HomeMy WebLinkAbout1998-02-10; City Council; 14545; REPORT ON CITY INVESTMENTS AS OF DECEMBER 31, 1997'rr
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TG. 2/10/98 REPORT ON CITY INVESTMENTS
RECOMMENDED ACTION:
Accept and file report.
Adopt Resolution No.E%!ihorizing disbursement of $19,110.56 to the San Diegc County Investment Pool.
I 1 ITEM EXPLANATION:
The City's Investment Policy requires the City Treasurer to report to the City Council on i
monthly basis the status of the City's investment portfolio. This report is presented tc
Council each month on the investments held.
In summary, the City's investment portfolio as of December 31, 1997 is as follows:
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Investment Portfolio (Cash and Securities)
I Current Month Prior Month
Par Value
21 1,543,38! 220,303,851 Cost of Investments
211,716,51( 220,361,452
I I
Amortized Cost (I) 21 1,573,35' 220,350,595
Market Value (2) 21 1,672,22: 220,727,033
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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
Union Bank of California's custodial report as of 12/31/97.
Interest Income
Current
Current
Month FYTD Month FYTD
Month Prior
Income
Cash Income Fiscal 667,538 4,798,390 5,465,926 Year-to-Date *
I
I 0 The cash income received is adjusted for any accrued interest purchased.
* @ 0
PAGE lW0 OF AGENDA BILL NO. &s#f
Investment Performance
I
Average Life
(Years) Average Yield
October 1997
5.91 ?4 1.42 December 1997
5.91% 1.45 November 1997
5.91% 1.50
I I I
All investments have been made in accordance with the City’s Investment Policy adopted JanL
2, 1985 and last revised September 2, 1997. All investments were initially made in accordance I
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.
As a related item to the normal monthly report of investments is the ongoing issue of
overapportionment of interest from the San Diego County Investment Pool. An audit of the !
Diego County Investment Pool has confirmed that the City received an overapportionmen’
interest in the amount of $19,110.56 for the period January 1, 1992 through March 31, 1995. ’
San Diego County Treasurerflax Collector has requested the amount of $1 9,110.56 be returne
the county investment pool. Exhibit 11 is a synopsis of the events verifying the existence
accuracy of the overapportionment.
FISCAL IMPACT:
The payment of $19,110.56 to the San Diego Investment Pool is recommended to be appropri:
from the General Fund Balance.
EXHIBITS:
1. Resolution No.- %-2s
2. Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Aver
3.
4.
5.
6.
7.
8.
9.
IO.
11.
12.
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
Percentage Weightings By Corporate Note Issuer
Investments Held Separately - Quarterly Report
Synopsis of events verifying interest overapportionment from the San Diego Col
Investment Pool
d€kOLUTloN NO.: 98-29 e Exhib:
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, APPROVING THE
DISBURSEMENT TO THE SAN DIEGO COUNN
INVESTMENT POOL
WHEREAS, total appropriations for each fund may only be
increased or decreased by authorization of the City Council: and
WHEREAS, the Council has received and agrees with the
findings that errors were made in the apportioning of interest earnings to
participants in the San Diego County Investment Pool and that the City
was over paid.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad, California, as follows:
1. That the above recitations are true and correct.
2 That the disbursement to the San Diego County Investment
Pool be approved and appropriated from the General Fund Balance.
PASSED, APPROVED AND ADOPTED at a regular
meeting of the Carlsbad City Council held on the 10 day of February ,
1998, by the following vote, to wit:
AYES: Coiuncil Members Lewis, Kulchin, Hall, Nygaard & Ramona
(SEAL)
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Reconciliation of Fund Source to Investment Portfolio
AS OF DECEMBER 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
4,686,189
3,594,272
18,154,392
5,397,204
59,779,748
Total
28,309,651
33,074,691
1,358,376
1,824,423
Total
26,459,847
15,653,451
1,445,845
91,611,806
64,567,141
10,479,843
9,027,226
0
Total General Ledger Balance ** 219,245,158
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(6,328)
1,065,021
Total adjustments 1,058,693
Total Treasurer's Investment Portfolio 220,303,851
(1) Redevelopment Fund Balances are interspersed throughout all funds.
* 0 0 Exhib i
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF DECEMBER 31,1997
CORPORATENOTEAND COMMEICUL 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
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
PEFCO
AA3
AA3
AAA
AA3
AA2
AAA
AA3
AA2
AA3
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AA3
AA2
AA3
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AhA
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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 Moodv'sand S&P)
GENERAL ELECTRIC CAPITAL Al+ P1 Other Debt: AAAIAAA
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 AI A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying I
Moody's - S&P - Date Purchased Value
DONNELLY A1 A+ 12/01/00 AA3lAA- 1,092,745 1
DUKE ENERGY AA3 A+ 04/01/99 AA2/AA- 2,023,268 2
* 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.
L %y OF cAmBAD wEsTMEm PoR d OLIO
Exhib
AS OF DECEMBER 31,1997
PERCENTAGE MIGHTmGS BY CORPORATE NOTE ISSUER
ASSOCIATES COW NA
BANCONE
DETROIT SEWER
DONNELLY
DUKEPOWER
FCC NATIONAL. BANK
FIRST USA VISA
FORD MOTORS CREDIT
FRANKLIN UNVL TRUSTS
GENERAL ELECTRIC CAPITAL CORP
GENERAL ELECTRIC CREDIT
KAISER FOUD HSP
KENTUCKY UTILITIES
MERRLJL LYNCH (CP and MTN)
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
PEFCO
PROCTOR & GAMBLE
SOUTHERN CALIF ED
ST PAUL CO
TOYOTA
TRAVELERS GROUP INC
Investment Cost Percent of Portfolio*
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
945,870.00
998,750.00
1,994,737.22
9,108,300.00
954,187.50
2,024,340.00
495,385.50
1,995,580.00
3,019,970.00
8,729,459.00
1,028,437.50
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.
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SYNOPSIS OF EVENTS VERIFYING INTEREST OVERAPPORTIONMENT
FROM THE SAN DlEGO COUNTY INVESTMENT POOL
On August 22, 1997 the San Diego County Treasurernax Collector notified the City
Treasurer that errors had been discovered in apportioning interest earnings to
participants in the San Diego County Investment Pool. The total amount involved was in
excess of $4 million. Carlsbad was said to have been overpaid $20,028. A repayment
in that amount was requested. Although Carlsbad had withdrawn all of its deposits on
March 31, 1995, the apportionment errors covered a period from at least January 1,
1992. All records before that date had been destroyed.
At a meeting of pool participants at the County Administration Building on August 29,
1997, the City Treasurer made a verbal request for an independent audit to verify the
existence and amounts of the overpayments. The County Treasurer/Tax Collector
stated that an internal audit was being conducted by the County Auditor, an independent
county office. Written requests for an independent audit were made by the City
Treasurer on September 8, 1997 and September 24, 1997 to the San Diego County
Treasurernax Collector and the San Diego County Investment Oversight Committee,
respectively. The City Treasurer also attended a meeting of the Oversight Committee at
the County Administration Building on October 15, 1997 and made a similar request. A
decision was postponed pending the result of the internal audit.
The internal audit was completed by the County Auditor in November 1997. As the
result of the audit, the total overapportionment initially identified by the County Treasurer
to be $4,008,997 was reduced to $3,642,875. The overapportionment applicable to the
City of Carlsbad was reduced from $20,028 to $19,110.56. The Director of the Audits
Division of San Diego County signed a statement attesting to the accuracy and
completeness of this total and final amount for the City of Carlsbad.
The audit identified the following as the principal causes for the overapportionment by
the County Treasurer: data entry errors, use of improper computer software,
inadequate accounting, and the failure to reconcile interest earned and interest
received. Letters received from the County Treasurernax Collector and the County
results of the audit.
The City Treasurer has studied the audit report and feels that it was professionally
conducted, that it is objective, and that it represents fairly the existence and accuracy of
the overapportionment for Carlsbad. The audit report is on file in the City Treasurer’s
office.
Oversight Committee state satisfaction with the independence, the process, and the