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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 ,/1.P'�".I UL�� 9� ���(�, B�' `��-�7.F1`��� �� AYES: ��/15an.T�nnP�, l.cge��/'� rn i� �3N�� � ���0/� NO(:�: hI o�c� , A}3�i?NT: �?4?°��'�.. '4'�,.��`i ��.� �'�'�_�,��1 Al3�TnI:V: N bn � (�ri �.�a� �ei ��c° s�;r�� '�;�{,: _.'"-��.;;,,:;; VF.I�il�'lI:[) I3Y: �� i � � �i ., :. ,� � a.,�+��a:.!' ()ri�in.zl on File �vitl� Cit� ��I�.�'x'^.+ f'iice 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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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. 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O V O O O N N 0 0 � o N N W N O t�0 W {N!1 � V W (O N V o V�i W N oe w o Of fD N O t0 W N � V W t0 N p O W V O CJ� 7 < N � A � # c � �� m � m � � d ff 10 N N ro c p �. � � _ �m � � � C � o O � 3 0� o' � �v e� � 3 y � � � d w � � � C � y I�A d W � C � , � O � N � � � y � �� � 3 m � N � N C N W N 01 cw0 N o m� N V � N -+ V 1.1 t0 N A o w V O tr 0 0 0 i,+ N O O a, � 8 x C d C W N �� � � � d � ai 3� m c�i � d.. =o � m3 tn A '� N 10 N N 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%