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CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETAR"�
DATE: OCTOBER 7, 2011
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Please find attached the Compliance Analysis and Investment Reports which were
presented and approved at the recent meeting of the Audit, Investment and Finance
Committee for the months of July and August 2011. Please include the report on the
upcoming agenda for review and acceptance by City Council.
Also included are the Minutes of the July 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 COUNCIL. ACTION
APPROVED DENIED
IZECEIVED ILL OTHER
MEETING DATE 10
AYES: R �►�� ' Jl 1
NOES: LISP _
ABSENT:.KITA f'
ABSTAIN:
VERIFIED BY. k0k ra
Original on File with City Clerk's Orice
ON
VERIFIED B`---91DK-ir(
Original on file with%. i Clerk's Office
GARNANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD
City of Palm Desert
City and Redevelopment Agency Portfolios
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
July 31, 2011
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
On August 5, Standard & Poor's downgraded the U.S. Treasury's credit rating from "AAA" (since 1917) to "AA+". Fannie Mae
and Freddie Mac debt were similarly downgraded. U.S. Treasury yields plunged, however, as investors bought Treasuries
in a flight -to -safety as Italy and Spain, the third- and fourth -largest economies in Europe, became engulfed in the European
sovereign debt crisis. Italy is the largest issuer of sovereign debt in the European Union.
U.S. economic growth stalled during the first half of 2011. Second-quarter GDP was 1.3%. Consumer spending, which
accounts for 70% of U.S. economic activity, increased by only 0.1 % -- the weakest since the recession ended two years ago.
Manufacturers had their weakest growth in two years. Planned job cuts in July were the highest in the last 16 months.
Homeowners are unable to refinance at historically low interest rates because they are "underwater". Many economists
believe that the U.S. is tottering on the brink of a double -dip recession, waiting only for a triggering event.
That event may be the European sovereign debt crisis. A systemic shock could result from: (1) France losing its "AAA"
credit rating, which would undermine French banks and the European Financial Stability Facility; or (2) one or more
countries dropping the Euro, and readopting their national currency in order to mark down their liabilities by 50% or more.
France and Germany are facing the stark choice of either pursuing fiscal union with other Euro countries or severing
links with heavily indebted Southern European member countries.
Pis �j6NOyv, c, C.M 7-
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
JUL-11
JUN-11
MAY-11
APRA I
MARA I
FEBA 1
CITY
Month -End Book Value—
$
207,383
$
223,281
$ 219,682
$
198,991
$
199,348
$ 195,436
Month -End Market Value***
$
207,415
$
223,342
$ 219,780
$
199,115
$
199,495
$ 195,618
Paper Gain (Loss)
$
32
$
61
$ 98
$
124
$
147
$ 182
Prior Year Book Variance
$
9,505
$
21,349
$ 17,899
$
48
$
1,396
$ (4,688)
Interest Earnings
122
131
125
109
91
96
Yield -To -Maturity
0.67%
0.72%
0.71 %
0.76%
0.54%
0.56%
Weighted Maturity (Days)
77
79
81
89
96
105
Effective Duration
0.02
0.02
0.03
0.04
0.05
0.06
RDA
Month -End Book Value ***
$
247,803
$
236,903
$ 241,394
$ 225,883
$
245,817
$ 256,731
Month -End Market Value ***
$
248,063
$
237,195
$ 241,718
$ 225,653
$
246,074
$ 257,025
Paper Gain (Loss)
$
260
$
292
$ 324
$ (230)
$
257
$ 294
Prior Year Book Variance
$
(50,709)
$
(65,660)
$ (58,327)
$ (59,452)
$
(49,590)
$ (47,490)
Interest Earnings
114
122
120
167
136
142
Yield -To -Maturity
0.56%
0.63%
0.62%
0.73%
0.61 %
0.71 %
Weighted Maturity (Days)
208
218
228
257
235
267
Effective Duration
0.28
0.31
0.32
0.39
0.38
0.37
*** Omits SLGSs.
City of Palm Desert -- Portfolio Characteristics
July 31, 2011
Dollars in Thousands
Ageing Interval
Market Value
< 1 M
$ 157,456
< 2M
-
< 3M
3,017
< 6M
-
< 1YR
-
< 2YR
3,024
< 3YR
-
< 4YR
-
< 5YR
-
> 5YR
-
Total:
$ 163,497
Ratings *
Market Value
AAA
$
144,971
AA
4,000
A
3,801
Unrated **
53,229
Total:
$
206,001
Sector
Market Value
MMF
$
4,095
Agencies
6,041
MTNs
7,801
CAMP
5,016
LAIF
14,365
County Pool
80,041
Rabobank
49,778
RDA Loan
13,555
LAIF/Bond Proceeds
25,309
Total:
$
206,001
Month
City Yield
LAIF Yield
Variance
Aug 10
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
Jul
0.67
0.38
0.29
i
General Fund Ageing
100Et.
80 �.
0
60
o I
0 0 40
a
20
0 2 0 0 2 0 0 0 0
0
<1M <2M c3M <61M < WR<2YR<3YR<,IYR<5YR>5YR
Credit Quality
AAA
Unrated '* 70%
26%
A AA
2% 2%
Asset Allocation County Pool
39%
LAIF Rabobank
7% 24%
MTNs
Agea
ncies
3°/ RDA Loan
�2MPMMF LAIF/Bond 7%
2% Proceeds
12%
/
Performance
1.0
° 0.5
m
0.0
AuglOSep Oct Nov Dec Janll Feb Mar Apr May Jun Jul
e o
* Standard and Poors
* LAIF, and City Loan to RDA Page 2
Palm Desert Redevelopment Agency -- Portfolio Characteristics
July 31, 2011
Dollars in Thousands
Aneing Interval Market Value
< 1 M $ 206,429 Portfolio Ageing w/o SLGSs
< 2M
< 3M
< 6M
15,063
< 1YR
2,519
< 2YR
21,262
2
< 3YR
-
< 4YR
-
a°
< 5YR
-
> 5YR
2,790
Total:
$ 248,063
Credit Quality
ualit
Market Value
AAA
$ 104,613
AA
6,692
A
-
Unrated
135,473
Total:
$ 246,778
Sector
Market Value
MMF
$ 7,078
Agencies
32,152
MTNs
6,691
CAMP
8,104
County Pool
7,502
Rabobank
49,777
LAIF
8,668
EIP
2,790
LAIF/Bond Proceeds
124,016
Total:
$ 246,778
Month
RDA Yield
LAIF Yield
Variance
Aug10
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
May
0.62
0.41
0.21
Jun
0.63
0.45
0.18
Jul
0.67
0.38
0.29
Asset Allocation
i
Performance
100
80
60
40
20
0
< W c2M <3M <W <1YR<2YR<3YR<4YR<5YR>5YR
AA
A 3%
0%
4'AA Unrate d **
2% 0 55 /o
Rabobank
County Pool 20%
LAIF
3%
4%
CAMP
EIP
3%
1%
MTNs
3%
Agencies
13%
LAIF/Bond
MMF
Proceeds
3%
50%
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 July 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 August 23, 2011,
PW(I s. Cir; ),a , C. C. 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
-
1 1.1%
53632(c)
Savings Accounts
No Limit
No Limit
No Limit
No Limit
24.2%
I
20.2%
53601(b)
U.S. Treasuries
5 Years
No Limit
5 Years
No Limit
-
I -
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%
2.9%
13.0%
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
53601 ')
Medium -Term Notes
5 Years
30%
A
5 Years
30%
1 A
1 3.8%
2.7%
53601 k
Mutual Funds
90 Days
20%
AAA & Aaa
90 Days
1 20% (2) IAAA&Aaal
2.0%
1 2.9%
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 41.3%
6.3%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
A (Issuer) &
AA (Security)
Not Authorized
16429.1(b)
LAIF
No Limit
No Limit
19.3%
53.8%
(1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 93.4% 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
August '31, 2011
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
Greece will default on its debt. It is trapped in a vicious cycle of a shrinking economy, falling tax collections, and soaring
interest rates. Greek sovereign debt is now 140% of GDP. A one-year Greek bond has a yield of 110%. Within the EU,
there is stiff German, Dutch, and Finnish resistance to any more financial aid for Greece. A Greek default (90-100% loss for
creditors) would hit French and German banks particularly hard since they have the largest holdings of Greek sovereign debt.
This has already had a chilling effect on European inter -bank lending. Of greater concern, however, is the possibility that a
Greek default could precipitate defaults by Spain, Italy, Portugal, and Ireland, thereby collapsing the European banking system.
Europe narrowly averted a 2008-style liquidity crisis in September as U.S. money market funds stopped investing in Europe,
and diverted their money into U.S. Treasury purchases, driving down the yield on a 10-year U.S. Treasury Note to 1.97%.
Only the intervention of the U.S./Japanese/British/Swiss central banks prevented a crisis. During this time, European banks
deposited large amounts of their reserves into the Federal Reserve system as a hedge against a European banking collapse.
Why does Europe matter? Europe is the United States's largest export market, and a key source of funding for its national
debt. A severe recession in Europe (along with a stronger U.S. Dollar) would devastate U.S. exports, and make the U.S.
more dependent on China (which has announced that it will begin selling U.S. Treasuries to invest in hard assets) for public
financing. It would also tip the U.S. into a double -dip recession, further enlarging the national deficit.
;Pau,is zjdWn,, C. C.IV T.
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
AUG-11
JUL-11
JUNA 1
MAY-11
APRA 1
MARA 1
CITY
Month -End Book Value***
$
206,655
$
207,383
$
223,281
$ 219,682
$
198,991
$
199,348
Month -End Market Value***
$
206,683
$
207,415
$
223,342
$ 219,780
$
199,115
$
199,495
Paper Gain (Loss)
$
28
$
32
$
61
$ 98
$
124
$
147
Prior Year Book Variance
$
382
$
9,505
$
21,349
$ 17,899
$
48
$
1,396
Interest Earnings
91
122
131
125
109
91
Yield -To -Maturity
0.49%
0.67%
0.72%
0.71 %
0.76%
0.54%
Weighted Maturity (Days)
22
77
79
81
89
96
Effective Duration
0.02
0.02
0.02
0.03
0.04
0.05
RDA
Month -End Book Value ***
$
240,274
$
247,803
$ 236,903
$
241,394
$
225,883
$
245,817
Month -End Market Value ***
$
240,529
$
248,063
$ 237,195
$
241,718
$
225,653
$
246,074
Paper Gain (Loss)
$
255
$
260
$ 292
$
324
$
(230)
$
257
Prior Year Book Variance
$
(36,071)
$
(50,709)
$ (65,660)
$
(58,327)
$
(59,452)
$
(49,590)
Interest Earnings
117
114
122
120
167
136
Yield -To -Maturity
0.58%
0.56%
0.63%
0.62%
0.73%
0.61%
Weighted Maturity (Days)
215
208
218
228
257
235
Effective Duration
0.28
0.28
0.31
0.32
0.39
0.38
*** Omits SLGSs.
Dollars in Thousands
Aneinq Interval
<1M
< 2M
< 3M
< 6M
< 1 YR
< 2YR
< 3YR
< 4YR
< 5YR
> 5YR
Total:
City of Palm Desert -- Portfolio Characteristics
August 31, 2011
Market Value
$ 152,222
3,017
3,024
$ 158,263
Ratings '
Market Value
AAA
$ 151,576
AA
-
A
-
Unrated ""
53,219
Total:
$ 204,795
Sector
Market Value
MMF
$ 8,982
Agencies
6,034
MTNs
-
CAMP
6,716
LAIF
14,365
County Pool
80,042
Rabobank
49,803
RDA Loan
13,555
LAIF/Bond Proceeds
25,298
Total:
$ 204,795
Month
City Yield
LAIF Yield
Sep10
0.96
0.50
Oct
0.78
0.48
Nov
0.75
0.45
Dec
0.72
0.46
Jan11
0.66
0.54
Feb
0.56
0.51
Mar
0.54
0.50
Apr
0.76
0.59
May
0.71
0.41
Jun
0.72
0.45
Jul
0.67
0.38
Aug
0.49
0.41
Variance
0.46
0.30
0.30
0.26
0.12
0.05
0.04
0.17
0.30
0.27
0.29
0.08
General Fund Ageing
100
I
80
0 60
o 40
a
20 2 0 0 2 0 0 0 0 0
0
<11M <21VI <3M <61M <1YR<2YR<3YR<4YR<5YR>5YR
Credit Quality A
0%
AAA
Unrated ** 74%
26%
AA
0%
i
Asset Allocation
MTNs
County Pool
0%
39%
Rabobank
LAIF
io
24%
7%
Agencies
3%
CAMP
RDA Loan
3% MMF LAIF/Bond
7%
5% Proceeds
12%
/
Performance
1.0
m
0.5
r
0.0
Sepl00ct Nov DecJanll Feb Mar Apr May Jun Jul Aug
® a
Standard and Poors
" LAIF, and City Loan to RDA Page 2
Palm Desert Redevelopment Agency -- Portfolio Characteristics
August 31, 2011
Dollars in Thousands
Aneing Interval Market Value Portfolio Ageing w/o SLGSs
< 1 M $ 72,399
< 2M -
< 3M
9,023
< 6M
6,040
< 1YR
16,260
< 2YR
7,520
2
< 3YR
-
0
t
< 4YR
-
0
a
< 5YR
-
> 5YR
2,790
Total:
$ 114,032
Credit Quality
Quality *
Market Value
AAA
$ 100,501
AA
6,666
A
-
Unrated *`
132,103
Total:
$ 239,270
Sector
Market Value
MMF
$ 2,940
Agencies
32,151
MTNs
6,666
CAMP
8,106
County Pool
7,502
Rabobank
49,801
LAIF
8,668
EIP
2,790
LAIF/Bond Proceeds
120,646
Total:
$ 239,270
Month
RDA Yield
LAIF Yield
Variance
Sep10
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
May
0.62
0.41
0.21
Jun
0.63
0.45
0.18
Jul
0.67
0.38
0.29
Aug
0.58
0.41
0.17
Asset Allocation
i
Performance
0.8
0.6
d
0.4
i=
0.2
0.0
Sepl00cl Nov DecJanll Feb Mar Apr May Jun Jul Aug
®LAIFYield ORDAYield
100
80
60
40
20
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<1M <2M <3M <61VI<1YR<2YR<3YR<VR<VR>VR
AA
A 3%
0%
AAA Unrated **
42% 0 55%
Rabobank
County Pool 21% LAIF
3% 4 /° EIP
CAMP 1%
3%
MTNs
3%
Agencies
14% LAIF/Bond
MMF Proceeds
1 % 50%
" 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 August 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 September 27, 2011,
f'a,azs, Cir lraofi, C. C. Af 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
-
1.2%
53632(c)
Savings Accounts
No Limit
No Limit
No Limit
No Limit
24.3%
20.8%
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%
2.9%
13.4%
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40%
A-1 & P-1
-
-
53601(g)
Commercial Paper
270 Days
25%
A-1+ or P-1
270 Days
25%
1
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
53601 ')
Medium -Term Notes
5 Years
30%
A
5 Years
30%
A
0.0%
2.8%
53601 k
Mutual Funds
90 Days
20%
AAA & Aaa
90 Da s
1 20% (2)
JAAA&AaaJ
4.4%
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
1 20% (2)
AAA & Aaa
1 or Advisor
1 42.4%
6.5%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
A (Issuer) &
AA (Security)
Not Authorized
16429.1(b)
LAIF
No Limit
No Limit
19.4%
54.1%
(1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 93.4% 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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