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Home My WebLink About2000-02-01; City Council; 15599; Report On City Investments December 31, 1999CITY OF CARLSBAD -AGENDA BILL AB# j&&%&K TITLE: MTG. 02/01/00 REPORT ON CITY INVESTMENTS DEPT. TRS As of Decem her 31, 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 December 31, 1999 is as follows: (1) Of the $303 million in the investment portfolio, $37 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 12/31/99. Year-to-Date l l The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. October 1999 November 1999 December 1999 Pooled Investment Performance/Measurement Average Life (Years) Average Yield Modified Duration 1.75 5.70% 1.56 1.74 5.63% 1.56 1.74 5.743% 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. In summary, the City’s investments of bond proceeds held separately as of the quarter ended December 31, 1999 is as follows: 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. 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. 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T. ‘Y 0 N. “? ‘Y ‘-m 8 rrrrNrrNr;ti ~~S~~SS~SSZ 0000000m000 z-4%:$ SI 88x2 6 27ziS823%ci%88 cdtiti cd dticdui (d dddddddtidid fi.$$jgm~$fYi~~ W- W- N- d W- 0- d N- N- d W- rwmrbwrotrm rNrrNNN.-r-t woooooooooo*o*o*o*o*o*o*o*o*o*o*o* o* a=) ********* B~sssssoosaossow,oooooo > I 88888 8888888888888888 8 ooooosso”sooggggggggg $ ti & N^ + + ; 6 6 ; ti ‘.j + ‘.j ‘.j ; ; ti ti C.-j U-j ti - W aaaaaaaaaaaaaaaaaaaaaa c I uuuuuuuuuuuuuuuuuuuuu 000 999 s 888 Q 888 8 9 9 9 Q * 9 9 9 9 * 888 8 ooow 9 9 9 9 8883 5 rNr V W- W- N- ; - z F-N 8 88 c!Q!r! or0 c.?c?P wow 88888888888 d cd d 6 d d d d 6 d d Wr~NWrNN1CN ‘4 o! S r- N. “. ‘f? “. ? 9 x -trW‘DNrOObNV- SZNo8 88G82;8s: ; ; ; ,,j ; ; & ; ; ti mbwNOV)wNm a?qrq9trctoo 33 g+owo*o*:a3ti N-OSZMW86 =?WFln ~m-uiti$~~*$~ - - dci m~q~Nr+mylo r & ; 0- ne Yw sg “W Eo gx -rL 0 e i 8 E I 0000000 Exhibit 7 Fund Equity in Pooled Investments AS OF DECEMBER 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 Total 124,172,918 Total Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance ** 303,306,290 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other (43,534) Net adjustments per bank statement (398,383) Total adjustments Total Treasurer’s Investment Portfolio 37447,843 23,434,406 1,402,934 10,987,853 3,918,883 29,530,444 8567,254 11,166,356 6,620,464 51,043,305 2,338.359 39,193,203 49,058,071 2,631,383 3,061,532 93944,189 12545,712 0 ‘ 10,358,288 0 (441,917) 302,864,373 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 12/06/99. _. ._ CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31,1999 CORPORATE NOTE AND COMMERCL4L PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better bv both Moody’s and S&P) AMERITECH CAP ASSOC CORP OF N A BAYER CORP BAYER LND BANK CAMPBELL SOUP CO CITICORP CITIGROUP DUPONT FCC NATIONAL BANK FIRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CAPITAL GENERAL ELECTRIC CREDIT KENTUCKY UTILITIES MARGAKE-I-IENFINL MERRILLLYNCH NATIONAL RURAL UTILITIES NORTHERN ILL GAS REED ELSEVIER CAPITAL SOLlTHWESTERN BELL TOYOTA TRAVELERS GROUP INC WALMART Moodv’s s&p AA3 AA+ AA3 AA- AA2 AA AAA AAA AA3 AA- AA3 AA- AA2 AA- AA3 AA- AA2 AA- AA2 AA- AA2 AA- AAA AAA AAA AAA AA2 AA AA3 AA- AA3 AA- AA3 AA AA1 AA AA3 AA- AA2 AA 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&P\ CIESCO LP Al+ Pl Other Debt: AAA EKELSIOR INC Al+ Pl Other Debt: AAA SYDNEY CAP CORP Al+ Pl Other Debt: Investments with Subsequent Chnnees in Credit Rating l Latest Moodv’s s&p Maturitv Date AT&T Al AA- 06/O l/O1 BANC ONE CORP AA3 A+ 03l25102 CENTRAL ILLINOIS LT A2 BB- 02/09/00 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 OKLAHOMA GAS & ELECT Al Ai 10/15/00 ST PAUL CO Al A+ 08/13/01 Purchased AA3lAA- AA3/AA- AA2fAA- AA3/AA- AA3/AA AA3JAA AA3/AA- AA3lAA AA3lAA Carrying Market _Vnlue m 2,018,979 1998,600 2,500,876 2,495,575 1,000,768 1,000,310 1,028,339 1,021,150 999,953 999,210 911,446 899,334 9,654,477 9,617,096 1,003,564 996,150 1,001,797 994,650 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 tbe required times. Tbe 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. CI’I _ 3F CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER31,1999 AMERlTECH CAPITAL ASSOCIATES CORPNA AT&T BANC ONE BAYER BAYER LND BK CAMPBELL SOUP CO CENTRAL lJJ.INOIS LT ClEsco LP CITICORP CITIGROUP DONNELLY DUPONT EXELSIOR INC FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GENERALELJ3CTRIC CREDIT J.P. MORGAN KAISER FOUD HSP KENTUCKY UTlLITES MARGAItETTENFlNL MERRILL LYNCH (inch&a CP) NATIONAL RURAL UTILITES NORTHERN ILLGAS NORWEST OKLAHOMA GAS &ELECTRIC REED ELSERVIER CAPITAL SOUTHWESTElWBELL. ST PAUL CO SYDNEY CAP CORP TOYOTA TRAVELERS GROUPING WALMART PERCENTAGEWEIGHTINGSBYCORfVRATENOTEISSUER Investment Cost pm 1,843,%9.81 0.61% 8,816,129.22 2.91% 2,044,620.00 0.68% 2,504,125.00 0.83% 1,291,375.00 0.43% 515,512.50 0.17% 1,868,682.03 0.62% 1,014,650.00 0.34% 4,906,887.50 1.62% 1,006,100.00 0.33% 6,780,970.00 2.24% 1,145,610.00 0.38% 1,168,073.48 0.39% 2,926,280.01 0.97% 975,690.OO 0.32% 3033195.00 0.67% 4,040,400.00 1.33% 8,944,354.00 2.95% 999,720.OO 0.33% 954,187.50 0.32% 2,024,340.00 0.67% 1,023,210.00 0.34% 11,006,165.79 3.63% 3,727,967.96 1.23% 715,349.40 0.24% 9,754,969.00 3.22% 1,01~500.00 0.33% 2,020,720.00 0.67% 3,084,830.00 1.02% 1,004,920.00 0.33% 3,341,065.20 1.10% 2,012,800.00 0.66% 1,105,341.85 0.36% 1,522,920.00 0.50% Exhibit 9 Total Portlolio +Nomorcthan5%maybchvestedwithasin$ciasuc. S302,864,372.71 Exhibit 10