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Home My WebLink About2004-08-03; City Council; 17737; Report on City Investments as of 06/30/04B# 17,737 m: ITG. 6/3/04 REPORT AS ON OF JUNE CITY INVESTMENTS 30,2004 IEPT. TRS 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 June 30, 2004 is summarized below. W‘ 21’ DEPT. H- CITY ATTY p& CITY MGR: Par Value Cost of Investments Amortized Cost (1) Market Value (2) (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 6/30/04. The equity portion of the various funds in the total pottfolio is summarized in the graph below. Fund balances are restricted for various purposes. See Exhibit 7 for a more detailed breakdown. FVND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Current Month Prior Month 469,660,793 463,677,737 472,5aa,g13 466,593,632 470,933,842 465,016,259 471 ,a76,471 466,427,544 Internal ServiceS16. Enterprise $124.8 ~ Total Treasurer’s Investment Portfolio at Amortized Cost $470.9 Million PAGE TWO OF AGENDA BILL NO. 17,737 Current Month FYTD Cash Income Fiscal Prior Current Month Income Month FYTD Year-to-Date * I 15,230,620 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment PerformancelMeasurement 14,013,727 I 1,216,893 April 2004 May 2004 June 2004 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. 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 June 30, 2004 is as follows: Average Life (Years) Average Yield Modified Duration 2.1 1 3.32% 1.943 2.20 3.40% 2.017 2.25 3.46% 2.055 Current Quarter Prior Quarter Par Value cost 17,337,312 7,362,578 17,337,312 7,362,578 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 FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: IO. Detailed Investment Report - Quarterly Report EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS: 11. Detail of Outstanding Housing Loans - Quarterly Report Department Contact: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us 3 EXHIBIT 1 0 x N 9 r 0 0 9 :z 00 0 8 N 9 r 0 x * -? r N 2 zz 00 0 0 0 2 0 m m m N 8 r (D N h 9 0 0 0 0 h ct 9 m m. 0 % z *. (I) 0 0 0 m % r h -t e9 0 0 (D W m m. s 0 0 0 m 3 2 a 0 EXHIBIT 2 h c! ss 22 'ON s x s x s x s p? W N s x s 2 s x 0 0 0 0 0 a 8 c 0 0 -W NW ON 2" Z" 28 '0 N 0 0 0 0 0 0 W m m W 'O" '9 8 - W 1ci m 5 U ,. . 0 e( I ! t t \ \ EXHIBIT 4 b- 7 0000000000 00000 00000 0 00000 00000 0 0000000000 0000000000 00000 00000 00000 0 0000000000 LONmNmvlrOrOlnrO VIlnLnLDL" 9999999999 ~.~.~.~.~.~.~.~.~.~. 0. 0. 0. 0. 0. 00000 2 > ~.~.~.~.~.~.~.~.~.~. 0. 0. 0. 0. 0. $. $. $. $. :. o- 0. 0. 0. 0. 0. sil 0000000000 z P mIcww 00008 00000 .-.-NNO 88 mmv)mm wmm~c- 00000 00000 00000 00000 00 ggggg8ggg6 6; aaaaa a= 88888g888z OO.-OO w N N N 0000000000 NNNNNNNNNN NNNNN -0 0 -0000 8 0 +g .......... 00 0 00000 00 00 0 00000 00 00 0 oL"oo0 om EXHIBIT 6 0 0 0 0 0 0 0 EXHIBIT 7 Fund Equity in Pooled Investments AS OF JUNE 30,2004 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 Internal Service Agency Funds Redevelopment Funds (1) Misc. Special Funds Total General Ledger Balance ** Reconciling Adjustments (2) Total Total Treasurer's Investment Portfolio at Amortized Cost 72,180.281 32,167,195 4,148,274 48,821,495 8,803,752 36,919,999 4,167,475 10,557,822 9,268,067 69,295,785 14,690,228 1,298,201 203,822,824 50,455,048 65,741,786 5,504,819 978,951 2,087,388 124,767,993 16,818,298 17,049,834 0 0 470,954,698 (20,856) 470,933,842 (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 Treasureh 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 Treasureh 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 7/08/04, ** ld EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JUNE 30,2004 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 SBP) Moodv's - SBP ALLSTATE FINANCIAL ASSOCIATES CORP ClTlGROUP COMMERCIAL CREDIT CO GENERAL ELECTRIC PITNEY BOWES INC SECURIlY CAPITAL - GE SUN AMERICA INC AA2 AA1 AAI AA1 AAA AA3 AAA AAA AA AA- AA- AA- AAA AA AAA AAA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be AI/PI or better by both Moody's and SBP) (Ratings of other debt must be AA or better by Moody's or S&P) NONE Investments with Subsequent Changes in Credit Ratlng * Latest Moodv's - S&P Maturity Date Purchased ABN AMRO BANK CREDIT SUISSE DEAN WITTER DlSCV MERRILL LYNCH MORGAN STANLEY DEAN WITTER PACiFlC BELL SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL WACHOVIA CORP AI AA3 AA3 AA3 AA3 A1 A1 A1 AI AA3 A+ A+ A+ A+ A+ A+ A+ A+ A+ A 05/31/05 04/18/07 11/01/05 09/15/04 04/15/06 08/15/06 05/02/06 08/1 5/05 05/12/05 07/15/05 AA3/AA- AA3/AA- AA3/AA- AAWAA- AA3/AA- AA3/AA- AA3IAA- AA3/AA- AA2lAA- AA3/AA- Carrying e 4.1 07,370 4,166,339 2.986.545 3.000.785 15.655.1 35 7.311.111 4,006,049 1,113,961 2,021,812 2,007,783 Market 4,242,686 4,214,720 3,157,320 3,031,470 16,399,164 7,473,740 4,164,380 1,168,296 2,079,280 2.096.340 * The Cily's Investment Policy allows the City Treasurer to determine the Murre 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 poMolio until maturity unless events indicate they Should be sold. EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JUNE 30,2004 PERCENTAGE WElGHTlNGS 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 4,228,884.98 8,020,253.19 1,591,525.00 7,196,309.90 7,474,695.94 4,270,881.12 17,489.469.62 3,380.298.92 3,015,095.67 15,789,131.03 2,950,553.97 1,919,298.74 4,058,27556 7,593,579.83 1,113,832.90 2,097,205.1 8 1,117,700.00 2,035,254.00 Percent of Portfolio" 0.89% 1.70% 3.44% 0.90% 4.42% 0.64% 3.97% 0.41% 3.14% 0.24% 0.43% $472,588,913.09 EXHIBIT 10 e5 -. ,5 x N EXHIBIT 11