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Home My WebLink About2000-08-01; City Council; 15849; Report On City Investments June 30, 20004B# g! f%? IIITG. %- 1-00 IEPT. TRS CITY OF CARLSBAD - AGENDA .BlLL && I I Id TITLE: REPORT ON CITY INVESTMENTS As of June 30,200O CITY MGR: 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 June 30, 2000 is as follows: (1) Of the $323 million in the investment portfolio, $46 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 06/30/00. Month FYTD * The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. /5,b4q Pooled Investment Performance/Measurement II April 2000 May 2000 June 2000 Average Life (Years) 1.78 1.80 1.80 Average Yield 5.96% 6.05% 6.12% Modified Duration 1.59 1.61 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. In summary, the City’s investments of bond proceeds held separately as of the quarter ended June 30, 2000 is as follows: Par Value cost Investment Portfolio for Bond Proceeds Current Quarter 9,296,241 9,296,241 Prior Quarter 12,082,617 12,082,617 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. Investment Portfolio Breakdown By Book Value, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities PAGE THREE OF AGENDA BILL NO. Is! tqy EXHIBITS FOR POOLED INVESTMENTS (continued): 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 FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: 10. Detailed Investment Report - Quarterly Report 3 -- EXHIBIT 1 s z s 0 0 0 0 0 6 8 d 8 d 0 0 0 0 0 2 4 EXHIBIT 2 T 0 m i s 0 d 0 0 0 0 0 0 0 0 06 ;3 69 0 5 - 2 +” XZ WI t t - EXHIBIT -k -a -0” -s 3 -0 -2? - =I -7 A -a -G F w 3 3 7 A -a -% 2 3 -0 -i 7 A -a -5 F w -c5 -i ‘) -;i -a 2 -G w -6 3 EXHIBIT 4 : ,< E z k a . i! s Q ‘z .s 0 ‘8 > ‘zo .5 0 Q ‘8 m . s a z 7 EXHIBIT 5 mm-oc4oww- c?r?-19cu?ro?r! moo-mcJooe4w +o-clPmowo c‘, “. “, “, % “, \o, Q? \o v-lw--mm~bm ooc1wm-c1ww6 0,9 ” N, 9 “, t t 0 r4CIWNe4~CIe4rn mmmOc4e4Wo0~ mr?oqqr?eln?r? mooc-4mmmwe4w “mooo~oowoo oobw0~wI-mm 00” lo” t-6 S CG d 06 ci t-4 or4mlnwcnddw -v-bc3b’lomw cIcIdoomclo ~\q\oln?‘Y~~ a\b’rnOOlIln wm~moboo~ wooooomcl w^ d lo” 9” d & ci c-i ~Z$FiZrnzi~ $ $Y &e $ I$. $ $ &t &t ocloowoooo oc4wocnmwmm \4r?9”9”99? 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P 000~000000~b000000000000~r400000 ~-w-~-;~-~-~-6~-~-~-;;~-~-~-w-;~-~-~-~-~~~-~-~-w-~-~-~-~- mm k El aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu C9oOWNOBO*b ONmNcoO-(D f 86 dddGdddd.G&d coO~~.-Omrc-4rm ~lne4lnmmr-ooo~ d o- d d ui ui vi d m- o- ui t~cDrlDocu~0*0 rr NV)ON-C-l-t- 8888 gggg s ss 8 ~~~~?~~~~~~ 8 9 9 9 9 9 Qg 8 888888 00000000 f3qgg ** - Eigsg 8 88 8 d d d d d d cl- o- o- d d 00000000000 0000 0 00 0 (v 0 m oe o* o* o* o- oe oe o- U-J- ; ti ; d + U-J- oi ; ; (UNNrrrrr aaaa zzzzzzzzzzz l-h-l-+ 44 oooooooooou 4 -! cD0u-J YF?@? X88 r-cob t-4‘ r; oi 8i-?5 u-i d s-i EXHIBIT 7 Fund Equity in Pooled Investments AS OF JUNE 30,200O 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 Total General Ledger Balance l * 323,340,212 Amortization of discounts and premium Deposits in transit Outstanding checks Wire in/(out) not recorded Other Net adjustments per bank statement Total adjustments Total Treasurer’s Investment Portfolio 46,128,636 24,728,553 1,340,898 9,558,287 4,687,026 31,941,484 5,573,822 10,455,517 6,909,036 55,865,002 3,246,090 128,236,264 41,120,567 51,376,898 3,064,470 2,390,238 97,952,173 13,019,142 0 11,934,547 0 (50,605) (25,902) (76,508) 323,263,784 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 07/10/00. /3 - CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JUNE 30,200O CORPORA TE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: Moodv’s and AMERITECH CAP AA3 AA- BAYER CORP AA2 AA BAYER LND BANK AAA AAA CAMPBELL SOLJP CO AA3 AA- CITICORP AA3 AA- CITIGROUP AA2 AA- DUPONT AA3 AA- GENERAL ELECTRIC CAPITAL AAA AAA GENERAL ELECTRIC CREDIT AAA AAA MERRILL LYNCH AA3 AA- NATIONAL RURAL UTILITIES AA3 AA NORTHERN ILL GAS AA1 AA OHIO BELL TEL AA2 AA- SOUTHWESTERN BELL AA2 AA- TOYOTA AAA AA1 TRAVELERS GROUP MC AA2 AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be AI/P1 or better by both Moody’s and S&P) r bv Moodv’s or S&l?) SALOMON SMITH BARNEY HOLD P-l A-l GENERAL ELECTRIC CAPITAL P- 1 A-l ASSOC CORI’ AT&T BANC ONE CORP DONNELLY FCC NATIONAL BANK FIRST NATIONAL BANK CHICAGO FIRST USA BANK RAISER FOUND HSP NORWEST OKLAHOMA GAS & ELECT ST PAUL CO Moodv’s AA3 A+ Al AA- AA3 A Al A AA2 A+ AA2 A-+ AA2 A-+ A3 A AA2 A-+ Al A+ Al A+ Other Debt: AA3 Other Debt: AAA Latest 10/15/03 06/01/01 03f25fO2 12fOl/OO 3/15/01 09/01/00 S/08/00 1 lfOl/Ol 03/O l/O2 10/15/00 08/13/01 AMIAA- 6,749,733 6,662,295 AA3/AA- 2,012,281 1,990,000 AA3fAA- 2,499,715 2,490,940 AA3fAA- 1,012,881 1,007,960 AA3lAA- 996,246 995,670 AA2fAA- 1,999,843 1,996,560 AAUAA 2,012,616 1,988,OSO AA3fAA 901,506 890,715 AA3fAA- 6640,859 6,597,428 AA3lAA 1,001,305 997,740 AA3lAA 1,001,242 991,620 EXHIBIT 8 Carrying Market * 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. CITY OE CARLSBAD INVESTMENT PORTFOLIG AS OF JUNE 30,200O PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost AMERITECH CAPITAL 1,843,969.81 ASSOCIATES CORP NA 6,777,543.23 AT&T 2,044,620.00 BANC ONE 2,504,125.00 BAYER 1,291,375.00 BAYER LND BK 515,512.50 CAMPBELL SOUP CO 4,695,372.02 CITICORP 1,006,100.00 CITIGROUP 6,780,970.00 DONNELLY 1,145,610.00 DUPONT 1,168,073.48 FCC NATIONAL BANK 975,690.OO FIRST USA BANK 2,039,195.00 FIRST NATIONAL BANK 1,998,120.00 GENERAL ELECTRIC CREDIT 15,798,381.08 KAISER FOUD HSP 954,187.50 MERRILL LYNCH (includes CP) 13,120,517.99 NATIONAL RURAL UTILITIES 3,727,967.96 NORTHERN ILL GAS 715,349.40 NORWEST 6,686,269.00 OHIO BELL TEL 1,947,308.26 OKLAHOMA GAS t ELECTRIC 1,012,500.00 SALOMON SMITH BARNEY HOLDINGS (CP 3,914,460.00 SOUTHWESTERN BELL 3,084,830.00 ST PAUL CO 1,004,920.00 TOYOTA 2,012,800.00 TRAVELERS GROUP INC 1,105,341.85 Percent of Portfolio* 0.57% 2.10% 0.63% 0.77% 0.40% 0.16% 1.45% 0.31% 2.10% 0.35% 0.36% 0.30% 0.63% 0.62% 4.89% 0.30% 4.06% 1.15% 0.22% 2.07% 0.60% 0.31% 1.21% 0.95% 0.31% 0.62% 0.34% EXHIBIT 9 Total Portfolio * No more than 5% may be invested with a single issue. $323,263,704.01 . . EXHIBIT 10 M&Z:8 UidGd NNYO mm F- I- U-J c$ 8 r; b- et*-- 3 Y- 8s;fiM s ? “ai”~ 8’ - 2 t? l-i n w