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)
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G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOSIRKLASSEN INV RPT MAY.DOCX
2014
City of Palm Desert
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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. The concentration
percentages shown above were calculated based on that definition.
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