HomeMy WebLinkAbout1998-12-01; City Council; 14951; REPORT ON CITY INVESTMENTS AS OF OCTOBER 31, 1998CI T? OF CARLSBAD -AGENDA BILL 0 37 (3
AB# 1- TITLE:
MTG. REPORT ON CITY INVESTMENTS
AS OF OCTOBER 31,1998 DEPT. TRS 1 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 pooled investment portfolio. A quarterly report is al!
required for the investments of bond proceeds held separately.
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In summary, the City’s pooled investment portfolio as of the month ended October 31, 19!
is as follows:
Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value
Cost of Investments
268,243,341 272,706,947
271,024,096 275,527,954 Market Value (2)
268,544,243 273,265,208 Amortized Cost (1)
268,233,386 272,994,392
(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 10/31/98.
Month FYVD
* The cash income received is adjusted for any accrued interest purchased.
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PAGE TWO OF AGENDA BILL NO. 14, 9 5 (
I li Pooled Investment PerformanceIMeasurement
I Average Life
[Years) Modified Duration Average Yield
August 1998
1.10 5.85% 1.32 September 1998
1.10 5.88% 1.34
October 1998 1.11 5.79% 1.43
All pooled investments have been made in accordance with the City’s Investment Policy ador
January 2, 1985 and last revised September 8, 1998. All investments were initially mad6
accordance with the City’s Investment Policy. Events subsequent to the purchase might h
resulted in some investments not being in compliance with the current policy. These events
typically a change in the City’s Investment Policy or a change in the credit rating subsequent t
purchase. See Exhibit 8 for details.
The pooled investment portfolio has the ability to meet the City’s cash flow demands for the next
(6) months.
EXHIBITS FOR POOLED INVESTMENTS:
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. Fourth Quarter Transactions
6. Detailed 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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R
E e U - r w
0 e Exhib
Reconciliation of Fund Source to Investment Portfolio
AS OF OCTOBER 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
7,922,238
4,116,898
6,314,654
10,050,316
5,331,017
55,610,636
2,544,011
24,694,538
Total
32,905,641
39,784,299
1,896,464
3,924,232
Total
31,560,965
21,588,266
830,022
116,584,307
78,510,636
11,064,154
0
11,872,498
0
Total General Ledger Balance ** 272,010,848
Amortization of discounts and premiums
Deposits in transit
Outstanding checks
Wire in/(out) not recorded
Other
Net adjustments per bank statement
(57,810)
1,041,354
Total adjustments 983,544
Total Treasurer's Investment Portfolio 272,994,392
(1) Redevelopment Fund Balances are interspersed throughout all funds. (_,,,, ,. ,,., ~~,~~~?~~.", _," ., ,,. , , , "" .".".",","",~ ,,,. ,.., . _, . ,, , ,, , ~~~~~~~~~a~~~~~9~~g~~~~~~~~~~
0 @ CITY OF CARLSBAD INVESTMENT PORTFOLIO
Exhib
AS OF OCTOBER 31,1998
CORPORATE NOTEAND COMMERCIAL PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moodv'sand S&P)
Moody's S&P -
ABBEY NATIONAL TREAS
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
HARVARD UNIVERSITY
J P MORGAN
KENTUCKY UTILITIES
MERRILL LYNCH
MORGAN GUARANTY
NATIONAL RURAL UTILITIES
NORWEST
OKLAHOMA GAS & ELECT
SOUTHWESTERN BELL
TRAVELERS GROUP INC
WAL MART
HEWLETT-PACKARD
AA2
AA3
AA3
AA3
AA2
AA3 AA3
AA2
AA2
AA2
AAA
AAA
AA2
AA3
AA2
AA3
AA2
AA3 AA3
AA3
AA3
AA2
AA2
" *
AA-
AA-
AA
AA-
AA- AA-
AA- AA-
AA
ABA
AAA
AA+
AA
AA
AA
AA+
AA
AA-
AA-
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 Moody'sand S&P)
GREENWICH FUNDING Al+ P1 Other Debt:
MERRILL LYNCH Al+ P1 Other Debt: AA3/AA-
SALOMON SMITH BARNEY AI 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 Al 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- 1,064,406 1,080,230
KAISER FOUND HSP A3 A 11/01/01 M/AA 934,639 955,063
ST PAUL CO AI A+ 08/13/01 AA3/AA 1,003,095 1,034,420
* One rating is listed for this investment 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@ OF cmLsBm mwsmmm mmFoLm e ExhiI
AS OF OCTOBER 31,1998
PERCENTAGE WIGHnNGS BYCORPORATE NOTE ISSUER
ABBEY NATL. !I!FUlA!3
ASSOCIATES CORPNA
AT&T
BANC ONE
CENTRAL ILLINOIS LT
DONNELLY
DUKEPOWER
DUPONT
FCC NATIONAL BANK
FIRST USA BANK
Investment Cost
1,124,595.00
11,073,721.00
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
Percent of Portfolio"
0.41%
4.06%
0.75%
0.92%
0.37%
0.42%
0.75%
0.43%
0.36%
0.75%
FIRST NATIONAL BANK
FORD MOTORS CFCDIT
GENERAL ELECTRIC CREDIT
GREENWICH FUNDING (CP)
mvm UNIVERSITY
€BWLETT-PACKARD
J.P. MORGAN
KAISER FOUD HSP
KENTUCKY UTIL,TIlES
MERRILL LYNCH (includes CP)
MORGAN GUARANTY
NATIONAL RURAL. UTIL,ITIES
NORWEST
OKLAHOMAGAS &ELECTRIC
SALOMON SMITE3 BARNEY (CP)
SOUTHWESTERN BELL
ST PAUL CO
TRAWLERS GROUP INC
WALMART
Total Portfolio
* No more than 5% may be invested with a single issue.
4,040,400.00
945,870.00
1z,111,090.00
4,803,315.45
1,353,744.24
1,011,080.00
999,720.00
954,187.50
2,024,340.00
12,704,476.24
1,995,580.00
3,049,940.00
10,756,869.00
1,012,500.00
2,933,929.17
3,084,830.00
1,004,920.00
1,105,341.85
1,522,920.00
1.48%
0.35%
4.44%
1.76%
0.50%
0.37%
0.37%
0.35%
0.74%
4.65%
0.73%
1.12%
3.94%
0.37%
1.07%
1.13%
0.37%
0.40%
0.56%
$272,994,391.71