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Home My WebLink About2002-02-26; City Council; 16550; Report on City Investments as of 1/31/02CITY OF CARLSBAD -AGENDA BILL A.1 I. ,B# /b, 5-50 ITG. &! -26- 02 TITLE: AS OF - REPORT ON CITY INVESTMENTS IEPT. TRS JANUARY 31,2002 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 January 31, 2002 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 1/31/02. 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 27,352,064 Special Revenue 65,064,696 180,548 Reconciling Adjustments 10,175,410 Agency Funds 13,154,453 Internal Service 11 0,259,692 Enterprise 143,468,382 Capital Projects 2,209,298 Debt Service Total Treasurer's Investment Portfolio at Amortized Cost 371 ,a~,543 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, /6,55-0 "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 8, 2002. 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. 2. 3. 4. 5. 6. 7. a. 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 Third Quarter Transactions Detailed Investment Report Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer EXHIBIT 1 L rp 0 8 0 8 0 8 0 8 r G: m 2 LL 0 L 0 N m '4 0- r r 0 z m- -. 0 0 h r 0 0 0 L". m m m m W 0 0 ?- N m P 3 EXHIBIT 2 R m 4 n I‘ f L i 23 JLL UJ t 5 EXHIBIT 4 0 E 0 r) 0 I 0 c\1 0 d) 8 b I d 0 2 L S > z 0 6 EXHIBIT 5 EXHIBIT 6 N e e - J """r 0000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF JANUARY 31,2002 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 Total Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Golf Course Total Internal Service Redevelopment Funds (1) Agency Funds Misc. Special Funds Total General Ledger Balance Reconciling Adjustments (2) Total Treasurer's Investment Portfolio at Amortized Cost 65,064,696 27,352,064 2,209,298 13,954,884 5.739.894 32.789,824 8,461,597 7,967,396 3,471,255 55,225,594 15,857,940 143,468,382 50,043,474 54,503,997 3,653,151 2,059,071 11 0,259,692 13,154,453 0 10,175,410 0 371,683,995 180,548 371,864,543 (1) Redevelopment Fund Balances are interspersed throughout all funds. (2) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurefs report which is prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurefs summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. ** Figures based on best estimate at the time report run on 2/08/02 CITY OF CARLSBAD INVESTMENT PORTFOLIO EXHIBIT* AS OF JANUARY 31,2002 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 SBP) -SIP ABN AMRO BANK ALLSTATE FINANCIAL ASSOCIATES CORP ClTlGROUP BAYER CORP COMMERCIAL CREDIT GO CREDIT SUlS DEAN WlTTER DISCV DUPONT JERSEY CENT P&L HEWLETT-PACKARD MERRILL LYNCH MORGAN STANLEY DEAN WlTTER NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL AA3 AA2 AA- AA+ AA3 AA2 AA2 AA3 AA3 AA3 AA3 AAA AA2 AA3 AA3 AA3 AA1 AA2 AA3 AA3 AA3 AA2 AA- AA AA- AA- AA- AA- AA- AA- AAA AA- AA- AA AA- AA AA AA- AA- AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be AIIPI or better by both Moody's and SBP) (Ratings of other debt must be AA or better by Moody's or SBP) NONE Investments with Subsequent Changes in Credit Rating bm.dfsSIP Latest Carrying Market ~~ Yak Yahe BANC ONE CORP AA3 A 03/25/02 AA3/AA- 999,936 1,006,570 CAMPBELL SOUP CO AA3 A 10/01/03 AA3/AA- 1,942,864 2,042,180 NORWEST AA2 A+ 03/01/02 AA3IAA- 1,601,416 1,611,988 WACHOVIA CORP A1 A+ 07/15/05 AA3/AA- 4,018,218 4,273,040 * The City's Investment Policy allows the City Treasurer to detenine the course of action that would wrrect exceptions to the policy. All of these investments are paying interest at the required times. The principal of all investments are considered sewre. It is the intent of the City Treasurer to hold these assets in the porlfolio until maturity unless events indicate they should be sold. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31,2002 PERCENTAGE WElGHTlNGS BY CORPORATE NOTE ISSUER ABN AMRO BANK ALLSTATE FINANCIAL ASSOCIATES CORP NA BANC ONE BAYER CAMPBELL SOUP CO ClTlGROUP COMM CREDIT CREDIT SUlS DEAN WITTER DISCV DUPONT HEWLETT-PACKARD CO JERSEY CENT PBL 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 TRAVELERS GROUP INC I ClTlGROUP WACHOVIA CORP Total Portfollo * No more than 5% may be invested with a single issue Investment Cost 4,228,884.98 8,020,253.18 9,953,528.13 997,870.00 1,291,375.00 1,868,682.02 8,372,495.00 7,474,695.94 3,109,140.66 2,950,553.97 1,168,073.48 7,301,835.93 2,974,560.00 9,272,283.27 15,789,131.03 5,939,453.76 715,349.40 1,678,688.00 1,947,308.26 1,919,298.74 4,058,275.56 1,113,832.90 3,151,155.18 1,105,341.85 4,023,404.94 Percent of PomOllo* 1.14% 2.16% 2.67% 0.27% 0.35% 0.50% 2.25% 2.01% 0.84% 0.79% 0.31% 1.96% 0.80% 2.49% 4.24% 1 BO% 0.19% 0.45% 0.52% 0.52% 1.09% 0.30% 0.85% 0.30% 1 .08% $372,156,356.58 EXHIBIT 9