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HomeMy WebLinkAboutAnalysis and Investment Reports - October 2015�� � �____------' 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) ����d�'r.r� .�...�.�........�_. a.. � ,� sz.,-�.��;�A ��� �2-� -{5 'V4�:�z:��E� �� � ��� � �� f3�i�i�aa.! on iile with City Clerk's Office CITY COUNCII,ACTION APPROVED nE1V�F� RECEIVED�_�r;���_ OTHER MEETING DATE � Z- � o- I S AYES: ��+ ci K �,�'d ,rla� n. Tc�,n►t,e,•� y�.�per, a, So+� NOES: -Nfl►e ABSENT: No►.� �""_°`_" ARSTAIN: �o►a-P VERIFIED BY:��IP K I c' ( r�n Original on File with City Clerk's Office G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSEN INV RPT MAY.DOCX �"' ua a� ���� w � E o ���N � C � � J ca N eh a � O d a o '_ � O�o�� ��a� � U a U > � W h t0 M € « � I HU R � O� O � e � O a Y 01 m � �m �> � m N a-'� i c d ; c i � I V c � �a t/f � c f9 � '�� r � c� c� n o � o � � d � � � � N V O � O � O � C C p O y fC D O O o � O O O I� � ! 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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.