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HomeMy WebLinkAboutInvestment Report - May 2013CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK � FROM: NIAMH ORTEGA, RECORDING SECRETAR�'y-�`�'� 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 Minutnall�f Ithave attachedJthe attenda ce treport n acceptance by the City Council. Additio y, 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. CITY COUNCTLA ON APPROVED nENiEfl n mo gECEIVED OTHER _ Attachment (as noted) NOES: ' ABSENI4 ABSTAIN: VERIFIED BY: Original on File with Ci lerk's Office � �� BY SA-RDA�� , lJN � �� ' � --. �,�a ��D �� � C3rigina}i �n %xle wit_h �a�y �'� .r�.'s �` f�°ir�; G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD Za13 City of Palm Desert w 1 �.. , � . ����r���r��l� �� =_i�t�il�:�o�rc��r/ �%t Fr/>��r�/ ECONOMIC COMMENTARY The Federal Open Market Committee ("FOMC") will meet next on June 18 - 19. There is continued speculation on when the FOMC will end its Quantitative Easing ("QE"} program. The slightest hint of any decrease in QE causes volatility in the financial markets. This underscores how dependent they are on a continuation of QE. Otherwise, current interest rates and securities prices are not sustainable. When QE ends, a sharp increase in interest rates is expected, particularly in those sectors that have been the most heavily supported by QE, such as U.S. Treasuries and mortgage-backed securities. There is little likelihood that a federal deal will be struck in 2013 to reduce long- term U.S. deficits. Declining short-term federal deficits, slowing health-care cost increases, and partisan gridlock make such a deal impossible. Consequently, the U.S. Government will likely remain on a path towards rising long-term deficits that are driven by retired baby boomers. The government will not have to raise its borrowing limit again until October 2013. The Securities and Exchange Commission voted unanimously to require U.S. prime money market funds, which cater to large institutional investors, to abandon their fixed $1 per share price. It is thought that switching to a floating share price will make prime money market funds less susceptible to "runs" because investors will not worry about them falling below $1 per share. .r��s ��, C'.L'..�t.✓�: � 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 $ $ $ $ $ 209,809 $ 209,821 $ 12 $ (8,277) $ 53 $ 0.32% 29 0.01 199,761 $ 199,776 $ 15 $ (10,437) $ 53 $ 0.33% 29 0.01 197,943 $ 197,962 $ 19 $ (12,660) $ 56 $ 0.34% 29 0.02 201,340 $ 201,384 $ 44 $ (11,127) $ 52 $ 0.34% 28 0.02 198,185 $ 198,223 $ 38 $ (32,215) $ 55 $ 0.35% 29 0.03 192,086 192,120 34 (14,228) 54 0.34% 31 0.03 .: i%%r� I Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.E3.A. 117V@Si111@Clt Uql@CtIV@S The treasurer shaU invest all pubfic 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. All data as of May 31, 2013 PORTFOLIO CHARACTERISTICS May 2013 Dollars in Thousands Maturities <1M < 2M < 3M < 6M < 1Y < 2Y < 3Y < 4Y < 5Y Total: Ratinus 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 Jun12 Jul Aug Sep Oct Nov Dec Jan13 Feb Mar Apr May Citv Yield 0.43 0.42 0.40 0.39 0.39 0.37 0.34 0.35 0.34 0.34 0.33 0.32 Market Value $ 174,592 4,671 4,023 $ 183,286 Market Value $ 99,401 4,667 4,018 97,846 $ 205,932 Market Value 88,286 49,753 25,438 22,655 8,685 7,010 4,105 $ 205,932 LAIF Yield 0.36 0.36 0.38 0.35 0.34 0.32 0.33 0.30 029 0.29 0.26 0.25 Variance 0.08 0.05 0.02 0.04 0.05 0.04 0.01 0.05 0.05 0.06 0.06 0.08 i Maturities Distribution 100 95 80 � e 0 60 .Q 0 40 a 20 0 0 3 2 0 D 0 0 0 j iM <2M <3M <6M <1Y <2Y c3Y <4Y �5' / Credit Quality � � 5' AA or Aa A 2% 2o�a � Asset Allocation County Pooi 43% Agencies 0% !F/LAIF Bond Proceeds 12% WF/Bond �"' City Loan to Proceeds CAMP MTN RDA 2% 4% 4% 11% � Performance 0.45 0 0.30 II d r 0.15 0.00 Junt2 Jul Aug Sep Oct Nov DecJanl3Feb Mar Apr May OLAIFYield GCityYield CITY OF PALM DESERT TREASUftER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE May 2013 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 May 31, 2013, 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 should have sufficient cash to finance Ciry expenditures for the ne� six mo�ths. 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 ba�ances are bank balances. Respectfully submitted, .%�LtYt�.s'. �DWt, �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 Maturity Limit Qualit Portfolio 53601 a Palm Deserk 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 Ye�rs No Limit - 53601(c CA State Debt 5 Years No Limit NotAuthorized 53601(d) CA Local Agency Debt 5 Years No Limit NotAuthorized 53601 e Federal A encies 5 Years No Limit 5 Years No Limit - 53601 fl Bankers's Acceptances 180 Da s 40% 180 Da s 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% Not Authorized 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 & Aaa 2.0% 53601(I) Trust Indenture Debt NotAuthorized 53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized 53601(k) Local Government AAA & Aaa AAA & Aaa Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 46.3% 53601(n) Mortgage-Backed 5 Years 20% A(Issuer) & Not Authorized Securities AA (Security) 16429.1 b L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 36.5% (2) 89.0% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds. 2) Total does not include the Ci Loan to RDA, and cash. 1 CITY PORTFOLIO CONCENTRATION LIMITS May 2013 Investments CALIFORNIA ASSET MANAGEMENT PROGRAM GITY 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 $ 7,009,999.58 22,�54,999.9� 25,437,887.23 49, 753,159.20 4,105, 209.91 8,684,832.62 88, 286, 303.48 $ 205,932,391.97 $ 3,888,183.70 $ 209,820,575.67 (1) % of Portfolio 3.34% 10.�0°l0 12.12% 0.00% 23.71 % 1.96% 4.14% 42.08% 98.15% 1.85% 100.00% FOOTNOTE: (1) In the City of Palm Desert Comprehensive Annual Financiai Reqort ("CAFR"), both the City of Palm Desert ("City') and the City's exter�al auditor define total investments as demand deposits, investments in various instruments, and investments held in local government investment pools. 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