HomeMy WebLinkAbout1996-10-01; City Council; 13828; REPORT ON CITY INVESTMENTS AS OF AUGUST 31, 1996nk
CI R OF CARLSBAD -AGE rJb A BILL
AB# jw TITLE:
MTG , 1 010 1/96
AS OF AUGUST 31,1996
CITYATT;: pl REPORT ON CITY INVESTMENTS
DEPT. TRS CITY MGR: 4
RECOMMENDED ACTION:
Accept and file report.
ITEM EXPLANATION:
The City’s Investment Policy requires the City Treasurer to report to the City Council ot
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 August 31 , 1996 is as follows:
I ll investment Portfolio (Cash and Securities)
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Current Month Prior Month
Par Value 155,098,852 152,856,602
Cost of Investments
1 55,28OI57C 153,020,208 Book Value of Investments (1)
154,114,15C 151,837,420
Market Value (2) 153,461,372 151,032,632
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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 8/31/96.
Interest Income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 808,50 1,594,861 2,403,368 Year-to-Date
Total Income Over The Life 23,499,683 23,519,070 Of The Investment If
Held To Maturity
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PAGE TWO OF AGENDA BILL NO. )3,8 28
Investment Performance
Average Life
[Years) Average Yield
June 1996
5.71 I .61 August 1996
5.71 1.62 July 1996
5.70 1.66
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All investments have been made in accordance with the City’s Investment Policy adopted Jat
2, 1985 and last revised September 10, 1996. All investments were initially made in accorc
with 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 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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0 0 Exhibit 4
Reconciliation of Fund Source to Investment Portfolio
August 31,1996
Cash Balance by Fund:
General
Special Revenue
Debt Service
Capital Projects
15,851,904
7,659,678
1,975,010
56,178,585
Enterprise:
Carlsbad Municipal Water District
Sewer Fund
Solid Waste
Golf Course
Total
Internal Service
Redevelopment Funds
Trust Funds
Misc. Special Funds
23,498,205
24,578,848
66,047
556,808
48,699,907
9,158,294
5,562,722
5,609,687
C
Total General Ledger Balance 150,695,787
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(1,182,787)
2,324,420
Total adjustments 1,141,63:
Total Treasurer's Investment Portfolio 151,837,42[
** Figures based on best estimate at the time report run.
911 31961
' CITY OF CARLSBAD INVESTMEN e ORTFOLIO Exhibit 5
AS OF AUGUST 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 CORP OF N A
CHEVRON TRUST
Moody's s&p
AA3 AA-
AA2 AA
DETROIT SEWER AAA AAA
DUKE POWER
FCC NATIONAL BANK
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
NORWEST
PFIZER INC
SHELL OIL co
TOYOTA MTR CR
WAL-MART STORES
AA2
AA3
AAA
AA2
AA3
AAA
AA2
AAA
AA2
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+
SOUTHERN CALIF ED A2 . A+
UNITED TECHNOLOGIES A1 A+
Investments with Subsequent Changes in Credit Rating *
DIGITAL EQUIP
Maturity Carrying Market
S&P Date Purchased E - Value Moody's - _.
BAI BB+ 11/15/97 A2/A- 1,015,960 999,930
DONNELLY AI A+ 12/01/00 AA3/AA- 1,128,528 1,070,360
UNION PACIFIC AA3 A 03/15/01 AA2IAA- 1,997,975 1,996,620
* 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.
0 CITY OF CARLSBAD INVESTMENT P d TFOLIO
Exhib it
AS OF AUGUST 31,1996
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investments Meeting the Current Investment Policv (Percentage Less Than 5Y0) Modified 2/13/96
AMERICAN EXPRESS CREDIT
Investment Cost Percent of Portf
1,023,770.00
ASSOCIATES COW NA 7,041,136.00
CHEVRON TRUST 1,026,080.00
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKE POWER
FCC NATIONAL BANK
FORD MOTORS CREDIT
KENTUCKY UTILITIES
NORWEST
PFIZER INC
SHELL OIL CO NOTES
SOUTHERN CALIF ED
TOYOTA MTR CR
UNION PACIFIC
WAL-MART STORES
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
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 looh)
GENERAL ELECTRIC CREDIT
Investment Cost Percent of Portfc
9,108,300.00
Total Portfolio $1: