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. The concentration
percentages shown above were calculated based on that definition.
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