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HomeMy WebLinkAbout1997-05-13; City Council; 14162; REPORT ON CITY INVESTMENTS AS OF MARCH 31, 19971 CIT 8 F CARLSBAD - AGEND ZT BILL AB# &am: MTG. 5/13/97 CITY ATTY: & DEPT. TRS CITY MGR~ REPORT ON CITY INVESTMENTS AS OF MARCH 31, 1997 - RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City’s Investment Policy requires the City Treasurer to report to the City Council 01 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 March 31, 1997 is as follows: - I i investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 177,550,474 180,384,088 Cost of Investments 177,924,446 180,410,324 Amortized Cost (1) 176,759,055 178,725,372 Market Value (2) 177,761,595 180,291,445 (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market values is Wells Fargo’s custodial report as of 3/31/97. [c - - m Cash Income Fiscal Year-to-Date Total Income Over The Life Of The Investment If Held To Maturity - - - - - interest Income Current Current Income Month FYTD Month FYTD Month Prior 9,948,860 1,054,089 8,894,771 26,179,907 24,982,172 I I 0 0 PAGE TWO OF AGENDA BILL NO. /< /dA Investment Performance Average Life [Years) Average Yield January 1997 February 1997 5.74 1.41 5.80 1.53 March 1997 5.75 1.45 I I I 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 : 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: 8 and 9 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. Yield Comparison Graph 4. Cumulative Cash Income Graph 5. First Quarter Transactions 6. Investment Report 7. Reconciliation of Fund Source to Investment Portfolio 8. Corporate Note Ratings 9. Percentage Weightings By Corporate Note Issuer IO. Investments Held Separately - Quarterly Report 0 0 Exhib it 2 8 ih cq Q 3 3 k c 3 3 * !i 5 A Y 2 E L C L .3 P, 5 d iz i c, 6 \ e z 4 2 B 8 0 8 d s G 0 8 4 2 co m ? 4 2 0 2 b 2 m z !a 2 30 In '? N 2 0 2 4 41 0 ZI x r3 ry, ? m s m m In ". 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"""d a 0 2 N I1 c z r- -IC000 r 0 f y-.%a?X 2 2 m mlcmmr- m o m N m m 7. 7- m- 4 N-N 10 e ". z -. % UP (~7mot-m 01-omm 51 $3 r-mrmo v)mumu $21 9 8ZZS8 e z $2 "1 i Q.y.:. 5 z- ONulrnrn OONON ;< X8XXX z s sssss s s wLw 9 moo00 oommm 8 8 $;l z ",%$?Z %$ 2 K IC maomo m m - kook9 " Oh z XFiZ88 : ; r-. 0. 9 ". 0. 0. rn m 9 ". -. 9 m. -. >E z4 L? -Fa: w 5 &$ :z f$ & Z. gggqx 3 4 2s a8 .u, a o maomo m (D o u(oomo u 9 kqqkq u? 2 -0-0 m u ul " "rn J-I Za 6 4s L F2 an 3 32 m ma [L (3 I- z 3 0 0 0 a ! !I-;Z 5> UZ a :: v) YZZZl 40LUv) Z~knll: 00 $%%SS c335;8 Z$lES sa?:: 9s::5 A[L--- UI 21 00000 + > 5 21 I - 0 a I- z 9 wUI E 51 0 0 E > U 2 z - r - 0 0 e Exhibil Reconciliation of Fund Source to Investment Portfolio As of March 31,1997 Cash Balance by Fund: General Debt Service Special Revenue Capital Projects: General Capital Construction TIF PFF Park Development Other Capital Construction Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Total Internal Service Redevelopment Funds (1 ) Agency Funds Misc. Special Funds Enterprise: 24,735,270 27,789,834 89,614 2,612,807 17,460,336 2,927,901 5,466,818 3,000,976 12,980,138 13,114,932 4,439,747 45,874,796 55,227,525 10,624,702 8,971,513 0 Total General Ledger Balance 180,089,383 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other Net adjustments per bank statement 118,879 202,061 Total adjustments 320,940 Total Treasurer's Investment Portfolio 180,410,324 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 4/24/97. e 0 Exhib CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31,1997 CORPORATE NOTE RATINGS Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody'sand S&P) Moody's s&p ASSOC COW OF N A AA3 AA- CAMPBELLS SOUP AA3 AA- DETROIT SEWER AAA AAA DUKE POWER FCC NATIONAL BANK AA2 AA- AA3 AA- GENERAL ELECTRIC CREDIT AAA AAA KENTUCKY UTILITIES AA2 AA- NATIONAL RURAL UTILITIES AA3 AA NORWEST AA3 AA- PROCTOR & GAMBLE ST PAUL CO AA2 AA AA3 AA TOYOTA AAA AAA WAL-MART STORES AA2 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+ Investments with Subsequent Changes in Credit Rating * Maturity Carrying Moody's s&p Date Purchased Value DIGITAL EQUIP BA 1 BB+ 11/15/97 A2/A- 1,008,653 DONNELLY A1 A+ 12/01/00 AA3lAA- 1,113,035 UNION PACIFIC AA3 A 03/15/01 AA2IAA- 1,999,542 * 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 events indicate they should be sold. q 'ITY OF CARLSBAD INVESTMENT PO d FOLIO Ex AS OF MARCH 31,1997 PERCENTAGE KEIGHTlNG!? BY CORPORATE NOTE lSSUER Investments Meeting the Current Investment Policy (Percentage Less Than 5%) Investment Cost Percent of Portfo ASSOCIATES CORP NA 7,041,136.00 CAMPBELLS SOUP 2,062,700.00 DETROIT SEWER 1,014,980.00 DIGITAL EQUIP 1,053,390.00 DONNELLY 1,145,610.00 DUKE POWER 2,048,020.00 FCC NATIONAL BANK 975,690.00 FORD MOTORS CREDIT 1,957,160.00 KENTUCKY UTILITIES 2,024,340.00 NATIONAL RURAL UTILITIES 3,019,970.00 NORWEST 5,066,190.00 PROCTOR 62 GAMBLE 2,256,561.60 SOUTHERN CALIF ED 1,000,000.00 ST PAUL CO 2,042,260.00 TOYOTA 5,530,503.57 UNION PACIFIC 1,997,320.00 WAL-MART STORES 2,491,325.00 WISCONSIN ELECTRIC 1,000,560.00 Investments Made Under a Previous Investment Policy (Percentage Limited to 10%) Prior to 2/13/96 GENERAL ELECTRIC CREDIT Investment Cost Percent of Portfo 9,108,300.00 Total Portfolio $18( e e Exhibit 10 al 2 0 mm .- -0 - 0“ 8’ $5 5 E t E co oar ln X3 c. .I- .- U i z m .- E P R m 0 L - 2 k ._ e U 7 N l” m ”! m .- P E R m 0 0 L - In 2 e ii k m W 00 l”- 7 C 3 c ’E) m X c z 2 Zi 3 3 c v) Y 5 m e! c a, tj iz a, m c 0 K N (0 N ‘9 Y 5 $ m c tj iz a, m 1 6 2 .- m E -0 - m 0 0 ln c .I- C t E c .- U .m .m .m .m .m .m EEEEEE 333333 EPPP+oe 0- I- 4- 8- 3- I- 000000 LLCPPPLC 000000 ””IC InInInmInm ktktkt 222222 e ,E ,E .g .E ,E iiuuuuu ooouoo omum-w mmCONCOw 999599 “ ‘p. m- r- 9 9: mmmmmco uwrnrno~ NN m .m .s .E .m EEEE 3-5-33 e+++ I- I- I- 1- 0000 LCCPLCL 0000 ”” mInInm tktk iiiikk 2222 eeam 0000 X??X NW-0 m *- “! *- mmmo mwo- ” .m .m .m .m .m .E .m .m EEEEEEEE 00000000 m-3mm-3-3-3-3 zrzzrxxx 0000000~ - 00000000 LCLLCLCLCLLCL ”””c InmInv)InmInIn 22222222 tkkkkkkk aaaaaa~e kkk5kkii.E 00000000 $~~=?~~X! wl”w.-m.-l” r.-cu”m”-rurn mdmm-t~~ “rN0“N ““,-N,- 0.“ ONW 0 0 woouoo mmoo oQ)om*Woo m N 0 9 “! 1’. os: ~%~??~: u??~~ 4p!z$?C?z m1-2 .. w rn i; 2- ::a 5N m In 5 $$-gg-z$j &gsz Eqggf:;;; 02 P “2 -wco~bw w-mo l”mcommmrc I’. i; m-mr.co-u- m-m-t-”p- o~w-m~o~m-o-m~ C=- NN m ” rrrr-N.- - m - m 0 m ln U LL - 5 B ln .- P .- U .- orm .c. 0 0 000000 0000 00000000 uz 04s P z 8- G- e 9,9 999999 9999 99999999 6 2s g gkz 4 8 888888 8.882 888888f?v L =alb mti 2 25- 2% e n $a l” l”l”r.r.r- - m ‘4 cn k 99999” ”999 995999m. m ooooo(o 0000 Om00mmN N m mr.00-N 01-wr NVmrrmN m NN”m “7 .?““N.- m we vu r.l”l” l”l”r.1-l”l” z 3% z ga esi 6d> F ZZQ ez4eC!z .E92 Q22ezzz- r. ggggg ggg dddddd 000000 5 f mmmmm sssi-a6 gzsa mmm “““ mmmmmm d mmw-r.w~,O .zz 02 73% 2 E3 s 1-35 $$e s sgss.O.O -?-? $000 sss $000000 ssssss asg ms 2 r-: W Lnlo *mUJ ummuum zqzz@?? 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