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HomeMy WebLinkAbout2015-05-05; City Council; 21952; Report on City Investments March 31, 2015CITY OF CARLSBAD - AGENDA BILL AB# 21.952 REPORT ON CITY INVESTMENTS AS OF MARCH 31, 2015 DEPT. HEAD MTG. 5/5/2015 REPORT ON CITY INVESTMENTS AS OF MARCH 31, 2015 CITY ATTY. DEPT. TRS REPORT ON CITY INVESTMENTS AS OF MARCH 31, 2015 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 March 31, 2015 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 672,984,375 675,584,060 Cost of Investments 676.252,999 679,029,526 Amortized Cost (1) 673.579.504 676.426,710 Market Value (2) 675.623,920 677.391,009 (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 3/31/15. 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 Special Revenue jlOO Internal Service $39 ^ ^ \ Capital Projects Agency/Trust $j7 Enterprise jjyg $295 Total Treasurer's Investment Portfolio at Amorti7.ed Cost March 31, 2015 S673 million DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancy.Sullivanfojcarlsbadca.gov FOR CLERKS USE. COUNCIL ACTION: APPROVED CONTINUED TO DATE SPECIFIC • DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER-SEE MINUTES • AMENDED • REPORT RECEIVED D Report on City Investments as of March 31. 2015 Meeting Date: May 5, 2015 •2 Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 5,925,366 5,284,858 640,508 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration JANUARY 2015 2.14 1.111% 2.082 FEBRUARY 2015 2.12 1.118% 2.060 MARCH 2015 2.03 1.107% 1.978 All pooled investments have been made in accordance with the city's Investment Policy adopted January 2, 1985 and last revised February 10, 2015. 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 10,682,400 10,622,506 Cost 10,682,400 10,622,506 FISCAL IMPACT: None ENVIRONMENTAL IMPACT: Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. Report on City Investments as of March 31, 2015 Meeting Date: May 5, 2015 Page 3 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. 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IS X- cvl ffi O oBcvI^ifio6xfxfT^hix^^^cficDcB x^CMCOx^CNJV|JVj^x-x-x-x-x-x-x-rM rorororoegcMSlSlSlSlSiSli^?^?^i^ n 5 CT CO CM X- CT rooo)cocdTfOCTco - . , , , , ,S;;S!?=SiSii;rvicN xfTthvroroo)cj)x-oox-T-x-egcNx- 1^ ro ro ro y-ro h-..— eg eg eg CN CN eg CT ffi_ ro_ "1 ro_ ro_ ffi_ ro_ o o o O) o o rv ro ro ro eg o o ai xf rvi csi N: cd d tri d d Tf xf rv ro o eg ro ffi ro ro CT ro hv_ ro eg rv of ai h-" ro" ro" Tt" o" ro ro ro ro rv ro CT ro eg eg eg eg eg eg Tt ro ro ro r-: y-^ eg xf ro X-o" X-" CT ro eg" o o o O) o o hv ro ro ro o o O O) Tf rvi Cvi h.: CD d tri CO d Tt hv Tt o eg ro ro ro CT X— h-ro O o" o' o' eg" Tf" ro" xf" eg CN eg ej CM X— CJ) eg o o ai CJ) rv X— y~ xf" hv" |v ro ro rv o ro cd x-^ ro O) X- eg o" ro ro ro o xf h-cg d o eg CN" hv Tf Tf h- Tf rv ro O) ro ro ro xf o r-rv eg CM OJ xf o h- o O) rM eg ro ro o o o o ro ro ro d Tt oi od Tf iri m hv ro O) CN hv X— y— X— CN ro ro z X ^< Ul CC tc a Ul oiO z < ooo ro ro ro ro ro ro o o o o o o q q o eg o o d d d hv' d d o o o o o o O O O Tf o o of ai hv" ro" rv" h-" Tt Tf Tt xf xf CN eg CM eg eg CM vp vP vP vP vP vP vp vP vP vP vP ©v tfv pv tfv tfv tfv tfv tfv tfv ©v ©v ro o o o o o o o o CT r-X— eg CVI o o ro ro ro ro ro o CT o o o o eg CM eg ej eg x~ d d d d d d d d d x~ o o ro CT ej o o o o O) o o o ro ro o o o o r.: d CD .r-r.: d d d d ro ai eg ro eg Tf CM o o o o rv O) eg r~ ro ffi o o o o CT^ O) o" o" o" eg" Tf" rv" o" ro" eg" O) ro CT CT rv ro ro o hv ro ro ffi ro ro h-ro Tf xf CN CT" CN" ro" xf" T." o" r-" ro" CM CN OJ xf hv X-ro UJ X 3 < d OL < > o o o o d d o o o o ai ai Tf xf eg CN eg eg CN o o o o ro CT eg o o o o ..— o o o o o ro ro o o o o Tf d d d d td hv' d d d d iri o o o ffi eg Tf eg o o o o hv o o o rv ro ro_ o o o o CT_ hv" hv" ro" o" o" X— CM" Tf" hv" o" ro" X— Tt Tf o ro CT ro hv ro ro o rv CN eg ro ffi ro ro rv ro_ Tf Tt CT" eg" ro" xf" T—" o" hv" X— eg ej ej Tf X- ro hv CT Tf" ro q eg" h-ro tf^ ro ro hv X- X-: CO < ro ro O ro ro ZJ z ^ O < ^ OQ > G w S5 o 9 ^ X z o >. LU < CD CO _ U. CO LU o < • v«: X < $ o eg X ^ => z 9 CO < X LU Q a X X < CQ O CD X < LL CO _1 _1 Ul 5 < H o h-CQ 3 CO 3 O O O < LU CD < Z < CQ O o X < g 3 UJ o z o X O X X O o H O > *- ? CO X Q 1 I- X O CO Ul -i ? & m X < —1 § X z < < 3 _i _i a < CD O CO < i X o < < CQ 3 CO < X o I- i: r r: i: ir ir UJ D D Q Q Q Q O O O O O O ro ro ro ro ro ro X— X— X— o o o o o o Si JM JN CM JVl Sj ?; O ro r? h-ro JM JO Sl e5 JM S! X— X— eg CT OOOOOOOO 17 EXHIBIT 8 CITY OF CARLSBAD FuncJ Equity in Pooled Investments AS OF MARCH 31,2016 Cash Balance by Fund: General 100,211,569 Special Revenue 44,450,384 Debt Service 0 Capital Projects: General Capital Construction 51,336,660 Traffic Impact Fees 22,310,395 Public Facilities Fees 30,929,702 Park Development 5,674,697 Transnet Taxes 4,317,427 Drainage Fees 5,883,890 Special Districts 86,374,616 Infrastructure Replacement 85,244,877 Other Capital Construction 2,824,150 Total 294,896,415 Enterprise: Carlsbad Municipal Water District 113,109,306 Sewer Fund 53,260,969 Solid Waste 7,335,799 Storm Water 4,696,798 Golf Course 59,084 Total 178,461,956 Internal Service 39,401,479 Agency Funds 16,968,374 Trust Funds 142,831 Total General Ledger Balance ** 674,533,008 Reconciling Adjustments (1) (953,504) Total Treasurer's Investment Portfolio at Amortized Cost 673,579,504 (1) The Reconciling Adjustments consist of ciifferences 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 4/03/15 /8 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of MARCH 31,2015 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting tlie 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 HATAWAY AA2 AA+ A+ CHEVRON AA1 AA NR COCA COLA AA3 AA A+ COLGATE-PALMOLIVE AA3 AA-AA- GENERAL ELECTRIC COIVIPANY AA3 AA+ NR GOOGLE INC AA2 AA NR HSBC BANK USA A1 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 Moodv's S&P Fitch Maturitv Date Value Value BARCLAYS BANK A2 A NR 12/15/2015 2,000,000 2,009,300 GENERAL ELECTRIC Al AA+ NR 05/09/2016 10,408,980 10,565,188 * The City's Investment Policy allows tfie 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 MARCH 31,2015 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 18,004,749.14 2.66% CHEVRON 7,007,483.80 1.04% COCA COLA CO 7,624,962.52 1.13% COLGATE-PALMOLIVE 3,468,185.00 0.51% GENERAL ELECTRIC CAP 10,438,378.05 1.54% GENERAL ELECTRIC COMPANY 8,032,665.00 1.19% GOOGLE 1,050,940.00 0.16% HSBC BANK USA 10,000,000.00 1.48% IBM CORP 5,077,000.00 0.75% JOHNSON & JOHNSON 2,104,120.00 0.31% MASS MUTUAL 4,579,860.57 0.68% MET LIFE GLOBAL FUND 14,090,335.81 2.08% NEW YORK LIFE 3,669,194.08 0.54% PROTER & GAMBLE 13,392,464.17 1.98% ROYAL BANK OF CANADA 4,327,662.50 0.64% SHELL INTERNATIONAL FIN 5,384,350.00 0.80% TOYOTA 8,005,285.00 1.18% WAL-MART 12,984,244.55 1.92% WESTPAC BANKING CORP 5,000,000.00 0.74% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FAMCA 15,016,370.00 2.22% FICO/FNMA - FN 6,683,491.85 0.99% FEDERAL FARM CREDIT BANK 54,582,423.43 8.07% FEDERAL HOME LOAN BANK 135,875,780.56 20.09% FEDERAL HOME LOAN MORTGAGE CORP 75,159,263.50 11.11% FEDERAL NATIONAL MORTGAGE ASSOC 84,308,705.87 12.47% U.S.TREASURY 27,323,481.42 4.04% Total Portfolio $676,252,999.19 * No more than 5% may be'invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. 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