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Home My WebLink About1999-08-03; City Council; 15332; Report On City Investments June 30, 1999CITY OF CARLSBAD -AGENDA BILL AB# 15,332 TITLE: MTG. 813199 DEPT. TRS REPORT ON CITY INVESTMENTS AS OF JUNE 30,1999 RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: CITY MGR: 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 June 30, 1999 is as follows: Pooled Investment Portfolio (Cash and Securities) Market Value (3) 296,606,442 294,058,595 (1) Of the $299 million in the investment portfolio, $44 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 6/30/99. Month FYTD * The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. ts! 3 3 2 Pooled Investment Performance/Measurement April 1999 May 1999 June 1999 Average Life (Years) 1.61 1.84 1.89 Average Yield Modified Duration 5.59% 1.43 5.59% 1.64 5.61% 1.69 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 June 30, 1999 is as follows: Investment Portfolio for Bond Proceeds cost 15,540,824 15,468,767 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. Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities PAGE THREE OF AGENDA BILL NO. 15,335 EXHIBITS FOR POOLED INVESTMENTS (continued): 3. Yield Comparison Graph 4. Cumulative Cash Income Graph 5. Second 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 8 d 8 d 0 0 0 0 0 2 8 d 8 d 0 0 0 0 0 8 Exhibit 2 0 0 0 0 0 0 01 0 0 0 0 Exhibit 3 f E 1 f -k -a -5 -7 -3 -0 3 -7 -k -a -5 -7 3 -0 -3 -7 -k -a -k -: 3 -0 -3 -7 2 -a 2 -\ 35 -0 -u3 -. Exhibit 4 0 E 0 c) 5=1 00000c9m0r 999999?9”! 888S88”?% 8 oou3m(vo ww o-dtifcv-c6+;fc oox-~lnmmor ooomwmmoo 0-i m- cu’ dc.itinici OOOOQOOOO G‘a‘$$$$$& 88 8 rnol)a)rD7b YlocoY-mcucu?cq LDuaLoLowwwloLo 000000000 999999999 ggggggggg ddddcidddd oooowolooo 0000b~000 o‘c6~x=~c.jm-~m- % fnco&j~~g~~ ~~~XZZIZX uuuuuuulLu aazaaaaaa uu~uulLlLuu caoam~oBaam~al ~ow(ntna)cncno-3 NW\...... JubcnWTrd-WW~~ t-v-O%-T-~rcJcq --------99 $888SBXBoo 821% 8 24888 "lx"I&q5g 85% 8 * * - * (4 9 b 9 8f38888%6 ~moo~oom v--v--g-xjm-7-c+pjr- 00000000 bbbbbbbb ooooloomo t-OCULOO-IX-OIL0 -O)WbbOWb ddu5u5u5u5u5u5 8888 8888 dddddddd 00000000 00000000 ciuicio-ddo-d 8Z888888 t-4%--r.jm-cu'm-titi 8 5 3 d" $~ff1~%Eif ZZIXIIWI ulLuuuuDfu aaaaaaza ulLuulLlL~u Exhibit 5 Y$?8 646 ;5f%? p UJ- 5 rwc-2 $g?$ C$5: mwm tititi SZ8 6 cd d WWtV W--O oi lci w- 5;8x d -i ni $g?&-? im3 CdcbG 000 000 ddd 888 c5 d o- 888 ni d d “9 8 108 . - 38 u-i oi Exhibit 6 i 8 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 JUNE 30,1999 Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds 87,352,922 12,328,171 0 13,306,295 0 Total General Ledger Balance n 300,200,422 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other Net adjustments per bank statement 50,788 (1,014,252) Total adjustments (963,464) Total Treasurer’s Investment PortfolIo 299,236,966 5,766,941 3,473,196 30,313,182 7,120,997 12,354,385 6,026,025 53,206,364 664,971 Total Total 37,493,019 44,613,217 2,292,952 2,953,734 44,374,770 22,405,402 1,500,603 118,932,059 Exhibit 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JUNE 30,1999 CORPORATE NOTE AND COMMERCLQL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: listings must be AA or better bv both Moodv’s and S&P) AMERITECH CAP ASSOC CORP OF N A CENTRAL ILLINOIS LT BAYER CORP BAYER LND BANK CITICORP CITIGROUF DUPONT FCC NATIONAL BANK FIRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CAPITAL GENERAL ELECTRIC CREDIT HEWLETT-PACKARD KENTUCKY UTILITIES MARGARET-TEN FINL MERRILL LYNCH MORGAN GUARANTY NATIONAL RURAL UTILITIES NORTHERN ILL GAS OKLAHOMA GAS & ELECT REED ELSEVIER CAPITAL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC WAL MART Moodv’s AA3 AA3 AA2 AA2 AA3 AA2 AA3 AA2 AA2 AA2 AAA AA2 AA2 AA3 AA3 AA3 AA3 AA1 AA3 AA3 AA3 AAA AA2 AA2 Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/P1 or better by both Moody’s and S&P) (Ratines of other debt must be AA or better by Moodv’s or S&P1 Investments with Subsequent Changes in Credit Rating l Latest Moodv’s s&p Msturitv Date AT&T Al AA- 06/01/01 BANC ONE CORP AA3 A+ 03/25/02 DONNELLY Al A+ 12/01/00 J P MORGAN Al AA 05/01/00 KAISER FOUND HSP A3 A 1 l/01/01 NORWEST AA3 A+ 03/01/02 ST PAUL CO Al A+ 08/13/01 Purchased AA3fAA- AA3fAA- AA3fAA- AA3fAA AA3fAA AA3fAA- AA3/AA Carrying Value 2,025,678 2502,036 1,043,796 999,881 921,386 10,672,744 1,002,353 Market w 2,021,800 2,5 15,645 1,040,860 998,260 922,504 10,696,184 1,001,620 * 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 of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. Cl’r II OF CARLSBAD INVESTMENT PORTFOLIO AS’ OF JUNE 30,1999 Exhibit 9 AhamITEcHcAPrTAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CENTRAL ILLINOIS LT UTICORP ClTIGROUP DONNELLY DUPONT FCC NATIONAL BANK FIRST USA BANK FlR?T NATIONAL BANK GENERALELECTRICCREDlT HEWLETT-PACKARD J.P. MORGAN KAISRRFOUDHSP KENTucKY~ MARGARBTTENFINL h4BRRUL LYNCH (includes CP) MORGAN GUARANTY NATIONAL RURAL UTlLEJES NORTHERN ILL GAS NORWEST OKLAHOMA GAS 8t ELECTRIC REEDBLsERvlERcAPlTAL SOUTHWESTERNBELL ST PAUL CO TOYOTA TRAVELJXRS GROUPINC WALMART PERCENTAGE WEIGHTmGS BY CORPORATE NOTE ISSUER Investment Cost 1,843,%9.8 1 8,589,271.00 2,044,620.00 2,504,125.00 1,291,375.00 515,512.50 1,014,650.00 1,006,100.00 2,013,580.00 1,145,610.00 1,168,073.48 975,690.OO 2,039,195.00 4,040,400.00 14,128,250.00 1,011,080.00 999,720.oo 954,187.SO 2,024,340.00 1,023,210.00 8,915,%0.39 1,995,580.00 3,727,967.% 715,349.40 10,756,869.00 1,012,500.00 2,020,720.00 3,084,830.00 1,004,920.00 2,012,800.00 1,105,341.85 1,522,920.00 percent of Portfolio* 0.62% 2.87% 0.68% 0.84% 0.43% 0.1% 0.34% 0.34% 0.67% 0.38% 0.3% 0.33% 0.68% 1.35% 4.72% 0.34% 0.33% 0.32% 0.68% 0.34% 2.98% 0.67% 1.25% 0.24% 3.59% 0.34% 0.68% 1.03% 0.34% 0.67oh 0.37% 0.5 1% Total Portfolio S299,236,957.67 * No more than 5% may be invested with a sin& he. - ZiE% mww mmm 8~2~ $aaa (SllS m zmm .o .d .8 cx mmm zz2 zlzi3 LLLLLL . c c .z ~zJi?J CCC --- aaa . . . zzz aaa . . . zzz 35 z8 . 3-W z8 =%-co 8 ii z8 . . -CO ss zz f- E w i?! P z 7% riif acr 2 E 2 '0 2 c T $ Exhibit .O T-W-- NNCO 55% mmm mmm %!E s 8 g ‘ad O- ; x S