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Home My WebLink About2014-09-09; City Council; 21724; Report on City Investments July 31, 2014CITY OF CARLSBAD - AGENDA BILL AB# 21,724 REPORT ON CITY INVESTMENTS DEPT. HEAD n MTG. 9/9/14 AS OF JULY 31, 2014 CITY ATTY. M.' DEPT. TRS CITY MGR. 1 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 July 31, 2014 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 657,886,662 658,227,474 Cost of Investments 663,232,123 663,340,405 Amortized Cost (1) 659,642,570 660,086,643 Market Value (2) 659,614,619 661,137,492 (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 7/31/14. 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. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Special Revenue General $45 Internal Service $38 Agency/Trust $20 Enterprise jjg^ Capital Projects $295 Total Treasurer's Investment Portrolio at Amortized Cost July 31, 2014 $656 million DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan(a)carlsbadca.gov FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED CONTINUED TO DATE SPECIFIC • DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER-SEE MINUTES • AMENDED • PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF Julv 31. 2014 Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 872,153 0 872,153 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration May 2014 2.13 1.079% 2.071 June 2014 2.14 1.059% 2.080 July 2014 2.06 1.041% 1.996 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. First 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 o Q. I- "«t Z m o CO «^ Z D — -5 (0 w -J < 01 < o u. o >-t o (0 CO >. OQ Q ui UJ CD s o o $ a: CO s •J § I- OC I I-: CO o o N o OQ I O § OQ o -I UJ >^ UJ UJ c o o 'C Q. C o O 0) 8° C O o >• c o UJ Z3 -J I-UJ < a> k- o c o (0 o o Q Ul N H Q: o c o E C a> o M (A re O 05 CN CO Q o CM O CD O) 00 CO CM C3 O O d CM O O CM in CM o o d CM o o o CO CO CM CO o m o CO o CO CM CTT 1X5 co" CD CO T— t--oo o o a> CD o CO CO o o CO CD LO CJ) CM m o r-co" cxT co" in" CM" co" •^" CD •SJ-00 CO CO m CJ) T— 00 •^" r-." •^" h-" ai CM" co" in CM CO — < z LL O >- Q O H CO O UJ UJ CM O CM O d d in 1^ o in o T— C3) CO CO o CM in o o CO CM CO o o 1^ CJ) ai in" ai oo" CD" •sf m CJ) CO CD CO 1^ CJ) m a> a> o •^" r-" •*" CD" V-" CM" co" CD CM CO T- m o CJ) m r~-00 o m T— 00 o in CM a) CD ro CM ai ai d^ d^ CM" CM" d" ai o" Oi CO T— CD CM 00 O 00 C3) CD O a> OO ^r" CM" d^ CD" d^ oo" CO CD CM CO CO CJ) CJ) •<3- CJ) CO in O) in o T— CM o in oo CO o o CD CO CM •^" m" m" •*" CM" d^ ai o" CJ) o CM CO <D CM 00 o 00 o CD 1^ O O) 00 -<i-" CM" V-" r~-" ai oo" CO m CO h-o o < :^ z < CQ CD O O CO m T— CM" 00 O) CO CD CD CJ) 5 ai in CD CO CD CD" 00 o o" CD CD C/> o m CM" CD ai in CD (0 _i < o o o o u > o P3 U c 3 T3 C rr. 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(0 G) 3 < 00>OOh*<OlO^COCM Q I->• 3 o < + 0 D) •D 3 m f \ I E o o c D 7 EXHIBIT 6 li il c E a, o CO o o O) o CM o CO CO CO CM CO T-CM CM o 00 o o CD o o cq CO Cvl <J) CD oo oo cp T- d 1^ d d Cvi d d d o6 h-^ 00 oi CO CO (d o O) o o CO o CO M-T— o 00 CJ) r--CD CD h-o> in o in CM o o CO t-~ 00 lO m lO m m «» CM" <J> oo" CM" r-" CM" co" co" to" CD" <o" CD" CO" co" O) Cvl 00 CJ) N. o CM m m m in in in ID O) CM o_ C-J o o oo Cvl Cvl CM CM eg eg Cvl CO lfl-" Csl" T-" CM" Cvf CM" Ovf co" o o CO o o o o CD Cvl CO M-Cvl CO vr— CM o 00 o o m o cq o CD CJ) CM CJ) cp CO oo cp d d d d CO d CO d csi Cvi od ai CO CO T— o o o CO 00 Cvl lO oo CJ) >-CD CD O) o CM m •* CO 00 X— m in lO m m CD" X— •*" ai O) in d^ oo" oo" OD oo" oo" co" oo" co" CO CD CM T— CJ) 00 m CJ) CM rsl CM CvJ CO ss tf^ CD O o O m O to O o CO O o O O O o O O) Cvl CO o Cvl CM CO o o Cvl O in in lO m in oq o CO IO CO Cvj T-cvi o o o O in O m O I--o o o o o o o o o o o o T— o CD o o o o o o o d CO d d Cjj d d o6 in d d d d d d d o TI-CO o o CD oo in o o o o o o o CD CO o o in oo OvI CD_ Cvl o o o. o o o o CJ) CD" r~~" d' oo" CM" Cvl" in" oo" oo" oo' oo" oo' co" oo" o o O) o O) IO Cvl X— 0) M-•t I-o o CJ) OvI m CJ) h._ CJ) in CO Cvl Cvl CvJ Cvl Cvl Cvl Cvl Ovi" CvT T-" 1-" Cvf co" oooo o o in o lo m CD o •r^ T-' Cvi ID o CM O CD M- s,p V? 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LL o z < OQ CO CO CC gc u. u. ° 8 ^ o ^ X ve o o CO 3 cc H o8 z < CQ CO QC UJ CC < in q < g DC o < v«/ = S OQ u. < CO O CO cc UJ UJ cc Oz H < m oc DC UJ li- < o o d o o •sf eg 00 i H I CO 3 CO o T- i-^ •sr CJ 00 to tv CO 00 cn CO CM CO inT-egincotvcgs-co CJ cn q cg_ p co tv o" d T-" d d eg CM CM cn cn O) oo rv cn z < CQ UJ CC CO CO <j) eg in T-" o" d o" CO CO eg M- 3 o o o < UJ m CD < 3 o CD UJ H O i o Q. QC o o o z Q < CQ O CO z H Q: o CO UJ -j 5 t ^ cc < -) cc < o Q. O u. m z < < < < _J 3 _1 _J _l _l CO CO Cvi CD to eg" tv tn d CO O OQ 3 CO CO CO cvi to to d CO CO tv" m to O H Q Z CD QQQOQQQQQQQQQQDQQQQQQ OOOOOOOOOOOOOOOOOOOOO OOOOOOOO cgcgegegcMcgegcgcMCMPJcococotocococotopj'sr UJ LJ > ooooooooooooooooooo JMtNJNCMJMCgjMCMJMJMJMCMJMJMJ^ "^"^"^"^^^^^fv^^rtococotq^-qopinoo eg T- CM CO m CO •sr T- JM SM CMT-T— T-T— T— T— T— JNl inincocMcgcgegcMcgegT-T-T-T- to CM ?^ CO o o CM JM o •* CO JM M^ N: EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF JULY 31,2014 Cash Balance by Fund: General 88,190,681 Special Revenue 46,424,504 Debt Service 0 Capital Projects: General Capital Construction 46,656,886 Traffic Impact Fees 21,341,867 Public Facilities Fees 36,000,272 Park Development 4,857,179 Transnet Taxes 4,651,154 Drainage Fees 5,976,165 Special Districts 85,125,116 Infrastructure Replacement 88,217,352 Other Capital Construction 2,397,479 Total 295,223,471 Enterprise: Carlsbad Municipal Water District 103,327,252 Sewer Fund 52,928,397 Solid Waste 7,318,219 Storm Water 4,767,341 Golf Course 267,733 Total 168,608,942 Internal Service 37,580,547 Agency Funds 18,621,962 Trust Funds 1,470,362 Total General Ledger Balance ** 656,120,468 Reconciling Adjustments (1) 3,522,102 Total Treasurer's Investment Portfolio at Amortized Cost 659,642,570 (1) Tiie Reconciling Adjustments consist of differences between ttie General Ledger whicli is prepared on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest, annortized 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 8/11/14 /5 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of JULY 31,2014 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+ 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 AAS AA-A+ JOHNSON & JOHNSON AAA AAA AAA MASS MUTUAL GLOBAL AA2 AA+ 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 * Moodv's S&P Fitch Latest Maturitv Date Carrying Value Maricet Value BARCLAYS BANK A2 A NR 12/15/2015 2,000,000 2,017,940 GENERAL ELECTRIC Al AA-H NR 05/09/2016 17,410,565 17,658,422 MERCK Al AA A+ 06/30/2015 5,121,908 5,166,750 * The City's Investtnent Policy allows the City Treasurer to determine the course of action that woulcJ 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 JULY 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 0.30% 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 UFE 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 Investment Cost Percent of Portfoli FAMCA 15,016,370.00 2.26% FEDERAL FARM CREDIT BANK 58,446,847.73 8.81% FEDERAL HOME LOAN BANK 127,105,316.40 19.16% FEDERAL HOME LOAN MORTGAGE CORP 58,599,148.50 8.84% FEDERAL NATIONAL MORTGAGE ASSOC 81,783,738.47 12.33% U.S.TREASURY 11,001,394.96 1.66% Total Portfolio * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers. $663,232,123.46 /7