HomeMy WebLinkAbout091923-05.3
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ADMINISTRATIVE STAFF REPORT 5.3
TO: Mayor and Town Council September 19, 2023
SUBJECT: July 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 July 2023:
June July June July
2023 2023 2023 2023
Town Funds $114,407,501 $111,189,124 $111,156,486 $108,127,230
Trust Funds 1,932,160 1,893,832 1,932,160 1,893,832
Assessment & SA 2,451,482 2,453,677 2,460,573 2,465,660
Total Cash & Investments $118,791,143 $115,536,633 $115,549,219 $112,486,722
Total Cash & Investments
Year-to-Year Comparison
2022 $107,832,351 $111,497,823 $105,098,220 $108,990,802
Cost Basis Market Value
Purchases for the month of July 2023 consisted of one Federal Home Loan Bank Note for
$1,467,705 (maturity date June 9, 2028), and one BMW Vehicle Owner Trust 2023-A A3
for $174,969 (maturity date February 25, 2028).
There were no purchases for the NERIAD Fund for the month of July 2023.
Maturities for the month of July 2023 consisted of one Federal National Mortgage
Association Note for $1,458,850.
Sales before maturities for the month of July 2023 included one John Deere Owner Trust
2021-A A3 for $9,191, one John Deere Owner Trust 2020-A A3 for $2,596, one John Deere
Owner Trust 2021-B A3 for $11,894, one Mercedes-Benz Auto Lease Trust 2021-B A3 for
$35,945, one Toyota Auto Receivables Trust 2021-B A3 for $52,578, one Toyota Auto
July 2023 Treasurer’s Report 2 September 19, 2023
Receivables Trust 2021-D A3 for $5,620, one Honda Auto Receivables Trust 2021-4 A3 for
$6,525, and one BMW Vehicle Lease Trust 2022-1 A3 for $24,396.
There were no maturities for NERIAD Fund for the month of July 2023.
The Town’s net cash position changed from $22,149,312 to $18,895,841 during the month
of July 2023. This consisted of operating expenses in excess of operating revenues of
-$3,408,806, net funds invested of $35,078, premium/discount recognition of $1,167 and
interest received of $189,246.
Cash requirements have been projected for the next 12 months, and the Town is in a
position to meet its cash requirements.
All investments that the Town owns are in compliance with the California Government
Code and the Town’s Investment Policy.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
RECOMMENDATION
Accept the July 2023 Month End Treasurer’s Report.
Prepared by:
Lani Ha
Finance Director/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: July 2023 Month End Treasurer’s Report
Town of Danville
Treasurer's Report of Investments - Summary
July 31, 2023
Yield to
Description Par Value Cost Market Value % Total Maturity
TOWN FUNDS
U.S. Treasury Obligations 44,900,000$ 44,279,381$ 42,557,424$ 39%1.96%
Federal Agency Issues 25,390,000 25,430,775 24,802,650 23%1.84%
Cash Equivalents 18,895,841 18,895,841 18,895,841 17%3.26%
Collateralized Mortgage Obligation 3,720,000 3,587,417 3,513,277 3%4.27%
Asset-Backed Securities 4,634,899 4,634,355 4,498,344 4%1.82%
Commercial Paper 0 0 0 0%0.00%
Negotiable CD 0 0 0 0%0.00%
Supranational 2,605,000 2,632,292 2,484,498 2%0.46%
US Corporate 11,830,000 11,729,063 11,375,196 11%2.25%
Total / Weighted Average 111,975,740$ 111,189,124$ 108,127,230$ 100%2.22%
Maturities
0 - 30 Days 21,888,419$ 20%
31-60 1,481,990 1%
61 - 90 0 0%
91 - 120 4,949,756 5%
121 - 180 3,933,173 4%
181 - 270 6,578,495 6%
271 - 365 8,273,679 8%
1 - 2 Years 27,499,476 25%
2 - 3 17,223,969 16%
3 - 5 16,298,273 15%
Over 5 Years 0 0%
108,127,230$ 100%
Total / Weighted Average
Town Funds Weighted Average Quality is AAA
Page 1
Town of Danville
Treasurer's Report of Investments - Summary
July 31, 2023
Description Par Value Cost Market Value % Total
TRUST FUND
Cash Equivalents 1,893,832$ 1,893,832$ 1,893,832$ 100%
CDA/SUCCESSOR AGENCY
Cash Equivalents 1,240,950$ 1,240,950$ 1,240,950$ 100%
Total 1,240,950$ 1,240,950$ 1,240,950$ 100%
ASSESSMENT DISTRICTS
NERIAD
Federal Agency Issues -$ -$ -$ 0%
U.S. Treasury Obligations 900,000 869,746 881,729 72%
Cash Equivalents 342,981 342,981 342,981 28%
Subtotal 1,242,981$ 1,212,727$ 1,224,710$ 100%
Total 1,242,981$ 1,212,727$ 1,224,710$ 100%
SUMMARY TOTAL
Town Funds 111,975,740$ 111,189,124$ 108,127,230$
Trust Fund 1,893,832 1,893,832 1,893,832
CDA/Successor Agency 1,240,950 1,240,950 1,240,950
NERIAD 1,242,981 1,212,727 1,224,710
Summary Total 116,353,503$ 115,536,633$ 112,486,722$
Page 2
Town of Danville
Treasurer's Report of Investments
CDA
Town Funds Trust Funds Successor Agency NERIAD Total
Beginning Balance, at cost 114,407,501$ 1,932,160$ 1,239,540$ 1,211,942$ 118,791,143$
Purchases, at cost
FHLB Note 1,467,705$ 1,467,705
BMW Vehicle Owner Trust 2023-A A3 174,969$ 174,969
Sales/Maturations/Call
FNMA Note (1,458,850)$ (1,458,850)
Redemption (148,746)$ (148,746)
Premium/Discount 1,167$ 1,167
Interest Received 189,246$ 1,410 146 190,802
Net change in Cash (3,443,868)$ (38,328) - 639 (3,481,558)
Realized gains (losses)
Ending Balance, at cost 111,189,124$ 1,893,832$ 1,240,950$ 1,212,727$ 115,536,633
July 31, 2023
Page 3
Town of Danville
Treasurer's Report of Investments - Detail
Town Funds
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Federal Agency Issues
FFCB Note 08/12/2020 08/14/2023 1,500,000 1,496,880 1,497,346 0.27%4,050
FHLMC Note 09/28/2020 08/24/2023 1,500,000 1,501,095 1,495,230 0.22%3,300
FHLMC Note 09/04/2020 09/08/2023 890,000 889,706 885,262 0.26%2,314
FHLMC Note 09/10/2020 09/08/2023 600,000 599,724 596,728 0.26%1,560
FHLMC Note 11/03/2020 11/06/2023 1,455,000 1,453,691 1,435,155 0.28%4,074
FNMA Note 11/24/2020 11/27/2023 1,500,000 1,499,160 1,475,499 0.27%4,050
FHLMC Note 12/09/2020 12/04/2023 1,500,000 1,499,610 1,474,129 0.26%3,900
FNMA Note 03/24/2020 02/05/2024 1,700,000 1,808,052 1,674,379 0.82%13,940
FHLB Note 03/03/2020 03/08/2024 1,500,000 1,560,525 1,468,075 0.85%12,750
FHLB Note 0801/2022 11/08/2024 900,000 858,798 851,898 3.11%27,990
FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 943,587 3.15%31,500
FFCB Note 01/06/2022 01/06/2025 595,000 593,661 561,550 1.20%7,140
FFCB Note 02/17/2022 02/14/2025 750,000 748,365 714,094 1.83%13,725
FFCB Note 02/28/2022 02/14/2025 750,000 748,057 713,801 1.83%13,725
FFCB Note 03/14/2022 02/25/2025 750,000 743,441 709,106 2.06%15,450
FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 964,145 2.97%29,700
FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 911,830 1.17%11,700
FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 1,988,624 4.42%88,400
FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,487,549 3.66%54,900
FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,474,370 3.76%56,400
FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,480,293 4.49%67,350
Subtotal 25,390,000$ 25,430,775$ 24,802,650$ 1.84%467,918$
Collateralized Mortgage Obligation
FHLMC K063 06/06/2023 01/25/2027 1,000,000 965,625 953,304 4.48%44,800
FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 939,401 4.28%42,800
FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 941,639 4.00%40,000
FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 678,933 4.34%31,248
Subtotal 3,720,000$ 3,587,417$ 3,513,277$ 4.27%158,848$
July 31, 2023
Page 4
Town of Danville
Treasurer's Report of Investments - Detail
Town Funds
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
July 31, 2023
U.S. Treasury Obligations
U.S. Treasury Notes 09/13/2019 10/31/2023 1,500,000 1,490,918 1,486,582 1.78%26,700
U.S. Treasury Notes 01/08/2021 12/15/2023 750,000 747,861 735,762 0.22%1,650
U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,352 965,508 0.36%3,600
U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 975,313 3.06%30,600
U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,200,391 0.36%4,500
U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,435,137 0.33%4,950
U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,648 1,430,859 0.38%5,700
U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 956,875 0.26%2,600
U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,324,695 0.44%6,160
U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,288,459 0.45%6,075
U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,415,976 0.80%12,000
U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 802,719 1.39%11,815
U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,429,512 2.03%30,450
U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,418,554 0.40%6,000
U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 939,805 1.43%14,300
U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,252,441 0.66%8,910
U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 956,143 0.33%3,300
U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 889,717 2.74%27,400
U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,376,836 0.53%7,950
U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,373,379 0.56%8,400
U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,231,980 1.06%14,310
U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,417,091 2.96%44,400
U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,444,278 2.96%44,400
U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,539,626 2.87%45,920
U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,607,828 3.05%51,850
U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,048,266 3.21%35,310
U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,695,445 3.00%54,000
U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,510,250 3.43%54,880
U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,834,140 4.09%81,800
U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,359,601 4.01%58,145
U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,442,520 4.01%60,150
U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,529,938 3.59%57,440
U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,241,798 4.44%55,500
Subtotal 44,900,000$ 44,279,381$ 42,557,424$ 1.96%881,165$
Cash Equivalents
Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)477,224 477,224 477,224 4.68%22,334
Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)353,650 353,650 353,650 4.68%16,551
Bank of New York 840,650 840,650 840,650 4.00%33,626
US Bank 715,912 715,912 715,912 0.00%12
LAIF 16,508,405 16,508,405 16,508,405 3.30%544,117
Subtotal 18,895,841$ 18,895,841$ 18,895,841$ 3.26%616,640
Page 5
Town of Danville
Treasurer's Report of Investments - Detail
Town Funds
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
July 31, 2023
Asset-Backed Securities
Mercedes-Benz Auto Lease Trust 2021-B A3 06/22/2021 11/15/2024 205,996 205,980 203,299 0.40%824
BMW Vehicle Lease Trust 2022-1-A3 01/11/2022 03/25/2025 183,962 183,934 181,192 1.11%2,042
GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 450,000 449,953 443,026 3.45%15,525
John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 134,911 134,886 131,248 0.37%499
Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 655,803 655,733 635,777 0.26%1,705
Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 253,475 253,421 244,187 0.89%2,256
John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 256,373 256,350 246,199 0.52%1,333
Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 239,379 239,374 230,256 0.71%1,700
Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 425,000 424,936 407,577 1.89%8,033
BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 300,000 299,984 292,451 3.23%9,690
John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 330,000 329,927 318,618 2.34%7,722
Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 595,000 594,977 573,672 2.23%13,269
GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 170,000 169,985 162,825 1.27%2,159
GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 260,000 259,946 252,354 3.13%8,138
BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 175,663 5.54%9,695
Subtotal 4,634,899$ 4,634,355$ 4,498,344$ 1.82%84,589$
Supranational
Intl. Bank Recon & Development Note 11/17/2020 11/24/2023 355,000 354,237 349,220 0.32%1,136
Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,181,924 0.52%6,500
International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 953,354 0.46%4,600
Subtotal 2,605,000$ 2,632,292$ 2,484,498$ 0.46%12,236$
US Corporate
American Honda Finance Note 08/19/2019 01/12/2024 950,000 1,008,634 940,966 2.07%19,665
John Deere Capital Corp Note 03/01/2021 01/17/2024 615,000 614,564 601,124 0.47%2,891
Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 968,031 0.92%9,200
Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 550,482 0.69%3,933
Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 411,021 0.69%2,967
Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 869,770 0.50%4,525
John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 517,239 0.49%2,646
Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 365,986 0.52%2,002
MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 953,082 2.03%20,300
Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 468,075 2.04%10,200
JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 717,393 2.03%15,225
Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 453,709 3.13%14,711
Wal-Mart Stores Note 09/26/2022 02/06/2026 700,000 685,776 687,044 4.64%32,480
Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 964,431 4.28%42,800
State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 248,485 2.80%7,420
Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 723,569 4.27%32,025
Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 934,789 4.43%44,300
Subtotal 11,830,000$ 11,729,063$ 11,375,196$ 2.25%267,290$
TOTAL 111,975,740$ 111,189,124$ 108,127,230$ 2.22%2,488,685$
Source:
Chandler Asset Management
US Bank
Local Agency Investment Fund (LAIF)
Page 6
Town of Danville
Treasurer's Report of Investments - Detail
July 31, 2023
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF 1,893,832$ 1,893,832$ 1,893,832$ 3.30%62,421
TOTAL 1,893,832$ 1,893,832$ 1,893,832$ 3.30% $62,421
Source:
Local Agency Investment Fund (LAIF)
Trust Fund
Page 7
Town of Danville
Treasurer's Report of Investments - Detail
July 31, 2023
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF - redemption fund 551,218$ 551,218$ 551,218$ 3.30%18,168
Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)387,174$ 387,174 387,174 4.68%18,120
Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)164$ 164 164 4.68%8
Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)302,395$ 302,395 302,395 4.68%14,152
Subtotal 1,240,950$ 1,240,950$ 1,240,950$ 4.07%50,448$
TOTAL 1,240,950$ 1,240,950$ 1,240,950$ 4.07%50,448$
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$ 247,871$ 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$ 245,254$ 4.51%11,275
U.S. Treasury Note 6/28/2023 3/15/2024 250,000$ 241,172$ 242,217$ 5.39%13,475
Subtotal 900,000$ 869,746$ 881,729$ 4.91%44,200$
Cash Equivalents
LAIF - improvement fund 330,732$ 330,732$ 330,732$ 3.30%10,901
Bank of New York-Improvement fd 12,249$ 12,249 12,249 4.00%490
Subtotal 342,981$ 342,981$ 342,981$ 3.32%11,391$
Total 1,242,981$ 1,212,727$ 1,224,710$ 4.47%55,591$
Source:
Chandler Asset Management
BNY Trust Company
Local Agency Investment Fund (LAIF)
Northeast Roadway Improvement Assessment District (NERIAD)
July 31, 2023
Page 9