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Home My WebLink About2001-01-09; City Council; 16011; City Investments As Of 11/30/00AB# &;6f1 MTG. / - ?-Of DEPT. TRS a CITY OF CARLSBAD -AGENDA BILL I ! TITLE: REPORT ON CITY INVESTMENTS CITYATTY: l G@- AS OF NOVEMBER 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 November 30, 2000 is summarized below. (1) Of the $333 million in the investment portfolio, $42 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 1 l/30/00. Pooled Investment Interest Income I Current I Prior Month FYTD Month FYTD Cash Income Fiscal Year-to-Date * 8,044,953 6,519,929 *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. I&! 0 t 1 Pooled Investment Performance/Measurement September 2000 October 2000 November 2000 Average Life /Years) 1.59 1.67 1.69 Average Yield Modified Duration 6.20% 1.44 6.24% 1.50 6.26% 1.51 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 s z s z 0 0 0 0 0 8 d 8 6 0 0 0 0 0 2 cd 8 d 0 4 EXHIBIT 1 3 EXHIBIT 2 9 “0 d 2 ‘0 d T b d 0 0 0 0 0 0 0 0 0 8 $ 4 8 8 d w a c W ? 0 z EXHIBIT 3 _ 4 0 - % 8 - +s - %/ _ 4 0 - % (, - #?L - *ad _ 43 0 - % - ?iL - @G/ _ G 0 - % : ?L - $ _ 4 0 - % : TiL 5 EXHIBIT 4 . , . ‘4 EXHIBIT 5 68$Ei88 dcid~d mmu)mm ;5: 0 w - ‘-- m- N* z- z- cg c&B g g oomomo F-j- l-6 -- p-j cj- 888888 . . . gggggg g g g g g g 9 9 9 9 9 9 C’2C’?Nt9-N aaaaaa . . ..N. zzzzzz zzzzzz 000000 000 88 ~088800 ~ONNNNN m;=aqq:i= 0225iSSZc! FA3 ---l-o0 YF 0 ONb- 00-r 8888 gggg 9 9 9 9 8888 9 9 9 9 OOV)N s4ss zzzz zzzz 0000 8Z 88 0000 wY$S ..-. Lo=s-r 8882 WON- fi d .-- ; 8888 $$!g?$ 88Z5: C9OrN +‘duiui 8888 dddd 4sss zzzz 8868 UJOO-Sa, 888 8 0000 c???$“$ cpq 7- 7 F 7 -. EXHIBIT 6 8888 8 8 888 . . . . . . . . . . . 8888888888 80000000000000000000000000000088000000888s3~ ddddddddddddddddddddddddddddd’.dddddd 9999999999999999999999999999999999999999~~~~~~~~~~~~~ 828888888823 ooooooo*oooooooooooooooooooowowooooooooooo 0000000000000000m000000w0000t-90~00000000000 99999999999999~999~9~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ rNNNrrNNNWrNNmN~OWr~~N~NNWNNN~WW~~N~~~N~~~N~~~NNNN~~N - oobmr WO--WOr sgss?g ~~~~88% 0000000000000 0000000000000 8 8888888 ‘ddddddddddddddddddddd ggggg@g~~gg@3 0000000000000 .9999999999999 8 8888888 @gQQEggQQgpJ 0 0 0 0 0 0 0 0 0 0 0 0 0 o-uido-do-d6 oooooooooooooot-000000 t-0000000000000tN00000 ;~~~~;~~~6~~~;;~~~~~~~~~~~~~~~~~~~ QggQ 2 o-do-d - 8888 E d?- N‘; ai Or-N 8888 re!rc! 3-o-o mmomommomm ~888~~8~8~~~8888~~~~~~~ mmmmmomomooommooooooooo NV-T-V- i;i:ab ac!ac Lo * co z ; ff 0 ci a g t 8 ; ; ; ; ; ; ; ; %-- ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; cc)N.-NWNN ‘;ti.=;;tiC.jti;.$ a:~t?3~a8~~~~~~~~~ dduicdtitititi cummmt-bar- % 8=6zs Eit=3 .-!=‘m999-!9kO”?“?“!9~99 WrnCO mmm % ,.btt,Ntt~NNW-b wowc9mmNwwwbt WC9WWeWWNCONNoWWWtVOm owoocoooooooo 999459999999 8 0W0ON~00060,-0t~0~0 ON~OONNOO‘T,OWO,.~O~~ 8% NVCOb,.NWObWmONOO .90~?999=!.OY9-!990 .9e900~7~99c~7sy~9 NW~~~~OWrWWO~w~Ww~bt~~~~Wo~m oo~mwwwom~~mb-- ,q7-wem ‘-.O~O~O~N-O~W 0-w o- -NWNrWraDN.- F-Y F-F.-.-.- N .-; r- arcq(ur”.9999 NrrNWNrrO ;cu‘P.iti;o‘ 883888888888 00000w0w0o0000000000owoowoowooooo ooooomot-ooooooooowooowooooo~c9oooo 000000~0 0 0 0 0 In r- 0 03 0~0~0~‘40~ 000000r0 000000~0 ; ; t.j ; ,-.i ; ; ‘.j ‘.j ; ; ; ‘Xj N‘ ; .-- ‘-O~O~O~N~O~Ln 0-W O-0-b O~O~N~N~O~O~O~O~ N.-.-.-.-.-.-r--r N .-N C, N -,-, U-, N N - m‘;.--;Cjnicu‘;ti E 0000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF NOVEMBER 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 ** 331,447,644 Reconciling Adjustments 1,097,585 Total Treasurer’s Investment PortFolIo at Market Value 332,546,229 41,705,180 27,534,118 950,649 10,909,753 5,174,757 34,972,875 7,221,022 11,414,247 7,091,391 58,650,995 2,190,088 137,625,129 43,656,355 52,670,187 3,066,894 2,889,141 102,282,576 11,675,901 0 9,674,091 0 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 12/08/00. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30,200O CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratlngs must be AA or better by both Moody’s and S&P) ABN AMRO BANK ALLSTATE FINANCIAL AMERITECH CAP BAYER CORP BAYER LND BANK CAMPBELL SOUP CO CITICORP CITIGROUP COMMERCIAL CREDIT CO DUPONT GENERAL ELECTRIC CAPITAL MERRILL LYNCH MORGAN STANLEY DEAN WllTE NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC WACHOVIA CORP AA3 AA2 AA3 AA2 AAA AA3 AA3 AN AA3 AA3 MA AA3 AA3 AA3 AA1 AA2 AA3 AA3 AA2 AAA AA2 AA3 AA- AA+ AA- AA AAA AA- AA- AA- AA- AA- AAA AA- AA- AA AA AA- AA AA- AA- AA1 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) NONE Investments with Subsequent Changes in Credit Rating l Moodv’s ASSOC CORP AA3 A+ 1 O/l 5103 AT&T Al AA- 06/01101 BANC ONE CORP AA3 A 03/25/02 DONNELLY Al A 12/01/00 FCC NATIONAL BANK AA2 A+ 3115/01 FIRST USA BANK KAISER FOUND HSP AA2 A+ 12103lOl A3 A 11101/01 NORWEST AA2 A+ 03101102 ST PAUL CO Ai A+ 08/l 3101 AA3iAA- AA3/AA- AA3iPA- AAWIAA- AAMA- AA2lAA AA3lAA AAWAA- AAJIAA Carrying Market 4,751,119 4,736,400 2,006,699 1,997,ooo 999,436 999,150 1 ,ooo,ooo 1 ,ooo,ooo 998,463 998,920 2,008,055 2,002,010 893,223 888,948 5,634,244 5,630,674 1,000,778 1,000,540 EXHIBIT 8 + The City’s Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to tbe 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. Cl’r * JF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30,200O PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ABN AMRO BANK ALLSTATE FINANCIAL AMERITECH CAPITAL ASSOCIATES CORP NA AT&T BANC ONE BAYER BAYER LND BK CAMPBELL SOUP CO CITICORP CITIGROUP COMM CREDIT DONNELLY DUPONT FCC NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CREDIT KAISER FOUD HSP MERRILL LYNCH MORGAN STANLEY DEAN WITTER NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWEST OHIO BELL TEL PITNEY BOWES INC SOUTHERN N/EW ENGLAND TEL 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 1,009,557.18 6,024.601.20 1,843,969.81 4,750,843.23 2,044,820.00 997,870.OO 1,291.375.00 515,512.50 4s695.372.02 1,006,100.00 6.780.970.00 1,024,576.00 1.145,81O.!Xl 1 .I 68,073.48 975,690.W 2,039,195.00 10,933.020.08 954,187.50 12,818.545.69 4,108,636.88 3.727,967.86 715,349.40 5.703,588.00 1,947,308.26 1.919,298.74 1.113,832.90 3,084.830.00 1.004920.00 2,012,800.00 1.105341.85 4,023,404.94 Percent of Portfolio* 0.30% 1.81% 0.55% 1.43% 0.61% 0.30% 0.39% 0.15% 1.41% 0.30% 2.04% 0.31% 0.34% 0.35% 0.29% 0.61% 3.28% 0.29% 3.85% 1.23% 1.12% 0.21% 1.71% 0.58% 0.58% 0.33% 0.93% 0.30% 0.60% 0.33% 1.21% $333,000,584.79 EXHIBlT 9