HomeMy WebLinkAbout1996-05-07; City Council; 13637; REPORT ON CITY INVESTMENTS AS OF MARCH 31, 1996I.
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/ MTG. 05/07/96 REPORT ON CITY INVESTMENTS
CITY MGR: 2 DEPT. TRS
CITY Am: 4
AS OF MARCH 31, 1996
RECOMMENDED ACTION:
Accept and file report.
ITEM EXPLANATION:
The City’s Investment Policy requires the City Treasurer to report to the City Council c
monthly basis the status of the City’s investment portfolio. This report is presentec
Council each month on the investments held.
In summary, the City’s investment portfolio as of March 31 I 1996 is as follows:
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value 143,437,52’ 143,284,206
Cost of Investments
142,952,66’ 142,058,473 Market Value (2)
143,452,34t 143,270,074 Book Value of Investments (1)
141,672,55( 141,411,282
I I I
(I) Book value is cost adjusted for amortized premiums and discounts.
(2) Source of market values is First Interstate’s custodial report as of 3/31/96.
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.
Interest Income
Current
Current
Month FYTD Month FYTD
Month Prior
Income
Cash Income Fiscal 650,87’ 5,297,865 5,948,737 Year-to-Date
Total Income Over The Life 23,607,696 23,830,023 Of The Investment If
Held To Maturity
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PAGE TWO OF AGENDA BILL NO. /3. 6 3 -7
Investment Performance
I Average Life
(Years) Average Yield
January 1996
February 1996
5.81 1.58
5.8( 1.68
March 1996 5.7: 1.78
All investments have been made in accordance with the City’s Investment Policy adopted Ja
2, 1985 and last revised February 13, 1996. All investments were initially made in accordancc
the City’s Investment Policy. Events subsequent to the purchase might have resulted in
investments not being in compliance with the current policy. These events are typically a char
the City’s Investment Policy or a change in the credit rating subsequent to a purchase. See E
5 and 6 for details.
Investment portfolio has the ability to meet the City’s cash flow demands for the next si
months.
EXHIBITS:
1. Investment Portfolio Breakdown By Book Value, Market Value, Gash Income, and Avf
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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Exhib it
Reconciliation of Fund Source to investment Portfolio
March 31,1996
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
Mix. Special Funds
13,837,421
8,771,619
1,568,863
50,817,731
21,037,810
23,672,880
97,720
796,638
45,605,048
10,651,102
4,442,641
6,594,802
0
Total General Ledger Balance 142,289,227
Amortization of discounts and premiums (1,858,792)
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement 980,847
Total adjustments (877,945)
Deposits in transit
Total Treasurer's Investment Portfolio 141,411,282
0 0 Exhi CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MARCH 31,1996
CORPORA TE NOTE RATINGS
Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moody'sand S&P) Modified 2/13/96
ASSOC COW OF N A
CHEVRON TRUST
DETROIT SEWER
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
NORWEST
PFIZER INC
SHELL OIL co
TOYOTA MTR CR
WAL-MART STORES
Moody's
AA3
AA2
AAA
AAA
AA2
AA3
AAA
AA2
AAA
AA2
- S&P
AA-
AA
AAA
AAA
AA-
AA-
AAA
AAA
AAA
AA
Investments Made Under a Previous Investment Policy (Ratings must be A or better)
Moodv's - S&P
AMERICAN EXPRESS CREDIT AA3 A+
FORD MOTORS CREDIT A1 A+
PHILIP MORRIS A2 A
SOUTHERN CALIF ED A1 A+
UNITED TECHNOLOGIES A1 A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying Market
Moodv's - S&P - Date Purchased Value Value
DIGITAL EQUIP BAl BB+ 11/15/97 MIA- 1,021,034 1,004,350
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,139,281 1,100,160
* The City's Investment Policy allows 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 ofthe City Treasurer to hold these assets in the portfolio until maturity unless the opportunity arises
to sell them at a gain.
0 CITY OF CARLSBAD INVESTMENT PO a TFOLIO
Exh ib i
3 AS OF MARCH 31,1996
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investments Meeting the Current Investment Policy (Percentage Less Than 5%) Modified 2/13/96
AMERICAN EXPRESS CREDIT
ASSOCIATES CORP NA
CHEVRON TRUST
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
FORD MOTORS CREDIT
KENTUCKY UTILITIES
NORWEST
PFIZER INC
PHILIP MORRIS
SHELL OIL CO NOTES
SOUTHERN CALIF ED
TOYOTA MTR CR
UNITED TECHNOLOGIES
Investment Cost Percent of Portfol
1,023,770.00
6,049,356.00
1,026,080.00
1,014,980.00
1,053,390.00
1,145,610.00
1,957,160.00
2,024,340.00
2,974,630.00
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 lOYo0)
GENERAL ELECTRIC CREDIT
Investment Cost Percent of Portfo
12,100,555.00
Total Portfolio $14