The URL can be used to link to this page

Home My WebLink AboutInvestment Report - February 2015CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE D. KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY A DATE: MARCH 24, 2015 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached is the Compliance Analysis and Investment Report for February 2015 which was presented and approved at the March 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 February 2015 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) G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMM ITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX rCity of Palm Desert ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) will meet next on March 17-18. The FOMC is expected to eliminate a barrier to raising short-term interest rates by abandoning its promise to be "patient" before acting. If this happens, then it means that the FOMC has finished promising near -zero interest rates, and will raise the Federal Funds Rate (most likely in June or September). Many economists believe that it will be September. If so, this will be the first rate increase since 2006. Economists believe that the upper bound of the Federal Funds Rate may be 1.0% by year-end. Short-term traders have done $3.3 billion of futures -market "shorts" in anticipation of a rate increase, and a corresponding decline in Treasury prices. This is the highest level of "shorts" since 2010. U.S. fourth-quarter Gross Domestic Product (GDP) was revised downward from 2.6% to 2.2%. Cheaper oil, a stronger U.S. dollar, and tepid global growth are expected to constrain the U.S. economy through the first half of 2015. These factors are also containing inflation by keeping U.S. import prices low. Oil output is expected to continue at a high level, with a floor of about $40/barrel for Brent. In February, retail sales fell for the third consecutive month as a mix of bad weather and consumer caution offset lower gasoline prices and an improving labor market. While consumers cut spending on restaurants, auto dealers, electronics, building supplies, and department stores, they increased spending on grocery stores, sporting goods stores, and online retailers. Y=es ocean, eemy. City Treasurer Certified California Municipal Treasurer PORTFOLIO STATISTICS 2015 391"11191T %, cdplial mdr nGLa 1 Can 1 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. Thousands of Dollars Month -End Book Value $ 201,332 $ 202,484 $ 193,017 $ 193,347 $ 196,104 $ 216,802 Month -End Market Value $ 201,358 $ 202,508 $ 193,039 $ 193,366 $ 196,118 $ 216,815 Paper Gain (Loss) $ 26 $ 24 $ 22 $ 19 $ 14 $ 13 Prior Year Book Variance $ (18,833) $ (10,826) $ (15,643) $ (7,955) $ (6,541) $ 11,903 Interest Earnings (W/O Cash, $ 64 $ 68 $ 67 $ 67 $ 75 $ 72 Yield -To -Maturity 0.43% 0.42% 0.42% 0.43% 0.42% 0.41 % Weighted Maturity (Days) 104 105 107 107 104 95 Effective Duration 0.13 0.14 0.14 0.15 0.15 0.14 All data as of February Zb, Zu15 Dollars in Thousands Maturities <1M < 2M < 3M < 6M < 1Y < 2Y < 3Y < 4Y < 5Y Total: Market Value $ 169,621 2,500 $ 172,121 Ratings Market Value AAA or Aaa $ 109,408 A 10,000 Unrated 75,368 Total: $ 194,776 Assets Market Value County Pool 77,752 LAIF 45,553 WF/LAIF Bond Proceeds 25,050 City Loan to RDA 22,655 Commercial Paper 10,000 CAMP 4,841 WF Treasury MMF 6,425 Loan Receivable - EIP 2,500 Total: $ 194,776 Month March14 April May Jun Jul Aug Sep Oct Nov Dec Jan15 Feb City Yield 0.31 0.29 0.30 0.31 0.31 0.32 0.41 0.42 0.43 0.42 0.42 0.43 LAIF Yield 0.24 0.23 0.23 0.23 0.24 0.26 0.25 0.26 0.26 0.27 0.26 0.27 PORTFOLIO CHARACTERISTICS February 2015 Variance 0.07 0.06 0.07 0.08 0.07 0.06 0.16 0.15 0.17 0.15 0.15 0.16 Maturities Distribution 99 100 80 0 0 �o 60 40 o. 20 0 0 0 0 0 0 0 0 1 :1M <2M <W <W <1Y <V <3Y 14Y <5 Credit Quality AAA or Aaa 51% Unrated 39% A 5% Asset Allocation County Pool 40% IF WF/LAIF Bond Proceeds 13% Loan Receivable - City Loan to EIP RDA ° 1 /o WFTreasury Commerciall2% MMF CAMP Paper 3% 3% 5% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE February 2015 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 February 28, 2015, 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, .raat,s owtioa, eemy. 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 5.1% 53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aaa - 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 30% A - 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 3.3% 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 42.4% 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 36.3% (2)1 87.1% 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 0F 3 CITY PORTFOLIO CONCENTRATION LIMITS February 2015 % of Investments Book Value Portfolio RIVERSIDE COUNTY TREASURER $ 77,752,365.58 44.13% LOCAL AGENCY INVESTMENT FUND 45,553,285.56 25.86% WF/L.A.I.F. BOND PROCEEDS 25,050,202.12 14.22% COMMERCIAL PAPER -- DISCOUNT 9,973,750.00 5.66% WF ADVANTAGE TREASURY MMF 6,424,513.74 3.65% CALIFORNIA ASSET MANAGEMENT PROGRAM 4,841,058.13 2.75% TOTAL BEFORE CASH $ 169,595,175.13 96.26% PLUS: CASH $ 6,581,587.79 3.74% GRAND TOTAL $ 176,176,762.92 (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. Investments CA ASSET MANAGEMENT PROGRAM CITY LOAN TO RDA WF/L.A IF BOND PROCEEDS LOCAL AGENCY INVESTMENT FUND WF ADVANTAGE TREASURY MMF COMMERCIAL PAPER - DISCOUNT RIVERSIDE COUNTY TREASURER LOANS RECEIVABLE - EIP Investments Cash Passbook/Checking (rot included in yield calculations) Total Cash and Investments CITY OF PALM DESERT Portfolio Management Portfolio Summary February 28, 2015 Par Market Value Value 4.841, 058.13 22.654.999 95 25,050,202 12 45.553,285 56 6,424,513 74 10,000,000.00 77,752,365.58 2.500,000 00 194,776,425.08 6,581.587 79 201,358,012.87 Book %. of Days to YTWC Value Portfolio Mat./Call Term 365 Equiv. 4,841,058,13 4,841,058.13 249 1 1 0.064 22.654, 999.95 22, 654, 999.95 11,63 1 1 0.266 25,050,202.12 25,050,202.12 12.86 1 1 0.266 45,553,285.56 45,553,285.56 23.39 1 1 0.266 6,424,513.74 6,424,513.74 3.30 1 1 0.000 9,999,500.00 9,973,750.00 5.12 15 270 0.361 77,752,365.58 77,752,365.58 39.92 1 1 0.475 2,500,000.00 2.500.000.00 1.28 6.760 6,940 7.000 194,775,925.08 194,750,175.08 100.00% 88 104 0.427 6, 581, 587.79 6, 581, 587.79 201,357,512.87 201,331,762.87 1 1 0 000 88 104 0.427 Total Earnings February 28 Month Ending Fiscal Year To Date Current Year 63,855.57 424,550.77 Average Daily Balance 201,340,829.36 Effective Rate of Return 0.41% This investment portfolio is in compliance with the provisions of California Government Code Section 53601 and the Palm Desert Statement of Investment Policy. Barring unforeseen events, the City of Palm Des as sufficient cash to finance its expenditures for the next six months. Union Bank Custody Services provided market value prices for the portfolio securities. All balances are bank balances. hej r, of io" calculation on the Portfolio Summary page omits demand deposits. ' MARCH 11, 2015 Paul S. Gibson, C.C.M.T., City Treasurer Reporting period 0210112015-02/28/2015 Portfolio CITY AP Run Date 03/10/2015 17 16 PM (PRF_PM1) 7 3 0 Report Ver 7 3 3b CITY OF PALM DESERT Portfolio Management Portfolio Details - Investments February 28, 2015 Page 1 Average Purchase CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Stated Rate Moody's YTMIC Days to Maturity 365 Mat/Call Date CA ASSET MANAGEMENT PROGRAM SYS13 13 C A M P POOL (CITY) 4,690,499.83 4,690,499.83 4,690,499.83 0.064 0.064 1 SYS12444 12444 CA M P POOL (DESERT WILLOW) 150.558,30 150,558.30 150,558,30 0 064 0.064 1 Subtotal and Average 4,840,838.90 4,841,058.13 4,841,058.13 4,841,058.13 0.064 1 CITY LOAN TO RDA SYS1 1 CITY OF PALM DESERT 22,654,999,95 Subtotal and Average 22,654,999.95 22,654,999.95 WFIL.A.I.F. BOND PROCEEDS SYS1233084 1233084 LOCAL AGENCY INVESTMENT FUND 25,050,202.12 Subtotal and Average 25,059,487.83 25,050,202.12 LOCAL AGENCY INVESTMENT FUND 22,654,999.95 22,654,999.95 0.266 0,266 1 22,654,999.96 22,664,999.95 0.266 1 25,050,202.12 25,050,202.12 25,050,202,12 0.266 0.266 1 25,050,202.12 0.266 1 SYS12000 12000 L.A.I F (CITY) 45,553,285.56 45,553.285 56 45,553,285.56 0.266 0.266 1 Subtotal and Average 45,553,285.56 45,553,285.56 45,553,285.56 45,653,285.56 0.266 1 WF ADVANTAGE TREASURY MMF SYS18911300-T 18911300-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 11,383.76 11,383.76 11,383.76 Aaa 0.000 1 SYS18911301-T 18911301-T ADVANTAGE TREASURY PLUS MMF 84,080.00 84.080.00 84.080.00 Aaa 0.000 1 SYS18914700-T 18914700-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 2.564.79 2,564.79 2,564.79 Aaa 0.000 1 SYS18914701-T 18914701-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0,00 0.00 0.00 Aaa 0.000 1 SYS18914702-T 18914702-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0 000 1 SYS18914703-T 18914703-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0.000 1 SYS18914800-T 18914800-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.03 0.03 0.03 Aaa 0.000 1 SYS18914801-T 18914801-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 39.800.64 39,800.64 39.800.64 Aaa 0.000 1 SYS18914802-T 18914802-T ADVANTAGE TREASURY PLUS MMF 160.859.77 160,859.77 160,859.77 Aaa 0.000 1 SYS18914900-T 18914900-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0.000 1 SYS18914901-T 18914901-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0.000 1 SYS18914902-T 18914902-T ADVANTAGE TREASURY PLUS MMF 0.00 0.00 0.00 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 13.002.50 13,002 50 13,002.50 Aaa 0.000 1 SYS18915002-T 18915002-T ADVANTAGE TREASURY PLUS MMF 69,181.50 69,181.50 69.181.50 Aaa 0.000 1 SYS18915003-T 18915003-T ADVANTAGE TREASURY PLUS MMF 178.923.65 178,923.65 178.923.65 Aaa 0.000 1 SYS20141 1 00-T 20141100-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0 000 1 SYS20141 101 -T 20141101-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 1,397,145.01 1,397,145.01 1.397.145.01 Aaa 0.000 1 Run Date 031100015 17 16 Portfolio CITY AP PM (PRF_PM2) 7 3 0 Report Ver 7 3 3b CITY OF PALM DESERT Portfolio Management Portfolio Details - Investments February 28, 2015 Page 2 Average Purchase Stated YTM/C Days to Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Moody's 365 MatJCall Date WF ADVANTAGE TREASURY MMF SYS20141102-T 20141102-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 000 Aaa 0 000 1 SYS20141103-T 20141103-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.01 0.01 0.01 Aaa 0.000 1 SYS20141104-T 20141104-T ADVANTAGE TREASURY PLUS MMF 07/0112014 10.444.60 10,444 60 10,444.60 Aaa 0.000 1 SYS20141105-T 20141105-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0,00 Aaa 0,000 1 SYS20141106-T 20141106-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 268.207.73 268.207.73 268,207.73 Aaa 0.000 1 SYS20141107-T 20141107-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0,00 0.00 0.00 Aaa 0.000 1 SYS20141108-T 20141108-T ADVANTAGE TREASURY PLUS MMF 0710112014 0,00 0.00 0.00 Aaa 0.000 1 SYS20141109-T 20141109-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0,00 0.00 0.00 Aaa 0.000 1 SYS20141110-T 20141110-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 363.96 363.96 363.96 Aaa 0 000 1 SYS20141111-T 20141111-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 5.889.26 5,889.26 5,889.26 Aaa 0,000 1 SYS20141112-T 20141112-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 139,386.64 139,386.64 139,386.64 Aaa 0.000 1 SYS20141113-T 20141113-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.83 0,83 0.83 Aaa 0.000 1 SYS20141114-T 20141114-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.19 0.19 0.19 Aaa 0.000 1 SYS20141115-T 20141115-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 877.68 87768 877.68 Aaa 0.000 1 SYS20141116-T 20141116-T ADVANTAGE TREASURY PLUS MMF 07/0112014 103.83 103.83 103.83 Aaa 0 000 1 SYS20141118-T 20141118-T ADVANTAGE TREASURY PLUS MMF 07101/2014 0.15 0.15 0.15 Aaa 0.000 1 SYS201411 1 9-T 20141119-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0.000 1 SYS20141120-T 20141120-T ADVANTAGE TREASURY PLUS MMF 0710112014 0.01 0.01 0.01 Aaa 0.000 1 SYS20141122-T 20141122-T ADVANTAGE TREASURY PLUS MMF 07101/2014 1.582.77 1,582.77 1,582.77 Aaa 0.000 1 SYS22247100-T 22247100-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0,000 1 SYS22247101-T 22247101-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 709.989.22 709,98922 709.989.22 Aaa 0.000 1 SYS22247103-T 22247103-T ADVANTAGE TREASURY PLUS MMF 1,826,806A5 1,826,806.45 1,826.806.45 Aaa 0.000 1 SYS22247104-T 22247104-T ADVANTAGE TREASURY PLUS MMF 502.080.68 502,080.68 502,080.68 Aaa 0.000 1 SYS22710200-T 22710200-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.89 0.89 0.89 Aaa 0,000 1 SYS22710201-T 22710201-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 65.429.16 65,429.16 65.429.16 Aaa 0.000 1 SYS22710202-T 22710202-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 2,47 2.47 2A7 Aaa 0.000 1 SYS22710203-T 22710203-T ADVANTAGE TREASURY PLUS MMF 936,405.54 936.405.54 936,405.54 Aaa 0.000 1 SYS23589600-T 23569800-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0,00 Aaa 0.000 1 SYS23589801-T 23589801-T ADVANTAGE TREASURY PLUS MMF 07/0112014 0.00 0.00 0.00 Aaa 0.000 1 SYS23589802-T 23589802-T ADVANTAGE TREASURY PLUS MMF 07/0112014 0.00 0.00 0.00 Aaa 0.000 1 SYS-23589803-T 23589803-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 000 0.00 Aaa 0.000 1 SYS23589808-T 23589808-T ADVANTAGE TREASURY PLUS MMF 07/0112014 0.00 0.00 0.00 Aaa 0 000 1 SYS23589810-T 23589810-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0.000 1 SYS23589811-T 23589811-T ADVANTAGE TREASURY PLUS MMF 0.00 0.00 0.00 Aaa 0,000 1 SYS23589812-T 23589812-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 0,000 1 Subtotal and Average 6,424,513.74 6,424,513.74 6,424,513.74 6,424,513.74 0.000 1 Run Date 03110l2015 17 16 Portfolio CITY AP PM (PRF_PM2) 7 30 CITY OF PALM DESERT Portfolio Management Portfolio Details - Investments February 28, 2015 Page 3 Average Purchase Stated YTM/C Days to Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Moody's 365 MatJCall Date COMMERCIAL PAPER - DISCOUNT 2254EBOG9 278 CREDIT SUISSE NEW YORK 06/19/2014 10.000.000.00 9,999,500.00 9,973,750.00 0 350 A 0.361 15 03/16/2015 Subtotal and Average 9,973,750.00 10,000,000.00 9,999,500.00 9,973,750.00 0.361 15 RIVERSIDE COUNTY TREASURER SYS052460 052460 POOLED INVESTMENT FUND 77,752,365.58 77,752,365.58 77,752,365.58 0.475 Aaa 0A75 1 Subtotal and Average 77,752,365.58 77,752,365.58 77,752,365.68 77,752,365.58 0.475 1 LOANS RECEIVABLE - EIP SYS286 286 CITY OF PALM DESERT 09/02/2014 2,500,000.00 2.500.000.00 2,500,000.00 7 000 T000 6,760 09/02/2033 Subtotal and Average 2,500,000.00 2,500,000.00 2,500,000.00 2,500,000.00 7.000 6,760 Total and Average 201,340,829.36 Run Date 0300t2015 17 16 194, 776,425.08 194,775,925.08 194,750,175.08 0.427 88 Portfolio CITY AP PM (PRF_PM2) 7 3 0 a d rn �o a o= O� U M 0 0 0 o o o t, v 0 0 0 0 4 R N R N� I.i W Cl) m N �- ULU N N M N a Q CC_ C C LL C O O O 4) ° o U aLL a0 L a d W rnu A C > am it �Q 0o N N 00 0 0 0 0 O w a U) x 0 Z � U Q O i U ul LL F 03 n O w > LL O > J Z u a 3 m � N (� uJ w OI N U A w w U O > H Q tt2 M O N O O O M coM N OR N t0 A M M O N f` CO N N M O N a o Q U N o s 0 a cr o a d f a 0 i N Z o Q Q m O M O Cl 0O O O M �2 O y N 0 N m 7 Z O U U RDA SUCCESSOR AGENCY Portfolio Management Portfolio Summary February 28, 2015 Par Market Book % of Days to YTM/C Investments Value Value Value Portfolio MatJCall Term 365 Equiv. WF/LA IF BOND PROCEEDS RIVERSIDE COUNTY TREASURER CA ASSET MANAGEMENT PROGRAM LOCAL AGENCY INVESTMENT FUND EIP LOAN PROGRAM WF ADVANTAGE TREASURY MMF Investments Cash Passbook/Checking (not Included in yield calculations) Total Cash and Investments 74.115.730 23 18,628,883.85 766,570.73 528,863 56 1, 937, 000.00 26,845,993.06 74,115, 730.23 18,628,883.85 766, 570.73 528,863.56 1, 937, 000.00 26.845, 993, 06 122, 823, 041.43 122, 823, 041.43 74,115,730.23 60.34 1 1 0.266 18, 628.883. 85 15 17 1 1 0475 766,570.73 0,62 1 1 0.064 528,863.56 0.43 1 1 0.266 1,937.000 00 1.58 5,299 7.399 2.999 26,945,993.06 21.86 1 1 0.000 122,823,041.43 100.00% 85 118 0.281 2, 360, 579.71 2, 360.579, 71 2,360,679.71 125,183,621.14 125,183,621.14 125,183,621.14 1 1 0.000 85 118 0.281 Total Earnings February 28 Month Ending Fiscal Year To Date Current Year 26,899.03 193,032.37 Average Daily Balance 125,183,586.43 Effective Rate of Return 0.28% This investment portfolio is in compliance with the provisions of California Government Code Section 53601 and the Palm Desert Statement of Investment Policy. Pursuant to ABX126, the availability of cash to finance the RDA Successor Agency - Palm Desert's debt service is dependent upon the County of Riverside and the State of California. Interactive Data Corporation provided market v�p ices for the portfolio securities. All balances are bank balances. The "% of Portfolio" calculation on the Portfolio Summary page omits demand deposits. MARCH 11, 2015 Paull. Gibson, C.C.M.T., Finance Officer Reporting period 02/01/2015-02/2812015 Portfolio RDAS AP Run Date 03/10/2015 - 16 42 PM (PRF_PM1) 7 3 0 Report Ver 7 3 3b RDA SUCCESSOR AGENCY Portfolio Management Portfolio Details - Investments February 28, 2015 Page 1 Average Purchase Stated Days to YTM/C Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Moody's Mat./Call 365 Date WF/L.A.I.F. BOND PROCEEDS SYS1233060 1233060 CITY OF PALM DESERT 15,100,017.74 15,100,017,74 15,100,017 74 0.266 1 0.266 SYS1233061 1233061 CITY OF PALM DESERT 0,00 0.00 000 0.266 1 0 266 SYS1233062 1233062 CITY OF PALM DESERT 6,974,150.35 6,974,150.35 6,974,150.35 0.266 1 0,266 SYS1233063 1233063 CITY OF PALM DESERT 1,695,414.51 1.695,414 51 1,695.414 51 0.266 1 0.266 SYS1233064 1233064 CITY OF PALM DESERT 5,721,963.58 5,721,963.58 5.721.963.58 0.266 1 0.266 SYS1233065 1233065 CITY OF PALM DESERT 16.781.065.68 16.781.065,68 16,781,065.68 0 266 1 0266 SYS1233087 1233087 CITY OF PALM DESERT 3,885,986.50 3,885,986.50 3,885,986.50 0.266 1 0.266 SYS1233088 1233088 CITY OF PALM DESERT 1,359,749.27 1.359.749.27 1,359,749.27 0.266 1 0 266 SYS1233089 1233089 CITY OF PALM DESERT 5,879,532.92 5,879,532.92 5,879,532.92 0 266 1 0 266 SYS1233090 1233090 CITY OF PALM DESERT 16,717,849.68 16,717,849.6E 16.717.849.68 0.266 1 0 266 Subtotal and Average 74,115,730.23 74,115,730.23 74,115,730.23 74,115,730.23 1 0.266 RIVERSIDE COUNTY TREASURER SYS052470 052470 POOLED INVESTMENT FUND 18,628,883.85 18,628,883.85 18,628,883.85 0 475 Aaa 1 0.475 Subtotal and Average 18,628,883.85 18,628,883.85 18,628,883.85 18,628,883.85 1 0.476 CA ASSET MANAGEMENT PROGRAM SYS518 578 C A M P POOL (RDA S A) 766.570 73 766,570 73 766.570 73 0.064 1 0.064 Subtotal and Average 766,536.02 766,570.73 766,570.73 766,570.73 1 0.064 LOCAL AGENCY INVESTMENT FUND SYS604 604 LAIF (RDA S A) 528,863.56 528,863.56 528,863 56 0,266 1 0266 Subtotal and Average 528,863.56 528,863.56 528,863.56 528,863.56 1 0.266 EIP LOAN PROGRAM 2008-1332 314 CITY OF PALM DESERT Subtotal and Average 1,937,000.00 WF ADVANTAGE TREASURY MMF SYS18905200-T 18905200-T ADVANTAGE TREASURY PLUS MMF SYS18905201-T 18905201-T ADVANTAGE TREASURY PLUS MMF SYS18905202-T 18905202-T ADVANTAGE TREASURY PLUS MMF SYS18905203-T 18905203-T ADVANTAGE TREASURY PLUS MMF SYS18905206-T 18905206-T ADVANTAGE TREASURY PLUS MMF SYS18905400-T 18905400-T ADVANTAGE TREASURY PLUS MMF Run Date 0311012015 16 42 05/31/2009 1,937,000, 00 1,937,000.00 1,937, 000.00 1.937, 000.00 1, 937, 000.00 1, 937, 000.00 3,000 5.299 2 999 09/02/2029 5,299 2.999 192,942.51 192,942 51 192,942.51 Aaa 1 0 000 07/01/2014 0.00 0.00 0.00 Aaa 1 0,000 07/01/2014 0.00 0.00 0.00 Aaa 1 0.000 07/0112014 0.00 000 0.00 Aaa 1 0.000 07/01/2014 0.00 0.00 0.00 Aaa 1 0 000 1,599,293,79 1,599,293.79 1,599,293.79 Aaa 1 0000 Portfolio RDAS AP PM (PRF PM2) 7 3 0 Report Ver 7 3 30 RDA SUCCESSOR AGENCY Portfolio Management Portfolio Details - Investments February 28, 2015 Page 2 Average Purchase Stated Days to YTM/C Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Moody's Mat./Call 365 Date WF ADVANTAGE TREASURY MMF SYS18905401-T 18905401-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0 000 SYS18905402-T 18905402-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0,03 0.03 0.03 Aaa 1 0.000 SYS18905403-T 18905403-T ADVANTAGE TREASURY PLUS MMF 07101/2014 0.00 000 000 Aaa 1 0.000 SYS13905500-T 18905500-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0 000 SYS18905501-T 18905501-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0,00 Aaa 1 0 000 SYS18905502-T 18905502-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0 000 SYS18905503-T 18905503-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0,00 0,00 Aaa 1 0,000 SYS18905600-T 18905600-T ADVANTAGE TREASURY PLUS MMF 287,948 84 287.948,84 287,948.84 Aaa 1 0.000 SYS18905601-T 18905601-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 1.17 1.17 1,17 Aaa 1 0000 SYS18905602-T 18905602-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 5.28 5.28 5.28 Aaa 1 0.000 SYS18905603-T 18905603-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0 000 SYS18905604-T 18905604-T ADVANTAGE TREASURY PLUS MMF 578.719.96 578.719.96 578,719.96 Aaa 1 0 000 SYS18905800-T 18905800-T ADVANTAGE TREASURY PLUS MMF 657,334.50 557,334.50 557,334,50 Aaa 1 0.000 SYS18905801-T 18905801-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0.000 SYS18905803-T 18905803-T ADVANTAGE TREASURY PLUS MMF 07101/2014 0.00 0,00 0.00 Aaa 1 0 000 SYS18905806-T 18905806-T ADVANTAGE TREASURY PLUS MMF 2,092.20 2,092.20 2,092.20 Aaa 1 0.000 SYS18905900-T 18905900-T ADVANTAGE TREASURY PLUS MMF 213.124,39 213,124.39 213,124,39 Aaa 1 0 000 SYS18905901-T 18905901-T ADVANTAGE TREASURY PLUS MMF 07101/2014 0.00 0.00 0.00 Aaa 1 0.000 SYS18905902-T 18905902-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 4.64 4.64 4 64 Aaa 1 0.000 SYS18905903-T 18905903-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0.000 SYS18910200-T 18910200-T ADVANTAGE TREASURY PLUS MMF 316,500.01 316,500.01 316,500.01 Aaa 1 0.000 SYS18910201-T 18910201-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0.000 SYS18910202-T 18910202-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0 000 SYS18910203-T 18910203-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0 000 SYS18910205 18910205-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 1.564.62 1,564,62 1,564.62 Aaa 1 0,000 SYS18910300-T 18910300-T ADVANTAGE TREASURY PLUS MMF 206.631.73 206,631 73 206,631.73 Aaa 1 0.000 SYS18910301-T 18910301-T ADVANTAGE TREASURY PLUS MMF 07101/2014 034 0,34 0.34 Aaa 1 0,000 SYS18910302-T 18910302-T ADVANTAGE TREASURY PLUS MMF 07101/2014 4.20 4.20 4.20 Aaa 1 0 000 SYS18910303-T 18910303-T ADVANTAGE TREASURY PLUS MMF 07101/2014 0.00 0,00 0.00 Aaa 1 0.000 SYS18910304-T 18910304-T ADVANTAGE TREASURY PLUS MMF 709.96 709,96 709,96 Aaa 1 0.000 SYS20007500-T 20007500-T ADVANTAGE TREASURY PLUS MMF 0.00 0.00 0.00 Aaa 1 0.000 SYS20007501-T 20007501-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0,00 0.00 Aaa 1 0.000 SYS20007502-T 20007502-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 1.67 1,67 167 Aaa 1 0.000 SYS20007503-T 20007503-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0,00 Aaa 1 0 000 SYS20007600-T 20007600-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.02 002 002 Aaa 1 0.000 SYS20007601-T 20007601-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Aaa 1 0 000 Run Date 03I1012015 16 42 Portfolio RDAS AP PM (PRF PM2) 7 3 0 RDA SUCCESSOR AGENCY Portfolio Management Portfolio Details - Investments February 28, 2015 Page 3 Average Purchase Stated Days to YTM/C Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Moody's Mat./Call 365 Date WF ADVANTAGE TREASURY MMF SYS20007502-T 20007602-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Asa 1 0,000 SYS20007603-T 20007603-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0,00 0.00 0.00 Asa 1 0,000 SYS20235900-T 20235900-T ADVANTAGE TREASURY PLUS MMF 4.036,144.64 4,036,144,64 4,036,144.64 Aaa 1 0 000 SYS20235901-T 20235901-T ADVANTAGE TREASURY PLUS MMF 0710112014 0.00 0.00 0,00 Asa 1 0 000 SYS20235902-T 20235902-T ADVANTAGE TREASURY PLUS MMF 07101/2014 96.03 96,03 9603 Asa 1 0 000 SYS20235903-T 20235903-T ADVANTAGE TREASURY PLUS MMF 0710112014 0.00 0.00 0.00 Asa 1 0 000 SYS20235904-T 20235904-T ADVANTAGE TREASURY PLUS MMF 5,491,44 5,491,44 5,491.44 Asa 1 0 000 SYS20300300-T 20300300-T ADVANTAGE TREASURY PLUS MMF 0.04 0.04 0.04 Asa 1 0 000 SYS20300301-T 20300301-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.01 0 01 0,01 Asa 1 0.000 SYS20300302-T 20300302-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 1.36 136 1.36 Asa 1 0.000 SYS20300303-T 20300303-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 000 0.00 Asa 1 0.000 SYS20300304-T 20300304-T ADVANTAGE TREASURY PLUS MMF 57.703.17 57,703.17 57,703.17 Asa 1 0 000 SYS20300400-T 20300400-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 4,307.04 4,307.04 4,307.04 Asa 1 0 000 SYS20300401-T 20300401-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.01 0.01 0.01 Asa 1 0.000 SYS20300402-T 20300402-T ADVANTAGE TREASURY PLUS MMF 1,248.82 1.248.82 1.248.82 Asa 1 0.000 SYS20300403-T 20300403-T ADVANTAGE TREASURY PLUS MMF 928.62 928.62 928.62 Asa 1 0.000 SYS20300500-T 20300500-T ADVANTAGE TREASURY PLUS MMF 471.937.52 471,937.52 471,937.52 Asa 1 0 000 SYS20300501-T 20300501-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Asa 1 0.000 SYS20300502-T 20300502-T ADVANTAGE TREASURY PLUS MMF 0710112014 0.00 0.00 0.00 Asa 1 0,000 SYS20300503-T 20300503-T ADVANTAGE TREASURY PLUS MMF 07/0112014 0.00 0.00 0,00 Asa 1 0.000 SYS20300504-T 20300504-T ADVANTAGE TREASURY PLUS MMF 116,648,01 116,648.01 116,648.01 Asa 1 0.000 SYS20300600-T 20300600-T ADVANTAGE TREASURY PLUS MMF 125,003,23 125,003.23 125,003.23 Asa 1 0.000 SYS20300601-T 20300601-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Asa 1 0.000 SYS20300602-T 20300602-T ADVANTAGE TREASURY PLUS MMF 276,086.64 276.086.64 276.086.64 Asa 1 0.000 SYS20300603-T 20300603-T ADVANTAGE TREASURY PLUS MMF 100.82 100.82 100,82 Asa 1 0.000 SYS20300800-T 20300800-T ADVANTAGE TREASURY PLUS MMF 271,274.98 271,274,98 271,274.98 Asa 1 0.000 SYS2000801-T 20300801-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 10.03 10.03 10.03 Asa 1 0,000 SYS2C300802-T 20300802-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 0.00 0.00 Asa 1 0 000 SYS20300803-T 20300803-T ADVANTAGE TREASURY PLUS MMF 07/0112014 0.00 0.00 000 Asa 1 0.000 SYS20300804-T 20300804-T ADVANTAGE TREASURY PLUS MMF 157,529.08 157,529.08 157.529.08 Asa 1 0.000 SYS20913200-T 20913200-T ADVANTAGE TREASURY PLUS MMF 3,572.999.46 3,572,999A6 3,572.999.46 Asa 1 0,000 SYS20913201-T 20913201-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0,62 062 0.62 Asa 1 0.000 SYS20913202-T 20913202-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.06 0.06 0,06 Asa 1 0 000 SYS20913203-T 20913203-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0,00 0.00 0.00 Asa 1 0.000 SYS20913204-T 20913204-T ADVANTAGE TREASURY PLUS MMF 797,426 68 797,426.68 797,426.68 Asa 1 0.000 SYS20913206-T 20913206-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0.00 000 0,00 Asa 1 0 000 Run Date 03/1017015 16 47 Portfolio RDAS AP PM (PRF_PM2) 7 30 CUSIP Investment # Issuer RDA SUCCESSOR AGENCY Portfolio Management Portfolio Details - Investments February 28, 2015 Average Purchase Balance Date Par Value Market Value Page 4 Stated Days to YTM/C Maturity Book Value Rate Moody's Mat./Call 365 Date WF ADVANTAGE TREASURY MMF SYS20975500-T 20975500-T ADVANTAGE TREASURY PLUS MMF 1,337,966,14 1,337,966.14 1.337.966.14 Aaa 1 0 000 SYS20975501-T 20975501-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 2.66 2.66 2.66 Aaa 1 0.000 SYS20975502-T 20975502-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 9,05 9.05 9.05 Aaa 1 0 000 SYS20975503-T 20975503-T ADVANTAGE TREASURY PLUS MMF 07/01/2014 0,00 0.00 000 Aaa 1 0.000 SYS20975504-T 20975504-T ADVANTAGE TREASURY PLUS MMF 11,656,197,04 11,656,197.04 11.656,197 04 Aaa 1 0.000 Subtotal and Average 26,845,993.06 26,945,993.06 26,845,993.06 26,845,993.06 1 0.000 Total and Average 125,183,586.43 Run Date 03/1012015 16 42 122,823,041.43 122, 823 , 041.43 122, 823, 041.43 85 0.281 Portfolio RDAS AP PM (PRF_PM2) 7 3 0 r d Yd i U t. Z = p r N Q � �9 � � � d G1 � � O H N > O C 00 M ��, N IT w U m o m LL Cl) Q ap CL La � a d d Ol U 2 c A > M Qm aa� 0 o a O O LL O N d 0 d f a •- a m n N U) <D O m (D CI co N vi N a Di iD N t0 O In N N of n in N t0 N Ui N o n o a o 4D h ri m N r U N Z W (7 Q d' O d �/ V) � U c C W m d U E U m w U d > a c O y a > c N Q m Z t U J Z co L r L C � Z o N O 0 N CO O N m � o � � 5 U j 1.5 w W e7 F O C `m a a A 0 C d E Yl m c Q d o O j a a i � m O a ID O N N O N I II � f0 II C r I D W 0 Q O O O O � O OO � � V1 7 f0 N O 0 M tD �p In N o E C a b O am ip N M > o n d p cU M 0>1 N cp M C UT O O M � M N M (p 61 } N — 0 0 o a v o L c1°i 5D w U CD rn N C D IC FL O — n (0 R O tf cn Vf Ln N C CD im N �w I N EU NO N p) Ci N c m .0 LL O co 0 0 M of C OI, Wc7i t0 t0 N10 N o � m w:Ln w o N h c v «j rnL G v c N 17 2 M cO O m E co N n X /1 � O 7 a u c c 'C o LL N N I M N O � a O N a N V O m U*) r C o c d t y N m E y 3 r 5u C) th y > M = > �o CDCL O �' = m O N y U 13 O Y> y D y c ip G O O y U N N C O in n cn E a 10 8L v w C w O LL_ N w. io l� y y N Q :3 CL g U c H U Q W X d G L FO FL- d c' m m �o a 7 d E N I.L ; O m >0 o N F- m CI CO > a Q H -ji V .O d LL O O O A A u O a a' > O O In M M O O O p a 0 YN O O O CONO NO N 0 i o z OO a z so z w U) i w w > c� z z > z rn w 0 w > Q Q C C Q o N U J O O G I � y � I N 0 p N � N W) N O 10 al y U OD (h L N O N a 6 A C L � N N O as _ V o N A m M00 N _ N > CL m V Z O 0 LL O ^ a L D u CL a d a 0)u A c a � > u O O 0 0 0 0 0 0 �) o Cl)o rp c n cl N O Ol �o �o ao rNi n M N M a Z Y F— U N W � x U V— N 10 O O N N N N 0 N fp Y o 0 U CN CN W (n � U 0 LO 10 O NI n