The URL can be used to link to this page

Home My WebLink About2002-05-07; City Council; 16738; Report on City Investments as of 3/31/02CITY OF CARLSBAD -AGENDA BILL 3# 738 TITLE: TG. 5-7-02 REPORT ON CITY INVESTMENTS AS OF MARCH 31, 2002 EPT. TRS CITY MGR 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 March 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 3/31/02. 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 1,733,704 Reconciling Adjustments 9,287,307 Agency Funds 13,729,607 Internal Service 110,063,737 Enterprise 141,985,141 Capital Projects 1,961,474 Debt Service 26,734,367 Special Revenue 65,682,029 Total Treasurer's Investment Portfolio at Amortized Cost 371,177,366 Fund equity balances are restricted for various purposes as listed above. See Exhibit 7 for a more detailed breakdown. Page 2 of 3 of AB 16,738 *The cash income received is adjusted for any accrued interest purchased. Modified Duration 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. In summary, the City’s investments of bond proceeds held separately as of the quarter ended March 31, 2002 is as follows: All investments of bond proceeds have been made in accordance with the City’s Investment Policy and the trust indenture for each issue. 2 Page 3 of 3 of AB #16,738 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. Third 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 FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY IO. Detailed Investment Report - Quarterly Report 3 EXHIBIT 1 00 % EXHIBIT 2 000 $ g b w $Oo0 * r( .. c.3 vu 5 EXHIBIT 3 H c 0 r) n 1 N 0 0 N z 4 c 3 t t f EXHIBIT 4 cc) P 0 r 00 0 7 EXHIBIT 5 00 000 000 99 999 999 0 0 00 000 000 0.0. 0.0.0. 90.0. 9 00 000 000 0 00 moo ooo m 0.0. *.99 9'40. 0- 00 000 000 x NV) NNr "7 W r NN NNN NNN 00 000 000 00 000 000 <E! zzc ??E! .-- NNN mmm 00 000 000 N mm worn r-r-r- 0 0 mm worn mmm N :%i a22 22s r ?? c?z ezE! 8 mm 00 gg8 zzg N n 2 L N 0 0 7 8 .- N EXHIBIT 6 EXHIBIT 7 Fund Equity in Pooled Investments AS OF MARCH 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 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) Total Treasurer's Investment Portfolio at Amortized Cost 65,682,029 26,734,367 1,961.474 13,747,a1a 5,920,937 33,092,463 8,355,291 6,995,747 55,614,381 10,376,825 7,a81,680 141,985,141 50,835,317 53,491,720 3,671,530 2,065,170 110,063,737 13,729,607 0 0 9,287,307 369,443,662 1,733,704 371 ,1 77,366 (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 Treasurer's 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 Treasurer's 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 4/04/02 13 CITY OF CARLSBAD INVESTMENT PORTFOLIO EXHIBIT8 AS OF MARCH 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) Maosusge ABN AMRO BANK ALLSTATE FINANCIAL ASSOCIATES CORP ClTlGROUP BAYER CORP COMMERCIAL CREDIT CO CREDIT SUIS DEAN WITTER DlSCV DUPONT JERSEY CENT P&L MERRILL LYNCH MORGAN STANLEY DEAN WllTER NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL AA3 AA2 A41 AA2 AAI AA1 AA3 AA3 AA3 AAA 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: (Ratlngs must be AVPI 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 Latest tl%?asusge khtu&mk- Yak Yak Carrying Market BAYER CORP A2 AA- 10/01/02 M/AA 1,255,707 1,271.538 CAMPBELL SOUP CO AA3 A 10/01/03 AA3lAA- 1,948,577 2,026,660 HEWLETT-PACKARD A2 AA- 06/15/05 AA3/AA- 7.229.578 7,238,350 NATIONAL RURAL UTILITIES AI A+ 05/15/06 AA3IAA 5,659,137 5,646,327 WACHOVIA CORP A1 A 07/15/05 AA3lAA- 4,017,504 4,224,000 * me City% Investment Policy allows the City Treasurer to determine the course of adion 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 sewre. It is the intent of the Ciy Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. CITY OF CARLSBAD INVESTMENT PORTFOLIO EXHIBIT 9 AS OF MARCH 31,2002 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ABN AMRO BANK ALLSTATE FINANCIAL ASSOCIATES CORP NA BAYER CAMPBELL SOUP CO ClTlGROUP COMM CREDIT CREDIT SUE DEAN WITTER DISCV DUPONT HEWLETT-PACKARD CO JERSEY CENT P8L MERRILL LYNCH MORGAN STANLEY DEAN WITTER NATIONAL RURAL UTILITIES NORTHERN ILL GAS OHIO BELL TEL PITNEY BOWES INC SBC COMMUNICATIONS SOUTHERN NlEW ENGLAND TEL SOUTHWESTERN BELL WACHOVIA CORP Total Portfolio * No more than 5% may be invested with a single issue Investment Cost 4,228,884.98 8,020,253.19 9,953,528.13 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 7,301 335.93 2,974,560.00 9,272,283.27 15,789,131.03 5,939,453.76 715,349.40 1,947,308.26 1,919,298.74 4,058,275.56 1.1 13.832.90 3,151,155.18 4,023,404.94 Percent of Portfolio' 1.14% 2.16% 2.68% 0.35% 0.50% 2.26% 2.01% 0.84% 0.79% 0.31% 1.97% 0.80% 2.50% 4.25% 1.60% 0.19% 0.52% 0.52% 1.09% 0.30% 0.85% 1 .08% $371,275,471.47 /5 EXHIBIT 10