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Home My WebLink About2001-03-06; City Council; 16089; City Investments As Of January 31, 2001- CITY OF CARLSBAD -AGENDA BILL ,& A A / JB# miG,OSS TITLE: REPORT ON CITY INVESTMENTS IEPT. TRS AS OF JANUARY 31,200l 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 January 31, 2001 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments (1) Current Month 344513,788 343510,846 Prior Month 346,738, 084 345,790,139 Amortized Cost (2) 343,388,044 345,644,886 Market Value (3) 347,631,203 347,728,532 (1) Of the $344 million in the investment portfolio, $51 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 l/31/01. Pooled investment Interest Income Cash Income Fiscal Year-to-Date * Current Prior Month FYTD Month FYTD 10,939,245 9,281,388 Current Month Income 1,657,907 *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. 1 c, 0 87 Pooled Investment Performance/Measurement Average Life (Years) Average Yield Modified Duration November 2000 1.69 6.26% 1.51 December 2000 1.68 6.27% 1.51 January 2001 I I I 1.75 6.27% 1.56 All pooled investments have been made in accordance with the City’s Investment Policy adopted January 2, 1985 and last revised January 9, 2001. 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. 2. 3. 4. 5. 6. 7. 8. 9. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield Investment Portfolio Breakdown Of Maturities Yield Comparison Graph Cumulative Cash Income Graph Third Quarter Transactions Detailed Investment Report Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer EXHIBIT 1 s z 5 z 0 0 0 0 0 9 8 d 8 d 0 0 0 0 0 8 d s: 6 0 0 0 0 0 4 3 EXHIBIT 2 s 0 d 0 0 0 6 T “0 d 0 0 0 z 0 v2 P4 4 e( c 0 c) R A Pa Y EXHIBIT 3 : +% _ 4 0 - % 8 : ?iL - O@/ _ G 0 - % /, - ?b - @&/ _ G 0 - /3/, - YL - @a/ _ 4 0 - % 5 EXHIBIT 4 b-- 3 7 I= 3 7 $ s i?. a z z s u s a 7 8 n > 0 z ij 0 e - d) m al - =I a 2 EXHIBIT 5 88888 ggggg 00000 d ci ci d d 8%S88 l-i ti ci -a- 0‘ 8888 gggg 9 9 9 9 uaowo ES68 m- l-6 C-5 l+ 8888 gggg 0000 ci d d d 888% (j Y- ; c-6 000000 999999 888888 9 9 9 9 9 9 000000 888888 pj- ; fi 4 5-- 8 00000 . 99999 Q 88888 d 9 9 9 9 o^ 00000 8 888EE N- cu‘ oj nj ; r-i 8 Zaaaaa attltt 5 8 saaa ii=jjttt c! r ssss ZZZZ 6 g ~~i~ WWdS ~~~z~” ZZOOWE LLZZIO Y-g66 ggooo ~c\lc!c!c! o-omw ;~tmolrJ O--::: 6666 0000 c!Q!rc! ~~~~ cv(vcuc\I * p?. 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Special Funds Total General Ledger Balance ** 346,103,627 Reconciling Adjustments 1,527,576 Total Treasurer’s Investment Portfolio at Market Value 347,631,203 50,870,653 29,411,728 1,770,387 10,704,117 6,277,587 28,075,143 7,613,524 11,516,406 6,845,987 62,495,782 1,470,446 134,998,992 45,089,518 54,610,217 3,182,636 2,755,606 105,637,976 12,121,122 0 11,292,768 0 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 2/08/01 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31,200l 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 WITTER DISCV DUPONT GENERAL ELECTRIC CAPITAL JERSEY CENT P&L MERRILL LYNCH MORGAN STANLEY DEAN WllTE NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBS COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC AA3 AA2 AA3 AA3 AA2 AAA AA3 AA2 AA3 AA3 AA3 AAA AAA AA3 AA3 AA3 AA1 AA2 AA3 AA3 AA3 AA2 AAA AA2 AA- AA+ AA- AA- AA MA AA- AA- AA- AA- AA- AAA AAA AA- AA- AA AA 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) (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 Latest AT&T A2 A 06/01/01 BANC ONE CORP AA3 A 03/25/02 CAMPBELL SOUP CO FCC NATIONAL BANK FIRST USA BANK KAISER FOUND HSP AA3 A+ 10/01/03 AA2 A+ 3/15/01 AA2 A+ 12/03/01 A3 A 11/01101 NORWEST ST PAUL CO WACHOVIA CORP AA2 A+ 03/01/02 Al A+ 08/13/01 Al A+ 07/15/05 AA3lAA- 2.004,466 2,006,OOO AA3lAA- 999,507 1,012,870 AAJIAA- 4,770,403 4,932.220 AA3lfw- 999,350 1,000,880 AA2ltw 2,006,230 2,020,580 AA3iAA 889,910 892,203 AA3lAA- 5,630,617 5,663,564 AAJIAA 1,000,593 1,007,610 AA3lAA- 4,022.500 4,140,240 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 crl-: CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31,200l 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 DEAN WITi-ER DISCV DUPONT FCC NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CREDIT JERSEY CENT P&L KAISER FOUD HSP MERRILL LYNCH MORGAN STANLEY DEAN WIll-ER NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWEST OHIO BELL TEL PITNEY BOWES INC SBS COMMUNICATIONS SOUTHERN NlEW ENGLAND TEL SOUTHWESTERN BELL ST PAUL CO TOYOTA TRAVELERS GROUP INC WACHOVIA CORP Total Portfolio $343.510.846.13 * No more than 5% may be invested with 8 single issue. Investment Cost 1,009,557.18 6,024,601.20 1,843,969.81 8,944,523.23 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.OO 2,039,195.00 7,008,616.08 2,974,560.00 954,187.50 11,812,545.69 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 EXHIBIT 9 Percent of Portfolio* 0.29% 1.75% 0.54% 2.60% 0.60% 0.29% 0.38% 0.15% 1.37% 0.29% 1.97% 0.30% 0.86% 0.34% 0.28% 0.59% 2.04% 0.87% 0.28% 3.44% 1.20% 1.09% 0.21% 1.66% 0.57% 0.56% 0.61% 0.32% 0.90% 0.29% 0.59% 0.32% 1.17%