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HomeMy WebLinkAboutAnalysis - Investment Reports - March 2016CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE D. KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARW DATE: MAY 9, 2016 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached is the Compliance Analysis and Investment Report for March 2016 which was presented and approved at the April 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 March 2016 meeting for acceptance by the City Council, and the attendance report in progress for 2016. Please feel free to contact me at Ext. 382 if you have any questions. Thank you. nmo _� Cl) � Z Attachments (as noted) s� D~ r� ciao 3 rn Op n co> GARNANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMMRKLASSEN INV RPT MAY.DOCX 4 City Desert s r�c�.�Xrr�r � ��r►r-.�flll ���rl ���r�r� ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) will meet next on April 26-27. A rate hike is not expected. The FOMC is taking a "cautious and patient" approach to raising interest rates, due to global uncertainty posed by China's economic slowdown and the collapse in all prices. The FOMC is also concerned that lower gasoline prices are not offsetting spiraling rent and health care costs for the average American making $40,000 per year. The markets are now expecting only one 25 basis -point rate hike, most likely in November (50% probability) or in December (62% probability) 2016. Consumer prices rose in March for the first time in four months, indicating modest inflationary pressures in the U.S. economy. U.S. manufacturing remains soft, with durable -good orders declining by 2.8% in February. Oil prices temporarily rebounded to $40 per barrel on the belief that an OPEC production freeze might strengthen oil prices. Instead, the OPEC talks collapsed. The City purchased a $4 million par value Federal Farm Credit Bank note yielding 0.90% maturing 0912112017. The City investment portfolio's ending balance on March 31, 2016 was $28.2 million lower than prior month. Approximately $21.2 of that may be attributed to unspent improvement bond proceeds being used to call the University Park bonds. The City also wired $5.8 million to Riverside County Sheriff and Fire. Jain,: Okaez, L'.&AY " City Treasurer x Certified California Municipal Treasurer PORTFOLIO STATISTICS Thousands of Dollars 2016 ��J�rr1 Capital Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas J. 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. Month -End Book Value $ 182,968 $ 211,128 $ 206,854 $ 192,939 $ 193,675 $ 196,122 Month -End Market Value $ 182,965 $ 211,067 $ 206,849 $ 192,889 $ 193,646 $ 196,130 Paper Gain (Loss) $ (3) $ (61) $ (5) $ (50) $ (29) $ 8 Prior Year Book Variance $ (12,529) $ 9,726 $ 4,370 $ (78) $ 328 $ 18 Interest Earnings (WIO Cash; $ 116 $ 103 $ 101 $ 93 $ 85 $ 77 Yield -To -Maturity 0.79% 0.65% 0.60% 0.58% 0.55% 0.49% Weighted Maturity (Days) 240 182 161 153 147 117 Effective Duration 0.47 0.35 0.28 0.26 0.25 0.18 All data as of March 31. 2016 Dollars in Thousands Maturities * 1M * 2M < 3M • 6M a 1Y < 2Y * 3Y * 4Y * 5Y Total: Ratings AAA or Aaa AA or Aa A Unrated Total: Assets County Pool LAIF WF/LAIF Bond Proceeds City Loan to RDA Commercial Paper Medium -Term Notes CAMP WF Heritage MMF Federal Agency -- Coupon Loans Receivable -- EIP Total: Month Apri115 May Jun Jul Aug Sep Oct Nov Dec Jan16 Feb Mar Market Value $ 100,841 11,954 9,164 24,222 5,501 2,298 $ 153,980 Market Value $ 97,135 14,846 22,638 42,173 $ 176,792 Market Value 75,090 12,912 4,308 22,655 13,950 25,034 5,351 3,183 12,011 2,298 $ 176,792 PORTFOLIO CHARACTERISTICS March 2016 !� Maturities Distribution 100 80 65 60 0 40 a 116 20 0 0 1-1 n 1 i 0 1 �1M c21M 43M <61A <1Y r2Y -3Y -4Y 5Y Credit Quality AAA or Aaa 5 1 % Asset Allocation Unrated 24% AA or Aa A 8% 13% LAIF WFILAIF Bond 7% Proceeds City Loan to RDA 13% County Pool 43% Commercial Paper 8% Medium -Term Loans Notes Receivable -- 7CAMP 14°�° EIP Federal 3% 1% Agency-- WF Heritage Coupon MMF performance City Yield LAW Yield Variance 0.39 0.28 0.10 0.40 0.29 0A 1 0.80 0.35 0.29 0.06 0.45 0.32 0.13 0.60 0.47 0.33 0.14 0.44 0.34 0.11 ro 0.40 0.49 0.36 0.13 >. 0.55 0.37 0.17 0.20 0.58 0A0 0.18 0.60 0.45 0.15 0.00 Apri1151rWy Jun Jul Aug Sep Oct Mov ❑ec Janl6 Feb lJlar 0.65 0.47 0.18 0.79 0.51 0.28 OLAWY b ocityY,.Pd i STATEMENT OF COMPLIANCE March 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 March 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. All balances are bank balances. Respectfully submitted, 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(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(I) 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 Ir_MEM A AAA & Aaa AAA & Aaa or Advisor A (Issuer) & AA (Security) Minimum %of City Quality Portfolio I - No Limit No Limit - 5 Years No Limit Not Authorized Not Authorized 5 Years No Limit 6.8% 180 Days 40% A-1 or P-1 - 270 Days 25% A-1 or P-1 7.9% 5 Years 30% AA- or Aa3 - 30 Days 20% - Not Authorized 5 Years I 30% A I 1 90 Days 20% AAA & Aaa 1 8% Not Authorized Not Authorized 90 Days I 50% (1) I or Ad sor ` 45.5% Not Authorized No Limit 1 $50MMIAcct l 9.8% {2j 85.9% 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 PORTFOLIO CONCENTRATION LIMITS March 2016 Investments RIVERSIDE COUNTY TREASURER LOCAL AGENCY INVESTMENT FUND (CITY) LOCAL AGENCY INVESTMENT FUND (HOUSING) WF/L.A.I.F. BOND PROCEEDS COMMERCIAL PAPER -- DISCOUNT MEDIUM -TERM NOTES FEDERAL AGENCY -- COUPON WF ADVANTAGE HERITAGE MMF CALIFORNIA ASSET MANAGEMENT PROGRAM TOTAL BEFORE CASH PLUS: CASH (CITY) CASH (HOUSING) GRAND TOTAL % of Book Value Portfolio $ 75,089,383 39.60% 12,912,227 6.81 % 26, 592,167 14.02% 4,307,406 2.27% 13,945,413 7.35% 24,958,115 13.16% 11,997,891 6.33% 3,182,696 1.68% 5,351,315 2.82% $ 178,336,614 94.05% 6,173,481 3.26% 5,110,505 2.70% $ 189,620,601 (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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