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HomeMy WebLinkAboutInvestment Report May 2014TO FROM DATE CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM RACHELLE D. KLASSEN, CITY CLERK NIAMH ORTEGA, RECORDING SECRETARY'��� SEPTEMBER 17, 2014 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached are the Compliance Analysis and Investment Reports for the May 2014 meeting which were presented and approved at the June 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 May 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) CITY COUNCILAC�ON APPROVED DENTED RECEIVED OTHER MEETING DATE � '� AYES:�fln. NoarniK. W aYu'lU.r �� ._. NOF,S: ��� ►`p ..__� Ai3SENT: _�5.�! L� .�_� AIiSTAIN: VF.RIFIED R�'� �k _rlhrl C?riginal on File with City Clerk's Office G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX 2014 City of Palm Desert )�� P%I'Pl,�'r:i�ll'�l' � ��I11����ill �I1 ���l� l'/ ECONOMIC COMMENTARY The International Monetary Fund (IMF) is forecasting U.S. economic growth of 2% in 2014, due to a weak first quarter. The ageing of the U.S. population will also slow productivity growth. The IMF believes that the U.S. economy will return to full employment by the end of 2017, with inflation remaining low. This implies that the Fed wili continue to keep short-term interest rates at near zero for longer than the middie of 2015. The U.S. has finally recovered all of the jobs that were lost since the recession began in 2007. In May, employers added 217,000 jobs, surpassing the prior payroll peak in January 2008. The U.S. unemployment rate remains at 6.3%, the lowest level since September 2008. The new job mix is not favorable, however. The number of jobs in high-paying sectors, such as manufacturing, construction, and government, has declined, while the number of jobs in lower-paying sectors has increased. For example, the U.S. has 1.6 million fewer manufacturing jobs than in 2007, but 941,000 more jobs in the hospitality and food-service sectors. Consumer spending continues to be restrained by a lack of wage growth. There is presently strong global demand for U.S. Treasuries, which has pushed the 10-year U.S. Treasury Note yield down to 2.53%. Foreign buyers, led by China, are buying U.S. debt to accumulate dollars and help weaken their currencies, in order to strengthen exports. .r�s ��, e.c..�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 224,854 $ 224,854 $ - $ 15,045 $ 54 $ 0.30% 1 0.00 PORTFOLIO STATISTICS 218,499 $ 218,499 $ - $ 18,738 $ 50 $ 0.29% 1 0.00 217,385 $ 217,385 $ - $ 19,442 $ 53 $ 0.31 % 1 0.00 All data as of. May 31, 2014 220,165 220,165 18,825 46 0.29% 1 0.00 �� ���� I Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. investment The treasurer shall invest all public monies in a manner that ensures safety of principat; sufficient liquidity to finance the City's expenditures; and the highest yield possible after the previous two objectives have been met. $ 213,310 $ 208,660 $ 213,310 $ 208,660 $ - $ - $ 15,125 $ 16,574 $ 48 $ 47 0.29% 0.28% 1 1 0.00 0.00 PORTFOLIO CHARACTERISTICS May 2014 Dollars in Thousands Maturities Market Value < 1M $ �gg,798 Maturities Distribution � 2M _ 100 < 3M - 100 _. . _.__ _ < 6M - ; 80 0 < 1 Y ' 0 60 < 2Y - �o < 3Y - 0 40 < 4Y - a 20 < 5Y - Total: $ �86�79$ 0 <1M <2M �3M <6M <7Y <2Y <3Y <4Y <SY � Credit Quality Ratinqs Market Value AAA or Aaa $ 112,150 AA or Aa - A - Unrated 97,359 Total: $ 209,509 Assets Market Value County Pool 102,571 LAI F 49,670 WF/LAIF Bond Proceeds 25,034 City Loan to RDA 22,655 MTN - CAMP 5,097 WF/Bond Proceeds 4,482 Agencies - Total: $ 209,509 Month Citv Yield LAIF Yield Variance Jun13 0.32 0.24 0.08 Jul 0.32 0.27 0.05 Aug 0.31 0.27 0.04 Sep 0.30 026 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 0.29 024 0.05 March 0.31 0.24 0.07 April 0.29 0.23 0.06 May 0.30 0.23 0.07 AA or Aa 0% Unrated 46% aAA or Aaa 51% A 0% Asset Allocation County Pool 49% MTN 0% Agencie: 0% LAI F 24% VF/LAIF Bond Proceeds 12% 0.33 022 0.11 0.00 Jun13 Jul Aug Sep Oct Nov DecJanl4FebMarchAD�� May aLAIF Yield �CRy Yield '� CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 � WF/Bond CAMP City Loan to Proceeds 20�o RDA 2% 11% STATEMENT OF COMPLIANCE May 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 May 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 objectives 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 partfolio 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 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-11P-1 270 Days 25% A-1 or P-1 - 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 2.1 % 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 51.4% 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 35.7% (2) 89.2% 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 May 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 CORPORATE MEDIUM-TERM NOTES RIVERSIDE COUNTY TREASURER TOTAL BEFORE CASH PLUS: CASH GRAND TOTAL Book Value $ 5,096,854.53 22, 654, 999.95 25,034,099.51 49,669,538.29 4,482,354.57 102,570,811.02 $ 209,508,657.87 $ 15,345,219.23 a 224,853,877.10 (1) % of Portfolio 2.27% 10.08% 11.13% 0.00°/a 22.09% 1.99% 0.00% 45.62% 93.18% 6.82% 100.00% FOOTNOTE: (1) In the Citv of Palm Desert Comprehensive Annual Financial Renort ("CAFR"), both the City of Palm Desert ("City") and the City's external auditor define fotal 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. � CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY STATEMENT OF CASH TRANSACTIONS MAY 31, 2014 PERIOD #11 FY 2013-2014 110 210 211 213 214 220 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 271 272 273 275 276 277 278 279 280 281 282 GENERAL TRAFF(C SAFETY GAS TAX MEASURE A HOUSING M[TlGATION COMMUNITY DEVELOPMENT CH1LD CARE PROGRAM PUBLIC SAFETY POLICE GRANTS PROP. A FIRE TAX NEW CONSTRUCTION TAX DRAINAGE FACILITY FEE PARK & RECREATION FACILITY FEE SIGNALIZATION FIRE FACILITIES RECYCLING FUND ENERGY INDEPENDENCE PROGRAM AIR QUALITY MGMT. AB2766 CITY-WIDE BUSINESS PROMOTIONS AIPP MAINTENANCE GOLF COURSE MAINTENANCE AQUATIC CENTER EL PASEO MERCHANTS ASSMT. DISTRICT ZONE 4 - PARKVIEW ESTATES ZONE 5- COOK & COUNTRY CLUB ZONE 6- HOVLEY LANE DIST. ZONE 2 - CANYON COVE/HAYSTACK ZONE 1 - PRE. PLAZA/PARKING ZONE 3 - VINEYARDS DIST. ZONE 7- WARING COURT DIST. ZONE 8- PALM GATE DIST. ZONE 9- THE GROVE DIST. ZONE 16 - PRES. PLAZA I11 Page 1 $ 68,071,883.56 129,031.30 1,270,183.96 20,662,636.92 2,418,942.14 (26,168.81) 1,488,764.23 49,073.19 2,262,753.31 646,506.09 1,911,773.04 1,182,713.86 195,542.07 921,524.04 4,345,785.59 2,512,733.23 332,493.53 1,388,272.12 43,616.22 (443.49) 76,272.94 220,936.47 (29,965.63) 156,820.81 30,275.92 26,007.84 793.62 68,768.82 62,879.28 CASH MAY 2014 CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY STATEMENT OF CASH TRANSACTIONS MAY 31, 2014 PERIOD #11 FY 2013-2014 283 284 285 286 287 288 289 299 301 303 304 306 307 308 309 310 311 312 314 315 351 352 353 390 391 392 393 400 416 420 425 430 436 ZONE 11 - PORTOLA PLACE ZONEI6SD-SUNDANCE ZONE- 14-K & B at P.D. ZONE 15 - CREST LANDSCAPING ZONE16-SHEPHERDLANE ALESSANDRO ALLEY SECTION 29 PDCC/COMMUNITY SRV AREA 26 AD 83-1 DEBT SRV. AD 84-1R DEBT SRV. AD 87-1 DEBT SRV. AD 92-1 SIERRA NOVA AD 94-1A BIGHORN AD 94-2 SUNTERRACE/VRNR AD 94-3 MERANO DS AD BIGHORN SERIES B DS AD 98-1 CANYONS AT BIGHORN DS SILVER SPUR RANCH HIGHLANDS UNDERGROUNDING AD SECTION 29-2004-2 DSF CFD 91-1 1NDIAN RIDGE CFD 91-1 1995 BOND [SSUE UN(VERSITY DS PD FINANCING AUTHORITY-RDA DS PD FINANCING AUTHORITY-CITY DS PDFA-RDA/BLYTHE RDA-RIV. CO/PD FIN. AUTHORITY CAPITAL PROJECTS RESERVE CIP-ODRINANCE # 416 CIP-DRAINAGE ECONOMIC DEVELOPMENT PROJECT CIP-PARKS & REC. ART IN PUBLIC PLACES Pagc 2 29,272.29 106,002.13 34,816.61 296,194.07 1,112,081.39 160,357.27 33,636.63 533,670.90 237,068.20 123,091.48 326,693.29 90,209.65 145,375.52 264,244.24 195,676.30 100,040.09 3,530,849.90 1,656,499.30 8,077,522.30 1,320,795.38 4,844,567.86 2,114,463.87 830,606.35 268,596.66 1,614,714.43 CASH MAY 201d CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY STATEMENT OF CASH TRANSACTIONS MAY 31, 2014 PERIOD #11 FY 2013-2014 440 441 450 451 452 456 462 463 464 466 467 468 469 480 483 510 520 521 530 575 576 610 620 702 703 841 842 850 851 853 854 860 861 CIP-SIGNALIZATtON GOLF COURSE CAPITAL CIP-BUILDINGS CIP PROPERTIES RDA/CITY CIP-BUILDINGS-LIBRARY TOWN CENTER PARK(NG LOT AD 98-1 CANYONS BIGHORN AD 94-2 SUNTERRACE/VARNER AD 94-3 MERANO CP SILVER SPUR RANCH HtGHLANDS UNDERGROUNDING UNIVERSITY ASSESSMENT 29 - 2004-02 CFD-91-1 INDIAN RIDGE CIP-BIGHORN SERIES "B" PD OFFICE COMPLEX ENT DESERT WILLOW GOLF COURSE PALM DESERT REC FAC.CORP. EQUIPMENT REPLACEMENT RES LIABILITY SELF INSURANCE RETIREE HEALTH SINK FUND TRUST-DEPOSITS TRUST-AD 81-1 PD L[BRARY RDA SUCCESSOR AGENCY RDA-PDFA & BLYTHE RDA-RIV. CO-FIN. AUTHORITY RDA-PROJECT AREA #1 RDA-PROJECT AREA #2 , RDA-PROJECT AREA #3 RDA-PROJECT AREA #4 RDA-DEBT SERVICE PROJECT #1 RDA-DEBT SERVICE PROJECT #2 130,667.38 2,827,413.92 2,363,091.29 14,375.28 542,255.11 178,921.49 586.44 20.36 21,291,305.65 502,074.69 3,819,179.76 457,214.35 259,918.13 5,526,547.38 4,336,381.49 1,717,494.54 13,962,913.90 270,664.43 e � .:: � . :: Page 3 CASH MAY 2014 0 CITY OF PAI.M DESERT AND RDA SUCCESSOR AGENCY STATEMENT OF CASH TRANSACTIONS MAY 31, 2014 PERIOD #11 FY 2013-2014 863 RDA-DEBT SERVICE PROJECT #3 864 RDA-DEBT SERVICE PROJECT #4 870 HOUSING 871 PALM DESERT HOUSING AUTH. 872 COUNTRY CLUB ESTATES, INC 873 HOUSING ASSEST FUND TOTAL ALL FUNDS INACT[VE: CITY-IRC/REGULAR 1NVESTMENTS-LA1F CITY-IRC/CUSTODIAN -BNY/RIV. CTY INV./CAMP CITY-!OC/DEF COMP,TRUST,RESERVE -"102" RDA-SUCCESOR/REGULAR INVESTMENTS-LAIF RDA SUCCESSOR-IRC TRUST INVESTMENT PRINC[PAL/-RIV.CTNY INV./CAMP RDA SUCCESSOR/TRUST-("102" 1N FD 703) LIB-IOC/CHECKING,TRUST (FD 702) OC-IOC/CHECKING,TRUST (FD S10) DW-IOC/PETTY CASH/CASH REG (FD 520) DW-fOC/REGULAR INVESTMENTS DW-IOC/CHECKING,SAVINGS PDREC-lOC/PETTY CASH/CASH REG.(FD 521) PDREC-IOC/CHECKING HSG-!OC/PETTY CASH ONLY (FD 871) HSGIOC/PDHA CHECKING& RPM CHECING -UNION BK HSG-INVEST-CAMP HSG-IOC/LAlF-CAP.871-X-102-0201 Page 4 (653,699.19) 22,017,258.83 10,724,086.33 $ 3 9, , 00.72 49,669,538.29 107,659,881.11 41,545,582.63 17,002,999.66 3,390,366.84 107,884,740.65 17,000.00 7,783.77 432,430.58 259,918.13 1,800.00 3,626,027.86 0.01 11,483,063.17 CASH MAY 7.074 0 CITY OF PALM DESERT AND RDA SUCCESSOR AGENCY STATEMENT OF CASH TRANSACTIONS MAY 31, 2014 PERIOD #11 FY 2013-2014 TOTAL INACTIVE ACTIVE: CITY HSG AUTHORITY - FUND 871-X-101-0000 RDA SUCCESSOR AGENCY PD LIBRARY OFFICE COMPLEX DESERT WILLOW HOUSING ASSET FUND 873-X-101-0000 ACTIVE CASH IN CHECKING ACCOUNTS CITY-PETTY CASH,CASH REGISTER TOTAL ACTIVE TOTAL ALL CASH $ 342,981, 32.70 $ (7,399,585.59) $ 6,906,367.79 $ 2,409,969.73 $ - $ 3,819,179.76 $ - $ 10,724,086.33 16,460,018.02 3,050.00 $ 16,463, 68.02 $ 359,444,200.72 NOTE: ABOVE IS THE FINAL STATEMENT OF CASH TRANSACTIONS, WHICH [NCLUDES ACTIVE CASH, INACTIVE CASH, AND CASH WITH FISCAL AGENTS. 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