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Home My WebLink About2000-06-06; City Council; 15750; Report On City Investments April 30, 20004B# \ 5,750 WTG. 6 - 6 -00 DEPT. TRS a > 8 e % . . x F Y d x s 0 ._ -. CITY OF CARLSBAD -AGENDA BILL TITLE: REPORT ON CITY INVESTMENTS AS OF APRIL 30,200O CITY MGR:q 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 April 30, 2000 is summarized below. (1) Of the $315 million in the investment portfolio, $45 million are General Fund dollars. The balances 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 04/30/00. *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. 15 I 750 Pooled Investment Performance/Measurement February 2000 March 2000 April 2000 Average Life [Years) 1.80 1.74 1.78 Average Yield 5.87% 5.88% 5.96% Y Modified Duration 1.61 1.55 1.59 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. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Cumulative Cash Income Graph 5. Fourth 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 - s z 3 z 0 0 0 0 0 8 8 d 8 d 0 0 0 0 0 2 EXHIBIT 1 3 EXHIBIT 2 O 0 0 z 0 m r 1 & 4 & c 0 u k EXHIBIT EXHIBIT 3 3 ,a a z F -0 2? -4 -k -a -G r c, -: 3 ‘) A ,a 4 2 3 -0 3 ‘) -k -a 2 -s w -: -3 7 A ,a 2 -s w -: I k a 5 EXHIBIT 4 I , .=I 7 -$ h ii - & a . s E 11 ‘It .e . iti P > ‘2 .z 0 e 2 m . s a .Y 7 6 EXHIBIT 5 GZZ8M 8 - F&F?, g?$$&?$$?$$$ orJoooooooo orJwocemoomm wcoomot--oo- rdlQ~ti~\d~~~ 888 8 0000 p$!$$ Q?c?!ce **-f-a-? 52 %lz88 G888 Arj&g\d&dd bmOc1w000 v? “, 0 =L. \o 0 0 ‘0. ml-l-2-emoocI -~we4c3ocI- : c? c‘! c‘? “. 0 “, c? -cI--cI-mtn &?$$$$$&F\ 0000m0w mwwm~we4 Q 090109c?ar?-?q mu-Imwmw\ovI sggggggg Q@ggpg 0” d 0” 0” d d d d 000000~0 0 on 0 0, 0, 0, c‘” O? -cqdemIHun W *- pq- *- .+- N” 2 *- m- m- m- & N” m- v; *- m- m- 2 m- r.J- m- m- m- fl- *d *- *- m- m- pq- pJ- S%FF$ $1:: 8E ‘? *. m. “. %F;1” N” m* V” m” a-m-- ?$?SGTT ~~g;$ii~ ^ . . . . . . 2ESZR 3” -i “. N. N. 7. ‘. % -N--N”; ???s??? f#.g. VI ,’ < ; ; N” 2 2 ???s?? !I Q Q gggg 2 mgg --d-c-- WtcY0- a 9 , -. n r- a! PC ;. 2. F%Zff Nu-llnrn ,^ =. +. RZ %g$S 2 0” d a- EXHIBIT 7 Fund Equity in Pooled Investments AS OF APRIL 30,200O Cash Balance by Fund: General Special Revenue Debt Service Capital Projects: General Capita1 Construction Traffic Impact Fees Public Facilities Fees Park Development Transnet Taxes Drainage Fees Special Districts Other Capital Construction Total Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Total Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance ** 314,706,139 Amortization of discounts and premiums Deposits in transit Outstanding checks Wire in/(out) not recorded Other Net adjustments per bank statement Total adjustments 236,428 Total Treasurer’s Investment Portfolio 314,942,567 45,435,088 24,324,219 1,468,073 9,55 1,098 4,426,124 3 1,224,493 4,27 1,045 10,858,633 6,805,770 53,396,656 3,226,366 123,760,185 40,306,243 51,148,761 2,829,214 2,644,980 96,929,198 12,496,825 0 10,292,552 0 (10,466) 246,893 (1) Redevelopment Fund Balances are interspersed throughout all funds. * * Figures based on best estimate at the time report run on 05105/00. Cl I-Y OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30,ZOOO CORPORATE NOTE AND COMMERCL4 L PAPER RA TINGS Corporate Note Investments Meeting the Current Investment Policy: AMERITECH CAP AA3 AA- BAYER CORP AA2 AA BAYER LND BANK AAA AAA CAMPBELL SOUP CO AA3 AA- CITICORP AA3 AA- CITIGROUP AA2 AA- DUPONT AA3 AA- GENERAL ELECTRIC CAPITAL AAA AAA GENERAL ELECTRIC CREDIT AAA A AA MARGARETTEN FINL AA3 AA- MERRILL LYNCH AA3 AA- NATIONAL RURAL UTILITIES AA3 AA NORTHERN ILL GAS AA1 AA OHIO BELL TEL AA2 AA- REED ELSEVIER CAPITAL AA3 AA- SOUTHWESTERN BELL AA2 AA- TOYOTA AAA AA1 TRAVELERS GROUP INC AA2 AA- WAL MART AA2 AA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/PI or better by botb Moody’s and S&P) NONE ASSOC CORP AT&T BANC ONE CORP DONNELLY FCC NATIONAL BANK FIRST NATIONAL BANK CHICAGO FIRST USA BANK J P MORGAN KAISER FOUND HSP KENTUCKY UTILITIES NORWEST OKLAHOMA GAS & ELECT ST PAUL CO Moodv’s AA3 Al AA3 Al AA2 AA2 AA2 Al A3 Al AA2 Al Al s&Jf Ai AA- A A A+ A+ A+ AA- A A A+ A+ A+ Latest Carrying Market 10/15/03 06/01/01 03mo2 12/01/00 3/15/01 09/01/00 5/08/00 AA3lAA- AA3tAA- AA3lAA- AA3lAA- AA3lAA- AA2tAA- AAZIAA 1,150,274 7,643,518 2,014,514 1,989,400 2,500,102 2,489,185 1,018,034 I,01 1,480 995,359 994,010 4,000,049 3,993,220 2,014,441 1,982,130 Looo,ooo l,O@W@J 904,820 890,138 2,000,707 1,998,940 8,643,408 8,579,626 1,002,058 996,340 1,001,427 988,920 05/01/00 AA3lAA 1 l/01/01 AA3tAA 6f15100 AA2fAA- 03/01/02 AA3fAA- 10/l s/o0 AA3lAA 08/13/O] AA3fAA 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 of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. Cs ~OFCARL.SBADINVESTMENTPORTFOLIO ASOFAPRIL30,2000 EXHIBIT9 AMERlTECH CAPITAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CAMF’BBLL SOUP CO cITIcoRP CITIGROUP DONNELLY DUPONT FCC NATIONAL BANK FIRST USA BANK FIRST NATIONAL BAN-K GENERU. ELECTRIC CREDIT J.P. MORGAN KAISER FOUD HSP KENTUCKY UTILITIES MARGARETTENFINL MERRILL LYNCH (includm CP) NATIONAL RURAL UTILITIES NORTHERN ILLGAS NORWEST OHIO BELL TEL OKLAHOMA GA8 & ELECTRIC REED ELSERVIER CAPITAL SOUTHWBSTERN BELL ST PAUL CO TOYOTA TRAVELERS GROUP MC W&MART PERCENTAGEJWIGHTINGSBYCORPORATENOTEISSUER Total Portfolio * No more than 5% may be invested with a single issue. Investment Cost 1,843,%9.81 7,194,913.23 2,044,620.00 2,504,125.00 1,291,375.00 515J12.50 1,868,682.02 1,006,1co.00 6,780,970.00 1,145,610.00 1,168,073.48 975,690.OO 2,039,195.00 4,040,400.00 10,933,020.08 999,720.Oo 954,187.50 2,024,340.00 1,023,210.00 13,120,517.99 3,727,967.96 715,349.40 8,728,499.00 1,947,308.26 1,012,5@0.00 2,020,720.00 3,084,830.00 1,004,920.00 2>012,800.00 1,105,341.85 1,522,920.00 Percent af Portfollo~ 0.59% 2.48% 0.65% 0.80% 0.41% 0.16% 0.59% 0.32% 2.15% 0.36% 0.37% 0.31% 0.65% 1.28% 3.47% 0.32% 0.30% 0.64% 0.32% 4.17% 1.18% 0.23% 2.770/b 0.62% 0.32% 0.64% 0.98% 0.32% 0.64% 0.35% 0.48% $314,942,566.95