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Home My WebLink About1999-11-02; City Council; 15462; Report On City Investments September 30, 1999.- _- 37 CITY OF CARLSBAD -AGENDA BILL 0 2 W# 15.462 TITLE: MTG. 11/02/99 DEPT. TRS REPORT ON CITY INVESTMENTS As of September 30, 1999 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 September 30, 1999 is as follows: (1) Of the $295 million in the investment portfolio, $35 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 g/30/99. Year-to-Date l * The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. 15,462 Pooled Investment Performance/Measurement Average Life (Years) Average Yield Modified Duration, I July 1999 1.87 5.62% 1.66 August 1999 1.90 5.64% 1.69 September 1999 1.84 5.66% 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, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. 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 September 30, 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. 15,462 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 3 e 8 E % 9 2 E P E G < z 2 0 0 0 0 0 6 8 d 8 d 0 0 0 0 0 2 8 d 8 \d 0 0 Exhibit 1 Exhibit 2 0 0 0 0 5 4 0 O 0 n n 2 - s h . 2 % 5 Exhibit 3 2 -4 -k -a 2 -s -3 0 : Ai -a 2 -F 3 . -0 7 -k -a -6 -: -3 -0 z 2 -a 2 -s 3 -0 Exhibit 4 8 t s * . A- - .z .6 E . k a . 2 z a '2 .2 0 . .8 > 'zo .‘t; 0 e ' aI cn ua . s a : 7 5: 88 . . 5 8s: OC9 al- d e-i si 88 ni 8 Exhibit 6 W PZZZZZ ~00000 I 5 zzzzzzzzzzzzzzzzzzzzz vvvvvvvvvvvvvvvvvvvvv 0000000 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 Exhibit 7 Fund Equity in Pooled Investments AS OF SEPTEMBER 30,1999 Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance M 264,563,696 Amortization of discounts and premiums Deposits in transit Outstanding checks wire in/(out) not recorded Other 24,320 Net adjustments per bank statement 394,952 Total adjustments 419,271 Total Treasurer’s Investment Portfollo 264,963,169 Total Total 35160,632 21,655,160 36,410 11,734,331 3,701,336 30,636,922 7,370,300 II,865521 6,496,298 51,433,582 2,280,769 125,519,060 38846,003 46,508,547 2,449,622 3,005,795 90,809,967 11,965,956 0 9,414,712 0 (1) Redevelopment Fund Balances are interspersed throughout all funds. “* Figures based on best estimate at the time report run on 10/08/99. CITY OF CARLSBAB INVESTMENT PORTFOLIO AS OF SEPTEMBER 30,1999 Exhibit 8 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Mcctlng the Current lovestmcot Policy: tRatlnus must be AA or better bv both Moody’s and S&P) AMERlTECH CAP ASSOC CORP OF N A CENTRAL ILLINOIS LT BAYER CORP BAYER LND BANK CIESCO LP CITICORP ClTlGROUP DUPONT EXELSIOR FCC NATIONAL BANK FIRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CAPITAL GENERAL ELECTRIC CREDIT HEWLETT-PACKARD KENTUCKY UTlLlTlES MARGARETTENFlNL MERRILL LYNCH MORGAN GUARANTY NATlONAL RURAL UTlLlTlES NORTHERN ILL GAS REED ELSE’VlER CAPITAL SOUTHWESTERN BELL SYDNEY CAP CORP TOYOTA TRAVELERS GROUP MC WAL MART Moodv’s s&p AA3 AA+ AA3 AA- AA2 AA- AA2 AA AAA AAA Pl Al AA3 AA- AA2 AA- AA3 AA- Pl Al AA2 AA- AA2 AA- AA2 AA- AhI AAA AlLi AAA hi2 AA+ AA2 AA AA3 AA- AA3 AA- AA3 AA+ AA3 AA AAI AA AA3 AA- AA3 AA Pl Al AAA AA1 AA2 AA- AA2 AA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/P1 or better by both Moody’s and S&P) (Ratlnus of other debt must be AA or better bv Moody’s or S&P) CIESCO LP Al+ Pl EXELSIOR lNC Al+ PI SYDNEY CAP CORP Al+ PI Investments with Subsequent Chanees in Credit Ratlne l Moodv’s s%p AT&T Al AA- BANC ONE CORP AA3 A+ DONNELLY Al A J P MORGAN Al AA RAISER FOUND HSP A3 A NORWEST AA3 A+ OKLAHOMA GAS ik ELECT AI A+ ST PAUL CO Al A+ Other Debt: AAA Other Debt: AAA Other Debt: Latest Maturitv Date 06/01/01 03/25/02 12/01/00 05/01/00 1 l/01/01 03/01/02 10/15/00 08113/01 Purchased AA3lAA- AluMA- AA3iAA- AA3lAA AA3lAA AA3lAA- AA3IAA AMAA Carrying Market Value m 2,022,329 2,006,400 2,501,456 2,5 10,290 1,036,067 1,032,200 999,917 999,680 916,416 912,091 9,663,520 9,672,878 1,004,694 1,000,020 1,002,075 1,002,280 * The City’s Investment Policy allows the City Treasurer tc determine the course of action that would correct exceptions to the policy. All ofthese 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. ‘13 CITY OF CARLSBAJJ INVESTMENT PORTFOLIO AS OF SEPTEMBER 30,1999 Exhibit 9 PERCENTAGE FVEIGHTINGS BY CORPORATE NOTE ISSUER . AMERITECHCAPITAL ASSGClATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CENTRAL ILLINOIS LT CIESCO LP ClTlCGRP ClTIGROUP DGNNELLY DUPDNT EXELSIOR I-NC FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GI3NERALELECTRICCREDIT HEWLETT-PACKARD J.P. MORGAN KAISER FOUD HSP KENTUCKY uTILlTlEs MARGARETTENFINL MERRILL LYNCH (includu CP) MORGAN GUARANTY NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWEST OKLAHOMA GAS & ELECTRlC FEED ELSERVIER CAPITAL SOUTHWESTERN BELL ST PAUL CO SYDNEY CAP CORP TOYOTA TRAVELERS GROUP INC WALMART ~vutmeat Cost percent of Portfolio* 1,843,%9.81 0.63% 7,591,141.00 2.57% 5044,620.OO 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% 4,906,887.50 1.66% 1,006,1@3.00 0.34% 6.780,970.00 2.30% 1.145,610.00 0.39% 1,168,073.48 0.40% 2$26,280.01 0.95% 975,690.OO 0.33% 2,039,195.00 0.69% 4,040,400.00 1.37% 8.944,354.00 3.03% 1.011,080.00 0.34% 999,720X@ 0.34% 954J87.50 0.32% 2,024,340.00 0.69% 1,023,210.00 0.35% 11,006,165.79 3.73% 1,995,580.00 0.68% 3.727.967.96 1.26% 715349.40 0.24% 9,754,%9.00 3.31% 1,012,500.00 0.34% 2,024),720.00 0.69% 3,084,830.00 1.05% 1,004.920.0’3 0.34% 1,945,544.44 0.66% 2,012,800.00 0.68% 1,105,341.85 0.37% 1,522,920.00 0.52% Total Portfolio S294.983.169.25 cncncn .d .8 .- $ 222 aBaa, comcn 2z2 333 ILlAlA 444 ‘Z ‘Y= ‘S 222 rrr 333 aaa . . . zzz aaa . . . zzz Exhibit 10 * aaSa ttat zs s Fi ’ d ,c 2 $3 mb 8 F-3 +&‘& go w a$ - r; jy-- .2 IL