HomeMy WebLinkAbout1997-03-11; City Council; 14080; REPORT ON CITY INVESTMENTS AS OF JANUARY 31, 1996t CITY 1 F CARLSBAD -AGENDA BILL 0
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AB# 14, 08 i DEPT. HDV TITLE:
MTG. 3/11/97 CITY ATTY: 6 -
7
DEPT. TRS CITY MGR: @
REPORT ON CITY INVESTMENTS
AS OF JANUARY 31,1996
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 [&port is presented
Council each month on the investments held.
In summary, the City’s investment portfolio as of January 31, 1997 is as follows:
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P Lat B
3 Q rsr
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
169,950,735 176,066,286 Cost of Investments
170,500,379 176,926,421
Book Value of Investments (1) 170,900,700 177,075,807
Market Value (2) 170,120,420 176,297,140
I I I
(7) Book value is cost adjusted for amortized premiums and discounts.
(2) Source of market values is Wells Fargo’s custodial report as of 1/31/97.
Interest Income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 1,285,166 5,419,529 6,704,694 Year-to-Date
Total Income Over The Life 24,194,019 24,916,180
Of The Investment If
Held To Maturity
I a e e
PAGE TWO OF AGENDA BILL NO. lqj om
Investment Performance
Average Life
lYears1 Averaqe Yield
November 1996
December 1996
5.73‘ 1.51
5.74’ 1.41 January 1997
5.75’ 1.40
All investments have been made in accordance with the City’s Investment Policy adopted Jar
2, 1985 and last revised September 10, 1996. All investments were initially made in accord’
with the City’s Investment Policy. Events subsequent to the purchase might have resulted in s
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)
7 and 8 for details.
Investment portfolio has the ability to meet the City’s cash flow demands for the next si:
months.
NEW EXHIBITS:
A Yield Comparison graph (Exhibit 3) has been added to the monthly investment report to illus
how our portfolio yields, excluding LAIF (Local Agency Investment Fund) and cash returns, per
compared to LAIF yields.
A Cumulative Cash Income graph (Exhibit 4) comparatively illustrates the total cash inc
received year to date between fiscal year 1995-96 and 1996-97. Estimating income for Febr
1997 through June 1997, the City should expect to receive approximately $1 1.7 million in (
income in fiscal year 96-97 versus $9.1 million received in fiscal year 95-96.
EXHIBITS:
I. Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Ave
Yield
2. Investment Portfolio Breakdown Of Maturities
3. Yield Comparison Graph
4. Cumulative Cash Income Graph
5. First Quarter Transactions
6. Investment Report
7. Corporate Note Ratings
8. Percentage Weightings By Corporate Note issuer
I 0 a Exhibit
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' CITY OF CARLSBAD INVESTMENT 9 ORTFOLIO Exhib it
AS OF JANUARY 31,1997
CORPORATE NOTE RA TINGS
Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moody'sand S&P)
ASSOC CORP OF N A
Moody's S&P -
AA3 AA-
CHEVRON TRUST
DETROIT SEWER
DUKE POWER
FCC NATIONAL BANK
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
NORWEST
SHELL OIL CO
WAL-MART STORES
AA2
AAA
AA2
AA3
AAA
AA2
AA3
AAl
AA2
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 AI A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying Market
Moody's - S&P Date Purchased e Value -
DIGITAL EQUIP BAI BB+ 11/15/97 MIA- 1,010,765 1,000,870
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,117,515 1,081,400
UNION PACIFIC AA3 A 03/15/01 AMIAA- 1,999,089 2,000,480
* The City's Investment Policy allows the City Treasurerto 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 ofthe City Treasurer to hold these assets in the portfolio until maturity unless the opportunity arises
to sell them at a gain.
Exhib i
,I CITY OF c-sBm msTMmT JLm
AS OF JANUARY 31,1997
PERCENTAGE WIGHTINGS BY CORPORATE NOTE ISSUER
Investments Meeting the Current Investment Policy (Percentage Less Than 5%)
AMERICAN EXPRESS CREDIT
ASSOCIATES COR? NA
CAMPBELLS SOUP
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKE POWER
FCC NATIONAL BANK
FORD MOTORS CREDIT
KENTUCKY UTILITIES
NORWEST
SOUTHERN CALIF ED
ST PAUL CO
TOYOTA
UNION PACIFIC
WAL-MART STORES
Investment Cost Percent of Portfol
1,023,770.00
7,041,136.00
2,062,700.00
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
5,066,190.00
1,000,000.00
1,037,340.00
5,530,503.57
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 ELECTRIC CREDIT
Investment Cost Percent of Portfolic
9,108,300.00
Total Portfolio $176,0