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Home My WebLink About1999-12-07; City Council; 15506; Report On City Investments October 31, 19997.- 3q CITY OF CARLSBAD -AGENDA-BILL &O I i AB# 15 9 506 TITLE: ,lAE MTG. /a -7-q REPORT ON CITY INVESTMENTS DEPT. TRS AS OF October 31, 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 forthe investments of bond proceeds held separately. The City’s pooled investment portfolio as of the month ended October 31, 1999 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 296,856,552 294,139,115 Cost of Investments (1) 297,471,704 294,983,169 Amortized Cost (2) 297,180,223 294,507,302 Market Value (3) 294,046,544 291,755,066 (1) Of the $297 million in the investment portfolio, $32 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 1 O/31/99. Pooled Investment Interest Income II Cash Income Fiscal Year-to-Date * Current Month FYTD 5,921,643 Prior Month FYTD 4,422,645 Current Month Income 1,498,998 *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. 15 3 506 Pooled Investment Performance/Measurement August 1999 Average Life /Years) 1.90 Average Yield 5.64% Modified Duration 1.69 September 1999 1.84 5.66% 1.64 October 1999 1.75 5.70% 1.56 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. 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 c 52 is 0 0 0 0 0 8 8 d 8 d 0 0 0 0 0 is Exhibit 2 0 0 6 s 9 0 0 0 0 Exhibit 3 c 0 c) r/i ? c4 4 tll I x I4 0 J 0 & ba & 02 &l !k a -;‘k xa WI i - I I i / f f 3 -0 2Q 3 -h -a 2 3 3 -0 : -& -a 2 3 -5 -0 : -h -a -6 -F -3 -0 : -ti -a x -: -72 -0 5 Exhibit 4 6 - - Exhibit 5 8 38 S88 “? 4 m_ Tag m- ni 4 7 - Exhibit 6 rN(D 3 82 8 85% sg Y-r.- T- p!-MfL%~“-“$8”~~ ccmcmcE~6cuIa+8l.~c ““iqfg~ff~g~~)3gf~~ .= ; ; %-- e-- ; .-- ; ; ; ; ; ; ; ; ; ; ; ; ; 4 WZZZZZZzZZZZzZZZZZZZzzzzzzzzzzz ooooooooooooooooooooooouoooooooo 0000000 Exhibit 7 Fund Equity in Pooled Investments AS OF OCTOBER 31,1999 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 Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance w Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other Net adjustments per bank statement Total adjustments Total TreasurerCs Investment Portfolio Total Total 32,237,437 23,781,120 894,209 10,888,485 3,789,595 31,349,828 8,352,549 13,087,998 6,531,554 51,477,555 2.339,504 127,815,066 39,235,912 46J48.055 2,573,283 3,587,880 92,242,930 12,385,811 0 9,755,572 0 299,112,145 (29,895) (1,610,546) (I ,640,41) 297,471,764 (1) Redevelopment Fund Balances are interspersed throughout all funds. l * Figures based on best estimate at the time report run on 1 l/08/99. -. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF OCTOBER 31,1999 CORPORATE NOTE AND COMMERCIAL PAPER RA TINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better bv both Moodv’s and S&P) AMERITECH CAP ASSOC CORP OF N A CENTIUL ILLINOIS LT BAYER CORP BAYER LND BANK CIESCO LP CITICORP ClTIGROUP DUPONT EXELSIOR FCC NATIONAL BANK FIRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CAPITAL GENERAL ELECTRIC CREDlT HEWLETT-PACKARD KENTUCKY UTILITIES MARGARETIENFINL MERRlLL LYNCH NATIONAL RURAL UTILlTlES NORTHERN ILL GAS REED ELSEVIER CAPITAL SOUTHWESTERN BELL SYDNEY CAP CORP TOYOTA TRAVELERS GROUP INC WALMART Moody’s s&p AA3 AA+ AA3 AA- AA2 AA- AA2 AA AAA AAA Pi Al AA3 AA- AA2 AA- AA3 AA- Pi Al AA2 AA- AA2 AA- AA2 AA- AAA AAA AAA AAA AA2 AA+ AA2 AA AA3 AA- AA3 AA- AA3 AA AA1 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) (Ratings of other debt must be AA or better by Moody’s or S&P) CIESCO LP Al+ Pl EXELSIOR INC Al+ Pl SYDNEY CAP CORP Al+ Pl Investments with Subsequent Changes in Credit Rating l s&p Moody’s AT&T Al AA- BANC ONE CORP AA3 A+ DONNELLY Al A J P MORGAN Al AA KAISER FOUND HSP A3 A NORWEST AA3 A+ OKLAHOMA GAS & ELECT Al A+ ST PAUL CO Al A+ Other Debt: AAA Other Debt: AAA Other Debt: Latest Maturitv Date 06/01/01 03LXfO2 12/01/00 05/01/00 1 l/01/01 03/01/02 10/15/00 08/13/01 Purchased AAYAA- AA3iAA- AA3lAA- AA3lAA AA3IAA AA3lAA- AA3lAA AA3lAA Carrying Value 2,021,212 2,501,263 1,033,491 999,929 914,759 9,660,506 1,004,317 1,001,983 Exhibit 8 Market Value 2,005,800 2,505,885 1,028,750 998,930 908,171 9,653,896 998,900 999,980 l The City’s Investment Policy allows the City Treasurer to determine the worse of action that would correct exceptions to the policy. Ail 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 tbe portfolio until maturity unless events indicate they should be sold. -. C!I2 1 OF CARLSBAD INVESTMENT PORTFOLIO AS OF OCTOBER 31,1999 AMERlTBcHcAPrrAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CENTRAJ-. lL.UNOIS LT CIESCO LP CITICORP CITIGROUP DONNBLLY DUPONT -IOR INC FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GENFiRALELECTRIC CREDlT HIWLJZ’IT-PACKARD J.P. MORGAN KAISERFOUDHSP KENTucKYuTILlTIEs MARGARET’IENFINL MERRILL LYNCH (inch&a CP) NATIONAL RURAL UTUTIES NORTHERN JLLGAS NORWEST OKLAHOMA GAS &ELECTRIC! RlEDELsERvIERcAPlTAL SOUTHWESTERNBELL ST PAUL CO SYDNEY CAP CORP TOYOTA TRAVEIJZRS GROUPINC WALMART PERCENTAGE WEIGmINGS BY CORPORATE NOTE ISSUER Total PortfolIo $297,471,703.69 +Nommthan5%mqbeinwstedwithraingleiesuc. Jnveetment co* 1,843,969.81 7,591,141.00 2,044,620.00 2,504,125.00 1,291,375.00 515,512.so 1,014,650.00 4,906,887.50 1,006,100.00 6,780,970.00 1,145,610.00 1,168,073.4&l 2,926,280.01 975,690&l 5039,195.OO 4,040,400.00 8,944,354&l 1,011,080.00 999,720.OO 954,187.50 2,024,340.00 1,023,210.00 11,006,165.79 3,727,967.% 715,349.40 9,754,969X@ 1,012$500.00 ~024720.00 3,084,830.00 1,004,920.00 3,341,065.20 2,012,800.00 1,105,341.85 1,522,920.00 Exhibit 9 percent of Porttolio* 0.62% 2.55% 0.69% 0.84% . 0.43% 0.17% 0.34% 1.65% 0.34% 2.28% 0.39% 0.39% 0.98% 0.33% 0.69% 1.36% 3.01% 0.34% 0.34% 0.32% 0.68% 0.34% 3.70% 1.25% 0.24% 3.28% 0.34% 0.68% 1.04% 0.34% 1.12% 0.68% 0.37% 0.51%