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. Percentage Weightings By Corporate Note Issuer
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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