HomeMy WebLinkAboutInvestment Reports - June 2011 - Joint ConsiderationCITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY*""
DATE: SEPTEMBER 21, 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 month of June 2011. Please include the report on the upcoming agenda
for review and acceptance by City Council.
Also included are the Minutes of the June 2011 meeting 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)
CITY COUNCILACTION
APPROVED DENIED
RECEIVEDILIL(YI IIF;1t.
MEETING DATE
AYES: �i(-) i K Vbotle11
NOES: Ng)nF
ABSENT: t1j c, n e
ABSTAIN: N
VERIFIED BY: TTK (ra
Original on File with City Clerk's Orrice
ON _) Q- 13(�--
VERliil~D
Original on file with City Cierk's Off'
GAFINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD
City of Paim Desert
City and Redevelopment Agency Portfolios
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
June 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 Federal Open Market Committee (FOMC) will meet next on August 9. No policy changes are expected. Chairman
Bernanke has given conflicting signals about the possibility of another round of quantitative easing (QE3). Discretionary U.S.
consumer spending remains weak due to economic uncertainty, declining home values, and high levels of personal debt.
With a slow -growth economy, the U.S. is vulnerable to outside shocks that could easily tip it over into recession.
Moody's and Standard & Poor's advised the U.S. Government that it would lose its "AAA" credit rating unless it adopts a plan,
by 2013, to reduce budget deficits and the national debt. Congress will .likely adopt a bipartisan plan to raise the U.S. debt
ceiling and to reduce spending. Foreign investors have begun buying U.S. Treasuries again in a flight -to -safety from the
Euro Crisis. This has driven down the yield of a 10-year U.S. Treasury Note to 2.81 %.
The European Union (EU) is still searching for a solution to Greece, although EU leaders have reportedly accepted the reality
that a Greek "strategic default" is inevitable, possibly within one to two years. Separately, Ireland and Portugal had their
credit ratings downgraded to "Junk". Financial markets are now putting pressure on the sovereign debt of Spain and Italy.
In the event of multiple European sovereign defaults, American financial institutions would have substantial exposure
through $90 billion of credit default swaps on Greek, Irish, and Portuguese debt that they sold to European banks. German
Landesbanks (state banks), which are basically insolvent, provided much of the insurance to backstop these deals.
;PaaZ,s �7dvo-n,, C. C.Xf. T.-
City Treasurer
Dollars in Thousands
CITY
Month -End Book Value***
Month -End Market Value`'**
Paper Gain (Loss)
Prior Year Book Variance
Interest Earnings
Yield -To -Maturity
Weighted Maturity (Days)
Effective Duration
RDA
Month -End Book Value ***
Month -End Market Value ***
Paper Gain (Loss)
Prior Year Book Variance
Interest Earnings
Yield -To -Maturity
Weighted Maturity (Days)
Effective Duration
PORTFOLIO STATISTICS
JUN-11
MAY-11
APRA I
MAR-11
FEB-11
JAN-11
$ 223,281
$
219,682
$
198,991
$
199,348
$
195,436
$
191,620
$ 223,342
$
219,780
$
199,115
$
199,495
$
195,618
$
191,842
$ 61
$
98
$
124
$
147
$
182
$
222
$ 21,349
$
17,899
$
48
$
1,396
$
(4,688)
$
(26,474)
131
125
109
91
96
115
0.72%
0.71 %
0.76%
0.54%
0.56%
0.66%
79
81
89
96
105
131
0.02
0.03
0.04
0.05
0.06
0.07
$ 236,903
$
241,394
$
225,883
$
245,817
$
256,731
$
270,539
$ 237,195
$
241,718
$
225,653
$
246,074
$
257,025
$
270,899
$ 292
$
324
$
(230)
$
257
$
294
$
360
$ (65,660)
$
(58,327)
$
(59,452)
$
(49,590)
$
(47,490)
$
(16,704)
122
120
167
136
142
135
0.63%
0.62%
0.73%
0.61 %
0.71 %
0.68%
218
228
257
235
267
253
0.31
0.32
0.39
0.38
0.37
0.36
*** Omits SLGSs.
City of Palm Desert -- Portfolio Characteristics
June 30, 2011
Dollars in Thousands
Ageing Interval
Market Value
< 1 M
$
163,844
< 2M
7,869
< 3M
-
< 6M
3,034
< 1YR
-
< 2YR
3,029
< 3YR
-
< 4YR
-
< 5YR
-
> 5YR
-
Total:
$
177,776
Ratings *
Market Value
AAA
$
149,021
AA
4,016
A
3,815
Unrated
65,168
Total:
$
222,020
Sector
MMF
Agencies
MTNs
CAMP
LAIF
County Pool
Rabobank
RDA Loan
LAIF/Bond Proceeds
Total:
Market Value
$ 4,120
9,055
7,831
6,090
26,334
80,000
49,756
13,555
25,279
$ 222,020
Month
City Yield
LAIF Yield
Variance
JU110
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
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
May
0.71
0.41
0.30
Jun
0.72
0.45
0.27
i
General Fund Ageing
100
80
°
60
0
0
40
IL
20
0
4 0 2 0 2 0 0 0 0
<1M <2M <3M <6M < 1YR< 2YR< 3YR< 4YR< 5YR >5YR
Credit Quality
AAA
67%
Unrated **
29%
A AA
2% 2%
Asset Allocation I County Pool
36%
LAIF
12%
MTNs Rabobank
22 /o
4%
Agencies
io
4 /CCAMP RDA Loan
3% MMFLAIF/Bond 6%
2% Proceeds
11%
Performance
1.2
0.8
�o
d
0.4
0.0
Ju110 Aug Sep Oct Nov Dec Janl l Feb Mar Apr May Jun
® °
Standard and Poors
* LAIF, and City Loan to RDA Page 2
Palm Desert Redevelopment Agency -- Portfolio Characteristics
June 30, 2011
Dollars in Thousands
Ageing Interval Market Value
< 1 M $ 65,750 Portfolio Ageing w/o SLGSs
< 2M
_
< 3M
-
< 6M
15,097
< 1YR
-
o
< 2YR
23,858
2
< 3YR
-
r
< 4YR
-
° a
< 5YR
-
> 5YR
2,790
Total:
$ 107,495
Credit Quality
ualit
Market Value
AAA
$ 98,114
AA
6,720
A
_
Unrated **
131,108
Total:
$ 235,942
Sector
Market Value
MMF
$ 2,949
Agencies
32,178
MTNs
6,720
CAMP
8,523
County Pool
7,500
Rabobank
49,754
LAIF
1,650
EIP
2,790
LAIF/Bond Proceeds
123,878
Total:
$ 235,942
Month
Ju110
Aug
Sep
Oct
Nov
Dec
Jan11
Feb
Mar
Apr
May
Jun
RDA Yield
0.76
0.79
0.59
0.60
0.59
0.60
0.68
0.71
0.61
0.73
0.62
0.63
LAIF Yield
0.53
0.51
0.50
0.48
0.45
0.46
0.54
0.51
0.50
0.59
0.41
0.45
Variance
0.23
0.28
0.09
0.12
0.14
0.14
0.14
0.20
0.11
0.14
0.21
0.18
Asset Allocation
100
80
60
40
20
0
<1M <2M <3M <6M <1YR<2YR<3YR<VR<5YR>5YR
AA
A 3%
0%
AAA Unrated **
42% 0 55%
Rabobank
County Pool 21% LAIF
3% 1 /oEIP
CAMP 1%
4%
MTNs
3%
Agencies
14% LAIF/Bond
MMF Proceeds
1 % 52%
* 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 June 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 July 26, 2011,
Paac S. C. C. Al. T.
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
I
I
-
1.2%
53632(c)
Savings Accounts
No Limit
No Limit
No Limit
No Limit
22.4%
21.1%
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%
4.1%
13.6%
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 Aaa
-
-
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
30%
1 A
1 3.5%
2.8%
53601 k
Mutual Funds
90 Days
20%
AAA & Aaa
90 Days
1 20% (2)
IAAA&Aaal
1.9%
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 Da 1
20% (2) 1
AAA & Aaa
or Advisor 1
38.8%
6.8%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
1AA
A (Issuer) &
(Security)
Not Authorized
16429.1(b)
LAW
No Limit
I
I
No Limit
23.3%
53.3%
(1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 93.9% 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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