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Home My WebLink About2004-05-04; City Council; 17612; Report on City Investments as of March 31, 2004.. =# 17,612 TITLE: MTG. 5/4/04 AS OF MARCH 31,2004 DEPT. TRS REPORT ON CITY INVESTMENTS DEPT. CITY MGR:q RECOMMENDED ACTION: Accept and file report. Par Value Cost of Investments Amortized Cost (1 ) Market Value (2) ITEM EXPLANATION: Current Month Prior Month 439,224,34 1 437,962,729 442,299,957 440,784,065 440,841,879 439,613,178 448,226,518 446,822,015 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 , 2004 is summarized below. Cash Balance by Fund: Genera I SDecial Revenue Pooled Investment Portfolio (Cash and Securities) 64,066,776 30.044.1 87 Debt Service Capital Projects Enterorise (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 3/31/04. 3,714,190 193,001,887 123.205.061 The equity portion of the various funds at the amortized value of the total portfolio is summarized below: Internal Service Agency Funds Reconciling Adjustments Total Treasurer’s Investment Portfolio at Amortized Cost I Fund Eauitv in Pooled Investments I 14,317,005 13,490,590 (997,817) 440,841,879 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. 17,612 Cash Income Fiscal Year-to-Date * II Pooled Investment Interest Income II Current Prior Current Month Month FYTD Month FYTD Income 11,662,301 9,955,295 1,707,006 January 2004 February 2004 March 2004 *The cash income received is adjusted for any accrued interest purchased. Average Life Modified (Years) Average Yield Duration 1.92 3.39% 1.797 1.98 3.39% 1.851 1.98 3.28% 1.855 Current Quarter All pooled investments have been made in accordance with the City’s Investment Policy adopted January 2, 1985 and last revised January 20, 2004. 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. Prior Quarter The pooled investment portfolio has the ability to meet the City’s cash flow demands for the next six (6) months. Par Value cost In summary, the City’s investments of bond proceeds held.separately as of the quarter ended March 31, 2004 is as follows: 7,362,578 7,351,699 7,362,578 7,351,699 All investments of bond proceeds have been made in accordance with the City’s Investment Policy and the trust indenture for each issue. EXHIBITS FOR POOLED INVESTMENTS: 1. 2. 3. Yield Comparison Graph Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield Investment Portfolio Breakdown Of Maturities PAGE THmE OF AGENDA BILL NO. 17,612 4. 5. 6. 7. 8. 9. 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 FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: IO. Detailed Investment Report - Quarterly Report EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS: 1 1. Detail of Outstanding Housing Loans - Quarterly Report DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us EXHIBIT 1 5 C 0 I .- b k 5 5 I U S S 0 W 3 s t; a Y p! I I- v) 8 z a n N 0 I W 5 B C 0 .- 8 h 5 B E 5 U E S 0 L 5 I C 0 .- b k 5 C 0 E 3 0 I 22 U L v) $1 5 z 3 z 0 0 0 0 0 (3 o 0 8 0 8 0 0 0 0 0 2 0 8 0 8 0 0 0 0 0 Q 0 0 8 0 8 0 0 0 0 0 E z 0 z 0 0 m m W m N! r m co co N W m m W m N. c- m W W N W a!! I- o o Y z a 3 EXHIBIT 2 n N W d 0 c 8 0 c! 0 0 0 0 W 2 N 00 m 2 r-- 0 0 0 0 0- on m 00 5 N W .. 0- m 2 OI 2 P .f ti tff d 0 0 W W x 0 0 W OI 0 X 3 + 0, d 0 N k H d 00 N FA 8 n + W 8 0 0 0 0 W W m 2 2- 3 0 0 0 0 N 8 0- d m W 5 N 00 w r-, d d 2 2 rt 0 I= 3 hh ww 5 EXHIBIT 3 0 m H Y 4 6 EXHIBIT 4 4 * * \ \ b- 7 EXHIBIT 5 0 0 ooooot-uI oooooww cowwr-wmw 0000000 0000000 NNNNNNN $$$$$a$ $$$$$$ig 5SSSS2m OOOOOrO mmNmmmm 0000000 0000000 NNNNN" 5SSSS3jZj 0000000 EXHIBIT 6 b zi E k 2 an zzzzzzzzzzzzzzzzzzzz I-0 00000000000000000000 000000--0-0.0000mr00 00000000000000000000 00000000000000000000 g~$~$QQQQQQQ""QQQQQ2 rrbm(D(Dr:b-Q,-Q,mO z=$~~~g$~pg"QQ"Qz"z rr0---00 ~~r---00r0-0-rr-O--r ~r0~0m00000mmInInNmo4co a mwQ, Or0000mr-~ln0r0mm d -& 0 OZ EXHIBIT 7 Fund Equity in Pooled Investments AS OF MARCH 31,2004 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 Infrastructure Replacement Other Capital Construction Total Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Storm Water Golf Course Total Internal Service Redevelopment Funds (I) Agency Funds Misc. Special Funds Total General Ledger Balance ** Reconciling Adjustments (2) Total Treasurer's Investment Portfolio at Amortized Cost 64,066,776 30,044,186 3,714,190 48,754,518 8,349,172 35,129,240 4,051,593 7,905,481 8,760,445 64,351,579 14,624,858 1,075,001 193,001,887 51,268,903 63,487,879 5,369,693 823,742 2,254,843 123,205,061 14,317,005 0 13,490,590 0 441,839,696 (997,817) 440,841,879 (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 4/06/04. EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31,2004 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) Moodv's - S&P ALLSTATE FINANCIAL ASSOCIATES CORP ClTlGROUP COMMERCIAL CREDIT CO GENERAL ELECTRIC PITNEY BOWES INC SUN AMERICA INC SECURITY CAPITAL - GE AA2 AA1 AA1 AA1 AAA AA3 AAA AAA AA AA- AA- AA- Am AA AAA AAA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be AllPl or better by both Moody's and S&P) (Ratings of other debt must be AA or better by Moody's or SBP) NONE Investments with Subsequent Changes in Credit Rating * ABN AMRO BANK CREDIT SUISSE DEAN WITTER DISCV MERRILL LYNCH MORGAN STANLEY DE PACIFIC BELL .N \ 'ITTER SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL WACHOVIA CORP Moodv's AI AA3 AA3 AA3 AA3 AI AI AI AI AA3 - S&P A+ A+ A+ A+ A+ A+ A+ A+ A+ A Latest Maturitv Date Purchased 05/31/05 0411 5/07 11/01/05 0911 5104 0411 5106 0811 5106 05/02/06 0811 5105 0511 2105 0711 5105 AA3lAA- AA3IAA- AA3IAA- AA3IAA- AA3IAA- AA31AA- AA3lAA- AA31AA- AA21AA- AA3lAA- Carrying Value 4,116,226 4,181,250 2,984,023 3,001,740 15,665,597 7,348,781 4,009,617 1,113,952 2,028,124 4,008,944 Market Value 4,340,201 4,367,880 3,232,470 3,078,990 16,839,396 7,695,330 4,264,180 1,188,694 2,122,780 4,168,440 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 portfolio until maturity unless events indicate they should be sold. EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31,2004 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ABN AMRO BANK ALLSTATE FINANCIAL ClTlGROUP ASSOCIATES CORP COMM CREDIT CREDIT SUISSE GENERAL ELECTRIC CAP SECURITY CAPITAL MERRILL LYNCH MORGAN STANLEY DEAN WITTER DEAN WITTER DISCV PITNEY BOWES INC SBC COMMUNICATIONS PACIFIC BELL SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL SUN AMERICA INC WACHOVIA CORP Total Portfolio * No more than 5% may be invested with a single issuer. Investment Cost Percent of Portfolio* 4,228,884.98 0.96% 8,020,253.1 9 1.81% 1,591,525.00 3.68% 7,196,309.90 7,474,695.94 4,270,881.12 0.97% 17,489,469.62 4.72% 3,380,298.92 3,015,095.67 0.68% 15,789,131.03 4.24% 2,950,553.97 1,919,298.74 0.43% 4,058,275.56 3.36% 7,593,579.83 1 ,I 13,832.90 2,097,205.1 8 1 ,I 17,700.00 0.25% 4,023,404.94 0.91 % $442,299,956.85 /5 000 999 ;;ooo co 0 m mm m iib9 1% 0 UI c) u) I- 2 U E s 5 u) m I-0 r-0 b9 sss zzz $$ r r 0 sW 2 63 0 >> (3mm ozz YYY ccc mmm mmm h EXHIBIT 10 EXHIBIT 11 a a P c r 3 . r r q U I. r r __ - __ I i -1 - . 8 'D z . r r E 4 r E $ e m N a N 0 : I j