HomeMy WebLinkAboutSR - Investment Rprts - July and August 2013X-D
CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE D. KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY'
DATE: OCTOBER 1, 2013
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Attached are 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 July and August 2013. Please include the report on the upcoming agenda
for review and acceptance by City Council.
Also included are the approved minutes of the August 32013 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)
Ke('t'tJPd d- Pr P . BY SA -RDA
ON ID -IG -
VE r,I ±D
Original on fii with Office
CITY COUNCIL ACTION
APPROVED DENIED
RECEIVED a- dire OTI1ER
MEETING DAT /040 '- f%/
AYFS•13ne.Ij Taft/ter hhelarrl fkrn iK.
NOES: 1,1
ABSENT: k't (iv
ABSTAIN: r)60
VERIFIED BY'
Original on File with City Clerk's Mice
G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSEN INV RPT.DOCX
CITY PORTFOLIO CONCENTRATION LIMITS
July 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
$ 6,511,029.29
22,654,999.95
25,453,333.06
49,783,369.36
10,342,282.04
8,662,921.98
94,805,133.80
$ 218,213,069.48
$ 2,157,282.55
$ 220,370,352.03 (1)
% of
Portfolio
2.95%
10.28%
11.55%
0.00%
22.59%
4.69%
3.93%
43.02%
99.02%
0.98%
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 fotal investments as demand deposits, investments in
various instruments, and investments he(d in local government investment poofs. The concentration
percentages shown above were calculated based on that definition.
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City of Palm Desert
xerr�X�x x i'(&» ent g?;frixf
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on July 31. No policy
changes were announced. The FOMC did, however, downgrade U.S. economic
performance from "moderate" to "modest." The FOMC also noted that inflation
could pose a risk to U.S. economic performance, if it continued to stay below
2%.
U.S. Gross Domestic Product (GDP) was estimated at 1.7% in 2Q2013, up
from 1.1 % in 1 Q2013. Second-quarter GDP numbers may be weaker than
reported, however. In July, the Commerce Department, for the first time,
decided to include spending on intellectual property from artistic, literary, and
nonprofit activity, in GDP calculations. The addition of a new category of
investment should have resulted in a much higher GDP number than 1.7%.
The House Ways and Means Committee has calculated that since January
2009, the U.S. economy has created approximately 2,170,000 jobs, 87% of
which are part-time. Obamacare is accelerating this trend as employers seek
to avoid providing medical insurance by reclassifying workers as part-time.
A separate analysis has suggested that, on an inflation -adjusted basis, 40%
of U.S. workers currently make less money than a full-time minimum -wage
worker would have made in 1968.
S Ork ,
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
JUL-13
City Treasurer
PORTFOLIO STATISTICS
JUN-13 MAY-13
APR-13
2013
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.
MAR-13 FEB-13
$ 220,370 $ 218,688 $ 209,809 $ 199,761 $ 197,943 $ 201,340
$ 220,373 $ 218,697 $ 209,821 $ 199,776 $ 197,962 $ 201,384
$ 3 $ 9 $ 12 $ 15 $ 19 $ 44
$ 14,565 $ 1,885 $ (8,277) $ (10,437) $ (12,660) $ (11,127)
$ 59 $ 57 $ 53 $ 53 $ 56 $ 52
0.32% 0.32% 0.32% 0.33% 0.34% 0.34%
26 26 29 29 29 28
0.00 0.01 0.01 0.01 0.02 0.02
All data as of July 31, 2013
PORTFOLIO CHARACTERISTICS
July 2013
Dollars in Thousands
Maturities Market Value
< 1 M $191,563,733
< 2M 4,012,848
< 3M
< 6M
<1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $145,576,581
Ratings Market Value
AAA or Aaa $ 111,659
AA or Aa 4,659
A 4,007
Unrated 97,891
Total: $ 218,216
Assets Market Value
County Pool 94,805
LAIF 49,783
WF/LAIF Bond Proceeds 25,454
City Loan to RDA 22,655
MTN 8,666
CAMP 6,511
WF/Bond Proceeds 10,342
Agencies
Total: $ 218,216
Month Citv Yield LAIF Yield Variance
Aug12 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
Apr 0.33 0.26 0.06
May 0.32 0.25 0.08
Jun 0.32 0.24 0.08
Jul 0.32 0.27 0.05
Maturities Distribution
0
0
0
a
Credit Quality
Asset Allocation
100
80
60
40
20
0
98
2 0 0 0 0 0 0 0
<1M <2M <3M <6M
AAA or Aaa
51%
Unrated
45%
County Pool
43%
<1Y
< 2Y
< 3Y
<4Y
< 5Y
AA or Aa
2%
2%
LAI F
23%
WF/LAIF Bond
Proceeds
Agencies,,, 12%
0%
City Loan to
WF/Bond CAMP MTN RDA
Proceeds 3% 4% 10%
5%
Performance
0.45
0.30 -
0.15
0.00
Aug 2Sep Oct Nov DecJan13Feb Ma Ap May Jun Jul
•LAIF Yield ■City Yield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
July 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 July 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,
Yatei s Aaa,
City Treasurer
CA Govt
Code
Investment Category Maturity Limit
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
City Investment Policy
Maximum Maximum Minimum Maximum Maximum Minimum
Quality Maturity Limit Quality
53601(a)
53633
53601(b)
Palm Desert Bonds
Demand Deposits
U.S. Treasuries
5 Years
No Limit
5 Years
No Limit
No Limit
No Limit
53601(c) CA State Debt 5 Years No Limit
53601(d) CA Local Agency Debt 5 Years No Limit
53601(e)
53601(f)
53601(9)
53601(h)
53601(i)
Federal Agencies
Bankers's Acceptances
Commercial Paper
Negotiable CDs
Repos
5 Years
180 Days
270 Days
5 Years
1 Year
No Limit
40%
25%
30%
No Limit
A-1/P-1
53601(1)
53601(j)
53601(k)
53601(I)
53601(m)
Reverse Repos
Medium -Term Notes
Money Market Funds
Trust Indenture Debt
Secured Bank Deposits
53601(k) Local Government
Investment Pools
92 Days
5 Years
90 Days
5 Years
20%
30%
20%
No Limit
A
AAA & Aaa
AAA & Aaa
90 Days No Limit or Advisor
53601(n)
16429.1(b)
Mortgage -Backed
Securities
L.A. I. F.
5 Years
No Limit
20%
$50MM/Acct
A (Issuer) &
AA (Security)
No Limit
5 Years
No Limit
No Limit
Not Authorized
Not Authorized
% of City
Portfolio
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 Aa3
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% I A I 4.0%
20% AAA & Aaa 4.7%
Not Authorized
Not Authorized
AAA & Aaa I
50% (1) I or Advisor 46.4%
Not Authorized
$50MM/Acct
34.5%
(2)1 89.6%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
August 2013
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CITY LOAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERALAGENCY--COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS �ARGO CORPORATE TRUST
CORPORATE MEDIUM-TERM NOTES
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
Book Value
$ 3,094,359.03
22,654,999.95
25,407,333.06
49,783,369.36
17,689,198.34
4,001,308.91
94,850,406.32
$ 217,480,974.97
$ 2,832,439.74
$ 220,313,414.71 (1)
% of
Portfolio
1.40%
10.28%
11.53%
0,00%
22.60%
8.03%
1.82%
43.05%
98.71 %
1.29%
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
greemcii4r/i6 tAttedtment
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) will meet next on September 17-18.
Many economists believe that the FOMC will announce a scaling back of its
$85 billion -a -month bond -buying program, which has supported markets and key
parts of the U.S. economy. This decision will be made against a backdrop of
rising interest rates; the Syrian conflict; and a federal budget showdown. Janet
Yellen is now the front-runner to replace Ben Bernanke, and lead the FOMC.
She is seen as continuing the "easy money" programs that she helped craft.
Some economists are concerned that the FOMC will eventually lose control
of interest rates as a "great rotation" out of bonds into equities occurs, with
interest rates rising rapidly.
Second-quarter economic numbers numbers were substantially revised, with
GDP estimated at 2.5%, not the earlier 1.7%. This reflected strong exports,
higher corporate profits, and increased consumer spending due to a perceived
rebound in housing. The U.S. housing market is beginning to cool, however, as
higher prices and rising mortgage rates slow demand. The U.S. auto market
had a strong showing with new car sales at a level not seen since 2007. This
reflected a release of pent-up demand, with trade-in vehicles averaging about 11
years old. The labor force participation rate, the number of adults in the labor
force, fell to 63.2%, however, the lowest level since the Carter Administration.
Ya S gikati, ee..�.5
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
City Treasurer
PORTFOLIO STATISTICS
AUG-13 JUL-13
JUN-13
MAY-13
2013
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.
APR-13 MAR-13
$ 220,313 $ 220,370 $ 218,688 $ 209,809 $ 199,761 $ 197,943
$ 220,319 $ 220,373 $ 218,697 $ 209,811 2 $ 199,7766 $ 197,9622
$ 6 $ 3 $ 9 $
$ 13,559 $ 14,565 $ 1,885 $ (8,277) $ (10,437) $ (12,660)
$ 59 $ 59 $ 57 $ 53 $ 53 $ 56
0.31% 0.32/° ° 0.32% 0.32% 0.33% 0.34%
12 26 26 29 29 29
0.00 0.00
0.01 0.01 0.01 0.02
All data as of August 31, 2013
PORTFOLIO CHARACTERISTICS
August 2013
Dollars in Thousands
Maturities Market Value
< 1 M S 194.831
< 2M
<3M
< 6M
<1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 194,831
II III 11111 II•1
Ratings Market Value
AAA or Aaa $ 115,634
AA or Aa
A 4,001
Unrated 97,846
Total: $ 217,481
Assets Market Value
County Pool 94,851
LAIF 49,784
WF/LAIF Bond Proceeds 25,407
City Loan to RDA 22,655
MTN 4,001
CAMP 3,094
WF/Bond Proceeds 17,689
Agencies
Total: $ 217,481
Maturities Distribution
0
0
0
0
Credit Quality
100
100 - -
80 -
60
40 -
20 -
0
Asset Allocation
1
0 0 0 0 0 0 0 0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
AAA or Aaa
51%
Unrated
45%
County Pool
44%
Agencies
0%
AA or Aa
A 0%
2%
LAIF
23%
W F/LAIF Bond
Proceeds
12%
City Loan to
WF/Bond CAMP MTN RDA
Proceeds 1% 2%
8%
Month City Yield LAIF Yield Variance
Sep12 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
Apr 0.33 0.26 0.06
May 0.32 0.25 0.08
Jun 0.32 0.24 0.08
Jul 0.32 0.27 0.05
Aug 0.31 0.27 0.04
LPerformance 1
-0
0.45
0.30 -
0.15 -
0.00
Sep 20c1 Nov D cJa 13Feb Ma Ap May n J I A g
OLAIF yield OCity Yield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
August 2013
The investment of the City of Palm Desert securities portfolio is governed by California Government Code. Section 53601 and by the Paim
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 August 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,
9aids , ee..i€
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(I)
53601(j)
53601(k)
53601(I)
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
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
No Limit
20%
$50MM/Acct
Minimum
Quality
A-1/P-1
A
AAA & Aaa
AAA & Aaa
or Advisor
A (Issuer) &
AA (Security)
City Investment Policy
Maximum Maximum Minimum % of City
Maturity Limit Quality Portfolio
No Limit
5 Years
5 Years
180 Days
270 Days
5 Years
30 Days
5 Years
90 Days
90 Days
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% I A
20% AAA & Aaa
Not Authorized
Not Authorized
AAA & Aaa
50% (1) or Advisor
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.
1.8%
8.1%
45.0%
34.6%
(2) 89.6%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3