HomeMy WebLinkAboutInvestment Report - January 2013CITY OF PALM DESERT
FINANCE DEPARTMENT
TO
FROM
�� �
INTEROFFICE MEMORANDUM
RACHELLE KLASSEN, CITY CLERK
NIAMH ORTEGA, RECORDING SECRETARY��'�'
FEBRUARY 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 month of January 2013. Please include the report on the upcoming
agenda for review and acceptance by City Council.
Also included are the approved Minutes of the January 2013 meeting for acceptance by
the City Council. I have attached the completed attendance report for the 2012 calendar
year for your records, as well as the 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)
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CITY COLJNCILACTInN
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ME�:TING DATE 3 ��'� � � �r 3
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NOES: hL��N--
ABSENT: ,L1L�.-
A13STAIN: �� �� +�
VERIFIED BY: � r�l�_lr�
Original oa File with City Clerk's dff'ice
G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEEIMEMOS\RKLASSENINVREPORT.WPD
CITY PORTFOLIO CONCENTRATION LIMITS
January 2013
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CiTY LOAN TO RDA
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
$ 2,347,406.23
13,554,999.95
25,431,180.16
49,720,114.43
4,142, 31428
8,694,914.77
88,175, 588.59
$ 192,066,518.41
$ 6,118,367.05
$ 198,184,885.46 (1)
% of
Portfolio
1.18%
6.84%
12.83%
0.00%
25.09%
2.09%
4.39%
44.49%
96.91 %
3.09%
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 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
Xre6tti ie d zcre tinenf M , ie1
ECONOMIC COMMENTARY
The Federal Reserve Open Market Committee (FOMC) met on January 29-30,
and reaffirmed that it would continue with quantitative easing in order to keep
long-term interest rates low, and to encourage more spending, investment, and
hiring. This came amid news that the U.S. economy had stalled in 4Q2012. The
Fed attributed this to "weather -related disruptions and other transitory factors".
The FOMC repeated that it would keep buying bonds ($85 billion per month) until
unemployment numbers improve. It also reaffirmed its commitment to keep
short-term interest rates near zero until unemployment falls from 7.8 percent
to 6.5 percent, with inflation remaining in an acceptable range of 2.0 - 2.5 percent.
The U.S. Treasury's debt credit rating will be up for review this year. In August
2011, Standard & Poor's lowered it from "AAA" to "AA+". It is believed that there
is a 50/50 chance that either Moody's Investors Service or Fitch Ratings or both
will also downgrade the Treasury's credit rating. Aside from a short-term hit to
financial markets, no widespread abandonment of Treasuries by investors is
likely, however, because there is no market deep enough or safe enough to
replace them. There may be some long-term erosion of of the dollar's status
as a reserve currency.
In January, the City received approximately $6.8 million in property taxes. The
Rr)A Girroccnr Agency reraiverl annrnximately $1R f millinn in nronerty taxes.
✓yes: Okaa, -x
City Treasurer
* Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2013
fn(terry
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
JAN-13
DEC-12 NOV-12
OCT-12
SEP-12 AUG-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
$ 198,185 $ 192,086 $ 194,781 $ 195,056 $ 198,990 $ 206,754
$ 198,223 $ 192,120 $ 194,809 $ 195,071 $ 199,032 $ 206,794
$ 38 $ 34 $ 28 $ 15 $ 42 $ 40
$ (32,215) $ (14,228) $ 1,165 $ (828) $ (6,063) $ 99
$ 55 $ 54 $ 58 $ 64 $ 64 $ 71
0.35% 0.34% 0.37% 0.39% 0.39% 0.40%
29 31 29 30 29 28
0.03 0.03 0.03 0.04 0.04 0.04
All data as of January 31, 2012
PORTFOLIO CHARACTERISTICS
January 2013
Dollars in Thousands
Maturities Market Value
< 1 M $ 169,816
< 2M
< 3M
< 6M
< 1Y 8,734
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 178,550
Ratings Market Value
AAA or Aaa $ 94,666
AA or Aa 4,688
A 4,045
Unrated 88,706
Total: $ 192,105
Assets Market Value
County Pool 88,176
LAI F 49,720
WF/LAIF Bond Proceeds 25,431
City Loan to RDA 13,555
MTN 8,734
CAMP 2,347
WF/Bond Proceeds 4,142
Agencies -
Total: $ 192,105
Month City Yield LAIF Yield Variance
Feb12 0.41 0.39 0.02
Mar 0.45 0.38 0.07
Apr 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
Jan 0.35 0.30 0.05
Maturities Distribution
100 95
80 -
60 -
40
0
a
20
0 0 0 5 0 0 0 0
0 '-'
<1M <2M <3M <6M <1Y <2V <3Y <4Y <5Y
Credit Quality
Unrated
46%
Asset Allocation
County Pool
46%
Agencies
0%
iiiiiAAA or Aaa
49%
AA or Aa
A 3%
2%
LAIF
26%
JJWF/L/FBond
Proceeds
WF/Bond 13%
City Loan to
ProceedsCAMP MTN
2% 10A, 5% RDA
Performance I
0.5
0.3
0.0
ebl2Mar Apr MayJunJul Aug Sep Oct N Dec Ja
OLAF Ybd CCky Yield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
January 2013
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 January 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,
fall/S Villoaa,
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
City Investment Policy
CA Govt
Code
53601(a)
5363
53601 b)
53601 ci
53601 d)
53601(e)
53601 f)
53601 )
5360 I h
53601(i)
53601(1)
536011'
5360100
53601(1)
53601(m)
Investment Category
Palm Desert Bonds
Demand Deposits
U.S. Treasuries
CA State Debt
CA Local A ency Debt
Federal Agencies
Bankers's Acceptances
Commercial Paper
Negotiable CDs
epos
Reverse Repos
Medium -Term Notes
Money Market Funds
Trust Indenture Debt
Secured Bank Deposits
53601(k) Local Government
Investment Pnnls
53601(n)
16429.1(b)
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
qn nays
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%
No Limit
20%
$50MM/Acct
Minimum
Quality
A-1/P-1
A
AAA & Aaa
AAA & Aaa
nr Advisor
Maximum Maximum
Maturity Limit
Minimum % of City
Quality Portfolio
No Limit
5 Years
No Limit
No Limit
5 Years
180 Days
270 Days
5 Years
30 Days
Not Authorized
Not Authorized
No Limit
40%
2J5%
30%
20%
Not Authorized
A-1 or P-1
1 orP-1
AA- or Aa3
5 Years I 30%
90 Days 20%
A I 4.5%
AAA &Aaa 2.2%
A (Issuer) &
AA (Security)
°0 Days
Not Authorized
Not Authorized
50°/
MA & Aaa I
o () or Advisor 47.1
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.
(2)
39.1 %
93.0%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3