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HomeMy WebLinkAbout051623-06.3 1 ADMINISTRATIVE STAFF REPORT 6.3 TO: Mayor and Town Council May 16, 2023 SUBJECT: March 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 March 2023: February March February March 2023 2023 2023 2023 Town Funds $109,536,817 $106,654,314 $105,603,137 $103,845,493 Trust Funds 1,893,034 1,868,703 1,893,034 1,868,703 Assessment & SA 2,033,586 1,671,384 2,042,002 1,680,260 Total Cash & Investments $113,463,437 $110,194,401 $109,538,173 $107,394,456 Total Cash & Investments Year-to-Year Comparison 2022 $102,849,703 $101,691,375 $101,939,719 $99,677,010 Cost Basis Market Value Purchases for the month of March 2023 consisted of one US Treasury Note for $1,234,131(maturity date September 30, 2027). Purchases for the NERIAD Fund for the month of March 2023 consisted of one US Treasury Note for $242,148 (maturity date December 15, 2023). Maturities for the month of March 2023 consisted of one Federal Home Loan Bank Note for $917,136. Sales before maturities for the month of March 2023 included one John Deere Owner Trust 2021-A A3 for $10,974, one John Deere Owner Trust 2020-A A3 for $10,939, one March 2023 Treasurer’s Report 2 May 16, 2023 Mercedes-Benz Auto Lease Trust 2021-B A3 for $23,802, one Nissan Auto Receivables Owner 2019-C A3 for $17,005, and one Toyota Auto Receivables Trust 2021-B A3 for $56,447. Maturities for NERIAD Fund for the month of March 2023 consisted of one US Treasury Note for $247,256. The Town’s net cash position changed from $17,407,426 to $14,327,084 during the month of March 2023. This consisted of operating expenses in excess of operating revenues of -$3,001,423, net funds invested of $197,828, premium/discount recognition of -$14,380 and interest received of $133,289. Cash requirements have been projected for the next 12 months, and the Town is in a position to meet its cash requirements. All investments that the Town owns are in compliance with the California Government Code and the Town’s Investment Policy. PUBLIC CONTACT Posting of the meeting agenda serves as notice to the general public. RECOMMENDATION Accept the March 2023 Month End Treasurer’s Report. Prepared by: Lani Ha Finance Director/Treasurer Reviewed by: Joseph A. Calabrigo Town Manager Attachment: March 2023 Month End Treasurer’s Report Town of Danville Treasurer's Report of Investments - Summary March 31, 2023 Yield to Description Par Value Cost Market Value % Total Maturity TOWN FUNDS U.S. Treasury Obligations 44,400,000$ 43,916,979$ 42,515,216$ 41%1.86% Federal Agency Issues 27,410,000 27,436,987 26,721,635 26%0.92% Cash Equivalents 14,327,084 14,327,084 14,327,084 14%2.80% Asset-Backed Securities 5,038,663 5,038,088 4,869,044 5%1.54% Commercial Paper 0 0 0 0%0.00% Negotiable CD 0 0 0 0%0.00% Supranational 2,605,000 2,632,292 2,482,256 2%0.46% US Corporate 13,380,000 13,302,884 12,930,258 12%2.27% Total / Weighted Average 107,160,747$ 106,654,314$ 103,845,493$ 100%1.75% Maturities 0 - 30 Days 14,327,086$ 14% 31-60 4,986,827 5% 61 - 90 5,068,695 5% 91 - 120 1,443,156 1% 121 - 180 4,729,017 5% 181 - 270 8,019,940 8% 271 - 365 5,787,968 6% 1 - 2 Years 29,361,579 28% 2 - 3 20,218,400 19% 3 - 5 9,902,825 10% Over 5 Years 0 0% 103,845,493$ 100% Total / Weighted Average Town Funds Weighted Average Quality is AAA Page 1 Town of Danville Treasurer's Report of Investments - Summary March 31, 2023 Description Par Value Cost Market Value % Total TRUST FUND Cash Equivalents 1,868,703$ 1,868,703$ 1,868,703$ 100% CDA/SUCCESSOR AGENCY Cash Equivalents 449,026$ 449,026$ 449,026$ 100% Total 449,026$ 449,026$ 449,026$ 100% ASSESSMENT DISTRICTS NERIAD Federal Agency Issues -$ -$ -$ 0% U.S. Treasury Obligations 875,000 847,504 856,380 70% Cash Equivalents 374,854 374,854 374,854 30% Subtotal 1,249,854$ 1,222,358$ 1,231,234$ 100% Total 1,249,854$ 1,222,358$ 1,231,234$ 100% SUMMARY TOTAL Town Funds 107,160,747$ 106,654,314$ 103,845,493$ Trust Fund 1,868,703 1,868,703 1,868,703 CDA/Successor Agency 449,026 449,026 449,026 NERIAD 1,249,854 1,222,358 1,231,234 Summary Total 110,728,329$ 110,194,401$ 107,394,456$ Page 2 Town of Danville Treasurer's Report of Investments CDA Town Funds Trust Funds Successor Agency NERIAD Total Beginning Balance, at cost 109,536,817$ 1,893,034$ 814,873$ 1,218,713$ 113,463,437$ Purchases, at cost Apple Inc Callable Note Cont -$ - US Treasury Note -$ - Microsoft Callable Note Cont -$ - US Treasury Note 1,234,131$ 242,148$ 1,476,279 GM Financial Securitized ART 2022-2 A3 -$ - US Treasury Note -$ - - - Sales/Maturations/Call - - Toyota Motor Credit Corp Note -$ - FHLB Note (917,136)$ (917,136) US Bank NA Callable Note Cont -$ - - Bank of NY Mellon corp Callable Note -$ - - -$ - Redemption (119,167)$ (247,256) (366,423) Premium/Discount (14,380)$ - - (14,380) Interest Received 133,289$ - 1,206 386 134,882 Net change in Cash (3,199,240)$ (24,331) (367,055) 8,367 (3,582,259) Realized gains (losses)- Ending Balance, at cost 106,654,314$ 1,868,703$ 449,026$ 1,222,358$ 110,194,401 March 31, 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 0 0 - 2.24%0 FHLMC Note 05/05/2020 05/05/2023 1,330,000 1,329,442 1,325,171 0.39%5,187 FNMA Note 05/20/2020 05/22/2023 1,425,000 1,420,711 1,416,516 0.35%4,988 FFCB Note 06/02/2020 06/08/2023 1,500,000 1,498,875 1,487,617 0.33%4,950 FHLB Note 06/10/2019 06/09/2023 1,500,000 1,507,305 1,491,870 2.00%30,000 FHLMC Note 06/24/2020 06/26/2023 1,305,000 1,301,189 1,291,889 0.35%4,568 FNMA Note 07/08/2020 07/10/2023 560,000 558,796 552,785 0.28%1,568 FNMA Note 08/12/2020 07/10/2023 900,000 900,054 890,371 0.28%2,520 FFCB Note 08/12/2020 08/14/2023 1,500,000 1,496,880 1,474,050 0.27%4,050 FHLMC Note 09/28/2020 08/24/2023 1,500,000 1,501,095 1,473,351 0.22%3,300 FHLMC Note 09/04/2020 09/08/2023 890,000 889,706 872,409 0.26%2,314 FHLMC Note 09/10/2020 09/08/2023 600,000 599,724 588,064 0.26%1,560 FHLMC Note 11/03/2020 11/06/2023 1,455,000 1,453,691 1,415,574 0.28%4,074 FNMA Note 11/24/2020 11/27/2023 1,500,000 1,499,160 1,456,677 0.27%4,050 FHLMC Note 12/09/2020 12/04/2023 1,500,000 1,499,610 1,454,691 0.26%3,900 FNMA Note 03/24/2020 02/05/2024 1,700,000 1,808,052 1,667,673 0.82%13,940 FHLB Note 03/03/2020 03/08/2024 1,500,000 1,560,525 1,460,694 0.85%12,750 FHLB Note 0801/2022 11/08/2024 900,000 858,798 852,866 3.11%27,990 FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 946,096 3.15%31,500 FFCB Note 01/06/2022 01/06/2025 595,000 593,661 561,503 1.20%7,140 FFCB Note 02/17/2022 02/14/2025 750,000 748,365 717,956 1.83%13,725 FFCB Note 02/28/2022 02/14/2025 750,000 748,057 717,661 1.83%13,725 FFCB Note 03/14/2022 02/25/2025 750,000 743,441 715,702 2.06%15,450 FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 974,914 2.97%29,700 FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 915,535 1.17%11,700 Subtotal 27,410,000$ 27,436,987$ 26,721,635$ 0.92%254,648$ March 31, 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 March 31, 2023 U.S. Treasury Obligations U.S. Treasury Notes 06/19/2019 04/30/2023 1,500,000 1,486,582 1,496,521 1.87%28,050 U.S. Treasury Notes 09/13/2019 10/31/2023 1,500,000 1,490,918 1,473,516 1.78%26,700 U.S. Treasury Notes 01/08/2021 12/15/2023 750,000 747,861 726,475 0.22%1,650 U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,351 957,148 0.36%3,600 U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 972,539 3.06%30,600 U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,191,993 0.36%4,500 U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,426,407 0.33%4,950 U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,649 1,424,766 0.38%5,700 U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 957,539 0.26%2,600 U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,265 1,322,727 0.44%6,160 U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,293,258 0.45%6,075 U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,418,028 0.80%12,000 U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,636 805,474 1.39%11,815 U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,439,063 2.03%30,450 U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,427,520 0.40%6,000 U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 945,547 1.43%14,300 U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,259,138 0.66%8,910 U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 960,878 0.33%3,300 U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 894,122 2.74%27,400 U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,384,101 0.53%7,950 U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,382,520 0.56%8,400 U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,239,732 1.06%14,310 U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,435,020 2.96%44,400 U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,467,012 2.96%44,400 U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,562 1,564,813 2.87%45,920 U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,631,136 3.05%51,850 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,064,637 3.21%35,310 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,526 1,721,461 3.00%54,000 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,534,626 3.43%54,880 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,384,863 4.01%58,145 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,474,101 4.01%60,150 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,565,000 3.59%57,440 U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,273,535 4.44%55,500Subtotal44,400,000$ 43,916,979$ 42,515,216$ 1.86%827,415$ Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)470,363 470,363 470,363 4.14%19,473 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)348,566 348,566 348,566 4.14%14,431 Bank of New York 411,323 411,323 411,323 3.01%12,381 US Bank 549,455 549,455 549,455 0.00%9 LAIF 12,547,377 12,547,377 12,547,377 2.83%355,216Subtotal14,327,084$ 14,327,084$ 14,327,084$ 2.80%401,510 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 March 31, 2023 Asset-Backed Securities Nissan Auto Receivables Owner 2019-C A3 10/16/2019 07/15/2024 13,992 13,991 13,973 1.94%271 John Deere Owner Trust 2020-A A3 03/04/2020 08/15/2024 37,885 37,883 37,721 1.11%421 Mercedes-Benz Auto Lease Trust 2021-B A3 06/22/2021 11/15/2024 328,538 328,513 321,143 0.40%1,314 BMW Vehicle Lease Trust 2022-1-A3 01/11/2022 03/25/2025 255,000 254,962 248,633 1.11%2,831 GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 450,000 449,953 442,034 3.45%15,525 John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 180,268 180,233 174,463 0.37%667 Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 877,980 877,886 847,749 0.26%2,283 Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 260,000 259,945 248,325 0.89%2,314 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 310,000 309,972 296,566 0.52%1,612 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 245,000 244,995 233,559 0.71%1,740 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 425,000 424,936 407,474 1.89%8,033 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 300,000 299,984 293,143 3.23%9,690 John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 330,000 329,927 318,955 2.34%7,722 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 595,000 594,977 572,009 2.23%13,269 GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 170,000 169,985 161,522 1.27%2,159 GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 260,000 259,946 251,775 3.13%8,138Subtotal5,038,663$ 5,038,088$ 4,869,044$ 1.54%77,987$ Supranational Intl. Bank Recon & Development Note 11/17/2020 11/24/2023 355,000 354,237 344,932 0.32%1,136 Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,181,731 0.52%6,500 International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 955,593 0.46%4,600 Subtotal 2,605,000$ 2,632,292$ 2,482,256$ 0.46%12,236$ US Corporate 0 0 Apple Inc Note 05/29/2019 05/03/2023 750,000 746,205 748,619 2.54%19,050 Wal-Mart Stores Callable Note Cont 03/27/2019 06/26/2023 800,000 827,616 797,319 2.54%20,320 American Honda Finance Note 08/19/2019 01/12/2024 950,000 1,008,634 938,722 2.07%19,665 John Deere Capital Corp Note 03/01/2021 01/17/2024 615,000 614,564 594,526 0.47%2,891 Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 951,892 0.92%9,200 Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 548,716 0.69%3,933 Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 409,702 0.69%2,967 Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 863,808 0.50%4,525 John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 514,189 0.49%2,646 Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 363,262 0.52%2,002 MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 956,625 2.03%20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 469,277 2.04%10,200 JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 710,708 1.79%13,425 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 458,006 3.13%14,711 Wal-Mart Stores Note 09/26/2022 02/06/2026 700,000 685,776 697,878 4.64%32,480 Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 975,261 4.28%42,800 State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 248,797 2.80%7,420 Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 733,711 4.27%32,025 Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 949,240 4.43%44,300 Subtotal 13,380,000$ 13,302,884$ 12,930,258$ 2.27%304,860$ TOTAL 107,160,747$ 106,654,314$ 103,845,493$ 1.75%1,878,655$ Source: Chandler Asset Management US Bank Local Agency Investment Fund (LAIF) Page 6 Town of Danville Treasurer's Report of Investments - Detail March 31, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF 1,868,703$ 1,868,703$ 1,868,703$ 2.83%52,903 TOTAL 1,868,703$ 1,868,703$ 1,868,703$ 2.83% $52,903 Source: Local Agency Investment Fund (LAIF) Trust Fund Page 7 Town of Danville Treasurer's Report of Investments - Detail March 31, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF - redemption fund 66,989$ 66,989$ 66,989$ 2.83%1,896 Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)381,733$ 381,733 381,733 4.14%15,804 Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)159$ 159 159 4.14%7 Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)145$ 145 145 4.14%6 Subtotal 449,026$ 449,026$ 449,026$ 3.94%17,713$ TOTAL 449,026$ 449,026$ 449,026$ 3.94%17,713$ 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 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$ 247,274$ 3.10%7,750 U.S. Treasury Note 11/3/2022 9/30/2023 250,000$ 240,039$ 244,629$ 4.81%12,025 U.S. Treasury Note 3/20/2023 12/15/2023 250,000$ 242,148$ 242,158$ 4.51%11,275 Subtotal 875,000$ 847,504$ 856,380$ 4.19%36,663$ Cash Equivalents LAIF - improvement fund 351,113$ 351,113$ 351,113$ 2.83%9,940 Bank of New York-Improvement fd 23,741$ 23,741 23,741 3.01%715 Subtotal 374,854$ 374,854$ 374,854$ 2.84%10,655$ Total 1,249,854$ 1,222,358$ 1,231,234$ 3.79%47,317$ Source: Chandler Asset Management BNY Trust Company Local Agency Investment Fund (LAIF) Northeast Roadway Improvement Assessment District (NERIAD) March 31, 2023 Page 9