HomeMy WebLinkAbout2007-07-10; City Council; 19059; Report on InvestmentsCITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
19,059
7/10/07
TRS
REPORT ON CITY INVESTMENTS
AS OF MAY 31 , 2007
DEPT. HEAD /yfy^f
CITYATTY. " <$&>
CITY MGR. Tg>
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, 2007 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
560,344,312
559,891 ,781
559,947,406
556,493,330
Prior Month
551 ,769,071
551 ,092,355
551,122,339
549,635,481
(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 5/31/07.
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
$37.9
^Capital Projects
$ 245.6
Other $1.8
Internal Service _
Agency $26.9
Enterprise
$147.3
Total Treasurer's Investment Portfolio at Amortized Cost
May 31,2007 $559.9 Million
FOR CITY CLERKS USE ONLY.
COUNCIL ACTION:APPROVED
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WITHDRAWN D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
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MAY 31. 2007
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
20,555,194
Prior
Month FYTD
18,695,129
Current Month
Income
1 ,860,065
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
March 2007
April 2007
May 2007
Average Life
(Years)
2.02
1.94
1.93
Average Yield
To Maturity
4.44%
4.50%
4.44%
Modified Duration
1.833
1 .761
1.751
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 MAY 31, 2007
Cash Balance by Fund:
General 77,643,209
Special Revenue 37,923,334
Debt Service 2,347,906
Capital Projects:
General Capital Construction 45,803,021
Traffic Impact Fees 11,584,657
Public Facilities Fees 50,420,109
Park Development 3,280,272
Transnet Taxes 7,067,313
Drainage Fees 10,294,804
Special Districts 84,381,013
Infrastructure Replacement 28,622,163
Other Capital Construction 4,121,076
Total 245,574,428
Enterprise:
Carlsbad Municipal Water District 71,857,771
Sewer Fund 60,754,719
Solid Waste 6,682,533
Storm Water 1,008,898
Golf Course 7,001,788
Total 147,305,709
Internal Service 22,844,961
Agency Funds 26,893,938
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 560,533,483
Reconciling Adjustments (2) (586,077)
Total Treasurer's Investment Portfolio at Amortized Cost 559,947,406
(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 6/7/07
EXHIBITS
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MAY 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 S&P
CITIGROUP AA1 AA
GENERAL ELECTRIC AAA AAA
BANK OF AMERICA AAA AA+
MERRILL LYNCH AA3 AA-
SECURITY CAPITAL - GE AAA AAA
TOYOTA AAA AAA
US BANCORP AA2 AA
WAL-MART AA2 AA
WORLD SAVINGS BANK AA3 AA
Commercial Paper Investment? 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 Pate Purchased Value Value
HOME DEPOT AA3 A+ 03/11/2011 06/12/2006 2,980,420 2,968,680
* 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, 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
TOYOTA
US BANKCORP
WAL-MART
WORLD SAVINGS BANK FSB
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
1,983,918.00
8,961 ,239.70
21 ,589,201 .53
3,380,298.92
2,974,590.00
4,884,751.43
4,054,280.00
2,952,150.09
8,189,992.98
2,999,689.80
0.35%
1 .60%
4.46%
0.53%
0.87%
0.72%
0.53%
1 .46%
0.54%
Investment Cost Percent of Portfolio*
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN BANK
FEDERAL HOME LOAN MORTGAGE CORP
FEDERAL NATIONAL MORTGAGE ASSOC
HOUSING URBAN DEVELOPMENT (HUD)
Total Portfolio
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.
10,960,380.80
182,005,681.24
157,390,211.65
107,795,884.89
990,198.00
1.96%
32.51%
28.11%
19.25%
0.18%
$559,891,780.82