HomeMy WebLinkAboutInvestment Report - April 2012 - Joint ConsiderationY-C
CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARYNYV-'-�
DATE: JUNE 19, 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 April 2012. Please include the report on the upcoming agenda
for review and acceptance by City Council.
Also included are the Minutes of the April 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 DENIED
RECEIVED �1� OTHER
MEETI G DATE
AYF,S:L*a--,r)n,i n�, �
NOES: L%UP
ABSENT: LA-ne
ABSTAIN:
VERIFIED BY' hL I r Q
Original on File with City Clerk's Ofiilde
it ed EY SA -RDA
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SZn� ,L'j�h'• City ,f Palm Desert
xeadr�ixex G �nae6t�rneni �rt
ECONOMIC COMMENTARY
A chaotic Greek exit from the euro may occur by late summer. The Germans
expect this, and believe that the damage can be contained. Europe is America's
largest export market (20%), and the banking systems of both are intertwined.
The $16 trillion U.S. deficit exceeds the combined deficits of the five most -troubled
eurozone members. The U.S. deficit is so staggering that it cannot be paid off by
raising taxes and/or by severely slashing entitlement programs that are politically
untouchable. Consequently, the Federal Reserve must "print money" (quantitative
easings) so that the U.S. can pay its creditors with devalued dollars (soft default).
Hyperinflation may pose a threat to the U.S. economy, starting in 2014. If a third
round of quantitative easing occurs in 2012 (an election year), it may trigger the
dumping of U.S. dollars abroad. With a severely devalued dollar, U.S. imports
would be prohibitively expensive (the U.S. is now a net importer). An expanded
money supply, and a shortage of domestically produced goods (due to the
offshoring of U.S. manufacturing) could promote hyperinflation.
The global abandonment of the U.S. dollar has already begun. Since 2009, China
and Russia have refused to use dollars in bilateral trade agreements with other
countries. By 2016, China will have the world's largest economy (IMF). By 2021,
the Chinese yuan is expected to be the new global reserve currency. Once the
yuan is fully convertible, nations will be selling dollars to acquire yuan reserves.
MW(S. Okew, t' cC ,ffj_. "
City Treasurer
Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2012
4111-tv
i nnarKets i eam
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D.. M.B.A.
investment UD
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
..
.-
Thousands of Dollars
Month -End Book Value
$
210,198
$
210,603
$
212,467
$
230,400
$ 207,034
$
193,616
Month -End Market Value
$
210,229
$
210,643
$
212,494
$
230,415
$ 207,034
$
193,635
Paper Gain (Loss)
$
31
$
40
$
27
$
15
$ -
$
19
Prior Year Book Variance
$
3,543
$
3,948
$
17,031
$
38,780
$ 20,123
$
(7,765)
Interest Earnings
$
72
$
74
$
68
$
68
$ 64
$
68
Yield -To -Maturity
0.42%
0.45%
0.41 %
0.40%
0.37%
0.44%
Weighted Maturity (Days)
39
39
39
39
16
30
Effective Duration
0.06
0.06
0.07
0.07
0.05
0.05
All data as of April 30, 2012
PORTFOLIO CHARACTERISTICS
April 2012
Dollars in Thousands
Maturities
Market Value
< 1 M
$ 182,585
< 2M
-
< 3M
-
< 6M
3,012
< 1Y
-
< 2Y
8,777
< 3Y
-
< 4Y
-
< 5Y
-
Total:
$ 194,374
Ratings
Market Value
AAA or Aaa
$ 110,369
AA or Aa
4,713
A
4,052
Unrated
88,781
Total:
$ 207,915
Assets
Market Value
County Pool
97,923
LAIF
49,860
WF/LAIF Bond Proceeds
25,365
City Loan to RDA
13,555
MTN
8,765
CAMP
5,266
WF/Bond Proceeds
4,172
Agencies
3,009
Total:
$ 207,915
Maturities Distribution
100
80
e
0
60
0
40
0
a.
20
0
Month
City Yield
LAIF Yield
Variance
May11
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
Mar
0.45
0.38
0.07
Apr
0.42
0.37
0.05
0 0 2 0 5 0 0 0
M <2M <3M <W <1Y <2Y <3Y <4Y <
Credit Quality
AAA or Aaa
53%
Unrated AA or Aa
43% A 2%
2%
Asset Allocation
County Pool LAIF
47% 24%
WF/LAIF Bond
Proceeds
Agencies
12%
1%WFBond City Loan to
Proceeds CAMP MTN RDA
2% 3% 4% 7%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
April 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 April 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,
Ywds woea, ee.my.
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
-
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(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%
-
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
53601(j)
Medium -Term Notes
5 Years
30%
A
5 Years
30%
A
4.2%
53601(k)
Money Market Funds
90 Days
20%
AAA & Aaa
90 Days
20%
AAA & Aaa
2.0%
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
49.6%
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
36.2%
(2)1 93.5%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, excluding bond proceeds.
(2) Total does not include the City Loan to RDA.