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Home My WebLink About2001-02-13; City Council; 16050; City Investments As Of December 31, 2000CITY OF CARLSBAD - AGENDA BILL AB# Ibis TITLE: MTG. 2/l 3101 I REPORT ON CITY INVESTMENTS DEPT. TRS AS OF DECEMBER 31,200O CITY MGR: ZQ 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 December 31, 2000 is summarized below. Current Month Prior Month Par Value 346,738,084 334,052 005 Cost of Investments (1) 345,790,139 333,000,585 Amortized Cost (2) 345,644,886 332,716,686 Market Value (3) 347,728,532 332,545,229 (1) Of the $346 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 12/31/00. Year-to-Date * *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. ) k/6@ Pooled Investment Performance/Measurement Average Life (Years) Average Yield Modified Duration October 2000 1.67 6.24% 1.50 November 2000 1.69 6.26% 1.51 December 2000 1.68 6.27% 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. Investments in corporate notes constitute 30.2% of the total portfolio, which is 0.2% greater that the maximum allowed for this type of investment. See footnote (2) in Exhibit 2 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 December 31, 2000 is as follows: Investment Portfolio for Bond Proceeds Current Quarter Prior Quarter All investments of bond proceeds have been made in accordance with the City’s Investment Policy and the trust indenture for each issue. PAGE THREE OF AGENDA BILL NO. 1 b,osO 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 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 8 d 8 6 0 0 0 0 0 8 d 8 6 0 0 0 0 0 4 EXHIBIT 2 0 0 0 0 0 0 0 0 0 0 EXHIBIT 3 I - - - Yb - %/ 4 _ 0 - % - ?b - $ 4 _ 0 - % - ?b - <a/ 4 _ 0 _ /3,, - ?iL - %z 4 _ 0 EXHIBIT 4 t .z -3 -2 )r z - k a . s E Q ‘G -4 - 8 P > -s 3 0 Q - a cn m - 3 a z 7 EXHIBIT 5 888888 gggggg 9 9 9 9 9 9 888888 000000 C.-j P-j ni ‘-Q- .-- fi aaauaa . . . . . . zzzzzz za 6 4 mrtz &-ZWQ yT$’ -,05 A$&;8 ~63!Gg3 wja:ji-a Za3aii3 zzzzzz 000000 ONNNNN 88888 000000 02qC!C!C! a$?oow- goc=ce o--0000 r 7-7r 888888 pgggg 0 0 0 0. o- 0. g g g f 8 8 000-00 CXj .-- ; .F- ; ni aaaaaa . . . . . . zzzzzz zzzzzz 000000 E?~~~ 8Z 000000 px$$$ cac==z W v)CObW 00000 EO88888 gssssss ~ONNNNN m;=aqq:;= ~~%WEK3 s...... OC?i3~Z3~c! $?sZFeg as r-t-00 9 ‘oazzz: 77 Y 0 0-r z oar-b 997’4 883;” 9 In 09 6 %%‘“” ‘00-l* -3 ~-6 t-9- W- hi ONbr 00-F 8888 gggg 9 9 9 9 8888 0000 c-6 0‘ Ui N- isss zzzz zzzz 0000 8888 0000 c!Q!c?pI szg -- $SSSS mE%BB I33;;j;;i lli~a-- 0-v-a a x -- 7OV.b r-97(9 ;x 88” s 9 s s 8882 QONr Oj d .-- .-- 8888 pgg 0000 u-i o- 6 o- 2g88 ti p- ; ; ssss zzzz ii g 2 y s cu F 2 z cl Zf- 2 oyo @$ iz4E5 8888 0000 Pc!e!?c! CQOWW YYCZ 0000 7-77 8868 moma) CC!== v)rT)OO) Q!=QS WWV) $83 a525g ’ (4 7. r- ;s 88 -v--F 9*9 0 0 0 GE8 QOV cdtid cgz 4 d rc’ %. %. z. Z&G Qol)c) w- ; g?g?ig 888 oool dtid 888 ggg 000 d d UC 88r; lo- ; ; aaa . . . zzz s h 4 Y ii 2 % 2 %t 4s 888 000 Q!c!c! 070 =:Q -c-F 7 r 868 Eiss asp $COW 6 !i g P ssss zzzz EXHIBIT 6 $t; 8 88 odr’drc’d $8 % $8 gggrg WNOI-N 8 0~000N~U,b00W0rOC’,00,.0 .999999S~t9Y9999999~9 3 Zff8f4F8i-s ZZPW88 O~NON~ONOQ~OrO~~~ddddd OmONCQWQOrQOWWQWh mo--r-wow0 ?8680~m~b~w0m*m~*bww .d~~d;ddi~d~d;d~dd~dddd . . . . . . . t-mtmrQ~mm~r t3N.-QQb-WbNW ;s ooooowooooo 000b0Q0000tn 8 0000uB0w0m0000FJ00000mow~ooooooo N000t0~0~0000000000WONWO”,~O~OW 8 8888888888s Fi .-- C.j .-- ‘.j d ; ; ; ci Pi ci ti vJ- .-- mowmmm~o~o~o~co~m~ ti .-- fi ; cu‘ + ,Xj ,Xj .-- Wlo‘?.-NN;ti.-- t-6 m- v-- ,-‘,-‘.‘,-t.j~.j;ti+titi;ti; 0000000000000000000 888888 8 000000000000000000000 0000000000000000000 000000000000000000000 8 88888 dddddddddddddddddddddddddddddddddddddddd~~~~~~~~~~~~~ 88 8 00000000000000000000000000 00000000000000000000000000 8 00000000000000000000000 00000000000000000000000 dddddddddddddddddddddddddddddddddddddddd~~~~~~~~~~~~~ - ooooooooooooooooooooooooomoooooowoooo~o~oooooooooo~~~~ OOOOOOOOOOOOOOOOrOOOooooo~oooooo~owooooooooooooooo ~~;;~~~d;~~~~~~d;;~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ II a6auaaaauuuauaaaa6auuaauaaaaaaaaaauaaaaa6auaaauaaaaauu uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu -rrrrrrr-rrrr--rrrrr~~NNNNNNNNNNNNNNNNNNNNNNNNNN~~~~~~ 0000000000000000000 0000000000000000000 ~0000000000000000000000000000 0000000000000000000000000000 88 8 000 NNNNNNN~~NNNNNNNNNNNNNNNNNNNNN~NNNN~NNNN~NNN~~~~~~~ ~aa~~~a~~~~~~a~~~~~a~:~a~:~~aarna~~:c~~~a~~~~ww~~~~~ QC! :aa-‘vm -.-rr.-r+NN---N- .-NrNNrr.-r-+N--N Cl,+.-.--N-.-NrNNNN-2: ~~~w~~~~~~~~rn...‘..........~~~~~ww~~~~rn.o.~ mmO.-NN---NNNC,C, myoFaa:aaas3$ - -- rv-rl- (ummmmmwwo ww0c9c9mrmw z 3 C.j,-,-;.--&-;~,-;titi; F-F-*;m- tinidN-;~-ti&-ti 0000000000000000000000000000000 0000000000000000000000000000000 ddddddddddddddddddddddddddddddd s 0000000000000000000000000000000 00000000000000000000000000~0~0~0~0~0~ _ ddddddddddddddddddddddddd ooooooooowoooooooooooooob 8 88888 isi oot-oooooowr-oooooooooooOO*NOOOO0 m. ~~;~~~6~~~;;~~6~~;~~~~~~~~~~~~~ .-NW 8zi-z F-G v-- e- 888 ggg 8 8 9 99 9 888 8 9 0.9 zm t-NV !I u6666666666666666666666a6666666 uuuuLLuuuuuuuuuuuuuuuuuuuuuuuuuu .--.=&d;d‘.jU,-6 wtwmb-rrnm -.-.rUY-mW-en?‘? FFWNF V--N OP-00 rocqeq 8 tii?!Z8 bwowdd*ic5d rWNOV,OtCQP, 9 7.7 rc a? (9 “? 9 s S8~:6i?c48~8 r-mw)rrrmw .-- ; ‘6 C.j .-- zzzzzzzzz 000000000 8833i886886 mmmmmmmmm T-v”~~==~ aaabG3woww~ Zt7dg~~~~XN W . * 3-000 o- rNrrNN.-7-NN r.-- ~NrNWNNWrO~~N-NN~;~~~ El 0000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF DECEMBER 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 ** 348,191,112 Reconciling Adjustments (462,581) Total Treasurer’s Investment Portfolio at Market Value 347,728,532 49,013,466 28662,931 1,544,717 10,727,351 6,236,253 36,421,161 7,562,179 11,596,679 6,606,935 60,933,049 1,302,014 141,585,642 45,401,333 54,190,829 3,127,811 2,912,OlQ 105,631,992 12,025,465 0 9,726,900 0 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on l/17/01. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 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) ABN AMRO BANK ALLSTATE FINANCIAL AMERITECH CAP ASSOCIATES CORP BAYER CORP BAYER LND BANK CITICORP CITIGROUP COMMERCIAL CREDIT CO DEAN WllTER DISCV DUPONT GENERAL ELECTRIC CAPITAL JERSEY CENT P&L MERRILL LYNCH MORGAN STANLEY DEAN WIT-I-E NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBS COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC Moodv’s AA3 AA- AA2 AA+ AA3 AA- AA3 AA- AA2 AA AAA AAA AA3 AA- AA2 AA- AA3 AA- AA3 AA- AA3 AA- /VIA AAA IMA AAA AA3 AA- AA3 AA- AA3 AA AA1 AA AA2 AA- AA3 AA AA3 AA- AA3 AA- AA2 AA- AAA AAt AA2 AA- Commercial Pager 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 * Moodv’s AT&T A2 A BANC ONE CORP AA3 A CAMPBELL SOUP CO AA3 A+ FCC NATIONAL BANK AA2 A+ FIRST USA BANK AA2 A+ KAISER FOUND HSP A3 A NORWEST AA2 A+ ST PAUL CO Al A+ WACHOVIA CORP Al A+ Latest 06/01/01 03/25/02 10/01/03 3/15/01 12/03/01 11/01/01 03/01/02 O8/13lOl 07/15/05 lw3lAA- 2,005,582 2,000,200 AA3lAA- 999,471 1,007,360 AA3lAA- 49763,154 4,881,200 AA3lAA- 998,906 999,710 AA2lAA 2,007,142 2,009,630 AA3lAA 891,566 888,764 M3lAA- 5,632,431 5,644,568 AAJIAA 1,000,686 1,003,230 AA3lAA- 4,022,857 4,098,800 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. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31,200O EXHIBIT 9 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ABN AMRO BANK ALLSTATE FINANCIAL AMERITECH CAPITAL ASSOCIATES CORP NA ATBT BANC ONE BAYER BAYER LND BK CAMPBELL SOUP CO CITICORP CITIGROUP COMM CREDIT DEAN WillER DISCV DUPONT FCC NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CREDIT JERSEY CENT P&L KAISER FOUD HSP MERRILL LYNCH MORGAN STANLEY DEAN WIllER NATIONAL RURAL CrrlLlTlES NORTHERN ILL GAS NORWEST OHIO BELL TEL PITNEY BOWES INC SBS COMMUNICATIONS SOUTHERN N/EW ENGLAND TEL SOLJTHWESTERN BELL ST PAUL CO TOYOTA TRAVELERS GROUP INC WACHOVIA CORP Tote1 Poruollo $345,762,336.71 * No more than 5% may be invested with a single issue. Investment Cosj 1,009,557.18 6,024,601.20 1,643,969.81 9,946,368.23 2,044,620.00 997,870.OO 1,291,375.00 515,512.50 4,695,372.02 1,006,100.00 6,780,970.00 1,024,576.00 2,950,553.98 1,168,073.48 975.690.00 2,039,195.00 0.59% 10,933,020.08 3.16% 2,974,560.00 0.86% 954.187.50 0.28% 12,818,545.89 4,108,636.88 3,727,967.96 715,349.40 5,703,588.00 1,947,308.26 1,919,298.74 2,079,537.56 1,113,832.90 3,084,830.00 1,004,920.00 2,012,800.00 1,105,341.85 4,023,404.94 porcent of Portfolio* 0.29% 1.74% 0.53% 2.88% 0.59% 0.29% 0.37% 0.15% 1.36% 0.29% 1.96% 0.30% 0.85% 0.34% 0.28% 3.71% 1.19% 1.08% 0.21% 1.65% 0.56% 0.56% 0.80% 0.32% 0.89% 0.29% 0.58% 0.32% 1.16% EXHIBIT 10 .I E SO-bW sqqqq og$?og b m 28 iTi l-w e3 ssss zzzz Eaaa cst2t lo Y s u m m z 5s aaa:o zz t2tc’ Q! (5) S$ $G Faaag zt&? biti a, ti 0’ m 8 % b a t s<Sa zzet 8