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Home My WebLink About2000-11-07; City Council; 15952; City Investments As Of September 30, 2000CITY OF CARLSBAD -AGENDA-BILL fiB# 5, TITLE: MTG. ) \- 7-00 REPORT ON CITY INVESTMENTS DEPT. TRS AS OF SEPTEMBER 30,200O CITY MGR: CITY All-Y: l 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 September 30, 2000 is summarized below. (1) Of the $325 million in the investment portfolio, $41 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 09/30/00. n Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 4,967,582 Prior Month FYTD 3,042,260 Current Month Income 1,925,322 *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. 1.5; q.?& Pooled Investment Performance/Measurement July 2000 Average Life (Years) 1.73 Average Yield Modified Duration 6.16% 1.55 August 2000 1.67 6.18% 1.50 September 2000 1.59 6.20% 1.44 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 September 30, 2000 is as follows: Investment Portfolio for Bond Proceeds Par Value cost Current Quarter 9,369,631 9,369,631 Prior Quarter 9,296,241 9,296,241 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 Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 3 PAGE THREE OF AGENDA BILL NO. EXHIBITS FOR POOLED INVESTMENTS (continued): 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 EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: 10. Detailed Investment Report - Quarterly Report EXHIBIT 1 s Z s Z 0 0 0 0 0 s 8 d 00 6 0 0 0 0 0 Ls EXHIBIT 2 0 0 0 0 \o 5 EXHIBIT 3 1 L 4 0 - % - ?L - @a& 4 0 - /3/, - +% - %/ 43 0 - 13,, - +?iL - @9/ 43 0 EXHIBlT 4 . 8 i . . 8 i 1 . 8 z 7 EXHIBIT 5 88 o”o” 8 000 000 000000 gg 999 999 999999 8 Qg 888 888 - ^ 9 9 Q 000 888888 - g g $ 9 9 9 9 9 9 9 9 9 Q . %:8 9 9 g: s sgz3 888888 In- I-- 5 9 9 cu 9 9 9 oov)ooo f ” rm rnlv~ (v c-9 (v G-v- ol- l-i Pi- r 2; aaa . . . zzz aaa . . . aaa aaaaaa zzz 121 ttltlt ge i= 00 ae v)F ze d 6 I- EXHIBIT 6 ~~~~~m~m~~m~w~w~w~w~~~m~wm 8 0ca0mwwwcom-w~mwwba3--m~ scuo-mcurww mwm(vco*mm 8 ~k8~88~8~~%3i?z2~ Wl-*W-W ; 0 v m b N cu.0 0-b m m v 0-m m m w m 0-m m 0-o-h 0-w o~o~o~o~~~~~o~~~o~o~w 0-m ~-w-N-N-~-w~ 7 7 -7 r rYYFT-FFcrr F rrrrrr %-OC9 ~0m$~8~~~0~*0m~00N00w~~oomwooooo~ooo~~oooo~o~omoow ~0cow0~~0ow00b~w00m~0momomooo~momoomo~omoo~ 8 ,’ 6 d d d d d cd d d d d d ,’ d rc’ d d u-i a3 d d d cd d d ni d d r’ ~5 -0W0NW0rb0WWW0WU-JNN00~ONObN~OOO~~O~OOOO r- m m N v rn~o~~~~~o~ua~y 0 w 43 co 0 cdm-u5uicim- -9~39-~~~999~~9~~99~~~~~~~~~~~~~~ mmNNWNQNO-CO t-00~mwmw~~wmf*m W,.OWOWNObWOmow % wmcoo~w~-wwmmaa~r-oo2mmtwo~o wmwmwt7-~mom~~ COrWON0000NO % OrNNNQWNN ~~‘-?~~“!~~“!‘?~~~=‘mT.“!‘-?~=?.”? ;q0WUJmNN(Ot-~ --Lowmmwwww N- ; .-- .-- ni hi N- ; .-- ni N- ni U-J- .-- N- ni m‘ ti t--J- ‘-,- “-I- - F 0 N 0 N N W N N N 7 ‘17 W “7 T- 0 “3 r 0 fig‘-,-tiN-v--tim‘titi 3823X 8008i?Zs388 oooomooowowomooo OOWONOOO~O,.O,‘-000 5: m00000m0w~00000000 000000W0NW0Wr0m0W0 mwrwmoom*ow ouJwmcowooow --uJ00b0w~0~w0r0~ --m%9NN9’?5999 owovmwoob-- ~~wmowwowct .-b‘9WOOWNWO mmNmco0hmmo N00mm0w00mcommmwwfN w-m m-m o~o~rn~rn m o~m~o~o~o~m~m~o~N~o~o~m~o~mm~m~m~m~o~m~ N - NN- c-4-Nm--rmNmmfr N v N - N W tit-i; w- lo- 0‘ F- C..i ti v-- c-5 ; ti ti & 0-j ci cu‘ ni 000000000 999999999 8 0000000000000000000 0000000000000000000 ooooooooodddddddddddddddddddddddddddddd 000000000 0000000000000000000 000000000 oooooodoooo 00000000 9 9 9 9 9 9 9 9 9 0000000000000000000 _ 9 9 4 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 wowolnoooo NOrOm0000 r-90.999994 0000000m000--00000000~000000~0~00000000000 N r F r N N N r - ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ El aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu OOOOOr--rr-rr--r--rr--~--~~NNNNNNNNNNNNNNNNNNNNNNNN 0000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000 88 mmO.-NN--rNNNmO *wuJw W CDOD m--o-- 7 -v -F rnr-mom*ooomobo~mm00co0oomm~mmmmomommmmmmmmmmom mmmommooomomommmoomooommmmmmmomommmmmmmmmmom8~~~~~~ mmmommooomomommmoomooommmmmmmomommmmmmmmmmomommmmmm + 4 rc’ d cd uj u-j d d oi d 4 r: ri ci cd d od d d r-’ ni d d d h’ d d d u-i d c\i CJj ad cd N’ ni mot-oowbo=rw*wmm ~m0t-m0fb00wt-000w0w0bw~b mw*wmwomww~wwm~wmb-wowu-aob mwc4mmmmmww0~0~m-0m-mbr-oww ~~rn~~-L~o~~~rn~rn NNW~N.-ONC~ONNNNWNNON.-NNWNCQFNNWNNN~-Q.-C’~.-NNC, 5: N 000rNNOWWbrWN0,--WWWm0OO~WU, ~-!rrnrn~~~k~~=?~ WrONN0F3Otl-OW -Nww00r*t*wwm w w Lo u-l b w w P- Lo I- ICY w w ui u-i rc’ cd ti d cd ui lc’ ti rc’ CL5 K r-’ rc’ ti u-i rc’ G rc’ r-’ rc’ rc’ cd cd Fc’ cd cd cd ti cd cd cd cd 000000000000000000000000000 8888ooooooqqooooooooooooooooooo 8 8888888 8 8888 dddddddddd ..ddddddddddddddddddddddddd d . . . . 8888 8 8888800000000000000000000000000000 88880000000000000000000000000 8 ddddddddddddddddddddddddddddddddddddddd - ooooooooooooooooowoooooooooooooo~oooooo a d o- 6 d 9999999999~999999~~9~~~~~~~~~~~~~~~~~~~ --- 8888 NN~~N~~N~~~NNN~NNN.-.-NNWNC~VNNWNNNN.-C~.-NNW ,,i ; Oj .-- z N !I aaua6aa6uaauaaaaaauuauauaaaaaaauaaaaa6a uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu EEEF b8 NN~~O~~O”~OO~OO~OO~O~~~~~~ 00000000000000000000000000 8888888888888 8S;;58 88 0000 c!c!t!?! 8% ;;Br;;R bii5 25 V-F wmomommomwowwwmmomomooommoo mmomommommommmmmomomooommoo 8 888888 8666 88 ECSZ 00 i;i=L38 aeii5e U-J w z86~~$$w8~~c-i N- O- bn W W “7 b- -- 3 F-WV)---- 00N~wN0wm0w~m~~w~f~w~~w~~~w~wN~~~W~ - v t-- F-F-;; ;;;;;T-; %--Y-T- ;;;;;;;;;;;;;;;;;;;;;; ; *b~obooo rW~000rWN00~~W000r0W~O~~~N~~W~~ r99~9999’~‘999c~~9”5~~~~~~~~~~~~~~~~~~~ OWrNW~WWWmmOWWrWNWN~W~O NrOWWNNbW 8 dWbWtWWrNl..-WrOW ~mww~wwwm ;qNuaf-m -WNNWW-NV) bmw--mNwwmt--w-m- yc m c) m 0 0 0 w o~~~m~“~~qw~~~w~~~~~w~~~~~o~N~w~~~y~~q 8 wo--wowwrcmw mo~wobwoww dujd~~dejaj~ajuj WC’3O--NOO,.C’,WW .o~e~-ceqqecq m7w--mwmwmwo NNWWbWWWWC9,. W-W NmOW We”?WebeOWe N --N C9N--NWN 8 000000000000000000000000000000000000~00000 9999999999999999999999999999999999999999~~ 000000000000000000000000000000000000000000cil5~c56~ SSSXSSS33 t$ 000000000000000000000000000000000000000000000000 8 9999499999999999999999999999999999999999~~~~~~~~~~ Q oooooooooooooooooooooooowowooooooooooooowoowoowooo cd ooooou~oooooooooooooooooomo~-ooooooooomooowooooo~~~ O~O~O~O~O~m~O~O~w O~O~O~O~O~O~O~O~O~O~O~O~O~O~w b-0-W O~O~O~W~O~~~O~O~O~N~O~w 0-W 0-O-b OmOvNpNe 88 S FFYt-F@-BNF .-rN.-Nr.-NN-rrNN -F Nr-.-rr.-rrrr N rN ON.-NKini f -rrrrrrr-rrrrrrrr-rr~~~~~~NNNNNNNNNNN~W~~W*~ 00000000000000000000000000000000000000000000 888 00000000000000000000000000000000000000000000000000 68 8 ~888~6886~~Ei?88~8 bwwomwwt-mt-bbwwwwmmt-mmmwomommomm mmmommmmmmmmmmmmmmmmmmmomommomm mmmmmmmmmmmmmmmmmmmmmmommmmmmmmmmmmmmmmmmmomommomm 9 Y rr? oom I qM,g;xq c q 6G0 w&5 s E 8 N ; v-- d - 2 z- ! 0000000 ra EXHIBIT 7 Fund Equity in Pooled Investments AS OF SEPTEMBER 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 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 ** 321,812,804 Reconciling Adjustments Total Treasurer’s Investment Portfolio at Market Value 323,205,377 40,863,234 26,544,366 847,525 10,842,714 4,839,413 33,666,016 7,062,334 10,168,218 6,980,719 57,249,031 2,296,324 133,104,769 42,828,638 51,470,144 2,940,653 2,901,574 100,141,009 11,635,705 0 8,676,196 0 1,392,573 (1) Redevelopment Fund Balances are interspersed throughout all funds. l * Figures based on best estimate at the time report run on IO/I I/00. 13 CITY OF CARLSBAD INVESTMENT POR rFOLl0 AS OF SEPTEMBER 30,200O CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: f-t be AA or beI@ by both Moodv’s agd 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 AA2 AAA AA3 AA3 AA2 AA3 AAA AAA AA3 AA3 AA1 AA2 AA2 MA AA2 AA- AA AN4 AA- AA- AA- AA- AAA AM AA- AA AA AA- AA- AA1 AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/PI or better by both Moody’s and S&P) Ratinas of other -must be AA or better by MQQ&‘s or S&P) SALOMON SMITH BARNEY HOLD P-l A-l Other Debt: AA3 GENERAL ELECTRIC CAPITAL P-l A-l Other Debt: AAA . * m Credit R&gg- Moodv’s Latest ASSOC CORP AA3 A+ 10115/03 AT&T Al AA- 06/01/01 BANC ONE CORP AA3 A 03/25/02 DONNELLY Al A 12/01/00 FCC NATIONAL BANK AA2 A+ 3/15/01 FIRST USA BANK AA2 A+ 12/03/01 KAISER FOUND HSP A3 A 11/01/01 NORWEST AA2 A+ 03/01102 OKLAHOMA GAS & ELECT Al A+ 10115/00 ST PAUL CO Al A+ 08/l 3101 AA3lAA- 4,750,086 4,724,230 AA3II-w 2,008,931 1,995,900 AA3iAA- 999,364 1,000,400 AA3IAA- 1,005,152 1,003,080 AA3IAA- 997,576 998,370 AA2lAA 2,009,879 1,998,440 AA3IAA 896,536 889,936 AAJIAA- 6,637,541 6,624,864 AASIAA 1,000,176 994,340 AA3lAA 1,000,964 999,060 Carrying EXHIBIT 8 Market 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. ‘Ihe 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. CI I Y OF CARLSBAD INVESTMENT PORTFOLd AS OF SEPTEMBER 30,200O PERCENTAGE WElGHTlNGS 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 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 Total Portfolio l No more than 5% may be invested with a single issue. Investment Cost Percent of Portfolio* 1,843,969.81 0.57% 4,750,843.23 1.46% 2,044,620.00 0.63% 997,870.oO 0.31% 1,291,375.00 0.40% 515,512.50 0.16% 4,695,372.02 1.44% 1,006,100.00 0.31% 6,780,970.00 2.08% 1,145,610.00 0.35% 1 ,188,073.48 0.36% 975,690.OO 0.30% 2,039,195.00 0.63% 15,798,381.08 4.85% 954,187.50 0.29% 9,803,450.02 3.01% 3,727,967.96 1.15% 715349.40 0.22% 6,688,269.00 2.05% 1,947,308.26 0.60% 1 ,012,500.00 0.31% 3,914,460.00 1.20% 3,084,830.00 0.95% 1,004,920.00 0.31% 2,012,800.00 0.62% 1 ,I 05,341.85 0.34% EXHIBIT 9 $325,454,206.34 /5 EXHIBIT 10 J 1 > L n K?! iiin ZEn 3s ge 8 v)