HomeMy WebLinkAbout1997-12-16; City Council; 14485; REPORT ON CITY INVESTMENTS AS OF OCTOBER 31, 1997I CI a OF CARLSBAD -AGE a .A BILL 37 k
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AB# h$!i!E /TITLE: 1 MTG. 12/16/91 REPORT ON CITY INVESTMENTS 1 cm Ad&
AS OF OCTOBER 31,1997 DEPT. TRS
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RECOMMENDED ACTION:
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 October 31, 1997 is as follows:
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
201,993,176 206,943,762 Market Value (2)
201,807,633 206,450,391 Amortized Cost (I)
201,745,496 206,497,766 Cost of Investments
202,087,834 206,718,251
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(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 10/31/97.
I, Interest Income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 1,111,652 3,041,800 4,153,452 Year-to-Date *
* The cash income received is adjusted for any accrued interest purchased. I I I I I
4 0 0
PAGE TWO OF AGENDA BILL NO. 1% ygs
Investment Performance
Average Life
(Years) Average Yield
August 1997
5.91 % 1 SO October 1997
5.92% 1.57 September 1997
5.91 ?4 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 Ext
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. Fourth 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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Reconciliation of Fund Source to Investment Portfolio
AS OF OCTOBER 31,1997
Cash Balance by Fund:
General
Special Revenue
Debt Service
Capital Projects:
General Capital Construction
Traffic Impact Fees
Public Facilities Fees
Park Development
Other Capital Construction
Enterprise:
Carlsbad Municipal Water District
Sewer Fund
Solid Waste Golf Course
Internal Service
Redevelopment Funds (1)
Agency Funds
Misc. Special Funds
4,942,089
3,361,623
16,974,162
5,201,730
54,689,276
Total
27,589,786
31,617,340
1,324,195
2,155,328
Total
22,910,697
14,671,071
1,778,501
85,168,881
62,686,649
10,194,391
8,613,239
0
Total General Ledger Balance ** 206,023,429
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(36,466)
510,803
Total adjustments 474,337
Total Treasurer's Investment Portfolio 206,497,766
(1) Redevelopment Fund Balances are interspersed throughout all funds.
I 0 0 Exhit
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF OCTOBER 31,1997
CORPORATE NOTE AND COMMERCUL 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
FIRST USA BANK
FRANKLIN UNVL TRUST
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
MERRILL LYNCH
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
PROCTOR & GAMBLE
ST PAUL CO
TOYOTA
TRAVELERS GROUP INC
AA3
AA43
AA3
AAA
AA3
AA2
AAA
AA2
AA3
AAl
AA3
AA3
AA2
AA3
AAA
AA3
AA-
AA-
AA-
AAA
A-I+
AA
AAA
AAA
AA
AA-
AAA
AA
AA-
AA
AA
AAA
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 Moody'sand S&P)
DUPONT AI+ PI Other Debt: AA3/AA-
y
Moody's s&p
FORD MOTORS CREDIT
SOUTHERN CALIF ED
AI A+
A1 A+
Investments with Subsequent Changes in Credit Ratine *
Maturity Carrying
Moody's s&p &k& Purchased - Value
DIGITAL EQUIP BAI BB+ 11/15/97 A2lA- 1,000,548
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,095,321
DUKE ENERGY AA3 A+ 04/01/99 AA2/AA- 2,024,723
* 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.
' CITY OF CAWBAD INVESTMENT P a, FOLIO
Exhil:
AS OF OCTOBER 31,1997
PERCENTAGE FFEIGHTINGS BY CORPOMTE NOTE ISSUER
ASSOCIATES COW NA
BANCONE
CAMPBELLS SOUP
DETROIT SEWER
DIGITAL EQUIP
DONNELLY
DUKE POWER
DUPONT CP
FCC NATIONAL BANK
FIRST USA VISA
FORD MOTORS CREDIT
FRANKLIN UNVL TRUSTS
GENERAL ELECTRIC CREDIT
KENTUCKY UTILITIES
MERlUIL LYNCH (CP and MTN)
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
PROCTOR & GAMBLE
SOUTHERN CALIF ED
ST PAUL CO
TOYOTA
TRAVELERS GROUP TNC
Investment Cost Percent of Portfolio*
9,054,506.00
1,999,830.00
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
1,002,620.00
1,957,160.00
998,750.00
9,108,300.00
2,024,340.00
495,385.50
1,995,580.00
3,019,970.00
8,729,459.00
2,256,561.60
1,000,000.00
2,042,260.00
5,530,503.57
1,105,341.85
Total Portfolio
* No more than 5% may be invested with a single issue.
$206,45