HomeMy WebLinkAboutInvestment Reports - February 2013�
TO:
FROM:
DATE:
SUBJECT
CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
RACHELLE KLASSEN, CITY CLERK
NIAMH ORTEGA, RECORDING SECRETARY�:��
MARCH 26, 2013
COMPLIANCE ANQLYSIS 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 month of February 2013. Please include the report on the upcoming
agenda for review and acceptance by City Council.
Also included are the approved Minutes of the February 2Q13 meeting for acceptance by
the City Council. I have attached the attendance report in progress for 2013.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
ritii�•�
Attachment (as noted)
R.� 1 J�� y!- 1`�r (/1 ��.'.�t�-�fi J`��"Q
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CITY COUNCIL ACTInN
APPROVF.1) �?�'1!rlF;p
RE�.CCIVED �- �� (ed f)'THI?I2
MEFTING DATE '�`�� "�r �
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NOES: �► r�ne
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VCRIF[ED BY• R-�'?�-�r
Original on Fiie witit City Cierk's �ffice
G:\FINANCEINIAMH ORTEGA\INVESTMENT COMMITTEEIMEMOS\RKLASSENINVREPORT.WPD
CITY PORTFOLIO CONCENTRATION LIMITS
February 2013
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
ClTY LOAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERAL AGENCY -- COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
CORPORATE MEDlUM-TERM NOTES
RIVERSIDE COUNTY 7REASURER
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
Book Value
$ 5,148.00
13, 555.00
25,431.00
$
$
S
49,720.00
6,501.00
8, 690.00
88,224.00
197,269.00
4,071.00
201,340.00 (1)
% of
Portfolio
2.56%
6.73%
12.63%
0.00%
24.69%
3.23%
4.32%
43.82%
97.98%
2.02%
100.00%
FOOTNOTE:
(1) In the Citv 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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City of Palm Desert
reebi s ,_Xtfo&mini Mext
ECONOMIC COMMENTARY
The U.S. economy continues to gain momentum as the stock market rebounds
and home prices rise. On March 8, the Dow Jones Industrial Average rose to a
record high of 14,447.29. The rally is being propelled by U.S. companies
distributing a record windfall to investors in the form of dividends and stock
buybacks. The Federal Reserve has provided further support by announcing
that the 17 largest U.S. financial groups passed their "stress tests", and have
enough capital to keep lending even if there were a sharp economic downturn.
The value of real estate owned by households climbed nearly $450 billion in
4Q2012, increasing the amount of equity that Americans have in their homes.
The key question is if this economic rebound will be sustainable as the sequester,
a stronger dollar, a struggling retail sector, and Obamacare converge. The
sequester, which took effect on March 1, entails an $85 billion reduction in federal
spending, mostly in defense. U.S. firms are reportedly bracing for a "wallop" this
quarter as a stronger dollar causes them to lose export sales to European and
Japanese competitors. Wal-Mart, a retail bellwether, has reported abnormally slow
January and February safes after the expiration of the payroll tax cut. Obamacare
creates new direct taxes in the form of a 0.9% Medicare tax; a 3.8% "unearned
income" tax on high -income taxpayers; an annual fee on health insurance
providers; a 40% excise tax on "cadillac" health care plans; a 2.3% excise tax on
medical device makers; and a new indirect tax in the form of artificially high
insurance premiums for young, healthy, middle -income Americans.
✓mil.5: gikaii, ?C.✓ € 5 a�
City Treasurer
* Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2013
Capital Markets Team
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.
STATISTICS
FEB-13
JAN-13 DEC-12
NOV-12
OCT-12 SEP-12
Thousands of Dollars
Month -End Book Value
Month -End Market Value
Paper Gain (Loss)
Prior Year Book Variance
Interest Earnings
Yield -To -Maturity
Weighted Maturity (Days)
Effective Duration
$ 201,340 $ 198,185 $ 192,086 $ 194,781 $ 195,056 $ 198,990
$ 201,384 $ 198,223 $ 192,120 $ 194,809 $ 195,071 $ 199,032
$ 44 $ 38 $ 34 $ 28 $ 15 $ 42
$ (11,127) $ (32,215) $ (14,228) $ 1,f65 $ (828) $ (6,063)
$ 52 $ 55 $ 54 $ 58 $ 64 $ 64
0.34% 0.35% 0.34% 0.37% 0.39% 0.39%
28 29 31 29 30 29
0.02 0.03 0.03 0.03 0.04 0.04
All data as of February 28, 2013
PORTFOLIO CHARACTERISTICS
February 2013
Dollars in Thousands
Maturities Market Value
< 1 M $ 175,024
<2M
< 3M
< 6M 4,684
< 1Y 4,039
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 183,747
Ratings Market Value
AAA or Aaa $ 99,874
AA or Aa 4,688
A 4,045
Unrated 88,706
Total: $ 197,313
Assets Market Value
County Pool 88,224
LAfF 49,720
W F/LAIF Bond Proceeds 25,431
City Loan to RDA 13,555
MTN 8,734
CAMP 5,147
WF/Bond Proceeds 6,502
Agencies -
Total: $ 197,313
Month Citv Yield LAIF Yield Variance
Mar12 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
Aug 0.40 0.38 0.02
Sep 0.39 0.35 0.04
Oct 0.39 0.34 0.05
Nov 0.37 0.32 0.04
Dec 0.34 0.33 0.01
Jan 0.35 0.30 0.05
Feb 0.34 0.29 0.05
Maturities Distribution 1
100
80
a
0 60 •
�o
0
40 -
a
20 -
0
95
0 0
3 2
0 0 0 0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Credit Quality
AAA or Aaa
51%
Unrated
45%
AA or Aa
A 2%
2%
Asset Allocation
County Pool
45%
Agencies
0%
LAIF
25%
IWF]LAIJ
Bond
Proceeds
13%
WF/Bond City Loan to
Proceeds CAMP MTN RDA
3% 3% 4% 7%
Performance
3°
m
0.50
0.40
0.30
0.20
0.10
0.00
9
Mar12 Apr May Jun
Ju Aug Se Oct No Dec Jan Feb
RAIF Ysk1 OCMy Vicki
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
February 2013
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 February 28, 2013, 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,
Mni/S. qilloaw, GL'..�tl.✓�
City Treasurer
CA Govt
Code
53601ca)
5363
53601 b)
53601 c
53601 d
536011e)
53601
53601 g)
53601( )
53601(i)
53601(I )
53601
53601 kl
53601(1
53601(m)
53601(k)
53601(n)
16429.1(b)
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
Investment Category
Palm Desert Bonds
Demand Deposits
U.S. Treasuries
CA State Debt
CA Local Anencv Debt
Federal Agencies
Bankers's Acceptances
Commercial Paper
Negotiable CDs
epos
Reverse Repos
Medium -Term Notes
Money Market Funds
Trust Indenture Debt
Secured Bank Deposits
Local Government
Investment Pools
Mortgage -Backed
Securities
L.A.I.F.
Maximum
Maturity
5 Years
No Limit
5 Years
5 Years
5 Years
5 Years
180 Days
270 Days
5 Years
1 Year
92 Days
5 Years
90 Days
5 Years 1 No Limit
Maximum Minimum
Limit Quality
No Limit
No Limit
No Limit
No Limit
No Limit
No Limit
40%
25% A-1/P-1
30%
No Limit
20%
30% A
20% AAA &Aaa
AAA & Aaa
90 Days No Limit or Advisor
A (Issuer) &
AA (Security)
No Limit 1 $50MM/Acct No Limit
5 Years 1 20%
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.
Maximum
Maturity
No Limit
5 Years
5 Years
180 Days
270 Days
5 Years
30 Days
5 Years
90 Days
City Investment Policy
Maximum
Limit
No Limit
No Limit
Not Authorized
Not Authorized
No Limit
40% A-1 or P-1
25% A-1 or P-1
30% AA- or Aa3
20%
Not Authorized
30% A
20% AAA & Aaa
Not Authorized
Not Authorized
Minimum % of City
Quality Portfolio
4.4%
3.3%
AAA&Aaa I
90 Days 50% (1) or Advisor 47.3%
Not Authorized
j $50MM/Acct 1
(2)1
38.1%
93.1%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3