HomeMy WebLinkAboutInvestment Reports - January 2014City of Palm Desert
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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)
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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.
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