 508% 109 459% 526% Sept2007 5,16% 486% 506% 129 4,0% 525% W 2007 5 11% 485% 502% 116 395% 523% Ney2007 503% 483% 496% N 334% 514% l)ei,2OO7 495% 343% 445% 123 339% 4.W% Jan 2008 458% 333% 422% 96 231% 480% Feb 2008 4 12% 324% 385% 86 207% 462% Mar2QW 407% 283% 367% 74 1,50% 4 16% Apr2008 345% 327% 341% 82 170% 378% May 2008 3 14% 327% 3 17% 63 192% 340% June 2008 3,09% 1 94% 2,86% 80 2 14% 307% FY 08109 July 2008 299% 193% 277% 62 170% 1 80% 229% 275% 218% 289% August 200f 316% 1,92% 288% 51 169% 1,89% 214% 2 Mist 2,08% 2 79% Sept2008 281% 1.92% 264% 37 142% 179% 196% 200% 213% 2,78% 277% 002008 2,66% 261% 261% 29 090% 1 Q% 112% 150% 207% 271% Nov2008 2�% 2,36% 236% 64 015% 049% 104% 1 �25% 145% 257% 0.2008 160% 018% 142% 116 005% 0,25% 0.59% ON% 097% 2 M% Jan 20W 136% 018% 423% 82 0.15% 035% 04�3% 0.88% 031% 205% Feb 2009 123% 0,18% 111% 75 030% OfiO% 061% 088% 0,48% 187% Mar 2009 1.26% 018% 113% 139 020% (X42% 070% 038% 037% 1,82% Apr2009 094% 0.18% 0.85% 54 031% 0,33% 0.59% 088% 028% 161% May 2W9 092% 018% 0114% 80 (118% 0:10% 0,53% 0.88% 023% 1�53% FY 09/10 June 2009 085% 029% O,W% 111 020% (T35% 0�55% 113% 026% 1 M% July 2009 069% 030% 0,65% ill 0 19% 028% 0,47% lN% 0,28% 1,04% Augus12009 O�% OW% 061% 92 0.16% 026% 046% 100% 024% 0,93% Sept 2W9 0,56% 0 31% 053% 112 012% 0.19% 041% 100% 019% 075% Od 2009 052% 0,31% 050% N 008% OA9% 038% 100% 019% 065% Nov2009 056% 03t% 053% 152 0,04% 014% 032% 075% 015% 061% Dan 20109 0 5(5% 015% 051% 239 0,11% 020% 0,16% 100% 0,16% 057% Jan 2010 046% 0 15% 043% 179 006% 0 t4% 03,1% 088% 013% 0 56% Feb 2010 061% 0 16% 048% 162 0,13% 019% 032% 088% 015% 058% May 2010 O.�% 016% 047% 172 015% 024% 0,38% 100% 020% 0,55% A,r20tO 052% 016% 048% 162 015% 024% 049% 100% 023% 059% Mi 052% a 16% 048% 116 017% 012% U7% 075% 026% 056% FY 10111 June 2010 0,60% 00% 038% 134 016% 022% 032% 063% 032% 053% July 2010 050% 015% 0,47% 119 0.16% 020% 030% 063% 028% 053% August 201( 049% 0 15% 046% IN 015% 0,19% 026% 038% 025% 051% Sopt20lG 065% 0 15% 051% 107 G16% 019% 0,27% OW% 024% OW% 0.12010 055% 015% 051% 88 013% 017% 023% Om% 023% 048% No, 2010 053% 0 15% 049% 84 018% 0,21% 0.28% 050% 023% 045% D� 2010 057% 0 14% 052% 265 015% 019% 030% 063% 023% 046% Jan 2011 051% 014% 043% 206 0,16% 018% 028% 063% 024% a �% Feb 20 11 055% 0 17% 046% 210 015% OA7% 031% 063% 023% 051% W,2011 0 !14% 017% 045% 218 005% 0.13% 026% 0.75% 023% 050% Api-2011 059% 017% 0 a% 192 005% 010% 0,28% 0,63% 020% 059% May 2011 048% 0 17% 041% 156 3046% 012% 020% 050% 016% 0,41% June 2011 053% 0 DO% 0 126 003% 0,10% 020% 038% 015% 0.45% FY 11112 .. J . uly - 2011 053% ON% 0 112 007% 012% 015% 020% 014% 038% 10 42 tm :3 E < ml �g0 z CU CL < o C4 0 m cc Cc 4) —J j: 0 0 cc 0 CD C) C) (D C) C) 4) Co. U� lq: C.? C4 1 C) (a C) C� 0 C) Q a E! 6 ci c; 2 IL 11 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: October 12, 2011 TITLE: Month End Cash Report - September 2011 BACKGROUND: This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances), but would report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. John M. Falconer, Finance Director 9 is 0 6 ci 0 a ci a *6 a c; a Wo cS 0.0 vv. c,�,4.Nc� 'd� 12 0 0. w o zl I ov cl! v N 0 o c4 N 16 Lo 42 2 ITP N 0 m E ki is 92 95 Lp 16 s t5 ig -6 12 , 0 19 0 tf 21 pq Bill Lockyer, State Treasurer 1% Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) 2011 LAIF CONFERENCE REGISTRATION PMIA Performance Report 9/15/2011 0.38 -,Ruartl ,.Dati*w 0.39 a I V rag Lva ttiNty 225 9/16/2011 0.37 0.39 221 9/17/2011 0.37 0.39 221 9/18/2011 0.37 0.39 221 9/19/2011 1 0.37 0.39 2161 9/20/2011 0.37 0.39 218 9/21/2011 0.37 0.39 217 9/22/2011 0.37 0.39 222 9/23/2011 0.37 0.39 224 9/24/2011 0.37 0.39 224 9/25/2011 0.37 0.39 224 1 9/26/2011 0 36! 0.39 215 �291 1 1 0!36 0.391 215 1 9/28/2011 1 0.371 0.39 Taily yield does not reflect capital gains or losses LAIF Performance Report 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 PMIA Average Monthly Effective Yields AUG 2011 0.408% JUL 2011 0.381% JUN 2011 0.448% Pooled Money Investment Account Portfolio Composition $63.2 Billion 08/31111 Loans Corporate Bonds 8.51% 000% Commercial 8.05% Time Deposits 6.35% CDs/BNs 9.48% A I Mortgages 0.70% Treasuries 55.10% 3 ACUU111, Dill till"111311 1`,VbUlU1 1 ar',,, 4 V. � TreasuryDirect I'D 11 , rallilall", I AllOnGO,1111,11, Data & , LIDL11 A�GoIIY Data I 911,,In 5.11 ALI WILL 1111OLI Recent Bill Auction Results SoI ...u. Ma,.oI, olocount PrIGG CUSIP T ... ll , .1. mn. RADO I` a.,. I ELL, $10, -.F" GO an 1, 10-27-2011 0,000 0 .00 100 000000 , 12 I,,Q2 13 WEEK 09 21 2g� 12 29-�G:I 0 020 0 C20 99.q94944 9127953Z2 26 WEEK GO 11 2,, 0 3-2 9 0 2 . CIS 0 035 99,982306 Ol"011Yl a WEEK 9 2 20 I� 20 20:: 0 000 0 00. In. ..Oaoo A ' 27952K6 13 WEEK an 2 M �o 2 22 20 1 .10 a 010 99,997472 q127953YS 26 WEEK 09 22 2011 03 22 2ul� 0 no 0 031 99 984R33 9127955E7 52 WEEK 09 22 2011 09 20-2012 0.090 0 .9z 99,909000 9I2795SCI 4 WEEK 09 IS 2.11 10-13 2011 0,000 0 000 100 000000 9127953" 13 WEEK 09-�S 201� 12 unto 0 010 99 997472 91Z7" 2T7 26 WIL G 9 5 201 03 1 012 0 050 0 05, 99 974722 912795SD9 4 WEEK 9 -,8 lot 1 1 6-, 201 , 00 0 000 100 u 0000 9127953MI 13-WEEK 8 201 GO , I �o 2 6 Qt� G,u3O 0 C31 99 99 24�7 9127953X7 21 WEEK 09-01 03-08-2012 0,070 Cult 99 9.G 1 912�953CI4 $-DAY 09-01-101� 09 0 030 0,031 99 999133 91279S3K5 14 DAY 9 01 20t �s 09 5 0 0 "1 un', 00 q99,,n, A179531<5 4 WEEK 09 09 2 , 2 0 0,00 1 un"s -9 99961, L)L2795313 13-WEEK 09 0 1? a, 2. 11 0 GIs 0 all '0 496269 912,9511, 21 WEEK 01 01 2012 u049 u,,a6 On 91�250 9J2795Z46 4 WEFK 'a 21 20 " �2 2011 0 Can 0 000 Ina 000006 9127152F7 13 WEEK 08-25 7011 11 25 ?Olt . C is 0�019 On 996167 It 21153111 26 WEEK 0. LOS 2011 02 23 2012 0,049 . as On 477250 911195738 12 LNEE K 08-25 2011 08 23 ?012 0 too u102 An 898PBSO 912795Y96 12 DAY 08 In "I, C. 11 2(ol 0,015 . oil A 0991u. 912706ADI o-WEEK 08 201� 09 201� 0 010 OXIO 99 99922 , 91279s3KS 13 WEEK �8 08 8 20 �b 11 7 2T, 0 03b 0 036 As 991153 T1279b2i`5 26- VVE EK 08 20 02 1 6 20�2 0 080 0 081 99 959 556 9 ' 2795��o 4 WEEK �8 0 a 1 2 O�j is 08 20 t 0 035 . 0 , 6 99 , 97278 9112795338 13-KnEEK 08-11 201� 11 l 0 2DII 0,045 OX66 99 9MG25 912795376 2 , " EEX 06 20 02 09 2012 0 0 6 5 0 0 6 9 , 67 , 39 9121"30 lo-DAY 08 05 20il D'I 0.000 0 000 100,000000 91219AAC3 4 WEEK 08 04-201� Jg/O 0 071 99.994556 912/95JF6 13 - WEEK 08- 04-20 11 0 51 0 1 15 0 99 97 0 931 9121953RO 26.11EEA 6 0 0 11 11 11 2 � I 0�1 , I 11 , �17 A 924167 9�2�95)`85 5 DAY 24_2011 07 8 �o 08-01-111 1.00 , '53 On 19 OOGOOGOO 9 2 G5Z79 I-WIEIK 07-28 -2011 08 ?5 201, (1 GIs 0 056 99,995722 9127A52AS 13 .111,14 07 28 2011 10 1/ well 0 060 0 061 99 984833 qt2/953Q2 2fi WEiK 07 76 )D�j O� 76-�0:2 0 100 A 10 99A,19441 Al2/951M 52 WOO 1 07 28 20 0 �,2 0 200 0 204 99 79777. `I121LO54al WFEK 07 21 20 I, , �, 0 a 0 1 . Gas 0 COS 9" IOL511 9127053E9 13 WEEK 07 2. 2011 10 20-1.11 Con 0 020 In 914111 9127992K6 EffiedDe ito the 1112198 auction, all bills are auctioned using the Single -pa [ced method. t ,J �f Infio,rOM 11,11 ALA I L", & GakIII I f r,a,, 4 L", It"Lce, I W,1 , Ii 1 1 A,1,,1IaI I, I r,,,A Q Y 11 S of 11,� I ... Ir, `I - I f1h, Pubh, Cf, 4 http://www.treasurydirect.gov/RI/0FBills 10/3/2011 1ILCUML INOLU, DURIJ, WIU I jr3 t-ILLULIVII �VZILLILI, ragli; I bill I TreasuryDirect I',', i, I ii, Sri oil I, I' 'I I �l 1 1., " � 2"DA, Do'. & R-rK, , [ .",I lu� IE,l D'Et , 11—l" "l', ESIBI, —, , : l-, -I— Bil'i'll, Recent Note, Bond, and TIPS Auction Results Se—rio, Ter," Type ol... .."o,ill oll—en Ylsid H'IEs CUSIP TO'. D.R. fir.p. r,S ,, $in To 2 YEAR NOTE 09 30-10IE 09-30 2013 0 125 0,249 99 752770 ER2929�. S-YEAN NOTE 09 30 2011 09-30 2016 1.000 1,015 99,927052 91265THII 7 YEAR NOTE 09 30 nit 09-30 2018 1 375 JAEP. so "..a AT 28"R.5 9-YEAR 10 MONTH UPS or 30 2011 07 IS 2021 0,625 0,079 105,582684 912NORT 3-YEAR NOTE 09 15 2011 09 IN 2014 T2S0 0�33R 99,74S466 912628RG7 E-YEAR 11 MONTH NOTE Wo 15-2" 1 08 15 2021 2 125 Zp(h) 101,117812 912829SC6 29-YEAR 11 MONTH BOND 09 15 20 It Go 15 2041 33SO 3�310 103,U0327 912810QSO 2 YEAR NOTE 08 31 2011 08-31 2013 0.125 0,222 139,806537 912P28RDA 4-YEAR 8 MONTH TIPS 08 31 2011 04 15 2016 0,121 0 82S 106 8S2530 912828QD5 5-YEAS NOTE 08-31-2011 06 31 2016 1 OUR 1 029 94 BS9020 91 7 YEAR NOTE 08 31 2011 08-31 2015 I'Dr, Eklo IS, `UQE3 912828RE2 3-YEAR NOTE 08-IS 2011 06 15 2014 O'SUP) 0,S00 100 01JUERS) 912528RD8 10-YEAR NOTE 08 15 2011 06 IS 2021 2 115 2 140 99 66�,W 912328RC6 30-YEAR BOND 08-15 2011 08 15 2041 3,15B 1 150 100 WD.QG 9128iEciso 2-YEAS NOTE 08 01 201t EY 11 2013 0 �ls 0 41) Se 91654 1 912828QIV3 S-YFAR HOIT 08-1: 21�j 11, 1.111 1 111 11 .1 loll IIIE21,11 I 7-YEAR NOTE 08 -0 -20 ;��l 0, 0 8 ) EST S 280 As SENR14 gvA?nQyg 10-YEAR I IPS 01 79 2011 S7 15 1021 0 625 11 Bo) 100,1116,31 912826QV5 I -YEAR NOTE 07 15 2011 07 15 2014 (S625 0 670 99 866569 91787TRED7 9-YEAR 10 MONTH NOTE 07 15 2011 05 15 2021 I'll, 1 91. lot 1517R9 ql;,ER8Qo3 29 YEAR 10 MONTH BOND 07-15 2011 BE IS 2041 C375 4 IRS IO2R85551 ri 2 YEAR NOTT OR -30 -20�1 06 3 0 T375 0 3AS 99 SGO 197 91?8lesu) 5 YEAR N OTT 06 30 70 1 �O�3 0E 30 0 6 T .a 1 615 rOA497TI RI2826EERI 7-YIAR F40TE 06 30 2011 06 30 20le 2 31, 21110 11 3471RI 91282NTO l29 YEAR 8 MONTH UP$ Us 30-2011 E2 IS 2041 2 125 1 744 IIIA98711 91281 3-YEAR F40TE 06 15 2011 06 IS 2014 0 75a . 165 99 P555ES RI,828QS2 9 YEAR 11 MONTH NOTE 06 15 2011 05 IS 2021 3�125 2,967 101�345530 912828QN3 29-YEAR Il-MONU1 BOND 06 15 2011 05 15 1041 4 375 A 238 IE2 3EP3EA U,RTISQQ4 2 YEAR "OIL E5-11-2all 01 31 1013 0 Sao 0,560 99 880835 912828QZ6 5 YEAR NO;E 05 3� 20�� 05 3� 2U�b 1 7 5 0 1 513 99 700152 91282EQ18 I YEAR IT 0 a 05-3 -20 05 3 -zo $ 1 375 2 429 99 654311 112628QQ6 9 YEAR a MONTO Tills DE-31-201, 01-lb-ZO21 1 125 0887 MET 3599/1 912823PP9 3-YEAR NOTE 05 16-2011 05 15-2014 1 000 1 000 99,99993/ 912828sams 1 0 YEAR NOTE 05 16 2011 05-15-2021 1 125 3 210 99,271862 912823QN3 30 YEAR BOND 05 16-2011 05-15-2041 1,315 4380 99.9U7II 912810QQ4 2 YEAR 1401E 05-02-2011 04-30-7011 0 625 0 673 99,90501/ 912828QE3 5 YEAR NOTE 05-02-2011 04-30-701B 2 000 2 124 99,415RIR 912826QFO I YEAR NOTE 05-02 2011 04 30 2018 2 625 2 712 99 448400 9l 5 YFAR TRIP OP-2a 2.11 04-15-2016 R1?5 -0,180 101 75R?96 912828QD5 3 YEAR NOTE 04-IS 20IE 04-15 2014 1 250 1 780 Wall P12828QC7 Denotes TIPS bond; all other TIPS without asterisks are. notes O—l" 1 Sf 1113"T 'Imi, S, G. I 1—�,, Lq"! Nult,, [ "ItTlil, IlDr, I I, Uo'lu,,R, I Alr ... ToRY I Ill, Q�afik, 'i ',, lT,,111 I 1 11 1 1 11-,R11, Ti.1—i f 1111- arrik DIDI http://www.treasurydirect.gov/RI/OFNtebnd 10/3/2011 5 r inD: n. i o-avicutuLt nttvlv�t ixaLv;t,, vy Cv-llu �al'.Y 1�, � . What's New - What's Next - Site Map - A� Index - Careem - RSS . ohEll . - � Ab..1 N�,� arrests, B-Inins Ec*�..I� c-..�, crs�ea.iq R, �nb`ur Pubhoorons I nn.".. I P'Ymrr' ras. h Inforrii D�.O.,-t F.n- 1h. Fwl a ie-.. lic, nf S,ift- & bid ai�g. brij." Horis > Ewrome Research & Date > Statistical Release s and Histoncal Da!a Selected Interest Rates (Daily) - H. 15 Current Release Release Dole$ Daily Update Historical Data About Announcements Release Date: Seple a) he.' 3(K 2011 0 illi QPrnt The weekly release is posted on Monday. Daily updates of " weekly release are posted Tuesday through Friday on this site If Monday is a holiday, (he weekly release will be posted on Tuesday after the holiday and the daily update will not be posted on that Tuesday. September 30, 2011 Selected Interest Rates Helits inpercentper annurn 2011 2011 2011 2011 lurstruniente Sep Sep Sep Sep 26 27 28 29 Federal funds (effective) 0.08 0.08 0.08 0.08 i Commercial Paper 3 4 5 6 Nonfinancial 1-month 0.10 0.07 0.03 0.09 2-month 0.11 0.12 r.a. 0.09 3-month 0.14 0.14 b.a. 0.15 Financial 1-nnonth 0.05 0.12 0.10 0.12 2-month i 0.10 0.09 OAS 0.19 3-moni 1 0.25 0.36 0.35 0.27 CDs (secondary market) 1-month 0-20 0.20 0.20 0.20 3-month 1 0.35 0.35 0.35 0.35 6-month 0.52 0.48 0.48 0.51 Eurodollar deposits (London) 1-month 0.35 0.35 0.35 0.35 3-month 0.45 0.45 0.45 045 6-month 0.62 0.62 0.62 0.62 sank prime loan 1 3 a 3.25 3.25 3.25 3.25 Discount window primary credit 2 or 0.75 0.75 0.75 0.75 U.S. government securities Treasury bills (secondary market) 4-,week 0.00 0.00 -0.01 -Doi 3-month 0.02 0.0-1- 0.02 0.02 L6-month 0.03 0.04 4 0.04 0.05 1-year -Treasu 0.10 0� 10 0.11 0.10 �--constant maturities Nominal 1-month 0.00 G.00 000 0.00 http://www.federalreserve.gov/Releases/Hl 5/update/ 10/3/2011 6 FIVD. 173[. 1 �--OUIV�LUU IIILVIV�L �dLVZ5, in,vu-"itilly �aiiy JU, �Ul�l rolgi; 4 UL j 3-month 0.02 0.01 0.02 0.02 6-month 0.03 0.04 0.04 i O�05 1-year 0.10 0.10 0.12 0.11 2-year 0.25 0.25 0.27 0.27 3-year 0.39 0.42 0.42 0.43 5-year O�92 0.97 0.99 098 7-year 1.41 1.49 1.50 1.48 10-year l 1.91 2.00 2.03 1.99 20-year 2.69 2.79 2.82 2 76 30-year 2.99 3.08 3.10 3.03 Inflation indexed 5-year -0.56 -0.60 - -058 -0.56 7-year ------- ------- -- - - -0.30 -0.33 -0.25 -0.24 10-year 0.12 0.12 0.16 0.17 20-imar 0.72 0.72 0.74 0.73 30-year 1,06 1.06 1.05 1.03 Inflation -indexed long-term average 0.77 0.78 038 0.77 Interest rate swaps 1 I , 1 - yea r 048 0.48 0.50 0.51 2-year 0.51 0.53 0.54 j 0.55 3-year 0.65 0.69 0.71 0.72 4-year 0.90 0.96 0.98 0.99 4 __! 5-year 1 1.17 1.25 1.27 1.27 7-year 1 1.61 1.72 1.75 1.75 10-year 2.04 2.18 2.20 2.19 30-year 2.71 2.87 2.87 2.81 Corporate bonds Moody's seassoned j Aaa is 4.06 4.15 4.10 4.01 are 5.28 5.39 5.38 i i- 5 29 State IN lo�l bonds 3.93 Conventional mortgages 17 4.01 n.a. Not available. Footnotes 1, The daily effective federal funds rate is a weighted average Of rates on brokerea trades 2. Weekly figures am averages of 7 calendar days ending on Wednesday of the current weak monthly figures include each calendar daym the month. 3. Annualized using a 2160-clay 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 am equivalent to the 30- 60, and 9D-day dates reported on the Board's Commemal Paper Web page (�Y� federaireserve goykelease�fcpo. 6. Financial paper Mat is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any financial or nonfinancial pernmencial paper that may be directly or indirectly aflected 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 avenige 0 dealer bid rates on nationally traded camficams & deposit 8 Source Bloomberg and CTRS ICAP Fixed income & Money Market Products 7 http://www.federaireserve.gov/'LD�-�leases/HI5/update/ 10/3/2011 I 1�. 11. 1 �­O�WVV�U 111L�1�31. 1%ao�aj Y' "".y �Vl �V I I rar'i; J ul J 9 Rate posted by a majority of top 25 (by assets in domestic officass) insured U &-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 Reserves primary credit discount window program which became effective January 9, 2003 This rate replaces that for adjustment credit, which was discontinued after January S. 2003 For further Information. a" www femmalmserve govtboatdocslpress��,rpg/2002,TO�)2103121default him The rate reported is that for the Federal Reserve Bank of Nem York Historcal series for the rate an adjustment credit as well as the rate on primary cri am available at �vww firderalreserve gov/releaset/jil 5/cata htm 11 Yields Diractively tradedrion-inflation-indexed issues adjusted toconstansmaturflies. The 30-yearTmasury constantmatunty senes was discontinued on February 18. 2002. and reintroduced on February 9, 2006. From February 18, 2002, to February 9 2006. the 0 S Treasury published a factor for adjusting the daily nominal 20-year constant matunty In order to estimate a 301ear nominal rate The histoncal adjustment factor can W found at www Veas�fry,gov/reso�-centerldeta-cliaN center/interesuratesl Source US, Treasury 12, Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturives Source U.S Treasury Additional informal on both nominal and inflatioruindexed yields may the found at . Ir,axury.g.,1mxc re-conto0d.ti-chart- center/roterest rates/ 13 Based on the unwaighted average bid yields for all TIPS with remaining tens to maturity of mom than 10 years. 14 International Swaps and Derivatives Association (ISDAS) mid -market par swap rates. Rates are for a Fixed Rate Payer in return for werving III month LIBOR, and are based on rates collected at I 100 aum Eastern time by Garban Intercapital pic and published on Reuters Page ISDAFIX01 ISDAFIX is a registered servioemark ofl$DA. Source Reuters Limited 15, Moody's Ass rates threugh December Sr 2001. are averages of Aam utility and Aaa industral bond rates. As of December 7, 2001, these rates are averages of Aim 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 Sul data provided by Freddie Mac Note Mai and monthly figures on this release as well as annual figures available on the Board's historical H.1 5 web site (see below), are averages of business days unless otherwise, noted Current and hishorl HAS data am available on the Federal Reserve Boards web site (werriv federalresewe govi). For information about individual copies � subscriptions, contact Publications Services at the Federal Reseurve Board (phone 202452-3244, fax 202-728-5886), Description of the Treasury Nominal and Inflation -Indexed Constant Maturity Series Yields an Treasury nominal securities at 'constant matunty� are interpolated by the ILLS, Treasury from the daily yield curve for hon-infiabcn�inkfiexed Treasury securities Thiscurve, 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 am calculated from composites of quotations obtained by the Federal Reserve Bank of New York The constant maturity yield values am need 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 il)-year maturity, for example. even if no outstanding security has exactly 10 years remaining to maturity Similarly, yields on inflation -indexed securities at *constant maturityi am triterpolateal from the daily yield curve forTmasury inflation projected securities in the mer-the-counter market. The inflation -indexed constant maturity yields are mad from this yield curve at fixed maturities, currently 5 7, 10, and 20 years. Home I Economic Research & Data Accessibility Contact us Disclaimer P Linking Policy FOIA PDF Roads, I =�_­,�, �1_ =-1. T __11`�, — = �, __1 `111­��Zzno_ 1_ -1 1 �11_ _- 8 http://www.federalreserve.gov/Releases/Hl 5/update/ 10/3/2011 Fil k-01111111i 1-dVU1 AULUN WIU UULZ51.011111,11111r, 01,1111J.11M.Y What's Now - What's Next - Site Map - A� Index - Careens - RSS - rar,u I U1 � 1-i, , . , - -, , - , .b.ur Jil filarift-Y Ri,rarr Ecorainni, c­­­ c-ars.r., Ran`ln'ti P.1turini-, ithenarth m� Fad . E-ru, c is"OW'. S,1­ is D. irle'..".. Home > Esdromis Ressach & Data > Statistical Relessixi and Historical Data Commercial Paper 0 JJIDDP aprrt Summary Rates Volume-Statiefics, Ounstancring Year�encl Maturity, Distribution About Announcements Commercial Paper Rates and Outstanding Summary Derived from date supplied by The Depository Trust & Clearing Corporation rate uof Stlovinber30.2011 Postn] 00obei 3,2011 The commercial paaer release will usually be posted daily at 9 45 a m However, the Federal Reserve Board makes no guarantee regarding the timing of the daily posting This policy is subject to Mange at any time without notice Rates AA nonfinancial A2/P2 nonfinancial Period 1-disy 7-d.y i 15-rey F 30-day 60,11y i 90-day 1-day i 7-day 15-day 30-day 60-day 90-day Sept. 26 0 05 0,111 0.06 1 0.10 0.11 1 0.14 0.31 1 0.32 0.36 0.36 n.a. n.a. Sept. 27 0.05 0,03 i 0.01 1 0.07 0.12 1 0.14 0,301 0.29 0.39 0.37 0.35 0.45 Sept. 28 0.04 ra. 0.1!- 0.03 n.a. n.a. 0.31 0.33 0.41 0.39 0.41 0.42 i Ssept. 29 0.11 0.02 0.12 0.09 0.09 1 0.15 0.28 0.32 0.38 0.39 0.43 r.a. 1 Sept. 30' M1 ..6 0 , 04 009 0.14 0.29 0.35 0.36 0.35 0.42 n.a. Note n a indicates that Veda data wasmsufficient to suplaort calculation of line pantoular rate AA financial AA asset�laackrdl Period 1�clay 7-day 15-day 30-d.y 60-day 90-da, 1-day 7-day 15-dry 30-day 60-diy 90-day Sept. 26 0.04. 0.06 0.08 0.05 0.10 0.25 0.45 0.39 0.33 0.32 0.28 0.28 [S­.pt. 27 0_.0_4 0.05 0.09 0 .12 0.09 0. - 3 , 6 - ____ 0. - 4 1 6 0 1 .59 0.50 0.30 0.30 0.28 I Sept. 28 0.04 0.06 0.07 0.10 1 0.18 0.35 0.44 0.58 0.62 0.28 0.27 0.33 i S ept'., 2' 9- 0.04­,� 0­o7_!___ Il 0.12 0.19 0.27 0.46 0.53 0.46 0.36 0.31 0.35 Sept. 30 0,04 0.07 0.05 0.06 0.08 0.11 0.49 0.30 0.45 0.30 0.26 0.33 Note n a indicates that trade data was insufficient to support calculation of the particular rate. Outstanding Levels Seasonally adjusted Billions of dollars Nonfinancial i i Financial Asset- Period Total i- - . mutual Domestic Foreign i Total � Domestic i Foreign backed Other l MonthlyHend levels 2011-May 1,175.5 154.5 122.2 32.11 627.7 362.2 265.4 393.3 .0 lune 1,171.2 162.9 121.8 41.1 606.7 352.1 254.7 401.5 .0 luly 1,138.3 169.0 134.7 34.3 556.5 332.2 224.3 412.9 .0 Aug. 1,091.1 169.9 137.4 32.5 557.5 333.5 224.0 363.7 .0 Sept. 1,028.5 167.1 130.7 36.4 513.8 320.4 193.4 3476 .0 t Weekly (Wednesday) levels 9 http://www.federalreserve.gov/Releases/CP/ 10/3/2011 ri-,D: 1-011HUCIVIdl rUpUf rLULUS dIIU ULILSILLUILtIlIg 3UIIIJlldFY rage / oi / A.G. 31 1,097.8 170.7 141.5 29.2 1 545.2 333.0 212.2 381.9 .0 Sept. 7 1,065.8 176.9 142.6 34.4 537.6 329.91 207.8 351.2 .0 Sept. 14 1,043.2 171A 137.5 33.8 541.1 333.9 207.2 330.7 .0 Sept. 21 2,029.8 187.2 149.6 37.6 528.4 327.91 200.4 314.3 .0 Sept. 28 1,007.6 180.9 140.8 40.2 517.7 32701, 190.7 309.0 .0 Not seasonally adjusted Billions fd.11. Nonfinancial Financial A�set- Period Total ;-- - --- - , - 11 11_� ­ 1 11 backed othe, Total Domestic Foreign Total Doninctic Foreign Monthly -end levels 20li-May 1,133.8 158.2 123.8 34.4 592.8 353.8 239.1 382.8 .0 June 1,081.6 148.3 106.9 41.4 556.3 332.3 224.0 377.0 .0 July 1,056.8 174.5 140.7 3318 518.5 317.8 200.7 363.8 .0 Aug. 1,049.6 175.5 144.1 31.41 516.3 315.0 201.3 357.8 .0 Sept. 1,004.4 158.6 124.7 34.01 495.6 309.0 186.6 350.2 .0 Weekly (Wednesday) levels Aug. 31 1,049.6 175.5, 144.1 31.4 516.3 315.01 201.3 357.8 .0 Sept. 7 1,041.4 182.2 149.9 32.2 503.3 313.1 190.2 355.9 .0 Sept. 14 1,037.6 182.0 149.6 32.4 500.3 308.6 191.7 355.2. Sept. 21 1,040.5 187.1 153.2 33.9 503.5 310.2 193.3 349.9 .0 Sept. 28 1,025.9 175.1 140.9 34.2 499.9 312.3 187.6 350.9 .0 Return to -top Home I Economic research and data Accessibility contact us Disclaimer Ll Linking Policy FCuA PDFReader F 11 10 http://www.fe,u4�-ralreserve.gov/Releases/CP/ 10/3/2011 City of La Currie Cash Floy; Budget to Actual August3l 2011 Cash Basis Account Budget Off Actual 8`11 Accrual I Adiustment Adjusted Total 8111 Variance Over(Under) Notes Property Tax/ Tax Increment Transient Occupancy Tax Sales Tax S,lve,R.k Golf Library 438,042 455,990 76,742 512 (164,442) 94.519 509.633 484.400 325,191 484,400 94.519 - (112,851) 28,410 17,777 (512) Ac,rual for August no July Actrucon Fr l0wi 1 Other revenues 806,558 638,624 08,824 (,,,,.734� Revenin, re accriaid.n FY 10/11 Revenues 1,777,845 $48,901 994,033 I.M2,934 (2M,911) Expenditures Salaries & Fringe Benefits Other expenditures Subtotal 896,214 Z325.11 1 944.171 1.059.991 944.171 1,059,991 47.957 (1,266.120) Did not renerve Police invoice 3.221,325 2,OD4,162 2.004.162 (1,217,163) Did not xpead $1251, fiv Redevelopment Agency Debi Service (Principal/InterestlParsee Through) Subtotal 258.510 127.1580 (0) 127,680 (0) (130,830) (0) Ecinfornic Development in 2011 PA 2 Bonal Fund 258,510 127,680 127680 1,141,086 1,141,086 1.10�086 Capital Projects Toltal Expenditures 4,620,921 3,272,928 3,272,9211 (1,U7,993)] INot Revenues/Expendliturvis (2,11,113,07611 jZ,1Z4,9l 11M.033 I 11,729,M)i (1 58l NOTE 1 Expenditures are budgeted at 8.34% per month Difference between actual and budget (Undersibent) DEPARTMENT Overspent Not. GENERAL GOVERNMENT 72,933 CITY CLERK (10,546) COMMUNITY SERVICES (61.792) FINANCE (25,261) BUILDING & SAFETY (93.270) PUBLIC SAFETY (1,040,007) No plice Invoice PLANNING (36,326) PUBLIC WORKS (106,990) Lighting & andicape $Nk underbudget (1,301,259) SUBTOTAL - GENERAL FUND Library Gas Tax Federal Assistance JAG Grant Slesf (Cops) Revenue CMAG Lighting & Landscaping RCTC Development Agreement AB939 (3,383) Quimby Infrastructure Proposition 1B South Coast Air Quality (3.354) Transixii-tation Parks & Recreation Civic Center Library Development Community Center Street Facility Park Faulty Fire Protection - Arts In Public Places (11.3591 Interest Allocation - Equipment Replacement (36,3041 Information Technology 8,722 Park Maintenance Facility (40,218) SilverRock Goff (45,257) SilverRocxx Reserve LO Public Safety Officer (167) Housing Authority (29,044) Finance Authority (967) Supplemental Pension Plan (12,833) Capral Improvement Total (1 171123) 11 INVESTMENT ADVISORY BOARD Meeting Date: October 12, 2011 TITLE: Pooled Money Investment Board Report for July 2011 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for July 2011 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 JULY 2011 WITH JULY 2010 (DOLLARS IN THOUSANDS) Average Daily Portfolio $ Accrued Earnings $ Effective Yield I Average Life -Month End (in Days) 260 199 +61 Total Security Transactions Amount $ 24,160,841 $ 21,401,909 $ +2,758,932 Number 490 438 +52 Total Time Deposit Transactions Amount $ 3,676,800 $ 4,049,300 $ -372,600 Number 142 163 -21 Average Workday Investment Activity $ 1,391,882 $ 1,211,962 $ +179,920 Prescribed Demand Account Balances For Services $ 1,653,384 $ 1,390,414 $ +162,970 1 BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) July 31, 2011 DIFFERENCE IN PERCENT OF TYPE OF SECURITY AMOUN PERCENT OF PORTFOLI PORTFOI-10 FROM PRIOR MONTH Govemment Bills $ 26,989,209 41.54 +4.14 Bonds 0 0.00 Notes 10,611,514 16.18 +0.03 Strips 0 0.00 Total Govemment $ 37,600,723 57.72 Z77 Federal Agency Debentures $ 1,916,568 2.95 +0.05 Certificates of Deposit 6,450,003 9.93 -1.19 Bank Notes 150,000 0.23 -0.60 Bankers'Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 5,239,808 8.06 +2.87 Time Deposits 4,051,140 6.23 +0.25 GNMAs 39 0.00 0 Commercial Paper 5,905,706 9.09 -2.18 FHLMC/Remics 454,383 0.70 Corporate Bonds 0 0.00 0 AB 55 Loans 465,302 0.72 +0.02 GF Loans 2,540,300 3.91 -3.39 NOW Accounts 0 0.00 0 Other 300,000 0.46 +0.01 Reversed Repurchases 0 0.00 Total (All Types) $ 64,973,972 100.00 INVESTMENT ACTIVITY JULY 2011 JUNE 2011 NUMBER AMOUN NUMBER AMOUN Pooled Money 490 $ 24,160,841 732 $ 36,232,038 Other 6 593,592 25 $ 627,187 Time Deposits 142 _ �,676,800� 2,563�500 Totals 638 $ 28,431,233 874 $ 39,422,725 PMIA Monthly Average Effective Yield 0.381 O."S Year to Date Yield Last Day of Month 0.381 0.495 Pooled Money Portfolio $65 07, Corporate Bonds 0.00% Commercial Paper 9.09% Time Deposits 6.23% CDs/BNs 10.16% Agencies 11.47% Mortgages 0.70% nt Account omposition lillion 1/11 Treasuries 57.72% INVESTMENT ADVISORY BOARD Correspondence &,Written Material Item: C Meeting Date: October 12, 2011 ITFIVI TITLF- Joint City Council/IAB Meeting BACKGROUND: The City Council has set November 1, 2011 at 4:30 p.m. for the joint meeting with the Investment Advisory Board. The meeting is scheduled for approximately one half hour at City Hall. Staff is asking for any agenda items that the Board may have for the joint meeting. Attached please find the minutes fiom last year's joint meeting. RECOMMENDATION: Provide Staff with direction. John M. Falconer, Finance Director Joint City Council/Commission 12 November 9, 2010 Meeting Minutes 1-C. DISCUSSION OF MATTERS OF JOINT INTEREST TO THE MEMBERS OF THE CITY COUNCIL AND INVESTMENT ADVISORY BOARD (IAB). PRESENT: Board Members Mortenson, Rassi, Spirtos, and Chairman Park ABSENT: Commissioner Blum Chairman Park congratulated the incumbents on their re-election; reported the Board conducted an extensive review of the workplan and will revisit to make additional recommendations in June 2011; intend to meet with auditors; wish to continue to serve the City Council with liquidity and safety of investments; and stated Local Agency Investmeht Fund (LAIF) will continue to be a challenge in the future. Council Member Franklin asked if the board members attended the LAW conference this year. Board Member Mortenson stated the conference was an eye-opening experience; observed the conduct of business personally compared to the technical manner of doing business. Chairman Park stated his experience was learning the good news that some business is conducted personally. Council Member Evans stated there was a limit to investing into LAIF. Finance Director Falconer explained the State raised the maximum permissible investment to $50 million per account but the Board decided to remain at $40 million per account; the City has an overall investment cap of 30% of our portfolio, which is $147 million cash, even though the Investment Policy allows up to 80% of the $147 million. Council Member Henderson stated LAW has always been an issue with the Board and City Council in regard to limitation and the political aspect. Finance Director Falconer stated he believes it got down tQ 25%. Council Member Henderson stated the tenor of the political world has been to lean toward LAIF in one direction or another; the City continues to have a very conservative approach with LAIF and she Joint City Council/Commission 13 November 9, 2010 Meeting Minutes asked if the Board has seen it the same in the political world. Board Member Mortenson confirmed. Council Member Henderson asked if he has observed decision -makers leaning toward a conservative approach in the financial world. Board Member Mortenson stated the lean toward a conservative approach may have played a role in personal beliefs but not how the funds are invested. Council Member Henderson stated at one time there was a concern about overloading the Board and those decisions would be based on "leanings," which is why the City has a conservative approach about LAIF; the City has let the investment creep up to 30% and it would be interesting to receive a report on the increase. Board Member Mortenson stated who knows how much is political and in essence supporting a certain belief. Council Member Henderson suggested the Board think about the issue personally and discuss it; stated there are limits established by LAIF, and asked what the City can do with the money. Finance Director Falconer stated the City has an Investment Policy and there are limits established for investing in certain categories. Council Member Henderson asked if there is more money that the categories allow to invest. Finance Director Falconer explained as the portfolio decreases, hopefully property taxes will increase in January and allow more room; and stated we may have to look at alternative investments or short-term treasury bills. Council Member Sniff stated LAW has had some bad investments and enormous losses. Finance Director Falconer explained CaIPERS has a different investment focus and has had a significant amount of losses but LAW has not had any losses. Council Member Sniff asked where CalPERS invests their money. Finance Director Falconer explained out of $1.7 billion, $600 million were invested in U.S. Treasuries. In response to Council Member Sniff, Finance Director Falconer stated he is not aware of any secure investments at this time. Joint City Council/Commission 14 November 9, 2010 Meeting Minutes Finance Director Falconer stated PERS invests in hedge funds, equities, bonds and have a lot more risk. Mayor Adolph noted the interest shown on the PERS annual statement is tremendous at 6 or 8%, and he has not received nearly as much in other investments. Chairman Park cautioned against investing in hedge funds; and stated the future challenge when interest increases will be where to invest the City's funds as the investment policy restricts where it can go. Board Member Spirtos commended the Board and staff; and stated it is phenomenal that the city continues to adopt a balanced budget in the current economic situation. Council Member Sniff asked the Board what clever or new financial device they would recommend to increase the City's income in the next six months. Board Member Mortenson stated the investment policy statement is secure; and what we should be concerned about is monitoring our debt which is deflating the dollar. Chairperson Park noted you have to take risks to receive returns. Council Member Sniff agreed there must be some precarious risk to receive a higher income, but no one can command anything. Chairman Park stated La Quints is the envy of other cities. Mayor Adolph stated the City must stay the course until the economy improves. Council Member Sniff asked if there are other municipal investment boards in the Valley. Finance Director Falconer stated Palm Desert has one and Indio has a finance committee. Council Member Franklin conveyed pride in the Board and the work they do. Chairman Park adjourned the Investment Advisory Board meeting.