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HomeMy WebLinkAboutInvestment Reports - January 2014City of Palm Desert Xradetrele 5ru'edt/fftent C/ t960,1 ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) will meet next on March 18 and 19. At its January 29 meeting, the FOMC indicated that it would reduce its monthly securities purchases by another $10 billion for a total of $65 billion per month, down from the original $85 billion. The FOMC cited an improvement in economic activity and labor market conditions as the basis for the policy change. Wells Fargo Securities believes that the FOMC will continue to reduce its securities purchases by $10 billion per month at each subsequent FOMC meeting. Continued economic contraction in the retail sector is expected for the foreseeable future. Retail analysts are forecasting that 15% of all U.S. malls will either fail or be converted into non -retail space within 10 years. Many retailers are expected to announce job cuts, store closings, cuts in square footage, or all three. JC Penney, for example, will be closing 33 stores; Macy's will be closing five stores; and Sears will be closing its flagship Chicago store (Sears has closed 300 stores since 2010). Among the reasons cited for the closures are unsustainable inventories; loss of foot traffic; internet shopping; and the shrinkage of the middle class. In January, the City and the RDA Successor Agency received approximately $6.3 million and $21.6 million, respectively, in property taxes. Yaufs ikaa, ee..L.97 4c City Treasurer Certified California Municipal Treasurer PORTFOLIO STATISTICS 2014 flz/rnla7/ 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 JAN-14 DEC-13 NOV-13 OCT-13 SEP-13 AUG-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 $ 213,310 $ 208,660 $ 201,302 $ 202,645 $ 204,899 $ 220,313 $ 213,310 $ 208,660 $ 201,302 $ 202,645 $ 204,899 $ 220,319 $ $ - $ - $ - $ - $ 6 $ 15,125 $ 16,574 $ 6,521 $ 7,589 $ 5,909 $ 13,559 $ 48 $ 47 $ 49 $ 53 $ 51 $ 59 0.29% 0.28% 0.30% 0.31% 0.30% 0.31 1 1 1 1 1 12 0.00 0.00 0.00 0.00 0.00 0.00 All data as of January 31, 2014 Dollars in Thousands Maturities Market Value < 1 M $ 178,669 < 2M < 3M < 6M < 1Y < 2Y < 3Y < 4Y < 5Y Total: $ 178,669 Ratings Market Value AAA or Aaa $ 109,502 AA or Aa A - Unrated 97,322 Total: $ 206,824 Assets Market Value County Pool 97,458 LAIF 49,642 WF/LAIF Bond Proceeds 25,025 City Loan to RDA 22,655 MTN - CAMP 5,096 WF/Bond Proceeds 6,948 Agencies - Total: $ 206,824 Month Feb13 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan14 PORTFOLIO CHARACTERISTICS January 2014 Citv Yield LAIF Yield Variance 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 0.29 0.24 0.05 7 Maturities Distribution M 100 100 80 60 40 - a 20 - Credit Quality I 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% / 1 / Asset Allocation M County Pool 47% MTN 0% Agencies 0% WF/Bond CAMP Proceeds 3% 3% Performance N 0.40 0.30 - 0.20 - 0.10 - 0.00 - - Feb13Mar Apr May Jun Jul Aug Sep Oct No De Jan14 LAIF 24% WF/LAIF Bond Proceeds 12% City Loan to RDA 11% ■LAIF Yield OCity Yield 1 CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE January 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 January 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, Yowl S i4aa, City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy 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 No Limit 53601(b) U.S. Treasuries 5 Years No Limit 5 Years 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-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 Minimum Maximum Maximum Minimum % of City Quality Maturity Limit Quality Portfolio No Limit No Limit Not Authorized Not Authorized No Limit 40% A-1 or P-1 25% 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 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. 3.4% 49.6% 36.1% (2) 89.0% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 �� '� � �—��--� CITY OF PALM DESERT � � _ FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE D. KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY��� DATE: MARCH 18, 2014 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached is the Compliance Analysis and Investment Report for the month of January 2014 which was 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 January 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) « l✓� �� � - � � �x ��:�. ���ry c����e��ACT�c�;� .�.��'.�:._..d.�.�..�.��,�.�� __._�_.: `� �5� � �:���iic�`-r�.»_ �;���«:n ��- 3 � ��. ��%�..!�_ .____ .. ., . _ -. �z�ct.�v�:n�- F� I�. __ ���:���r�.�z --- .v; , - ��,� /, � .._ � . �. _ _ _ �._.�._ ..___.... MEETING DA�['I,, �- �, '`7- �C�J —_.� � ,� ; ,�: x ,,�? .. . _ '�, �, �!f��- AY�:S:�'�e.n -,r�1-�n� ��n�f�rc�I� i����1�r- Tcz��r�N� � N�ES: 'tier�r. � T' A13SENT: ��'L1�- A[35TAIN:N�1� VCRIF[ED BY: r. Original on File with City Cle�•k's ffice G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSEN INV RPT.DOCX Y CITY PORTFOLIO CONCENTRATION LIMITS January 2014 °/a of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,095,881.23 2.39% GITY LQAN TO RDA 22,654,999.95 �0.62% WF/L.A.I.F. BOND PROCEEDS 25,024,876.13 11.73% FEDERAL AGENCY-- COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 49,642,474.21 23.27% WELLS FARGO CORPORATE TRUST 6,947,700.26 3.26% CORPORATE MEDIUM-TERM NOTES - 0.00% RIVERSIDE COUNTY TREASURER 97,457,962.07 45.69% TOTAL BEFORE CASH $ 206,823,893.85 96.96% PLUS: CASH $ 6,486,304.48 3.04% GRAND TOTAL $ 213,310,198.33 (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. } o a �' 1_- Q ^ o�i U CJ -�" �c � a > « m o i c LL C N O a � �, �; a � U > � v v v o � � o � N NG� a �'� O N N N O N] N O N C C F'S O O O O O O � O 0 � � r "' a`�i n � M O_ C Q 7 N E � � � � � � � �y ~ m U N . 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