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HomeMy WebLinkAbout1994-12-06; City Council; 12939; REPORT ON CITY INVESTMENTS AS OF OCTOBER 31, 1994TY OF CARLSBAD — AC NDA BILL AB * 1 2, °> MTG. ./£-.& DEPT. TRS REPORT ON CITY INVESTMENTS AS OF OCTOBER 31, 1994 RECOMMENDED ACTION: Accept and file report ITEM EXPLANATION: QUl g DC O g O OO State law requires the City Treasurer to report to the City Council on'a monthly basis the status of the City's investment portfolio. This report is presented to Council each month on investments held. In summary, the City's investment portfolio as of October 31,1994 is as follows: Cost of Investments Market Value Cash Income Fiscal Year-to-Date Average Yield Average Life All investments have been made in accordance with the City's investment policy adopted January 2,1985, last revised January 26,1993, and last reviewed January 25,1994. When held to maturity the above investments will yield $21,453,265 in interest income. Current Month 118,415,260 117,798,613 2,328,726 5.94% 1 .52 years Last Month 115,858,225 115,618,036 2,032,113 5.93% 1 .50 years EXHIBIT: 1. Investment Reports (4) e e - $ 8 ,;E 8 - P a 2. .- v) 3 0 8 Y - a c% m 0 0 W 6 8 2 e I? i 0 R 0 I- z i (I] z % n s Y 2 0 s c 0 & 9 w s > W z 0 z U u- 2 z 8 m U 0 w- -I 3 U E Y U U H +- 0 8 &I 9 4 B K m 0) Bs ti 2 <z c K 0) NQ)OD(Dm v)v) wm cqrc$cnq~j$ NPQ 2Low E9k P) 52 0006gE Ill 2s ea Ill ggg $9 0> WI c E 8 5 ;E 0 I I 0 I I 0 I I Lo v) s k r;- 7 8 ? % (4 P 8 % 'D " OD N 31 i/ 9 5 z c K !?! 5 0 0 I I 0 I I 0 I I 0 5 IC 2 c m % s m * a 9 R N 2 5 K -mv) S&ooa,, II 6$k m * 8 2 I I I r-- 'D m- YS% .- &I 0 01 5 K 3 c c 2 0 5 0 I ,I 0 I I 0 I I 0 * L". =f '9 m @Y 0) d) m * 'u. 0 m v) w 2 z m dle,s 0 a E s 0 z u)P lorn Nk$IZ 3% (0 N- % =r q$ 2% cu 388% &;Nq w z -v ZII 7 82 q:, r-N 0- PC cu b- $1 zt o) .. Y m 0 z z o! 8 OD 3 j N z v) N m 00 cu 00 '", - a m E 9 6 3 g r m - %8 3 ??\! 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ZWZS wo30 m aannwm 03 33\ oaeoor VI0 0 (3 n m z\ WONO~(Y cw .w LLamao- VINUNOW w1wtwo aa ZPZPVIm w wcw 3c3I-wm VIv)VIVIo u3uaw* LLNae >.U>Ok' aa wawaaa =Pap 3 v)>u)>WU o ooca aeaabe V-CYS A 6 a t m 2 ktl-++#- mm01l)Ul- rrmrrm r--m(Y(Y rrroor atzozaaa u**(Dr-m ommmmm ?!?!::?!?! u-*w(Yu mmma~mm >>*zzz BZZ333 aouuDu C!?!??g2 mt ma \- d 0, \ --mi m\ma mm\1 t? \ m;iwZ; .- mr3\s r m\\nm. wm\w aeUI 3\m\wm3 omcvm3rcoa LII(RUr- ae;&;y%e5 \ wom *\ Flu3 NU .a ma0%edzr-cu aem x3 aae- .v)azo ammlaoaa ourduluo zomg t;ELg"EE? o n ZC=IUI wswzaax aqaowua o~!U!g;g~~ SJ2dwmaw momurwoo wz-ouazrn 0 2 oa zp. zzzzzzzz OUUUOOOU mmmumr(D.- "(Y(YrO(Y0 -(Ymmr-mom ~OOOOOOO ummmlnmmm mmmmmmmm :?!zz?,!zz?,! --u**-h mmmmmmmm yl=taaaawn o"I>*ZdocL oYEza-ou Lo~mmNomm OmNNebC)(YN /3 0 0 Reconciliation of Fund Source to Investment Portfolio October 31,1994 Cash Balance by Fund: General Special Revenue Debt Service Capital Projects Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Total Internal Senrice Redevelopment Funds Trust Funds Misc. Special Funds 17,356,000 18,239,000 11 6,000 1,958,000 10,825,000 6,594,000 1,361,000 39,517,000 37,669,000 9,687,000 5,642,000 5,811,000 0 Total General Ledger Balance 1 17,106,000 Deposits in transit Outstanding checks Wire in/(out) not recorded Other Payroll adjustment (217,621) 1,972,134 . (6,370) (43991 4.3) 0 Total Treasurer's Investment Portfolio 118,415,000 r"f- e 0 - Reconciliation of Fund Source to Investment Portfolio October 31,1994 Cash Balance by Fund: General Special Revenue Debt Senice Capital Projects Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Total Internal Service Redevelopment Funds Trust Funds Misc. Special Funds 17,356,000 18,239,000 1 16,000 1,958,000 10,825,000 6,594,000 1,361,000 39,517,000 * 37,669,000 9,687,000 5,642,000 581 1,000 9 Total General Ledger Balance 117,106,000 Deposits in transit (217,621) Outstanding checks Wire in/(out) not recorded Other Payroll adjustment -I Total Treasurer's investment Portfolio 1,972,134 (6,370) 0 (439,143) 118,415,000 15 0 0 EXHIBIT 3 December 8, 1994 TO: MAYOR, COUNCIL MEMBERS FROM: CITY TREASURER ORANGE COUNTY ANNOUNCEMENT OF DECEMBER 1,1944 The Orange County Treasurer-Tax Collector recently announced an unrealized loss, i.e., ”paper loss“, of $1.5 billion in the county investment pool. This unrealized loss represented 20% of the total pool assets. An unrealized loss is the difference between the cost of an asset and its current market value. Unrealized losses are not unusual with fixed income instruments, e.g. bonds, when interest rates are rising. Nonetheless, the magnitude of. the unrealized. loss, its sudden revelation, and the ensuing filing of bankruptcy by Orange County shocked not only the local communities and the state, but also made national headlines. Concern has been expressed as to its implication regarding San Diego County and the City of Carlsbad. The San Diego County Treasurer-Tax Collector also manages an investment pool. Local agencies in San Diego County generally have found the pool to be an attractive alternative for short-term investments. It offers good liquidity at yields that are usually attractive. Of the City’s San Diego County investment pool. This is scheduled to be reduced to $12 million tomorrow because of a withdrawal that was planned some three weeks ago. The City has no investment in the Orange County pool. From this vantage point, there appears to be several significant differences between the two county pools. The Orange County pool was highly leveraged, i.e., many of the pool investments came from money that had been. borrowed for that purpose. The unrealized loss in Orange County was magnified because of this leverage. Assurances have been received from the San Diego County Treasurer-Tax Collector that the San Diego pool is not leveraged and that the pool does not have a cash flow problem. Reporting requirements also appear to be tighter in San Diego County. From available information, the Orange County Treasurer-Tax Collector reported on the investment pool only once a year. In contrast, the San Diego County Treasurer-Tax Collector reports to the Board of Supervisors each month. At this writing, there appears to be no shortage of speculation regarding the San Diego County in variation with information received from the County Treasurer-Tax Collector. The situation will be closely monitored in the forthcoming weeks. A report will be made to the Council at the December 20 meeting summarizing the City’s investment policy and applicable internal controls, the City Treasurer’s investment strategy, and total investment porffolio of $1 18 million, approximately $18 million is currently invested in the investment pool. It Seems that each day the media reports a new story that is in some degree /, .“?&,status of the City’s invwent pottfolio. idx-. x” PES M. STANTON F:\USERS\EROPRWPDATA\MEMOS\LOSS icn