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Home My WebLink About2001-06-26; City Council; 16240; Report On City Investments May 31, 20014B# lb, a$@ LIITG. IEPT. TRS TITLE: REPORT ON CITY INVESTMENTS AS OF MAY 31,200l CITY OF CARLSBAD -AGENDA 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 May 31, 2001 is summarized below. (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market values is Union Bank of California’s custodial report as of 5/31/01. The equity portion of the various funds in the market value of the total portfolio is summarized below: Fund Eauitv in Pooled Investments I 1 Cash Balance bv Fund: I I Debt Service Capital Proiects I Enterorise I 107.6: t Intern’al Service I 12:577:816 I Aaencv Funds 10.753.489 1 R&onbling Adjustments 3:639:465 Total Treasurer’s Investment Portfolio at Market Value 369.044.512 Fund equity balances are restricted for various purposes as listed above. See Exhibit 7 for a more detailed breakdown. PAGE TWO OF AGENDA BILL NO. 1 b ! a@ Pooled Investment Interest Income *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement March 2001 April 2001 June 2001 Average Life /Years) 1.52 1.61 1.84 Average Yield 6.23% 6.12% 6.05% Modified Duration 1.36 1.43 1.62 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. Fourth Quarter Transactions 6. Detailed Investment Report 7. Fund Equity in Pooled Investments 8. Corporate Note and Commercial Paper Ratings 9. 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T”‘-‘-rc‘?9c?‘” $g$dNVOOOWWWdmwW “99kYF9YS99k NWbrWWW0NOOm rNmwmr-bNwb wrwl-wwtwt00w 3888 WOONOOOO NVOONNOO ~00~0t0www0b 8 ooov)wv)mooo oowoi-om~l-ow 999rnc?T~.qqq h 88 888888888888888888888888888888888 ddddddddddddddddddddddddddddddddddd 00000000000000000 ooooooooooooooooo8ooooooooooooooooo 00000000000000000 - d d d d d d ui d d d d d d d d d d d d d d d d d + d d d d d d d d 000000l-000000000000~0000~00000000 p- 9 9 “! “! 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 7 9 9 9 9 9 9 9 9 mN-NWNNW-m-rmN-ONNNN~~~~~NNVN zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz 00000000000000000000000000000000000 N.-N 0000000 mmw00m0mm0mm000000~00-00-00000~~~-~ mmmoomomm Fund Equity in Pooled Investments AS OF MAY 31,200l 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 ** Reconciling Adjustments Total Treasurer’s Investment Portfolio at Market Value 60,765,752 29,721,366 1,962,522 10,647,503 5,762,441 30,538,874 7,764,117 I I ,630,370 7,015,503 66,523,387 2,102,431 141,984,626 46,655,064 55,667,455 3,304,067 2,012,886 107,639,473 12,577,816 0 10,753,489 0 365405,046 3,639,465 369,044,512 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 6/7/01 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 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 S8P) ABN AMRO BANK ALLSTATE FINANCIAL AMERITECH CAP ASSOClATES CORP BAYER CORP BAYER LND BANK CITICORP CITIGROUP COMMERCIAL CREDIT CO DEAN WITTER DISCV DUPONT GENERAL ELECTRIC CAPITAL HEWLETT-PACKARD JERSEY CENT P&L MERRILL LYNCH MORGAN STANLEY DEAN WllTER NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC Moodv’s s(bE AA3 AA- AA2 AA+ AA3 AA- AA3 AA- E.i Ei AA3 AA- AA3 AA- AA3 AA- MA AM AA2 AA- AM AM 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/P1 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 s4le AT&T A2 A BANC ONE CORP AA3 A CAMPBELL SOUP CO AA3 A+ FIRST USA BANK AA2 A+ KAISER FOUND HSP A3 A NORWEST AA2 A+ ST PAUL CO AI A+ WACHOVIA CORP Al A+ Latest -Date 06/01101 AA3lAA- 03l25iO2 AA3lAA- 10101/03 AA3lAA- 12/03/01 AA2lAA I IIOIIOI AA3lAA 03/01102 AA3/AA- 08/I 3/01 AA3lAA 07/I 5105 AA3lAA- Carrying 2,000,000 999,650 4,799,395 2,002,580 883,283 2,619,599 I ,000,222 4,021,073 EXHIBIT 8 Market 2,060,000 1,019,970 4.978,780 2,019,090 888,414 2,659,530 1,005,190 4,150,640 l The Ciis Investment Policy allows the City Treasurer to determine the course of action that would correct exc8ptbns 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 MAY 31,200l EXHIBIT 9 PERCENTAGE WElGHnNGS BY CORPORATE NOTE 1SSUER 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 SBC COMMUNICATIONS SOUTHERN N/EW ENGLAND TEL SOUTHWESTERN BELL ST PAUL CO TOYOTA TRAVELERS GROUP INC WACHOVIA CORP Investment Cost Percent of Portfolio* 4,228,884.98 1.16% 6,024,601.35 1.65% l&43,969.81 0.51% 10,945,308.13 3.00% 2,044,620.00 0.56% 997,870.OO 0.27% 1,291,375.00 0.35% 515.512.50 0.14% 4,695.372.02 1.29% 6,780,970.00 1.86% 4.197,556.00 1.15% 2,950.553.97 0.61% 1,168,073.48 0.32% 2.039,195.00 0.56% 4,005,826.08 1.10% 7,301,835.93 2.00% 2,974,560.00 0.82% 954,187.50 0.26% 9,272.283.27 2.54% 8.108,636.88 2.22% 1,731,047.96 0.47% 715,349.40 0.20% 2,759.726.W 0.76% 1,947,308.26 0.53% 1,919.298.74 0.53% 4,058,275.56 1.11% 1 ,113,832.90 0.31% 1,053,950.00 0.29% 1,004,92o.w 0.28% 2,012,800.00 0.55% 1 ,105.341.85 0.30% 4,023,404.94 1 .lO% Total Portfolio $364.736,806.18 l No more than 5% may be invested with a single issue.