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Home My WebLink About2000-03-07; City Council; 15632; Report On City Investments January 31, 2000. . , . AB# 15,632 MTG. 3- 7-00 DEPT. TRS % . . F 2 d 3 8 CITY OF CARLSBAD -AGENDA BILL TITLE: REPORT ON CITY INVESTMENTS AS OF JANUARY 31,200O 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 January 31, 2000 is summarized below. Par Value 306,522,663 302,736,480 Cost of Investments (I) 306,486,034 302,864,373 Amottized Cost (2) 306,225,778 302,656,085 Market Value (3) 300,549,089 298,377,641 (1) Of the $306 million in the investment portfolio, $36 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 01/31/00. Year-to-Date * *The cash income received is adjusted for any accrued interest purchased. - PAGE TWO OF AGENDA BILL NO. j?i-16 3& Pooled Investment Performance/Measurement November 1999 December 1999 January 2000 Average Life IYears) 1.74 1.75 1.79 Average Yield 5.63% 5.74% 5.83% Modified Duration 1.56 1.56 1.60 All pooled investments have been made in accordance with the City’s Investment Policy adopted January 2, 1985 and last revised January 11, 2000. 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 Third Quarter Transactions Detailed Investment Report Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer -. s s z 0 0 0 0 0 8 8 d 8 d 0 0 0 0 0 3 - Exhibit 1 3 Exhibit 2 s 9 0 0 . 0 0 . Exhibit 3 -8 3 -0 ->r -3 3 -e 2 -F 3 -0 3 -h ,a 2 ,F -5 -0 L -3 ‘) 3 -4 -6 -F -5 -0 2 -h ,e x -: ,z -0 5 - Exhibit 4 b b . b l . . b . \ . * I I 1 \ \ L : -2 - 6 L - Le a . iz z 9 -Ii! .$ . iii P > -zo .z 0 p. ‘S m . 3 a 3 7 Exhibit 5 rmoo r“799 (DC900 o--o0 9 F? 9 9 ~:8~E! “? “! c? l4-l mmcuni 8 8 9 8 9 m aaaaaa . . . . . . zzzzzz fii .- & 5 3 “I iii u * 2 iziTizizi55 ?g$$$$ 7OF(VlYF i=aa::: 000000 888888 3jiiiaGFaz5 ee$Qc!c 7rrrrv 000000 i54E a ‘E al 3% t;;P I 5 comco e9?2? 228 :25i73 000 7 -. .- Exhibit 6 8888~:88 ddddcjrid siE8SZFJi2 b- r-‘ g- g $ g- $ ;;x UlOOWU-2 titim-ti;m-c5 d d d d d d d d d d d d d d d d d d 6 d d d d d d d ci d d d d d d d d d d d d d d d d d 6 d d ci d d E t= I aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu 8 02)mWNOrrNQ)r E *888$ 3 $W*WNW%~8~~~8~8~~~~~~~ t rC r. 9 t “! 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QQQ g g g 9 9 9 FNF 8 Q Q i 88 8 ggg 9 9 9 oow 882 ti ,.j ; s3~sxg?q? 88888888 9 9 9 9 9 9 9 9 8E888 8 88 9 0) 9 9 9 9 9 9 .- rrNrrN ?SS?S?SS???S?SS?SSSSSSSSSS 88888 888888888888000000000 ddddddddd w 0 0 0 0 0 0 o* o* o* o* o* o* o* o* o* o* o* o* o* o* o* oe o* om o- o* a 3 6 6 6 6 6 6 a~0000008 oSSSS800woooooooooo 0000000000000 ~~~~~~~~~~O~~OOOOW~OOOOOOOOO > ‘.i ti N- hi i i ; ‘6 ti ; ti ‘.i ni d oi ti ; ; t.i d 0‘ ni U-i oi ti hi zzzzzzzz vvvvvvvv m~gg@g aa::aaaa a=3:$acc= m v)ww wwwww mo)oaoBo) 868 Q)Q)o)o)Q)o)o)al rrrrrrrr si=at.3asaa a2:xai;i:a ul In ~ObNo)bWbQ)W N~ON0bU,COt080WWtNWb.tW Q)wol-mwomo3 VVNY3-F Nrrr ,-,-,-YF.- N F .- sssss8ssss 00000000000000000000000 SSSSSSSSSSSSSSS . _- 8 wo 00 riodd S86 d rc‘ 8% Lzzzz ~0000 I 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 JANUARY 31,200O Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance H 301,809,836 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other (39,145) Net adjustments per bank statement 4,715,343 Total adjustments 4,676,198 Total Treasurer’s Investment Portfolio 306,486,034 Total Total 36,087,023 23,198,520 1,396,250 10,913,134 3,971,048 29,529,040 8,602,280 11,036,716 6,651,763 34,390,619 19,242,018 124,336,619 38,572,205 48,398,634 2,638,136 3,076,108 92,685,083 12,558,557 0 11547,784 0 (1) Redevelopment Fund Balances are interspersed throughout all funds. c* Figures based on best estimate at the time report run on 02/07/00. /a Exhibit 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31,200O CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Retinas must be AA or better bv both Moodv’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 MARGARE’ITEN FINL MERRILL LYNCH NATIONAL RURAL UTILITIES NORTHERN ILL GAS REED ELSEVIER CAPITAL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC WAL MART Moodv’s Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/P1 or better by both Moody’s and S&P) CRatings of other debt must be AA or better bv Moodv’s or S&P) EKELSIOR INC Al+ SYDNEY CAP CORP Al+ PI PI Other Debt: AAA Other Debt: Investments with Subseauent Changes in Credit Dating * Latest Moody’s s%p Maturitv Date AT&T Al AA- 06/01/01 BANC ONE CORP AA3 A+ 03J25JO2 CENTRAL ILLINOIS LT A2 BB- 02/09/00 DONNELLY Al A 12JOlJOO J P MORGAN Al AA- 05JOllOO KAISER FOUND HSP NORWEST A3 A 1 l/01/01 AA3 A+ 03/01/02 OKLAHOMA GAS & ELECT Al A+ 10/15JOO ST PAUL CO AI A+ OSJ13JOl Purchased AA3JAA- AA3JAA- AAZIAA- AA3iA.k AA3JAA AA3JAA AA3lAA- AA3lfiA AA3lAA Carrying Market m w 2,017,863 1,995,200 2,500,682 2,487,765 1,000,162 1 ,ooo,ooo 1,025,762 1,018,800 999,964 998,580 909,789 893,043 9,651,462 9,589,996 1,003,188 994,990 1,001,705 990,290 * 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 of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. f3 CI . OFCARLSBADINVESTMENTPORTFOLIO ASOFJANUARY31,2000 Exhibit 9 AMERITEcHcAPlTAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CAMPBELL SOUP co CENTRAL ELINOIS LT cITIcow ClTIGROUP DONNEILY DUPGNT EXELSIOR lNC FCC NATIONAL BANK FIRSTUSA BANK FIRST NATIONAL BANK GRNRRALEXECTRICCREDIT J.P. MORGAN KAISER FOUD HSP Kl3NTucKYuTlLrnES MARGARE’TTENFINL MRRRILL LYNCH (iicludcs CP) NATIONAL RURAL UTlLITES NORTHERN ILLGAS NORWEST OKLAHOMA GAS & ELJWTRIC RBED ELSERVIER CAPITAL S0UTHWESTERNBEI.L ST PAUL CO SYDNEYCAP CORP TOYOTA TRAWLERS GROUPINC WALMART PERCENAGE WEIGKRNGS BY CORPORAlTE NOTE ISSUER Total Portfolio 8306,486,033.69 *Nommthan5%maybelmeatedwithasingleissoc. Investment Cost 1,843,969.81 8,816,129.22 2,044,620.00 2,504,125.00 1,291,375.00 X5,512.50 1,868,682.03 1,014,650.00 1,006,100.00 6,780,970.00 1,145,610.00 1,168,073.48 2,926,280.01 975,690.OO &039,195.00 4,040,400.00 8,944,354.00 999,720.oo 954,187.50 2,024,340.00 1,023,210.00 13,120,517.99 3,727,967.96 715,349.40 9,754,969.00 1,012,s00.00 2,020,720.00 3,084,830.00 1,004,920.00 3,341,065.20 2,012,800.00 1,105,341.85 l,S22,920.00 Percent olPortfolio* 0.60% 2.88% 0.67% 0.82% 0.42% 0.17% 0.61% 0.33% 0.33% 2.21% 0.37% 0.38% 0.95% 0.32% 0.67% 1.32% 2.92% 0.33% 0.31% 0.66% 0.33% 4.28% 1.22% 0.23% 3.18% 0.33% 0.66% 1.01% 0.33% 1.09% 0.66% 0.36% 0.50%