HomeMy WebLinkAboutInvestment Reports April and May 2011 - Joint ConsiderationCITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY`S
DATE: JULY 12, 2011
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Please find attached the Compliance Analysis and Investment Reports which were
presented and approved at the recent meetings of the Audit, Investment and Finance
Committee for the months of April and May 2011. Please include the report on the
upcoming agenda for review and acceptance by City Council.
Also included are the Minutes of the April and May 2011 meetings for acceptance by the
City Council.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted)
BY RDA
ON aS
VERIFIED BY 026�rYl
Original on file with City Clerk's Office
CITY COUNCIL ACTION
APPROVED DFNIFD
RECEIVED 4:91 dL __— OTHER
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ABSENT: �jrxw_
ABSTAIN:
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VERIFIED BY: KK lolmn
Original on Tile with City Clerk a, Office
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City of Palm Desert
City and Redevelopment Agency Portfolios
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
April 30, 2011
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
The next Federal Open Market Committee (FOMC) meeting will be on June 21-22, No action is expected.
U.S. economic indicators have weakened, with Gross Domestic Product (GDP) falling from 3.1 % in 4Q2010 to 1.8% in
1Q2011. Home values posted the largest decline in 1Q2011 since late 2008, pushed down by a combination of tight credit
conditions, and an abundance of foreclosed homes on the market. The end of the QEII Program in June, and the projected
rise of U.S. crude oil prices to $120 per barrel during the summer (Kiplinger's Washington D.C. Newsletter) may further
weaken the economy.
The U.S. Government hit the $14.3 trillion debt ceiling on May 16, setting into motion an 11-week effort to avoid a default. The
U.S. Treasury is implementing several measures to ensure that the government can continue to fund its operations since it
cannot borrow any more money from the public until the debt ceiling is raised. A coalition of Republicans and Democrats
have indicated that they will not vote for a higher debt ceiling without an accompanying deal to cut federal spending.
On April 29, the City transferred approximately $45 million of City funds, and $44 million of RDA funds (the entire RDA
account balance) from LAIF to AAA -rated Rabobank for investment in separate money market accounts. Rabobank currently
offers the LAIF yield plus 15 basis points.
Pa"S. tii&jon, C C. Al. r
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
APR-11
MAR-11
FEB-11
JAN-11
DEC-10
NOV-10
CITY
Month -End Book Value***
$
198,991
$ 199,348
$
195,436
$ 191,620
$
186,911
$
190,254
Month -End Market Value***
$
199,115
$ 199,495
$
195,618
$ 191,842
$
187,160
$
190,546
Paper Gain (Loss)
$
124
$ 147
$
182
$ 222
$
249
$
292
Prior Year Book Variance
$
48
$ 1,396
$
(4,688)
$ (26,474)
$
(15,318)
$
(11,127)
Interest Earnings
109
91
96
115
130
112
Yield -To -Maturity
0.76%
0.54%
0.56%
0.66%
0.72%
0.75%
Weighted Maturity (Days)
89
96
105
131
146
217
Effective Duration
0.04
0.05
0.06
0.07
0.09
0.10
RDA
Month -End Book Value ***
$ 225,883
$ 245,817
$ 256,731
$ 270,539
$ 230,513
$
233,601
Month -End Market Value ***
$ 225,653
$ 246,074
$ 257,025
$ 270,899
$ 230,876
$
234,003
Paper Gain (Loss)
$ (230)
$ 257
$ 294
$ 360
$ 363
$
402
Prior Year Book Variance
$ (59,452)
$ (49,590)
$ (47,490)
$ (16,704)
$ (25,758)
$
(28,133)
Interest Earnings
167
136
142
135
116
98
Yield -To -Maturity
0.73%
0.61 %
0.71 %
0.68%
0.60%
0.59%
Weighted Maturity (Days)
257
235
267
253
297
293
Effective Duration
0.39
0.38
0.37
0.36
0.45
0.47
*** Omits SLGSs.
Dollars in Thousands
Ageing Interval
< 1M
< 2M
< 3M
< 6M
• 1YR
< 2YR
< 3YR
< 4YR
< 5YR
• 5YR
Total:
Ratings
AAA
AA
A
Unrated **
Total:
City of Palm Desert -- Portfolio Characteristics
April 30, 2011
Market Value
$ 137,438
3,011
10,944
3,026
Market Value
$ 145,528
4,056
3,845
43,834
$ 197,263
Sector
Market Value
MMF
$ 4,137
Agencies
9,079
MTNs
7,902
CAMP
7,310
LAIF
5,000
County Pool
80,000
Rabobank
45,001
RDA Loan
13,555
LAIF/Bond Proceeds
25,279
Total:
$ 197,263
General Fund Ageing
100
80
0
2
.o
60
a
40
I1
20
0
<11V! <2M <3M <6M <1YR<2YR<3YR,4YR,6YR>5YR
Credit Quality
Unrated ** AAA
22% 74%
A AA
2% 2%
Asset Allocation County Pool
40%
Month
CitvYield
LAIF Yield
Variance
Performance
May10
1.25
0.56
0.69
Jun
1.16
0.53
0.63
Jul
1.12
0.53
0.59
Aug
0.93
0.51
0.41
Sep
0.96
0.50
0.46
0
Oct
0.78
0.48
0.30
:2
Nov
0.75
0.45
0.30
m
Dec
0.72
0.46
0.26
Jan11
0.66
0.54
0.12
Feb
0.56
0.51
0.05
Mar
0.54
0.50
0.04
Apr
0.76
0.59
0.17
* Standard and Poors
** LAIF, and City Loan
to RDA
Rabobank
LAIF 23%
2%
MTNs
4%
Agencies
0
5 /eCAMP RDA Loan
4% MMF LAIF/Bond 7%
2% Proceeds
13%
1.3
0.7
0.0
Mayl OJun Jul Aug Sep Oct Nov Dec JdOYI Feb Mar Apr
® o
Page 2
Dollars in Thousands
Aaeina Interval
<1M
< 2M
< 3M
< 6M
< 1 YR
< 2YR
< 3YR
< 4YR
< 5YR
> 5YR
Total:
Palm Desert Redevelopment Agency -- Portfolio Characteristics
April 30, 2011
Market Value
$ 47,644
3,012
15,105
26,346
3,151
$ 95,258
uali
Market Value
AAA
$ 86,913
AA
9,773
A
-
Unrated '*
127,697
Total:
$ 224,383
Sector
Market Value
MMF
$ 2,949
Agencies
34,691
MTNs
9,773
CAMP
3,522
County Pool
-
Rabobank
44,123
LAIF
1,650
EIP
3,151
LAIF/Bond Proceeds
124,524
Total:
$ 224,383
Month
RDA Yield
LAIF Yield
Variance
May10
0.69
0.56
0.13
Jun
0.78
0.53
0.25
Jul
0.76
0.53
0.23
Aug
0.79
0.51
0.28
Sep
0.59
0.50
0.09
Oct
0.60
0.48
0.12
Nov
0.59
0.45
0.14
Dec
0.60
0.46
0.14
Jan11
0.68
0.54
0.14
Feb
0.71
0.51
0.20
Mar
0.61
0.50
0.11
Apr
0.73
0.59
0.14
* Standard and Poors
** LAIF
Portfolio Ageing w/o SLGSs
100
80
e
.o°
60
0
40
a
20
0
<iM <2M <3M <6M <tYR<2YR<3YR<4YR<5YR�bYR
AA
Credit Quality A 4%
0% 4%
39 o Unrated **
57%
Asset Allocation Rabobank LAIF
20% 1% EIP
CA
2'
MTNs
4%
Agencies
15%
MMI
1%
0.8
0
2 0.4
d
0.0
MaytOJun Jul Aug Sep Oct Nov DecJanll Feb Mar Apr
L. ®LAIF Yield ORDA Yield
'ounty Pool
0%
41F/Bond
Iroceeds
56%
Page 3
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
Califomia 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 April 30, 2011, 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 safety, 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.
Respectfully Submitted on May 24, 2011,
Pa",LS. C7a)�j t, C. C. Af. T.
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code I City Investment Policy
CA Govt Maximum Maximum Quality Maximum Maximum Quality % of City % of RDA
Code Investment Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio
63601 a
Palm Desert Bonds
5 Years
No Limit
I
I
I -
1 1.4%
53632(c)
Savings Accounts
No Limit
No Limit
No Limit
No Limit
22.8%
19.6%
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
30%
6%
4.6%
15.4°%
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40%
A-1 & P-1
-
-
53601()
Commercial Paper
270 Days
25%
A-1+ or 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)
Re os
1 Year
No Limit
30 Days
20%
AAA & Aaa
-
-
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
536010)
Medium -Term Notes
5 Years
30%
A
5 Years
1 30%
1 A
1 4.0%
4.6%
53601 k
Mutual Funds
90 Days
20%
AAA & Aaa
90 Days
1 20% (2)
JAAA&AaaJ
2.1%
1 1.3%
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
20%
AAA & Aaa
or Advisor
90 Days
20% (2) 1
AAA & Aaa
or Advisor
1 44.3%
1.6%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
A (Issuer) &
1AA (Security)
Not Authorized
16429.1(b)
LAIF
No Limit
I
I
No Limit
15.4%
56.2%
(1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 93.1 °% 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 government investment pools, excluding bond proceeds.
* Certified California Municipal Treasurer Page 4
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City of Palm Desert
City and Redevelopment Agency Portfolios
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
May 31, 2011
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
As QE2 ends, a number of indicators point to a sharp slowdown in the U.S. economy. Consumers have cut discretionary
spending in response to rising food and fuel prices. Only one-third (0.6%) of the 1Q2011 GDP growth rate of 1.8% was due
to consumer spending; the rest (1.2%) was due to business inventory restocking. Car sales, factory output, and job creation
have slowed. The private sector created only 38,000 jobs in May, down from 177,000 jobs in April. State and local
governments are forecast to eliminate 100,000 jobs in 3Q2011. Nationally, housing prices are falling again. The U.S. may be
entering into a period of "stagflation" -- persistent inflation coupled with high unemployment and stagnant demand.
Internationally, Greece will default on its sovereign debt by mid -July unless it receives a $71 billion rescue loan from the
European Union (EU). A Greek Government two-year bond currently has a yield of 29%. The EU is requiring that the Greek
Government adopt a more stringent austerity program that may entail the sale of Greek Government assets, such as highways,
airports, banks, and real estate. A short-term resolution is likely since a Greek default might trigger an Irish default, which
would render the European banking insolvent, and precipitate another global financial crisis. U.S. prime money market funds
which have been providing short-term financing to European banks, are pulling back. The immediate effect of the Greek
Crisis has been to strengthen the U.S. Dollar, temporarily lowering the cost of U.S. oil imports.
futures market is pricing the next increase in short-term interest rates by the Federal Reserve to be in September 2012.
'Pa"Is iir)1101v, C. C. /q. 7-
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
MAY-11
APRA 1
MARA 1
FEB-11
JAN-11
DEC-10
CITY
Month -End Book Value".'
$
219,682
$ 198,991
$ 199,348
$
195,436
$ 191,620
$ 186,911
Month -End Market Value—
$
219,780
$ 199,115
$ 199,495
$
195,618
$ 191,842
$ 187,160
Paper Gain (Loss)
$
98
$ 124
$ 147
$
182
$ 222
$ 249
Prior Year Book Variance
$
17,899
$ 48
$ 1,396
$
(4,688)
$ (26,474)
$ (15,318)
Interest Earnings
125
109
91
96
115
130
Yield -To -Maturity
0.71 %
0.76%
0.54%
0.56%
0.66%
0.72%
Weighted Maturity (Days)
81
89
96
105
131
146
Effective Duration
0.03
0.04
0.05
0.06
0.07
0.09
RDA
Month -End Book Value —
$
241,394
$ 225,883
$
245,817
$
256,731
$
270,539
$ 230,513
Month -End Market Value —
$
241,718
$ 225,653
$
246,074
$
257,025
$
270,899
$ 230,876
Paper Gain (Loss)
$
324
$ (230)
$
257
$
294
$
360
$ 363
Prior Year Book Variance
$
(58,327)
$ (59,452)
$
(49,590)
$
(47,490)
$
(16,704)
$ (25,758)
Interest Earnings
120
167
136
142
135
116
Yield -To -Maturity
0.62%
0.73%
0.61 %
0.71 %
0.68%
0.60%
Weighted Maturity (Days)
228
257
236
267
253
297
Effective Duration
0.32
0.39
0.38
0.37
0.36
0.45
*** Omits SLGSs.
City of Palm Desert -- Portfolio Characteristics
May 31, 2011
Dollars in Thousands
Ageing Interval
Market Value
< 1 M
$
155,484
< 2M
3,011
< 3M
7,901
< 6M
3,042
< 1YR
-
< 2YR
3,027
< 3YR
-
< 4YR
-
< 5YR
-
> 5YR
-
Total:
$
172,465
Ratings *
Market Value
AAA
$
149,530
AA
4,037
A
3,831
Unrated "'
59,768
Total:
$
217,166
Sector
Market Value
MMF
$
4,12B
Agencies
9,070
MTNs
7,869
CAMP
6,603
LAW
20,934
County Pool
80,000
Rabobank
49,728
RDA Loan
13,555
LAIF/Bond Proceeds
25,279
Total:
$
217,166
Month
CitV Yield
LAW Yield
Variance
Jun10
1.16
0.53
0.63
Jul
1.12
0.53
0.59
Aug
0.93
0.51
0.41
Sep
0.96
0.50
0.46
Oct
0.78
0.48
0.30
Nov
0.75
0.45
0.30
Dec
0.72
0.46
0.26
Janll
0.66
0.54
0.12
Feb
0.56
0.51
0.05
Mar
0.54
0.50
0.04
Apr
0.76
0.59
0.17
May
0.71
0.41
0.30
Standard and Poors
** LAIF, and City Loan to RDA
I General Fund Ageing I
100
80
e
60
c 40
a
20
0
2 5 2 0 2 0 0 0 0
.-
<1M <2M <3M <6M <1YR,2YR,3YR<4YR,5YR15YR
Credit Quality
AAA
69%
Unrated "
27%
A AA
2% 2%
i Asset Allocation
County Pool
37%
LAI F
10% Rabobank
MTNs 23%
e
Agencies
io
4%CAMP RDA Loan
3%MMFLAIF/Bond 6%
2% Proceeds
12%
Performance
1.2
0.8
'm
} 0.4
0.0
Jun10 Jul Aug Sep Oct Nov DecJarrl l Feb Mar Apr May
Page 2
t
Palm Desert Redevelopment Agency -- Portfolio Characteristics
May 31, 2011
Dollars in Thousands
Aneina Interval Market Value Portfolio Ageing w/o SLGSs
< 1 M $ 67.733
< 2M
< 3M
< 6M
9,039
< 1YR
6,066
< 2YR
26,346
c
< 3YR
-
< 4YR
-
0
o
< 5YR
-
> 5YR
2,790
Total:
$ 111,974
Credit Quality
ualit
Market Value
AAA
$ 102,407
AA
9,746
A
-
Unrated *'
128,318
Total:
$ 240,471
Sector
Market Value
MMF
$ 2,949
Agencies
34,710
MTNs
9,746
CAMP
7,522
County Pool
7,500
Rabobank
49,726
LAIF
1,650
EIP
2,790
LAIF/Bond Proceeds
123,878
Total:
$ 240,471
Month
Jun10
Jul
Aug
Sep
Oct
Nov
Dec
Jan11
Feb
Mar
Apr
May
RDA Yield
0.78
0.76
0.79
0.59
0.60
0.59
0.60
0.68
0.71
0.61
0.73
0.62
LAIF Yield
0.53
0.53
0.51
0.50
0.48
0.45
0.46
0.54
0.51
0.50
0.59
0.41
Variance
0.25
0.23
0.28
0.09
0.12
0.14
0.14
0.14
0.20
0.11
0.14
0,21
100
80
60
40
20
0
i
i
60
I
24
f
8 5
0 0 0 0 0 2 j
<1M <2M <W <W <WR<2YR< VR<4VR<5YR>5YR
AA
A 4%
0%
AAA Unrated **
43% f 53%
Rabobank
County Pool 21% LAIF
CAMP
3°/u 1%EIP
1%
MTNs
4%
Agencies
14% LAIF/Bond
Proceeds
MMF 52%
0
1%
Asset Allocation
rerrvrrnal luy
* Standard and Poors
** LAIF Page 3
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 May 31, 2011, 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 safety, 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.
Respectfully Submitted on June 28, 2011,
Pis Cidw ,, C. c. M 7-
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 Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio
53601 a
Palm Desert Bonds
5 Years
No Limit
-
1 1.2%
53632(c)
Savings Accounts
No Limit
No Limit
No Limit
No Limit
22.9%
20.7%
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 a
Federal Agencies
5 Years
No Limit
5 Years
30%
6%
4.2%
14.3%
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40%
A-1 & P-1
-
-
53601()
Commercial Paper
270 Days
25%
A-1+ or 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%
AAA & Aaa
-
-
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
536010)
Medium -Term Notes
5 Years
30%
A
5 Years
1 30%
1 A
1 3.6%
1 4.0%
53601 k
Mutual Funds
90 Days
20%
AAA & Aaa
90 Days
1 20% (2)
IAAA&Aaal
1.9%
1 1.2%
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
20%
AAA & Aaa
or Advisor
90 Days
20% (2) 1
AAA & Aaa
or Advisor 1
39.9%
6.3%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
IAA
A (Issuer) &
(Security)
Not Authorized
16429.1(b)
LAIF
No Limit
I
I
No Limit
21.3%
52.3%
(1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 93.8% 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 government investment pools, excluding bond proceeds.
* Certified California Municipal Treasurer Page 4
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