HomeMy WebLinkAboutAnalysis and Investment Reports - October 2015�� �
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TO
FROM
DATE
CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
RACHELLE D. KLASSEN, CITY CLERK
NIAMH ORTEGA, RECORDING SECRETARI���
NOVEMBER 24, 2015
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Attached is the Compliance Analysis and Investment Report for October 2015 which were
presented and approved at the November 2015 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 is a copy of the approved Minutes of the October 2015 meeting for
acceptance by the City Council, and the attendance report in progress for 2015.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachments (as noted)
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2015
City of Palm Desert
�ea/�r�X�r � �'1zc�e�t��z���t ���fc�rf
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on October 28, and left short-
term interest rates unchanged. The FOMC, however, minimized its concerns
about global downside risks, and hinted that its December 2015 meeting might
be the target date for a rate increase. In a recent survey, 90% of economists
surveyed believed that the FOMC would raise short-term interest rates from zero
to 0.25% at its December meeting. The Fed-funds futures market, which reflects
investors' perceptions, has assigned a 70% probability to this happening. If for
no other reason, the FOMC may raise short-term interest rates in Decemberjust
to enhance its credibility since it has put off doing so for so long.
The case for a December rate increase was strengthened by October economic
statistics. Non-farm payroll reports showed an increase of 271,000 jobs versus
a forecast of 185,000. Unemployment fell to 5.0%. Average hourly earnings
rose by 0.4%. Wages increased by 2.5% on a year-to-year basis. These
positive results coincided with Congress lifting the debt ceiling, and the stock
market rallying out of a slump.
The City recently purchased two medium-term notes for its investment
portfolio. A$5 million Wells Fargo & Company bond maturing on 09/08/2017,
and a$5.5 million Toyota Motor Credit Corporation bond maturing on 07/13/2018.
On October 1, the City paid $5.6 million of debt service, and the RDA Successor
Agency paid $13 million of debt service.
.%'au�S. �'i�arc, C'.C'.✓Ll.✓�: �`
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
196,122 $
196,130 $
8 $
18 $
77 $
0.49%
117
0.18
PORTFOLIO STATISTICS
198,356 $
198,366 $
10 $
(18,446) $
71 $
0.44%
99
0.14
202,145 $
202,150 $
5 $
(22,227) $
78 $
0.47%
102
0.14
�<�U6P>�
I Markets Team
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas Metz, J.D., M.B.A.
Investment
204,549 $
204,553 $
4 $
(19,208) $
73 $
0.45%
104
0.15
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.
202,795 $
202,795 $
- $
(23,697) $
54 $
0.35%
10
0.02
202,346
202,345
(1)
(22,508)
64
0.40%
75
0.12
All data as of October 31, 2015
PORTFOLIO CHARACTERISTICS
October 2015
Dollars in Thousands
Matu rities
<1M
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total:
Market Value
$ 156,454
6,494
5,011
2,355
$ 170,314
Maturities Distribution
0
0
0
w
�
0
a
100
80
60
40
20
0
Ratinqs Market Value Credit Quality
AAA or Aaa $ 86,405
A 11,505
Unrated 95,078
Total: $ 192,988
AAA or Aaa
51 °/a
Unrated
49%
A
6%
Assets Market Value Asset Allocation
County Pool 77,959 County Poo!
LAIF 44,974 4p��a
WF/LAIF Bond Proceeds
City Loan to RDA
Commercial Paper
Medium-Term Notes
CAMP
WF Heritage MMF
Loans Receivable -- EIP
Total :
25,094
22,655
6,494
5,011
4,844
3,602
2,355
$ 192,988
Month
Nov14
Dec
Jan15
Feb
Mar
April
May
Jun
Jul
Aug
Sep
Oct
Citv Yield
0.43
0.42
0.42
0.43
0.41
0.39
0.40
0.35
0.45
0.47
0.44
0.49
Variance
0.17
0.15
0.15
0.16
0.13
0.10
0.11
0.06
0.13
0.14
0.11
0.13
LAIF Yield
0.26
0.27
0.26
0.27
0.28
0.28
0.29
0.29
0.32
0.33
0.34
0.36
IF
%
WF/LAIF Bond
Proceeds
13%
WF Heritage '�r��� ;' City Loan to
MMF RDA
0
2% Loans Commercial /�
Receivable -- CAMPMedium-Term Pa er
EIP 3% Notes 3%
1% 3%
0.00
Novl4DecJanl5Feb Mar April May Jun Jul Aug Sep Oct
mLAIF Yield GCity Vield
�
Performance
0.51
a 0.34
�
d
} 0.17
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
.I��.nw�re �w� e.� iY�rYi w.��a�rr-
STATEMENT OF COMPLIANCE
October 2015
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 October 31, 2015, the City investment portfolio was in compliance with all applicabie 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 next
six months. In addition, portions of the City investment portFolio could be liquidated in order to meet any significant, unexpected cash
requirements.
Union Bank Custody Services provided market value prices for securities in the City investment portfolio. All balances are bank balances.
Respectfully submitted,
.r�s ���, e.e..�u��:
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum °/a 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 Not Authorized
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 3.4%
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 2.6%
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 1.9%
53601(I) Trust Indenture Debt Not Authorized
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 42.9%
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 36.3%
(2) 87.1%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, excluding bond proceeds .
(2) Total does not include Cash; City Loan to RDA; or Loans Receivable -- EIP.
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
��
CITY PORTFOLIO CONCENTRATION LIMITS
October 2015
Investments
RIVERSIDE COUNTY TREASURER
LOCAL AGENCY INVESTMENT FUND
WF/L.A.I.F. BOND PROCEEDS
COMMERCIAL PAPER -- DISCOUNT
MEDIUM-TERM NOTES
WF ADVANTAGE HERITAGE MMF
CALIFORNIA ASSET MANAGEMENT PROGRAM
Book Value
$ 77,959,029.33
44,974,118.69
25,094,180.71
6,480,57222
5,016,403.26
3,601,836.06
4,844,261.34
% of
Portfolio
45.56%
26.28%
14.67%
3.79%
2.93%
2.10%
2.83%
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
$ 167,970,401.61
3,141,445.24
$ 171,111,846.85 (1)
98.16%
1.84%
100.00%
FOOTNOTE:
(1) In the Citv 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. The concentration
percentages shown above were calculated based on that definition.