HomeMy WebLinkAbout1998-07-07; City Council; 14747; REPORT ON CITY INVESTMENTS AS OF MAY 31, 1998t
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CIT P OF CARLSBAD - AGEND 9 BILL
AB# 4- TITLE; U PEPT, HP; - -
MTG. 7/7/98 REPORT ON CITY INVESTMENTS CITY Am: fi
DEPT. TRS AS OF MAY31 , 1998 CITY MGR:a
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 May 31 , 1998 is as follows:
Investment Portfolio (Cash and Securities)
I Current Month Prior Month
Par Value 240,387,682 247,562,652
Cost of Investments
240,248,117 247,559,450 Amortized Cost (1)
240,202,063 247,453,885
Market Value (2) 240,651,156 248,043,524
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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 05/29/98.
Interest Income
Current
Current
Income Month FYTD Month FYTD
Month Prior
Cash Income Fiscal 953,393 10,684,803 1 1,638,196
Year-to-Date *
* The cash income received is adjusted for any accrued interest purchased.
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PAGE TWO OF AGENDA BILL NO.
Investment Performance
Average Life
(Years) Average Yield
March 1998
April 1998
5.869 1.47
5.839 1.44 May 1998
5.859 1.46
I I I
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 I
the City’s Investment Policy. Events subsequent to the purchase might have resulted in s(
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 Ex1
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
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Reconciliation of Fund Source to Investment Portfolio
AS OF MAY 31,1998
Cash Balance by Fund:
General
Special Revenue
Capital Projects:
Oebf Service
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
6,974,225
3,886,410
20,746,553
5,828,493
65,879,907
Total
28,881,824
37,051,717
1,650,162
1,884,616
Total
33,734,058
17,625,092
1,228,217
103,315,589
69,468,319
10,540,527
0
10,108,111
0
Total General Ledger Balance ** 246,019,913
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Other
Net adjustments per bank statement
Wire in/(out) not recorded
(70,892)
1,504,864
CIT Jb F CARLSBAD INVESTMENT PORTFOLIO 0 Exhil
AS OF MAY 31,1998
CORPORATE NOTE AND COMMERCLA L PAPER RA TINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratiues must be AA or better by both Moody'saud S&P)
ABBEY NATIONAL TREAS
ASSOC COW OF N A
AT& T
BANC ONE
CENTAL ILLINOIS LT
DETROIT SEWER
DUF'ONT
FCC NATIONAL BANK
FIRST NATIONAL BANK
FIRST USA BANK
FRANKLIN UNVL TRUST
GENERAL ELECTRIC CREDIT
HARVARD UNIVERSITY
HEWLETT-PACKARD
J P MORGAN
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
Moody's
AA2
AA3
AA3
AA3
AA2
AAA
AA3
AA3
AA3
AA2
"
AAA
AAA
AA2
AA3
AA3
AA2
AA3
AAl
AA3
AA3
AA3
AAA
AA3
AA3
AA3
- S&P
AA-
AA-
AA-
AA-
"
AAA
AA-
A- 1+
AA-
AA
AAA
AAA
AAA
AA+
AA
AA
AA
AA-
AAA
AA
AA-
AA
AAA
AA AA
AA-
Commercial Paper Investments Meeting the Current Investment Policy:
(Ratings must be AIR1 or better by both Moody'saud S&P)
(Ratings of other debt must be AA or better by both Moodv'sand S&P)
GENERAL ELECTRIC CAPITAL Al+ PI Other Debt: AMAAA
GREENWICH FUNDING Al+ PI 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 '41 A+
Investments with Subsequent Changes in Credit Rating *
Maturity Carrying Market
Moody's - S&P Date Purchased Value - Value
DONNELLY A1 A+ 12/01/00 AA3/AA- 1,077,287 1,070,480
DUKE ENERGY AA3 A+ 04/01/99 AA2/AA- 2,014,543 2,024,940
* 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 dD CARLSBAD INVESTMENT PORTFOLIO e Exhib
AS OF MAY 31,1998
PERCENTAGE WEIGHTlNGS BY CORPORATE NOTE ISSUER
ABBEY NATL TREAs
ASSOCIATES CORPNA
AT&T
BANCONE
CENTRAL ILLINOIS LT
DETROIT SEWER
DONNELLY
DUKEPOWER
DUPONT
FCC NATIONAL BANK
FIRST USA BANK
FIRST NAnONAL BANK
FORD MOTORS CReDIT
FRANKLIN UNVL TRUSTS
GENERAL ELECTRIC CAF'ITAL COW (CP)
GENERAL ELECTRIC CREDIT
GOTHAM FWING (CP)
GREENWICH FUNDING (CP)
HARVm UNIVERSITY
HEWLETT-PACKARD
J.P. MORGAN
KAISE FOUD HSP
KENTUCKY mms
MERRLL LYNCH (includes CP)
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
OKLAHOMA GAS & ELECTRIC
PEFCO
SOUTHERN CALIF ED
SOUTHWESTERNBELL
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
1,168,073.48
975,690.00
2,039,195.00
2,042,280.00
945,870.00
998,750.00
1,944,737.24
10,107,650.00
3,893,086.67
4,803,315.44
1,353,744.24
1,011,080.00
999,720.00
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'
0.45%
4.07%
0.83%
0.81%
0.41%
0.41%
0.46%
0.83%
0.47%
0.39%
0.82%
0.83%
0.38%
0.40%
0.79%
4.08%
1.57%
1.94%
0.55%
0.41%
0.40%
0.39%
0.82%
3.38%
0.81%
0.81%
4.35%
0.41%
0.42%
0.40%
1.25%
0.83%
0.45%
Total Portfolio
*No more than 5% may be invested with a single issue.
$247,453,884.83