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Home My WebLink About2001-08-21; City Council; 16339; Report on City Investments as of July 31, 2001rB# lb! 33 “1 ITG. f&’ -CA .- IEPT. TRS CITY OF CARLSBAD -AGENDA BILL jiGiii!m TITLE: REPORT ON CITY INVESTMENTS AS OF JULY 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 July 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 7/31/01. The equity portion of the various funds at the amortized value of the total portfolio is summarized below: I Fund Eauitv in Pooled Investments mce bv Fund: Enterprise Internal Service Aaencv Funds 105,616,001 12,724,9 38 11.131.380 1 R&on&g Adjustments (1 j58,691) Total Treasurer’s Investment Portfolio at Amortized Cost 363.257.146 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. ) b; 339 Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 2.448.943 Prior Current Month Month FYTD Income 0 2.448.943 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement May 2001 June 2001 July 2001 Average Life IYears) 1.84 1.76 1.41 Average Yield Modified Duration 6.05% 1.62 5.98% 1.56 5.85% 1.26 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. Investments in corporate notes constitute 30.4% of the total portfolio, which is 0.4% greater than the maximum allowed for this type of investment. A contributing factor was a temporary decline in total portfolio assets. This will self-correct by the end of September or sooner when total assets increase. 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 First 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 s z 0 0 0 0 0 8 6 8 d 0 0 0 0 0 8 d 0 0 6 0 0 0 0 0 4 3 EXHIBIT 2 EXHIBIT 3 L LL - a is xa WJ t 1 EXHIBIT 4 . i 8 , t 8 . C‘ ‘Z - E E . k a . t;j z Q '2 c 7 . ii n > 2 .z 0 Q * a cn m . 3 a 2 EXHIBIT 5 86888 8 88888 dd-iddddddc5d owoomwwmooN 9 "! 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Y 9 Y r- ~~~mONQN000WWW0Q0~W~~QQ~WW tid~ti+d~iddoj m***m*mNt-mmo*mowNt*m wwmmmm~wwomomwNwm-ww **m**Owb*m QNQtrW,.ONC’JO,. w * 12 ui cd cd d d G 6 cd ti d ti d a5 ni oi G d 05 d d ti rC: cd d ci ti ai ci d d d oi ai ai ~~b~~w~~w-*m~~ww~~mo~www~~~~~owoommo~ 0 m m r- we we N- ~1 km o- mm F- o- oN m m F- o- om o- N- o- om o- --- op om T- o- ov mm om o- we mm o- mm Nr-NWNrLOrO ONNr0NNN0NN-0‘9NNtrrNr 0000000000000000000000000000000000000 9999999999999999999999999999999999999 00000000000 00000000000 8 0000000000000000000000000 0000000000000000000000000 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 000w00w0000000000000u-Joooooo~ooooooooo 000000~m000000000000r-000000--000000000 9 9 9 I- 9 9 N. “! 9 9 9 9 9 9 9 9 4 9 9 9 9 9 9 9 9 9 9 ‘T 9 9 9 9 9 (4 9 9 9 -“,N ON-NWNNW.-O-rONNr“,NNNC-,NN-CQC,mNW.-NNN R 5;8 mob corn0 ’ rc’cid S$E ‘.j .-- N- Fund Equity in Pooled Investments AS OF JULY 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 internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total Total Total General Ledger Balance ** 365,016,136 Reconciling Adjustments (1,758,991) Total Treasurer’s Investment Portfolio at Amortized Cost 363,257,146 53,703,889 26,628,115 1,841,804 11,874,332 5265,574 31,007,711 7,818,153 11,596,554 7,117,384 66,327,509 12,362,791 153,370,009 46,922,227 53,265,800 3,398,411 2,029,564 105,616,001 12,724,938 0 11 ,I 31,380 0 (1) Redevelopment Fund Balances are interspersed throughout all funds. l * Figures based on best estimate at the time report run on 8/08/01 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 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 WllTER DISCV DUPONT GENERAL ELECTRIC CAPITAL HEWLETT-PACKARD JERSEY CENT P&L MERRILL LYNCH MORGAN STANLEY DEAN WilTER NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL TOYOTA Moodv’s w AA3 AA- AA2 AA+ AA3 AA- AA3 AA- iti /El AA3 AA- AA2 AA- AA3 AA- AA3 AA- AA3 AA- AA4 AAA AA2 AA- AM AAt4 AA3 AA- AA3 AA- AA3 AA AAl AA AA2 AA- PA3 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) NONE investments with Subsequent Changes in Credit Rating * Moodv’s %%I? 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 Al A+ WACHOVIA CORP Al A+ Latest 03t25102 AABIAA- 1 o/o1 to3 AA3IAA- 12tO310 1 AA2tAA 11/01/01 AAJIAA 879,970 03to1to2 AA3tAA- 2,614,025 08/I 3101 AA3iM 1,000,037 07/l 5to5 AA3tAJb 4,020,359 Carrying 999,721 4,813,891 2,000,756 EXHIBIT 8 Market 1,015,990 4,999,050 2,011,240 883,435 2,648,124 1,000,830 4,223,560 * 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 ba sold. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 31,200l PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ABN AMRO BANK ALLSTATE FINANCIAL AMERITECH CAPITAL ASSOCIATES CORP NA 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 1.18% 6.024.601.35 1.66% 1843969.81 0.51% 9,953,528.13 2.74% 997,870.OO 0.27% 1,291,375.00 0.38% 515512.50 0.14% 4.695,372.02 1.29% 6,780,970.00 1.87% 4,197,556.00 1.15% 2,950,553.97 0.81% 1.168.073.48 0.32% 2.039,195.00 0.56% 4,005,826.08 1.10% 7,301,835.93 2.01% 2,974,56o.w 0.82% 954,187.50 0.26% 9,272,283.27 2.55% 13,715,295.03 3.77% 1,731,047.98 0.48% 715,349.40 0.20% 2,759.728.00 0.76% 1,947,308.28 0.54% 1.919.298.74 0.53% 4&X8,275.56 1.12% 1 ,I 13,832.90 0.31% 3,151,155.18 0.87% 1,004.92o.w 0.28% 2.012,8W.W 0.55% 1,105,341.85 0.30% 4.023,404.94 1.11% EXHIBIT 9 Total Portfolio $363.514.979.77 l No more than 5% may be invested with a single issue.