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 ��
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NOF,S: ��� ►`p
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Ai3SENT: _�5.�! L� .�_�
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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.
Page 5
CASH MAY 2014
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