HomeMy WebLinkAbout1998-11-10; City Council; 14916; REPORT ON CITY INVESTMENTS AS OF SEPTEMBER 30, 19989 !P -57 I
CIT OF CARLSBAD - AGEND BILL
AB# 1% m:
MTG. //k/o- 7s REPORT ON CITY INVESTMENTS
AS OF SEPTEMBER 30,1998 DEPT. TRS CITY MGRa
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I 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 t
Council each month on the investments held,
In summary, the City’s investment portfolio as of September 30, 1998 is as follows:
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Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
265,183,183 271,024,096 Market Value (2)
263,848,837 268,544,243 Amortized Cost (1)
263,563,021 268,233,386 Cost of Investments
263,640,800 268,243,341
(I) 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 09/30/98.
Year-to-Date *
* The cash income received is adjusted for any accrued interest purchased.
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PAGE TWO OF AGENDA BILL NO. j 4, 91 b
I II Investment PerformancelMeasurement
I Average Life
(Years) Modified Duration Average Yield
July 1998 1.09 5.89% 1.34
August 1998 1.10 5.88% 1.34
September 1998 1.10 5.85% 1.32
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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 8, 1998. All investments were initially made in accordance \i
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 changl
the City’s Investment Policy or a change in the credit rating subsequent to a purchase. See Ex1
8 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.
Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Aver;
Yield
Investment Portfolio Breakdown Of Maturities
Yield Comparison Graph
Cumulative Cash Income Graph
Third Quarter Transactions
Investment Report
Reconciliation of Fund Source to Investment Portfolio
Corporate Note and Commercial Paper Ratings
9. Percentage Weightings By Corporate Note Issuer
IO. Investments Held Separately - Quarterly Report
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Reconciliation of Fund Source to Investment Portfolio
AS OF SEPTEMBER 30,1998
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
8,024,224
4,172,655
23,964,265
6,252,206
10,049,674
55,351,707
2,229,756
5,152,806
Total
32,569,731
39,056,264
I ,828,549
3,910,120
Total
30,817,413
21,661,153
760,370
1 15,197,293
77,364,663
10,971,455
0
11,071,169
0
Total General Ledger Balance H 267,843,517
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(57,358)
447,228
Total adjustments 389,870
Total Treasurer's Investment Portfolio 268,233,386
(1) Redevelopment Fund Balances are interspersed throughout all funds. *~~~ , ~ ,,^~~ i-"~,, "_ ~.~~~ ~~~~,~, wg",-, ~,?^""l-l'--"-r", Iv..!cv*-?"-" ~~~~~~~~~~~~~~~~~~~~~~~~~pn.lp~~~~, ,'2,<*42&2?.*
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e e CITY OF CARLSBAD INVESTMENT PORTFOLIO Fzhib
AS OF SEPTEMBER 30,1998
CORPORATE NOTEAND COMMERCLAL PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moody'sand S&P)
ABBEY NATIONAL TEAS
ASSOC COW OF N A
AT&T
BANC ONE
CENTAL ILLINOIS LT
DUKE ENERGY
DUPONT
FCC NATIONAL BANK
FIRST NATIONAL BANK
FIRST USA BANK
GENERAL ELECTRIC CREDIT
MRVARD UNIVERSITY
HEWLETT-PACKARD
J P MORGAN
KENTUCKY UTILITIES
MERRILL LYNCH
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
OKLAHOMA GAS & ELECT
PEFCO
SOUTHWESTERN BELL
TRAVELERS GROUP INC
Moody's
AA2
AA3
AA3
AA3
AA2
AA3
AA3
AA2
AA2
AA2
AAA
AAA
AA2
AA3
AA2
AA3
AA2
AA3
AA3
AA3
AAA
AA3
AA2
- S&P
" *
AA-
AA-
AA
AA-
AA-
AA-
AA-
AA-
AA
AAA
AAA
AA+
AA
AA
AA
AA+
AA
AA-
AA-
AAA
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 Moody'saud S&P)
GREENWICH FUNDING Al+ P1 Other Debt:
MERRILL LYNCH Al+ P1 Other Debt: AA3/AA-
GOTHAM FUNDING AI+ P1 Other Debt:
SALOMON SMITH BARNEY A1 P1 Other Debt: AA3/A
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 AI 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- 1,066,982 1,079,000
KAISER FOUND HSP A3 A 11/01/01 AA3/AA 936,296 965,965
ST PAUL CO A1 A+ 08/13/01 AA3/AA 1,003,187 1,035,770
* 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 of the City Treasurer to hold these assets in the portfolio until maturity unless events
indicate they should be sold.
CI m!l F CARZXBAD INVESTMENT PORTFOLIO 0 Exhib
AS OF SEF'TEMBER30,1998
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
ABBEY NATL %AS
ASSOCIATES COW NA
AT&T
BANCONE
CENTRAL ILLINOIS LT
DONNELLY
DUKEPOWER
DUPONT
FCC NATIONAL BANK
FIRST USA BANK
FIRST NATIONAL BANK
FORD MOTORS CREDIT
GENERAL ELECTRIC CREDIT
GOTHAMFUNDING (CP)
GREENWICH FUNDING (CP)
HARVARD UNIVERSITY
HEWLETT-PACKARD
J.P. MORGAN
KAISER FOUD HSP
KENTUCKY UTILITIES
MERRILL LYNCH (includes CP)
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
OKLAHOMA GAS &ELECTRIC
PEFCO
SALOMON SMITH BARNEY (CP)
SOuTHweSTERN BELL
ST PAUL CO
TRAmLERS GROUP INC
Investment Cost
1,124,595.00
11,073,721 .OO
2,044,620.00
2,504,125.00
1,014,650.00
1,145,610.00
2,048,020.00
1,168,073.48
975,690.00
2,039,195.00
4,040,400.00
945,870.00
12,111,090.00
3,893,086.67
4,803,315.45
1,353,744.24
1,011,080.00
999,720.00
954,187.50
2,024,340.00
12,704,416.24
1,995,580.00
1,996,920.00
10,756,869.00
1,012,500.00
1,028,437.50
2,933,929.17
3,084,830.00
1,004,920.00
1,105,341.85
Percent of Portfolio*
0.42%
4.13%
0.76%
0.93%
0.38%
0.43%
0.76%
0.44%
0.36%
0.76%
1.51%
0.35%
4.52%
1.45%
1.79%
0.50%
0.38%
0.37%
0.36%
0.75%
4.74%
0.74%
0.74%
4.01%
0.38%
0.38%
1.09%
1.15%
0.37%
0.41%
Total Portfolio
* No more than 5% may be invested with a single issue.
$268,233,386.33
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