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Home My WebLink About2001-12-04; City Council; 16434; Report On City Investments As Of 10/31/01CITY OF CARLSBAD -AGENDA BILL AB# lip, TITLE: &+-o 1 REPORT ON CITY INVESTMENTS MTG. AS OF DEPT. TRS OCTOBER 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 October 31, 2001 is summarized below. Par Value Cost of Investments Current Month 367,615,557 368,354,554 Prior Month 364,040,985 364,693,151 Amortized Cost (1) 368,129,509 364,463,647 Market Value (2) 378,580,622 373,521,426 (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 1 O/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 Enterorise 56,350,950 26,207,875 I,31 1,647 155,449,168 110.722.995 I Internal Service I 13.033.074 I 1 Aaencv Funds I 7.741.490 I Reconciling Adjustments (2,687,690) Total Treasurer’s Investment Portfolio at Amortized Cost I 368.129.509 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. / 6 I Lj3 q Pooled Investment Interest Income *The cash income received is adjusted for any accrued interest purchased. August 2001 September 2001 October 2001 Average Life (Years) 1.30 1.27 1.27 Average Yield Modified Duration 5.76% 1.16 5.66% 1.15 5.44% 1.15 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. Second 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 EXHIBIT 1 a 2 5 0 0 0 0 0 8 8 d 8 6 0 0 0 0 0 8 d 8 6 0 0 0 0 0 4 3 EXHIBIT 2 0 0 0 EXHIBIT 3 ’ L - 4 0 - % - 4 % I de/ - 43 0 - % - 4 % 1 *e/ - 43 0 : - % I % - L& . . 4 A r/i > k 4 Ll I x w 0 cl 0 - *% _ 43 0 1 % - 1/ - % - @% - Jb 0 - % - -$ : EXHIBIT 4 . ‘4 , i r) . . 1 - - \ - EXHIBIT 5 0000 C9NV rrrr eeee -WWb e9ce rrrr rrrr 9s i3s s gQ gg Q - - 88 9 9 g-g g m * w- 0‘ - f EXHIBIT 6 B ~~~~~~~~~~~~QN~N~N$QwN rnQNooooN~rng~g~8~~g~~~8~~~~~~rn ~~o~owmoatNa3 rnNpmEmKw%~ ~rtOPNNNrW~~NW~t~QmO~0 WWWNNOOONNW E ; ; ; ; ; ; ; ; ; ; ; ; 4 ; G- ; 4 ; ; ; ; ; %-- ; ; ; F- ; ; T-- ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ~l.i5 8 mc9om~moco0w--om0 ed r’ .999975999kk909 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ bmwQw00N0rw om8~h~co~~0tooo 8 CA f . ’ ii r-~~0m0~~mco00r-0w~0000~~WON co*uJmmooo ci d d d d d d d cd k Y v? 9 “? (P 9 ‘? N. 9 n! “? “? 9 9 9 ‘-? (9 r- “? 9 COP-OBNWWON 3 Ol-bOOOONWrOI- w e I‘. 9 9 9 u? (4 T. s Y a? 00v)0w0001c)rc u-3 m 0 F w w m v) co r- 0 m m * w m r- m 00 cri w* ti ui c5 d cd d t-6 hi G 0 T: s 0 m 9 m rc 0-i mc91c0 mco~bmom~~muam~~~wmw~mmmmmwo~mt-a ~WOWWb”3ObNW+i~? o)t-~ONNQ1cP- WmNrNmbQ~r~OOWWQQmWWO~~~~WN~~~~~~~NN~~~ 8 w*lnmF,%s%8 $8 C,- N‘ ‘-.j d C.j N‘ ; ; m‘ ci ; C,- ; ,-6 ‘.j ; c-j ,Yj + ‘6 & ,Ti m‘ ‘Xj (j hi ni ,-.i ti .-- ni ‘.i N‘ ; hi ni cd ti d ,.j + ‘-6 ni ni ‘.i ,.-i ti 6 ti cri U-i d .$ B II aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa u~~uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu ; cu‘ ‘.j ; C,- ,,- $ Wj + ; CXj C.j “-j r Nrrr .-.-F-F.- N N-rNtNrV)r Y El aaaaaaaaaaaaa lLulLuuuuLLuuLLuu zzzzzzzzzzzzzzzzzzzzzzzzzz ooooooooouoooooooooooooooo 0000000 IZ-24-01; 9:45AM;Clty Of Carlsbad ;1 76C 602 8556 # 2/ 2 EXHIBIT 7 Fund Equity in Pooled Investments AS OF OCTOBER 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 (2,687,680) Total Treasurer’s Investment Portfollo at Amortlzed Cost 368,129,509 56,350,950 28,207,875 1,311,647 12,077,195 5.474,883 31,812.422 8,075,467 9,586,970 7,818,331 68,747,870 11,858,030 155,449,168 49.263.002 55,815,869 3.513,087 2,131,038 110,722,995 13,033,074 0 7,74 1,490 0 37o,ai7,499 (I) Redevelopment Fund Balances are interspersed throughout all funds. II Figures based on best estimate at the time report run on 11105101 CITY OF CARLSBAD INVESTMENT PORTFOLIO EXHIBIT 8 AS OF OCTOBER 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 ASSOCIATES CORP BAYER CORP CITICORP CITIGROUP COMMERCIAL CREDIT CO DEAN WiTTER DISCV DUPONT GENERAL ELECTRIC CAPITAL HEWLE-iT-PACKARD JERSEY CENT P&L MERRILL LYNCH MORGAN STANLEY DEAN WITTER NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL Moodv’s s%E AA3 AA- AA+ AA3 AA- Es E- AA- E AA- AA- AA3 AA- AA- AA3 AA- AA3 AA- AA3 AA AA1 AA AA2 AA- AA3 AA AA3 AA- AA3 AA- AA- 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 scbe --Purchased BANC ONE CORP AA3 A 03/25/02 AA3lAA- 999,829 CAMPBELL SOUP CO AA3 A 10/01/03 AA3lAA- 4,835,636 FIRST USA BANK AA2 A+ 12/03/01 AA2lAA 1,000,055 KAISER FOUND HSP A3 A 11/01101 AA3lAA 875,000 NORWEST A+ 03/01102 AA3lAA- 2,605,664 WACHOVIA CORP Al A+ 07/l 5105 AA3/AA- 4,019,288 Market 1 ,013,890 5,054,980 1,003,220 875,000 2,628,048 4,335,700 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 OCTOBER 31,200l PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ABN AMRO BANK ALLSTATE FINANCIAL ASSOCIATES CORP NA BANC ONE BAYER CAMPBELL SOUP CO CITIGROUP COMM CREDIT DEAN WllTER 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 TRAVELERS GROUP INC WACHOVIA CORP Total Portfolio investment Cost Percent of Portfolio* 4,228,884.98 1.15% 6,024,601.35 1.64% 9,953,528. i 3 2.70% 997,870.OO 0.27% 1,291,375.00 0.35% 4,695,372.02 1.27% 6,780,970.00 1.84% 7,474,695.94 2.03% 2,950,553.97 0.60% 1,168,073.48 0.32% 1, W2,620.00 0.27% 2,017,160.00 0.55% 7,301,835.93 1.98% 2,974,560.00 0.81% 954,187.50 0.26% 9,272,283.27 2.52% 13,715,295.03 3.72% 3,829,318.46 1.04% 715,349.40 0.19% 2,759,728.00 0.75% 1,947,308.26 0.53% 1,919,298.74 0.52% 4,056,275.56 1.10% 1,113,832.90 0.30% 3,151,155.18 0.86% 1 ,I 05,341.85 0.30% 4,023,404.94 1.09% $366,354,553.93 EXHIBIT 9 l No more than 5% may be invested with a single issue. /3