HomeMy WebLinkAboutInvstmnt Rprt - Feb 2010 . � City oi Palm Desert ,,,...�
{t<� �k City and R�devetopment Agency Portf4lias '4 �
C!OMPI.IANCE ANALYSIS ANQ iNVE�TMENT REP�RT
_ Fef�ruary 20'1�
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
Goldman Sachs is forecasting that the U.S. economy will grow at an annual rate of 1.5% in the second half of 2010, before
accelerating in 2011. U.S. unemployment is expected to rise to 10.5% by early 2011. Goldman believes that the"jobless
recovery" pattern of the 1991-92 and 2001-03 recessions is a good template for the next two years. Based upon the
foregoing, and the fact that the Federal Reserve has never raised interest rates during a period of rising unemployment,
short-term interest rates are not expected to increase until 2011.
Goldman's forecast is predicated upon the following structural constraints: (1)consumers boosting savings out of current
income; (2)weakness in labor income due to high unemployment and employers' reluctance to rehire; (3)the weak fiscal
position of the public sector; (4)large overhangs of vacant homes and unused industrial capacity; and (5) limited credit
availability for small businesses.
The FDIC currently has 702 lenders on its list of"troubled" banks, the highest level since 1993. The FDIC expects bank
failures in 2010 to exceed the 140 recorded in 2009. In 2009, bank lending experienced its sharpest decline since 1945.
` U.S. Treasury yields fell in February due to increased demand as buyers reacted to concerns over the financial stability
ofi southern EU countries, and the U.S. economy's ability to grow after the removal of the government stimulus.
��s ��� c.c.M r
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
FEB-10 JAN-10 DEC-09 NOV-09 OCT-09 SEP-09
CITY
Month-End Book Value*"" $ 200,124 $ 218,094 $ 202,229 $ 201,381 $ 239,207 $ 232,393
Month-End Market Value""' $ 201,136 $ 219,068 $ 203,250 $ 202,521 $ 240,435 $ 233,526
Paper Gain(Loss) $ 1,012 $ 974 $ 1,021 $ 1,140 $ 1,228 $ 1,133
PriorYearBookVariance $ (19,345) $ 5,356 $ 3,176 $ (12,226) $ 21,577 $ 21,716
Interest Earnings $ 227 $ 221 $ 314 $ 315 $ 326 $ 322
Yield-To-Maturity 1.41% 1.31% 1.82% 1.93% 1.69% 1.74%
Weighted Maturity(Days) 455 419 230 255 246 253
Effective Duration 0.35 0.35 0.15 0.17 0.17 0.18
RDA
Month-End Book Value"*"' $ 304,221 $ 287,243 $ 256,271 $ 261,734 $ 226,007 $ 265,942
Month-End Market Value"*" $ 304,733 $ 287,788 $ 256,897 $ 262,477 $ 226,811 $ 266,805
Paper Gain(Loss) $ 512 $ 545 $ 626 $ 743 $ 804 $ 863
Prior Year Book Variance $ 33,805 $ 5,970 $ 4,419 $ 17,060 $ (19,093) $ 8,557
Interest Earnings $ 168 $ 183 $ 262 $ 257 $ 186 $ 227
Yield-To-Maturity 0.69% 0.72% 1.21% 1.21% 0.96% 0.95%
Weighted Maturity(Days) 223 236 188 185 214 192
Effective Duration 0.34 0.38 0.16 0.17 0.21 0.19
""* Omits SLGSs.
City of Palm Desert-- Portfolio Characteristics
" February 28, 2010
Dollars in Thousands
Aaeinq Interval Market Value
< 1 M $ 43,150 General Fund Ageing
<2M 3,000
<3M 6,049 100 _._.._.__.___.._ �_._______..__.,.._�_._�..�..._------._,
4
<6M 8,230 $p '
< 1YR 22,505 !
0
<2YR 26,519 0 60 �
<3YR 33,034 � 40 30 �g 23 �
<4YR ' a 20 2 4 6 16
<5YR - 0 0 0
>5YR - �
Total: $ 142,487 <1 M <2M<3M<6M < < < < < >
1YR 2YR 3YR 4YR 5YR 5YR
Ratinas" Market Value Credit Quality
AAA $ 129,305 �
AA 21,697
Unrated"* 65%
A 7,061 21%
Unrated"` 41,810 A qq
Total: $ 199,873 3% 11%
Sector Market Value Asset Allocation
CAMP
- MMF $ 34,997 23%
Agencies ��.���r���
Agencies 70,579 35% ��`' MTNs
MTNs 28,758 14%
CAMP 3,339 MMF RDA Loan
RDA Loan 22,655 �go�o 11%
LAIF 39,545 LAIF
Total: $ 199,873 20%
Month Citv Yield LAIF Yield Variance Performance
Mar09 2.17 1.82 0.35
Apr 2.09 1.61 0.49 2.4 --_._.______ __.._.___.______.________.__.._____..�
May 2.04 1.53 0.51 �
Jun 2.03 1.38 0.65 1.6
Jul 1.90 1.04 0.86 =
Aug 1.79 0.93 0.87 m
Sep 1.74 0.76 0.98 � ��$
Oct 1.69 0.65 1.05
Nov 1.93 0.61 1.32 0.0
Dec 1.82 0.57 1.26 Mar094pr May Jun Jul Aug Sep Oct Nov DecJan1�eb
Jan10 1.31 0.56 0.76
Feb 1.41 0.58 0.83 ■ o
* Standard and Poors
*" LAIF,and City Loan to RDA Page 2
City of Palm Desert
Portfolio Holdings
February 28, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Medium-Term Notes
$ 3,795,000 BANK OF AMERICA 5.38 8/15/11 $ 3,862,637 4.05 105.43 $ 4,001,027 A2 A
$ 3,000,000 BANK OF AMERICA 4.25 10/1l10 $ 3,017,486 3.20 102.00 $ 3,060,027 A2 A
$ 2,035,000 GENERAL ELECTRIC 4.88 10/21/10 $ 2,026,359 5.63 102.75 $ 2,090,914 Aa2 AA+
$ 1,891,000 GENERAL ELECTRIC 6.88 11l15/10 $ 1,905,284 5.65 104.46 $ 1,975,409 Aa2 AA+
$ 2,000,000 GENERAL ELECTRIC 6.13 2/22/11 $ 2,007,764 5.67 105.21 $ 2,104,202 Aa2 AA+
$ 3,965,000 GENERAL ELECTRIC 4.88 10/21l10 $ 4,004,598 3.23 102.75 $ 4,073,942 Aa2 AA+
$ 3,000,000 TOYOTA 4.35 12/15/10 $ 3,092,236 0.44 103.16 $ 3,094,800 Aa1 AA
$ 2,000,000 WACHOVIA 7.80 8/18/10 $ 2,023,672 5.02 103.19 $ 2,063,804 A1 AA
$ 4,000,000 WELLS FARGO BANK 6.38 8/1/11 $ 4,062,303 5.13 106.43 $ 4,257,248 A1 AA
$ 2,000,000 WELLS FARGO BANK 4.63 8/9/10 $ 1,996,302 5.09 101.83 $ 2,036,602 A1 AA
$ 27,686,000 Subtotal $ 27,998,642 4.08 $ 28,757,974
Agencies--Coupon
$ 3,000,000 FED FARM CREDIT BANK 4.78 5/3/10 $ 3,000,805 4.61 100.81 $ 3,024,375 Aaa AAA
$ 3,000,000 FED FARM CREDIT BANK 4.78 5/3/10 $ 3,000,805 4.61 100.81 $ 3,024,375 Aaa AAA
$ 3,000,000 FED FARM CREDIT BANK 3.50 10/3/11 $ 3,119,269 0.97 104.22 $ 3,126,563 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.63 7/27/11 $ 3,033,234 1.18 101.34 $ 3,040,313 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 0.44 10/7/10 $ 3,002,144 0.32 100.06 $ 3,001,875 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.63 3/16/11 $ 3,035,301 0.41 101.22 $ 3,036,563 Aaa AAA
$ 2,062,000 FED HOME LOAN MTG CORP 4.13 7/12/10 $ 2,065,513 5.47 101.47 $ 2,092,286 Aaa AAA
$ 3,000,000 FED HOME LOAN MTG CORP 1.63 4/26/11 $ 3,033,861 0.60 101.28 $ 3,038,438 Aaa AAA
$ 3,000,000 FED HOME LOAN MTG CORP 4.13 2/24/11 $ 3,105,640 0.52 103.47 $ 3,104,063 Aaa AAA
$ 2,000,000 FED NATIONAL MTG ASSOC 4.25 8/15/10 $ 1,989,683 5.47 101.88 $ 2,037,500 Aaa AAA
$ 3,000,000 FED NATIONAL MTG ASSOC 1.75 12/28/12 $ 2,995,699 1.91 100.34 $ 3,010,313 Aaa AAA
$ 31,062,000 Subtotal $ 31,387,952 2.16 $ 31,536,661
Agencies--Callable
$ 3,000,000 FED HOME LOAN BANK 1.00 10/28/11 $ 3,000,000 1.00 100.25 $ 3,007,500 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.38 6/11/12 $ 2,994,325 2.01 100.03 $ 3,000,938 Aaa AAA
$ 15,000,000 FED HOME LOAN BANK 1.38 6/28/12 $ 14,971,595 1.82 100.13 $ 15,018,750 Aaa AAA
$ 2,980,000 FED HOME LOAN BANK 1.88 11/19/12 $ 2,986,220 1.61 100.06 $ 2,981,863 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.85 12/21/12 $ 3,000,895 1.82 100.06 $ 3,001,875 Aaa AAA
$ 3,000,000 FED HOME LOAN MTG CORP 1.25 1/26l12 $ 3,000,000 1.25 100.36 $ 3,010,713 Aaa AAA
$ 6,000,000 FED NATIONAL MTG ASSOC 1.75 12/28/12 $ 5,991,749 1.90 100.34 $ 6,020,625 Aaa AAA
$ 35,980,000 Subtotal $ 35,944,785 1.71 $ 36,042,263
Agencies--Discount '
$ 3,000,000 FED HOME LOAN BANK 0.00 4/13/10 $ 2,999,440 0.07 99.99 $ 2,999,700 Aaa AAA
$ 3,000,000 Subtotai $ 2,999,440 0.07 $ 2,999,700
"U"= Unrated Page 3
City of Palm Desert
Portfolio Holdings
February 28, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Local Agency Investment Fund
$ 39,545,341 L.A.I.F. 0.00 3/1/10 $ 39,545,341 0.58 100.00 $ 39,545,341 U U
$ 39,545,341 Subtotal $ 39,545,341 0.58 $ 39,545,341
Local Agency Investment Fund
$ 3,331,875 C.A.M.P. 0.00 3/1/10 $ 3,331,875 0.19 100.00 $ 3,331,875 U AAA
$ 7,328 C.A.M.P. (DESERT WILLOW) 0.00 3/1/10 $ 7,328 0.19 100.00 $ 7,328 U AAA
$ 3,339,204 Subtotal $ 3,339,204 0.19 $ 3,339,204
Money Market Fund
$ 34,996,633 WF ADVANTAGE GOVT MMF 0.00 3/1/10 $ 34,996,633 0.00 100.00 $ 34,996,633 Aaa AAA
$ 34,996,633 Subtotal $ 34,996,633 0.00 $ 34,996,633
City Loan to RDA
$ 22,655,000 CITY OF PALM DESERT 0.00 3/1/40 $ 22,655,000 0.58 100.00 $ 22,655,000 U U
$ 22,655,000 Subtotai $ 22,655,000 0.58 $ 22,655,000
. Totallnvestments
$ 198,264,177 $ 198,860,996 1.41 $ 199,872,775
Cash
$ 275,367 CITY MAIN CHKG 0.00 3/1/10 $ 275,367 0.00 100.00 $ 275,367 U U
$ 866,018 DESERT WILLOW CHKG 0.00 3(1/10 $ 866,018 0.00 100.00 $ 866,018 U U
$ 122,044 RECREATIONAL FAC CHKG 0.00 3/1/10 $ 122,044 0.00 100.00 $ 122,044 U U
$ 1,263,429 Subtotal $ 1,263,429 $ 1,263,429
Total Investments and Cash
$ 199,527,606 $ 200,124,424 $ 201,136,204
"U"= Unrated Page 4
City of Palm Desert
Portfolio Holdings
February 28, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
%of Portfolio
Corporate Issuers (Market Value)
BANK OF AMERICA 3.51%
GENERAL ELECTRIC 5.09%
TOYOTA 1.54%
WACHOVIA 1.03%
WELLS FARGO BANK 3.13%
%of Portfolio
Agency Issuers (Market Value)
FED FARM CREDIT BANK 4.56%
FED HOME LOAN BANK 19.43%
FED HOME LOAN MTG CORP 5.59%
FED NATIONAL MTG ASSOC 5.50%
"U"= Unrated Page 5
Palm Desert Redevelopment Agency-- Portfolio Characteristics
February 28, 2010
Dollars in Thousands
A�eina Interval Market Value
< 1 M � 99 290 Portfolio Ageing w/o SLGSs
<2M -
<3�y� _ 100 -.-.____._._._____.__._____�___.___�_...___..._.._____.._.__._.__..i
<6M 3,030 80 64 j
< 1YR 13,972 � i
<2YR 31,557 0 60
° 40 �
<3YR 3,842 0 20 j
<4YR - a
<5YR _ 2� 0 0 2 9 2 0 0 2 �
0
>5YR 3,151 <1M<2M<3M<6M < < < < < >
Total: $ 154,842 1YR 2YR 3YR 4YR 5YR 5YR
�
ualit " Market Value Credit Quality 3�0
AAA $ 66,231 A
AA 98,594 � 3%
A 10,132 22%
Unrated"" 129,056
Total: $ 304,013 Unrated'•
43%
Sector Market Value Asset Ailocation
MTNs
• MMF $ 57,706 Agencies 5% CAMP
Agencies 36,151 12% 20%
MTNs 16,249 LAIF
CAMP 61,699 M9 0 13%
LAI F 39,731
EIP 3,151 Eo�o
LAIF/Bond Proceeds 89,326 LAIF/Bond
Total: $ 304,013 Proceeds
30%
Month RDA Yield LAIF Yield Variance Performance
Mar09 1.07 1.82 -0.75
Apr1.05 1.61 -0.56 2.1 _..______.___a___�.._..._..�__._._....,._._...__._._,__.�...___._...._---_..._.___._,
May 1.06 1.53 -0.47 j
Jun 1.30 1.38 -0.08 �
Jul 1.31 1.04 0.27 ' 1.4 i
Aug 1.19 0.93 0.26 d '
Sep 0.95 0.76 0.19 r �'� �
f
Oct 0.96 0.65 0.32
Nov 1.21 0.61 0.59 0.0
Dec 1.21 0.57 0.64 Mar09Apr May Jun Jul Aug Sep Oct Nov DecJan10Feb
Jan10 0.72 0.56 0.16
■LAIFYieId ORDAYield
Feb 0.69 0.58 0.12 -. ____- ---- --__ _ _-
* Standard and Poors
""` LAIF Page 6
Palm Desert Redevelopment Agency
Portfolio Holdings
February 28, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Medium-Term Notes
$ 3,000,000 ABBOTT LABS 3.75 3/15/11 $ 3,097,667 0.60 102.92 $ 3,087,516 A1 AA
$ 3,450,000 BEAR STEARNS(JPM) 6.95 8/10/12 $ 3,869,420 1.83 111.37 $ 3,842,393 Aa3 A+
$ 3,000,000 JP MORGAN CHASE 3.13 12/1/11 $ 3,116,084 0.69 0.00 $ 3,116,084 Aa3 A+
$ 3,000,000 JP MORGAN CHASE 5.60 6/1/11 $ 3,176,670 0.85 105.78 $ 3,173,541 Aa3 A+
$ 3,000,000 WAL-MART 4.13 7/1/10 $ 3,011,652 2.91 101.00 $ 3,029,919 Aa2 AA
$ 15,450,000 Subtotal $ 16,271,494 1.39 $ 16,249,453
Agencies--Coupon
$ 4,900,000 FED FARM CREDIT BANK 4.90 9/22/10 $ 4,906,550 4.65 102.56 $ 5,025,563 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,988,135 5.49 104.53 $ 2,090,625 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,987,977 5.50 104.53 $ 2,090,625 Aaa AAA
$ 2,890,000 FED HOME LOAN BANK 2.88 3/11/11 $ 2,960,425 0.49 102.44 $ 2,960,444 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 0.50 11/29/10 $ 3,004,656 0.36 100.09 $ 3,002,813 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.13 12/9/11 $ 3,010,240 0.96 100.53 $ 3,015,938 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 2,012,667 5.54 103.66 $ 2,073,125 Aaa AAA
$ 3,734,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 3,757,692 5.54 103.66 $ 3,870,524 Aaa AAA
. $ 2,940,000 FED NATIONAL MTG ASSOC 1.75 3(23/11 $ 2,979,021 0.43 101.34 $ 2,979,506 Aaa AAA
$ 9,000,000 FED NATIONAL MTG ASSOC 1.00 11/23(11 $ 9,009,208 1.00 100.47 $ 9,042,188 Aaa AAA
$ 35,464,000 Subtotal $ 35,616,571 2.59 $ 36,151,349
Local Government Investment Pool
$ 39,708,598 L.A.I.F. 0.00 3/1/10 $ 39,708,598 0.58 100.00 $ 39,708,598 U U
$ 22,059 L.A.I.F. (HOUSING) 0.00 3/1/10 $ 22,059 0.58 100.00 $ 22,059 U U
$ 39,730,658 Subtotai $ 39,730,658 0.58 $ 39,730,658
Local Government Investment Pool
$ 17,445,313 CITY OF PALM DESERT 0.00 3/1/10 $ 17,445,313 0.58 100.00 $ 17,445,313 U AA
$ 4,797,836 CITY OF PALM DESERT 0.00 3/1/10 $ 4,797,836 0.58 100.00 $ 4,797,836 U AA
$ 25,119,364 CITY OF PALM DESERT 0.00 3/1l10 $ 25,119,364 0.58 100.00 $ 25,119,364 U AA
$ 10,361,506 CITY OF PALM DESERT 0.00 3/1/10 $ 10,361,506 0.58 100.00 $ 10,361,506 U AA
$ 15,112,739 CITY OF PALM DESERT 0.00 3/1/10 $ 15,112,739 0.58 100.00 $ 15,112,739 U AA
$ 16,488,631 CITY OF PALM DESERT 0.00 3/1/10 $ 16,488,631 0.58 100.00 $ 16,488,631 U AA
$ 89,325,389 Subtotal $ 89,325,389 0.58 $ 89,325,389
Local Government Investment Pool
$ 59,588,016 C.A.M.P. 0.00 3/1/10 $ 59,588,016 0.19 100.00 $ 59,588,016 U AAA
$ 2,111,452 C.A.M.P.(HOUSING) 0.00 3/1/10 $ 2,111,452 0.19 100.00 $ 2,111,452 U AAA
$ 61,699,468 Subtotal $ 61,699,468 0.19 $ 61,699,468
"U"= Unrated Page 7
Palm Desert Redevelopment Agency
Portfolio Holdings
February 28, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Money Market Fund
$ 57,705,872 WF ADVANTAGE GOVT MMF 0.00 3/1/10 $ 57,705,872 0.00 100.00 $ 57,705,872 Aaa AAA
$ 57,705,872 Subtotal $ 57,705,872 0.00 $ 57,705,872
Municipal Bonds
$ 3,151,000 ENERGY INDEP PROGRAM 3.00 9/2/29 $ 3,151,000 3.00 100.00 $ 3,151,000 U AA
$ 3,151,000 Subtotal $ 3,151,000 3.00 $ 3,151,000
Total Investments
$ 302,526,387 $ 303,500,451 0.69 $ 304,013,189
Cash
$ 315,394 HOUSING AUTH CHKG 0.00 3/1/10 $ 315,394 0.00 100.00 $ 315,394 U U
$ 404,669 HOUSING AUTH TRUST 0.00 3/1/10 $ 404,669 0.00 100.00 $ 404,669 U U
$ 720,063 Subtotal $ 720,063 $ 720,063
• Total Investments and Cash
$ 303,246,449 $ 304,220,514 $ 304,733,252
%of Portfolio
Corporate Issuers (Market Value)
ABBOTT LABS 1.01%
BEAR STEARNS(JPMj 1.26°/a
JP MORGAN CHASE 2.06%
WAL-MART 3.94%
"U"= Unrated Page 8
Palm Desert Redevelopment Agency
Portfolio Holdings
February 28, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S8�P
%of Portfolio
Agency issuers (Market Value)
FED FARM CREDIT BANK 1.65%
FED HOME LOAN BANK 4.32%
� FED HOME LOAN MTG CORP 1.95%
FED NATIONAL MTG ASSOC 3.94%
"U"=Unrated Page 9
� STATEMENT OF COMPLIANCE
The investment portfolios of the City 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
Council review the Statement of Investment Policy annually.
For the month ended February 28,2010,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.
Interactive Data Corporation provided the data that was used to calculate the market value of all securities in the City and the
RDA investment portfolios. State and Local Government Series securities are held in escrow accounts, and are therefore
not included in this report as assets. All balances are bank balances.
Respectfuliy Submitted on March 23, 2010,
��s G��o�, c.c.�r �
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
` California Government Code City Investment Policy
CA Govt Maximum Maximum Quality Maximum Maximum Quality %of City %of RDA
Code Investment Cate o Maturit Limit S&P/Md Maturit Limit S&P/Md Portfolio Portfolio
53601 a Palm Desert Bonds 5 Years No Limit 0.0% 1.0%
53632 c Savin s Accounts No Limit No Limit No Limit No Limit
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 NotAuthorized
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% 35.4% 11.7%
53601 Bankers's Acceptances 180 Da s 40°/a 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&Aaa - -
53601(i) Reverse Repos 92 Days 20% Not Authorized
53601 ' Medium-Term Notes 5 Years 30% A 5 Years 30% A 14.1% 5.4%
53601 k) Mutual Funds 90 Da s 20% AAA&Aaa 90 Da s 20%(2) AAA&Aaa 17.6% 19.0%
53601 I Trust Indenture Debt NotAuthorized
53601(m) Secured Bank Deposits 5 Years No Limit NotAuthorized
53601(k) Local Government AAA&Aaa AAA&Aaa
Investment Pools 90 Da s 20% or Advisor 90 Da s 20%(2) or Advisor 1.7% 20.3%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized
Securities AA(Security)
16429.1 b LAIF No Limit No Limit 19.9% 42.5%
(1) The City loan to RDA,which is not a bond, has been approved by the Palm Desert City Council. 88.6% 100.0%
(2) The City Energy Independence Program has been approved by the Palm Desert City Council.
. (3) Maximum limit for mutual funds and local overnment investment pools, excludin bond proceeds.
' Certified California Municipa/Treasurer Page 10