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Home My WebLink About1999-06-01; City Council; 15221; Report On City Investments April 30, 1999AB# /$22/ MTG. 4 -/-77 DEPT. TRS CITY OF CARLSBAD -AGENDA BILL 39 TITLE: REPORT ON CITY INVESTMENTS AS OF APRIL 30, 1999 CITY MGR: %%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 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 April 30, 1999 is summarized below. Cost of Investments (1) 294,059,830 284,065,351 Amortized Cost (2) Market Value (3) 293,679,005 283,618,381 293,742,044 284,034,192 (1) Of the $294 million in the investment portfolio, $41 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 4/30/99. Cash Income Fiscal Year-to-Date l Current Month FYTD 12,571,442 Prior Month FYTD 10,683,170 Current Month Income 1,888,273 *The cash income received is adjusted for any accrued interest purchased. / PAGE TWO OF AGENDA BILL NO. Pooled Investment Performance/Measurement February 1999 March 1999 April 1999 Average Life lYea@ 1.41 1.54 1.61 Average Yield 5.62% 5.63% 5.59% Modified Duration 1.24 1.36 1.43 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. EXHIBITS FOR POOLED INVESTMENTS: 1. 2. 3. 4. 5. 6. 7. 8. 9. Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Average Yield Investment Portfolio Breakdown Of Maturities Yield Comparison Graph Cumulative Cash Income Graph Second Quarter Transactions Detailed Investment Report Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer a Exhibit 1 i z s z 0 0 0 0 0 8 8 d 8 d 0 0 0 0 0 2 3 Exhibit 2 0 0 0 0 0 0 2 0 0 E: ” 4 Exhibit 3 a +!5 xa ulwl t t -k -a -5 -7 -3 -0 -3 -7 A -a -5 -7 3 -0 -Y -7 A -a 2 -: 3 -0 -3 -7 A -a 2 -: 3 -0 5 Exhibit 4 \ \ L 51, a 5 7 z 0 5 7 Exhibit 5 %%i%~88888 ‘du5aidajtidu-i 52 v)v)oDCO~Nu)O _ (4 (4 9: h? n! 7 7 rc ~8~~800 8Sf2 ~uJV)rommV)r c-j- k-6 cu‘ ; m- ei l-5 l-j l-4 Epgzgs s I?‘8885 m “. k 9 k s I coc9)Q)v)m 8%%:8S H L-4 N- t-5 0‘ N- - T E d $5 >d E 88 St38~ %%G ddddcicd~-dcli OWbbQY03UJ* OwOrOoJNN~ w- d 6 oi 00‘ (d oi d N- cocouJPIc)I-mr-* wrOV)r~mmrD- seaeapssseaess st?“%8s%8~ WV) % NN*)cr)COO uiuiuiuititiuiuiti 51 OK K I 888 8882 8;; ggcJ~ggtiL&j 9 4 q r? n? “* 3 ^ ** m 8 85365;s: g;$ $ 0 0 0 Q) a* “? mm oq o- m- t-5 ti NNNNC) d d d o- d d o- cc d 000010~000 0000~~000 C,- ci ti ; hi ti ,-,- hi ti aazaaaaaa LL0lLLLlLLlL - Exhibit 6 - Exhibit 7 Cash Balance by Fund: General Special Revenue Debt Service Capital Projects: General Capital Construction Traffi Impact Fees Public Facilities Fees Park Development Transnet Taxes Drainage Fees Special Districts Other Capital Construction Fund Equity In Pooled Investments AS OF APRIL 30,1999 Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Internal Service Redevelopment Funds (I) Agency Funds Misc. Special Funds Total General Ledger Balance n 294,538,042 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other Net adjustments per bank statement Total adjustments (478,212) Total Treasurer’s Investment PortFolIo 294,059,830 Total 6,661,743 3666,829 29010,329 6950,744 13,258,773 5.889885 56,728,197 636,531 Total 35,539,962 43,867,181 2,218,233 3.605,667 42,918 (521,130) (1) Redevelopment Fund Balances are interspersed throughout all funds. ~~~~g,p r, $-g>$e*, ^ 41,379,688 20,450,898 1,369,552 122,203,031 85,231,042 12,183,887 0 11,719,944 0 -_ - CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30,1999 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody’s and S&P) AMERlTECH CAP ASSOC CORP OF N A CENTRAL ILLINOIS LT BAYER CORP BAYER LND BANK clTlcoRP ClTlGRODP DUPONT FCC NATIONAL BANK FlRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CREDIT HEWLETT-PACKARD KFNTUCKY UTILJTJES M.4RGARElTEN FINL MERRILL LYNCH MORGAN GUARANTY NATIONAL RURAL UTILlTlES NORTHERN ILL GAS OKLAHOMA GAS & ELECT SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC WALMART Moodv’s s&p AA3 AA+ AA3 AA- AA2 AA- AA2 AA AAA AAA AA3 AA- ‘4x42 AA- AA3 AA- AA2 AA- AA2 AA- AA2 AA- AAA AAA AA2 AA+ AA2 AA AA3 AA- AA3 AA- AA3 AA+ AA3 AA AA1 AA AA3 AA- AA3 AA AAA AA1 AA2 AA- AA2 AA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/PI or better by both Moody’s and S&P) (Ratings of other debt must be AA or better by Moodv’s or S&P) DUFF & PHELPS Al Investments with Subsequent Changes in Credit Rating * Moodv’s AT&T Al BANC ONE CORP (3) AA3 DONNELLY Al J P MORGAN Al KAISER FOUND HSP A3 NORWEST (9) AA3 ST PAUL CO Al Pl s&p AA- A+ Ai AA A Ai A+ Other Debt: Maturity p& Purchased 06/01/01 AA3/AA- 03125IO2 AWAA- 12/01/00 AA3/AA- 05/o 1100 AA3lAA 1 l/01/01 AA3lAA 03/01/02 AA3lAA- 08/13/01 AA3AA Carrying Market w m 2,027,911 2,040,000 2502,423 2,540,100 1,048,949 1,051,490 999,858 1,002,680 924,699 936,250 10,678,919 10,790,862 1,002,539 1,010,520 Exhibit 8 * 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. - CI’l _ JF CXRLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30,1999 PERCENTAGEWEIGHTINGSBYCORPOR4TENOTEISSUER AMERITEcHcAPITAL ASSOCIATES CORP NA AT&T BANC ONR BAYER BAYER LND BK CENTRAL ILLINOIS LT clTIcoRP CITIGROUP DGNNELLY DUFF&PHSLPS U-l-IL DUPONT FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GENEML ELECTRIC CREDIT HEWLETT-PACKARD J.P. MORGAN KAISER FOUD HSP KENTwcKY~ITIEs MARGARET’IBNFINL MERRILL LYNCH (inchdes Cp) MORGAN GUARANTY NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWEST OKLAHOMA GAS % ELEcTRlc SOUTHWESTERN BELL ST PAUL. CO TOYOTA TRAVELERS GROUP INC WALMART Total Portfolio $294.059.829.74 * No more then 5% may be invested witb a single issue. plvestment COG l&+3,%9.81 8,589,271.00 2,044,620.00 2.504.125.00 1,291,375.00 515.512.50 1,014,650.00 1,006,1lxl00 2,013,580.00 1.145,610.00 1,958,189.00 1,168,073.48 975,690.OO 2,039.195.00 4.040.400.00 12111390.00 1,011,080.00 999,720.oo 9543187.50 2,024.340.00 1.023*210.00 8.915.960.39 1,995,580.00 3,727,%7.% 715349.40 10~756>869.00 1.012,500.00 3,084,830.00 1,004.920.00 ~012.800.00 1,105,341.85 1,522,920.00 Exhibit 9 0.63% 2.92% 0.70% 0.85% 0.44% 0.18% 0.35% 0.34% 0.68% 0.39?? 0.67% 0.40% 0.33% 0.69% 1.37% 4.12% 0.340% 0.34% 0.32% 0.69% 0.35% 3.03% 0.68% 1.27% 0.24% 3.66% 0.34% 1.05% 0.34% 0.68% 0.38% 0.52%