HomeMy WebLinkAbout071823-06.3
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ADMINISTRATIVE STAFF REPORT 6.3
TO: Mayor and Town Council July 18, 2023
SUBJECT: May 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 May 2023:
April May April May
2023 2023 2023 2023
Town Funds $110,464,620 $111,027,722 $107,819,563 $108,103,958
Trust Funds 1,910,378 2,010,635 1,910,378 2,010,635
Assessment & SA 1,650,486 1,649,026 1,661,389 1,661,767
Total Cash & Investments $114,025,484 $114,687,383 $111,391,330 $111,776,360
Total Cash & Investments
Year-to-Year Comparison
2022 $105,611,393 $103,902,001 $103,077,399 $101,667,764
Cost Basis Market Value
Purchases for the month of May 2023 consisted of one Federal Farm Credit Bank System
Note for $1,507,905 (maturity date April 25, 2028), one Federal Home Loan Bank Note for
$1,536,930 (maturity date December 10, 2027), one Federal Home Loan Mortgage
Corporation K068 A2 for $970,820 (maturity date August 25, 2027), one Federal Home
Loan Mortgage Corporation K066 A2 for $958,984 (maturity date June 25, 2027), and one
Federal Home Loan Mortgage Corporation K073 A2 for $691,988 (maturity date January
25, 2028).
There were no purchases for the NERIAD Fund for the month of May 2023.
Maturities for the month of May 2023 consisted of one Apple Inc Note for $746,205, one
Federal Home Loan Mortgage Corporation Note for $1,329,442, and one Federal National
Mortgage Association Note for $1,420,711.
May 2023 Treasurer’s Report 2 July 18, 2023
Sales before maturities for the month of May 2023 included one John Deere Owner Trust
2021-A A3 for $14,573, one John Deere Owner Trust 2020-A A3 for $15,110, one John
Deere Trust 2021-B A3 for $25,598, one Mercedes-Benz Auto Lease Trust 2021-B A3 for
$26,567, one Toyota Auto Receivables Trust 2021-B A3 for $53,423, and one BMW Vehicle
Lease Trust 2022-1 A3 for $21,259.
There were no maturities for NERIAD Fund for the month of May 2023.
The Town’s net cash position changed from $19,746,789 to $18,296,134 during the month
of May 2023. This consisted of operating revenues in excess of operating expenses of
$382,547, net funds invested of $2,013,740, premium/discount recognition of $22,078 and
interest received of $158,460.
Cash requirements have been projected for the next 12 months, and the Town is in a
position to meet its cash requirements.
All investments that the Town owns are in compliance with the California Government
Code and the Town’s Investment Policy.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
RECOMMENDATION
Accept the May 2023 Month End Treasurer’s Report.
Prepared by:
Lani Ha
Finance Director/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: May 2023 Month End Treasurer’s Report
Town of Danville
Treasurer's Report of Investments - Summary
May 31, 2023
Yield to
Description Par Value Cost Market Value % Total Maturity
TOWN FUNDS
U.S. Treasury Obligations 42,900,000$ 42,430,396$ 40,883,392$ 38%1.86%
Federal Agency Issues 27,655,000 27,731,669 27,066,645 25%1.28%
Cash Equivalents 18,296,134 18,296,134 18,296,134 17%2.87%
Collateralized Mortgage Obligation 2,720,000 2,621,792 2,606,495 2%4.19%
Asset-Backed Securities 4,759,305 4,758,760 4,594,020 4%1.60%
Commercial Paper 0 0 0 0%0.00%
Negotiable CD 0 0 0 0%0.00%
Supranational 2,605,000 2,632,292 2,481,310 2%0.46%
US Corporate 12,630,000 12,556,679 12,175,962 11%2.26%
Total / Weighted Average 111,565,439$ 111,027,722$ 108,103,958$ 100%1.95%
Maturities
0 - 30 Days 23,392,715$ 22%
31-60 1,451,814 1%
61 - 90 2,967,152 3%
91 - 120 1,470,062 1%
121 - 180 5,208,310 5%
181 - 270 6,292,588 6%
271 - 365 8,850,305 8%
1 - 2 Years 27,404,501 25%
2 - 3 18,839,863 17%
3 - 5 12,226,648 11%
Over 5 Years 0 0%
108,103,958$ 100%
Total / Weighted Average
Town Funds Weighted Average Quality is AAA
Page 1
Town of Danville
Treasurer's Report of Investments - Summary
May 31, 2023
Description Par Value Cost Market Value % Total
TRUST FUND
Cash Equivalents 2,010,635$ 2,010,635$ 2,010,635$ 100%
CDA/SUCCESSOR AGENCY
Cash Equivalents 441,182$ 441,182$ 441,182$ 100%
Total 441,182$ 441,182$ 441,182$ 100%
ASSESSMENT DISTRICTS
NERIAD
Federal Agency Issues -$ -$ -$ 0%
U.S. Treasury Obligations 900,000 871,572 884,313 72%
Cash Equivalents 336,272 336,272 336,272 28%
Subtotal 1,236,272$ 1,207,844$ 1,220,585$ 100%
Total 1,236,272$ 1,207,844$ 1,220,585$ 100%
SUMMARY TOTAL
Town Funds 111,565,439$ 111,027,722$ 108,103,958$
Trust Fund 2,010,635 2,010,635 2,010,635
CDA/Successor Agency 441,182 441,182 441,182
NERIAD 1,236,272 1,207,844 1,220,585
Summary Total 115,253,529$ 114,687,383$ 111,776,360$
Page 2
Town of Danville
Treasurer's Report of Investments
CDA
Town Funds Trust Funds Successor Agency NERIAD Total
Beginning Balance, at cost 110,464,620$ 1,910,378$ 442,975$ 1,207,511$ 114,025,484$
Purchases, at cost
FFCB Note 1,507,905$ 1,507,905
FHLB Note 1,536,930$ 1,536,930
FHLMC K068 A2 970,820$ 970,820
FHLMC K066 A2 958,984$ -$ 958,984
FHLMC K073 A2 691,988$ 691,988
-$ - - -
Sales/Maturations/Call - -
Apple Inc Note (746,205)$ (746,205)
FHLMC Note (1,329,442)$ (1,329,442)
FNMA Note (1,420,711)$ - (1,420,711)
-$ - -
-
Redemption (156,529)$ - (156,529)
Premium/Discount 22,078$ - - 22,078
Interest Received 158,460$ - 1,307 535 160,302
Net change in Cash (1,631,176)$ 100,258 (3,100) (202)(1,534,219)
Realized gains (losses)-
Ending Balance, at cost 111,027,722$ 2,010,635$ 441,182$ 1,207,844$ 114,687,383
May 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
FFCB Note 06/02/2020 06/08/2023 1,500,000 1,498,875 1,498,572 0.33%4,950
FHLB Note 06/10/2019 06/09/2023 1,500,000 1,507,305 1,498,962 2.00%30,000 FHLMC Note 06/24/2020 06/26/2023 1,305,000 1,301,189 1,300,128 0.35%4,568 FNMA Note 07/08/2020 07/10/2023 560,000 558,796 556,101 0.28%1,568 FNMA Note 08/12/2020 07/10/2023 900,000 900,054 895,713 0.28%2,520 FFCB Note 08/12/2020 08/14/2023 1,500,000 1,496,880 1,485,015 0.27%4,050 FHLMC Note 09/28/2020 08/24/2023 1,500,000 1,501,095 1,482,137 0.22%3,300 FHLMC Note 09/04/2020 09/08/2023 890,000 889,706 878,137 0.26%2,314 FHLMC Note 09/10/2020 09/08/2023 600,000 599,724 591,925 0.26%1,560 FHLMC Note 11/03/2020 11/06/2023 1,455,000 1,453,691 1,424,359 0.28%4,074 FNMA Note 11/24/2020 11/27/2023 1,500,000 1,499,160 1,461,875 0.27%4,050 FHLMC Note 12/09/2020 12/04/2023 1,500,000 1,499,610 1,460,639 0.26%3,900 FNMA Note 03/24/2020 02/05/2024 1,700,000 1,808,052 1,667,681 0.82%13,940 FHLB Note 03/03/2020 03/08/2024 1,500,000 1,560,525 1,461,687 0.85%12,750 FHLB Note 0801/2022 11/08/2024 900,000 858,798 846,941 3.11%27,990 FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 944,727 3.15%31,500
FFCB Note 01/06/2022 01/06/2025 595,000 593,661 562,629 1.20%7,140
FFCB Note 02/17/2022 02/14/2025 750,000 748,365 714,684 1.83%13,725
FFCB Note 02/28/2022 02/14/2025 750,000 748,057 714,390 1.83%13,725
FFCB Note 03/14/2022 02/25/2025 750,000 743,441 715,376 2.06%15,450
FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 969,954 2.97%29,700
FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 914,552 1.17%11,700
FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,517,929 3.66%54,900
FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,502,532 3.76%56,400
Subtotal 27,655,000$ 27,731,669$ 27,066,645$ 1.28%355,774$
May 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
May 31, 2023
Collateralized Mortgage Obligation
FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000$ 958,984$ 955,438$ 4.28%42,800
FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000$ 970,820$ 958,065$ 4.00%40,000
FHLMC K073 A2 05/24/2023 01/25/2028 720,000$ 691,988$ 692,992$ 4.34%31,248
Subtotal 2,720,000$ 2,621,792$ 2,606,495$ 4.19%114,048$
U.S. Treasury Obligations
U.S. Treasury Notes 09/13/2019 10/31/2023 1,500,000 1,490,918 1,477,032 1.78%26,700 U.S. Treasury Notes 01/08/2021 12/15/2023 750,000 747,861 729,463 0.22%1,650 U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,352 958,594 0.36%3,600 U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 970,820 3.06%30,600 U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,191,992 0.36%4,500 U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,425,937 0.33%4,950 U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,648 1,424,180 0.38%5,700 U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 955,313 0.26%2,600 U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,321,305 0.44%6,160 U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,289,250 0.45%6,075 U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,415,391 0.80%12,000 U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 803,117 1.39%11,815 U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,433,028 2.03%30,450 U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,422,188 0.40%6,000 U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 942,500 1.43%14,300
U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,255,658 0.66%8,910
U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 958,935 0.33%3,300
U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 892,315 2.74%27,400
U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,381,407 0.53%7,950
U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,379,472 0.56%8,400
U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,237,465 1.06%14,310
U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,427,462 2.96%44,400
U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,458,399 2.96%44,400
U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,562 1,554,875 2.87%45,920
U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,622,371 3.05%51,850 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,058,836 3.21%35,310 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,713,375 3.00%54,000 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,526,501 3.43%54,880 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,377,217 4.01%58,145 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,463,613 4.01%60,150 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,553,125 3.59%57,440 U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,262,256 4.44%55,500Subtotal42,900,000$ 42,430,396$ 40,883,392$ 1.86%799,365$
Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)473,624 473,624 473,624 4.47%21,171 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)350,983 350,983 350,983 4.47%15,689 Bank of New York 227,734 227,734 227,734 1.67%3,803 US Bank 1,000,880 1,000,880 1,000,880 0.00%17 LAIF 16,242,913 16,242,913 16,242,913 2.99%486,150
Subtotal 18,296,134$ 18,296,134$ 18,296,134$ 2.87%526,830
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
May 31, 2023
Asset-Backed Securities
John Deere Owner Trust 2020-A A3 03/04/2020 08/15/2024 12,400 12,399 12,377 1.11%138
Mercedes-Benz Auto Lease Trust 2021-B A3 06/22/2021 11/15/2024 274,809 274,788 269,796 0.40%1,099
BMW Vehicle Lease Trust 2022-1-A3 01/11/2022 03/25/2025 233,719 233,684 228,900 1.11%2,594
GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 450,000 449,953 441,140 3.45%15,525 John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 154,296 154,267 149,305 0.37%571 Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 764,679 764,597 737,446 0.26%1,988 Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 260,000 259,945 248,651 0.89%2,314 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 284,402 284,377 272,255 0.52%1,479 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 245,000 244,995 234,256 0.71%1,740 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 425,000 424,936 406,785 1.89%8,033 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 300,000 299,984 291,089 3.23%9,690 John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 330,000 329,927 317,140 2.34%7,722 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 595,000 594,977 571,022 2.23%13,269 GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 170,000 169,985 162,070 1.27%2,159 GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 260,000 259,946 251,788 3.13%8,138Subtotal4,759,305$ 4,758,760$ 4,594,020$ 1.60%76,458$
Supranational
Intl. Bank Recon & Development Note 11/17/2020 11/24/2023 355,000 354,237 346,348 0.32%1,136
Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,180,750 0.52%6,500
International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 954,212 0.46%4,600
Subtotal 2,605,000$ 2,632,292$ 2,481,310$ 0.46%12,236$
US Corporate
Wal-Mart Stores Callable Note Cont 03/27/2019 06/26/2023 800,000 827,616 798,918 2.54%20,320 American Honda Finance Note 08/19/2019 01/12/2024 950,000 1,008,634 938,685 2.07%19,665 John Deere Capital Corp Note 03/01/2021 01/17/2024 615,000 614,564 596,993 0.47%2,891 Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 960,439 0.92%9,200 Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 546,660 0.69%3,933 Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 408,168 0.69%2,967 Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 864,554 0.50%4,525 John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 515,243 0.49%2,646 Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 364,592 0.52%2,002 MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 955,534 2.03%20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 468,502 2.04%10,200 JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 712,529 1.79%13,425 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 458,026 3.13%14,711 Wal-Mart Stores Note 09/26/2022 02/06/2026 700,000 685,776 692,922 4.64%32,480
Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 972,381 4.28%42,800
State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 249,046 2.80%7,420
Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 729,290 4.27%32,025
Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 943,480 4.43%44,300
Subtotal 12,630,000$ 12,556,679$ 12,175,962$ 2.26%285,810$
TOTAL 111,565,439$ 111,027,722$ 108,103,958$ 1.95%2,170,520$
Source:
Chandler Asset Management
US Bank
Local Agency Investment Fund (LAIF)
Page 6
Town of Danville
Treasurer's Report of Investments - Detail
May 31, 2023
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF 2,010,635$ 2,010,635$ 2,010,635$ 2.99%60,178
TOTAL 2,010,635$ 2,010,635$ 2,010,635$ 2.99% $60,178
Source:
Local Agency Investment Fund (LAIF)
Trust Fund
Page 7
Town of Danville
Treasurer's Report of Investments - Detail
May 31, 2023
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF - redemption fund 56,548$ 56,548$ 56,548$ 2.99%1,692
Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)384,329$ 384,329 384,329 4.47%17,180
Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)161$ 161 161 4.47%7
Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)145$ 145 145 4.47%6
Subtotal 441,182$ 441,182$ 441,182$ 4.28%18,886$
TOTAL 441,182$ 441,182$ 441,182$ 4.28%18,886$
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 7/13/2022 6/30/2023 250,000$ 242,998$ 248,981$ 3.10%7,750
U.S. Treasury Note 11/3/2022 9/30/2023 250,000$ 240,039$ 245,791$ 4.81%12,025
U.S. Treasury Bill 4/26/2023 10/26/2023 150,000$ 146,387$ 146,387$ 4.81%7,215
U.S. Treasury Note 3/20/2023 12/15/2023 250,000$ 242,148$ 243,154$ 4.51%11,275
Subtotal 900,000$ 871,572$ 884,313$ 4.25%38,265$
Cash Equivalents
LAIF - improvement fund 333,782$ 333,782$ 333,782$ 2.99%9,990
Bank of New York-Improvement fd 2,490$ 2,490 2,490 1.67%42
Subtotal 336,272$ 336,272$ 336,272$ 2.98%10,032$
Total 1,236,272$ 1,207,844$ 1,220,585$ 3.91%48,297$
Source: Chandler Asset Management
BNY Trust Company
Local Agency Investment Fund (LAIF)
Northeast Roadway Improvement Assessment District (NERIAD)
May 31, 2023
Page 9