HomeMy WebLinkAbout2000-06-20; City Council; 15788; Report On City Investments May 31, 20004B# 15,7m
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DEPT. TRS
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CITY OF CARLSBAD - AGENDiBILL
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TITLE:
REPORT ON CITY INVESTMENTS
AS OF MAY 31,200O CITY MGR: SC
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 May 31, 2000 is summarized
below.
Pooled Investment Portfolio (Cash and Securities)
(1) Of the $319 million in the investment portfolio, $46 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 05/31/00.
Year-to-Date *
Month FYTD Month FYTD
*The cash income received is adjusted for any accrued interest purchased.
/
PAGE TWO OF AGENDA BILL NO. 15,788
Pooled Investment Performance/Measurement
Average Life
(Years) Average Yield Modified Duration
March 2000 1.74 5.88% 1.55
April 2000 1.78 5.96% 1.59
May 2000 1.80 6.05% 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. 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
EXHIBIT 1
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EXHIBIT 7
Fund Equity in Pooled Investments
AS OF MAY 31,200O
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 Total
Enterprise:
Carlsbad Municipal Water District Sewer Fund
Solid Waste
Golf Course Total
Internal Service
Redevelopment Funds (1)
Agency Funds
Misc. Special Funds
46,075,655
24,526,753
1,559,718
9483,393 4523,240
31,425,506
5,433,452
10,654,728
6,825,683
55,314,721
3,001,816 126662,540
40,723,655
50,436,321 2,871,821
2,591,164
96,622,960 12,734,777
0
11,369,255
0
Total General Ledger Balance H 319,551,657
Amortization of discounts and premium
Deposits in transit
Outstanding checks Wire in/(out) not recorded
Other
(17,237)
Net adjustments per bank statement
Total adjustments
(541,536)
(558,773)
Total Treasurer’s Investment Portfolio 318,992,884
(1) Redevelopment Fund Balances are interspersed throughout all funds.
l * Figures based on best estimate at the time report run on 06/06/00.
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CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MAY 31,200O
CORPORATE NOTE AAD COMMERCIAL PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
AMERITECH CAP
BAYER CORP
BAYER LND BANK
CAMPBELL SOUP CO
CITICORP
CITIGROUP
DUPONT
GENERAL ELECTRIC CAPIT
GENERAL ELECTRIC CRED
MARGARETTEN FINL
MERRILL LYNCH
NATIONAL RURAL UTILITI
NORTHERN ILL GAS
OHIO BELL TEL
SOUTHWESTERN BELL
TOYOTA TRAVELERS GROUP INC
WAL MART
MfndY!s MI!
AA3 AA-
AA2 AA
AA3 AA-
AA3 AA-
AA2 AA-
AA3 AA-
AA3 AA-
AA3 AA-
AA3 AA
AA1 AA
AA2 AA-
AA2 AA-
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)
NONE
Latest Carrying Market
MOOdV’S SmMaturihrDattPurchased Yiillu
ASSOC CORF’
AT&T
BANC ONE CORP
DONNELLY
FCC NATIONAL BANK
FIRST NATIONAL BANK CH
FIRST USA BANK
KAISER FOUND HSP
KENTUCKY UTILITIES
NORWEST
OKLAHOMA GAS & ELECT
ST PAUL CO
AA3
Al
AA3
Al
AA2
AA2
AA2
A3
Al
AA2
Al
Al
A+
AA-
A
A
A+
A+
A+
A
A
A+
A+
A+
10/15/03 AA3lAA- 7,749,701 7,637,28 1
06/01/01 AA3fAA- 2,013,397 1,985,200
03/25/02 AA3/AA- 2,499,909 2,485,255
12/01/00 AA3lAA- 1,015,457 1,009,100
3/15/01 AA3fAA- 995,802 992,960
09/01/00 AAZIAA- 1,999,765 1,995,420
5/08/00 AA2/AA 2,013,529 1,978,920
1 l/01/01 AA3fAA 903,163 888,300
6/15/00 AA2fAA- 2,000,225 1,999,560
03/01/02 AA3lAA- 6,641,964 6,576,262
10/15/00 AA3lAA 1,001,682 997,010
08/13/01 AA3fAA 1,001,334 987,340
EXHIBIT 8
l 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.
I3
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CITY OE, 64RLSBAD INVESTMENT PORTFOLIO
AS OF MAY 31,200O
PERCENTAGE WEIGHZlNGS BY CORPORATE NOTE ISSUER
AMERITECH CAPITAL
ASSOCIATES CORP NA
AT&T
BANC! ONE
BAYER
BAYER LND BK
CAMPBELL SOUP CO
CITICORP
CITIGROUP
DONNELLY
DUPONT
FCC NATIONAL BANK
FIRST USA BANK
FIRST NATIONAL BANK
GENERAL ELECTRIC CREDIT
KAISER FOUD HSP
KENTUCKY UTILITIES
MARGARE’ITENFINL
MERRILL LYNCH (includes CP)
NATIONAL RURAL UTILITIES
NORTHERN ILL GAS
NORWEST
OHIO BELL TEL
OKLAHOMA GAS & ELECTRIC
SOUTHWESTERN BELL
ST PAUL CO
TOYOTA
TRAVELERS GROUP INC
WAL MART
Investment Cost Percent of Portfolio*
1,843,969.81 0.58%
7,794,913.23 2.44%
2,044,620.00 0.64%
2,504,125.00 0.79%
1,291,375.00 0.40%
515,512.50 0.16%
1,868,682.02 0.59%
1,006,100.00 0.32%
6,780,970.00 2.13%
1,145,610.00 0.36%
1,168,073.48 0.37%
975,690.OO 0.31%
9039,195.oo 0.64%
1,998,120.00 0.63%
10,933,020.08 3.43%
954,187.50 0.30%
2,024,340.00 0.63%
1,023,210.00 0.32%
13,120,517.99 4.11%
3,727,967.96 1.17%
715,349.40 0.22%
6,686,269.00 2.10%
1,947,308.26 0.61%
1,012,500.00 0.32%
3,084,830.00 0.97%
1,004,920.00 0.32%
2,012,800.00 0.63%
1,105,341.85 0.35%
1,522,920.00 0.48%
EXHIBIT 9
Total Portfolio S-318,992,884.41
l No more than 5% may be invested with a single issue.