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Home My WebLink AboutInvestment Reports - September through November 2011 - Joint ConsiderationCITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY��`� DATE: FEBRUARY 14, 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 September through November 2011. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the Minutes of the September, October and November 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) CITY COUNCIL ACTION APPROVED DENIFT) RECEIVED 7Fi�� 0-1-1-1EIZ MEETING DATE -< - C`( _ AYES: benS& 4 Gnef NOES: Lw s- ABSENT: rs en g ABSTAIN: _ [Aznfl VERIFIED BY: RID kl F Original on File with City Clerk's Mice SuCCe�s�r ��nc.� RDA ON VERIFIED BY _._aQ_L_.L9L__ C) girial on file Mth City Clerk'3 Office GARNANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD City of Palm Desert City and Redevelopment Agency Portfolios COMPLIANCE ANALYSIS AND INVESTMENT REPORT September 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 world is facing the worst financial crisis since at least the 1930s, if not ever." Sir Mervyn King, Governor of the Bank of England. A Greek debt default is expected within 6-12 months, if not sooner. Italian, Spanish, Portuguese, and Irish banks hold most of the Greek sovereign debt outside of Greece. A "disorderly" Greek default could lead to cascading defaults in the PIIGS countries, and bank runs throughout Europe. The situation is further compounded by the difficulty that European banks are experiencing in raising capital through interbank lending and bond sales. Dexia, a large Franco-Belgian bank, for example, is on the verge of failing due to liquidity issues. To buy time, the Eurozone will reportedly provide the Greeks with a $10.8 billion "rescue" loan after October 24, in order to keep them afloat. The Franco-German strategy is to postpone a Greek default as long as possible so that France and Germany can recapitalize their banks, and remove Greek debt from the books of those banks. Eventually, Greece's credit line will be cut off, in the hope that Greece will abandon the Euro. The European Financial Stability Facility will then be used to manage the fallout from a Greek departure. Goldman Sachs is forecasting that Europe could fall into recession by winter, pushing the U.S. economy to "the edge of recession" by early 2012. U.S. economic growth is forecast at 1.7% for 2011, and 1.4% for 2012. While U.S. money market funds have, for the most part, pulled out of Europe, the exposure of U.S. commercial banks to Europe is unknown. If the European banking system were to collapse, then the U.S. Dollar should strengthen, and U.S. Treasury yields should plummet, due to a "flight -to -safety." The U.S. and Chinese economies are heavily dependent on exporting goods to Europe. Pis 4jdj&tv, C. C. R. 7 City Treasurer PORTFOLIO STATISTICS Dollars in Thousands SEP-11 AUG-11 JUL-11 JUN-11 MAY-11 APRAI CITY Month -End Book Value*** $ 205,053 $ 206,655 $ 207,383 $ 223,281 $ 219,682 $ 198,991 Month -End Market Value*** $ 205,075 $ 206,683 $ 207,415 $ 223,342 $ 219,780 $ 199,115 Paper Gain (Loss) $ 22 $ 28 $ 32 $ 61 $ 98 $ 124 Prior Year Book Variance $ 9,325 $ 382 $ 9,505 $ 21,349 $ 17,899 $ 48 Interest Earnings 80 91 122 131 125 109 Yield -To -Maturity 0.49% 0.49% 0.67% 0.72% 0.71 % 0.76% Weighted Maturity (Days) 23 22 77 79 81 89 Effective Duration 0.24 0.02 0.02 0.02 0.03 0.04 RDA Month -End Book Value *** $ 233,808 $ 240,274 $ 247,803 $ 236,903 $ 241,394 $ 225,883 Month -End Market Value *** $ 234,021 $ 240,529 $ 248,063 $ 237,195 $ 241,718 $ 225,653 Paper Gain (Loss) $ 213 $ 255 $ 260 $ 292 $ 324 $ (230) Prior Year Book Variance $ (24,091) $ (36,071) $ (50,709) $ (65,660) $ (58,327) $ (59,452) Interest Earnings 111 117 114 122 120 167 Yield -To -Maturity 0.56% 0.58% 0.56% 0.63% 0.62% 0.73% Weighted Maturity (Days) 221 215 208 218 228 257 Effective Duration 0.27 0.28 0.28 0.31 0.32 0.39 *** Omits SLGSs. City of Palm Desert -- Portfolio Characteristics September 30, 2011 Dollars in Thousands Aaeincg Interval Market Value < 1 M $ 157,381 < 2M - < 3M - < 6M - < 1 YR 3,025 < 2YR - < 3YR - < 4YR - < 5YR - > 5YR - Total: $ 160,406 Ratings * Market Value AAA $ 171,649 AA - A - Unrated ** 27,920 Total: $ 199,569 Sector MMF Agencies MTNs CAMP LAIF County Pool Rabobank RDA Loan LAIF/Bond Proceeds Total: Market Value $ 5,329 6,022 5,082 14,365 80,095 49,823 13,555 25,298 $ 199,569 General Fund Ageing qR 100 80 4 60 0 t 40 0 a. 20 0 <1M <2M <31VI <6M <1YR <2YR<3YR<4YR<5YR>5YR Credit Quality A 0% Unrated ** 14% AAA 86% AA \ 0% Asset Allocation MTNs 0% County Pool 40% Rabobank 25% LAIF 7% Agencies 3%AMP RDA°Loan 2% MMF LAIF/Bond 7 /0 3% Proceeds 13% Month City Yield LAIF Yield Variance Oct10 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 Aug 0.49 0.41 0.08 Sep 0.49 0.41 0.08 0.0 OctIONov DecJan77Feb Mar Apr May Jun Jul Aug Sep ® o * Standard and Poors ** LAIF, and City Loan to RDA Page 2 Palm Desert Redevelopment Agency -- Portfolio Characteristics September 30, 2011 Dollars in Thousands Ageing Interval Market Value Portfolio Ageing w/o SLGSs < 1 M $ 56 348 < 2M 9,018 < 3M 6,029 < 6M - < 1YR 16,248 < 2YR 7,522 2 0 < 3YR - - < 4YR - a < 5YR - > 5YR 2,790 Total: $ 97,955 Credit Quality ualit Market Value AAA $ 95,265 AA 6,634 A - Unrated ** 130,834 Total: $ 232,733 Sector Market Value MMF $ 15,711 Agencies 32,118 MTNs 6,634 CAMP 110 County Pool 7,504 Rabobank 39,821 LAIF 8,668 EIP 2,790 LAIF/Bond Proceeds 119,377 Total: $ 232,733 Month RDA Yield LAIF Yield Variance Oct10 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 Sep 0.56 0.41 0.15 Asset Allocation Performance 0.8 0.6 0.4 0.2 0.0 OcttONov DecJanl1Feb Mar Apr May Jun Jul Aug Sep ®LAIFYield ORDAYield 100 80 60 40 20 0 58 4 i I 1 17 I ` 9 g 8 3 0 0 0 0 1M <2M <3M <6M <tYR<2YR<3YR<4YR<5YR >5YR AA A 3% 0% AAA Unrated ** 41 % 56% Rabobank County Pool 17% LAIF 3% 4% EIP MTNs 1% 3% Agencies 14% MMF LAIF/Bond o Proceeds 7/0 51% CAMP 0% " Standard and Poors ** Page 3 LAIF 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 September 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 October 25, 2011, Pis �7dV�, c.C..M 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 I I - 1.20 53632(c) Savings Accounts No Limit No Limit No Limit No Limit 25.0% E17.1% 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% 3.0% 13.7% 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 o 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% 1 A 1 0.0% 2.8% 53601 k) Mutual Funds 90 Days 20% AAA & Aaa 90 Days 1 20% (2) JAAA&AaaJ 2.7% 1 6.8% 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) I AAA & Aaa 1 or Advisor 42.7% 1 3.3% 53601(n) Mortgage -Backed Securities 5 Years 20% A (Issuer) & AA (Security) Not Authorized 16429.1(b) LAIF No Limit I I No Limit 19.9% 55.1% (1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 93.2% 1 100.0% (2) The City Energy Independence Program has been approved by the Palm Desert City Council. 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O w ob W M M M 2�2 M M M M Z O C LL M M M M M M M M M W N c cr Ln d R a U_ 'a i" Ln n o wU 10 •� O A a r 0 O O M � V M LU E N Q d > N z = o = I M W N L a�•M.0 0 .o d E J C+ Q. W p � W O.ON oaf w o W a N 7 A d IC m a 0 M N ¢ a 9 o o ai LL da 2 a a N U �o d a a 0 i o a cc 0 O O W � O O N 0 a T O O O m a fn A +j W O d A H 0/ <D O N 7 N O N m Cl) co pp Y ^ I, - cm It Cl) p m O O O a O O M a> N N O to 7 M W) V N co AO CM a O U Cl) Z LLI Q E V O N N (D O N v o Z N O > W n N co C3 00 Kr Ni O E ._� _O .� O G. d > W OOP �� o0 a 0. L G N N Q W O O a o 0 d o co mO 2 c O m N Cc n Q m V C! N 0 4 Z N Y U y W � 2 F- U H m > > c Q (D (D A 41 N Z Z m N N N W C D ` 2 2 > C Q � L N m � U c � m E 0 N (D > O O C h N N O N O ♦1� N Z O t1Y fD Y � a U $ N >- o 2 U U v}i cN City of Palm Desert City and Redevelopment Agency Portfolios COMPLIANCE ANALYSIS AND INVESTMENT REPORT October 31, 2011 Paul S. Gibson, C.C.M.T., Treasurer Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer urer's Commentary The European sovereign debt crisis appears to be spreading into healthy Eurozone countries where bond yields are rising, reflecting a lack of confidence in officials's abilities to contain the crisis. At the same time, economic performance statistics suggest that the Eurozone may be sliding into a recession. In Greece, the public debt -to -GDP ratio has risen to 180%, and a national barter system has evolved. In October, a Franco-German rescue plan for Greece was developed in order to stave off a sovereign debt default. Under the plan, the European Financial Stability Fund would be increased to $1.4 trillion; Greece would receive $182 billion in financial aid; and Eurozone banks would take a 50% "haircut" on Greek sovereign debt, and recapitalize by an estimated $148 billion. This plan was simply a strategy to buy time. Although the focus has now shifted to Italy which is struggling with $2.8 trillion of outstanding public debt, and is "too big to fail", Portugal is actually the next country that is most likely to default. The U.S. commercial banks that have the greatest exposure to Euro sovereign debt are: J.P. Morgan Chase ($15.1 billion net); Bank of America ($13.0 billion net); and Citibank ($7.1 billion net). Wells Fargo Economics Group is forecasting an average U.S. economic growth rate of 1.9% over the 2011-2013 period. This may be overly optimistic, however, in the wake of the European sovereign debt crisis, domestic austerity cuts, and projected U.S. inflation of 5-6% in 2013 and for sometime thereafter (The Kiplinger Letter). Furthermore, if Congress cannot agree on $1.2 trillion of budget cuts by November 23, 2011, then U.S. Government debt may be subject to further credit rating downgrades, ultimately raising the cost of public debt issuance. Pis �jd4oi-v, C. C.Al 7- City Treasurer PORTFOLIO STATISTICS Dollars in Thousands OCT-11 SEP-11 AUG-11 JUL-11 JUN-11 MAY-11 CITY Month -End Book Value— $ 195,884 $ 205,053 $ 206,655 $ 207,383 $ 223,281 $ 219,682 Month -End Market Value*** $ 195,904 $ 205,075 $ 206,683 $ 207,415 $ 223,342 $ 219,780 Paper Gain (Loss) $ 20 $ 22 $ 28 $ 32 $ 61 $ 98 Prior Year Book Variance $ 3,188 $ 9,325 $ 382 $ 9,505 $ 21,349 $ 17,899 Interest Earnings 70 80 91 122 131 125 Yield -To -Maturity 0.43% 0.49% 0.49% 0.67% 0.72% 0.71 % Weighted Maturity (Days) 14 23 22 77 79 81 Effective Duration 0.01 0.24 0.02 0.02 0.02 0.03 RDA Month -End Book Value *** $ 212,996 $ 226,792 $ 240,274 $ 247,803 $ 236,903 $ 241,394 Month -End Market Value *** $ 213,194 $ 227,006 $ 240,529 $ 248,063 $ 237,195 $ 241,718 Paper Gain (Loss) $ 198 $ 214 $ 255 $ 260 $ 292 $ 324 Prior Year Book Variance $ (29,877) $ (31,107) $ (36,071) $ (50,709) $ (65,660) $ (58,327) Interest Earnings 97 87 117 114 122 120 Yield -To -Maturity 0.54% 0.56% 0.58% 0.56% 0.63% 0.62% Weighted Maturity (Days) 242 228 215 208 218 228 Effective Duration 0.28 0.27 0.28 0.28 0.31 0.32 *** Omits SLGSs. Dollars in Thousands Ageing Interval < 1M < 2M < 3M < 6M < 1 YR < 2YR < 3YR < 4YR < 5YR > 5YR Total: City of Palm Desert -- Portfolio Characteristics October 31, 2011 Market Value $ 149,236 3,022 Ratings Market Value AAA $ 100,771 AA - A - Unrated 88,644 Total: $ 189,415 Sector MMF Agencies MTNs CAMP LAIF County Pool Rabobank RDA Loan LAIF/Bond Proceeds Total: Market Value $ 4,278 3,020 13,250 49,767 80,151 72 13,555 25,322 $ 189,415 Month City Yield LAIF Yield Nov10 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 Sep 0.49 0.41 Oct 0,43 0.39 Variance 0.30 0.26 0.12 0.05 0.04 0.17 0.30 0.27 0.29 0.08 0.08 0.05 General Fund Ageing 100 98 80 ° 60 0 r 0 40 IL 20 0 <1M <2M <3M <6M <1YR<2YR<3YR<4YR<5YR>5YR Credit Quality AAA A 53% 0%ii AA Unrated *' 0% 47% Asset Allocation MTNs 0% County Pool 42% LAIF 26% Rabobank 0% Agencies 2% RDA Loan CAMP 7%MMF LAIF/Bond 7% 2% Proceeds 14% / Performance Standard and Poors *" LAIF, and City Loan to RDA Page 2 Palm Desert Redevelopment Agency -- Portfolio Characteristics October 31, 2011 Dollars in Thousands Ageing Interval Market Value Portfolio Ageing w/o SLGSs < 1 M $ 56,683 < 2M 6,020 <3M - 100 < 6M - < 1YR 18,740 0 80 64 I < 2YR 4,981 2 60 < 3YR - < 4YR - a 40 21 < 5YR - 20 7 6 3 > 5YR 2,790 0 0 0 0 0 0 Total: $ 89,214 <iM <21V! <3M <6M <1YR<2YR<3YR<4YR<5YR >5YR Credit Quality AA A ualit * Market Value 3% 0% AAA $ 55,549 AA 6,623 AAA Unrated ** A - 26% 71% Unrated "* 149,648 Total: $ 211,820 Sector Market Value MMF $ 2,776 Asset Allocation Agencies 32,092 MTNs 6,623 CAMP 13,101 County Pool 7,509 Rabobank 71 LAIF 28,646 EIP 2,790 LAIF/Bond Proceeds 118,212 Total: $ 211,820 Month RDA Yield LAW Yield Variance Nov10 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 Sep 0.56 0.41 0.15 Oct 0.54 0.39 0.16 Performance 0.8 0.6 0.4 0.2 0.0 Nov10DecJan11 Feb Mar Apr May Jun Jul Aug Sep Oct ®LAIF Yield ORDAYield County Pool LAW EIP d% 14/0 1% CAM 6% MTNs 3% Agencies 15% MMI 1% Rabobank 0% LAIF/Bond Proceeds 56% Standard and Poors *' LAW 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 October 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 November 22, 2011, f"ac s.. Diu gym, C. C. x1. 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 1.30/. 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% 1.6% 15.1 f) 53601 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(i) Repos 1 Year No Limit 30 Days 20% 1 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 0.0% 3.1% 53601 k Mutual Funds 90 Days 20% AAA & Aaa 90 Days 1 20% (2) JAAA&AaaJ 2.3% 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 AAA & Aaa AAA & Aaa Investment Pools 90 Days 20% or Advisor 90 Days 20% (2) or Advisor 49.3% 9.7% 53601(n) Mortgage -Backed 5 Years 20% A (Issuer) & Not Authorized Securities AA (Security 16429.1(b) LAW No Limit No Limit 39.7% 69.4% (1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 92.9% (2) The City Energy Independence Program has been approved by the Palm Desert City Council. 100.0% (3) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds. 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Jeffrey, J.D., M.B.A., Deputy City Treasurer Treasurer's Commentary On November 30, the Federal Reserve; the European Central Bank (ECB); the Bank of Canada; the Bank of England; the Bank of Japan; and the Swiss National Bank undertook a coordinated action to help struggling European banks rollover $2 trillion of dollar -denominated debt. A liquidity crisis was developing due to high bank -borrowing costs for dollars. About the same time, Standard & Poors (S&P) did a review of 37 global banks, and downgraded most of them. Rabobank Nederland lost its "AAA" rating. Bank of America, Citibank, J.P. Morgan Chase, and Wells Fargo were also downgraded. Union Bank's credit ratings remained intact. A European Summit was held in mid -December, but no solutions to the European debt crisis emerged. France and Germany, however, were successful in convincing the other 15 Eurozone countries that they should integrate their national budgets in exchange for more direct ECB support. Germany is reportedly preparing to bail out its second-largest bank, Commerzbank, and preparing for the bankruptcy of several Eurozone countries that are too big to be bailed out. S&P has put 15 (including France and Germany) of 17 Eurozone countries on review for possible credit -rating downgrades. An IMF report forecast that Canadian economic growth would slow to 1.9% in 2012. The report stated that while Canada has relatively little exposure to European sovereign debt, it does have high household debt levels and elevated housing prices. Paazs o�jC. c. Xf r City Treasurer PORTFOLIO STATISTICS Dollars in Thousands NOV-11 OCT-11 SEP-11 AUG-11 JUL-11 JUN-11 CITY Month -End Book Value*"* $ 193,616 $ 195,884 $ 205,053 $ 206,655 $ 207,383 $ 223,281 Month -End Market Value`** $ 193,635 $ 195,904 $ 205,075 $ 206,683 $ 207,415 $ 223,342 Paper Gain (Loss) $ 19 $ 20 $ 22 $ 28 $ 32 $ 61 Prior Year Book Variance $ (7,765) $ 3,188 $ 9,325 $ 382 $ 9,505 $ 21,349 Interest Earnings 68 70 0.43% 80 0.49% 91 0.49% 122 0.67% 131 0.72% Yield -To -Maturity 0.44% 22 77 79 Weighted Maturity (Days) 30 14 23 0.02 0.02 0.02 Effective Duration 0.05 0.01 0.24 RDA Month -End Book Value *** $ 212,668 $ 212,996 $ 226,792 $ 240,274 $ 247,803 $ 236,903 Month -End Market Value *** $ 212,845 $ 213,194 $ 227,006 $ 240,529 $ 248,063 $ 237,195 Paper Gain (Loss) $ 177 $ 198 $ 214 $ 255 $ 260 $ 292 Prior Year Book Variance $ (49,066) $ (29,877) $ (31,107) $ (36,071) $ (50,709) $ (65,660) Interest Earnings 95 97 87 117 114 122 Yield -To -Maturity 0.53% 0.54% 0.56% 0.58% 0.56 /0 0.63 /o Weighted Maturity (Days) 214 242 228 215 208 218 Effective Duration 0.27 0.28 0.27 0.28 0.28 0.31 *** Omits SLGSs. City of Palm Desert -- Portfolio Characteristics November 30, 2011 Dollars in Thousands Ageing Interval Market Value < 1 M $ 141,966 < 2M - < 3M - < 6M - < 1 YR 3,020 < 2YR 4,713 < 3YR - < 4YR - < 5YR - > 5YR - Total: $ 149,699 Ratin s Market Value AAA $ 96,455 AA 4,317 A - Unrated 88,844 Total: $ 189,616 Sector Market Value MMF $ 4,270 Agencies 3,019 MTNs 4,713 CAMP 8,521 LAIF 49,967 County Pool 80,199 Rabobank 50 RDA Loan 13,555 LAIF/Bond Proceeds 25,322 Total: $ 189,616 General Fund Ageing 100 80 60 0 t 40 0 a. 20 0 <1M <2M <3M <W <1YR<2YR<3YR<4YR<5YR15YR Credit Quality AAA A 51% 0% AA 2% Unrated 47% Asset Allocation Rabobank 0% LAIF County Pool 26% 42% CAMP 5% MTNs RDA Loan 0 �0 cies MMF LAIF/Bond Agen0 2% 2% Proceeds 13% Month City Yield LAIF Yield Variance Dec10 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 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 i Performance Standard and Poors LAIF, and City Loan to RDA Page 2 Palm Desert Redevelopment Agency -- Portfolio Characteristics November 30, 2011 Dollars in Thousands Ageing Interval Market Value Portfolio Ageing w/o SLGSs < 1 M R 62.713 < 2M < 3M < 6M < 1YR 18,724 < 2YR 4,974 2 0 < 3YR - o < 4YR - a < 5YR - > 5YR 2,790 Total: $ 89,201 Credit Quality Quality * Market Value AAA $ 46,517 AA 6,593 A - Unrated ** 158,350 Total: $ 211,460 Sector Market Value MMF $ 2,773 Agencies 23,077 MTNs 6,593 CAMP 13,103 County Pool 7,514 Rabobank 50 LAIF 37,691 EIP 2,790 LAIF/Bond Proceeds 117,869 Total: $ 211,460 Month RDA Yield LAIF Yield Variance Dec10 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 Sep 0.56 0.41 0.15 Oct 0.54 0.39 0.16 Nov 0.53 0.40 0.13 Asset Allocation Performance 0.8 0.6 0.4 0.2 0.0 Dec10an11 Feb Mar Apr May Jun Jul Aug Sep Oct Nov ®LAIF Yield ORDA Yield 100 80 60 40 20 () <11VI <21V! <31VI <61M<1YR<2YR<3YR<VR<5YR>5YR W AAA 22% LAIF EIP County Pool 18% 1% CAMP 6% MTNs 3% Agencies 11% MM, 1% A Unrated ** 75% Rabobank 0% LAIF/Bond Proceeds 56% * Standard and Poors ** Page 3 LAIF 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 November 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 December 27, 2011, )9au,�s CC.Al 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 - 1.3% 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% 1.6% 10.9% 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(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 2.5% 1 3.1% 53601 k Mutual Funds 90 Days 20% AAA & Aaa 90 Days 1 20% (2) JAAA&AaaJ 2.3% 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 Days 20% (2) AAA & Aaa or Advisor 46.80/6 9.80/6 53601(n) Mortgage -Backed Securities 5 Years 20% A (Issuer) & AA (Security) Not Authorized 16429.1(b) LAIF No Limit No Limit 39.7% 73.6% (1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 92.9% 100.0% (2) The City Energy Independence Program has been approved by the Palm Desert City Council. 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