The URL can be used to link to this page

Home My WebLink About2005-09-06; City Council; 18257; Report on City Investments as of July 31 2005CITY OF CARLSBAD - AGENDA BILL AB# 18,257 YTG. 9/6/05 DEPT. TRS TITLE: REPORT ON CITY INVESTMENTS AS OF Julv 31.2005 RECOMMENDED ACTION: Accept and file report. Par Value Cost of Investments Amortized Cost (1) Market Value (2) ITEM EXPLANATION: Current Month Prior Month 510,142,346 510,844,595 51 1 ,I 73,884 512,009,997 510,039,927 51 0,824,262 506,716,669 509,797,083 (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 7/31/05. 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 kd wn . FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Internal Service Total Treasurer’s Investment Portfolio at Amortized Cost $510.0 Million I Cash Income Fiscal Year-to-Date * *The cash income received is adjusted for any accrued interest purchased. Current Prior Current Month Month FYTD Month FYTD Income 1,442,879 0 1,442,879 Pooled Investment Performance/Measurement II May 2005 Average Life (Years) Average Yield Modified Duration 2.09 3.76% 1.937 June 2005 July 2005 I I I 2.04 3.74% 1.890 2.07 3.80% 1.916 All pooled investments have been made in accordance with the City’s Investment Policy adopted January 2, 1985 and last revised January 20, 2004. All investments were initially made in accordance with the City’s Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the City’s Investment Policy, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. See Exhibit 8 for details. The pooled investment portfolio has the ability to meet the City’s cash flow demands for the next six (6) months. EXHIBITS FOR POOLED INVESTMENTS: . 1. 2. 3. Yield Comparison Graph 4. Cumulative Cash Income Graph Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield Investment Portfolio Breakdown Of Maturities I 5. First Quarter Transactions 6. Detailed Investment Report 7. 8. 9. Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer Department Contact: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us a \ z a \ z 0 0 0 0 0 n o 0 8 0 8 0 0 0 0 0 E I- EXHIBIT 1 EXHIBIT 2 OW \o d 2 x 00 OW W a a- "! d m ez: s 8 0 0 0 e 3 00 '", r-, 0 o\ 3 s 'c! 0 L B E B f? m nn cc? EXHIBIT 3 -? 0 U t t 0 r) 5 EXHIBIT 4 L 1 I i 8 8 Y rt ' s 8 8 8 8 8 8 1 1 8 I I 8 8 8 8 8 4 ' s 8 8 L 8 8 8 6 EXHIBIT 5 a3a3a3ba3Wrn 0000000 0000000 bcoobmmw 0-mhl-x-hl oox-0.r-0 222q222 z:h$ssG ooooooo 7 0 N 0 9 hl- 0 0 m C . 0” m > 0 IT: 0 .- 2 Z 0 m 0 0 hl . ? . t- 0 0 0 0 2 z 7 . m mmmcom CCCCC ..... m C W mmmmm 00000 00000 t-mmmo rhlhlrm 0303coa3~ 00000 22222 ..... I- v) LL 0: 7 EXHIBIT 6 'c- 8 2 2 0 3 v) -12 J-1 aa 00 ww 33 on s&? 00 - zz ww na EE g z 3 v) an 00 -1 s zzzzzzzzzzzzzzzzzzzzzzzzz 0000000000000000000000000 d 000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF JULY 31,2005 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 (I) Misc. Special Funds Total General Ledger Balance * Reconciling Adjustments (2) Total Treasurer's Investment Portfolio at Amortized Cost 79,314,667 34,962,574 3,379,784 50,438,900 10,323,220 40,455,704 4,124,959 9,071,385 9,461,283 78,297,896 22,689,125 180,504 225,042,976 50,689,266 62,389,553 6,277,056 71 9,982 742,816 120,818,673 20,000,794 25,124,962 0 0 508,644,431 1,395,496 51 0,039,927 (I) 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 8/05/05. EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 31,2005 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 WORLD SAVINGS BANK AA3 AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be AIlPI 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 Moodv's - S&P CREDIT SUISSE AA3 A+ DEAN WITTER DISCV AA3 A+ MORGAN STANLEY DEAN WITTER AA3 A+ PACIFIC BELL A2 A SBC COMMUNICATIONS A2 A SOUTHERN NEW ENGLAND TEL A2 A Latest Maturitv Date Purchased 0411 8/07 AA3lAA- 1 1 IO 1 I05 AA3lAA- 0411 5/06 AA3lAA- 0811 5/06 AA3lAA- 05/02/06 AA3lAA- 0811 5/05 AA3lAA- Carrying Value 4,101,725 2,997,477 11,612,826 7,147,876 1,996,774 1,113,999 Market - Value 4,087,240 3,019,020 11,753,816 7,161,800 2,022,420 1 ,I 15,103 * 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 porlfolio until maturity unless events indicate they should be sold. /3 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 31,2005 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ALLSTATE FINANCIAL C lTlG RO U P ASSOCIATES CORP COOPERATIVE ASSOC - CATDA (CP) CREDIT SUISSE GENERAL ELECTRIC CAP SECURITY CAPITAL Investment Cost Percent of Portfolio* 8,020,253.1 9 1.57% 1,591,525.00 0.70% 2,000,784.90 4,925,900.00 0.96% 4,270,881.12 0.84% 17,489,469.62 4.08% 3,380,298.92 INTERNATIONAL LEASE - ILFC (CP) 4,923,913.89 0.96% MORGAN STANLEY DEAN WITTER DEAN WITTER DISCV SBC COMMUNICATIONS PACIFIC BELL SOUTHERN NEW ENGLAND TEL 11,680,494.15 2.86% 2,950,553.97 1,978,738.00 2.09% 7,593,579.83 1,113,832.90 SUN AMERICA INC 1,117,700.00 0.22% WORLD SAVINGS BANK FSB 2,999,689.80 0.59% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FEDERAL FARM CREDIT BANK Investment Cost Percent of Portfolio** 6,000,030.00 1.1 7% 134,407,779.25 26.29% FEDERAL HOME LOAN BANK 132,122,435.02 25.85% FEDERAL HOME LOAN MORTGAGE CORP FHLMC DISCOUNT NOTE FEDERAL NATIONAL MORTGAGE ASSOC 3,349,965.77 0.66% 1 02,153,7 1 2.66 19.98% Total Portfolio $51 1,173,884.31 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers.