HomeMy WebLinkAboutInvestment Report - June 2013 CITY OF PALM DESERT
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� � 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
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�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. The concentration
percentages shown above were calculated based on that definition.
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