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Home My WebLink AboutInvestment Reports - December 2011, January and February 2012 - Joint ConsiderationCITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY\ �XX"- " DATE: FEBRUARY 28, 2012 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 December 2011 and January 2012. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the Minutes of the January 2012 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) -LzRDA Q By 0Ci9if)al Oi"i rile w;th City CITY COUNCIL ACTION APPROVED RECEIVED 4' F1 AYES. : Llier i u ;K. 5 11 q ABS ::N`T: 011,611A on i'de with G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMM ITTEE\MEMOS\RKLASS ENINVREPORT.WPD CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETAR44'� ' DATE: APRIL 2, 2012 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Please find attached the Compliance Analysis and Investment Report which were presented and approved at the recent meeting of the Audit, Investment and Finance Committee for the month of February 2012. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the Minutes of the February 2012 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) hq &lccEss� r encJ �� 4, RDA OYiglnai Ofl5ce CITY COUNCILACTION APPROVED DENIED RECEIVED �� Fib— O'I'llER MEETING DATE 1 -; ( AYES: , ,� •,. <--, • _ —. _ NOES: N &04 ----- A13SFNT:rr,nn�:� A13STAIN: L r)ne VERIFIED 13Y: K1 Original on File with City Clerk'S Office GAFINANCE\NIAMH ORTEGA\INVESTMENT COMM ITTEE\MEMOS\RKLASSENINVREPORT.WPD City of Palm Desert City and Redevelopment Agency Portfolios COMPLIANCE ANALYSIS AND INVESTMENT REPORT December 31, 2011 Paul S. Gibson, C.C.M.T., Treasurer Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer Commentary On December 21st, 523 euro-zone banks borrowed $640 billion in three-year loans from the European Central Bank, highlighting the severity of Europe's financial crisis. Institutional investors, fearful of rising default risk, had essentially stopped lending to these banks due to their holdings of European sovereign debt. If this trend continues, then euro-zone banks will be squeezed in 2012 as $700 billion of their debt matures, with $200 billion of that debt maturing in the first three months. The ability of the European Financial Stability Facility ("EFSF") to bail out troubled euro-zone countries may be severely hampered going forward. In coming months, the EFSF will need to provide billions of euros in aid to Greece, which is negotiating a debt restructuring with its creditors. The EFSF borrows from financial markets, pledging that its borrowings will be guaranteed by "AAA" -rated euro-zone countries. With France and Austria losing their S&P "AAA" credit rating in January, the amount of debt that the EFSF can guarantee will now drop from 451 billion euros to 271 billion euros. Morgan Stanley is forecasting that the U.S. economy will slow dramatically in early 2012, which will prompt the Federal Reserve to initiate another round of quantitative easing. Separately, Fitch has warned that rising U.S. debt is inconsistent with a "AAA" credit rating, but said that it would probably not make a decision on a downgrade before 2013. In early January, the U.S. Treasury reported that it was dipping into federal pension funds in order to pay U.S. Government bills. 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 Pis c. c /L r. City Treasurer PORTFOLIO STATISTICS DEC-11 NOV-11 OCT-11 SEP-11 AUG-11 JUL-11 $ 207,034 $ 193,616 $ 195,884 $ 205,053 $ 206,655 $ 207,383 $ 207,034 $ 193,635 $ 195,904 $ 205,075 $ 206,683 $ 207,415 $ - $ 19 $ 20 $ 22 $ 28 $ 32 $ 20,123 $ (7,765) $ 3,188 $ 9,325 $ 382 $ 9,505 64 68 70 80 91 122 0.37% 0.44% 0.43% 0.49% 0.49% 0.67% 16 30 14 23 22 77 0.05 0.05 0.01 0.24 0.02 0.02 $ 193,574 $ 212,668 $ 212,996 $ 226,792 $ 240,274 $ 247,803 $ 193,735 $ 212,845 $ 213,194 $ 227,006 $ 240,529 $ 248,063 $ 161 $ 177 $ 198 $ 214 $ 255 $ 260 $ (36,939) $ (49,066) $ (29,877) $ (31,107) $ (36,071) $ (50,709) 88 95 97 87 117 114 0.53% 0.53% 0.54% 0.56% 0.58% 0.56% 213 214 242 228 215 208 0.28 0.27 0.28 0.27 0.28 0.28 *** Omits SLGSs. City of Palm Desert -- Portfolio Characteristics December 31, 2011 Dollars in Thousands Ageing Interval Market Value < 1 M $ 158,778 < 2M _ < 3M _ < 6M _ < 1YR 3,017 < 2YR 4,711 < 3YR _ < 4YR _ < 5YR _ > 5YR _ Total: $ 166,506 Ratings * Market Value AAA $ 110,353 AA 4,678 A _ Unrated *` 88,844 Total: $ 203,875 Sector Market Value MMF $ 4,262 Agencies _ MTNs 4,678 CAMP 49,092 LAIF 49,967 County Pool 56,999 Rabobank _ RDA Loan 13,555 LAIF/Bond Proceeds 25,322 Total: $ 203,875 Month Jan11 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec City Yield 0.66 0.56 0.54 0.76 0.71 0.72 0.67 0.49 0.49 0.43 0.44 0.37 LAIF Yield 0.54 0.51 0.50 0.59 0.41 0.45 0.38 0.41 0.41 0.39 0.40 0.38 Variance 0.12 0.05 0.04 0.17 0.30 0.27 0.29 0.08 0.08 0.05 0.04 -0.01 General Fund Ageing 100 95 a 80 60 0 0 40 a 20 0 <1M <2M <3M <6M <1YR<2YR<3YR<4YR<5YR15YR Credit Quality A AAA 0% 54% Unrated ** AA 44% 2% F Asset Allocation LAIF 25% Rabobank Agencies 0% 0% CAMP County Pool 24% 28% MTNs RDA Loan 2% MMF LAIF/Bond 7% 2% Proceeds 12% Performance Standard and Poors ** LAIF, and City Loan to RDA Page 2 Palm Desert Redevelopment Agency -- Portfolio Characteristics December 31, 2011 Dollars in Thousands Aaeina Interval Market Value < 1 M $ 44,100 1 Portfolio Ageing w/o SLGSs < 2M _ < 3M < 6M _ < 1YR 23,637 ilF < 2YR _ 2 <.3YR _ t < 4YR _ 00 < 5YR - > 5YR 2,790 Total: $ 70,527 * CreditQuality Quality Market Value AAA $ 30,981 AA 3,578 A _ Unrated 157,777 Total: $ 192,336 Sector Market Value Asset Allocation MMF $ 2,774 Agencies 20,060 MTNs 3,578 CAMP 633 County Pool 7,514 Rabobank _ LAIF 37,607 EIP 2,790 LAIF/Bond Proceeds 117,380 Total: $ 192,336 Month RDA Yield LAW Yield Variance 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 Sep 0.56 0.41 0.15 Oct 0.54 0.39 0.16 Nov 0.53 0.40 0.13 Dec 0.53 0.38 0.15 Performance 100 80 60 40 20 0 <1M <2M <3M < 6M< 1YR< 2YR< 3YR < 4YR < 5YR > 5YR AA 2% AAA 16% LAI F 7noi County Poc 4% MTNs 2% Agencies 10% MM 1% EIP 2% CAMP 0% Unrated " 82% A 0% ibobank 0% LAIF/Bond Proceeds 61% 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 December 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 January 24, 2012, Pawls. C.C. At 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 Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit 1.5% 53632(c) Savings Accounts No Limit No Limit No Limit No Limit 0.0% 0.0% 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% 0.0% 10.4% 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% A-1+ or P-1 - - 53601(h) Ne otiable CDs 5 Years 30% 5 Years 30% AA- or Aaa - - 53601(i) Repos 1 Year No Limit 30 Days 20% J AAA & Aaa - - 53601(I) Reverse Repos 92 Days 20% Not Authorized 53601 Q) Medium -Term Notes 5 Years 30% A 5 Years 30% 1 A 2.3% 1.9% 53601(k) Mutual Funds 90 Days 20% AAA & Aaa 90 Days 1 20% (3) 1 AAA & Aaal 2.1 % 1 1.4% 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 No Limit AAA & Aaa or Advisor 90 Days 30% (3) AAA & Aaa or Advisor 52.0% 4.2% 53601(n) Mortgage -Backed Securities 5 Years 20% A (Issuer) & AA (Security) Not Authorized 16429.1(b) I LAIF No Limit No Limit 36.9% 80.7% (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 1 L1 r W CO E W d N c 3 M a 2 o d o.o_m o E U. 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Gibson, C.C.M.T., Treasurer Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer Treasurer's Commentary Euro-zone finance ministers reached an agreement on providing a $172 billion bailout and debt -restructuring package for Greece. Private -sector creditors agreed to take a 53.5% writedown on Greek bonds. Even so, it is questionable whether future Greek governments will adhere to the accord which is extremely unpopular within Greece. The Greeks will be holding parliamentary elections in April to replace the current coalition government. As a condition for the package, the Euro-zone required that the Greeks adopt even more severe austerity measures as their economy continues to unravel. The U.S. Securities and Exchange Commission is proposing several reforms for money market funds ("MMFs"), including 'allowing the net asset value ("NAV") of MMFs to fluctuate. MMFs would no longer be allowed to "guarantee" a NAV of $1/share. Staff was busy in January -February assisting in the transition from the Palm Desert Redevelopment Agency to the RDA Successor Agency. On January 26, the City received word that the State Treasurer planned to freeze any funds left in RDA LAIF accounts as of January 31. By Friday, January 27, staff had closed all of the RDA LAIF accounts, and withdrawn approximately $117.3 million in bond proceeds, and $49.8 million in cash. This was done in order to preserve the Successor Agency's ability to pay existing debt service. In February, staff sold $19.9 million of U.S. Agency bonds from the RDA Successor Agency's investment portfolio at a modest profit. This was done in order to increase the Successor Agency's portfolio liquidity. Pis tiawn" C. C.Itf. r City Treasurer PORTFOLIO STATISTICS Dollars in Thousands JAN-12 DEC-11 NOV-11 OCT-11 SEP-11 AUG-11 CITY Month -End Book Value" $ 230,400 $ 207,034 $ 193,616 $ 195,884 $ 205,053 $ 206,655 Month -End Market Value*** $ 230,397 $ 207,034 $ 193,635 $ 195,904 $ 205,075 $ 206,683 Paper Gain (Loss) $ (3) $ - $ 19 $ 20 $ 22 $ 28 Prior Year Book Variance $ 38,780 $ 20,123 $ (7,765) $ 3,188 $ 9,325 $ 382 Interest Earnings 68 64 68 70 80 91 Yield -To -Maturity 0.40% 0.37% 0.44% 0.43% 0.49% 0.49% Weighted Maturity (Days) 39 16 30 14 23 22 Effective Duration 0.07 0.05 0.05 0.01 0.24 0.02 RDA Month -End Book Value *** $ 185,852 $ 193,574 $ 212,668 $ 212,996 $ 226,792 $ 240,274 Month -End Market Value *** $ 186,010 $ 193,735 $ 212,845 $ 213,194 $ 227,006 $ 240,529 Paper Gain (Loss) $ 158 $ 161 $ 177 $ 198 $ 214 $ 255 Prior Year Book Variance $ (84,687) $ (36,939) $ (49,066) $ (29,877) $ (31,107) $ (36,071) Interest Earnings 81 88 95 97 87 117 Yield -To -Maturity 0.27% 0.53% 0.53% 0.54% 0.56% 0.58% Weighted Maturity (Days) 217 213 214 242 228 215 Effective Duration 0.26 0.28 0.27 0.28 0.27 0.28 *** Omits SLGSs. w Dollars in Thousands Aaeina Interval < 1 M < 2M < 3M < 6M < 1YR < 2YR < 3YR < 4YR < 5YR > 5YR Total: City of Palm Desert -- Portfolio Characteristics January 31, 2012 Market Value $ 165,276 3,017 8,759 $ 177,052 Ratings Market Value AAA $ 110,077 AA 8,740 A - Unrated "' 88,715 Total: $ 207,532 Sector Market Value MMF $ 4,233 Agencies 3,016 MTNs 8,740 CAMP 45,783 LAIF 49,814 County Pool 57,044 RDA Loan 13,555 LAIF/Bond Proceeds 25,347 Total: $ 207,532 Month City Yield LAIF Yield Variance Feb11 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 Aug 0.49 0.41 0.08 Sep 0.49 0.41 0.08 Oct 0.43 0.39 0.05 Nov 0.44 0.40 0.04 Dec 0.37 0.38 -0.01 Jan12 0.40 0.39 0.01 i General Fund Ageing 100 _____ _.__._...._.____.____________.__......._._._, 80 ° 60 0 40 a. 20 5 0 0 0 2 0 0 0 0 0 <1M <2M <3M <6M <1YR<2YR <3YR<4YR<5YR >5YR Credit Quality A AAA 0% 53% Unrated AA 43% 4% Asset Allocation LAIF 24% CAMP County Pool 22% 28% MTNst'`: Agea ncies RDA Loan 1%MF LAIF/Bond 7% MProceeds 12% Standard and Poors "" LAIF, and City Loan to RDA Page 2 Palm Desert Redevelopment Agency -- Portfolio Characteristics January 31, 2012 Dollars in Thousands Ageing Interval Market Value Portfolio Ageing w/o SLGSs < 1 M $ 64,840 < 2M - < 3M - 100 < 6M - < 1 YR 23,637 0 80 < 2YR - 2 60 0 < 3YR - c 40 < 4YR - a < 5YR - 20 > 5YR 2,659 0 Total: $ 91,136 Quality ualit Market Value [-Credit-- AAA $ 176,713 AA 3,565 A - Unrated ** 4,314 Total: $ 184,592 Sector Market Value MMF $ 121,893 Agencies 20,053 MTNs 3,565 CAMP 18,934 County Pool 15,833 LAIF 1,655 EIP 2,659 LAIF/Bond Proceeds - Total: $ 184,592 Month RDA Yield LAW Yield Febl 1 0.71 0.51 Mar 0.61 0.50 Apr 0.73 0.59 May 0.62 0.41 Jun 0.63 0.45 Jul 0.67 0.38 Aug 0.58 0.41 Sep 0.56 0.41 Oct 0.54 0.39 Nov 0.53 0.40 Dec 0.53 0.38 Jan12 0.27 0.39 Variance 0.20 0.11 0.14 0.21 0.18 0.29 0.17 0.15 0.16 0.13 0.15 -0.12 Asset Allocation 71 26 i 0 0 0 0 0 0 0 3 s <1M <2M <3M <6M <IYR<2YR<3YR<4YR<5YR>5YR Unrated 2% rw 2% MMF 66% r 0% AAA 96% LAIF/Bond Proceeds 0% LAIF 1 % Agencies 1%P 11% 0 County Pool CAMP 2% 9% 10% * 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 January 31, 2012, 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 February 28, 2012, Pis G�� 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 Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio 53601 a Palm Desert Bonds 5 Years No Limit - 1.4% 53632(c) Savings Accounts No Limit No Limit No Limit No Limit 0.0% 0.0% 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% 1.5% 10.8% 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% A-1+ or P-1 - - 53601 h Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 - 53601 (1) 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 4.2% 1.9% 53601 k Mutual Funds 90 Days 20% AAA & Aaa 90 Days 20% (3) IAAA&Aaal 2.0% 1 66.1% 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 No Limit AAA & Aaa or Advisor 90 Days 30% (3) I AAA & Aaa 1 or Advisor 1 49.6% 18.8% 53601(n) Mortgage -Backed Securities 5 Years 20% A (Issuer) & AA (Security) Not Authorized 16429.1(b) LAIF No Limit No Limit 36.2% 0.9% (1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 93.5% 100.0% (2) The City Energy Independence Program has been approved by the Palm Desert City Council. 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O w, O W G J W C c p W o O O n. �o IX d a' d w OI O � C (O Q Ql O O O O O O CD O O O O O O O o O O o O O O O OR O O O M N o CM O C 0 0 O � Go -q N Cn m M Oct Cl) N N O OOD O O O M N O M O O O O O n co V N CA Ci M CC Cl) 0 0 0 0 o Cn n O ao O O O C) N o 0 0 0 00 Q r- Oct M W cn N 0 0 0 0 0 0 N N N N N N O O O O O O 0 0 0 o n o 0 n N G co w m N CO N M O7 V) 7 > > > > > m J J J J J OO ao_ao.aCLa w } } } } D � O: O: D D > 7 > > (nQ Qco Qw Q(n QC/) U)Q W W W W W W F- F• F' F' F• F• 0 0 0 0 0 0 w K w m LL LL LL LL LQL LL > 0 N cc U) N N Q J J J J J J O J J J J J J C 0 a U) N F- F- F- F- F-'F- lL N (0o 0 N U) (7 In l() (n to Y) r n n n n w rn rn rn rn 0)0 0 0 0 0 0 (n N N N N N N J IL r (O C) N M (� O O O O O O WQ N CD (o In Ul 6 m (o N (o (o o CA CA 01 0 CA 0 O O O O O O N N N N N N LL } } } } } } 3 w(n N (n V) O N O N v n m 0o Q a Q. m r a 2 'o ai Ln o o c d 0 Y o o o a $ m .- � N TU C 10 N T D O O 2 N N O/ O l0 O pp 7 N W O pp > Y to V co O c (O co p O O 0 0 N m O V CO co 3 � � O h O cl f0 or! O Q! Y � 0 0 O v O O A V co N d Wcc cm Q d V o o N Z N o rn (coo = r ro +�+ M o v n a O ° C >� O 0 a. a ,C M N N W O O O a/ d o o o ww o w 01 U L' ON C1 — O C tD G N > A Q m A [O S z c9 0 0� z LL U U LL O ~ ~ c N.: ¢ Q N m Z Z m y z c/i o, > Q M : C z U O 7 2 2 > c Q � L N (O # U c � a E 10— N Lo co O > N O O C co u') uo Lo N N ,^ V N O _N N Z 'n (D d Y N O O W N N N to (n (n O = rCity of Palm Desert ECONOMIC COMMENTARY In what constitutes the largest default in history, Greece restructured its public debt by issuing new government bonds in exchange for outstanding ones. This eliminated $130 billion of Greek debt, and lowered interest payments. Many investors believe that another Greek debt restructuring is likely within three -to -six months. At least one other euro-zone member (either Ireland or Portugal) is likely to restructure its public debt over the next year. The U.S. continues to experience a modest economic recovery. Improvements in the labor market have been offset by lagging income growth, weak consumer spending, and a continuing long-term correction in the housing market. Wells Fargo is forecasting U.S. economic growth of 1.9 percent in 2012. Weakening U.S. exports, declining government spending, and higher oil prices will limit upside potential. U.S. exports will be affected by a slowdown in the global economy, led by China and by Europe. Political developments, Europe, and Middle East tensions in a presidential election year will be the main sources of surprise, with outcomes in many possible directions. The Treasury yield curve has flattened modestly since January. The Federal Reserve's "Operation Twist", a seasonal increase in Treasury auctions, and a selloff by bond investors have caused a modest rise in short-term rates. The selloff was prompted by investors cashing out in order to buy riskier assets, due to more favorable news about the economy, the stock market, and Greece. Yeuds ow, ee_wy. City Treasurer * Certified California Municipal Treasurer PORTFOLIO STATISTICS 2012 Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D.. M.B.A. Investment Objectives The treasurer shall invest all public monies in a manner that ensures safety of principal; sufficient liquidity to finance the City's expenditures; and the highest yield possible after the previous two objectives have been met. STATISTICS FEB-1 2 JAN-1 2 DEC-1 1 NOV-1 1 OCT-1 I SEP-1 I Thousands of Dollars Month -End Book Value $ 212,467 $ 230,400 $ 207,034 $ 193,616 $ 195,884 $ 205,053 Month -End Market Value $ 212,494 $ 230,415 $ 207,034 $ 193,635 $ 195,904 $ 205,075 Paper Gain (Loss) $ 27 $ 15 $ - $ 19 $ 20 $ 22 Prior Year Book Variance $ 17,031 $ 38,780 $ 20,123 $ (7,765) $ 3,188 $ 9,325 Interest Earnings $ 68 $ 68 $ 64 $ 68 $ 70 $ 80 Yield -To -Maturity 0.41 % 0.40% 0.37% 0.44% 0.43% 0.49% Weighted Maturity (Days) 39 39 16 30 14 23 Effective Duration 0.07 0.07 0.05 0.05 0.01 0.24 All data as of February 29, 2012 PORTFOLIO CHARACTERISTICS February 2012 Dollars in Thousands Maturities Market Value < 1 M $ 154,213 < 2M - < 3M - < 6M - < 1Y 3,016 < 2Y 8,740 < 3Y - < 4Y - < 5Y - > 5Y - Total: $ 165,969 Ratings Market Value AAA or Aaa $ 112,608 AA or Aa 8,766 Unrated 88,715 Total: $ 210,089 Assets Market Value County Pool 57,092 LAIF 49,814 CAMP 45,859 LAIF/Bond Proceeds 25,346 RDA Loan 13,555 MTN 8,766 WF/Bond Proceeds 6,643 Agencies 3,014 Total: $ 210,089 Month City Yield LAIF Yield Variance Marl 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 Aug 0.49 0.41 0.08 Sep 0.49 0.41 0.08 Oct 0.43 0.39 0.05 Nov 0.44 0.40 0.04 Dec 0.37 0.38 -0.01 Jan12 0.40 0.39 0.01 Feb 0.41 0.39 0.02 i Maturities Distribution 100--__________._.__._.__.__.____.__._.._...-.._..._-__-__._-.___-_...._._. I 80 0 60 40 0 a i 20 5 0 0 0 2 0 0 0 0 0 <11V <2M <31VI <6M <1Y <2Y <3Y <4Y <5Y >5Y Credit Quality AAA or Aaa 54% Unrated AA or Aa 42% 4% Asset Allocation LAIF ��+� CAMP �� 24 /o € �r�`� � f r 22% y�,sµ County Pool 27% LAIF/Bond Proceeds 12% Ag u1eWF/Bond MTN RDA e Loan 1 Proceeds 4% 7 /e 3% i Performance 0.8 e 0.4 0.0 Mar11 Apr May Jun Jul Aug Sep Oct Nov Dec Jan12 0LAIF Yield 0City Yiel STATEMENT OF COMPLIANCE February 2012 The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Palm Desert Statement of Investment Policy. The City investment policy is more conservative than State law. The Palm Desert Audit, Finance, and Investment Committee, and the Palm Desert City Council review the City investment policy annually. For the month ended February 29, 2012, the City investment portfolio was in compliance with all applicable state and local laws and regulations. The City Treasurer's Office continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the next six months. In addition, portions of the City investment portfolio could be liquidated in order to meet any significant, unexpected cash requirements. Interactive Data Services provided the market value prices for securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, Ymds Vim, eemy. City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code 7 City Investment Policy CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio 53601 a) Palm Desert Bonds 5 Years No Limit - 53632(c) Savings Accounts No Limit No Limit No Limit No Limit - 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 No Limit 1.4% 53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 - 53601 Commercial Paper 270 Days 25% A-1/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% 1 - 53601(I) Reverse Repos 92 Days 20% Not Authorized 53601 ' Medium -Term Notes 5 Years 30% A 5 Years 30% 1 A 4.2% 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% 1 AAA & Aaa 3.2% 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 No Limit AAA & Aaa or Advisor 90 Days 30% (1) AAA & Aaa 1 or Advisor 49.0% 53601(n) Mortgage -Backed Securities 5 Years 20% A (Issuer) & AA (Security) Not Authorized 16429.1 b L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 35.8% 93.6% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds. CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CO E W d cco p 0 E N y N a.0 O U. O 0 o 00. 50. s n w m o w o m m La N M M'7 MR CR < CD O (O N I 01 co<0 M � � N e M Ln r- M co Q ri C7 a r; C N N N Q r N W o a n N h M O N ' N N W � O) � � T Q roU, rn ro IQ n o cc Ln Ln N W w w t` O T N st Ln O N N N r 0 T �O) N f0 N N LA T O M Ln ( �� -W, r(00 ado Ln M O ao fD r O w N M V t0 O Ln N N LO r O . � O n 00) t{ O N M O N Ln Il O c O N 000 Ln M O oo LO c V N M V O coLn b o 0 0 O Q 01 M t0 N O �+ o o Q n N O r OOi Q V N N v O N N a N N 0 T o o w M O to pi N Ql LI'/ M dD 01 Vi ao v N v LL O N N LA cm N N =mow W Z aWaF 00 z 0 07W y 2 F O aO as } P O O Z U Z p o W y 0 i p §i--05wWOW C� W a u' -j X Lai. ¢ G (n O J_ I++ O J a W Gi a LL W Q W O >_ _>c U U LL U U O M Ln N N M N N as y d Ly0 4) N U C y 0. 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