HomeMy WebLinkAbout2007-06-12; City Council; 19016; Report on City Investments as of 4/30/07CITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
19,016
06/12/2007
TRS
REPORT ON CITY INVESTMENTS
AS OF APRIL 30, 2007
DEPT. HEAD ffifW
CITYATTY. '(3?Z^
CITY MGR. ~~S£>
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 April 30, 2007 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1 )
Market Value (2)
Current Month
551 ,769,071
551 ,092,355
551,122,339
549,635,481
Prior Month
539,437,516
538,996,610
538,735,689
536,909,295
(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 4/30/07.
The $12 million variance between the March and April 2007 balances occurred as a result of the
receipt of $10.2 million in property taxes and $2.9 million from franchise tax receipts.
The equity portion of the various funds in the total portfolio is summarized in the graph on the
next 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WITHDRAWN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
>r
D
D
D
D
CONTINUED TO DATE SPECIFIC
CONTINUED TO DATE UNKNOWN
RETURNED TO STAFF
OTHER - SEE MINUTES
anaa
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF APRIL 30, 2007
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
Gene
Other $.02Internal Servi
Special Revenue
Capital Projects
$ 246.3Agency $25.2
Enterprise
$144.1
Total Treasurer's Investment Portfolio at Amortized Cost
April 30,2007 $551.1 Million
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
18,695,129
Prior
Month FYTD
16,514,103
Current Month
Income
2,181,026
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
February 2007
March 2007
April 2007
Average Life
(Years)
1.75
2.02
1.94
Average Yield
To Maturity
4.42%
4.44%
4.50%
Modified Duration
1.604
1.833
1.761
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.
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
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EXHIBIT 7
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF APRIL 30, 2007
Cash Balance by Fund:
General 77,088,284
Special Revenue 36,672,693
Debt Service 2,086,883
Capital Projects:
General Capital Construction 45,826,506
Traffic Impact Fees 11,537,171
Public Facilities Fees 50,412,065
Park Development 3,547,561
Transnet Taxes 7,319,979
Drainage Fees 10,283,833
Special Districts 84,686,346
Infrastructure Replacement 28,750,717
Other Capital Construction 4,055,133
Total 246,419,310
Enterprise:
Carlsbad Municipal Water District 72,161,878
Sewer Fund 62,510,170
Solid Waste 6,672,207
Storm Water 1,128,065
Golf Course 1,636,742
Total 144,109,063
Internal Service 22,509,455
Agency Funds 25,345,965
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 554,231,652
Reconciling Adjustments (2) (3,109,313)
Total Treasurer's Investment Portfolio at Amortized Cost 551,122,339
(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 5/7/07
EXHIBIT 8
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF APRIL 30, 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 S&P
CITIGROUP AA1 AA
GENERAL ELECTRIC AM AAA
BANK OF AMERICA AAA AA+
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 2,979,985 3,004,920
* 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.
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EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF APRIL 30, 2007
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investment Cost Percent of Portfolio*
BANK OF AMERICA
CITIGROUP
GENERAL ELECTRIC CAP
SECURITY CAPITAL
HOME DEPOT
MERRILL LYNCH
US BANKCORP
WAL-MART
WORLD SAVINGS BANK FSB
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
1,983,918.00
8,961,239.70
19,739,201.53
3,380,298.92
2,974,590.00
4,884,751.43
2,952,150.09
3,002,689.16
2,999,689.80
0.36%
1.63%
4.20%
0.54%
0.89%
0.54%
0.54%
0.54%
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
183,986,328.68
157,406,361.65
101,804,564.95
1.63%
33.39%
28.56%
18.47%
$551,092,355.39
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.