HomeMy WebLinkAbout2006-01-10; City Council; 18404; Report on City Investments 11/30/05CITY OF CARLSBAD - AGENDA BILL
AB# 18.404
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DEPT. TRS
TITLE:
REPORT ON CITY INVESTMENTS
AS OF NOVEMBER 30, 2005
DEPT.
CITY ATT
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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 November 30, 2005 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
501,957,700
502,022,526
501,026,142
495,556,858
Prior Month
507,152,070
507,467,141
506,485,954
500,938,129
(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 11/30/05.
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 breakdown.
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
Special Revenue
$34.6
^Capital Projects
$ 227.0
General
$42.7,
Other $0.03
Internal Service$21.0
Agency $24.2 j
Enterprise
$151.5
Total Treasurer's Investment Portfolio at Amortized Cost
$501.03 Million
PAGE TWO
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
7,640,336
Prior
Month FYTD
6,113,693
Current Month
Income
1,526,643
The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
September 2005
October 2005
November 2005
Average Life
(Years)
2.01
1.99
2.18
Average Yield
3.81%
3.87%
3.93%
Modified Duration
1.856
1.841
2.002
All pooled investments have been made in accordance with the City's Investment Policy adopted
January 2, 1985 and last revised October 18, 2005. 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. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield
2. Investment Portfolio Breakdown Of Maturities
3. Yield Comparison Graph
4. Cumulative Cash Income Graph
5. Second Quarter Transactions
6. Detailed Investment Report
7. Fund Equity in Pooled Investments
8. Corporate Note and Commercial Paper Ratings
9. Percentage Weightings By Corporate Note Issuer
Department Contact: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us
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EXHIBIT 7
Fund Equity in Pooled Investments
AS OF NOVEMBER 30, 2005
Cash Balance by Fund:
General 42,695,237
Special Revenue 34,685,516
Debt Service 1,978,403
Capital Projects:
General Capital Construction 51,550,724
Traffic Impact Fees 10,902,380
Public Facilities Fees 39,995,719
Park Development 4,182,349
Transnet Taxes 8,215,216
Drainage Fees 9,868,120
Special Districts 79,436,408
Infrastructure Replacement 22,756,874
Other Capital Construction 72,905
Total 226,980,695
Enterprise:
Carlsbad Municipal Water District 54,648,555
Sewer Fund 61,870,889
Solid Waste 6,525,631
Storm Water 421,305
Golf Course 28,129,526
Total 151,595,907
Internal Service 21,012,395
Agency Funds 24,219,906
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 503,168,058
Reconciling Adjustments (2) (2,141,916)
Total Treasurer's Investment Portfolio at Amortized Cost 501,026,142
(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 12/06/05
EXHIBIT 8
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 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-
CITIGROUP 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 A1/P1 or better by both Moody's and S&P)
(Ratings of other debt must be AA or better by Moody's or S&P)
Investments with Subsequent Changes in Credit Rating *
CREDIT SUISSE
MORGAN STANLEY DEAN WITTER AA3
PACIFIC BELL
SBC COMMUNICATIONS
* 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.
Moodv's
AA3
AA3
A2
A2
S&P
A+
A+
A
A
Latest
Maturity Date
04/18/07
04/15/06
08/15/06
05/02/06
Purchased
AA3/AA-
AA3/AA-
AA3/AA-
AA3/AA-
Carrying
Value
4,081 ,844
11,606,766
7,097,649
1 ,998,202
Market
Value
4,046,040
11,656,492
7,083,000
2,008,300
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30, 2005
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investment Cost Percent of Portfolio*
ALLSTATE FINANCIAL
CITIGROUP
ASSOCIATES CORP
CREDIT SUISSE
GENERAL ELECTRIC CAP
SECURITY CAPITAL
MORGAN STANLEY DEAN WITTER
SBC COMMUNICATIONS
PACIFIC BELL
WORLD SAVINGS BANK FSB
1,995,651.84
2,000,784.90
4,270,881.12
17,489,469.62
3,380,298.92
11,680,494.15
1,978,738.00
7,593,579.83
2,999,689.80
0.40%
0.40%
0.85%
4.16%
2.33%
1.91%
0.60%
PERCENTAGE WEIGHTINGS 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
166,380,081.83
139,046,435.00
9,659,665.28
102,153,712.66
1.79%
33.14%
27.70%
1.92%
20.35%
Total Portfolio
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.
$502,022,526.24