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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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Q Q � n Y � O ^ � � a > i�Q LL d a �m i a l�1 O N � M r 4 M O N r o � o � O � � � C � '� a O 10 a ° � � � � m � N a C � ++ � C � � � O at � r� _ � = O � _ , N Q � N � M C70�>` ? •- � � N � o� p o 0 =a� 0 a C q, �O � U� �F � } q wU A� C A � a i. � � � ~ � � h m 7 N i Y m O O O I O 0 0 O O O O O O n N N I N O 0 0 ' n O 01 QJ O �D m QJ � 1q N ('� M M � � � O V V y � O� O � O O W � � q O O � � � � � ^ A � R V � V N � � � � � o o m a�'o Si � � � � � � � n n R `D � `� a � � � N � L � � � a m� �� � q Q m `w N a � C W � N m > C N O � s 0 s � o � � I a I I r I z w ii , w i � mi A. W > � Q. a C i Q A U o'' al N W O O N � � �y � � T N � � O! LL °�j � F- q V w � � i N w > z m or w A m Q � > a a J � a � C O � N J "� O � ~ � H M O O N I � I � O ' O a a N O � � LL N U U � i � tT/1 �a� � Q ^ O � o m � � LLI C a � � a � f a � M M N M Q O O � N J d Of N a � = s � N � � O aEi V eh � � H O C N a � Q M Z� O � �� �' p a° a° 2 U� �� � oc « q N «� 0 A � � T � � � � 9� N � w i Y 8 m m � N i d � A � m � A i a A � �o � a m m A c m Q m `W N � o a vi n ao N O O rn °' � i� c� N � N N sa N N 00 �� 0 0 � c m � � > c � 0 0 � N O O � vri o d � � � N O O � � O �� � N a h O A v� o a � n � � � T (V O O � � ��O f`7 N V o �i o � o�i �o n a � � 2 Y F U � w � x � U F m � � c � Q Q �0 m c� c� � � z z � � N � c O O y c Q A t N R U 9 0 �n m � 0 0 � � N N c7 ? ,� � = o 0 a W N N Ui U v}i c}i� ¢ a � = Q � n O � � a � O LL a � f a � � M O c 0 � � 0 � 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. 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N Q � m" � � 0 � Z '- •- � �� �a 0 O =a a U� �� � o= «A aU A A � � Tp O � � A � � y m � > YQ a! m 7 i m � � i d � > a w � m tG e � a m m rnu A c > � Qm d N # �+ C Fm .7 � > c 0 0 ^ 0 0 � 0 0 � r� o � 0 0 � w � � a .- er N 1� �p � M N N �p C� O e'f O Oa Q� W t0 OD � � � n o°'i �i c�i v 0 o rn � � � v � °� � N � N (V 0 0 N N 00 �� 0 0 o � o m 0 0 n `� � � z Y F- U N W � 2 � U H F=- H v � � � � c m 2 2 m � N N � C � � 1p O = > C Q A t N N :� � O H N (O O O u� u'1 N N � Z � (O a U � � w N N _ U V N � � Q o n O O � � a i O LL a � � M t+l O � � m 0 ¢ 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