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Home My WebLink About2000-01-04; City Council; 15553; Report On City Investments November 30, 1999CITY OF CARLSBAD - AGENDA BILL AB# /$0-3 TITLE: MTG. j-+-C’0 REPORT ON CITY INVESTMENTS DEPT. TRS AS OF NOVEMBER 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 November 30, 1999 is summarized below. (I) Of the $296 million in the investment portfolio, $31 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 l/30/99. Cash Income Fiscal I 7,312,649 5,921,643 1,391,206 Year-to-Date * *The cash income received is adjusted for any accrued interest purchased. - PAGE TWO OF AGENDA BILL NO. / 3; 59 September 1999 October 1999 November 1999 Pooled Investment Performance/Measurement ’ Average Life {Years) Average Yield Modified Duration 1.84 5.66% 1.64 1.75 5.70% 1.56 1.74 5.63% 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 Amortized Cost, 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 a 2 E $ a 3 E E l?i 8 - 2 3 z 0 0 0 0 0 8 8 d 8 d 0 0 0 0 0 $ Exhibit 1 3 Exhibit 2 9 s 8 9 9 ‘0 ‘0 d d 9 0 l-l d 0 0 0 0 0 0 s c? w m 0 2 00, G: c+l n s 5; c f Exhibit 3 3 -0 * 2 A -a x -r‘ 3 -0 3 A -a 2 -s 3 -0 3 A -a 3 ,: 3 -0 Y x -a 2 -s 3 -0 5 Exhibit 4 L * . i \ \ \ L-- : - s -7 -3 E . & a . iz z 9 ‘2 .2 -’ iii P > 2 .z 0 p. 3 0 . s a 5 6 Exhibit 5 88 Q% f 6 Ohl ; o- 8 88 88 g 8 8 9 gg QQ n . - 0, Q Q$ 88 d : hi 4- d ni F- 6 r Exhibit 6 I “-j C.j ni ; ; ‘6 ; ; ; “i ‘6 C.j ti ti Oj ; ‘.j ; ; ‘Xi ‘.i ‘.i ,.i ; ti ti “6 ; ‘6 P-j ‘6 ni oi vi ‘Xi ; U-3- d ti .-- ni C-i .-- ‘6 ni ti ni .-- 6-j ‘6 L c I aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu 8 68 f z4s~s8~sx~~~ssss 2 “?‘?~tQ?‘Y’-tk‘?N _ . _ _ _ _ _ . . t90mWbtNtNm-Wn- t- v- F taaaaaaaaaaaaaaaaaaa E: I uuuuuuuuuuuuuuuuuuu - rNW W 868 _ _ _ ssss s i%@ 8 gggg Q fj 3; $- Nl0C-J r ms s ; N- ; ui u-j ti ‘Xi ; - z aas 888 dd 8 s$qgs. 8 _ n . 3 ggg Q 8 88 8 000 0 gggg 3 ; N- ; W- ,‘i ‘-6 N- .-- - r .-.-N-rNNNrrrW dtidddlhdddtiidti sssssssssssss ddddddddddddd *b,vhN~rNN,.N OWN*,-N,.U,bOO2 xz; ; d ; cd 6 hi ; 6 d < cu‘ + ‘.j 8Zs188 d 868;5fz8No ; ; ; ; ‘.j;;‘.j;;ti.-- 4 ; ; ; ,.i ; ; hi ; ; ‘.i ; N r Y N ‘? .? N .--;;; Y-;; W El 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 NOVEMBER 30,1999 Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance * 297,171,088 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other (34,298) Net adjustments per bank statement (1,525,903) Total adjustments (1,560,201) Total Treasurer’s Investment Portfolio 295,610,887 Total 126,463,831 Total 39,184,358 48,443,022 2,560,319 3,262,996 93,450,695 12,524,101 0 9,638,706 0 30,624,316 23,531,553 937,665 10,781,580 3,832,113 31,931,317 8,524,235 11,740,882 6,601,382 50,710,042 2342,281 (1) Redevelopment Fund Balances are interspersed throughout all funds. * Figures based on best estimate at the time report run on U/06/99. UTY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30,1999 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody’s and S&P) AMERITECH CAP ASSOC CORP OF N A CENTRAL ILLINOIS LT BAYER CORP BAYER LND BANK CIESCO LP ClTICORP CITIGROUP DUPONT EXELSIOR FCC NATIONAL BANK FIRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CAPITAL GENERAL ELECTRIC CREDIT HEWLE-IT-PACKARD KENTUCKY UTILITIES MARGARETIENFINL MERRILL LYNCH NATIONAL RURAL UTILITIES NORTHERN ILL GAS REED ELSEVIER CAPITAL SOUTHWESTERN BELL SYDNEY CAP CORP TOYOTA TRAVELERS GROUP INC WAL MART s&p Moodv’s 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- 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 bv Moody’s or S&Pi CIESCO LP Al+ Pl EXELSIOR INC Al+ Pl SYDNEY CAP CORP Al+ Pl Investments with Subsequent Changes in Credit Rating l Moodv’s s&p 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 03/25/02 12/01/00 05/o 1100 1 l/01/01 03/01/02 10/15/00 08/13/01 Purchased AA3lAA- AA3fAA- AA3/AA- AA3fAA AA3lAA AA3tAA- AA3IAA AA3lAA Carrying Market a e 2,020,096 2,002,400 2,501,069 2,500,875 1,030,915 1,024,580 999,941 998,800 913,103 904;111 9,657,491 9641,078 1,003,941 996,920 1,001,890 998,460 Exhibit 8 * 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 ofthe City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. CL, d OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30.1999 AMERlTECH CAPITAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CENTRAL ILLlNOIS LT CIESCO L.P c!lTIcoRP CmGROUP DONNELLY DUPONT EXELSIOR INC FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GENERALELECTRIC CREDTl. HEWLETT-PACKARD J.P. MORGAN KAISER FOUD HSP KENTucKYl-JlnmEs MARGARETTENFINL. MERRILL LYNCH (imcludcs CP) NATIONAL RURAL UTUTIES NORTHERN ILL GAS NORWEST OKLAHOMA GAS &ELECTRIC REJm ImERvlER CAPrrAL SOUTHWESTERNBELL ST PAUL. CO SYDNEY CAP CORP TOYOTA TRAVELERS GROUPING WALMART PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Total Portfolio *No-thanS%maybcimrcstedwithasinglcigsuc. Investment Cost Percent of Portfolio* 1,843,969.81 0.62% 7,591,141.00 2.57% 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% 4,906,887.50 1.66% 1,006,100.00 0.34% 6,780,970.00 2.29% 1,145,610.00 0.39% 1,168,073.48 0.40% 2,926,280.01 0.99% 975,690.OO 0.33% 5039,195.OO 0.69% 4,040,400.00 1.37% 8,944,354.00 3.03% 1,011,080.00 0.34% 999,720.OO 0.34% 954J87.50 0.32% 2,024,340.00 0.68% 1,023,210.00 0.35% 11,006,165.79 3.72% 3,727,%7.96 1.26% 715,349.40 0.24% 9,754,969.00 3.30% 1,012,500.00 0.34% 2,020,720.00 0.68% 3,084,830.00 1.04% 1,004,920.00 0.34% 3,341,065.20 1.13% 5012,800.00 0.68% 1,105,341.85 0.37% 1,522,920.00 0.52% $295,610,887.11 Exhibit 9