HomeMy WebLinkAbout1997-06-03; City Council; 14186; REPORT ON CITY INVESTMENTS AS OF APRIL 30, 1997I 8 9 J g
CIT F CARLSBAD - AGEND BILL
AB# Ir,ra6 TITLE:
MTG. 6/3/97 REPORT ON CITY INVESTMENTS
AS OF APRIL 30, 1997 c L
DEPT. TRS CITY MGR: d
RECOMMENDED ACTION:
Accept and file report.
ITEM EXPLANATION:
The City’s Investment Policy requires the City Treasurer to report to the City Council 01
Council each month on the investments held.
In summary, the City’s investment portfolio as of April 30, 1997 is as follows:
monthly basis the status of the City’s investment portfolio. This report is presented
- [
-
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
Cost of Investments
180,384,088 189,191,072
178,725,372 187,765,022 Market Value (2)
180,291,445 188,853,027 Amortized Cost (1)
180,410,324 188,968,603
(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 4/30/97.
P
6 9 6
dS
8%
uo ZH DH
- I Interest Income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 1,133,899 9,948,860 11,082,759 Year-to-Date
Total Income Over The Life 26,179,907 27,539,290 Of The Investment If
Held To Maturity
G 0 0
PAGE TWO OF AGENDA BILL NO. 14; 1 f&
Investment Performance
1 Average Life
IYears) Average Yield
February 1997 5.75 1.45
March 1997
5.83‘ 1.52 April 1997
5.80‘ 1.53
All investments have been made in accordance with the City’s Investment Policy adopted Jan
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 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 Er
8 and 9 for details.
Investment portfolio has the ability to meet the City’s cash flow demands for the next six
months.
EXHIBITS:
1. Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Avel
Yield
2. Investment Portfolio Breakdown Of Maturities
3. Yield Comparison Graph
4. Cumulative Cash Income Graph
5. Second Quarter Transactions
6. Investment Report
7. Reconciliation of Fund Source to Investment Portfolio
8. Corporate Note Ratings
9. Percentage Weightings By Corporate Note Issuer
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Reconciliation of Fund Source to Investment PortFolio
As of April 30,1997
Cash Balance by Fund:
General
Special Revenue
Debt Service
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:
21,145,535
13,232,995
3,365,872
4,095,887
3,313,824
13,454,105
4,563,047
48,525,368
24,970,342
27,646,449
80,702
2,582,723
55,280,216
10,497,970
8,951,710
0
Total General Ledger Balance 186,426,527
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
115,576
2,426,500
Total adjustments 2,542,076
Total Treasurer's Investment Portfolio 188,968,603
(1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 5/12/97.
%Y OF CARLSBAD INVESTMENT PORTFOLIO 0 Exhil
AS OFAPRIL 30,1997
CORPORATE NOTE AND COMMERCIAL PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moody’sand S&P)
Moody’s - S&P
ASSOC CORP OF N A
BANCONE
CAMPBELLS SOUP
DETROIT SEWER
DUKE POWER
FCC NATIONAL BANK
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
NATIONAL RURAL UTILITIES
NORWEST
PROCTOR & GAMBLE
ST PAUL CO
TOYOTA
WAL-MART STORES
WISCONSIN ELECTRIC
AA3
AA3
AA3
AAA
AA2
AA3
AAA
AA2
AA3
AA3
AA2
AA3
AAA
AA2
AA2
AA-
AA-
AA-
AAA AA-
AA-
AAA
AA-
AA
AA-
AA
AA
AAA
AA
AA+
Commercial Paper Investments Meeting the Current Investment Policy:
(Ratings must be Alp1 or better by both Moody’sand S&P)
(Ratings of other debt must be AA or better by both Moody’sand S&P)
MERRILL LYNCH P1 A1 Other Debt: AA3lAA-
Investments Made Under a Previous Investment Policy (Ratings must be A or better) Prior to 2/13/96
Moody’s - S&P
FORD MOTORS CREDIT
SOUTHERN CALIF ED
A1 A+
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- 1,007,589
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,110,779
UNION PACIFIC AA3 A 03/15/01 AA2/AA- 1,999,771
* 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.
@IT* OF CARLSBAD INVESTMENT PO a OLIO
Exhibit
AS OFAPRIL 30,1997
PERCENTAGE WIGHTINGS BY CORPORATE NOTE ISSUER
Investments Meeting the Current Investment Policv (Percentage Less Than 5%)
Investment Cost Percent of Portfo
ASSOCIATES COW NA
BANCONE
CAMPBELLS SOUP
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKE POWER
FCC NATIONAL BANK
FORD MOTORS CREDIT
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
NATIONAL RURAL UTILITIES
NORWEST
PROCTOR & GAMBLE
SOUTHERN CALIF ED
ST PAUL CO
TOYOTA
UNION PACIFIC
WAL-MART STORES
WISCONSIN ELECTRIC
8,039,266.00
997,870.00
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
9,108,300.00
2,024,340.00
3,019,970.00
5,066,190.00
2,256,561.60
1,000,000.00
2,042,260.00
5,530,503.57
1,997,320.00
2,491,325.00
1,000,560.00
Investments Made Under a Previous Investment Policy Percentage Limited to 10%) Prior to 2/13/96
Investment Cost
NIA
Percent of Portfo
Total Portfolio $188