HomeMy WebLinkAboutInvestment Report - July 2012CITY PORTFOLIO CONCENTRATION LIMITS
July 2012
% of
Investments
Book Value
Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM
$ 3,402,707.94
1.65%
CITY LOAN TO RDA
13,554,999.95
6.59%
WF/L.A.I.F. BOND PROCEEDS
25,387,899.47
12.34%
FEDERAL AGENCY -- COUPON
2,999,977.84
1.46%
LOCAL AGENCY INVESTMENT FUND
40,135,442.81
19.50%
WELLS FARGO CORPORATE TRUST
4,127,615.10
2.01%
CORPORATE MEDIUM -TERM NOTES
8,726,907.55
4.24%
RIVERSIDE COUNTY TREASURER
104,996,006.71
51.02%
TOTAL BEFORE CASH
$ 203,331,557.37
98.80%
PLUS:
CASH
$ 2,473,345.59
1.20%
GRAND TOTAL
$ 205,804,902.96 (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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f Palm Desert
City 1,
J;e'a,,C,,vrvr, 4 ;#_w6inen/ �lb�xG
ECONOMIC COMMENTARY
Slowing global economies, recession in Europe, a stronger dollar, and weakened
consumer spending may end 10 consecutive quarters of profit growth for U.S.
companies. U.S. firms are reacting by cutting costs and employees. Wells
Fargo Bank is forecasting U.S. economic growth of 1.3 percent during 3Q2012,
with one-third of the growth due to inventory building.
The U.S. remains a magnet for money fleeing from the world's trouble spots.
This is what is driving U.S. Treasury yields to historic lows. That may change,
however, if the U.S. Government mismanages the coming "fiscal cliff' at
year-end, and U.S. debt is downgraded. The rating agencies are scheduled to
re-evaluate the U.S. sovereign debt credit rating in 2013.
The Congressional Budget Office has stated that the U.S. economy will fall
into recession in 2013 if taxes rise, and federal spending falls on schedule in
January ("fiscal cliff'). On January 1, 2013, more than $1.6 trillion could be taken
out of the economy by some of the largest tax hikes and spending cuts in history.
A recent Federal Reserve study estimated that the "Great Recession" has erased
18 years of household wealth. Median net worth, for example, declined from
$126,400 in 2007 to $77,300 in 2010. This was due largely to a broad collapse
in housing prices. The Fed noted that the bottom 60 to 70 percent of the
population is struggling to just make ends meet.
yaaf (0jcuz, a'
City Treasurer
" Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2012
y-
VQNILQI IYIQI1%WLA 1C0111
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
$
205,805
$ 216,803
$ 218,086
$
210,198
$
210,603
$ 212,467
Month -End Market Value
$
205,845
$ 216,813
$ 218,101
$
210,229
$
210,643
$ 212,494
Paper Gain (Loss)
$
40
$ 10
$ 15
$
31
$
40
$ 27
Prior Year Book Variance
$
(1,578)
$ (6,478)
$ (1,596)
$
3,543
$
3,948
$ 17,031
Interest Earnings
$
72
$ 75
$ 76
$
72
$
74
$ 68
Yield -To -Maturity
0.42%
0.43%
0.43%
0.42%
0.45%
0.41 %
Weighted Maturity (Days)
40
40
38
39
39
39
Effective Duration
0.05
0.05
0.05
0.06
0.06
0.07
All data as of July 31, 2012
PORTFOLIO CHARACTERISTICS
July 2012
Dollars in Thousands
Maturities
Market Value
< 1 M
$ 181,053
< 2M
-
< 3M
-
< 6M
-
< 1Y
-
< 2Y
8,739
< 3Y
-
< 4Y
-
< 5Y
-
Total:
$ 189,792
Ratings
Market Value
AAA or Aaa
$ 115,529
AA or Aa
4,707
A
4,058
Unrated
79,078
Total:
$ 203,372
Assets
Market Value
County Pool
104,996
LAIF
40,135
WF/LAIF Bond Proceeds
25,388
City Loan to RDA
13,555
MTN
8,765
CAMP
3,403
WF/Bond Proceeds
4,128
Agencies
3,002
Total:
$ 203,372
Month City Yield
LAIF Yield
Variance
Aug 11 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
Jul 0.42
0.36
0.05
i
Maturities Distribution
95
100
80
a
0
�o
60
40
0
a
20
0
0 0 0 0 5 0 0 0
M <2M <3M <6M <1Y 12Y <3Y <4Y <!
Credit Quality
AAA or Aaa
57%
Unrated
39% AA or Aa
A 2%
20/0
i
Asset Allocation
County Pool LAIF
52% A1111111W 20%
WF/LAIF Bond
Proceeds
AgenciesWA/ 12%
0
1 /WF/Bond City Loan to
Proceeds CAMP MTN RDA
2% 2% 4% 7%
Performance
0.8----
0.4
0.0
Aug11 Sep Oct Nov Dec Jan12 Feb Mar Apr May Jun
OLAIFYield OCity Yield
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
July 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 July 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,
"ds www, ee'Ay.
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
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%
1
1 -
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
53601(')
Medium -Term Notes
5 Years
30%
A
5 Years
30%
1 A
4.3%
53601(k)
Money Market Funds
90 Days
20%
AAA & Aaa
90 Days
20%
1 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
53.3°/a
53601(n)
Mortgage -Backed
Securities
5 Years
20%
A (Issuer) &
AA (Security)
Not Authorized
16429.1(b)
L.A.1.F.
No Limit
$50MM/Acct
No Limit $50MM/Acct
32.2%
(2)1 93.3%
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