HomeMy WebLinkAboutInvstmnt Rprt - May 2014City of Palm Desert
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ECONOMIC COMMENTARY
The International Monetary Fund (IMF) is forecasting U.S. economic growth of
2% in 2014, due to a weak first quarter. The ageing of the U.S. population will
also slow productivity growth. The IMF believes that the U.S. economy will return
to full employment by the end of 2017, with inflation remaining low. This implies
that the Fed will continue to keep short-term interest rates at near zero for longer
than the middle of 2015.
The U.S. has finally recovered all of the jobs that were lost since the recession
began in 2007. In May, employers added 217,000 jobs, surpassing the prior
payroll peak in January 2008. The U.S. unemployment rate remains at 6.3%,
the lowest level since September 2008.
The new job mix is not favorable, however. The number of jobs in high -paying
sectors, such as manufacturing, construction, and government, has declined,
while the number of jobs in lower -paying sectors has increased. For example,
the U.S. has 1.6 million fewer manufacturing jobs than in 2007, but 941,000
more jobs in the hospitality and food -service sectors. Consumer spending
continues to be restrained by a lack of wage growth.
There is presently strong global demand for U.S. Treasuries, which has pushed
the 10-year U.S. Treasury Note yield down to 2.53%. Foreign buyers, led by
China, are buying U.S. debt to accumulate dollars and help weaken their
currencies, in order to strengthen exports.
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City Treasurer
Certified California Municipal Treasurer
PORTFOLIO STATISTICS
STATISTICS MAY-14 APR-14 MAR-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
FEB-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.
JAN-14 DEC-13
$ 224,854 $ 218,499 $ 217,385 $ 220,165 $ 213,310 $ 208,660
$ 224,854 $ 218,499 $ 217,385 $ 220,165 $ 213,310 $ 208,660
$ $ - $ - $ - $ - $
$ 15,045 $ 18,738 $ 19,442 $ 18,825 $ 15,125 $ 16,574
54 $ 50 $ 53 $ 46 $ 48 $ 47
0.30% 0.29% 0.31 % 0.29% 0.29% 0.28%
1 1 1 1 1 1
0.00 0.00 0.00 0.00 0.00 0.00
All data as of May 31, 2014
Dollars in Thousands
Maturities
<1M
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total:
Ratings
AAA or Aaa
AA or Aa
A
Unrated
Total:
Assets
County Pool
LAI F
WF/LAIF Bond Proceeds
City Loan to RDA
MTN
CAMP
WF/Bond Proceeds
Agencies
Total:
Market Value
$ 186,798
$ 186,798
Market Value
$ 112,150
97,359
$ 209,509
Market Value
102,571
49,670
25,034
22,655
5,097
4,482
$ 209,509
Month City Yield LAIF Yield
Jun13 0.32 0.24
Jul 0.32 0.27
Aug 0.31 0.27
Sep 0.30 0.26
Oct 0.31 0.27
Nov 0.30 0.26
Dec 0.28 0.26
Jan14 0.29 0.24
Feb 0.29 0.24
March 0.31 0.24
April 0.29 0.23
May 0.30 0.23
PORTFOLIO CHARACTERISTICS
May 2014
Maturities Distribution I
0
Credit Quality I
100
100
80 -
60
40 -
20 -
0
0 0 0 0 0 0 0 0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
AA orAa
0%
Unrated
46%
AAA or Aaa
51%
A
0%
Asset Allocation N
County Pool
49%
MTN
0%
Agencies
0%
LAIF
24%
WF/LAIF Bond
Proceeds
12%
WF/Bond CAMP City Loan to
Proceeds 2% RDA
2% 11%
/
Variance
0.08
0.05
0.04
0.04
0.04
0.04
0.02
0.05
0.05
0.07
0.06
0.07
Performance M
0.33
v
>-
0.22
0.11 -
0.00
Jun13 Jul Aug Sep Oct Nov DecJan14 Feb MarchApril May
■LAIF Yield 00tyYield
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
May 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 May 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,
.rauts Oka, eem
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit
53633 Demand Deposits No Limit No Limit No Limit No Limit
53601(b) U.S. Treasuries 5 Years No Limit 5 Years No Limit
53601(c) CA State Debt 5 Years No Limit Not Authorized
53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized
53601(e) Federal Agencies 5 Years No Limit 5 Years No Limit -
53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1
53601(g) Commercial Paper 270 Days 25% A-1/P-1 270 Days 25% A-1 or P-1 -
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 -
53601(i) Repos 1 Year No Limit 30 Days 20% -
53601(1) Reverse Repos 92 Days 20% Not Authorized
53601(j) Medium -Term Notes 5 Years 30% A
53601(k) Money Market Funds 90 Days 20% AAA & Aaa
53601(1) Trust Indenture Debt Not Authorized
53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA & Aaa I AAA & Aaa I
Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 51.4%
53601(n) Mortgage -Backed 5 Years 20% A (Issuer) & Not Authorized
Securities AA (Security)
16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit I $50MM/Acct I I 35.7%
(2) 89.2%
5 Years
90 Days
30%
20%
A -
AAA&Aaa 2.1%
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.
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
May 2014
%of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,096,854.53 2.27%
CiTY LOAN TO RDA 22,654,999.95 10.08%
WF/L.A.I.F. BOND PROCEEDS 25,034,099.51 11.13%
FEDERAL AGENCY--COUPON - 0.00°/a
LOCAL AGENCY INVESTMENT FUND 49,669,538.29 22.09%
WELLS FARGO CORPORATE TRUST 4,482,354.57 1.99%
CORPORATE MEDIUM-TERM NOTES - 0.00%
RIVERSIDE COUNTY TREASURER 102,570,811.02 45.62%
TOTAL BEFORE CASH $ 209,508,657.87 93.18%
PLUS:
CASH $ 15,345,219.23 6.82%
GRAND TOTAL a 224,853,877.10 (1) 100.00%
FOOTNOTE:
(1) In the Citv of Palm Desert Comprehensive Annual Financial Renort("CAFR"), both the City of Palm Desert
("City")and the City's external auditor define fotal 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.
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
110 GENERAL $ 68,071,883.56
210 TRAFF(C SAFETY 129,031.30
211 GAS TAX 1,270,183.96
213 MEASURE A 20,662,636.92
214 HOUSING M[TlGATION 2,418,942.14
220 COMMUNITY DEVELOPMENT (26,168.81)
228 CH1LD CARE PROGRAM 1,488,764.23
229 PUBLIC SAFETY POLICE GRANTS 49,073.19
230 PROP.A FIRE TAX 2,262,753.31
231 NEW CONSTRUCTION TAX 646,506.09
232 DRAINAGE FACILITY FEE 1,911,773.04
233 PARK&RECREATION FACILITY FEE 1,182,713.86
234 SIGNALIZATION 195,542.07
235 FIRE FACILITIES 921,524.04
236 RECYCLING FUND 4,345,785.59
237 ENERGY INDEPENDENCE PROGRAM 2,512,733.23
238 AIR QUALITY MGMT.AB2766 332,493.53
239 CITY-WIDE BUSINESS PROMOTIONS -
240 AIPP MAINTENANCE -
241 GOLF COURSE MAINTENANCE -
242 AQUATIC CENTER 1,388,272.12
271 EL PASEO MERCHANTS ASSMT. DISTRICT 43,616.22
272 ZONE 4- PARKVIEW ESTATES (443.49)
273 ZONE 5 - COOK&COUNTRY CLUB 76,272.94
275 ZONE 6 - HOVLEY LANE DIST. 220,936.47
276 ZONE 2 - CANYON COVE/HAYSTACK (29,965.63)
277 ZONE 1 - PRE. PLAZA/PARKING 156,820.81
278 ZONE 3 -VINEYARDS DIST. 30,275.92
279 ZONE 7 -WARING COURT DIST. 26,007.84
280 ZONE 8 - PALM GATE DIST. 793.62
281 ZONE 9 -THE GROVE DIST. 68,768.82
282 ZONE 16 - PRES. PLAZA I11 62,879.28
Page 1 CASH MAY 2014
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
283 ZONE 11 - PORTOLA PLACE 29,2�2,29
284 ZONEI6SD-SUNDANCE -
285 ZONE- 14-K& B at P.D. 106,002.13
286 ZONE 15 - CREST LANDSCAPING 34,816.61
287 ZONE 16- SHEPHERD LANE 296,194.07
288 ALESSANDRO ALLEY _
289 SECTION 29 1,112,081.39
299 PDCC/COMMUNITY SRV AREA 26 160,357.27
301 AD 83-1 DEBT SRV. 33,636.63
303 AD 84-1R DEBT SRV. 533,670.90
304 AD 87-1 DEBT SRV. 237,068.20
306 AD 92-1 SIERRA NOVA 123,091.48
307 AD 94-1A BIGHORN 326,693.29
308 AD 94-2 SUNTERRACE/VRNR 90,209.65
309 AD 94-3 MERANO 145,375.52
310 DS AD BIGHORN SERIES B -
311 DS AD 98-1 CANYONS AT BIGHORN 264,244.24
312 DS SILVER SPUR RANCH 195,676.30
314 HIGHLANDS UNDERGROUNDING 100,040.09
315 AD SECTION 29-2004-2 3,530,849.90
351 DSF CFD 91-1 1NDIAN RIDGE 1,656,499.30
352 CFD 91-1 1995 BOND [SSUE -
353 UN(VERSITY 8,077,522.30
390 DS PD FINANCING AUTHORITY-RDA -
391 DS PD FINANCING AUTHORITY-CITY 1,320,795.38
392 DS PDFA-RDA/BLYTHE _
393 RDA-RIV. CO/PD FIN.AUTHORITY -
400 CAPITAL PROJECTS RESERVE 4,844,567.86
416 CIP-ODRINANCE #416 _
420 CIP-DRAINAGE 2,114,463.87
425 ECONOMIC DEVELOPMENT PROJECT 830,606.35
430 CIP-PARKS &REC. 268,596.66
436 ART IN PUBLIC PLACES 1,614,714.43
Pagc 2 CASH MAY 201d
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
440 CIP-SIGNALIZATtON 130,667.38
441 GOLF COURSE CAPITAL 2,827,413.92
450 CIP-BUILDINGS 2,363,091.29
451 CIP PROPERTIES RDA/CITY 14,375.28
452 CIP-BUILDINGS-LIBRARY 542,255.11
456 TOWN CENTER PARK(NG LOT -
462 AD 98-1 CANYONS BIGHORN -
463 AD 94-2 SUNTERRACE/VARNER -
464 AD 94-3 MERANO 178,921.49
466 CP SILVER SPUR RANCH 586.44
467 HtGHLANDS UNDERGROUNDING 20.36
468 UNIVERSITY 21,291,305.65
469 ASSESSMENT 29 - 2004-02 502,074.69
480 CFD-91-1 INDIAN RIDGE -
483 CIP-BIGHORN SERIES "B" -
510 PD OFFICE COMPLEX ENT 3,819,179.76
520 DESERT WILLOW GOLF COURSE 457,214.35
521 PALM DESERT REC FAC.CORP. 259,918.13
530 EQUIPMENT REPLACEMENT RES 5,526,547.38
575 LIABILITY SELF INSURANCE 4,336,381.49
576 RETIREE HEALTH SINK FUND 1,717,494.54
610 TRUST-DEPOSITS 13,962,913.90
620 TRUST-AD 81-1 270,664.43
702 PD L[BRARY -
703 RDA SUCCESSOR AGENCY 130,688,076.88
841 RDA-PDFA& BLYTHE -
842 RDA-RIV. CO-FIN.AUTHORITY -
850 RDA-PROJECT AREA #1 -
851 RDA-PROJECT AREA#2 , -
853 RDA-PROJECT AREA#3 -
854 RDA-PROJECT AREA#4 -
860 RDA-DEBT SERVICE PROJECT#1 -
861 RDA-DEBT SERVICE PROJECT #2 -
Page 3 CASH MAY 2014
CITY OF PAI.M DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
863 RDA-DEBT SERVICE PROJECT #3 -
864 RDA-DEBT SERVICE PROJECT#4 -
870 HOUSING (653,699.19)
871 PALM DESERT HOUSING AUTH. 22,017,258.83
872 COUNTRY CLUB ESTATES, INC -
873 HOUSING ASSEST FUND 10,724,086.33
TOTAL ALL FUNDS $ 3 9, , 00.72
INACT[VE:
CITY-IRC/REGULAR 1NVESTMENTS-LA1F 49,669,538.29
CITY-IRC/CUSTODIAN -BNY/RIV. CTY INV./CAMP 107,659,881.11
CITY-!OC/DEF COMP,TRUST,RESERVE -"102" 41,545,582.63
RDA-SUCCESOR/REGULAR INVESTMENTS-LAIF 17,002,999.66
RDA SUCCESSOR-IRC TRUST INVESTMENT PRINC[PAL/-RIV.CTNY INV./CAMP 3,390,366.84
RDA SUCCESSOR/TRUST-("102" 1N FD 703) 107,884,740.65
LIB-IOC/CHECKING,TRUST (FD 702) -
OC-IOC/CHECKING,TRUST (FD S10) -
DW-IOC/PETTY CASH/CASH REG (FD 520) 17,000.00
DW-fOC/REGULAR INVESTMENTS 7,783.77
DW-IOC/CHECKING,SAVINGS 432,430.58
PDREC-lOC/PETTY CASH/CASH REG.(FD 521) -
PDREC-IOC/CHECKING 259,918.13
HSG-!OC/PETTY CASH ONLY(FD 871) 1,800.00
HSG-IOC/PDHA CHECKING& RPM CHECING -UNION BK 3,626,027.86
HSG-INVEST-CAMP 0.01
HSG-IOC/LAlF-CAP.871-X-102-0201 11,483,063.17
Page 4 CASH MAY 7.074
CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY
STATEMENT OF CASH TRANSACTIONS
MAY 31, 2014 PERIOD #11
FY 2013-2014
TOTAL INACTIVE $ 342,981, 32.70
ACTIVE:
��Ty $ (7,399,585.59)
HSG AUTHORITY- FUND 871-X-101-0000 $ 6,906,367.79
RDA SUCCESSOR AGENCY $ 2,409,969.73
PD LIBRARY $ -
OFFICE COMPLEX $ 3,819,179.76
DESERT WILLOW $ -
HOUSING ASSET FUND 873-X-101-0000 $ 10,724,086.33
ACTIVE CASH IN CHECKING ACCOUNTS 16,460,018.02
CITY-PETTY CASH,CASH REGISTER 3,050.00
TOTAL ACTIVE $ 16,463, 68.02
TOTAL ALL CASH $ 359,444,200.72
NOTE: ABOVE IS THE FINAL STATEMENT OF CASH TRANSACTIONS,WHICH [NCLUDES
ACTIVE CASH,INACTIVE CASH,AND CASH WITH FISCAL AGENTS.
au . t son, reasurer
Page 5 CASH MAY 2014
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