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Home My WebLink About2001-04-03; City Council; 16132; Report On City Investments As Of 2/28/01CITY OF CARLSBAD -AGENDA BILL 4~ 433 TITLE: UITG. 4 *3-01 REPORT ON CITY INVESTMENTS 3EPT. TRS AS OF FEBRUARY 28,200l 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 February 28, 2001 is summarized below. (1) Of the $347 million in the investment portfolio, $52 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 2128101. II Pooled Investment Interest Income II Cash Income Fiscal Year-to-Date * Current Prior Month FYTD Month FYTD 12.768.799 10.939.245 Current Month Income 1.829554 *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. 1(0j 13 ijl Pooled Investment Performance/Measurement I I Average Life (Years) Average Yield Modified Duration December 2000 1.68 6.27% 1.51 January 2001 1.75 6.27% 1.56 February 2001 1.66 6.25% 1.48 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. 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. Third 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 1 s z s z 0 0 0 0 0 8 8 d 8 d 0 0 0 0 0 8 d 8 d 0 0 0 0 0 4 3 EXHIBIT 2 c 0 L IJIm a +” xz w, t i EXHIBIT 3 r L : % _ 4 0 - % (, _ ?L - %/ _ 42 0 EXHIBIT 4 4 t 69 2 3 I .53 00 zr c t CD - s a 6 EXHIBIT 5 6ES68 . . . . * gggag g- g- r; g- t-g- (OwUl)rf- hi c--i c-i d Pi $?S$$ 0000 CUVJOW 07Ohl dticbti 00000 9loqqq O-000 22332% 3 is!- - ;;: cg Q a? 9 o?? o? a- ~NNmN ggge8 86zEi8 u? ‘4 I‘ 9 9 v)cnuJoo 88888 hi T-- q-- 0‘ ci $$$$gz 88%88 9c9799 wmwww 00000 99999 88888 9 9 9 9 9 8Z88 8 9 Q?. 9 9 9 (vcv(3b0 S$t$$$$ 8?::83 ~lvWWWW dtitiLt5tid 000000 999999 gggggg g g g g g 8 oooomo ni %-- ni 4 ; 88888 . . . . . 88888 9 9 9 9 4 ggzgg ni ni -i c-5 ti 8 Saaaaa atttts 5 % tf ems ;oo lx0 -0 $:$a zOmv, Loaa --ggs FFFv- ogooo 8888 ,,,g- a 88808 0Qsaw N-Jc! c!-Jwvr :$m3N c! FL=:, plq(vQQ 0-i=:, masi ,,ZOF- . ..NN cc)c9Oi;j~ 8 g66S *,oooo lYmye!~C! a- oaw 3a$r2e Z’ F-F 4 8888 s 8 888880” gggg g . sggg s 8 88 ‘S ggg gggg z - 8 g g g - 9 9 9 9 9 9 9 ” 9 9 9 9 9 Q 888888 g g g g 8 ” c? 9 ” 9 9 (4 9 9 9 9 _ rhlhlr s ti NNN--Nol WV-lnua s ka3s IZZZII LLLLLLILLL iz;f~~~S 8 EXHIBIT 6 8 Nc’)OWNWbW mcDwwwC)rw m~NN”oo”bmmo~ ooo~--o~oowomo~q~~~~w~ F (r ; F-F- ?-- F-F-T--4-Y-G-F-G-T--; 4 tr---r*O*NNNbrmm 7 7 F r T- G-F-;;;;;v--;7--;;;;; 000t-0m0m0m000--m + O~~~~?~~~~~~~~-. somoNo~N~oooaa~o~ooooss~~s8i~s~~somo--~mmmoo co--o~omwoooowodeidd~d . . . . . . . . . . . . . . . ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ B covLomc9-moo dc6tiGcid--tiww~*wrng~ .o?‘Yo?-+Cq’?Cq~‘Y 888888888888888888888 888888888888888880000000000000000 0000000000000000 dddddddddddddddddddddddddddddddddddddddd~~~~~~~~~~~~~~ 88888880000000000 0000000000 8 00000000000000000 00000000000000000 8 000000000000000000 0000000000000000000s o-o^cidddo-do- 000000000 8 "ddddddddddddddddddddddddddddddddddddddd~~~~~~~ ooooooooooomoooooowoooomo~oooooooooooooooooo 999999999999-9999999~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 88 uuuuuuuuuuu aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu mmcommmmomommmmmmmmmmom mmmmmmmomommmmmmmmmmom 8 mr-mm~mmmm0m0mm0m~0com mmmmmmmmmomommommomm mmmmmmmomommmmmmmmmmomommmmmmmmmomommommomm boJNwmNwNomN twNwwaDwbw-m l-- N N W N cc) - N N 0 W N N N Ki~ti.--tititiW-‘6ti6‘-i 2 N 88 ooomooooo oooaooowoo 8 ooomg mwoooooo ooqc\! dddddtidci4ddddd .597:99999 OON~OmOOoO~rWOf~~~~~~~~~~ 9 9 7 m 9 (4 9 9 9 ? E9 m s ‘-. z;%Z 8 OWOOrbrOON OOOOOWOrN 8 ti “,- 0‘ ,Yj ; ‘Xi C,i cd d ti (d mOtwbO~mwmm mmmmomoommommov-wmm~m~m~w~m~m~m~m~ F-v--vg%--ci cu‘ ,Xj & d ni .-- ; N‘ ; C.j r.-NCQN.-CQN !I aaaaaaaaaaaaaaaaaaaaaaaaa uuuuuuuuuuuuuuuuuuuuuuuuu 668 000 gc!g $$t$ 666 mmm -77 . . . -NO c!zc? UY * ;P.i.--ti;;&,jti;;;‘Yj‘.j fi;; bOOmmWNO0 ~199(D~Loru~Y 3 6i?‘888G8 mOWWWWNU,Ni~kti<dd CQ‘Tc).-bo)cDO~N ;qNCOWOD s 9 9: c? “? ‘1’4 =? 9 N. v? P-WCOlcPUl OC0‘3lNNWWW,+r~-W-O-tidtid NO(ot-lob mwrmrr 3 r ca~~~~““~lD~ -e-e-c-e$~~~$~$#-e-?-?-e~ 0 0 D 0 OOOD 0000000000~m00000 8%8k2i288E2%z4$ZR863% ~dddddddddddddddd woroo owcoow cdlidci~ 8;; dZ 83 ‘a-w-,-v-w- .z$G;a8% 3- ;v-- o- o- d d o- o- o- o- d d o- d d 6 d oooooooooooooom 8-c ooooooooooooowr+o~ ; ‘.f .-- hi .-- .-- Oj Oj .-- ; ; ‘Xi hi .-- ; ZZZZZZZZZZZZZZZZZ ooooooooououooooo 86888888 8 688888 86 mmmmmmmmmmmmommmm rFFFT-t-FF==~=~l-cT-3- mrmN~~wm~w~00~wo~whmww~o~~oom~o 9'rn~~q~qq~qqq~qq~~qq~~~~~~~~~~~ 3 WI-lcwooo .(4'9(4-!YP4! COrN,.rWr~WWWO 8 rc90NwmCQwr- cowmt~o2mm~mmo .-NOO,.O-,WWN =f T. ‘2 9 N. (9 K u! 7 =? E u? 9 9 ‘Y 9 9 a, Cq 9 C? (4 9 c9 9 a! c? c9 c9 Cq 9 --m S mom~Nm~mwo~mNow~o~wNm~~~w~~~~~~~ NNNNWk-,CO,.WWWWC9t-m.-m 0 W U-J W N- Wm t-‘? W We mm W- km ‘? We We V-N- ;x ~~%=~~~Ei?888t22! ‘Xj; ;; .--v-.--v- ni --ON (3 N r N (0 N N W F ,.-j.--,--titi;ti6jti~-.j;id‘$ti El zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz ooooooouooooooooooooUOUOOOOOOOOOOOOOOOOO~~ mr-r-r-t-aawwmmbmmmaao mmmmmmmmmmmmmmmo mommommoooo mmmmmmmmmmmmmmmoom mmommoooo mmommoooooooo 000000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF FEBRUARY 28,200l 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 ** 351,491,805 Reconciling Adjustments 225,350 Total Treasurer’s Investment Portfolio at Market Value 52,192,244 29,875,547 1,359,764 10,734,694 $456,223 29,154,539 7,505,523 11,615,287 6,927,721 64,125,785 1,460,741 136,980,513 46,428,960 55,038,052 3,183,895 2,781,357 107,432,264 12,384,997 0 11,266,478 0 351,717,155 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 3/l 2101 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 28,200l EXHIBIT 8 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 CITIGROUP COMMERCIAL CREDIT CO DEAN WllTER DISCV DUPONT GENERAL ELECTRIC CAPITA JERSEY CENT P&L MERRILL LYNCH MORGAN STANLEY DEAN WI NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBS COMMUNICATIONS SOUTHERN NEW ENGLAND SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC Moodv’s s&J? AA3 AA- AA2 AA+ AA3 AA- AA3 AA- AA2 AA AAA AAA AA2 AA- AA3 AA- AA3 AA- AA3 AA- AN4 AAA AAA NW AA3 AA- AA3 AA- AA3 AA AA1 AA AA2 AA- AA3 AA AA3 AA- AA3 AA- AA2 AA- AAA AA1 AA2 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 * Latest Carrying Market Moodv’s S.&P -DatePurchased Yalue AT&T A2 A 06/01101 AAJIAA- 2,003,349 2,005,500 BANC ONE CORP AA3 A 03/25/02 AAJ/AA- 999,543 1,014,230 CAMPBELL SOUP CO AA3 A+ 10/01/03 AA3lAA- 4,777,651 4,961,170 FCC NATIONAL BANK AA2 A+ 3/l 5101 AJI3IAA- 999,793 1,000,310 FIRST USA BANK AA2 A+ 12/03/01 IVQIAA 2,005,317 2,021,770 KAISER FOUND HSP A3 A 11/01/01 AA3lAA 888,253 891,275 NORWEST AA2 A+ 03lO1102 AAJIAA- 2,627,960 2,665,226 ST PAUL CO Al A+ 08/l 3101 AA3lAA 1,000.500 1,007,830 WACHOVIA CORP Al A+ 07/l 5105 AAJIAA- 4,022,144 4,167,040 l The Ciis Investment Polii allows the Cii Treasurer to determine the course of action that would correct exceptions to the policy. Al 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 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 28.2001 EXHIBIT 9 PERCENTAGE WE/GHT/NGS 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 CITIGROUP COMM CREDIT DEAN WITTER DISCV DUPONT FCC NATIONAL BANK FIRST USA BANK GENERAL ELECTRIC CREDIT JERSEY CENT P&L KAISER FOUD HSP MERRILL LYNCH MORGAN STANLEY DEAN WITTER NATIONAL RURAL UTILITIES NORTHERN ILL GAS NORWEST OHIO BELL TEL PITNEY BOWES INC SBS CCMvlUNICATIONS SOUTHERN N/NV ENGLAND TEL SOUTHWESTERN BELL ST PAUL CO TOYOTA TRAVELERS GROUP INC WACHOVIA CORP Total Portfollo l No more than 5% may be invested with a single issue. Investment Cost Percent of PortfolIo* 4,228,884.98 1.22% 6,024.601.20 1.74% 1,843,969.81 0.53% 10,945,308.13 3.15% 2,044.620.00 0.59% 997.870.00 0.29% 1,291,375.00 0.37% 515,512.50 0.15% 4,695,372.02 1.35% 6.780,970.00 1.95% 4.197,556.00 1.21% 2,950,563.98 0.85% 1,168,073.48 0.34% 975,690.W 0.28% 2.039.195.00 0.59% 7,008,616.08 2.02% 2,974,56O.W 0.86% 954,187.50 0.28% 11.317,160.19 3.26% 4,108.636.88 1.18% 3,727,967.96 1.07% 715,349.40 0.21% 2,759,728.00 0.80% 1,947,308.26 0.56% 1,919,298.74 0.55% 2,079,537.56 0.60% 1 ,I 13,832.90 0.32% 3.084,83O.W 0.89% 1.004,920.00 0.29% 2,012.800.00 0.58% 1,105,341.85 0.32% 4,023,404.94 1.16% $346,971,536.85