HomeMy WebLinkAbout1997-09-02; City Council; 14333; REPORT ON CITY INVESTMENTS AS OF JULY 31, 1997ll d
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CIT F CARLSBAD - AGEND BILL
AB# jm-. TITLE:
MTG. 9/2/97 REPORT ON CITY INVESTMENTS
DEPT. He
CITY ATTY: A
TRS DEPT. CITY MGR: 2 AS OF JULY 31,1997 c-
RECOMMENDED ACTION:
Accept and file report.
I
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 July 31, 1997 is as follows:
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
Cost of Investments
199,841,727 199,343,947
198,842,797 199,508,310 Market Value (2)
199,507,974 199,059,920 Amortized Cost (1)
199,483,871 198,991,227
(I) 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 7/31/97.
I
interest Income I I Cash Income Fiscal
Year-to-Date
Total Income Over The Life
Of The Investment If
Held To Maturity I ~
Current
Current
Month FYTD Month FYTD
Month Prior
Income
1,056,648 1,056,648 0
31,199,235 30,302,099
< .I 0
PAGE TWO OF AGENDA BILL NO. j ‘1; 7 3 3
Investment Performance
I Average Life
(Years) Averaae Yield
May 1997
5.90 1.55 Jun 1997
5.87 1.53
Jul 1997 5.91 t 1.59
I 1 I
All investments have been made in accordance with the City’s Investment Policy adopted Jan
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)
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.
2,
3.
4.
5.
6.
7.
8.
9.
Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Ave~
Yield
Investment Portfolio Breakdown Of Maturities
Yield Comparison Graph
Cumulative Cash Income Graph
Second Quarter Transactions
Investment Report
Reconciliation of Fund Source to Investment Portfolio
Corporate Note Ratings
Percentage Weightings By Corporate Note Issuer
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e e Exhibit 7
Reconciliation of Fund Source to Investment Portfolio
As of July 31,1997
Cash Balance by Fund:
General
Special Revenue Debt Service
Capital Projects:
General Capital Construction
TI F
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:
i
Total General Ledger Balance
21,658,618
14,047,518
3,617,543
4,909,610
3,545,205
15,234,749
4,843,557
49,446,803
25,937,807
29,856,963
1,136,653
2,243,468
59,174,891
9,690,883
1 1,480,109
0
197,649,486
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(68,693)
1,410,434
Total adjustments 1,341,741
Total Treasurer's Investment Portfolio 198,991,227
(1) Redevelopment Fund Balances are interspersed throughout all funds.
** Figures based on best estimate at the time report run on 8/19/97.
0 0 Exhibit
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JULY 31,1997
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 B
ASSOC CORP OF N A
BANC ONE
CAMPBELLS SOUP
DETROIT SEWER
FCC NATIONAL BANK
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
MERRILL LYNCH
NATIONAL RURAL UTILITIES
NORWEST
PROCTOR & GAMBLE
ST PAUL CO
TOYOTA
TRAVELERS GROUP INC
WAL-MART STORES
WISCONSIN ELECTRIC
AA3
AA2
AA3
AAl4
AA3
AAA
AA2
AA3
AA3
AA3
AA2
AA3
AAA
AA3
AA2
AA2
AA-
AA-
AA-
AAA
AA-
AAA
AA-
AA-
AA
AA-
AA
AA
AAA
AA-
'4.4
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 Moodg'sand S&P)
DUPONT
MERRILL LYNCH
Al+ P1
Al+ P1
Other Debt: AA3/AA-
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+
A1 A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying
Moody's s&p Date Purchased - Value
DIGITAL EQUIP BA 1 BB+ 11/15197 A2IA- 1,007,589
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,110,779
DUKE ENERGY AA3 A+ 04/01/99 AA2/AA- 2,029,320
* 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.
(Ib 8 OF cmLsBm msTmm PomFoL
axnlc
AS OF .JULY 31,1997
PERCENTAGE WIGHTINGS BY CORPORATE NOTE ISSUER
Investments Meeting the Current Investment Policy (Percentage Less Than 5%)
ASSOCIATES COW NA
BANCONE
CAMPBELLS SOUP
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKE POWER
DUPONT
FCC NATIONAZ, 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 NC
WAL-MART STORES
WISCONSIN ELECTRIC
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
1,945,244.40
975,690.00
1,957,160.00
9,108,300.00
2,024,340.00
3,019,970.00
8,729,459.00
8,290,667.70
2,256,561.60
1,000,000.00
2,042,260.00
5,530,503.57
1,105,341.85
2,491,325.00
1,000,560.00
Percent of Portfolio
4.01
0.3
1.02
0.5'
0.5:
0.51
1 .o:
0.9:
0.4!
0.91
4.5:
1.0:
1.5:
4.3!
4.1'
1.1:
0.3
1 .o:
2.7:
0.5(
1.21
0.3
Investments Made Under a Previous Investment Policy (Percentage Limited to 10%) Prior to 2/13/96
Investment Cost Percent of Portfolio
NIA
Total Portfolio $198,991,2271