HomeMy WebLinkAboutAnalysis Investment Reports - May 2016......... . ..
CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE D. KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY""-'_—�
DATE: JULY 5, 2016
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Attached is the Compliance Analysis and Investment Report for May 2016 which was
presented and approved at the June 2016 meeting of the Audit, Investment and Finance
Committee. Please include the report on the upcoming agenda for review and
acceptance by City Council.
Also included is a copy of the approved Minutes of the May 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 TINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSEN INV RPT MAYLOU
2016
City of Palm Desert
ECONOMIC COMMENTARY
This will be no economic commentary for May 2016 due to the transfer of
bond proceeds between Wells Fargo Corporate Trust Services and U.S.
Bank Global Corporate Trust Services (the successor trustee).
On May 31, 2016, U.S. Bank received approximately $20.8 million of City and
RDA Successor Agency bond proceeds from Wells Fargo. Another $78.4
million of bond proceeds that are invested in LAIF were transferred to
U.S. Bank on June 3. That is why the May 2016 investment report still shows
them under Wells Fargo administration as of May 31st.
At U.S. Bank, the bond proceeds that are not invested in LAIF are invested in the
Goldman Sachs Financial Square Government Fund (Institutional). This fund
invests exclusively in U.S. Government securities, and has a fixed Net Asset
Value of $1 per share. In other words, the value of a share will not "float"
(fluctuate). A floating Net Asset Value could potentially expose the City to a risk
of loss if shares were to be redeemed while their value floated below $1.
The City received approximately $7.1 million of property taxes in May. The RDA
RDA Successor Agency received approximately $17.6 million of property taxes
in June.
Director of Finance & City Treasurer
Capital Markets Team
Director of Finance &
City Treasurer
Janet M. Moore
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
STATISTICS MAY-16 APR-116 MARA 6 FEB-16 J N-16 DEC-15
Thousands ofDollars
Month -End Book Value
$
197,181
$
184,776
$
182,968
$
211,128
$ 206,854
$ 192,939
Month -End Market Value
$
197,253
$
184,882
$
182,965
$
211.067
$ 206,849
$ 192,889
'aper Gain (Loss)
$
72
$
106
$
(3)
$
(61)
$ (5)
$ (50p
'rior Year Book Variance
$
(5,165)
$
(12,388)
$
(12,529)
$
9,726
$ 4,370
$ (78)
nterest Earnings (W/O Cash, $
124
$
116
$
116
$
103
$ 101
$ 93
Yield -To -Maturity
0.80%
0.79%
0.79%
0.65%
0.60%
0.58%,
Weighted Maturity (Days)
224
238
240
182
161
153
Effective Duration
0.39
0.44
0.47
0.35
0.28
0.26
All data as of May 31, 2016
Dollars in Thousands
Maturities
a 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
WFILAIF Bond Proceeds
City Loan to RDA
Commercial Paper
Medium -Term Notes
CAMP
Goldman Sachs Govt Fund
Federal Agency -- Coupon
Loans Receivable -- EIP
Total:
Month
Jun15
Jul
Aug
Sep
Oct
Nov
Dec
Jan16
Feb
Mar
Apr
May
Market Value
$ 113,453
2,996
8,984
4,922
7,252
21,279
5,537
2,298
$ 166,721
Market Value
$ 122,661
14,813
8,686
43,216
$ 189,376
Market Value
86,700
13,946
4,317
22,655
13,975
25,000
5,355
3,134
11,996
2,298
$ 189,376
PORTFOLIO CHARACTERISTICS
May 2016
Maturities Distribution
100
80 68
o _
0 60
v
0
40
a
20 2 5 3 4 113 3 0 1
0 n r-1
c1M c2M c3M c6M c1Y <2Y c3Y s4Y c5Y
r �
Credit Quality
i
Asset Allocation
AAA or Aaa
51%
Unrated
23%
A AA or Aa
4% 8%
1 7% W F/LAI F Bond
Proceeds
2%
City Loan to
County Pool
RDA
46%
12%
Commercial
Paper
8%
Medium
-Term
Loans
Notes
Receivable
-- CAMP
13 /o
EIP
Federal Goldman 3%
1 %D
Agency --Sachs Govt
Coupon Fund
6DI
D
STATEMENT OF COMPLIANCE
May 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 &
Investment Committee, and the Palm Desert City Council review the City investment policy annually.
For the month ended May 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 corporate securities in the City investment
portfolio. All balances are bank balances.
Respectfully submitted,
Director of Finance & City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
no California Government Code I City Investment Policy
CA Govt
Maximum
Maximum
Code
Investment Category
Maturity
Limit
P 53601(a)
Palm Desert Bonds
5 Years
No Limit
53633
Demand Deposits
No Limit
No Limit
k 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)
Repcs
1 Year
No Limit
53601(l)
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
Minimum Maximum Maximum
Quality Maturity Limit
A-11P-1
A
AAA & Aaa
AAA & Aaa
or Advisor
A (Issuer) &
AA (Security)
Minimum % of City
Duality Portfolio
I
No Limit
No Limit
5 Years I
No Limit
Not Authorized
Not Authorized
5 Years
No Limit
6.3%
180 Days
40% A-1 or P-1
-
270 Days
25% A-1 or P-1
7.4%
5 Years
30% AA- or Aaa
-
30 Days
20%
-
Not Authorized
5 Years
30% A
13.2%
90 Days I
20% I AAA & Aaa
1.7%
Not Authorized
Not Authorized
1 AAA & Aaa 1
90 Days
50% (1 ) I or Advisor I
48.6%
Not Authorized
No Limit I $50MMIAcct 1 1 9.7%
(2j 86.8%
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
May 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
GOLDMAN SACHS FS GOVERNMENT FUND
CALIFORNIA ASSET MANAGEMENT PROGRAM
TOTAL BEFORE CASH
PLUS:
CASH (CITY)
CASH (HOUSING)
GRAND TOTAL
% of
Book Value
Portfolio
$ 86,699,762
42.46%
13,945,704
6.83%
26,622,863
13.04%
4,317,391
2.11 %
13,945,413
6.83%
24,954,469
12.22%
11,998,602
5.88%
3,134,118
1.53%
5,355,619
2.62%
$ 190,973,941
93.52%
7,877,255 3.86%
5,353,217 2.62%
$ 204,204,413 (1) 100.00%
FOOTNOTES:
(1) In the Citv of Palm Desert Comprehensive Annual Financial Resort ("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.
(2) Bond proceeds are included in this calculation since they are cash investments that are invested at
the discretion of City staff in compliance with the terms and conditions of their bond indentures.
(3) The Housing Authority is included in this calculation because it is part of the City of Palm Desert.
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