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Home My WebLink About1999-07-06; City Council; 15286; Report on City Investments May 31, 199937 CITY OF CARLSBAD -AGENDA BILL +j& AB# 1% LB6 TITLE: i MTG. 7-b - 77 REPORT ON CITY INVESTMENTS DEPT. IRS AS OF MAY 31,1999 CITY MGRi 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 May 31, 1999 is summarized below. (1) Of the $294 million in the investment portfolio, $42 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 5/31/99. Year-to-Date * Month FYTD Month FYTD *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. \5.t8 b Pooled Investment Performance/Measurement March 1999 April 1999 May 1999 Average Life JYearsl 1.54 1.61 1.84 Average Yield 5.63% 5.59% 5.59% Modified Duration 1.36 1.43 1.64 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 Exhibit 1 8 d 8 d 0 0 0 0 0 2 Exhibit 2 0 0 Exhibit 3 z 0 m r P4 4 & c 0 r) A ‘r a +!L xa WA t I - f f A -a -s -7 3 -0 -Y -7 A -a -5 -7 3 -0 -3 -7 -t5. -a -6 -\ -5 -0 -=I -7 -k -a 3 -\ 3 -0 5 Exhibit 4 \ , c 7 s 0 Y 7 6 Exhibit 5 88 i? S38888 dddddoiu5dtt-i Owu)aawt-NlDO 9 ‘9 (4 t n? N. 7.7 rc 88E s $8% 88 s Y Y 7 “. Q! 0 Y r mmNr(T)NmNm 8 o(Dwwowow Owco*ONOw dduidcicdrdd OwbbccOrww)P 9 ‘4 9 T: 9 9 ru “! T *o1cwwcDwcoN wwul*wbwI-* ~ulwr~mmwr 8 8Z8888K pg ‘ddui . 8*xd m*lcqrc tn 0 w w 0 ci L-i d NwcDwwNOw ‘4 “! “. s 9 ‘4 ‘? a! wNmoN*NN 8 886 *u3,8g g cid . IL 3-- r-c - z;E xi4 E! tit-5 hi ti ; ID Sae~eaeaeaeSSS s-s~~psaess ssss s oooooowoo ~~%~~8~!T2~ r00ww000 r-*wNwrbm 89Z8 5 dtitidduititid -cNF??O?b.‘P-‘? 1‘90?(9 *uJwwww*w *www ti 8888 8828Fi 8 ‘ggxgg”‘L6$ 3 OOWONF? WV) 6 6 ti IL ; 0‘ + ; 6 00rwwV)w0r 0 0 0 w w* y w* o* o- l-4 s-5 hi NNNN0-J WWJY 8;q,,T38? 8888 . . . . 6 N- m- cd rc- w- w- b- ; 8888886% 888” Vi N- N- N- ; N- N- N- 9 9 o! 8 f ‘-2 t’Q .- ; N- V) 9-e-eS-e-e-c-P~ 000000000 *DDooDoo 999999999 oooooowoo 000000000 000000000 000000000 0m0uJwwwrr- d d CL d d d d d d oooowwooo 9 9 9 9 PC t 9 9 9 CQCQNrNNG’,NC’l 9v\o9~Yolcu~cq wwwwwwwww 00000000 99999999 888 8 8 88 8800008 aesshe*~~~ OODO dddd s 8288 9 9 9 9 9 9 9 9 8 8888 FWW Q owoowoow ggpg ’ d d 6 d WYWlc - T?r-9rcr?rr? OWOOOOON 9 9 9 9 I‘. 9 9 I‘. l-OP-F 8888 wP*wwww* E P)NW‘-,rONN tiduid ‘6 ‘6 hi Pi $ aazaaaaaa uuouuuuuL wwwwwwwww wwww,ewwww ~SjSi3wbii5L=ai3 ggy-&z$$gc$ wwwwwwww wwww 00000000 . . . 3 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 MAY 31,1999 Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance * 297,590,152 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other 47,942 Net adjustments per bank statement (1,656,642) Total adjustments (1,608,701) Total Treasurer’s Investment PortfolIo 295,981,451 6,177,181 3,286,211 29,882,895 7,111,547 12,922,737 6,002,245 54,979,913 676,598 Total 121,039,326 Total 36,163,801 44,806,551 2,236,502 2,977,425 86,184,278 12,133,501 0 13,591,847 0 42,808,646 20,354,891 1,477,663 (1) Redevelopment Fund Balances are interspersed throughout all funds. l * Figures based on best estimate at the time report run on 06/l l/99. Exhibit 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31,1999 CORPORATE NOTE AND COMMERCh4L PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody’s and S&P) Mood+ s%p AMERITECH CAP ASSOC CORP OF N A CENTRAL ILLINOIS LT BAYER CORP BAYER LND BANK CITICORP CITIGROUP DUPONT FCC NATIONAL BANK FIRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CAPITAL GENERAL ELECTRIC CREDIT HEWLETT-PACKARD KENTUCKY UTILITIES MARGARETTEN FINL MERRILL LYNCH MORGAN GUARANTY NATIONAL RURAL UTILITIES NORTHERN ILL GAS OKLAHOMA GAS 9, ELECT SOUTHWESTERN BELL TOYOTA TR4VELERS GROUP INC WAL MART 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 Moody’s or S&PI Investments with Subsequent Changes in Credit Rating l Moodv’s AT&T Al BANC ONE CORP AA3 DONNELLY Al J P MORGAN Al KAISER FOUND HSP A3 NORWEST AA3 ST PAUL CO Al s&p AA- A+- A+ AA A A+- A+- Latest Maturitv Date 06/01/01 03/25/02 12/01/00 05/01/00 11/01/01 03/01102 08/13/01 Purchased AA3lAA- AA3iAA- AA3/AA- AA3IAA AA3IAA AA3lA.k AA3JAA Carrying Market b ti 2,026,194 2,039,600 2,502,230 2,524,110 1,046,372 1,044,560 999,869 1,000,820 923,043 926,555 10,675,832 10,728,516 1,002,446 1,002,190 * 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. ‘Ike 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. AMRRITECH CAPITAL ASSOCIATES CORP NA AT&T BANC ONE BAYRR BAYRR LND BK CBNTRAL ILLINOIS LT CITICORP c1TIGR0uP DONNELLY DUPONT FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GBNERAL ELECTRIC CREDIT HEWLETT-PACKARD J.P. MORGAN KAISERFOUDHSP KENTucKYuTILITIBs MARGARJ3TlENFlNL MERRILL LYNCH (includes CP) MORGAN GUARANTY NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWRST OKLAHOMAGAS &BLECTRIC SOUTHWESTERNBELL ST PAUL CO TOYOTA TRAVRLERS GROUPINC WALMART hi-Y OF CARLSBAD INVESTMENT PORTFOLN AS OF MAY 31,1999 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ~nv&mentCost &wnt of Portfolio* 1,843,%9.81 0.62% 8,589,271.00 2.90% 2,044,620.00 0.69% 2,504,125.00 0.85% 1,291,375.00 0.44% 515,512.50 0.17% 1,014,650.00 0.34% 1,006,100.00 0.34% 2,013,580.00 0.68% 1,145,610.00 0.39% 1,168,073.48 0.39% 975,690.OO 0.33% ~039,195.OO 0.69% 4,040,400.00 1.37% 14,128,250.00 4.77% 1,011,080.00 0.34% 999,720.oo 0.34% 954,187.50 0.32% 2,024,340.00 0.68% 1,023,210.00 0.35% 8,915,%0.39 3.01% 1,995,580.00 0.67% 3,727,967.96 1.26% 715,349.40 0.24% 10,756,869.00 3.63% 1,012,500.00 0.34% 3,084,830.00 1.04% 1,004,920.00 0.34% 2,012,800.00 0.68% 1,105,341.85 0.37% 1,522,920.00 0.51% Exhibit 9 Total Portfolio * No more than 5% may be invcated with a single issue. $295.981,451.36