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Home My WebLink About1999-05-04; City Council; 15161; Report On City Investments March 31, 1999CITb OF CARLSBAD - AGENDA BILL AB# I$lbl TITLE: MTG. 5-y-9 7 REPORT ON CITY INVESTMENTS DEPT. TRS AS OF MARCH 31,1999 RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: CITY MGR: q The 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. The City’s pooled investment portfolio as of the month ended March 31, 1999 is as follows: (1) Of the $284 million in the investment portfolio, $38 million are General Fund dollars. The balance of the funds are restricted for various purposes. See Exhibit 7 for a breakdown of fund equities in the investment pool. (2) The cost of investments adjusted for amortized premiums and discounts. (3) The amount at which the investments could be sold. Source of market values is Union Bank of California’s custodial report as of 3131199. Pooled Investment Interest Income Cash Income Fiscal Year-to-Date l Current Month FYTD 10,683,170 Prior Month FYTD 9,637,096 Current Month Income 1,046,075 l The cash income received is adjusted for any accrued interest purchased. - PAGE TWO OF AGENDA BILL NO. Is, 16 / Pooled Investment Performance/Measurement January 1999 February 1999 March 1999 Average Life (Years) 1.32 1.41 1.54 Average Yield Modified Duration 5.64% 1.03 5.62% 1.24 5.63% 1.36 All pooled investments have been made in accordance with the City’s Investment Policy adopted January 2, 1985 and last revised February 16, 1999. 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. In summary, the City’s investments of bond proceeds held separately as of the quarter ended March 31, 1999 is as follows: Investment Portfolio for Bond Proceeds All investments of bond proceeds have been made in accordance with the City’s Investment Policy and the trust indenture for each issue. EXHIBITS FOR POOLED INVESTMENTS: 1. 2. Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Average Yield Investment Portfolio Breakdown Of Maturities PAGE THREE OF AGENDA BILL NO. /s;/6 1 EXHIBITS FOR POOLED INVESTMENTS (continued): 3. Yield Comparison Graph 4. Cumulative Cash Income Graph 5. First Quarter Transactions 6. Detailed Investment Report 7. Fund Equity in Pooled Investments 8. Corporate Note and Commercial Paper Ratings 9. Percentage Weightings By Corporate Note Issuer EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: 10. Detailed Investment Report - Quarterly Report EXHIBIT 1 is 4 52 0 0 0 0 0 e 8 d 8 d 0 0 0 0 0 2 EXHIBIT 2 0 0 s W W” 3 W^ EXHIBIT 3 k a +LL xzi w, t t -5 -7 -5 -0 3 -7 -k -a -5 -7 3 -0 -3 -7 -& -a -k -\ 3 -0 3 -7 -2 -a 2 -S -5 -0 EXHIBIT 4 b . l s * \ * s \ L k a c 1 5 0 3 EXHIBIT 5 7584888 og3Ezz: m- 0 ml- ; al- .-* m’ r-I..-r-m-r rCVmr-co(DN 2%2,,,, mmmm tftELzE l?l2liiifi e 15 ge I I % C I fil p1 - u 1 8 g 1 g 3 % f ej t u i =S Jb I I 1 1 1 ti 4 % i- $il - EXHIBIT 6 EXHIBIT 7 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 Fund Equity in Pooled Investments AS OF MARCH 31,1999 Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance n 287,288,808 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other 44,000 Net adjustments per bank statement (3,267,456) Total adjustments (3,223,457) Total Treasurer’s Investment Portfolio 284,066,361 Total 6,146,345 2.920,034 27.899,058 6,826,474 13.289,725 5,866,986 56547,168 551,762 Total 35.236,034 42.826,474 2,152,827 3,806,352 38,074,566 20,572,235 1,052,029 120,047,552 84,021,687 1 I ,828,234 0 11,692,505 0 (1) Redevelopment Fund Balances are interspersed throushout all funds. /3 EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31,1999 CORPORATE NOTE AND COMMERCL4L PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratlnes must be AA or better by both Moodv’s and S&P) AMERJTECH CAP ASSGC CORP OF N A CENlX4L ILLINOIS LT BAYER CORP BAYER LND BANK CITICORP DUKE ENERGY DUPONT FCC NATIONAL BANK FIRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CREDIT HEWLETT-PACKARD KENTUCKY UHLJTJES MARGARETTEN FJNL MERRILL LYNCH MORGAN GUARANTY NATIONAL RURAL UTlLl-l-lBS NORTHBRN ILL GAS OKLAHOMA GAS & ELECT SOUTHWESTERN BELL TOYOTA TRAVBLERS GROUP JNC WALMART AA3 AA3 AA2 AA2 AA4 AA3 AA3 AA3 AA2 AA2 AA2 AAA AA2 AA2 AA3 AA3 AA3 AA3 AA1 AA3 AA3 AAA AA2 AA2 AA+ AA- AA- AA AAA AA- AA- AA- AA- AA- AA- 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’s and S&P) (Ratings of other debt must be AA or better by both Moodv’s and S&P) DUFF & PHELPS Al Pl Other Debt: Investments with Subseauent Changes in Credit Rating + Maturity Moodv’s s&p &h&e AT&T Al AA- 06/Ol/Ol BANC ONE CORP (3) AA3 A+ 03/25/02 DONNELLY Al A+ 12/01100 J P MORGAN Al AA 05/01/00 KAISER FOUND HSP A3 A 1 l/01/01 NORWEST (9) AA3 A+- 03/O l/O2 ST PAUL CO Al A+ 08/13/01 Purchased AA3lAA- AA3lAA- AA3lAA- AA3h.4 AA3fAA AA3lAA- AA3iAA Carrying Market 3 m 2,029,027 2,030,OOO 2,502,616 2,543,320 1,051,525 1,054,510 999,846 1,002,530 926,356 936,775 10,679,007 10,808,098 1,002,63 1 1,012,870 l llte 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. CIl _ JF CARISBAB INVESI’MENT PORTFOLIO AS OF MARCH 31,1999 PERCENTAGE U?EIGHlTINGS BY CORPORATE NOTE ISSUER AMERITECHCAPITAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CENTRAL ILLINOIS LT CITICORP DGNNELLY DUFF & PHELPS UTIL DUKEPOWER DUPONT FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GENERAL ELECTRIC CREDIT HJMLE’IT-PACKARD J.P. MORGAN KAISER FOUD HSP KENTUCKY UTILITIBS MARGARETTENFINL MERRILL LYNCH (ihldes CP) MORGAN GUARANTY NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWEST OKLAHOMA GAS &ELECTRIC SOUTHWESTERN BELL ST PAUL CO TOYOTA TRAVBLERS GROUP INC WALMART Total Portfolio $284,065,351.02 *Nommthan5%maybeinvcstedwithaaingleiasue. Investment Co@ 1.843.969.81 8,589.271.00 2,044,620.00 2.504,125.00 1,291,375.00 515,512.50 1,014,65O.CO 1,006,lOO.cO 1.145,61O.M) 1,958,189.00 2.048.020.00 1,168,073.48 975.690.00 2.039.195.00 4,040,400.ca 12.111,090.00 1.011.080.00 999.720.00 954,187.50 2,024,340.00 1,023.210.00 8.915.960.39 1.995,580.00 3.727.967.96 715,349.40 10,756,869.00 1>012,500.00 3.084,830.00 1.004,920.00 2,012,800.00 1.105.341.85 1,522,920.00 EXHIBIT 9 0.65% 3.02% 0.72% 0.88% 0.45% 0.18% 0.36% 0.35% 0.40% 0.69% 0.72% 0.41% 0.34% o.n% 1.42% 4.26% 0.36% 0.35% 0.34% 0.71% 0.36% 3.14% 0.70% 1.31% 0.25% 3.7% 0.36% 1.09% 0.35% 0.71% 0.39% 0.54% EXHIBIT 10 f rr2 5 tumm mmm