HomeMy WebLinkAbout06C Investment Report - Oct 2011City of Palm Desert
City and Redevelopment Agency Portfolios
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
October 31, 2011
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
The European sovereign debt crisis appears to be spreading into healthy Eurozone countries where bond yields are rising,
reflecting a lack of confidence in officials's abilities to contain the crisis. At the same time, economic performance statistics
suggest that the Eurozone may be sliding into a recession. In Greece, the public debt -to -GDP ratio has risen to 180%, and a
national barter system has evolved. In October, a Franco-German rescue plan for Greece was developed in order to stave off
a sovereign debt default. Under the plan, the European Financial Stability Fund would be increased to $1.4 trillion; Greece
would receive $182 billion in financial aid; and Eurozone banks would take a 50% "haircut" on Greek sovereign debt, and
recapitalize by an estimated $148 billion. This plan was simply a strategy to buy time. Although the focus has now shifted to
Italy which is struggling with $2.8 trillion of outstanding public debt, and is "too big to fail", Portugal is actually the next country
that is most likely to default. The U.S. commercial banks that have the greatest exposure to Euro sovereign debt are: J.P.
Morgan Chase ($15.1 billion net); Bank of America ($13.0 billion net); and Citibank ($7.1 billion net).
Wells Fargo Economics Group is forecasting an average U.S. economic growth rate of 1.9% over the 2011-2013 period. This
may be overly optimistic, however, in the wake of the European sovereign debt crisis, domestic austerity cuts, and projected
U.S. inflation of 5-6% in 2013 and for sometime thereafter (The Kiplinger Letter). Furthermore, if Congress cannot agree on
$1.2 trillion of budget cuts by November 23, 2011, then U.S. Government debt may be subject to further credit rating
downgrades, ultimately raising the cost of public debt issuance.
Pis �jd4oi-v, C. C.Al 7-
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
OCT-11
SEP-11
AUG-11
JUL-11
JUN-11
MAY-11
CITY
Month -End Book Value—
$
195,884
$
205,053
$
206,655
$ 207,383
$
223,281
$
219,682
Month -End Market Value***
$
195,904
$
205,075
$
206,683
$ 207,415
$
223,342
$
219,780
Paper Gain (Loss)
$
20
$
22
$
28
$ 32
$
61
$
98
Prior Year Book Variance
$
3,188
$
9,325
$
382
$ 9,505
$
21,349
$
17,899
Interest Earnings
70
80
91
122
131
125
Yield -To -Maturity
0.43%
0.49%
0.49%
0.67%
0.72%
0.71 %
Weighted Maturity (Days)
14
23
22
77
79
81
Effective Duration
0.01
0.24
0.02
0.02
0.02
0.03
RDA
Month -End Book Value ***
$
212,996
$ 226,792
$ 240,274
$
247,803
$
236,903
$ 241,394
Month -End Market Value ***
$
213,194
$ 227,006
$ 240,529
$
248,063
$
237,195
$ 241,718
Paper Gain (Loss)
$
198
$ 214
$ 255
$
260
$
292
$ 324
Prior Year Book Variance
$
(29,877)
$ (31,107)
$ (36,071)
$
(50,709)
$
(65,660)
$ (58,327)
Interest Earnings
97
87
117
114
122
120
Yield -To -Maturity
0.54%
0.56%
0.58%
0.56%
0.63%
0.62%
Weighted Maturity (Days)
242
228
215
208
218
228
Effective Duration
0.28
0.27
0.28
0.28
0.31
0.32
*** Omits SLGSs.
Dollars in Thousands
Aaeina Interval
< 1M
< 2M
< 3M
< 6M
< 1 YR
< 2YR
< 3YR
< 4YR
< 5YR
> 5YR
Total:
Ratings
AAA
AA
A
Unrated "
Total:
Sector
MMF
Agencies
MTNs
CAMP
LAIF
County Pool
Rabobank
RDA Loan
LAIF/Bond Proceeds
City of Palm Desert -- Portfolio Characteristics
October 31, 2011
Market Value
$ 149,236
3,022
$ 152,258
Market Value
$ 100,771
88,644
$ 189,415
Market Value
$ 4,278
3,020
13,250
49,767
80,151
72
13,555
25,322
General Fund Ageing
100
_.98.._._.__...._._..._..._.._._._.._.._..._....._..._.__-.___
.......
80
°
60
0
0
0
40
IL
20
0 0 0 2 0
0 0 0 0!
0
<11VI <2M <3M <6M <1YR<2YR<3YR<4YR<5YR>5YR
Credit Quality
AAA
A
53%
0%16
AA
Unrated *'
0%
47%
Asset Allocation
MTNs
0%
:ounty Pool
42%
LAIF
26% Rabobank
0%
Agencies
2% RDA Loan
CAMP 7%
7%MMF LAIF/Bond
2°/ Proceeds
Total:
$ 189,415
° 14%
Month
Citv Yield
LAIF Yield
Variance
Performance
Nov10
0.75
0.45
0.30
Dec0.72
0.46
0.26
0.8 --_....._...____...._...____._...,_..._..__..___...._.._....._..
Jan11
0.66
0.54
0.12
- - -
Feb
0.56
0.51
0.05
0.6 -
Mar
0.54
0.50
0.04
0
Apr
0.76
0.59
0.17
0.4 - a:
May
0.71
0.41
0.30
m
>-
Jun
0.72
0.45
0.27
0.2 -
Jul
0.67
0.38
0.29
i
Aug
0.49
0.41
0.08
0.0
Sep
0.49
0.41
0.08
NovlODecJanll FebMarApr May Jun Jul AugSepOct
Oct
0,43
0.39
0.05
M a
i
Standard and Poors
*" LAIF, and City Loan to RDA Page 2
Dollars in Thousands
Aaeina Interval
< 1 M
< 2M
< 3M
< 6M
< 1YR
< 2YR
< 3YR
< 4YR
< 5YR
> 5YR
Total:
ualit
AAA
AA
A
Unrated "*
Total:
Sector
MMF
Agencies
MTNs
CAMP
County Pool
Rabobank
LAI F
EIP
LAIF/Bond Proceeds
Total:
Palm Desert Redevelopment Agency -- Portfolio Characteristics
October 31, 2011
Market Value
$ 56,683
6,020
18,740
4,981
2,790
$ 89,214
Market Value
$ 55,549
6,623
149,648
$ 211,820
Market Value
$ 2,776
32,092
6,623
13,101
7,509
71
28,646
2,790
118,212
$ 211,820
Month
RDA Yield
LAW Yield
Nov10
0.59
0.45
Dec
0.60
0.46
Jan11
0.68
0.54
Feb
0.71
0.51
Mar
0.61
0.50
Apr
0.73
0.59
May
0.62
0.41
Jun
0.63
0.45
Jul
0.67
0.38
Aug
0.58
0.41
Sep
0.56
0.41
Oct
0.54
0.39
Portfolio Ageing w/o SLGSs
100 ........ _.._.._.__..__.......... ----- - - .
80 64
° 60 -
0
0 40 - 21
20 -
17,11 0 0 n 0 0 0 3
0
<iM <21V! <W <61v!<1YR<2YR<VR<4YR<5YR>5YR
Credit Quality AA A
3% 0%
AAA Unrated **
26% 71%
Asset Allocation
County Pool LAW EIP
d% 14/0 1%
CAM
6%
MTNs
3%
Agencies
15%
MMI
1%
Rabobank
0%
LAIF/Bond
Proceeds
56%
i
--- ---- ---- --
Variance Performance
0.14
0.14 0 8-___.___...__....____...._._..._.._._.._._-_._.__.--_-.....___-_..-.
0.14
0.20 0.6 - -
0.11
0.14 �-�, 0.4 I
5
r.
0.21 0.2
0.18
0.29 0.0
0.17 NovlODecJanll FebMarApr May JunJulAug Sep Oct
0.15 ®LAIFYield ORDAYield
0.16
Standard and Poors
*' LAIF
Page 3
STATEMENT OF COMPLIANCE
The investment portfolios of the City of Palm Desert ("City") and the Palm Desert Redevelopment Agency ("RDA") are
governed by federal, state, and local law. The City Treasurer's "Statement of Investment Policy" is more restrictive than the
California Government Code. The Palm Desert Audit, Investment, and Finance Committee and the Palm Desert City
Council review the Statement of investment Policy annually.
For the month ended October 31, 2011, the City and the RDA investment portfolios were in compliance with all applicable
federal, state, and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment
strategies, based upon the stated objectives of safety, liquidity, and yield (in order of priority).
Barring unforeseen events, the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert
and the Palm Desert Redevelopment Agency over the next six months. In addition, portions of either the City or the RDA
portfolio could be liquidated in order to meet any significant, unexpected cash requirements.
Interactive Data Corporation provided the data that was used to calculate the market value of all securities in the City and the
RDA investment portfolios. State and Local Government Series securities are held in escrow accounts, and are therefore
not included in this report as assets. All balances are bank balances.
Respectfully Submitted on November 22, 2011,
pack.. tidL10m, C. C. Ai'. T.
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
I California Government Code I City Investment Policy
CA Govt
Maximum Maximum
Quality
Maximum Maximum Quality % of City % of RDA
Code
Investment Category
Maturity
Limit
S&P/Mdys
Maturity
Limit
S&P/Mdys Portfolio Portfolio
53601(a)
Palm Desert Bonds
5 Years
No Limit
- 1.3%
53632(c)
Savings Accounts
No Limit
No Limit
No Limit
No Limit
I
0.0% 0.0%
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
30%
6%
1.6% 15.1 %
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40%
A-1 & P-1
- -
53601(g)
Commercial Paper
270 Days
25%
A-1+ or 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%
AAA & Aaa
- -
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
536010)
Medium -Term Notes
5 Years
0
30%
A
5 Years
120%
30 0/o
A
IAAA&Aaal
0..
0 o/0 31 a/o
53601(k)
Mutual Funds
90 Days
20%
AAA & Aaa
90 Days
(2)
2.3% 1.3%
53601(I)
Trust Indenture Debt
Not Authorized
53601(m)
Secured Bank Deposits
5 Years
No Limit
Not Authorized
53601(k)
Local Government
AAA & Aaa
I
I AAA & AaaI
I
Investment Pools
90 Days
20%
or Advisor
90 Days
20% (2)
or Advisor
49.39% 9.7%
53601(n)
Mortgage -Backed
5 Years
20%
A (Issuer) &
Not Authorized
Securities
AA (Security)
16429.1(b)
LAW
No Limit
No Limit
39.7% 69.4%
(1) The City loan to RDA, which is not
a bond, has been approved
by the Palm Desert City Council.
92.9% 100.0%
(2) The City Energy Independence Program has been approved by the Palm Desert City Council.
(3) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds.
Certified California Municipal Treasurer Page 4
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