2012 05 09 IABP.O. BOX 1504
LA QuINTA, CALIFORNIA 92247-1504
78-495 CALLE TAMPICO
LA QOINTA, CALIFORNIA 92253
AGENDA
INVESTMENT ADVISORY BOARD
Caucus Room
78-495 Calls Tampico- La Ouinta, CA 92253
May 9, 2012 - 4:00 P.M.
CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
(760)777-7000
FAX (760) 777-7101
II PUBLIC COMMENT - (This is the time set aside for public comment on any matter
not scheduled on the agenda.)
III CONFIRMATION OF AGENDA
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on April 11, 2012 for the Investment
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for March 2012
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report and other selected Financial Data -
April 2012
B. Pooled Money Investment Board Reports on Hand for Review - March 2012
VII BOARD MEMBER ITEMS
Vlll ADJOURNMENT
The La Quints 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 Quints, CA 92253,
during normal business hours.
F:�
INVESTMENT ADVISORY BOARD
Meeting
April 11, 2012
CALL TO ORDER
Regular meeting of the La Quinta Investment Advisory Board was called to order at the
hour of 4:05 p.m. by Chairperson Spirtos followed by the Pledge of Allegiance.
PRESENT: Board Members Mortenson, Blum, Spirtos, Park and Donais
ABSENT: None
OTHERS PRESENT: John Falconer, Finance Director and Vianka Orrantia, Senior
Secretary
II PUBLIC COMMENT - None
III CONFIRMATION OF AGENDA - Confirmed
Mr. Falconer requested that an amended copy of the Treasurers Report be
added to the agenda. Board concurred..
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on March 14, 2012 for the Investment
Advisory Board.
MOTION - It was moved by Board Members Park/Mortensen to approve the
Minutes of March 14, 2012. Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasury Report for February 2012
Mr. Falconer presented and reviewed the staff report for the month of February
advising the Board that the portfolio increased by $101,000 ending the month
at $180.4 million. Mr. Falconer also reported due to the low -yielding money
market fund investments, staff reinvested the funds in Treasury Bills, which will
be reflected in the March report.
Mr. Falconer reported on the two major expenditures for the month of February
which included $1.36 million paid to Burrtec Waste for trash and recycling
services and $1.63 million paid to the Riverside County Sheriffs. Mr. Falconer
also reported on the $591,000 that was paid toward capital improvement
projects in addition to reporting on revenue that was received for TOT for the
month totaling $507,000 as well as payments received from the County for
vehicle and lieu fees in the amount of $1.5 million and Sales Tax reimbursement
in the amount of $825,000 (Mr. Falconer noted that this payment is normally
received in January, but was received this year in February).
In response to Board Member Blum, Mr. Falconer advised on the status of the
construction of the Adams Street Bridge.
Mr. Falconer advised that the portfolio performance was two basis points higher
than the prior month ending the month at .36% and the performance of the
pooled cash investments ended the month at .49%.
In response to Board Member Mortenson, Mr. Falconer advised of the status of
the Redevelopment Agency and the formation of the Successor Agency and
their responsibilities as an agency.
General discussion ensued amongst the Board and staff in regards to the
elimination of the Redevelopment Agency and the appointed members and
responsibilities of the Successor Agency.
MOTION — It was moved by Board Members to review, receive, and file the
Treasurers Report for February 2012. Motion carried unanimously.
B. Continued Consideration of Fiscal Year 2012/2013 Investment Policy and Work
Plan Items
Mr. Falconer presented a redlined draft of the Board's recommended changes
from the previous meeting to the 2012/2013 Investment Policy. Mr. Falconer
advised the Board that at this time staff had no recommended changes to the
policy.
Chairperson Spirtos advised that if the Board had no further recommended
changes that the Board approve the Fiscal Year 2012/2013 Investment Policy
as amended. Board concurred.
2
MOTION — It was moved by Board Members Mortenson/Blum to approve the
Investment Policy for Fiscal Year 2012/2013 as amended and continue this item
to the June Investment Advisory Board for discussion and review with the
Interim City Manager and City Attorney. Motion carried unanimously.
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report — March 2012
In response to Chairperson Spritos, Mr. Falconer clarified that the ACH credit
reported in the Month -End Cash Report is an acronym for Automated Clearing
House. He further clarified that institute/bank collects all ATM payments made
daily through the City and credits back all funds collected.
Mr. Falconer presented and reviewed the month -end cash report for the month
of March.
Noted and Filed
B. Pooled Money Investment Board Reports — February 2012
Mr. Falconer presented and reviewed the Pooled Money Investment Report for
the month of February.
In response to Board Member Park, Mr. Falconer advised that the impact of the
RDA's elimination has caused a slight decline in LAIF's balance.
Noted and Filed
VII BOARD MEMBER ITEMS
Chairman Spirtos advised the Board of the upcoming City events as follows:
April 13, 2012: La Quinta History Series - Third and final lecture series to be
held at the City of La Quinta Museum, guest speakers will
include Terry Henderson and Kay Wolff.
Talent Showcase to be held at the La Quinta Senior Center
April 28, 2012: City of La Quinta's 30`h Anniversary and Community Picnic
to be held at Fitz Burn's Park
3
In response to Board Member Donais, Mr. Falconer updated the Board on the
status of the recruitment of the City Manager.
General discussion ensued amongst. the Board and staff regarding the City
Manager's recruitment, as well as the status and recruitment of the Finance
Director.
Vlll ADJOURNMENT
MOTION - It was moved by Board Members Mortenson/Park to adjourn the meeting at
4:46 pm-Mption carried unanimously.
Senior Secretary
4
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: May 9, 2012
ITEM TITLE:
Transmittal of Treasury Report
for March 2012
BACKGROUND:
Attached please find the Treasury Report for March, 2012
RECOMMENDATION:
Review, Receive and File the Treasury Report for March 2012
Falconer; Finance Director
Treasurer's Commentary
For the Month of March 2012
Cash Balances — The portfolio size decreased by $7.74 million to end the month at $172.94
million. The major reason for the decrease was $6.8 million spent on debt service payments
on March 152. Major Capital Project payments of approximately $2.5 million were made during
the month with $1.76 million of this amount going toward the Coral Mountain Apartment
Project and $302,000 going toward the Adams Street Bridge Project.
Investment Activity — The investment activity resulted in an average maturity increase of two
(2) days from the prior month to end the month of March at 74 days. The Treasurer follows a
buy and hold investment policy with one (2) Commercial Paper purchases totaling $10 million
and one (1) Federal Home Loan Bank Discount Note totaling $9 million purchased. In addition,
$10.8 million of U.S. Treasury Bills were purchased. The sweep account earned $7 in interest
income for the month of March and the bank fees for the month were $ 1,698 which resulted
in a net decrease of $1,691 in real savings.
Portfolio Performance — The overall portfolio performance had a two (2) basis point decrease
from the prior month and ended at .34% for the month, with the pooled cash investments at
.44%. The portfolio yield should continue to stay at these levels for the near future. At this
time last year, the portfolio was yielding .45% which reflects the current interest rate
environment.
Looking Ahead
In the short term, the Treasurer will be investing in short term commercial paper or GSE
paper.
2
IO z
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for March 31, 2012
DATE: April 30, 2012
Attached is the Treasurers Report for the month ending March, 2012. The report is submitted to
the City Council each month after a reconciliation of amounts 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
Entlin
Change
LAW
$ 31,975,653
$ 6,200.000
$ (1,500,000)
0
$ 36.675,653
4,700,000
Interest bearing active bank deposit
39,896,313
15,974
39,912.287
15,974
Certificates of Deposit
US Treasuries
724,000
58,371,968
10,800,000
(2)
(10,800,000)
(2,158)
724,000
58,369,810
0
(2,158)
US Gov't Sponsored Enterprises
23,998,996
9,000,000
(2)
(9,000,000)
(2,B35)
23.996,161
(2,835)
Commercial Paper
14.998,717
10,000,000
(2)
(15,000,000)
(1,889)
9,996,828
(5,001,889)
Corporate Notes
Mutual Funds
- -
3,585 189
1 108,086
(2)
1
(87,4431
6 551
0
3,612 383
0
27194
Subtotal
$ '173,550,836
$ 36,124060
$ 36,387443
$ 331
$ 173,287,122
$ 93:714
Cash $. 6,838,073 1 8 3 $ 7,181,145 $ 343,072 $ 7,181,145
Total - 3180,388,909 $ 36,124,060 $ 43,568,588 $ 331 $ 172.944.050 1 $ 7,444,859
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 Quints, 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.
lr� M '1 t,4 y ln/ S/3 Z-o y-
John M. Falconer
Date
Finance Director/Treasurer
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premiuMdiscount 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.
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City of La Qui iLl
Compambve Rates of Interest
March 31, 2012
City Of"Qulnta
Three Mane,
August 2007
5,17%
4.85%
508%
109
4,59%
5,25%
Sept 2007
5,16%
486%
5.06%
129
4.OD%
5.23%
Oct 2007
6,11%
485%
6.02%
'116
3.95%
5.14%
Nov 2007
5.03%
4.83%
4.96%
99
3.34%
4.96%
Dec 2007
4.95 %
3.43%
445%
123
3,39%
4.80%
Jan 2M
4.58%
333%
4.22%
96
2.31%
462%
Feb 2008
4,12%
3.24%
385%
86
2,07%
4.16%
Mar 2008
4.07%
283%
3.67%
14
1,50%
378%
Apr2008
3,45%
329%
3,41%
82
1.10%
340%
May 2006
3.14%
3.21%
3.17%
63
1,92%
3.09%
June 2008
3.09%
194%
2.88%
80
2.14%
2.89%
FY O&09
Ju1y200S
2.99%
1.93%
217%
62
1.20%
1.88%
2.29%
2,75%
2,18%
279%
1Wgus12006
3,16%
192%
2.88%
51
1.69%
1.899l,
2,14%
238%
208%
278%
Sept 2008
281%
1.92%
2,64%
37
1.42%
1,79%
1.98%
2.00%
2.13%
277%
Od 2008
2.66%
261%
2.61%
29
OM%
1.40%
172%
1.60%
2.09%
221%
Nov2008
2.38%
236%
2.36%
64
0.15%
OAM
1.04%
1.25%
1A5%
267%
Dec 2008
760%
DAB%
1.42%
116
0.05%
0.26%
059%
088%
0.97%
2.35%
Jan 2009
1.36%
OA8%
1.23%
82
0.15%
0.36%
0.43%
O88%
031%
2,05%
Feb 2009
123%
0.18%
1.11%
75
0.30%
OM%
061%
ON%
0.48%
187%
Mar 2009
126%
0.18%
1.13%
69
020%
0.42%
0.10%
0.88%
0.37%
1.82%
Apr 2009
094%
0.18%
0.86%
54
0.31%
0.33%
0.59%
0,88%
0.28%
1.61%
May 2009
0.92%
0.18%
0.84%
80
0.18%
030%
0.0%
0.88%
0.23%
1.53%
June 2009
085%
029%
080%
111
D.20%
035%
0.55%
1.13%
0.26%
138%
FY 09110
July 2009
0.69%
0.30%
065%
111
0.19%
028%
0,47%
1.00%
0.28%
1.04%
August 20N
a"%
0,30%
0,61%
92
0,16%
0.26%
0"%
1,00%
0.24%
0.93%
Sept 2009
0.%%
0.31%
0,63%
112
0,12%
0.19%
0.41%
1.00%
0. 19%
075%
002009
0.52%
0.31%
050%
90
008%
0.19%
0.38%
1.00%
0.19%
0.65%
Nov 2009
0.%%
0.31%
0,63%
152
0.04%
0.14%
0.32%
0,75%
0. 15%
061%
Dec 2009
0.%%
0.16%
0.51%
239
0.11%
0.20%
0,16%
1.00%
OA6%
0.67%
Jan 2010
0.46%
0.16%
0,43%
179
0.06%
0.14%
0.34%
0.88%
0,13%
0.56%
Feb2010
0.51%
0.16%
048%
162
0.13%
0.19%
0,32%
088%
0.15%
0.58%
Mar2010
050%
0.16%
0.47%
172
0.15%
024%
0.38%
100%
02D%
0,55%
Apr2010
0.52%
0.16%
0.48%
162
0.16%
0.24%
0A9%
100%
023%
059%
May 2010
0.52%
0.16%
048%
116
0.17%
022%
0.31%
075%
028%
0.%%
June 2010
044%
005%
0,34%
134
0.16%
0,22%
0.32%
063%
0.32%
0.53%
FY 10111
July 2010
0.50%
0.15%
042%
119
0.16%
0.20%
0.30%
063%
0,28%
0.53%
August 2010
0.49%
OA5%
046%
108
0.15%
0.1914.
0.26%
038%
0.25%
0,51%
Se,u20lO
0.55%
0.15%
0.51%
107
0.16%
0.19%
0.22%
am%
024%
0.50%
O 2010
0.55%
0.15%
0.51%
88
0.13%
0,17%
023%
0.38%
0.23%
048%
Nov 2010
0,63%
0.15%
0.49%
84
0.18%
0.21%
0.28%
0.50%
023%
0.45%
Dec2010
0.59%
OA4%
0,62%
265
0.16%
0,19%
0.30%
063%
0.23%
0,46%
Jan 2011
0.51%
0.14%
0.43%
206
OA6%
0.18%
028%
0.83%
024%
0.54%
Feb 2011
0.55%
0.17%
0.46%
210
OA5%
0,17%
0.31%
0.63%
023%
0.51%
Mar2D11
0.54%
0.17%
0.45%
218
0.05%
0.13%
0.26%
075%
0.23%
0,50%
Apr2011
0.59%
0,17%
am%
192
005%
0.10%
028%
0,63%
020%
059%
May 2011
am%
0.17%
0.41%
156
006%
0,12%
0.20%
0.60%
0.16%
0,41%
June 2011
0.53%
0.00%
0.35%
126
003%
0.10%
0,20%
0.38%
0,15%
0.45%
FY 11112
Juiy2011
053%
000%
0.35%
112
007%
0.12%
0,15%
020%
0.14%
0.38%
August2011
0.60%
ON%
0,38%
102
0.02%
005%
0.10%
0.13%
OA6%
DAM
Sept 2011
0.58%
003%
0,39%
124
002%
ON%
0.09%
0,13%
OA4%
0.38%
Oc12011
0,53%
003%
0.35%
117
0.01%
ON%
0,12%
0.25%
0,15%
0,39%
Nbv20lI
0.52%
003%
0.37%
Bl
0.03%
0.07%
0,10%
0,25%
0.14%
0.40%
-
Dec2011
0"%
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0.35%
86
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0,11%
0,13%
0.14%
0.39%
Jan 2012
OA6%
0.03%
0.34%
14
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0.08%
0.11%
0.25%
0,14%
0.39%
Feb 2012
049%
006%
0,36%
72
0.12% -
0.15%
0.17%
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0.17%
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INVESTMENT ADVISORY BOARD
Meeting Date: May 9, 2012
TITLE:
Month End Cash Report, April 2012 and
Other selected Financial Data
BACKGROUND:
Correspondence & Written
Material Item A
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.
M. Falconer, Finance Director
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Inside the State Treasurer's Office
Local Agency Investment Fund (LAIF)
PMIA Performance Report
im
4/12/2012
0.37
td
0.38
-
Matulrrity=
e
243
4/13/2012
0.38
0.38
243
4/14/2012
0.38
0.38
243
4/15/2012
0.38
0.38
243
4/16/2012
0.38
0.381
240
4/17/2012
0.37
0.38
235
4/18/2012
0.37
0.37
229
4/19/2012
0.36
0.37
228
4/20/2012
0.36
0.37
235
4/21/2012
0.36
0.37
235
4/22/2012
0.36
0.37
235
4/23/2012
1 0.361
0.37
235
4/24/2012
1 0.361
0.371
236
4/25/2012
1 0.361
0.371
236
'Daily yield does not reflect capital gains or losses
Corporate Bonds
0.00%
Commercial Paper
0.62%
Time Deposits
6.68%
CDs/BN:
10.68%
LAIF Performance Report
Quarter ending 03/3112012
Apportionment Rate:
Earnings Ratio:
Fair Value Factor:
Daily:
Quarter To Date:
Average Life:
0.38%
.00001033084098709
1.001211113
0.38%
0.39%
243
PMIA Average Monthly Effective Yields
MAR 2012
0.383%
FEB 2012
0.389%
JAN 2012
0.385%
Pooled Money Investment Account
Portfolio Composition
$64.3 Billion
03/31 /12
Loans
Agencies
10.89% Mortgages
0.57%
Treasuries
50.35%
3
Kecent 13111 Aucrion KeSWIS ragr i U2 i
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Recent Bill
Auction Results
s:[ar rtv
la-
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msmanr
i-asxmen\
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cusm
Term
Dale
wte
Dale 1
Rnle %
re.KID
13 -WEEK
05 03
2012
00-O2-2012
0.095
0096
9091s989
9121955r
26-WEEK
05-03-IN?
11 01-2012
0. 145
0141
99.926694
9121956/1
4-WEEK
"'162012
05-74
?Ci12
0.075
0,076
e9994161
91U955P2
]3-WEEK
04-26-2.12
01 26
2012
0.080
0 .81
99.979778
9121954Bi
26-WEEK
04-26-2012
10 IS
2012
0,130
0,132
99 93118
9122956N6
4-WEEK
04-192012
05 17
2012
0.065
0.066
99.99:944
9111955N2
13-WEEK
04-19-2032
07
2012
0,080
0,081
99.979778
912]955X5
26-WEE K
04192012
19
10-82.12
0.135
0.137
99.931J50
91 P955G2
4 WEEK
04-12
i012
05-1O-1032
0.080
0.081
99 993228
9112955M9
13 WEEK
04-12-2012
01-12-1012
0085
D.086
94 978514
9111955W2
16-WEE K
04-12-2012
10-11-2012
0.150
0.152
99.924167
91D956M8
4-WEEK
04-05-2012
05-D3-2012
0.055
0,056
99 995122
9121953N9
13 WEEK
04-05
2012
01 05-2012
0.025
0.076
99.981042
9121955m
26-WEEK
04-05-2012
10-04-2012
0 140
0.142
99.929222
9122956K2
52 WEEK
04-05-2012
04-04-2013
0.1B5
0, 188
99.812944
9121956F3
4 WEEK
03-29-2012
04-26-2012
0.065
0.066
99.944944
9121555K3
13-WEEK
03-19-2012
06-28-2012
D. D05
0.086
99.916514
912J953W9
26-WEEK
03-19-2012
09-21-2012
0.150
0. 152
99.924161
912/95615
9-WEEK
03-22-2011
04-19-2012
0.100
0. 101
99,992222
91229596
13-WEEK
03-22-2012
06-21-2D12
0.095
0.096
99925A86
9121955T4
26-WEFK
0342-201
2
09-20-2012
0.150
0.152
99924162
9121955C1
4 WEEK
-3
035-2012
04-12-2D12
0.010
0.071
99.994556
912J955N0
13 WEEK
03-15-2012
06-14-2D12
0.095
0,095
99.915986
912195556
26-WEEK
O3- 5
202
09-13-2032
0.145
0,147
99926894
9121956N9
4-WEEK
03-08-2012
04 05
2r11
0.060
U Otil
99!995333
9/21953112
l3-WEEK
O'-06-2012
06 02-2012
0.000
0,081
so 979118
%21955RB
26-WEEK
03-OB-2012
09 MIS
2
0. 130
0.112
99.934278
9127956G1
52-WEEK
D3-00_2012
03-02
3013
0.110
D.113
99 828111
912J95616
4-WEEK
03-01-2011
03-19-2012
11.100
0.101
99.992211
91l195514
49-DPl
03-D1-2012
04 19
2U 12
0. 105
0305
99.985706
9121955/6
13-WEEK
03 01
ID12
OS-31-2012
0. 115
1 "1
99.910931
1121953`36'
16-WEEK
03-01-2012
08-30Q%2
0. 145
0. 141
99.926694
9117956C0
4-WEEK
02-23-2012
Ol-22
201
if M
0,061
99.995331
912le5517
13 WEEK
02-23-2Z2
05 21-2012
0.085
0.086
99.978514
9127955V2
26-WEEK
02-23-2012
08 21-2012
11. 125
0.127
99.936806
912195Y96
4-WEEK
02-16-2012
03 15-2015
D.010
0.112
99 991444
9121955D9
13-WEEK
02-16-2012
05-ll212
0.095
0.091
99.975986
91.219SS117
26-WEEK
02-16-2012
00-26-201.2
0.130
0, L32
99.934278
912795652
6,1 DAY
02-15-2012
04-19
2012
0.120
0.122
99.910661
912795536
4 WEEK
02-09-2012
03 08
2012
0.060
0.061
99 995333
9121953G4
Effective with the 11/2/98 auction, all bills are auctioned using the single -pi iced method.
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IIJ1, )1 rtnort of thaT . y, fla,ao ofHm Public Debt
http://www.treasurydirect.gov/RI/OFBills 5/1/2012 4
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Recent Note, Bond, and TIPS Auction Results
Issue Macuruv. Int.-I YTOD rrmc
Security t¢rm TYOe pale Date R4tn 1W P¢r$IVO CVSID
?YEAR NOTE 04-30 2012 E1-30-2014 0 250 0.2I0 99,960135 9128285R2
S"YEAR - TIPS 0430 2012 E4-IS-201, 0.125 -1,080 1. 389951 9128285Q4
5-YFAR NOTE 04-90-9012 09-30-20ll 0.025 H A, 01 941436 912828550
7-YEAR NOTE 04 30 2012 09-30-2011 1.250 1.342 11 t14100-128295,8
3YEAR NOTE 04-16-2012 04-15-2015 0.32E 0.427 99.845296 912028506
9-YEAM1 10-MONTH NOTE 04-15-2832 02-15-2022 2.000 2.043 99 6164Y9 912028518
29-YEAR 10 MONTH BOND 04-16-2U12 02-15 2042 3.12E 3.230 92. J93453 912810QU5
2-YEAR NOTE 04.02-2032 03-31-2014 0.290 0.340 40 821248 9120285L5
5-YEAR NOTE 04-02 2012 03-31-2012 3000 1.040 99.805782 9128285M3
2-YEAR NOTE 04-02-2012 E3-31-2019 1,1E0 1.590 99.40639E 91L2028SN1
9-YEAR 10 MONTH T10S 03-3U-2012 01>15 2022 0125 -0,089 102.22602E 912828SA9
3-YEAR NOTE 03-15-2012 034E-2015 0.325 0456 99 O892Y 9128285N2 -
i9-YEAR 11-MONT11 NOTE 03-15-2012 02-15 1012 2.000 2.026 99.320389 912828SIS
29-YEAR 11-MONTH BOND 03-15 2012 02-15-2042 3. 125 3.393 95. 165202 912018QU5
2-YEAR N01E 02-29-2012 02-28-2014 0.25D 0.310 99.890464 9128285G6
5-YEAR NOTE 02-29 2012 02-28-2011 0.825 0 900 99.8Y8039 912828510
2-YEAR NOTE 02-29-2012- 02-28-2019 1,315 1.418 99. 114418 9128285H4
j -30-YEAR TIVS 02-29-2012 02-15-2042 0,750 0.220 99.34/116 912810QV3
3-YEAR AQTF 02-15-2012 02-15-2015 0.250 0.342 99 718239 9128285EI
10 NEAR NOTE 02-15-2012 02-15-2022 2.000 2 020 99.819226 9128285FS
30 YEAR BOND 02-15-2012 02-15-2042 3.05 3.240 97803940 912810005
2-YEAR NOTE 91-31-2012 01-31-2014 0250 0.250 100.000000 912828SB2
S YEAR NOTE EI-31-2012 01-31-2017 0.975 0 ass 99.882914 9120285CS
7-YEAR NOTE 01-31-2012 01-31-2019 1.250 1,359 99 274515 912B2tl5n3
10 YEAR TIC 01-31-2012 01-15-2022 0. 125 0 046 1U1b63834 912820SA9
3-YEAR -NOTE 01-12-2012 01-15-2015 0.250 0,320 99 642968 9128281I25
9-YEAR 10 MONTH NOTE 01-12 2012 11-15-2021 2.000 1900 ID0090462 912828RR3
29 YEAR 10-MONTH 00ND 01-12-2012 11-15-2041 3. 125 2,985 302346849 912810QTS
2-YEAR NOTE 01-03-2012 II-1-2011 0. 125 0,240 9'1111630 9128d 8RW3
5-YEAR NOTE Dt-03 2012 12-31-2016 0.825 0.880 99 975Y02 9128289%O
2-YEAR NOTE 01 03-2012 12 31-20L8 1371 1430 99.635210 9R02t1RY8
4-YEAR 4-MONTH TIPS 12-30 2011 04-15-2016 0. 125 -0.827 102.09832E 912826QU5
3-YEAR NOTE 12-15-2011 12-15-2014 0350 0,152 99. 595616 912tl18µV4
9-YEAR 11-MONTH NOTE L-1S 2011 11-15 2021 2.000 2.010 `0 8196BA 9II828WR3
i 29-YEAR 11-MONTH BOND 12 15 20 1 11-15 2041 3.12E 2,925 103.966332 9128AOQIB
2-YEAR NOTE EA 30 2011 11-30-DIET 0.250 0.280 99.940209 912WIRST,
5-TEAR NOTE It-30 2011 11-30-2016 0815 0,932 9A 691840 912818R116
2-YEAR NOTE tt-30 201, 31-30-2018 1..315 1 415 99. 134313 9120d0 µT0
9YEAR 8-MONTH TIPS 11-30 Y011 07-15-2021 0,625 0.091 1.05.1338.6 912028QV5
3 YEAR NOTE 11-15 2011 11-15-2014 0.375 0.329 9A988029 912828RQ5
Denotes TIPS bond; all other TIPS without asterisks are notes
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5
http://www.treasurydirect.gov/RI/OFNtebnd 5/1/2012
ranter version - tsoara of vovemors o1 the r cucrar nubur vc oy Nmiia . ar' .
Selected Interest Rates (Daily) - H.15
Current Release Release. Dates Daily Update Historical. Data About Announcements
Daily Update
Release Date: April 27, 2012
- 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.
April 27, 2012
Selected Interest Rates
Yields in percent per annum
Instruments
2012
Apr
23
2012
Apr
24
2012
Apr
25
2012
Apr
26
Federal funds (effective) i 2 3 _
0.13
0.14
0.15
0.14
Commercial Paper 3 4 5 6
Nonfinancial
1-month
0.12
0.14
0.13
0.13
2-month
0.16
0.15
0.17
0.17
3-month
0.21
0.19
0.20
0.21
Financial
1-month
0.17
0.05
0.14
- n.a.
2-month
0.21
0.14
0.17
0.13
3-month
0.19
0.19
0.20
0.16
CDs (secondary market) 3 7
_
1-month
0.18
0.18
0.18
0.18
3-month
0.28
0.28
0.28
0.28
6-month
0.46
0.46
0.46
0.46
Eurodollar deposits (London) 3 s
1-month
0.33
0.31
0.31
0.31
3-month
0.46
0.44
0.44
0.44
6-month
0.64
0.64
0.64
0.64
Bank prime loan 2 3 9
3.25
3.25
3.25
3.25
http://www.federalreserve.gov/Releases/H15/update/ 5/1/2012 6
Yrinter version - rSoara w uoveraul s u1 mu i cuciai r,
Discount window primary credit 2 10
0.75
0.75
0.75
0.75
U.S. government securities
Treasury bills (secondary market) 34
4-week
0.04
0.07
0.08
0.09
3-month
0.08
0.09
0.09
0.09
6-month
0.13
0.14
0.14
0.15
1-year
0.16
0.17
0.17
0.17
Treasury constant maturities
Nominal rr
1-month
0.04
0.07
0.08
0.09
3-month
0.08
0.09
0.09
0.09
6-month
0.13
0.14
0.14
0.15
1-year
0.17
0.18
0.18
0.18
2-year
0.27
0.27
0.26
0.26
3-year
0.39
0.40
0.39
0.39
5-year
0.83
0.86
0.86
0.83
7-year
1.34
1.37
1.38
1.36
10-year
1.96
2.00
2.01
1.98
20-year
2.71
2.75
2.76
2.74
30-year
3.08
3.12
3.15
3.13
Inflation indexed 12
5-year
-1.12
-1.15
-1.16
-1.21
7-year
-0.76
-0.77
-0.77
-0.81
10-year
-0.26
-0.25
-0.24
-0.29
20-year
0.53
0.50
0.53
0.46
30-year
0.72
0.74
0.75
0.72
Inflation -indexed long-term average 13
0.34
0.36
0.37
0.32
Interest rate swaps 14
1-year
0.52
0.52
0.51
0.51
2-year
0.57
0.58
0.57
0.56
3-year
0.68
0.70
0.71
0.68
4-year
0.88
0.91
0.93
0.88
5-year
1.12
1.14
- 1.17
1.12
7-year
1.56
1.61
1.64
1.59
10-Year
2.04
2.09
2.12
2.08
http://www.federalreserve.gov/Releases/Hl5/update/ 5/1/2012 7
Printer Version - Board oI t,tovernors or me reaerai meserve aymuin fast i vi -r
30-year
2.77
2.83
2.86
2.83
Corporate bonds
Moody's seasoned
Aaa is
3.92
3.95
3.98
3.97
gaa
5.12
5.15
5.18
5.17
State & local bonds 16
3.86
Conventional mortgages 17
n.a. Not available.
Footnotes
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar
day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades
represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are
equivalent to the 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page
(www federalresciye.gov/releases/cp/).
6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is
any financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's
liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary
programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period.
7. An average of dealer bid rates on nationally traded certificates of deposit.
8. Source: Bloomberg and CTRB 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 wwNv.federaireserve.gov/board(lots/press/bcreg,1200211100210312/default.htin. 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 Nv w.fedel<'tlrescrN�cgqy;/relytses/h15/data.htm.
8
http://www.federalreserve.gov/Releases/Hl5/update/ 5/1/2012
rnrrter v crslUu - nuaru Ui UUvcntUIN Ui Ulu rcuriar txcbcr vu ayNtcur rage + Ut. +
11. Yields on actively traded non -inflation -indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity
series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006,
the U.S. Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal
rate. The historical adjustment factor can be found at www.treasury.gov/resource-center/data-chart-center/interest-rates/. Source: U.S.
Treasury.
12. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional
information on both nominal and inflation -indexed yields may be found at www.treasup-.gov/resource-centeridata-chart-
center/interest-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 -market par swap rates. Rates are for a Fixed Rate Payer in return
for receiving three month LIBOR, and are based on rates collected at 11:00 a.m. Eastern time by Garban Intercapital plc and published
on Reuters Page ISDAFIX01. ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited.
15. Moody's Aaa rates through December 6, 2001, are averages of Aaa utility and Aaa industrial bond rates. As of December 7, 2001,
these rates are averages of Aaa industrial bonds only.
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. Contract interest rates on commitments for fixed-rate first mortgages. Source: Primary Mortgage Market Survey® data provided by
Freddie Mao
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.federali-eserve.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/H15/update/ 5/1/2012
17II11Lc1 V c1S1U11 - DUUIU Ul 11UVc111V1J Ul Ulc POUcldl 1 Ubul vc Oy5Lc111 1 agr 1 U1 J
Commercial Paper
Summary Rates Volume Statistics Outstanding Year-end Maturity Distribution About Announcements
Commercial Paper Rates and Outstanding Summary Derived from data supplied by The Depository Trust 8 Clearing
corporation
Data as of April 30, 2012
Posted May 1, 2012
The 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
AA nonfinancial
A2/P2 nonfinancial
Period
1-
1-
7-
is-
30-
60-
90-
7-
is-
30-
60-
90-
day
day
day
day
day
day
day
0.38
day
day
day
day
day
Apr.
0.09
0.07
0.10
0.14
0.15
0.19
0.39
0.42
0.45
0.47
n.a.
24
0.38
Apr.
0.10
0.10
0.11
0.13
0.17
0.20
0.40
0.42
0.45
0.52
0.52
25
- 0.37
Apr.
0.09
0.11
0.11
0.13
0.17
0.21
0.40
0.43
0.46
0.53
0.60
26
0.38
Apr.
0.09
0.10
0.11
0.12
0.16
0.19
0.40
0.39
0.46
0.53
n.a.
27
0.39
Apr'
0.11
0.12
0.11
0.13
0.14
0.19
0.43
0.39
0.45
0.49
0.52
30
Note: n.a, indicates that trade data was insufficient to support calculation of the particular rate.
AA financial
-
AA asset
-backed
Period
1-
1-
7-
is-
30-
60-
90-
7-
is-
30-
60-
90-
day
day
day
day
day
day
day
0.20
day
day
day
day
day
Apr.
0.01
0.05
0.07
0.05
0.14
0.19
0.31
0.30
0.28
0.23
0.26
24
0.22
Apr.
0.11
n.a.
n.a.
0.14
0.17
0.20
0.36.
0.27
0.23
0.25
0.27
25
0.22
Apr.
n.a.
0.09
0.10
n.a.
0.13
0.16
0.32
0.21
0.44
0.25
0.27
26
0.21
Apr.
n.a.
0.11
0.09
n.a.
0.13
0.16
0.28
0.25
0.41
0.35
0.31
27
0.24
Apr.
0.11
0.11
0.11
0.12
0.14
0.18
0.23
0.23
0.22
0.22
0.29
30
10
http://www.federalreserve.gov/Releases/CP/ 5/1/2012
Y17nler V UrNIVII - r7VarLL Vl VV VO111V1J V1 LLlc I'cuvlal Vc OYMa 111 a agc � V1 ✓
Note: n.a. indicates that trade data was insufficient to support calculation of the particular rate.
Outstanding Levels
Seasonally adjusted
Billions of dollars
Period
Total
Nonfinancial
Financial
Asset -
backed
Other
Total
Domestic
Foreign
Total
Domestic
Foreign
Monthly -end levels
2011-Dec.
937.5
F175.1
139.3
35.8
433.9
268.7
165.3
328.5
.0
2012-Jan.
976.1
189.8
153.8
36.0
445.3
276.6
168.7
341.0
.0
Feb.
963.9
183.5
150.2
33.3
444.9
274.7
170.3
335.4
.0
Mar.
937.0
168.6
138.7
29.9
440.6
270.2
170.4
327.8
.0
Apr.
951.0
180.9
148.3
32.6
443.6
270.6
173.0
326.5
.0
Weekly (Wednesday) levels
Mar. 28
937.6
179.5
151.6
27.9
438.6
278.2
160.4
319.5
.0
Apr. 4
931.5
176.1
- 149.2
26.9
432.8
273.1
159.7
322.6
.0 ''..
Apr. 11
928.5
175.4
147.1
28.3
427.6
264.0
163.5
325.5
.0
Apr. 18
932.6
180.7
150.2
30.4
430.1
268.5
161.6
321.9
.0'',
Apr.25
925.9
181.1
148.8
32.3
421.3
258.8
162.5
,323.5
.0
Not seasonally adjusted
Billions of dollars
. Period
Total
Nonfinancial
Financial
Asset-
backed
Other
Total
Domestic
Foreign
Total
Domestic
Foreign
Monthly -end levels
2011-Dec.
969.2
146.5
116.3
30.2
471.8
291.2
180.6
351.0
.0
2012-Jan.
1,021.6
181.7
148.6
33.1
498.1
301.5
196.6
341.8
.0
Feb.
1,014.0
184.2
150.9
33.2
492.7
296.8
196.0
337.1
.0
Mar.
994.4
160.4
127.6
32.8
499.9
302.2
197.7
334.1
.0
Apr:
1,019.1
194.7
154.9
39.9
492.9
291.3
201.6
331.5
.0
Weekly (Wednesday) levels
Mar.28
1,001.9
174.0
141.9
32.2
500.6
300.1
200.4
327.3
.0
Apr.4
1,008.8
185.7
150.6
35.1
487.4
294.3
193.0
335.7
.0
Apr. 11
1,002.3
187.1
151.3
35.8
484.6
292.1
192.5
330.6
.0
Apr. IS
1,007.6
193.5
155.1
38.4
485.5
289.1
196.5
328.6
.0
Apr.25
1,017.4
194.8
154.9
39.9
493.3
293.3
200.0
329.4
.0
11
http://www.federalreserve.gov/Releases/CP/ 5/l/2012
City of La Ouinta
Cash Flow
Budget to Actual
March 31, 2012
Cash Basis
Budget
Actual
Accrual /
Adjusted Total
Variance
Account
Nil
3A1
Aduslment
3/11
Over Under
Notes
Property Taxl Tax Increment
418,088
112,755
371.132
483,887
65,799
Transient Occupancy Tax
578,16E
644.638
644,63B
66.470
Sales Tax
StiverRock Golf
585,813
581,941
581.941
(3,872)
Library
1,061,950
1.058,315
1,058,315
(3,635)
City License, Permiu and
Fees
-
Gashigherthan
budget; Gas Tax Revenue
catchup from "
Gram
$8%, Indian Gaming Gram
r Fees
$89N; Developer Fees $5611
Other revenues
604706
1,602,938
1.602938
998,232
Ngber Manbudget
Revenues
3,248,725
4,000,587
371,132
4,371,719
1,122,999
Expenditures
Salaries 8 Fringe Benefits
1,243.023
1,057,276
1,057.276
(185,717)
Pudic Works Dixiven$159
less than budget.I-Iousing
Authority $392k less than
12
INVESTMENT ADVISORY BOARD
Meeting Date:
TITLE:
May 9, 2012
Pooled Money Investment Board Report
for March 2012
BACKGROUND:
Correspondence & Written
Material Item B
A partial portion of the Pooled Money Investment Board Report for March 2012 is
included in the agenda packet. This report is available on-line at
www.treasurer.ca.gov.
RECOMMENDATION:
Receive & File
John M. Falconer, Finance Director
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF MARCH 2O12 WITH MARCH 2O11
(DOLLARS IN THOUSANDS)
Average Daily Portfolio
$ 63,666,116 $
66,930,284 $
-3,264,168
Accrued Earnings
$ 20,666 $
28,397 $
-7,731
Effective Yield
0.383 %
0.600 %
-0.117 %
Average Life -Month End (in Days)
243
193
+60
Total Security Transactions
Amount
$
20,623,743
$
27,241,149
$
-6,717,406
Number
412
560
-138
Total Time Deposit Transactions
Amount
$
1,636,000
$
2,612,000
$
-877,000
Number
87
126
-39
Average Workday Investment Activity
$
1,007,216
$
1,352,416
$
W,200
Prescribed Demand Account Balances
For Services
$
1,856,074
$
1,690,870
$
+166,204
1
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
March 31, 2012
DIFFERENCE IN
PERCENT OF
PERCENT OF
PORTFOLIO FROM
TYPE OF SECURITY
AMOUNT
PORTFOLIO
PRIOR MONTH
Government
Bills
$
17,422,080
27.07
-1.80
Bonds
0
0.00
0
Notes
14,977,688
23.28
.0.06
Strips
0
0.00
0
Total Government
$
32,399,768
50.35
-1.86
Federal Agency Debentures
$
1,510,225
2.35
+0.02
Certificates of Deposit
6,876,011
10.68
+3.58
Bank Notes
0
0.00
0
Bankers'Acceptances
0
0.00
0
Repurchases
0
0.00
0
Federal Agency Discount Notes
4,791,501
7.45
Time Deposits
4,300,640
6.68
+0.15
GNMAs
24
0.00
0
Commercial Paper
399,836
0.62
-1.86
FHLMC/Remits
364,494
0.57
-0.02
Corporate Bonds
0
0.00
0
AB 55 Loans
310,404
0.48
0
GF Loans
12,694,900
19.73
-0.08
NOW Accounts
0
0.00
0
Other
699,922
1.09
+0.01
Reversed Repurchases
0
0.00
0
Total (All Types)
$
64,346,725
100.00
INVESTMENT ACTIVITY
MARCH 2O12
FEBRUARY
2012
NUMBER
AMOUNT
NUMBER
AMOUNT
Pooled Money
412
$ 20,623,743
209
$ 10,395,496
Other
47
1,071,351
6
487
Time Deposits
87
1,635,000
101
1,790,480
Totals
546
$ 23,230,094
316
$ 12,186,463
PMIA Monthly Average Effective Yield
0.383
0.389
Year to Date Yield Last Day of Month
0.388
0.389
Pooled Money Investment Account
Portfolio Composition
$64.3 Billion
03131 /12
i
Corporate Bond:
0.00%
Commercial Paper
0.62%
Time Deposits
6.68%
CDs/BN:
10.68%
Agencies
10.89% Mortgages
0.57%
Treasuries
50.35%