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HomeMy WebLinkAboutInvestment Report - May 2013 CITY OF PALM DESERT ..r---�--�. � � FINANCE DEPARTMENT � = -- INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK � FROM: NIAMH ORTEGA, RECORDING SECRETARI�`�`�� 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. CITY COUNCILA ON nmo APPROVED DENiL�D RECEIVED OTHER Attachment (as noted) MEET G DA - AYES• `: NOES: � ABSENTs ABSTAIN: VERIFIED BY: Origin�l on File wit6 Ci lerk's Oftice ,,�� � ��E_�.! BY SA-RDA����' �1V_.. ��� ' �,�_� V1E�FIED� BY � Uriginal mn file with�i�y rk's ��`-�`��� G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD �/""`�'1�'.~""'� � �# � Za13 � Ci of Palm Desert .�����./ir� . tY :r w 1� , , ����r���r��l� �� =_i�t�il�:�i�rc��r/ �%t Fr/>��>�/ ECONOMIC COMMENTARY The Federal Open Market Committee("FOMC")will meet next on June 18- 19. C1 ital Markets Team There is continued speculation on when the FOMC will end its Quantitative Easing("QE"}program. The slightest hint of any decrease in QE causes volatility City Treasurer in the financial markets. This underscores how dependent they are on a Pauf S. Gibson, C.C.M.T. continuation of QE. Otherwise,current interest rates and securities prices are not sustainable. When QE ends,a sharp increase in interest rates is expected, Deputy City Treasurer particularly in those sectors that have been the most heavily supported by QE, Thomas W. Jeffrey, J.D., M.E3.A. such as U.S.Treasuries and mortgage-backed securities. There is little likelihood that a federal deal will be struck in 2013 to reduce long- term U.S.deficits. Declining short-term federal deficits,slowing health-care cost Investment Ob'ectives increases,and partisan gridlock make such a deal impossible. Consequently, the U.S.Government will likely remain on a path towards rising long-term deficits The treasurer shaU invest all that are driven by retired baby boomers. The government will not have to raise pubfic monies in a manner its borrowing limit again until October 2013, that ensures safety of principal;sufficient liquidity The Securities and Exchange Commission voted unanimously to require U.S. to finance the City's prime money market funds,which cater to large institutional investors,to abandon expenditures;and the their fixed$1 per share price. It is thought that switching to a floating share price highest yield possible after will make prime money market funds less susceptible to"runs"because investors the previous two objectives will not worry about them falling below$1 per share. have been met. .r��s ��, C'.L'.✓yt.✓�: � City Treasurer " Certified California Municipal Treasurer PORTFOLIO STATISTICS . Thousands of Dollars Month-EndBookValue $ 209,809 $ 199,761 $ 197,943 $ 201,340 $ 198,185 $ 192,086 Month-End Market Value $ 209,821 $ 199,776 $ 197,962 $ 201,384 $ 198,223 $ 192,120 Paper Gain(Loss) $ 12 $ 15 $ 19 $ 44 $ 38 $ 34 PriorYearBookVariance $ (8,277) $ (10,437) $ (12,660) $ (11,127) $ (32,215) $ (14,228) Interest Earnings $ 53 $ 53 $ 56 $ 52 $ 55 $ 54 Yield-To-Maturity 0.32% 0.33% 0.34% 0.34% 0.35% 0.34% Weighted Maturity(Days) 29 29 29 28 29 31 Effective Duration 0.01 0.01 0.02 0.02 0.03 0.03 All data as of May 31,2013 PORTFOLIO CHARACTERISTICS May 2013 Dollars in Thousands Maturities Market Value < 1 M $ 174,592 Maturities Distribution <2� - 95 <3M 4,671 100 ..� _.._.___._.__w_______.___...._.._...._e.�_.____._�_._�__i <6M 4,023 O 80 � < 1 Y ' 0 60 � � <2Y - 'a � <3Y - 0 40 � i <4Y _ a � <5Y - 20 0 3 2 0 D 0 0 0 � Total: $ 183�286 O <iM <2M <3M <6M <1Y <2Y c3Y <4Y �5Y Ratinus Market Value Credit Quality pqq or Aaa AAA or Aaa $ 99,401 51% AA or Aa 4,667 AA or Aa A 4,018 A 2% Unrated 97,846 Unrated o Total: $ 205,932 4$% 2�° Asset Allocation ,4�x,=� Assets Market Value ,� � , �, �, LAIF County Pool 88,286 �����,�h�`° 2q% LAIF 49,753 �� � WF/LAIF Bond Proceeds 25,438 County Pooi � �" 43% City Loan to RDA 22,655 MTN 8,685 Agencies WF/LAIF Bond 0% Proceeds CAMP 7,010 12% WF/Bond Proceeds 4,105 Agencies - WF/Bond City Loan to Total: $ 205,932 Proceeds CAMP MTN RDA 2% 4% 4% 11% Month Citv Yield LAIF Yield Variance Performance Jun12 0.43 0.36 0.08 J u l 0.42 0.36 0.05 0.45 --.�-_.._._...�_.__.�_w__._.__.__.___�_......�._.______� Aug 0.40 0.38 0.02 i Sep 0.39 0.35 0.04 Oct 0.39 0.34 0.05 0 0.30 Nov 0.37 0.32 0.04 � Dec 0.34 0.33 0.01 r 0.15 Jan13 0.35 0.30 0.05 ' Feb 0.34 029 0.05 '� Mar 0.34 0.29 0.06 0.00 ' ' ' ` Junt2 Jul Aug Sep Oct Nov DecJanl3Feb Mar Apr May Apr 0.33 0.26 0.06 May 0.32 0.25 0.08 ���FYield GCityYield • • � � • • ' � � STATEMENT OF COMPLIANCE May 2013 The investment of the City of Paim 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 May 31,2013,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 Ciry expenditures for the ne� six mo�ths. 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 ba�ances are bank balances. Respectfully submitted, .%�LtYt�.s'. �DWt, �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 Maturit Limit Qualit Maturity Limit Qualit Portfolio 53601 a Palm Deserk 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 Ye�rs No Limit - 53601(c CA State Debt 5 Years No Limit NotAuthorized 53601(d) CA Local Agency Debt 5 Years No Limit NotAuthorized 53601 e Federal A encies 5 Years No Limit 5 Years No Limit - 53601 fl Bankers's Acceptances 180 Da s 40% 180 Da s 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) Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - 53601 i) Repos 1 Year No Limit 30 Days 20% - 53601(I) Reverse Repos 92 Days 20% Not Authorized 53601 ' Medium-Term Notes 5 Years 30% A 5 Years 30% A 4.2% 53601(k) Money Market Funds 90 Days 20% AAA&Aaa 90 Days 20% AAA&Aaa 2.0% 53601(I) Trust Indenture Debt NotAuthorized 53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized 53601(k) Local Government AAA&Aaa AAA&Aaa Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 46.3% 53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized Securities AA(Security) 16429.1 b L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 36.5% (2) 89.0% Footnotes: (1) Maximum concentration limit for local agency investment pools,excluding bond proceeds. 2) Total does not include the Ci Loan to RDA,and cash. • - • � � • • � • ' CITY PORTFOLIO CONCENTRATION LIMITS May 2013 %of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 7,009,999.58 3.34% GITY LOAN TO RDA 22,�54,999.9� 10.�0°l0 WF/L.A.I.F. BOND PROCEEDS 25,437,887.23 12.12% FEDERAL AGENCY-- COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 49,753,159.20 23.71°/a WELLS FARGO CORPORATE TRUST 4,105,209.91 1.96% CORPORATE MEDIUM-TERM NOTES 8,684,832.62 4.14% RIVERSIDE COUNTY TREASURER 88,286,303.48 42.08% TOTAL BEFORE CASH $ 205,932,391.97 98.15% PLUS: CASH $ 3,888,183.70 1.85% GRAND TOTAL $ 209,820,575.67 (1) 100.00% FOOTNOTE: (1) In the City of Palm Desert Comprehensive Annual Financiai Reqort("CAFR"), both the City of Palm Desert ("City')and the City's exter�al auditor define total investments as demand deposits, investments in various instruments, and investments held in local government investment pools. 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