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HomeMy WebLinkAboutInvstmnt Rprt - Dec 20132013 City of Palm Desert .C;e x 1/1 d tfru meat C)grrOfritti(CV ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) will meet next on January 28-29. It is thought that the FOMC will continue "tapering," and will reduce its monthly government bond purchases by another $10 billion, in the belief that consumer spending and energy exports will support solid U.S. economic growth in 2014. Short-term interest rates are not expected to rise until the second half of 2015. The Fed's optimism follows a dismal jobs report for December 2013. Employment was projected to increase by 200,000 jobs in December -- it only increased by 74,000 jobs. Many Fed officials have dismissed December as a statistical aberration due to bad weather. While unemployment did fall from 7% in November to 6.7% in December, this was due to 347,000 workers leaving the workforce, unable to find work. If these workers were included in the unemployment rate (pre-1994 method), then one economist estimated that the actual unemployment rate would be 20% or higher (Great Depression level). The workforce participation rate is currently at its lowest point in 36 years. Wells Fargo Securities is forecasting subpar growth, low inflation, and more Fed tapering in 2014. Economic growth is projected to be 2.4%, supported by a modest gain in consumer spending. The yield curve will steepen, with the 10-yea Treasury note rising above 3%. New construction will modestly benefit from an improved housing market. Small businesses will continue to struggle with high healthcare costs, and regulatory uncertainty particularly with respect to taxes. ✓au1S.gika/Z," City Treasurer " Certified California Municipal Treasurer r PORTFOLIO STATISTICS STATISTICS 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 Yield -To -Maturity Weighted Maturity (Days) Effective Duration SEP-13 it 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. AUG-13 JUL-13 $ 208,660 $ 201,302 $ 202,645 $ 204,899 $ 220,313 $ 220,370 $ 208,660 $ 201,302 $ 202,645 $ 204,899 $ 220,319 $ 220,373 $ - $ - $ - $ - $ 6 $ 3 $ 16,574 $ 6,521 $ 7,589 $ 5,909 $ 13,559 $ 14,565 $ 47 $ 49 $ 53 $ 51 $ 59 $ 59 0.28% 0.30% 0.31% 0.30% 0.31% 0.32% 1 1 1 1 12 26 0.00 0.00 0.00 0.00 0.00 0.00 All data as of December 31, 2013 Dollars in Thousands Maturities Market Value < 1 M $ 172,320 < 2M < 3M < 6M < 1Y < 2Y < 3Y < 4Y < 5Y Total: $ 172,320 Ratings Market Value AAA or Aaa $ 103,997 AA or Aa A Unrated 90,978 Total: $ 194,975 Assets Market Value County Pool 91,933 LAIF 43,314 WF/LAIF Bond Proceeds 25,009 City Loan to RDA 22,655 MTN CAMP 5,096 WF/Bond Proceeds 6,968 Agencies - Total: $ 194,975 Month Jan13 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec PORTFOLIO CHARACTERISTICS December 2013 Citv Yield LAIF Yield Variance 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 0.28 0.26 0.02 i Maturities Distribution N 100 100 80 - 0 60 - a i 40 - 0 a 20 - Credit Quality N 0 0 0 0 0 0 0 0 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y AA orAa 0% Unrated 47% AAA or Aaa 51% A 0% Asset Allocation I 7 County Pool 47% MTN 0% Agencies 0% Performance M 0.40 0.30 - 0.20 - 0.10 - 0.00 WF/Bond CAMP Proceeds 3% 3% LAI F 22% WF/LAIF Bond Proceeds 13% City Loan to RDA 12% Jan13Feb Ma Apr May Jun Jul Aug Sep Oct Nov Dec •LAIF Yield DCityYield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE December 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 December 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, Yazds gig, ee..-97 City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code CA Govt Code Investment Category 53601(a) Palm Desert Bonds 53633 Demand Deposits 53601(b) U.S. Treasuries 53601(c) 53601(d) 53601(e) Federal Agencies 53601(f) Bankers's Acceptances 53601(g) Commercial Paper 53601(h) Negotiable CDs 53601(i) Repos 53601(1) Reverse Repos 53601(j) Medium -Term Notes 53601(k) Money Market Funds 53601(1) 53601(m) 53601(k) Local Government Investment Pools 90 Days 53601(n) CA State Debt CA Local Agency Debt Trust Indenture Debt Secured Bank Deposits 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 Mortgage -Backed Securities 16429.1(b) L.A.I.F. 5 Years 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% City Investment Policy Minimum Maximum Quality Maturity A-1/P-1 A AAA & Aaa AAA & Aaa or Advisor A (Issuer) & AA (Security) No Limit 5 Years Maximum Minimum % of City Limit Quality Portfolio No Limit No Limit Not Authorized Not Authorized 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 Not Authorized 5 Years 90 Days 30% 20% A I- AAA & Aaa I 3.6% 90 Days Not Authorized Not Authorized 50% (1) AAA & Aaa or Advisor 49.8% Not Authorized No Limit $50MM/Acct No Limit I $50MM/Acct I 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)1 35.1% 88.4% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS December 2013 %of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,095.00 2.44% CITY LpAN TO RDA 22,655.p0 10.86°l0 WF/L.A.I.F. BOND PROCEEDS 25,009.00 11.99% FEDERAL AGENCY--COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 43,315.00 20.76% WELLS FARGO CORPORATE TRUST 6,968.00 3.34% CORPORATE MEDIUM-TERM NOTES - 0.00% RIVERSIDE COUNTYTREASURER 91,933.00 44.06% TOTAL BEFORE CASH $ 194,975.00 93.44% PLUS: CASH $ 13,685.00 6.56% GRAND TOTAL $ 208,660.00 (1) 100.00% FOOTNOTE: (1) In the City 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. 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