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HomeMy WebLinkAboutInvestment Report - Sept 2014City of Palm Desert raeit Jieoe CJ ze :CJ('rneiz i V l L} ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) met on September 16-17, and reduced its asset purchases by another $10 billion, leaving short-term interest rates unchanged. The FOMC is expected to end its asset purchase program next month. Many economists continue to believe that the FOMC will raise short-term interest rates in mid-2015. The U.S. economy continues to expand modestly, with Gross Domestic Product (GDP) expected to rise to 3% in the second half of 2014. Second-quarter GDP has been revised up to 4.6%, based upon increased consumer spending, exports, and local government spending. Presently, the FOMC's chief concern is that a strong U.S. Dollar will undermine exports. Financial markets were volatile in September due to increased uncertainty about global economic growth, and geopolitical turmoil in the Ukraine and in the Middle East. At one point, U.S. Treasury bill yields went negative after the Fed announced a $300 billion cap on reverse repurchase agreement programs which investment firms have been using to enhance portfolio return. According to the International Monetary Fund (IMF), China now has the largest economy in the world, with the United States in second place for the first time in 142 years. The IMF estimates that the Chinese economy is valued at $17.6 trillion, versus the U.S. economy which is valued at $17.4 trillion. The Chinese economy is expected to grow to $27 trillion by 2019. Yazd S. giktw, eeJL : City Treasurer Certified California Municipal Treasurer PORTFOLIO STATISTICS Yet 2014 em6e 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 SEP-14 AUG-14 JUL-14 JUN-14 MAY-14 APR-14 Thousands of Dollars Month -End Book Value $ 216,802 $ 224,372 $ 223,757 $ 226,492 $ 224,854 $ 218,499 Month -End Market Value $ 216,815 $ 224,380 $ 223,761 $ 226,492 $ 224,854 $ 218,499 Paper Gain (Loss) $ 13 $ 8 $ 4 $ - $ - $ Prior Year Book Variance $ 11,903 $ 4,059 $ 3,387 $ 7,804 $ 15,045 $ 18,738 Interest Earnings (W/O Cash; $ 72 $ 60 $ 59 $ 55 $ 54 $ 50 Yield -To -Maturity 0.41 % 0.32% 0.31 % 0.31% 0.30% 0.29% Weighted Maturity (Days) 95 13 13 13 1 1 Effective Duration 0.14 0.02 0.03 0.03 0.00 0.00 All data as of September 30, 2014 Dollars in Thousands Maturities <1M < 2M < 3M < 6M < 1Y < 2Y < 3Y < 4Y < 5Y Total: Ratings AAA or Aaa A Unrated Total: Assets County Pool LAIF WF/LAIF Bond Proceeds City Loan to RDA Commercial Paper CAMP WF Treasury MMF Loan Receivable - EIP Total: Month Oct13 Nov Dec Jan14 Feb March April May Jun Jul Aug Sep PORTFOLIO CHARACTERISTICS September 2014 Market Value $ 178,070 9,982 2,500 $ 190,552 Market Value $ 111,344 9,987 91,881 $ 213,212 Market Value 102,654 41,697 25,029 22,655 9,987 3,240 5,450 2,500 $ 213,212 Citv Yield LAIF Yield Variance 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 0.30 0.23 0.07 0.31 0.23 0.08 0.31 0.24 0.07 0.32 0.26 0.06 0.41 0.25 0.16 7 Maturities Distribution N F 0 0 a 100 93 80 - 60 - 40 - 20 - 5 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y 0 0 0 0 0 0 1 Credit Quality M Unrated 43% i Asset Allocation M County Pool 48% Loan Receivable - EIP City Loan to 10 �O WFTreasuryCommercial RDA MMF CAMP Paper 2% 1% 5% AAA or Aaa 51% A 5% LAI F 20% WF/LAIF Bond Proceeds 12% i Performance N 0.42 0.28 0.14 0.00 7 Oct13 Nov DecJanl4 Feb MarchApnl May Jun Jul Aug Sep BLAIF Yield OCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE September 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 September 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 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 i4, City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code CA Govt Code 53601(a) 53633 53601(b) 53601(c) 53601(d) 53601(e) 53601(f) 53601(g) 53601(h) 53601(i) 53601(1) 53601(j) 53601(k) 53601(1) 53601(m) 53601(k) 53601(n) 16429.1(b) Investment Category Palm Desert Bonds Demand Deposits U.S. Treasuries CA State Debt CA Local Agency Debt Federal Agencies Bankers's Acceptances Commercial Paper Negotiable CDs Repos Reverse Repos Medium -Term Notes Money Market Funds Trust Indenture Debt Secured Bank Deposits Local Government Investment Pools Mortgage -Backed Securities L.A.I.F. 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 90 Days 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% No Limit $50MM/Acct Minimum Maximum Quality Maturity A-1/P-1 A AAA & Aaa AAA & Aaa or Advisor A (Issuer) & AA (Security) No Limit 5 Years City Investment Policy 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 4.7% Not Authorized 5 Years 90 Days 30% 20% A AAA & Aaa Not Authorized Not Authorized 2.6% 90 Days AAA & Aaa 50% (1) or Advisor 49.7% 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 cash, City Loan to RDA, and Loan Receivable - EIP. (2)1 31.3% 88.2% 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 SECRETARI�,�`�� DATE: OCTOBER 28, 2014 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached are the Compliance Analysis and Investment Report for September 2014 which were presented and approved at the October 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 September 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) CITY COUNCILACTION APPROVF.D DF,NtED RI;CI:IVED - OTHER �Gc�vc � �'il.Q — eUe� `� ��'�- �Y SA Rd?A MEi;TING DATE tl- l3'I ON 11� 13` I� AYF,S:;�►u"�n, rrf����CTe,ti�el,, ebQ� $l�tnr�tr � Nors: V�,�.I�I�,� ��I, f2Dk rl►Y� AI�ST,NT: ��o�° — Original on file�ith City Cler�s G1�c� A13STA1N: ►��� VE;Rii'II�.D BY: � � <<� - Ori�inal on File with City Clerk's Office G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITT"EE\MEMOS\RKLASSEN INV RPT MAY.DOCX CITY PORTFOLIO CONCENTRATION LIMITS September 2014 °/a of Investments Book Value Portfolio RIVERSIDE COUNTY TREASURER $ 102,653,558.99 47.35% LOCAL AGENCY INVESTMENT FUND 41,696,933.33 19.23% WF/L.A.I.F. BOND PROCEEDS 25,028,904.62 11.54% CITY LOAN TO RDA 22,654,999.95 10.45% COMMERCIAL PAPER-- DISCOUNT 9,973,750.00 4.60% WF ADVANTAGE TREASURY MMF 5,450,178.78 2.51% CALIFORNIA ASSET MANAGEMENT PROGRAM 3,240,488.18 1.49% LOAN RECEIVABLE -- EIP 2,500,000.00 1.15% TOTAL BEFORE CASH � 213,198,813.85 98.34% PLUS: CASH $ 3,603,081.33 1.66% GRAND TOTAL a 216,801,895.18 (1) 100.00% FOOTNOTE: (9) In the City of Palm Desert Comqrehensive Annua! 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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