HomeMy WebLinkAbout1998-04-21; City Council; 14643; REPORT ON CITY INVESTMENTS AS OF MARCH 31, 1998rb
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CITY % F CARLSBAD - AGEND I? BILL 3q
AB# 14,643
MTG.
TITLE:
4/21/98 REPORT ON CITY INVESTMENTS
DEPT. HD: -
CITY ATPI: 3
DEPT. TRS AS OF MARCH 31,1998 I CITY MGRa
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.
On summary, the City’s investment portfolio as of March 31, 1998 is as follows:
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
227,243,386 234,114,065 Market Value (2)
226,801,342 233,770,644 Amortized Cost (1)
226,759,904 233,764,214 Cost of investments
226,452,439 233,401,772
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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 03/31/98.
Month FYTD
* The cash income received is adjusted for any accrued interest purchased.
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PAGE TWO OF AGENDA BILL NO. 14,643
I Investment Performance
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Average Life
jYears) Averane Yield
January 1998
5.869 1.47 March 1998
5.8779 1.46 February 1998
5.8869 1.42
I
Average Life
jYears) Averane Yield
January 1998
5.869 1.47 March 1998
5.8779 1.46 February 1998
5.8869 1.42
I I I
AID investments Rave 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 \
investments not being in compliance with the current policy. These events are typically a changi
the City’s Investment Policy or a change in the credit rating subsequent to a purchase. See Ex1
8 and 9 for details.
Investments maturing within one year comprise 49.5% of the portfolio, which when rounded, wc
be 50% as required by the City’s Investment Policy.
Investment portfolio has the ability to meet the City’s cash flow demands for the next six months.
the City’s Investment Policy, Events subsequent to the purchase might have resulted in sc
EXHIBITS:
1. Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Aver:
Yield
2. lnvestment Portfolio Breakdown Of Maturities
3. Yield Comparison Graph
4. Cumulative Cash Income Graph
5. First 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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0 * Exhib
Reconciliation of Fund Source to Investment Portfolio
AS OF MARCH 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
7,292,405
3,641,930
19,133,294
5,661,193
62,991,086
Total
29,913,798
35,770,990
1,569,508
2,253,733
Total
28,034,949
16,627,916
789,258
98,719,908
69,508,029
10,890,056
0
9,235,892
0
Total General Ledger Balance ** 233,806,008
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
2,339
(44,133)
e 0 Exh i CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MARCH 31,1998
CORPORATE NOTE AND COMMERCIAL 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
ABBEY NATIONAL TEAS
ASSOC COW OF N A
AT&T
BANC ONE
CENTAL ILLINOIS LT DETROIT SEWER
FCC NATIONAL BANK
FIRST NATIONAL BANK
FIRST USA BANK
FRANKLIN UNVL TRUST
GENERAL ELECTRIC CREDIT
HEWLETT-PACKARD
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
AA2
AA3
AA3
AA3
AA2
AAA
AA3
AA3
AA2
AAA
AA2
AA3
AA2
AA3
AA1
AA3
AA3
AA3
AAA
AA3
AA3
AA3
"
AA-
AA-
AA-
AA-
AAA
A- 1"
AA-
AA
AAA
AAA
AA+
AA
AA
AA-
AAA
AA
AA-
AA
AAA
AA
AA
AA-
"
Commercial Paper Investments Meeting the Current Investment Policy:
(Ratings must be Alp1 or better by both Moody'sand S&P)
(RatinPs of other debt must be AA or better by both Moody'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 A1 A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying Market
Moodv's - S&P && Purchased Value - Value
DONNELLY Al A+ 12/01/00 AA3/AA- 1,082,440 1,070,750
DUKE ENERGY AA3 A+ 04/01/99 AA2IAA- 2,017,451 2,028,840
* The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions
to the policy. All ofthese 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.
CI P OF CARLSBAD INVESTMENT PORTFOLIO 0 Exh ib
AS OF MARCH 31,1998
PERCENTAGE WEIGHZWGS BY CORPORATE NOTE ISSUER
ABBEY NATL WAS
ASSOCIATES COW NA
ATQT
BANCONE
CENTRAL ILLINOIS LT
DETROIT SEWER
DONNELLY
DUKEPOWER
FCC NATIONAL BANK
FIRSTUSA BANK
FIRST NATIONALBANK
FORD MOTORS CREDlT
FRANKLIN UNVL TRUSTS
GENERAL ELECTRIC CAPITAL COW
GENERALELECTRIC CREDIT
HEWLETT-PACKARD
KAISERFOUD HSP
KENTUCKY UTLlTIES
MERRTLLLYNCH
MORGAN GUARANTY
NATIONALRURALUS
NORWEST
OKLAHOMA GAS &ELECTRIC
PEFCQ
SOUTHERNCALIFED
SOUTHWESTERNBELL
ST PAUL CO
TRAVELERS GROW INC
Investment Cost
1,124,595.00
10,071,876.00
2,044,620.00
1,999,830.00
1,014,650.00
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
1,011,080.00
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
Percent of Portfolio*
0.48%
4.31%
0.87%
0.86%
0.43%
0.43%
0.49%
0.88%
0.42%
0.87%
0.87%
0.40%
0.43%
0.83%
3.90%
0.43%
0.41%
0.87%
1.51%
0.85%
0.85%
4.60%
0.43%
0.44%
0.43%
1.32%
0.87%
0.47%
Total Portfolio
* No more than 5% may be invested with a single issue.
$233,764,214.05