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2011 11 09 IABP.O. Box 1504 LA QUINTA, CALIFORNIA 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 Quinta, CA 92253 November 9, 2011 — 4:00 P.M. CALL TO ORDER a. Pledge of Allegiance b. Roll Call 11 PUBLIC COMMENT- IThiS 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 October 12, 2011 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for September 2011 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report — October 2011 B. Pooled Money Investment Board Reports —August 2011 Vil BOARD MEMBER ITEMS Vill ADJOURNMENT PUBLIC NOTICES The La Quinta Caucus Session 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. INVESTMENT ADVISORY BOARD Meeting October 12, 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: Board Members Mortenson, Blum, Spirtos and Donais ABSENT: Board Member Park OTHERS PRESENT: John Falconer, Finance Director and Vianka Orrantia, Senior Secretary 11 PUBLIC COMMENT - None Mr. Falconer advised the Board that Board Member Park, due to an out-of-town emergency, has requested an excused absence from today's meeting. Board Member Blum advised the Board that the Mr. Falconer along with the Finance staff was recognized at the October 4, 2011 City Council meeting for Financial Reporting for the 15" year in a row. Board Member Blum, along with the other Investment Advisory Board, extended his congratulations to Mr. Falconer and staff. III CONFIRMATION OF AGENDA Mr. Falconer advised the Board of the date scheduled for the joint meeting with the City Council and all Boards/Commissions for November 1, 2011. The Board is currently scheduled for 4:30 p.m. and in addition, Mr. Falconer requested that the handout for the proposed items of discussion for the scheduled joint meeting be added for the Board's consideration under VI. Item C. Board concurred. Chairman Spirtos also advised that she would like to include additional discussions derived from the October 4, 2011 City Council meeting under VI. Item C. Board concurred. IV CONSENT CALENDAR 1 Approval of Minutes of Meeting on September 14, 2011 for the Investment Advisory Board. MOTION - It was moved by Board Members Mortenson/Donais to approve the Minutes of September 14, 2011. Motion carried unanimously. V BUSINESS SESSION A. Transmittal of Treasury Report for August 2011 Mr. Falconer presented and reviewed the staff report for the month of August advising the Board. of a decrease in the cash balance of approximately $3.7 million ending the month at $182.9 million. The month end bank balance was at an unusual high due to a debt -service payment due on September 1, 2011, of $11.9 million. Mr. Falconer also advised that the Rabobank account had increased by $5 million, with an ending balance of $39 million (the maximum per the investment policy for this account is $40 million). Mr. Falconer also advised that LAW has slightly decreased ending the month at $13 million. Due to unchanged market rates in Treasuries, staff decided to invest in Federal Home Loan Bank Discount Notes for six -months at 6 basis points. In addition, with debt service reserve funds available, the reserves were invested for approximately one year at 9 Y2 basis points. Mr. Falconer further advised that the decrease in the cash balance was due to the following: $2.6 million in Police service costs and $1.41 million in Capital Improvement Project costs; (Capital Improvement Projects included $338,000 towards the Adams Street Bridge, $266,000 towards the 5-plex on Avenida La Fonda and $202,000 towards the Adams Street signal synchronization project). General conversation ensued amongst the Board and staff regarding several of the Capital Improvement Projects as well as the clarification of the acronym CMAQ, Congestion Management Air Quality. Mr. Falconer advised that the portfolio was three basis points lower than the previous month with an ending balance at .38% and the pooled yield was at .46%. Mr. Falconer further advised that as the current investments begin to mature the yield will begin to decline. In response to Chairman Spirtos, Mr. Falconer advised that the $12 million due to mature in the next several months will be rolled back into LAIF, due to the upcoming payment to the State for the "Play to Pay" payment for the continuation of the City's Redevelopment Agency. General conversation ensued amongst the Board and staff regarding the 2 payment to continue with the Redevelopment agency in addition to the upcoming legal issues with the state regarding these payments. In response to Board Member Mortenson, Mr. Falconer stated that the state does not provide a list of cities that will have to borrow money from their low-income housing fund to pay the state for the "Play to Pay" program, and that he would gather a list of those cities and provide the list to the Board at the next scheduled board meeting. General discussion ensued amongst the Board and staff in reference to the effect of the declining interest income on LAIF employees. In response to Board Member Mortenson, Mr. Falconer clarified for the Board, the Projected Sources Use of Cash table, the Pooled Cash row on page 9. MOTION - It was moved by Board Members Blum/Donais to review, receive, and file the Treasurers Report for August 2011. Motion carried unanimously. VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - September 2011 Mr. Falconer presented and reviewed the staff report for the month of September advising the Board of Rabobank's balance as of September 2011 ending at $39.5 million with the Bank of New York investments down to $64 million. With the current yields, staff is considering investing in LAIF and commercial paper. In response to Board Member Mortenson, Mr. Falconer advised that previously the Board authorized staff to invest in the City's bonds, but with the uncertainty of the redevelopment agencies and other issues with public perception, it was, decided by staff not to invest in the City's bonds at this time. General discussion ensued amongst the Board and staff regarding municipal bonds. Mr. Falconer advised the Board that LAIF remains at .37% basis points with Rabobank at .47% with the overall portfolio yield at .60% basis points. In response to Chairperson Spirtos, Mr. Falconer advised that staff forecasted the tax increments as a flat dollar amount for the upcoming year due to the decline in the current home values. 3 General discussion ensued amongst the Board and staff regarding future liabilities and potential retirement expenses. Noted and Filed B. Pooled Money Investment Board Reports - July 2011 Noted and Filed C. Joint City Council/IAB Meeting Chairman Spirtos commented that based on her recent attendance to the City's Planning Commission meeting, she suggested the Board might approach their discussions with City Council with a more pro -active approach (i.e. potential costs of moving power lines and/or any other expenditures in the near future). Board Member Mortenson suggested that the Board consider discussions regarding municipal bonds. In response to Board Member Blum, Chairman Spirtos clarified the purpose of the joint meetings. General discussion ensued amongst the Board regarding the upcoming joint meeting with the City Council and it was the conclusion of the Board to discuss the items suggested by staff. Board Member Mortenson requested an excused absence for the upcoming November Board meeting. Noted and Filed VII BOARD MEMBER ITEMS - None Vill ADJOURNMENT MOTION - It was moved by Board Members Mortenson/Donais to adjourn the meeting at 5:06 p.m. Motion carried unanimously. 7t)rnit!ea D. V 101 Ima we 1 01 Ma Senior Secretary 8 INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: November 9, 2011 ITEM TITLE: Transmittal of Treasury Report for September 30, 2011 BACKGROUND: Attached please find the Treasury Report for September 30, 2011. RECOMMENDATION: Review, Receive and File the Treasury Report for September 30, 2011. R WWIC4�� John M. Falconer, Finance Director Tihf 4 4 a" MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance DirectorfTreasurer SUBJECT: Treasurer's Report for September 30, 2011 DATE: October 31, 2011 Attached is the Treasurer's Report for the month ending September, 2011. The report is submitted to the City Council each month after , reconciliation of accounts is accomplished by the Finance Department. The following table summarizes the change, in investment types for the month - Investment Be innin Purchased Notes —§o—ld/Matured Other Endin Chan LAIF Interest bearing active bank deposit $ 17.978,745, 15,007,114 $ 4,100,000 $ (4,751,472) $ (48,528) $ 17,278,745 a (700,000) Certificates of Deposit 724,000 24,507.501 39.514,615 24.507,501 US Treasuries 58,947,722 14,000.000 (2) 724,000 T(28.491'224)I6767,608 0 US Gov't Sponsored Enterprises 19,997,371 15,000,000 (2) (20,000,000) 1,473 72,949,195 14,001.473 Commercial Paper 4,997,433 (2) (2,046) 14.995,325 (5,002,046) Corporate Notes 10,024,534 (5.000,000) 2,567 0 (4�997,433) Mutual Funds 45.258,832 (2) (5,000,000) 51015,752 (5,008,782) 172,935.751 $ 57,607,501 n. 28,491,224 tL5�i� $ 5,690,511 li-asn . .,. �'B I 1 (1) & 13 $ 9,726,750 $ 249.778 S 9,726,750 Lb 1 $ 182,912 27 1 4� �44,4T� �2 _�22$28.54� 6.540)1 $ 16 7,495,018 $ 417 9AI) 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' F 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. Date (3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investment, before warrants are presented for payment by the payee at the bank. RA Treasurer's Commentary For the Month of September 2011 Cash Balances - The portfolio size decreased by $15.4 million to end the month at $167.5 million. The major reasons for the decrease in cash during the month were $11.9 million in semi-annual debt service costs and $2.44 million in capital improvement project costs. Major capital improvement expenditures were $640,830 spent on the Adams Street Bridge, and $1.37 million spent on property in the Village. Investment Activity - The investment activity resulted in an average maturity increase of twenty two (22) days from the prior month to end the month of September at 124 days. The Treasurer follows a buy and hold investment policy with five (5) investment purchases made in the month of September totaling $29 million and the maturity of three (3) investments totaling $30 million. The sweep account earned $13 in interest income for the month of September and the bank fees for the month were $ 1,609 which resulted in a net decrease of $1,596 in real savings. Portfolio Performance - The overall portfolio performance was one (1) basis point higher than the prior month ending at .39% for the month, with the pooled cash investments at .58%. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding .51 % which reflects the current interest rate environment. Looking Ahead In the short term, the Treasurer will be investing in LAIF and may look at short term commercial paper. 3 t2 z 0 w E E x 0 E -6 E 12 E > E Eo E M 0 z 0 0 z z 0 z z 0 z 0 z 0 z 0 0 z z H 0 0 0 0 0 w E 2: E E E E E c E > c 0 0 v x w E 0.00. 0 c c o� g- 8. 0 e 0 0 Q 0 ci 6 0 < 6 ci oo 00 a 800 80 0 0 'g 0 O'noo E nE 'a 0 E c .0 o C 7i 12 19 z 32 c 0 0 � 0 �;z C ��,o v E c 0 0 m , Cc 0 0 9 OC m WaB m 0 0 0 o v -C 21 00 .00 R me a 0 0 z 0 a Z . . 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PH 151 Has, '141 i HIS Hid'! 1 F E City of La Quinta Coniparative Feates of Interest Septemoor 30 2011 . Average I I Tmasur,, 60"ote I I Three Month August 2006 494% 501% 497% 48 497% 495% Sept 2006 498% 501% 499% 53 500% 502% Do, 2006 500% 502% 501% 67 41 5 10% Nov 2006 504% 503% 503% 62 494% 5 13% Dec 2006 5 OB% 504% 5m% 80 4W% 5 13% Jan 2007 5 18% 512% 5,16% 64 4W% 516% Feb 2007 5,19% 5,13% 517% 45 4,95% 518% Mair 2007 521% 503% 515% 67 488% 521% a,ar 2007 520% 514% 515% 42 484% 522% May 2007 520% 505% 516% 32 481% 525% June 2007 5 19% 488% 510% 85 481% 525% FY 07,08 July 2007 521% 490% 5 12% 129 480% 526% August2007 5 17% 485% 508% 109 459% 525% Sapt2GO7 516% 486% 506% 129 40% 523% Ort2007 511% 4 65% 502% 116 395% 5 14% No, 2007 503% 483% 496% 99 3 �Mvv 4943% Dec 2007 495% 343% 445% 123 339% 480% Jan 2008 458% 333% 422% 96 231% 462% Feb 2008 4 12% 324% 385% 86 207% 416% PA., 2008 407% 283% 367% 74 150% 378% Apr2OO8 345% 3 27% 341% 82 1 70% 340% May 2008 3 14% 327% 3 17% 63 1 92% 307% June 2008 309% 194% 286% 80 2 14% 289% FY 08,09 "IV 2008 299% 1 93% 2 77% 62 1.70% 188% 229% 2 75% 2 18% 279% Augo,12008 316% 192% 288% 51 169% 189% 2 14% 238% 208% 2 78% Sept2008 281% 192% 264% 37 1 42% 1 79% lm% 200% 2 13% 2 77% OcJ2008 266% 261% 261% 29 090% 1 40% 1 72% 1 50% 207% 2 71% Nov 2008 2 38% 2 36% 2 36% 64 0 15% 049% 1 04% 125% 1 45% 257% Dec 2008 160% 018% 142% 116 005% 025% 059% 088% 097% 235% Jan 2009 136% 018% 123% 82 0,15% 035% 043% 088% 031% 205% Feb 2009 123% 018% 1 11% 75 030% 050% 061% 088% 048% 1 87% Mar2G&9 126% 0 10% 1 13% 69 920% 042% 0 70% 088% 037% 182% Api-2009 094% 0,18% 085% 54 031% 033% 0,59% 088% 026% 161% May 2009 092% 0 18% 084% so 018% OW% 053% 088% 023% 153% June 2009 085% 029% 080% lit 020% 035% 055% 1 13% 026% 138% FY 0910 July 2009 069% 030% 065% ill 019% 028% 047% 100% 028% 104% August2009 064% 0 3G% 061% 92 016% 026% 046% 1,00% 024% 093% SepJ 056% 031% 053% 112 012% 019% 0,41% 10% 0 19% 0,75% Oct 2009 052% 0,31% 050% w 008% 0 19% 036% 1.00% 019% 065% Nov 2009 0,56% 0,31% 053% 152 004% 014% 032% 0 75% 0 15% 061% Dec 2009 056% 0 15% 051% 239 0 11% 020% 0 16% 100% 016% 0 57% Jan 2010 046% 0 15% 043% 179 006% 014% 0 34% 088% 0 13% 0 56% Feb 2010 051% 0 16% 048% 162 0 13% 0 19% 032% 088% 0 15% 058% Mar 2010 050% 016% 047% 172 0 15% 024% 038% lw% 020% 055% Apr2010 052% 0 16% 048% 162 0 15% 024% 049% 100% 023% 059% May 2010 052% 016% 048% 116 0 17% 022% 037% 0 75% 028% 056% June 2010 058% 003% 0 39% 1� 0,16% 022% 0,32% 063% 032% 053% FY 10111 Jul, 2010 0 50% 0 15% 047% 119 0 IF% 020% 0 30-,'� 063% 0 213% 053% Augus12010 049% 0 15% 046% 108 0 15% 0 19% 026% 035% 025% 051% Sept2GIO 0 55% 0 15% 051% 107 0 16% 0 19% 027% 038% 024% 050% 002010 055% 0 15% 051% as 013% 0 17% 023% 038% 0 231/6' 048% No, 2010 053% 0 15% 049% 84 018% 021% 028% Om% 023% 045% Dec 2010 057% 0 14% 052% 265 015% a 19% 030% 063% 023% 046% Jae20il 051% 0,14% 043% 206 0 16% 0 18% 028% 063% 0,24% 054% Feb 2011 055% 0 17% 046% 210 0 15% 0 17% 031% 063% 023% 051% Mai-2011 054% 0 17% 045% 218 005% 0 13% 026% 0 75% 023% 050% Api-2011 059% 0 17% 048% 192 005% 0 10% 028% 063% 020% 059% May 2011 048% 0 17% 041% 156 006% 0 12% 020% 050% 0 16% 041% June 2011 0,53% 000% 0 35% 126 003% 010% 020% 038% 015% 045% FY 1112 July 2011 053% 000% 035% 112 007% 012% 0 15% 020% 014% 038% Anou,t 201 1 060% 000% 038% 102 0 112% 005% 0 10% 0 13% 016% 041% 10 E CL 40 (A z r 0 E < co 0 0 CL CA 4) 0 E am- cc 0 M 40 0 C) C) C) C3 CD C) C� r� Lo -It CO C-4 C5 ci 6 6 6 ci 6 CL 4) < IL 11 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Adjourned Meeting Date: November 9, 2011 TITLE: Month End Cash Report - October 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 Uirector CY w "6 6 2 0— two F!�4222.. ,a C'r N li 16 �t .7 -T 2 9 zw 01.1 00 -1 Lq a 0 tn 16 IN CD CP CD ci C4 Ln C6 14 C'i ml E 2 8 2 70a S 2 JR E E I L� 0 0 FL t� 0 0 LD Co E w -2 INVESTMENT ADVISORY BOARD Correspondence & Written . Material Item B Adjourned Meeting Date: November 9, 2011 TITLE: Pooled Money Investment Board Report for August 2011 BACKGROUND: The Pooled Money Investment Board Report for August 2011 is included in the agenda packet. RECOMMENDATION: Receive & File A 4 John M. ale POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF AUGUST 2011 WITH AUGUST 2010 (DOLLARS IN THOUSANDS) AUGUST 2011 AUGUST 2010'� Average Daily Portfolio $ 62,240,251 $ 66,416,410 $ -4,176,169 Accrued Earnings $ 21,623 $ 28,970 $ -7,447 Effective Yield 0.408 % 0.513% -0.105% Average Life -Month End (in Days) 227 194 +33 Total Security Transactions Amount $ 7,637,846 $ 17,743,081 $ .10,106,236 Number 164 364 -210 Total Time Deposit Transactions Amount $ 1,776,480 $ 1,832,600 $ -57,020 Number 99 84 +15 Average Workday Investment Activity $ 409,276 $ 889,799 $ -480,524 Prescribed Demand Account Balances For Services $ 1,702,107 $ 1,376,427 $ +326,680 i BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) August 31, 2011 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 24,894,010 39.41 -2.13 Bonds 0 0.00 Notes 9,909,866 15.69 -0.49 Strips 0 0.00 Total Government $ 34,803,ff6- -55.10 -2.62 Federal Agency Debentures $ 1,912,621 3.03 +0.08 Certificates of Deposit 5,985,001 9.48 -0.45 Bank Notes 0 0.00 -0.23 Bankers' Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 5,239,809 8.30 +0.24 Time Deposits 4,011,140 6.35 +0.12 GNMAs 38 0.00 0 Commercial Paper 5,086,976 8.05 .0.94 FHLMC/Remics 443,251 0.70 0 Corporate Bonds 0 0.00 0 AB 65 Loans "3,407 0.70 -0.02 GIF Loans 4,933,300 7.81 +3.90 NOWAccounts 0 0.00 0 Other 300,000 0.48 +0.02 Reversed Repurchases 0 0.00 0 Total (All Types) $ 63,169,419 100.00 INVESTMENT ACTIVITY AUGUST 2011 JULY 2011 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 154 $ 7,637,845 490 $ 24,160,841 Other 8 211,095 6 $ 593,592 Time Deposits 99 1,775,480 142 $ 3,676,800 Totals 261 $ 9,624,420 638 $ 28,431,233 PMIA Monthly Average Effective Yield 0.408 0.381 Year to Date Yield Last Day of Month 0.394 0.381 Pooled Money Investment Account Portfolio Composition $63.2 Billion wir'licli N E IIIIII Corporate Bonds 0.00% Commerci 8.05 Time Deposits 6.35% CDs/BNs 9.48% A� I Loans 8.51% Mortgages 0.70% Treasuries 55.10% Bill Lockyer, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) PMIA Performance Report 7 - - =led -1 of or, ow 10/17/2011 0.39 0.39 239 10/18/2011 0.39 0.39 236 10/1912011 0.39 0.39 23� 10/20/2011 0.39 0.39 235 10/21/20111 0.39 0.391 237 10/22/2011 0.39 0.39 237 10/23/2011 0.39 0.39 237 10/24/2011 0.39 0.39 235 10/25/2011 0.39 0.39 234 10/26/2011 0.39 0.39 233 10/27/2011 0.38 0.39 228 I I OL2 2 0,111 0 38! 0!211 240 15/22L 1 9/26 1 0!38 635 240 110/30/20111 0.381 0.391 240 Taily yield does not reflect capital gains or losses Corporate 0.00, Commercial Pl 6.19% Time Deposits 6.18% CDs/l3Ns 10.51% LAW Performance Report Quarter ending 09/30/2011 Apportionment Rate: Earnings Ratio: Fair Value Factor: Daily: Quarter To Date: Average Life: 0.38% .00001042339247730 1.001847592 0.37% 0.39% 236 PMIA Average Monthly Effective Yields SEP 2011 0.378% AUG 2011 0.408% JUL 2011 0.381% Pooled Money Investment Account Portfolio Composition $66.2 Billion 09/30/11 Loans 14.23% 9.89% Mortgages 0.65% Treasuries 52.35% 3 Recent Bill Auction Results Page I of I TreasuryDirect Hu,u, j;,t,WI'.pu , �,,, Dal� K K, Wit, , La,, ma R,,,.,L F, I 4,1o,n Recent Bill Auction Results 5'atrufty "�u. Maturity In, YA"'In, plr�, T.,a, Ce. care Rate % Z. K, E- $10. 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Orl aq ��Z;�531-12 K WEEK 09 29�2 A 7 200 0 000 , 0110 too 000000 q 2 953Q2 il WEEK 11:29 1"11 12 2q 1111 1011 0 020 qq 99 11�4 9i?/953Z2 26 WEEK ag 2 20 03 29 0,035 qq,982306 9�27955Ft 4 WEEK 09 292 2 0�� 10 N 200 0 000 0� ... 00a Irn a.r. 9 27952K. 11-11FEK 09-22 20 12 22 201; 0010 train 9q 997',72 9127953YS 26 WEEK 09 0�1 22 2 1 - 03 22 201 0 0 30 0 031 a� 984833 9127955E7 i 52-WEEK 09 22 2011 0 9 2 0 201� 0 097 90,909000 912795SCI K-WEEK 09-tS 2011 a i?, .0 009000 0 coo 100 000000 9127953P4 13 WEEK 09 12 11 OoIll 0,010 9o997,472 9127952T7 Z.-.EEK 9�15�201� 0 is 20 �b�20 03 5 2.12 0 $ 0 a .51 " K1.722 912795SD9 4-WEEK 09-08 2011 10 06 2011 aeon 0 000 100,000000 9t27953Mi 13 WEEK 010 11 12:0 0 03 0,03� 99�9924�7 9127953X7 26-WEEK :2 09 0: 2001 :2011 03 088 2012 0 a 700 0 07 99 96',6 1 9127q53G4 8 DAY 0 0 0 03 Coal 99 999333 9�27 53KS 14-DAY :07:2� a, :15:20�� 09 is 20 a 0.05 a .1 �9 99UII� 1 279953 K S 4 -IaUit 09-0� 09 -29 -20�� 0 005 0.005 99 999 611 9127953L3 WEEK �0;� 09 0 0 12 Di 20 0 015 0 015 99 996208 91279�3VI ;3 6-WrFr N 01 2011 03-DI-2012 0A,,5 0,046 99 1))2111 912lq5Z46 4-11tE. 0 2 0 -22 20�� 0 000 OoOD 110 001111110 912�952r, 11 WEEK o: 2,5 a ;0�� t9-25 20 0 015 1015 99 altill m27`r53LJ3 08 25 2011 02 23 2012 0 045 11 046 9127�5Z38 �Ih" :w sea rii-25-20�� 08:�3:?O�2 0,100 0 02 99,8qr`AAq 91?")SI96 12-D�y 0 19-2 , 08 31 20 1 0 Ois 0 015 99 a,i15 , 0 9JI196ADI a WEEK 08 �S 20il a, 15 701, 0,010 .01 91?1913KI Effect,e with the 1112/98 auction ail bills are auctioned using die Kirujle-pnced method. N A�t [ 1 11, K 1--11111 & LIIrII lklll�,tl I Vlt,,�: i ... , a Du� Q,,,� 1, 1,� .1 th,, I r—,ar, 11-1, ff Ir, Pork I�bl 4 http://www.treasurydirect.gov/RI/OFBills 11/1/2011 xecem iNote, t5ona, atia i ir;!� Auction I-WSUILS rage 1 01 1 TreasuryDirect Hoole , 1-1,1,1�orzll , Ddtd & Zfe�K5 I LfLQ5t Aeon— Data T�co�r . Note, novd, arod 1 HIS Sort,— R �,Rs Recent Note, Bond, and TIPS Auction Results se""I" T.H. lel 1— 1 Int,neet 11.111 Price net: Maturl y CUSH, Date Rate I % per $100 2 STAR NOTE 10-31-2011 ID 31-2013 0 250 0 281 99,938217 912828RN2 5 YEAR NOTE 10-31-2011 10 31 2016 2,000 1 055 99,732813 912828RM4 7 YEAR NOTE 10 31-2011 10-31-2016 1,750 1 791 99,731369 912VUP7 '29-YEAR A MONTH U PS �0-31-2012 02-15-2041 7 125 0 999 112 11,3297 912810QP6 3 YEAR NOTE .-17-2011 To 15 2014 0 500 0,544 99 8b947o SIZIEe3RIE6 9 YEAR 10 MONTH NOTE 10 17 2D11 08 15-2021 2 Q5 2 271 98 717572 912828RC6 29 YEAR 10 M014TH SOND 10 17 2011 08 15-2041 3 750 3 120 112 T6689,t 91281000U 2 YEAR NOTE 09-30-2DII 09-30 2013 0 Its . 249 90 752770 AL�828AE& YEAR NOTE 09-30 2DII 09 30 2016 1 ON. I Nis 99 e270S2 912828RJI I YEAR .111 E 09 30-2NLI 09 30 2018 1 315 1 SY IOUOS. 9.828PHS 9 YEAR 10 PIONTIN HOS 09 30 2011 07-15-ZO21 0 s'S 0 078 T05 581064 912820QVS 3 YEAR NOTE 09 15-2011 09 15 2014 0 250 0 ITA Oft Il't46t, 912628RG7 9 YEAR 11 MONTH Nor E 09 15-2011 08-15-2021 2 ll� 2,000 to, tt�612 912828RC6 29 YEAR 11 MONTH PON. 09-15-20fl 08 15 2041 3 �50 3 310 106 31OT21 912810QSO 2-Y1,Ak Noll, 08 31 2011 08-31-2013 0 125 0 222 ee 80111 � gt28?3RD4 4-YEAR 8-MONTH 11� 08-31-2011 04 15 2OJ6 0 "S 0 825 106 RS2510 91282SQ05 S-YEAR NOTE 08 31-2011 08-31 2016 1 000 L021 SO .19020 912828OF9 /-YE:AR NOTE Ca 31-2011 08 31 2018 A SOO 1,55E aq 41HRIS S12828EE2 3-YEAR N OTE 0 E 15 7011 08-15 201, 0 500 0 500 100 000000 912828RBS ;Q YEAR NOTE 08 15 2011 08-15-202t 2 125 2140 99 865607 912628RC6 G-YFAR WND 08-25 2011 08 15 2041 3 750 3 750 100 000000 912810QSO f-YFAR NOTE 08 01 2011 07 31-2013 0 315 0,417 99 916547 912828QW3 5-YFAR NOTE 08-01-2011 07-31-2016 1 500 1 Is. "t t,17.11 912828QXI 7 YEAR NOTE OR-01-2311 07-31 2018 2 250 2 280 99,80G914 gIZ628QY9 10-YCAR IT PS 07 29 2011 V 15 2021 0 625 0 639 100 0767TI 912828QVS 3 YEAR NOTE 07-15-ZDII 07-15 2014 0 62S 0 670 99aGG569 912828QU7 q-YIAE 10 MONTH NOTE 07 15 2011 05 15 2021 3 125 � 91. HIT 153719 Ar2a28Qn3 29-YCAR 10 MONTH WOOD 07-15-2011 05-IS-2041 4 375 4A96 102 985551 9I281OW4 2-YEAR NOTE 06-30 2D11 06 30 2013 0 375 0 395 99.960197 9f2818.0 5 YEAR NOTE 06-30-2011 06-30 2016 1 500 1 6tS 99 4497� 912V28QN4 7-YEAR NOTE 06 30 20tt 06-30-2018 2 375 2 430 99.647922 912828QTO -29 YEAR 8 MONTH TIPS 06-30-ZOII D2-15-2041 2,125 1 744 111,08711 911610QP6 3 YEAR NOTE 06-15-2011 06-15-2014 0.750 0 765 99,955596 912NHIQS� 9 YEAR 11-MONTH NOTE 06-15-201 t 05-15 2021 3.T25 2,967 101.345530 91282NN3 29 YEAR 11-MONTH BOND 06-15 2011 05-15 2041 4,375 4,238 102.304368 9081 OOQ4 2-YEAR NOTE 05-31-2011 05 31 2013 0 500 0 560 99 860835 glo8?8QZ6 5-YEAR NOTE 05 3J-201E 05-31-2016 1,150 1 80 99,700152 9178?BQPB 7 YEAR NOTE 05-31 2011 05-11 2016 2,375 2 �29 ret 654311 9"WQQ6 9-YEAR 8 MONTH TIPS 05 31 2011 01-15 2071 1 125 0 887 104.359972 91?828PP9 3-YEAR NOTE 05 16 2011 Of 15 2N4 I Oro l000 99 911987 90828QM5 - De.oteS TIPS bond; all otne, TIPS ,fithout astensks are notes Fneldf., �f rot I 11. 1 Pow-,, F. tr"'� %�;Irl, I O-cT, to 1� 11r, & Coll',IIEIel I A111,1111eilt, I 0�tl 1111,-rl H 1, lepartmeot of Ore Tieal �ry, or Ile P1111111 Debt 5 http://www.treasurydirect.gov/RI/OFNtebnd 11/1/2011 rylotel I ais� I V1 � Selected Interest Rates (Daily) - H. 15 Current Release Release Dates Daily Update Historical Data About Announcements Da Update I... Oy� ... .... ... --- ---- - Release I)ate: October 28, 2011 The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday through Friday on this site. If Monday is a holiday, the weekly release will be posted on Tuesday after the holiday and the daily update will not be posted on that Tuesday. October 28, 2011 Selected Interest Rates Yields in percentper annum Instruments 2011 Oct 24 2011 Oct 2S 2011 Oct 26 2011 Oct 27 Federal funds (effective) 1 2 3 0.07 0.07 0.08 0.07 Commerc a Paper 3 4 5 6 Nonfinancial 1-month 0.09 0.05 0.09 0.11 2-month 0.09 0.08 1 0.11 0.08 3-month 0.13 0.13 0.15 0.10 Financial 1-month 0.09 0.09 0.10 0.10 2-month 0.15 0.12 0.14 0.15 3-month 0.25 0.25 0.27 0.26 CDs (secondary market) 3 7 1-month 0.20 0.20 0.20 0.19 3-month- 0.37 0.37 0.37 0.36 6-month 0.50 0.50 0.53 0.53 Eurodollar deposits (London) 3 8 1-month 0.35 0.35 0.35 0.35 3-month 0.49 0.49 0.49 0.49 6-month 0.68 0.68 0.68 0.68 Bank prime loan 239 3.25 3.25 3.25 3.25 6 http://www.federalreserve.gov/ReleasesM15/update/ 11/1/2011 rinari vuibiun - �uaiu ui "uvuinvi� vi Ln� i �u�iai iw��iv� oy�tvm Fa6c 4 U1 � Discount window primary credit 2 10 0.75 0.75 0.75 0.75 U.S. government securities Treasury bills (secondary market) 3 4 4-week 0.01 0.01 0.01 0.02 3-month 0.02 0.01 0.02 0.02 6-month 0.06 0.06 0.06 0.07 1-year 0.11 0.11 1 0.12 0.13 Treasury constant maturities Nominal 11 1-month 0.01 0.01 0.01 0.02 3-month 0.02 0.01 0.02 0.02 6-month 0.06 0.06 0.06 0.07 1-year 0.11 0.11 0.13 0.14 2-year 0.30 0.26 0.28 0.31 3-year 0.47 0.43 0.48 0.53 5-year 1.10 1.01 1.09 1.20 7-year 1.70 1.60 1.68 1.83 10-year 2.25 2.14 2.23 2.42 20-year 3.00 2.86 2.95 3.18 30-year 3.27 3.13 3.22 3.45 Inflation indexed '2 5-year -0.66 -0.75 -0.74 -0.74 7-year -0.27 -0.37 -0.36 -0.33 10-year 0.23 0.12 0.15 0.24 20-year 0.77 0.65 0.68 0.82 30-year 1.04 0.90 0.92 1.07 Inflation -indexed long-term average 13 0.78 0.66 0.68 0.81 Interest rate swaps 14 1-year 0.58 0.58 0.59 0.56 2-year 0.65 0.63 0.65 0.63 3-year 0.83 0.80 0.81 0.81 4-year 1.12 1.08 1.07 1.11 1 5-year 1.43 1.37 1.37 1.4 7-year 1.94 1.88 1.87 10-year 2.40 2.35 2.32 7 http://www.federalreserve.gov/Releases/Hl 5/update/ 11/1/2011 rnnter version - t5oara or tiovernors oi tiit; rizuri at ixubvi v u ay bu�iii L ar,� � vi � 30-year 3.01 2.98 2.94 3.10 Corporate bonds Moody's seasoned Aaa is 4.01 3.87 3.95 4.07 gas 5.41 5.33 5.46 state & local bonds 16 4.12 Conventional mortgages 17 4.10 Footnotes 1. The daily effective federal funds rate is a weighted average of rates on brokered trades. 2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. On a discount basis. 5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1, 2, and 3-month rates are equivalent to the 30, 60, and 90-day dates reported on the Board's Commercial Paper Web page (%v%v-w.fe(icraireserve.gov/i-Qleas,�s/ep/). 6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period. 7. An average of dealer bid rates on nationally traded certificates of deposit. 8. Source: Bloomberg and CTR13 ICAP Fixed Income & Money Market Products. 9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans. 10. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see " �N %N.fe(ler,,iti-eserve,,,,(i�,�bo�irddocs,,pre�,�,,'bcreg,12(�02,�200210312"defiLill.him. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as the rate on primary credit are available at %v%vw.federairese�e.gov,'releas��slh I 5/data.1nin. 11. Yields on actively traded non -inflation -indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006, http://www.federalreserve.gov/Releases/H I 5/update/ 11/1/2011 JF111ILVI ragi; � V1 � the U.S. Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal rate. The historical adjustment factor can be found at �vNv�v.treaSLII:�.4.1ov,iresoiirce-c,eiiteridat�t-chart-cetiter,'intere�l-r�ite.�/. Source: U.S. Treasury. 12. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional information on both nominal and inflation -indexed yields may be found at %v�v�v.treastti)7.,,,ov,'roource-ceiiter,,data-ch�,irt- center/ititerest-rates/. 13. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years. 14. International Swaps and Derivatives Association (ISDA*) mid-markct par swap rates. Rates are for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on rates collected at 11:00 &in. Eastern time by Garban Intercapital pic and published on Reuters Page ISDAFIXOL ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited. 15. Moody's Am rates through December 6, 2001, are averages of Am utility and Am industrial bond rates. As of December 7, 2001, these rates are averages of Am 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 Surveyo data provided by Freddie Mae. Note: Weekly and monthly figures on this release, as well as annual figures available on the Board's historical H.15 web site (see below), are averages of business days unless otherwise noted. Current and historical H.15 data are available on the Federal Reserve Board's web site (www.federalreserve.gov/). For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886). Description of the Treasury Nominal and Inflation -Indexed Constant Maturity Series Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve for non -inflation -indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. Similarly, yields on inflation -indexed securities at "constant maturity" are interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market. The inflation -indexed constant maturity yields are read from this yield curve at fixed maturities, currently 5, 7, 10, and 20 years. 9 http://www.federalreserve.gov/Releases/H I 5/update/ 11/1/2011 I I IIIL�A V �IaAVII - "VO4U VI "VVVIIIV13 UI Lll� 1 11.1. 11 x ag� i vi Commercial Paper Summary Rates Volume Statistics Outstanding Year-end Maturity Distribution About Announcements Commercial Paper Rates and Outstanding Summary Derived torn data supplied by The Depository Trust & Clearing Data as of October 31, 2011 Posted November 1, 2011 ne commercial paper 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 change at any time without notice. Rates Period AA nonfinancial 1- day 0.31 0.30 0.31 0.30 0.31 A2/P2 nonfinancial 1- day 7- day is- day 30- day 60- day 90- day 7- day is- day 30- day 60- day 90- day Oct. 25 0.06 0.07 0.10 0.05 0.08 0.13 0.31 0.37 0.38 0.29 0.57 Oct. 26 0.06 0.05 0.06 0.09 0.11 0.15 0.35 0.34 0.39 0.41 0.51 Oct. 27 0.06 0.05 0.07 0.11 0.08 0.10 0.35 0.35 0.35 0.38 n.a. Oct. 28 0.051 0.06 0.11 0. 08 O�. 12 n.a. 0.32 O.Il6 0.39 0.431 n. Oct. 31 0.061 0.07 1 0.10 1 . - 0.09 0.11 n.a. 0.36 0.-. _ 0.40 n. a. n.a. Note: n.a. indicates that trade data was insufficient to support calculation of the particular rate. Period AA financial 1- day 0.43 0.44 0.41 0.41 0.44 AA asset -backed 1- day 7- day 15- day 30- day 60- day 90- day 7- day is- day 30- day 60- day 90- day Oct. 25 0.05 0.07 0.10 0.09 0.12 0.25 0.61 0.59 0.28 0.25 0.31 Oct. 26 0.05 0.03 0.10 0.10 0.14 0.27 0.58 0.69 0.25 0.21 0.34 Oct. 27 0.04 0.06 0.08 0.10 0.15 0.26 0.69 0.43 0.30 0.31 0.37 Oct. 28 0.04 0.09 0.09 0.10 0.11 0.21 0.47 0.63 0.30 0.33 0.38 Oct. 31 0.04 0.06 0.10 0.11 0.12 0.20 0.56 0.74 0.29 0.32 0.34 Note: n.a. indicates that trade data was insufficient to support calculation of the particular rate. Outstanding Levels Seasonally adjusted Billions of dollars 10 http://www.federaireserve.gov/Releases/CP/ 11/1/2011 I - �� , ... I . I.... � ...... �J��V ... L ar,� � vL � Period Total Nonfinancial 0"" Financial Asset- backed other Total otal T7� Domestic Foreign Total [D� �Foreign Monthty-end levels 2011-June 1,171.2 162.9 121.8 41.1 606.7 352.1 254.7 401.5 .0 July 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 36.4 513.8 320.4 193.4 347.6 .0 Oct. 1,019.0 186.7 147.0 39.6 490.8 299.1 191.8 341.5 .0 Weekly (Wednesday) levels Sept. 28 1,007.6 180.9 140.8 40.2 517.7 327.0 190.7 309.0 .0 Oct. S 985.4 184.0 142.8 41.2 493.6 314.4 179.2 307.8 .0 Oct. 12 966.3 185.1 143.7 41.5 475.3 298.2 177.1 305.9 .0 Oct. 19 949.3 187.4 146.0 41.4 457.7 278.7 179.0 304.1 .0 Oct. 26 961.1 196.1 153.6 42.4 452.1 266.2 185.8 312.9 .0 Not seasonally adjusted Billions of dollars Period Total Nonfinancial Financial Total Domestic� Total I Domest Monthly -end levels 2011-June 1,081.6 148.3 106.9 41.4 556.31 332.3 224.0 377.0 .0 July 1,056.8 174.5 140.7 33.8 518.5 317.8 200.7 363.8 .0 Aug. 1,049.6 175.5 144.1 31.4 516.3 315.0 201.3 357.8 .0 Sept. 1,004.4 158.6 124.7 34.0 495.6 309.0 186.6 350.2 .0 Oct. 1,027.1 193.8 159.4 34.4 480.6 291.3 189.3 352.7 .0 Weekly (Wednesday) levels Sept. 28 1,025.9 175.1 140.9T 34.2 499.9 312.3 187.6 350.9 .0 Oct. 5 1,015.5 182.1 147.6 34.5 484.9 301.4 183.4 348.5 .0 Oct. 12 1,017.5 183.7 149.3 34.4 485.7 300.8 184.9 348.1 .0 Oct. 19 1,028.2 194.3 160.0 34.3 485.0 295.6 189.4 348.8 .0 Oct. 26 1,036.8 198.3 164.6 33.7 486.0 292.7 193.3 352.5 .0 Return to -top 11 http://www.federalreserve.gov/Releases/CP/ 11/1/2011 City of La Quinta Cash Fl. Budget to Actual September 30, 2011 Cash Basis Budget Actual Accruat Adjusted Total Variance Account 9/11 9/11 Adjustment 9/11 Over(Under) Notes Property Tax/ Tax Increment - 249,352 249.352 249,352 Received Supplemental tax Transient Occupancy Tax 148,706 172,213 131,851 304.074 155,368 TOT hgoe, tan budgeted Sales Tax received higher Sales Tax 318.444 507.042 507.042 188,598 Man toudgetect SilverRock Golf 115.038 163.475 163.475 48,437 Library 512 - - (512) Develo,or Fees $541, Otherr 536.773 471,481 471,461 (65,292) unceilicudget Revenues 1,119,472 i,W3,563 131,861 1,695,424 575,952 Expenditures Salaries & Fringe Benefits 1,243,415 1,076,923 1,D76,923 (166,492) Other expenditures 1 983,468 1,244,028 1,244,028 (739,439) Did not receive Police invoice 3,226,883 2,320,951 2320,951 905,931 Subtotal Did not spend $1251, for Economic Development in 2011 PA 2 Brand Fccd, $311 Ser.,oxi,ri PA I Debt service arderbudget. 521 k Secces in RDA 2 Debt Services Redevelopment Agency 259,426 '7:125 97025 (162,401) indartudget Debt Service (Principal/interesVPass Through) L 3 8� 238 32 18,946 11:;0;4 4!121! 11!82. 5 143455 Subtotal 2,420.723 2,420,723 2,420,723 capital Projects Total E.Pinfifilauress 17,611,918 16,562,532 16,562532 (11,049l Net Reverrues[Expenditures 114,111,01111,969)l 131,861 1 (14,111437,111311I)l 1473,435) __=,492,446)1 NOTE 1 Expenditures am budgeted at 8 M% per month Difference Iffietkeen actual and budget (Underspent) DEPARTMENT Overspent Notes GENERAL GOVERNMENT (17.726) CITY CLERK 3,104 COMMUNITY SERVICES 105.197 $125k purchase of equipment for Fecess Center FINANCE 31,382 BUILDING & SAFETY (75,074) Build[, D ... sken $421, underbudget PUBLIC SAFETY (991,679) No nolice Invoice PLANNING (4.853) PUBLIC WORKS. (17,766) (967,417) SUBTOTAL - GENERAL FUND Library Gas Tax Federal Assistance JAG Grant Slesf (Cops) Revenue CMAQ Lighting & Landscaping RCTC Development Agreement AS 939 (4,564) Quimby Infrastructure Proposition 1B South Coast Air Quality (5,801) Transportation 22,339 Parks & Recreation - C,v,c Center Library Development Community Center Street Facility Park Facility Fire Protection Afts In Public Places (5,329) Interest Allocation Equipment Replacement (24,614) Information Technology (13,704) Park Maintenance Facility (40,218) StIverRock Golf (59,087) SilverRoCk Reserve LO Public Safety Officer (167) Housing Authority Finance Authority (65.738) (967) Supplemental Pension Plan Capital improvement Total 12 BOARD MEMBER ITEMS