HomeMy WebLinkAbout1998-09-08; City Council; 14833; REPORT ON CITY INVESTMENTS AS OF JULY 31, 1998F
ClT P OF CARLSBAD - AGEND d) BILL
AB# 14,833 TITLE:
MTG. 9/8/98 REPORT ON CITY INVESTMENTS
AS OF JULY 31,1998
CITY ATTY: m
CITY MGR: & -4 DEPT. TRS
RECOMMENDED ACTION:
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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 July 31, 1998 is as follows:
Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
252,207,413 253,131,399 Amortized Cost (1)
252,094.308 252,944,410 Cost of Investments
252,144,072 253,007,906
Market Value (2) 253,684,681 252,800,819
~~ ~ ~~ ~~~
(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 07/31/98.
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* The cash income received is adjusted for any accrued interest purchased.
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PAGE TWO OF AGENDA BILL NO. 149833
Investment Performance
Average Life
(Uears) Average Yield
I I May 1998 5.83% 1.44
June 1998 5.88% 1.40
July 1998 5.89% 1.34
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 \
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 changc
the City’s Investment Policy or a change in the credit rating subsequent to a purchase. See Ext
8 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. Third 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 JULY 31,1998
Cash Balance by Fund:
General
Special Revenue
Debt Service
Capital Projects:
General Capital Construction
Traffic Impact Fees
Public Facilities Fees
Park Development
Transnet Taxes
Drainage Fees
Special Districts
Other Capital Construction
Enterprise:
Carlsbad Municipal Water District
Sewer Fund
Solid Waste
Golf Course
Internal Service
Redevelopment Funds (1) Agency Funds
Misc. Special Funds
7,658,935
3,943,925
22,318,311
6,017,884
6,172,622
5,068,587
49,565,272
5,026,798
Total
30,572,646
37,977,018
1,746,494
4,487,608
Total
30,406,833
19,324,273
1,283,579
105,772,333
74,783,766
10,546,318
0
I I ,368,894
0
Total General Ledger Balance H 253,485,996
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(61,244)
(480,342)
Total adjustments (541,586)
Total Treasurer's Investment Portfolio 252,944,410
(1) Redevelopment Fund Balances are interspersed throughout all funds. ~,~"i.~,~,,~~~~~rr-,~,,~~~~~~~ p,m ,,,,,, g ,ww i*ll ""<18'1;"-~ ,, .,. , " . * I,,,,,,,, ,-,, ~,~.>T~v,$*v.~, , ,,_ p, ~~~~~~e~~~~~a~~~~me~r~-~~ run. pri 8!~7~98~~~~~~~,:~, ;:$j$
CITY 9 CARLSBAD INVESTMENT PORTFOLIO 0 Exhil:
AS OF JULY 31,1998
CORPORATE NOTE AND COMMERCIAL PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratings must be AA or better bv both Moody'sand S&P)
Moody's S&P -
ABBEY NATIONAL TREAS AA2
ASSOC CORP OF N A
" *
AA3 AA- AT& T AA3 hh-
BANC ONE AA3 AA-
CENTAL ILLINOIS LT AA2 AA-
DUKE ENERGY AA3
DUPONT
AA-
AA3 AA- FCC NATIONAL BANK AA3 AA-
FIRST NATIONAL BANK AA3
FIRST USA BANK
AA-
AA2 AA
FRANKLIN UNVI, TRUST " * AAA
GENERAL ELECTRIC CREDIT AAA AAA
HARVARD UNIVERSITY AAA AAA
J P MORGAN AA2 AA
KENTUCKY UTILITIES AA2 AA MERRILL LYNCH AA3 AA-
NATIONAL RURAL UTILITIES AA3 AA
NORWEST AA3 AA-
OKLAHOMA GAS & ELECT AA3 AA-
PEFCO AAA AAA
SOUTHWESTERN BELL AA3 AA
ST PAUL CO AA3 AA
TRAVELERS GROUP INC AA3 AA-
HEWLETT-PACKARD AA2 AAi
MORGAN GUARANTY AAI AAA
Commercial Paper Investments Meeting the Current Investment Policy:
(Ratings must be Alp1 or better by both Moody'sand $&P)
(Ratings of other debt must be AA or better by both Moodv'sand S&P)
GREENWICH FUNDING AI+ PI Other Debt:
MERRILL LYNCH AI+ PI Other Debt AA3lAA-
GOTHAM FUNDING A1 PI Other Debt:
Investments Made Under a Previous Investment Policv (Ratings must be A or better) Prior to 2/13/96
Moody's S&P -
FORD MOTORS CREDIT AI A
Investments with Subsequent Changes in Credit Rating **
Maturity Carrying Market
Moodv's M - Date Purchased Value Value
DONNELLY AI A+ 12/01/00 AA3/AA- 1,072,135 1,066,830
KAISER FOUND HSP A3 A 01/11/00 AA3/AA 939,609 948,273
ST PAUL CO A1 A+ 08/27/98 AA3lAA 1,001,573 1,001,590
ST PAUL CO AI A+ 08/13/01 AA3/AA 1,003,373 1,016,800
* One rating is listed for each of these investments because the company chose to pay for only one rating agency.
** 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 ofthe City Treasurer to hold these assets in the portfolio until maturity unless events
indicate they should be sold.
C a F CARLSBAD INVESTMENT PORTFOLIO 0 Exhil:
AS OF JULY 31,1998
PERCENTAGE W73IGHlEVGS BY CORPORATE NOTE ISSUER
ABBEY NATL TREAS
ASSOCIATES COW NA
AT&T
BANCONE
CENTRAL ILLINOIS LT
DOWLLY
DUKEPOWER
DUPONT
FCC NATIONAL BANK
FIRSTUSA BANK
FIRST NATIONAL BANK
FORD MOTORS CREDIT
FRANKLIN UNVL TRUSTS
GENERAL ELECTRIC CREDIT
GOTHAMFUNDING (CP)
GREENWICH FUNDING (CP)
HARVARD UNIVERSITY
HEWLETT-PACKARD
LP.MORGAN
KAISER FOUD HSP
KENTUCKY UTILITIES
MERFULL LYNCH (includes CP)
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
OKLAHOMA GAS & ELECTRIC
PEFCO
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
1,145,610.00
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
12,111,090.00
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
3,084,830.00
2,042,260.00
1,105,341.85
Percent of Portfolio"
0.44%
3.98%
0.81%
0.79%
0.40%
0.45%
0.81%
0.46%
0.39%
0.81%
0.81%
0.37%
0.39%
4.79%
1.54%
1.90%
0.54%
0.40%
0.40%
0.38%
0.80%
3.31%
0.79%
0.79%
4.25%
0.40%
0.41%
1.22%
0.81%
0.44%
Total Portfolio
* No more than 5% may be invested with a single issue.
$252,944,409.92