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HomeMy WebLinkAboutInvestment Report - January 2015.��� " =, €` � � �--- � '� TO FROM DATE CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM RACHELLE D. KLASSEN, CITY CLERK NIAMH ORTEGA, RECORDING SECRETAR��'� MARCH 6, 2015 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Attached is the Compliance Analysis and Investment Report for January 2015 which was presented and approved at the February 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 are the approved minutes of the January 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. 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LL � � � � � � O tn (n N N fn � � � � � � M J J J J J � d n. a a d N } } } } } d' 2 Q' Q' � � 7 � � � NQ (Qn !¢A fQn (QQ W W W W W � � � � � H i- H F- F- y W W W W W � c� i� i� C:i v F- F- 1- Fa- i¢-� > Z Z Z Z Z a > > > > > c � � O ❑ � A Q Q Q Q Q � O � 7 H ' F�- V- F- F- F 0 0 0 0 0 N lA 1n tfJ ln � � N � �A tn i � � n � n 01 � � O> � O O O O O N N N N N f"' � � � � O O O O O � � N N N � � � N � � n n � n � � � � � 0 0 0 0 0 N N N N N N N N � � } } } } } � N � � � � N 0 � 0 a O M N N O v n 1��f � M � V O M � � � 1'1 V � � W Cf A Q � A � O F Na� ¢Q�" o ^ � � o a O LL� � � a a a m N O N N O � � � � � m o� � a � � � N o � $ A � � � �o .�. 0 � � N � � O O � d � � � N � � U Z � t W d y C� � U 'r' Q � � d � Q 7 � � y N > �/i �9 +� M a �� o � �± � 0 3 �� � � o� y; Q a a to � � _ � a w w rnu A c � A Q m d N � c w E « N d > C al y 7 U � v v � N N N � C n R (D N N N a � c N N N 0 0 0 � U Z W � Q � O � d � � w � U � U m N � Q �0 � I � > Q N W � N m � � } N � � m ri M N n N h � Of M M H A N N � N � � � ai M O � � d E ayi C V C A r H A <.i '� 0 � cna� oa^ � � O a � �I a a° � a � � O N N O d � � K 0 2015 City of Palm Desert , - �- -, �` �'E'CI��IU'E'1' r� �..�>ll�P%.1�171��2� ���1�/'l ECONOMIC COMMENTARY On January 27-28, the Federal Open Market Committee (FOMC) met, and left short-term interest rates unchanged. The FOMC has adopted a"wait and see" strategy on rate changes, due to concerns about low inflation, slow global growth, and a stronger U.S. doliar. According to Wells Fargo Securities, most bond traders do not believe that there will be a rate increase this June. Many do not even think that there wiil be one in 2015. It is thought that falling commodities prices and deflationary trends may give the FOMC pause. The U.S. economy grew at a 2.4% annualized rate in 2014. Although fourth- quarter economic growth was 2.6%, this was weaker than expected, due to a decline in equipment spending that mirrored a steep fall in oil prices and siowing global demand. U.S. exports have also been hurt by a stronger li.S. dollar. Some U.S. manufacturers are either withdrawing from less profitable markets or cutting their prices in order to remain competitive. The U.S. dollar has been strengthened by international turmoil (i.e., a possible Greek exit from the Euro; an escalating war in the Ukraine; and steep losses for European banks if Russian banks or corporations default on their debt). U.S. Treasuries had a strong rally in January as foreign investors and U.S. financial institutions sought higher relative yields and a"safe haven." In January, the City and the RDA Successor Agency received approximately $6.3 million and $17.3 million of property taxes, respectively. ��s �-��, e.e..�.��: .� City Treasurer * Certified California Municipa/ Treasurer PORTFOLIO STATISTICS 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 202,484 $ 193,017 $ 193,347 $ 202,508 $ 193,039 $ 193,366 $ 24 $ 22 $ 19 $ (10,826) $ (15,643) $ (7,955) $ 68 $ 67 $ 67 $ 0.42% 0.42% 0.43% 105 107 107 0.14 0.14 0.15 All data as of January 31, 2015 �������x�, , Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. 196,104 $ 196,118 $ 14 $ (6,541) $ 75 $ 0.42% 104 0.15 I nvestment 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. 216,802 $ 216,815 $ 13 $ 11,903 $ 72 $ 0.41 % 95 0.14 224,372 224,380 8 4,059 60 0.32% 13 0.02 PORTFOLIO CHARACTERISTICS January 2015 Dollars in Thousands Maturities Market Value < 1 M $ 157,571 < 2M 9,998 < 3M - < 6M - < 1Y - < 2Y - < 3Y - < 4Y - < 5Y 2,500 Total: $ 170,069 Ratin s Market Value AAA or Aaa $ 86,958 A 9, 998 Unrated 95,768 Total: $ 192,724 Assets Market Value County Pool 77,752 LAI F 45,553 WF/LAIF Bond Proceeds 25,060 City Loan to RDA 22,655 Commercial Paper 9,998 CAMP 4,841 WF Treasury MMF 4,365 Loan Receivable - EIP 2,500 Total: $ 192,724 i� Maturities Distribution 100 � 80 0 0 60 0 � 40 0 a 20 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y % _ _ _ _ Credit Quality AAA or Aa; 51% Unrated 50°/a A 5% i Asset Aliocation County Pool 40% \IF G% WF/LAIF Bond Proceeds 13% Loan Receivabie - EIP City Loan to �% WFTreasury CommercialRDA MMF CAMP Paper 2% 3% 5% Month Citv Yield LAIF Yield Variance Feb14 0.29 0.24 0.05 March 0.31 0.24 0.07 April 0.29 0.23 0.06 May 0.30 023 0.07 Jun 0.31 0.23 0.08 Jul 0.31 0.24 0.07 Aug 0.32 0.26 0.06 Sep 0.41 0.25 0.16 Oct 0.42 026 0.15 Nov 0.43 0.26 0.17 Dec 0.42 0.27 0.15 Jan15 0.42 0.26 0.15 / Performance 0.45 e 0.30 � d } Q.15 �.�� y�� ue � c�� �..� m� e'y' �[a� � a"" y=, r�"- "�' �=, Febl4AarchApril May Jun Jul Aug Sep Oct Nov DecJanl5 OLAIFYield OCityVield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE January 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 annuaily. For the month ended January 31, 2015, the City investment portfolio was in compliance with ail 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 nexl six months. In addition, portions of the City investment portfolio cauld be liquidated in order to meet any significant, unexpected cash requirements. Union Bank Custodial 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(fl 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 5.2% 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 2.3% 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 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 36.6% (2) 87.0% Footnotes: (1) Maximum concentration limit for local agency investment pools, exc/uding bond proceeds . (2) Total does not include the cash, City Loan to RDA, and Loan Receivable - EIP. _ _ ___ ____ ,�� CiTY PORTFOLIO CONCENTRATION LIMITS January 2015 Investments RIVERSIDE COUNTY TREASURER LOCALAGENCYINVESTMENTFUND WF/L.A.I.F. BOND PROCEEDS COMMERCIAL PAPER -- DISCOUNT WF ADVANTAGE TREASURY MMF CALIFORNIA ASSET MANAGEMENT PROGRAM TOTAL BEFORE CASH PLUS: CASH GRAND TOTAL Book Value $ 77,752,365.58 4�,553,285.56 25,060,202.12 9,973,750.00 4,364,731.69 4,840,822.04 $ 167,545,156.99 $ 9,783,765.78 $ 177,328,922.77 (1) % of Portfolio 43.85% 25.69°10 14.13% 5.62% 2.46% 2.73% 94.48% 5.52% 100.00% FOOTNOTE: (1) in the City 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.