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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. Thank you.
nmo
Attachment (as noted)
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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
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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.