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Staff Report - Investment Reports - October 2012 - Joint Consideration
CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARI**� DATE: NOVEMBER 27, 2012 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Please find attached the Compliance Analysis and Investment Report which was presented and approved at the recent meeting of the Audit, Investment and Finance Committee for the month of October 2012. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the approved Minutes of the October 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) CITY COUNCIL ACTION APPROVED DENRrD RECEIVED .4 F_��.�OTHER MEETING DATE AYES:,361sr)n f T p f NOES: .IJolle ABSENT: Llnfle- ABSTAIN:. VERIFIED BY:— k 1—a Original on File with City Clerk's Office ON pp 1G a s Office Or igi rial on r l4 �1' ik � G v 0 'e s � lce GARNANCE\NIAMH ORTEGA\INVESTMENT COMM ITTE E\MEMOS\RKLASSEN I NVREPORT.WPD CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARYN)k DATE: NOVEMBER 27, 2012 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS X-C Please find attached the Compliance Analysis and Investment Report which was presented and approved at the recent meeting of the Audit, Investment and Finance Committee for the month of October 2012. Please include the report on the upcoming agenda for review and acceptance by City Council Also included are the approved Minutes of the October 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) CITY COUNCIL ACTION APPROVED DENTED RECEIVED 4_OTHER MEETING DATE t AYES: e NOES: -IJ04 ABSENT: L]We- ABSTAIN: VERIFIED BYe_ /eQK �a Original on File with City Clerk's Office bL Origirad on Ile w.i t +. Office GARNANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD CITY PORTFOLIO CONCENTRATION LIMITS October 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 $ 2,346,324.18 1.24% 13,554,999.95 7.15% 25,410,566.16 13.40% - 0.00% 47,282,029.06 24.94% 4,199, 518.92, 2.21 % 8,710,911.16 4.59% 88,091,734.33 46.46% $ 189,596,083.76 100.00% 0.00% $ 189,696,083.76 (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. W 'a Un E N LU � O N � 3 r J m N M a2 gCL y O •0 o 00 0 CL CL V> N v O aOa OO 0 W N N M � c O CO 'ii M uc 0 0 0 0 0 0 0 c to m U) �U. 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The FOMC stated that while the U.S. economy is improving moderately, growth is slow, and the unemployment rate remains high. Fed officials have indicated that they intend to hold interest rates low even after the recovery has strengthened. In other words, the Fed will continue to intervene until economic growth is fast enough to sharply reduce unemployment. The next FOMC meeting will be on December 11-12. Wells Fargo economists are forecasting 1.4% economic growth in 4Q2012, and less than 2% growth in the first half of next year. They believe that the current strength in consumer spending is not sustainable, due to weak income growth, modest job gains, and weak wage increases. Some of this spending has also been financed by a decline in the saving rate. Lower energy prices have helped to lessen inflation. Although Wells Fargo believes that there may be some increase in inflation over the coming quarters, it is thought that price growth will remain modest enough for the Fed to continue its accomodative policy stance. Europe is in recession, and continues to struggle with its banking and sovereign debt crises, while China, which is dependent upon exports, is finding that many of its products are no longer competitive in the international market because of rising labor and land costs. Yaaff 09im, CCoC J_- " City Treasurer ' Certified California Municipal Treasurer PORTFOLIO STATISTICS 2012 ©c&6eIx VduRdl IVIQI RCW I Caf11 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 $ 195,056 $ 198,990 $ 206,754 $ 205,805 $ 216,803 $ 218,086 Month -End Market Value $ 195,071 $ 199,032 $ 206,794 $ 205,845 $ 216,813 $ 218,101 Paper Gain (Loss) $ 15 $ 42 $ 40 $ 40 $ 10 $ 15 Prior Year Book Variance $ (828) $ (6,063) $ 99 $ (1,578) $ (6,478) $ (1,596) Interest Earnings $ 64 $ 64 $ 71 $ 72 $ 75 $ 76 Yield -To -Maturity 0.39% 0.39% 0.40% 0.42% 0.43% 0.43% Weighted Maturity (Days) 30 29 28 40 40 38 Effective Duration 0.04 0.04 0.04 0.05 0.05 0.05 All data as of Uctooer 3i, Zu"IZ PORTFOLIO CHARACTERISTICS October 2012 Dollars in Thousands Maturities Market Value < 1 M $ 167,330 < 2M - < 3M - < 6M - < 1Y 8,729 < 2Y - < 3Y - < 4Y - < 5Y - Total: $ 176,059 Ratincis Market Value AAA or Aaa $ 94,638 AA or Aa 4,698 A 4,027 Unrated 86,248 Total: $ 189,611 Assets Market Value County Pool 88,092 LAIF 47,282 WF/LAIF Bond Proceeds 25,411 City Loan to RDA 13,555 MTN 8,726 CAMP 2,346 WF/Bond Proceeds 4,199 Agencies - Total: $ 189,611 Maturities Distribution 100 95 80 0 0 60 .o r 40 0 a 20 0 <1M <2M <3M <6M 11Y <2Y <V <4Y <5Y Credit Quality AAA or Aaa 50% Unrated AA or Aa 46% A 2% 2% Asset Allocation LAI F 25% County Pool 47% Agencies 0% WF/LAIF Bond Proceeds 13% WF/Bond City Loan to ProceedsCAMP MTN 2% 1% 5% RDA Month Nov11 City Yield 0.44 LAW Yield 0.40 Variance 0.04 Performance 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 d May 0.43 0.36 0.07 >- Jun 0.43 0.36 0.08 Jul 0.42 0.36 0.05 Aug 0.40 0.38 0.02 Sep 0.39 0.35 0.04 Oct 0.39 0.34 0.05 0.5 0.3 0.0 Nov11Dec Jan12Feb Mar Apr May Jun Jul Aug Sep Oct LAIF Yield YCiy Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE October 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 October 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 w,6w, 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 7- 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 - 53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 - 53601(g) 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(j) Medium -Term Notes 5 Years 30% I A 5 Years 30% A 4.6% 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 2.2% 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 50% (1) AAA & Aaa 1 or Advisor 47.70X 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 38.3% (2)1 92.8% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds. 2) Total does not include the City Loan to RDA, and cash.