HomeMy WebLinkAbout1996-12-03; City Council; 13925; REPORT ON CITY INVESTMENTS AS OF OCTOBER 31, 199637
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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
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(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
~ ____~ ~
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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
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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