HomeMy WebLinkAbout1996-03-26; City Council; 13563; REPORT ON CITY INVESTMENTS AS OF FEBRUARY 29, 1996L3
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MTG. 03/26/96 REPORT ON CITY INVESTMENTS
AS OF FEBRUARY 29, 1996 ICITYI
DEPT. TRS CITY II
RECOMMENDED ACTION:
Accept and file report
ITEM EXPLANATION:
The City’s Investment Policy requires the City Treasurer to report to the City COL
on a monthly basis the status of the City’s investment portfolio. This repol
presented to Council each month on the investments held.
In summary, the City’s investment portfolio as of February 29, 1996 is as folio\,
I I, I II Investment Portfolio (Cash and Securities)
I1 Current Month Prior Month II 11 Par Value I 143,437,521 -1 144,633,i II I I ~_____
Cost of Investments
145,054,E 142,952,661 Market Value (2)
144,640,4 143,452,345 Book Value of Investments (1)
142,817,4 141,672,556
I’ I I
(1) Book Value is cost adjusted for amortized premiums and discounts.
(2) Source for market values is First Interstate Bank’s custodial report as of 2/29
Interest Income I! Current
Current Prior Month
Month FYTD Month FYTD Income
Cash Income Fiscal
5,297,865 I 4,322,970 I 974,8E 11 Year-to-Date
Total Income Over The Life 24,755,356 23,607,696 Of The Investments if
Held to Maturity
Page 2 of Agenda Bill No. 1$ 5hL? 0
Investment Performance I!
Average Life
(Years) Averaqe Yield
December 1 995 5.9s 1.50
1 January 1996 5.8: 7 -58
I
February 1996 5.8( 1.68
All investments have been made in accordance with the City’s Investment PC
adopted January 2, 1985 and last revised February.13, 1996. All investments \I\
initially made in accordance with the City’s Investment Policy. Events subseql
to the purchase might have resulted in some investments not being in complia
with the current policy. These events are typically a change in the City’s lnvestrr
Policy or a change in the credit rating subsequent to a purchase. See Exhibit 5
6 for details.
Investment portfolio has the ability to meet the City’s cash flow demands for the I
six (6) months.
EXHIBITS:
1. Investment Portfolio Breakdown By Cost, Market Value, Cash Income, a
Average Yield
2. Investment Portfolio Breakdown Of Maturities
3. Investment Report
4. Reconciliation of Fund Source to Investment Portfolio
5. Corporate Note Ratings
6. Percentage Weightings by Corporate Note Issuer
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Reconciliation of Fund Source to Investment Portfolio
February 29,1996
Cash Balance by Fund:
General
Special Revenue
Debt Service
Capital Projects
Enterprise:
Carlsbad Municipal Water District
Sewer Fund
Solid Waste
Golf Course
Total
Internal Service
Redevelopment Funds
Trust Funds
Misc. Special Funds
16,042,612
8,724,256
1,480,219
49,919,498
20,519,396
22,780,253
85,329
1,087,904
44,472,882
10,335,916
4,418,801
6,546,367
0
Total General Ledger Balance 141,940,551
Amortization of discounts and premiums (1,865,889)
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement 1,597,894
Total adjustments (267,995)
Total Treasurer's Investment Portfolio 141,672,556
Corpomte Note Ratings a "s sgp 0 Exhib i
Investments Meetina the Current Investment Pdiv fRalinas must be AA or better bv both Moodv'sand SgP) Modified 2/13/96
ASSOC CORP OF N A M3 AA-
CHEVRON TRUST
DETROIT SEWER
GENERAL ELECTRIC CREDIT
KENTUCKY UTILTTIES
PFIZER INC
SHELLOILCO
TOYOTA MTR CR
WAL-MART STORES
AA2
AAA
AAA
AA2
AAA
AA2
AAA
AA1
AA
AAA
AAA
AA-
AAA
AAA
AAA
AA Credit Watch
Investments Made Under a Previous Investment Poliiv fRatinas must be A or better)
AMERICAN EXPRESS CREDIT
BOEING
CIT
FORD MOTORS CREDIT
NORINCHUKIN BANK
PHILIP MORRIS
SOUTHERN CALIF ED
UNITED TECHNOLOGIES
AA3
A1
AA3
A1
A1
A2
A2
A1
A+
AA
At
A+
AAA
A
Ai
A+
Investments with Subsequent Chanaes in Credit Patinq
Maturity Canying Date Purchased Value
DIGITAL EQUIP BAl BB+ 1 111 5/97 AVA- 1,022,035
DON N ELLY A1 Ai 12/01/2000 AAWAA- 1,141,401
* The City's Investment Policy allws the City Treasurer to determine the course of action that would correct exceptions to the policy. All
investments are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the City Treasurer
to hold these assets in the portfolio until maturii unless the opportunity arises to sell them at a gain.
. Percentage Weightings by W rate Note Issuer 0 Exhil
1 Investment Cost Percent of Portfr
Investments Meeting the Current Investment Policy (Percentage Less Than 5%) Modified 2/13/96
AMERICAN EXPRESS CREDIT 1,023,770.00
ASSOCIATES CORP NA 6,049,356.00
BOEING 1,059,430.00
CHEVRON TRUST 1,026,080.00
CIT 972,620.00
DETROIT SEWER 1,014,980.00
DIGITAL EQUIP 1,053,390,OO
UUNNELLY
FORD MOTORS CREDIT
KENTUCKY UTILITIES
NORINCHUKIN BANK
PFIZER INC
PHIUP MORRIS
SHELL OIL CO NOTES
SOUTH ERN CA UF ED
TOYOTA MTR CR
UNITED TECHNOLOGIES
1 ,145,610.00
1,957,160.00
2,024,340.00
1,002,380.00
1,011,850.00
2,038,860.00
1,016,050.00
1,000,000.00
1,008,280.00
2,000,000.00
WAL-MART STORES 999,350.00
investments Made Under a Previous investment Policy (Percentage Limited to 10%)
GENERAL ELECTWC CREDIT 12,100,555.00
Total Portfolio 141