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HomeMy WebLinkAboutSR - Invstmnt Rprts - Mar and Apr 2013CITY 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 March and April 2013. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the approved Minutes of the March and April 2013 meeting for acceptance by the City Council. I have attached the attendance report in progress for 2013. Please feel free to contact me at Ext. 382 if you have any questions. Thank you. nmo Attachment (as noted) (5"°) U BY SA -RDA ON-i3-aCI3 VERIFIED BY k 19 Original on file with CiCityClerk's Office CITY COUNCIL ACTION APPROVED ✓ DENIED RECEIVED OTHER MEETING DATE /11- 13' AYES: £ &sr it &l "i'` 1 Innner1 iivber, I Inrni K. 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U y C t� I� N ' C r � � �.� W n � p L N N '� Vl �' � L C � C C � � (0 O N E .- x M � 'y N � T w � +-' (A U C c .O W � �a t6 O N (0 � t O V�! � � N y N N � �� A a' p� C �' m O o .d U �, V U C C ' 1�0 O � N C N C� O N � W} � ; o N - � � � a �, ¢ F°- v a w�� a M O N T M M Q M O N � O � O � O r� .` �1 g �' m 0 0 a � � � N m � N a V� h m � � � O O N O O � M� � r r r aU N � O� w � d �. �Y .�$ � N d n o � � rn o i. > �°n 'i h Y � O � N V e�- m N V r � � O h 7 �p � N � N O� O Uf f0 t7 h � N V � � N ' �_ y N Q Q� U r � rn o n _ � p � oi � �c �� N N � rn � o � � (� � a ^ o ' Qi� N `C � � M N � 0 L Z •O •O � � � � � y y N N O O O � � T a a t O N N i. � � O o a o 0 m ar o rnu o n �o c a N � > A o Q m n' � � z Y U � W > _ � U F N F-� H v i3 > > c y w C� (� A � y z = m N � � � C � 7 O O N C Q � L N N ik U c � d « ~ y N cD � N N C N N V z ,� � a v � � W N N U_ U v}i cYi� � � I I 1 I � Q O n O N O � � LLI O � a n, f a O N th O h a g d 0 � City of Palm Desert Xra.76Wiee, d fnuedtinent x1 ECONOMIC COMMENTARY According to the minutes of the Federal Reserve's March economic policy review, Fed officials are actively debating whether to wind down their $85 billion -a - month bond buying program after midyear. They have become increasingly concerned about the potential for instability to the financial system, a sudden rise in interest rates, and inflation. Repeated rounds of Quantitative Easing ("QE") have produced short-lived bounces that have pushed a weak U.S. economy from the verge of recession. QEs have also created a stock market "bubble", however, as elevated profit margins have created the illusion that stocks are reasonably priced. Obamacare may have a significant impact on consumer spending, which drives U.S. economic growth. Rising insurance premiums prompted by expanded health benefits; spiraling claim costs; the overseas outsourcing of R&D jobs to avoid the Medical Device Tax; the conversion of full-time jobs to part-time jobs to avoid the Obamacare mandate; reduced work hours for part-time jobs; higher payroll taxes; a reduction in flexible spending account caps; an increase in the threshold for the medical itemized deduction, will reduce the amount of disposable income that consumers have to spend. A federal bankruptcy judge has ruled that the City of Stockton, California can file for bankruptcy under Chapter 9. Seven other Califomia cities may also be headed in that direction. yau1 S. gamin, L'.e 1t.✓� : �` City Treasurer * Certified California Municipal Treasurer PORTFOLIO STATISTICS 2013 ,Wiee4 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 MAR-13 FEB-13 JAN-13 DEC-12 NOV-12 OCT-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 $ 197,943 $ 201,340 $ 198,185 $ 192,086 $ 194,781 $ 195,056 $ 197,962 $ 201,384 $ 198,223 $ 192,120 $ 194,809 $ 195,071 $ 19 $ 44 $ 38 $ 34 $ 28 $ 15 $ (12,660) $ (11,127) $ (32,215) $ (14,228) $ 1,165 $ (828) $ 56 $ 52 $ 55 $ 54 $ 58 $ 64 0.34% 0.34% 0.35% 0.34% 0.37% 0.39% 29 28 29 31 29 30 0.02 0.02 0.03 0.03 0.03 0.04 All data as of March 31, 2013 PORTFOLIO CHARACTERISTICS March 2013 Dollars in Thousands Maturities Market Value <1M $ 171,612 < 2M < 3M < 6M 8,703 < 1Y < 2Y < 3Y < 4Y < 5Y Total: $ 180,315 Ratings Market Value AAA or Aaa $ 96,473 AA or Aa 4,677 A 4,025 Unrated 88,695 Total: $ 193,870 Assets Market Value County Pool 88,224 LAIF 49,720 WF/LAIF Bond Proceeds 25,420 City Loan to RDA 13,555 MTN 8,703 CAMP 4,009 WF/Bond Proceeds 4,239 Agencies Total: $ 193,870 Month Citv Yield LAIF Yield Variance Apr12 0.42 0.37 0.05 May 0.43 0.36 0.07 Jun 0.43 0.36 0.08 Jul 0.42 0.36 0.05 Aug 0.40 0.38 0.02 Sep 0.39 0.35 0.04 Oct 0.39 0.34 0.05 Nov 0.37 0.32 0.04 Dec 0.34 0.33 0.01 Jan13 0.35 0.30 0.05 Feb 0.34 0.29 0.05 Mar 0.34 0.29 0.06 / Maturities Distribution 100 95 80 - e 0 60 - 1: 40- 0 a 20 0 0 0 5 0 0 0 0 0 r-t <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y Credit Quality N Asset Allocation M County Pool 46% Agencies 0% LAIF 26% WF/LAIF Bond Proceeds 13% WF/Bond City Loan to ProceedsCAMP MTN RDA 2% 2% 4% 7% Performance M 0.50 0.40 0.30 0.20 - 0.10 0.00 Apr12May Jun Jul Aug Sep Oct Nov DecJan13Feb Mar ®LAIF Yield OCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE March 2013 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 March 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 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, Yazds Oka, ee.JL City Treasurer CA Govt Code 53601(a) 53633 53601(b) 53601(c) 53601(d) 53601(e) 53601(f) 53601(g) 53601(h) 53601(i) 53601(1) 53601(j) 53601(k) 53601(1) 53601(m) 53601(k) 53601(n) 16429.1(b) SUMMARY OF AUTHORIZED INVESTMENTS California Government Code Maximum Maximum Investment Category Maturity Limit Palm Desert Bonds Demand Deposits U.S. Treasuries CA State Debt CA Local Agency Debt Federal Agencies Bankers's Acceptances Commercial Paper Negotiable CDs Repos Reverse Repos Medium -Term Notes Money Market Funds Trust Indenture Debt Secured Bank Deposits Local Government Investment Pools 5 Years No Limit 5 Years Mortgage -Backed Securities L.A.I.F. 5 Years 5 Years 5 Years 180 Days 270 Days 5 Years 1 Year 92 Days 5 Years 90 Days No Limit No Limit No Limit 5 Years 90 Days 5 Years No Limit No Limit No Limit No Limit 40% 25% 30% No Limit 20% 30% 20% No Limit No Limit 20% $50MM/Acct Minimum Maximum Quality Maturity A-1/P-1 A AAA & Aaa AAA & Aaa or Advisor A (Issuer) & AA (Security) No Limit 5 Years City Investment Policy Maximum Minimum % of City Limit Quality Portfolio 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 Aaa 5 Years 90 Days 90 Days No Limit 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. Not Authorized 30% A 20% AAA &Aaa Not Authorized Not Authorized AAA & Aaa 50% (1) I or Advisor Not Authorized $50MM/Acct (2)I 4.5% 2.2% 47.6% 38.8% 93.0% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS March 2013 % of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 4,009,043.87 2.03% CITY LOAN TO RDA 13,554,999.95 6.85% WF/L.A.I.F. BOND PROCEEDS 25,420,180.16 12.84% FEDERAL AGENCY -- COUPON 0.00% LOCAL AGENCY INVESTMENT FUND 49,720,114.43 25.12% WELLS FARGO CORPORATE TRUST 4,238,690.70 2.14% CORPORATE MEDIUM -TERM NOTES 8,684,250.51 4.39% RIVERSIDE COUNTY TREASURER 88,224,114.25 44.57% TOTAL BEFORE CASH $ 193,851,393.87 97.93% PLUS: CASH $ 4,091,942.96 2.07% GRAND TOTAL $ 197,943,336.83 (1) 100.00% FOOTNOTE: (1) In the City of Palm Desert Comprehensive Annual 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. � � W � �` W d � ch � Cf o � � N Q � O o M d � •O .L O�oa �aa V V> r�i ��� o c�o m N �� fV N N O OD C7 �y v o c o 0 0 0 0 0 W h �o e� E.- �.- � � N � I o� � � N H o- �.- � �.- rn � I�o M {a Q Mc � i \ w N � N 1� '7 CD � p � c0 O> O a '- •p � O � .p N <U � N (V V � O O O a � 8 7 � O�i N N a M on0 {� �p f� oi h Oi aD Ki � N Of OD � N � m� N � CD N W V � a 11� � `�7 1� � (n0 N T � � .�- N V � oD � M �i o� � � N � O�i N N � � � Ip 7 �; In Of 00 � N f0 �A n A �n rn m u� a n � N � V f� � (O N � N v) �u) rn� a0 a0 M N � � � OI r a 7 `C rn N N � O a~O � % 1�A O�i � � tN O � � � � � � 1� � (O N � OI � � N Vrn' � ao � N � OI � � 0 F N � o LL � z � a o W F� N W Q � Z w � �- N �' � � w a i � w o a z O p� Q � O �, U W � C ` O m W d' W O C y w Q��� q� o m �cn o Q � cn o'� E Q� LL � w p> > C U U� �� U� C 0o I� O N �n 0 0 � IN � � �o � � v � � O 4i M v r a vi V v � n b M Of W t0 A o� a� r- o� � N W � � T 01 T OI <O O 'a � OI OI � N C o � � U y `� � > m� c �G T � y c N �a � � U � $c � U a� H T U � Y � C f0 � � � a�i � � N c � a� � N f6 N� O — C Q 7 � � � �- m U N . 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LL LL LL lL LL LL LL lL lL LL lJ.. LL lL lL U. IL LL LL LL IL LL LL LL LL lL lL LL lL lL LL � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N � � N � � h � � N � � � � � � � � � � h � � � > > > 7 > > 7 > > > 7 � � > > > 7 � 7 7 > > > 7 7 � � � 7 > > > 7 J J J J J J J J J .J J J J_l _l J J J J J J J J J J J J J J J J J J a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a � �- Y � � � �- ?� } � �- Y Y � )- Y ?� Y � r Y Y Y } Y �- � > � T �- Y � � � � � � � 6_' d' � � � � d' � � � � d' � K R 0.' � d' � � � �.' d' a' d' � � 7 > > 7 � 7 � > > � � > > > > 7 7 > > 7 � > > > > � � > > > > > 7 NQ(Q� Na ta� hQ NQ yQ tQ� NQ Na tQ� NQ tQ� tQ� fQ� NQ NQ yQ NQ NQ yQ(Q� (Q� !Q� NQ lQ� yQ NQ(Q� NQ NQ(Q� lQ� u] W L�7 W ti] 111 li] W W W ul W W W W W L�l u7 W W W lil W W W lil W li] liJ W W W W � � � � F � � � F � F � � F F � � � � � � � � H H F � � F � � � � w w w w w w w w w w w w w w w w w w w w w w w w w w w w w w w w w c7 C� C� C� c� c7 C7 (7 C7 C7 c� c� C� C� C7 C7 c7 c� C� C7 c� c7 c� C� C7 C7 C7 c� c� c� C� C7 C� a a a a a a a a a a a a a a a a¢ a a a a a¢ a a a a¢ a a a a a 1- f- F �- i-- f- F- H H h t- F F F- f- f- f- F F F�- F- f- F F f- F- f- F H H F- F- Z Z Z Z 2 Z Z Z Z 2 Z Z Z Z Z 2 2 Z Z Z 2 2 Z Z Z Z Z Z 2 Z Z Z Z a aa a aa a aa a aa a aa a a¢ a aa a aa a aa a aa a aa > » > » > » > » > » > » > » > » > » > » > » 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0❑ o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 a a a a¢ a a a a a a a a a a a a a a a a a a a a a a a a a a a a F� H F H F- f- H F F- 1- F� H H H H !- F- I- F F F F- F- F H F F F� F� F- F H F N(h iA f0 f� aD O> O N I'� a� f0 OD O) O O ch � O N[7 O N GO O � N O O� O O O O O r- � �'- � � � � � N O O O O O O O O O O O O .- .- � � �.- �.-- � �.- .- � � � � e- N N N N a0 00 a0 a0 aD a0 oD � f� h I� f� O O O O� W �� Of �� v v v a v v v a o v v v v v o v v v v v v v ao 0o co ao ao ao ao N N N N 1� h h h� ���f1 IA N�(1 O O O o O O O O O o o O O O O O O O N N N N N N N N f7 C7 f�1 l`9 l`'1 C7 M N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N F F F F F- F- h- H F- F F� F- F- H H H F F- F- F- F- F H F H F- F- F� F H F H H N c7 � N f0 h �� O N M � N(O OD O� O O l�1 O N('7 O N aD O � N O O O O O O O O.- .- N O O O � O O O O O O O O N N N N c0 c0 aD c0 cD aD a0 � � ^•- •- •- =^� �: =�•- � i: n r� n o 0 0 o rn rn rn rn rn rn rn a v a a a v v v a a e v o v v o v a v v a c ao ao ao ao ao co m N N N N 1� 1� f� t� N N u7 1n 1t� h 1n O O O O O O O O O O O O O O O O O O N N N N N N N N M P7 f7 fh lh ('� lh N N N N N N (V N N N N N N N N N N N N N N N N N N N N N N N N N N } y } } } } } } } } } } } } } y } } } } } } } } } } } } } } } } } ��������������������������������� � � N N N V � rn � v A 9 0 a � H � Q o � O � •a a� � � o a a � a f+1 � M 0 � d 0 � 0 0 M a� rn a N a+ C W d � � � W d 0 � � o � c , c� J c0 vi O Q � � M a o � •L d o� oa � a° � O a y c+� r� �O N N ;, � a � o 0 � A � � T1U M O I � �) OD o� ' � � o � � rtDi n � � � ol o ol o 0 a Q � m � I �) �r � a�o M r`Oi � � � .- o N � N� M, Or0 C�0 1p � � (��1 � � � p�j Y f� 01 V: V � p � r � � � � mO t�0, i^O �, N N M V' �f OD '�, 0�0 O�0 W � O�t V II GnD 00 Yf 7 W � N ' � �N V � � a V n � O (n0 t�0 N � �'N'f � � < CD O�D C�D O�f � o 0 0 � � � � o 0 0 � � , � o 0 0 � � 0 o a a � � " o � � a � � a o� �o N N w v o ao � � � y N .- A A O O L G N N � o � � a o .- 01 t��i � � e�- � a �ri �ri � � � M Q m � a pp 1� U a V J d' � �`! 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The timing of winding down the Fed's $85 billion -a -month bond -buying program remains uncertain, however. Fifty-five percent of private economists believe that the Fed will begin shrinking its bond purchases in the second half of 2013, while another 45 percent believe that this will happen in 2014 or later. Fed officials want to see a substantial improvement in the job market before they start the wind -down. Even then, the Fed may not boost short-term interest rates for months or even years later. Wells Fargo Bank is forecasting U.S. economic growth of 1.2 percent in the second quarter of 2013, with a pick-up to 2 percent in the second half as business investment and housing add to growth. Government will continue to be a drag on growth, however, as spending at federal and state levels continues to be cut back. Rising government revenue from tax collections and bailout paybacks are shrinking the federal deficit faster that expected. This may lead to a more intransigent Congress since neither side will believe that it has to make concessions in order to reduce the deficit. The Dow Jones Industrial Average closed above 15,000 for the first time as investors poured into the stock market, seeing few alternatives to stocks. The RDA Successor Agency investment portfolio fell by $15.8 million in April, due to the payment of debt service. 9'au/S. C arc, ee...41.✓9 City Treasurer Certified California Municipal Treasurer PORTFOLIO STATISTICS STATISTICS APR-13 MAR-13 FEB-13 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 JAN-13 2013 t 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. DEC-12 NOV-12 $ 199,761 $ 197,943 $ 201,340 $ 198,185 $ 192,086 $ 194,781 $ 199,776 $ 197,962 $ 201,384 $ 198,223 $ 192,120 $ 194,809 $ 15 $ 19 $ 44 $ 38 $ 34 $ 28 $ (10,437) $ (12,660) $ (11,127) $ (32,215) $ (14,228) $ 1,165 $ 53 $ 56 $ 52 $ 55 $ 54 $ 58 0.33% 0.34% 0.34% 0.35% 0.34% 0.37% 29 29 28 29 31 29 0.01 0.02 0.02 0.03 0.03 0.03 All data as of April 30, 2013 Dollars in Thousands Maturities Market Value < 1 M $ 173,069 < 2M < 3M < 6M 8,703 < 1Y < 2Y < 3Y < 4Y < 5Y Total: $ 181,772 Ratings Market Value AAA or Aaa $ 97,879 AA or Aa 4,671 A 4,023 Unrated 88,746 Total: $ 195,319 Assets Market Value County Pool 88,249 LAIF 49,753 WF/LAIF Bond Proceeds 25,438 City Loan to RDA 13,555 MTN 8,694 CAMP 5,510 WF/Bond Proceeds 4,120 Agencies - Total: $ 195,319 Month May12 Jun Jul Aug Sep Oct Nov Dec Jan13 Feb Mar Apr PORTFOLIO CHARACTERISTICS April 2013 Citv Yield LAIF Yield Variance 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 0.35 0.30 0.05 0.34 0.29 0.05 0.34 0.29 0.06 0.33 0.26 0.06 Maturities Distribution 1 0 a Credit Quality N i 1 100 95 80 - 60 - 40 - 20 0 0 5 0 0 0 0 0 0 r-I <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y Asset Allocation N AAA or Aaa 51% Unrated 46% County Pool 45% Agencies 0% AA orAa A 2% 2% LAI F 26% WF/LAIF Bond Proceeds 13% WF/Bond T City Loan to Proceeds CAMP MTN RDA 2% 3% 4% 7% i 1 Performance l az m 0.50 0.40 0.30 - 0.20 - 0.10 - 0.00 - May12Jun Jul Aug Sep Oct Nov DecJan13Feb Mar Apr LAIF Yield City Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE April 2013 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. 1 For the month ended April 30, 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 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 portfdio. All balances are bank balances. Respectfully submitted, .rauls Oka", City Treasurer CA Govt Code 53601(a) 53633 53601(b) 53601(c) 53601(d) 53601(e) 53601(f) 53601(g) 53601(h) 53601(i) 53601(1) 53601(j) 53601(k) 53601(1) 53601(m) 53601(k) 53601(n) 16429.1(b) SUMMARY OF AUTHORIZED INVESTMENTS California Government Code Investment Category Palm Desert Bonds Demand Deposits U.S. Treasuries CA State Debt CA Local Agency Debt Federal Agencies Bankers's Acceptances Commercial Paper Negotiable CDs Repos Reverse Repos Medium -Term Notes Money Market Funds Trust Indenture Debt Secured Bank Deposits Local Government Investment Pools 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 Maximum Limit No Limit No Limit No Limit No Limit No Limit No Limit 40% 25% 30% No Limit 20% 30% 20% No Limit Minimum Quality No Limit 20% No Limit I $50MM/Acct A-1/P-1 A AAA & Aaa Maximum Maturity No Limit AAA & Aaa or Advisor A (Issuer) & AA (Security) 5 Years 5 Years 180 Days 270 Days 5 Years 30 Days 5 Years 90 Days 90 Days No Limit 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. City Investment Policy Maximum Minimum %of City Limit Quality Portfolio No Limit No Limit Not Authorized Not Authorized No Limit 40% 25% 30% 20% Not Authorized 30% A 20% AAA &Aaa Not Authorized Not Authorized I AAA & Aaa 50% (1) or Advisor Not Authorized A-1 or P-1 A-1 or P-1 AA- or Aa3 I $50MM/Acct I (2) 4.4% 2.1% 48.0% 38.5% 93.1% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMI April 2013 % of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,509,557.4 2.76% CITY LOAN TO RDA 13,554,999.9 6.79% WF/L.A.I.F. BOND PROCEEDS 25,437,887.2 12.73% FEDERAL AGENCY -- COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 49,753,159.20 24.91 WELLS FARGO CORPORATE TRUST 4,120,493.0 2.06% CORPORATE MEDIUM -TERM NOTES 8,678,918.3 4.34% RIVERSIDE COUNTY TREASURER 88,248,455.8 44.18% TOTAL BEFORE CASH $ 195,303,471.12 97.77% PLUS: CASH GRAND TOTAL $ 199,760,906.15 (1) 100.00% FOOTNOTE: $ 4,457,435.Q3 2.23% (1) In the City of Palm Desert Comprehensive Annual 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.