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�� ,
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�,�a ��D �� �
C3rigina}i �n %xle wit_h �a�y �'� .r�.'s �` f�°ir�;
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City of Palm Desert
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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. The concentration
percentages shown above were calculated based on that definition.
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