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HomeMy WebLinkAboutInvestment Report - October 2014TO FROM DATE CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM RACHELLE D. KLASSEN, CITY CLERK NIAMH ORTEGA, RECORDING SECRETARY���� NOVEMBER 25, 2014 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached are the Compliance Analysis and Investment Report for October 2014 which were presented and approved at the October meeting of the Audit, Investment and Finance Committee. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the approved minutes of the October 2014 meeting for acceptance by the City Council, and the attendance report in progress for 2014. Please feel free to contact me at Ext. 382 if you have any questions. Thank you. nmo Attachment (as noted) �e�ci� � � Fi t� ��.5►t� It�A �a� 2- t t -( �-�- ������ ��,� I�K� rl►v1 �... C?rigiral on ��1� wit�i �'ity C1enk'� O�c� CITY COUNCILACTiON APPROVED DFNiFD RECE[VED OTHER ✓ .- ^ . }Qpce,t �e � F� CP - ME[;TING DATE �Z� ����y" AYF.S• rn;tK+,,-r'artc�%�n�So,, ���uc�.la�n�.�+� �.. NOES: � �orQ - ABSF.NT: _1�L1�� A13STAIN: �1��° —._. VE,RIFIF.D I3Y:.�K� r �rn . ....... Original on File with City Clerk's Office G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOSIRKLASSEN INV RPT MAY.DOCX 2014 City of Palm Desert / � c` I'E'l,l��ll !'F'>' �� �ll /�f'��lll f'�ll � �l� /'f ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) met on October 29-30, and issued a statement indicating that "Quantitative Easing 3," its monthly bond buying program, had ended. The FOMC reaffirmed that it would be a"considerable period" of time before it raised short-term interest rates. The futures market has assigned a 19% probability to that happening in June 2015. Employment and inflation trends are currently pulling the FOMC in different directions. The U.S. economy is experiencing "solid job gains" while there is downward pressure on oil prices and on inflation. These internal contradictions give the FOMC leeway to wait on raising rates. October was a volatile month for financial markets due to slowing global growth, a stock market correction, the Ebola virus, and continued geopolitical unrest. These conditions caused a"flight to quality" in the first half of the month with U.S. Treasury yields falling close to their 2014 low. Positive economic news triggered a bond market rally at the end of October. Due to economic slowdowns in Europe and in China, the U.S. is currently the "growth engine of the world economy." Many emerging economies that drove global growth for much of the last 10 years, such as Brazil, Russia, and South Africa, are now relying on the U.S. for growth. Deflationary fears in Europe and in Japan are being stoked by falling commodities prices, weakening stock markets, and declining bond yields. .r�es ��, c.e.�u.��: � City Treasurer * Certified California Municipa/ Treasurer Thousands of Dollars Month-End Book Value $ Month-End Market Value $ Paper Gain (Loss) $ Prior Year Book Variance $ Interest Earnings (W/O Cash; $ Yield-To-Maturity Weighted Maturity (Days) Effective Duration 196,104 $ 196,118 $ 14 $ (6,541) $ 75 $ 0.42% 104 0.15 PORTFOLIO STATISTICS 216,802 $ 216,815 $ 13 $ 11,903 $ 72 $ 0.41 % 95 0.14 224,372 $ 224,380 $ 8 $ 4,059 $ 60 $ 0.32% 13 0.02 ���'���flF'X Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. 224,854 224,854 All data as of October 31, 2014 223,757 $ 223,761 $ 4 $ 3,387 $ 59 $ 0.31 % 13 0.03 Investment Obiectives The treasurer shalt 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. 226,492 $ 226,492 $ - $ 7,804 $ 55 $ 0.31 % 13 0.03 15,045 54 0.30% 1 0.00 PORTFOLIO CH�►RACTERISTICS October 2014 Dollars in Thousands Maturities Market Value < 1 M $ 158,840 < 2M - < 3M - < 6M 9,987 < 1Y - < 2Y - < 3Y - < 4Y - < 5Y 2,500 Total: $ 171,327 Ratinas Market Value AAA or Aaa $ 83,872 A 9,987 Unrated 100,123 Total: $ 193,982 Assets Market Value County Pool 77,667 LAIF 49,924 WF/LAIF Bond Proceeds 25,044 City Loan to RDA 22,655 Commercial Paper 9,987 CAMP 1,840 WF Treasury MMF 4,365 Loan Receivable - EIP 2,500 Total: $ 193,982 Maturities Distribution � 0 0 <o � 0 a 100 80 �4 40 20 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y / __ -_ . Credit Quality AAA or Aaa 51% Unrated 52% County Pooi 40% Asset Allocation Month Citv Yield LAIF Yield Variance Nov13 0.30 0.26 0.04 Dec 0.28 0.26 0.02 Jan14 0.29 0.24 0.05 Feb 0.29 0.24 0.05 March 0.31 0.24 0.07 April 0.29 0.23 0.06 May 0.30 0.23 0.07 Jun 0.31 0.23 0.08 Jul 0.31 0.24 0.07 Aug 0.32 026 0.06 Sep 0.41 0.25 0.16 Oct 0.42 0.26 0.15 A 5% AIF 6% WF/LAIF Bond Proceeds Loan 13% Receivable - EIP City Loan to 1% WFTreasury Commercial RDA MMF CAMP paper 12 �° 2% 1% 5% / Performance 0.42 0 0.28 v a, � 0.14 0.00 Novl3DecJanl4FebMarchApril May Jun Jul Aug Sep Oct ouiFrem oc�ryreid CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 ....�..... ,� .,.,..�-.� .,.. _ . ��� STATEMENT OF COMPLIANCE October 2014 The investment of the City 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 annually. For the month ended October 31, 2014, the City investment portfolio was in compliance with all app�icable state and local laws and regulations. The City Treasurer's Office continued to pursue conservative and prudent investment strategies, based upon the stated objective� of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the nexi 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..�u.��: City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City Code Investment Category Maturity Limit Quatity Maturity Limit Quality 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 Not Authorized 53601(e) Federal Agencies 5 Years No Limit 5 Years No Limit - 53601(� Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 - 53601(g) Commercial Paper 270 Days 25% A-1/P-1 270 Days 25% A-1 or P-1 5.1% 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 - 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 2.3% 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 �imit or Advisor 90 Days 50% (1) or Advisor 41.0% 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 38.7% (2) 87.0% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds . (2) Total does not include the cash, City Loan to RDA, and Loan Receivable - EIP. CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 ti . CITY PORTFOLIO CONCENTRATION LIMITS October 2014 Investments RIVERSIDE COUNTY TREASURER �OCAL AGENCY INVESTMENT FUND WF/L.A.I.F. BOND PROCEEDS COMMERCIAL PAPER -- DISCOUNT WF ADVANTAGE TREASURY MMF CALIFORNIA ASSET MANAGEMENT PROGRAM TOTAL BEFORE CASH PLUS: CASH GRAND TOTAL Book Value $ 77,666,674.31 49,924,332.95 25,044,154.98 9,973,750.00 4,364,679.19 1,840,646.70 a 168,814,238.13 $ 2,135, 203.87 $ 170,949,442.00 (1) % of Portfolio 45.43% 29.20% 14.65% 5.83% 2.55% 1.08% 98.75% 1.25% 100.00% FOOTNOTE: (1) In the Cit of Palm Desert Com rehensive Annual Financial Re ort ("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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