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HomeMy WebLinkAbout2001-09-25; City Council; 16370; Report On City Investments As Of August 31, 2001dB# b370 IIITG. ‘“1. -.&ci 1 )EPT. TRS TITLE: REPORT ON CITY INVESTMENTS AS OF AUGUST 31,200l ,,‘T I / ci i CITY OF CARLSBAD -AGENDA BIL 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 August 31, 2001 is summarized below. Amortized Cost (1) 360,771,146 363,257,146 Market Value (2) 367,656,310 369,691,500 (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 8/31/01. 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 Special Revenue Debt Service Capital Projects Enterprise Internal Service 53,774,139 26,341,686 1,188,033 152,992,031 107,187,525 12.635.947 1 Aaencv Funds 7.184.157 1 Reconciling Adjustments (532,371) Total Treasurer’s Investment Portfolio at Amortized Cost I 360.771 .I46 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. 16 ! 3 70 *The cash income received is adjusted for any accrued interest purchased. 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. First Quarter Transactions 6. Detailed Investment Report 7. Fund Equity in Pooled Investments 8. Corporate Note and Commercial Paper Ratings 9. 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F s 7. v? e 9 fl m 9 rc ~~~6~~~X~8~~R68~~~~f~~~~8~88~~8~ am N- F- ba om rn- 7. ov o- m m --- om o- o- N- om o- o- F- o- o- T- o- o- ma om o- w- me om mm rrNtNrW-O ONNrmNNNmNNrOONNtrrNr 88 00000000000000000 99999999999999999 8 000000000000 000000000000 888888 oooooooooooooddddddddddddd 00000000000000000000000000 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 0*0000000000000*000000~000000000 or-ooooooooooooot-000000-000000000 9 “! ‘-‘! 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 r. 9 9 9 ‘=?. 9 ‘4 9 9 9 El zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz ooooooooooououoooouoUOOOOOOOOOOO 0000000000000 0000000000 QQQQNNNNNNNNNNNNNNNNNNNNNNNNNNNN . . . . . . . . . . . . . . . . . . . . . . . . . . . . r~WWW~gWWr-r-Nr-WWWWWWWWW~WWWWWN OrrrrNrr~OOOOrO~rrrr~-~NNO----~O . . . . ..~~~aa~.~~~~~~............. 000000 Boooooo886888’N~~~‘w r000000 8888888 8 000r0~0~00------000 0000000000000000 8 8Z;;;~~~~ mmommooooooooooooooooooooooooooo .-.-N--NNNNNNNNNNNNNNNNNNNNNNNNNNN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~t~mb5-rnwob70---0* ~~~f~~~~~~~““88OONOO~~OO-000000~ aAfi:~::~~~8:~~~a~~~~~ rr000r~r~~rOrOrO~r00o~~~~~oooooo 85, 58 sss 888 c?c?r: NNC) 88 ., ( 8$8 . 3 3 2z.J Q$Q 3 E - - $g g f&5 g g g- G- (4 “! c9 “2 0’. wmw N.-N e 3s ., , 838 . . 3 3 gg EG 3 3 - _ ;g g g- yj - $- Li? G- ‘4 Y a3 _ (4 wmw N.-N 4 0000000 Fund Equity in Pooled Investments AS OF AUGUST 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 53,774,139 26,341,686 1 ,I 88,033 Total 11,866,015 5,344,451 30,896,333 7,874,115 10,866,127 7,173,547 66,660,537 12,310,907 152,992,031 Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Total 47,432,435 54,213,964 3,422,570 2,118,556 Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds 107,187,525 12,635,947 0 7,184,157 0 Total General Ledger Balance ** 361,303,617 Reconciling Adjustments (532,371) Total Treasurer’s Investment Portfolio at Amortized Cost 360,771,146 (1) Redevelopment Fund Balances are interspersed throughout all funds. ** Figures based on best estimate at the time report run on 9/l O/O1 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF AUGUST 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 WllTER NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL TOYOTA Moodv’s slke AA3 AA- AA2 AA+ AA3 AA- AA3 AA- AA2 AAA i AA3 AA- AA2 AA- AA3 AA- AA3 AA- AA3 AA- AAA MA AA2 AA- AAA AAA 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) NONE Investments with Subsequent Changes in Credit Rating l Latest Carrying Moodv’s s&l? MaturitvDate Yahe BANC ONE CORP AA3 A 03l2902 AA3lAA- 999,757 CAMPBELL SOUP CO AA3 A 10/01/03 AAJIAA- 4,821,139 FIRST USA BANK AA2 A+ 12/03/01 AMMA 1,000,159 KAISER FOUND HSP A3 A 11/01/01 AA3lAA 876,313 NORWEST AA2 A+ 03/01102 AA3/AA- 2,611,238 WACHOVIA CORP Al A+ 07/I 5105 AA3/AA- 4,020,002 Market 1,014,810 5,008,200 1,007,530 880,329 2,640,468 4,258,320 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 AUGUST 31,200l PERCENTAGE WElGHTINGS 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 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 NlEW ENGLAND TEL SOUTHWESTERN BELL TOYOTA TRAVELERS GROUP INC WACHOVIA CORP Total Portfolio $360,992,115.56 l No more than 5% may be invested with a single issue. Investment Cost 4,226,864.98 6,024,601.35 I .843,969.81 w53.528.13 997,870.w 1,291,375.00 515.512.50 4,695.372.02 6,780.970.00 4,197,556.00 2$X,553.97 1 .I 68,073.48 1,002.620.00 4,005,826.08 7,301 ,a3593 2,974,560.00 954, i 87.50 9,272,283.27 13.715.295.03 1,731,047.66 715,349.40 2,759,728x-9 1,947,306.26 I ,919,298.74 4,058,275.56 i ,I 13,832.90 3.151,155.18 2,012,600.00 i ,io5,341.85 4,023,404.94 Percent of PortfolIo* 1.17% 1.67% 0.51% 2.76% 0.28% 0.36% 0.14% 1.30% i .aa% 1.16% 0.82% 0.32% 0.28% 1.11% 2.02% 0.62% 0.26% 2.57% 3.80% 0.48% 0.20% 0.76% 0.54% 0.53% 1.12% 0.31% 0.87% 0.56% 0.31% 1.11% EXHIBIT 9