HomeMy WebLinkAbout1997-07-08; City Council; 14254; REPORT ON CITY INVESTMENTS AS OF MAY 31, 1997< a 9 ,3y
CIT F CARLSBAD - AGEND BILL i
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MTG. 7/08/97 REPORT ON CITY INVESTMENTS
AS OF MAY 31,1997 DEPT. TRS
RECOMMENDED ACTION:
I DEPT. HD: rn 1 CITY ATTY: 3 z I CITY MGRa
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 report is presented
Council each month on the investments held.
In summary, the City’s investment portfolio as of May 31, 1997 is as follows:
I II investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
188,968,603 195,051,685 Cost of Investments
189,191,072 195,340,751
Amortized Cost (I ) 188,853,027 195,037,097
Market Value (2) 187,765,022 194,024,901
I I ,
(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 5/31/97. !
Interest income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 724,97E 11,082,759 11,807,732
Year-to-Date
Total Income Over The Life 27,539,290 28,991,765
Of The Investment If
Held To Maturity
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PAGE TWO OF AGENDA BILL NO. I Y, 2 5q
I Investment Performance
I Average Life I [Years) Average Yield
I March 1997 5.75? 1.53
Apr 1997
5.87‘ I .53 May 1997
5.839 1.52
I I I
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 chap
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. 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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0 e Exhib
Reconciliation of Fund Source to Investment PortFolio
As of May 31,1997
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:
22,962,221
14,219,404
3,409,294
4,007,578
3,416,557
14,237,664
4,630,484
50,966,497
25,308,546
29,149,323
110,721
2,358,239
56,926,829
9,776,791
9,816,477
0
Total General Ledger Balance 194,369,795
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
14,588
667,302
Total adjustments 681.890
Total Treasurer's Investment Portfolio 195,051,685
(1) Redevelopment Fund Balances are interspersed throughout all funds.
** Figures based on best estimate at the time report run on 6/15/97.
C 9 Y OF CARLSBAD INVESTMENT PORTFOLIO 0 Exhi
AS OF MAY 3 1,1997
CORPORATE NOTE AND COMMERCUL FAPER 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
TRAVELERS GROUP INC
WAL-MART STORES
WISCONSIN ELECTRIC
AA3
AA2
AA3
AAA
AA2
AA3
AAA
AA2
AA3
AA3
AA2
AA3
AAA
AA3
AA2
AA2
AA-
AA-
AA-
AAA
AA-
AA-
AAA
AA-
AA
AA-
AA
AA
AAA
AA-
AA
AA+
Commercial Paper Investments Meeting the Current Investment Policy:
(Ratings must be Al/Pl 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: AA3/AA-
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+ 1 1/15/97 A2/A- 1,007,589
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,110,779
UNION PACIFIC AA3 A 06/01/97 AA2lAA- 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.
dbt Exhi
@Y OF CARLSBAD INVESTMENT PORT IO
AS OF MAY 31,1997
PERCENTAGE WIGHTINGS BY CORPOR4TE NOTE ISSUER
Investments Meeting the Current Investment Policy (Percentaee Less Than 5%)
ASSOCIATES CORP 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
MERRLIL LYNCH
PROCTOR & GAMBLE
SOUTHERN CALIF ED
ST PAUL CO
TOYOTA
TRAVELERS GROUP INC
UNION PACIFIC
Investment Cost
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
6,048,871.00
7,795,282.20
2,256,561.60
1,000,000.00
2,042,260.00
5,530,503.57
1,105,341.85
1,997,320.00
Percent of Portfolio
I
I
I
I
1
I
4
I
1
L
I
0
1
2
0
1
WALMART STORES
WISCONSIN ELECTRIC
2,491,325.00
1,000,560.00
1
0
Investments Made Under a Previous Investment Policy (Percentaee Limited to 10%) Prior to 2/13/96
Investment Cost
NIA
Percent of Portfolio
Total Portfolio $195,051,682