HomeMy WebLinkAbout06C Investment Report - Sept 2011City of Palm Desert
City and Redevelopment Agency Portfolios
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
September 30, 2011
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
"The world is facing the worst financial crisis since at least the 1930s, if not ever." Sir Mervyn King, Governor of the Bank
of England. A Greek debt default is expected within 6-12 months, if not sooner. Italian, Spanish, Portuguese, and Irish banks
hold most of the Greek sovereign debt outside of Greece. A "disorderly" Greek default could lead to cascading defaults in
the PIIGS countries, and bank runs throughout Europe. The situation is further compounded by the difficulty that European
banks are experiencing in raising capital through interbank lending and bond sales. Dexia, a large Franco-Belgian bank, for
example, is on the verge of failing due to liquidity issues. To buy time, the Eurozone will reportedly provide the Greeks with a
$10.8 billion "rescue" loan after October 24, in order to keep them afloat. The Franco-German strategy is to postpone a Greek
default as long as possible so that France and Germany can recapitalize their banks, and remove Greek debt from the books
of those banks. Eventually, Greece's credit line will be cut off, in the hope that Greece will abandon the Euro. The European
Financial Stability Facility will then be used to manage the fallout from a Greek departure.
Goldman Sachs is forecasting that Europe could fall into recession by winter, pushing the U.S. economy to "the edge of
recession" by early 2012. U.S. economic growth is forecast at 1.7% for 2011, and 1.4% for 2012. While U.S. money market
funds have, for the most part, pulled out of Europe, the exposure of U.S. commercial banks to Europe is unknown. If the
European banking system were to collapse, then the U.S. Dollar should strengthen, and U.S. Treasury yields should plummet,
due to a "flight -to -safety." The U.S. and Chinese economies are heavily dependent on exporting goods to Europe.
)9a"bs C. C. R. 7-
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
SEP-11
AUG-11
JUL-11
JUN-11
MAY-11
APRAI
CITY
Month -End Book Value***
$
205,053
$
206,655
$ 207,383
$
223,281
$
219,682
$
198,991
Month -End Market Value***
$
205,075
$
206,683
$ 207,415
$
223,342
$
219,780
$
199,115
Paper Gain (Loss)
$
22
$
28
$ 32
$
61
$
98
$
124
Prior Year Book Variance
$
9,325
$
382
$ 9,505
$
21,349
$
17,899
$
48
Interest Earnings
80
91
122
131
125
109
Yield -To -Maturity
0.49%
0.49%
0.67%
0.72%
0.71 %
0.76%
Weighted Maturity (Days)
23
22
77
79
81
89
Effective Duration
0.24
0.02
0.02
0.02
0.03
0.04
RDA
Month -End Book Value ***
$ 233,808
$
240,274
$
247,803
$ 236,903
$
241,394
$
225,883
Month -End Market Value ***
$ 234,021
$
240,529
$
248,063
$ 237,195
$
241,718
$
225,653
Paper Gain (Loss)
$ 213
$
255
$
260
$ 292
$
324
$
(230)
Prior Year Book Variance
$ (24,091)
$
(36,071)
$
(50,709)
$ (65,660)
$
(58,327)
$
(59,452)
Interest Earnings
111
117
114
122
120
167
Yield -To -Maturity
0.56%
0.58%
0.56%
0.63%
0.62%
0.73%
Weighted Maturity (Days)
221
215
208
218
228
257
Effective Duration
0.27
0.28
0.28
0.31
0.32
0.39
*** 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
Total:
City of Palm Desert -- Portfolio Characteristics
September 30, 2011
Market Value
$ 157,381
3,025
$ 160,406
Market Value
$ 171,649
27,920
$ 199,569
Market Value
$ 5,329
6,022
5,082
14,365
80,095
49,823
13,555
25,298
$ 199,569
i
General Fund Ageing
100 98 ..._..
80
60
0 40
a 20 -
0 0 0 2 0 0 0 0 0j
0
<1M <2M <3M <6M <1YR<2YR<3YR14YR<5YR15YR
/Fc-redit Quality
A
0%
Unrated **
14% AAA
:)86%
AA
0%
Asset Allocation MTNs
0%
County Poc
40%
Rabobank
25%
LAIF
7%
Agencies �'`
° RDA Loan
3 /GAMP 7%
2% MMF LAIF/Bond
3% Proceeds
13%
j
Month
Citv Yield
LAIF Yield
Variance
Performance
Oct10
0.78
0.48
0.30
Nov
0.75
0.45
0.30
0.8
Dec
0.72
0.46
0.26
_
Jan11
0.66
0.54
0.12
0.6 - a
Feb
0.56
0.51
0.05
o
Mar
0.54
0.50
0.04
0.4
Apr
0.76
0.59
0.17
a
r
May
0.71
0.41
0.30
0.2
Jun
0.72
0.45
0.27
Jul
0.67
0.38
0.29
0.0
Aug
0.49
0.41
0.08
;
OctlONov DecJanll Feb Mar Apr May Jun Jul AugTSep
Sep
0.49
0.41
0.08
c
* Standard and Poors
** LAIF, and City Loan to RDA Page 2
Palm Desert Redevelopment Agency -- Portfolio Characteristics
September 30, 2011
Dollars in Thousands
Aueina Interval
Market Value
< 1 M
$ 56,348
< 2M
9,018
< 3M
6,029
< 6M
_
< 1YR
16,248
< 2YR
7,522
< 3YR
_
< 4YR
_
< 5YR
_
> 5YR
2,790
Total:
$ 97,955
ualit
Market Value
AAA
$ 95,265
AA
6,634
A
_
Unrated
130,834
Total:
$ 232,733
Sector
Market Value
MMF
$ 15,711
Agencies
32,118
MTNs
6,634
CAMP
110
County Pool
7,504
Rabobank
39,821
LAIF
8,668
EIP
2,790
LAIF/Bond Proceeds
119,377
Total:
$ 232,733
Month RDA
Yield
LAIF Yield
Oct10
0.60
0.48
Nov
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
Portfolio Ageing w/o SLGSs
0
w
0
a
Credit Qua, It-YA
j Asset Allocation
100 _..__._.. _..__..._.. _ ._ _ ...._........... _...... __.. _ ..-
80
58
60 -
i
40
17
20 g
33
6 I
0-=�-Q -Q- --1 0 0 01 C I
<1M <21V! <3M <6M <1YR<2YR<3YR<4YR<5YR >5YR
AA
A 3%
0%
AAA Unrated **
41 % 56%
Rabobank
County Pool 17% LAIF
3% 4% EIP
MTNs 1
3%
Agencies
14%
MMF LAIF/Bond
7% Proceeds
51%
CAMP
0%
Variance Performance
0.12
0.14 0.8
0.14
0.14 0.6
0.20
0.11 a 0.4
0.14
0.21 0.2
0.18 0.0 - T
029 OWONov DecJanilFeb Mar Apr May Jun Jul Aug Sep
0.17
0.15 I ®LA)FYie)d ORDAYield
" Standard and Poors
* LAIF Page 3
i
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 September 30, 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 October 25, 2011,
Pis �7dV�, c.C..M r
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
- 1.2%
53632(c)
Savings Accounts
No Limit
No Limit
No Limit
No Limit
I
25.0% 17.1%
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%
3.0% 13.7%
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
53601(j)
Medium -Term Notes
5 Years
0
30%
A
5 Years
120%
0/o
30 A
IAAA&Aaal
0 0/0 28 0/o
0..
53601(k)
Mutual Funds
90 Days
20%
AAA & Aaa
90 Days
(2)
2.7% 6.8%
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 & Aaa I
I
Investment Pools
90 Days
20%
or Advisor
90 Days
20% (2) or Advisor
42.70/4. 3.3%
53601(n)
Mortgage -Backed
5 Years
20%
A (Issuer) &
Not Authorized
Securities
AA (Security)
16429.1(b)
LAIF
No Limit
No Limit
(
I
19.9% 55.1%
(1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council.
93.2% 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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