HomeMy WebLinkAboutInvstmnt Rprt - March 2012._--�
2012
City of Palm Desert
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ECONOMIC COMMENTARY
PIMCO, the world's largest bond fund, is forecasting that the global economy will
grow by 1%-1.5% in 2012, with substantial downside risk if Europe's debt problems
broaden into a global crisis. Industrial production in many of the advanced
economies has stalled, while growth in the developing economies has slowed.
The advanced economies are expected to experience sluggish growth over the
next few years due to fiscal consolidation and consumer deleveraging.
PIMCO is forecasting that the eurozone economy will shrink by 1%-1.5% in 2012,
with significant risk of a deeper recession. The eurozone debt crisis has reignited,
this time with Spain in recession with a rapidly deteriorating economic and financial
position. Spanish government debt is being dumped, and stressed Spanish banks
are leaning on the European Central Bank for support. Portugal's economy is also
unraveling, and Greece recently admitted that that it will need a third bailout.
Investors are fleeing to U.S. Treasuries for safety, driving down yields.
PIMCO is forecasting that the U.S economy will grow by 0%-1% in 2012. Weak
personal income growth will restrain private sector gains, and budget cuts will
restrain public sector growth. According to Morgan Stanley, the U.S. is facing a
fiscal tightening of unprecedented magnitude ("fiscal cliff") at the end of 2012, which
could push it back into recession in 2013. The Federal Reserve is subsidizing U.S.
Government debt, and keeping interest rates low by buying 61 % of all Treasury
debt issued. Foreign purchases of U.S. Treasury debt have been gradually falling.
��s ��, e.e..���: .�
City Treasurer
" Certified California Municipal Treasurer
PORTFOLIO STATISTICS
Thousands of Dollars
Month-End Book Value
Month-End Market Value
Paper Gain (Loss)
Prior Year Book Variance
Interest Earnings
Yield-To-Maturity
Weighted Maturity (Days)
Effective Duration
$
$
$
$
$
210,603 $
210,643 $
40 $
3,948 $
74 $
0.45%
39
0.06
212,467 $
212,494 $
27 $
17,031 $
68 $
0.41 %
39
0.07
230,400 $
230,415 $
15 $
38,780 $
68 $
0.40%
39
0.07
207,034 $
207,034 $
- $
20,123 $
64 $
0.37%
16
0.05
.; , _.
� 1��/J'l �
I Markets Team
City Treasurer
Paul S. Gibson. C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
Investment Obiectives
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.
193,616 $
193,635 $
19 $
(7,765) $
68 $
0.44%
30
0.05
195, 884
195, 904
20
3,188
70
0.43%
14
0.01
All data as of March 31, 2012
PORTFOLIO CHARACTERISTICS
March 2012
Dollars in Thousands
Maturities
< 1M
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total:
Market Value
$ 154,425
3,012
8,777
$ 166,214
�
Maturities Distribution
100
80
�
0 60
�o
� 40
0
a
20
0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Ratin s
AAA or Aaa
AA or Aa
A
Unrated
Total :
Assets
County Pool
LAIF
LAIF/Bond Proceeds
RDA Loan
MTN
CAMP
WF/Bond Proceeds
Agencies
Total:
Market Value
$ 109,667
4,714
4,063
88, 715
$ 207,159
Market Value
97,892
49,813
25,346
13,555
8,777
4,465
4,299
3,012
$ 207,159
Credit Quality
AAA or Aaa
53%
Unrated
43%
AA or Aa
q 2°/a
%
Asset Allocation
County Poa
47%
LAIF
24%
LAIF/Bond
Proceeds
Agencies � 2%
2%WF/Bond RDA Loan
ProceedsCAMP MTN 7%
2% 2% 4%
Month Citv Yield LAIF Yieid Variance Performance
Apr11 0.76 0.59 0.17
May 0.71 0.41 0.30
Jun 0.72 0.45 0.27
Jul 0.67 0.38 0.29
Aug 0.49 0.41 0.08 =
Sep 0.49 0.41 0.08 �
Oct 0.43 0.39 0.05 }
Nov 0.44 0.40 0.04
Dec 0.37 0.38 -0.01
Jan12 0.40 0.39 0.01
Feb 0.41 0.39 0.02
Mar 0.45 0.38 0.07
0.8
0.4
0.0
Apr11 May Jun Jul Aug Sep Oct Nov Dec Jant2 Feb
•LAIFYieId OCiryreld�
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
March 2012
The investment of the City of Paim 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 March 31, 2012, the City investment portfolio was in compliance with all applicable state and locai 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,
��s ��, e.e..�c��-
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Poticy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Cate o Maturi Limit Qualit Maturit Limit Qualit Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit -
53632 c) Savin s Accounts No limit No L.imit 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 A encies 5 Years No Limit 5 Years No Limit 1.5%
53601(t� Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 -
53601 Commercial Paper 270 Da s 25% A-1/P-1 270 Da s 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(I) Reverse Repos 92 Days 20% NofAuthorized
53601 ') Medium-Term Notes 5 Years 30% A 5 Years 30% A 4.2%
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA 8� Aaa 2.1%
53601(I) Trust Indenture Debt Not Authorized
53601(m) Secured Bank Deposits 5 Years No Limit NotAuthorized
53601(k) Local Govemment AAA & Aaa AAA & Aaa
Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 49.4%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer) & NotAuthorized
Securities AA (Security)
16429.1 b L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 36.3%
(2) 93.5%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, exc/uding bond proceeds.
(2) Total does not include the City Loan to RDA.
I CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 UF 3
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