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HomeMy WebLinkAbout1997-11-18; City Council; 14437; REPORT ON CITY INVESTMENTS AS OF SEPTEMBER 30, 1997CI 8’ OF CARLSBAD -AGEN b A BILL 3a1 -.I AB# l95! DEPT. H - 1 m: MTG. 1 I /I 8/97 REPORT ON CITY INVESTMENTS CITYATTY: ? fl AS OF SEPTEMBER 30, 1997 CITY MGR: & * DEPT. TRS RECOMMENDED ACTION: Accept and file report. 1 ITEM EXPLANATION: The City’s investment Policy requires the City Treasurer to report to the City Council on 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 September 30, 1997 is as follows: Investment Portfolio (Cash and Securities) I) Current Month Prior Month Par Value 201,071,008 201,993,176 Market Value (2) 201 11931498 201,807,633 Amortized Cost (1) 201,155,058 201,745,496 Cost of Investments 201,487,667 202,087,834 (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 9/30/97. E 2 .. F1 4 0 0 4 42 interest Income Current Current Income Month FYTD Month FYTD Month Prior Cash Income Fiscal 1,033,004 2,008,796 3,041,800 Year-to-Date * 4 *d : * The cash income received is adjusted for any accrued interest purchased. 3 0 U % 0 0 PAGE TWO OF AGENDA BILL NO. ! Investment Performance Average Life (Years) Averaqe Yield July 1997 5.929 1.57 September 1997 5.91 9 1.59 August 1007 5.91 ‘3 1.59 ~ All investments have been made in accordance with the City’s Investment Policy adopted Jam 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 sc investments not being in compliance with the current policy. These events are typically a chang the City’s Investment Policy or a change in the credit rating subsequent to a purchase. See Ex1 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 Aver; 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 10. 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ZR LW 4 000000000000000000000~000000m00 ; pM;? o 22 o3 ~odr-mmo-mmom-rrotra~~n~~n~n~,-d,-~mar- h Q) 0000000000000000000000000000000 wz >-."-rN-N-bmr I ."NrNrrN -Nrrr-r-- B --mNr- 'I- sa !!?z E$ -I 5 e 22 -1 2e SL aa -1 -1 m mn zg 3% -I 4 2 2z ss a-1 iys * J $A GZj -Id2 0 a -1 yz< 5 5 a 04 00 &&!g y sJgzz i gg syyg p ibz:>jg a y fZ8 ,--naz .- 0 a U W -1 -1 -1 -I 40% I- (3 9 &: egg 00 ZOOS gozY~m mrn $24 yZ$z oo,oLD%i%~ ZN ;z sfcorn 2~s~~GGgo88~ SGZZ~OSO *b" 8,$s Sr-m"N.aw~~~=~~~"=W~~~nr-~~~~~~~N 9s- a,N~,mm,,NNs~~"~yg"z~~~~~ z3 ~~~G~~~~n~~~r-~~~wn~3~~y~~3wmww~ mz, w s~~Zwrs~$~ zkg{ r: ~~~~~~~~~~~G8GG~~8G~G~~~8~G~~G~ OWEY8 z$;c mzn ma ~33W~snnnmZ37nz,~33rn ~2~pP~~~~y~~zo~,o,,,,~~~bs~~~nw YZZZ-1 zr+-nCi J~b-1~oo,qnn9u,sis~~m~=ma~r-~~~~~ $j2Bu.; a~o~~~XF~~~~soa~~Er~mX~ s2gss zwo~oww "m~~naa3a~~m,fz~Cigm>~r-r- ~~~~~8ti~ti~~5s~~~~s5~~~=~oa~~~~~ Jaz03 "03EU 3+@- ~~~~~00Ci~CiCizz~Ciz~Ci~~~~E~aCiz ~8G~2%%~2~88%8PYs%sB~~~~2~8~~~~ 28::: QOW" 00 ALLLULL la-" ~zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz El 0000000000000000000000000000~00 00000 c ~$$??F~~~$~$QQQQQQQQQQ~Q~~~~Q~Q ~w~~~~~a=~=~~=====~==~s==~~=:a$$~ mmmmmmmmmmmmoooooooo---~~~--~~~ rr-rmmmrmom~no~~m-~nm-mmm-mo,-o-,-m 5 :I mr ZErn~z ~~csc~~sc~~~c~~~~~~r~~c~~~~~c~c e g e rhrn mah m =rnu~he o r-mmmomma mz- NCY r-cor- z I- ~~~SxsssS~~~sHClss~sss~sHClSHClsHClSsss z oPm~a~~~arrd~~~:o$$~~$~~~~$za~~ p" r z - 0 a t a 0 2 E U - 7 v 0 0 Exhib i Reconciliation of Fund Source to Investment Portfolio AS OF SEPTEMBER 30,1997 Cash Balance by Fund: General Special Revenue Debt Service Capital Projects: General Capital Construction Public Facilities Fees Park Development Other Capital Construction Traffic Impact Fees Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Internal Service Redevelopment Funds (I) Agency Funds Misc. Special Funds 4,631,806 3,615,594 16,306,183 5,006,430 51,205,095 Total 26,491,798 31,210,369 1,231,018 2,227,594 Total 22,571,546 14,592,865 1,746,986 80,765,109 61,160,778 10,210,596 8,887,036 0 Total General Ledger Balance ** 199,934,917 Amortization of discounts and premiums Deposits in transit Wlre in/(out) not recorded Other Net adjustments per bank statement Outstanding checks (62,137) 1,872,716 Total adjustments 1,810,579 Total Treasurer's Investment Portfolio 201,745,496 1 Redevelo ment Fund Balances are interspersed throughout all funds. 0 m Exh i CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 30,1997 CORPORATE NOTE AND COMMERCML 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 BANC ONE CAMPBELLS SOUP DETROIT SEWER FCC NATIONAL BANK FIRST USA BANK FRANKLIN UNVL TRUST GENERAL ELECTRIC CREDIT KENTUCKY UTILITIES MERRILL LYNCH NATIONAL RURAL UTILITIES NORWEST PROCTOR & GAMBLE ST PAUL CO TOYOTA TRAVELERS GROUP INC WISCONSIN ELECTRIC AA3 AA3 AA3 AAA AA3 AA2 AAA AA2 AA3 AA3 AA3 AA2 AA3 AAA AA3 AA2 AA- AA- AA- AAA AA- AA- AAA AAA AA- AA- AA AA- AA AA AAA AA- AAS 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) DUPONT MERRILL LYNCH Al+ P1 Al+ P1 Other Debt: AA31AA- 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 A1 A+ SOUTHERN CALIF ED A1 A+ Investments with Subsequent Changes in Credit Rating * Maturity Carrying Moody's s&p Date Purchased - Value DIGITAL EQUIP BA1 BB+ 11/15/97 MIA- 1,002,194 DONNELLY A1 A+ 12/01/00 AA3lAA- 1,099,334 DUKE ENERGY AA3 A+ 04/01/99 AA2/AA- 2,026,530 * The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. All of these 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. 0 e CITY OF CARLSBAD INVESTMENT PORTFOLIO Exhi AS OF SEPTEMBER 30,1997 PERCENTAGE WIGHTmGS BY CORPORATE NOTE ISSUER Investments Meetinc the Current Investment Policy (Percentage Less Than 5%) ASSOCIATES COW NA BANCONE CAMPBELLS SOUP DETROIT SEWER DIGITAL EQUIP Investment Cost Percent of Portfolic 8,039,266.00 1,999,830.00 2,062,700.00 1,014,980.00 1,053,390.00 DONNELLY DUKE POWER DUPONT CP FCC NATIONAL BANK FIRST USA VISA FORD MOTORS CREDIT FRANKLIN UNVL TRUSTS GENERAL ELECTRIC CREDIT KENTUCKY UTILITIES NATIONAL RURAL UTILITIES NORWEST MERRLIL LYNCH (CP and MTN) PROCTOR & GAMBLE SOUTHERN CALIF ED ST PAUL CO TOYOTA TRAVELERS GROUP INC WISCONSIN ELECTRIC 1,145,610.00 2,048,020.00 1,945,244.40 975,690.00 1,002,620.00 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 1,000,560.00 Total Portfolio $20 1 ,' e e Exh InInIn aaa, I .o .o .o ooo 555 Q z 0 cn 2 .m .E .m .m .m EEEEE 33333 00000 cccc!k 00000 ""I InInInInIn +I-+++ 22222 KLLLLLLL "I" E .g .g .g .g Y u) E Y S 2 e! tj tj c) a, + a, m Y S m" e! tj tj * a, + a, m .- mmm .- ._ EEE -Oe,o "- 55s "" InInIn I-++ 222 LLiiLL 4°C) .- E E g? .- m E e - m 0 2 I- e I In CI .- LL .- m E .e - m 0 2 I- ii e I In C) I In c .I- E In ? 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