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Home My WebLink About2014-06-03; City Council; 21619; Report on City Investments as of April 30, 201412 AB# 21.619 REPORT ON CITY INVESTMENTS DEPT. HEAD ^^i/ MTG. 6/3/14 AS OF APRIL 30, 2014 CITY ATTY. DEPT. TRS CITY MGR. feO 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 quartedy report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended April 30, 2014 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 644,650,261 639,138,992 Cost of Investments 650,248,917 644,872,891 Amortized Cost (1) 646,675,990 641,322,767 Market Value (2) 647,131,083 640,777,336 (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 4/30/14. 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) Special Revenue General $94 $46 Internal Service $37 Agency/Trust $17 Enterprise $153 Capital Projects $290 Total Treasurer's Investment Portfolio at Amortized Cost April 30, 2014 $647 million COUNCIL ACTION: FOR CITY CLERKS USE ONLY. APPROVED DENIED CONTINUED WITHDRAWN AMENDED X • • • • CONTINUED TO DATE SPECIFIC • CONTINUED TO DATE UNKNOWN • RETURNED TO STAFF • OTHER - SEE MINUTES • PFPAP^TMPMT r.r>NTAnT- Nanry Sullivan (760^ 602-2473 Nancv.Sullivan(5).carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF APRIL 30. 2014 Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 6,822,287 6,140,882 681,405 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration February 2014 2.22 1.061% 2.151 March 2014 2.18 1.071% 2.109 April 2014 2.16 1.078% 2.091 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. 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 EXHIBIT 1 g -J o u. h- (£. o Q. z 5 h-(0 UJ > z o CO 0^ OL Q < a: < o u. O >- o CO OQ Q ui CD i o o 3: 2 OC I <0 O o OC o >. 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IO O CN o CO CD CO CD lO CO m m v* IO O CO o O 00 O CO CO ,750, in d CD CD CNi m o o r^ r~v o o ,468, ,950, ,000, (O ,726, ,510, Tj- CO in CO ro in o CO CO r-v lo CO 1^ iri d d CN rv. o 1- CD o IO cn rv. co' in tv- rv. CM r-v CO O CN tv. ,075, ,087, ,300, CM" IO o_ ,054, ,666, ,124, h. 00 CO in in rv. T- Cvl CO o> co" h-" co" T- tv. CD mmm ,653, co' CN CN CN CM' CO CO CO CM" CM Cvl Cvl eg" T-" oT •*" •r-" T-" tv o o oooo oooo m Cvl t-- oo o o rv. iq o in o o CD CO CD in CO CO in in IO cq O CO o O 00 o CO CO ,500, If) c> d d IV. in o o •.J- t- o o ,008 ,123, d o o r*: IO 00 cd 00 tv. 01 tv- CD CO iri CO oo in CD o CO o in m CO i>-IO_ d m d o •.f o Ovl_ o_ o_ IO Tt N 142, CD" •^" co" m" IV. rv. CN iv- T- CM CN CO r-v r^ r~v 300, 1,341, cj>" og" CO 00 CD CD CN m in O) m CM" rv. m" oo" co" CD IV. CD CO 506, .357% ,720% .150% .212% .846% .870% ,990% 1.504% .950% ,400% ,370% .200% .130% ,100% 1.420% .760% ,383% .050% 1.532% T- T- CN Ovl o o O t-T- CO T-T- T- T- o o oooo oooo o o o o o o o q O tv. O CO Cvl CO o o o o o o o> to O o O O O o o q c> m CN d d d d m o o o Cvl o o o ,460, ,827. ,000, fv: 00 tv._ ,740. ,739, ,655 iri d d rv. o> o Ovl T- o o> o> IO iri iri d Cvl Cvl o CD CD o d IO IO CD' a> CD oo O O O CN o cn o o O O 1-T- o o lo o o ,000, o tv._ ,014, ,583, rv. m CO CD CNI -"i- o o CO o eg CO cvl IO tv" 05 d CD o T- m r>." Tt CN Cvl Cvl Cvl Cvl CO CO CO o Cvl Cvl CM Cvl T-o> Tt" T-" T-" rv." c o a 3 O o vPsPvpLU^vPvP ^1 SvSv5vL_UJSvSv UJ ooofn(-mo I— mom"-'c/)|NvO CO T- t— T- 00 O T— QV < U- m Cvl oooo O O CO o O cvl 1- T- d CO CO CL UJ vP I vP Sv t— S^ O CO o m vp m t-v ^ o CO o CM CH IU h- < => o I Q O Q£ UJ Q. 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O O z z < < CD CD O ro CO CD JN JM ^ <*. p CO 3 DC 1- oa :^ z < CD CO OC UJ QC < LU H CO ^ < u. C3 SC ro vl CM 8 ?5 ^ Ul S° Q ^ vp q o ^ 05 to t% < 5 CO < rn CO TJ. O ro Tt Ul 3 D UJ u. < o _J CO _i < o O £2 ro ^ T- UJ ro 3 C Cl Z ^ CO oa in < ^ <^ CQ Ul < o cc Ul s. o o I-co UJ w w Q: O 9^ CO u. o \- I oo 3 CO z 3 o o o < h-Z UJ Ul O < X CO a UJ DC h- < <. CO Ul Z CO O « Uj < ^ ^ cc o a. DC o o I-z Ul Ul > o DC CL D < 00 O CO Z tNtNegcMcgegcgcgegcMCMcgoioocococococotococo OOOOOOOOOOOOOOOOOOOOOO JMJM£M£M£MCMJM£M£M£M£M£M£M£M£M£M£M£M£MCgjMJM ro eg T- T- CM CO m ro Tt T- eg JM Tt T- cg T- Tt ro ro ro CO EM tnininrocgcgcMCMCMCMCM n n i:; oi Tt o ro in £0 JN ^ o £0 T- T- 01 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF APRIL 30, 2014 Cash Balance by Fund: General 94,235,123 Special Revenue 45,902,804 Debt Service 0 Capital Projects: General Capital Construction 43,808,353 Traffic Impact Fees 21,069,219 Public Facilities Fees 36,463,505 Park Development 4,494,992 Transnet Taxes 5,581,628 Drainage Fees 5,934,483 Special Districts 86,745,764 Infrastructure Replacement 84,024,907 Redevelopment (see Trust Funds) 0 Other Capital Construction 2,438,334 Total 290,561,185 Enterprise: Carlsbad Municipal Water District 99,949,745 Sewer Fund 51,990,249 Solid Waste 7,304,545 Stormwater 4,171,872 Golf Course 31,287 Total 163,447,698 Internal Service 37,363,609 Agency Funds 16,513,224 Trust Funds 167,331 Total General Ledger Balance ** 648,190,973 Reconciling Adjustments (1) (1,514,983) Total Treasurer's Investment Portfolio at Amortized Cost 646,675,990 (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 5/07/14 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of APRIL 30, 2014 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by two of the three: IVIoody's S&P or Fitch) IVIoodv's S&P Fitch BERKSHIRE HATHAWAY AA2 AA+ A+ CHEVRON AA1 AA NR COCA COLA AA3 AA-A+ GENERAL ELECTRIC COMPANY AA3 AA+ NR GOOGLE INC AA2 AA NR HSBC BANK USA Al 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 AAI 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 of the 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 2,022,960 17,404,762 17,687,812 5,155,257 5,217,000 * 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 APRIL 30, 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 3.60% CHEVRON 1,993,903.80 0.31% COCA COLA CO 7,624,962.52 1.17% GENERAL ELECTRIC CAP 17,352,898.05 2.67% GENERAL ELECTRIC COMPANY 8,032,665.00 1.24% GOOGLE 1,050,940.00 0.16% HSBC BANK USA 10,000,000.00 1.54% IBM CORP 8,581,305.00 1.32% JOHNSON & JOHNSON 2,104,120.00 0.32% MASS MUTUAL 1,024,175.57 0.16% MERCK & CO 5,498,750.00 0.85% MET LIFE GLOBAL FUND 15,715,883.53 2.42% MICROSOFT 2,072,820.00 0.32% NEW YORK LIFE 8,691,145.24 1.34% PROTER & GAMBLE 13,392,464.17 2.06% PROVIDENCE HEALTH 2,237,929.50 0.34% ROYAL BANK OF CANADA 2,038,220.00 0.31% SHELL INTERNATIONAL FIN 5,384,350.00 0.83% TOYOTA 8,005,285.00 1.23% WAL-MART 16,632,709.55 2.56% WESTPAC BANKING CORP 5,000,000.00 0.77% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FAMCA 15,016,370.00 2.31% FICO 1,027,655.32 0.16% FEDERAL FARM CREDIT BANK 58,661,284.30 9.02% FEDERAL HOME LOAN BANK 118,504,137.92 18.22% FEDERAL HOME LOAN MORTGAGE CORP 65,120,248.50 10.01% FEDERAL NATIONAL MORTGAGE ASSOC 79,648,216.04 12.25% U.S.TREASURY 4,985,446.96 0,77% Total Poitfolio $650,248,917.35 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. /7