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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 ON l 1� 13- I� VE�FI�,I3 ��I �4��rlm Ori�.inal on �ile �th City Clerl�s Q�c.� CITY COUNCILACTION APYROVF.D - DENTED -• Ri;C1:IVED OTHER ---• � Gc� vc � -ri l.v MT;I;TING DATE ��` 13��`� AYES: o`'s�� rn'�S�_�P`e���.�- �. �" � a�-=�-� �ors: �L�t�k A�3sr.NT: No�� _ A13STAIN: ��� vr�itFtrn t�v:�.�'��► Ori�inal on File with City Clerk's Office G:IFINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX 2014 City of Palm Desert ��t�yl2��X c`_�—�== o � `� %/'E'(,�'Xlt'P!' �j c_%ll/�P%�!'I2EJjll � ��C�l'� 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. 1�" Wa�i Z+ � � � � o 0 a� � c� � � 3 M J � N � a � ° � o 'o � o'p�� � o a° in U a U > � W N M C ° � aU A � � � O � e .� L O a Y a1 m � d Y � �� N � a� > ..N. 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