HomeMy WebLinkAboutInvestment Report - Feb 2014 & Mar 2014City of Palm Desert
77ea4ttreie J wedtment Abe
ECONOMIC COMMENTARY
On March 19, Federal Open Market Committee Chair Yellen stated that the Fed
would probably raise short-term interest rates six months after its bond -buying
program ends. Yellen's comments implied that a rate increase might come as
early as April 2015 (investors were expecting late 2015). The result was a
change in the yield curve, with yields on two- and three-year Treasuries rising,
and yields on 30-year Treasuries falling. This reflected market perceptions of
higher short-term interest rates, and lower inflation risks. Two weeks later,
Yellen sought to reassure markets that the Fed would continue to keep
short-term interest rates low in order to support a weak job market.
The Fed is doing a delicate balancing act between supporting the economic
recovery and triggering another financial bubble or inflation. According to
Wells Fargo Securities, the Fed's quantitative easings have boosted asset
prices (housing and stocks) more than they have the economy's underlying
fundamentals. Asset price increases are intended to encourage consumer
spending through a perceived "wealth effect." The U.S. economy does not
receive the full benefit of such spending, however, since most of the goods
being purchased are made in foreign countries (the U.S. is a net importer).
Fed minutes show that the Fed remains concerned about persistently low levels
of inflation. Tepid inflation is associated with low wage gains, excess business
capacity, and weak global demand. This restrains investment and hiring.
Yautes. man, ee.. .9. 44
City Treasurer
Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2014
Ct.-4L)ed
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.
STATISTICS
MAR-14
FEB-14 JAN-14
DEC-13
NOV-13 OCT-13
Thousands of Dollars
Month -End Book Value
Month -End Market Value
Paper Gain (Loss)
Prior Year Book Variance
Interest Earnings (W/O Cash
Yield -To -Maturity
Weighted Maturity (Days)
Effective Duration
$ 217,385 $ 220,165 $ 213,310 $ 208,660 $ 201,302 $ 202,645
$ 217,385 $ 220,165 $ 213,310 $ 208,660 $ 201,302 $ 202,645
$ $ - $ - $ - $ - $
$ 19,442 $ 18,825 $ 15,125 $ 16,574 $ 6,521 $ 7,589
$ 53 $ 46 $ 48 $ 47 $ 49 $ 53
0.31% 0.29% 0.29% 0.28% 0.30°A) 0.31%
1 1 1 1 1 1
0.00 0.00 0.00 0.00 0.00 0.00
All data as of March 31, 2014
PORTFOLIO CHARACTERISTICS
March 2014
Dollars in Thousands
Maturities Market Value
< 1 M $ 186,856
< 2M
< 3M
< 6M
<1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 186,856
Ratings Market Value
AAA or Aaa $ 132,584
AA or Aa
A
Unrated 76,927
Total: $ 269,511
Assets Market Value
County Pool 102,498
LAIF 49,643
WF/LAIF Bond Proceeds 25,020
City Loan to RDA 22,655
MTN
CAMP 5,096
WF/Bond Proceeds 4,599
Agencies
Total: $ 209,511
Month City Yield LAIF Yield Variance
Apr13 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
Sep 0.30 0.26 0.04
Oct 0.31 0.27 0.04
Nov 0.30 0.26 0.04
Dec 0.28 0.26 0.02
Jan14 0.29 0.24 0.05
Feb 0.29 0.24 0.05
March 0.31 0.24 0.07
Maturities Distribution 1
0
0
0
a
100
80
60
40
20
0
100
0 0 0 0 0 0 0 0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Credit Quality
AA orAa
0%
Unrated
AAA or Aaa
51%
Iii:)
A
37
%
0%
Asset Allocation I
County Pool
49%
MTN
0%
Agencies
0%
LAIF
24%
WF/LAIF Bond
Proceeds
12%
WF/Bond CAMP City Loan to
Proceeds 2% RDA
2% 11%
Performance
0.40
0.30 -
0.20 -
0.10 -
0.00 A`16111
Apr13May Jun Jul Aug
,1
a
Sep Oct Nov DecJan14 Feb March
OLAIF Yield OCity Yield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
March 2014
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 March 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 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,
Yale/S. Wes, ee.. x..g.
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 Deposits No Limit No Limit
53601(b) U.S. Treasuries 5 Years No Limit
No Limit
5 Years
No Limit
No Limit
53601(c) CA State Debt 5 Years No Limit Not Authorized
53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized
53601(e) Federal Agencies 5 Years No Limit
53601(f) Bankers's Acceptances 180 Days 40%
53601(g) Commercial Paper 270 Days 25% A-1/P-1
53601(h) Negotiable CDs 5 Years 30%
53601(i) Repos 1 Year No Limit
53601(I) Reverse Repos
5 Years No Limit
180 Days 40% A-1 or P-1
270 Days 25% A-1 or P-1
5 Years 30% AA- or Aa3
30 Days 20%
92 Days 20% Not Authorized
53601(j) Medium -Term Notes 5 Years 30% A
53601(k) Money Market Funds 90 Days 20% AAA & Aaa
53601(I) 1 Trust Indenture Debt
53601(m) 1 Secured Bank Deposits 5 Years No Limit
5 Years 30% A
90 Days I 20% AAA & Aaa I 2.2%
Not Authorized
Not Authorized
53601(k) Local Government AAA & Aaa
Investment Pools
90 Days No Limit
or Advisor
AAA & Aaa
90 Days I 50% (i) or Advisor 51.4%
53601(n) Mortgage -Backed
Securities
16429.1(b) 1 L.A.I.F.
5 Years
No Limit
20% A (Issuer) &
AA (Security)
$50MM/Acct
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
I $50MM/Acct 1
35.6%
(2) 89.2%
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATfON LIMITS
March 2014
%of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,096,414.67 2.34%
CITY LOAN TO RDA 22,654,999.95 1 Q.42%
WF/L.A.I.F. BOND PROCEEDS 25,019,876.13 11.51%
FEDERAL AGENCY-- COUPON - 0.00%
LOCAL AGENCY INVESTMENT FUND 49,642,474.21 22.84%
WELLS FARGO CORPORATE TRUST 4,598,983.98 2.12%
CORPORATE MEDIUM-TERM NOTES - 0.00%
RIVERSIDE COUNTY TREASURER 102,498,146.02 47.15%
TOTAL BEFORE CASH $ 209,510,894.96 96.38%
PLUS:
CASH $ 7,874,574.03 3.62%
GRAND TOTAL $ 217,385,468.99 (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 investmenfs 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
��,�,, ,!' ,,( Yam!/ ,(f,,,,,, ,�, � �, / f
e / / ea4t brie 6 e/ %fie twiefi �,?m
ECONOMIC COMMENTARY
February was a relatively quiet month for U.S. Treasuries, except for the closing
days of the month when Russian military intervention in Ukraine brought more
buyers into the market, putting downward pressure on Treasury yields.
Severe winter weather took a heavy toll on U.S. economic growth. Fourth
Quarter 2013 U.S. Gross Domestic Product ("GDP") was revised downward
from 3.2% to 2.4%. Some private economists believe that First Quarter 2014
GDP will be even weaker, coming in below 2%. In certain parts of the U.S.,
consumer spending, construction, home sales, and industrial operations
were disrupted by the coldest weather since 1912. In the West, drought
reduced agricultural production in many areas, and raised prices for some crops.
The U.S. labor market remains sluggish. Although nonfarm payrolls rose from
129,000 (January revised) to 175,000 (February), the latter was below the prior
12-month average of 189,000 jobs. Edward Lazear, a Stanford University
Business professor and a former Chairman of the President's Council of
Economic Advisers (2006-2009), contends that the number of total hours
worked is a better measure of labor market strength and economic activity
than the number of people employed. Lazear believes that real labor usage
has fallen by the equivalent of 100,000 jobs since September. While there
has been an increase in jobs, there has also been a decrease in the number
of total hours worked.
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
FEB-14
City Treasurer
PORTFOLIO STATISTICS
JAN-14 DEC-13
NOV-13
2014
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.
OCT-13 SEP-13
$ 220,165 $ 213,310 $ 208,660 $ 201,302 $ 202,645 $ 204,899
$ 220,165 $ 213,310 $ 208,660 $ 201,302 $ 202,645 $ 204,899
$ - $ - $ - $ - $ - $
$ 18,825 $ 15,125 $ 16,574 $ 6,521 $ 7,589 $ 5,909
$ 46 $ 48 $ 47 $ 49 $ 53 $ 51
0.29% 0.29% 0.28% 0.30% 0.31% 0.30%
1 1 1 1 1 1
0.00 0.00 0.00 0.00 0.00 0.00
All data as of February 28, 2014
Dollars in Thousands
Maturities Market Value
< 1 M $ 186,339
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 186,339
Ratings Market Value
AAA or Aaa $ 134,373
AA or Aa
A
Unrated 74,662
Total: $ 209,035
Assets Market Value
County Pool 97,498
LAIF 49,643
WF/LAIF Bond Proceeds 25,020
City Loan to RDA 22,655
MTN -
CAMP 5,096
WF/Bond Proceeds 9,123
Agencies
Total: $ 209,035
Month
Mar13
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan14
Feb
PORTFOLIO CHARACTERISTICS
February 2014
City Yield LAIF Yield Variance
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
0.31 0.27 0.04
0.30 0.26 0.04
0.28 0.26 0.02
0.29 0.24 0.05
0.29 0.24 0.05
Maturities Distribution I
0
Credit Quality N
100
100
80 -
60
40 -
20 -
0
0 0 0 0 0 0 0 0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
AA or Aa
0%
Unrated
36%
AAA or Aaa
51%
A
0%
Asset Allocation I
County Pool
47%
MTN
0%
LAI F
24%
WF/LAIF Bond
Agencies Proceeds
0% 12%
WF/Bond City Loan to
Proceeds CAMP RDA
4% 2 /° 11%
Performance M
0.40 -
0.20
0.10 -
0.00-r--.
Mar13 Apr May Jun Jul Aug Sep Oct Nov DecJan14 Feb
■LAIF Yield OCity Yield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
February 2014
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 February 28, 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 nexi
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,
.rauts O-iatt, ee../1L
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 Deposits No Limit No Limit
53601(b) U.S. Treasuries 5 Years No Limit
53601(c) CA State Debt 5 Years No Limit Not Authorized
53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized
53601(e) Federal Agencies 5 Years No Limit 5 Years No Limit
53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A 1 or P 1
53601(g) Commercial Paper 270 Days 25% A-1/P-1 270 Days 25% A-1 or P-1
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3
53601(i) Repos 1 Year No Limit 30 Days 20%
53601(1) Reverse Repos 92 Days 20% Not Authorized
53601(j) Medium -Term Notes 5 Years 30% A 5 Years 30% -
I A
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% I AAA & Aaa 4.4%
53601(1) Trust Indenture Debt Not Authorized
53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA & Aaa
Investment Pools 90 Days No Limit or Advisor
53601(n) Mortgage -Backed 5 Years 20% A (Issuer) & Not Authorized
Securities AA (Security)
16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit I $50MM/Acct I I 35.7%
(2) 89.2%
No Limit
5 Years
No Limit
No Limit
90 Days
AAA & Aaa
50% (1) or Advisor 49.1%
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.
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIC! CONCENTRATtON LIMITS
February 2014
°/a of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,096,151.05 2.31%
GITY LOAN TQ RDA 22,654,999.95 10.29°In
WF/L.A.I.F. BOND PROCEEDS 25,019,876.13 11.36%
FEDERAL AGENCY--COUPON - 0.00%
LOCAL AGENCY INVESTMENT FUND 49,642,474.21 22.55%
WELLS FARGO CORPORATE TRUST 9,122,912.05 4.14%
CORPORATE MEDIUM-TERM NOTES - 0.00%
RIVERSIDE COUNTY TREASURER 97,498,146.02 44.28%
TOTAL BEFORE CASH $ 209,034,559.41 94.94%
PLUS:
CASH $ 11,130,722.55 5.06%
GRAND TOTAL $ 220,165,281.96 (1) 100.00%
FOOTNOTE:
(1) In the Citv of Palm Desert Comprehensive Annual Financial Reqort("CAFR"), both the City of Palm Desert
("City")and the City's external auditor define fota/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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