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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 C� - � � � � i� :� U� .� �k+.�����:� ��" �-�,�.��„��(J �rlginal �ii �'.�� v��� �i�y- �:ie: ,� � ��ce CITY COUNCIL ACTInN APPROVF.1) �?�'1!rlF;p RE�.CCIVED �- �� (ed f)'THI?I2 MEFTING DATE '�`�� "�r � AYF.S: � n��. Oi�„P,�, i���ne�,���(��.r�1 i 1 NOES: �► r�ne AE3SENT; ����-. AI3STAINr � �n r 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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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