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WITHDRAWN D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
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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.