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Home My WebLink About2002-05-21; City Council; 16756; Report On City Investments As Of April 30, 20021 CITY OF CARLSBAD -AGENDA BILL ,B# 16,756 DEPT. H &@uf$ . ITG. 5/21/02 AS OF CITY AllY REPORT ON CITY INVESTMENTS IEPT. TRS APRIL 30,2002 ICITYMGR a 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 April 30, 2002 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 374,780,323 388,805,216 Market Value (2) 371,177,366 382,511,388 Amortized Cost (1) 371,275,471 382,543,440 Cost of Investments 370,202,015 381,873,730 (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 4/30/02. 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 (2,103,577) Reconciling Adjustments 9,958,553 Agency Funds 14,065,335 Internal Service 113,488,216 Enterprise 142,031,654 Capital Projects 2,469,767 Debt Service 25,512,142 Special Revenue 77,089,298 Total Treasurer's Investment Portfolio at Amortized Cost 382,511,388 Fund equity balances are restricted for various purposes as listed above. See Exhibit 7 for a more detailed breakdown. Page 2 of AB 16,756 Year-to-Date * *The cash income received is adjusted for any accrued interest purchased. odified 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. EXHIBITS FOR POOLED INVESTMENTS: 1. 2. 3. 4. 5. 6. 7. 8. 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 Fourth Quarter Transactions Detailed Investment Report Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer EXHIBIT 1 0 x 0 x r- 2 m 2 h 2 0 '4 r m 2 m 2 0 x 0 8 2 0 0 Ln m 0 r-. 0- ..- 0 0 0. 4 m z N h z LD- m m. r N 0 r 0 0 m m N P W N. z 0 0 0. 9 m z N N m 2 2 r m r 8 m a 0 z 0 s 3 EXHIBIT 2 s 8 s 9 0 s r: m N s 9 0 N W m 0 s 2 x 0 k 00 00 0 rn s 2 W 0 m m I. h v d 0 t- s 2 m 0 00 0 N d r z 0 m Frc Y J i 'I 1. 'L 5 EXHIBIT 4 0 0 7 0 EXHIBIT 5 zzaaaaaaa vvuuuuuuu ss EXHIBIT 6 EXHIBIT 7 Fund Equity in Pooled Investments AS OF APRIL 30,2002 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 77,089,298 25,512,142 2,469,767 13,467,659 6,003,390 33,317,722 8,359,960 6,693,448 7,877,742 56,358,242 9,953,491 142,031,654 50,645,905 57,107,015 3,768,324 1,966,972 113,488,216 14,065,335 0 9,958,553 0 384,614,964 (2,103,576) 382,511,388 (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 5/07/02 CITY OF CARLSBAD INVESTMENT PORTFOLIO B"-IT8 AS OF APRIL 30,2002 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) ABN AMRO BANK ALLSTATE FINANCIAL ASSOCIATES CORP BAYER CORP CITIGROUP COMMERCIAL CREDIT CO CREDIT SUlS DEAN WITTER DISCV DUPONT GENERAL ELECTRIC JERSEY CENT PBL MERRILL LYNCH MORGAN STANLEY DEAN WITTER OHIO BELL TEL NORTHERN ILL GAS SBC COMMUNICATIONS PITNEY BOWS INC SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL AA3 AA2 AA1 AA2 AA1 AA1 AA3 AA3 AA3 AAA AAA AA3 AA3 AA1 AA2 AA3 AA3 AA3 AA2 AA+ AA- AA- AA AA- AA- AA- AA- AAA AA- AAA 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 * Latest Carrying Market MQQUisge "s- yalve yalve BAYER CORP A2 AA- 10101102 AA2lAA 1,254,756 1,269,963 CAMPBELL SOUP CO AA3 A 10101103 AA31AA- 1,951,434 2,036,040 HEWLETT-PACKARD A2 AA- 06/15/05 AA31AA- 7,223,610 7,348,740 NATIONAL RURAL UTILITIES A1 A+ 06/15/02 AA3/AA 1,001,785 1,004,210 WACHOVIA CORP A1 A 07/15/05 AA31AA- 4,017,147 4,281,500 * The City's Investment Policy allows the City Treasurer to determine the wurse 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 porlfolio until maturity unless events indicate they should be sold. CITY OF CARLSBAD INVESTMENT PORTFOLIO EXHIBIT 9 AS OF APRIL 30,2002 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ABN AMRO BANK ALLSTATE FINANCIAL ASSOCIATES CORP NA BAYER CAMPBELL SOUP CO ClTlGROUP COMM CREDIT CREDIT SUlS DEAN WITTER DISCV DUPONT GENERAL ELECTRIC CAP HEWLETT-PACKARD CO 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 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 7,948,535.60 7,301,835.93 2,974,560.00 9,272,283.27 15,789,131.03 1,053,020.00 715,349.40 1,947,308.26 1,919,298.74 4,058,275.56 1,113,832.90 3,151,155.18 4,023.404.94 Percent of Portfolio' 1.11% 2.10% 2.60% 0.34% 0.49% 2.1 9% 1.95% 0.81% 0.77% 0.31% 2.08% 1.91% 0.78% 2.42% 4.13% 0.28% 0.19% 0.51% 0.50% 1.06% 0.29% 0.82% 1.05% 5382,543,439.84