The URL can be used to link to this page

Home My WebLink About1999-09-28; City Council; 15408; Report On City Investments August 31, 1999. a s % 1 - CITY OF CARLSBAD - AGENDA SILL w# J&.5!&& TITLE: DEPT. H IIITG. 9128199 DEPT. TRS / REPORT ON CITY INVESTMENTS CITY itrY: AS OF August 31,1999 CITY MGR: 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 August 31, 1999 is summarized below. Current Month Prior kflonth Par Value 294,205,692 295,048,336 Cost of Investments (1) 295,352,838 296,465,113 Amortized Cost (2) 294,819,486 295,869,518 Market Value (3) 291,289,758 292,927,119 (1) Of the $295 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 8/31/99. *The cash income received is adjusted for any accrued interest purchased. / PAGE TWO OF AGENDA BILL NO. - June 1999 July 1999 August 1999 Pooled Investment Performance/Measurement Average Life lYears) Average Yield Modified Duration 1.89 5.61% 1.69 1.87 5.62% 1.66 1.90 5.64% 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, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. See Exhibit 2 and 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 First Quarter Transactions Detailed Investment Report Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer WW El% En AS Ah 33 v* .- 2 3 z 0 0 0 0 0 8 8 d 8 d 0 0 0 0 0 2 8 d 8 d 0 0 0 0 0 8 Exhibit 1 3 Exhibit 2 T ‘0 d 0 0 0 Exhibit 3 z 0 m r p! 4 P-4 c 0 u n I 1 a a ik xa WA t I f 3 -S 3 -0 -Y -7 -k -a -z -: 3 -0 -3 -7 -'p -a -k -: 3 -0 I ‘5 7 k a Exhibit 4 * . \ ? s s s + n . . , . \ t L . .g ‘$ - B z . k a . 2 z a 'Ii! .2 0 '8 > 3 3 0 CL 3 Is) . =I a : Exhibit 5 8 8 QZ - _ QZJ ni 8 88 8 5: d dd d d 8 88 8 8 d o- d d d 8 88 8 8 ; ni ; ti co‘ Exhibit 6 4 - 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 AUGUST 31,1999 Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds 87368443 II ,828,591 0 13,526,042 0 Total General Ledger Balance ** 298,444,187 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other 42,112 Net adjustments per bank statement (3,133,460) Total adjustments (3,091,349) Total Treasurer’s Investment Pottfollo Total Total 42,403,339 23,260,527 501,675 4,924,569 3,596,625 30,692,526 7,236,046 12,261,374 6,271,263 52,436,115 2,116,610 119,555,369 36,937,521 45,111,751 2,336,961 2,980,211 295,352,839 (1) Redevelopment Fund Balances are interspersed throughout all funds. n Figures based on best estimate at the time report run on 09115199. - CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF AUGUST 31,1999 CORPORATE NOTE AND COMMERCLQL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better bv both Moody’s and S&P) Moodv’s 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 MARGARETTENFlNL MERRILL LYNCH MORGAN GUARANTY NATIONAL RURAL UTILITIES NORTHERN ILL GAS OKLAHOMA GAS & ELECT REED ELSEVIER CAPITAL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP lNC WAL MART Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/P1 or better by both Moody’s and S&P) @atines of other debt must be AA or better bv Moodv’s or S&P) Investments with Subsequent Changes in Credit Rating + 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- Ai A+ AA A A+- A+ Latest Maturitv Date 06/01/01 03/25/02 12/01/00 05/01/00 1 l/01/01 03/01/02 08/13/01 Purchased AA3fAA- AA3/AA- AA3/AA- AA3iAA AA3/AA AA3/AA- AA3/AA Exhibit 8 Carrying Market m m 2,023,445 2,010,400 2,501,649 2,499,640 1,038,644 1,032,590 999,905 998,710 918,073 910,376 10,666,569 iO,667,038 1,002,168 999,100 * The City’s Investment Policy allows tbe 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. - CII a OF CARLSBAD INVESTMENT PORTFOLIO AS OF AUGUST 31,1999 PERCENTAGE WEIGHTHGS BY CORPOR4TE NOTE ISSUER AMERITBCH CAPlTAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CENTRAL ILLINOIS LT uTIcoRP CITIGROUP DONNELLY DUPONT FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GBNBRAL ELECTRIC cRJ3Im HEWLETT-PACKARD J.P. MORGAN KAISBR FOUD HSP KBNTUCKY- N4RGARETTBNFINL MERRILL LYNCH (includts CP) MORGAN WARANTY NATIONAL RURAL UTILlTES NORTHERN ILL GAS NORWEST OKLAHOMAGAS & BLECTRIC! RRl3DBLsF!.RvIeRcAPlTAL SOUTHWESTERNBELL ST PAUL CO TOYOTA TRAVBLERS GROuPlNC WALMART Total Portfolio $295,352,838.49 Investment cost 1,843,969.81 7,591,141.00 2,044,620.00 2,504,125.00 1,291,375.00 515,512.50 1,014,650.00 1,006.100.00 6,780,970.00 1,145,610.00 1,168,073.48 975,690.OO 2,039,195.00 4,040,400.00 8,944,354.00 1,011,080.00 999,720.OO 954,187.50 2,024,340.00 1,023,210.00 11,006,165.79 1,995,580.00 3,727,%7.% 715,349.40 10,756,869.00 1,012,500.00 ~020,720.00 3,084,830.00 1,004,920.00 2,012,800.00 1,105,341.85 1,522,920.00 Exhibit 9 percent of Portfolio” 0.62*% 2.57% 0.6% 0.85% 0.44% 0.17% 0.34% 0.34% 2.30% 0.39% 0.40% 0.33% 0.6% 1.37% 3.03% 0.34% 0.34% 0.3% 0.69% 0.35% 3.73% 0.68% 1.26% 0.24% 3.64% 0.34% 0.68% 1.04% 0.34% 0.68% 0.37% 0.52% f3