HomeMy WebLinkAboutInvestment Report - March 2012 - Joint ConsiderationCITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARYOV-)
DATE: APRIL 24, 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 March 2012. Please include the report on the upcoming
agenda for review and acceptance by City Council.
Also included are the Minutes of the March 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
RECEIVED4- rrT
OTHER
MEETIANG DATE
AYES:
NOES: ti' "Oc.
ABSENT:_NDI ee-
ABSTAIN: N, /'
VERIFIED BY:
rc3
Original on File with City Clerk's Oftice
r-BY SA -RDA
(5
GAFINANCE\NIAMH ORTEGA\INVESTMENT COMM ITTEE\MEMOS\RKLASSENINVREPORT.WPD
ECONOMIC COMMENTARY
PIMCO, the world's largest bond fund, is forecasting that the global economy will
grow by 1%-1.5% in 2012, with substantial downside risk if Europe's debt problems
broaden into a global crisis. Industrial production in many of the advanced
economies has stalled, while growth in the developing economies has slowed.
The advanced economies are expected to experience sluggish growth over the
next few years due to fiscal consolidation and consumer deleveraging.
PIMCO is forecasting that the eurozone economy will shrink by 1 %-1.5% in 2012,
with significant risk of a deeper recession. The eurozone debt crisis has reignited,
this time with Spain in recession with a rapidly deteriorating economic and financial
position. Spanish government debt is being dumped, and stressed Spanish banks
are leaning on the European Central Bank for support. Portugal's economy is also
unraveling, and Greece recently admitted that that it will need a third bailout.
Investors are fleeing to U.S. Treasuries for safety, driving down yields.
PIMCO is forecasting that the U.S economy will grow by 0%-l% in 2012. Weak
personal income growth will restrain private sector gains, and budget cuts will
restrain public sector growth. According to Morgan Stanley, the U.S. is facing a
fiscal tightening of unprecedented magnitude ("fiscal cliff') at the end of 2012, which
could push it back into recession in 2013. The Federal Reserve is subsidizing U.S.
Government debt, and keeping interest rates low by buying 61 % of all Treasury
debt issued. Foreign purchases of U.S. Treasury debt have been gradually falling.
Ymds o�*aa, eemy. ,
City Treasurer
" Certified California Municipal Treasurer
PORTFOLIO STATISTICS
X�C
2012
I Markets Team
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey. J.D., M.B.A.
Investment Oblectives
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
$
210,603
$
212,467
$ 230,400
$
207,034
$
193,616
$ 195,884
Month -End Market Value
$
210,643
$
212,494
$ 230,415
$
207,034
$
193,635
$ 195,904
Paper Gain (Loss)
$
40
$
27
$ 15
$
-
$
19
$ 20
Prior Year Book Variance
$
3,948
$
17,031
$ 38,780
$
20,123
$
(7,765)
$ 3,188
Interest Earnings
$
74
$
68
$ 68
$
64
$
68
$ 70
Yield -To -Maturity
0.45%
0.41 %
0.40%
0.37%
0.44%
0.43%
Weighted Maturity (Days)
39
39
39
16
30
14
Effective Duration
0.06
0.07
0.07
0.05
0.05
0.01
All data as of March 31, 2012
Dollars in Thousands
Maturities
Market Value
< 1 M
$
154,425
< 2M
-
< 3M
-
< 6M
-
< 1Y
3,012
< 2Y
8,777
< 3Y
-
< 4Y
-
< 5Y
-
Total:
$
166,214
Ratings
Market Value
AAA or Aaa
$
109,667
AA or Aa
4,714
A
4,063
Unrated
88,715
Total:
$
207,159
Assets
County Pool
LAIF
LAIF/Bond Proceeds
RDA Loan
MTN
CAMP
WF/Bond Proceeds
Agencies
Total:
Market Value
97,892
49,813
25,346
13,555
8,777
4,465
4,299
3,012
$ 207,159
PORTFOLIO CHARACTERISTICS
March 2012
Month
City Yield
LAIF Yield
Variance
Apr11
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
Mar
0.45
0.38
0.07
Maturities Distribution
100 _.----- _._____...._.__.__..._.__...._.._
i
I
80
0
0 60
�o
0 40
a
20
0 0 0 2 5 0 0 0
0
<11VI <2M <3M <6M <1Y 12Y <3Y <4Y <5Y
Credit Quality
AAA or Aaa
53%
Unrated
43% AA or Aa
A 2%
2%
Asset Allocations
County Pool LAIF
47% t 24 /o
LAIF/Bond
Proceeds
Agencies 12%
2%WF/Bond RDA Loan
ProceedsCAMP MTN 7%
2% 2% 4%
Performance
0.8
•2 0.4
aD
0.0
Apr11 May Jun Jul Aug Sep Oct Nov Dec Jan12 Feb
®LAIF Yield GCityYield�
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
March 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 March 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,
Yarws o*m, 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
-
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
1.5%
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40%
A-1 or P-1
-
53601
Commercial Paper
270 Days
25%
A-1/10-1
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
2.1%
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
50% (1)
AAA &Aaa
or Advisor
49.4%
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
36.3%
(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.
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 0F 3
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