HomeMy WebLinkAbout2006-03-07; City Council; 18464; Report on City Investments as of 1/31/06CITY OF CARLSBAD - AGENDA BILL
18,464AB#
MTG.
DEPT. TRS
3/7/06
TITLE:
REPORT ON CITY INVESTMENTS
AS OF JANUARY 31, 2006
DEPT. HD:
CITY ATTY
CITY MGR:
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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 January 31, 2006 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
514,809,664
514,835,277
513,956,111
508,751 ,859
Prior Month
511, 927,121
51 1 ,996,947
51 1 ,034,607
505,957,352
(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 01/31/06.
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
34.4
.Capital Projects
$ 228.6
General
$63.3,
Other $-2.64
Internal Service$20.6
Agency $25.3
Enterprise$144.4
Total Treasurer's Investment Portfolio at Amortized Cost
$513.96 Million
PAGE TWO OF AGENDA BILL NO.
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
10,549,047
Prior
Month FYTD
8,475,409
Current Month
Income
2,073,638
The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
November 2005
December 2005
January 2006
Average Life
(Years)
2.18
2.10
2.01
Average Yield
3.93%
3.95%
3.99%
Modified Duration
2.002
1.933
1.852
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. Third 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 JANUARY 31, 2006
Cash Balance by Fund:
General 63,345,790
Special Revenue 34,444,677
Debt Service 2,981,944
Capital Projects:
General Capital Construction 51,859,071
Traffic Impact Fees 11,056,895
Public Facilities Fees 39,764,477
Park Development 4,285,899
Transnet Taxes 7,274,438
Drainage Fees 10,098,210
Special Districts 80,959,954
Infrastructure Replacement 22,812,918
Other Capital Construction 481,599
Total 228,593,463
Enterprise:
Carlsbad Municipal Water District 54,220,170
Sewer Fund 61,158,587
Solid Waste 6,341,088
Storm Water 637,362
Golf Course 22,078,943
Total 144,436,151
Internal Service 20,618,253
Agency Funds 25,313,340
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 519,733,618
Reconciling Adjustments (2) (5,777,508)
Total Treasurer's Investment Portfolio at Amortized Cost 513,956,111
(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 02/07/06
EXHIBIT 8
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JANUARY 31, 2006
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
S&P
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 *
Moodv's
CREDIT SUISSE
MORGAN STANLEY DEAN WITTER AA3
PACIFIC BELL
SBC COMMUNICATIONS
Latest Carrying Market
Maturity Date Purchased Value Value
AA3
AA3
A2
A2
A+
A+
A
A
04/18/07
04/15/06
08/15/06
05/02/06
AA3/AA-
AA3/AA-
AA3/AA-
AA3/AA-
4,071,904
1 1 ,603,737
7,072,536
1,998,917
4,035,400
11,626,216
7,056,100
2,003,820
* 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.
A3
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JANUARY 31, 2006
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
ALLSTATE FINANCIAL
CITIGROUP
ASSOCIATES CORP
CREDIT SUISSE
GENERAL ELECTRIC CAP
SECURITY CAPITAL
MORGAN STANLEY DEAN WITTER
SBC COMMUNICATIONS
PACIFIC BELL
WORLD SAVINGS BANK FSB
Investment Cost Percent of Portfolio*
1,995,651.84
0
2,000,784.90
4,270,881.12
15,445,257.01
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%
3.66%
2.27%
1.86%
0.58%
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
139,051,435.04
9,659,665.28
102,153,712.62
1.75%
32.32%
27.01%
1.88%
19.84%
Total Portfolio
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.
$514,835,277.23