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HomeMy WebLinkAbout1996-12-03; City Council; 13925; REPORT ON CITY INVESTMENTS AS OF OCTOBER 31, 199637 I CIT& CARLSBAD - AGENDhILL AB# !pLZL m: MTG./~-:.~I$(~ REPORT ON CITY INVESTMENTS AS OF OCTOBER 31 , 1996 i DEPT. TRS CITY MGR:+ RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City’s Investment Policy requires the City Treasurer to report to the City Council or 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 October 31, 1996 is as follows: Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 153,632,717 154,375,056 Market Value (2) 154,990,192 154,977,093 Book Value of Investments (1) 153,788,658 153,682,646 Cost of Investments 154,821,714 154,793,291 I 9 2 0 02 an (I) Book value is cost adjusted for amortized premiums and discounts. (2) Source of market values is Wells Fargo’s custodial report as of 10/31/96. Interest Income Current Current Income Month FYTD Month FYTD Month Prior Cash Income Fiscal 873,66’ 3,081,485 3,955,152 Year-to-Date Total Income Over The Life 23,532,827 23,084,277 Of The Investment If Held To Maturity ~ ____~ ~ f 0 0 PAGE TWO OF AGENDA BILL NO. 13i 9 25 Investment Performance Average Life (Years) Average Yield August 1996 5.71‘ 1.61 September 1996 5.72’ 1.55 October 1996 5.72’ 1,48 I I I All investments have been made in accordance with the City’s Investment Policy adopted Jar 2, 1985 and last revised September IO, 1996. All investments were initially made in accord 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 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 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 0 0 Exhibit 1 0 0 sr H c4 0 PI h 2 r4 2 $ 3 2 w + z H e7 2 4 u sr 0 * u E v, o\ o\ rl h 4 M d 0 h u 0 E 8 3 2 3 u ik nq N c5 N 2 Q 2 9 2 g 8 & 3 g s T T Q % 4 k 9 3 g 3 8 0 aq ih k 0 Q 2 8 3 z 0 8 0 8 W : " 2 i 3 w W x 0 m w. m 2 m v, 9 "I z s m N 2 3 r- w r: m N m 3 m- 9 m m 63 2 "- r4 m " m - 2 W m z- " "- ;?; - 63 c'1 2 0- 0" Q\ d m 69 3 m Q\ r- r- 0, Q\, b, d fA c/) 4 2 8 9 E: $3 L 0 .- 2 -8 3 E * 2 0 1 I/ EO uc, 0 0 9 0 0 9 0 0 A o! v, b v, 9. $! d SI v, w r3 2 E s c, # CI 3 L L 6 0 m c? d W 3 Q\ N 2 z 3 W b wm m! i m 3 b W % m " 0 m 3 am N 01 4 :I u* 0 0 0 0 0 0 0 0 2 5 mi a 00- c\1 3 m m 00 " m" - N N W 7 m 3 oc" N 0 0 *. 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N. '9 CD N. tmmr-m rn rm~t m- --m 2 L 0 co 3 5 9 3 0 0 I-> 62 ZU mzzz$ rztlg< a<==; t-4<uc z53eo && I-ow>o 2wuu wI-I--o FQ'J-Lu mK-" KO<<< iiO-lL-1 0 2 m m N. +. 0 t m 7 2 P n z K (3 naaw zzzzzzzzzzzzzzzzzzzzzzzz 00000 JI- I- t- oooooooooooooooooooooooo I-I-~ +~+++~-~-~-rnmmmmmmmooooo--~ c $?$ $~?~~~~??~~~~$~~~~~~~~~~ apxc ~~??~~~??~~~~?~~~~~~??~~ E~~8~~S"~~~~dB88~~~~~8~ ; 352 2 g(6 6 N, ggp6 ~~8~88~88~88~8~~~88~6~~~ I - 8 NNN~WN~~~(D~~W~W~~~WW~W(DWW N+OU~WWN~ONWI-~--~~-O~~~WO Q 3 WWt mmm CCC~~~C~CC~~e~~FCCe~CCCC ... C!44"4==C!==c"=~~$4~$"~=4e 0 0-7 0 E e > U z h - 7 0 0 Exhibit Reconciliation of Fund Source to Investment Portfolio As of October 31,1996 Cash Balance by Fund: General Special Revenue Capital Projects Enterprise: Debt Service Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Total Internal Service Redevelopment Funds Trust Funds Misc. Special Funds 14,592,012 8,618,686 1,623,696 57,873,530 22,956,929 24,933,737 53,388 1,048,023 48,992,076 10,002,041 4,904,283 7,514,241 0 Total General Ledger Balance 154,120,565 Amortization of discounts and premiums Deposits in transit Outstanding checks Other Net adjustments per bank statement Wire in/(out) not recorded (1,294,447) 856,528 Total adjustments (437,919) Total Treasurer's Investment Portfolio 153,682,646 ** Figures based on best estimate at the time report run on 11/15/96. 1111 5/< Exhibit ' CITY OF CARLSBAD INVESTMEN1 PORTFOLIO AS OF OCTOBER 31,1996 CORPORATE NOTE RATINGS Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody'sand S&P) ASSOC COW OF N A CHEVRON TRUST DETROIT SEWER DUKE POWER FCC NATIONAL BANK GENERAL ELECTRIC CREDIT KENTUCKY UTILITIES NORWEST SHELL OIL co WAL-MART STORES Moody's AA3 AA2 AAA AA2 AA3 AAA AA2 AA3 AAl AA2 - S&P AA- AA AAA AA- AA- AAA AA- AA- AAA AA Investments Made Under a Previous Investment Policy (Ratings must be A or better) Prior to 2/13/96 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 Subseauent Changes in Credit Rating * Maturity Carrying Market Moody's - S&P Date Purchased Value Value DIGITAL EQUIP BA1 BB+ 11/15/97 A2/A- 1,013,897 1,004,510 DONNELLY A1 A+ 12/01/00 AA3/AA- 1,124,154 1,092,320 UNION PACIFIC AA3 A 03/15/01 AA2IAA- 1,998,418 2,000,480 * 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. * )I R Exhibit &Y OF CmsBm IwEsTmm mR LIo AS OF OCTOBER 31,1996 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investments Meeting the Current Investment Policy (Percentage Less Than 5%) AMERICAN EXPRESS CREDIT ASSOCIATES COW NA CHEVRON TRUST DETROIT SEWER DIGITAL EQUIP DONNELLY DUKE POWER FCC NATIONAL BANK FORD MOTORS CREDIT KENTUCKY UTILITIES NORWEST SHELL OIL CO NOTES SOUTHERN CALIF ED UNION PACIFIC WAL-MART STORES Investment Cost Percent of Portf 1,023,770.00 7,041,136.00 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 1,016,050.00 1,000,000.00 1,997,320.00 2,491,325.00 Investments Made Under a Previous Investment Policv (Percentage Limited to 10%) Prior to 2/13/96 GENERAL ELECTIUC CREDIT Investment Cost Percent of Pod 9,108,300.00 Total Portfolio $1