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HomeMy WebLinkAbout101723-06.3 1 ADMINISTRATIVE STAFF REPORT 6.3 TO: Mayor and Town Council October 17, 2023 SUBJECT: August 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 August 2023: July August July August 2023 2023 2023 2023 Town Funds $111,189,124 $108,994,602 $108,127,230 $106,119,096 Trust Funds 1,893,832 1,911,027 1,893,832 1,911,027 Assessment & SA 2,453,677 2,139,266 2,465,660 2,154,424 Total Cash & Investments $115,536,633 $113,044,895 $112,486,722 $110,184,547 Total Cash & Investments Year-to-Year Comparison 2022 $111,497,823 $109,442,526 $108,990,802 $106,230,281 Cost Basis Market Value Purchases for the month of August 2023 consisted of one Paccar Financial Corp Note for $514,743 (maturity date August 10, 2026), one Federal Farm Credit Bank Note for $1,496,550 (maturity date August 14, 2026), one GM Financial Auto Leasing 2023-3 A3 for $209,975 (maturity date November 20, 2026), and one Bank of America NA Callable Note Cont for $1,001,360 (maturity date August 18, 2026). There were no purchases for the NERIAD Fund for the month of August 2023. Maturities for the month of August 2023 consisted of one Federal Farm Credit Bank Note for $1,496,880, and one Federal Home Loan Mortgage Corporation Note for $1,501,095. Partial maturities (principal paid down) for the month of August 2023 included one John Deere Owner Trust 2021-A A3 for $13,213, one John Deere Owner Trust 2021-B A3 for August 2023 Treasurer’s Report 2 October 17, 2023 $15,489, one Mercedes-Benz Auto Lease Trust 2021-B A3 for $30,383, one Toyota Auto Receivables Trust 2021-B A3 for $49,578, one Toyota Auto Receivables Trust 2021-D A3 for $13,478, one Honda Auto Receivables Trust 2021-4 A3 for $15,345, and one BMW Vehicle Lease Trust 2022-1 A3 for $21,605. There were no maturities for NERIAD for the month of August 2023. The Town’s net cash position changed from $18,895,841 to $16,635,738 during the month of August 2023. This consisted of operating expenses in excess of operating revenues of -$2,335,863, net funds invested of $65,562, premium/discount recognition of $2,043 and interest received of $139,279. Cash requirements have been projected for the next 12 months, and the Town is in a position to meet its cash requirements. All investments that the Town owns are in compliance with the California Government Code and the Town’s Investment Policy. PUBLIC CONTACT Posting of the meeting agenda serves as notice to the general public. RECOMMENDATION Accept the August 2023 Month End Treasurer’s Report. Prepared by: Lani Ha Finance Director/Treasurer Reviewed by: Joseph A. Calabrigo Town Manager Attachment: August 2023 Month End Treasurer’s Report Town of Danville Treasurer's Report of Investments - Summary August 31, 2023 Yield to Description Par Value Cost Market Value % Total Maturity TOWN FUNDS U.S. Treasury Obligations 44,900,000$ 44,279,381$ 42,654,849$ 40% 1.96% Federal Agency Issues 23,890,000 23,929,350 23,350,199 22% 2.21% Cash Equivalents 16,635,738 16,635,738 16,635,738 16% 3.35% Collateralized Mortgage Obligation 3,720,000 3,587,417 3,507,318 3% 4.27% Asset-Backed Securities 4,685,808 4,685,258 4,556,910 4% 2.03% Commercial Paper 0 0 0 0% 0.00% Negotiable CD 0 0 0 0% 0.00% Supranational 2,605,000 2,632,292 2,495,162 2% 0.46% US Corporate 13,345,000 13,245,166 12,918,920 12% 2.60% Total / Weighted Average 109,781,546$ 108,994,602$ 106,119,096$ 100% 2.35% Maturities 0 - 30 Days 18,124,288$ 17% 31-60 0 0% 61 - 90 4,938,744 5% 91 - 120 2,377,367 2% 121 - 180 3,225,094 3% 181 - 270 8,880,215 8% 271 - 365 5,014,931 5% 1 - 2 Years 31,048,003 29% 2 - 3 16,229,067 15% 3 - 5 16,281,387 15% Over 5 Years 0 0% 106,119,096$ 100% Total / Weighted Average Town Funds Weighted Average Quality is AAA Page 1 Town of Danville Treasurer's Report of Investments - Summary August 31, 2023 Description Par Value Cost Market Value % Total TRUST FUND Cash Equivalents 1,911,027$ 1,911,027$ 1,911,027$ 100% CDA/SUCCESSOR AGENCY Cash Equivalents 926,062$ 926,062$ 926,062$ 100% Total 926,062$ 926,062$ 926,062$ 100% ASSESSMENT DISTRICTS NERIAD Federal Agency Issues -$ -$ -$ 0% U.S. Treasury Obligations 900,000 869,746 884,904 72% Cash Equivalents 343,458 343,458 343,458 28% Subtotal 1,243,458$ 1,213,204$ 1,228,362$ 100% Total 1,243,458$ 1,213,204$ 1,228,362$ 100% SUMMARY TOTAL Town Funds 109,781,546$ 108,994,602$ 106,119,096$ Trust Fund 1,911,027 1,911,027 1,911,027 CDA/Successor Agency 926,062 926,062 926,062 NERIAD 1,243,458 1,213,204 1,228,362 Summary Total 113,862,093$ 113,044,895$ 110,184,547$ Page 2 Town of Danville Treasurer's Report of Investments CDA Town Funds Trust Funds Successor Agency NERIAD Total Beginning Balance, at cost 111,189,124$ 1,893,832$ 1,240,950$ 1,212,727$ 115,536,633$ Purchases, at cost Paccar Financial Corp Note 514,743 514,743 FFCB Note 1,496,550 1,496,550 GM Financial Auto Leasing 2023-3 A3 209,975 209,975 Bank of America NA Callable Note Cont 1,001,360 1,001,360 Sales/Maturations/Call FFCB Note (1,496,880) (1,496,880) FHLMC Note (1,501,095) (1,501,095) Redemption (159,091) (159,091) Premium/Discount 2,043 2,043 Interest Received 139,279 1,638 424 141,340 Net change in Cash (2,401,406) 17,195 (316,526) 53 (2,700,684) Realized gains (losses) - Ending Balance, at cost 108,994,602$ 1,911,027$ 926,062$ 1,213,204$ 113,044,895$ August 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 FHLMC Note 09/04/2020 09/08/2023 890,000 889,706 889,180 0.26% 2,314 FHLMC Note 09/10/2020 09/08/2023 600,000 599,724 599,370 0.26% 1,560 FHLMC Note 11/03/2020 11/06/2023 1,455,000 1,453,691 1,442,157 0.28% 4,074 FNMA Note 11/24/2020 11/27/2023 1,500,000 1,499,160 1,481,313 0.27% 4,050 FHLMC Note 12/09/2020 12/04/2023 1,500,000 1,499,610 1,478,246 0.26% 3,900 FNMA Note 03/24/2020 02/05/2024 1,700,000 1,808,052 1,678,913 0.82% 13,940 FHLB Note 03/03/2020 03/08/2024 1,500,000 1,560,525 1,471,880 0.85% 12,750 FHLB Note 0801/2022 11/08/2024 900,000 858,798 853,033 3.11% 27,990 FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 947,075 3.15% 31,500 FFCB Note 01/06/2022 01/06/2025 595,000 593,661 563,249 1.20% 7,140 FFCB Note 02/17/2022 02/14/2025 750,000 748,365 714,973 1.83% 13,725 FFCB Note 02/28/2022 02/14/2025 750,000 748,057 714,678 1.83% 13,725 FFCB Note 03/14/2022 02/25/2025 750,000 743,441 714,464 2.06% 15,450 FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 965,617 2.97% 29,700 FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 914,247 1.17% 11,700 FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 1,986,712 4.42% 88,400 FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,495,074 4.58% 68,700 FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,485,916 3.66% 54,900 FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,472,119 3.76% 56,400 FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,481,983 4.49% 67,350 Subtotal 23,890,000$ 23,929,350$ 23,350,199$ 2.21% 529,268$ Collateralized Mortgage Obligation FHLMC K063 06/06/2023 01/25/2027 1,000,000 965,625 952,270 4.48% 44,800 FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 938,041 4.28% 42,800 FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 939,848 4.00% 40,000 FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 677,159 4.34% 31,248 Subtotal 3,720,000$ 3,587,417$ 3,507,318$ 4.27% 158,848$ August 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 August 31, 2023 U.S. Treasury Obligations U.S. Treasury Notes 09/13/2019 10/31/2023 1,500,000 1,490,918 1,490,683 1.78% 26,700 U.S. Treasury Notes 01/08/2021 12/15/2023 750,000 747,861 738,926 0.22% 1,650 U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,352 969,102 0.36% 3,600 U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 977,930 3.06% 30,600 U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,205,322 0.36% 4,500 U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,440,937 0.33% 4,950 U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,648 1,436,309 0.38% 5,700 U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 959,883 0.26% 2,600 U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,330,164 0.44% 6,160 U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,292,994 0.45% 6,075 U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,421,895 0.80% 12,000 U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 805,807 1.39% 11,815 U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,434,024 2.03% 30,450 U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,423,417 0.40% 6,000 U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 943,242 1.43% 14,300 U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,257,504 0.66% 8,910 U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 960,028 0.33% 3,300 U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 893,332 2.74% 27,400 U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,382,226 0.53% 7,950 U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,378,476 0.56% 8,400 U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,236,674 1.06% 14,310 U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,419,962 2.96% 44,400 U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,445,859 2.96% 44,400 U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,541,250 2.87% 45,920 U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,610,551 3.05% 51,850 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,049,425 3.21% 35,310 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,697,134 3.00% 54,000 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,511,125 3.43% 54,880 U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,836,796 4.09% 81,800 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,358,695 4.01% 58,145 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,440,000 4.01% 60,150 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,526,750 3.59% 57,440 U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,238,427 4.44% 55,500 Subtotal 44,900,000$ 44,279,381$ 42,654,849$ 1.96% 881,165$ Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)479,102 479,102 479,102 4.84% 23,189 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)355,042 355,042 355,042 4.84% 17,184 Bank of New York 916,392 916,392 916,392 4.06% 37,206 US Bank 888,889 888,889 888,889 0.00% 15 LAIF 13,996,313 13,996,313 13,996,313 3.43% 480,633 Subtotal 16,635,738$ 16,635,738$ 16,635,738$ 3.35% 558,226 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 August 31, 2023 Asset-Backed Securities Mercedes-Benz Auto Lease Trust 2021-B A3 06/22/2021 11/15/2024 175,612 175,599 173,610 0.40% 702 BMW Vehicle Lease Trust 2022-1-A3 01/11/2022 03/25/2025 162,356 162,332 160,196 1.11% 1,802 GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 450,000 449,953 443,273 3.45% 15,525 John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 121,699 121,675 118,600 0.37% 450 Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 606,225 606,160 588,303 0.26% 1,576 Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 238,130 238,080 229,160 0.89% 2,119 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 240,884 240,863 232,253 0.52% 1,253 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 225,902 225,897 217,165 0.71% 1,604 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 425,000 424,936 408,373 1.89% 8,033 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 300,000 299,984 292,413 3.23% 9,690 John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 330,000 329,927 319,493 2.34% 7,722 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 595,000 594,977 572,903 2.23% 13,269 GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 170,000 169,985 163,294 1.27% 2,159 GM Financial Auto Leasing 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 209,943 5.45% 11,445 GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 260,000 259,946 252,331 3.13% 8,138 BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 175,600 5.54% 9,695 Subtotal 4,685,808$ 4,685,258$ 4,556,910$ 2.03% 95,182$ Supranational Intl. Bank Recon & Development Note 11/17/2020 11/24/2023 355,000 354,237 350,980 0.32% 1,136 Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,187,235 0.52% 6,500 International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 956,947 0.46% 4,600 Subtotal 2,605,000$ 2,632,292$ 2,495,162$ 0.46% 12,236$ US Corporate American Honda Finance Note 08/19/2019 01/12/2024 950,000 1,008,634 942,423 2.07% 19,665 John Deere Capital Corp Note 03/01/2021 01/17/2024 615,000 614,564 603,758 0.47% 2,891 Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 973,608 0.92% 9,200 Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 553,438 0.69% 3,933 Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 413,228 0.69% 2,967 Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 873,117 0.50% 4,525 John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 519,851 0.49% 2,646 Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 367,590 0.52% 2,002 MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 955,403 2.03% 20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 467,570 2.04% 10,200 JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 720,202 2.03% 15,225 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 453,004 3.13% 14,711 Wal-Mart Stores Note 09/26/2022 02/06/2026 700,000 685,776 684,622 4.64% 32,480 Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 965,010 4.28% 42,800 State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 250,410 2.80% 7,420 Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 721,140 4.27% 32,025 Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 516,301 5.07% 26,111 Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,004,864 5.48% 54,800 Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 933,381 4.43% 44,300 Subtotal 13,345,000$ 13,245,166$ 12,918,920$ 2.60% 348,200$ TOTAL 109,781,546$ 108,994,602$ 106,119,096$ 2.35% 2,583,125$ Source: Chandler Asset Management US Bank Local Agency Investment Fund (LAIF)Page 6 Town of Danville Treasurer's Report of Investments - Detail August 31, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF 1,911,027 1,911,027 1,911,027 3.43% 65,625 TOTAL 1,911,027$ 1,911,027$ 1,911,027$ 3.43% $65,625 Source: Local Agency Investment Fund (LAIF) Trust Fund Page 7 Town of Danville Treasurer's Report of Investments - Detail August 31, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF - redemption fund 45,704 45,704 45,704 3.43% 1,569 Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs) 388,651 388,651 388,651 4.84% 18,811 Wells Fargo Trsry Plus M Mkt - interest acct (TRBs) 325 325 325 4.84% 16 Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs) 491,382 491,382 491,382 4.84% 23,783 Subtotal 926,062$ 926,062$ 926,062$ 4.77% 44,179$ TOTAL 926,062$ 926,062$ 926,062$ 4.77% 44,179$ 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 250,000 240,039 248,976 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 250,000 242,148 246,308 4.51% 11,275 U.S. Treasury Note 6/28/2023 3/15/2024 250,000 241,172 243,233 5.39% 13,475 Subtotal 900,000$ 869,746$ 884,904$ 4.91% 44,200$ Cash Equivalents LAIF - improvement fund 331,143 331,143 331,143 3.43% 11,371 Bank of New York-Improvement fd 12,315 12,315 12,315 4.06% 500 Subtotal 343,458$ 343,458$ 343,458$ 3.46% 11,871$ Total 1,243,458$ 1,213,204$ 1,228,362$ 4.51% 56,071$ Source: Chandler Asset Management BNY Trust Company Local Agency Investment Fund (LAIF) Northeast Roadway Improvement Assessment District (NERIAD) August 31, 2023 Page 9