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HomeMy WebLinkAbout041823-06.31 ADMINISTRATIVE STAFF REPORT 6.3 TO: Mayor and Town Council April 18, 2023 SUBJECT: February 2023 Month End Treasurer’s Report BACKGROUND The California Government Code and the Town of Danville’s Investment Policy require that a report specifying the investment activity during the month, as well as the month-end investment balances, be prepared and presented to the Town Council on a monthly basis. DISCUSSION Beginning and Ending Cash and Investment Balances for the month of February 2023: January February January February 2023 2023 2023 2023 Town Funds $110,018,703 $109,536,817 $106,676,610 $105,603,137 Trust Funds 1,886,203 1,893,034 1,886,203 1,893,034 Assessment & SA 2,034,588 2,033,586 2,041,087 2,042,002 Total Cash & Investments $113,939,494 $113,463,437 $110,603,900 $109,538,173 Total Cash & Investments Year-to-Year Comparison 2022 $103,593,630 $102,849,703 $103,062,243 $101,939,719 Cost Basis Market Value Purchases for the month of February 2023 consisted of one Apple Inc Callable Note Cont for $728,265(maturity date February 23, 2026). There were no purchases for the NERIAD Fund for the month of February 2023. There were no maturities for the month of February 2023. Sales before maturities for the month of February 2023 included one John Deere Owner Trust 2021-A A3 for $15,649, one John Deere Owner Trust 2020-A A3 for $15,320, one Mercedes-Benz Auto Lease Trust 2021-B A3 for $7,661, one Nissan Auto Receivables February 2023 Treasurer’s Report 2 April 18, 2023 Owner 2019-C A3 for $18,221, and one Toyota Auto Receivables Trust 2021-B A3 for $58,830. There were no maturities for NERIAD Fund for the month of February 2023. The Town’s net cash position changed from $18,501,908 to $17,407,426 during the month of February 2023. This consisted of operating expenses in excess of operating revenues of -$600,466, net funds invested of $612,584, and interest received of $118,556. Cash requirements have been projected for the next 12 months, and the Town is in a position to meet its cash requirements. All investments that the Town owns are in compliance with the California Government Code and the Town’s Investment Policy. PUBLIC CONTACT Posting of the meeting agenda serves as notice to the general public. RECOMMENDATION Accept the February 2023 Month End Treasurer’s Report. Prepared by: Lani Ha Finance Director/Treasurer Reviewed by: Joseph A. Calabrigo Town Manager Attachment: February 2023 Month End Treasurer’s Report Town of Danville Treasurer's Report of Investments - Summary February 28, 2023 Yield to Description Par Value Cost Market Value % Total Maturity TOWN FUNDS U.S. Treasury Obligations 43,150,000$ 42,682,848$ 40,593,356$ 38%1.78% Federal Agency Issues 28,310,000 28,354,123 27,407,376 26%0.97% Cash Equivalents 17,407,426 17,407,426 17,407,426 16%2.26% Asset-Backed Securities 5,157,829 5,157,244 4,964,310 5%1.52% Commercial Paper 0 0 0 0%0.00% Negotiable CD 0 0 0 0%0.00% Supranational 2,605,000 2,632,292 2,449,311 2%0.46% US Corporate 13,380,000 13,302,884 12,781,358 12%2.27% Total / Weighted Average 110,010,255$ 109,536,817$ 105,603,137$ 100%1.67% Maturities 0 - 30 Days 18,307,009$ 17% 31-60 0 0% 61 - 90 4,967,809 5% 91 - 120 5,049,630 5% 121 - 180 4,709,586 4% 181 - 270 4,946,623 5% 271 - 365 7,926,394 8% 1 - 2 Years 29,526,887 28% 2 - 3 21,736,280 21% 3 - 5 8,432,919 8% Over 5 Years 0 0% 105,603,137$ 100% Total / Weighted Average Town Funds Weighted Average Quality is AAA Page 1 Town of Danville Treasurer's Report of Investments - Summary February 28, 2023 Description Par Value Cost Market Value % Total TRUST FUND Cash Equivalents 1,893,034$ 1,893,034$ 1,893,034$ 100% CDA/SUCCESSOR AGENCY Cash Equivalents 814,873$ 814,873$ 814,873$ 100% Total 814,873$ 814,873$ 814,873$ 100% ASSESSMENT DISTRICTS NERIAD Federal Agency Issues -$ -$ -$ 0% U.S. Treasury Obligations 875,000 852,612 861,028 70% Cash Equivalents 366,101 366,101 366,101 30% Subtotal 1,241,101$ 1,218,713$ 1,227,129$ 100% Total 1,241,101$ 1,218,713$ 1,227,129$ 100% SUMMARY TOTAL Town Funds 110,010,255$ 109,536,817$ 105,603,137$ Trust Fund 1,893,034 1,893,034 1,893,034 CDA/Successor Agency 814,873 814,873 814,873 NERIAD 1,241,101 1,218,713 1,227,129 Summary Total 113,959,262$ 113,463,437$ 109,538,173$ Page 2 Town of Danville Treasurer's Report of Investments CDA Town Funds Trust Funds Successor Agency NERIAD Total Beginning Balance, at cost 110,018,703$ 1,886,203$ 814,864$ 1,219,724$ 113,939,494$ Purchases, at cost Apple Inc Callable Note Cont 728,265$ 728,265 US Treasury Note -$ - Microsoft Callable Note Cont -$ - US Treasury Note -$ - GM Financial Securitized ART 2022-2 A3 -$ - US Treasury Note -$ - - - Sales/Maturations/Call - - Toyota Motor Credit Corp Note -$ - FNMA -$ - US Bank NA Callable Note Cont -$ - - Bank of NY Mellon corp Callable Note -$ - - -$ - Redemption (115,681)$ (115,681) Premium/Discount 12$ - - 12 Interest Received 118,556$ - 1,203 374 120,132 Net change in Cash (1,213,038)$ 6,831 (1,194) (1,385)(1,208,786) Realized gains (losses)- Ending Balance, at cost 109,536,817$ 1,893,034$ 814,873$ 1,218,713$ 113,463,437 February 28, 2023 Page 3 Town of DanvilleTreasurer's Report of Investments - DetailTown Funds Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Federal Agency Issues FNMA Note 03/18/2019 01/19/2023 0 0 - 2.46%0 FHLB Note 03/28/2019 03/10/2023 900,000 917,136 899,582 2.24%20,160 FHLMC Note 05/05/2020 05/05/2023 1,330,000 1,329,442 1,319,320 0.39%5,187 FNMA Note 05/20/2020 05/22/2023 1,425,000 1,420,711 1,410,075 0.35%4,988 FFCB Note 06/02/2020 06/08/2023 1,500,000 1,498,875 1,481,294 0.33%4,950 FHLB Note 06/10/2019 06/09/2023 1,500,000 1,507,305 1,488,356 2.00%30,000 FHLMC Note 06/24/2020 06/26/2023 1,305,000 1,301,189 1,284,671 0.35%4,568 FNMA Note 07/08/2020 07/10/2023 560,000 558,796 549,815 0.28%1,568 FNMA Note 08/12/2020 07/10/2023 900,000 900,054 885,587 0.28%2,520 FFCB Note 08/12/2020 08/14/2023 1,500,000 1,496,880 1,465,137 0.27%4,050 FHLMC Note 09/28/2020 08/24/2023 1,500,000 1,501,095 1,464,915 0.22%3,300 FHLMC Note 09/04/2020 09/08/2023 890,000 889,706 867,262 0.26%2,314 FHLMC Note 09/10/2020 09/08/2023 600,000 599,724 584,595 0.26%1,560 FHLMC Note 11/03/2020 11/06/2023 1,455,000 1,453,691 1,407,504 0.28%4,074 FNMA Note 11/24/2020 11/27/2023 1,500,000 1,499,160 1,446,195 0.27%4,050 FHLMC Note 12/09/2020 12/04/2023 1,500,000 1,499,610 1,443,219 0.26%3,900 FNMA Note 03/24/2020 02/05/2024 1,700,000 1,808,052 1,656,881 0.82%13,940 FHLB Note 03/03/2020 03/08/2024 1,500,000 1,560,525 1,447,747 0.85%12,750 FHLB Note 0801/2022 11/08/2024 900,000 858,798 839,486 3.11%27,990 FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 932,339 3.15%31,500 FFCB Note 01/06/2022 01/06/2025 595,000 593,661 555,234 1.20%7,140 FFCB Note 02/17/2022 02/14/2025 750,000 748,365 706,503 1.83%13,725 FFCB Note 02/28/2022 02/14/2025 750,000 748,057 706,213 1.83%13,725 FFCB Note 03/14/2022 02/25/2025 750,000 743,441 705,790 2.06%15,450 FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 960,469 2.97%29,700 FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 899,187 1.17%11,700 Subtotal 28,310,000$ 28,354,123$ 27,407,376$ 0.97%274,808$ February 28, 2023 Page 4 Town of DanvilleTreasurer's Report of Investments - DetailTown Funds Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest February 28, 2023 U.S. Treasury Obligations U.S. Treasury Notes 06/19/2019 04/30/2023 1,500,000 1,486,582 1,491,954 1.87%28,050 U.S. Treasury Notes 09/13/2019 10/31/2023 1,500,000 1,490,918 1,465,782 1.78%26,700 U.S. Treasury Notes 01/08/2021 12/15/2023 750,000 747,861 721,142 0.22%1,650 U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,351 948,398 0.36%3,600 U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 964,609 3.06%30,600 U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,179,004 0.36%4,500 U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,409,649 0.33%4,950 U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,649 1,406,895 0.38%5,700 U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 945,273 0.26%2,600 U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,265 1,304,734 0.44%6,160 U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,275,961 0.45%6,075 U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,397,637 0.80%12,000 U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,636 793,388 1.39%11,815 U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,418,437 2.03%30,450 U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,406,075 0.40%6,000 U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 930,469 1.43%14,300 U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,237,148 0.66%8,910 U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 943,800 0.33%3,300 U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 878,232 2.74%27,400 U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,358,672 0.53%7,950 U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,355,976 0.56%8,400 U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,216,266 1.06%14,310 U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,409,532 2.96%44,400 U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,441,875 2.96%44,400 U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,562 1,536,875 2.87%45,920 U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,600,655 3.05%51,850 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,045,945 3.21%35,310 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,526 1,687,009 3.00%54,000 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,503,437 3.43%54,880 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,352,351 4.01%58,145 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,439,238 4.01%60,150 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,526,938 3.59%57,440Subtotal43,150,000$ 42,682,848$ 40,593,356$ 1.78%771,915$ Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)468,937 468,937 468,937 3.98%18,664 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)352,736 352,736 352,736 3.98%14,039 Bank of New York 490,254 490,254 490,254 3.00%14,708 US Bank 2,868,613 2,868,613 2,868,613 0.00%48 LAIF 13,226,886 13,226,886 13,226,886 2.62%347,073Subtotal17,407,426$ 17,407,426$ 17,407,426$ 2.26%394,531 Page 5 Town of DanvilleTreasurer's Report of Investments - DetailTown Funds Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest February 28, 2023 Asset-Backed Securities Nissan Auto Receivables Owner 2019-C A3 10/16/2019 07/15/2024 30,997 30,996 30,933 1.94%601 John Deere Owner Trust 2020-A A3 03/04/2020 08/15/2024 48,824 48,822 48,505 1.11%542 Mercedes-Benz Auto Lease Trust 2021-B A3 06/22/2021 11/15/2024 352,339 352,313 344,132 0.40%1,409 BMW Vehicle Lease Trust 2022-1-A3 01/11/2022 03/25/2025 255,000 254,962 248,021 1.11%2,831 GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 450,000 449,953 439,920 3.45%15,525 John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 191,242 191,205 184,569 0.37%708 Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 934,427 934,326 900,668 0.26%2,430 Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 260,000 259,945 246,900 0.89%2,314 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 310,000 309,972 295,737 0.52%1,612 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 245,000 244,995 231,877 0.71%1,740 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 425,000 424,936 404,901 1.89%8,033 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 300,000 299,984 291,511 3.23%9,690 John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 330,000 329,927 315,564 2.34%7,722 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 595,000 594,977 568,306 2.23%13,269 GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 170,000 169,985 161,475 1.27%2,159 GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 260,000 259,946 251,291 3.13%8,138Subtotal5,157,829$ 5,157,244$ 4,964,310$ 1.52%78,721$ Supranational Intl. Bank Recon & Development Note 11/17/2020 11/24/2023 355,000 354,237 342,525 0.32%1,136 Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,164,325 0.52%6,500 International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 942,461 0.46%4,600 Subtotal 2,605,000$ 2,632,292$ 2,449,311$ 0.46%12,236$ US Corporate 0 0 Apple Inc Note 05/29/2019 05/03/2023 750,000 746,205 746,461 2.54%19,050 Wal-Mart Stores Callable Note Cont 03/27/2019 06/26/2023 800,000 827,616 795,310 2.54%20,320 American Honda Finance Note 08/19/2019 01/12/2024 950,000 1,008,634 935,427 2.07%19,665 John Deere Capital Corp Note 03/01/2021 01/17/2024 615,000 614,564 589,789 0.47%2,891 Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 953,592 0.92%9,200 Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 541,639 0.69%3,933 Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 404,418 0.69%2,967 Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 854,804 0.50%4,525 John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 508,500 0.49%2,646 Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 359,403 0.52%2,002 MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 942,665 2.03%20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 461,771 2.04%10,200 JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 703,592 1.79%13,425 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 451,482 3.13%14,711 Wal-Mart Stores Note 09/26/2022 02/06/2026 700,000 685,776 686,006 4.64%32,480 Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 958,293 4.28%42,800 State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 246,890 2.80%7,420 Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 717,369 4.27%32,025 Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 923,947 4.43%44,300 Subtotal 13,380,000$ 13,302,884$ 12,781,358$ 2.27%304,860$ TOTAL 110,010,255$ 109,536,817$ 105,603,137$ 1.67%1,837,071$ Source: Chandler Asset Management US Bank Local Agency Investment Fund (LAIF) Page 6 Town of Danville Treasurer's Report of Investments - Detail February 28, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF 1,893,034$ 1,893,034$ 1,893,034$ 2.62%49,673 TOTAL 1,893,034$ 1,893,034$ 1,893,034$ 2.62% $49,673 Source: Local Agency Investment Fund (LAIF) Trust Fund Page 7 Town of Danville Treasurer's Report of Investments - Detail February 28, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF - redemption fund 363,140$ 363,140$ 363,140$ 2.62%9,529 Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)379,405$ 379,405 379,405 3.98%15,100 Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)78$ 78 78 3.98%3 Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)72,250$ 72,250 72,250 3.98%2,876 Subtotal 814,873$ 814,873$ 814,873$ 3.38%27,508$ TOTAL 814,873$ 814,873$ 814,873$ 3.38%27,508$ Source: BNY Trust Company Local Agency Investment Fund (LAIF) Community Development Agency/Successor Agency Page 8 Town of Danville Treasurer's Report of Investments - Detail Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest U.S. Treasury Obligations U.S. Treasury Bill 3/30/2022 3/15/2023 250,000$ 247,256$ 249,598$ 1.66%4,150 U.S. Treasury Note 10/28/2022 4/27/2023 125,000$ 122,319$ 122,319$ 4.49%5,613 U.S. Treasury Note 7/13/2022 6/30/2023 250,000$ 242,998$ 246,035$ 3.10%7,750 U.S. Treasury Note 11/3/2022 9/30/2023 250,000$ 240,039$ 243,076$ 4.81%12,025 Subtotal 875,000$ 852,612$ 861,028$ 3.38%29,538$ Cash Equivalents LAIF - improvement fund 351,123$ 351,123$ 351,123$ 2.62%9,213 Bank of New York-Improvement fd 14,978$ 14,978 14,978 3.00%449 Subtotal 366,101$ 366,101$ 366,101$ 2.64%9,663$ Total 1,241,101$ 1,218,713$ 1,227,129$ 3.16%39,200$ Source: Chandler Asset Management BNY Trust Company Local Agency Investment Fund (LAIF) Northeast Roadway Improvement Assessment District (NERIAD) February 28, 2023 Page 9