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. Investments Held Separately - Quarterly Report
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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 ,'
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