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2014-08-26; City Council; 21708; Report on City Investments June 30, 2014
CITY OF CARLSBAD - AGENDA BILL AB# 21,708 REPORT ON CITY INVESTMENTS DEPT. HEAD MTG. 8/26/14 ASOFJUNE 30, 2014 CITY ATTY. DEPT. TRS CITY MGR. ^ RECOMIVIENDED 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 June 30, 2014 is summarized below. Pooled investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 658,227,474 657,545,592 Cost of Investments 663,340,405 663,092,186 Amortized Cost (1) 660,086,643 659,502,014 Market Value (2) 661,137,492 661,031,752 (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 06/30/14. 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) General SlOl Internal Service $38 Agency/Trust $19,5 Enterprise jjg^ Special Revenue $46.5 Capital Projects $289 Total Treasurer's Investment Portfolio at Amortized Cost June 30, 2014 $660 million DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan(@carlsbadca.qov COUNCIL ACTION: FOR CITY CLERKS USE ONL Y. APPROVED • CONTINUED TO DATE SPECIFIC •_ DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER - SEE MINUTES \K AMENDED • Council accepted the report. PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF JUNE 30, 2014 Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 8,105,647 7,276,933 828,714 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration APRIL 2014 2.16 1.078% 2.091 MAY 2014 2.13 1.079% 2.071 JUNE 2014 2.14 1.059% 2.080 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 11,627,622 11,625,767 Cost 11,627,622 11,625,767 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 c>2.,. 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 EXHIBIT 1 o u. I-a: o Q. I- I § (J) ^ 111 HI > z Z D < O u. O >- o CO 3 o >- OQ Q uj LU O s g~ o o 3: CO s % I CO O o § fc! C: Q: o OQ 1 O § oc OQ c o UJ >- UJ O Ul c o c O a> 0) 8° c o — *.> •= !s re ® O > c o UJ _J < > H Ul oc < 0 Q. C o S £ 3 o c o I- o o Q Ul N 1- C£. 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LL LL y ^ O CO QC < O z < < < < ro in d |v ro" p xr ro" eg O I- I CD 3 CO ro m d rv M- rv" CM CM ro" m ro O I- Q Z o OOOOOOOOOOOOOOOOOOOOOOO OOOOOOOO z UJ LJ > egegegcMCNCMCMegcMCMegcNegrorororororororororo oooooooooooooooooop — """ egrviegegegsMCN£NSM£MjNCNjNSMC!CiCiC!C! p p p p JM SM SM £N ro eg X- CM CO m 00 xr rf CM eg JN X- rv xf xf ro ro ro ro SN mmmrocMCMCNCMCMCMrgx-x-x-x- x- SO SM ro ro m ro ^ C p ro p p p EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF JUNE 30, 2014 Cash Balance by Fund: General 101,358,582 Special Revenue 46,591,230 Debt Service 0 Capital Projects: General Capital Construction 43,849,089 Traffic Impact Fees 21,245,501 Public Facilities Fees 36,656,866 Park Development 4,559,327 Transnet Taxes 4,740,912 Drainage Fees 5,948,710 Special Districts 85,247,572 Infrastructure Replacement 84,054,936 Redevelopment (see Trust Funds) 0 Other Capital Construction 2,295,376 Total 288,598,288 Enterprise: Carlsbad Municipal Water District 101,978,891 Sewer Fund 52,494,616 Solid Waste 7,315,059 Stormwater 4,179,469 Golf Course 37,998 Total 166,006,033 Internal Service 38,244,077 Agency Funds 18,155,409 Trust Funds 1,496,713 Total General Ledger Balance ** 660,450,332 Reconciling Adjustments (1) (363,688) Total Treasurer's Investment Portfolio at Amortized Cost 660,086,643 (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 7/09/14 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of JUNE 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: Moody's S&P or Fitch) Moodv's S&P Fitch BERKSHIRE HATHAWAY AA2 AA-t-A-i- CHEVRON AAI AA NR COCA COLA AAS AA A-i- GENERAL ELECTRIC COMPANY AAS AA-i-NR GOOGLE INC AA2 AA NR HSBC BANK USA A1 AA-AA- IBM CORP AAS AA-A-H JOHNSON & JOHNSON AAA AAA AAA MASS MUTUAL GLOBAL AA2 AA-t-AA+ MET LIFE GLOBAL AAS AA-AA- NEW YORK LIFE AAA AA+ AAA PROCTER & GAMBLE AAS AA-NR PROVIDENCE HEALTH AA2 AA AA ROYAL BANK OF CANADA AAS AA-AA SHELL INTERNATIONAL AA1 AA AA TOYOTA AAS 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 * Latest Carrying Market Moodv's S&P Fitch Maturitv Date Value Value BARCLAYS BANK A2 A NR 12/15/2015 2,000,000 2,020,580 GENERAL ELECTRIC A1 AA-t-NR 05/09/2016 17,408,6S1 17,692,222 MERCK A1 AA A-i-06/S0/2015 5,13S,025 5,182,050 * 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 JUNE 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 0.30% BERKSHIRE HATHAWAY 23,416,919.14 3.53% CHEVRON 3,990,083.80 0.60% COCA COLA CO 7,624,962.52 1.15% GENERAL ELECTRIC CAP 17,352,898.05 2.62% GENERAL ELECTRIC COMPANY 8,032,665.00 1.21% GOOGLE 1,050,940.00 0.16% HSBC BANK USA 10,000,000.00 1.51% IBM CORP 8,581,305.00 1.29% JOHNSON & JOHNSON 2,104,120.00 0.32% MASS MUTUAL 1,024,175.57 0.15% MERCK & CO 5,498,750.00 0.83% MET LIFE GLOBAL FUND 14,090,335.81 2.12% NEW YORK LIFE 8,691,145.24 1.31% PROTER & GAMBLE 13,392,464.17 2.02% 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 0.81% TOYOTA 8,005,285.00 1.21% WAL-MART 12,984,244.55 1.96% WESTPAC BANKING CORP 5,000,000.00 0.75% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FAMCA FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC 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 15,016,370.00 58,446,847.73 130,613,886.40 60,597,048.50 90,217,687.14 4,985,446.96 Percent of Portfolio** 2.26% 8.81% 19.69% 9.14% 13.60% 0.75% $663,340,405.36 o a o DC *.> c •u o _^ w c ^ Sl B T: 0, CM w > O S •o c o CQ o fi (0 V 3 13 s CO (0 c o o o cn CD > c 0) >, 0) c o JZ CA CO O c- i o E c c C CL O o S. <u O) > o O CO o (0 o c « E (0 <0 « (0 10 < o >- 0) o >- 0) z EXHIBIT 11 ta tn 3 CO CO M CO c o "S s >-z m c CO CQ O ca CO c o i-~ XI eg il p o ii c CD c X— c o c r~ c «_ m o « rv- 00 S) ro" O) o O) CM" O) < CM < r-. < xf < p < P og P CM_ 75 ^ i~ "(5 u u u u u 10 (0 10 (0 (0 il. il iZ E iZ 0 S IS >• >-z z CQ CD ro X-•* o c o « S >- Z O CO c o "55 S >-Z ffl c o cu > c O c = o ffl o in il c in c CO c «> lO 4) CM C3> C3) O) co' h-" D> < < CO < O) _ c» « « X-" re o O u to (0 (0 IZ iZ >- >-z z CO CD O CM c» CO x-_ CM_ oo" CD" CO 00 c O c = o fl) = ii ffl s CD S CM O) o" < t^ _ CM « .r-" O (0 </» VJ- <«• CM CJ) o CO CD o o in o CM CO CO X— o r--CO m CO 00 CO CO in o O in eg cn X— CM CM oo" co" o evj" co' CD' CJJ CD' oo" CD' O eg i-~ xj-O) CO CO r--CD CO l~-CM O) eg_ X— CJ) C0_ o CM_ X—" eg' X-X-X- z z a> •o >, _> 0) ffl o s, ^ *' CO CO O o o CD g °- CC 8 m CO I > cn i! < (0 , S u. 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