HomeMy WebLinkAbout1997-10-07; City Council; 14370; REPORT ON CITY INVESTMENTS AS OF AUGUST 31, 19978 LP ;i 1
CIT F CARLSBAD - AGEN A BILL
AB# klJm TITLE:
MTG. 10/7/97 REPORT ON CITY INVESTMENTS
DEPT. TRS AS OF AUGUST 31 , 1997 CITY MGR:~
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 August 31, 1997 is as follows:
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Investment Portfolio (Cash and Securities)
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Current Month Prior Month
Par Value 199,343,947 201,487,667
Cost of Investments 198,991,227 201 , 155,058
Amortized Cost (I)
199,508,310 201,071,008 Market Value (2)
199,059,920 201 , 193,498
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(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 8/31/97.
I, Interest Income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 1 ,035,1 86 1,056,648 2,091,833 Year-to-Date
Total Income Over The Life 31 , 199,235 32,044,363 Of The Investment If
Held To Maturity
0 0
PAGE TWO OF AGENDA BILL NO. f 4: 3 3 D
Investment Performance
Average Life
{Years) Average Yield
June 1997
5.91‘ I .59 August 1997
5.91 1.59 July 1997
5.90 1.55
~ ~ ~~ ~~~ ~__ ~
All investments have been made in accordance with the City’s Investment Policy adopted Jan
2, 1985 and last revised September 2, 1997. All investments were initially made in accordance
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. 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. Third Quarter Transactions
6. Investment Report
7. Reconciliation of Fund Source to Investment Portfolio
8. Corporate Note and Commercial Paper Ratings
9. Percentage Weightings By Corporate Note Issuer
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e e ExhiI
Reconciliation of Fund Source to Investment Portfolio
AS OF AUGUST 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
Enterprise:
Solid Waste
Golf Course
Total
Internal Service
Redevelopment Funds (1)
Agency Funds
Misc. Special Funds
21,448,328
15,332,656
3,024,508
4,780,201
3,620,728
15,854,555
4,867,782
50,900,277
26,048,773
30,381,043
1,228,545 2,263,553
59,921,913
9,976,672
9,895,065
0
Total General Ledger Balance 199,622,686
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(38,439)
1,570,812
Total adjustments 1,532,372
Total Treasurer's Investment Portfolio 201 ,I 55,058
(1) Redevelopment Fund Balances are interspersed throughout all funds.
** Figures based on best estimate at the time report run on 9/15/97.
e e Exhibit
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 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 s&p
ASSOC COW 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
AAA
AA3
AAA
AA2
AA3
AA3
AA3
AA2
AA3
AAA
AA3
'4.42
AA2
AA-
AA-
AA-
AAA
AA-
AAA
AA-
AA-
AA
AA-
AA
AA
AAA
AA-
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 bv both Moody'sand S&P\
DUPONT
MERRILL LYNCH
Al+ P1
Al+ P1
Other Debt: AA3lAA-
Other Debt: AA3IAA-
Investments Made Under a Previous Investment Policy (Ratings must be A or better) Prior to 2/13/96
Moody's sap
FORD MOTORS CREDIT A1 A+
SOUTHERN CALIF ED AI A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying
Moody's sap Date Purchased &
DIGITAL EQUIP BA1 BB-t- 11/15/97 A21A- 1,003,283
DONNELLY A1 A+ 12/01/00 AA3lAA- 1,101,645
DUKE ENERGY AA3 A+ 04/01/99 AA2IAA- 2,027,929
* 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.
a OF CARLSBAD INVESTMENT PORTFO a Exhibit
AS OF AUGUST 31,1997
PERCENTAGE WIGHTINGS BY CORPORATE NOTE ISSUER
Investments Meeting the Current Investment Policy (Percentape Less Than so/)
ASSOCIATES COW NA
BANCONE
CAMPBELLS SOUP
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKE POWER
DUPONT
FCC NATIONAL BANK
FORD MOTORS CREDIT
FRANKLIN UNVL TRUSTS
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
NATIONAL RURAL UTILITIES
NORWEST
MERRLIL LYNCH
PROCTOR & GAMBLE
SOUTHERN CALIF ED
ST PAUL CO
TOYOTA
TRAVELERS GROUP INC
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
1,945,244.44
975,690.00
1,957,160.00
998,750.00
9,108,300.00
2,024,340.00
3,019,970.00
8,729,459.00
4,364,745.50
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
Pertent of Portfolio
4.00%
0.50%
1.03%
0.50%
0.52%
0.57%
1.02%
0.97%
0.49%
0.97%
0.50%
4.53%
1.01%
1.50%
4.34%
2.17%
1.12%
0.50%
1.02%
2.75%
0.55%
1.24%
0.50%
Investments Made Under a Previous Investment Policy (Pertentage Limited to loo/) Prior to 2/13/96
Investment Cost
N/A
Percent of Portfolio
Total Portfolio $201,155,058.46