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Home My WebLink About2000-09-26; City Council; 15905; City Investments As Of August 31, 2000AB# Aq;%s MTG yw-00 . DEPT. TRS CITY OF CARLSBAD - AGENDA BILL TITLE: REPORT ON CITY INVESTMENTS AS OF AUGUST 31,200O J CITY MGR: %‘6 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 August 31, 2000 is summarized below. (1) Of the $323 million in the investment portfolio, $49 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 08/31/00. *The cash income received is adjusted for any accrued interest purchased. - PAGE TWO OF AGENDA BILL NO. I&, vog Pooled Investment Performance/Measurement June 2000 July 2000 August 2000 Average Life (Years1 1.80 1.73 1.67 Average Yield Modified Duration 6.12% 1.61 6.16% 1.55 6.18% 1.50 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. First 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 02 ? 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Special Funds Total General Ledger Balance l * Reconciling Adjustments Total Treasurer’s Investment Portfolio at Market Value 48,736,851 23,473,169 43,487 6,437,621 4,729,837 32,793,084 6,943,479 10,146,865 6,909,036 58,652,312 2,332,178 126,944,411 41,817,128 50,706,316 2,920,215 2,332,528 97,776,186 11,576,858 0 11,579,063 0 320,130,025 (60,916) 320,069,110 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 09/12/00. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF AUGUST 31,200O CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Rat be AA or b&w bv both Mpody’s a.gd S&P) AMERITECH CAP BAYER CORP BAYER LND BANK CAMPBELL SOUP CO CITICORP CITIGROUP DUPONT GENERAL ELECTRIC CAPITAL GENERAL ELECTRIC CREDIT MERRILL LYNCH NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC AA3 AA- AA2 AA AAA AAA AA3 AA- AA3 AA- AA2 AA- AA3 AA- AAA MA AAA AAA AA3 AA- AA3 AA AA1 AA AA2 AA- AA2 AA- AAA AA1 AA2 AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/PI or better by both Moody’s and S&P) IRaIing,s of other de&must be AA or better by Moody’s or S&P) SALOMON SMITH BARNEY HOLD P-l A-l GENERAL ELECTRIC CAPITAL P-l A-l s - -* in Credit m ASSOC CORP AT&T BANC ONE CORP DONNELLY FCC NATIONAL BANK FIRST NATIONAL BANK CHICAGO FIRST USA BANK KAISER 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 06/01/01 03/25/02 12/01100 3/I 5101 09/01100 1 uo3/01 11101101 03/01/02 1 o/i 5100 08/l 3101 AA3lAA- 6,749,795 6,691,896 AA3lAA- 2,010,048 1,993,800 AAJIAA- 2,499,328 2,497,120 AA3lAA- 1,007,729 1,004,290 AA3lAA- 997,132 997,640 AA2lAA- 2,000,000 2,000,000 AA2lAA 2,010,792 1‘993,760 AA3IAA 89&l 93 890,260 A43iAA- 6.638,647 6,615,lOO AA3iAA 1,000,552 998,400 AAJIAA 1,001,056 997,170 Carrying EXHIBIT 8 Market * The City’s Investment Policy allows the City Treasurer o determine the course of action that would correct exceptions to the policy. All of these investments are paying interes t at the required times. The principal of all investments are considered secure. It is the intent of the City Treasurer t hold these assets in the portfolio until maturity unless events indicate they should be sold. __ Cl I f OF CARLSBAD INVESTMENT PORTFOLlcl AS OF AUGUST 31,200O PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER AMERITECH CAPITAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CAMPBELL SOUP CO CITICORP ClTlGROUP DONNELLY DUPONT FCC NATIONAL BANK FIRST USA BANK FIRST NATIONAL BANK GENERAL ELECTRIC CREDIT (includes CP) KAISER FOUD HSP MERRILL LYNCH NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWEST OHIO BELL TEL OKLAHOMA GAS & ELECTRIC SALOMON SMITH BARNEY HOLDINGS (CP) SOUTHWESTERN BELL ST PAUL CO TOYOTA TRAVELERS GROUP INC Investment Cost 1,843,969.81 6,777,543.23 2,044,626.00 2,504,125.00 1,291,375.00 515,512.50 4,6X,372.02 1,006,100.00 6,780,976.00 1,145,610.00 1,168,073.46 975,690.OO 2,039,195.00 1,996,120.00 15,798,381.08 954,187.56 11,826,210.02 3,727,967.96 715,349.40 6,686,269.00 1,947,308.26 1,012,500.00 3,914,460.00 3,084,830.00 1,004,920.00 2,012,800.00 1,165,341.85 EXHIBIT 9 Percent of Portfolio* 6.57% 2.10% 0.63% 0.77% 0.40% 0.16% 1.45% 0.31% 2.10% 0.35% 0.36% 0.30% 6.63% 0.62% 4.89% 0.30% 3.66% 1.15% 0.22% 2.07% 0.66% 0.31% 1.21% 0.95% 0.31% 0.62% 0.34% Total Portfolio $323,36$305.34 l No more than 5% may be invested with a single issue.