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Analysis and Investment Reports - Nov - Dec 2015
CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE D. KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARI\$�� DATE: FEBRUARY 16, 2016 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached are the Compliance Analysis and Investment Reports for November and December 2015 which were presented and approved at the January 2016 meeting of the Audit, Investment and Finance Committee. Please include the reports on the upcoming agenda for review and acceptance by City Council. Also included is a copy of the approved Minutes of the November 2015 meeting for acceptance by the City Council, and the attendance report for 2015. Please feel free to contact me at Ext. 382 if you have any questions. Thank you. nmo Attachments (as noted) r,•\FiNANr,F\NIAMH ORTEGA\INVESTMENT COMM ITTE E\ME MOS\RKLASSE N INV RPT MAY.DOCX b City 1 Palm Desert Nh.MaM /1) �_Xlztetwmr,011 6�yvl ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) will meet next on December 15-16. Chairwoman Yellen has signaled that she is ready to raise the Federal Funds Rate at that meeting unless something shakes her confidence in the U.S. economy, In a recent Wall Street Journal survey, 97% of economists surveyed believed that the FOMC would raise short-term interest rates in December. Economists also believe that U.S. economic growth will accelerate to 2.6% in 2016, up from 2.2% in 2015. The U.S. Unemployment Rate is expected to fall to 4.7% by the end of 2016. Only 15% of economists believe that the U.S. will go into recession over the next 12 months. In the third quarter, U.S. companies posted the largest annual decline in profits since the recession. Competitive pressure from a strong U.S. dollar, and weak global demand were cited as reasons for the shortfall. Companies are reluctant to increase capital spending in such an environment. Instead, many firms are turning to stock buybacks and dividends in order to boost share prices. There was a massive sell-off in the junk bond market after Third Avenue Management LLC was forced to liquidate its high -yield bond fund because it had insufficient cash for redemptions. Market liquidity in this sector is particularly poor since large banks are now limited in their ability to buy high -yield bonds. The RDA Successor Agency paid $14.6 million of debt service in December. .ra d s. o aaw, LJL'..m..!' : City Treasurer Certified California Municipal Treasurer 2015 J�r�rf���fx�r Capital Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas Metz, J.D., M.B.A. Investment Objectives The treasurer shall invest all public monies in a manner that ensures safety of principal; sufficient liquidity to finance the City's expenditures: and the highest yield possible after the previous two objectives have been met. PORTFOLIO STATISTICS NOV-15 OCT-15 SEP-15 AUG-15 JUL-15 JUN-15 Thousands of Dollars Month -End Book Value $ 193,675 $ 196,122 $ 198,356 $ 202,145 $ 204,549 $ 202,795 Month -End Market Value $ 193,646 $ 196,130 $ 198,366 $ 202,150 $ 204,553 $ 202,795 Paper Gain (Loss) $ (29) $ 8 $ 10 $ 5 $ 4 $ - Prior Year Book Variance $ 328 $ 18 $ (18,446) $ (22,227) $ (19,208) $ (23,697) Interest Earnings (W/O Cash; $ 85 $ 77 $ 71 $ 78 $ 73 $ 54 Yield -To -Maturity 0,55% 0.49% 0,44% 0.47% 0.45% 0.35% Weighted Maturity (Days) 147 117 99 102 104 10 Effective Duration 0.25 0.18 0.14 0.14 0.15 0.02 All data as of November 30, 2015 PORTFOLIO CHARACTERISTICS November 2015 Dollars in Thousands Maturities Market Value r 1 M $ 148 474 Maturities Distribution • 2M - r 3M 6,494 100 ss r 6M - 60 1Y - r 2Y 5,011 'c 60o r 3Y 5,529 0 40 a 4Y _ a 20 • 5Y 2,355 0 4 0 0 3 3 0 1 Total: $ 167,863 0 <11W GW 3G M -GM G1Y 42Y GV G4Y <5Y Rating Market Value AAA or Aaa $ 85,916 AA or Aa $ 5,504 A 11,483 Unrated 87,578 Total: $ 190,481 Assets Market Value County Pool 77,959 LAIF 37,474 WF/LAIF Bond Proceeds 25,094 City Loan to RDA 22,655 Commercial Paper 6,495 Medium -Term Notes 10,502 CAMP 4,345 WF Heritage MMF 3,602 Loans Receivable -- EIP 2,355 Total: $ 190,481 Month Dec 14 Jan15 Feb Mar April May Jun Jul Aug Sep Oct Nov r Credit Quality AAA or Aa 51% Unrated 46% AA or Aa 3% A 6% Asset Allocation LAIF 20% County Pool 41 % WFILAIF Band Proceeds 13% WF Heritage City Loan to MMF 2% Loans 9 12% Receivable - Commercial EIP Medium -Term Paper 1 % CAMP Notes 3% 0 2% 6 /o Cit►r Yield LAIF Yield Variance r Performance 0.42 0.27 0.15 0.42 0.26 0.15 0.60 0.43 0.27 0.16 0.41 0.28 0.13 0.39 0.28 0.10 v 0.40 0.40 0.29 0.11 6 0.35 0.29 0.06 5- 0.20 0.45 0.32 0.13 0.47 0.33 0.14 0.44 0.34 0.11 p 00 L1ec14an15Fe6 hAer Apol May Jun Jul Aug Sap Oct Nov 0.49 0.36 0.13 0.55 0.37 0.17 OLAIF veld MCdy Yield E I Lq J 1 STATEMENT OF COMPLIANCE November 2015 The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Palm Desert Statement of Investment Policy. The City investment policy is more conservative than State law. The Palm Desert Audit, Finance, and Investment Committee, and the Palm Desert City Council review the City investment policy annually. For the month ended November 30, 2015, the City investment portfolio was in compliance with all applicable state and local laws and regulations. The City Treasurer's Office continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the next six months. In addition, portions of the City investment portfolio could be liquidated in order to meet any significant, unexpected cash requirements. Union Bank Custody Services provided market value prices for securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, Ywws. owjaa, L'.G'm y. City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code CA Govt Maximum Maximum Code Investment Category Maturity Limit 53601(a) Palm Desert Bonds 5 Years No Limit 53633 Demand Deposits No Limit No Limit 53601(b) U.S. Treasuries 5 Years No Limit 53601(c) CA State Debt 5 Years No Limit 53601(d) CA Local Agency Debt 5 Years No Limit 53601(e) Federal Agencies 5 Years No Limit 53601(f) Bankers's Acceptances 180 Days 40% 53601(g) Commercial Paper 270 Days 25% 53601(h) Negotiable CDs 5 Years 30% 53601(i) Repos 1 Year No Limit 53601(1) Reverse Repos 92 Days 20% 536010) Medium -Term Notes 5 Years 30% 53601(k) Money Market Funds 90 Days 20% 53601(1) Trust Indenture Debt 53601(m) Secured Bank Deposits 5 Years No Limit 53601(k) Local Government Investment Pools 90 Days No Limit 53601(n) Mortgage -Backed 5 Years 20% Securities 16429.1(b) L.A.I.F. No Limit $50MMIAcct City Investment Policy Minimum Maximum Maximum Minimum % of City Quality Maturity Limit [duality Portfolio A-11P-1 A AAA & Aaa AAA & Aaa or Advisor A (Issuer) & AA (Security) No Limit No Limit 5 Years No Limit Not Authorized Not Authorized 5 Years No Limit 180 Days 40% A-1 or P-1 270 Days 25% A-1 or P-1 5 Years 30% AA- or Aa3 30 Days 20% Not Authorized ears 30% A 90YDays 20% AAA & Aaa Not Authorized Not Authorized AAA & Aaa 90 Days 50% (1 ) 1 or Advisor Not Authorized No Limit I $50MMIAcct Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds. (2) Total does not include Cash; City Loan to RDA; or Loans Receivable — EIP. 32.8% (2J 86.9% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 0F 3 CITY PORTFOLIO CONCENTRATION LIMITS November 2015 % of Investments Book Value Portfolio RIVERSIDE COUNTY TREASURER $ 77,959,029.33 46.22% LOCAL AGENCY INVESTMENT FUND 37,474,118.69 22.22% WF/L.A.I.F. BOND PROCEEDS 25,094,180.71 14.88% COMMERCIAL PAPER — DISCOUNT 6,480,572.22 3.84% MEDIUM -TERM NOTES 10,545,179.54 6.25% WF ADVANTAGE HERITAGE MMF 3,602,072.85 2.14% CALIFORNIA ASSET MANAGEMENT PROGRAM 4,344,585.55 2.58% TOTAL BEFORE CASH $ 165,499,738.89 98.12% PLUS: CASH 3,164,990.90 1.88% GRAND TOTAL $ 168,664,729.79 (1) 100.00% FOOTNOTE: (1) In the Citv of Palm Desert Comprehensive Annual Financial Report ("CAFR"), both the City of Palm Desert ("City") and the City's external auditor define total investments as demand deposits, investments in various instruments, and investments held in local government investment pools. The concentration percentages shown above were calculated based on that definition. 1( ,W 0 a ^� «a a> m o o i a a U > N v a v _N cD o M M IV ro 1 O ro > m c a F Y i W N Ci V. 0. 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LL LL LL. 0 N(D N h N N N CO h(1) N M N N CO N N CO U 7 M 0 7 N J J J J J J J J J J J J J J J J J J J a a LL a a a a d a a M a n. M a a m m m 0 > > M n > > > > > > > > > > > > > > > (n (Qo (n (n w to (n w (n (n (n (n rn (n (o (n (n (o rn rrrrF- rrrrrrrrrrrrrr d w w w w w w w w w w w w w w w w w w w con 0 Q C7 a CD CD 0 0 0 0 (7 C) L° m Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q d > r r r r r r~~ F- r r r ~~ r r r r r r Z Z Z Z Z Z Z T Z Z Z Z T 2 2 2 2 2 2 > < Q > > > > > > > > > > 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 m _A Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 99 b O r 0 o < w N o a a d a I 4 iCity of Palm Desert .-N 1 • . � Yr�rl �1I%I'1' •� �111'r-�Il1 rl1 �� �Irt ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) met on December 15-16, and raised the federal -funds rate from near -zero to between 0.25%-0.50% for the first time in seven years. The FOMC plans four more quarter -percentage -point rate hikes in 2016, bringing the federal -funds rate to 1,375%. The futures markets, however, only show two rate hikes in 2016, with a federal -funds rate of just under 1 %. The Fed's planned rate hikes are vulnerable to continued weak inflation; a strong dollar undermining U.S. exports; slowing growth in China; and collapsing crude oil prices. Early January was a turbulent time for global stock markets as massive stock selloffs and currency speculation hit the Chinese markets. Cash flowed into U.S. stock-index funds and into U.S. Treasuries as investors hedged against a possible end to the six -year bull market in U.S. stocks. Crude oil prices fell below $30 per barrel as Saudi Arabia continued to overproduce in an effort to bankrupt U.S. shale oil producers. Newly available Iranian oil should only add to the oversupply. The City bought four securities. A $3 million par value Federal Home Loan Bank note maturing 12/28116 yielding 0.72%. A $2 million par value Apple medium - term note maturing 5/12/17 yielding 0.91 %. A $1.25 million par value Pfizer medium -term note maturing 1115117 yielding 0.98%. A $1.5 million par value Johnson & Johnson medium -term note maturing 11/28/16 yielding 0.74%. In January, the RDA Successor Agency received $16.4 million in property taxes. Yam(,K C aa, N C'../d�l.Y- "' City Treasurer ' Certified California Municipal Treasurer 2015 �Cf'f�lli�X�Y Capital Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas Metz, J.D., M.B.A. Investment Objectives The treasurer shall invest all public monies in a manner that ensures safety of principal; sufficient liquidity to finance the City's expenditures; and the highest yield possible after the previous two objectives have been met. PORTFOLIO STATISTICS DEC-15 NOV-15 OCT-15 SEP-15 AUG-15 JUL-15 Thousandsof Dollars Month -End Book Value $ 192,939 $ 193,675 $ 196,122 $ 198,356 $ 202,145 $ 204,549 Month -End Market Value $ 192,889 $ 193,646 $ 196,130 $ 198,366 $ 202,150 $ 204,553 Paper Gain [Loss] $ (50) $ (29) $ 8 $ 10 $ 5 $ 4 Prior Year Book Variance $ (78) $ 328 $ 18 $ (18,446) $ (22,227) $ (19,208) Interest Earnings (W/O Cash,' $ 93 $ 85 $ 77 $ 71 $ 78 $ 73 Yield -To -Maturity 0.58% 0.55% 0.49% 0,44% 0,47% 0.45% Weighted Maturity (Days) 153 147 117 99 102 104 Effective Duration 0.26 0.25 0.18 0.14 0.14 0.15 All data as of December 31, 2015 4 PORTFOLIO CHARACTERISTICS December 2015 Dollars in Thousands Maturities Market Value 1 M $ 143,530 I Maturities Distribution 2M 6,495 • 3M - 100 88 r 6M - 80 r 1Y - a < 2Y 4,998 'o 60 • 3Y 5,504 v 40 • 4Y - 20 • 5Y 2,355 4 0 0 0 3 3 p 1 Total: $ 162,882 41M �21M -3M -BM <1Y t2Y 43Y �4Y -SY ` Ratings Market Value Credit Quality 1 AAA or Am AAA or Aaa $ 89,976 51 % AA or Aa $ 5,487 A 11,471 Unrated 82,578 Unrated Total: $ 189,512 44% Assets Market Value County Pool 78,015 LAIF 32,474 WF/LAIF Bond Proceeds 25,094 City Loan to RDA 22,655 Commercial Paper 6,497 Medium -Term Notes 10,481 CAMP 5,346 WF Heritage MMF 3,602 Federal Agency -- Coupon 2,993 Loans Receivable -- EIP 2,355 Total: $ 189,512 Month Jan15 Feb Mar April May Jun Jul Aug Sep Oct Nov Dec r 'Asset Allocation County Poc 41% AA or Aa 3% A 6% WF/LAIF Bond Proceeds 13% Loans Receivable - UP City Loan to 1 % RDA WF Heritage 12% MMF 2% Federal Commercial Agency-- Medium -Term Paper Coupon CAMP Notes 3% 2% 3% 6% Performance Citv Yield LAIF Yield Variance 0.42 0.26 0.15 0.43 0.27 0.16 0.60 0.41 0.28 0.13 0.39 0.28 0.10 0.40 0.29 0.11 o D.40 0.35 0.29 0.06 m 0.45 0.32 0.13 0.20 0.47 0.33 0.14 0.44 0.34 0.11 0.49 0.36 0.13 DA6 Jan15Fe6 Mar April May Jun Jul Aug Sep Oct Nov Cep 0.55 0.37 0.17 0.58 a.40 0.18 QLAIF Yield �Crty Yleld 4 STATEMENT OF COMPLIANCE December 2015 The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Palm Desert Statement of Investment Policy. The City investment policy is more conservative than State law. The Palm Desert Audit, Finance, and Investment Committee, and the Palm Desert City Council review the City investment policy annually. For the month ended December 31, 2015, the City investment portfolio was in compliance with all applicable state and local laws and regulations. The City Treasurers Office continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the next six months. In addition, portions of the City investment portfolio could be liquidated in order to meet any significant, unexpected cash requirements. Union Bank Custody Services provided market value prices for securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, Ywd . ovion, e e_&,,1, City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code CA Goat Maximum Maximum Code Investment Category Maturity Limit 53601(a) Palm Desert Bonds 5 Years No Limit 53633 Demand Deposits No Limit No Limit 53601(b) U.S. Treasuries 5 Years No Limit 53601(c) CA State Debt 5 Years No Limit 53601(d) CA Local Agency Debt 5 Years No Limit 53601(e) Federal Agencies 5 Years No Limit 53601(f) Bankers's Acceptances 180 Days 40% 53601(q) Commercial Paper 270 Days 25% 53601(h) Negotiable CDs 5 Years 30% 53601(i) Repos 1 Year No Limit 53601(I) Reverse Repos 92 Days 20% 53601(j) Medium -Term Notes 5 Years 30% 53601(k) Money Market Funds 90 Days 20% 53601(I) Trust Indenture Debt 53601(m) Secured Bank Deposits 5 Years No Limit 53601(k) Local Government Investment Pools 90 Days No Limit 53601(n) Mortgage -Backed 5 Years 20% Securities 16429.1(b) L.A.I.F. No Limit $50MMlAcct City Investment Policy Minimum Maximum Maximum Quality Maturity Limit A-11P-1 A AAA & Aaa AAA & Aaa or Advisor A (Issuer) & AA (Security) Minimum % of City Quality Portfolio No Limit No Limit 5 Years No Llmit Not Authorized Not Authorized 5 Years No Limit 180 Days 40% A-1 or P-1 270 Days 25% A-1 or P-1 5 Years 30% AA- or Aaa 30 Days 20% Not Authorized 5 Years 30% A 90 Days 20% AAA & Aaa Not Authorized Not Authorized f AAA & Aaa f 1 90 Days 50% (i) orAdvisor Not Authorized No Limit J $50MMIAcct l (2) Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds. (2) Total does not include Cash; City Loan to RDA; or Loans Receivable — EIP. 44.0% 30.4% 86,8% !_ CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 ❑F s CITY PORTFOLIO CONCENTRATION LIMITS December 2015 % of Investments Book Value Portfolio RIVERSIDE COUNTY TREASURER $ 78,014,662.89 46.46% LOCAL AGENCY INVESTMENT FUND 32,474,118.69 19.34% WF1L.A.I.F. BOND PROCEEDS 25,094,180.71 14.94% COMMERCIAL PAPER -- DISCOUNT 6,480,572.22 3.86% MEDIUM -TERM NOTES 10,543,501.82 6.28% FEDERAL AGENCY -- COUPON 2,997,180.00 1.78% WF ADVANTAGE HERITAGE MMF 3,602,309.56 2.15% CALIFORNIA ASSET MANAGEMENT PROGRAM 5,345,452.42 3.18% TOTAL BEFORE CASH $ 164,551,978.31 97.99% PLUS: CASH 3,376,892.63 2.01 % GRAND TOTAL $ 167,928,870.94 (1) 100.00% FOOTNOTE: (1) In the Citv of Palm Desert Comprehensive Annual Financial Report ("CAFR"), both the City of Palm Desert ("City") and the City's external auditor define total investments as demand deposits, investments in various instruments, and investments held in local government investment pools. The concentration percentages shown above were calculated based on that definition. L >. a. a d m c o � c y N (Y g yA tyo o a a � U> M O O N S N O S M S M d U a O N "t 'V h< N �P O O O O O O CD O O O h p O � C C YY W N to cn M M O Q C 7 oi F f7 N C' r l0 U m m y T O U p O n o— ——— N ao co rn n io M w M n C Cn O .LA-. 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