HomeMy WebLinkAbout1998-01-06; City Council; 14505; REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30, 1997CI ty OF CARLSBAD -AGEN 9. A BILL 39
A
AB# i4, 505 TITLE:
MTG. 1/6/98 REPORT ON CITY INVESTMENTS
AS OF NOVEMBER 30,1997 DEPT. TRS
RECOMMENDED ACTION:
Accept and file report.
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 November 30, 1997 is as follows:
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Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
206,450,391 21 1,573,357 Amortized Cost (1)
206,497,766 21 1,543,389 Cost of Investments
206,718,251 21 1,716,510
Market Value (2) 206,943,762 21 1,672,223
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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 Union
Bank of California’s custodial report as of 11/30/97.
- [
.
Interest Income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 644,938 4,153,452 4,798,390
Year-to-Date *
* The cash income received is adjusted for any accrued interest purchased.
0 *
PAGE TWO OF AGENDA BILL NO. / y ! 5 6 5
Investment Performance
Average Life
(Years) Average Yield
September 1 997 5.929 1.57
October 1997
5.91 o/; 1.45 November 1997
5.91 O/I 1.50
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All investments have been made in accordance with the City’s investment Policy adopted Jan1
2, 1985 and last revised September 2, 1997. All investments were initially made in accordance 1
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 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:
I.
2.
3.
4.
5.
6.
7.
8.
9.
investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Aver
Yield
Investment Portfolio Breakdown Of Maturities
Yield Comparison Graph
Cumulative Cash Income Graph
Fourth Quarter Transactions
Investment Report
Reconciliation of Fund Source to investment Portfolio
Corporate Note and Commercial Paper Ratings
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Reconciliation of Fund Source to Investment Portfolio
AS OF NOVEMBER 30,1997
Cash Balance by Fund:
General
Special Revenue
Debt Service
Capital Projects:
General Capital Construction
Traffic Impact Fees
Public Facilities Fees
Park Development
Other Capifal Construction
Enterprise: Carlsbad Municipal Water District
Solid Waste
Golf Course
Internal Service
Redevelopment Funds (1)
Agency Funds
Misc. Special Funds
Sewer Fund
4,838,828
3,553,981
17,696,160
5,341,019
58,051,980
Total
27,052,848
1,364,323
2,128,547
32,665,198
Total
22,207,230
15,260,415
1,886,926
89,481,968
63,210,916
10,513,936
8,142,491
0
Total General Ledger Balance ** 210,703,882
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(16,009)
855,516
Total adjustments 839,507
Total Treasurer's Investment Portfolio 211,543,389
(1) Redevelopment Fund Balances are interspersed throughout all funds.
0 * Exhi CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30,1997
CORPORATE NOTE AlYD CUMMEKCIAL 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
KAISER FOUND HSP
KENTUCKY UTILITIES
MERRILL LYNCH
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
PROCTOR & GAMBLE
ST PAUL CO
TOYOTA
TRAVELERS GROUP INC
AA3
AA3
AA3
AAA
AA2
AAA
AA3
AA2
AA3
AAl
AA3
AA3
AA2
AA3
AAA
AA3
AA3
AA-
AA-
AA-
AAA
AA
AAA
AAA
AA
AA
AA-
AAA
AA
AA-
AA
AA
AAA
AA-
A-l+
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&P1
DUPONT Al+ P1 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
AI A+
A1 A"
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying
Moody's s&p Date Purchased - Value
DONNELLY A1 A+ 12/01/00 AA3lAA- 1,092,745
DUKE ENERGY AA3 Ai- 04/01/99 AA2IAA- 2,023,268
* 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 CARLSBAD INVESTMENT c, JRTFOLIO
Exhi
AS OF NOVEMBER 30,1997
PERCENTAGE WIGHTLNGS BY CORPORATE NOTE ISSUER
ASSOCIATES COP NA
BANCONE
DETROIT SEWER
DONNELLY
DUKE POWER
FCC NATIONAL BANK
FIRST USA VISA
FORD MOTORS CREDIT
m UNVL TRUSTS
GENERAL ELECTRIC CREDIT
KAISER FOUD HSP
KE-NTUCKYUTILITIES
MERRLJL LYNCH (CP and MTN)
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
PROCTOR & GAMBLE
SOUTHERN CALIF ED
ST PAUL CO
TOYOTA
TRAVELERS GROUP INC
Investment Cost Percent of Portfoli
9,054,506.00
1,999,830.00
1,014,980.00
1,145,610.00
2,048,020.00
975,690.00
1,002,620.00
1,957,160.00
998,750.00
9,108,300.00
954,187.50
2,024,340.00
495,385.50 I.!
t 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
* ??a more th& 5% may be invested with a single issue.
, . .. $21 1,5