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HomeMy WebLinkAboutInvestment Report - June 2013 CITY OF PALM DESERT �--��--� � � FINANCE DEPARTMENT � INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK � FROM: NIAMH ORTEGA, RECORDING SECRETARY�-�'`~� DATE: MAY 26, 2013 SUBJECT: COMPLIANCE ANALYSIS 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 months of May and June 2013. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the approved Minutes of the May and June 2013 meetings for acceptance by the City Council. Additionally, I have attached the attendance report in progress for 2013, including the cancellation of next month's meeting. Please feel free to contact me at Ext. 382 if you have any questions. Thank you. nmo Attachment (as noted) G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD �,....`�1".��''�t ,� � 2013 Ci of Palm Desert �/ � , /(t�"f(' . . � �. - �. ,� , • _JI'F'/r��//l'f'1' :,i =_/f I/�('r.i�///r'I t/ > /�f t'�ii��'/ �C�NOMIC C4MM�NfiARY After the June 18-19 Federal Open Market Committee(FOMG)meeting,global C8 ital Markets Team financial markets were highly volatile due to the perception that the era of cheap money might be ending. There was a massive U.S.stock market sell-off, and City Treasurer the yield on 10-year U.S.Treasury notes surged to 2.49%,the highest level Paul S. Gibson, C.C�.M.T. since August 2011. The speed with which interest rates rose in such a short period of time unnerved the markets. Rapidly rising interest rates have a Deputy City Treasurer particularly onerous effect on housing. For every one-percent rise in mortgage Thomas W. Je(frey, J.D., M.B.A. rates,the cost of buying a home increases by nearly 10 percent. On July 10, FOMC Chairman Bemanke sought to reassure markets by stating that while the Fed's$85 billion-a-month bond-buying program might be winding Investment Ob'ectives down,the Fed would continue to keep short-term interest rates low for the foreseeable future in order to support the U.S.economy. Bernanke said that The treasurer shall invest all the Fed probably would not raise them until the U.S. Unemployment Rate public monies in a manner is at 6.5 percent,which is one percent lower than its current level. Many that ensures safety of economists believe that the Fed will not begin raising short-term interest rates principal;sufficient iiquidity until 2015. to finance the City's expenditures;and the The RDA Successor Agency investment portfolio increased by$17.5 million in highest yisld possible after June due to the receipt of ROPS money,which the Successor Agency the previous two objectives subsequently transferred to Wells Fargo Corporate Trust Services in order to have been met. pay future debt service on the Successor Agency's municipal bonds. .��s ��, e.e..�.��: � City Treasurer " Certified California Municipal Treasurer PORTFOLIO STATISTICS . Thousands of Dol/ars Month-End Book Value $ 218,688 $ 209,809 $ 199,761 $ 197,943 $ 201,340 $ 198,185 Month-End Market Value $ 218,697 $ 209,821 $ 199,776 $ 197,962 $ 201,384 $ 198,223 Paper Gain(Loss) $ 9 $ 12 $ 15 $ 19 $ 44 $ 38 Prior Year Book Variance $ 1,885 $ (8,277) $ (10,437) $ (12,660) $ (11,127) $ (32,215) Interest Earnings $ 57 $ 53 $ 53 $ 56 $ 52 $ 55 Yield-To-Maturity 0.32% 0.32% 0.33% 0.34% 0.34% 0.35% Weighted Maturity(Days) 26 29 29 29 28 29 Effective Duration 0.01 0.01 0.01 0.02 0.02 0.03 All data as of June 30,2013 PORTFOLIO CHARACTERISTICS June 2013 Dollars in Thousands Maturities Market Value < 1 M $ 183,684 Maturities Distribution <2M 4,664 95 <3M 4,013 100 ..-....._.__..._...._.__..._,..._._...._.._...___.__�__.._.___._.____._...._,..� <6M - e 80 � � �Y o 60 � <2Y - ,'�- ; <�� _ O 40 ; <4Y - a � <5Y - 20 2 2 0 0 0 0 0 0 E Total: $ 192,361 O <1M <2M <3M <6M <tY <2Y <3Y <qy c5Y Ratinas Market Value Credit Quality qqq or Aaa AAA or Aaa $ 108,493 51% AA or Aa 4,664 A 4,013 AA or Aa Unrated 97,846 Unrated A 2% Total: $ 215,016 46% 2% Asset Aliocation �����1 Assets Market Value �������,a� �,4IF County Pool 94,786 ��,��,��� F 23% , � ����"��;:, LAIF 49,753 WF/LAIF Bond Proceeds 25,438 County Pool �r��" � �� 44/o "�`�" City Loan to RDA 22,655 MTN 8,677 Agencies WF/LAIF Bond p% Proceeds CAMP 9,611 12% WF/Bond Proceeds 4,096 Agencies - WF/Bond City Loan to Total: $ 215,016 Proceeds CAMP MTN RDA 2% 4% 4% 11% � � Month Citv Yield LAIF Yield Variance Performance Ju112 0.42 0.36 0.05 Aug 0.40 0.38 OA2 0.45 ----_________.__..____._.__._..___._.____..._____, Sep 0.39 0.35 0.04 ` i Oct 0.39 0.34 0.05 j Nov 0.37 0.32 0.04 a 0.30 � Dec 0.34 0.33 0.01 �° � Jan13 0.35 0.30 0.05 } �' ` I �.15 Feb 0.34 0.29 0.05 Mar 0.34 029 0.06 ' ; Apr 0.33 0.26 0.06 0.00 Ju112Aug Sep Oct Nov DecJanl3Feb Mar Apr May Jun May 0.32 0.25 0.08 Jun 0.32 0.24 0.08 OLAIFYield �CityYield � ' � � � • ' ' • STATEMENT OF COMPLIANCE June 2013 The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Paim 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 June 30,2013,the City investment portfolio was in compliance with ali applicabie 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 ne� gix months. In addition,portions afi th�City inv�$tm�nt portfiolio eould b�iiquidated in ord�r to m��t any signifieant, un�xp�et�d eash requirements. Interactive Data Services provided the market value prices for securities in the City investment portFolio. All balances are bank balances. Respectfully submitted, .r�s ��, e.e..�.�� City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Maximum Minimum Maximum Maximum Minimum %of City Code Investment Cate o Maturi Limit Qualit Maturi Limit Qualit Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit - 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 NotAuthorized 53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized 53601(e) Federal A encies 5 Years No Limit 5 Years No Limit - 53601( Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 - 53601 Commercial Paper 270 Da s 25% A-1/P-1 270 Da s 25% A-1 or P-1 - 53601(h) Negotiabte CDs 5 Years 30°/a 5 Years 30% AA-or Aa3 - 53601(i} Repos 1 Year No Limit 30 Days 20% - 53601(I) Reverse Repos 92 Days 20% NotAuthorized 53601 ' Medium-Term Notes 5 Years 30% A 5 Years 30% A 4.0% 53601(k) Money Market Funds 90 Days 20% AAA&Aaa 90 Days 20% AAA&Aaa 1.9% 53601(I) Trust Indenture Debt Nof Authorized 53601(m) Secured Bank Deposits 5 Years No Limit NotAuthorized 53601(k) Local Government AAA 8�Aaa AAA&Aaa Investment Poois 90 Days No Limit or Advisor 90 Days 5Q°lo(1) or Advisor 48.6% 53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& NotAuthorized Securities AA(Security) 16429.1 b L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 35.0% (2) 89.5% Footnotes: (1) Maximum concentration limit for local agency investment pools,exc/uding bond proceeds. 2) Total does not include the Ci Loan to RDA,and cash. • • • � � • ' � • CiTY PORTFOLIO CONCENTRATION LIMITS June 2013 %of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 9,610,585.66 4.39% CITY L�AN TO R�A 22,6�4,999.9� 10.36% WF/L.A.I.F. BOND PROCEEDS 25,437,887.23 11.63% FEDERAL AGENCY--COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 49,753,159.20 22.75% WELLS FARGO CORPORATE TRUST 4,096,143.54 1.87% CORPORATE MEDIUM-TERM NOTES 8,668,254.11 3.96% RIVERSIDE COUNTY TREASURER 94,786,303.48 43.34% TOTAL BEFORE CASH $ 215,007,333.17 98.32% PLUS: CASH $ 3,680,967.21 1.68% GRAND TOTAL $ 218,688,300.38 (1) 100.00% FOOTNOTE: (1) In the City of Palm Desert Comqrehensive Annuai 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. 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