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Analysis and Investment Reports - Jan and Feb 2016
X L CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE D. KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETAR*',I'% DATE: MARCH 22, 2016 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached are the Compliance Analysis and Investment Reports for January and February 2016 which were presented and approved at the February and March 2016 meetings 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 January and February 2016 meeting for acceptance by the City Council, and the attendance report for 2016. Please feel free to contact me at Ext. 382 if you have any questions. Thank you. .rTI-lue Attachments (as noted) GARNANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX City of Palm Desert ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) met on January 26-27, and left interest rates unchanged. The FOMC said that it still expected to raise rates at a "gradual" pace, depending upon the global economy's performance. Fed fund futures assigned an 18% chance to a single rate hike in December 2016. Janet Yellen later commented that the Fed had no "pre-set" path to return policy to "normal", and that negative interest rates could not be taken off the table. Global securities markets were volatile in January as investors worried about falling commodity prices; a slowdown in China; heavy debt loads in emerging markets; and European and Japanese central banks using negative interest rates to stimulate growth. Investors reacted by selling equities, and by buying sovereign bonds and gold. U.S. Gross Domestic Product (GDP) weakened to an annual growth rate of 0.7% in the fourth quarter. Slower consumer spending, declining business investment, weaker exports, and less state and local government spending were cited as causes. The City bought three securities. A $3 million par value Bank of Tokyo -Mitsubishi commercial paper note maturing 8/11/16 yielding 0.76%. A $5 million par value Federal Home Loan Bank note maturing 12/11/17 yielding 0.80%. A $1.4 million Bank of America medium -term note maturing 11/14/16 yielding 1.20%. In January, the City received approximately $7.5 million in property taxes. In early February, the City paid approximately $1.9 million of debt service. J'wd S. Ofww, a� City Treasurer Certified California Municipal Treasurer PORTFOLIO STATISTICS 2016 jawaaq 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. STATISTICS JAN-16 DEC-1 5 .,. Thousands of dollars Month -End Book Value $ 206,854 $ 192,939 $ 193,675 $ 196,122 $ 198,356 $ 202,145 Month -End Market Value $ 206,849 $ 192,889 $ 193,646 $ 196,130 $ 198,366 $ 202,150 Paper Gain (Lass) $ (5) $ (50) $ (29) $ 8 $ 10 $ 5 Prior Year Book Variance $ 4,370 $ (78) $ 328 $ 18 $ (18,446) $ (22,227) Interest Earnings (W/O Cash; $ 101 $ 93 $ 85 $ 77 $ 71 $ 78 Yield -To -Maturity 0.60% 0.58% 0.55% 0.49% 0.44% 0,47% Weighted Maturity (Days) 161 153 147 117 99 102 Effective Duration 0.28 0.26 0.25 0.18 0.14 0.14 All data as of January 31, 2016 PORTFOLIO CHARACTERISTICS January 2016 Dollars in Thousands Maturities Market Value Maturities Distribution < 1 M $ 149,796 < 2M - • 3M - 100 - 87 r 6M - 80 • 1 Y 7,174 c • 2Y 7,001 .2 6fl • 3Y 5,513 0 40 • 4Y - 20 - 4 4 3 • 5Y 2,355 0 0 0 rl 0 1 r-1 Total: $ 171,839 � -tM <2M -3M �W tIY �2Y S3Y 14Y t5Y Credit Quality Aaa Ratings Market Value AAA or 51% AAA or Aaa $ 115,280 AA or Aa $ 7,514 ii A 11,174 Unrated Unrated 60,530 31 % AA or Aa Total: $ 194,498 4% fi �0 Asset Allocation 6% Assets Market Value W F1LAI F Bond County Pool 78,022 Proceeds LAIF 31,212 County Pool 2% WF/LAIF Bond Proceeds 4,307 40% City Loan to City Loan to RDA 22,655 RDA Commercial Paper 6,499 12% Medium -Term Notes 16,689 Commercial Paper CAMP 5,347 Loans W F Heritage MMF 24,413 Receivable-- Medium -Term Federal Agency -- Coupon 2,999 EIP - Notes Loans Receivable -- EIP 2,355 1% Federa Agency- CAMP 9% WFHeritage 3% Total: $ 194,498 Coupon MMF 1% 13% Month Citv Yield LAIF Yield Variance Performance 1 Feb15 0.43 0.27 OA6 Mar 0.41 0.28 0.13 0.60 April 0.39 0.28 0.10 May 0.40 0.29 0.11 Jun 0.35 0.29 0.06 0 0.40 Jul 0.45 0.32 0.13 2 Aug 0.47 0.33 0.14 >. 0.20 _ Sep 0.44 0.34 0.11 Oct 0.49 0.36 0.13 Nov 0.55 0.37 0.17 p•00 FBb15142r April May Jun Jul Aug Sep Oct Nov Dec .]an16 Dec 0.58 0.40 0.18 Jan16 0.60 0.45 0.15 ULAIF Yield acityY.40 STATEMENT OF COMPLIANCE January 2016 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 January 31, 2016, 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. Interactive Data Services and Union Bank Custody Services provided market value prices for securities in the City investment portfolio. Ali balances are bank balances. Respectfully submitted, ymd s. o vi on, e-em. : 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 Bays 40% 53601(g) 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 $50MMIAcct City Investment Policy Minimum Maximum Maximum Quality Maturity Limit A-1iP-1 A AAA & Aaa AAA & Aaa or Advisor A (issuer) & AA (Security) No Limit No Limit 5 Years I No Limit Minimum % of City Duality Portfolio I - 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 5 Years 30% A 90 Days 20% AAA & Aaa Not Authorized Not Authorized AAA & Aaa 90 Days 50% (1 ) 1 or Advisor Not Authorized No Limit 1 $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. 42.9% 18.3% 87.1 % CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS January 2016 % Of Investments Book Value Portfolio RIVERSIDE COUNTY TREASURER $ 78,021,527.89 42.91 % LOCAL AGENCY INVESTMENT FUND 31,212,226.82 17.16% WF/L.A.I.F. BOND PROCEEDS 4,307,406.28 2.37% COMMERCIAL PAPER -- DISCOUNT 6,480,572.22 3.56% MEDIUM -TERM NOTES 16,714,252.58 9.19% FEDERAL AGENCY -- COUPON 2,997,416.97 1.65% WF ADVANTAGE HERITAGE MMF 24,412,837.71 13.43% CALIFORNIA ASSET MANAGEMENT PROGRAM 5,347,174.76 2.94% TOTAL BEFORE CASH $ 169,493,415.23 93.21 % PLUS: CASH 12,350,924.77 6.79% GRAND TOTAL $ 181,844,340.00 (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. 1p a� UY U ^^ a) o o a > O W o C tL o m o a. a cr 0)m d U •� m V N (DtD N CD O O I O O U CO ? V r d; O co. 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N o. N A � u a N o o r M H 0 r J W �4 r O c � �N R a N 4 � '0 e° a 2 u O � r V E 's' N Z � Z U Y a. m N a O Y � N U N � � r4City of Palm Desert 1 Yf�ftrjlll'f'i 11Crf�ri/t'�Ilt� �p�t'% ECONOMIC COMMENTARY Fears of a sharp U.S. economic downturn lessened in February after a series of decent economic reports calmed investors and markets. In January, durable goods orders increased. The core Consumer Price Index (excluding food and energy) also increased, rising 0.3% month -over -month -- the most in four years. In February, however, there was a mixed jobs report. While non -farm payrolls rose by 242,000, hourly earnings fell, and workers put in fewer hours. Manufacturing is now only 10% of the U.S. economy. At least 60,000 factories have left the U.S. over the last 15 years. Oil prices hovered around $301barrel after Saudi Arabia announced that it would not cut oil production, and that it was willing to let oil prices fall to $201barrel in order to eliminate oil producers with higher production costs (e.g., offshore and shale oil drillers). This is how the Saudis plan to correct the global supply - demand imbalance of a million barrels a day of crude oil. U.S. banks are setting aside billion -dollar reserves for potential oil -and -gas loan losses. Half of the shale oil producers are expected to file for bankruptcy. The City bought the following securities in late February - early March. $7.2 million par value Chevon Corp. medium -term note yielding 1.35% maturing 11/15117. $2 million par value Bank of Tokyo -Mitsubishi commercial paper yielding 0,76% maturing 911116. $2 million par value Toyota Motor Credit Corp commercial paper yielding 0.69% maturing 9130116. $6 million par value Sumitomo Trust - NY commercial paper yielding 0.77% maturing 912116. City Treasurer " Certified California Municipal Treasurer 2016 , /f"ma, • Capital Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas J. Metz, J.Q., 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 FEB-16 JAN-16 DEC-15 NOVA OCT-15 SEP-15 DollarsThousands of Month -End Book Value $ 211,128 $ 206.854 $ 192,939 $ 193,675 $ 196,122 $ 198,356 Month -End Market Value $ 211,067 $ 206,849 $ 192,889 $ 193,646 $ 196,130 $ 198,366 Paper Gain (Loss) $ (61) $ (5) $ (50) $ (29) $ 8 $ 10 Prior Year Book Variance $ 9,726 $ 4,370 $ (78) $ 328 $ 18 $ (18,446) Interest Earnings (WIO Cash, $ 103 $ 101 $ 93 $ 85 $ 77 $ 71 Yield -To -Maturity 0.65% 0.60% 0.58% 0.55% 0.49% 0,44% Weighted Maturity (Days) 182 161 153 147 117 99 Effective Duration 0.35 0,28 0.26 0.25 0.18 0.14 All data as of February 29, 2016 Dollars in Thousands Maturities < 1M <2M • 3M • 6M c 1Y a 2Y * 3Y * 4Y * 5Y Total: Ratinas AAA or Aaa AA or Aa A Unrated Total: Assets County Pool LAIF WFILAIF Bond Proceeds City Loan to RDA Commercial Paper Medium -Term Notes CAMP W F Heritage MMF Federal Agency -- Coupon Loans Receivable -- EIP Total: Month Mari April May Jun Jul Aug Sep Oct Nov Dec Jan16 Feb Cit►r Yield 0.41 0.39 0.40 0.35 0.45 0.47 0.44 0.49 0.55 0.58 0.60 0.65 Market Value $ 145,747 2,989 7,174 17,000 5,513 2,355 $ 180,778 Market Value $ 116,213 $ 12,492 11,662 64,029 $ 204,396 Market Value 75,022 34,712 4,307 22,655 2,989 22,657 5,349 26,358 7,992 2,355 $ 204,396 LAIF Yield 0.28 0.28 0.29 0.29 0.32 0.33 0.34 0.36 0.37 0.40 0.45 0.47 PORTFOLIO CHARACTERISTICS February 2016 Maturities Distribution 100 - - 81 80 - - 0 0 60 o v 40 a 20 0 0 2 4 0 9 3 1 0 '-' c1M -2M �W �W 11Y t2Y c3Y s4Y <5Y Credit Quality � AAA or Aaa 51% Asset Allocation I Unrated r AA or Aa 31% A 6% 6% LAIF WFILAIF Bond 17% Proceeds 20,V0 City Loan to RDA 11% Commercial P County Pool aver 37% 1% Performance Variance 0.13 0.10 0,69 0.11 0.06 0.13 a 0.48 0.14 0.11 0.23 0.13 0.17 0.18 o.0a M8r15Ap111 May Jun Jul Aug Sep flcS Nov ppcJanlfiFeb 0.15 ❑. 1 �LAIF YiaM CC4 YMd I Medium -Term Notes 11% CAMP Loans 3% Receivable -- Fe era WF Heritage EIP Agency-- MMF 1% Coupon 13% 4% STATEMENT OF COMPLIANCE February 2016 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 February 29, 2016, 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. Interactive Data Services and Union Bank Custody Services provided market value prices for securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, Ymd S. Okaff, ee-&J'. 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(t) 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 $50MM/Acct Minimum Maximum Quality Maturity No Limit 5 Years 5 Years 180 Days A-11P-1 270 Days 5 Years 30 Days A 5 Years AAA & Aaa 90 Days AAA & Aaa or Advisor A (Issuer) & AA (Security) 90 Days City investment Policy Maximum Minimum Limit Quality No Limit I No Limit Not Authorized Not Authorized No Limit 40% A-1 or P-1 25% A-1 or P-1 30% AA- or Aaa 20% Not Authorized 30% A 20% AAA & Aaa Not Authorized Not Authorized AAA & Aaa 50% (1) 4 or Advisor Not Authorized % of City Portfolio 3.9% 1.5% 11.1°�0 12.9% 39.3% No Limit 1 $50MMIAcct i 19.1 % (2)87.8% 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. CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS February 2016 % of Investments Book Value Portfolio RIVERSIDE COUNTY TREASURER $ 75,021,527.89 34.44% LOCAL AGENCY INVESTMENT FUND (CITY) 34,712,226.82 15.94% LOCAL AGENCY INVESTMENT FUND (HOUSING) 26,592,167.29 12.21% WF/L.A.I.F. BOND PROCEEDS 4,307,406.28 1.98% COMMERCIAL PAPER -- DISCOUNT 2,988,473.33 1.37% MEDIUM -TERM NOTES 22,712,322.50 10.43% FEDERAL AGENCY -- COUPON 7,997,653.95 3.67% WF ADVANTAGE HERITAGE MMF 26,358,413.34 12.10% CALIFORNIA ASSET MANAGEMENT PROGRAM 5,349,060.96 2.46% TOTAL BEFORE CASH $ 206,039,252.36 94.59% PLUS: CASH (CITY) 6,671,089.20 3.06% CASH (HOUSING) 5,105,618.07 2.34% GRAND TOTAL $ 217,815,959.63 (1) 100.00% FOOTNOTES: (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. 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