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HomeMy WebLinkAbout2007-09-25; City Council; 19179; Report on City Investments as of 8/31/07CITY OF CARLSBAD - AGENDA BILL AB# 19,179 MTG. 09/25/07 DEPT. TRS REPORT ON CITY INVESTMENTS AS OF AUGUST 31, 2007 DEPT. HEAD ^H//V CITYATTY. Viz^ CITY MGR. />/• — 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 August 31, 2007 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1 ) Market Value (2) Current Month 535,687,835 534,722,530 535,663,242 535,662,025 Prior Month 554,038,819 553,280,969 553,847,157 551 ,882,000 (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 8/31/07. The $18 million variance between the July and August 2007 cost of investments occurred as a result of the finalization and payment of the $11.3 million Marbella settlement. Semiannual bond payments totaling $6.7 million were also made on August 30, 2007. 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 COUNCIL ACTION: APPROVED & DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D OTHER - SEE MINUTES D DEPARTMENT CONTACT: Nancy Sullivan (760)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 AUGUST 31. 2007 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Other $56.2 Special Revenue $37.7 $.1 Internal Service $30.1 ^Capital Projects $ 261.2 Enterprise $128.3 Total Treasurer's Investment Portfolio at Amortized Cost August 31,2007 $535.7 Million Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 5,423,698 Prior Month FYTD 2,819,087 Current Month Income 2,604,611 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement June 2007 July 2007 August 2007 Average Life (Years) 1.87 1.86 2.02 Average Yield To Maturity 4.47% 4.50% 4.61% Modified Duration 1.686 1.681 1.831 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 Page 3 of AB REPORT ON CITY INVESTMENTS AS OF AUGUST 31. 2007 EXHIBITS FOR POOLED INVESTMENTS: continued 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 EXHIBIT 1 g ou. Hoco 0- N|_ O UJ °t ^> ^™H w CO 1-LJJ CO > D Z O ^ u- CO ^ 5s 0u_ 0 t- o 18 3CJ OQ Q ^Srf £ ^§^ uT 1 ^^ ^(/) rt| CJ uf o S ^icccI 1^8 Q UJ ^^j^cc0 § OQ I O i< S OQ £ S 0 0 0 00•£o a UJ LU CC LU _O £ *". 0 0 0 CO "* C> 0 CD >sf £ •P £ 0 ^: o o o cor o o o m "* o o' ci •sf 0) fl) £ a8 Q £ 5 Iso >- 00 0 0 0 0in o °l m.in" LO" CH fo LU13 > • LU 1S •&- ,2 i^^ CM O O O ^~ O ^~ •sf" O"O 00LO CO CM"LO*3* £ i « £ o CM O O O |v.CD 00 °. °°. 0 5LO 00 CD" " 1o 1- Q 0 QLUN CC0 < _o £ CM O O O COO) ^fo_ co_ S coo ^~m•sr CM O O O LO^ O) 00 E •s t o o co S 5m iv. 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O Tf S 1 ooo" coCO1 5!oco" 1 —z 8 SH MANAGEMENT ACLU RPORAT8 o u, •tCO ^o S? h^ •* CM CO CO CO H ION TRU!Z O S COo CO o CO CO00I •>- ss CMin 10 coo o CO COin COo oco STRICTQ OC1 1 1 1 LL j O COCO CO 0 CO CM o>COin 6?oinCOin CD S CO8 CO co CO in 8co ZO <oc PROVEMENT CORPOO CO LL j 0 8 Pco § •^- 8 CO co S?oinCOin ooo8 §"* 8 8 § ^ 0 NANCING CORPORATLL O m u. j 0 CM 8 CM CO CM CD8 5?oinCOin ooo8 CM CO 8o8 CMco ARLSBADOu.0 o LL J 0 SS 1 lOCM CD SJinco" 5?CO00 in S g mOJinOJ COc- CO inCOinCM O Sr>CO in"meg•*"caco E5 COocq coCDcriCM coh-TCOco_in"coin I Q OCO EXHIBIT 7 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF AUGUST 31, 2007 Cash Balance by Fund: General 56,771,826 Special Revenue 37,763,469 Debt Service 1,266,637 Capital Projects: General Capital Construction 46,232,541 Traffic Impact Fees 11,826,564 Public Facilities Fees 51,456,583 Park Development 3,277,983 Transnet Taxes 8,035,452 Drainage Fees 9,668,028 Special Districts 90,789,752 Infrastructure Replacement 36,930,722 Other Capital Construction 3,049,563 Total 261,267,187 Enterprise: Carlsbad Municipal Water District 58,467,418 Sewer Fund 58,579,465 Solid Waste 6,627,173 Storm Water 861,147 Golf Course 3,840,878 Total 128,376,081 Internal Service 22,197,973 Agency Funds 30,147,404 Redevelopment Funds (1) 0 Misc. Special Funds 0 Total General Ledger Balance ** 537,790,579 Reconciling Adjustments (2) (2,127,336) Total Treasurer's Investment Portfolio at Amortized Cost 535,663,242 (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 9/10/07 EXHIBIT 8 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF AUGUST 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 BANK OF AMERICA AAA AA+ CITIGROUP AA1 AA GENERAL ELECTRIC AAA AAA JOHNSONS JOHNSON AAA AAA MERRILL LYNCH AA3 AA- TOYOTA AAA AAA US BANCORP AA2 AA WAL-MART AA2 AA WORLD SAVINGS BANK AA1 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+ 03/01/2011 06/12/2006 2,981,726 2,963,400 * 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 AUGUST 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 HOME DEPOT JOHNSON & JOHNSON MERRILL LYNCH TOYOTA US BANKCORP WAL-MART WORLD SAVINGS BANK FSB 1,983,918.00 8,961,239.70 15,125,917.43 2,974,590.00 1,017,457.28 4,884,751.43 4,054,280.00 2,952,150.09 8,189,992.98 2,999,689.80 0.37% 1.68% 2.83% 0.56% 0.19% 0.91% 0.76% 0.55% 1.53% 0.56% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio* FAMCA FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC HOUSING URBAN DEVELOPMENT (HUD) TVA Total Portfolio 3,679,155.32 18,956,768.36 164,830,990.19 159,395,829.05 105,835,787.39 990,198.00 2,130,980.00 0.69% 3.55% 30.83% 29.81% 19.79% 0.19% 0.40% $534,722,529.66 * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers.