HomeMy WebLinkAboutInvstmnt Rprt - Feb 07 �-T--- �_
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���'� CITY OF PALM DESERT
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FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY�,�`""
DATE: APR{L 16, 2007
SUBJECT: COMPLIANCE ANALYS{S AND INVESTMENT REPORTS
Please find attached the Compliance Analysis and Investment Reports for February
2007 which were presented and approved at the March meeting of the Audit,
Investment and Finance Committee. Please include on the upcoming agenda for
review and acceptance by City Council.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted)
� ���� BY RDA
C1TY COUNCIL ACTIOI3: �
APPROVED , DENIED Q(�J �F��-�o �D�
REC�IVED f' � (e OTHER
VERIFIED BY ��
SSTING DATE - Original on file with City Clerk's Office
AYES:
NO$S: �%
AnSENT:
ABSTAIN• Vl
VERIFIED BY: r
Original on File with ty Clerk' s Office
G�Finance\N�amh OrtEga�InveslmeN CommdteeVvlemos�rlclasseninvreporLwpA
City of Palm Desert-- Portfolio Characteristics
28 February 2007
Dollars in Thousands
As�eins�Interval Market Value �General Fund Ageingl �
< 1 M $ 88,979
<2M _ �
< 3M _ � 100 ---------
�
<6M 11,438 i 80
< 1 YR 6,926 0 60 53 '
<2YR 26,706 'o I
<3YR 16,935 � 40
<4YR 11,ggp ° I
a 20 � 16 �� 7 I
<5YR 4,195 � � 4 3 0 '
0
>5YR " <1 M <2M <3M <6M < < < < < > I
Total: s 187,159 1YR 2YR 3YR 4YR 5YR SYR�
Ratinqs' Market Value Credit Quality
AAA $ 131,574 p�p�
AA 11,255 B 63%
A 17.875 5°/,
Unrated " 39,569
B �0 ��2 Unrated"
Total: S 210,385
19% q AA
8% 5%
Sector Market Value Asset Allocation
MMF $ 47,605 Agencies MTNs
Agencies 41,614 20% 22��°
MTNs 47,311
LGIP 34,286
RDA Loan 32,785 LGIP
LAIF 6,784 MMF 16°/a
23%
CP ' LAIF RDA Loan
Total: S 210,385 3% 16%
Month Ciri Yield LAIF Yfeld Variance Performance
Mar06 4.38 4.14 0.23
Apr 4.47 4.30 0.17 5.2
May 4.62 4.56 0.05
Jun 4.72 4.70 0.02
� 4.8
Jul 4.86 4.85 0.01
Aug 4.92 4.95 -0.02 m
Sep 4.96 5.02 -0.07 } 4.4
Oct 4.99 5.10 -0.11
Nov 5.01 5.13 -0.12 a.0
Dec 5.03 5.13 -0.09 Mar06 Apr May Jun Jul Aug Sep Oct Nov Dec Jan07 Feb
Jan07 5.06 5.16 -0.10
Feb 5.08 5.18 -0.11 ■'%{:r t".'`� ■"�' Y"i':
' Standard and Poors
" LAIF, and City Loan to RDA Page 2 of 9
City of Palm Desert
Portfolio Holdings
28 February 2007
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S8P
Medium-Term Notes
$ 3,023,000 AMERICAN HONDA FINANCE 4.25 3/11/08 $ 2,998,358 5.08 98.91 $ 2,990,101 A1 A+
$ 3,000,000 BANK ONE 4.13 9/1/07 $ 3,006,861 3.64 99.40 $ 2,981,910 Aa3 A+
$ 2,920,000 BANK OF AMERICA 5.88 2/15/09 $ 2,965,848 5.01 101.71 $ 2,969,964 Aa2 AA-
$ 3,000,000 FORD MOTOR CREDIT CORP 7.20 6/15/07 $ 3,011,044 5.75 100.00 $ 2,999,883 B1 B
$ 2,500,000 FORD MOTOR CREDIT CORP 720 6/15/07 $ 2,509,204 5.75 100.00 $ 2,499,902 61 B
$ 4,612,000 FORD MOTOR CREDIT CORP 7.20 6/15/07 $ 4,637,987 5.10 100.00 $ 4,611,820 B1 B
GENERAL ELECTRIC 3.60 10/15/08 $ 1,958,211 4.99 97.81 $ 1,956,276 Aaa AAA
$ 2,035,000 GENERAL ELECTRIC 4.88 10/21/10 $ 1,985,786 5.63 99.68 $ 2,028,460 Aaa AAA
$ 1,891,000 GENERAL ELECTRIC 6.68 11/15/10 $ 1,966,017 5.65 106.18 $ 2,007,928 Aaa AAA
$ 2,000,000 GENERAL ELECTRIC 6.13 2/22/11 $ 2,031,653 5.67 103.84 $ 2,076,806 Aaa AAA
$ 3,000,000 GOLDMAN SACHS 7.20 3/1/07 $ 3,000,000 3.50 100.00 $ 3,000,000 Aa3 A+
$ 2,000,000 IBM CORPORATION 3.80 2/1/08 $ 1,975,075 5.13 98.79 $ 1,975,814 A1 A+
$ 2,000,000 JP MORGAN CHASE 3.70 1/15/08 $ 1,973,805 5.25 98.81 $ 1,976,292 Aa3 A+
$ 3,080,000 WACHOVIA 3.63 2/17/09 $ 3,001,357 5.02 97.32 $ 2,997,441 Aa3 A+
$ 2,000,000 WACHOVIA 3.50 8/15/08 $ 1,953,506 5.18 97.68 $ 1,953,572 Aa3 A+
$ 2,000,000 WAL-MART 6.88 8/10/09 $ 2,086,268 4.93 104.44 $ 2,088,868 Aa2 AA
$ 4,000,000 WELLS FARGO BANK 6.38 8/1/11 $ 4,194,239 5.13 105.52 $ 4,220,936 Aa1 AA-
$ 2,000,000 WELLS FARGO BANK 4.63 8/9/10 $ 1,971,025 5.09 98.76 $ 1,975,124 Aa1 AA-
S 45,081,000 Subtotal S 47,226,242 5.04 5 47,311,097
Federal Agencies-Coupon
$ 3,000,000 FED HOME LOAN BANK 3.70 8/15/07 $ 2,998,796 3.79 99.31 $ 2,979,375 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 4.38 9/11/09 $ 2,965,817 5.59 98.97 $ 2,969,063 Aaa AAA
$ 1,980,000 FED HOME LOAN BANK 4.75 12/12/08 $ 1,975,588 4.87 99.88 $ 1,977,525 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 4.63 9/12/08 $ 2,989,594 5.40 99.75 $ 2,992,500 Aaa AAA
$ 2,049,000 FED HOME LOAN BANK 4.00 12/15/09 $ 2,004,270 4.87 97.88 $ 2,005,459 Aaa AAA
$ 3,030,000 FED HOME LOAN BANK 4.00 3/10/08 $ 2,999,881 5.02 99.00 $ 2.999,700 Aaa AAA
$ 2,033,000 FED HOME LOAN MTG CORP 4.25 7/15/09 $ 2,005,771 4.87 98.69 $ 2,006,317 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 4.13 11/18/09 $ 1,962,888 4.88 98.23 $ 1,964,578 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 4.90 11/3/08 $ 1,995,034 5.06 100.03 $ 2,000,590 Aaa AAA
$ 2,062,000 FED HOME LOAN MTG CORP 4.13 7/12I10 $ 1,975,181 5.47 97.97 $ 2,020,116 Aaa AAA
$ 2,786,000 FED NATIONAL MTG ASSOC 7.13 3/15/07 $ 2,789,715 3.55 100.06 $ 2,787,741 Aaa AAA
$ 3,000,000 FED NATIONAL MTG ASSOC 3.00 8/15/07 $ 2,991,972 3.63 99.00 $ 2,970,000 Aaa AAA
$ 2,000,000 FED NATIONAL MTG ASSOC 4.63 10/28/09 $ 1,987,630 4.88 99.50 $ 1,990.000 Aaa AAA
$ 2,000,000 FED NATIONAL MTG ASSOC 4.25 8/15I10 $ 1,921,741 5.47 98.34 $ 1.966,875 Aaa AAA
S 33,940,000 Subtotal S 33,583,879 4.T6 S 33,629,838
Federal Agencies-Callable
$ 2,000,000 FED HOME LOAN BANK 4.20 7/18/OS $ 1,982,526 4.88 99.13 $ 1.982,500 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 5.05 8/22/08 $ 1,999,631 5.06 100.30 $ 2,005,940 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 5.30 8/13/09 $ 2,000,000 5.30 99.86 $ 1,997,284 Aaa AAA
"U"= Unrated Page 3 of 9
City of Palm Desert
Portfolio Holdings
28 February 2007
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S8P
Federal Agencies--Callable(continued)
$ 2,000,000 FED NATIONAL MTG ASSOC 5.38 2/1/10 $ 2,000,000 5.37 99.94 $ 1,998,750 Aaa AAA
t 8,000,000 Subtotal S 7,982,157 5.15 S 7,984,474
Local Government Investment Pool
$ 6,783,585 L.A.I.F. 0.00 3/1I07 $ 6,783,585 5.18 100.00 $ 6,783,585 U U
S 6,783,585 Subtotal S 6,783,585 5.18 S 8,783,585
Local Government Investment Pool
$ 33,538.742 C.A.M.P. 0.00 3/1/07 $ 33,538,742 5.22 100.00 $ 33,538,742 U AAA
$ 747,197 C.A.M.P. (HOUSING) 0.00 3/1/07 $ 747,197 522 100.00 $ 747,197 U AAA
S 34,285,939 Subtotal S 34,285,939 5.22 S 34,285,939
Money Market Fund
$ 47,604,830 WF ADVANTAGE GOVT MMF 0.00 3/1/07 $ 47,604,830 5.13 100.00 $ 47,604,830 Aaa AAA
S 47,604,830 Subtotal S 47,804,830 5.13 S 47,604,830
City Loan to RDA
$ 32,785,480 CITY OF PALM DESERT 0.00 3/1/37 $ 32,785,480 5.18 100.00 $ 32,785,480 U U
S 32,785,480 Subtotal E 32,785,480 5.18 S 32,785,480
Total Investments
S 208,460,833 S 210,232,111 5.08 S 210,385,242
Cash
$ 5.816,380 CITY MAIN CHKG 0.00 3/1/07 $ 5,816,380 0.00 100.00 $ 5,816,380 U U
$ 1,014,234 DESERT W{LLOW CHKG 0.00 3/1/07 $ 1,014,234 0.00 100.00 $ 1,014,234 U U
$ 627,534 MONTEREY 170 CHKG 0.00 3/1/07 $ 627,534 0.00 100.00 $ 627,534 U U
$ 170,756 RECREATIONAL FAC CHKG 0.00 3/1/07 $ 170,756 0.00 100.00 $ 170,756 U U
S 7,828,905 Subtotal S 7,828,905 S 7,628,905
Total Investments and Cash
S 218,089,738 S 217,881,016 S 218,014,147
"U"= Unrated Page 4 of 9
City of Palm Desert
Portfolio Holdings
28 February 2007
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S�P
%of Portfolio
Corporate Issuera (Market Value)
AMERICAN HONDA FINANCE 1.37%
BANK ONE 1.37%
BANK OF AMERICA 1.36%
FORD MOTOR CREDIT CORP 4.64%
GENERAL ELECTRIC 3.70%
GOLDMAN SACHS 1.38%
IBM CORPORATION 0.91%
JP MORGAN CHASE 0.91%
WACHOVIA 1.37%
WAL-MART 0.96%
WELLS FARGO BANK 2.84%
"U"= Unrated Page 5 of 9
Palm Desert Redevelopment Agency-- Portfolio Characteristics
28 February 2007
Dollars in Thousands
Ageins� Interval Market Value �portfolio Ageing w/o SLGSsI `l
< 1 M $ 28.812 I
<2M _ ,
<3M _ � �oo ----
�6M _ 90
i o 80
< 1YR 15.918 ` 70 i
<2YR 26,612 a 50 �
<3YR 29,624 0 30 26 24 27 ,
<4YR 6,071 a 20 14
<5YR 3,974 10 0 0 0 5 4 o I
i
>5YR - ' < 1 M <2M <3M <6M < < < < < > �
Total: S 111,011 1YR 2YR 3YR 4YR 5YR 5YR �
l ;
ualit ' Market Value Credit 4uality �
AAA $ 227,257 88%
AA 9,025
A 8,931
Unrated " 15,334 Unrated"
6% � q
Total: S 280,547 3�/,30�0
Sector Market Value Asset Allocation
MMF $ 135,476
Agencies 70,562
LAIF 15,334 MMF Agencies
0
LGIP 21,218 52% 27/o
MTNs 17,957
CP - MTNs
Treasuries - 7% LAIF LGIP
Total: S 260,547 6% 8%
Month RDA Yield LAIF Yield Variance Performance
Mar06 4.38 4.14 024
Apr 4.50 4.30 0.20 5_2
May 4.60 4.56 0.04
Jun 4.69 4.70 -0.01 \ 4 8
Jul 4.82 4.85 -0.03 �.
Aug 4.85 4.95 -0.10 d
Sep 4.94 5.02 -0.09 } 4.4
Oct 4.95 5.10 -0.15
Nov 4.95 5.13 -0.18 4.0
Dec 4.95 5.13 -0.18 Mar06 Apr May Jun Jul Aug Sep Oct Nov Dec Jan07 Feb
Jan07 5.05 5.16 -0.11
Feb 5.06 5.18 -0.12 ■IJ�IF Yield ■RDA Yield
' Standard and Poors
" LAIF Page 6 of 9
Palm Desert Redevelopment Agency
Portfolio Holdings
28 February 2007
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Medium-Term Notes
$ 4,000,000 CITIGROUP 6.20 3/15/09 $ 4,081,491 5.13 102.27 $ 4,090,824 Aa1 AA-
$ 2,000,000 FIRST UNION NAT BANK 5.80 12/1/08 $ 2,025,718 5.00 101.27 $ 2,025,318 Aa3 A+
$ 4,070,000 JP MORGAN CHASE 3.50 3/15/09 $ 3,943,929 5.12 96.93 $ 3,944,929 Aa3 A+
$ 3,055,000 JP MORGAN CHASE 3.50 3/15/09 $ 2,960,369 5.12 96.93 $ 2,961,120 Aa3 A+
$ 2,000,000 WELLS FARGO BANK 4.00 8/15/08 $ 1,974,003 4.96 98.44 $ 1,968,712 Aa1 AA-
$ 3,000,000 WELLS FARGO BANK 4.13 3/10/08 $ 2,968,730 5.18 98.83 $ 2,964,975 Aa1 AA-
S 18,125,000 Subtotal S 17,954,240 5.10 S 17,955,878
Federal Agency-Coupon
$ 3,000,000 FED FARM CREDIT BANK 2.63 9/17/07 $ 2,987,367 3.43 98.63 $ 2,958.750 Aaa AAA
$ 2,000,000 FED FARM CREDIT BANK 6.45 10/7/09 $ 2,073,801 4.88 103.87 $ 2,077,378 Aaa AAA
$ 2,000,000 FED FARM CREDIT BANK 3.63 10/24/08 $ 1,961,457 4.89 98.09 $ 1,961,875 Aaa AAA
$ 2,000,000 FED FARM CREDIT BANK 4.75 8/3/09 $ 1,994,692 4.87 99.91 $ 1,998,125 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 3.38 9/14/07 $ 2,998,522 3.82 99.03 $ 2,970,938 Aaa AAA
$ 3,970,000 FED HOME LOAN BANK 4.25 9/12/08 $ 3,935,354 4.79 99.19 $ 3,937,744 Aaa AAA
$ 3,970,000 FED HOME LOAN BANK 4.25 9/12/OS $ 3,935,354 4.79 99.19 $ 3,937,744 Aaa AAA
$ 4,500,000 FED HOME LOAN BANK 4.38 9/11/09 $ 4,448,725 5.59 98.97 $ 4,453.594 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 3.50 11/3/09 $ 1,933,239 4.88 96.69 $ 1.933,750 Aaa AAA
$ 4,000.000 FED HOME LOAN BANK 4.63 9/12/08 $ 3,986,125 4.84 99.75 $ 3,990,000 Aaa AAA
$ 2,005,000 FED HOME LOAN BANK 3.88 7/24/09 $ 1,960,631 4.89 97.78 $ 1,960,514 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,953,504 5.49 100.22 $ 2,004,375 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,952,884 5.50 100.22 $ 2,004,375 Aaa AAA
$ 1,990,000 FED HOME LOAN BANK 4.00 3/10/08 $ 1,967,205 5.16 99.00 $ 1,970,100 Aaa AAA
$ 3,000,000 FED HOME LOAN MTG CORP 4.88 3/15/07 $ 3,001,666 3.38 99.97 $ 2,999,063 Aaa AAA
$ 2,049,000 FED HOME LOAN MTG CORP 4.00 12/15/09 $ 2,004,115 4.87 97.88 $ 2,005,459 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 5.00 7/23/08 $ 1,998,227 5.07 100.16 $ 2,003,300 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 2,083,182 5.54 106.75 $ 2,135,000 Aaa AAA
$ 3,734,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 3,889,584 5.54 106.75 $ 3,986,045 Aaa AAA
$ 2,973,000 FED NAT MTG ASSOC 3.63 3/15/07 $ 2,973,081 3.95 99.94 $ 2,971,142 Aaa AAA
$ 4,155,000 FED NAT MTG ASSOC 6.63 9/15/09 $ 4,320,672 4.89 104.25 $ 4,331,588 Aaa AAA
$ 2,000,000 FED NAT MTG ASSOC 3.88 11/17/08 $ 1,968,429 4.87 98.34 $ 1,966,875 Aaa AAA
S 60,346,000 Subtotal S 60,327,816 4.79 S 60,557,731
Federal Agency-Callable
$ 5,000,000 FED HOME LOAN BANK 5.25 2/15/08 $ 5,000,000 5.25 100.06 $ 5,003,125 Aaa AAA
$ 5,000,000 FED HOME LOAN BANK 5.25 2/1/08 $ 5,000,000 5.25 100.03 $ 5,001,563 Aaa AAA
S 10,000,000 Subtotal S 10,000,000 5.25 S 10,004,888
"U"= Unrated Page 7 of 9
Palm Desert Redevelopment Agency
Portfolio Holdings
28 February 2007
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S8�P
Local Government Investment Pool
$ 1,030,425 L.A.I.F. 0.00 3/1/07 $ 1,030,425 5.18 100.00 $ 1,030,425 U U
$ 5,554,701 L.A.I.F. 0.00 3/1/07 $ 5,554,701 5.18 100.00 $ 5,554,701 U U
$ 8,749,249 L.A.I.F. BOND PROCEEDS 0.00 3/1/07 $ 8,749,249 5.18 100.00 $ 8,749,249 U U
S 15,334,375 Subtotal S 15,334,375 5.18 S 15,334,375
Local Government Investment Pool
$ 21,218,262 C.A.M.P. 0.00 3/1/07 $ 21,218,262 5.22 100.00 $ 21,218,262 U AAA
S 21,218,262 Subtotal S 21,218,262 5.22 S 21,218,262
Money Market Fund
$ 135,476,173 WF ADVANTAGE GOVT MMF 0.00 3/1/07 $ 135,476,173 5.13 100.00 $ 135,476,173 Aaa AAA
S 135,476,173 Subtotal S 135,476,173 5.13 S 135,476,173
Total Investments
S 260,499,810 S 280,310,888 5.08 S 260,547,107
Cash
$ 58,555 HOUSING AUTH CHKG 0.00 3/1/07 $ 58,555 0.00 100.00 $ 58,555 U U
$ 323,407 HOUSING AUTH TRUST 0.00 3/1/07 $ 323,407 0.00 100.00 $ 323,407 U U
S 381,982 Subtotal S 381,962 S 381,962
Total Investments and Cash
S 260,881,772 S 260,692,828 S 260,929,069
%of Portfolio
Corporate Issuers (Market Value)
CITIGROUP 1.57%
FIRST UNION NAT BANK 0.78%
JP MORGAN CHASE 2.65%
WELLS FARGO BANK 1.89%
"U"= Unrated Page 8 of 9
STATEMENT OF COMPLIANCE
The investment portfolios of the Ciry of Palm Desert("City")and the Palm Desert Redevelopment Agency("RDA")are
governed by federal, state, and local law. The City Treasurer's"Statement of Investment Policy"is more restrictive than the
California Government Code. The Palm Desert Audit, Investment,and Finance Committee and the Palm Desert City
Counc;l revisw the Statemenl of Investmenl Policy annually.
For the month ended 28 February 2007,the City and the RDA investment portfolios were in compliance with all applicable
federal, state, and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment
strategies, based upon the stated objectives of safery, liquidity, and yield(in order of priority).
Barring unforeseen events,the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert
and the Palm Desert Redevelopment Agency over the next six months. In addition, portions of either the City or the RDA
portfolio could be liquidated in order to meet any significant, unexpected cash requirements.
Bloomberg L.P. and Interactive Data Corporation provided the data and the analytical tools that were used to calculate the
market value of all securities in the Ciry and the RDA investment portfolios. State and Local Govemment Series securities
are held in escrow accounts, and are therefore not included in this report as assets. All balances are bank balances.
Respectfully submitted on 27 March 2007,
,�'cu,cLS. �i�ort, C.C.�f.r '�
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
Californla Government Code City Investment Pollcy
CA Govt Maximum Maximum �uality Maximum Maximum �uality %of City % of RDA
Code Investment Category Maturity Limit S8�P/Mdys Maturity Limit S8�P/Mdys Portfolio Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit Not Authorized 1
53601 b U.S.Treasuries 5 Years No Limit 5 Years No Limit 0.0% 0.0%
53601 c CA State Debt 5 Years No Limit Not Authorized
53601 d CA Local A enc Debt 5 Years No Limit Not Authorized
53601 e Federal A encies 5 Years No Limit 5 Years 30% 6% 19.8% 27.0%
53601 Bankers's Acce tances 180 Da s 40% 180 Da s 40% A-1 &P-1 - -
53601 Commercial Pa er 270 Da s 25% A-1+or P-1 270 Da s 25% A-1+or P-1 0.0% 0.0%
53601 h Ne otiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - -
53601 i Re os 1 Year No Limit 30 Da s 20% AAA 8�Aaa - -
53601(i) Reverse Re os 92 Da s 20% Not Authorized
53601 ' Medium-Term Notes 5 Years 30% A 5 Years 30% A 22.5% 6.9%
53601 k Mutual Funds 90 Da s 20% AAA&Aaa 90 Da s 20% (2) AAA&Aaa 22.6% 52.0%
53601 I Trust Indenture Debt Not Authorized
53601 m Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Govemment AAA 8�Aaa AAA 8�Aaa
Investment Pools 90 Da s 20% or Advisor 90 Da s 20% (2) or Advisor 16.3% 8.2%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized
Securities AA(Securi
LAIF No Limit No Limit 3.2% 5.9%
(1) The City loan to RDA,which is not a bond, has been approved by the Palm Desert City Council. 84.4% 100.0%
2 Maximum limit for mutual funds and local ovemment investment ools,excludin bond roceeds.
' Certified California Municipa/ Treasurer Page 9 of 9