HomeMy WebLinkAbout1998-06-02; City Council; 14690; REPORT ON CITY INVESTMENTS AS OF APRIL 30, 1998* CIT P OF CARLSBAD -AGENDA 0 BILL A 35
MTG. 6/2/98 REPORT ON CITY INVESTMENTS
CITY MGR: -+ DEPT. TRS 4 AS OF APRIL 30,1998
cm*%
AB# 14- DEPT. . m:
RECOMMENDED ACTION:
Accept and file report. 1 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 April 30, 1998 is as follows:
Investment Portfolio (Cash and Securities)
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I Current Month Prior Month
Par Value
233,770,644 240,248,117 Amortized Cost (1)
233,764,214 240,202,063 Cost of Investments
233,401,772 240,387,682
Market Value (2) 240,651,156 234,114,065
(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 04/30/98.
Year-to-Date *
* The cash income received is adjusted for any accrued interest purchased.
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PAGE TWO OF AGENDA BILL NO. I? 6 32,
ll Investment Performance
I Average Life
{Years) Average Yield
February 1998
5.859 1.46 April 1998
5.869 1.47 March 1998
5.889 1.46
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 sc
investments not being in compliance with the current policy. These events are typically a changl
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.
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. Second 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
10. Investments Held Separately - Quarterly Report
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Reconciliation of Fund Source to Investment Portfolio
AS OF APRIL 30,1998
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
7,262,749
3,792,497
20,010,357
5,721,890
63,717,363
Total
29,968,335
35,430,245
1,645,203
1,989,673
Total
28,965,545
16,713,862
1,118,602
100,504,856
69,033,456
10,702,828
0
9,004,548
0
Total General Ledger Balance ** 236,043,697
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(54,495)
4,212,862
Total adjustments 4,158,366
Total Treasurer's Investment Portfolio 240,202,063
0 e CITY OF CARLSBAD INVESTMENT PORTFOLIO Exhil
AS OF APRIL 30,1998
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, TREAS
ASSOC CORP 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
HARVARD UNIVERSITY
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
HEWLETT-PACKARD
AA2
AA3
AA3
AA3
AA2
AAA
AA3
AA3
AA2
"
AAA
AAA
AA2
AA3
AA2
AA3
AAl
AA3
AA3
AA3
AAA
AA3
AA3
AA3
AA-
AA-
AA-
AA-
"
AAA
A- 1+
AA-
AA
AAA
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)
(Ratings of other debt must be AA or better by both Moodv'sand S&P)
GENERAL ELECTRIC CAPITAL Al+ PI Other Debt: MAAA GREENWICH FUNDING Al+ P1 Other Debt:
MERRILL LYNCH Al+ P1 Other Debt: AA3/AA-
GOTHAM FUNDING A- 1 P1 Other Debt:
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
Moody's - S&P Date Purchased E - Value
DONNELEY Al A+ 12/01/00 AA3/AA- 1,079,864 1,070,900
DUKE ENERGY AA3 A+ 04/01/99 AA2JAA- 2,015,997 2,026,760
* 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.
CIT a CARLSBAD INVESTMENT PORTFOLIO a Exhil
AS OF APRIL 30,1998
PERCENTAGE WEIGHTiNGS BY CORPORATE NOTE ISSUER
ABBEY NATL TRBAS
ASSOCIATES COW NA
AT &T
BANCONE
CENTRAL ILLINOIS LT
DETROlT SEWR
DONLLY
DUKEPOWER
FCC NATIONAL. BANK
FIRST USA BANK
FIRST NATIONAL. BANK
FORD MOTORS CREDIT
FR4NKLIN UNVL TRUSTS
GENERAL ELECTRIC CAPITAL CORP (CP)
GWEUL ELECTRIC CRRD'A'
GOTHAM FUNDING (CP)
GREENWICH FUNDING (CP)
HARvARDuNIvERslTY
HEWLETT-PACKARD
KAISER FOUD HSP
KENTUCKY UTILITIES
MEW LYNCH (includes CP)
MORGAN GUARANTY
NATTONAL RURAL UTLlTIES
NORWEST
OKLAHOMA GAS & ELECTRIC
PEFCO
SOU"€ERN CALIF ED
SOUTHWESTERN BELL
ST PAUL CO
TRAVELERS GROUP 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
3,893,086.67
4,803,315.44
1,353,744.24
1,011,080.00
954,188.00
2,024,340.00
8,360,331.83
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*
0.47%
4.19%
0.85%
0.83%
0.42%
0.42%
0.48%
0.85%
0.41%
0.85%
0.85%
0.39%
0.42%
0.81%
3.79%
1.62%
2.00%
0.56%
0.42%
0.40%
0.84%
3.48%
0.83%
0.83%
4.48%
0.42%
0.43%
0.42%
1.28%
0.85%
0.46%
Total Porlfolio
*No more than 5% may bo invested with a single issue.
$240,202,063.30
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