HomeMy WebLinkAbout1996-08-06; City Council; 13756; REPORT ON CITY INVESTMENTS AS OF JUNE 30, 19960 3 Zi’ 9 J
CITY OF CARLSBAD - AGEN A BILL
AB# jm
CITY MGR: u DEPT. TRS
MTG. 8:- 6 -.y&
TITLE:
REPORT ON CITY INVESTMENTS GIN ATN; 3
AS OF JUNE 30,1996 4
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 June 30, 1996 is as follows:
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Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
1 507633,20t 151,355,183 Cost of Investments
152,072,08! 152,756,225
Book Value of Investments (1)
150,191,99: 151,275,843 Market Value (2)
152,222,16! 152,965,426
(1) Book value is cost adjusted for amortized premiums and discounts.
(2) Source of market values is First Interstate’s custodial report as of 6/30/96.
Month FYTD
e 0
PAGE TWO OF AGENDA BILL NO. I 3,75&
I, ! Investment Performance
Average Life
(Years) Average Yield
April 1996 5.7r 1.71
I I May 1996 5.7‘ 1.65
I I June 1996 5.7c 1.66
I
All investments have been made in accordance with the City’s Investment Policy adopted Jat
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, Cash Income, and Avc
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
June 30,1996
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
18,064,5:
8,283,l:
1,975,O'
53,572,3'
21,417,893
24,302,403
85,261
560,961
46,366,5'
10,5913
5,554,7
6,078,8'
Total General Ledger Balance 150,486,5!
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(1,610,243)
2,478,869
Total adjustments 868,6:
Total Treasurer's Investment Portfolio 151,355,l I
** Figures based on best estimate at the time report run.
711 919f
t
0 CITY OF CARLSBAD INYESTMENT PORTFOLIO
Exhib:
AS OF JUNE 30,1996
CORPORA TE NOTE RATINGS
Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moodv'sand S&P) Modified 2/13/96
ASSOC COW OF N A
CHEVRON TRUST
DETROIT SEWER
DUKE POWER
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
NORWEST
PFIZER INC
SHELL OIL co
TOYOTA MTR CR
hION PACIFIC
WAL-MART STORES
Moody's
AA3
AA2
AAA
AA2
AAA
AA2
AA3
AAA
AA2
AAA
AA2
AA2
_. S&P
AA-
AA
AAA
AA-
AAA
AA-
AA-
AAA
AAA
AAA
AA-
AA
Investments Made Under a Previous Investment Policy (Ratings must be A or better)
Moody's S&P -
AMEMCAN EXPRESS CREDIT AA3 A+
FORD MOTORS CREDIT A1 A+
PHILIP MORRIS A2 A
SOUTHERN CALIF ED A2 A+
UNITED TECHNOLOGIES AI A+
Investments with Subsequent Changes in Credit Rating *
DIGITAL EQUIP
Maturity Carrying Market
Moody's S&P Date Purchased Value - Value - -
BA 1 BB+ 11/15/97 A2/A- 1,018,004 1,000,730
DONNELLY A1 A+ 12/01/00 AA31AA- 1,132,860 1,082,380
* 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 P d TFOLIO
AS OF JUNE 30,1996
Exh
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investments Meeting the Current Investment Policv (Percentage Less Than 5%) Modified 2/13/96
AMERICAN EXPRESS CREDIT
Investment Cost Percent of Portfo
1,023,770.00
ASSOCIATES COW NA
CHEVRON TRUST
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKE POWER
FORD MOTORS CREDIT
KENTUCKY UTILITIES
NORWEST
PFIZER INC
PHILIP MORRIS
SHELL OIL CO NOTES
SOUTHERN CALIF ED
TOYOTA MTR CR
UNION PACIFIC
WAL-MART STORES
6,049,356.00
1,026,080.00
1,014,980.00
1,053,390.00
1,145,610.00
2,048,020.00
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
1,997,320.00
999,350.00
Investments Made Under a Previous Investment Policy (Percentage Limited to 10%)
GENERAL ELECTRIC CREDIT
Investment Cost Percent of Portfoli
10,122,675.00
Total Portfolio $151,