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HomeMy WebLinkAbout2010-06-29; City Council; 20292; REPORT ON CITY INVESTEMENTS AS OF MAY 31, 2010CITY OF CARLSBAD - AGENDA BILL 8 AB# MTG. DEPT. 20,292 6/29/10 TRS REPORT ON CITY INVESTMENTS AS OF MAY 31, 2010 DEPT. HEAD tffflW CITYATTY. " <£&* CITY MGR. (fr-~ 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, 2010 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1) Market Value (2) Current Month 569,860,753 578,123,043 574,856,279 583,139,405 Prior Month 558,154,804 566,797,009 563,316,215 571,452,984 (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 5/31/10. 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 8 for a more detailed breakdown. The portfolio increase of $12 million from April to May is due to the receipt of motor vehicle and sales tax in lieu payments as well as property taxes during the month. FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED )& DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC CONTINUED TO DATE UNKNOWN RETURNED TO STAFF OTHER - SEE MINUTES D D D D DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MAY 31. 2010 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $77 „, $49 Internal Service Capital Projects $280 Total Treasurer's Investment Portfolio at Amortized Cost May 31,2010 $574.9 million Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 16,907,078 Prior Month FYTD 15,671,694 Current Month Income 1,235,384 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement March 20 10 April 2010 May 2010 Average Life (Years) 1.64 1.53 1.46 Average Yield To Maturity 2.42% 2.35% 2.26% Modified Duration 1.557 1.460 1.397 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2, 1985 and last revised March 23, 2010. 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 9 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. Fourth 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 EXHIBIT 1 g ^ioLJ_|— Eo0. &| ^^ vN 1- T-"CO co > £ 1 S Q u_:ARLSBAAS 01^^ u_O £ o COCO 3o ^MCQ Q ^^^UJ CD 1i^uj*1 oyj^ ^CO^ro n :*}^•^ §MARKET• *K COOO Q ^U•vi^2i—o:o ^f^>>. 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5 CN CD oo in CMSoo oo co oo•<- -3- 10 en i- o in •*in o in CDCN 00 T- r- 5in"Is-CO 8 SIs- in co Is- inh-. ^- cp h^ in CN i--^ co en 06CN co o en Is-CO CN CN CO v ooooooooooooommcoo'tinoinoooincNcoor-.ooincNOcncnT-inoooTf-^o $oooooooocn CMooomoococooocN coT-T-ppininininin CN oooo'o'oooo CN OOOOr-00>»T-i-CDOOCDOOO ^ fto5 ** h-cocotincooot--8 0CN CD O> OT-cnmmr-i^oph-.^;CNOocpcqp pi ai co oo oco en CN Is- •*CN O CD CO CN rs-co•*-CO incNcocnis-co-CD CO CNt O l-j.ininco S CO CN Is- T- 3 Z CN OCO OCN O S T- ^- oo en coIs- CO CO CO •*-~3 O Is- CO CO S co"CN co"Is-m U.< UJ oooooooooooooopppppppppppppp o'oodoo'o'o'o'o'p' o T- en in in r~- h-p t^ 't CN co co oqco en co co o ^ csiCD en CN Is- ^t co coCM O CO 00 CM CO CN T- CN CM" *- T-o _ CN r^- ^ CM CO CO CMin encom O IQ.IZZZZZZZZZZZZZZHoooooooooooooo m w oo3 P Z ILS FARGO BAUJ §MANAGEMENT ,T RPORATE CASIOO 1 —RARY ACCOUNCD_l CO OL 0zID O fC\-1 F WATER DIS<£ _l OVEMENT CORIcc 1 F PUBLIC IMP^_i NCING CORPOR< [L O m CLu_ <^_i LSBADcc6 LLo o LL ^_J oooooooo CD *%<fl 7k h- h- h- OO 00 008§SS§8 CM CM CM CM CN CN m « CN CO CN g o T- ^ o o o co oo en en en oo o o o o •—o o o o o oCM CM CM CN CM CM P £J T; ------ EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MAY 31, 2010 Cash Balance by Fund: General 77,492,233 Special Revenue 49,778,124 Debt Service 0 Capital Projects: General Capital Construction 68,283,036 Traffic Impact Fees 16,404,553 Public Facilities Fees 44,538,687 Park Development 2,385,438 Transnet Taxes 6,215,537 Drainage Fees 7,177,881 Special Districts 74,679,193 Infrastructure Replacement 53,966,164 Redevelopment 2,515,238 Other Capital Construction 4,369,460 Total 280,535,188 Enterprise: Carlsbad Municipal Water District 65,892,306 Sewer Fund 48,767,725 Solid Waste 6,990,303 Storm Water 2,332,841 Golf Course 220,160 Total 124,203,335 Internal Service 28,566,459 Agency Funds 16,930,937 Misc. Special Funds 0 Total General Ledger Balance ** 577,506,278 Reconciling Adjustments (1) (2,649,999) Total Treasurer's Investment Portfolio at Amortized Cost 574,856,279 (1) 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 6/07/10 IS EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of May 31, 2010 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 AAA AA2 AA1 AA2 AAA AA3 AAA AAA AA3 AAA AAA AA2 AA1 AA2 AAA AA- AA AA+ AAA AA- AAA AAA AA- AA- AAA AA- AA AA BARCLAYS BANK BERKSHIRE HATHAWAY CHEVRON GENERAL ELECTRIC JOHNSON & JOHNSON MET LIFE GLOBAL MICROSOFT NEW YORK LIFE PROCTER & GAMBLE ROYAL BANK OF CANADA SUNTRUST BANK 3M TOYOTA WAL-MART 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 S&P ALL STATE LIFE CITIGROUP GENWORTH GLOBAL GOLDMAN SACHS HOME DEPOT PRINCIPAL LIFE PROTECTIVE LIFE US BANCORP WELLS FARGO A1 A3 A2 A1 BAA1 AA3 A2 AA3 A1 AA- A A A BBB- A+ AA- A+ AA- Carrying Market Purchased Value Value 05/30/2008 2,013,962 2,181,360 06/20/2006 11,029,629 11,213,740 05/07/2008 2,006,387 2,057,440 1,000,446 2,996,084 03/19/2008 BBB+ 06/12/2006 04/30/2008 07/17/2008 02/03/2006 04/30/2008 1,000,000 07/17/2008 3,000,000 2,998,283 01/30/2008 4,038,999 1,001,290 3,085,050 1,022,320 3,138,330 3,014,970 4,128,240 * 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. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31, 2010 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS EXHIBIT 10 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ALL STATE LIFE BARCLAYS BANK BERKSHIRE HATHAWAY CHEVRON CITIGROUP GENERAL ELECTRIC CAP GENWORTH GLOBAL GOLDMAN SACHS HOME DEPOT JOHNSON & JOHNSON MET LIFE GLOBAL FUND MICROSOFT NEW YORK LIFE PRINCIPAL LIFE PROCTER & GAMBLE PROTECTIVE LIFE ROYAL BANK OF CANADA SUNTRUST BANK 3M TOYOTA US BANKCORP WAL-MART WELLS FARGO PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FAMCA FICO FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC TVA U.S.TREASURY Total Portfolio * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers. Investment Cost 2,023,559.81 1,590,861.34 4,085,739.63 3,103,177.11 11,022,079.70 27,634,444.89 2,016,628.76 1,025,648.53 2,974,590.00 1,017,457.28 4,043,114.52 2,072,820.00 1,994,269.66 1,000,000.00 5,246,650.00 3,000,000.00 1,066,260.00 2,066,260.00 2,121,417.76 8,559,850.00 2,952,150.09 10,099,588.99 4,139,348.92 ENCY ISSUER Investment Cost 7,884,746.01 11,083,183.55 56,371,790.13 131,214,585.03 41,681,077.43 41,621,252.91 5,530,478.48 97,705,259.26 Percent of Portfolii 0.35% 0.28% 0.71% 0.54% 1.91% 4.78% 0.35% 0.18% 0.51% 0.18% 0.70% 0.36% 0.34% 0.17% 0.91% 0.52% 0.18% 0.36% 0.37% 1.48% 0.51% 1.75% 0.72% Percent of Portfolio** 1.36% 1 .92% 9.75% 22.70% 7.21% 7.20% 0.96% 16.90% $578,123,042.64