The URL can be used to link to this page

Home My WebLink About2005-06-07; City Council; 18140; Report on City Investments as of 04/30/0518,140 MTG. 6/7/05 DEPT. 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 April 30, 2005 is summarized below. - TITLE: REPORT ON CITY INVESTMENTS AS OF APRIL 30.2005 Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 497,878,999 484,069,125 Cost of Investments (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 4/30/05. 499,598,309 486,007,812 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 kdown. Amortized Cost (1 ) Market Value (2) detailed brc 498,037,861 484,367,850 496,334,833 481,380,519 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Capital Projects Total Treasurer’s Investment Portfolio at Amortized Cost $498.5 Million I PAGE TWO OF AGENDA BILL NO. 18,140 Current Month FYTD Cash Income Fiscal Year-to-Date * 13,242,087 Prior Current Month Month FYTD Income 11,416,782 1,825,305 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement February 2005 March 2005 April 2005 Average Life (Years) Average Yield Modified Duration 2.10 3.61 % 1.935 2.10 3.65% 1.933 2.07 3.72% 1.908 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 Exhibit8 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. Fourth 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 5 S 0 I .- b tk 5 a E C 0 S 3 U L 0 5 C 0 a .- b tk 5 C 0 a 2 CI C 3 L 0 5 S r" .- b a 5 a 2 E 0 S 3 0 U L 81 i3 a t a \ z 0 0 0 0 0 n o 0 8 0 8 0 0 0 0 0 LT F m (v h! d (v (? m 0 (v 0" 0 r m d I r m d & e v) 3 o EXHIBIT 1 3 EXHIBIT 2 n hl $ 8 E 0 0 0 W W d 3 x 0 00 m 3 m d m m 9 m m 0 d vr d .s Q) I 0 0 0 0 W W t-- 0 0 0 d 5 d 0 r-: m. m \o. m m FA hi' 0 m 6 u 0 W W d m 2 "! hl t- 2 m 00, d m d vr d cu m ci, hl nn -hl ww 4 z 0 u2 d U f ! a xa WI tt EXHIBIT 3 EXHIBIT 4 L r) 0 0 9 8 h ' + ' ' t t \ i t \ 1 s 22222 I-(Dcobco 00000 00000 cu--mCo -bbb- roo00 mLnmmm 00000 00000 *m-CoQ) OONNN ddbdb 00000 mmmmm 00000 00000 rbbbQ) 22222 ec2e2 22222 ..... 22222 d$$Q22 =)~00000 Is E dg p?-t**** aa 0 m 03 m 8 .- aq 0 0 m 9 “! .- 03 03 g : 8 0 0 0 0 m 0” 9 a w F m lo g c? 0 0 0 0 0 m 9 0- 0- m 0 0 N m 0 0 . z 2 i5 z 2 e 0 m m 0 m 0 0 m 0 m 0 m 0 0 N cu N 2 . . zi2 a In 0 0 3 E z 5 0 0 (Y U p? W z 5 z 2 U I 3 3 0 EXHIBIT 5 I EXHIBIT 6 00000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000 m- 0- 0- 0- m- 0- 0- 0- m- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- "J 00000000000000000000000000000000000000000000000 3 31 q g g t-- & 8- 8- g q 8- g g g g g g g g g g g k- g g g g g g g g g g g g g g g g g g 8- g 8- 8- g g NmONrmmm-mmm~mmNmmmNm7mmmmmmNmmmmm~mmdmm~mmm~Nm - aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa El uuuuuuuuuuuuuuuuuuuuuuuuuuu~uuuuuuuuuu~uuuuu~uu c-c 000000000000000000000000000000000000000 000000000000000000000000000000000000000 wooooooooooooooooooooooooooooooooooooooo ~~qoooooooooooooooooooooooooooooooooooooo > 0~0~0~0~0 o o o o o o o N o o o o oo o o o o o o o o o o o o o o o o o o o o m m m UY ui m' ui m- m- ui m' m' 7- d vj d d m- m* (v- ui ui cum d d d d d m' Uj uj N- d m- mi uj 0- m* ui wz ga 000000000000000000000000000000000000000 2s ;If a 8 8 8 8- z- 8- 8- 8- g- 8- g 8- g- 8- 8- 8- g 8- 9 g 8- 8- g- 8- 8- 8- g- g- 8- g- g- g g g- g g g g g- 4 z Y p gE- 8 zzzzzzzzzzzzzzzzzzzzzzzzzzzzzz 000000000000000000000000000000 0000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF APRIL 30,2005 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 80,230,157 35,835,745 3,136,961 49,768,974 9,819,953 39,996,237 4,409,699 8,695,573 9,388,24 1 70,056,395 18,531,902 629,929 21 1,296,904 53,058,850 63,556,581 6,188,309 435,024 839,173 124,077,937 20,179,423 23,704,772 0 0 498,461,899 (424,038) 498,037,861 (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 5/06/05. EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30,2005 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- 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 AllPl or better by both Moody's and S&P) (Ratings of other debt must be AA or better by Moody's or S&P) INTERNATIONAL LEASE - ILFC COOPERATIVE ASSOC - CATDA P-I A-I + A- 1 Investments with Subsequent Changes in Credit Rating * ABN AMRO BANK CREDIT SUISSE DEAN WITTER DlSCV MORGAN STANLEY DEAN WITTER PACIFIC BELL SBC COMMUNICATIONS SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL WACHOVIA CORP Moodv's - S&P AI A+ AA3 A+ AA3 A+ AA3 A+ A2 A A2 A A2 A A2 A AA3 A Latest Maturitv Date Purchased 05/31/05 0411 8/07 11/01/05 0411 5/06 0811 5/06 05102/06 0811 5/05 05/12/05 0711 5/05 AA3lAA- AA3lAA- AA31AA- AA3IAA- AA3IAA- AA3IAA- AA3lAA- AA2IAA- AA3lAA- Carrying - Value 4,077,853 4,116,636 2,994,954 15,620,263 7,i 85,545 1,995,702 1 ,I 13,990 2,000,771 2,001,540 Market - Value 4,086,736 4,117,040 3,042,360 15,855,088 7,229,100 2,035,780 1,125,095 2,001,800 2,015,620 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 APRIL 30,2005 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ABN AMRO BANK 4,228,884.98 0.85% ALLSTATE FINANCIAL 8,020,253.1 9 1.61 % ClTlGROUP ASSOCIATES CORP 1,591,525.00 0.72% 2,000,784.90 COOPERATIVE ASSOC - CATDA (CP) 4,925,900.00 0.99% CREDIT SUISSE 4,270,881 .I2 0.85% GENERAL ELECTRIC CAP SECURITY CAPITAL 17,489,469.62 4.18% 3,380,298.92 INTERNATIONAL LEASE - ILFC (CP) 4,923,913.89 0.99% MORGAN STANLEY DEAN WllTER DEAN WITTER DISCV SBC COMMUNICATIONS PACIFIC BELL SOUTHERN NEW ENGLAND TEL SOUTHWESTERN BELL 15,789,131.03 3.75% 2,950,553.97 1,978,738.00 2.56% 7,593,579.83 1 ,I 13,832.90 2,097,205.1 8 SUN AMERICA INC 1 ,I 17,700.00 0.22% WACHOVIA CORP 2,035,254.00 0.41 % PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FEDERAL FARM CREDIT BANK 6,000,030.00 1.20% FEDERAL HOME LOAN BANK 105,436,915.50 21.10% FEDERAL HOME LOAN MORTGAGE CORP 137,002,760.02 27.42% FHLMC DISCOUNT NOTE 3,349,965.77 0.67% FEDERAL NATIONAL MORTGAGE ASSOC 85,996,732.02 17.21 % Total Portfolio $499,598,308.5 1 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers.