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Home My WebLink About1999-01-05; City Council; 14991; Report On City Investments November 30, 1998. . P 9 & a % . . e 2 $ 2 0 ._ CITY OF CARLSBAD -AGENDA BILL AB# w,qor TITLE: MTG. I- 5 ?? REPORT ON CITY INVESTMENTS DEPT. TRS AS OF NOVEMBER 30,1998 RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: %te City’s Investment Policy requires the City Treasurer to report to the City Council on a monthly basis the status of the City’s pooled investment portfolio. A quarterly report is also required for the investments of bond proceeds held separately. In summary, the City’s pooled investment portfolio as of the month ended November 30, 1998 is as follows: Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 275,506,131 272,706,947 Cost of Investments 276,016,851 272,994,392 Amortized Cost (1) 276,151,108 273,265,208 Market Value (2) 277,779,152 275,527,954 II Pooled Investment Interest Income II Cash Income Fiscal Year-to-Date * Current Month FYTD 6,214,078 Prior Month FYTD 5,193,918 Current Month Income 1,020,160 * The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. j q, 99 I Pooled Investment Performance/Measurement September 1998 Average Life lYears) 1.32 Average Yield 5.85% Modified Duration 1.10 October 1998 1.43 5.79% 1.11 November 1998 1.40 5.76% 1.09 All pooled investments have been made in accordance with the City’s Investment Policy adopted January 2, 1985 and last revised September 8, 1998. All investments were initially made in accordance with the City’s Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the City’s Investment Policy or a change in the credit rating subsequent to a purchase. See Exhibit 8 for details. The pooled investment portfolio has the ability to meet the City’s cash flow demands for the next six (6) months. EXHIBITS FOR POOLED INVESTMENTS: 1. 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 Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Average Yield Exhibit 1 8 d 8 d 0 0 0 0 0 2 Exhibit 2 9 e 0; m T i= d 8 h 0 0 ,” m n % n 5 % 0 0 0 01 0 0 0 0 0 Exhibit 3 d PJ a E L4 > 0 z k a i!! N4 LU, t t -Y -7 -k -a -5 -7 -5 -0 -=s -7 -k -a -6 -: -5 -0 5 Exhibit 4 Exhibit 5 888 ddd s 8-S 8- 888 f 000 00. w- d ci a oomu, 99-Y? f 5382% 2 (Vwor y In- oi d la- Ul)a)ON YOBOW ii! G d $ 8888 dddd ? 8888 z o- d o- o- - 0000 g NO00 ; ; u-i - s Exhibit 6 Exhibit 7 Reconciliation of Fund Source to Investment Portfolio AS OF NOVEMBER 30,199E 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 Total General Ledger Balance H 275,423,905 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other Net adjustments per bank statement (39,167) 632,113 Total adjustments 592,946 Total Treasurer’s Investment Portfolio 276,016,651 Total 7,854,009 4,173,937 25,226,945 6,393,524 10,662,483 5,580,889 57,834,336 2,367,540 Total 34363,026 40660,126 1,929,220 3,937,167 31,230,780 19,579,306 877,699 120,093,662 80,289,539 11,379,746 0 11,973,173 0 (I) Redevelopment Fund Balances are interspersed throughout all funds. Exhibit 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30,1998 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meetlng the Current Investment Policy: @Wings must be AA or better bv both Moody’sand S&P1 ABBEY NATIONAL TREAS ASSOC CORP 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 HEWLETT-PACKARD J P MORGAN KENTUCKY UTILITIES MERRILL LYNCH MORGAN GUAR4NTY NATIONAL RURAL UTILITIES NORWEST OKLAHOMA GAS & ELECT SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP MC WALMART Moodv’s AA2 AA3 AA3 AA3 AA2 AA3 AA3 AA2 AA2 AA2 Ahi AAA AA2 AA3 AA2 AA3 AA2 AA3 AA3 AA3 AA3 AAA AA2 AA2 s%p -- * AA- AA- AA AA- AA- AA- AA- AA- AA AAA AAA AA+ AA AA AA AA+ AA AA- AA- AA AA1 AA- AA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/P1 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+ SALOMON SMITH BARNEY Al PI PI Other Debt: Other Debt: AA3lA Investments Made Under a Previous Investment Policv (Ratings must be A or better) Prior to 2/13/96 FORD MOTORS CREDIT Moodv’s s%p Al A Investments with Subsequent Changes in Credit Ratine l * Maturity Carrying Market Moodv’s s&p m Purchased e m DONNELLY Al A+ 12/01100 AZWAA- 1,061,830 1,071,250 KAISER FOUND HSP A3 A 11/01/01 AA3AA 932,982 947,02 1 ST PAUL CO Al Ai 08/13/01 AA3lAA 1,003,002 1,027,020 * 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’h g OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30,199s PERCENTAGE WEIGHlTNGS BY CORPORATE NOTE ISSUER ABBEYNATLTREAS ASSOCIATES CORP NA AT&T BANC ONE CBNI’RAL, ILLINOIS LT DONNELLY DUKEPOWER DUPONT FCC NATIONAL BANK FlRSTUSA BANK FIRST NATIONAL BANK FORD MOTORS CREDIT GBNERALBLBCTRIC CREDIT GRDNUWHFUNDING (CP) HARvARDIJNIvERsrIY HEWLJXTT-PACKARD J.P. MORGAN KAISER FOUD HSP KBNTUCKY-s MERRlLLLYNCH (inchIdea CP) MORGAN GUARANTY NATIONALRURALUIWTlES NORWEST OKLAHOMA GAS & ELECTRIC SALOMON SMITHBARNEY (CP) SOUTIWESTERNBELL ST PAUL CO TOYOTA mvBL.ERs GROUPING WALMART Investment Cost 1,124,595.00 11,073,721.00 5044,620.OO 2,504,125.00 1,014,650.00 1,145,610.00 2,048,020.00 1,168,073.48 975,690.OO 2,039,195.00 4,a4O,400.00 945,870.OO 12,111,090.00 4,803,315.45 1,353,744.24 1,011,080.00 999,720.OO 954,187.50 2,024,340.00 7,879,330.39 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 5015800.00 1,105,341.85 1,522,920.00 Exhibit 9 Percent of Portlolio’ 0.41% 4.01% 0.74% 0.91% 0.37% 0.42% 0.74% 0.42% 0.35% 0.74% 1.46% 0.34% 4.39% 1.74% 0.49% 0.37% 0.36% 0.35% 0.73% 2.85% 0.72% 1.10% 3.90% 0.37% 1.06K 1.12% 0.36% 0.73% 0.40% 0.55% Total Portfolio $'276,016,851.29 *Nomorethan5%maybcinve.tedwithasingleissue.