HomeMy WebLinkAboutInvsmnt Rprt - Nov 20132013
City of Palm Desert tgemx
Xraeiweele G nuedtiment afiort
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on December 18, and
announced that it will be modestly "tapering" the amount of its future asset
purchases. Starting in January 2014, the Federal Reserve will reduce its monthly
purchases of Federal Agency mortgage -backed securities, and of longer -term
U.S. Treasuries, by $5 billion each. This reflects the FOMC's perception that
economic activity is expanding at a moderate pace, with improved labor market
conditions, and a lower unemployment rate. Inflation continues to run below the
Committee's two percent threshold.
The Treasury market reacted with a sharp sell-off, driving up the yield on a 10-
year Treasury Note to 2.92 percent, the highest level in three months. Investors
closed out positions that they had taken to hedge their bets that U.S. Governmer
debt would fall, due to the pull back of the Fed's stimulus program. Gold prices
also fell to a three-year low, based upon lower expectations of inflation.
The housing market shows some signs of stabilizing, but there are continued
concerns that a weakening in consumer confidence or another jump in mortgage
rates might spark more turbulence. In October, housing permits rose to the
highest level in five years, driven largely by demand for multifamily buildings,
such as apartments and condominiums. In September, housing prices rose in
most major U.S. cities, but at a slower pace than prior months.
.rautes qiktm, eeJt 5
Certified California Municipal Treasurer
City Treasurer
PORTFOLIO STATISTICS
STATISTICS NOV-13 OCT-13 SEP-13
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
AUG-13
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.
JUL-13 JUN-13
$ 201,302 $ 202,645 $ 204,899 $ 220,313 $ 220,370 $
$ 201,302 $ 202,645 $ 204,899 $ 220,319 $ 220,373 $
$ - $ - $ - $ 6 $ 3 $
$ 6,521 $ 7,589 $ 5,909 $ 13,559 $ 14,565 $
$ 49 $ 53 $ 51 $ 59 $ 59 $
0.30% 0.31% 0.30% 0.31% 0.32%
1 1 1 12 26
0.00 0.00 0.00 0.00 0.00
All data as of November 30, 2013
218,688
218,697
9
1,885
57
0.32%
26
0.01
Dollars in Thousands
Maturities Market Value
< 1 M $ 175,328
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
<5Y
Total: $ 175,328
Ratings Market Value
AAA or Aaa S 107,005
AA or Aa
A
Unrated 90,978
Total: $ 197,983
Assets Market Value
County Pool 94,933
LAIF 43,315
WF/LAIF Bond Proceeds 25,009
City Loan to RDA 22,655
MTN
CAMP 5,095
WF/Bond Proceeds 6,976
Agencies
Total: $ 197,983
Month
Dec12
Jan13
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
PORTFOLIO CHARACTERISTICS
November 2013
City Yield LAIF Yield Variance
0.34 0.33 0.01
0.35 0.30 0.05
0.34 0.29 0.05
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
j Maturities Distribution I
100
100
80
60
40
a
Credit Quality I
20 -
0 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 I
LA
County Pool 22%IF
WF/LAIF Bond
48%
MTN
0%
Agencies Proceeds
0% 13%
WF/Bond CAMP City Loan to
Proceeds °
3% RDA
3/0 11%
Performance I
0.40
r
0.30
0.20
0.10 -
0.00
Oec12Ian13Feb Ma Ap May Jun Jul Aug Sep Oct Nov
OLAIF Yield OCity Yield
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
November 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 November 30, 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,
.rauts c-jgm,
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
53601(d) CA Local Agency Debt 5 Years No Limit
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(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 1
or Advisor 90 Days
A (Issuer) &
AA (Security)
16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit I $50MM/Acct
No Limit
5 Years
No Limit
No Limit
Not Authorized
Not Authorized
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%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
Not Authorized
A
AAA & Aaa
Not Authorized
Not Authorized
30%
20%
3.5%
50% (1)
AAA & Aaa
or Advisor 50.5%
Not Authorized
34.5%
(2) I 88.6%
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 PORTFOLIO CONCENTRATION LIMITS
November 2013
%of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,095.00 2.53%
GITY LQAN TQ RDA 22,655.00 11.25%
WF/L.A.I.F. BOND PROCEEDS 25,009.00 12.42%
FEDERAL AGENCY--COUPON - 0.00°/a
LOCAL AGENCY INVESTMENT FUND 43,315.00 21.52%
WELLS FARGO CORPORATE TRUST 6,977.00 3.47%
CORPORATE MEDIUM-TERM NOTES - 0.00%
RIVERSIDE COUNTY TREASURER 94,932.00 47.16%
TOTAL BEFORE CASH $ 197,983.00 98.35%
PLUS:
CASH $ 3,319.00 1.65%
GRAND TOTAL $ 201,302.00 (1) 100.00%
FOOTNOTE:
(1) In the City 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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