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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) �e��d ���1� �� �.� ��� �5�°� fJ�`J ...�.:1'�- a C I � �+ Liiii�"� L �' ';.3�.'�.L�' ' f�- � � � J O�iginal on �le En��a �.:�����' ��ea�ss O�ee CITY COLJNCILACTInN API'ROVF.D i?F;I�IC:D RF,CI:IVED � �� /� S)"rH1�:R ME�:TING DATE 3 ��'� � � �r 3 AYES: �PJ.�.'��.Ll� . � � ] . �TCWI,LL�,,. �T� � ��ni 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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N f0 a V � � W N N C�i U oi v}i � Q o r O � � I O LL a � a a � � M O � Q a O m 0 � 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