HomeMy WebLinkAbout1998-03-10; City Council; 14579; REPORT ON CITY INVESTMENTS AS OF JANUARY 31, 1998*. CITk % F CARLSBAD -AGEND P BILL ” F” 5 9 (
Ad
AB# /$579
MTG. 3/10/98
TITLE:
REPORT ON CITY INVESTMENTS
TRS AS OF JANUARY 31,1998 DEPT. CITY MGR: & Y
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 January 31 , 1998 is as follows:
Investment Portfolio (Cash and Securities)
cs u g
%
0: ra
Current Month Prior Month
Par Value 220,361,452 226,434,966
Cost of Investments
220,350,595 226,611,870 Amortized Cost (1)
220,303,851 226,633,946
I I
Market Value (2) 220,727,033 227,553,750
(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 01/30/98.
Interest Income
Current Prior
Month FYTD Month FYTD
Cash Income Fiscal 5,465,926 6,758,364 Year-to-Date *
Current
Income
Month
1,292,438
* The cash income received is adjusted for any accrued interest purchased.
t. 0 a
PAGE TWO OF AGENDA BILL NO. /< 579
Investment Performance
Average Life
(Years) Averawe Yield
November 1997
5.88% 1.42 January 1998
5.91% 1.42 December 1997
5.91 % 1.45
All investments have been made in accordance with the City’s Investment Policy adopted Janu
I 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 so
investments not being in compliance with the current policy. These events are typically a changr
8 and 9 for details.
Investment portfolio has the ability to meet the City’s cash flow demands for the next six
months.
the City’s Investment Policy or a change in the credit rating subsequent to a purchase. See Ex1
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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I. 0 0 Exhib
Reconciliation of Fund Source to Investment Portfolio
AS OF JANUARY 31,1998
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
4,760,010
3,716,535
18,866,500
5,461,113
59,714,389
Total
28,263,510
34,511,797
1,420,466
1,833,920
Total
27,789,509
16,687,509
1,473,633
92,518,548
66,029,692
10,675,516
0
9,929,178
0
Total General Ledger Balance ** 225,103,585
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(5,912)
1,536,272
Total adjustments 1,530,360
Total Treasurer's Investment Portfolio 226,633,946
(1) Redevelopment Fund Balances are interspersed throughout all funds.
. ,. t 9 Q Exhib
-* CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JANUARY 31,1998
CORPORATE NOTEAND COMMERCL4L PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moody'sand S&P)
Moodv'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
OKLAHOMA GAS & ELECT
PEFCO
PROCTOR & GAMBLE
SOUTHWESTERN BELL
ST PAUL CO
TRAVELERS GROUP INC
AA3
AA3
AAA
AA3
AA2
AAA
AA3
AA2
AA3
AA1
AA3
AA3
AA3
AAA
AA2
AA3
AA3
AA3
AA-
AA-
AAA
A-l+
AA
AAA
AAA
AA
AA-
AAA
AA
AA-
AA
AAA
AA
AA
AA
AA-
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 SSLP)
GENERAL ELECTRIC CAPITAL Al+ P1 Other Debt: AAAlAAA
Investments Made Under a Previous Investment Policy (Ratings must be A or better) Prior to 2/13/96
Moodv's - S&P
FORD MOTORS CREDIT A1 A+
SOUTHERN CALIF ED A1 A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying M
Moody's - S&P - Date Purchased Value 3
DONNEELY A1 A+ 12/01/00 AA3/AA- 1,087,592 1,1
DUKE ENERGY AA3 Ai. 04101199 AA21AA- 2,020,360 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.
I' ..: %Y OF CARLSBAD INVESTMENT PORTF a , IO
Exhib .. AS OF JANUARY 31,1998
PERCENTAGE WE.IGHTNGS BY CORPORATE NOTE ISSUER
ASSOCIATES CORP NA
BANCONE
DETROIT SEWER
. . DONNELLY
DUKE POWER
FCC NATIONAL. BANK
FIRST USAVISA
FORD MOTORS CREDIT
FRANKLIN UNVL TRUSTS
GENERAL. ELECTRIC CAPITAL COW
GENERAL. ELECTRIC CREDIT
KAISER FOUD HSP
KENTUCKY UTILITIES
MERIULL LYNCH
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
OKLAHOMA GAS & ELECTRTC
PEFCO
PROCTOR & GAMBLE
SOUTHERN CALIF ED
SOUTHWESTERN BELL
ST PAUL CO
TRAVELERS GROUP INC
Investment Cost
10,071,876.00
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
1,944,737.00
9,108,300.00
954,188.00
2,024,340.00
3,535,186.00
1,995,580.00
3,019,970.00
10,756,869.00
I,012,500.00
1,028,438.00
2,256,562.00
1,000,000.00
1,053,950.00
2,042,260.00
1,105,341.85
Percent of Portfolio*
4..
0.
0.
0.
0.
0.f
0.'
0.'
0.f
0.1
4.(
0.d
0.1
1.:
0.1
1 .:
4.'
0.8
0.4
1 .c
0.4
0.'
05
0.1
Total Portfolio
* No more than 5% may be invested with a single issue.
$226,633,945