HomeMy WebLinkAboutInvestment Reports - Nov and Dec 2012CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY��
DATE: JANUARY 22, 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 November and December 2012. Please include the report on
the upcoming agenda for review and acceptance by City Council.
Also included are the approved Minutes of the November 2012 meeting for acceptance by
the City Council.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted) CITY COUNCILACTION
APPROVF.D DF.NiF,D
RECEIVED g' �r � � OTHER
fI ' (�, b MF.ETING DATE a-��`�13
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A}3�i?NT: �?4?°��'�..
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G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD
CITY PORTFOLIO CONCENTRATION LIMITS
November 2012
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CITY LOAN TO RQA
WF/L.A.I.F. BOND PROCEEDS
FEDERAL AGENCY -- COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
CORPORATE MEDIUM-TERM NOTES
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
Book Value
$ 2,346,745.96
13,554,999.95
25,410,566.16
49,482,029.06
4,174, 916.97
8, 705, 579.03
88, 091, 734.33
$ 191,766,571.46
$ 3,014,770.14
$ 194,781,341.60 (1)
% of
Portfolio
1.20%
6.96°!0
13.05%
0.00%
25.40%
2.14%
4.47%
45.23%
98.45%
1.55°/a
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 investmenfs 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 PORTFOLIO CONCENTRATION LIMITS
December 2012
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
GITY LQAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERALAGENCY--COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
CORPORATE MEDIUM-TERM NOTES
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS:
CASH
G RAN D TOTAL
Book Value
$ 2, 347,111.10
� 3,554,999.95
25,410,566.16
41,182, 029.06
4,166,125.89
8,700,246.91
88,156,616.90
$ 183,517,695.97
$ 8,568,781.66
$ 192,086,477.63 (1)
°/a of
Portfolio
1.22%
7.06°Io
13.23%
0.00%
21.44%
2.17%
4.53%
45.89%
95.54%
4.46%
100.00%
FOOTNOTE:
(1) In the Citv of Palm Desert Comprehensive Annual Financial Re�ort ("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
reaeitt J J5 ,ie& n iu tort
ECONOMIC COMMENTARY
The Federal Open Market Committee met on December 11 and 12, and made
two significant announcements. First, the Fed will be doubling the amount of
money that it prints. In addition to its ongoing program of buying $40 billion per
month of mortgage -backed securities, the Fed will be buying $45 billion per
month of U.S. Treasury debt. The latter program replaces "Operation Twist,"
which used proceeds from the sales of short-term Treasuries to buy longer -
term debt. Since the Fed has exhausted its inventory of short-term Treasuries,
the new buying program will be pure balance sheet expansion.
Second, in an effort to make this extraordinary expansion of the money supply
appear "moderate," the Fed announced numeric targets for the withdrawal of
liquidity. Fed policy would be tightened if: 1) unemployment falls below 6.5%;
or 2) inflation rises above 2.5%. Both statistics are suspect, however, since
unemployment numbers do not include people who give up looking for work,
and "core" inflation does not include food and energy (which Fed Chairman
Bernanke dismisses as "globally traded commodities"). Finally, since both
targets have been designed to be movable, they are essentially meaningless.
Treasury Secretary Geithner asked Congress to transfer its prerogative to raise
the debt ceiling to the President. U.S. creditors will probably interpret this as a
sign that the U.S. Government has no intention of ever balancing its budget or
limiting it¢ arriimiilafinn of iincncfainahla rlaht
.?ems man, ee..y.
City Treasurer
* Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2012
cGemky
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
NOV-12
OCT-12 SEP-12
AUG-12
JUL-12 JUN-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
$ 194,781 $ 195,056 $ 198,990 $ 206,754 $ 205,805 $ 216,803
$ 194,809 $ 195,071 $ 199,032 $ 206,794 $ 205,845 $ 216,813
$ 28 $ 15 $ 42 $ 40 $ 40 $ 10
$ 1,165 $ (828) $ (6,063) $ 99 $ (1,578) $ (6,478)
$ 58 $ 64 $ 64 $ 71 $ 72 $ 75
0.37% 0.39% 0.39% 0.40% 0.42% 0.43%
29 30 29 28 40 40
0.03 0.04 0.04 0.04 0.05 0.05
All data as of November 30, 2012
Dollars in Thousands
Maturities
<1M
<2M
< 3M
< 6M
<1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total:
Ratings
AAA or Aaa
AA orAa
A
Unrated
Total:
Assets
County Pool
LAIF
WF/LAIF Bond Proceeds
City Loan to RDA
MTN
CAMP
WF/Bond Proceeds
Agencies
Total:
Month
Dec11
Jan12
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
PORTFOLIO CHARACTERISTICS
November 2012
Market Value
$ 169,506
8,723
$ 178,229
Market Value
$ 94,614
4,688
4,045
88,448
$ 191,795
Market Value
88,092
49,482
25,411
13,555
8,733
2,347
4,175
$ 191,795
City Yield LAIF Yield Variance
0.37 0.38 -0.01
0.40 0.39 0.01
0.41 0.39 0.02
0.45 0.38 0.07
0.42 0.37 0.05
0.43 0.36 0.07
0.43 0.36 0.08
0.42 0.36 0.05
0.40 0.38 0.02
0.39 0.35 0.04
0.39 0.34 0.05
0.37 0.32 0.04
Maturities Distribution
100 95
80 -
60
40 -
0
a
20
0-
0 0 0 5 0 0 0 0
r--L
' 1M <2M <3M <6M <1Y 42Y <3Y <4Y <5Y
Credit Quality
Asset Allocation
Performance
Unrated
46%
MA or Aaa
49%
AA orAa
A 3%
2%
County Pool
46%
Agencies
0%
0.5
0.3
WF/Bond
ProceedscAMP MTN
2% 1% 5%
LAI F
26%
WF/LAIF Bond
Proceeds
13%
City Loan to
RDA
7%
1
l I. -a _ I =
0.0
Declllanl2Feb Mar* Apr May Jun Jul Aug Sep Oct Nov
lAF Yell YCJy Yield
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
November 2012
The investment of the City of Palm Desert securities portfolio is govemed 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 November 30, 2012, 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,
Yazd s man,
City Treasurer
CA Govt
Code
53601 f a)
5303
53601(b)
53601 c)
53601 d
5360 �e)
5360 f)
53601 g )
53601 h)
53601(i)
53601(1)
53601)
53601 k
5360 (1
53601(m)
53601(k)
53601(n)
16429.1(b)
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
Investment Categof y
Palm Desert Bonds
Demand Deposits
U.S. Treasuries
CA State Debt
CA Local Agency Debt
Federal Agencies
Bankers's Acc tances
Commercial paper
Ne otiable CDs
epos
Reverse Repos
Medium -Term Notes
Money Market Funds
Trust Indenture Debt
Secured Bank Deposits
Local Govemment
Investment Pnnls
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
90 Days
5 Years
No Limit
Maximum
Limit
No Limit
No Limit
No Limit
No Limit
No Limit
No Limit
40%
25%
30%
No Limit
20%
30%
20%
Nn Limit
No Limit
20%
$50MM/Acct
City Investment Policy
Minimum Maximum Maximum
Quality Maturity Limit
A-1/P-1
A
AAA & Aaa
AAA & Aaa
or Advisor
A (Issuer) &
AA (Security)
No Limit
5 Years
5 Years
180 Days
270 Days
5 Years
30 Days
5 Years
90 Days
90 Days
Minimum % of City
Quality Portfolio
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% I A
20% Ih AAA &Aaa
Not Authorized
Not Authorized
AAA & Aaa
50% (1) or Advisor
Not Authorized
No Limit I $50MM/Acct
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.
4.5%
2.2%
47.2%
39.1%
(2) I 92.9%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
City of Palm Desert
ECONOMIC COMMENTARY
The "fiscal cliff' was temporarily averted as weeks of high stakes negotiations
resulted in a very narrow deal. The Bush Tax Cuts were left intact for those
earning less than $450,000. Incomes taxes increased for those above that level.
The payroll tax holiday on Social Security taxes was allowed to expire. New taxes
that supported the Affordable Care Act took effect as planned. There was a
"permanent" fix to the Alternative Minimum Tax. The issue of Mandatory
Sequestration (large spending cuts that hit discretionary expenditures and defense
spending the hardest) was deferred for two months. The need to raise the
debt ceiling so that the U.S. Government can pay its bills was completely ignored
With taxes rising less than in previous forecasts, estimates for consumer spending
and business investment have increased slightly. Consumer spending is projected
to be 1.6 percent for all of 2013. Modest gains in private sector activity reflect the
uncertainty surrounding the fiscal cliff, which caused economic activity to slow at
the end of 2012, and at the beginning of 2013. The private sector is expected to
pick up momentum over the course of the year, although this momentum will be
offset by the impact of cuts in federal government spending.
Residential construction remained the economy's bright spot. Single-family starts
are projected to rise 27 percent this year, and multi -family starts are projected to
rise 30 percent. This rebound comes from severely depressed levels, however,
and will haves nnly a mnriact affart nn overall U.S. economic activity.
Yes .6). , , ee.. y. 4,
City Treasurer
Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2012
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
DEC-12
NOV-12 OCT-12
SEP-12
AUG-12 JUL-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
$ 192,086 $ 194,781 $ 195,056 $ 198,990 $ 206,754 $ 205,805
$ 192,120 $ 194,809 $ 195,071 $ 199,032 $ 206,794 $ 205,845
$ 34 $ 28 $ 15 $ 42 $ 40 $ 40
$ (14,228) $ 1,165 $ (828) $ (6,063) $ 99 $ (1,578)
$ 54 $ 58 $ 64 $ 64 $ 71 $ 72
0.34% 0.37% 0.39% 0.39% 0.40% 0.42%
31 29 30 29 28 40
0.03 0.03 0.04 0.04 0.04 0.05
All data as of December 31, 2012
Dollars in Thousands
Maturities
<1M
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total:
Ratings
AAA or Aaa
AA or Aa
A
Unrated
Total:
Assets
County Pool
LAIF
WF/LAIF Bond Proceeds
City Loan to RDA
MTN
CAMP
WF/Bond Proceeds
Agencies
Total:
Month
Jan12
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
PORTFOLIO CHARACTERISTICS
December 2012
Market Value
$ 161,262
8,734
$ 169,996
Market Value
$ 94,670
4,688
4,045
80,148
$ 183,551
Market Value
88,157
41,182
25,410
13,555
8,734
2,347
4,166
$ 183,551
City Yield LAIF Yield Variance
0.40 0.39 0.01
0.41 0.39 0.02
0.45 0.38 0.07
0.42 0.37 0.05
0.43 0.36 0.07
0.43 0.36 0.08
0.42 0.36 0.05
0.40 0.38 0.02
0.39 0.35 0.04
0.39 0.34 0.05
0.37 0.32 0.04
0.34 0.33 0.01
1 Maturities Distribution II
0
100
80
60
40
20
0
95
5
P9
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
0
0
0
0 0 0 0
Credit Quality
Asset Allocation
County Pool
48%
Agencies
0%
WF/Bond
LAIF
23%
WF/LAIF Bond
Proceeds
14%
ProceedsCAMP City Loan to
2% 1% MTN 5% RDA
7%
Performance
e.
-a
Jan12Feb Mar Apr May Jun Jul
a
Aug Sep Oct Nov Dec
MF YNM OCIy Yield
•- A11-•
•
•
STATEMENT OF COMPLIANCE
December 2012
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 December 31, 2012, 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,
.%au1 S. 0i0a1a, eeit 9
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
CA Govt
Code
53601(a)
53633
53601 b
53601 c
53601 d
53601 e)
53601 ffl
53601 f )
5360i h)
5360 (i)
53601(1)
53601(1)
53601 k
53601(1)
53601(m)
53601(k
53601(n)
16429.1(b)
Maximum
Investment Category Maturity
Palm Desert Bonds 5 Years
Demand Deposits No Limit
U.S. Treasuries 5 Years
CA State Debt
CA Local Agency Debt
Federal Agencies 5 Years
Bankers's Acceptances 180 Days
Commercial Paper 270 Days
Negotiable CDs 5 Years
Repos 1 Year
Reverse Repos 92 Days
Medium -Terri Notes 5 Years
Money Market Funds 90 Days 1 0 /o
Trust Indenture Debt
Secured Bank Deposits I 5 Years 1 No Limit
5 Years
5 Years
Maximum
Limit
No Limit
No Limit
No Limit
Minimum
Quality
No Limit
No Limit
Local Government
Investment Pools
Mortgage -Backed
Securities
L.A.I.F.
90 Days
5 Years
No Limit
No Limit
40%
25% A-1/P-1
30%
No Limit
20%
30%
2°
No Limit
A
AAA & Aaa
AAA &Aaa
or Advisor
20% A (Issuer) &
AA (Security)
$50MM/Acct
City Investment Policy
Maximum Maximum Minimum % of City
Maturity Limit Quality Portfolio
No Limit
5 Years
No Limit
No Limit
Not Authorized
Not Authorized
5 Years
180 Days
270 Days
5 Years
30 Days
No Limit
40%
25%
30%
20%
A-1 or P-1
A-1 or P-1
AA- or Aa3
Not Authorized
5 Years
90 Days
30% A
20% AAA & Aaa
4.7%
2.3%
Not Authorized
Not Authorized
90 Days 50% (f)
MA & Aaa
r or Advisor
Not Authorized
49.3%,
No Limit $50MM/Acct
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.
(2)
36.3%
92.6%