HomeMy WebLinkAbout1996-06-25; City Council; 13713; REPORT ON CITY INVESTMENTS AS OF MAY 31, 19960 0 37
CITY OF CARLSBAD -AGENDA BILL
I
AB# 131113
CITY MGR: % DEPT. TRS
CITY ATTY: - REPORT ON CITY INVESTMENTS MTG. 06/25/96
DE,,.&# m:
AS OF MAY 31, 1996 -
1 RECOMMENDED ACTION:
I 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 May 31 , 1996 is as follows:
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Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
145,760,63f 150,191,992 Market Value (2)
147,437,041 152,222,165 Book Value of Investments (I)
145,611,302 150,633,206 Cost of Investments
147,359,41 i 152,072,089
(1) Book value is cost adjusted for amortized premiums and discounts.
(2) Source of market values is First Interstate’s custodial report as of 5/31/96.
Interest Income
Current
Current
2,279,941 6,296,584 8,576,528 Cash Income Fiscal
Income (3) Month FYTD Month FYTD
Month Prior
Year-to-Date
Total Income Over The Life 24,107,247 23,761,116 Of The Investment If
Held To Maturity
1 (3) Income includes adjustment for total LAlF interest not yet recognized during Fiscal Ye;
e 0
PAGE TWO OF AGENDA BILL NO. /3; q/s
Investment Performance
I
Average Life
JYears) Average Yield
March 1996 5.7f 1.78
I I April 1996 5.71 1.71
May 1996 5.7’1 1.65
I I
All investments have been made in accordance with the City’s Investment Policy adopted Jal
2, 1985 and last revised February 13, 1996. All investments were initially made in accordance
the City’s Investment Policy. Events subsequent to the purchase might have resulted in I
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, Cash Income, and AVE
Yield
2. Investment Portfolio Breakdown Of Maturities
3. Investment Report
4. Corporate Note Ratings
5. Percentage Weightings By Corporate Note Issuer
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0 Exhibit 4 CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MAY 31,1996
CORPORATE 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)
Moody's S&P
AMERICAN EXPRESS CREDIT AA3 A+
FORD MOTORS CREDIT A1 A+
PHILIP MORRIS A2 A
-
SOUTHERN CALIF ED A2 A+
UNITED TECHNOLOGIES A1 A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying Market
Moody's s&p p& Purchased Value V&
DIGITAL EQUIP BA 1 BB+ 11/15/97 MIA- 1,019,019 999,120
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,135,011 1,077,030
* 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 of the City Treasurer to hold these assets in the portfolio until maturity unless the opportunity arises
to sell them at a gain.
CITY OF CARLSBAD INVESTMENT P dh TFOLIO
AS OF MAY 31,1996
PERCENTAGE WEIGHTINGS BY CORPOKATE NOTE ISSUER
Investments Meeting the Current Investment Policy (Percentage Less Than 5%) Modified 2/13/96
AMERICAN EXPRESS CREDIT
ASSOCIATES COW NA
CHEVRON TRUST
DETROIT SEWER
DIGITAL EQUIP
DOMLLY
FORD MOTORS CREDIT
KENTUCKY UTJLITIES
NORWEST
PFIZER INC
PHILIP MORRIS
SHELL OIL CO NOTES
SOUTHERN CALIF ED
TOYOTA MTR CR
UNITED TECHNOLOGIES
WAL-MART STORES
Investment Cost Percent of Portfa
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
999,350.00
Investments Made Under a Previous Investment Policy (Percentage Limited to 10%)
Investment Cost Percent of Portfc
GENERAL ELECTRIC CREDIT 10,122,675.00
Total Portfolio $1: