HomeMy WebLinkAbout2015-01-13; City Council; 21817; Report on City Investments as of November 30, 2014CAJRr
CITY OF CARLSBAD - AGENDA BILL
AB# 21,817 REPORT ON CITY INVESTMENTS DEPT. HEAD
MTG. t 113115 AS OF NOVEMBER 30, 2014 CITY ATTY.
DEPT. TRS CITY MGR.
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 November 30, 2014 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Current Month
Prior Month
Par Value
651,558,020
650,866,805
Cost of Investments
655,820,752
655,124,992
Amortized Cost (1)
652,823,503
652,217,735
Market Value (2)
1 654,410,556
653,089,473
(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 11130114.
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 EQ1 ITY IN POO1, E1) 1N%ESTNIENTS
(Dollar Amounts in Millions)
Special Revenue
(;eneral $1 5 $ 46
Internal Service $39 Capital Projects
Agency/Trust 514.5 $ 297
Enterprise
5175
'local Treasurer's Invest menI Port lblio at Amortized Cost
November30, 2014 S653 million
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancy. Sullivan@carisbadca.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WITHDRAWN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
13
REPORT RECEIVED
0
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30 2014
Pooled Investment Interest Income
Current
Prior
Current Month
Month FYT❑
Month FYTD
Income
Cash Income Fiscal
Year -to -Date *
3,162,486
2,700,493
461,993
"The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
Average Life
(Years)
Average Yield
To Maturity
Modified Duration
September 2014
2.03
1.031 %
1.971
October 2014
2.06
1,053%
2.001
November 2014
2.02
1.056%
1.962
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. Second Quarter Transactions
7. Detailed Investment Report
8. Fund Equity in Pooled Investments
9. Corporate Note and Commercial Paper Ratings
10Percentage Weightings By Corporate Note Issuer
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EXHIBIT 8
CITY OF CARLSBA❑
Fund Equity in Pooled Investments
AS OF NOVEMBER 30, 2014
Cash Balance by Fund:
General
Special Revenue
Debt Service
Capital Projects:
General Capital Construction
Traffic Impact Fees
Public Facilities Fees
Park Development
Transnet Taxes
Drainage Fees
Special Districts
Infrastructure Replacement
Other Capital Construction
Total
Enterprise:
Carlsbad Municipal Water District
Sewer Fund
Solid Waste
Storm Water
Golf Course
Total
Internal Service
Agency Funds
Trust Funds
Total General Ledger Balance **
Reconciling Adjustments (1)
Total Treasurer's Investment Portfolio at Amortized Cost
52,481, 308
22,483,470
31,711,372
5,322,832
4,738,115
6,070,038
84,951,E 82
86,825,952
2,749,550
110,525,179
52,293,697
7,330.013
4,808,375
47,692
81,593,853
46,161, 868
0
297,334,319
175,004,956
38,830,172
14,587,040
133,136
653,645,344
(821,841)
652,823,503
(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 12/08/14
iz
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As of NOVEMBER 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)
Moody's S&P Fitch
CHEVRON
AA1
AA
NR
COCA COLA
AA3
AA
A+
COLLATE-PALMOLIVE
AA3
AA-
AA -
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 -
NEW YORK LIFE
AAA
AA+
AAA
PROCTER & GAMBLE
AA3
AA-
NR
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 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
Moody's
S&P
Fitch
Maturity Bate
Value
Value
BARCLAYS BANK
A2
A
NR
12/15/2015
2,000,000
2,016,680
BERKSHIRE HATHAWAY
A2
AA+
A+
5/15/2018
20,930,722
21,125,736
GENERAL ELECTRIC
Al
AA+
NR
05/09/2016
15,411.688
15.619,712
MERCK
Al
AA
A+
06/30/2015
5,077,443
5,107,400
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. If 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 NOVEMBER 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
21,180,459.14
3.23%
CHEVRON
7,007,483,80
1,07%
COCA COLA CO
7,624,962.52
1.16%
COLGATE-PALMOLIVE
1,485,185.00
0.23%
GENERAL ELECTRIC CAP
15,438,378.05
2.35%
GENERAL ELECTRIC COMPANY
8,032,665.00
1,22%
GOOGLE
1,050,940.00
0,16%
HSBC BANK USA
10,000,000.00
1.52%
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
Investment Cost Percent of Portfolio"
FAMCA
15,016,370.00
2.29%
FEDERAL FARM CREDIT BANK
48,654,196.93
7,42%
FEDERAL HOME LOAN BANK
122,870,760.55
18.74%
FEDERAL HOME LOAN MORTGAGE CORP
58,897,648.50
8.98%
FEDERAL NATIONAL MORTGAGE ASSOC
88,803,126.31
13.54%
U.S.TREASURY
25,333,950.17
3.86%
Total Portfolio
$655,820.752.18
" No more than 5% may be invested with a single corporate issuer.
"There are no percentage limits on federal agency issuers.