HomeMy WebLinkAbout2008-01-08; City Council; 19273; Report on City InvestmentsCITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
19,273
1/08/08
TRS
REPORT ON CITY INVESTMENTS
AS OF NOVEMBER 30, 2007
DEPT. HEALV tfT/t?
CITY ATTY. XJ^?"
CITY MGR. TLA^
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 November 30, 2007 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
525,443,418
525,381 ,669
526,225,753
531 ,252,933
Prior Month
527,123,988
526,661,390
527,527,521
529,347,174
(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 11/30/07.
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$38.8
Capital Projects
$259
General
Other $.03
Internal Service
$30.9
Agency* y 21.5
Enterprise
$125
Total Treasurer's Investment Portfolio at Amortized Cost
November 30,2007 $526.2 Million
FOR CITY CLERKS USE ONL Y.
COUNCIL ACTION: APPROVED D
DENIED O
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WITHDRAWN D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 received the report.
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30. 2007
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
11,312,309
Prior
Month FYTD
9,368,525
Current Month
Income
1 ,943,784
The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
September 2007
October 2007
November 2007
Average Life
(Years)
1.99
2.09
2.06
Average Yield
To Maturity
4.64%
4.67%
4.67%
Modified Duration
1.808
1.887
1.866
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. Market Yield Curve
5. Cumulative Cash Income Graph
6. Second Quarter Transactions
7. Detailed Investment Report
8. Fund Equity in Pooled Investments
9. Corporate Note and Commercial Paper Ratings
10. Percentage Weightings By Corporate Note Issuer
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30, 2007
BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS
AVERAGE YIELD
Class
CD
FN
CP
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANK ACCT
Current Month
504,092
0
0
0
423,111,610
68,414,725
31,819,770
55,433
1,838,185
481,938
Prior Month
504,092
0
0
0
439,952,316
61,250,217
23,551,770
364
1,565,547
703,216
Current Month
504,092
0
0
0
427,399,011
69,154,504
31,819,770
55,433
1,838,185
481,938
Prior Month
504,092
0
0
0
441,685,947
61,336,239
23,551,770
364
1 ,565,547
703,216
Cash Income
Year to Date
9,783
0
0
0
9,140,889
1,226,544
893,428
4,597
37,068
0
Current Month
4.47
0.00
0.00
0.00
4.60
4.98
5.05
4.17
3.44
3.44
Prior Month
4.47
0.00
0.00
0.00
4.60
5.03
5.14
4.38
3.75
3.75
TOTALS $526,225,753 $527,527,521 $531,252,933 $529,347,175 $11,312,309 4.67%4.67%
CD - Certificate of Deposit
FN - Federal Discount Notes
CP - Corporate Paper
TR - US Treasury
FA - Federal Agency
CN - Corporate Notes
LAIF - Local Agency Investment Fund
Custody - Union Bank of California Cash account
SWEEP - Wells Fargo Bank Overnight Cash acccount
Bank Account - Wells Fargo Bank Cash account
mx
03
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30,2007
BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME
CLASS
CD
FN
CP
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANKACCT
TOTALS
% TOTALS
Total within One Year
WITHIN 6 MONTHS
504,092
0
0
0
37,306,750
2,999,690
31,819,770
55,433
1,838,185
481,938
$75,005,858 (1)
14.3%
7 MONTHS TO 1 YEAR
0
0
0
0
71,958,647
0
0
0
0
0
$71,958,647 (1)
13.7%
$146,964,505 (1)
1 TO 5 YEARS
0
0
0
0
312,988,928
65,428,236
0
0
0
0
$378,417,164
72.0%
TOTAL
504,092
0
0
0
422,254,325
68,427,926
31,819,770
55,433
1,838,185
481,938
$525,381,669
100.0%
% TOTAL
0.1%
0.0%
0.0%
0.0%
80.4%
13.0% (2)
6.1%
0.0%
0.4%
0.1%
100.0%
28.0%
POLICY: (1) Not less than $128,200,000 to mature within one year. (2/3rds of current year operating budget of $192,300,000.00)
(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes.
x
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YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1996 - NOVEMBER 2007
EX-LAIF
LAIF
« ro
•N '-:
MARKET YIELD CURVE
6/30/06, 6/30/07, 11/30/07
Market Rates
9.9
5 |
4 C.0
3 C.9
3 4
2 C.0
1 ^1 .0
-11
O c
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H! *L . . . - - -^ -p - " = •**«--«»» ,/\ „--**""'NX
.On i i i
3Mth 2Yr 5 Yr 10 Yr
3Mth 2Yr 5 Yr 10 Yr
-•-06/30/2006 4.98 5.15 5.09 5.14
-A- 06/30/2007 4-86 4-84 4-89 4-99
-0 11/30/2007 303 312 353 417
XD:I—I
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Cumulative
Millions $
Cumulative Cash Income
FY07-08
(July 07 - June 08)
26
24
22
20
18
16
14
12
10
8
6
4
2
2.82
2.6
Monthly Interest Income
Millions $
1.9
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
11nterest Income - -* - Budget -a—Actual
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EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF NOVEMBER 30, 2007
Cash Balance by Fund:
General 51,077,377
Special Revenue 38,889,955
Debt Service 1,483,142
Capital Projects:
General Capital Construction 46,913,273
Traffic Impact Fees 12,017,079
Public Facilities Fees . 48,016,200
Park Development 7,610,364
Transnet Taxes 7,555,308
Drainage Fees 9,738,983
Special Districts 87,425,730
Infrastructure Replacement 37,329,964
Other Capital Construction 2,776,826
Total 259,383,726
Enterprise:
Carlsbad Municipal Water District 58,202,213
Sewer Fund 57,912,741
Solid Waste 6,652,748
Storm Water 896,976
Golf Course 1,671,244
Total 125,335,923
Internal Service 30,900,489
Agency Funds 21,584,508
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 528,655,121
Reconciling Adjustments (2) (2,429,368)
Total Treasurer's Investment Portfolio at Amortized Cost 526,225,753
(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 12/10/07
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 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
BANK OF AMERICA AAA AA+
CITIGROUP AA1 AA
GENERAL ELECTRIC AAA AAA
JOHNSON & JOHNSON AAA AAA
MERRILL LYNCH AA3 AA-
NEW YORK LIFE AAA AAA
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 BAA1 BBB+ 03/01/2011 06/12/2006 2,983,031 3,001,080
* 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 10
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 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
HOME DEPOT
JOHNSON & JOHNSON
MERRILL LYNCH
NEW YORK LIFE
TOYOTA
US BANKCORP
WAL-MART
WORLD SAVINGS BANK FSB
1,983,918.00
8,961,239.70
26,436,746.38
2,974,590.00
1,017,457.28
4,884,751.43
987,620.00
4,054,280.00
2,952,150.09
11,175,482.98
2,999,689.80
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY
0.38%
1.71%
5.03%
0.57%
0.19%
0.93%
0.19%
0.77%
0.56%
2.13%
0.57%
ISSUER
Investment Cost Percent of Portfolio"
FAMCA
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN BANK
FEDERAL HOME LOAN MORTGAGE CORF
FEDERAL NATIONAL MORTGAGE ASSOC
HOUSING URBAN DEVELOPMENT (HUD)
TVA
Total Portfolio
3,679,155.32
23,153,846.36
152,942,072.03
146,481,586.10
92,876,487.39
990,198.00
2,130,980.00
0.70%
4.41 %
29.11%
27.88%
17.68%
0.19%
0.41%
$525,381,668.67
* No more than 5% may be invested with a single corporate issuer.
"There are no percentage limits on federal agency issuers.
17