HomeMy WebLinkAboutInvestment Report - April 2014City of Palm Desert
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ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on April 30, and cut another
$10 billion from its bond buying program, reducing bond purchases to $45 billion
per month. The FOMC also reaffirmed that short-term interest rates would remain
near zero for a considerable time after the Fed ends its bond buying program in
late 2014.
Global bond rates plunged as skeptical investors sought refuge from sluggish
U.S. and European economies. The yield on a 10-year U.S. Treasury Note fell to
2.52% -- the lowest level this year. Despite years of monetary stimulus, the U.S.
housing market remains relatively depressed; hiring has not picked up; and
inflation is well below expectations.
First quarter U.S. economic growth was worse than expected. Although originally
estimated at 0.1%, many economists believe that this figure will be lowered to
show a contraction in economic activity. Business investment, government
spending, and exports continue to lag. Higher home prices, higher interest rates,
and tighter lending standards have led to a slowdown in housing. Wells Fargo
Securities reports that homeownership has fallen to its lowest level in 30 years.
Stagnant wage and job growth play a key role in this. Finally, a new study from
the Brookings Institute suggests that the U.S. economy is less entrepreneurial
than at any point in the last 30 years, with businesses being destroyed at a faster
rate than they are being created.
yazds , ee.. yam: 44
City Treasurer
. Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2014
4>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 APR-14 MAR-14 FEB-14
JAN-14
DEC-13 NOV-13
Thousands of Dollars
Month -End Book Value $ 218,499 $ 217,385 $ 220,165 $ 213,310 $ 208,660 $ 201,302
Month -End Market Value $ 218,499 $ 217,385 $ 220,165 $ 213,310 $ 208,660 $ 201,302
Paper Gain (Loss)
Prior Year Book Variance
Interest Earnings (W/O Cash; $
Yield -To -Maturity
Weighted Maturity (Days)
Effective Duration
$ - $ - $ $ $ $ -
$ 18,738 $ 19,442 $ 18,825 $ 15,125 $ 16,574 $ 6,521
50 $ 53 $ 46 $ 48 $ 47 $ 49
0.29% 0.31% 0.29% 0.29% 0.28% 0.30%
1 1 1 1 1 1
0.00 0.00 0.00 0.00 0.00 0.00
All data as of April 30, 2014
Dollars in Thousands
Maturities Market Value
< 1 M $ 186,803
< 2M -
< 3M
< 6M
< 1Y -
< 2Y -
< 3Y
< 4Y -
< 5Y -
Total: $ 186,803
Ratings Market Value
AAA or Aaa $ 112,117
AA orAa -
A -
Unrated 97,359
Total: $ 209,476
Assets Market Value
County Pool 102,515
LAIF 49,670
WF/LAIF Bond Proceeds 25,034
City Loan to RDA 22,655
MTN -
CAMP 5,097
WF/Bond Proceeds 4,505
Agencies -
Total: $ 209,476
Month
May13
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan14
Feb
March
April
PORTFOLIO CHARACTERISTICS
April 2014
City Yield LAIF Yield Variance
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
0.31 0.24 0.07
0.29 0.23 0.06
Maturities Distribution I
0
0
0
Credit Quality N
100
80 -
60 -
40 -
20 -
0
100
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
0%
Asset Allocation N
County Pool LAIF
49% 24%
MTN
0%
Agencies -,'' WF/LAIF Bond
0% Proceeds
12%
WF/Bond CAMP City Loan to
Proceeds 2% RDA
2% 11%
Performance I
0.33 i_
0.22
m
} 0.11 -
0.00 - --'
May13Jun Jul Aug Sep Oct Nov DecJan14 Feb MarchAprI
°LAIF Yield °City Yield
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
April 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 April 30, 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 objectiveE
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,
.rawls i4aa, eemi:
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
CA Govt Maximum Maximum
Code Investment Category Maturity Limit
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
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) 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
City Investment Policy
Minimum Maximum Maximum Minimum % of City
Quality Maturity Limit Quality Portfolio
No Limit
5 Years
No Limit
No Limit
Not Authorized
Not Authorized
No Limit
40°A) A-1 or P-1
25°A) 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
(2)
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.
2.2%
51.4%
35.7%
89.2%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
� � � CITY PORTFOLIO CONCENTRATION LIMtTS
April 2014
%of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,096,606.77 2.33%
GITY LOAN TO RDA 22,654,999.95 10.37°/9
WF/L.A.I.F. BOND PROCEEDS 25,034,099.51 11.46%
FEDERAL AGENCY--COUPON - 0.00%
LOCAL AGENCY INVESTMENT FUND 49,669,538.29 22.73%
WELLS FARGO CORPORATE TRUST 4,505,149.66 2.06%
CORPORATE MEDIUM-TERM NOTES - 0.00%
RIVERSIDE COUNTY TREASURER 102,515,28824 46.92%
TOTAL BEFORE CASH $ 209,475,682.42 95.87%
PLUS:
CASH $ 9,023,149.82 4.13%
GRAND TOTAL $ 218,498,832.24 (1) 100.00%.
FOOTNOTE:
(1) In the City of Palm Desert Comqrehensive Annual Financial Reqort("CAFR"), both the City of Palm Desert
("Ciry")and the City's external auditor de�ne 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
APRIL 30, 2014 PERIOD #10
FY 2013-2014
110 GENERAL $ 66,221,562.19
210 TRAFFIC SAFETY 103,084.84
211 GAS TAX 1,129,086.50
213 MEASURE A 21,202,669.94
214 HOUSING MITIGATION 2,484,792.14
220 COMMUNITY DEVELOPMENT 13,279.56
228 CHILD CARE PROGRAM 1,488,764.23
229 PUBLIC SAFETY POLICE GRANTS 29,732.16
230 PROP.A FIRE TAX 1,417,012.99
231 NEW CONSTRUCTION TAX 632,584.89
232 DRAINAGE FACILITY FEE 1,911,013.04
233 PARK&RECREATION FACILITY FEE 1,198,194.11
234 SIGNALIZATION 231,070.82
235 FIRE FACILITIES 915,143.04
236 RECYCLING FUND 4,380,285.47
237 ENERGY INDEPENDENCE PROGRAM 2,260,762.01
238 AIR QUALITY MGMT.AB2766 333,193.53
239 CITY-WIDE BUSINESS PROMOTIONS -
240 AIPP MAINTENANCE -
241 GOLF COURSE MAINTENANCE -
242 AQUATIC CENTER 1,437,477.81
271 EL PASEO MERCHANTS ASSMT. DISTRICT 66,776.19
272 ZONE 4 - PARKVIEW ESTATES (2,137.49)
273 ZONE 5 - COOK&COUNTRY CLUB 67,576.13
275 ZONE 6 - HOVLEY LANE DIST. 186,955.13
276 ZONE 2 - CANYON COVE/HAYSTACK (32,278.26)
277 ZONE 1 - PRE. PLAZA/PARKING 170,107.21
278 ZONE 3 -VINEYARDS DIST. 26,624.56
279 ZONE 7 -WARING COURT DIST. 23,739.77
280 ZONE 8 - PALM GATE DIST. (536.14)
281 ZONE 9 -THE GROVE DIST. 59,341.84
282 ZONE 16 - PRES. PLAZA III 45,861.33
Page i CAjH AFRIL �Gi4
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
APRIL 30, 2014 PERIOD #10
FY 2013-2014
283 ZONE 11 - PORTOLA PLACE 27,124.66
284 ZONE 16SD - SUNDANCE -
285 ZONE- 14-K&B at P.D. 96,261.09
286 ZONE 15 - CREST LANDSCAPING 30,828.86
287 ZONE 16 - SHEPHERD LANE 273,090.19
288 ALESSANDRO ALLEY -
289 SECTION 29 1,026,828.46
299 PDCC/COMMUNITY SRV AREA 26 139,437.59
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 96,664.97
309 AD 94-3 MERANO 102,599.94
310 DS AD BIGHORN SERIES B -
311 DS AD 98-1 CANYONS AT BIGHORN 216,781.54
312 DS SILVER SPUR RANCH 125,335.54
314 HIGHLANDS UNDERGROUNDING 58,436.36
315 AD SECTION 29-2004-2 2,690,170.49
351 DSF CFD 91-1 INDIAN RIDGE 1,195,758.52
352 CFD 91-1 1995 BOND ISSUE -
353 UNIVERSITY 6,079,782.90
390 DS PD FINANCING AUTHORITY-RDA -
391 DS PD FINANCING AUTHORITY-CITY 1,320,795.25
392 DS PDFA-RDA/BLYTHE -
393 RDA-RIV. CO/PD FIN.AUTHORITY -
400 CAPITAL PROJECTS RESERVE 5,041,566.25
416 CIP-ODRINANCE # 416 -
420 CIP-DRAINAGE 2,120,198.87
425 ECONOMIC DEVELOPMENT PROJECT 830,606.35
430 CIP-PARKS & REC. 277,928.66
436 ART IN PUBLIC PLACES 1,633,779.74
Fage 2 CASH APRIL 2014
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
APRIL 30, 2014 PERIOD #10
FY 2013-2014
440 CIP-SIGNALIZATION 130,667.38
441 GOLF COURSE CAPITAL 2,846,810.61
450 CIP-BUILDINGS 2,361,031.29
451 CIP PROPERTIES RDA/CITY 14,375.28
452 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 178,921.48
466 CP SILVER SPUR RANCH 586.44
467 HIGHLANDS UNDERGROUNDING 20.36
468 UNIVERSITY 21,291,305.64
469 ASSESSMENT 29 - 2004-02 502,074.67
480 CFD-91-1 INDIAN RIDGE -
483 CIP-BIGHORN SERIES "B" -
510 PD OFFICE COMPLEX ENT 3,741,909.39
520 DESERT WILLOW GOLF COURSE 457,214.35
521 PALM DESERT REC FAC.CORP. 259,918.13
530 EQUIPMENT REPLACEMENT RES 5,526,547.38
575 LIABILITY SELF INSURANCE 4,336,381.49
576 RETIREE HEALTH SINK FUND 1,753,734.47
610 TRUST-DEPOSITS 13,886,751.35
620 TRUST-AD 81-1 270,664.43
702 PD LIBRARY -
703 RDA SUCCESSOR AGENCY 130,717,536.47
841 RDA-PDFA& BLYTHE -
842 RDA-RIV. CO-FIN.AUTHORITY -
850 RDA-PROJECT AREA #1 -
851 RDA-PROJECT AREA#2 -
853 RDA-PRO)ECT AREA #3 -
854 RDA-PROJECT AREA#4 -
860 RDA-DEBT SERVICE PROJECT#1 -
861 RDA-DEBT SERVICE PROJECT #2 -
Pdc�e 3 CASH APRIL 2014
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
APRIL 30, 2014 PERIOD #10
FY 2013-2014
863 RDA-DEBT SERVICE PROJECT#3 -
864 RDA-DEBT SERVICE PROJECT#4 -
870 HOUSING (592,236.58)
871 PALM DESERT HOUSING AUTH. 21,935,131.70
872 COUNTRY CLUB ESTATES, INC -
873 HOUSING ASSEST FUND 10,603,116.80
TOTAL ALL FUNDS $ 353,404,593.91
INACTIVE:
CITY-IRC/REGULAR INVESTMENTS-LAIF 49,669,538.29
CITY-IRC/CUSTODIAN -BNY/RIV. CTY INV./CAMP 107,604,110.95
CITY-IOC/DEF COMP,TRUST,RESERVE -"102" 41,469,128.62
RDA-SUCCESOR/REGULAR INVESTMENTS-LAIF 17,002,999.66
RDA SUCCESSOR-IRC TRUST INVESTMENT PRINCIPAL/-RIV.CTNY INV./CAMP 3,388,813.63
RDA SUCCESSOR/TRUST-("102" IN FD 703) 107,884,740.57
LIB-IOC/CHECKWG,TRUST (FD 702) -
OC-IOC/CHECKING,TRUST (FD 510) -
DW-IOC/PETTY CASH/CASH REG (FD 520) 17,000.00
DW-IOC/REGULAR INVESTMENTS 7,783.77
DW-IOC/CHECKING,SAVINGS 432,430.58
PDREC-fOC/PETTY CASH/CASH REG.(FD 521) -
PDREC-IOC/CHECKING 259,918.13
HSG-IOC/PETTY CASH ONLY(FD 871) 1,800.00
HSG-IOC/PDHA CHECKING& RPM CHECING-UNION BK 3,537,374.84
HSG-INVEST-CAMP 0.01
HSG-IOC/LAIF-CAP.871-X-102-0201 11,483,063.17
rage 4 CASH APkIL 2U14
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
APRIL 30, 2014 PERIOD #10
FY 2013-2014
TOTAL INACTIVE $ 342,758,702.22
ACTIVE:
CITY $ (13,056,060.79)
HSG AUTHORITY- FUND 871-X-101-0000 $ 6,912,893.68
RDA SUCCESSOR AGENCY $ 2,440,982.61
PD LIBRARY $ -
OFFICE COMPLEX $ 3,741,909.39
DESERT WILLOW $ -
HOUSING ASSET FUND 873-X-101-0000 $ 10,603,116.80
ACTIVE CASH IN CHECKING ACCOUNTS 10,642,841.69
CITY-PETTY CASH,CASH REGISTER 3,050.00
TOTAL ACTIVE $ 10,645,891.69
TOTAL ALL CASH $ 353,404,593.91
NOTE: ABOVE IS THE FINAL STATEMENT OF CASH TRANSACTIONS,WHICH INCLUDES
ACTIVE CASH, INACTIVE CASH,AND CASH WITH FISCAL AGENTS.
C�
au . i son, reasurer
Page 5 CASH APRIL 2014
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