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Home My WebLink About2000-03-28; City Council; 15667; Report On City Investments February 29, 2000-. CITk OF CARLSBAD -AGENDA BILL AB# /s: TITLE: MTG. 3-28-OC REPORT ON CITY INVESTMENTS DEPT. TRS AS OF FEBRUARY 29,200O RECOMMENDED ACTION: Accept and file report. CITY MGR: 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 February 29, 2000 is summarized below. Current Month Prior Month Par Value 307,530,430 306,522,663 Cost of Investments (1) 307,377,217 306,486,034 Amortized Cost (2) 307,105,087 306,225,778 Market Value (3) 301,870,065 300,549,089 (1) Of the $307 million in the investment portfolio, $39 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 02/29/00. Year-to-Date * *The cash income received is adjusted for any accrued interest purchased. - PAGE TWO OF AGENDA BILL NO. 15, bb 7 Pooled Investment Performance/Measurement December 1999 January 2000 February 2000 Average Life (Years) 1.74 1.79 1.80 Average Yield 5.74% 5.83% 5.87% Modified Duration 1.56 1.60 1.61 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 -. Exhibit 1 4 2 2 0 0 0 0 0 6 8 d 8 -5 0 0 0 3 - Exhibit 2 0 0 0 0 0 0 8 Q n B 53 Exhibit 3 k a 7% xa WJ t I - -E r 3 -0 -2 3 A ,a 2 3 3 -0 3 -h -a -2 -s 3 -0 : A -a -6 3 -3 -0 z -h -a 2 -s 3 -0 5 Exhibit 4 ‘t s \ . . \ .=I 7 .$ . z E L 2 . 2 L a z c 7 kl P > 0 Z -8 0 3 cn T a Exhibit 5 aaaaaa .w.... zzzzzz Y 2 A YOdmm d Map, ii izMix~ P s a&a zYz5 ZazI u3uu iz~izi5 000000 0000 eeeee,o gg88sz es?eE! * rmmw NCI.... eeo,e FFrrvr 000000 8888 > > p?oooooo Lgo 0000 a4QQQ48 =)mmmwc9m ze!Beeez grNCVC*) mcee=: $E;623X;; W-N(VF uoooo aaa N.. zzz >’ . Exhibit 6 & 6 ON ti* IYE +a 32 Fm Sk L 0 ICNbNmNONwb is* 1 RZH3b,-,w 8sypa~8owmogmwwm~ 8 wmmww8-mw ~‘8~~~~~~~~~~~~8~88s~~~ ycNo)ca)ow~o rr0r0000)0* e$ G- ; Y- ; F- 8-- ; ; ; ; F- F- %-- ; ; ; ; ; ; ; ; ; ; ; ; ; ; al- E= u)= wo 1” -4 W 31 > ?SS?SS?S???SS??SSSSS~??8~~~~~~~~~~~~~aaaSaSa??~? ~~~~~~~~g~~aaaaaassaa~~~~~~~~~~~~asaa~~~~~~~~~~~ 9 9 9 9 9 9 9 9 9 9 0000000 0 0 w 0 U-J u) 0 0 0 o- d o- o- o- o- o- o- d o- o- d o- d o- o- o- d o- d o- d o- o- vi o- d 8 s88~sssoao0N - g yJ- d d d d d d d d 9 9 (9 oooo~a~asaassaaaaaaasss~saaaa?ssaaa~sa (v F 7 m- ; ; ; w- m- w- ni m- N- s-- ni 7- T-- a- N- N- N‘ .-- N- N- m- s-- m- ru- m- N- c-i w- ru- fl- ; u-i w- m- ; N- ci -- m- cu- m- m- ni ; ?la e8 :agcJ 8 S? ? m m “! k % 38 Q - 8C!s” N- “! y r; R g%- i$ 9 9 v) - N 7- s- N r vi ?zsz$% s $?i f zz *mmw NWv)lc 2 se 8 73 cd cd cd cd cd w’ cd cd cd d ~~~~~~~~~E~~~Z~S~~~~~~~~~~~~~~ z E8S288 wmoooowooo- mwwol--mr-N wNw0~0w0w000 $ twrONN-m0w0r-www rNNOwrNOr-WI-W wONNmvJ00-Nwwww I- w' vi cd cd cd cd vi ui cd cd rc' w' b-i d cd cd l.4 cd ui 0' cd cd ui cd rc' rc' ti u-i cd cd b-i a .-- + Vi N- N- .i N- .-- ; c-6 2 wmoo 9799 Q28E Y Y “! ? b8zz 8 OO-IOI d v-- ; ooowooooooooooo ooowr-0000000000 wm tiaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa c I uuuuuuuuuuuuuuuuuuuuuuuuuuuuuu 8 668 0000 rrc!e F-a?slZB aaa3 r F 8 666 88 Oo)o)W Q-F- -:aa aec5c! In * W 0 0 N 0 v) O- OS O- Ob 0. O- O- Om Ws Om O- W Oe OS Oe Ow O- Om Om Oe Oe O- 0. NNNrrrrr~,Nr .-.-N.-N.-.-NNrr;ti .--.-- El R8k8R1E!80Gi?6 z * ‘? m “. T. t Y Y “. t t 9 “. I’--‘--‘-‘-‘- En - s 9 9 9 P, ‘4 ~~$j~CJ~“W”NO 0 W We W N- W N- .-- N- W- N- ~zzzzzzzzzzzz I ~000000000000 6;; mmo N-79 aid ’ ‘ai 24 % 348 Eww _ _ 2; m- b- t-- x FZ I.- d w- aeaesssaes 8888888 99”‘?09?4! P9WWWWW 2% cd& ’ 873 ‘oduicd :. 8- air3 N- W- O- ;x EZ r-- *- w- mu2 r:o, $8 ’ 873l ’ d vi cd 7 9 ae3 N- W- O- xzz rc- d w- 0000000 Exhibit 7 Fund Equity in Pooled Investments AS OF FEBRUARY 29,200O 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 Total Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance * 309,429,556 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other (27,956) Net adjustments per bank statement (2,024,383) Total adjustments (2,052,339) Total Treasurer’s Investment Portfolio 307,377,217 39,055,774 23,898,792 1,073,966 io,ai3,19i 4,107,aao 29,927,734 8,712,263 10,886,627 6,690,457 51,325,835 2,283,237 124,747,225 40,822,765 49,330,2at 3947,057 2,985,812 96,185,914 12,755,196 0 11,712,691 0 (1) Redevelopment Fund Balances are interspersed throughout all funds. l ’ Figures based on best estimate at the time report run on 03/13/00. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 29,200O CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratines must be AA or better by both Moody’s and S&P) AMERITECH CAP ASSGC CORP OF N A BAYER CORP BAYER LND BANK CAMPBELL SOUP CO CITICORP ClTIGROUP DUPONT FCC NATIONAL BANK FIRST NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CAPITAL GENERAL ELECTRIC CREDIT KENTUCKY UTILITIES MARGARE-ITENFINL MERRILL LYNCH NATIONAL RURAL UTlLlTIES NORTHERN ILL GAS REED ELSEVIER CAPITAL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC WALMART Moody’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 by Moody’s or S&P) SYDNEY CAP CORP Al+ PI Other Debt: Investments with Subsequent Changes in Credit Ratinp l Latest Moody’s s&p Maturity Date AT&T Al AA- 06/01/01 BANC ONE CORP AA3 A-+ 03f25102 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 A+ 10/15/00 ST PAUL CO Al A+ 08/13/01 Purchased AA3/AA- AAYAA- AA3/AA- AA3tAA AA3iAA AA3/AA- AA3tAA AA3lAA Carrying Market e m 2,016,746 1,986,OOO 2,500,489 2,489,865 1,023,186 1,016,940 999,976 999,000 908,133 893,769 9648,448 9591,644 1,002,811 995,810 1,001,612 991,020 Exhibit 8 l The City’s Investment Policy allows the City Treasnrer to determine the conrse 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 CITl .d CARLSBAB INVESTMENT PORTFOLIO AS OF FEBRUARY 29,200O Exhibit 9 AMBRITBCH CAPITAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CAh4FBEL.L SOUP co CITICORP CITJGROUP DONNELLY DUPONT FCC NATIONAL BANK FIRSTUSA BANK FIRSTNATIONALBANK GENBRALELECTRICCREDIT J.P. MORGAN KAISER FOUD HSP KENTUCKY UTILITIES MARGARETTENFlNL h4ERRJLL LYNCH (includes CP) NATIONALRURALUTILITLES NORTHERN ILLGAS NORWEST OKLAHOMA GAS & ELECTRIC REED ELSERVIER CAPITAL SOUTI-IWESTERN BELL ST PAUL CO SYDNEY CAP CORP TOYOTA TRAVELERS GROUP IN’.? WALMART PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER &nvestment Cost IJ43.969.81 8,816,129.22 2,044,620.00 2,504,125.00 1,291,375.00 515,512.50 1,868,682.03 1,006,lOO.M) 6,780,970.00 1,145,61O.OfJ 1,168,073.48 975,690.oO 2,039,19s.cM.l 4,040>4co.00 8,944,354.00 999,720.OO 954,187.50 2,024,34aoo 1,023,210.00 13,120,517.99 3,727,967.96 715,349.40 9,754,%9.00 1,012,500.00 2,020,720.00 3,084,830.00 1,004,920.00 3,341.065.20 2,012,800.cO 1,105,341.85 1,522,92b.O0 Percent olPortfolio* O.EQ% 2.87% 0.67% 0.81% 0.42% 0.17% 0.61% 0.33% 2.21% 0.37% 0.38% 0.32% 0.66% 1.31% 2.91% 0.33% 0.31% 0.66% 0.33% 4.27% 1.21% 0.23% 3.17% 0.33% 0.66% 1.00% 0.33% l.O9?h 0.65% 0.36% 0.50% Total Portfolio l NommothsnS%maybeinvestadwithasinglsissue.