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Home My WebLink About2015-10-06; City Council; 22104; Report on City Investments as of August 31, 2015CITY OF CARLSBAD - AGENDA BILL 10 AB# 22,104 REPORT ON CITY INVESTMENTS AS OF AUGUST 31, 2015 DEPT. HEAD Q,^ MTG. I0/(pi2o\5 REPORT ON CITY INVESTMENTS AS OF AUGUST 31, 2015 CITY ATTY. ' DEPT. TRS REPORT ON CITY INVESTMENTS AS OF AUGUST 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 July 31, 2015 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 689,685,298 695,741,029 Cost of Investments 693,383,028 699,439,382 Amortized Cost (1) 690,703,292 696,838,804 Market Value (2) 691,241,997 697,925,292 (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 8/31/15. 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 (DollarAmounts in Millions) GeneraL Special Revenue •$104.8 Internal Service $40 Agency/Trust jjy Enterprise ^ $180 'j^ Capital Projects $304.7 Total Treasurer's Investment Portfolio at Amortized Cost August 31, 2015 $691 million DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.qov 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ACTION: APPROVED • CONTINUED TO DATE SPECIFIC • DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER-SEE MINUTES • AMENDED • REPORT RECEIVED Report on City Investments as of August 31, 2015 Meeting Dale: October 06, 2015 Page 2 Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 1,473,315 853,886 619,429 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration JUNE 2015 2.03 1.124% 1.997 JULY 2015 2.01 1.131% 1.956 AUGUST 2015 1.95 1.134% 1.896 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. 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. 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 c2 EXHIBIT 1 o _l o u. I-o: o UJ (0 > z Q < CQ CO _l < O LL O >• o < O < (O •J o >. 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CO CO CO CO CO CO CO tr CO CO CO CO o CO UD o CO CD CO O O CO o CN CO CD o CM o CD co o O o O o CD CN r-O o o o o o CO o o o o T-o CO CM o p p p p O CO O p CO o p p CO CM UD T— CO o CO o o to CO p p O p p 00 o o UD o O o o ud ud CO CD CD cd cb 00 cd CD cd od CD csj CO cd cd CN cb rsi rsj od cd CD cb UD CO cb CD cd UD cd cb cd o lri C) cd cd cd CD CM CO o m CO CO CD CO o o o r^ UD CD •"J-CO CO CM CO CO tn CD o CM CM CO CN CO O CD o o o in o o o o p p CD Tj-o O^ CM p CD p p CM •^^ UD p r-- •^^ p rg r^^ p p T-o p O^ CO p o o p o p CO p p o' UD CD' •^' CD' CN lri CM' CD' h-' CM' co' o' •^' oo' CD h-' h-' CM' h^' oo' CD' h-' CD' r^' CD' lri co' r^" co" CM' CD' o' lri lri h-' co' eg" h-' eg' UD CO CO CO CO m CD CO CN CM CO CO CO CD r*-CD rg CD CO CO o CM eg O CM o UD CD UD CO UD UD o CD CD CD o CO p p CO p UD CO o in o_^ CO CO eg_ p O o CM p p CM p p p CM p o CM eg CM CM' CN CM' CN CN CM' CM' co' co' CN eg" co" eg' eg' T— eg' eg" eg" co' CM' CN co' CM' CM' co' co' CM' •^' CM' o CO m O CO CO CO O o CO o CM CO CD o csl o CD CO o r--o o o CD CM O o o o o o CO o o o o CO p p CSJ O p CD 00 O UD CO o p O p p p esi m 1— CO o p o UD o tn 00 p CD in p o o p o o UD o o o o tri cd cb cd CO CD CD CD CD I^ od cd UD od od cd Csj CO csj CN CO cd CD CD h~ UD cd CD r-^ CO UD o o cb UD CD ud cd cd CO CM CD o UD CO CO CD CO 00 CM o r-CD CO CD CO eo CO UD o CD eg CO CD CO r^ o eg o o UD o CO o o p p CO CD esi V-p CM rg p p p p P p p CM_ CO CM o tn to T— CD o p p p p o o UD CD UD in o o' o' •*' CO eg' CM' eg' CD' lri r^' T—' CD' CM' r*-' ed o' eg" •*' r-' co' r--' T-" h-" ud CM' r^' cb tri CM' o' o' CD' UD r>-' CM' eg' co' CM' tri eg UD eD CO 00 CD CD CO CO CD O eg CM CM esi a> CD o CD h-CM CM o CD CO CO o UD UD UD CO o CO CM CM CN eg eg eg CM CM CM eg CM rg eg CM CM eg ~.o VsO -.o ^ 5? UD o UD SD o CO o eg o O tn o O o CD in 00 CM o O UD CO UD o O O O oo o UD I^ o O CD o o o o O o o o I^ CM CD m CO O CD o o CO CO o r^ CO CO r^ o UD UD O O o tn CD r^ CD O o 00 o o UD UD o o o UD m CO CD UD CD UD Tf m UD 00 CO CO CO CO 00 o CD eg o 1^ O o CO CO UD r^ 00 CO CD o o H Si o u QS H Z u H t/) u > Z o ro H t/J a < u. o t/5 < a UJ UJ y > z < UJ < zi OL < > CD UD O O o o o o o o o p o p o o o o o p o p o o o p o p o o o p o p o p o CO o o o p o o o o o o o o O O CO p O p o p O p o p o p o p o p o o o o O o o o o o o o o o o o o p o p CO eg ci CO CD d o O CD CD o o o o o cd o 00 cd o o oi CM CM cd o o CD CM p csj 00 CN cd o o_ CD CO •«f CD o UD o o lri p CD in p cd m i^ cd CO p CD CD CO CD o o CD o O cb o o CD UD h- ci o O cb CM o cd O O cd o o cd CO o cb o p CD O O csj CO p O) p CD O p cb o o lri CN o cb o o cd o o cd o cd o o tri CD UD o o o CD O O od CO CD co' CD 00 o' O m o o' UD eg o' o o CD CD o' UD UD o' r--p o' CD o CM' o o m eg o' o p CD CD "^' UD p od p ed CD CM' CO •^^ CD CD lri eg p o' o o '^r CO CJ) od CD o' o o o" UD eg co" CD o' O O co" CD o' in p •^" CD eo CD p UD CD O O CN 00 CD' CD o co' CD o' o o CD p o" o o o' UD ud o o' o o oo' o o' o o o' O O lri CD CM eg CM eg eg' CM' CN co' CN CM' eg' eg' eg' eg' CM CM' eg' co' eg' CM' rg' CN co' ^ co' eg' CM' oo' o o O o o o o o o o o o o o o o o p o o o p o O o o o p o p o p o o o p o p o p o p o p o o o o o o o o o o O o o o o o o o o o o O o o O O o p o p o p o p o p o p o o o p O O o o cb O O ci o o cb o o cb o o ci o o cd o o o o o CD o o cd o o cd o p ci o o cd o p cd o o CD o o CD o o cd o p cd o o CD o o CD o p o o o cd o o CD o o CD O O CD o o CD O O o o o CD o O CD o O CD o O cd o o CD O O CD o o cb O O o o o O O O CD o o CD O O cb o o CD o O CD O o cb o o o o o CD O O o o O c> o o CN UD p o' o UD o' o p o' UD CN o' o o o' o p o' m UD o' in p o' CO o o' o o o' m eg o' o CO O" o o o' tn CM o' UD 00 o' o tn o' o in o' o o o' o UD o' o o o' o o o' o p o' o o o" UD CM o' O p o' o o o' I^ p o' p O O p o' o p o' O UD o' o o o' UD CD O) o o' o UD o' o o o' m p o" o o o' UD o' O o o" o o o' UD o o' O O o" O O co' 00 o CM" eg' CM' CN rg' CM' eg' ed CN eg' CM co' CM' CM' t— CM' CM' eg' co' CM' CM' eg' CM' ed co' eg' ^' CM' oo' CO Q: o CN < m O -1 < ID Z >-Z _J I-A H I-A a: a UJ UD CD CO •E— m OO 55 in eg CM rr 5) og _j _I in _i _J < < _i O < _i 5? 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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 9/21/15 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of AUGUST 31,2015 CORPORATE NOTE AND COIVIIVIERCIAL 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 HATAWAY AA2 AA+ A+ CHEVRON AAI AA NR COCA COLA AAS AA A+ COLGATE-PALMOLIVE AA3 AA-AA- GENERAL ELECTRIC COMPANY AAS AA+ NR GOOGLE INC AA2 AA NR HSBC BANK USA Al AA-AA- IBM CORP AAS AA-A+ JOHNSON & JOHNSON AAA AAA AAA MASS MUTUAL GLOBAL AA2 AA-H 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 * Latest Carrying Market Moodv's S&P Fitch Maturitv Date Value Value BARCLAYS BANK A2 NR A 12/15/2015 2,000,000 2,00S,180 GENERAL ELECTRIC Al AA-^ NR 05/09/2016 10,405,596 10,500,S58 * 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 ofthe 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 AUGUST 31, 2015 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* APPLE INC 1,989,840.00 0.28% BARCLAYS BANK 2,000,000.00 0.29% BERKSHIRE HATHAWAY 18,004,749.14 2.57% CHEVRON 7,007,483.80 1.00% COCA COLA CO 7,624,962.52 1.09% COLGATE-PALMOLIVE 3,468,185.00 0.50% GENERAL ELECTRIC CAP 10,438,378.05 1.49% GENERAL ELECTRIC COMPANY 8,032,665.00 1.15% GOOGLE 1,050,940.00 0.15% HSBC BANK USA 10,000,000.00 1.43% IBM CORP 7,246,715.50 1.04% JOHNSON & JOHNSON 2,104,120.00 0.30% MASS MUTUAL 7,866,195.57 1.12% MET LIFE GLOBAL FUND 14,090,335.81 2.01% MICROSOFT 2,037,820.00 0.29% NEW YORK LIFE 7,391,076.83 1.06% PEFCO 2,527,892.10 0.36% PROTER & GAMBLE 13,392,464.17 1.91% ROYAL BANK OF CANADA 4,327,662.50 0.62% TOYOTA 10,015,045.00 1.43% WAL-MART 15,233,684.55 2.18% WESTPAC BANKING CORP 5,000,000 00 0.71% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FAMCA 11,064,870.00 1.58% FICO 5,730,591.39 0.82% FEDERAL FARM CREDIT BANK 62,792,146 93 8.98% FEDERAL HOME LOAN BANK 112,327,138.36 16.06% FEDERAL HOME LOAN MORTGAGE CORP 76,842,568.00 10.99% FEDERAL NATIONAL MORTGAGE ASSOC 88,009,181.82 12.58% TENNESSEE VALLEY AUTHORITY 551,225.00 0.08% U.S.TREASURY 39,016,738.79 5.58% Total Portfolio $699,439,382.00 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers.