HomeMy WebLinkAbout2006-09-12; City Council; 18706; Report on Investments as of 7-31-061
CITY OF CARLSBAD - AGENDA BILL
AB#
18,706
MTG. 9-12-06
DEPT. TRS
REPORT ON CITY INVESTMENTS
AS OF JULY 31, 2006
DEPT. HEAD/4^
7T* ',*- — )
CITY ATTY. <g/*
CITYMGR. '=~^p
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 July 31, 2006 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1 )
Market Value (2)
Current Month
509,035,024
509,035,725
508,035,675
501,713,917
Prior Month
516,874,609
516,852,811
515,866,616
507,353,573
(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 07/31/06.
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
$35.6
Capital Projects
$ 237.8
General
$50.3,
Other $2.4
Internal Service
$21.6
Agenc)l $27.3
Enterprise
$133.0
Total Treasurer's Investment Portfolio at Amortized Cost
$508.0 Million
FOR CITY CLERKS USE ONL Y,
COUNCIL ACTION: APPROVED Q
DENIED D
CONTINUED D
WITHDRAWN D
AMENDED D
CONTINUED TO DATE SPECIFIC P
CONTINUED TO DATE UNKNOWN O
RETURNED TO STAFF O
OTHER - SEE MINUTES D
Council Accepted The Report.
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF JULY 31, 2006
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
2,054,903
Prior
Month FYTD
0
Current Month
Income
2,054,903
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
May 2006
June 2006
July 2006
Average Life
(Years)
2.15
2.24
2.19
Average Yield
4.12%
4.19%
4.24%
Modified Duration
1.946
2.022
1.988
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. First 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
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF JULY 31, 2006
Cash Balance by Fund:
General 50,290,225
Special Revenue 35,613,889
Debt Service 3,175,619
Capital Projects:
General Capital Construction 45,729,237
Traffic Impact Fees 11,592,583
Public Facilities Fees 46,672,759
Park Development 3,699,322
Transnet Taxes 7,646,476
Drainage Fees 9,826,156
Special Districts 81,923,296
Infrastructure Replacement 29,398,748
Other Capital Construction 1,274,580
Total 237,763,156
Enterprise:
Carlsbad Municipal Water District 53,181,222
Sewer Fund 63,340,611
Solid Waste 6,535,272
Storm Water 707,000
Golf Course 9,250,446
Total 133,014,551
Internal Service 21,617,240
Agency Funds 27,263,699
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 508,738,380
Reconciling Adjustments (2) (702,704)
Total Treasurer's Investment Portfolio at Amortized Cost 508,035,675
(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 08/08/06
EXHIBIT 8
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JULY 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
CITIGROUP
GENERAL ELECTRIC
HOME DEPOT
SECURITY CAPITAL - GE
US BANCORP
WORLD SAVINGS BANK
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)
AA2
AA1
AAA
AA3
AAA
AA2
AA3
AA
AA-
AAA
AA
AAA
AA-
AA-
Investments with Subsequent Changes in Credit Rating *
Latest Carrying
S&P Maturity Date Purchased Value
CREDIT SUISSE
PACIFIC BELL
Moodv's
AA3
A2
A+ 04/18/07 AA3/AA- 4,042,082
A 08/15/06 AA3/AA- 6,005,186
Market
Value
4,003,840
6,002,460
* 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.
13
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JULY 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
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
1,995,651.84
8,961,239.70
4,270,881.12
18,451,402.35
3,380,298.92
2,974,590.00
6,532,601 .68
2,952,150.09
2,999,689.80
0.39%
1.76%
0.84%
4.29%
0.58%
1 .28%
0.58%
0.59%
Investment Cost Percent of Portfolio**
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN BANK
FEDERAL HOME LOAN MORTGAGE CORP
FEDERAL NATIONAL MORTGAGE ASSOC
Total Portfolio
5,990,313.30
174,734,221.81
155,270,886.48
92,202,773.95
1.18%
34.33%
30.50%
18.11%
$509,035,724.71
No more than 5% may be invested with a single corporate issuer.
There are no percentage limits on federal agency issuers.