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HomeMy WebLinkAboutInvestment Reports June - August 2014TO FROM 1�7_��� � t k ..,.o CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM RACHELLE D. KLASSEN, CITY CLERK NIAMH ORTEGA, RECORDING SECRETARY��� SEPTEMBER 23, 2014 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS 1 ._..-�.�°"`�s+r Attached are the Compliance Analysis and Investment Reports for the June, July and August 2014 meetings which were presented and approved at the September 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 June 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) P�r��v� � ��_ E ___ B� S�-��� ON ������� vERIFiED �Y len k r(m _,,,_„� Original on file �th Ci� C�erk's O�ce CITY COUNCIL ACTION APPROVED DENiED __. RECEIVED OTHER_ .�_ .. MEETING DATE _ � � " q " � AYES: ��. ��; �.� NOES: ���� ABSENT: �bti� - . AI3STAIN: �� — . VERIFIED BY:, �K� r� m .�. . Originnl on File with City Clerk's Office G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOSIRKLASSEN INV RPT MAY.DOCX 2014 ECONOMfC COMMENTARY City of Palm Desert � " n. , e I'f'�C�XII'f'l' r� -_�IZI�f'��I/!f'Ill t�C�l'/ �CCII f' The Federal Open Market Committee (FOMC) met on June 18, and left short-term interest rates unchanged. Once again, the FOMC reduced its monthly purchases of Treasury and Mortgage-Backed Securities by $10 billion. If this policy continues, then the FOMC will probabiy end its asset purchase program by October 2014. The majority of FOMC members still believe that short-term interest rates should not be raised until 2015. After a final revision, first quarter U.S. Gross Domestic Product (GDP) feil to -2.9% -- the fastest rate of deciine since the recession, and the largest non- recessionary decline since the end of World War il. The key causes of the contraction were: 1) harsh winter weather; 2) a deciine in inventory buiiding; 3) a decline in export activity; and 4) a decline in health care spending. Based upon a disasterous first quarter, and slow spending in the second quarter, Wells Fargo is forecasting meager U.S. GDP growth of 1.4% for 2014. New home sales jumped to their highest level in six years, following the release of better-than-expected existing home sales data. Together, they should offset the general weakness in home sales that was present during the first part of 2014. The shape of the Treasury yield curve continued to flatten as yields for intermediate and longer maturities fell. This reflected market expectations of FOMC rate tightening, and a benign view of inflation. ��s ��, c.e..�.��: � City Treasurer * Certified California Municipal 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 226,492 226,492 7,804 55 0.31 % 13 0.03 Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. Investment O The treasurer shall 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. PORTFOLIO STATISTICS $ 224,854 $ 218,499 $ 217,385 $ 220,165 $ $ 224,854 $ 218,499 $ 217,385 $ 220,165 $ $ - $ - $ - $ - $ $ 15,045 $ 18,738 $ 19,442 $ 18,825 $ $ 54 $ 50 $ 53 $ 46 $ 0.30% 0.29% 0.31 % 0.29% 1 1 1 1 0.00 0.00 0.00 0.00 All data as of June 30, 2014 213,310 213,310 15,125 48 0.29% 1 0.00 PORTFOLIO CHARACTERISTICS June 2014 Dollars in Thousands Maturities Market Value � a 1 M $ 191,641 Maturities Distribution < 2M - 95 � 3M 100 _ _ < 6M - ; 80 < 1Y 9�974 0 60 < 2Y - �o < 3Y - 0 40 < 4Y - °' 20 < 5Y - Total: $ 2��,615 O �1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y � i Credit Quality Ratinqs Market Value AAA or Aaa $ 125,430 AA or Aa - A - Unrated 97,340 Total: $ 222,770 � Assets Market Value County Pool 102,571 LAI F 49,669 WF/LAIF Bond Proceeds 25,015 City Loan to RDA 22,655 Commercial Paper 9,974 CAMP 3,740 WF Treasury MMF 9,146 Total: $ 222,770 AA or Aa 0% Unrated 44% 4AA or Aaa 51% A 0% i Asset Allocation County Pool 46% LAIF 22% WF/LAIF Bond ' Proceeds F.. �'? 11 % City Loan to WFTreasury Commercial RDA MMF CAMP Paper 10% 4% 2% 5% Month Citv Yield LAIF Yield Variance Ju113 0.32 0.27 0.05 Aug 0.31 0.27 0.04 Sep 0.30 0.26 0.04 Oct 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 0.33 0.22 0.11 0.00 Ju113Aug Sep Oct Nov DecJanl4FebMarchApril May Jun aLAIFVield OCityYield � CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE June 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 June 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 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..���- 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 NotAuthorized 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 4.5% 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 4.1 % 53601(I) Trust Indenture Debt NotAufhorized 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 47.7% 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 33.5% (2) 89.8% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds . (2) Total does not include the City Loan to RDA, and cash. CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS June 2014 Investments CALIFORNIA ASSET MANAGEMENT PROGRAM CITY LOAN TO RDA WF/L.A.I.F. BOND PROCEEDS FEDERAL AGENCY -- COUPON LOCAL AGENCY INVESTMENT FUND WELLS FARGO CORPORATE TRUST COMMERCIAL PAPER -- DISCOUNT RIVERSIDE COUNTY TREASURER TOTAL BEFORE CASH PLUS: CASH GRAND TOTAL Book Value $ 3,739,834.62 22,654,999.95 25,015,099.51 49,669,538.29 9,146,211.37 9,973, 750.00 102,570,811.02 � 222,770,244.76 $ 3,721,784.34 $ 226,492,029.10 (1) °/a of Portfolio 1.65% 10.00% 11.04% 0.00% 21.93% 4.04% 4.40% 45.29% 98.36% 1.64% 100.00% FOOTNOTE: (1) In the City of Palm Desert Comprehensive Annual Financial Report ("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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O � � q .R. � N d 7 A i Y O O m O 0 � O � n N � N N 0 n 0 N rf 0 N h O� N N Mf � � N 7 jp f � e'7 � O O � N CI � N �L N OI � (� N � N t") n � � � j o 0 I� N a M N N t�l M �� u � � a dd rnu : �, Qml dlN k c E N d C al y � U 0 c > U Z W � Q � � (n d y u w � U q U �0 7 m � d Q A � d (n � > � a Z � � U U Q � Z m Y 'r' U W _ U Y Z Q m Z N O � Z � � � N m a � � � c d E N d > C 9 A L N R U 9 0 � cna� o Q � � � O a O � a a � a 0 N O v 0 N O N � 0 ¢ Zo14 City of Palm Desert , -, �`J I'PCl<Xl/'F'I' �� �_�11C��%�l/«>ll � � �G�/'f ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) met on July 29-30, and left short- term interest rates unchanged. The FOMC stated that while U.S. economic activity had rebounded in the second quarter, and the labor market had improved, labor resources were still being underutilized. The FOMC added that the likelihood of inflation remaining persistently below 2% had diminished. As expected, the FOMC cut its bond purchases by an additionai $10 billion to $25 billion per month. U.S. economic data was more positive during July. Second-quarter GDP was reported at 4%, while first-quarter GDP was revised upward to -2.1 %. July was the sixth consecutive month that job gains exceeded 200,000, and weekly jobless claims continued to fail. Consumer confidence improved, and durable goods sales and auto sales were better than expected. Housing results were mixed, with new-home sales falling 8.1% and existing-home sales rising 2.6%. The SEC approved new rules for institutional money market funds. Prime money market funds will have floating share prices, while money market funds invested in short-term U.S. Treasuries or Government Agencies will continue to have a fixed share price of $1. Money market funds will also be authorized to block investors from withdrawing cash in times of stress, and to impose fees for share redemptions. The new rules are intended to discourage institutional investors from engaging in a mass run on money market funds during a severe financial crisis. ���s ��, c.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 223,757 $ 223,761 $ 4 $ 3,387 $ 59 $ 0.31 % 13 0.03 PORTFOLIO STATISTICS 226,492 226,492 7,804 55 0.31 % 13 0.03 ��y, I Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. Investment Obiectives The treasurer shall 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. $ 224,854 $ 218,499 $ 217,385 $ $ 224,854 $ 218,499 $ 217,385 $ $ - $ - $ - $ $ 15,045 $ 18,738 $ 19,442 $ $ 54 $ 50 $ 53 $ 0.30% 0.29% 0.31 % 1 1 1 0.00 0.00 0.00 All data as of July 31, 2014 220,165 220,165 18,825 46 0.29% 1 0.00 PORTFOLIO CHARACTERISTICS July 2014 Dollars in Thousands Maturities Market Value < 1M $ 183,197 Maturities Distribution < 2M - 95 < 3M _ 100 < 6M - e 80 < 1Y 9,974 0 60 < 2Y - 'o < 3Y - 0 40 < 4Y - a 20 < 5Y - Total: $ 193,171 O <1M <2M �3M <6M <1Y <2Y <3Y <4Y <5Y Credit Quality Ratinqs Market Value AAA or Aaa $ 117,472 AA or Aa - A 9,978 Unrated 93,381 Totai: $ 220,831 Assets Market Value County Poo� 102,608 LAI F 44,697 WF/LAIF Bond Proceeds 25,029 City Loan to RDA 22,655 Commercial Paper 9,978 CAMP 6,740 W F Treasury MMF 9,124 Total: $ 220,831 Month Citv Yield LAIF Yield Variance Aug13 0.31 0.27 0.04 Sep 0.30 0.26 0.04 Oct 0.31 027 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 AA or Aa 0% Unrated 42% � Asset Allocation � County Pool 47% AAA or Aaa 51% A 5% WF/LAIF Bond Proceeds 11% ��'' City Loan to RDA WFTreasuryCAMPCommercial �p% MMF ,�o� Paper i_ Performance 0.33 0 0.22 � d } 0.11 0.00 Augl3Sep Oct Nov DecJanl4FebMarchApril May Jun Jul ■LAIFYield OCityYield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE July 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 July 31, 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 ne� 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�es ���, e.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 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 Not Authorized 53601(d) CA Local Agency Debt 5 Years No Limit NotAuthorized 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 4.5% 53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 - 53601(i) Repos 1 Year No Limit 30 Days 20% - 53601(1) 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 4.1 % 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 49.5% 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 31.6% (2) 89.7% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds. (2) Total does not include the City Loan to RDA, and cash. I CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS July 2014 Investments CALIFORNIA ASSET MANAGEMENT PROGRAM CITY LOAN TO RDA WF/L.A.I.F. BOND PROCEEDS FEDERAL AGENCY -- COUPON LOCAL AGENCY INVESTMENT FUND WELLS FARGO CORPORATE TRUST COMMERCIAL PAPER -- DISCOUNT RIVERSIDE COUNTY TREASURER TOTAL BEFORE CASH PLUS: CASH GRAND TOTAL Book Value $ 6,740,001.97 22,654,999.95 25,028,904.62 44,696,933.33 9,123, 510.40 9,978,300.00 102,608,404.70 a 220,831,054.97 $ 2,930,296.69 a 223,761,351.66 (1) % of Portfolio 3.01 % 10.12% 11.19% 0.00% 19.98% 4.08% 4.46% 45.86% 98.69% 1.31 % 100.00% FOOTNOTE: (1) In the City of Palm Desert Comprehensive Annual Financial Report ("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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'� �p -'�� � � d� Q a° o ; � a to � � � � a d d qC N > m Q .�/ G 7 N � c E H W C al N � U 0 O rn � N Of � � (") � O�i �D °' � N O�i �. olO } U 2 W i� ¢ � 0 � m (n U W � U 10 U `0 � m � � Q N O y y � > � a Z � � U U Q � Z � Y "' U W 2 U Y Z Q m Z N O � 2 � � n N N O � ro 0 0�p V O v n M I O �Op O O O M h 0 � � M � N O�p N M N n � d E d C � A L N R U 3 0 � �na� Q Q ^ 0 � � o a 0 � � O a a a c 0 U NQ OQ� O v 0 c � 2014 City of Palm Desert / ' � yPllvll>��1� �� ��2C�P�I'�1E->rl � �bC�rl ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) did not meet in August. The FOMC's next meeting will be on September 16-17. According to the California Asset Management Program (CAMP), that meeting may be very significant. The FOMC will release updated economic forecasts through 2017, and may provide clues on when interest rates will be tightened once the Fed stops buying bonds. A disappointing jobs report in August, however, has softened the pressure on the FOMC to raise interest rates. Second-quarter U.S. Gross Domestic Product (GDP) was revised upward to 4.2%, driven by increased capital spending on new equipment and buiidings, and and by increased consumer spending. The Conference Board's Consumer Confidence Index rose to a seven-year high, while durable goods orders experienced the largest monthly increase ever, due primarily to aircraft orders. These positive trends were partially offset, however, by a Labor Department report which stated that the U.S. economy had gained only a meager 142,000 jobs in August (economists had been expecting a gain of about 230,000 jobs). This broke a six-month streak of monthly job gains above 200,000. It also undercut any notion that the economy is posed for an economic "breakout" in 2014 after a very slow first quarter. The RDA Successor Agency investment portfolio declined by $4.7 million in August due to the payment of debt service. .r��s ��, e.e..�t.��: .� City Treasurer "` Certified California Municipal Treasurer Thousands of Dol/ars 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 PORTFOLIO STATISTICS 224,372 $ 223,757 $ 226,492 $ 224,854 224,380 $ 223,761 $ 226,492 $ 224,854 8 $ 4 $ - $ ' 4,059 $ 3,387 $ 7,804 $ 15,045 60 $ 59 $ 55 $ 54 0.32% 0.31% 0.31% 0.30% 13 13 �3 � 0.02 0.03 0.03 0.00 All data as of August 31, 2014 � �CCjCG� I Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. Investment Objectives The treasurer shall 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. $ 218,499 $ 217,385 $ 218,499 $ 217,385 $ - $ ' $ 18,738 $ 19,442 $ 50 $ 53 0.29% 0.31 % 1 � 0.00 0.00 PORTFOLIO CHARACTERISTICS August 2014 Dollars in Thousands Maturities Market Value � < 1 M $ � 87,g� g Maturities Distribution < 2 M 100 95 _ _ _ _ _ < 3M � < 6M - 80 < 1Y 9,978 0 60 � 2Y � 40 < 3Y ' o a < 4Y - 20 < 5Y ' Total: $ 197�897 O <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y � Credit Quality Ratin s Market Value AAA or Aaa $ 121,193 AA or Aa - q 9,982 Unrated 89,381 Total: $ 220,556 Assets Market Value County Pool 102,608 LAIF 41,697 WF/LAIF Bond Proceeds 25,029 City Loan to RDA 22,655 Commercial Paper 9,982 CAMP 5,240 WF Treasury MMF 13,345 Total: $ 220,556 Month Citv Yield LAIF Yield Variance Sep13 0.30 0.26 0.04 Oct 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 0.32 026 0.06 AA or Aa �% Unrated 40% AAA or Aaa 51% A 5% Asset Allocation County Pool 47% LAIF 19% WF/LAIF Bond Proceeds 11% City Loan to RDA WF Treasury Commercial 10% MMF CAMP Paper 6% 2% 5% 0.33 _ ._.._...__.._. __ __ _._.: 0.22 0.11 O.oO Sep130ct Nov DecJanl4FebMarchApril May Jun Jul Aug I OLAIF Yield GCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 I STATEMENT OF COMPLIANCE August 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 annuaily. For the month ended August 31, 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 maet any significant, unexpected cash requirements. Interactive Data Services provided the market value prices for securities in the City investment portfolio. Ali balances are bank balances. Respectfully submitted, ��s �-��, e.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 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 Not Aufhorized 53601(d) CA Local Agency Debt 5 Years No Limit Not Aufhorized 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 4.5% 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 5 Years 30% A - 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 6.1% 53601(I) Trust Indenture Debt NotAuihorized 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 48.9% 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 30.3% (2) 89.7% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds . (2) Total does not include the City Loan to RDA, and cash. CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATION LIMITS August 2014 Investments CALIFORNIA ASSET MANAGEMENT PROGRAM CITY LOAN TO RDA WF/L.A.I.F. BOND PROCEEDS FEDERAL AGENCY -- COUPON LOCAL AGENCY INVESTMENT FUND WELLS FARGO CORPORATE TRUST COMMERCIAL PAPER -- DISCOUNT RIVERSIDE COUNTY TREASURER TOTAL BEFORE CASH PLUS CASH GRAND TOTAL Book Value $ 5, 240, 304.49 22,654,999.95 25,028,904.62 41,696,933.33 13, 344,451.40 9,973,750.00 102,608,404.70 $ 220,547,748.49 $ 3,824,054.81 a 224,371,803.30 (1) % of Portfolio 2.34% 10.10% 11.16% 0.00% 18.58% 5.95% 4.45% 45.73% 98.30% 1.70% 100.00% FOOTNOTE: (1) In the Citv of Palm Desert Comprehensive Annual Financial Reqort ("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. � r i+ N � � W d � � �� C 3 N J �9 Vi � Q �L p M a o-,, � O � � o � �aa U � U > � 7 � W N � E d � o- .. 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