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Home My WebLink About2001-05-01; City Council; 16174; Report On City Investments March 31, 2001CITY OF CARLSBAD -AGENDA BILL I I I AB# I&d- TITLE: MTG. %h, REPORT ON CITY INVESTMENTS DEPT. TRS AS OF MARCH 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 March 31, 2001 is summarized below. (1) Of the $349 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 03/31/01. Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Prior Month FYTD Month FYTD 14,883,219 12,768,799 Current Month Income 2,114,420 *The cash income received is adjusted for any accrued interest purchased. PAGE TWO OF AGENDA BILL NO. 16 I 17 9 Pooled Investment Performance/Measurement January 2001 February 2001 March 2001 Average Life (Years] 1.75 1.66 1.52 Average Yield Modified Duration 6.27% 1.56 6.25% 1.48 6.23% 1.36 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. In summary, the City’s investments of bond proceeds held separately as of the quarter ended March 31, 2001 is as follows: Par Value cost Investment Portfolio for Bond Proceeds Current Quarter 9,370,559 9,370,559 Prior Quarter 9,358,773 9,358,773 All investments of bond proceeds have been made in accordance with the City’s Investment Policy and the trust indenture for each issue. 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 CL PAGE THREE OF AGENDA BILL NO. t 6 I 1 7 4 EXHIBITS FOR POOLED INVESTMENTS (continued): 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 FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: 10. Detailed Investment Report - Quarterly Report EXHIBIT 1 8 d 8 6 0 0 0 0 0 s 8 d 8 d 0 0 0 0 0 4 Y EXHIBIT 2 0 5 0 c/3 c 0 r) L IL 4 +” xi w, t t - EXHIBIT 4 t 8 s i - EXHIBIT 5 bWOf-0 cqkqcqq WbOWO %8888 g g r;‘ g $ (9 9 o! 7 rc CUmmmm 0000 oooq 000000 dtid 99991nq z- 3. 8- B y 8s?Ei0E38 9 s 9 2 - c? ‘: 85 8s 2’87”i!if3 9 9 9 a? mm m rn- 8 w 0 (VrrC) F l- ; ; 88888 ggggg 9 9 9 9 9 88888 4 4 9 9 9 NNm*m 888888 8888 gggggg s gggg sgsggg 88888O 9 9 9 9 9 9 Q _ 9 9 9 9 9 9 9 9 9 s 888888 s 0000 9 4 9 ro 9 9 n! 880”% pgggg NN~tmc9u-J s cu‘ ; ; *i cu‘ 4 cu’ 4 ; 8 saaaaa 0ttttt 5 ssss ZZZZ Zqkrnoc9 r”~NOCr) ZOb ‘WWdd& tiwmoo s v- w 9 9 t-t 85;: 23 010 *N(r)N~: ti ti ni ti B E8t!38 addnid $8 3% d o- + ui t%S86 ni Y- 888%88 . . . . . . %%%$85: s co c9 s 9 r*? 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C-JmP- bmwwuamm-rrnb-b rNWN~W~WmN~WW~~Or~~~~~~8~8 8 $ci 8 6 F ~w~w~N~~~~~o~m~~~o~o~mm~~o~o~N~o~o~o~o~~~o~o~m~o~ (4 ss- Y kn! (9 S FCFFFF N.-rNtNrV)-O mN.-CQNNNN-C9CQNN 8 cow;; t- ONrNWNNWrO-r0N-0NNNN~~~~N B4h.l 8 v- 2-l aa jiY aOz Y$P gag Zga SF5 aww 233 mnn w*.e #De 0 n?W WF? s>w *on 2f&?u kno ZIYO CiW$ WL$ k5a ij@ Fund Equity in Pooled Investments AS OF MARCH 31,ZOOl 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: Catisbad 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 ** 350,364,954 Reconciling Adjustments Total Treasurer’s Investment Portfolio at Market Value 354,822,406 52531,219 29,080,205 1,387,952 10,629,926 5532,036 29,412,564 7,582,793 II,573815 6,927,629 64,178,969 2,105,208 137,942,940 46,686,185 55,281,251 3,230,528 2,153,428 107,351,392 12,147,970 0 9,923,276 0 4,457,453 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 4/09/01 /3 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31,200l CORPORATE NOTE AND COMiUERClAL 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 CAPITA HEWLETT-PACKARD 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 Sal? AA3 AA- AA2 AA+ AA3 AA- AA3 AA- Ei t% AA3 AA2 g: AA3 AA3 E: AA3 AA- AAA MA AA2 AA- AAA AMi 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 Moodv’s SIbeMaturitvDatePurchased AT&T A2 A 06/01/01 AAJIAA- 2,002,233 BANC ONE CORP AA3 A 03/25/02 AA3lAA- 999,579 CAMPBELL SOUP CO AA3 A+ 10/01/03 lu3lAA- 4,784,899 FIRST USA BANK AA2 A+ 12lO3iOl AAZIAA 2,004,405 KAISER FOUND HSP A3 A 11101/01 tw3lAA 886,597 891,319 NORWEST ST PAUL CO AA2 A+ 03/01102 AA3lAA- 2,625.173 Ai A+ 08/13/01 AAJIAA 1,000,408 WACHOVIA CORP Al A+ 07/15/05 AAJIAA- 4,021,787 Market 2,004,200 1,018,830 4,971,420 2,020,290 2,662,980 1,006,830 4,181,680 EXHIBIT 8 l The Ciis lnwstment Policy allows the Cii Treasurer to determine the course of aotlon that would correct exceptions to the policy. All of these investments am paying interest at the required times. The principal of all investments are considered sacure. It is the intent oftha 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 MARCH 31,ZOOl EXHIBIT 9 PERCENTAGE WElGHnNGS 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 FIRST USA BANK GENERAL ELECTRIC CREDIT HEWLETT-PACKARD CO 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 COMMUNICATIONS SOUTHERN N/EW ENGLAND TEL SOUTHWESTERN BELL ST PAUL CO TOYOTA TRAVELERS GROUP INC WACHOVlA CORP Investment Cost Percent of Portfolio* 4,228.084.98 1.21% 6.024,601.20 1.72% 1,843,969.81 0.53% 10,945,308.13 3.13% 2,044,620.00 0.59% 997.a70.00 0.29% 1,291,375.00 0.37% 515,512.50 0.15% 4v695.372.02 1.34% 6,780,970.00 1.94% 4,197,556.00 1.20% 2,950,553.98 0.84% 1 ,168,073.46 0.33% 2,039,195.00 0.58% 7,008,616.08 2.01% 2,085,593.04 0.60% 2.974,560.00 0.85% 954-187.50 0.27% 11,317.160.19 3.24% 4,108,636.88 1.18% 3,727,967.96 1.07% 715,349.40 0.20% 2.759,726.00 0.79% 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% 3,084,830.00 0.88% 1,004,920.00 0.29% 2,012,800.00 0.58% 1,105.341.85 0.32% 4,023,404.94 1.15% Total Portfolio $349,461.969.60 l No more than 5% may be invested with a single issue. EXHIBIT 10 r E Y ii s m seae aaa$ s s $G dui 2ttY SC0 22 sm w 2: