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Analysis Investment Reports - April 2016
CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE D. KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARYW'�7 DATE: JUNE 7, 2016 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached is the Compliance Analysis and Investment Report for April 2016 which was presented and approved at the May 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 April 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 Attachments (as noted) G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMM ITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX �1•l� City of Palm Desert - �I�rr����Ir�• a �l2C�Pr�1it�12f r��fX�rf ECONOMIC COMMENTARY The Federal Open Market Committee ("FOMC") met on April 26 & 27, and left interest rates unchanged. The FOMC was ambiguous about raising rates in June due to mixed global economic signals and low U.S. inflation. Fed -funds futures has assigned a 13% probability to a June rate increase, and a 61% probability to a December rate increase. The U.S. economic picture is mixed. The April jobs report was the worst in seven months, and many Americans dropped out of the labor force. The U.S. factory sector has stabilized as oil prices have moved higher, and the U.S. Dollar has weakened. Worker productivity has declined as wages have risen. Businesses remain reluctant to spend on staples such as computers, machinery, and electrical appliances. Consumer spending in April was the highest in more than a year, but online, and at the expense of department stores. In the April City investment report, there is a $1.8 million negative balance in Heritage Money Market Account No. 20141106 (University Park). It is not a true overdraft. The trustee made a purchase in the account on April 29, and forgot to transfer in money from Heritage Money Market Account Nos. 20141107 - 1119 (University Park) to cover it. This was automatically corrected on the next business day (May 2). In the April RDA Successor Agency investment portfolio, there is a $3 million increase in the Heritage Money Market Accounts balance due to bond proceeds being transferred in from LAIF as part of the University Park bond call. ,` =a X. Director of Finance & City Treasurer 2016 4wrr/ Capital Markets Team Director of Finance & City Treasurer Janet M. Moore 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. PORTFOLIO STATISTICS STATISTICS APRA6 MAR-16 FEB-16 JAN-16 DEC-15 NOV-15 Thousands of Dollars Month -End Book Value $ 184,776 $ 182,968 $ 211,128 $ 206,854 $ 192,939 $ 193,675 Month -End Market Value $ 184,882 $ 182,965 $ 211,067 $ 206,849 $ 192,889 $ 193,646 Paper Gain (Loss) $ 106 $ (3) $ (61) $ (5) $ (50) $ (29) Prior Year Book Variance $ (12,388) $ (12,529) $ 9,726 $ 4,370 $ (78) $ 328 Interest Earnings (W/O Cash; $ 116 $ 116 $ 103 $ 101 $ 93 $ 85 Yield -To -Maturity 0.79% 0.79% 0.65% 0.60% 0.58% 0.55% Weighted Maturity (flays) 238 240 182 161 153 147 Effective Duration 0.44 0.47 0.35 0.28 0.26 0.25 All data as of April 30, 2016 Dollars in Thousands Maturities < 1M <2M • 3M a 6M 1Y a 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 May15 Jun Jul Aug Sep Oct Nov Dec Jan16 Feb Mar Apr Market Value $ 101,849 13,950 7,182 24,309 5,551 2,298 $ 155,139 Market Value $ 112,338 14,844 7,410 43,216 $ 177,808 Market Value 75,100 13,946 4,317 22,655 13,964 25,039 5,353 3,133 12,003 2,298 $ 177,808 PORTFOLIO CHARACTERISTICS April 2016 Maturities Distribution 100 SO 66 0 60 o 40 0 5 4 a 260 ° 0 n P -1 n r--r 0 <IM �21u! �W s M K1Y -2Y 43Y s4Y 5Y i / Credit Quality Unratec 24% Asset Allocation AAA or Aaa 51 °Ir A AA or Aa 4% 9% LAIF VVF/LAIF Bond 8% Proceeds 2% City Loan to RDA 13% County Pool 42% Commercial Paper 8% Medium -Term Loans Notes Receivable -- CAMP 14% EIP Federal 3% 1% Agency -- WF Heritage Coupon MMF 7% 2% Performance Citv Yield LAIF Yield Variance 0.40 0.29 0.11 0.35 0.29 0.06 0.80 0.45 0.32 0.13 0.47 0.33 0.14 0.60 0.44 0.34 0.11 0.49 0.36 0.13 m 0.40 - 0.55 0.37 0.17 0.58 0.40 0.18 0.20 0.60 0.45 0.15 0.65 0.47 0.18 0.00 Mayl5Jun Jul Aug Sep Oct Nov Dec JanlfiFe6 Mar Apr 0.79 0.51 0.28 0.79 0.53 0.27 QLAIF Yi61tl oc ly Yreld STATEMENT OF COMPLIANCE April 2016 The investment of the City of Palm Desert securities portfolio is governed by Califomia 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 & Investment Committee, and the Palm Desert City Council review the City investment policy annually. For the month ended April 30, 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 corporate securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, ,&" M W Director of Finance & City Treasurer CA Govt Code 53601(a) 53633 53601(b) 53601(c) 53601(d) 53601(e) 53601(f) 53601(q) 53601(h) 53601(i ) 53601(I) 536010) 53601(k) 53601(I ) 53601(m) 53601(k) 53601(n) SUMMARY OF AUTHORIZED INVESTMENTS California Government Code Investment Category Palm Desert Bonds Demand Deposits U.S. Treasuries CA State Debt CA Local Agency Debt Federal Agencies Bankers's Acceptances Commercial Paper Negotiable CDs Repos Reverse Repos Medium -Term Notes Money Market Funds Trust Indenture Debt Secured Bank Deposits Local Government Investment Pools Mortgage -Backed Securities Maximum Maturity 5 Years No Limit 5 Years 5 Years 5 Years 5 Years 180 Days 270 Days 5 Years 1 Year 92 Days 5 Years 90 Days 5 Years Maximum Minimum Maximum Limit Quality Maturity No Limit No Limit No Limit No Limit 5 Years No Limit No Limit No Limit 5 Years 40% 180 Days 25% A-1IP-1 270 Days 30% 5 Years No Limit 30 Days 20% 30% A 5 Years 20% AAA & Aaa 90 Days No Limit AAA & Aaa 90 Days No Limit or Advisor 90 Days 5 Years 20% A (Issuer) & AA (Security) 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 Aa3 20% Not Authorized 30% I A 20% AAA & Aaa Not Authorized Not Authorized AAA & Aaa 50% j1j 1 or Advisor Not Authorized 16429,1(b) L.A.I.F. I No Limit { $50MMIAcct I No Limit 1 $50MMIAcct l 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. (2) % of City Portfolio 6.8% 7.9% 14.0% 1.8% 45.3% 10.3% 86.0% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 0F 3 CITY PORTFOLIO CONCENTRATION LIMITS April 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 $ 75,099,762 39.18% 13,945,704 7.28% 26,622,863 13.89% 4,317,391 2.25% 13,945,413 7.28% 24,956,900 13.02% 11,998,128 6.26% 3,133,189 1.63% 5,353,413 2.79% $ 179,372,763 93.58% 7,073,503 3.69% 5,241,417 2.73% $ 191,687,683 (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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