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HomeMy WebLinkAboutInvestment Report - Sept 2013' `�. /� 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 W..1.�lid�i�w�w�� /+i�.f...ver......, _�.+.. TP .4 �.FS3"4 V'i i�� _`�� ���` - ��- �� a ci3 .:.���W �,,-�.,.,,�. - ;.�::���.:. ... .� __.....1��.lC� _ A.�_� �� S�5'�iti2 ?•t:.� 5^°� . . _ a .. . �,_._....s ;l�:; ,._ G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITfEE\MEMOS\RKLASSEN INV RPT.DOCX 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. 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H z w � w � � � rn w > � 4 Q c C A U � 0 a � y O N 0 a d N U U � W r a0 M 0 � � r � LL � N H � 2 < � �- r � F � w > z Uar p� W ro � ¢ > Q Q � U L � O i° J 0 O a ~ � � O O N c� O LL N gN � Q o � iQ � � � r � O O � > O � Qy 0. a � � a (��1 O r� 0 � `o m m O K 0 N � � � a c.i � � M � o= .. A N C� C `� � N a � 8 � m� �� N N 7 i Y O O m N 7 N 7 d � N � F- '''' i � � �M O a�i v N � _ � u� > ���r' a" Q � Q � Z � � � cn� �a O o a N �� 2 d �� 7 a m d rnu R C R Q m � � N � C N � N > C N O O N O O � .- O 7 O i+� � � c a � � � M � M N N d .-- O �t o �+f OD t0 O � Of IA � � t0 ONi O�i N t0 c7 N N V �o � �� o �a � f�0 M 1f� N � M M O O N N O O n r 0 0 o � O M O O N t0 N N � � Z U � W � 2 � U F m � c ¢ ¢ � d E Z Z m d � � � C 7 � S � > c Q A L N � V � O H � (O O O N N N N V ? N (O a W N N U U N N 0 = a n O N O � � LLI O � n. n, � a M O M O N O m O � 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