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Home My WebLink About2014-05-06; City Council; 21585; Report on City Investments March 31, 2014CITY OF CARLSBAD - AGENDA BILL AB# 21.585 REPORT ON CITY INVESTMENTS DEPT. HEAD (?/ ^ MTG. 5/6/14 AS OF MARCH 31, 2014 CITY ATTY. ' DEPT. TRS CITY MGR. jtA^ 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 March 31, 2014 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 639,138,992 643,272,758 Cost of Investments 644,872,891 648,995,757 Amortized Cost (1) 641,322,767 645,572,341 Market Value (2) 640,777,336 646,725,510 (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 03/31/14. 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 8 for a more detailed breakdown. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General S85 Internal Service $37 Agency/Trust $17 Enterprise jj^j Special Revenue $45 Capital Projects $295 Total Treasurer's Investment Portfolio at Amortized Cost March 30,2014 $641 million COUNCIL ACTION: FOR CITY CLERKS USE ONLY. APPROVED DENIED CONTINUED WITHDRAWN AMENDED • • • • CONTINUED TO DATE SPECIFIC • CONTINUED TO DATE UNKNOWN • RETURNED TO STAFF • OTHER - SEE MINUTES • DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.qov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MARCH 31. 2014 Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 6,140,882 5,581,577 559,305 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration JANUARY 2014 2.26 1.057% 2.199 FEBRUARY 2014 2.22 1.061% 2.151 MARCH 2014 2.18 1.071% 2.109 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2, 1985 and last revised November 19, 2013. 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. Investment Portfolio for Bond Proceeds Current Quarter Prior Quarter Par Value 11,625,767 11,573,647 Cost 11,625,767 11,573,647 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 EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: 11. Detailed Investment Report - Quarterly Report EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS: 12. Detail Of Outstanding Housing Loans - Quarterly Report 3 EXHIBIT 1 g o u. O CL h- Z UJ S to UJ > z Q < m (f> _i cc < o u. o >-I- o CM CO X o cc < if) < (0 o >. QQ Q ^ UJ CD § o o in s I in O O § fc! cc o >- OQ I O § Q: OQ UJ >- ILI o UJ UJ _l y- UJ CC < c o c 3 o C O re ® O >- c o S u. O 'C Q. C o c 9> O c o (0 o o Q UJ N H CC O c £ o (0 (0 re O 1- cn O) O) o d in 00 00 (D CM T- a> d d Q O o o d CM o CN o 10 00 o CM CD CM O O CM O CO 0 in CM 00 CM m 00 CM CD CD T— 00 CM CD 0 G) •<a-co" d" CJT 10 CM ^— CO in T— CM 00 cn CM CM' CM" DC < u. 5 3 >-Q O I-C/5 O Q. 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EXHIBIT 3 C/D > X HH O 0^ HJ T-H O >H o tAOU>OlOOIOOU)OlOOIOOlOOU)OU>OU)OU>OIAOU>0 h-,u>csioi^u)CMpi^iqcNipr>^iqcspi^u>c>iois.iq (0(0(0(OiAiAir>ix>^^^^<ococo(ocvic>ic>ic>^ EXHIBT 4 Q rn cn o c/l (U -i-> IO I. >- CM in CO in CM m • • • PO CM T- O in (N in ON (N ^. ^ CN O ^ ^ l> in ^ in m o o • p CM CO o o o CM o O CO CO CO CD CO o i o o s t 7 EXHIBIT 5 CO CM I cn PH o (N o ative ative c/i C3 13 O • 1-i a »—H o \ \ CO IO IA ID CN 00 3 (0 a < (0 (0 OOCOI^COIO'^POCM o I- >- < o O) •D 3 ffl 0) £ o o (/) 0) EXHIBIT 6 li O o o CO CO o 1^ CO o o o T-o o o o CO o o o CO CO o cp •<)• o o o V— o o o o T^ oj d d d CO cx> d ^ cvl d in d CD d iri d d T— o o o o ID ID o •<* o o o CO o t-o o CD t— o o o O) CO CO U) CO o CO lO o co in o 00 CM co' |v." Tt ai •f' to' co" oo' oo" ai CM' d d' iri co" iri d' O ID 00 CVJ O) r~-in ID 00 ID CD h-Tt r~ T— m ID o T— o ID co oo_ oo CVI t~. 1^ CD o CM CD T— cvT cvT 1-cvl' 1— co" cvj' Cvj" CvT CM" CvT CM' CM" Ovj' o o o CO CO o r-CO o o o 1— o o o o CO o o o CO CO ID cp o o o V— o o o o d d d ai CO cvi d iri d CD d iri d d T— o5 o o o CO in CO O o 1^ o 00 o o o CD o o o o CO o CO CO o CO m o CO in m CO o" co' CM' CD CJ> Cjj d |v-' co" oo' oi Cvl" o' d iri co' iri co' CD CO O) CVJ CD T— oo m oo ID CD Tt 1^ 1^ T~ CD CO r-CN CM CM CM CM CM v~ ID rv-o o o o> CO CO o o o CO CD d d d (b IO o o o CJ) o p tt> co' o>" d CO o CO CM O) IA <n in .— o GO o> CM' CM' to <o U) o o 00 eo CD cp m o r«; a> CD CO d o lO .— CD o CO O) o o •* iri ai r>r CO CJ) CJ) o> o> Cvl cvT O CO o oo O 1-o •<- o m o T- o Tt o T- O CM O CO CD' CD" CM' CO' 1- Tt O CO 1- O 1- o 0)000 1- o o o CO iri d d Cvl m o CM T- o CM CO T- o t CO T- o CMCOCO^CM'*CO'l- O ^ CJ) O •<- T- O O O OOO omOT-comoo o-srO'<--<TCNino m m m CD CM O |V- O ai co' CD" CO' CM' iri r-" o' ••-•^OCOT-COTtCO o> 00 eo oo CM" cvl IO oo' IO 00 E « 3 M 4H (0 a. = 53 o E < (0 — Q- « ©v. o v? o 0) v^ CD v5 00 00 v5 l?v CJ) v^ oo •vS <?v 00 O v^ CO ^. m o^ oo C3V o v5 ov O ov o O vS ©v o %0 v5 ov o T— vS m v^ ov oo •v? ov o •v? ©v. o •v? ©v o v2 ©V ©v CJ) •-2 ©^ o o o in CM CO Cvl o CM CD Cvl CJ) CM m o o T— Cvl o in o o CJ) V— O) o m O) o •-2 ©^ o o Cvl o m in |v-. 00 0) CJ) O CO in p |v-CO IV. 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Q < ffl o CO ro CO ro CO CO ooooo OJ CM £M CM CM o ra in ra o CO CM g ^ g ?3 ^ 5^ Tt ooooo EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MARCH 31,2014 Cash Balance by Fund: General 85,286,467 Special Revenue 45,542,311 Debt Service 0 Capital Projects: General Capital Construction 43,909,013 Traffic Impact Fees 20,974,875 Public Facilities Fees 36,279,681 Park Development 4,560,393 Transnet Taxes 5,808,690 Drainage Fees 5,933,186 Special Districts 91,040,789 Infrastructure Replacement 84,004,994 Redevelopment (see Trust Funds) 0 Other Capital Construction 2,554,416 Total 295,066,035 Enterprise: Carlsbad Municipal Water District 100,070,417 Sewer Fund 51,492,889 Solid Waste 7,302,562 Stormwater 3,711,421 Golf Course 29,105 Total 162,606,395 Internal Service 37,234,714 Agency Funds 16,655,111 Trust Funds 186,990 Total General Ledger Balance ** 642,578,024 Reconciling Adjustments (1) C ,255,257) Total Treasurer's Investment Portfolio at Amortized Cost 641,322,767 (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 checlcs 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 4/07/14 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of MARCH 31,2014 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Pollcy: (Ratings must be AA or better by two of the three: Moody's S&P or Fitch) Moodv's S&P Fitch BERKSHIRE HATHAWAY AA2 AA+ A-*- CHEVRON AAI AA NR COCA COLA AA3 AA-A+ GENERAL ELECTRIC COMPANY AA3 AA+ NR GOOGLE INC AA2 AA NR HSBC BANK USA A1 AA-AA- IBM CORP AA3 AA-A-*- JOHNSON & JOHNSON AAA AAA AAA MASS MUTUAL GLOBAL AA2 AA+ AA+ MET LIFE GLOBAL AA3 AA-AA- MICROSOFT AAA AAA AA+ NEW YORK LIFE AAA AA+ AAA PROCTER & GAMBLE AA3 AA-NR PROVIDENCE HEALTH AA2 AA AA ROYAL BANK OF CANADA AA3 AA-AA SHELL INTERNATIONAL AA1 AA AA TOYOTA AA3 AA-A WAL-MART AA2 AA AA WESTPAC BANKING CORP AA2 AA-AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by two ofthe three: Moody's, S&P or Fitch) (Ratings of other debt must be AA or better by two of the three: Moody's, S&P or Fitch) NONE Investments with Subsequent Changes In Credit Rating * Moodv's S&P Fitch BARCLAYS BANK A2 A NR GENERAL ELECTRIC Al AA+ NR MERCK Al AA A-*- Latest Carrying Market Maturitv Date Value Value 12/15/2015 05/09/2016 06/30/2015 2,000,000 2,023,800 17,402,827 17,680,896 5,166,374 5,213,150 * 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 MARCH 31,2014 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio'* BARCLAYS BANK 2,000,000.00 0.31% BERKSHIRE HATHAWAY 23,416,919,14 3.63% CHEVRON 1,993,903.80 0.31% COCA COLA CO 7,624,962.52 1.18% GENERAL ELECTRIC CAP 17,352,898.05 2.69% GENERAL ELECTRIC COMPANY 8,032,665.00 1.25% GOOGLE 1,050,940.00 0.16% HSBC BANK USA 10,000,000.00 1.55% IBM CORP 8,581,305.00 1.33% JOHNSON & JOHNSON 2,104,120.00 0.33% MASS MUTUAL 3,607,914.95 0.56% MERCK & CG 5,498,750.00 0.85% MET LIFE GLOBAL FUND 17,730,623.53 2,75% MICROSOFT 2,072,820.00 0,32% NEW YORK LIFE 8,691,145.24 1,35% PROTER & GAMBLE 13,392,464,17 2.08% PROVIDENCE HEALTH 2,237,929.50 0.35% ROYAL BANK OF CANADA 2,038,220,00 0.32% SHELL INTERNATIONAL FIN 5,384,350.00 0.83% TOYOTA 8,005,285.00 1.24% WAL-MART 16,632,709.55 2.58% WESTPAC BANKING CORP 5,000,000.00 0.78% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio' FAMCA 15,016,370.00 2.33% FICO 1,027,655.32 0.16% FEDERAL FARM CREDIT BANK 58,661,284.30 9.10% FEDERAL HOME LOAN BANK 109,452,102.92 16.97% FEDERAL HOME LOAN MORTGAGE CORP 65,120,248.50 10.10% FEDERAL NATIONAL MORTGAGE ASSOC 81,147,841.04 12.58% U.S.TREASURY 1,974,619.96 0.31% Total Portfolio No more than 5% may be invested with a single corporate Issuer. *There are no percentage limits on federal agency issuers. $644,872,890.70 ys TJ re n w (0 O r o a a> OC h « CM 0) . > f c CO T3 C o m ^ a, c (0 EXHIBIT 11 z z 0 CD c o C IS (B E y A" U) o a> u = CO o 5 CO o (0 b c u. i g to S (0 m (0 D 8 C/) a> > c z o > cu o >- 0) S > z m o c CO IB O CO CO I c « S >- Z m c CD CQ o CQ CO I c _o "55 S >-z m c c o o •55 "55 >- >- z z CQ CQ c o c o c o c = 00 >-Z O CQ (TJ 8 CN 10 4-! 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