HomeMy WebLinkAbout1996-09-10; City Council; 13787; REPORT ON CITY INVESTMENTS AS OF JULY 31, 19961 t x 7 R 9 2 ,/
CI OF CARLSBAD - AGEN A BILL
AB# /=?- TITLE:
MTG. 09/10/96 REPORT ON CITY INVESTMENTS
CITY MGR: & DEPT. TRS
CITY ATTY: 1
AS OF JULY 31, 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 01
monthly basis the status of the City’s investment portfolio. This report is presented
Council each month on the investments held.
In summary, the City’s investment portfolio as of July 31, 1996 is as follows:
Investment Portfolio (Cash and Securities)
1 Current Month Prior Month
Par Value 152,756,225 155,098,852
Cost of Investments
152,965,426 155,280,570 Book Value of Investments (1)
151,355,183 154,114,153
Market Value (2) 151,275,842 153,461,372
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(1) Book value is cost adjusted for amortized premiums and discounts.
(2) Source of market values is First Interstate’s custodial report as of 6130196.
I. Interest Income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 1,594,86 0 1,594,861
Year-to-Date
Total Income Over The Life 23,669,704 23,499,683
Of The Investment If
Held To Maturity
i
~
e 0
PAGE TWO OF AGENDA BILL NO. q 787
Investment Performance
Average Life
{Years) Average Yield
May 1996
5.71 1.62 July 1996
5.70 1.66 June 1996
5.71 1.65
I I I
All investments have been made in accordance with the City’s Investment Policy adopted Jar
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 :
investments not being in compliance with the current policy. These events are typically a chan
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 AVI
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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I L
CITY OF CARLSBAD INVESTMENT Ib RTFOLIO
AS OF JULY 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
DUKE POWER
FCC NATIONAL BANK
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
NORWEST
PFIZER INC
SHELL OIL co
TOYOTA MTR CR
WAL-MART STORES
Moody's
AA3
AA2
AAA
AA2
AA3
AAA
AA2
AA3
AAA
AA2
AAA
AA2
- S&P
AA-
AA
AAA
AA-
AA-
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+
Exhi
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying Market
Moody's S&P Date - - - Purchased Value Value
DIGITAL EQUIP BA1 BB+ 11/15/97 A21A- 1,016,985 999,800
DONNELLY AI A+ 12/01/00 AA3/AA- 1,130,699 1,077,380
UNION PACIFIC AA3 A 03/15/01 AA2IAA- 1,997,756 1,995,480
* 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 d TFOLIO
Exh
'AS OF JULY 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 COW NA
CHEVRON TRUST
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKE POWER
FCC NATIONAL BANK
FORD MOTORS CREDIT
KENTUCKY UTILITIES
NORWST
PFIZER INC
PHILIF' MOWS
SHELL OIL CO NOTES
SOUTHERN CALIF ED
TOYOTA MTR CR
UNION PACIFIC
WAL-MART STORES
Investment Cost Percent of Portfo
1,023,770.00
6,049,356.00
1,026,080.00
1,014,980.00
1,053,390.00
1,145,610.00
2,048,020.00
975,690.00
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 Policv (Percentage Limited to 10%)
GENERAL ELECTRIC CREDIT
Investment Cost Percent of Pod
9,108,300.00
Total Portfolio $1