HomeMy WebLinkAboutInvestments Report - November and December 2014CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE D. KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARIW'-A
DATE: JANUARY 27, 2015
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Attached are the Compliance Analysis and Investment Reports for November and
December 2014 which were presented and approved at the January 2015 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 are the approved minutes of the November 2014 meeting for acceptance
by the City Council, and the attendance report in progress for 2015.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted)
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ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on December 17-18, and left
short-term interest rates unchanged. The FOMC indicated that it would be
"patient" before raising interest rates since nothing had changed its earlier view
that they would stay low for a "considerable time." The bond market has priced
in a rate hike by mid-2015, with the Federal Funds Rate at 0.50% - 0.75% by
year-end. The FOMC noted that the U.S. economy was continuing to expand
at a moderate pace, with solid job gains and a lower unemployment rate. The
next FOMC policy meeting will be on January 27-28.
Several economic indicators attested to an expanding U.S. economy in November.
There was a 321,000-payroll gain, largely due to hiring in the construction, retail,
and financial service industries. Consumer confidence rose to a post -recession
high, implying a good holiday shopping season. Factory output rose 1.1 %,
putting manufacturing above its previous peak in December 2007. Capacity
utilization rose to 80.1 % -- its highest level since March 2008.
A 40% plunge in crude -oil prices helped restrain inflation, and provided relief to
U.S. consumers who were caught between meager wage gains and rising costs
for food, housing, education, and health care.
Faltering global growth and market turmoil in Russia led foreign investors to buy
U.S. Treasuries in a flight -to -safety, driving down the yield on a 10-year Treasury
note to 2.07%.
.raafs Wm, ee.M.Y.
City Treasurer
" Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2014
OWem&,v
%rdwllal 1VId1 RGIS 1 W0111
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
investment
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
•
•
Thousands of Dollars
Month -End Book Value
$
193,347
$
196,104
$
216,802
$
224,372
$ 223,757
$ 226,492
Month -End Market Value
$
193,366
$
196,118
$
216,815
$
224,380
$ 223,761
$ 226,492
Paper Gain (Loss)
$
19
$
14
$
13
$
8
$ 4
$ -
Prior Year Book Variance
$
(7,955)
$
(6,541)
$
11,903
$
4,059
$ 3,387
$ 7,804
Interest Earnings (W/O Cash; $
67
$
75
$
72
$
60
$ 59
$ 55
Yield -To -Maturity
0.43%
0.42%
0.41 %
0.32%
0.31 %
0.31 %
Weighted Maturity (Days)
107
104
95
13
13
13
Effective Duration
0.15
0.15
0.14
0.02
0.03
0.03
All data as of November 30, 2014
Dollars in Thousands
Maturities
< 1 M
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total:
Market Value
$ 153,505
9,991
PORTFOLIO CHARACTERISTICS
November 2014
Ratings
Market Value
AAA or Aaa
$ 82,937
A
9,993
Unrated
95,723
Total:
$ 188,653
Assets
Market Value
County Pool
77,731
LAIF
45,524
WF/LAIF Bond Proceeds
25,044
City Loan to RDA
22,655
Commercial Paper
9,993
CAMP
841
WF Treasury MMF
4,365
Loan Receivable - EIP
2,500
Total:
$ 188,653
Month
City Yield
LAW Yield
Variance
Dec13
0.28
0.26
0.02
Jan14
0.29
0.24
0.05
Feb
0.29
0.24
0.05
March
0.31
0.24
0.07
April
0.29
0.23
0.06
May
0.30
0.23
0.07
Jun
0.31
0.23
0.08
Jul
0.31
0.24
0.07
Aug
0.32
0.26
0.06
Sep
0.41
0.25
0.16
Oct
0.42
0.26
0.15
Nov
0.43
0.26
0.17
Maturities Distribution
2
0
t
0
a
100
80
60
40
20
0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Credit Quality AAA or Aaa
51%
A
5%
Unrated
51%
Performance
0.45
0.30
m
} 0.15
0.00
Decl3anU Feb MarchAphl May Jun Jul Aug Sep Oct Nov
YLAIFYield 00ty Yeld
� CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
November 2014
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 November 30, 2014, 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 provided the market value prices for securities in the City investment portfolio. All balances are bank balances.
Respectfully submitted,
Yau(s Wmaq, ee.M.Y.
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio
53601(a)
Palm Desert Bonds
5 Years
No Limit
-
53633
Demand Deposits
No Limit
No Limit
No Limit
No Limit
-
53601(b)
U.S. Treasuries
5 Years
No Limit
5 Years
No Limit
-
53601(c)
CA State Debt
5 Years
No Limit
Not Authorized
53601(d)
CA Local Agency Debt
5 Years
No Limit
Not Authorized
53601(e)
Federal Agencies
5 Years
No Limit
5 Years
No Limit
-
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40%
A-1 or P-1
-
53601(g)
Commercial Paper
270 Days
25%
A-1/P-1
270 Days
25%
A-1 or P-1
5.3%
53601(h)
Negotiable CDs
5 Years
30%
5 Years
30%
AA- or Aa3
-
53601(i)
Repos
1 Year
No Limit
30 Days
20%
1
1 -
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
53601(j)
Medium -Term Notes
5 Years
30%
A
5 Years
3 0
1 A
-
53601(k)
Money Market Funds
90 Days
20%
AAA & Aaa
90 Days
20%
1 AAA & Aaa
2.3%
53601(I)
Trust Indenture Debt
Not Authorized
53601(m)
Secured Bank Deposits
5 Years
No Limit
Not Authorized
53601(k)
Local Government
Investment Pools
90 Days
No Limit
AAA & Aaa
or Advisor
90 Days
50% (1)
AAA & Aaa
1 or Advisor
41.7%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
A (Issuer) &
AA (Security)
Not Authorized
16429.1(b)
L.A.I.F.
No Limit
$50MM/Acct
No Limit $50MM/Acct
37.4%
(2)1 86.7%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, excluding bond proceeds.
(2) Total does not include the cash, City Loan to RDA, and Loan Receivable - EIP.
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
November 2014
% of
Investments
Book Value
Portfolio
RIVERSIDE COUNTY TREASURER
$ 77,730,933.36
46.22%
LOCAL AGENCY INVESTMENT FUND
45,524,332.95
27.07%
WF/L.A.I.F. BOND PROCEEDS
25,044,154.98
14.89%
COMMERCIAL PAPER -- DISCOUNT
9,973,750.00
5.93%
WF ADVANTAGE TREASURY MMF
4,364,715.19
2.60%
CALIFORNIA ASSET MANAGEMENT PROGRAM
840,690.25
0.50%
TOTAL BEFORE CASH
$ 163,478,576.73
97.20%
PLUS:
CASH
$ 4,713,365.89
2.80%
GRAND TOTAL
$ 168,191,942.62 (1)
100.00%
FOOTNOTE:
(1) In the City 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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CITY OF PALM DESERT
Portfolio Management
Portfolio Details - Investments
November 30, 2014
Average Purchase
CUSIP Investment 71 Issuer Balance Date Par Value Market Value
CA ASSET MANAGEMENT PROGRAM
SYS 13 13 C A M P POOL (CITY)
SYS12444 12444 C A M P POOL (DESERT WILLOW)
Page 1
Stated YTMJC Days to Maturity
Book Value Rate Moody's 365 Mat./Call Date
690.154 40 690.154 40 690.154 40 0 052
150.535 85 150.535 85 150,535 85 0 052
Subtotal and Average 1,040,648.15 840,690.25 840,690.25 840,690.25
CITY LOAN TO RDA
0 052 1
0 052 1
0.052 1
SYS1
1
CITY OF PALM DESERT
22.654.999 95
22,654,999.95
22.654.999.95 0 261
0 261
1
Subtotal and Average 22,654,999.95
22,654,999.95
22,654,999.95
22,654,999.95
0.261
1
WF/L.A.I.F. BOND PROCEEDS
SYS1233084
1233084
LOCAL AGENCY INVESTMENT FUND
25.044.154 98
25,044,154 98
25,044,154.98 0 261
0 261
1
Subtotal and Average 25,044,154.98
25,044,154.98
25,044,154.98
25,044,154.98
0.261
1
LOCAL AGENCY
INVESTMENT FUND
SYS12000
12000
L A IF (CITY)
45,524.332 95
45.524.332 95
45.524,332 95 0 261
0 261
1
Subtotal and Average 46,404,332.95
45,524,332.95
45,524,332.95
45,524,332.95
0.261
1
—
WF ADVANTAGE
TREASURY MMF_—
SYS18911300-T
18911300-T
ADVANTAGE TREASURY PLUS MMF
07101/2014
000
000
000
Aaa
0 000
1
SYS18911301-T
18911301-T
ADVANTAGE TREASURY PLUS MMF
88,298 76
88.298 76
88,298 76
Aaa
0 000
1
SYS18914700-T
18914700-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
2.56476
2,564.76
2.56476
Aaa
0 000
1
SYS18914701-T
18914701-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
000
000
000
Aaa
0 000
1
SYS18914702-T
18914702-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
000
000
000
Aaa
0 000
1
SYS18914703-T
18914703-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
000
000
000
Aaa
0 000
1
SYS18914800-T
18914800-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
003
0.03
0.03
Aaa
0 000
1
SYS18914801-T
18914801-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
0.00
000
000
Aaa
0 000
1
SYS18914802-T
18914802-T
ADVANTAGE TREASURY PLUS MMF
160,857 90
160,857.90
160.857 90
Aaa
0 000
1
SYS18914900-T
18914900-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
000
000
0.00
Aaa
0 000
1
SYS18914901-T
18914901-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
000
000
000
Aaa
0 000
1
SYS18914902-T
18914902-T
ADVANTAGE TREASURY PLUS MMF
0.00
000
000
Aaa
0 000
1
SYS18915000-T
18915000-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
0.02
0.02
0.02
Aaa
0 000
1
SYS18915001-T
18915001-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
000
000
coo
Aaa
0 000
1
SY518915002 T
18915002-T
ADVANTAGE TREASURY PLUS MMF
69.180 70
69.180.70
69,180.70
Aaa
0 000
1
SYS18915003-T
18915003-T
ADVANTAGE TREASURY PLUS MMF
178,921 55
178.921 55
178,921 55
Aaa
0 000
1
SYS20141 1 00-T
20141100-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
000
000
000
Aaa
0 000
1
SYS20141101-T
20141101-T
ADVANTAGE TREASURY PLUS MMF
07/01/2014
001
001
001
Aaa
0 000
1
Nun Date 12/182014 - 15 23
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HOUSING AUTHORITY
Portfolio Management
Portfolio Details - Cash
November 30, 2014
Average Purchase Stated Days to YTM/C
CUSIP Investment A Issuer Balance Date Par Value Market Value Book Value Rate Moody's MatJCall 365
CHECKING
SYS25015 25015 HOUSING AUTH CHECKING 4,268.914 91 4.268.914 91 4.268.914 91 1 0 000
SYS25016 25016 HOUSING AUTH TRUST 07/01/2014 391,170 00 391,170 00 391.170 00 1 0 000
Run Date 12/18/2014 15 29
Average Balance 0.00 1
Total Cash and Investments 31,156,482.11 31,156,482.11 31,156,482.11 31,156,482.11 1 0.261
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City of Palm Desert
ty�rr su��iryzerrt
ECONOMIC COMMENTARY
As 2015 begins, the U.S. economy is better off than most other world economies.
In December, favorable trends in U.S. economic growth, hiring, and unemployment
continued. Consumer spending carried over from the third quarter when the U.S.
economy expanded at a 5% growth rate (its strongest performance in 11 years).
That was due largely to consumer spending on health care and on restaurant
meals; business investment in equipment and software; and a rise in exports.
The spectacular collapse of oil prices in the fourth quarter relieved pressure on
consumers who were caught between flat wages and spiraling costs. For every
dollar decline in gasoline prices, consumers gain about $100 billion in savings,
providing them with more discretionary income.
The key question is whether U.S. economic growth is sustainable, in the context
of falling oil prices and a strong U.S. dollar. Falling oil prices can trigger large
layoffs and a decline in capital investment by oil companies. A strong dollar can
decrease exports, and increase imports, which would lower U.S. inflation and
factory production.
Nervous investors continued to buy U.S. Treasuries in a flight -to -safety, driving
down the 10-year Treasury note yield to 1.83%. Their chief concern was that
the troubled Eurozone might plunge into deflation.
The RDA Successor Agency paid off $14S .5 million of debt service in December.
YmdWiiw, ee.M.Y.
City Treasurer
Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2014
Neeewder
Capital Markets Team
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
Investment
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
DEC-14
•
•
Thousands of Dollars
Month -End Book Value
$
193,017
$
193,347
$ 196,104
$
216,802
$
224,372
$ 223,757
Month -End Market Value
$
193,039
$
193,366
$ 196,118
$
216,815
$
224,380
$ 223,761
Paper Gain (Loss)
$
22
$
19
$ 14
$
13
$
8
$ 4
Prior Year Book Variance
$
(15,643)
$
(7,955)
$ (6,541)
$
11,903
$
4,059
$ 3,387
Interest Earnings (W/O Cash; $
67
$
67
$ 75
$
72
$
60
$ 59
Yield -To -Maturity
0.42%
0.43%
0.42%
0.41 %
0.32%
0.31 %
Weighted Maturity (Days)
107
107
104
95
13
13
Effective Duration
0.14
0.15
0.15
0.14
0.02
0.03
All data as of December 31, 2014
Dollars in Thousands
Maturities
<1M
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total:
Market Value
$ 153,388
9,993
2,500
$ 165,881
Ratings
Market Value
AAA or Aaa
$ 82,950
A
9,995
Unrated
95,723
Total:
$ 188,668
Assets
County Pool
LAIF
WF/LAIF Bond Proceeds
City Loan to RDA
Commercial Paper
CAMP
WF Treasury MMF
Loan Receivable - EIP
Total:
Month
Jan14
Feb
March
April
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
City Yield
0.29
0.29
0.31
0.29
0.30
0.31
0.31
0.32
0.41
0.42
0.43
0.42
Market Value
77,731
45,524
25,044
22,655
9,995
841
4,378
2,500
$ 188,668
LAW Yield
0.24
0.24
0.24
0.23
0.23
0.23
0.24
0.26
0.25
0.26
0.26
0.27
PORTFOLIO CHARACTERISTICS
December 2014
Variance
0.05
0.05
0.07
0.06
0.07
0.08
0.07
0.06
0.16
0.15
0.17
0.15
Maturities Distribution
100
80
0
a
60
0
40
0
a
20
0
0 6 0 0 0 0 0 2
n
1M <2M <3M <W 11Y <2Y <W <4Y <5
Credit Quality AAA or Aaa
51%
A
5%
Unrated
51%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
December 2014
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 December 31, 2014, 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.
Union Bank Custodial Services provided the market value prices for securities in the City investment portfolio. All balances are bank balances.
Respectfully submitted,
Yizats ��- .go&, ee.mj:
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio
53601(a)
Palm Desert Bonds
5 Years
No Limit
-
53633
Demand Deposits
No Limit
No Limit
No Limit
No Limit
-
53601(b)
U.S. Treasuries
5 Years
No Limit
5 Years
No Limit
-
53601(c)
CA State Debt
5 Years
No Limit
Not Authorized
53601(d)
CA Local Agency Debt
5 Years
No Limit
Not Authorized
53601(e)
Federal Agencies
5 Years
No Limit
5 Years
No Limit
-
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40%
A-1 or P-1
-
53601(g)
Commercial Paper
270 Days
25%
A-1/P-1
270 Days
25%
A-1 or P-1
5.3%
53601(h)
Negotiable CDs
5 Years
30%
5 Years
30%
AA- or Aa3
-
53601(i)
Repos
1 Year
No Limit
30 Days
20%
-
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
53601(j)
Medium -Term Notes
5 Years
30%
A
5 Years
30%
A
-
53601(k)
Money Market Funds
90 Days
20%
AAA & Aaa
90 Days
20%
AAA & Aaa
2.3%
53601(I)
Trust Indenture Debt
Not Authorized
53601(m)
Secured Bank Deposits
5 Years
No Limit
Not Authorized
53601(k)
Local Government
Investment Pools
90 Days
No Limit
AAA & Aaa
or Advisor
90 Days
50% (1)
AAA & Aaa
1 or Advisor
41.7%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
A (Issuer) &
AA (Security)
Not Authorized
16429.1(b)
L.A.I.F.
No Limit
$50MM/Acct
No Limit $50MM/Acct
37.4%
(2)1 86.7%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, excluding bond proceeds.
(2) Total does not include the cash, City Loan to RDA, and Loan Receivable - EIP.
CITY PORTFOLIO CONCENTRATION LIMITS
December 2014
% of
Investments
Book Value
Portfolio
RIVERSIDE COUNTY TREASURER
$
77,730,933.36
46.31 %
LOCAL AGENCY INVESTMENT FUND
45,524,332.95
27.12%
WF/L.A.I.F. BOND PROCEEDS
25,044,154.98
14.92%
COMMERCIAL PAPER -- DISCOUNT
9,973,750.00
5.94%
WF ADVANTAGE TREASURY MMF
4,377,481.84
2.61 %
CALIFORNIA ASSET MANAGEMENT PROGRAM
840,727.83
0.50%
TOTAL BEFORE CASH
$
163,491,380.96
97.40%
PLUS:
CASH
$
4,371,062.44
2.60%
GRAND TOTAL
$
167,862,443.40 (1)
100.00%
FOOTNOTE:
(1) In the City of Palm Desert Comprehensive Annual Financial Report ("CAFR"), both the City of Palm Desert
("City') and the Citys 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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