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Home My WebLink About2005-01-11; City Council; 17932; Report on City Investments as of 11/30/04AB# 17,932 MTG. 1/11/05 DEPT. TRS RECOMMENDED ACTION: Accept and file report. TITLE: REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30.2004 ITEM EXPLANATION: Current Month Par Value 463,300,990 Cost of Investments 465,943,003 Amortized Cost (1) 464,114,492 Market Value (2) 465,217,116 Prior Month 463,834,013 466,489,151 464,714,713 467,737,337 (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 11/30/04. The equity portion of the various funds in the total portfolio is summarized in the graph below. Fund balances are restricted for various purposes. See Exhibit 7 for a more detailed brea down. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Other $.5 / Enterprise $1 2 4 -9 k., k. Total Treasurer’s Investment Portfolio at Amortized Cost $464.1 Million I PAGE TWO OF AGENDA BILL NO. 17,932 Cash Income Fiscal Year-to-Date * Current Prior Current Month Month FYTD Month FYTD Income 6,687,907 5,383,804 1,304,103 *The cash income received is adjusted for any accrued interest purchased. September 2004 Pooled Investment PerformancelMeasurement Average Life (Years) Average Yield Modified Duration 2.10 3.38% 1.937 October 2004 November 2004 2.09 3.43% 1.935 2.07 3.46% 1.921 I I I 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. EXHIBITS FOR POOLED INVESTMENTS: 1. 2. 3. Yield Comparison Graph 4. Cumulative Cash Income Graph 5. Second Quarter Transactions 6. Detailed Investment Report 7. 8. 9. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield Investment Portfolio Breakdown Of Maturities Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer Department Contact: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us EXHIBIT 1 W 3 s I- W Y E 5 a I- 8 E n W 0 3 a \ z 3 z 0 0 0 0 0 n o 0 0 9 0 0 9 0 0 0 0 0 2 0 8 0 8 0 0 0 0 0 a o 0 8 0 8 0 0 0 0 0 Et I- d c\! r (D -? r (v 0 d a3 0 (v m (v 0. 0 co 0 (v m (v 0- I > n e (I) I) 0 3 EXHIBIT 2 n N v s s 8 s 8 s 8 s 8 s : v, 0 0 J 0 0 0 0 d W a 3 2 W N 3 0 0 e4 a, 9 0 0 0 0 N 0 x bo 3 rg N c( n 0 0 0- 0 W W [', 0 0 0 0 hl 0 2 10 F 3 0 3 s \o m N! L 13 V 2 6 Y f c) # I 3 - i I t EXHIBIT 4 t c s s 8 4 b 8 c * 4 c + s b * 8 s + b \ c t t - L S -s 7 >r -111 E L -Q a s E 9 -a L C -111 7 0 -0 > -0 2 n c, -8 e -aa v) 0 -s a - -s 7 EXHIBIT 5 ommooo ocvcvooo 0000 0000 aa 0jP-j (Dmmmm mmmmmm mmmm 00000 000000 0000 00000 000000 0000 "cucucvcvcu cucucucu aaza 22222 222z2 lcOddln EEgfiSg ...... -0-- mm---m o.rtm0o -000- 00--00 0 0 IIIIZ LLLLLLLLLL fYS% 22222 222222 2222 mlcwlclc 22222 222z2 00000 00000 lcowwm ow000 -000- 0(D(D(Dwco 000000 000000 cvcvcvcvcucv mmmlclco -0000 ...... ez222e zo-%--- 37 e EXHIBIT 6 m- I-- N (D 8 0000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF NOVEMBER 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 Total Internal Service Agency Funds Redevelopment Funds (1) Misc. Special Funds Total General Ledger Balance ** Reconciling Adjustments (2) Total Treasurer's Investment Portfolio at Amortized Cost 60,308,416 33,288,949 2,122,694 49,886,905 8,951,843 37,737,949 4,296,29 1 9,805,978 9,337,781 67,771,412 18,395,130 1,143,590 207,326,879 52,848,Ol I 63,019,956 5,858,131 276,233 2,878,181 124,880,513 19,766,275 18,033,936 0 0 465,727,662 (1,613,170) 464,114,492 (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 12/07/04. ** EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 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 S&P) Moodv's - S&P ALLSTATE FINANCIAL AA2 AA ASSOCIATES CORP AA1 AA- ClTlGROUP AA1 AA- COMMERCIAL CREDIT CO AA1 AA- GENERAL ELECTRIC AAA AAA SECURITY CAPITAL - GE AAA AAA SUN AMERICA INC AAA AAA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be AIIPI or better by both Moody's and S&P) (Ratings of other debt must be AA or better by Moody's or S&P) NONE Investments with Subsequent Changes in Credit Rating * ABN AMRO BANK CREDIT SUISSE DEAN WITTER DISCV MORGAN STANLEY DEAN WITTER PACIFIC BELL PITNEY BOWES INC SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL WACHOVIA CORP Moodv's AI AA3 AA3 AA3 AI AA3 AI AI AI AA3 - S&P A+ A+ A+ A+ A+ A+ A+ A+ A+ A Latest Maturity Date Purchased 05/31/05 0411 8/07 11l01105 0411 5/06 0811 5/06 0210 1 I05 05102106 0811 5105 0511 2/05 0711 5/05 AA3IAA- AA3IAA- AA3lAA- AA3lAA- AA3lAA- AA3lAA AA31AA- AA31AA- AA2lAA- AA3lAA- Carrying - Value 4,092,612 4,141,488 2,990,750 15,637,699 7,248,328 1,996,850 4,000,102 1,113,975 2,011,292 2,004,662 Market Value 4,162,164 4,197,360 3,100,800 163 56,612 7,369,750 2,009,260 4,099,060 1 ,145,426 2,040,680 2,055,340 The City's Investment Policy allows the City Treasurer to determine the course 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 NOVEMBER 30,2004 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* 0.91 % 1.72% 2.16% ABN AMRO BANK 4,228,004.98 ALLSTATE FINANCIAL 8,020,253.19 ClTlGROUP ASSOCIATES CORP COMM CREDIT 1,591,525.00 2,000,784.90 6,450,119.94 CREDIT SUISSE 4,270,881.12 0.92% 4.48% GENERAL ELECTRIC CAP SECURITY CAPITAL 17,489,469.62 3,380,298.92 MORGAN STANLEY DEAN WITTER DEAN WITTER DlSCV 15,789,13 1.03 2,950,553.97 4.02% PITNEY BOWES INC 1,919,298.74 0.41 % 3.19% SBC COMMUNICATIONS PACIFIC BELL SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL 4,058,275.56 7,593,579.83 1 ,I 13,832.90 2,097,205.18 SUN AMERICA INC 1,117,700.00 0.24% 0.44% WACHOVIA CORP 2,035,254.00 Total Portfolio $465,943,002.83 * No more than 5% may be invested with a single issuer.