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HomeMy WebLinkAbout2005-09-27; City Council; 18289; Report on City Investments as of 08/31/05CITY OF CARLSBAD -AGENDA BILL Par Value Cost of Investments Amortized Cost (1 ) Market Value (2) -1 .? Current Month Prior Month 506,669,975 510,142,346 507,106,985 51 1 ,I 73,884 506,078,459 51 0,039,927 504,143,423 506,716,669 AB# 18,289 I TITLE: IUTG. 9/27/05 REPORT ON CITY INVESTMENTS IDEPT. TRS I AS OF AUGUST 31,2005 CITY ATTY 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 August 31,2005 is summarized below. II Pooled Investment Portfolio (Cash and Securities) II (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 8/31/05. 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 bre: down. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Enterprise $119.6 , Total Treasurer’s Investment Portfolio at Amortized Cost $506.1 Million Current Prior Month FYTD Month FYTD Cash Income Fiscal Year-to-Date * 2,740,822 1,442,879 *The cash income received is adjusted for any accrued interest purchased. Current Month Income 1,297,943 June 2005 July 2005 August 2005 The pooled investment portfolio has the ability to meet the City’s cash flow demands for the next six (6) months. Average Life (Years) Average Yield Modified Duration 2.04 3.74% 1.890 2.07 3.80% 1.916 2.07 3.84% 1.91 8 EXHIBITS FOR POOLED INVESTMENTS: 1. 2. 3. Yield Comparison Graph 4. Cumulative Cash Income Graph 5. First 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 0 5 S 0 I .- b & 5 c s U S S 2 L 0 5 I S 0 .- b ri: 5 I e C 0 c, S L 3 0 5 C I" .- b & 5 E 2 E 0 E 3 0 c, L 31 5 a \ z a \ z 0 0 0 0 0 n o 0 8 0 8 0 0 0 0 0 E EXHIBIT 2 3 8 s 8 s o! s 8 3 ? 0 v, 0 0 hl 3 0 0 0 00 hl 0 3 3 00 m m a a 10 c‘? 2 W 0 0 z m 0 d a- 0 vr 00 m d r- 0 0 0 0 0 0 0 0 0 l- m 0. 00- hl 0 0 0 0 0 z m 0 d 0 W d 00 0 m r-* a” n u z: c; EXHIBIT 3 z 0 0 c) EXHIBIT 4 + 8 1 1 * 4 s I s '+ b s 1 ? 9 * s 1 L 1 + s S 8 s s 8 I 6 EXHIBIT 5 0000000 0000000 . .. mcDmcDmmm m 0000000 0 0000000 0 o-mcu-cucv O-rn-Obco Q, -000-00 0 2222222 <e$$ bcoobmbco z.zz . ....... ui 0 0 (Y 0 9 co 0 0 CY d 0 0 (Y . r 0 K w EXHIBIT 6 aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa fl uuuuuuuuuuuuuuuuuuuuuuuuuuuuu~~~~uuuuuuuuuuu 4 -0- -0- cdocd w- w- 0 COO? bb? 0- ? m oj Eo m 03 2 %la a a a a a a a a a ~uUUUUuULLUU 4 U z LL 000000 EXHIBIT 7 Fund Equity in Pooled Investments AS OF AUGUST 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 (1) Misc. Special Funds Total General Ledger Balance ** Reconciling Adjustments (2) Total Treasurer's Investment Portfolio at Amortized Cost 78,050,085 35,154,186 2,450,873 50,613,739 1031 1,465 40,760,543 4,152,848 9,011,406 9,490,101 78,927,648 22,689,125 506,686 226,663,56 1 50,208,825 61,923,177 6,418,846 425,268 738,720 119,714,836 20,843,545 26,232,977 0 0 509,110,064 (3,031,605) 506,078,459 (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 9/08/05. EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF AUGUST 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 WORLD SAVINGS BANK AA3 AA- 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) INTERNATIONAL LEASE - ILFC COOPERATIVE ASSOC - CATDA P-I A-I + A- 1 Investments with Subsequent Changes in Credit Rating * Latest Carrying Market Moodv's - S&P Maturitv Date Purchased Value Value CREDIT SUISSE AA3 A+ 04/18107 AA3IAA- 4,096,755 4,098,200 DEAN WITTER DISCV AA3 A+ 11/01/05 AA3IAA- 2,998,318 3,011,520 MORGAN STANLEY DEAN WITTER AA3 A+ 0411 5/06 AA3lAA- 11,611,311 11,729,456 PACIFIC BELL A2 A 08/15/06 AA3lAA- 7,135,319 7,158,110 SBC COMMUNI CAT1 ONS A2 A 05102lO6 AA3lAA- 1,997,131 2,022,120 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 AUGUST 31,2005 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ALLSTATE FINANCIAL ClTlGROUP ASSOCIATES CORP COOPERATIVE ASSOC - CATDA (CP) CREDIT SUISSE GENERAL ELECTRIC CAP SECURITY CAPITAL INTERNATIONAL LEASE - ILFC (CP) MORGAN STANLEY DEAN WITTER DEAN WITTER DlSCV SBC COMMUNICATIONS PACIFIC BELL WORLD SAVINGS BANK FSB Investment Cost Percent of Portfolio* 8,020,253.1 9 1.58% 1,591,525.00 0.71 % 2,000,784.90 4,925,900.00 0.97% 4,270,881.12 0.84% 17,489,469.62 4.12% 3,380,298.92 4,923,913.89 0.97% 1 1,680,494.1 5 2.89% 2,950,553.97 1,978,738.00 1.89% 7,593,579.83 2,999,689.80 0.59% PERCENTAGE WE/GHTINGS BY FEDERAL AGENCY ISSUER FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FNMA DISCOUNT NOTE FEDERAL NATIONAL MORTGAGE ASSOC Investment Cost Percent of Portfolio** 8,990,343.30 1.77% 137,679,772.08 27.15% 129,122,435.00 25.46% 9,659,665.28 1.90% 102,153,712.66 20.14% Total Portfolio $507,106,985.29 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. /f