HomeMy WebLinkAboutInvestment Report September 2012x� �
TO
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CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
RACHELLE KLASSEN, CITY CLERK
NIAMH ORTEGA, RECORDING SECRETARI���
OCTOBER 23, 2012
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
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Please find attached the Compliance Analysis and Investment Report which was presented
and approved at the recent meeting of the Audit, Investment and Finance Committee for
the month of September 2012. Please include the report on the upcoming agenda for
review and acceptance by City Council.
Also included are the approved Minutes of the September 2012 meeting for acceptance by
the City Council.
Please feef free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted)
G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD
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City of Palm Desert
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I'�CCc�CII'�I' ��J>tl�P<�Ilil�'�?l �% C f l/'�
ECONOMIC COMMENTARY
Welis Fargo Securities believes that the Federal Reserve's new quantitative
easing program ("QE3") could last up to two years. The Fed plans to buy $40
billion of mortgage-backed securities ("MBS") each month in order to lower
mortgage interest rates. The Fed's decision to target the MBS market
suggests that it views a sustained housing recovery as a precondition for
overall economic stability and growth. QE3 may also serve as a hedge
against the economic damage that could result from Congressional gridlock
over the forthcoming "fiscal cliff'.
The basic intent of QE3 is to lift financial asset prices, and to create a positive
wealth effect that will lift the U.S. economy. Consumers are more likely to
spend money if they think that their houses and stock portfolios are worth
more. Likewise, corporations are more likely to hire people, and make
additional investments if they think that their stock is worth more.
QE3 will expand the money supply, further cheapening the value of the U.S.
dollar, and putting upward pressure on commodities import prices. While
an expanding money supply can create the potential for higher inflation,
inflation also requires an increase in the velocity of money (which is closely
tied to bank lending). Bank lending is currently constrained by a combination
of higher capital requirements and tighter govemment regulation.
.i'au�.S: �a�, C'.C'.✓yl.✓� ; �`
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
$
$
$
$
$
198,990 $
199,032 $
42 $
(6,063) $
64 $
0.39%
29
0.04
206,754 $
206, 794 $
40 $
99 $
71 $
0.40%
28
0.04
205,805 $
205,845 $
40 $
(1,578) $
72 $
0.42%
40
0.05
�J<ff f�Yl2�X
I Markets Team
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
216,803 $
216,813 $
10 $
(6,478) $
75 $
0.43°/a
40
0.05
Investment O
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.
218,086 $
218,101 $
15 $
(1,596) $
76 $
b.43%
38
0.05
210,198
210,229
31
3,543
72
0.42%
39
0.06
All data as of September 30, 2012
PORTFOLIO CHARACTERISTICS
September 2012
Dollars in Thousands
Maturities Market Value
< 1 M $ 173,292
< 2M -
< 3M -
< 6M -
< 1Y 8,758
< 2Y -
< 3Y -
< 4Y -
< 5Y -
Total: $ 182,050
Ratinas Market Value
AAA or Aaa $ 100,657
AA or Aa 4,701
A 4,057
Unrated 86,190
Total: $ 195,605
Assets Market Value
County Pool 93,047
LAIF 47,247
WF/LAIF Bond Proceeds 25,388
City Loan to RDA 13,555
MTN g,75g
CAMP 2,346
WF/Bond Proceeds 5,264
Agencies -
Total: $ 195,605
Month Citv Yield LAIF Yield Variance
Oct11 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
Apr 0.42 0.37 0.05
May 0.43 0.36 0.07
Jun 0.43 0.36 0.08
Jul 0.42 0.36 0.05
Aug 0.40 0.38 0.02
Sep 0.39 0.35 0.04
�
I Maturities Distribution
100 95
80
�
0 60
�o
�
0 40
a
20
0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
�
Credit Quality
Unrated
44%
4AA or Aaa
52%
AA or Aa
a 2%
D�0
�
Asset Allocation
County Pool
48%
Agencies
0%
LAIF
24%
NF/LAIF Bond
Proceeds
13%
/
Performance
0.5
�
�
d 0.3
�
0.0
OctllNov DecJanl2Feb Mar Apr May Jun Jul Aug Sep
�LAIF Yield GCily Y�eld
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
WF/Bond r-L--�
Proceeds CAMP MTN City Loan to
3% �% 4% RDA
7%
STATEMENT OF COMPLIANCE
September 2012
The investment of the Ciry 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 annuaily.
For the month ended September 30, 2012, 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 shoutd have sufficient cash to finance City expenditures for the ne�
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,
.r�s ��, e.e..���:
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Cate o Maturit Limit Qualit Maturit Limit Qualit 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 NotAuthorized
53601(e) Federal Agencies 5 Years No Limit 5 Years No Limit -
53601(fl 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 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(I) Reverse Repos 92 Days 20% NotAuthorized
53601(j Medium-Term Notes 5 Years 30% A 5 Years 30% A 4.4%
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 2.7%
53601(I) Trust Indenture Debt NotAuthorized
53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA & Aaa AAA 8� Aaa
Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 47.9%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer) & Nof Authorized
Securities AA (Security)
16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 36.5%
Footnotes: (2) 91.5%
(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
September 2012
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CITY LOAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERAL AGENCY -- COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
CORPORATE MEDIUM-TERM NOTES
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
Book Value
$ 2,345,873.64
13,554,999.95
25,387,899.47
47,247,442.81
5,264,315.07
8,716,243.29
93,046,520.96
$ 195,563,295.19
$ 3,426,565.62
$ 198,989,860.81 (1)
% of
Portfolio
1.18%
6.81 %
12.76%
0.00%
23.74%
2.65%
4.38%
46.76%
98.28%
1.72%
100.00%
FOOTNOTE:
(1) In the Citv of Palm Desert Com�rehensive Annual Financial Reoort ("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 de�nition.
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