HomeMy WebLinkAbout2006-02-07; City Council; 18430; Report on City Investments as of 12/31/05CITY OF CARLSBAD - AGENDA BILL
10
AB* 18.430
MTG. 2/7/06
DEPT. TRS
TITLE:
REPORT ON CITY INVESTMENTS
AS OF DECEMBER 31, 2005
DEPT. H
CITY ATT*
CITY MGR:
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 December 31, 2005 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
511,927,121
511,996,947
51 1 ,034,607
505,957,352
Prior Month
501 ,957,700
502,022,526
501,026,142
495,556,858
(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 12/31/05.
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 breakdown.
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
Special Revenue
^Capital Projects
$ 225.7
General
$49.5,
Other $913
Internal Service
$21.2Agency $23 3
Enterprise
$148.4
Total Treasurer's Investment Portfolio at Amortized Cost
$511.03 Million
PAGE TWO
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
8,475,409
Prior
Month FYTD
7,640,336
Current Month
Income
835,073
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
October 2005
November 2005
December 2005
Average Life
(Years)
1.99
2.18
2.10
Average Yield
3.87%
3.93%
3.95%
Modified Duration
1.841
2.002
1.933
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.
In summary, the City's investments of bond proceeds held separately as of the quarter ended
December 2005 is as follows:
Investment Portfolio for Bond Proceeds
Par Value
Cost
Current Quarter
27,476,085
27,476,085
Prior Quarter
23,262,283
23,262,283
All investments of bond proceeds have been made in accordance with the City's Investment Policy
and the trust indenture for each issue.
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
EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY:
10. Detailed Investment Report - Quarterly Report
EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS:
11. Detail Of Outstanding Housing Loans - Quarterly Report
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 DECEMBER 31, 2005
Cash Balance by Fund:
General 49,500,018
Special Revenue 33,839,368
Debt Service 2,712,946
Capital Projects:
General Capital Construction 51,316,649
Traffic Impact Fees 10,992,341
Public Facilities Fees 39,684,052
Park Development 4,169,138
Transnet Taxes 7,711,112
Drainage Fees 10,025,252
Special Districts 76,246,746
Infrastructure Replacement 22,747,899
Other Capital Construction 2,778,687
Total 225,671,875
Enterprise:
Carlsbad Municipal Water District 55,031,071
Sewer Fund 61,760,503
Solid Waste 6,268,662
Storm Water 370,976
Golf Course 24,996,817
Total 148,428,028
I nternal Service 21,156,221
Agency Funds 23,296,688
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 504,605,144
Reconciling Adjustments (2) 6,429,463
Total Treasurer's Investment Portfolio at Amortized Cost 511,034,607
(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 01/09/06
EXHIBIT 8
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF DECEMBER 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)
ALLSTATE FINANCIAL
ASSOCIATES CORP
GENERAL ELECTRIC
SECURITY CAPITAL - GE
WORLD SAVINGS BANK
Moodv's
AA2
AA1
AAA
AAA
AA3
AA
AA-
AAA
AAA
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
PACIFIC BELL
SBC COMMUNICATIONS
Moodv's
AA3
AA3
A2
A2
S&P
A+
A+
A
A
Latest
Maturity Pate
04/18/07
04/15/06
08/15/06
05/02/06
Purchased
AA3/AA-
AA3/AA-
AA3/AA-
AA3/AA-
Carrying
Value
4,076,874
11,605,251
7,085,093
1,998,560
Market
Value
4,041,680
11,640,716
7,072,460
2,005,060
* 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 DECEMBER 31, 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
0.39%
0.39%
0.83%
4.08%
2.28%
1.87%
0.59%
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
1.76%
32.50%
27.16%
1.89%
19.95%
Total Portfolio
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.
$511,996,947.24
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