HomeMy WebLinkAbout2007-02-06; City Council; 18883; Report on City Investments - 12/31/2006CITY OF CARLSBAD - AGENDA BILL • /1 J /.
AB# 18-883
MTG. 2/6/07
DEPT. TRS
REPORT ON CITY INVESTMENTS
AS OF DECEMBER 31, 2006
DEPT. HEAD fflflf
CITYATTY. "xgg^
CITY MGR. UD
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, 2006 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
525,040,624
524,318,033
523,912,256
520,731 ,341
Prior Month
499,294,938
498,744,248
498,317,300
496,199,829
(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 12/31/06.
The $25 million variance in the balances from November to December occurred as a result of the
receipt of $16 million in bond proceeds plus the receipt of $15 million in property taxes during the
month of December.
The equity portion of the various funds in the total portfolio is summarized in the graph on the
following page. Fund balances are restricted for various purposes. See Exhibit 7 for a more
detailed breakdown.
FOR CITY CLERKS USE ONLY.
COUNCIL ACTION: APPROVED
DENIED
CONTINUED
WITHDRAWN
AMENDED
Daa
Da
CONTINUED TO DATE SPECIFIC
CONTINUED TO DATE UNKNOWN
RETURNED TO STAFF
OTHER - SEE MINUTES
aana
DEPARTMENT CONTACT: Nancy Sullivan (760)602-2473 nsull@ci.carlsbad.ca.us
PAGE 2 of AB REPORT ON CITY INVESTMENTS AS OF DECEMBER 31. 2006
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
General Special Revenue
$57.8^--\_SJ24.1
Other $3.1
Internal Service$22.1
Agency $24
.Capital Projects
$ 237.3
Enterprise
$145.2
Total Treasurer's Investment Portfolio at Amortized Cost
December 31,2006 $523.9 Million
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
10,412,091
Prior
Month FYTD
9,452,277
Current Month
Income
959,814
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
October 2006
November 2006
December 2006
Average Life
(Years)
1.95
1.97
1.89
Average Yield
To Maturity
4.28%
4.32%
4.40%
Modified Duration
1.784
1.802
1.725
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.
PAGE 3 of AB REPORT ON CITY INVESTMENTS AS OF DECEMBER 31. 2006
In summary, the City's investments of bond proceeds held separately as of the quarter ended
December 2006 is as follows:
Investment Portfolio for Bond Proceeds
Par Value
Cost
Current Quarter
27,634,167
27,634,167
Prior Quarter
27,605,773
27,605,773
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
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EXHIBIT 7
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF DECEMBER 31, 2006
Cash Balance by Fund:
General 57,838,398
Special Revenue 34,140,952
Debt Service 2,583,887
Capital Projects:
General Capital Construction 44,343,845
Traffic Impact Fees 11,426,326
Public Facilities Fees 48,312,642
Park Development 3,520,342
Transnet Taxes 5,662,461
Drainage Fees 10,223,121
Special Districts 81,285,745
Infrastructure Replacement 28,358,528
Other Capital Construction 4,210,948
Total 237,343,959
Enterprise:
Carlsbad Municipal Water District 65,361,072
Sewer Fund 63,562,776
Solid Waste 6,597,331
Storm Water 765,145
Golf Course 8,890,962
Total 145,177,287
Internal Service 22,137,820
Agency Funds 24,347,812
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 523,570,114
Reconciling Adjustments (2) 342,142
Total Treasurer's Investment Portfolio at Amortized Cost 523,912,256
(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 1/5/07
EXHIBIT 8
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF DECEMBER 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
MERRILL LYNCH 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)
NONE
Investments with Subsequent Changes in Credit Rating *
Latest Carrying Market
Moodv's S&P Maturity Date Purchased Value Value
CREDIT SUISSE AA3 A+ 04/15/2007 04/01/2002 4,270,881 4,003,080
HOME DEPOT AA3 A+ 03/11/2011 06/12/2006 2,974,590 2,984,310
* 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, 2006
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
InyestmenLCost Percent of Portfolio*
ALLSTATE FINANCIAL
CITIGROUP
CREDIT SUISSE
GENERAL ELECTRIC CAP
SECURITY CAPITAL
HOME DEPOT
MERRILL LYNCH
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
4,884,751.43
2,952,150.09
2,999,689.80
0.38%
1.71%
0.81%
4.16%
0.57%
0.93%
0,56%
0.57%
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
173,770,076.80
146,293,879.05
105,891,484.89
1.14%
33.14%
27.90%
20.20%
$524,318,032.86
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.
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EXHIBIT 11
From: Lisa Hildabrand
To: Lisa Irvine
Subject: Re: December Investment Report
ALL RECEIVg,
For Information of City Council
CA_^L CM I/" CC
Date 3 \o} 0"? Asst.
>» Lisa Irvine 02/06/2007 12:07 PM »>
Lisa,
I met with Nancy and Mac this morning to discuss your question.
According to Nancy and Mac, the interest rates are rising so the market value of the portfolio declined.
Between November and December there was an approximate $1.0 million decline in the market value,
which according to Mac is not a significant change. The increase in interest rates in December may have
been a bit higher due to the rates being suppressed in November due to the expectation that the Feds
were going to lower the interest rates.
The change in cost to market in December is $3.6 million and in November the change was $2.54 million.
I hope this helps. In addition, Mac has offered to discuss with you at your convenience if you have any
additional questions. Lisa
FEB
CITYOCITYCL
-62007
F CARLSBAD
ERK'S OFFICE ..