HomeMy WebLinkAbout2007-05-01; City Council; 18978; Report on City Investments as of March 31, 2007CITY OF CARLSBAD - AGENDA BILL
AB# 18,978
MTG. 05/01/07
DEPT. TRS
REPORT ON CITY INVESTMENTS
AS OF MARCH 31, 2007
DEPT. HEAD ^J//Y
CITY ATTY. Z//
CITY MGR. 72S>
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 March 31, 2007 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
539,437,516
538,996,610
538,735,689
536,909,295
Prior Month
539,840,496
539,101,341
538,750,548
536,992,635
(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 3/31/07.
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
General$67.9
Special Revenue
6.8
Other $1.0 Capital Projects
$ 246.1
Internal Service$22.6
Agency $24.7
\
Enterprise
$139.6
Total Treasurer's Investment Portfolio at Amortized Cost
March 31,2007 $538.7 Million
FOR C/7TCLERKS USE ONLY.
COUNCIL ACTION: APPROVED D
DENIED D
CONTINUED D
WITHDRAWN D
AMENDED D
CONTINUED TO DATE SPECIFIC D _
CONTINUED TO DATE UNKNOWN D
RETURNED TO STAFF D
OTHER - SEE MINUTES D
Council accepted the report
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us
PAGE 2 of AB REPORT ON CITY INVESTMENTS AS OF MARCH 31. 2007
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
16,514,103
Prior
Month FYTD
14,678,199
Current Month
Income
1 ,835,904
The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
January 2007
February 2007
March 2007
Average Life
(Years)
1.83
1.75
2.02
Average Yield
To Maturity
4.41%
4.42%
4.44%
Modified Duration
1.669
1.604
1.833
All pooled investments have been made in accordance with the City's Investment Policy adopted
January 2, 1985 and last revised February 13, 2007. 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
March 2007 is as follows:
Investment Portfolio for Bond Proceeds
Par Value
Cost
Current Quarter
24,907,078
24,907,078
Prior Quarter
27,634,167
27,634,167
All investments of bond proceeds have been made in accordance with the City's Investment Policy
and the trust indenture for each issue.
PAGE 3 of AB REPORT ON CITY INVESTMENTS AS OF MARCH 31. 2007
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
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 MARCH 31,2007
Cash Balance by Fund:
General 67,925,763
Special Revenue 36,829,953
Debt Service 2,818,786
Capital Projects:
General Capital Construction 45,482,100
Traffic Impact Fees 11,496,489
Public Facilities Fees 50,174,768
Park Development 3,524,449
Transnet Taxes 7,404,001
Drainage Fees 10,372,961
Special Districts 86,237,184
Infrastructure Replacement 28,650,601
Other Capital Construction 2,710,617
Total 246,053,170
Enterprise:
Carlsbad Municipal Water District 66,451,194
Sewer Fund 62,259,691
Solid Waste 6,630,288
Storm Water 897,302
Golf Course 3,368,352
Total 139,606,827
Internal Service 22,599,905
Agency Funds 24,741,314
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 540,575,718
Reconciling Adjustments (2) (1,840,030)
Total Treasurer's Investment Portfolio at Amortized Cost 538,735,689
(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«; component of the adjustment.
** Figures based on best estimate at the time report run on 4/6/07
13
EXHIBIT 8
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MARCH 31, 2007
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
CITIGROUP AA1 AA
CREDIT SUISSE AA3 AA-
GENERAL ELECTRIC AAA AAA
MERRILL LYNCH AA3 AA-
SECURITY CAPITAL - GE AAA AAA
US BANCORP AA2 AA
WAL-MART 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 and S&P)
NONE
Investments with Subsequent Changes in Credit Rating *
Latest Carrying Market
Moodv's S&P Maturity Date Purchased Value Value
HOME DEPOT AA3 A+ 03/11/2011 06/12/2006 2,979,550 2,996,880
* 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 MARCH 31, 2007
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investment Cost Percent of Portfolio*
CITIGROUP
CREDIT SUISSE
GENERAL ELECTRIC CAP
SECURITY CAPITAL
HOME DEPOT
MERRILL LYNCH
US BANKCORP
WAL-MART
WORLD SAVINGS BANK FSB
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
8,961,239.70
4,270,881.12
16,690,555.15
3,380,298.92
2,974,590.00
4,884,751.43
2,952,150.09
3,002,689.16
2,999,689.80
1.66%
0.79%
3.72%
0.55%
0.91%
0.55%
0.56%
0.56%
Investment Cost Percent of Portfolio**
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN BANK
FEDERAL HOME LOAN MORTGAGE CORP
FEDERAL NATIONAL MORTGAGE ASSOC
Total Portfolio
8,972,500.80
196,980,078.68
154,410,104.15
101,804,564.95
1.66%
36.55%
28.65%
18.89%
$538,996,610.43
* 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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