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Home My WebLink AboutInvestment Reports - June-July-August 2016CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE D. KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY DATE: OCTOBER 7, 2016 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached are the Compliance Analysis and Investment Reports for June, July and August 2016 which were presented and approved at the September 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 June 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 COMMITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX 2016 City of Palm Desert��r;.� ECONOMIC COMMENTARY Capital Markets Team There will be no Economic Commentary this month due to the property Director of Finance & management transition. City Treasurer Janet M. Moore ,&N& M .dirt W Director of Finance & City Treasurer PORTFOLIO STATISTICS Thousands of Dollars I Deputy City Treasurer Thomas J. Metz, J.D., M.B.A. Investment Obiectives 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 $ 192,790 $ 197,181 $ 184,776 $ 182,968 $ 211.128 $ 206,854 Month -End Market Value $ 192,932 $ 197,253 $ 184,882 $ 182,965 $ 211,067 $ 206,849 Paper Gain (Loss) $ 142 $ 72 $ 106 $ (3) $ (61 ) $ (5 Prior Year Book Variance $ (10,005) $ (5,165) $ (12,388) $ (12,529) $ 9,726 $ 4,370 Interest Earnings (W/O Cash,' $ 126 $ 124 $ 116 $ 116 $ 103 $ 101 Yield -To -Maturity 0.83% 0.80% 0.79% 0.79% 0.65% 0.60°I Weighted Maturity (Days) 227 224 238 240 182 161 Effective Duration 0.37 0.39 0.44 0.47 0.35 0.28 All data as of June 30, 2016 PORTFOLIO CHARACTERISTICS June 2016 Dollars in Thousands Maturities Market Value Maturities Distribution a 1M $ 110,697 < 2M 2,997 • 3M 8,984 100 • 6M 4,922 -- 81) 68 • 1 Y 7,252 0 60 a 2Y 21,279 c • 3Y 5,537 0 40 • 4Y - a 20 - 2 5 3 4 13 3 1 • 5Y 2,298 l] Total: $ 163,966 � 1M r 2M � W - 6M -1Y 4 2Y t 3Y r 4Y 5Y + Credit {duality Ratings Market Value AAA or Aaa $ 127,885 AAA or Aaa AA or Aa 14,844 51% A 8,692 Unrated 19°I° Unrated 35,271 Total: $ 186,692 A AA or Aa 5% 8% 4 L3 F Assets Market Value Asset Allocation jUS Bank/LAIF Riverside County Pool 97,093 Riverside Bond Proceeds LAIF 6,001 County Pool 2% 52% US Bank/LAIF Bond Proceec 4,317 City Loan to City Loan to RDA 22,655 RDA Commercial Paper 13,985 CAMP Q°I° 12% Medium -Term Notes 25,036 Commercial ap P810 r CAMP 152 Goldman Sachs Govt Fund 3,135 MedN Federal Agency -- Coupon 12,020 Loans Receivable -- Federal teerm s Goldman Loans Receivable -EIP 2,298 EIP Agency -- 13% Sachs Gout Total: $ 186,692 1 % Coupon Fund 7% 2% Performance Month Citv Yield LAW Yield Variance Ju115 0.45 0.32 0.13 Aug 0.47 0.33 0.14 1.00 Sep 0.44 0.34 0.11 Oct 0.49 0.36 0.13 0.75 Nov 0.55 0.37 0.17 Dec 0.58 0A0 0.18 0.50 Jan16 0.60 0.45 0.15 >. Feb 0.65 0.47 0.18 0 25 Mar 0.79 0.51 0.28 Apr 0.79 0.53 0.27 0.00 Jun5Aug sep cu hn: Fe J.-nil.FEb to Ar•• May 0.80 0.55 0.24 Jun 0.83 0.58 0.25 STATEMENT OF COMPLIANCE June 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 June 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, f"zd ,ff .I CE Director of Finance & 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(I) Reverse Repos 92 Days 20% 536010) 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 Quality Maturity City Investment Policy Maximum Minimum % of City Limit Quality Portfolio No Limit No Limit - 5 Years No Limit Not Authorized Not Authorized 5 Years No Limit 6.4% 180 Days 40% A-1 or P-1 - A-11P-1 270 Days 25% A-1 or P-1 7.5% 5 Years 30% AA- or Aa3 - 30 Days 20% - Not Authorized A 5 Years 30% A 13.4% AAA & Aaa 90 Days I 20% AAA & Aaa 1.7% Not Authorized Not Authorized AAA & Aaa AAA & Aaa or Advisor 90 Days 50% (1) or Advisor I I 52.1 % A (Issuer) & Not Authorized AA (Security) No Limit 1 $50MMIAcct l j 5.5% (2)1 W6% 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 0F 3 CITY PORTFOLIO CONCENTRATION LIMITS June 2016 Investments RIVERSIDE COUNTY TREASURER LOCAL AGENCY INVESTMENT FUND (CITY) LOCAL AGENCY INVESTMENT FUND (HOUSING) U.S. BANK / LAIF BOND PROCEEDS COMMERCIAL PAPER -- DISCOUNT MEDIUM -TERM NOTES FEDERALAGENCY -- COUPON GOLDMAN SACHS FS GOVERNMENT FUND CALIFORNIA ASSET MANAGEMENT PROGRAM TOTAL BEFORE CASH PLUS: CASH (CITY) CASH (HOUSING) GRAND TOTAL % of Book Value Portfolio $ 97,092,761 48.59% 6,000,704 3.00% 26,622,863 13.32% 4,317,391 2.16% 13,945,413 6.98% 24,954,469 12.49% 11, 998, 602 6.00% 3,135,035 1.57% 152,421 0.08% $ 188,219,659 94.19% 6,239,744 3.12% 5,377,553 2.69% $ 199,836,956 (1) 100.00% FOOTNOTES: (1) In the Citv of Palm Desert Comorehensive 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. (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. Z o n Q A 7 U U ^^ g a > t z 0 O a a � a V N tn0 c7 n a00 N n� . O IA h 1n O N N (O O N co 00 O tO co . a>i C O IC TT O O O O O O O O n O 0 O win t0 � fA C� CC •- 7 `a CO � m o N N N CD CD C � E y f— n N m m > m« m U m O E av « — < N N n O CO tO m i. '0V N O O C O > W C co C 0) ° it O COM Y N (CO D 00 00 In Cl)a O N o O W c m C in m f O O c�! 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N r- r- m m m N N 04 N N N N N N N N N N N N 3 o o r w� O� S. m u y� Q m o a, O r N O YJ u3 N G A m 4 9 aA r 2 u � � r a O u 2 a m 2 U � N City of Palm Desert •Jrea�arrx � d _X)we,4yweye1 �P6c.rl ECONOMIC COMMENTARY There will be no Economic Commentary this month due to the property management transition and the annual interest allocation. The City has acquired a $4,000,000 par value piece of Bank of Tokyo -Mitsubishi commercial paper with a yield of 1.05% maturing on February 6, 2017, 0&&& M. .hlaaw Director of Finance & City Treasurer 2016 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 JUL-16 JUN-16 MAY-16 APR-16 MAR-16 FEB-16 Thousands of Dollars Month -End Book Value $ 192,304 $ 192,790 $ 197,181 $ 184,776 $ 182,968 $ 211,128 Month -End Market Value $ 192,436 $ 192,932 $ 197.253 $ 184,882 $ 182,965 $ 211,067 'aper Gain (Loss) $ 132 $ 142 $ 72 $ 106 $ (3) $ (61) )rior Year Book Variance $ (12,245) $ (10,005) $ (5,165) $ (12,388) $ (12,529) $ 9,726 nterest Earnings (W10 Cash, $ 134 $ 126 $ 124 $ 116 $ 116 $ 103 Yield -To -Maturity 0.84% 0.83% 0.80% 0.79% 0.79% 0.65% Weighted Maturity (days) 224 227 224 238 240 182 Effective duration 0.35 0.37 0.39 0.44 0.47 0.35 All data as of July 31, 2016 Dollars in Thousands Maturities 1M <2M * 3M c 6M 1Y a 2Y a 3Y r 4Y • 5Y Total: Ratings AAA or Aaa AA or Aa A Unrated Total: Assets Riverside County Pool LAIF US Bank/LAIF Bond Proceec City Loan to RDA Commercial Paper Medium -Term Notes CAMP Goldman Sachs Govt Fund Federal Agency -- Coupon Loans Receivable -- ElP Total: Market Value $ 116,344 8,990 1,996 7,179 3,001 26,868 2,298 $ 166,676 Market Value $ 127,916 14,836 8,693 37,895 $ 189,340 Market Value 97,115 8,619 4,324 22,655 13,993 25,030 152 3,136 12,018 2,298 $ 189,340 Month City Yield LAIF Yield Aug 15 0.47 0.33 Sep 0.44 0.34 Oct 0.49 0.36 Nov 0.55 0.37 Dec 0.58 0.40 Jan16 0.60 0.45 Feb 0.65 0.47 Mar 0.79 0.51 Apr 0.79 0.53 May 0.80 0.55 Jun 0.83 0.58 Jul 0.84 0.59 PORTFOLIO CHARACTERISTICS July 2016 Maturities Distribution 100 0 81) 70 e a 60 0 40 I° 16 20 5 1 4 2 l"I 0 0 1 p rn <1M S2M �W tW <1Y <2Y �V c4Y 45Y r Credit Quality Unrated 20% A AA or Aa AAA or Aaa 51% 5% 8% r Asset Allocation 5 �F US Bank1LAIF Bond Riverside Proceeds County Pool 2% 51% City Loan to RDA CAIMP 12°/a 0% Commercial Paper 8% Medium -Term Loans dotes Receivable -- Federal Goldman 13% EIP Agency -- Sachs Govt 1% Coupon Fund 6% 2% r - Variance Performance 0.14 0.11 1.00 0,13 0.17 0.75 0.18 a 0.15 m 0.50 0.18 0.28 0.25 0.27 0.24 0.00 Au9155ev Dct HoY DecJan16Fe6 Mar Apr May Jun Jul 0.25 Q 25 I OLAIF Yield 00ty Yield STATEMENT OF COMPLIANCE July 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 July 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 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(I) 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 Minimum Maximum Quality Maturity A-11P-1 A AAA & Aaa AAA & Aaa or Advisor A (issuer) & AA (Security) City Investment Policy Maximum Minimum % of City Limit Quality Portfolio I I No Limit No Limit - 5 Years 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 Aa3 - 30 Days 20% Not Authorizers 5 Years 30% A 13.2°/6 90 Days I 20% AAA & Aaa 1.7% Not Authorized Not Authorized AAA & Aaa 90 Days I 50% (1 ) I or Advisor 51.4% Not Authorized No Limit 1 $50MMIAcct j 6.8% (2)W8% 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/HOUSING PORTFOLIO CONCENTRATION LIMITS July 2016 Investments RIVERSIDE COUNTY TREASURER LOCAL AGENCY INVESTMENT FUND (CITY) LOCAL AGENCY INVESTMENT FUND (HOUSING) U.S. BANK / LAIF 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 $ 97,115,169 48.71 % 8,619,123 4.32% 26,659,083 13.37% 4,323,264 2.17% 13,945,413 6.99% 24,965,833 12.52% 11,997,180 6.02% 3,135,774 1.57% 152,491 0.08% $ 190,913,331 95.76% 3,096,258 1.55% 5,367,063 2.69% $ 199,376,651 (1) 100.00% FOOTNOTES: (1) In the Citv of Palm Desert Comprehensive Annual Financial Reoort ("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. The City Loan to RDA and Loans Receivable -- EIP have been excluded from the calculation. o n Y g a > « o i= S o a a m R W Om0 2 W m N Iw N O In 1p Un Co U7 N N I� f. 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CJ 9 9 9 C7 C7 (7 9 9 C7 9 N Q N ci m c7 7 0 cV M O N m ON00.. pp f O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O d 0 N 0) m O O N � r- tD cO cO tO r- N N OD W W W O) O) m N o 0) to n� n n t- h h h h � h W W W W N N N N N U C9 N N N N N N N N N N co N N N N lY 8/ A N M rD w r� 7 N M S. r N � � A Y ZS co r o VQ O 7 a co 0.0 V O O N R N 7 O 0 u O c r e m am U C4 N G m w J to N N Q i 6, 4 d Q � Y L� Z U O o � r eL i V U 2 Q, m O cn YN V � I d Lr016 City of Palm Desert {��.f ECONOMIC COMMENTARY Capital Markets Team There will be no Economic Commentary this month due a major re -write of the Director of Finance & City's investment policy, and the development of a five-year cash flow forecast. City Treasurer Janet M. Moore The City has acquired a $2,000,000 par value Wells Fargo Bank negotiable certificate of deposit with a yield of 1.15%, maturing on July 28, 2017. Deputy City Treasurer Thomas J. Metz, J.D., M.B.A. The RDA Successor Agency investment portfolio decreased by approximately $5.8 million in August due principally to the payment of debt service, and project fund draws. 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. ,4&7& f .fie Director of Finance & City Treasurer PORTFOLIO STATISTICS STATISTICS AUG-16 JUL-16 JUN-16 MAY-16 APR-16 MAR-16 Thousandsof Dollars Month -End Book Value $ 193,717 $ 192,304 $ 192,790 $ 197,181 $ 184,776 $ 182,968 Month -End Market Value $ 193,804 $ 192,436 $ 192,932 $ 197,253 $ 184,882 $ 182,965 Paper Gain (Loss) $ 87 $ 132 $ 142 $ 72 $ 106 $ (3) Prior Year Book Variance $ (8,428) $ (12,245) $ (10,005) $ (5,165) $ (12,388) $ (12,529) Interest Earnings (W/O Cash) $ 137 $ 134 $ 126 $ 124 $ 116 $ 116 Yield -To -Maturity 0.86% 0.84% 0.83% 0.80% 0.79% 0,79% Weighted Maturity (Days) 233 224 227 224 238 240 Effective Duration 0.35 0.35 0.37 0.39 0.44 0.47 All data as of August 31, 2016 Dollars In Thousands Maturities < 1 M • 2M • 3M • 6M 1Y • 2Y • 3Y • 4Y • 5Y Total: Ratings AAA or Aaa AA or Aa A Unrated Total: Assets Riverside County Pool Medium -Term Notes City Loan to RDA Commercial Paper Federal Agency -- Coupon Goldman Sachs Govt Fund US Bank/LAIF Bond Proceec Loans Receivable -- EI P LAIF CAMP Total: Month Sep15 Oct Nov Dec Jan16 Feb Mar Apr May Jun Jul Aug Citv Yield ❑.44 0.49 ❑.55 ❑.58 0.60 0.65 0.79 0.79 0.80 0.83 0.84 0.86 Market Value $ 123,345 2,926 8,231 3,002 26,866 2,298 $ 166,668 Market Value $ 147,645 16,815 8,681 10,051 $ 183,192 Market Value 93,115 24,952 22,655 14,936 11,999 7,596 4,323 2,298 1,165 153 $ 183,192 LAIF Yield 0.34 ❑.36 0.37 0.40 0.45 0.47 0.51 0.53 0.55 0.58 0.59 0.63 PORTFOLIO CHARACTERISTICS August 2016 Variance 0.11 0.13 0.17 0.18 0.15 0.18 0.28 0.27 0.24 0.25 0.25 0.23 r Maturities Distribution 100 80 74 a- - 0 60 o 40 - a° 16 20 - 0 2 5 2 n 0 0 1 0 �1M �2M <31V �81V�1Y SV �V c4Y �5Y Credit Quality i r Unrated 5% A 5% AA or 9% AAA or Aaa 51% Asset Allocation CAMP 0% Medium -Term Riverside Notes County Pool 14% 51% City Loan to LAIF RDA 1 % 12% Loans Receivable EIP Commercial 1 % Paper US Bank/LAIF Goldman Federal 8% Bond Sachs Govt Agency -- Proceeds Fund Coupon 2% 4% 7% f Performance 1.00 0.75 v m 0.50 0.25 0.00 Sep150cl Nov DecJanf6Fe6 Mar Apr MayJun Jul Aug OLAIF Yield OC4 Yield l laq 1 z J STATEMENT OF COMPLIANCE August 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 August 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 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(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-11P-1 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 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 AAA & Aaa 90 Days 50% (i) 1 or Advisor Not Authorized 13.5% 4.1 % 50.4% No Limit J $50MMIAcct J "% (2)86.5% 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/HOUSING PORTFOLIO CONCENTRATION LIMITS August 2016 Investments RIVERSIDE COUNTY TREASURER LOCAL AGENCY INVESTMENT FUND (HOUSING) MEDIUM -TERM NOTES COMMERCIAL PAPER -- DISCOUNT FEDERAL AGENCY -- COUPON GOLDMAN SACHS FS GOVERNMENT FUND U.S. BANK / LAIF BOND PROCEEDS LOCAL AGENCY INVESTMENT FUND (CITY) CALIFORNIA ASSET MANAGEMENT PROGRAM TOTAL BEFORE CASH PLUS: CASH (CITY) CASH (HOUSING) GRAND TOTAL % of Book Value Portfolio $ 93,115,169 46.78% 26,659,083 13.39% 24,952,038 12.54% 14,935,653 7.50% 11,999,076 6.03% 7,595,563 3.82% 4,323,264 2.17% 1,165,123 0.59% 152,574 0.08% $ 184,897,543 92.89% 8,525,108 4.28% 5,631,327 2.83% $ 199,053,977 (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. (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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