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HomeMy WebLinkAboutInvestment Reports - March 2015CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE D. KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY O! DATE: MAY 8, 2015 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached is the Compliance Analysis and Investment Report for March 2015 which was presented and approved at the April 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 March 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 COMMITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX b Z �✓Q�,:City of Palm Desert -••��Fo; 171�,3N�aw �7 ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) met on March 17-18, and issued a statement that essentially laid the groundwork for future interest rate increases, based upon improving labor markets, and inflation rising to 2%. Recent economic reports, however, depict an economy that slowed in the first quarter, and has weak momentum going into the second quarter. In March, U.S. hiring slowed; consumer retail spending was tepid; industrial production declined; and home building was softer than expected. Fed Funds Futures currently indicate no chance of a rate hike in April; a 13% chance in July; a 30% chance in September; a 46% chance in October; and a 58% chance in December. FOMC Vice Chair Stanley Fischer has stated that if there is a rate increase in 2015, it will likely be small, such as a quarter percentage point. Fed officials have been puzzled by the absence of stronger consumer spending, despite falling gasoline prices, and a relatively strong job market. A large segment of the working population now holds relatively low -paying jobs with no job security. Any discretionary income that arises from falling gasoline prices is either being saved or being used to pay off debt. This is supported by the results of a recent Fox News telephone survey which found that: 1) 65% of respondents believe that the U.S. is still in a recession; 2) 49% percent are "just able to pay bills"; and 3) 18% are "falling behind" on debt. yaa(s. owjoa, e-emy. City Treasurer " Certified California Municipal Treasurer PORTFOLIO STATISTICS 2015 , / al1_C1il marKets I eam City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas J. Metz, J.D., M.B.A. Investment UDIeCtives 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 $ 195,497 $ 201,332 $ 202,484 $ 193,017 $ 193,347 $ 196,104 Month -End Market Value $ 195,497 $ 201,358 $ 202,508 $ 193,039 $ 193,366 $ 196,118 Paper Gain (Loss) $ - $ 26 $ 24 $ 22 $ 19 $ 14 Prior Year Book Variance $ (21,888) $ (18,833) $ (10,826) $ (15,643) $ (7,955) $ (6,541) Interest Earnings (W/O Cash; $ 65 $ 64 $ 68 $ 67 $ 67 $ 75 Yield -To -Maturity 0.41 % 0.43% 0.42% 0.42% 0.43% 0.42% Weighted Maturity (Days) 70 104 105 107 107 104 Effective Duration 0.10 0.13 0.14 0.14 0.15 0.15 All data as of March 31, 2015 PORTFOLIO CHARACTERISTICS March 2015 Dollars in Thousands Maturities Market Value < 1 M $ 157,623 < 2M - < 3M - < 6M - < 1Y - < 2Y - < 3Y - < 4Y - < 5Y 1,813 Total: $ 159,436 Ratings Market Value AAA or Aaa $ 87,020 A - Unrated 95,071 Total: $ 182,091 Assets County Pool LAI F WF/LAIF Bond Proceeds City Loan to RDA CAMP WF Treasury MMF Loan Receivable - EIP Total: Market Value 77,800 45,553 25,050 22,655 4,842 4,378 $ 182,091 Month CitV Yield LAIF Yield Variance April14 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 Dec 0.42 0.27 0.15 Jan15 0.42 0.26 0.15 Feb 0.43 0.27 0.16 Mar 0.41 0.28 0.13 Maturities Distribution 99 100 80 0 0 60 0 r 40 0 a 20 0 0 0 0 0 0 0 0 1 M <21vl <31vl <6M <1Y <2Y <3Y <4Y < Credit Quality AAA or Aaa 51% Unrated A 52% 0% rAsset Allocation County Pool LAIIF 43% 25 /e WF/LAIF Bond Proceeds Loan*-IV 14% Receiva EIP WF Treasury City Loan to 1% MMF CAMP RDA 2% 3% 12% Performance 0.45 0.30 a d 0.15 0.00 Aprill4May Jun Jul Aug Sep Oct Nov Dec Janl5Feb Mar ®LAIF Yield 00ty Yield STATEMENT OF COMPLIANCE March 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 March 31, 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. Interactive Data Services provided the market value prices for securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, .reuds 0ifim, ee.M.J. 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 - 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 30% A - 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 2.4% 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 45.4% 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 38.8% (2)1 86.6% 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 March 2015 Investments RIVERSIDE COUNTY TREASURER LOCAL AGENCY INVESTMENT FUND WF/L.A.I.F. BOND PROCEEDS WF ADVANTAGE HERITAGE MMF CALIFORNIA ASSET MANAGEMENT PROGRAM TOTAL BEFORE CASH PLUS: CASH GRAND TOTAL % of Book Value Portfolio $ 77,800,194.82 45.49% 45,553,285.56 26.63% 25,050,202.12 14.65% 4,378,066.01 2.56% 4,841,327.83 2.83% $ 157,623,076.34 92.16% $ 13,405,630.98 7.84% $ 171,028,707.32 (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. 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