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. The concentration
percentages shown above were calculated based on that definition.
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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. The concentration
percentages shown above were calculated based on that definition.
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City of Palm Desert
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on June 18, and left short-term
interest rates unchanged. 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.
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