HomeMy WebLinkAboutInvestment Report - September 2014TO
FROM
� ` Y�
CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
RACHELLE D. KLASSEN, CITY CLERK
`�`�,
NIAMH ORTEGA, RECORDING SECRETARI�,�
OCTOBER 28, 2014
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Attached are the Compliance Analysis and Investment Report for September 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 September 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)
I�eGe�� `� ��'� �Y SA R�A
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G:IFINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX
2014
City of Palm Desert
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ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on September 16-17, and
reduced its asset purchases by another $10 billion, leaving short-term interest
rates unchanged. The FOMC is expected to end its asset purchase program
next month. Many economists continue to believe that the FOMC will raise
short-term interest rates in mid-2015.
The U.S. economy continues to expand modestly, with Gross Domestic Product
(GDP) expected to rise to 3% in the second half of 2014. Second-quarter GDP
has been revised up to 4.6%, based upon increased consumer spending,
exports, and local government spending. Presently, the FOMC's chief concern
is that a strong U.S. Dollar will undermine exports.
Financial markets were volatile in September due to increased uncertainty about
globai economic growth, and geopolitical turmoil in the Ukraine and in the
Middle East. At one point, U.S. Treasury bill yields went negative after the Fed
announced a$300 billion cap on reverse repurchase agreement programs
which investment firms have been using to enhance portfolio return.
According to the International Monetary Fund (IMF), China now has the largest
economy in the world, with the United States in second place for the first time in
142 years. The IMF estimates that the Chinese economy is valued at $17.6
trillion, versus the U.S. economy which is valued at $17.4 trillion. The Chinese
economy is expected to grow to $27 trillion by 2019.
.r�s ��, e.c..�.��: �
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
Capital Markets Team
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
I nvestment
The treasurer shall invest all
pubiic monies in a manner
that ensures safety of
principal; su�cient liquidity
to finance the City's
expenditures; and the
highest yield possible after
the previous two objectives
have been met.
PORTFOLIO STATISTICS
.
216,802 $ 224,372 $ 223,757 $ 226,492 $ 224,854 $ 218,499
216,815 $ 224,380 $ 223,761 $ 226,492 $ 224,854 $ 218,499
13 $ 8 $ 4 $ - $ - $ -
11,903 $ 4,059 $ 3,387 $ 7,804 $ 15,045 $ 18,738
72 $ 60 $ 59 $ 55 $ 54 $ 50
0.41 % 0.32% 0.31 % 0.31 % 0.30% 0.29%
95 13 13 13 1 1
0.14 0.02 0.03 0.03 0.00 0.00
All data as of September 30, 2014
PORTFOLIO CHARACTERISTICS
September 2014
Dollars in Thousands
Maturities Market Value
< 1 M $ 178,070
< 2M -
< 3M -
< 6M 9,982
< 1Y -
< 2Y -
< 3Y -
< 4Y -
< 5Y 2,500
Total: $ 190,552
Ratin s Market Value
AAA or Aaa $ 111,344
A 9,987
Unrated 91,881
Total: $ 213,212
/
Maturities Distribution
�
0
0
0
�
0
a
100
80
60
40
20
0
<1M <2M <3M <6M <�Y <2Y <3Y <4Y �SY
/
Credit Quality
Unrated
43%
Assets Market Value
County Pool 102,654
LAIF 41,697
WF/LAIF Bond Proceeds 25,029
City Loan to RDA 22,655
Commercial Paper 9,987
CAMP 3,240
WF Treasury MMF 5,450
Loan Receivable - EIP 2,500
Total: $ 213,212
Month Citv Yield LAIF Yield Variance
Oct13 0.31 0.27 0.04
Nov 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 0.26 0.06
Sep 0.41 0.25 0.16
AAA or Aaa
51%
A
5%
�
Asset Allocation
County Pool
48%
LAI F
20%
WF/LAIF Bond
i,; Proceeds
Loan 12%
Receivable -
EIP City Loan to
�% WFTreasury Commercial RDA
MMF CAMP Paper
2% 1% 5%
i
Performance
0.42
v 0.28
v
d
� 0.14
0.00
Oct13 Nov DecJan�4 Feb MarchApril May Jun Jul Aug Sep
� OLAIFYield OCityYield
STATEMENT OF COMPLIANCE
September 2014
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 September 30, 2014, 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 objective�
of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the nexl
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..�z��-
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 Quality 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 NotAuthorized
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(f) 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 4.7%
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 -
53601(i) Repos 1 Year No Limit 30 Da s 20% -
53601(I) Reverse Repos 92 Days 20% NotAuthorized
53601(j) Medium-Term Notes 5 Years 30°/a A 5 Years 30% A -
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 2.6%
53601(I) Trust Indenture Debt NotAuthorized
53601(m) Secured Bank Deposits 5 Years No Limit NotAuthorized
53601(k) Local Government AAA & Aaa AAA & Aaa
Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 49.7%
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 31.3%
(2) 88.2%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, exc/uding 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 �'
CITY PORTFOLIO CONCENTRATION LIMITS
September 2014
Investments
RIVERSIDE COUNTY TREASURER
LOCALAGENCYINVESTMENTFUND
WF/L.A.I.F. BOND PROCEEDS
CITY LOAN TO RDA
COMMERCIAL PAPER -- DISCOUNT
WF ADVANTAGE TREASURY MMF
CALIFORNIA ASSET MANAGEMENT PROGRAM
LOAN RECEIVABLE -- EIP
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
Book Value
$ 102,653,558.99
41,696,933.33
25,028,904.62
22,654,999.95
9,973,750.00
5,450,178.78
3,240,488.18
2,500,000.00
� 213,198,813.85
$ 3,603,081.33
a 216,801,895.18 (1)
°/a of
Portfolio
47.35%
19.23%
11.54%
10.45%
4.60%
2.51 %
1.49%
1.15%
98.34%
1.66%
100.00%
FOOTNOTE:
(9) In the City of Palm Desert Comqrehensive Annua! Financial Report ("CAFR"), both the City of Palm Desert
("City") and the City's external auditor define %tal 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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