HomeMy WebLinkAboutInvestment Report - Sept 2013' `�.
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CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
�
FROM
DATE
RACHELLE D. KLASSEN, CITY CLERK
NIAMH ORTEGA, RECORDING SECRETARY���`� �
OCTOBER 29, 2013
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Attached are the Compliance Analysis and Investment Report which was presented and
approved at the recent meeting of the Audit, Investment and Finance Committee for the
month of September 2013. Please include the report on the upcoming agenda for review
and acceptance by City Council.
Also included are the approved minutes of the September 2013 meeting for acceptance
by the City Council, and 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)
CITY COUNCIL ACTION
APPi20VEIl nt?NIF,D
RCCEIVEU � �%�c� p"rH�R
MF,ETINGDATE /l—/�l-,�t�13
AYF,S: S,`�}, p% Tv�r n� T�cl�h ��/-�ri�rr i
NOES: ��n/��-
A135ENT: /� ���1� �
AI3STAIN: N ��1� �
VERIFIED BY: iEc��L /rq
Original on File with City Clerk's C�ffice
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CITY PORTFOLIO CONCENTRATION LIMITS
September 2013
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
GITY LQAN T� 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
$ 5,094,613.48
22,�54,999.9�
24, 992, 333.06
43,283,369.36
8,080,141.70
94,850,406.32
$ 198,955,863.87
$ 5,943,547.73
$ 204,899,411.60 (1)
% of
Portfolio
2.49%
11.06°l0
12.20%
0.00%
21.12%
3.94%
0.00%
46.29%
97.10%
2.90%
100.00%
FOOTNOTE:
(1) In the Citv of Palm Desert Comqrehensive Annual Financial Report, ("CAFR"), both the City of Palm Desert
("City") and the City's external auditor define tofa/ 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
grealowee, tfnee6bizent grOo/irt
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) will meet next on October 29-30.
The majority of FOMC members believe that the Fed will begin scaling down its
bond -buying program this year. The Fed's failure to do so last month was a
"relatively close call." The federal government shutdown, however, may cause
a delay in scaling down if the Fed believes that the shutdown has added to
economic weakness.
Janet Yellen, a retired Berkeley economics professor and the Fed's Vice Chair,
has been nominated to replace Ben Bernanke as Chair of the Federal Reserve.
If approved, Yellen's four-year term will begin on January 1, 2014. Professor
Yellen is a Keynesian who has an expansive view of the Fed's role in the economy.
She is a key architect of the Fed's "easy money" policies, which have had a
modest effect on economic growth and employment. Yellen believes that the
Fed should have acted more aggressively in printing money.
Based on past history, the federal government shutdown should by resolved by
October 17. Both parties are "grandstanding" for the 2014 mid-term elections.
Roughly 800,000 nonessential federal workers have been furloughed. The overall
effect on fourth-quarter economic growth should be minimal since delayed
spending will be made up later in the quarter. Financial markets have reacted to
the shutdown by dumping billions of dollars of U.S. Government debt. Some
financial institutions have refused to accept U.S. short-term debt.
craut S. gikatt,ee. y.44
City Treasurer
* Certified California Municipal Treasurer
STATISTICS
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
SEP-13
PORTFOLIO STATISTICS
AUG-13 JUL-13
JUN-13
2013
Otem4x
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.
MAY-13 APR-13
$ 204,899 $ 220,313 $ 220,370 $ 218,688 $ 209,809 $ 199,761
$ 204,899 $ 220,319 $ 220,373 $ 218,697 $ 209,821 $ 199,776
$ - $ 6 $ 3 $ 9 $ 12 $ 15
$ 5,909 $ 13,559 $ 14,565 $ 1,885 $ (8,277) $ (10,437)
$ 51 $ 59 $ 59 $ 57 $ 53 $ 53
0.30% 0.31% 0.32% 0.32% 0.32% 0.33%
1 12 26 26 29 29
0.00 0.00 0.00 0.01 0.01 0.01
All data as of September 30, 2013
Dollars in Thousands
Maturities Market Value
< 1 M $ 176,301
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 176,301
Ratings Market Value
AAA or Aaa $ 108,025
AA or Aa
A
Unrated 90,931
Total: $ 198,956
Assets Market Value
County Pool 94,851
LAIF 43,283
WF/LAIF Bond Proceeds 24,992
City Loan to RDA 22,655
MTN -
CAMP 5,095
WF/Bond Proceeds 8,080
Agencies -
Total: $ 198,956
Month
Oct12
Nov
Dec
Jan13
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
PORTFOLIO CHARACTERISTICS
September 2013
City Yield LAIF Yield Variance
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
0.32 0.25 0.08
0.32 0.24 0.08
0.32 0.27 0.05
0.31 0.27 0.04
0.30 0.26 0.04
Maturities Distribution M
100
100
F
80
e
0 60 -
I 40 -
a
20 -
0
Credit Quality N
0 0 0 0 0 0 0 0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
AA or Aa / \ AAA or Aaa
0% 51%
Unrated 46% A A
J
Asset Allocation I
County Pool
48%
MTN
0%
Agencies
0%
Performance I
0.45
0.30 -
d
r 0.15 -
0.00 - T
Oct12Nov DecJan13Feb Mar Apr May Jun Jul Aug Sep
LAIF
22%
WF/LAIF Bond
Proceeds
13%
WF/Bond City Loan to
Proceeds CAMP RDA
4% no 11%
®LAIF Yield 0City Yield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
September 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 September 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 portfolio. All balances are bank balances.
Respectfully submitted,
.ryes i4a, ii:
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
City Investment Policy
CA Govt Maximum Maximum Minimum Maximum
Code Investment Category Maturity Limit Quality Maturity
53601(a) Palm Desert Bonds 5 Years No Limit
53633 Demand Deposits No Limit No Limit No Limit
53601(b) U.S. Treasuries 5 Years No Limit 5 Years
53601(c) CA State Debt 5 Years No Limit
53601(d) CA Local Agency Debt 5 Years No Limit
53601(e) Federal Agencies 5 Years No Limit 5 Years
53601(f) Bankers's Acceptances 180 Days 40% 180 Days
53601(g) Commercial Paper 270 Days 25% A-1/P-1 270 Days
53601(h) Negotiable CDs 5 Years 30% 5 Years
53601(i) Repos 1 Year No Limit 30 Days
53601(1) Reverse Repos 92 Days 20%
53601(j) Medium -Term Notes 5 Years 30% A 5 Years
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days
53601(1) Trust Indenture Debt
53601(m) Secured Bank Deposits 5 Years No Limit
53601(k) Local Government AAA & Aaa
Investment Pools 90 Days No Limit or Advisor 90 Days
53601(n) Mortgage -Backed 5 Years 20% A (Issuer) &
Securities AA (Security)
16429.1(b) L.A.I.F. No Limit $50MM/Acct
Maximum Minimum % of City
Limit 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% A
20% AAA &Aaa
Not Authorized
Not Authorized
AAA & Aaa
50% (1) or Advisor
Not Authorized
No Limit I $50MM/Acct I
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.
4.1%
50.2%
34.3%
(2) 88.6%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3