HomeMy WebLinkAbout1998-04-07; City Council; 14616; REPORT ON CITY INVESTMENTS AS OF FEBRUARY 28, 1998CITY % F CARLSBAD - AGEND Ibc BILL 3s I I
AB# 14,616 DEPT. H : TITLE:
MTG. 4/7/98 REPORT ON CITY INVESTMENTS CITY ATTY: %
TRS AS OF FEBRUARY 28,1998 DEPT. CITY MGR:X
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RECOMMENDED ACTION:
Accept and fife 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 February 28, 1998 is as follows:
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value 226,434,966 226,452,439
Cost of Investments 226,633,946 226,759,904
Amortized Cost (1)
227,553,750 227,243,386 Market Value (2)
226,611,870 226,801,342
(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 02/27/98.
* The cash income received is adjusted for any accrued interest purchased.
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PAGE TWO OF AGENDA BILL NO. 149 616
I Investment Performance
Average Life
(Years) Average Yield
December 1997
5.877% I .46 February 1998
5.886% 1.42 January 1998
5.91 ?4 1.42
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All investments have been made in accordance with the City’s Investment Policy adopted Janu
2, 1985 and last revised September 2, 1997. All investments were initially made in accordance v
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 changt
the City’s Investment Policy or a change in the credit rating subsequent to a purchase. See Exh
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.
2.
3.
4.
5.
6.
7.
8.
9.
Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Avera
Yield
Investment Portfolio Breakdown Of Maturities
Yield Comparison Graph
Cumulative Cash Income Graph
First Quarter Transactions
Investment Report
Reconciliation of Fund Source to Investment Portfolio
Corporate Note and Commercial Paper Ratings
Percentage Weightings By Corporate Note Issuer
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Reconciliation of Fund Source to Investment Portfolio
AS OF FEBRUARY 28,1998
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
5,196,028
3,756,922
18,303,131
5,515,366
60,475,283
Total
29,067,966
35,139,476
1,534,670
1,802,119
Total
27,816,551
16,550,805
1,123,855
93,246,730
67,544,231
10,813,219
0
9,580,572
0
Total General Ledger Balance ** 226,675,963
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
2,018
81,923
Total adjustments 83,941
Total Treasurer's Investment Portfolio 226,759,904
y,q, , ,_I_ ~~~~~~,,~,,,~,,~,~~~~, 4:$7,*,,d1<,?$,,",p,, 7p4%x +$ , ,~,~~~~,~,,~~~,~~:~~~~,~"~,~,~,~,~ 5 ..: :*:. ..I" ,,__ ,,,,.,,. w.w-m ,,,,, ,,,y,,;e ;,,. -,* Ix,'i*ui' <, (1) Redevelopment Fund Balances are interspersed throughout all funds.
~~~~~~~~s~~~~~~~~~~~~~~~e~~e~o~.~~:o~~~~~~~~~~~~~~~~~~,~~~~~
a 0 CITY OF CARLSBAD INVESTMENT PORTFOLIO
Exhi
AS OF FEBRUARY 28,1998
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
AT&T
BANC ONE
CENTAL ILLINOIS LT
DETROIT SEWER
FIRST 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
SOUTHWESTERN BELL
ST PAUL CO
TRAVELERS GROUP INC
FCC NATIONAL BANK
AA3
AA3
AA3
AA2
AAA
AA3
AA2
AAA
AA3
AA2
AA3
AA1
AA3
AA3
AA3
AAA
AA3
AA3
AA3
AA3
AA-
AA-
AA-
AA- AAA
AA-
AA
AAA
AAA
AA
AA
AA-
AAA
AA
AA-
AA
AAA
AA
AA
AA-
A-l+
Commercial Paper Investments Meeting the Current Investment Policy:
(Ratings must be AlA'l 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: WAAA
- Invcstments Made Under a Previous Investment Policy (Ratings must be A or better) Prior to 2/13/96
Moody's s&p
FOID MOTORS CREDIT A1 A+
SOlJTHERN CALIF ED A1 A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying Marl
Moody's s&p Date Purchased Value - Val1
DONNELLY AI A+ 12/01/00 AA3/AA- 1,087,592 1,074
DUKE ENERGY AA3 A+ 04/01/99 AA2lAA- 2,020,360 2,031
* 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.
C ilt OF CARIXBAD INVESTMENT PORTFOLIO 0 Exhib
AS OF FEBRUARY 28,1998
PERCENTAGE WIGHTINGS BY CORPORATE NOTE ISSUER
ASSOCIATES COW NA
AT&T
BNCOrn
CENTFSL ILLINOIS LT
Investment Cost Percent ofPortfolio"
10,071,876.00 4.44Yo
2,044,620.00 0.90%
1,999,830.00 0,SSYO
1,014,650.00 0.45%
DETROlT SEWER
DONNELLY
DUKEPOWER
FCC NATIONAL BANK
mRST USA BANK
mRST NATIONAL BANK
FORD MOTORS CREDIT
FRANKLIN UNVL TRUSTS
GENERALELECTRIC CAPITAL COW
GENERAL. ELECTRIC CREDIT
KAISER FOUD HSP
KENTUCKY UTILITES
MERRILL LYNCH
MORGAN GUARANTY
NATIONAL RURAL UTILITES
NORWEST
OKLAHOMA GAS h ELECTRIC
PEFCO
SOUTHERN CALIF ED
SOUTHWESTERNBELL
ST PAUL CO
TRAWLERS GROUP INC
Total Portfolio
* No more than 5% may be invested with a single issue.
1,014,980.00
1,145,610.00
2,048,020.00
975,690.00
2,039,195.00
2,042,280.00
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
1,996,920.00
10,756,869.00
1,012,500.00
1,028,438.00
1,000,000.00
3,084,830.00
2,042,260.00
1,105,341.85
0.45%
0.5 1%
0.90%
0.43%
0.90%
0.90%
0.42%
0.44%
0.86%
4.02%
0.42%
0.89%
1.56%
0.88%
0.88%
4.74%
0.45%
0.45%
0.44%
1.36%
0.90%
0.49%
$226,759,903.81