HomeMy WebLinkAbout1997-01-07; City Council; 13978; REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30, 199634
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CITF % F CARLSBAD -AGEND 9 BILL dL ” AB# 13plc DEPT. H@ m:
MTG. 1 /7/97 REPORT ON CITY INVESTMENTS
AS OF NOVEMBER 30,1996
CITY ATTY: c L 4
DEPT. TRS C~TY MGR~
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 November 30, 1996 is as follows:
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
154,375,056 156,868,180 Market Value (2)
154,977,092 157,082,455 Book Value of investments (1)
153,682,64( 155,769,598 Cost of Investments
154,793,29’ 156,694,490
I I I
(1) Book value is cost adjusted for amortized premiums and discounts.
(2) Source of market values is Wells Fargo’s custodial report as of 11/30/96.
&b, %
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8%
UO ZH DH
Interest Income i ~~ ~ ~ ~
Cash Income Fiscal
Year-to-Date
Total Income Over The Life
Of The Investment If
Held To Maturity
- -
-
_____ ~_______
Current
Month FYTD
4,429,523
24,158,134
~
Prior
‘Month FYTD
3,955,152
23,084,277
- -
-I
-,
-
Current
Month
Income
474,37 1
e
PAGE TWO OF AGENDA BILL NO. 13: 9-78
i Investment Performance
Average Life
JYearsl Average Yield
September 1996 5.75 1.55 - October 1996
November 1996
5.72 I .4a
5.72 1.51
All investments have been made in accordance with the City’s Investment Policy adopted Jal
2, 1985 and last revised September IO, 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 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 AVE
Yield
2. Investment Portfolio Breakdown Of Maturities
3. Investment Portfolio Graphs
4. Investment Report
5. Reconciliation of Fund Source to Investment Portfolio
6. Corporate Note Ratings
7. Percentage Weightings By Corporate Note Issuer
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Reconciliation of Fund Source to Investment Portfolio
As of November 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
Total General Ledger Balance
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
Total adjustments
Total Treasurer's Investment Portfolio
14,871,795
8,909,684
1,606,379
57,529,211
23,191,781
25,347,542
48,668
1,042,837
49,630,828
9,989,524
4,932,718
7,886,598
0
155,356,737
(1,312,857)
1,725,718
41 2,862
155,769,598
** Figures based on best estimate at the time report run on 12/19/96.
12/20/9
1) e Exh ib j
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30,1996
CORPORATE NOTE RATTNGS
Investments Meeting the Current Investment Policy:
matines 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 ELECTIUC CREDIT
KENTUCKY UTILITIES
NORWEST
SHELL OIL CO
WAL-MART STORES
Moody's
AA3
AA2
AAA
AA2
AA3
AAA
AA2
AA3
AA1
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 AI A+
SOUTHERN CALIF ED A2 A+
UNITED TECHNOLOGIES A1 A+
Investments with Subseauent Changes in Credit Ram
Maturity Carrying Market
Moody's - S&P - Date Purchased Value Value
DIGITAL EQUIP BA1 BB+ 11/15/97 UA- 1,013,897 1,002,270
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,124,154 1,100,270
UNION PACIFIC AA3 A 03/15/01 MAA- 1,998,418 2,000,880
* 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.
@Y OF CARLSBAD INVESTMENT PORT& a LIO
Exhib:
AS OF NOVEMBER 30,1996
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investments Meeting the Current Investment Policy (Percentage Less Than 5%)
AMERICAN EXPRESS CREDIT
ASSOCIATES CORPNA
CAMPBELLS SOUP
CHEVRON TRUST
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKEPOWER
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 Portfoli
1,023,770.00
7,041,136.00
2,062,700.00
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
4,055,670.00
1,016,050.00
1,000,000.00
1,997,320.00
2,491,325.00
Investments Made Under a Previous Investment Policy (Percentage Limited to 10%) Prior to 2/13/96
GENERAL ELECTRIC CREDIT
Investment Cost Percent of Portfoli
9,108,300.00
Total Portfolio $155,’