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2012 09 12 IABP.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLL� TAMPICO LA QUINIA, CALIFORNIA 92253 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calls Tampico- La Quinta, CA 92253 September 12, 2012 - 4:00 P.M. VIA CONFERENCE CALL: Kurt Mortenson 218 Main St., S.W. Menahga, MN 56464 1 CALL TO ORDER a. Pledge of Allegiance b. Roll Call (7 6 0) 7 7 7 - 7 0 0 0 FAX (760) 777-7101 H PUBLIC COMMENT - (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR Approval of Minutes of Meeting on July 11, 2012, for the Investment Advisory Board V BUSINESS SESSION A. Transmittal of Treasury Report for June and July, 2012 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report— August 2012 B. Pooled Money Investment Board Reports - June and July 2012 VII BOARD MEMBER ITEMS Vill ADJOURNMENT PUBLIC NOTICES The La Quinta Study 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 Calla Tampico, La Quints, CA 92253, during normal business hours. INVESTMENT ADVISORY BOARD Meeting July 11, 2012 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 (via teleconference), Blum, Spirtos, Park and Donais ABSENT: None OTHERS PRESENT: John Falconer, Finance Director and Vianka Orrantia, Senior Secretary 11 APPOINTMENT OF OFFICERS A. Appointment of Investment Advisory Board Chairperson Chairperson Spirtos opened nominations for Chairperson. Board Member Park nominated Board Member Blum for the position of Chairperson. With no other nominations, Chairperson Spirtos closed the nominations. VOTE: All Ayes B. Appointment of Investment Advisory Board Vice -Chairperson Board Member Blum opened nominations for Vice -Chairperson. Chairperson Spirtos nominated Board Member Mortenson as Vice - Chairperson. With no other nominations, Board Member Blum closed the nominations. VOTE: Ali Ayes III PUBLIC COMMENT - None IV CONFIRMATION OF AGENDA - Confirmed V CONSENT CALENDAR A. Approval of Minutes of Meeting on June 13, 2012 for the Investment Advisory Board. Board Member Spirtos requested a correction be made to page 4, item A., second paragraph to read, "in response to Mr. Spevacek, Mr. Falconer advised that he WW unsure [ ... I MOTION - It was moved by Board Members Park/Donais to approve the Minutes of June 13, 2012, as amended. Motion carried unanimously. VI BUSINESS SESSION A. Transmittal of Treasury Report for May 2012 Mr. Falconer presented and reviewed the staff report for the month of May advising the Board that the cash balance had increased slightly by $7.1 million, ending the month at $179.29 million. The cash balance was a result of the following: the city was in receipt of $1.78 million in property taxes, $916,000 in Transient Occupancy Tax collections, $1.54 million in sales tax and triple flip sales tax revenue, $1.58 million in motor vehicle in lieu fee revenue from the County and $418,000 in lighting and landscaping collections. Mr. Falconer noted that historically the cash balance increased by approximately $20 million but due to the dissolution of the RDA, the City is no longer receiving RDA tax increments. Mr. Falconer advised that the Capital Expenditures totaled $40,000 for the month May, a decrease from previous months due to the completion of the "A" Street project and the current closure of the Adams Street Bridge. Mr. Falconer further advised that the average maturity and rates remain unchanged. In response to Board Member Spirtos, Mr. Falconer clarified that the dollar amount reflected for SilverRock for the month of October on page 9 are projected food and merchandise sales. In response to Board Member Mortenson, Mr. Falconer advised that CD's purchased are usually kept below $250,000, and as they mature staff usually rolls them over. Mr. Falconer noted that with the current economy the new interest rates on any purchased and/or rolled CD's will be at a lower rate. He 2 further noted that the current CD's have been purchased through local banks located within the City. General discussion ensued amongst the Board and staff regarding the possibility of purchasing additional CD's. In response to Chairman Blum, Mr. Falconer summarized for the Board the term .claw back" and explained how this process is used by the State. MOTION — It was moved by Board Members Spirtos/Donais to review, receive, and file the Treasurers Report for May 2012. Motion carried unanimously. B. FY 2012/2013 Meeting Schedule Mr. Falconer presented the 2612/2013 meeting schedule for the Board's approval. Board Member Mortenson suggested that the Board go dark in the month of August. Board concurred. Mr. Falconer suggested that the Board continue to meet on a monthly basis due to the commencement of a new Finance Director. Board concurred. MOTION — It was moved by Board Members Park/Spirtos to accept the Fiscal Year 2012/2013 Meeting Schedule with the Board going dark in the month of August. Motion carried unanimously. VII CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report — June 2012 Noted and Filed B. Pooled Money Investment Board Reports — May 2012 Mr. Falconer presented the pooled money investment board report advising the Board that the LAIF pooled investment account reported a $2.9 billion decrease in cash position for Fiscal Year 2011/2012. Mr. Falconer further advised that the yield decreased by approximately 5 basis points and the maturity increased by approximately 40 days. 3 In response to Chairman Blum, Mr. Falconer advised that any significant changes to the pooled money investment account are neither explained and/or reported to pooled participants. Noted and Filed C. Distribution of.investment Policies for Fiscal Year 2012/2013 Mr. Falconer advised the Board that the City Council approved the 2012/2013 Investment Policy in June and presented the policy to the Board. In response to Board Member Spirtos, Mr. Falconer clarified that the third paragraph on the cover page of Item C should have been omitted and had no impact to the approved investment policy. Noted and Filed Vill BOARD MEMBER ITEMS The Board at this time commended Mr. Falconer for his dedication, efficiency, accuracy, integrity and commitment to the City. IX ADJOURNMENT MOTION - It was moved by Board Members Spirtos/Blum to adjourn the meeting at 4:36 p ion carried unanimously. S�t mitted b Vianka Orrantia Senior Secretary 4 INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: September 12, 2012 ITEM TITLE: Transmittal of Treasury Report for June 30, 2012 and July 31, 2012 BACKGROUND: Attached please find the Treasury Reports for June 30, 2012 and July 2012. RECOMMENDATION: Review, Receive and File the Treasury Report for June 30, 2012 and July 2012. qls-1 I (___,/John M. Falconer, Finance Director MEMORANDUM TO: La Quints City Council FROM: John M. Falconer, Finance Directon'Treasurer SUBJECT: Treasurer's Report for June 30, 2012 DATE: July 31, 2012 Attached is the Treasurer's Report for the month ending June 30, 2012. The report is submitted to the City Cxxmcil each month after a reconciliation of accounts is accomplished by the Finance Department. The following table summarizes the changes in investment tyWs for the month: Investment Beginning Purchased Notes --So—fd/Matured —Other Change LAW re Interest 7bearing active bank deposit Certificates of Deposit US Treasuries US GOVI Sponsored Enterprises Commercial Paper Corporate Notes Mutual Funds Subtotal $ 39,910,862 39,944,847 724,000 72,968,698 8,997,650 9,996,342 - $ 3.763,623 1 176,306,022 1 $ 1,0D0.000 14,755 240,000 2,OGO,000 12,940.331 1 $ 16,195.086 $ (3,00D,000) (240,000) 01 $ (3!5L47!-!14"j 100,000 6,215 671 860 3501 '1 $ (L2 0:6%) $ 38.010,862 39,959,602 724,0DO 72,974,913 8.998,321 11,997,202 1 0 1' $ 1i8:r13!1l5 (1,900,000) 14,755 0 6,215 671 2,000,860 12 324 0 $ 12,447:2'8'8' —2,980,840 Cash IS $ (2,525.433)1 (1) & (3)] 1 1 $ 455,4071 $ (2.525.433) Total i s T79,286,862 $ 13,669,653 1 1 $ (3.547.778)1 $ (200.020)] $ JjS 5 I certify that this report accurately reflects all pooled investments and is in compliance with thii 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 Quints 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. r Z J tn M Fat 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 premiurn/disoount for the month on US Treasury, Commercial Paper and Agency investments. (3) The cash account may reftect 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. Treasurer's Commentar For the Month of June 2012 Cash Balances - The portfolio size increased by $9.92 million to end the month at $189.21 million. Major revenues consisted of $13.43 million in property tax receipts, $373,300 in Transient Occupancy Tax collections, and $442,000 in sales tax revenue. Major capital improvement project expenditures for the month totaled $968,000 and included: $243,000 spent on the Coral Mountain Apartment Project, $166,000 spent on the Adams Street Bridge Project, $165,000 spent on the Embassy Suites transient Occupancy tax agreement reimbursement, and $132,000 spent on the Senior Center Air Conditioning Upgrade. $2.63 million was spent on the County of Riverside Sherriff contract and $1.12 million was spent on the Burrtec Waste contract during the month of June. Investment Activity - The investment activity resulted in an average maturity decrease of fifteen (15) days from the prior month to end the month of June at 47 days. The Treasurer follows a buy and hold investment policy with one (1) Commercial Paper investment for $2 million made in June and the rollover of a $240,000 Certificate of Deposit made. Also, the Treasurer funded the September 1" debt service payment with U.S. Bank for $12.94 million from the $13.43 million in property tax previously mentioned. The sweep account earned $29 in interest income for the month of June and the bank fees for the month were $ 1,633 which resulted in a net decrease of $1,604 in real savings. Portfolio Performance - The overall portfolio performance had a five (5) basis point decrease from the prior month and ended at .29% for the month, with the pooled cash investments at .38%. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding .35% which reflects the current interest rate environment. Looking Ahead In the short term, the Treasurer will be investing in short term commercial paper or GSE paper and rolling over bond proceeds and reserves in U.S. Treasury bills or notes. 3 E E LD 4w IE 00 M E 3 E o z o z 0 z 0 z 0 z 0 z 0 z 0 z x W 0 E NO A cc 72 0 w 16 L f2 E E L 12 Lo mig 0 LD Z c Z 1 a0 .50 5 �C-o .2 AR aR �,-- � c a E E E t 0', IE C; C; Ct 0. a .0 11 v 11 v w W,5 ap C; 8- > LD S z Lu Tmot cc i Cc < 0 a., 3 �wu 9 E — L) r oa 0 r "d t "6 www M lit! A A aR 9 aR ag R -R? HannyR a min PRO H 01 N zl HHHH-1 Ate a 13 ,A,% IIJJ H RRR RaR -------- --------- lift Is x 'i 4 =i m =is SS AwH tRa E-j Z a LL O'D 0) > < 4) , E > 8. C', C a 0 > ca � -8 cli � m o 6 16 E ce) E L) 0) 0 C'S a 00 04 04 N 064 ZC4 CD 5B, 00 0 OD LO -t (D 00 q ci 0 q to N. rl: co q CL 00 0 0 -It 0 -5 0 --* ct (N 0 0 a � C$ c r C4 N ce n. 0 E CD 0 CL CL m (D a. 0 c 2 LL LL a. -a 3 E =0 E ;E 0 w (D co E 0 E IL (D 0 -6 EICU In co cc 0 (n (n ca Z, =) =) w — C-i C11 N 04 C', i;5 � !��! 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M, I ....... ------ -- USA Me M * '09 - 9 HUFF go ul :mg !�� --� I . - CREPH A aMv - 619 &9 F'4 �-m 79t M laHe Z . . . . . . . . . . . . .. ...... .. . fill 11 ! m ww lfl Ismctci CL Ile 0 w z E City of � Wets Com,aarative Rates 0 Interest June W. 2012 City of 1-a Quints A�ga I L Tressaury Billsffilota I I Tliness, August 2007 5.17% 485% 5,08% 109 4 5M 5.25% Sale 2007 5.16% 4.86% 5.06% 120 4.00% 523% W 20(37 5.11% 4.115% 5,02% 116 125% 514% � 2W7 5.03% 4.W% 4,96% N 3.34% 4,W% Dec 2007 41ki% 3.43% 4.46% 123 139% 4.BO% Jan 2008 4,58% 3,33% 4.22% 96 2,31% 4.62% Feb 200 412% 324% 3.85% w 2,07% 416% Liar 2DO8 407% 283% 167% 74 I.W% 378% Apr2M 3,�% 3,27% 3,41% 82 170% 3.,40% Wy 2008 3.14% 327% 317% 63 1.92% 3.07% June 2008 30M 1.04% 2M% so 214% 2.89% FY 0&09 July2OW 2.13G% 193% 2,77% U 170% 1.88% 229% 2,75% 218% 2.70% August2OW 3,16% 1.V% 288% 51 1,69% 1'em 214% 2.w% 2,08% 278% Sept 2M 281% 1,92% 2.154% 37 142% 179% IN% 200% 213% 2.77% Cd 2M ZN% 261% 2,61% 29 ON% 140% 1,72% 1.60% 2,07% 271% Nw 2008 2.� 236% 2W% 64 OA5% OA9% 1�04% 125% 1,46% 2,57% Del; 20DO 1,60% 0,18% 1.42% 116 005% 0.25% 0,59% am% 0.97% 235% Jan 2WO 136% 018% 1,23% 82 0,15% 035% O�% 0,88% 031% 205% Feb 2009 1.23% 018% 111% 75 030% 00% 0.61% 088% 0,48% 187% 1.1a,2009 1,26% 0.18% 1,13% 69 020% 042% 070% ON% 0.37% 1,82% Apr 2009 09,4% 018% 0.85% tit 0,31% 0.33% 0.50% 0.88% 0.28% 161% May 2009 092% 016% 044% w 0.18% 0.30% O.S1% 0 INEM16 0,23% 153% ,.ne2OO9 O,W% 029% 080% ill 0.20% 0.35% OW% 1,13% 026% 1.38% FY OwIO July 2009 O'em OW% 0M% Ill 0,19% 028% 047% 100% 028% 1.04% August 20M am% 0.30% 0,61% Q2 016% 026% 0,46% IN% 0.24% 093% Sept2OD9 OM% 031% 053% 112 0,12% 0.19% 0.41% I.W% Olm 015% Od 2009 052% 0.31% 0,150% 91) 008% 019% 0,38% 1 DO% 0,19101, 005% I� 2009 OJid% 031% 0,53% lu 0.04% 014% OAM 0.75% 015% 0.61% Dole 2009 0.56% OAM 061% 239 0,11% 020% 0,16% 100% 0.16% 0.57% Jan 2010 0�44i% OA5% 0.441% 179 ON% 0.14% O.M% O.W% 0,13% ON% Feb 2010 0.61% OA6% 0.48% 162 0.13% 0,19% am% 088% 0,16% 050% MU2010 0,60% 0,16% 0,47% 172 015% 024% 038% 100% 020% 0M% Apr2010 0,52% 0,113% 048% 162 0,15% 024% 0.49% IN% 023% 0.59% Wy2010 0,52% 0,16% 048% 116 0 17% 0.22% 0.37% 0,75% 0.28% 056% June 2010 038% 008% 029% lu 016% On% 0.32% 063% 0,32% 0.0% FY 10111 Ju1y2010 ON% 0.15% 0,47% 119 016% 0.20% 0,30% OW% 0.28% 053% August2010 0.49% 0.15% OAM 108 0�15% 019% 0.26% OW% 026% 051% Se,42010 O.M% 0,15% 0,51% 107 OAM 0,19% 0.27% 038% 0,24% 00% 0ct2OIO O,M% 0,15% 0,61% SO 013% 0.17% 023% 038% 023% 0,48% � 2010 0.53% 015% 0,49% 84 018% 0.21% 028% 050% 0.23% 0.45% OM2010 O�57% 014% 0.62% m 0,15% OAM 030% DM% 023% 0,46% Jan 2011 0�51% OA4% 0.43% 206 016% 0,18% 1128% On% 024% OU% Fee 2011 065% 0,17% 0.46% 210 0,15% 017% 0.31% 063% (123% 051% Mar 2011 0,54% 0.17% 0.45% 218 0,06% GAM 0,26% 075% 0.23% 050% A� 2011 0.6951. OA7% 048% 192 0.05% 0.10% 0,28% 063% 020% 059% Wy 2011 0,48% 017% 0.41% 1 N 006% 012% 020% OW% 0,16% 041% Juw2Qll 0.53% 000% 0,35% 126 0.03% CAM 020% OW% OA5% 0,"% FY 11/12 July 2011 OM% 0,00% OM% 112 0.07% 012% 0.15% On% 014% OM% August 2011 O,W% 000% O�M% 102 002% ODSX 0.10% 013% 016% 0.41% &pt 2011 0.58% 0.03% 0,39% 124 O�02% 106% 009% 013% 0 14% 038% Oct 2011 0,53% 0,03% 035% 117 001% 0,06% 0.12% 026% OA5% 039% 1�2011 0.62% 003% 037% 0.03% 0.07% 0,10% 0,25% 0,14% 040% Dec 2011 0.48% OJ)3% 0.35% as 0,02% 000% 0.11% 013% OA4% 0,39% Jan 2012 0.�% 0.03% 0,34% 74 005% O.W% 011% 0.25% 014% 039% Feb 2012 0.49% 0�05% ON% 72 0.12% 0,15% 0.17% 026% OAM 0.39% Mw 2012 0.44% OJ)5% 0.34% 74 0,08% 0.14% 0,19% 0,25% 018% O.M% AV 2012 0.44% OA19% 0.35% 61 0,10% 0,15% 0,19% 0,25% 020% 0.37% Wy 2012 0,43% (109% 0,34% 62 Oom 0,14% 0,19% 025% OAQ% 0,36% 10 cli C14 m cli m) C*4 2 m 04 m :3 U m 0 o 0 LL � M CA C) C) C) C'I CD (D U) CV) ci C). n 11 MEMORANDUM TO* La Quints City Council FROM: John M. Falconer, Finance Directorrimasurer SUBJECT: Treasurer's Report for July 31, 2012 DATE: August 31, 2012 Attached is the Treasurer's Report for the month ending July 31, 2012. The report is spbmftd to the City Council each month after a reconcilialtion of accounts is accomplished by the Finance Department. The following table summarizes the changes in investment types for the month: linvestment Beginning Purchi's—ed —Wo—tas— Sold/Matured Other Ending Change LAIF Interest bearing active bank deposit Certificates of Deposit US Treasuries US Govl Sponsored Enterprises Commercial Paper Corporate Notes Mutual Funds $ 38,010,862 39,959,602 724,000 72,974,913 8,998,321 11.997,202 - 16.088.410 $ 283,143 16,133 151 1 $ (1,150,000) 3:4 4 5N 0 0 6,421 694 1,403 01$ $ 37.144.005 39.975,735 724,000 72,981,334 8,999.015 11,998,605 0 '6 22 0' (866,857) 16,133 0 6,421 694 1.403 0 (63,324) Subtotal 188,753,310 $ 29 .427 1$ 0.0615 7?9 $ 8,51i 1F 7!8241:795 1 $ (905,530) lCash $ 455,407 1 $ (988.000)1 (1) & 13)1 1 $ (532,599)1 $ (988. ITotal $ 189,208,717 1 $ (688.579)1 8,518 1 $ 187,315,181 1 �1 A9q -;.qgl 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 am available to meet the pools expenditure requirements for the next six months. The City of La Quints used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of Now York Monthly Custodian Report to determine the fair market value of investments at month end. *�l 9 - � - 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 premium/discount for the month on US Treasury, Commercial Paper and Agency investments. (3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments before warrants am presented for payment by the payee at the bank. 12 Treasurer's Commentary For the Month of July 2012 Cash Balances — The portfolio size decreased by $1.89 million to end the month at $187.32. million. The major reason for the decrease were payments of $992,000 for Police costs, $388,000 in payments for general liability coverage, and $267,000 in payments to Shea Homes for a developer deposit reimbursement. Capital improvement project costs for July totaled $103. Investment Activity — The investment activity resulted in an average maturity decrease of thirteen (13) days from the prior month to end the month of July at 34days. The Treasurer follows a buy.and hold investment policy with no investments maturing in the month of July. The sweep account earned $3 in interest income for the month of July and the bank fees for the month were $ 1,648 which resulted in a net decrease of $1,645 in real savings. Portfolio Performance — The overall portfolio performance increased two (2) basis points from the prior month ended at .31 % for the month, with the pooled cash investments at .41 %. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding .35% which reflects the current interest rate environment. Lookina Ahead In the short term, the Treasurer will be investing in short term commercial paper or GSE paper and rolling over bond proceeds and reserves in U.S. Treasury bills or notes. In late August an estimated $25,000,000 will be needed for the Coral Mountain Apartment Project which will be funded from LAIR 13 E E 16 P Z 00 to r E E z 0 z 0 z 0 z 0 z 0 z z 0 z 0 z .0 M.= L f E > A d. 0 0 ow e L 2: Em 'c 12 E 0 0 0 *15 Ll P, 9 UNI Ci C3 g g E 9 0 x w E 0 v v U3 6 —7U 0 Ct - 0 So, 0 0 0 0 ci S E E 00 eag 8. MZ o LD z Lm 49 E c Z'� 0 v ts LD c o -zvo oc E z S L, L) 49 E z E c t E -0 WtO E E 2 1 10 1 —1-1 e �g � ;:: P �l a p. E E E w . w ul w c 14 MUM 6 ro a 15 16 MUM 91 ROH Rk A I ��RmU- 11 Is N�2 R4 aa ------------------ ... ....... . .............. �.M IM 3i - - - - - - AIN 16 .Z� 0 co LL (a 'D > 0 < (D a CL -s— ci -6 '> —0 —0 E 8 E % C*4 1 C� C%l iz: 0 Cl) 0 LO m 0 1 1 cn co Ln M CD cli C4 CL 0 t: 0 = 0 (D 4) E E 0 0 8 LL 0 CL ME I .0 CL E r- E m LL LL 0 Z. 1, U) co 04 P� 0 qw -V CD IM CO OD 0) , Go C14 N 03 c (D L> 'D Z co :1 -6 a. 0) 3 a) d) w § .9 0 ca > > 0 r o IL CL -1 0: 17 1� ! 3- � w ;;MkIg Heys ri 9-9- 19 IMIUM"; I - I I . . . . . . . . . . . . . . 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N 0 0 Ck Of wl cl ga I 63 L I I H 19 Cay of u Quire, Comprative Rates of Inlerest July 31, 2012 city Of 1-a Quinta A"rags I I Treasury BilhAlole, I Irtwea uorum AugusA200E 3.16% 1.92% 2.68% 51 1 6m lam 214% Z38% 2,08% 2.78% Sept 2M 281% 1,92% 264% 37 1,42% 179% 1,96% 200% 213% 2.77% Oct 2DO8 2.6m 2.61% 2,61% 29 O�am 1,40% 172% 150% 207% 2,71% � 2008 2,38% 2,36% 2,36% U 015% 0 4M 1.04% 125% 145% 2.57% Dec �a IN% 018% 142% 116 005% 0,25% 0 59% 088% 097% 2.35% Jan 2009 1,36% 018% 1,23% 82 0,15% 035% O.C1% O,W% 031% 205% Feb NN 1.23% 018% 111% 75 030% 0,60% 061% 088% O.M% 1.87% Mar 2009 1.26% 018% 1.13% 69 0,20% 0.42% 0.70% 0,88% 037% 1,82% Apr20W ON% 0,18% 085% 64 031% 033% 0.59% 086% 028% 1.61% May 2W9 092% 018% 084% 80 0,18% 0.30% 053% O,Om on% 1.0% June 2009 085% 029% 0.80% 111 020% 0,35% 0,65% 113% 026% 1,38% FY09tlO July 2009 0.69% 030% 0,65% 111 OAm 0,28% 0.47% 1.00% 0,28% t04% Aupust 2M 0,64% 0,30% 0,61% Q2 016% 026% O.M% 1.00% 024% 003% Sao 2009 0.66% 031% 0,63% 112 0,12% 0,19% 041% 1,00% O'Im 0.75% W 2009 0.52% 0,31% O.fm 90 008% 0.19% 038% 100% 0,19% 065% No� 2WO 0.56% 0.31% 0.53% 152 0.04% OA4% 0,32% 075% 0,15% 0,61% DMAIN &56% 015% 051% 239 011% 0.20% 0,16% 1 OM 0,16% 057% Jan2010 OAm 0,15% 043% 179 006% 014% O,U% 088% OA^ 056% Fetb2010 051% 0.16% 00% 102 0,13% 019% 0,32% 0,88% 015% 0,58% ula,2010 ON% 0,16% 047% 172 0,15% 0,24% 038% 1 )m 0,20% 0�55% Apr2010 052% 016% 048% 162 0,15% 0,24% 0.49% 1.00% 023% 0,15m W,2010 062% 016% 0�48% 116 017% 022% 0.37% 0.76% 0,28% 056% June 2DIO 0.41% 0,08% 031% 134 0.16% 0.22% 032% 063% 032% O,W% FY 10/11 July 2010 060% 015% 047% 119 016% 0,20% 0 � 0,63% 0.28% 053% August2OI( 0.49% 015% 0.46% 108 016% 0,19% 0,26% 038% 025% 0.51% SOP12010 0,65% 0.16% OSM 107 0,16% 0,19% 027% 036% 024% O.fm 0d2OIO 0.55% 0.16% 0,51% 88 013% 0,17% 0.23% 0,38% 0.23% 0,48% NW2010 0.53% 0.15% 0.49% 84 018% 0.21% 0.28% 0.50% 0.23% 0,45% Dec 2010 O'SM 0,14% 052% 265 OAM 019% 030% 063% 023% 0.48% Jan 2011 0,51% 014% 043% 206 0,16% 018% 0.28% 0.63% 0,24% 0.54% Feb 2011 055% 017% OAM 210 0,16% 017% 031% OM% O,M% 0,51% Mar 2011 OS4% 017% 0,45% 21ll 0,05% 0,13% 0.26% 0.75% 0.23% M% Apr2011 0.60% 0 17% 00% 192 0.05% 0.10% 0,28% 0,63% O.2D% 05m WY2011 048% 0,17% 041% 156 0,06% 0.12% 0.20% O.5m 016% 0.0% June 2011 O,M% OM% 0�35% 126 003% 0,10% 0.20% 0.38% 015% 0�% FY 11112 July2011 0.53% 0,00% Ow% 112 007% 0,12% 0,15% 0.20% OA4% 0,38% August 201 O.6m 0,00% 038% ID2 0.02% 0�05% OAM 0.13% 016% 041% Sept 2011 058% 003% 039% 124 0,02% OM% O�Om 0,13% 014% T218% Old 2011 OM% 003% 0,35% 117 0,01% OM% 0,12% 025% OA5% UM flo�Ml 0.62% 003% 0.37% CO3% 007% 010% 025% 0,14% OAM Dec 2011 0.48% 0.03% O.W% N 0.02% ON% 0.11% 013% 0,14% 0,39% Jan 2012 0.45% 003% 0.34% 74 0.05% O.DM O.li% 025% 0,14% 0.219% Feb 2012 OAm 0,05% 036% 72 0,12% 0.15% 0.17% 0,25% 017% 0,39% Wr2012 O�"% 0,05% 0�11% 74 008% 014% 0,19% 0,25% 0,18% 0,38% Apr2012 0'"% ON% 0,36% 61 0,10% 015% 0.19% 0.26% 0,20% 0.37% Wy 2012 043% ON% 0,34% 62 0,09% 014% 0.19% 0.25% 019% 036% June 2012 038% 008% 029% 47 010% 0,15% 021% 025% 0.21% ON% till 04 is E < E m w cli cm < t AO 0: Co z E R CL < I E cq :+ C%l cc 75 + cy i�l 0 . 2 ca < _j C C.4 0 9 0 LL t C4 -T--I- CO Lft o C) U� Q w 0 Cl) C) C-4 C3 C3 9 CO Ci 6 C5 Q LL INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: September 12, 2012 TITLE: Month End Cash Report — August 2012 BACKGROUND: This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances) but will report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. John M. Falcon r, Finance Director z gi C; 6 6 CP 0 w 6 UA 9 0 m 9 R �P , - V V; E A W, 2 0 _M <WOZ A E 0 E 0 . ji E C6 r= 0 0 E Ti 9 Es Bill Lockyer, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) PMIA Performance Report -06 MAN 8/16/2012 0.37 0.38 243 8/17/2012 0.37 038 242 8/18/2012 0.37 0.38 242 all 9/2012 0.37 0.38 242 8/20/2012 1 0.37 0.381 239 8/21/2012 0.37 0.38 237 8/22/2012 0.37 0.37 237 8/23/2012 0.35 0.37 230 8/24/2012 0.35 0.37 M 8/25/2012 0.35 0.37 232 8/26/2012 0.35 0.37 232 1 8/27/2012 0 35! 0.37, �/2012� 1 0!34 0.371 254 1 8/29/2012 0.371 254 *Daily yield does not reflect capital gains or losses LAIF Performance Report Quarter ending 06130/2012 Apportionment Rate: 0.36% Earnings Ratio: .00000976192855700 Fair Value Factor: 1.001219643 Daily: 0.36% Quarter To Date: 0.36% Average Life: 268 PMIA Average Monthly Effective Yields JULY 2012 0.363% JUNE 2012 0.358% MAY 2012 0.363% Pooled Money Investment Account Portfolio Composition $61.6 Billion 07/31/12 Loan 26.12 Corporate Bonds 0.00% Commercial Paper 2.61% Time Deposits 7.19% cc 5.97% Agencies Mortgages 6.49% 0.51% Treasuries 51.11% 3 Xecent bill Auction Kesuits lar,%, 1 V. . TreasuryDirect Hcm, � � Dat, & 11'�1011 , UtIll A�ID,I.l Det� , �11�;It 3111 Auttlofl PuscKs Recent Bill Auction Results sa� it, ain't" 1—astment Ed" CUSID 1— Date at. a". Rate 1. �., $to 18-DA' On 10 2012 09 17 2012 0,125 0 127 99,993750 91279613 4 WEEK 08 30 2012 09 27 2012 D120 of 12 99 YaU667 912795615 13 WE EK 0 1 -2012 11 29-2012 0,105 0 106 99 973458 912795600 26 WEEK 0: 300-2012 02 28 2"3 D140 OA42 99 929222 9t27957H8 14 DAY 0 2012 09 66 2012 0,100 O�101 99 9961U 9127956GI 4 WEEK 0:-23 _23 Z012 09 20 2012 0,110 0,112 99 991t144 912795SCI 13 WEEK 08-23 2012 11 23 2012 0,105 D106 99,973167 9127956T3 " WEEK 08-23 2012 02 21 2013 0 145 O��47 99 926694 9127957GO 12 WEEK 0 23 20 12 8 22 2 , 13 0 1 5 0 98 99 802833 9127957ES 4 _WEEK 0: 16 2012 09 13 2 0 12 0 190 0 11 2 99 9 9 1 4 44 9127956H9 13-WEEK 08-16 2012 it 2012 0 110 0.112 99 972194 9127955LI 26 WEEK 0 -1 20�2 �5 02 4-2013 0 145 0.�47 99 926694 9127957F2 DAY s 0: 16_20 2 0 8-30 2012 0 110 0.112 99 995411 g127956CO 4 WEEK 08-09-2012 09-06-2012 0055 0.086 99 993389 91279S6GI 13-wet. 08 09-20�2 11-08 0 100 DIn 99 q74722 9127956S5 26 -WEEK 08-09-20 2 02-07- �O�2 0 3 0 135 0.137 99 931150 9121955zo 4 WEE. 08 02 2012 08-30-2012 0 075 ..076 " 9s4167 9127956CO 13-WEEK 02-20�2 fl-o� 20�2 0 110 0.112 99 472194 9127hS6,`1 2 6 WEEk . -02 20 2 0: 01-3 -20 3 0 145 0.147 99,926694 9I27957D7 4 WEEK 07-2c 2012 08-23 2U12 0 080 0,081 99 993778 912TISY96 13-WEEK 07-26-20�2 10 25 2012 0 095 0 096 qq,975986 9127956N6 26-WEEK 07-26-20 2 01-24-2013 JO 0,141 99,929M s127957C9 52-WEEK 07-26 2012 07-25 2UI3 OA75 0,178 99,V3056 9127957A3 4 WEEK a 7-19-2012 08-16-2012 0 075 0 D76 99 '94167 9127956B2 13 WEEK 07 19-2012 10-16 2012 Doss a "6 99 975986 9127955G2 26-WEEK 07-19-2"2 01-17-21113 0,135 0 137 '9 , 31750 9121f57131 4-WEEK 07-12-2012 08 09 2012 0 070 0 071 99,99455G 9127916A4 13-WEEK 07-12-2012 10 If 2012 D090 0 091 99 977250 9127956�8 26-IVEEK 07 12 2012 01-10-2013 0,145 0,147 9a 926694 912795SV9 4 WEEK 07-05-2012 08-02-2012 0,075 0,076 99 994167 f127955YJ 13 WEEK 07 05-2012 10-04-2012 0.100 0,101 99 974722 91Z7956t2 26-WEEK 07 05-2012 01-03-2013 0.150 0 152 99 9241f7 9I27956�9 4-WEEK 06-28-2012 07-26-2012 0,060 0,051 99,995333 �127954B,I 13 WEEK 06 26 2012 09-27 2012 0,095 0,096 99�975986 912795615 26-WEEK 06 28-2012 12 27-2012 0,150 0,152 99�9241V 912)956Y2 52-WEEK 06-28-2012 06-27-2013 0.205 0,208 99,792722 9127956W6 4-WEEK 06-21-2012 07 19-2012 0,050 0,051 99�996111 912795SX5 13-IYEEK 06-21-2012 09-20-2012 0.095 0,096 99 975986 9127955CI 26 WEEK 06-21 2012 12 20 2012 0,150 0.152 99 924167 9127q56X4 4-WEEK 06-14 2012 07 0 2012 0 05s 0 056 99 995722 9127955W7 Effective with the 11/2/98 auction, all bills are auctioned using the single-pnoed method. Frce�nlu Q( InforDItIon Act I La�v & lufd,� I P"Y.,,Y & LE,.[ N.,�ct' I W'b"I't hnis & CoPI&Iui, I Acces,,blifty j Dat, Q,itNy u,S De,rut,er,1 cf,th, TIcasl.r,, Uc�f 'If It" PL.0.1 D�bl 4 http://www.treasurydirect.gov/RI/0FBills 9/4/2012 Recent Note, Bond, and'FIFS Auction Kesults ray'� I VL I fiffl ME= HoMp , Instinntin,11,11 I Alilllntlrab�ts, 08t,t 8 Re50HL� ' L'Ite5k AuCt�bn Dand . kecent Note. dond, and 1111� Abta,n R"Solts Recent Note, Bond, and TIPS Auction Results it, talent. ,aid P'N' CUSIP Necuiri" Tan To TYPA at. Tate Rate % % pa, $ on 2-YEAR NOTE 08 31-2012 08-31 2014 T,)50 0 21, 99.95a, 51 91282STL4 4-YEAR 8 MONTH TTES 08 31 2012 04-15 2.17 0 125 T,286 Ull .5T153 911.OESQ4 5 Y R NOTE 2T" R "" s 'Ta .. .... T, eT mil,,,, 7 YEAR NOT E 08 3 2 3 20�? 1 3E. 1 081 99 4SS337 912a28TNO 3 YEAR NOTE 08 �5 2012 08 15 , 0 , 0 250 0 370 99,642320 912828TK6 1 0 YEAR NOTE 00-15 2012 08-15-2022 1,625 1 680 99,49560 912828TI9 30 YEAR BOND 08 15-2012 08-15-2"2 2,750 2R25 96 �8s469 912sliNixg 2 YEAR NOTE 07- 31 2012 07-31-2014 0.125 0,220 99,810521 a12828TF7 5 YEAR N OTT 07 31-2012 07-31 2011 0,500 0�58`i 99,586667 91282"GS 7-WAR NOTE 07 31 2012 07-31 2019 0.875 0 04 99,466290 91282STI13 10-YEAR TIES 07- 31-2012 07-15-2022 0.1Z5 -0 63/ 107 779706 912828TEO 3 YEAR Ron 0 7 16-20T2 07 15-20T5 0 250 0.3b6 99 654528 912828TD2 9-1EA1 10 MONTH NOTE 07-t6-2012 05-TS-2022 1 750 1,459 T02,654933 912828SV3 29-YEAR 10-MONTH WHO 07-16-2012 05-15 2042 3 000 2 580 108.697683 912810QWI 2 YEAR NOTE 07 02 2012 06 30 2bl' 0 250 0 313 99 874829 n12.281AS 5-YEAR NOTE 07-02-2012 06-30 20 0�150 0 152 99.990,99 91282SF66 I YEAR NOTE 07-02-2012 06 30-� 'i� 9 1.000 1,075 99495918 912828 FC4 -29-YEAR 8 MONTH TIES 06 29-2012 02-15-2"2 0 750 0,520 108 226791 912810QVI 3 YEAR NOTE 06-15-2012 OR 15 1015 0.315 0.387 95 964243 P12628S74 9-YEAR 11 -MONTH NOTE 06-15 2012 05 15 2022 T.750 1 622 101,167 TO, 91262850 29 YEAR 11 MONTH BOND 06-15-20T2 05 IS-2042 3,00d 2.720 TO$ 703794 �128TOQWI 2-YEAR NOTE 05-31 201? 05 31-2014 0,250 0 300 99,900374 9128285Wl 5 YEAR NOTE 05-31 2012 05 31-2017 0,625 0,748 P9 39746,1 912829SY7 7 YEAR NOTE 05 31 2012 05 31 201Y 1,125 1 203 99,47786 1 9128285.9 9 YEAR 8-MONTH TIPS 05 31 2M2 01 15-2022 0 125 -0,391 106�458589 912828SA9 3-YEAN NOTE 05 15 2012 05-15-20T5 0 250 0,362 99666118 9T2828SU5 10-YEAR NOTE 05 15-2012 05-15-2022 T 750 1,855 99 045657 912828SV3 30-YEAR BOND 05 15 2012 05 15 2W 3X00 3.090 98 248216 91281.Q.1 2-YEAR NOTE 04-30-2012 04 AO-20T4 0�150 0,270 W960135 912828SE2 5-YEAR TIP5 04-30 2012 04 15 2017 OT25 1X80 106,38905 1 912818SQ4 5-YEAR NOTE 04 30 2012 L14 30-2011 0a75 0,887 9lr94T438 9129281SO 7-YEAR NOTE 04-30 2012 04-30-20T9 1.250 1 347 99.354J00 912828SFB 3-YEAR NOTE 04-16 2012 A-15-2015 0 315 0 427 99,845296 912828SE6 9-YEAR 10 MONTH NOTE 04-16-2012 02-T5-2022 2 000 2b43 99 616439 9121528SF8 29-YEAR 10-MONTH BOND 04 16 2012 02 15-2042 3 125 3 230 97,993453 91281DQU5 2-YEAR NOTE 04 02-2012 03 31 2014 a 250 0 340 99 821248 912828SLS 5 YEAR NOTE 04-02-2012 03-31-2011 1 coo I 0,C) 99 805732 912828SI13 7-YEAR NOTE 04-02 R012 03-31 2019 T 500 T.590 " 406396 qI2828SN1 9 YEAR 10-MONT, TIES 03-30-2012 01-15 2022 0,125 0 089 102 226025 912828SA9 3 YEAR NOTE 03 15-2012 03 15 2015 0,375 (1456 99,758927 912828SK7 * Denotes TIPS bond; all other TIPS veithout asterisks are notes F t,ble,, ef IT f.,11 I I In I Ld I � C1n11,1n,, I , .... � Lee, N ...... I 1,1,T, Trn, & Cnnd��onl I Allellntdal I Data Q,"Irl tj.D D,,einvrenl ef 14, T11T' in,, Ellen, "I ti - 11-blil Debt 5 http://www.treasurydirect.gov/RI/OFNtebnd 9/4/2012 rrkO. rl. I J--OVJX;k;LC%J 1111LCLUbl, �cu,%wZi� VV�V-%rluy t_,Mly �., What's New - What's Next Site Map - A-Z Index - Careers - IRSS - Advanced search . iur" . r. , About No. M ... to, IxT the Fed & Events �Hcy & Re Home > Feunomic Researe, & Data > lea'anindt Exon.adis A, litemarch consumer Community Ra,srt at Naked... ona. & auto 1.1raireastion Onev.I.,nn-t Selected Interest Rates (Daily) - H. 15 0 1IJIDDP 2tFinint CumentRelease ReleaseDstes DaflyUpdate HistoricalDarta About Announcentents Release Date: August 31, 2012 The weekly release is posted on Monday Daily updates of the weekly release am 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 wilt not be posted on that Tuesclary, August 31, 2012 Selected Interest Rates Nelds impencentper annum 2012] 2012 1 2012 1 2012 Instruments Aug Aug Aug Aug 27 28 1 29 30 Federal funds (~1") 1 2 3 0.13 0.13 0.13 0.14 Commercial Paper 3 4 5 6 Nonfinancial 1-month 0.17 0.14 0.14 0.15 -- ----- --- 2-month n.a. 0.12 1 0.13 0.18 3-month 0.22 i 0.15 0.20 0.23 Financial 1-month 0.13 0.13 i 0.12 0.14 2 month _"Onth 0.16 0.17 -a 0.13 0.16 0.18 20 0.16 0.18 sominaltury 7 0.18 i 0.18 0.18 0.18 3-month 0.26 0.26 0.26 1 0.26 6-month D.39 0.39 0.39 0.39 Eurodollar deposits (Lonalon) 3 8 1-month 0.31 0.31 0.31 0.31 3-month 0.43 043 6-month 0.63 0.63 0.63 O�63 Bank prime loan 2 3 9 3.25 3.25 3.25 3.25 Discount urfindoes, primary credit 2 10 0.75 0.75 0.75 0.75 U.S. government securities I Treasury bills (sescandary marked) 3 4 4-. k 0.10 0.12 0.12 0.12 3-month Flo 0.11 0.10 1 0.12 0.10 -month 0.14 0.15 1 i 0.14 0.14 1-imor _ - - - -- ----- 0.18 0.18 1 0.18 0.17 Treasury constant maturities Nominal 11 1-irrionth 0.10 0.12 0.12 0.12 3-month 0.11 0.10 1 0.12 0.10 1-j http://www.federalreserve.gov/Releases/Hl 5/update/ 9/4/2012 PRB: ti. I )--Nelectecl interesi Kaies, welci-timy ijany upuaLiz--ttugubt J I, �L,14 L ar,,, . V. , 6-manth 1 0.14 0.15 0.14 0 : 14 1-year 0.18 0.18 0.18 01 2-Vear 0.28 027 0 27 0 27 3-imar 0.37 0.36 0.36 0, 35 "or 0.70 0.69 0.69 066 7-year 1.11 1.10 1.11 1.08 10-year 1.65 1.64 1.66 1.63 20-ywr 2.38 1 2.36 2.38_' 2.36 SO-Vear 2.76 1 2.75 2.77 2.75 Inflation Indexed 12 i i _-5--year -1.27 -1.29 -1.26 -1.26 7-year -1.01 -1.03 -1.00 0 10-year -064 -068 -0 , 64 -0.63 20-imor 0.03 1 -0.01 0.02 0.05 30-year 0.44 0.41 0.44 0.46 Inflation -indexed longAarm average 13 0.05 0o2 0.05 0.07 Interest rate maps 14 1-infor 0.40 0.4 D 0A0 0.40 J__ -1-- __ _-, 2-imar 0.+S 0.� 0.45 0.43 3-year O.S2 0.51 0.53 0.50 4-year 0.68 0.66 0.67 0.65 "or 0 * 87 J 085 087 0,84- 7-year ----- 1.29 1.26 1.28 1 2 6 10-foor 1 76 1 1.72 1.75 1.72 2 53 1 2 51 1 2 55 2.52 30-vwr Corporate bonds f lattiody's seasoned Axis 15 3.43 3 41 341 3.43 4,14 1 .1 4 85 4.83 gsdate . 1.1 bond. IS 3.72 Conventional mortgages 17 3.59 n.a. Not available. Footnotes 1. The dery effective federal funds rate is a weighted average of ram on brokered trades. 2, Weekly figures am averages of 7 calendar days ending an Wednesday of the current week; monthly figures include each calendar day in Me month. 3. Annualized! using a 360-day year or bank interest 4. On a discount bti 5. Interest miss interpolated from data on cermin commercial paper trades settled by The Depository Trust Company. The "des m"em miss of commercial paper by dealers or direct Issuers to investors (that is, the offes Side). The l- 2, am 3-month rates am equivalent to the 30, 60, and 904ay dome reported on We Boaffs Commeroat Paper Mb page (w",federaimserve_gov/mleases/cpo, 6, Financial paper Met is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any financial or nonfinandal commercial paper Mat may be directly or indirectly affected by one or more of the Federal Reserve's liquidity facilities. Thus Me miss published after September 19, 2008, likely reflect the direct or indirect effeds of the new temporary programs and, accordingly, likely are not comparable for some purposes to rams published prior to that penoc! 7. An average of dealer bid rates on nationally traded caltifficates of deposit. 8. Source: Bloomberg and CTRB ICAP Fixed Income & Money Me" Products, 9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.&-chamened commercial banks. Prime is one of several base rates used by banks b price Short-term business loans. 7 http://www.federalreserve.gov/Releases/11 I 5/update/ 9/4/2012 i,": ii.iD--�ieiecieji interest mates, weD-urny ji-jany upuaw--tiuyust.)i, /vi/ ruge .3 Ul .3 10. The mas charged for discounts made and advances ederided under the Fecerel Reserves; primary credit discount window program, which became ~v, January 9, 2003. This mw� replaces that for adjustment credit, which was discontinued after January 8, 2003. For "her informal see w� federalreserve govlboaMdm�press�creg/2w2�00210312)d&ault him. The rate moored! is Met For ft Federal Reserve Baml, of New York Historical sod" for the rate orl adjustment credit as well as the rate on primary credit ahe available at w�Jedemlre�m gqvIreleaseskil 5/cata him 11, Yields on actively tradet! non-infationwindexed issues adjusted to constant maturities The 30-year Treasury constand maturity series win discontinued ord February 18, 2002, and Introduced! on February 9, 2006 From February 18, 2002, to February 9, 2006, Me U,a Treasury published a factor for adjusting Me daily nominal 20-year constand maturity in order to estimate a so -year nominal mal. The histoncal adjustment Motor can be found at Source U.S. Treasury 12 Yields on Treasury irritation protected ssScUnfiSS (TIPS) adjusted to constant inatufflJOS. Source. U.S. Treasury. Additional information on both nominal and inflation-indemed yields may be found at � tr�su�,govlrosaume:wntefdat.-�ha�- cente,/mt...t-,.te&1. 13, Based on ft unseginted average bid yields for all TIPS with remaining tons to maturity 0 mom Man 10 years 14. International Swaps add nadvafi�es AsSociabon (ISDAO) mid-marmt par map rates Rates am for a Fixed Rate Payer In return for recil three montin LIBOR. and am based on rates collected! at 11:00 a,m, Eastern time by Garbed Intercapital Ac and published on Reuters Page ISDAFIX01. ISDAFIX IS a registered SOrvice mark of ISDK Sotace: Reuters Limited, 15. Moody's Ass, rates through December 6, 2001, am averages OR ASS utility and Aaa industrial cond rates. As of December 7, 2C01. them rates a. averages of Me industrial bonds only. 16. Bond Buyer Index, general obligation. 20 years to Maturity. mixed quality, Thursday quountions. 17. Contract interest mons on commitments for fixed-rate first mortgages Source Primary Mortgage Market $urveysic data Provided by Freddie Mac. Note. Weekly and monthly figures on this release, as well as annual figures available on the Boards historical H.1 5 welp SRO ($ad below), am averages of busideS5 days unless otherwise noted. Current add historical H 15 date am available on the Federal Reserve Board's wal, site I. faderalreserve.gov/)i For Information about individual copies or Subscriptions, contact Pud,lications Services OR the Federal Reserve Board Phorm 202452�3244 fax 202-728-5886). Description of the Treasury Nominal and Inflation -Indexed Constant Maturity Series Yields on Treasury nominal securities at'constant maturity' am interpolated by Me U.S. Treasury from the daily yield curve for non -inflation -indexed Treasury securtes. This curve, which relame, the yield on a security to its time to maturity, is based on the closing market bid yields on actively traded Treasury securities in Me over-tho-counter market. These market yields are calculated from composites of quotations Obtained by the Federal Reserve Bank of New York The codstant maturty yield values am read from the yield curve at fixed maturities, currently 1, 3, and 6 months and 1, 2, 3. 5, 7. 10. 20, and 30 years, This method provides a yield for a 10-year maturity for example, even W do outstanding Security has exactly 10 yeam remaining to maturity. Similarly, yields ord inflabon-indexed Securities at 'constant mafiunty� am interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counterr markat. The inflation-inde.ed constant maturity yields am read from this yxeld curve at fixed maturities currently 5 7. 10, and 20 years, Home I Economic Research & Data Accessibility Contact us Disculdhor Website Policies FOIA PDF Roark, U� 1-1", http://www.federalreserve.gov/Releases/H I 5/update/ 9/4/2012 Frinter version - tsoaraoi kjoverricirs oi ute reucrui aymull, L ar,� I V. . Commercial Paper Summary Rates Volume Statistics Outstanding Year-end Maturity Distribution About Announcements Commercial Paper Rates and Outstanding Summary Denweil from data supplied by The Depository Trust & Clearing Data as of August 31, 2012 Posted September 4, 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 Period 1- 7- is- 30- 60- 90- day day day day day day Aug. 0.12 0.10 0.11 0.14 0.12 0.15 28 Aug. 0.11 0.11 0.11 0.14 0.13 0.20 29 Aug. 0.12 0.12 0.12 0.1 0.23 30 Aug. 0.13 0.12 0.12 0.13 0.14 0.19 31 Sept. 3 n.a. n.a. n.a. n.a. n.a. n.a. A21P2 nonfinancial 1- day 7- day is- day 30- day 60- day 90- day 0.40 0.43 0.42 0.45 0.47 0.48 0.40 0.43 0.41 0.44 0.51 0.59 0.38 0.43 0.42 0.47 n.a. n.a. 0.38 0.43 0.43 0.48 0.55 0162 n.a. n.a. n.a. n.a. n.a. n.a. Note: n.a. indicates that trade data was insufficient to support calculation of the particular rate. AA financial AA asset -backed 1- 7- 15- 30- 60- 90- 7- 15- 30- 60- 90- Period 1- day day day day day day day 0.21 day day day day day Aug. 0.10 r 0.05 0.11 0.13 0.17 0.20 0.34 0.17 0.27 0.30 0.38 28 0.21 Aug. 0.11 0.10 0.13 0.12 0.13 0.16 0.23 0.23 0.24 0.30 0.35 29 0.22 Aug. 0.11 0.12 0.12 0.14 0.16 0.18 0.32 0.31 0.28 0.30 0.33 30 0.24 Aug. 0.10 0.11 0.12 0.14 0.15 0.17 0.23 0.35 0.25 0.25 0.25 31 n.a. -_ -7- Sept. 3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. r7�� Note: n.a. indicates that trade data was insufficient to support calculation of the particular rate. 9 http://www.federalreserve.gov/Releases/CP/ 9/4/2012 Frinter version - tsoara or kjovernors oi ine reuerai i-,usurvu ayzswni ragv 4 VI 4 Outstanding Levels Seasonally adjusted Billions of dollars Period Total Nonlina cial Financial Asset- backed Other TotaiDomestic ome I Forei n Total I Domestic Foreign Monthly -end levels 2012-Apr. 951.0 180.9 148.3 32.6 443.61 270.6 173.0 326.5 .0 May 970.9 191.1 150.1 41.0 456.3 272.5 183.8 323.5 .0 June 966.0 177.5 147.3 30.2 469.7 280.9 188.8 318.8 .0 July 1,000.5 184.6 144.8 39.9 497.3 286.9 210.3 318.6 .0 Aug. 1 996.6 186.0 144.0 41.9 500.0 283.1 216.9 310.7 .0 Weekly (Wednesday) levels Aug. 1 1,034.4 186.2 146.3 39.9 526.9 295.3 231.6 321.3 .0 Aug. 8 1,013.6 191.6 151.7 39.9 504.3 280.7 223.6 317.7 .0- Aug. 15 1,020.3 185.1 143.9 41.1 518.9 288.9 229.9 316.4 .0 Aug. 22 1,025.0 187.5 146.4 41.1 521.1 287.6 233.5 316.4 10 Aug. 29 1,031.8 186.7 145.9 40.8 532.4 298.8 233.6 312.7 .0 Not seasonally adjusted Billions of dollars Period Total on Ni�financial Financial Asset- Other Tota F ?[Domestic Foreign Total Fnr Monthly -end levels 2012-Apr. 1,019.1 194.7 154.9 39.9 492.9 291.3 201.6 331.5 .0 May 1,007.4 199.8 154.8 45.0 484.4 283.2 201.3 323.2 .0 June 962.0 172.8 132.1 40.7 476.5 285.3 191.2 312.7 .0 July 998.1 203.5 161.3 42.3 485.2 285.9 199.3 309.4 .0 Aug. 991.0 202.3 157.9 44.4 484.4 287.9 196.41 304.3 .0 Weekly (Wednesday) levels Aug. 1 1,006.3 210.3 167.7 42.7 487.3 286.5 200.8 308.7 .0 Aug. 8 1,002.1 215.7 172.9 42.8 479.5 281.5 198.0 306.9 .0 Aug. 1S 989.5 210.7 167.3 43.5 470.9 279.0 191.9 307.9 .0 Aug. 22 998.1 207.1 163.7 43.4 481.5 284.2 197.3 309.5 .0 Aug. 29 997.6 200.8 156.9 43.9 1 489.1 1 289.8 1 199.2 307.7 .0 Return to top 10 http://www.federalreserve.gov/Releases/CP/ 9/4/2012 The monthly cash flow sheet has not been included for the month of July since it is the first month of the fiscal year and the results are reflected in the Treasurer's Report cash flow analysis. 11 INVESTMENT ADVISORY BOARD Meeting Date: September 12, 2012 TITLE: Pooled Money Investment Board Report for June and July 2012 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for June and July M 2 is included in the agenda packet. RECOMMENDATION: Receive & File �)John kMFa1cc 1— � —f-- ( I,— POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JUNE 2012 WITH JUNE 2011 (DOLLARS IN THOUSANDS) Average Daily Portfolio $ 62,697,615 $ 67,009,936 $ -4,412,321 Accrued Earnings $ 18,367 $ 24,665 $ -6,298 Effective Yield 0.368 % 0.448% -0.09% I Average Life -Month End (in Days) 270 237 +33 Total Security Transactions Amount $ 31,263,724 $ 36,232,038 $ -4,978,314 Number 630 732 -102 Total Time Deposit Transactions Amount $ 2,092,000 $ 2,563,500 $ -471,500 Number 103 117 -14 Average Workday Investment Activity $ 1,687,892 $ 1,763,434 $ -175,542 Prescribed Demand Account Balances For Services $ 2,189,973 $ 1,736,305 $ +453,668 1 BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) June 30, 2012 13IFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT, PORTFOLI PRIOR MONTIJ Government Bills $ 18,025,016 29.79 +3.27 Bonds 0 0.00 0 Notes 16,425,839 27.15 +5.37 Strips 0 0.00 0 Total Government $ 34,450.855 56.94 +8.64 Federal Agency Debentures $ 1,284,522 2.12 +0.11 Certificates of Deposit 7,165,071 11.85 -3.50 Bank Notes 0 0.00 0 Bankers' Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 2,296,401 3.80 -3.66 Time Deposits 4,483,640 7.41 +0.62 GNMAs 13 0.00 0 Commercial Paper 2,585,385 4.27 -0.56 FHLMC/Romics 327,566 0.54 +0.01 Corporate Bonds 0 0.00 0 AB 55 Loans 281,101 0.46 +0.02 GF Loans 7,227,700 11.95 -1.72 NOWAccounts 0 0.00 0 Other 399,932 0.66 +0.04 Reversed Repurchases 0 0.00 0 Total (All Types) $ 60,502,186 100.00 INVESTMENT ACTIVITY JUNE 2012 MAY 2012 NUMBER AMOUN NUMBER AMOUN Pooled Money 630 $ 31,253,724 364 $ 18,072,396 Other is 110,906 30 3,856,865 Time Deposits 103 2,092,000 104 1,666,480 Totals 751 $ 33,456,629 498 $ 23,595,740 PMIA. Monthly Average Effective Yield 0.358 0.363 Year to Date Yield Last Day of Month 0.382 0.384 Pooled Money Investment Account Portfolio Composition $60.5 Billion Corporate Bonds 0.1 Commercial N 4.27% Time Deposits 7.41% CDstBNs 11.85% 06/30/12 Loans 12.41% Mortgages 0.54% Treasuries 56.94% POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JULY 2012 WITH JULY 2011 (DOLLARS IN THOUSANDS) Average Daily Portfolio $ Accrued Earnings $ I Effective Yield Average Life -Month End (in Days) 69,492,950 $ 18,354 $ 0.363 % 243 63,081,961 $ -3,589,001 20,348 $ -1,994 0.381 % �0.018 % 260 .17 1 Total Security Transactions Amount $ 12,889,231 $ 24,160,841 $ -11,271,610 Number 260 490 -230 Total Time Deposit Transactions Amount $ 4,030,300 $ 3,676,800 $ +363,600 Number 136 142 -6 Average Workday Investment Activity $ 806,692 $ 1,391,882 $ -686,190 Prescribed Demand Account Balances For Services $ 1,909,688 $ 1,553,384 $ +366,304 i BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) July 31, 2012 DIFFERENCEIN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 15,030,430 24.42 -5.37 Bonds 0 0.00 0 Notes 16,428,033 28.69 -0.46 Strips 0 0.00 0 Total Government $ 31,458,463 51.11 -5.83 Federal Agency Debentures $ 1,297,424 2.11 -0.01 Certificates of Deposit 3,675,003 5.97 -5.88 Bank Notes 0 0.00 0 Bankers'Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 2,296,401 3.73 -0.07 Time Deposits 4,429,140 7.19 -0.22 GNMAs 12 0.00 0 Commercial Paper 1,603,684 2.61 .1.66 FHLMC/RemIcs 311,842 0.51 -0.03 Corporate Bonds 0 0.00 0 AB 55 Loans 281,101 0.46 0 GIF Loans 15,797,200 25.66 +13.71 NOW Accounts 0 0.00 0 Other 399,942 0.65 -0.01 Reversed Repurchases 0 0.00 0 Total (All Types) $ 61,550,212 100.00 INVESTMENT ACTIVI JULY 2012 JUNE 2012 NUMBER AMOUN NUMBER AMOUN Pooled Money 260 $ 12,889,231 630 $ 31,253,724 Other 3 167,478 18 110,905 Time Deposits 136 ____j,030,300 103 2092,000 Totals 399 $ 17,077,009 751 $ 33,456,629 PMIA Monthly Average Effective Yield 0.363 0.358 Year to Date Yield Last Day of Month 0.363 0.382 Pooled Money Investment Account Portfolio Composition $61.6 Billion 07/31/12 Loa 26.1 Corporate Bonds 0.00% Commercial Paper 2.61% Time Deposi 7.19% Agencies 6.49% Mortgages 0.51% Treasuries 51.11%