HomeMy WebLinkAboutInvestment Report - May 2014 �
�� CITY OF PALM DESERT
� �
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE D. KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY
DATE: July 24, 2014
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Attached are the Compliance Analysis and Investment Reports for the May 2014 which
were presented and approved at the recent meeting of the Audit, Investment and Finance
Committee. Please include the report on the upcoming agenda for review and
acceptance by City Council.
Also included are the approved minutes of the May 2014 meeting for acceptance by the
City Council, and the attendance report in progress for 2014.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted)
CTTY COUI�TCILA�I'ION
APPROVED DEN?FD
RECEIVED OTHER
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VERIFIED ��': r11�Y�
Ori�inal on File with City Clcrk's Office
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City of Palm Desert .�1/i��
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ECtyNOMIC COMMENTARY
The Intemational Monetary Fund(IMF)is forecasting U.S.economic growth of C8 ital Markets Team
2%in 2014,due to a weak first quarter. The ageing of the U.S. population will
also slow productivity growth. The IMF believes that the U.S.economy will return City Treasurer
to full employment by the end of 2017,with inflation remaining low. This implies Paul S. Gibson, GC.M.T.
that the Fed will continue to keep short-term interest rates at near zero for longer
than the middle of 2015. Deputy City Treasurer
Thomas W. Jeffrey, J.D., t�1.B.A.
The U.S.has finally recovered all of the jobs that were lost since the recession
began in 2007. In May,employers added 217,000 jobs,surpassing the prior
payroll peak in January 2008. The U.S. unemployment rate remains at 6.3°!0,
the lowest level since September 2008. 111VeSt111er1t Ob'ectives
The new job mix is not favorable, however. The number of jobs in high-paying The treasurer shall invest all
sectors,such as manufacturing,construction,and govemment, has declined, public monies in a manner
while the number of jobs in lower-paying sectors has increased. For example, that ensures safety of
the U.S. has 1.6 million fewer manufacturing jobs than in 2007, but 941,000 principal;sufficient liquidity
more jobs in the hospitality and food-service sectors. Consumer spending to finance the City's
continues to be restrained by a lack of wage growth. expenditures;and the
highest yield possible after
There is presently strong global demand for U.S.Treasuries,which has pushed the previous two objeciives
the 10-year U.S.Treasury Note yield down to 2.53%. Foreign buyers,led by have been met.
China, are buying U.S. debt to accumulate dollars and help weaken their
currencies, in order to strengthen exports.
.%'au�S. P�e" a�, G'G✓tl.✓�: �`
Ciry Treasurer
" Certified California Municipa/Treasurer
PORTFOLIO STATISTICS
.
Thousands of Dollars
Month-End Book Value $ 224,854 $ 218,499 $ 217,385 $ 220,165 $ 213,310 $ 208,660
Month-End Market Value $ 224,854 $ 218,499 $ 217,385 $ 220,165 $ 213,310 $ 208,660
Paper Gain(Loss) $ - $ - $ - $ - $ - $ -
Prior Year Book Variance $ 15,045 $ 18,738 $ 19,442 $ 18,825 $ 15,125 $ 16,574
Interest Earnings(W/O Cash; $ 54 $ 50 $ 53 $ 46 $ 48 $ 47
Yield-To-Maturity 0.30% 0.29% 0.31% 0.29% 0.29% 0.28%
Weighted Maturity(Days) 1 1 1 1 1 1
Effective Duration 0.00 0.00 0.00 0.00 0.00 0.00
All data as of May 31,2014
�
PORTFOLIO CHARACTERISTICS
May 2014
Do/lars in Thousands
Maturities Market Value
< 1 M $ 186,798 Maturities Distribution
<2M - 700
100 .-.__._..____---.._.____...___.....____.._.___._..._._.�_...___.._..__i
<3M - i
<6M - gp �
< 1 Y " 0 60 '
<2Y - '-
<3Y - 0 40 '
<4Y - a
20
<5Y - 0 0 0 0 0 0 0 0
Total: $ �86�79$ 0 <1M �2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Credit Quality
Ratinas Market Value AA or Aa AAA or Aaa
AAA or Aaa $ 112,150 �% 51%
AA or Aa -
A - A
Unrated 97,359 Unrated po�o
Total: $ 209,509 46%
Assets Market Value Asset Allocation �„���a� a
����k���
Coun Pooi 102,571 �^ ���' �AIF
tY County Pool �• � �� ��
LAIF 49,670 49% ������������� 24%
WF/LAIF Bond Proceeds 25,034 �����������
MTN " �``�,'����s'
City Loan to RDA 22,655 0%
MTN -
CAMP 5,097 Agencies WF/LAIF Bond
W F/Bond Proceeds 4,482 0% Proceeds
12%
Agencies - WF/Bond CAMP City Loan to
Total: $ 209,509 Proceeds 20�o RDA
2% 11%
Month Citv Yield LAIF Yield Variance Performance
Jun13 0.32 0.24 0.08
Jui0.32 0.27 0.05 0.33 _...___.._.._.e.__�__._._.._._��____....�__,_..�.._w__._.___...�._._�
Aug 0.31 0.27 0.04 ;�
Sep 0.30 0.26 0.04 ` �
Oct 0.31 0.27 0.04 = �'�� � t � ��
Nov 0.30 0.26 0.04 m
Dec 028 0.26 0.02 } 0.11 ' I
Jan14 0.29 0.24 0.05 '�
Feb 0.29 024 0.05
March 0.31 0.24 0.07 0.00 ' ` `
Junl3Jul Aug Sep Od Nov DecJanl4FebMarchApril May
April 0.29 0.23 0.06
May 0.30 0.23 0.07 eLAIFYield oCityYield
� • . � � � ' + •
STATEMENT OF COMPUANCE
May 2014
The investment of the City of Palm Desert securities portfolio is governed by Califomia 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 May 31,2014,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 ne�
six months. In addition, portions of the City investment portfolia could be liquidated in order to meet any significant, unexpected cash
requirements.
Interactive Data Services provided the market va�ue prices for securities in the City investment portfolio. All balances are bank balances.
Respectfully submitted,
.r�s ��, �e..�.��-
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum %of City
Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit -
53633 Demand De osits No Limit No Limit No Limit No Limit -
53601(b) U.S.Treasuries 5 Years No Limit 5 Years No Limit -
53601{c) CA State Debt 5 Years No Limit NotAuthorized
53601(d) CA Local Agency Debt 5 Years No Limit NotAuthorized
53601(e Federal A encies 5 Years No Limit 5 Years No�imit -
53601(t� Bankers's Acceptances 180 Days 40°l0 180 Days 40% A-1 or P-1 -
53601 g Commercial Paper 270 Days 25% A-1/P-1 270 Da s 25% A-1 or P-1 -
53601(h) Ne otiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 -
53601 i Repos 1 Year No Limit 30 Da s 20% -
53601(I) Reverse Repos 92 Days 20% Not Aufhorized
53601 ') Medium-Term Notes 5 Years 30°10 A 5 Years 30% A -
53601(k Money Market Funds 90 Days 20% AAA&Aaa 90 Days 20% AAA&Aaa 2.1%
53601 I) Trust Indenture Debt Not Aufhorized
53601(m) Secured Bank Deposits 5 Years No Limit NotAuthorized
53601(k) Local Government AAA&Aaa AAA&Aaa
Investment Pools 90 Days No Limit or Advisor 90 Days 50%(1) or Advisor 51.4%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized
Securities AA(Securiry)
16429.1(b} L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 35.7%
(2) 89.2%
Footnotes:
(1) Maximum concentration limit for local agency ir�vestment pools,excluding bond proceeds.
(2) Total does not include the City Loan to RDA,and cash.
• - • � • • - � •
� CtTY PORTFOLlO CONCENTRATION LIMiTS
May 2014
%of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,096,854.53 2.27%
CITY LDAN TO RDA 22,654,999.95 1Q.0$%
WF/L.A.I.F. BOND PROCEEDS 25,034,099.51 11.13%
FEDERAL AGENCY--COUPON - 0.00%
LOCAL AGENCY INVESTMENT FUND 49,669,538.29 22.09%
WELLS FARGO CORPORATE TRUST 4,482,354.57 1.99%
CORPORATE MEDIUM-TERM NOTES - 0.00%
RIVERSIDE COUNTY TREASURER 102,570,811.02 45.62%
TOTAL BEFORE CASH $ 209,508,657.87 93.18%
PLUS:
CASH $ 15,345,219.23 6.82%
GRAND TOTAL $ 224,853,877.10 (1) 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 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.
� ♦
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
110 GEN�RAI. $ b8,071,883.56
210 TRAFFIC SAFETY 129,031.30
. . 211 GAS TAX 1,270,183.96
213 MEASURE A 20,662,636.92
214 HOUSING MITIGATION 2,418,942.14
220 COMMUNITY DEVELOPMENT (26,168.81)
228 CHILD CARE PROGRAM 1,488,764.23
229 PUBLIC SAFETY POLICE GRANTS 49,073.19
230 PROP.A FIRE TAX 2,262,753.31
231 NEW CONSTRUCT[ON TAX 646,506.09
232 DRAINAGE FACILITY FEE 1,911,773.04
233 PARK&RECREATION FACILITY FEE 1,182,713.86
234 SIGNALIZATI(JN 195,542.07
235 FIRE FACILITIES 921,524.04
236 RECYCLING FUND 4,345,785.59
237 ENERGY INDEPENDENCE PROGRAM 2,512,733.23
238 AIR QUALITY MGMT.AB2766 332,493.53
239 CITY-WIDE BUSINESS PROMOTIONS -
240 AIPP MAINTENANCE -
241 GOLF COURSE MAINTENANCE -
242 AQUATiC CENTER 1,388,272.12
271 EL PASEO MERCHANTS ASSMT. DISTRICT 43,616.22
272 ZONE 4- PARKVIEW ESTATES (443.49)
273 ZONE 5 - COOK&COUNTRY CLUB 76,272.44
275 ZONE 6 - HOVLEY LANE DIST. 220,936.47
276 ZONE 2 - CANYON COVE/HAYSTACK (29,965.63)
277 ZONE 1 - PRE. PLAZA/PARKING 156,820.81
278 ZONE 3 - VINEYARDS DIST. 30,275.92
279 ZONE 7 -WARING COURT DIST. 26,007.84
280 ZONE 8- PALM GATE DIST. 793.62
281 ZONE 9 -THE GROVE DIST. 68,768.82
282 ZONE 16 - PRES. PLAZA 111 62,879.28
Page 1 CASH MAY 2014
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CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
283 ZONE 11 - PORTOLA PLACE 29,272.29
Z$4 �ON� 16SD-SUNDANCE -
285 ZONE- 14-K&B at F.D. 106,OOZ.13
28b ZONE 15 - CREST LANDSCAPING 34,816.61
287 ZONE 16 - SHEPHERD LANE 296,194.07
288 ALESSANDRO ALLEY -
289 SECTION 29 1,112,081.39
299 PDCC/COMMUNITY SRV AREA 26 160,357.27
301 AD 83-1 DEBT SRV. 33,636.63
303 AD 84-1R DEBT SRV. 533,670.90
304 AD 87-1 DEBT SRV. 237,068.20
306 AD 92-1 SIERRA NOVA 123,091.48
307 AD 94-1A BIGHORN 326,693.29
308 AD 94-2 SUNTERRACE/VRNR 90,209.65
309 AD 94-3 MERANO 145,375.52
310 DS AD BIGHORN SERIES B -
311 DS AD 98-1 CANYONS AT BIGHORN 264,244.Z4
312 DS SlLVER SPUR RANCH 195,676.30
314 HIGHLANDS UNDERGROUNDING 100,040.09
315 AD SECTION 29-2004-2 3,530,849.90
351 DSF CFD 91-1 INDIAN RIDGE 1,656,499.30
352 CFD 91-1 1995 BOND 1SSUE -
353 UNIVERSITY 8,077,522.30
390 DS PD FINAIVCING AUTHORITY-RDA -
391 DS PD FINANCtNG AUTHORITY-CITY 1,320,795.38
392 DS PDFA-RDA/BLYTHE -
393 RDA-RIV. CO/PD FIN.AUTHORITY -
400 CAPITAL PROJECTS RESERVE 4,844,567.86
416 CIP-ODRINANCE #416 -
420 CIP-DRAINAGE 2,114,463.87
425 ECONOMIC DEVELOPMENT PROJECT 830,606.35
430 CIP-PARKS&REC. 268,596.66
436 ART IN PUBLIC PLACES 1,614,714.43
Page 2 CA3H MAY 201�I
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C1TY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
440 CtP-SIGNALIZATION 130,667.38
441 GQI�F C�URS� CAP1Tt�l, 2,827,413.92
450 CIP-BUILDINGS Z,363,091.29
451 CIP PROPERTIES RDA/C1TY 14,375.28
4S2 CIP-BUILDINGS-LIBRARY 542,255.11
456 TOWN CENTER PARKING LOT -
462 AD 98-1 CANYONS BIGHORN -
463 AD 94-2 SUNTERRACE/VARNER -
464 AD 94-3 MERANO 178,921.49
466 CP SILVER SPUR RANCH 586.44
467 HIGHLANDS UNDERGROUNDING 20.36
468 UNIVERSITY 21,291,305.65
469 ASSESSMENT 29 - 2004-02 502,074.69
480 CFD-91-1 [NDIAN RIDGE -
483 CIP-BIGHORN SERIES "B" -
510 PD OFFICE COMPLEX ENT 3,819,179.76
520 DESERT WILLOW GOLF COURSE 457,214.35
521 PALM DESERT REC FAC.CORP. 259,918.13
530 EQU(PMENT REPLACEMENT RES 5,526,547.38
575 LIABILITY SELF INSURANCE 4,336,381.49
576 RETIREE HEALTH SINK FUND 1,717,494.54
610 TRUST-DEPOSITS 13,962,913.90
620 TRUST-AD 81-1 270,664.43
702 PD LIBRARY -
703 RDA SUCCESSOR AGENCY 130,688,076.88
841 RDA-PDFA& BLYTHE -
842 RDA-RIV. CO-FIN.AUTHORITY -
850 RDA-PROJECT AREA#1 -
851 RDA-PROJECT AREA#2 , -
853 RDA-PROJECT AREA#3 -
854 RDA-PROJECT AREA#4 -
860 RDA-DEBT SERVICE PROJECT#1 -
861 RDA-DEBT SERVICE PROJECT#2 -
Page 3 CASH MAY 2014
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASN TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
863 RDA-DEBT SERV[CE PRO)ECT#3 -
864 RDA-D6BT SECtVICE PROJECT#4 -
870 HOUSING (653,699.19)
871 PALM DESERT HOUSING AUTH. 22,017,258.83
872 COUNTRY CLUB ESTATES, INC -
873 HOUSING ASSEST FUND 10,724,086.33
TOTAL ALL FUNDS $ 3 9,444,240.72
INACTIVE:
CITY-IRC/REGULAR INVESTMENTS-LAIF 49,669,538.29
CITY-IRC/CUSTODIAN -BNY/RIV.CTY INV./CAMP 107,659,881.11
CITY-IOC/DEF COMP,TRUST,RESERVE -"102" 41,545,582.63
RDA-SUCCESOR/REGULAR INVESTMENTS-LAIF 17,002,999.66
RDA SUCCESSOR-IRC TRUST INVESTMENT PRINC[PAL/-RIV.CTNY[NV./CAMP 3,390,366.84
RDA SUCCESSOR/TRUST-("102" IN FD 703) 107,884,740.65
LIB-IOC/CHECKING,TRUST (FD 702) -
OC-IOC/CHECKING,TRUST (FD 510) -
DW-IOC/PETTY CASH/CASH REG(FD 520) 17,000.00
DW-lOC/REGULAR INVESTMENTS 7,783•77
DW-IOC/CHECKING,SAVINGS 432,430.58
PDREC-[OC/PETTY CASH/CASH REG.(FD 521) -
PDREGIOC/CHECKING 259,918.13
HSG-IOC/PETTY CASH ONLY(FD 871) 1,800.00
HSG-IOC/PDHA CHECKING&RPM CHECING -UNION BK 3,626,027.86
HSG-INVEST-CAMP 0.01
HSG-lOC/LAIF-CAP.871-X-102-0201 11,483,063.17
Page 9 CASH MAY 2014
CtTY OF PALM DESERT AND RDA SUCCESS4R AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY Z013-2014
TO'1`AL 1NAGTIVE $ 342,981,132.70
��
CITY $ (7,399,585.59)
HSG AUTHORITY- FUND 871-X-101-0000 $ 6,906,367.79
RDA SUCCESSOR AGENCY $ 2,409,969.73
PD LIBRARY $ '
OFFICE COMPLEX $ 3,819,179.76
DESERT WILLOW $ �
HOUSING ASSET FUND 873-X-101-0000 $ 10,724,086.33
ACT[VE CASH IN CHECKING ACCOUNTS 16,460,018.02
CITY-PETTY CASH,CASH REGISTER 3,050.00
TOTAL ACTIVE $ 16,463,068.OZ
TOTAL ALL CASH $ 359,444,200.72
NOTE: ABOVE IS THE FINAL STATEMENT OF CASH TRANSACTIONS,WHICH INCLUDES
ACTIVE CASH,INACTIVE CASH,AND CASH WITH FISCAL AGENTS.
au . i son, reasurer
Page 5 CASH MAY 2014
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