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HomeMy WebLinkAbout1997-01-07; City Council; 13978; REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30, 199634 , 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, % SG 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 e e Exhibit 1 8 8 LC & 0 PC b b E 2 !3 E 3 d 8 g E n c 4 u G 2 2 2 E 0 R Q qz9996.- 0 400-Pfl$$gl 0010M\dM1010 8 2 2 s m m : m N 2 2- N fc3 z 3 3 t- ff) 2 0 2 00- W 2 m rl fff m m ?- 2 r 2 w 10 10 3 G 0- 00 fff d 9 w E c 3 fr! k s 'E L 0 n 8 2 9 4 E, c 2 6 'c) f L 2 4 z 0 8 0 0 9 4 2 4 x m N 2 t- m* rl z 2 x W 10 t- b, rl m 3 M m s 0 2 2 vi d hl :* m rl ZI 3 i! 34 3a $3 H+ 80 edb) vir 0 0 0 0 0 0 0 0 0 3 0 0 0 0 0 m Ni rl P t- % -! 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B 0 9 g L 3 v) mromo CDPONO coLO000 rc79N9 h. 9 9 9 9 8P8k8 0 p ;- ;- ;- rr 5 2 ci k4 0 2, Z%-%$ ZW w QQOWv) wz+-a~ !a:$; $WB&-O "ZGEg Zgrrrv k$LLLLLL cro<a< rnz8zA l-V GOJ-I-I h z 9 0 0- LO m g k 3 v) LO m "! m 9 2 9 2 9 w- W E d &WE zzzzzzzzzzzzzzzzzzzzzzzzzz vvvvvvvovvvvvvvvvvvvvv0ovv 00000 bbbm r.~~r.~~h~~mmmmmmmmooooo~r~~ 4e8e8eee48e444444~~~~~~~~~ ::~5~~::A~5a~~+$$~~B~a~~~: E eeee a~z?jg~ I Or00rrOr00rr0r0NNrrr~oorro rorrLOLOrLOrrLOLOoLOrmmmNLOorLOLOLOr 000000rrr00r0000000oorooor $26M 9 Fi U (OWWP k eeee wwggzv, NNNwwNwm-TwmPwLOwLOoLOwwLOwwwww m~mmmmmammmmmmmmmmmmm~maam ~r.~~~~~~~~~~~~~::~~~~~~~~~ p.&ggs NNNON"~NrrN0r000N00NOrNmN OOOOOOrOOOOOOrOO~OOO.-oooor :$5~a~:~~~$~a~5+a~~aa:~~$: YJ 9 z3 E 9 U 5 - r v 0 0 Exhit 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,’