HomeMy WebLinkAbout2001-08-07; City Council; 16303; Report on City Investments as of June 30, 2001CITY OF CARLSBAD -AGENDA
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1d,363 TITLE:
53-7-o I REPORT ON CITY INVESTMENTS
AS OF JUNE 30,200l
IEPT. TRS CITY MGR:q
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 June 30, 2001 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month Prior Month
366,466,541 364,416,809
366,808,667 364,736,806
366,507,748 364,437,759
370,857,300 369,044,512
(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 6/30/01.
The equity portion of the various funds at the amortized value of the total portfolio is
summarized below:
Fund Equity in Pooled Investments
Cash Balance by Fund:
General 61 a781 a982
Special Revenue 24;545;943
Debt Service 1,713,369
Capital Projects 146,976,283
Enterprise 108,549,669
Internal Service 12,875,903
Agency Funds 10,830,589
Reconciling Adjustments (765,991)
Total Treasurer’s Investment Portfolio at Amortized Cost X6,507,748
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 &I I 303
Pooled Investment Interest Income II
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
19,875,971
Prior
Month FYTD
18,438,848
Current Month
Income
I.4373123
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
April 2001
May 2001
June 2001
Average Life
/Years)
1.61
1.84
1.76
Average Yield
6.12%
6.05%
5.98%
Modified Duration
1.43
1.62
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.
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
9,377,463
9,377,463
Prior Quarter
9,370,559
9,370,559
All investments of bond proceeds have been made in accordance with the City’s Investment Policy
and the trust indenture for each issue.
02
PAGE THREE OF AGENDA BILL NO. /b I 303
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
Fourth Quarter Transactions
Detailed Investment Report
Fund Equity in Pooled Investments
Corporate Note and Commercial Paper Ratings
Percentage Weightings By Corporate Note Issuer
EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY:
IO. Detailed Investment Report - Quarterly Report
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EXHIBIT 7
Fund Equity in Pooled Investments
AS OF JUNE 30,200l
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 Amortized Cost
61,761,982
24,545,943
1,713,369
10,695,608
5,199,526
30,936,794
7,819,043
11,547,343
7,073,370
66,009,226
7,695,374
146,976,283
47,119,203
56,059,212
3,350,466
2,020,788
108,549,669
12,875,903
0
10,830,589
0
367,273,736
(765,991)
366,507,748
(1) Redevelopment Fund Balances are interspersed throughout all funds.
** Figures based on best estimate at the time report run on 7/10/01
/3
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JUNE 30,200l
CORPORATE NOTE AND COMMERClAL 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
HEWLETT-PACKARD
JERSEY CENT P&L
MERRILL LYNCH
MORGAN STANLEY DEAN Wll-fER
NATIONAL RURAL UTILITIES
NORTHERN ILL GAS
OHIO BELL TEL
PITNEY BOWES INC
SBC COMMUNICATIONS
SOUTHERN NEW ENGLAND TEL
SOUTHWESTERN BELL
TOYOTA
AA3 AA-
AA2 AA+
AA3 AA-
AA3 AA- AA2 AA AAi AiA
2; $1
22: ;I
AA3 AA-
AAA AAA
AA2 AA-
AAA MA
AA3 AA-
AA3 AA-
AA3 AA
AA1 AA
AA2 AA-
AA3 AA
.AA3 AA-
AA3 AA-
AA2 AA-
AAA AA1
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)
Investments with Subsequent Changes in Credit Rating *
Latest Carrying
Moodv’s s&eMaturitvDatePurchased
BANC ONE CORP AA3 A 03/25/02 AA3iAA- 999,686 1,017,690
CAMPBELL SOUP CO AA3 A+ 10/01/03 AA3/AA- 4,806,643
FIRST USA BANK AA2 A+ 12/03/01 AAUAA 2,001,668
KAISER FOUND HSP A3 A 11/01101 AA3iAA 881,627
NORWEST AA2 A+ 03/01102 AA3lAA- 2,616,812
ST PAUL CO Al A+ 08/l 3101 AA3iAA 1,000,130
WACHOVIA CORP Al A+ 07/I 5105 AA3/AA- 4,020,716
EXHIBIT 8
Market
4,979,410
2,015,300
865,693
2,653,210
1,003,140
4,153,480
l 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 JUNE 30,200l EXHIBIT 9
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
ABN AMRO BANK 4,228,884.98
ALLSTATE FINANCIAL 8,024,601.35
AMERITECH CAPITAL 1,843,969.81
ASSOCIATES CORP NA 10,945,308.13
BANC ONE 997,870.OO
BAYER 1,291,375.00
BAYER LND BK 515.512.50
CAMPBELL SOUP CO 4,695.372.02
CITIGROUP 6,780.970.00
COMM CREDIT 4,197.556.00
DEAN WITTER DISCV 2,950,553.97
DUPONT 1.168.073.48
FIRST USA BANK 2,039,195.w
GENERAL ELECTRIC CREDIT 4.005.826.08
HEWLETT-PACKARD CO 7,301 s835.93
JERSEYCENTPBL 2.974,560.00
KAISER FOUD HSP 954.18750
MERRILL LYNCH 9,272,283.27
MORGAN STANLEY DEAN WITTER 11.707.255.03
NATIONAL RURAL UTILITIES 1.731 Jl47.96
NORTHERN ILL GAS 715,349.40
NORWEST 2.759.728.00
OHIO BELL TEL 1.947,308.26
PITNEY BOWES INC 1.919.298.74
SBC COMMUNICATIONS 4,058.275.56
SOUTHERN N/EW ENGLAND TEL 1,113,832.90
SOUTHWESTERN BELL 1,053,950.00
ST PAUL CO 1,004,920.00
TOYOTA 2,012,800.00
TRAVELERS GROUP INC 1,105,341.85
WACHOVIA CORP 4,023,404.94
Investment Cost Percent of Portfolio*
1.15%
1.64%
0.50%
2.98%
0.27%
0.35%
0.14%
1.28%
1.85%
1.14%
0.80%
0.32%
0.56%
1.09%
1.99%
0.81%
0.26%
2.53%
3.19%
0.47%
0.20%
0.75%
0.53%
0.52%
1.11%
0.30%
0.29%
0.27%
0.55%
0.30%
1.10%
Total Portfolio $366.808.667.31
” No more than 5% may be invested with a single issue.
EXHIBIT 10
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