HomeMy WebLinkAbout2008-03-25; City Council; 19373; Report on City InvestmentsCITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
19,373
03/25/08
TRS
REPORT ON CITY INVESTMENTS
AS OF FEBRUARY 29, 2008
DEPT. HEADl #j//tf
CITY ATTY. (&
CITYMGR. jfe
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 February 29, 2008 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost(1)
Market Value (2)
Current Month
544,194,765
546,054,290
546,543,672
557,647,612
Prior Month
550,797,039
552,135,170
552,767,823
562,839,175
(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 2/29/08.
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)
General
Other $.5
Internal Service
Agency
Special Revenue
$4O
ipital Projects
$269
Enterprise
$128
Total Treasurer's Investment Portfolio at Amortized Cost
February 29,2008 $546.5 million
FOR CITY CLERKS USE ONLY.
COUNCIL ACTION: APPROVED ty
DENIED D
CONTINUED D
WITHDRAWN D
AMENDED D
CONTINUED TO DATE SPECIFIC
CONTINUED TO DATE UNKNOWN
RETURNED TO STAFF
OTHER - SEE MINUTES
n
Dn
D
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF FEBUARY 29. 2008
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
18,270,858
Prior
Month FYTD
15,552,738
Current Month
Income
2,718,120
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
December 2007
January 2008
February 2008
Average Life
(Years)
2.08
2.04
2.08
Average Yield
To Maturity
4.67%
4.55%
4.43%
Modified Duration
1.894
1.866
1.950
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. Third 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
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EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF FEBRUARY 29, 2008
Cash Balance by Fund:
General 54,416,424
Special Revenue 39,655,979
Debt Service 2,545,769
Capital Projects:
General Capital Construction 57,786,766
Traffic Impact Fees 12,154,032
Public Facilities Fees 48,296,357
Park Development 7,624,627
Transnet Taxes 6,339,255
Drainage Fees 10,610,961
Special Districts 87,453,658
Infrastructure Replacement 37,743,788
Other Capital Construction 1,584,913
Total 269,594,357
Enterprise:
Carlsbad Municipal Water District 61,144,777
Sewer Fund 57,657,999
Solid Waste 6,730,666
Storm Water 766,633
Golf Course 1,357,683
Total 127,657,758
Internal Service 31,408,453
Agency Funds 24,252,107
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 549,530,848
Reconciling Adjustments (2) (2,987,176)
Total Treasurer's Investment Portfolio at Amortized Cost 546,543,672
(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 3/10/08
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF FEBRUARY 29, 2008
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+
BERKSHIRE HATHAWAY AAA AAA
CITIGROUP AA2 AA
GENERAL ELECTRIC AAA AAA
JOHNSON & JOHNSON AAA AAA
NEW YORK LIFE AAA AAA
TOYOTA AAA AAA
US BANCORP AA2 AA
WAL-MART AA2 AA
WELLS FARGO AA1 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 *
Moodv's
BAA1
A1
S&P
BBB+
A+
Latest
Maturity Date Purchased
03/01/2011 06/12/2006
09/10/2009 11/03/2006
Carrying
Value
2,984,336
4,938,392
Market
Value
3,035,490
4,996,900
HOME DEPOT
MERRILL LYNCH
* 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.
/7
EXHIBIT 10
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF FEBRUARY 29, 2008
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investment Cost Percent of Portfolio*
BANK OF AMERICA
BERKSHIRE HATHAWAY
CITIGROUP
GENERAL ELECTRIC CAP
HOME DEPOT
JOHNSON & JOHNSON
MERRILL LYNCH
NEW YORK LIFE
TOYOTA
US BANKCORP
WAL-MART
WELLS FARGO
WORLD SAVINGS BANK FSB
1,983,918.00
4,079,130.97
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
3,106,429.13
2,999,689.80
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY
FAMCA
FHLMC DISCOUNT NOTE
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN BANK
FEDERAL HOME LOAN MORTGAGE COF
FEDERAL NATIONAL MORTGAGE ASSOl
HOUSING URBAN DEVELOPMENT (HUD)
TVA
Total Portfolio
Investment Cost
3,679,155.32
3,917,162.78
25,254,198.86
179,717,606.25
146,283,107.54
71,617,631.07
990,198.00
2,130,980.00
0.36%
0.75%
1 .64%
4.84%
0.54%
0.19%
0.89%
0.18%
0.74%
0.54%
2.05%
0.57%
0.55%
ISSUER
Percent of Portfolio*
0.67%
0.72%
4.62%
32.91%
26.79%
13.12%
0.18%
0.39%
$546,054,290.26
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.