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HomeMy WebLinkAbout1996-03-26; City Council; 13563; REPORT ON CITY INVESTMENTS AS OF FEBRUARY 29, 1996L3 0 9 3 em: a 2 il O u 4 g 0 u e 0 e?$ d CITY OF CARLSBAD - AGENDA BILL I AB# ’3,5b3 1 TITLE: 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 2 9, 3 *o I 1 .- +L w W > a5 4 0 $2 0 $8 0 (D In rc (D In k (D In 0, (D In 0, m In k In In f 0, t (D m r? (D D '9 In PC In '9 D In 9 (D -3 '9 SI 0 SI 0 g 0, In g iii 0 w rn El 3 z 0 (D 0) z 7 m & 3 5 8 a z rn 0 3 B k B i 5 + Y z n si Y 4 c a: LL 0 0 iz 9 ogo~~~ogol g gs cu- 0- u" In_ gd E2 cu- 2 W 2: z 0* E >. 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E d A :: 8 o wwwwwwwwp.~~~~~mmm~mwmmmoooo wmmmcnwwmmmcnwmmmmmmwmmmmoooo $E ~~~~~~~~~~~~~~~~~~~~~~~NN~N W ~~~~~~~~~~~~~~~~m~mm~mmoooo $2 ~~~~~~~~~~$~~s~~s~~E$~~$~~s ffiPlPU AUP1V2'XC)Q'X PIU ~~~~~~~~~~~~~~~~~~~~~~~~~~~ 4 0 PI 0 h FI 5 V 0 u E 0 G ,-I rlc rl ~~~~~~~~~~~~~~~~~~~~~~~~~~~ fz rlrlrlrlrlrll-lrlrlrlrlrldrlrlrlrlrlrlrlrlrlrlrlrlrlrl mmwmwmmmmmmmmmcnmmmmmmmmmmmm aa+d ow% owaa QQ~IX~~H~U~~V B iY %ag~~%~~~sa~%~%%~%~%~%~~~~~ HE mmmmm~1~~p.0~~~001~w~l.rlrll.rlOm NONNOONNNNN4rlNrlrlrlNONrlOONONO 0 0 Exhil: 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