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2014-12-09; City Council; 21798; Report on City Investments as of October 31, 2014
CITY OF CARLSBAD - AGENDA BILL AB# 21,798 REPORT ON CITY INVESTMENTS DEPT. HEAD MTG. 12/9/14 AS OF OCTOBER 31, 2014 CITY ATTY. j DEPT. TRS CITY MGR. RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City's Investnnent 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 October 31, 2014 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 650,866,805 652,752,457 Cost of Investments 655,124,992 657,402,713 Amortized Cost (1) 652,217,735 654,191,898 Market Value (2) 653,089,473 653,970,837 (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 10/31/14. The equity portion ofthe 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 $45 Internal Service $39 Agency/Trust jjj Enterprise jjyj Capital Projects $297 Total Treasurer's Investment Portfolio at Amortized Cost October 31,2014 $652 million DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancy.Sullivan@carlsbadca.gov 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 APPROVED • DENIED • CONTINUED • WITHDRAWN • AMENDED • CONTINUED TO DATE SPECIFIC • _ CONTINUED TO DATE UNKNOWN • RETURNED TO STAFF • OTHER-SEE MINUTES •, REPORT RECEIVED KZ"^ PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF OCTOBER 31. 2014 Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 2,700,493 1,999,141 701,352 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration August 2014 2.08 1.062% 2.029 September2014 2.03 1.031% 1.971 October 2014 2.06 1.053% 2.001 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. 2. 3. 4. 5. 6. 7. 8. 9. 10. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield Investment Portfolio Breakdown Of Maturities Yield Comparison Graph Market Yield Curve Cumulative Cash Income Graph Second Quarter Transactions Detailed Investment Report Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer EXHIBIT 1 o o u. I- o Q. h- o CM CO LU O o Q < QQ < < O u. 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So tn o rg CO £0 T- T- o o CM rg in CD CO CO CO CD mtorgcDCDooooinco i^ininCCi-raCTt I oracDCDcoo)coraTtraracocDCDCDincocj)CDcorv iv.racMogoginogogT-ogc3)ogogrgorgcMTtraogT-cocorararatnraracorai^rarararvtvratvtv.rara I--in o o > > a Q ••-TttntvcorvcnTtraoino rvinra-«-cj)OcnogTtinogcj) oo)(j)dcoinTtTtqinrarv LU Z MJ LU > K Z M-CO o o o o o o CO o CO tn o o rv o o T— t-v o o ra O) o o o o o o o CO o CO i^ o o o o CD ra o tn ra d ra d d d d d d d d d d d d d d d d d d rvi T— o o o o ra o o CO o CO o o oo og o MT ra o T— CO tn ra m m o ra m o ra o o CO o m oo ra m in ra m T— T— ra" d d rv' ra' d og' d d CM' d tv." o' CM' og' o" rg' ra' rv' rv' cvf Tt ra t-v ra tn ra rv CO CO m rg o T— T-ra ra CJ) Tt 00 IV. og rg rg CM og rv rv rv q CO tn Tt rv q CO ra_ CO o q CM" og" d d d d CM' CM' og' rg' T— Tt" d d og" CM' T-CM' T-d T— ir. CO CO CM rg CO T— in CO CM ra CM CJ) r- in rv CO O) o o CO ra ra rg O) Tt og tv. 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Ul CO >- o o < Q. UJ CO h- d \r. ^- > DC _ o o Tt O i; in I-v r C! ^ ra T- O _i X u. CO >- _l h-oc o 00 CJ Q. Ul H CO Ul a LU Ul to -t —J T~ ^ O CO in Ci Q. UJ Q. I- UJ CO h- UJ CO ii Ul z §1 in m T— T— • T- ra og og < O >-_i DC Ul fe < 3 O Tt > _l 1-cc a Tt T— ra p S ra -_jZj33^inra_j-^_, -iO:?<-i-i-i-!H-! < UJ I- CO 5 o CO < O < o vp Sv o < < O O T- T- O O O 6 v9 SV tn rv < O tn a o og <D o T- T-^ Ovi T-^ CQ S CQ 00 -12-1-1 XIXXXXXXXZXZXX U.LLLLLLLLLLU.LLLLLLLLLLU.LL CQCQCQSSCQCOOQCQ o H CO 3 CO o I- CD C 3 » CO § in o > •a « tn CM ra S-vP^vPvPvPqsP ins--pvsvSvsvinS-rvooomocMO coininiorginrao v9 !£? Sv I o ra T- dd"?T^T^T^T^T^T-,^,->->->->->->->->->->->->- Q:Q:Q:Q:Q;QCQ:Q:Q:Q::Q::Q: 333333333333 COCOCOCOCOCOCOCOCOCOCOCO DCCCCCDCCCCCDCCCDCCCDCCC HHHHHHHh-l-l-h-K COCOCOCOCOCOCOCOCOCOCOCO 333333333333 Z UJ • > z Tt Tt 00 CO CM CO ra lv-is ra Ci C! rg rg < < < < < < < < < < < < < < < < < LL LL u. LL LL u. u. u. LL IL u. LL u. 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CC O o ^ OQ O CO —I CC < u u. o o LL OQ Z < < < < —I 3 —I —I —I —I OOOOOOOO CM 00 r^ rg fv CD ra d d ra CO T— CO ra' Tt og ra t— ra CO hv ra o d OT 00 h-ra ra ra' o rM OT' CM vp Sv v9 o 00 Tt ra rg q d T— OT ra ra T— ra Ovi o OT ro OT OT' Tt hv OM T— ra' ra' rg ra ra OT OT ro ro d ra o o ra ro OT' ra' hv ra T— ra ra' o' CM ra T— ra o h- 00 3 CO o H Q Z /V EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF OCTOBER 31,2014 Cash Balance by Fund: General 81,562,533 Special Revenue 46,037,952 Debt Service 0 Capital Projects: General Capital Construction 52,671,831 Traffic Impact Fees 22,405,465 Public Facilities Fees 31,411,558 Park Development 5,167,693 Transnet Taxes 4,689,622 Drainage Fees 6,031,540 Special Districts 85,497,581 Infrastructure Replacement 86,841,039 Other Capital Construction 2,768,070 Total 297,484,398 Enterprise: Carlsbad Municipal Water District 109,336,233 Sewer Fund 51,659,314 Solid Waste 7,354,251 Storm Water 4,926,495 Golf Course 47,655 Total 173,323,949 Internal Service 38,573,209 Agency Funds 14,666,237 Trust Funds 144,606 Total General Ledger Balance ** 651,792,885 Reconciling Adjustments (1) 424,851 Total Treasurer's Investment Portfolio at Amortized Cost 652,217,735 (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 11/10/14 /5 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of OCTOBER 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: IVIoody's S&P or Fitch) Moodv's S&P Fitch BERKSHIRE HATHAWAY AA2 AA+ A+ CHEVRON AAI AA NR COCA COLA AAS AA A+ COLGATE-PALMOLIVE AAS AA-AA- GENERAL ELECTRIC COMPANY AAS AA-f 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 ROYAL BANK OF CANADA AAS AA-AA SHELL INTERNATIONAL AAI 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 Market Value BARCLAYS BANK A2 A NR 12/15/2015 2,000,000 2,016,780 GENERAL ELECTRIC Al AA-^ NR 05/09/2016 15,412,365 15,630,864 MERCK A1 AA A-^ 06/30/2015 5,088,560 5,118,550 * 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 Gity Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. y4 EXHIBIT 10 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF OCTOBER 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 21,180,459.14 3.23% CHEVRON 3,990,083.80 0.61% COCA COLA CO 7,624,962.52 1.16% COLGATE-PALMOLIVE 1,485,185.00 0.23% GENERAL ELECTRIC CAP 15,438,378.05 2.36% GENERAL ELECTRIC COMPANY 8,032,665.00 1.23% GOOGLE 1,050,940.00 0.16% HSBC BANK USA 10,000,000.00 1.53% IBM CORP 8,581,305.00 1.31% JOHNSON & JOHNSON 2,104,120.00 0.32% MASS MUTUAL 1,024,175.57 0.16% MERCK & CO 5,498,750.00 0.84% MET LIFE GLOBAL FUND 14,090,335.81 2.15% NEW YORK LIFE 8,691,145.24 1.33% PROTER & GAMBLE 13,392,464.17 2.04% ROYAL BANK OF CANADA 2,038,220.00 0.31% SHELL INTERNATIONAL FIN 5,384,350.00 0.82% TOYOTA 8,005,285.00 1.22% WAL-MART 12,984,244.55 1.98% WESTPAC BANKING CORP 5,000,000.00 0.76% 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 46,404,196.93 123,134,834.30 60,597,648.50 88,803,126.31 25,333,950.17 Percent of Portfolio** 2.29% 7.08% 18.80% 9.25% 13.56% 3.87% $655,124,992.16 n