HomeMy WebLinkAboutInvestment Reports May - June 2012 - Joint ConsiderationCITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY"��'L�
DATE: JULY 27, 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 May and June 2012. Please include the reports on the
upcoming agenda for review and acceptance by City Council.
Also included are the Minutes of the May and June 2012 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 SA -RDA
ON 8.533.2012%
VERIFIED BY 12DK 4�n7 —
Original on file with City Clerks Office
CITY COUNCIL ACTION
API ROVF.DDENWID
RECEIVED -fS OTHER
MEETING DATE • a 3-aola
AYES: UnrSn-Vi6e,r'!y-r t4oMki kran1 fl1 &AerjeL AIDf1+e
ABSENT: kZo t
ABSTAIN: UOAI
VERIFIED BY: e2kl
Original on File with City Ierk's Office
G \FINANCE\NIAMH ORTEGAUNVESTMENT COMM ITTEEWEMOS\RKLASSENINVREPORT ,WPD
CITY PORTFOLIO CONCENTRATION LIMITS
May 2012
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CITY LOAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERAL AGENCY -- COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
CORPORATE MEDIUM -TERM NOTES
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
% of
Book Value
Portfolio
$ 2,401,437.33
1.10%
13,554,999.95
6.22%
25,365,368.23
11.63%
2,999,928.58
1.38%
48,860, 375.57
22.40%
4,164,012.45
1.91 %
8, 737, 571.82
4.01 %
104,955,573.66
48.13%
211,039,267.59 96.77%
$ 7,046,917.56 3.23%
$ 218,086,185.15 (1) 100.00%
FOOTNOTE:
(1) In the City of Palm Desert Comprehensive Annual Financial Report ("CAFR"), both the City of Palm Desert
("City") and the City's external auditor define total investments as demand deposits, investments in
various instruments, and investments held in local government investment pools. The concentration
percentages shown above were calculated based on that definition.
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ECONOMIC COMMENTARY
The euro crisis has intensified. Greece is struggling with a new three -party
coalition government, bank runs, and a loss of trade credit insurance. Spain is
struggling with a collapsed real estate market, ailing banks, bank runs, and
10-year sovereign bond yields of 7%. Italy's interest rates are also rising.
France and Germany have divergent, competing views on an economic solution.
In a largely symbolic move, the Federal Reserve announced that it will continue to
sell short-term U.S. Treasuries, and buy long-term Treasuries through December.
This will lower long-term interest rates slightly. The U.S. economy continues to
lose momentum as layoffs rise, factory output falls, and consumers cut spending
amid rising uncertainty. Muted economic growth is expected for the rest of 2012.
Japan and China announced that they will directly trade the yen and the yuan.
This eliminates the need to first swap into U.S. dollars as an intermediate step.
The City investment portfolio increased by $7.9 million in May due principally to
the receipt of $6.5 million in property tax and $1.2 million in sales tax.
On June 5, the Palm Desert RDA Successor Agency ("RDA S.A.") received
approximately $20.5 million from the Riverside County Redevelopment Property
Tax Trust Fund ("RPTTF"). On June 12, RDA S.A. used this money to pay
approximately $28 million in debt service and pass-throughs.
✓'aut S. oke", C'C'.✓ y. -1,
City Treasurer
" Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2012
ital MarKets i eam
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.
Thousands of Dollars
Month -End Book Value
$
218,086
$
210,198
$
210,603
$
212,467
$ 230,400
$ 207,034
Month -End Market Value
$
218,101
$
210,229
$
210,643
$
212,494
$ 230,415
$ 207,034
Paper Gain (Loss)
$
15
$
31
$
40
$
27
$ 15
$ -
Prior Year Book Variance
$
(1,596)
$
3,543
$
3,948
$
17,031
$ 38,780
$ 20,123
Interest Earnings
$
76
$
72
$
74
$
68
$ 68
$ 64
Yield -To -Maturity
0.43%
0.42%
0.45%
0.41%
0.40%
0.37%
Weighted Maturity (Days)
38
39
39
39
39
16
Effective Duration
0.05
0.06
0.06
0.07
0.07
0.05
All data as of May 31, 2012
Dollars in Thousands
Maturities
Market Value
< 1 M
$ 185,713
< 2M
-
< 3M
3,009
< 6M
-
< 1Y
-
< 2Y
8,765
< 3Y
-
< 4Y
-
< 5Y
-
Total:
$ 197,487
Ratings
Market Value
AAA or Aaa
$ 114,508
AA or Aa
4,702
A
4,063
Unrated
87,781
Total:
$ 211,054
Assets
Market Value
County Pool
104,956
LAW
48,860
WF/LAIF Bond Proceeds
25,365
City Loan to RDA
13,555
MTN
8,746
CAMP
2,401
WF/Bond Proceeds
4,164
Agencies
3,007
Total:
$ 211,054
Month
Jun11
Jul
Aug
Sep
Oct
Nov
Dec
Jan12
Feb
Mar
Apr
May
City Yield
0.72
0.67
0.49
0.49
0.43
0.44
0.37
0.40
0.41
0.45
0.42
0.43
LAW Yield
0.45
0.38
0.41
0.41
0.39
0.40
0.38
0.39
0.39
0.38
0.37
0.36
PORTFOLIO CHARACTERISTICS
May 2012
Variance
0.27
0.29
0.08
0.08
0.05
0.04
-0.01
0.01
0.02
0.07
0.05
0.07
/ Maturities Distribution
100 94-.__......_.._.__._...__.______..._,_._._.._..__.
80
2 60
�o
0 40
IL
20 2 0 0 4 0 0 0
0
0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Credit Quality AAA or Aaa
54%
Unrated
42% AA or Aa
A 2%
2% J
Asset Allocation
County Pool LAIF
50% Aft23%
WF/LAIF Bond
Agencies R Proceeds
2% 12%
WF/Bond CAMPMTN City Loan to
Proceeds 1% 4% RDA
2% 6%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
May 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 May 31, 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 omvaa, eemj:
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code 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
T-
53633
Demand Deposits
No Limit
No Limit
No Limit
No Limit
3.2%
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(g)
Commercial Paper
270 Days
25%
A-11P-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%
-
53601(l)
Reverse Repos
92 Days
20%
Not Authorized
53601(j)
Medium -Term Notes
5 Years
30%
A
5 Years
30%
A
4.0%
53601(k)
Money Market Funds
90 Days
20%
AAA & Aaa
90 Days
20%
AAA & Aaa
1.9%
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
No Limit
AAA & Aaa
or Advisor
90 Days
50% (1)
AAA & Aaa
1 or Advisor
49.20/(
53601(n)
Mortgage -Backed
Securities
5 Years
20%
A (Issuer) &
AA (Security)
Not Authorized
16429.1(b)
L.A.I.F.
No Limit I
$50MM/Acct
No Limit $50MM/Acct
34.0%
(2)1 93.8%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, excluding bond proceeds.
(2) Total does not include the City Loan to RDA.
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
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ECONOMIC COMMENTARY
The world is not in recession, but global growth is slowing. The U.S. economy
has been hurt by continued cutbacks in federal, state, and local government
spending, and by sluggish export markets. The Chinese economy is decelerating
due to slowing exports, and to prior policy tightening. Europe has declining
economic growth, with several countries in recession. The global slowdown has
lessened inflationary pressure, however, with commodity prices falling over the
last few months.
The U.S. economy has been on a downward trajectory for the past two quarters,
with second-quarter growth estimated at 1.5%. U.S. manufacturing shrank in
June for the first time in three years as orders plummeted. The 10-year U.S.
Treasury Note fell to an all-time low of 1.44% due to buying by "safe haven"
investors. Vice President Biden characterized the current U.S. economic
environment as a "depression." Separately, the U.S. Supreme Court upheld
the 2010 Affordable Care Act ("Obamacare") as a tax. The Act contains at
least 20 new or higher taxes that may generate close to $1.7 trillion of tax
revenue over the next 10 years, with the burden falling largely on the middle class.
The Canadian economy has slowed from a quarterly growth rate of near 3% to
1.9% over the last two quarters. Consumer spending is being constrained by a
historically high debt load. The Canadian job market and banking system
remain strong, however, at this point in time.
ya4d'K OW0aa, C�C'..h l . a'
City Treasurer
Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2012
a..aNItaI inaKnew 11V0111
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.
..
Thousands of Dollars
Month -End Book Value
$
216,803
$
218,086
$ 210,198
$
210,603
$ 212,467
$ 230,400
Month -End Market Value
$
216,813
$
218,101
$ 210,229
$
210,643
$ 212,494
$ 230,415
Paper Gain (Loss)
$
10
$
15
$ 31
$
40
$ 27
$ 15
Prior Year Book Variance
$
(6,478)
$
(1,596)
$ 3,543
$
3,948
$ 17,031
$ 38,780
Interest Earnings
$
75
$
76
$ 72
$
74
$ 68
$ 68
Yield -To -Maturity
0.43%
0.43%
0.42%
0.45%
0.41 %
0.40%
Weighted Maturity (Days)
40
38
39
39
39
39
Effective Duration
0.05
0.05
0.06
0.06
0.07
0.07
All data as of June 30, 2012
Dollars in Thousands
Maturities
Market Value
< 1 M
$ 176,950
< 2M
3,004
< 3M
-
< 6M
-
< 1Y
-
< 2Y
8,739
< 3Y
-
< 4Y
-
< 5Y
-
Total:
$ 188,693
Ratings
AAA or Aaa
AA or Aa
A
Unrated
Total
Market Value
S 114,482
4,702
4,042
PORTFOLIO CHARACTERISTICS
June 2012
Maturities Distribution
100 94
80
0
0 60
0
rE 40
0
a
20
0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Credit Quality
AAA or Aaa
57%
Unrated
39% AA or Aa
A 2%
2% j
Assets Market Value Asset Allocation
County Pool 104,945 County Pool
LAIF 40,091 52%
WF/LAIF Bond Proceeds 25,365
City Loan to RDA 13,555
MTN 8,739
LAI F
20%
CAMP 2,402 WF/LAIF Bond
Proceeds
WF/Bond Proceeds 4,136 Agencies 13%
Agencies 3,004 1%WF/Bond City Loan to
1% 4%
Total: $ 202,238 Proceeds CAMP MTN RDA
' 2% 7%
Month
City Yield
LAW Yield
Variance
Ju111
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
Mar
0.45
0.38
0.07
Apr
0.42
0.37
0.05
May
0.43
0.36
0.07
Jun
0.43
0.36
0.08
0.0
Jultt Aug Sep Oct Nov Dec Jan12 Feb Mar Apr May
OLAIF Yield 00ty Yield
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
June 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 June 30, 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,
.raa(s ovion, eemy.
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code 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
-
53633
Demand Deposits
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
1.5%
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%
-
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
53601(j)
Medium -Term Notes
5 Years
30%
A
5 Years
30%
A
1.4%
53601(k)
Money Market Funds
90 Days
20%
AAA & Aaa
90 Days
20%
AAA & Aaa
1.9%
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
No Limit
AAA & Aaa
or Advisor
90 Days
50% (1)
AAA & Aaa
1 or Advisor
49.5%
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
30.2%
(2)1 84.5%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, excluding bond proceeds.
(2) Total does not include the City Loan to RDA.
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
June 2012
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CITY LOAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERAL AGENCY -- COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
CORPORATE MEDIUM -TERM NOTES
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
% of
Book Value
Portfolio
$ 2,401,906.76
1.11 %
13,554,999.95
6.25%
25,365,368.23
11.70%
2,999,953.21
1.38%
40,091,375.57
18.49%
4,136, 262.42
1.91 %
8,732,239.69
4.03%
104,955,573.66
48.41 %
$ 202,237,679.49 93.28%
$ 14,564,915.85 6.72%
$ 216,802,595.34 (1) 100.00%
FOOTNOTE:
(1) In the City of Palm Desert Comprehensive Annual Financial Report ("CAFR"), both the City of Palm Desert
("City") and the City's external auditor define total investments as demand deposits, investments in
various instruments, and investments held in local government investment pools. The concentration
percentages shown above were calculated based on that definition.
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