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HomeMy WebLinkAbout2006-06-27; City Council; 18622; Report on City Investments as of 5/31/06^^ CITY OF CARLSBAD - AGENDA BILL ^ AB# MTG. DEPT. 18,622 6/27/06 TRS REPORT ON CITY INVESTMENTS AS OF MAY 31, 2006 DEPT. HEAD CITY ATTY. CITY MGR. ^-xi J>/yr&^a~ 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 May 31, 2006 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1 ) Market Value (2) Current Month 530,288,589 529,980,378 529,297,550 521 ,442,607 Prior Month 512,244,225 511,984,129 511,281,640 504,321 ,465 (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 05/31/06. 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) General $67.6 Special Revenue 34.6 Other $13.7Internal Service Agency $21.O $27.1 .Capital Projects $ 23O.9 Enterprise $134.4 Total Treasurer's Investment Portfolio at Amortized Cost $529.3 Million FOR CITY CLERKS USE ONL Y. COUNCIL ACTION: APPROVED DENIED CONTINUED WITHDRAWN AMENDED D Qa CONTINUED TO DATE SPECIFIC CONTINUED TO DATE UNKNOWN RETURNED TO STAFF OTHER - SEE MINUTES Daaa PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MAY 31. 2006 Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 16,842,291 Prior Month FYTD 14,942,288 Current Month Income 1 ,900,003 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement March 2006 April 2006 May 2006 Average Life (Years) 2.16 2.21 2.15 Average Yield 4.08% 4.09% 4.12% Modified Duration 1.971 2.004 1.946 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. Fourth 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 EXHIBIT 1 o _J £ ccoQ. 2 oUJ os N ll Q LL < O CO Jrf CC g LL O h-o 0)CO 30 ^^CD Q ^US: UJ(3 E ^ ^§ LU INCOMii CO5o VALUE,fci^ocI i-r 1o |3•U ^^p oco ^f OQ I OQ 1 £ ^~o o UJ 111 *lt UJ> ^ 1 a S (M O O Otxl O O O O "^00^ _ S CM o o m^ I S ^0)k o v . o o o o 00 ^ 0 0 -* E %O QO— 2 M g O O O O 00 CM00CM" CM" 0> o HI ^3 lARKET VS k.2 a £ O •E £t» o §000^ o co oo" of oo"OO-i- CM^~ 03 co O) COt —"tf o o o o mo o enO O O) oo" o" m"00 CD CD co" of £ O kH(0CO QU. C < _o ^a. 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in" gI CM"i—co §00 cOi-^fCMcn-»-oincoinT-coooo m T-cn cn co co T-o cn r^ oo T— cMCMcor^r^cncnincDO o ^t- oococo^t oo_ ooin" m" oo i^ cn i- oo CMin •* co co r~- r>-oo CM co co cn •* oocMr^oocn^cnotcnmr^^-i-Oi-ooincnNcO'-cDcoco cn r^ i^ ^"•>t CM in CM inin in co co T-§i~- i-o co co cnm h-co CM o ooin t~- o S ino" cn r-^i- O EM ^i- CM 35"oo_ 5?inCM §o ocncommcMcocMcoocnooo CD om ooom_p cn^cqinp-»-pcncoopppT^p m pp.pppp 1 ooo CD CO i-cn-'-om'-incocDcnoocoococomcoooooocncoooinocncn^-•^•co^T-co'tcMCMCDT-ot^in o cnT— r^co cn ooo co" co" i-" cn CM T- co CM" t" co" co" ooco § ICM CM in i- CM I co"§5co in cn inco ooo 8 8o o 8 8o o 8 8o o ooo mp cb cri co en o o o cno o o ooo o o in o o o o oco" co" cj in" co"co" co" co" co" co" m" c\f co" ^%3dQ$_l o 1 1 111 Q ;LL e.875%BC-PACIFIC BECO NON-CALCD io LU Q 1 co_i_i BC-PACIFIC BECO O O i^3 LJJ Q 5?o MCIAL 5.251Z LL LU 1< O i LJJIDQ CAP 5.375ENERAL ELEC0 OZ i LUDQ S?CAP 5.375ENERAL ELECO ^9 o r--C2 £ LJJ Q I00 in CO CO 1- Q111DCO _l O 1 T— JB LU 5.00% DUENERAL ELECC5 V O c 111 Q in LUO ECURITY CAPI"CO i LU D 5?inen CD Z \NCHISE FE CAPITAL FR/O O in §O § LU Q^p CM S BANK 4.'fORLD SAVING•£. _i ^0 Oz O 35 LU Q 5? g S BANCORP 4.1ID O O ,— 5 5% DUE 21ITIGROUP 5.1 2O 9 o 1— 1 LJJ Q 5?in ITIGROUP 5.12O 9ZO T— S 20% DUE COME DEPOT 5.I zzzzzzzzzzzzzzoooooooooooooo s CO cn z ooo LJJ LU IIo o O LJJDC H 11 DC w O_l Q- y o TJ- r^ in cn5! 8? ? Sco" m" cn" in"co CD CO oc2a:Oo LU O DC CO Q DCLJJ i£ CD DC CCQ- < I ° a o CC < 3^ § £ Q - - Z O o n O O O O O O 8 COo"scn"CMin §o oooooooooooooo o om ooom mo oooooooooooooo o oo oooo o oo" 00CM tna EXHIBIT 7 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MAY 31, 2006 Cash Balance by Fund: General 67,624,482 Special Revenue 34,616,038 Debt Service 3,386,758 Capital Projects: General Capital Construction 50,810,811 Traffic Impact Fees 11,212,707 Public Facilities Fees 39,844,772 Park Development 4,859,319 Transnet Taxes 8,001,514 Drainage Fees 9,829,188 Special Districts 83,093,075 Infrastructure Replacement 21,928,830 Other Capital Construction 1,284,612 Total 230,864,829 Enterprise: Carlsbad Municipal Water District 53,438,436 Sewer Fund 61,510,182 Solid Waste 6,499,371 Storm Water 666,288 Golf Course 12,335,513 Total 134,449,789 Internal Service 20,991,871 Agency Funds 27,086,259 Redevelopment Funds (1) 0 Misc. Special Funds 0 Total General Ledger Balance ** 519,020,026 Reconciling Adjustments (2) 10,277,523 Total Treasurer's Investment Portfolio at Amortized Cost 529,297,550 (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 06/07/06 EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 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) Moodv's S&P ALLSTATE FINANCIAL AA2 AA CITIGROUP AA1 AA- GENERAL ELECTRIC AAA AAA HOME DEPOT AA3 AA SECURITY CAPITAL - GE AAA AAA US BANCORP AA2 AA- 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 * Latest Carrying Market Moodv's S&P Maturity Date Purchased Value Value CREDIT SUISSE AA3 A+ 04/18/07 AA3/AA- 4,052,022 4,009,160 PACIFIC BELL A2 A 08/15/06 AA3/AA- 6,027,411 6,013,500 * 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 MAY 31, 2006 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ALLSTATE FINANCIAL CITIGROUP CREDIT SUISSE GENERAL ELECTRIC CAP SECURITY CAPITAL HOME DEPOT PACIFIC BELL US BANKCORP WORLD SAVINGS BANK FSB 1,995,651.84 6,991,793.10 4,270,881.12 15,445,257.01 3,380,298.92 2,974,590.00 6,532,601.68 2,952,150.09 2,999,689.80 0.38% 1.32% 0.81% 3.55% 0.56% 1.23% 0.56% 0.57% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FNMA DISCOUNT NOTE FEDERAL NATIONAL MORTGAGE ASSOC Total Portfolio * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. 5,990,313.30 172,734,221.81 155,815,401.32 9,659,665.28 102,200,273.89 1.13% 32.59% 29.40% 1.82% 19.28% $529,980,378.28