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Home My WebLink About2000-12-05; City Council; 15972; City Investments As Of October 31, 2000CITY OF CARLSBAD - AGENDA BILL AB# u TITLE: MTG. ‘fF/fl REPORT ON CITY INVESTMENTS DEPT. TRS AS OF OCTOBER 31,200O 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 October 31, 2000 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 331507,467 326,883,618 Cost of Investments (1) 330,226,374 325454,206 Amortized Cost (2) 330,016,361 325,289,438 Market Value (3) 328,240,997 323,205,377 (1) Of the $330 million in the investment portfolio, $43 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 10/31/00. Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Prior Month FYTD Month FYTD 6,519,929 4,967,582 Current Month Income 1,552,347 *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. 15; cf 7 a. Pooled Investment Performance/Measurement Modified Duration 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. Second 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 9 Z a t 0 0 0 0 0 3 8 6 8 d 0 0 0 0 0 EXHIBIT 1 EXHIBIT 2 0 0 0 d 0 0 z 0 u2 r 1 ti 4 r4 c 0 r) cl I m “~.. - !!! i IL a i” X4 w, t I ! . : i i , , 1 > EXHIBIT 3 _ II’0 0 - % E - +?L - *a/ 4 0 - % 8 - ?iL - *a/ _ 4 0 - % - ?b - *e/ _ 4 0 - % - Yh - $ G 0 - % - TL EXHIBIT 4 ? 4 0 I 0 0 * F4 . * . t t t - 3 ‘) c ‘4 . c E - k a . s z Q ‘t ,Ij 8 P > 0 Z 3 0 ii= cn m . 3 a z -. EXHIBIT 5 , 888 8 88 . . . . . . gggggg _ _ - _ - - gggggg ci t-6 lAi t6 T- ti 8888 6666 8- 8* 8- 8- sgg r\i *- T-- ; 888 ggg s 9 9 9 Q I OOUY 88;; 3 UT 4 v-- $- aaa . . . ZZZ aaaaaa . . . . . . 222222 ssss zzzz ssss zzzz 8868 momm rrcr wmom QyQ: IOWV) 88888 000000 OC!QQ!C!!c! aqoowr goccz Q 0’0000 ~ r-%-7 0000 8888 Qc!c!Q rree n--v 98 88888 00000 gps ,t-VBd 0 r-7 mqm omommem m o~m~o~o~o~m~m~o~N~o~o~m~o~mm~m~m~ r NNr N-NW.-.-.-CQNC’JOtr NrNrNVNNr *WC-,.-NN;ci; m‘ ‘6 C.j ti ; hi 6 IZZIZXII uuuuuuuu 9 aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaauaaaaaaaaaaaaaaaa uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu - 1 aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu N.-NW 8Sz2 ; l-- ; fF;F 8 . . . . GdrTu$ %Ec;f4 828 8 . . . . c?e 82 “? “? ‘Y ‘? P-NWP) 8868 d ; v-- 8888 . . . . 0-z; 8:8Ss ddti3 F 8668 0000 mcBc! ;wo, 6888 ~~~88~~8~~S$ ~~NOWrOW~Wm~~N~~WO~WNOWWOWN~m 5~9”9999~~5~9N~9~9~‘~~~~~~~~~. .rrr9-!*! t$~wr-b”o ~d~~O~dd~~i~NW~i~~~~W~OW NO~Otm~OrhQ~O~NbN~~OWOW ~‘~99~93oq~qqq~ym~qq~ ~88~~~~~~8~SSS8~~~8~~~~~~~~~ ‘. Y ‘C r- “! “? 9 9 “! (4 ‘9 ? =Jm o? T. “2 9 e9 9 “. “! (9 (9 =! 9 N. I‘ “? ‘Y =! ‘Y i4i%%P;; 8 OQmNNWWWbrrWONO Nt9cobwbtomm~mmbw ~mwcww~ot-~oommmwo % ~UJt9COfbbNtWbr .-C’,W.-.-.-OWrCQr.-Ott’,NNNr NONNN mtr-mwom~omt*m Nmmmwwoc9mw~g bmNrNNNOrtrNt~~~mWW-WWWNW t- T-- ; !I zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz 00000000000000000000000000oooo0000000000~00000000000 rrrrrr-rrrrrr-rrrrrr--~~~NNNNNNNNNNN~~**~~~ oooooooooooog 000000000000 .- 8 O)N (30 z’$s Goid ‘c&5$ 3 %:a N- w- m s m l9WUJ 88 k%S ; ai vi ui II 0000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF OCTOBER 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 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 ** 329,893,900 Reconciling Adjustments (1,652,903) Total Treasurer’s Investment Portfolio at Market Value 328,240,997 42,931,871 27,139,486 949,144 11,411,553 4,9Q4,208 34,318,791 7,135,045 11,423,474 7,056,734 58,134,904 2,224,470 136,699,179 43,355,742 52,439,674 3,080,775 2,883,724 101,759,916 11,587,639 0 8,826,665 0 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 1 l/08/00. - CITY OF CAR&BAD INVESTMENT PORTFOLIO AS OF OCTOBER 31,200O CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody’s and S&P) ALLSTATE FINANCIAL 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 PITNEY BOWES INC SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC WACHOVIA CORP AA+ AA- \ AA MA AA- AA- AA- AA- AAA AAA AA- AA AA AA- AA AA- Ml AA- AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be Al/PI or better by both Moody’s and S&P) (Ratings of other debt must be AA or better by Moody’s or S&P) GENERAL ELECTRIC CAPITAL P-l A-l Other Debt: AAA Investments with Subsequent Changes in Credit Rating * Moodv’s 3&e ASSOC CORP AA3 A+ Latest 1 O/l 5103 AT&T Al AA- 06/01101 BANC ONE CORP AA3 A 03125102 DONNELLY Al A i 2/01mo FCC NATIONAL BANK AA2 A+ 3/I 5101 FIRST USA BANK AA2 A+ 12/03/01 KAISER FOUND HSP A3 A 11/01/01 NORWEST AA2 A+ 03/01/02 ST PAUL CO Al A+ 06/l 3101 AtWAA- 4.750,603 4,724.256 AA3lAA- 2,007,815 1,995,500 AA3lA& 999,400 998,280 AA3lAA- 1,002,576 1,001,250 AA3lAA- 998,019 998,730 AA2lAA 2,008,Q67 1,999,640 AA3lAA 894,880 888,650 AA3lAA- 5,638,058 5,825,522 AA3lAA 1,000,871 999,860 Carrying EXHIBIT 8 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. 13 L. 1 Y OF CARLSBAD INVESTMENT PORTFtX.3 AS OF OCTOBER 31,200O PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER EXHIBIT 9 ALLSTATE FINANCIAL AMERITECH CAPITAL’ ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CAMPBELL SOUP CO CITICORP GITIGROUP DONNELLY DUPONT FCC NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CREDIT (lncluclee CP) KAISER FOUD HSP MERRILL LYNCH NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWEST OHIO BELL TEL PITNEY BOWES INC SOUTHWESTERN BELL ST PAUL CO TOYOTA TRAVELERS GROUP INC WACHOVIA CORP Total Portfolio l No more than 5% may be invested with a single issue. Investment Cost Percent of Portfolio* 6,024,601.20 1.82% 1 ,S43,969.81 0.56% 4,750,843.23 1.44% 2,044,820.00 0.62% 997,870.OO 0.30% 1,291,375.00 0.39% 515,512.50 0.16% 4,695,372.02 1.42% I ,006,100.oa 0.30% 6,780,970.00 2.05% 1,145,610.00 0.35% 1,168,073.48 0.35% 975.690.00 0.30% 2,039,1950!I 0.62% 15,798,361.06 4.78% 954,187.50 0.29% 12,618,545.69 3.88% 3,727,967.96 1.13% 715,349.40 0.22% 5,703,566.00 1.73% 1,947,308.26 0.59% 960,990.00 0.29% 3,084,830.00 0.93% 1,004,920.00 0.30% 2,012,800.00 0.61% 1,105,341.85 0.33% 4,023,404.94 1.22% $330,226,374.28