HomeMy WebLinkAbout081523-06.3
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ADMINISTRATIVE STAFF REPORT 6.3
TO: Mayor and Town Council August 15, 2023
SUBJECT: June 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 June 2023:
May June May June
2023 2023 2023 2023
Town Funds $111,027,722 $114,407,501 $108,103,958 $111,156,486
Trust Funds 2,010,635 1,932,160 2,010,635 1,932,160
Assessment & SA 1,649,026 2,451,482 1,661,767 2,460,573
Total Cash & Investments $114,687,383 $118,791,143 $111,776,360 $115,549,219
Total Cash & Investments
Year-to-Year Comparison
2022 $103,902,001 $107,832,351 $101,667,764 $105,098,220
Cost Basis Market Value
Purchases for the month of June 2023 consisted of one Federal Home Loan Mortgage
Corporation K063 for $965,625 (maturity date January 25, 2027), one US Treasury Note
for $1,848,984 (maturity date September 30, 2026), and one Federal Farm Credit Bank
Note for $1,997,620 (maturity date June 23, 2026).
Purchases for the NERIAD Fund for the month of June 2023 consisted of one US Treasury
Note for $241,172 (maturity date March 15, 2024).
Maturities for the month of June 2023 consisted of one Federal Farm Credit Bank Note
for $1,498,875, one Federal Home Loan Bank Note for $1,507,305, one Federal Home Loan
Mortgage Corporation Note for $1,301,189, and one Wal-Mart Stores Callable Note Cont
for $827,616.
June 2023 Treasurer’s Report 2 August 15, 2023
Sales before maturities for the month of June 2023 included one John Deere Owner Trust
2021-A A3 for $10,194, one John Deere Owner Trust 2020-A A3 for $9,803, one John Deere
Owner Trust 2021-B A3 for $16,135, one Mercedes-Benz Auto Lease Trust 2021-B A3 for
$32,868, one Toyota Auto Receivables Trust 2021-B A3 for $56,296, and one BMW Vehicle
Lease Trust 2022-1 A3 for $25,361.
Maturities for the NERIAD Fund for the month of June 2023 included one US Treasury
Note for $242,998.
The Town’s net cash position changed from $18,296,134 to $22,149,312 during the month
of June 2023. This consisted of operating revenues in excess of operating expenses of
$3,247,927, net funds invested of -$473,416, premium/discount recognition of -$22,967
and interest received of $154,802.
Cash requirements have been projected for the next 12 months, and the Town is in a
position to meet its cash requirements.
All investments that the Town owns are in compliance with the California Government
Code and the Town’s Investment Policy.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
RECOMMENDATION
Accept the June 2023 Month End Treasurer’s Report.
Prepared by:
Lani Ha
Finance Director/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: June 2023 Month End Treasurer’s Report
Town of Danville
Treasurer's Report of Investments - Summary
June 30, 2023
Yield to
Description Par Value Cost Market Value % Total Maturity
TOWN FUNDS
U.S. Treasury Obligations 44,900,000$ 44,279,381$ 42,464,210$ 38%1.96%
Federal Agency Issues 25,350,000 25,421,920 24,743,011 22%1.59%
Cash Equivalents 22,149,312 22,149,312 22,149,312 20%3.09%
Collateralized Mortgage Obligation 3,720,000 3,587,417 3,526,114 3%4.27%
Asset-Backed Securities 4,608,645 4,608,116 4,454,767 4%1.64%
Commercial Paper 0 0 0 0%0.00%
Negotiable CD 0 0 0 0%0.00%
Supranational 2,605,000 2,632,292 2,476,861 2%0.46%
US Corporate 11,830,000 11,729,063 11,342,211 10%2.24%
Total / Weighted Average 115,162,957$ 114,407,501$ 111,156,486$ 100%2.16%
Maturities
0 - 30 Days 23,607,990$ 21%
31-60 2,980,781 3%
61 - 90 1,476,471 1%
91 - 120 238,102 0%
121 - 180 7,134,764 6%
181 - 270 6,464,996 6%
271 - 365 8,372,350 8%
1 - 2 Years 27,458,122 25%
2 - 3 18,579,021 17%
3 - 5 14,843,889 13%
Over 5 Years 0 0%
111,156,486$ 100%
Total / Weighted Average
Town Funds Weighted Average Quality is AAA
Page 1
Town of Danville
Treasurer's Report of Investments - Summary
June 30, 2023
Description Par Value Cost Market Value % Total
TRUST FUND
Cash Equivalents 1,932,160$ 1,932,160$ 1,932,160$ 100%
CDA/SUCCESSOR AGENCY
Cash Equivalents 1,239,540$ 1,239,540$ 1,239,540$ 100%
Total 1,239,540$ 1,239,540$ 1,239,540$ 100%
ASSESSMENT DISTRICTS
NERIAD
Federal Agency Issues -$ -$ -$ 0%
U.S. Treasury Obligations 900,000 869,746 878,837 72%
Cash Equivalents 342,196 342,196 342,196 28%
Subtotal 1,242,196$ 1,211,942$ 1,221,033$ 100%
Total 1,242,196$ 1,211,942$ 1,221,033$ 100%
SUMMARY TOTAL
Town Funds 115,162,957$ 114,407,501$ 111,156,486$
Trust Fund 1,932,160 1,932,160 1,932,160
CDA/Successor Agency 1,239,540 1,239,540 1,239,540
NERIAD 1,242,196 1,211,942 1,221,033
Summary Total 119,576,853$ 118,791,143$ 115,549,219$
Page 2
Town of Danville
Treasurer's Report of Investments
CDA
Town Funds Trust Funds Successor Agency NERIAD Total
Beginning Balance, at cost 111,027,722$ 2,010,635$ 441,182$ 1,207,844$ 114,687,383$
Purchases, at cost
FHLMC K063 965,625$ 965,625
US Treasury Note 1,848,984$ 1,848,984
FFCB Note 1,997,620$ 1,997,620
US Treasury Note 241,172$ 241,172
-
-$ - - -
Sales/Maturations/Call - -
FFCB Note (1,498,875)$ (1,498,875)
FHLB Note (1,507,305)$ (1,507,305)
FHLMC Note (1,301,189)$ - (1,301,189)
Wal-Mart Stores Callable Note Cont (827,616)$ - (827,616)
US Treasury Note (242,998) (242,998)
Redemption (150,660)$ - (150,660)
Premium/Discount (22,967)$ - - (22,967)
Interest Received 147,473$ - 1,438 353 149,264
Net change in Cash 3,728,689$ (78,474) 796,920 5,571 4,452,706
Realized gains (losses)-
Ending Balance, at cost 114,407,501$ 1,932,160$ 1,239,540$ 1,211,942$ 118,791,143
June 30, 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 07/08/2020 07/10/2023 560,000 558,796 558,731 0.28%1,568 FNMA Note 08/12/2020 07/10/2023 900,000 900,054 899,948 0.28%2,520 FFCB Note 08/12/2020 08/14/2023 1,500,000 1,496,880 1,491,279 0.27%4,050 FHLMC Note 09/28/2020 08/24/2023 1,500,000 1,501,095 1,489,501 0.22%3,300 FHLMC Note 09/04/2020 09/08/2023 890,000 889,706 881,965 0.26%2,314 FHLMC Note 09/10/2020 09/08/2023 600,000 599,724 594,506 0.26%1,560 FHLMC Note 11/03/2020 11/06/2023 1,455,000 1,453,691 1,429,837 0.28%4,074 FNMA Note 11/24/2020 11/27/2023 1,500,000 1,499,160 1,469,316 0.27%4,050 FHLMC Note 12/09/2020 12/04/2023 1,500,000 1,499,610 1,467,604 0.26%3,900 FNMA Note 03/24/2020 02/05/2024 1,700,000 1,808,052 1,669,900 0.82%13,940 FHLB Note 03/03/2020 03/08/2024 1,500,000 1,560,525 1,464,376 0.85%12,750 FHLB Note 0801/2022 11/08/2024 900,000 858,798 848,055 3.11%27,990 FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 940,033 3.15%31,500 FFCB Note 01/06/2022 01/06/2025 595,000 593,661 560,074 1.20%7,140
FFCB Note 02/17/2022 02/14/2025 750,000 748,365 711,289 1.83%13,725
FFCB Note 02/28/2022 02/14/2025 750,000 748,057 710,996 1.83%13,725
FFCB Note 03/14/2022 02/25/2025 750,000 743,441 711,787 2.06%15,450
FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 963,134 2.97%29,700
FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 909,949 1.17%11,700
FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 1,993,362 4.42%88,400
FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,494,854 3.66%54,900
FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,482,515 3.76%56,400
Subtotal 25,350,000$ 25,421,920$ 24,743,011$ 1.59%404,656$
June 30, 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
June 30, 2023
Collateralized Mortgage Obligation
FHLMC K063 06/06/2023 01/25/2027 1,000,000$ 965,625$ 955,559$ 4.48%44,800
FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000$ 958,984$ 942,677$ 4.28%42,800
FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000$ 970,820$ 945,408$ 4.00%40,000
FHLMC K073 A2 05/24/2023 01/25/2028 720,000$ 691,988$ 682,470$ 4.34%31,248
Subtotal 3,720,000$ 3,587,417$ 3,526,114$ 4.27%158,848$
U.S. Treasury Obligations U.S. Treasury Notes 09/13/2019 10/31/2023 1,500,000 1,490,918 1,482,304 1.78%26,700 U.S. Treasury Notes 01/08/2021 12/15/2023 750,000 747,861 732,949 0.22%1,650 U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,352 961,367 0.36%3,600 U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 972,227 3.06%30,600 U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,195,264 0.36%4,500 U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,428,222 0.33%4,950 U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,648 1,424,590 0.38%5,700 U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 953,789 0.26%2,600 U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,319,555 0.44%6,160 U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,284,503 0.45%6,075 U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,410,820 0.80%12,000 U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 799,963 1.39%11,815 U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,426,054 2.03%30,450 U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,414,629 0.40%6,000 U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 937,305 1.43%14,300
U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,248,750 0.66%8,910
U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 953,189 0.33%3,300
U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 886,967 2.74%27,400
U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,372,676 0.53%7,950
U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,369,922 0.56%8,400
U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,228,447 1.06%14,310
U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,415,097 2.96%44,400
U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,443,692 2.96%44,400
U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,538,875 2.87%45,920
U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,606,102 3.05%51,850 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,047,621 3.21%35,310 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,693,759 3.00%54,000 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,508,813 3.43%54,880 U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,832,110 4.09%81,800 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,358,865 4.01%58,145 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,442,579 4.01%60,150 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,530,187 3.59%57,440 U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,243,018 4.44%55,500Subtotal44,900,000$ 44,279,381$ 42,464,210$ 1.96%881,165$
Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)475,439 475,439 475,439 4.44%21,109 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)352,327 352,327 352,327 4.44%15,643 Bank of New York 825,640 825,640 825,640 3.76%31,044 US Bank 968,387 968,387 968,387 0.00%16
LAIF 19,527,518 19,527,518 19,527,518 3.17%618,436
Subtotal 22,149,312$ 22,149,312$ 22,149,312$ 3.09%686,250
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
June 30, 2023
Asset-Backed Securities
John Deere Owner Trust 2020-A A3 03/04/2020 08/15/2024 2,596 2,596 2,592 1.11%29
Mercedes-Benz Auto Lease Trust 2021-B A3 06/22/2021 11/15/2024 241,940 241,922 238,102 0.40%968
BMW Vehicle Lease Trust 2022-1-A3 01/11/2022 03/25/2025 208,358 208,327 204,795 1.11%2,313
GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 450,000 449,953 442,008 3.45%15,525 John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 144,103 144,075 139,885 0.37%533 Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 708,381 708,305 685,557 0.26%1,842 Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 260,000 259,945 249,543 0.89%2,314 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 268,267 268,243 256,996 0.52%1,395 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 245,000 244,995 234,627 0.71%1,740 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 425,000 424,936 406,090 1.89%8,033 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 300,000 299,984 291,664 3.23%9,690 John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 330,000 329,927 317,867 2.34%7,722 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 595,000 594,977 571,066 2.23%13,269 GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 170,000 169,985 162,386 1.27%2,159 GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 260,000 259,946 251,589 3.13%8,138Subtotal4,608,645$ 4,608,116$ 4,454,767$ 1.64%75,668$
Supranational
Intl. Bank Recon & Development Note 11/17/2020 11/24/2023 355,000 354,237 347,957 0.32%1,136
Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,177,688 0.52%6,500
International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 951,216 0.46%4,600
Subtotal 2,605,000$ 2,632,292$ 2,476,861$ 0.46%12,236$
US Corporate
American Honda Finance Note 08/19/2019 01/12/2024 950,000 1,008,634 939,572 2.07%19,665 John Deere Capital Corp Note 03/01/2021 01/17/2024 615,000 614,564 598,365 0.47%2,891 Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 964,749 0.92%9,200 Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 548,894 0.69%3,933 Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 409,835 0.69%2,967 Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 866,266 0.50%4,525 John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 515,436 0.49%2,646 Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 364,474 0.52%2,002 MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 950,480 2.03%20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 465,844 2.04%10,200 JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 712,978 1.79%13,425 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 452,486 3.13%14,711 Wal-Mart Stores Note 09/26/2022 02/06/2026 700,000 685,776 686,030 4.64%32,480
Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 962,594 4.28%42,800
State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 248,286 2.80%7,420
Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 722,273 4.27%32,025
Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 933,649 4.43%44,300
Subtotal 11,830,000$ 11,729,063$ 11,342,211$ 2.24%265,490$
TOTAL 115,162,957$ 114,407,501$ 111,156,486$ 2.16%2,484,312$
Source:
Chandler Asset Management
US Bank
Local Agency Investment Fund (LAIF)
Page 6
Town of Danville
Treasurer's Report of Investments - Detail
June 30, 2023
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF 1,932,160$ 1,932,160$ 1,932,160$ 3.17%61,191
TOTAL 1,932,160$ 1,932,160$ 1,932,160$ 3.17% $61,191
Source:
Local Agency Investment Fund (LAIF)
Trust Fund
Page 7
Town of Danville
Treasurer's Report of Investments - Detail
June 30, 2023
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF - redemption fund 853,468$ 853,468$ 853,468$ 3.17%27,029
Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)385,766$ 385,766 385,766 4.44%17,128
Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)163$ 163 163 4.44%7
Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)145$ 145 145 4.44%6
Subtotal 1,239,540$ 1,239,540$ 1,239,540$ 3.56%44,171$
TOTAL 1,239,540$ 1,239,540$ 1,239,540$ 3.56%44,171$
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 11/3/2022 9/30/2023 250,000$ 240,039$ 246,961$ 4.81%12,025
U.S. Treasury Bill 4/26/2023 10/26/2023 150,000$ 146,387$ 146,387$ 4.95%7,425
U.S. Treasury Note 3/20/2023 12/15/2023 250,000$ 242,148$ 244,317$ 4.51%11,275
U.S. Treasury Note 6/28/2023 3/15/2024 250,000$ 241,172$ 241,172$ 5.39%13,475
Subtotal 900,000$ 869,746$ 878,837$ 4.91%44,200$
Cash Equivalents
LAIF - improvement fund 330,732$ 330,732$ 330,732$ 3.17%10,474
Bank of New York-Improvement fd 11,464$ 11,464 11,464 3.76%431
Subtotal 342,196$ 342,196$ 342,196$ 3.19%10,905$
Total 1,242,196$ 1,211,942$ 1,221,033$ 4.44%55,105$
Source: Chandler Asset Management
BNY Trust Company
Local Agency Investment Fund (LAIF)
Northeast Roadway Improvement Assessment District (NERIAD)
June 30, 2023
Page 9