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HomeMy WebLinkAboutInvestment Report - June 2013CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK � FROM: NIAMH ORTEGA, RECORDING SECRETARY�-�'`~� DATE: MAY 26, 2013 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Please find attached the Compliance Analysis and Investment Reports which were presented and approved at the recent meeting of the Audit, Investment and Finance Committee for the months of May and June 2013. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the approved Minutes of the May and June 2013 meetings for acceptance by the City Council. Additionally, I have attached the attendance report in progress for 2013, including the cancellation of next month's meeting. Please feel 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 2013 City of Palm Desert . � �. - �. ,� , • _JI'F'/r��//l'f'1' :,i =_ / iI /�('r.i�/// r'I t i > /�f t'�ii � �'/ �C�NOMIC C4MM�NfiARY After the June 18-19 Federal Open Market Committee (FOMG) meeting, global financiai markets were highly volatile due to the perception that the era of cheap money might be ending. There was a massive U.S. stock market sell-off, and the yield on 10-year U.S. Treasury notes surged to 2.49%, the highest level since August 2011. The speed with which interest rates rose in such a short period of time unnerved the markets. Rapidly rising interest rates have a particularly onerous effect on housing. For every one-percent rise in mortgage rates, the cost of buying a home increases by nearly 10 percent. On July 10, FOMC Chairman Bemanke sought to reassure markets by stating that while the Fed's $85 billion-a-month bond-buying program might be winding down, the Fed would continue to keep short-term interest rates low for the foreseeable future in order to support the U.S. economy. Bernanke said that the Fed probably would not raise them until the U.S. Unemployment Rate is at 6.5 percent, which is one percent lower than its current level. Many economists believe that the Fed will not begin raising short-term interest rates until 2015. The RDA Successor Agency investment portfolio increased by $17.5 million in June due to the receipt of ROPS money, which the Successor Agency subsequently transferred to Wells Fargo Corporate Trust Services in order to pay future debt service on the Successor Agency's municipal bonds. .��s ��, e.e..�.��: � City Treasurer " Certified California Municipal Treasurer PORTFOLIO STATISTICS Thousands of Dol/ars 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 $ $ $ $ $ 218,688 $ 218,697 $ 9 $ 1,885 $ 57 $ 0.32% 26 0.01 209,809 $ 209,821 $ 12 $ (8,277) $ 53 $ 0.32% 29 0.01 199,761 $ 199,776 $ 15 $ (10,437) $ 53 $ 0.33% 29 0.01 I Markets Team City Treasurer Paul S. Gibs��n, C.C�,M.T. � � _./ (t�"f(' Deputy City Treasurer Thomas W. Jefirey, J.D., M.B.A. 197,943 $ 197,962 $ 19 $ (12,660) $ 56 $ 0.34% 29 0.02 Investment The treasurer shall invest all public monies in a manner that ensures safety of principal; sufficient iiquidity to finance the City's expenditures; and the highest yisld possible after the previous two objectives have been met. 201,340 $ 201,384 $ 44 $ (11,127) $ 52 $ 0.34% 28 0.02 198,185 198,223 38 (32,215) 55 0.35% 29 0.03 All data as of June 30, 2013 PORTFOLIO CHARACTERISTICS June 2013 Dollars in Thousands Maturities <1M < 2M < 3M < 6M < 1Y < 2Y < �� < 4Y < 5Y Total: Ratinas AAA or Aaa AA or Aa A Unrated Total: Assets County Pool LAIF WF/LAIF Bond Proceeds City Loan to RDA MTN CAMP WF/Bond Proceeds Agencies Total: Month Ju112 Aug Sep Oct Nov Dec Jan13 Feb Mar Apr May Jun Market Value $ 183,684 4,664 4,013 $ 192,361 Market Value $ 108,493 4,664 4,013 97,846 $ 215,016 Market Value 94, 786 49,753 25,438 22,655 8,677 9,611 4,096 $ 215,016 Citv Yield LAIF Yield Variance 0.42 0.36 0.05 0.40 0.38 0.02 0.39 0.35 0.04 0.39 0.34 0.05 0.37 0.32 0.04 0.34 0.33 0.01 0.35 0.30 0.05 0.34 0.29 0.05 0.34 029 0.06 0.33 0.26 0.06 0.32 0.25 0.08 0.32 0.24 0.08 � Maturities Distribution 100 95 80 � '.r 0 60 � 40 0 a 20 0 2 2 0 0 0 0 0 0 M <2M <3M <6M <tY <2Y <3Y <4Y � Credit Quality qqq or Aa 51% Unrated 46% AA or Aa A 2% 2% ( Asset Aliocation County Pool 44% Agencies WF/LAIF Bond p% Proceeds 12% WF/Bond City Loan to Proceeds CAMP MTN RDA 2% 4% 4% 11% __� ,IF % / Performance 0.45 a 0.30 v m � �.15 0.00 Ju112Aug Sep Oct Nov DecJanl3Feb Mar Apr May Jun OLAIFYield �CityYield �_ STATEMENT OF COMPLIANCE June 2013 The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Paim 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 June 30, 2013, the City investment portfolio was in compliance with ali applicabie 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 ne� gix months. In addition, portions afi th� City inv�$tm�nt portfiolio eould b� iiquidated in ord�r to m��t any signifieant, un�xp�et�d eash 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 Maturi Limit Qualit Maturi 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 NotAuthorized 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 - 53601( 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) Negotiabte CDs 5 Years 30°/a 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 ' Medium-Term Notes 5 Years 30% A 5 Years 30% A 4.0% 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 1.9% 53601(I) Trust Indenture Debt Nof Authorized 53601(m) Secured Bank Deposits 5 Years No Limit NotAuthorized 53601(k) Local Government AAA 8� Aaa AAA & Aaa Investment Poois 90 Days No Limit or Advisor 90 Days 5Q°lo (1) or Advisor 48.6% 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 35.0% (2) 89.5% Footnotes: (1) Maximum concentration limit for local agency investment pools, exc/uding bond proceeds. 2) Total does not include the Ci Loan to RDA, and cash. CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 fJF 3 CiTY PORTFOLIO CONCENTRATION LIMITS June 2013 Investments CALIFORNIA ASSET MANAGEMENT PROGRAM CITY L�AN TO R�A 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 $ 9,610,585.66 22,6a4,999.9� 25,437,887.23 49,753,159.20 4,096,143.54 8, 668, 254.11 94, 786, 303.48 $ 215,007,333.17 $ 3,680,967.21 $ 218,688,300.38 (1) % of Portfolio 4.39% 10.36% 11.63% 0.00% 22.75% 1.87% 3.96% 43.34% 98.32% 1.68% 100.00% FOOTNOTE: (1) In the City of Palm Desert Comqrehensive Annuai Financial Report ("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. 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