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HomeMy WebLinkAbout112123-05.3 1 ADMINISTRATIVE STAFF REPORT 5.3 TO: Mayor and Town Council November 21, 2023 SUBJECT: September 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 September 2023: August September August September 2023 2023 2023 2023 Town Funds $108,994,602 $103,572,605 $106,119,096 $100,539,887 Trust Funds 1,911,027 1,704,686 1,911,027 1,704,686 Assessment & SA 2,139,266 1,660,386 2,154,424 1,668,745 Total Cash & Investments $113,044,895 $106,937,677 $110,184,547 $103,913,318 Total Cash & Investments Year-to-Year Comparison 2022 $109,442,526 $106,878,779 $106,230,281 $102,680,863 Cost Basis Market Value Purchases for the month of September 2023 consisted of one Federal Home Loan Mortgage Corporation K081 A2 for $957,969 (maturity date August 25, 2028), and one Chase Issuance Trust 23-A1 A for $994,724 (maturity date September 15, 2028). There were no purchases for the NERIAD Fund for the month of September 2023. Maturities for the month of September 2023 consisted of one Federal Home Loan Mortgage Corporation Note for $889,706, and one Federal Home Loan Mortgage Corporation Note for $599,724. Partial maturities (principal paid down) for the month of September 2023 included one John Deere Owner Trust 2021-A A3 for $11,511, one John Deere Owner Trust 2021-B A3 for $12,007, one Mercedes-Benz Auto Lease Trust 2021-B A3 for $34,564, one Toyota Auto September 2023 Treasurer’s Report 2 November 21, 2023 Receivables Trust 2021-B A3 for $50,956, one Toyota Auto Receivables Trust 2021-D A3 for $13,985, one GM Financial Auto Receivables 2022-1 A3 for $1,554, one Honda Auto Receivables Trust 2021-4 A3 for $15,273, and one BMW Vehicle Lease Trust 2022-1 A3 for $24,858. Maturities for the NERIAD Fund for the month of September 2023 included one US Treasury Note for $248,976. The Town’s net cash position changed from $16,635,738 to $10,915,168 during the month of September 2023. This consisted of operating expenses in excess of operating revenues of -$5,491,427, net funds invested of $298,555, premium/discount recognition of $588 and interest received of $68,824. Cash requirements have been projected for the next 12 months, and the Town is in a position to meet its cash requirements. All investments that the Town owns are in compliance with the California Government Code and the Town’s Investment Policy. PUBLIC CONTACT Posting of the meeting agenda serves as notice to the general public. RECOMMENDATION Accept the September 2023 Month End Treasurer’s Report. Prepared by: Lani Ha Finance Director/Treasurer Reviewed by: Joseph A. Calabrigo Town Manager Attachment: September 2023 Month End Treasurer’s Report Town of Danville Treasurer's Report of Investments - Summary September 30, 2023 Yield to Description Par Value Cost Market Value % Total Maturity TOWN FUNDS U.S. Treasury Obligations 44,900,000$ 44,279,381$ 42,597,092$ 42% 1.96% Federal Agency Issues 22,400,000 22,439,920 21,803,556 22% 2.34% Cash Equivalents 10,915,168 10,915,168 10,915,168 11% 3.50% Collateralized Mortgage Obligation 4,720,000 4,545,386 4,432,976 4% 4.39% Asset-Backed Securities 5,516,100 5,515,292 5,395,168 5% 2.65% Commercial Paper 0 0 0 0% 0.00% Negotiable CD 0 0 0 0% 0.00% Supranational 2,605,000 2,632,292 2,499,096 2% 0.46% US Corporate 13,345,000 13,245,166 12,896,831 13% 2.60% Total / Weighted Average 104,401,268$ 103,572,605$ 100,539,887$ 100% 2.40% Maturities 0 - 30 Days 10,915,169$ 11% 31-60 4,784,048 5% 61 - 90 2,368,710 2% 91 - 120 1,685,316 2% 121 - 180 4,674,043 5% 181 - 270 8,240,393 8% 271 - 365 6,665,372 7% 1 - 2 Years 27,687,270 28% 2 - 3 16,455,154 16% 3 - 5 17,064,412 17% Over 5 Years 0 0% 100,539,887$ 100% Total / Weighted Average Town Funds Weighted Average Quality is AAA Page 1 Town of Danville Treasurer's Report of Investments - Summary September 30, 2023 Description Par Value Cost Market Value % Total TRUST FUND Cash Equivalents 1,704,686$ 1,704,686$ 1,704,686$ 100% CDA/SUCCESSOR AGENCY Cash Equivalents 436,610$ 436,610$ 436,610$ 100% Total 436,610$ 436,610$ 436,610$ 100% ASSESSMENT DISTRICTS NERIAD Federal Agency Issues -$ -$ -$ 0% U.S. Treasury Obligations 650,000 629,707 638,066 52% Cash Equivalents 594,069 594,069 594,069 48% Subtotal 1,244,069$ 1,223,776$ 1,232,135$ 100% Total 1,244,069$ 1,223,776$ 1,232,135$ 100% SUMMARY TOTAL Town Funds 104,401,268$ 103,572,605$ 100,539,887$ Trust Fund 1,704,686 1,704,686 1,704,686 CDA/Successor Agency 436,610 436,610 436,610 NERIAD 1,244,069 1,223,776 1,232,135 Summary Total 107,786,632$ 106,937,677$ 103,913,318$ Page 2 Town of Danville Treasurer's Report of Investments CDA Town Funds Trust Funds Successor Agency NERIAD Total Beginning Balance, at cost 108,994,602$ 1,911,027$ 926,062$ 1,213,204$ 113,044,895$ Purchases, at cost FHLMC K081 A2 957,969 957,969 Chase Issuance Trust 23-A1 A 994,724 994,724 - - Sales/Maturations/Call FHLMC Note (889,706) (889,706) FHLMC Note (599,724) (599,724) US Treasury Note (248,976) (248,976) Redemption (164,708) (164,708) Premium/Discount 588 588 Interest Received 68,824 1,798 219 70,841 Net change in Cash (5,789,964) (206,341) (491,250) 259,329 (6,228,228) Realized gains (losses) - Ending Balance, at cost 103,572,605$ 1,704,686$ 436,610$ 1,223,776$ 106,937,676$ September 30, 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 11/03/2020 11/06/2023 1,455,000 1,453,691 1,447,929 0.28% 4,074 FNMA Note 11/24/2020 11/27/2023 1,500,000 1,499,160 1,488,343 0.27% 4,050 FHLMC Note 12/09/2020 12/04/2023 1,500,000 1,499,610 1,486,716 0.26% 3,900 FNMA Note 03/24/2020 02/05/2024 1,700,000 1,808,052 1,682,196 0.82% 13,940 FHLB Note 03/03/2020 03/08/2024 1,500,000 1,560,525 1,476,064 0.85% 12,750 FHLB Note 0801/2022 11/08/2024 900,000 858,798 856,190 3.11% 27,990 FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 948,192 3.15% 31,500 FFCB Note 01/06/2022 01/06/2025 595,000 593,661 564,307 1.20% 7,140 FFCB Note 02/17/2022 02/14/2025 750,000 748,365 714,043 1.83% 13,725 FFCB Note 02/28/2022 02/14/2025 750,000 748,057 713,749 1.83% 13,725 FFCB Note 03/14/2022 02/25/2025 750,000 743,441 714,386 2.06% 15,450 FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 963,428 2.97% 29,700 FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 914,686 1.17% 11,700 FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 1,973,752 4.42% 88,400 FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,485,151 4.58% 68,700 FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,473,801 3.66% 54,900 FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,443,858 3.76% 56,400 FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,456,765 4.49% 67,350 Subtotal 22,400,000$ 22,439,920$ 21,803,556$ 2.34% 525,394$ Collateralized Mortgage Obligation FHLMC K063 06/06/2023 01/25/2027 1,000,000 965,625 946,221 4.48% 44,800 FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 930,632 4.28% 42,800 FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 935,315 4.00% 40,000 FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 669,779 4.34% 31,248 FHLMC K081 A2 09/05/2023 08/25/2028 1,000,000 957,969 951,029 4.88% 48,800 Subtotal 4,720,000$ 4,545,386$ 4,432,976$ 4.39% 207,648$ September 30, 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 September 30, 2023 U.S. Treasury Obligations U.S. Treasury Notes 09/13/2019 10/31/2023 1,500,000 1,490,918 1,495,551 1.78% 26,700 U.S. Treasury Notes 01/08/2021 12/15/2023 750,000 747,861 742,148 0.22% 1,650 U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,352 973,164 0.36% 3,600 U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 980,313 3.06% 30,600 U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,210,107 0.36% 4,500 U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,446,153 0.33% 4,950 U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,648 1,441,524 0.38% 5,700 U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 962,422 0.26% 2,600 U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,334,102 0.44% 6,160 U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,294,735 0.45% 6,075 U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,424,766 0.80% 12,000 U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 807,134 1.39% 11,815 U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,435,195 2.03% 30,450 U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,424,297 0.40% 6,000 U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 943,906 1.43% 14,300 U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,257,979 0.66% 8,910 U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 960,432 0.33% 3,300 U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 893,708 2.74% 27,400 U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,383,164 0.53% 7,950 U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,378,595 0.56% 8,400 U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,236,094 1.06% 14,310 U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,417,325 2.96% 44,400 U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,441,817 2.96% 44,400 U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,536,374 2.87% 45,920 U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,606,235 3.05% 51,850 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,045,516 3.21% 35,310 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,689,188 3.00% 54,000 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,503,374 3.43% 54,880 U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,825,704 4.09% 81,800 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,346,857 4.01% 58,145 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,425,176 4.01% 60,150 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,510,062 3.59% 57,440 U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,223,975 4.44% 55,500 Subtotal 44,900,000$ 44,279,381$ 42,597,092$ 1.96% 881,165$ Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)481,064 481,064 481,064 4.84% 23,283 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)356,496 356,496 356,496 4.84% 17,254 Bank of New York 436,918 436,918 436,918 3.81% 16,647 US Bank 437,806 437,806 437,806 0.00% 7 LAIF 9,202,884 9,202,884 9,202,884 3.53% 325,230 Subtotal 10,915,168$ 10,915,168$ 10,915,168$ 3.50% 382,422 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 September 30, 2023 Asset-Backed Securities Mercedes-Benz Auto Lease Trust 2021-B A3 06/22/2021 11/15/2024 141,048 141,038 139,846 0.40% 564 BMW Vehicle Lease Trust 2022-1-A3 01/11/2022 03/25/2025 137,498 137,477 135,885 1.11% 1,526 GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 450,000 449,953 444,566 3.45% 15,525 John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 110,187 110,166 107,575 0.37% 408 Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 555,270 555,210 539,705 0.26% 1,444 Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 222,856 222,809 214,168 0.89% 1,983 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 228,877 228,857 221,064 0.52% 1,190 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 211,917 211,912 203,860 0.71% 1,505 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 425,000 424,936 410,028 1.89% 8,033 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 300,000 299,984 292,665 3.23% 9,690 John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 330,000 329,927 319,490 2.34% 7,722 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 595,000 594,977 575,761 2.23% 13,269 GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 168,447 168,432 162,771 1.27% 2,139 GM Financial Auto Leasing 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 209,170 5.45% 11,445 GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 260,000 259,946 252,738 3.13% 8,138 BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 174,540 5.54% 9,695 Chase Issuance Trust 23-A1 A 09/07/2023 09/15/2028 995,000 994,724 991,336 5.23% 52,039 Subtotal 5,516,100$ 5,515,292$ 5,395,168$ 2.65% 146,314$ Supranational Intl. Bank Recon & Development Note 11/17/2020 11/24/2023 355,000 354,237 352,225 0.32% 1,136 Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,189,227 0.52% 6,500 International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 957,644 0.46% 4,600 Subtotal 2,605,000$ 2,632,292$ 2,499,096$ 0.46% 12,236$ US Corporate American Honda Finance Note 08/19/2019 01/12/2024 950,000 1,008,634 943,832 2.07% 19,665 John Deere Capital Corp Note 03/01/2021 01/17/2024 615,000 614,564 605,599 0.47% 2,891 Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 976,077 0.92% 9,200 Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 554,782 0.69% 3,933 Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 414,231 0.69% 2,967 Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 876,679 0.50% 4,525 John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 522,129 0.49% 2,646 Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 368,474 0.52% 2,002 MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 953,026 2.03% 20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 467,661 2.04% 10,200 JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 721,990 2.03% 15,225 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 452,280 3.13% 14,711 Wal-Mart Stores Note 09/26/2022 02/06/2026 700,000 685,776 682,355 4.64% 32,480 Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 958,085 4.28% 42,800 State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 250,068 2.80% 7,420 Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 716,659 4.27% 32,025 Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 512,519 5.07% 26,111 Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 995,147 5.48% 54,800 Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 925,238 4.43% 44,300 Subtotal 13,345,000$ 13,245,166$ 12,896,831$ 2.60% 348,200$ TOTAL 104,401,268$ 103,572,605$ 100,539,887$ 2.40% 2,503,378$ Source: Chandler Asset Management US Bank Local Agency Investment Fund (LAIF)Page 6 Town of Danville Treasurer's Report of Investments - Detail September 30, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF 1,704,686 1,704,686 1,704,686 3.53% 60,244 TOTAL 1,704,686$ 1,704,686$ 1,704,686$ 3.53% $60,244 Source: Local Agency Investment Fund (LAIF) Trust Fund Page 7 Town of Danville Treasurer's Report of Investments - Detail September 30, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF - redemption fund 45,704 45,704 45,704 3.53% 1,615 Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs) 390,187 390,187 390,187 4.84% 18,885 Wells Fargo Trsry Plus M Mkt - interest acct (TRBs) 587 587 587 4.84% 28 Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs) 132 132 132 4.84% 6 Subtotal 436,610$ 436,610$ 436,610$ 4.70% 20,535$ TOTAL 436,610$ 436,610$ 436,610$ 4.70% 20,535$ 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 Bill 4/26/2023 10/26/2023 150,000 146,387 146,386 4.95% 7,425 U.S. Treasury Note 3/20/2023 12/15/2023 250,000 242,148 247,383 4.51% 11,275 U.S. Treasury Note 6/28/2023 3/15/2024 250,000 241,172 244,297 5.39% 13,475 Subtotal 650,000$ 629,707$ 638,066$ 4.95% 32,175$ Cash Equivalents LAIF - improvement fund 330,913 330,913 330,913 3.53% 11,694 Bank of New York-Improvement fd 263,156 263,156 263,156 3.81% 10,026 Subtotal 594,069$ 594,069$ 594,069$ 3.66% 21,721$ Total 1,244,069$ 1,223,776$ 1,232,135$ 4.33% 53,896$ Source: Chandler Asset Management BNY Trust Company Local Agency Investment Fund (LAIF) Northeast Roadway Improvement Assessment District (NERIAD) September 30, 2023 Page 9