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HomeMy WebLinkAboutInvestment Report - June, July, August 2014City of Palm Desert X'eea4tbee, 6 Ym'e inen ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) met on July 29-30, and left short- term interest rates unchanged. The FOMC stated that while U.S. economic activity had rebounded in the second quarter, and the labor market had improved, labor resources were still being underutilized. The FOMC added that the likelihood of inflation remaining persistently below 2% had diminished. As expected, the FOMC cut its bond purchases by an additional $10 billion to $25 billion per month. U.S. economic data was more positive during July. Second-quarter GDP was reported at 4%, while first-quarter GDP was revised upward to -2.1%. July was the sixth consecutive month that job gains exceeded 200,000, and weekly jobless claims continued to fall. Consumer confidence improved, and durable goods sales and auto sales were better than expected. Housing results were mixed, with new -home sales falling 8.1 % and existing -home sales rising 2.6%. The SEC approved new rules for institutional money market funds. Prime money market funds will have floating share prices, while money market funds invested in short-term U.S. Treasuries or Government Agencies will continue to have a fixed share price of $1. Money market funds will also be authorized to block investors from withdrawing cash in times of stress, and to impose fees for share redemptions. The new rules are intended to discourage institutional investors from engaging in a mass run on money market funds during a severe financial crisis. .raufs 02batz, ee.y. City Treasurer " Certified California Municipal Treasurer PORTFOLIO STATISTICS 2014 fi# 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 JUL-14 JUN-14 MAY-14 APR-14 MAR-14 FEB-14 Thousands of Dollars Month -End Book Value Month -End Market Value Paper Gain (Loss) Prior Year Book Variance Interest Earnings (W/O Cash; $ Yield -To -Maturity Weighted Maturity (Days) Effective Duration $ 223,757 $ 226,492 $ 224,854 $ 218,499 $ 217,385 $ 220,165 $ 223,761 $ 226,492 $ 224,854 $ 218,499 $ 217,385 $ 220,165 $ 4 $ - $ - $ - $ - $ - $ 3,387 $ 7,804 $ 15,045 $ 18,738 $ 19,442 $ 18,825 59 $ 55 $ 54 $ 50 $ 53 $ 46 0.31% 0.31 % 0.30% 0.29% 0.31% 0.29% 13 13 1 1 1 1 0.03 0.03 0.00 0.00 0.00 0.00 All data as of July 31, 2014 Dollars in Thousands Maturities Market Value < 1 M $ 183,197 < 2M < 3M < 6M < 1Y 9,974 < 2Y < 3Y < 4Y < 5Y - Total: $ 193,171 Ratings Market Value AAA or Aaa $ 117,472 AA or Aa A 9,978 Unrated 93,381 Total: $ 220,831 Assets Market Value County Pool 102,608 LAIF 44,697 WF/LAIF Bond Proceeds 25,029 City Loan to RDA 22,655 Commercial Paper 9,978 CAMP 6,740 WF Treasury MMF 9,124 Total: $ 220,831 Month Aug13 Sep Oct Nov Dec Jan14 Feb March April May Jun Jul PORTFOLIO CHARACTERISTICS July 2014 Citv Yield LAIF Yield Variance 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 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 Maturities Distribution N 0 0 .o Credit Quality l 100 95 80 - 60 - 40 - 20 - 0 0 0 5 0 0 0 0 0 r-1 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y AA or Aa 0% Unrated 42% AAA or Aaa 51% A 5% 7 / Asset Allocation I County Pool 47% LAIF 20% WF/LAIF Bond Proceeds 11% City Loan to RDA WF TreasuryCAMP Commercial 10% MMF o Paper 4% 3 /0 5% i Performance M 0.33 0.22 0.11 0.00 - Aug 3Sep Oct Nov DecJan14FebMarchApnl May Jun Jul ■LAIF Yield DCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE July 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 July 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 objectiveE 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, /ems c-ian, City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Code Investment Category Maturity 53601(a) Palm Desert Bonds 5 Years 53633 Demand Deposits No Limit 53601(b) U.S. Treasuries 5 Years 53601(c) 53601(d) 53601(e) Federal Agencies 5 Years 53601(f) Bankers's Acceptances 180 Days 53601(g) Commercial Paper 270 Days 53601(h) Negotiable CDs 5 Years 53601(i) Repos 1 Year 53601(1) Reverse Repos 92 Days 53601(j) Medium -Term Notes 5 Years 53601(k) Money Market Funds 90 Days 53601(1) 53601(m) 53601(k) Local Government Investment Pools 90 Days 53601(n) CA State Debt CA Local Agency Debt 5 Years 5 Years Trust Indenture Debt Secured Bank Deposits 5 Years 16429.1(b) Mortgage -Backed Securities 5 Years Maximum Limit No Limit No Limit No Limit No Limit No Limit Minimum Maximum Quality Maturity No Limit 40% 25% A-1/P-1 30% No Limit 20% 30% 20% No Limit No Limit No Limit 5 Years Maximum Minimum Limit Quality No Limit No Limit Not Authorized Not Authorized %of City Portfolio 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 4.5% A 5 Years AAA & Aaa 90 Days AAA & Aaa or Advisor 90 Days 20% A (Issuer) & AA (Security) L.A.I.F. No Limit $50MM/Acct No Limit 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. Not Authorized 30% A 20% AAA&Aaa Not Authorized Not Authorized 50% CO AAA & Aaa or Advisor Not Authorized $50MM/Acct (2)I 4.1% 49.5% 31.6% 89.7% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS July 2014 %of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 6,740,001.97 3.01% CITY LOAN T� RDA 22,654,999.95 10.12% WF/L.A.I.F. BOND PROCEEDS 25,028,904.62 11.19% FEDERAL AGENCY-- COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 44,696,933.33 19.98% WELLS FARGO CORPORATE TRUST 9,123,510.40 4.08% COMMERCIAL PAPER-- DISCOUNT 9,978,300.00 4.46% RIVERSIDE COUNTY TREASURER 102,608,404.70 45.86% TOTAL BEFORE CASH a 220,831,054.97 98.69% PLUS: CASH $ 2,930,296.69 1.31% GRAND TOTAL � 223,761,351.66 (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 tota/investments as demand deposits, investments in various instruments, and investments held in local government investment pools. 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v (n C r��+ a � r� � � C � M ^ � W � O �' ? � 'o � � � dd Q a° o " � a to � � � � a m c o m o �>A a m `�i M > � U Z W � Q � � N m t�I U C � C d U � W � � m N — � � ' Q � C O y � y � > c � Q io Z L � A it � U c U � m E Q � N Ur 7 Z N C � - Y "' U � c � W � S U Q Y �, Z ry m Q� O Z N H O � � t�.> > n � � d City of Palm Desert X aaeJrtXrX s t nee& ei t x1 ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) did not meet in August. The FOMC's next meeting will be on September 16-17. According to the California Asset Management Program (CAMP), that meeting may be very significant. The FOMC will release updated economic forecasts through 2017, and may provide clues on when interest rates will be tightened once the Fed stops buying bonds. A disappointing jobs report in August, however, has softened the pressure on the FOMC to raise interest rates. Second-quarter U.S. Gross Domestic Product (GDP) was revised upward to 4.2%, driven by increased capital spending on new equipment and buildings, and and by increased consumer spending. The Conference Board's Consumer Confidence Index rose to a seven-year high, while durable goods orders experienced the largest monthly increase ever, due primarily to aircraft orders. These positive trends were partially offset, however, by a Labor Department report which stated that the U.S. economy had gained only a meager 142,000 jobs in August (economists had been expecting a gain of about 230,000 jobs). This broke a six-month streak of monthly job gains above 200,000. It also undercut any notion that the economy is posed for an economic "breakout" in 2014 after a very slow first quarter. The RDA Successor Agency investment portfolio declined by $4.7 million in August due to the payment of debt service. .9aufs gikatz, City Treasurer Certified California Municipal Treasurer PORTFOLIO STATISTICS STATISTICS AUG-14 JUL-14 JUN-14 Thousands of Dollars Month -End Book Value $ Month -End Market Value $ Paper Gain (Loss) $ Prior Year Book Variance $ Interest Earnings (W/O Cash; $ Yield -To -Maturity Weighted Maturity (Days) Effective Duration MAY-14 2014 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. APR-14 MAR-14 224,372 $ 223,757 $ 226,492 $ 224,854 $ 218,499 $ 217,385 224,380 $ 223,761 $ 226,492 $ 224,854 $ 218,499 $ 217,385 8 $ 4 $ - $ - $ - $ 4,059 $ 3,387 $ 7,804 $ 15,045 $ 18,738 $ 19,442 60 $ 59 $ 55 $ 54 $ 50 $ 53 0.32% 0.31% 0.31% 0.30% 0.29% 0.31 13 13 13 1 1 1 0.02 0.03 0.03 0.00 0.00 0.00 All data as of August 31, 2014 PORTFOLIO CHARACTERISTICS August 2014 Dollars in Thousands Maturities Market Value < 1 M $ 187,919 < 2M - < 3M < 6M < 1 Y 9,978 < 2Y < 3Y < 4Y - < 5Y - Total: $ 197,897 Ratings Market Value AAA or Aaa $ 121,193 AA or Aa A 9,982 Unrated 89,381 Total: $ 220,556 Assets Market Value County Pool 102,608 LAIF 41,697 WF/LAIF Bond Proceeds 25,029 City Loan to RDA 22,655 Commercial Paper 9,982 CAMP 5,240 WF Treasury MMF 13,345 Total: $ 220,556 Month Citv Yield LAIF Yield Variance Sep13 0.30 0.26 0.04 Oct 0.31 0.27 0.04 Nov 0.30 0.26 0.04 Dec 0.28 0.26 0.02 Jan14 0.29 0.24 0.05 Feb 0.29 0.24 0.05 March 0.31 0.24 0.07 April 0.29 0.23 0.06 May 0.30 0.23 0.07 Jun 0.31 0.23 0.08 Jul 0.31 0.24 0.07 Aug 0.32 0.26 0.06 Maturities Distribution 100 95 80 - 0 0 60 �o s 40 - 0 a 20 0 0 0 5 0 0 0 0 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y Credit Quality AA or Aa 0% Unrated 40% Asset Allocation I County Pool 47% LAIF 19% WF/LAIF Bond Proceeds 11% City Loan to RDA WF Treasury Commercial 10% MMF CAMP Paper 6% 2% 5% Performance 0.33 0.22 } 0.11 0.00 Sep130ct Nov DecJan14FebMarchArail May Jun Jul Aug !LAIF Yield DCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE August 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 August 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, .raufs iktm, City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code CA Govt Maximum Code Investment Category Maturity 53601(a) Palm Desert Bonds 5 Years 53633 Demand Deposits No Limit 53601(b) U.S. Treasuries 5 Years 53601(c) CA State Debt 53601(d) CA Local Agency Debt 53601(e) Federal Agencies 5 Years 53601(f) Bankers's Acceptances 180 Days 53601(g) Commercial Paper 270 Days 53601(h) Negotiable CDs 5 Years 53601(i) Repos 1 Year 53601(1) Reverse Repos 92 Days 53601(j) Medium -Term Notes 5 Years 53601(k) Money Market Funds 90 Days 53601(1) 53601(m) 53601(k) Local Government Investment Pools 90 Days 5 Years 5 Years Trust Indenture Debt Secured Bank Deposits 5 Years 53601(n) 16429.1(b) Mortgage -Backed Securities 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 Minimum Maximum Quality Maturity 20% L.A.I.F. No Limit $50MM/Acct A-1/P-1 A AAA & Aaa 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 5 Years 90 Days AAA & Aaa or Advisor 90 Days A (Issuer) & AA (Security) 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 50% (1) Not Authorized AAA & Aaa or Advisor No Limit I $50MM/Acct 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)I 4.5% 6.1% 48.9% 30.3% 89.7% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS August 2014 % of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,240,304.49 2.34% CITY LOAN TO RDA 22,654,999.95 10.10% WF/L.A.I.F. BOND PROCEEDS 25,028,904.62 11.16% FEDERAL AGENCY-- COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 41,696,933.33 18.58% WELLS FARGO CORPORATE TRUST 13,344,451.40 5.95% COMMERCIAL PAPER-- DISCOUNT 9,973,750.00 4.45% RIVERSIDE COUNTY TREASURER 102,608,404.70 45.73% TOTAL BEFORE CASH $ 220,547,748.49 98.30% PLUS: CASH $ 3,824,054.81 1.70% GRAND TOTAL $ 224,371,803.30 (1) 100.00% FOOTNOTE: (1) In the Citv of Palm Desert Comprehensive Annual Financial Reqort("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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Once again, the FOMC reduced its monthly purchases of Treasury and Mortgage -Backed Securities by $10 billion. If this policy continues, then the FOMC will probably end its asset purchase program by October 2014. The majority of FOMC members still believe that short-term interest rates should not be raised until 2015. After a final revision, first quarter U.S. Gross Domestic Product (GDP) fell to -2.9% -- the fastest rate of decline since the recession, and the largest non - recessionary decline since the end of World War II. The key causes of the contraction were: 1) harsh winter weather; 2) a decline in inventory building; 3) a decline in export activity; and 4) a decline in health care spending. Based upon a disasterous first quarter, and slow spending in the second quarter, Wells Fargo is forecasting meager U.S. GDP growth of 1.4% for 2014. New home sales jumped to their highest level in six years, following the release of better-than-expected existing home sales data. Together, they should offset the general weakness in home sales that was present during the first part of 2014. The shape of the Treasury yield curve continued to flatten as yields for intermediate and longer maturities fell. This reflected market expectations of FOMC rate tightening, and a benign view of inflation. /ems, City Treasurer " Certified California Municipal Treasurer PORTFOLIO STATISTICS 2014 tfittle 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 JUNE-14 MAY-14 APR-14 MAR-14 FEB-14 JAN-14 Thousands of Dollars Month -End Book Value $ 226,492 $ 224,854 $ 218,499 $ 217,385 $ 220,165 $ 213,310 Month -End Market Value $ 226,492 $ 224,854 $ 218,499 $ 217,385 $ 220,165 $ 213,310 Paper Gain (Loss) Prior Year Book Variance Interest Earnings (W/O Cash; $ Yield -To -Maturity Weighted Maturity (Days) Effective Duration $ - $ - $ - $ - $ $ $ 7,804 $ 15,045 $ 18,738 $ 19,442 $ 18,825 $ 15,125 55 $ 54 $ 50 $ 53 $ 46 $ 48 0.31% 0.30% 0.29% 0.31 % 0.29% 0.29% 13 1 1 1 1 1 0.03 0.00 0.00 0.00 0.00 0.00 All data as of June 30, 2014 Dollars in Thousands Maturities Market Value < 1M $ 191,641 < 2M < 3M - < 6M - < 1 Y 9.974 < 2Y < 3Y < 4Y < 5Y - Total: $ 201,615 Ratings Market Value AAA or Aaa $ 125,430 AA or Aa A - Unrated 97,340 Total: $ 222,770 Assets Market Value County Pool 102,571 LAIF 49,669 WF/LAIF Bond Proceeds 25,015 City Loan to RDA 22,655 Commercial Paper 9,974 CAMP 3,740 WF Treasury MMF 9,146 Total: $ 222,770 Month JuI13 Aug Sep Oct Nov Dec Jan14 Feb March April May Jun PORTFOLIO CHARACTERISTICS June 2014 City Yield LAIF Yield Variance 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 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 7 Maturities Distribution I 0 Ti; 0 Credit Quality N 100 80 - 60 40 95 20 0 0 0 5 0 0 0 0 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y AA or Aa AAA or Aaa 0% 51 Unrated 44% A 0% Asset Allocation N Performance N e d } County Pool 46% 0.33 0.22 - 0.11 LAIF 22% WF/LAIF Bond Proceeds 11% City Loan to WFTreasury Commercial RDA MMF CAMP Paper 10% 4% 2% 5% 0.00 Jull3 Aug Sep Oct Nov DecJanl4FebMarchApnl May un OLAIF Yield OCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE June 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 June 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, Yaufs iaa, City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code 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 53601(b) U.S. Treasuries 5 Years No Limit 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 53601(f) Bankers's Acceptances 180 Days 40% 53601(g) Commercial Paper 270 Days 25% A-1/P-1 53601(h) Negotiable CDs 5 Years 30% 53601(i) Repos 1 Year No Limit 53601(1) Reverse Repos 92 Days 20% 53601(j) Medium -Term Notes 5Years 30% A 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 53601(1) Trust Indenture Debt 53601(m) Secured Bank Deposits 5 Years No Limit 53601(k) Local Government Investment Pools 90 Days No Limit 53601(n) Mortgage -Backed 5 Years 20% Securities 16429.1(b) L.A.I.F. No Limit $50MM/Acct City Investment Policy Minimum Maximum Maximum Minimum % of City Quality Maturity Limit Quality Portfolio No Limit 5 Years No Limit No Limit Not Authorized Not Authorized 5 Years No Limit 180 Days 40% A-1 or P-1 270 Days 25% A-1 or P-1 4.5% 5 Years 30% AA- or Aaa - 30 Days 20% Not Authorized 5 Years 90 Days 30% 20% A - AAA&Aaa 4.1% Not Authorized Not Authorized AAA & Aaa or Advisor 90 Days A (Issuer) & AA (Security) No Limit 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. 50% (1) AAA & Aaa or Advisor 47.7% Not Authorized I $50MM/Acct I 33.5% (2) I 89.8% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS June 2014 °/a of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 3,739,834.62 1.65% CITY LOAN TO RDA 22,654,999.95 10.00% WF/L.A.I.F. BOND PROCEEDS 25,015,099.51 11.04% FEDERAL AGENCY-- COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 49,669,538.29 21.93% WELLS FARGO CORPORATE TRUST 9,146,211.37 4.04% COMMERCIAL PAPER -- DISCOUNT 9,973,750.00 4.40% RIVERSIDE COUNTY TREASURER 102,570,811.02 45.29% TOTAL BEFORE CASH $ 222�770,244.76 98.36% PLUS: CASH $ 3,721,784.34 1.64% GRAND TOTAL $ 226,492,029.10 (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 tota/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 � �' F-- Q " N, � U U y� o � ; ! � � m o a� _ D LL � a1 O a � i j � a f V � m ao ao o c� � o � , y y a �, � N N N O fD (V r O � i � � O N N N O l'f O �y O � C �W O O O O O O O � . 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