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Home My WebLink About022024-06.3TO: ADMINISTRATIVE STAFF REPORT 6.3 Mayor and Town Council February 20, 2024 SUBJECT: December 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 December 2023: Cost Basis Market Value November December November December 2023 2023 2023 2023 Town Funds $104,001,946 $111,100,112 $101,887,349 $109,837,362 Trust Funds 1,734,634 1,766,793 1,734,634 1,766,793 Assessment & SA 1,667,867 1,535,840 1,680,414 1,542,178 Total Cash & Investments $107,404,447 $114,402,745 $105,302,397 $113,146,333 Total Cash & Investments Year -to -Year Comparison 2022 $105,540,060 $112,201,376 $101,606,885 $108,390,895 Purchases for the month of December 2023 consisted of one Federal Home Loan Banks Note for $1,002,530 (maturity date November 17, 2026), one International Finance Corp Note for $921,986 (maturity date January 15, 2027), one JP Morgan Chase Bank Callable Note Cont 11/8/2026 for $405,000 (maturity date December 8, 2026), one Federal Farm Credit Bank Note for $1,504,500 (maturity date October 4, 2027), and one Federal Home Loan Mortgage Corporation K069 A2 for $1,097,562 (maturity date September 25, 2027). Purchases for the NERIAD Fund for the month of December 2023 consisted of one US Treasury Bill for $241,205 (maturity date September 5, 2024). 1 Maturities for the month of December 2023 included one Federal Home Loan Mortgage Corporation Note for $1,499,610, and one US Treasury Note for $747,861. Partial maturities (principal paid down) for the month of December 2023 included one Honda Auto Receivables Trust 2022-1 A3 for $10,241, one Hyundai Auto Receivables Trust 2022-A A3 for $17,200, one John Deere Owner Trust 2022-A A3 for $16,149, one John Deere Owner Trust 2021-A A3 for $10,154, one John Deere Owner Trust 2021-B A3 for $11,056, one Mercedes-Benz Auto Lease Trust 2021-B A3 for $37,823, one Toyota Auto Receivables Trust 2021-B A3 for $44,324, one Toyota Auto Receivables Trust 2021-D A3 for $12,419, one GM Financial Auto Receivables 2022-1 A3 for $8,681, one GM Financial Auto Lease Trust 2022-2 A3 for $55,985, one Honda Auto Receivables Trust 2021-4 A3 for $13,349, one BMW Vehicle Lease Trust 2022-1 A3 for $24,125, and one BMW Vehicle Owner Trust 2022-A A3 for $7,114. Maturities for the NERIAD Fund for the month of December 2023 included one US Treasury Note for $249,500. The Town's net cash position changed from $12,786,713 to $17,469,363 during the month of December 2023. This consisted of operating revenues in excess of operating expenses of $7,182,503, net funds invested of $2,415,487, premium/ discount recognition of $10,401 and interest received of $146,437. 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 December 2023 Month End Treasurer's Report. Prepared by: Lani Ha Finance Director/Treasurer December 2023 Treasurer's Report 2 February 20, 2024 Reviewed by: 9//kmu• Joseph A. Calabrigo Town Manager Attachment: December 2023 Month End Treasurer's Report December 2023 Treasurer's Report 3 February 20, 2024 Description TOWN FUNDS U.S. Treasury Obligations Federal Agency Issues Cash Equivalents Collateralized Mortgage Obligation Asset -Backed Securities Commercial Paper Negotiable CD Supranational US Corporate Town of Danville Treasurer's Report of Investments - Summary December 31, 2023 Yield to Par Value Cost Market Value % Total Maturity 42,650,000 $ 42,040,602 $ 41,149,997 37% 1.99% 22,195,000 22,237,997 22,052,077 20% 3.18% 17,469,363 17,469,363 17,469,363 16% 1.63% 6,860,000 6,583,690 6,639,281 6% 4.62% 5,119,109 5,118,351 5,070,203 5% 2.99% 0 0 0 0% 0.00% 0 0 0 0% 0.00% 3,175,000 3,200,040 3,114,023 3% 1.65% 14,550,000 14,450,069 14,342,418 13% 2.84% Total / Weighted Average $ Maturities 0-30 Days 31-60 61 - 90 91 - 120 121 - 180 181 - 270 271 - 365 1 - 2 Years 2-3 3-5 Over 5 Years Total / Weighted Average 112,018,472 $ 111,100,112 $ 109,837,362 100% 2.48% Town Funds Weighted Average Quality is AAA Page 1 19,064,968 17% 1,761,411 2% 2,480,048 2% 1,369,698 1% 6,852,092 6% 6,446,686 6% 7,480,515 7% 26,853,819 24% 18,530,658 17% 18,997,467 17% 0 0% 109,837,362 100% Description Town of Danville Treasurer's Report of Investments - Summary December 31, 2023 Par Value Cost Market Value % Total TRUST FUND Cash Equivalents $ 1,766,793 $ 1,766,793 $ 1,766,793 100% CDA/SUCCESSOR AGENCY Cash Equivalents Total ASSESSMENT DISTRICTS NERIAD Federal Agency Issues U.S. Treasury Obligations Cash Equivalents Subtotal 441,138 $ 441,138 $ 441,138 100% 441,138 $ 441,138 $ 441,138 100% $ $ 0% 900,000 869,225 875,563 80% 225,477 225,477 225,477 20% 1,125,477 $ 1,094,702 $ 1,101,040 100% Total $ 1,125,477 $ 1,094,702 $ SUMMARY TOTAL Town Funds Trust Fund CDA/Successor Agency NERIAD 1,101,040 100% 112,018,472 $ 111,100,112 $ 109,837,362 1,766,793 1,766,793 1,766,793 441,138 441,138 441,138 1,125,477 1,094,702 1,101,040 Summary Total $ 115,351,880 $ 114,402,745 $ 113,146,333 Page 2 Town of Danville Treasurer's Report of Investments December 31, 2023 Town Funds CDA Trust Funds Successor Agency NERIAD Total Beginning Balance, at cost $ 104,001,946 $ 1,734,634 $ 439,643 $ 1,228,224 $ 107,404,447 Purchases, at cost Federal Home Loan Banks Note 1,002,530 1,002,530 International Finance Corp Note 921,986 921,986 JP Morgan Chase Bank Callable Note Cont 11/8 405,000 405,000 FFCB Note 1,504,500 1,504,500 FHLMC K069 A2 1,097,562 1,097,562 US Treasury Bill 241,205 241,205 Sales/Maturations/Call FHLMC Note (1,499,610) (1,499,610) US Treasury Note (747,861) (747,861) US Treasury Note (249,500) (249,500) Redemption (268,620) (268,620) Premium/Discount 10,401 10,401 Interest Received 146,437 1,495 265 148,198 Net change in Cash 4,525,841 32,159 - (125,492) 4,432,507 Realized gains (losses) - Ending Balance, at cost $ 111,100,112 $ 1,766,793 $ 441,138 $ 1,094,702 $ 114,402,745 Page 3 Description Federal Agency Issues FNMA Note FHLB Note FHLB Note FHLB Note FFCB Note FFCB Note FFCB Note FFCB Note FFCB Note FNMA Note FFCB Note FFCB Note FFCB Note FFCB Note FFCB Note FHLB Note FFCB Note FHLB Note Subtotal Collateralized Mortgage Obligation FHLMC K063 FHLMC K066 A2 FHLMC K068 A2 FHLMC K069 A2 FHLMC K073 A2 FHLMC K081 A2 FHLMC K082 A2 Subtotal U.S. Treasury Obligations U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes Town of Danville Treasurer's Report of Investments - Detail Town Funds December 31, 2023 Purchase Date Maturity Date 03/24/2020 03/03/2020 0801/2022 07/27/2022 01/06/2022 02/17/2022 02/28/2022 03/14/2022 05/03/2022 12/09/2021 06/22/2023 08/09/2023 11/30/2023 12/08/2023 11/09/2023 05/15/2023 04/27/2023 07/06/2023 06/06/2023 05/18/2023 05/12/2023 12/27/2023 05/24/2023 09/05/2023 10/30/2023 04/14/2021 07/27/2022 05/12/2021 06/10/2021 07/28/2021 02/09/2021 09/13/2021 08/06/2021 11/10/2021 01/26/2022 03/15/2022 02/24/2021 02/03/2022 02/05/2024 03/08/2024 11/08/2024 12/20/2024 01/06/2025 02/14/2025 02/14/2025 02/25/2025 05/09/2025 08/25/2025 06/23/2026 08/14/2026 11/17/2026 10/04/2027 11/15/2027 12/10/2027 04/25/2028 06/09/2028 01/25/2027 06/25/2027 08/25/2027 09/25/2027 01/25/2028 08/25/2028 09/25/2028 04/15/2024 04/30/2024 05/15/2024 06/15/2024 07/15/2024 08/31/2024 09/15/2024 10/31/2024 11/15/2024 12/15/2024 12/31/2024 01/31/2025 02/28/2025 Par Value Cost Yield to Annual Market Value Maturity Interest 1,700,000 1,808,052 1,695,487 0.82% 13,940 1,500,000 1,560,525 1,490,319 0.85% 12,750 900,000 858,798 871,625 3.11% 27,990 1,000,000 950,740 963,994 3.15% 31,500 595,000 593,661 575,034 1.20% 7,140 750,000 748,365 727,305 1.83% 13,725 750,000 748,057 727,005 1.83% 13,725 750,000 743,441 725,829 2.06% 15,450 1,000,000 998,050 978,055 2.97% 29,700 1,000,000 971,060 934,917 1.17% 11,700 2,000,000 1,997,620 2,008,884 4.42% 88,400 1,500,000 1,496,550 1,512,616 4.58% 68,700 1,000,000 1,002,530 1,014,119 4.53% 45,300 1,500,000 1,504,500 1,526,026 4.41% 66,150 1,750,000 1,743,508 1,789,235 4.73% 82,775 1,500,000 1,536,930 1,515,438 3.66% 54,900 1,500,000 1,507,905 1,490,939 3.76% 56,400 1,500,000 1,467,705 1,505,250 4.49% 67,350 $ 22,195,000 1,000,000 1,000,000 1,000,000 1,140,000 720,000 1,000,000 1,000,000 $ 6,860,000 Page 4 1,000,000 1,000,000 1,250,000 1,500,000 1,500,000 1,000,000 1,400,000 1,350,000 1,500,000 850,000 1,500,000 1,500,000 1,000,000 22,237,997 $ 22,052,077 3.18% $ 707,595 965,625 958,984 970,820 1,097,562 691,988 957,969 940,742 6,583,690 1,000,352 981,914 1,246,094 1,496,543 1,499,648 1,034,805 1,397,266 1,395,246 1,497,832 840,637 1,488,633 1,557,012 990,820 971,729 959,837 961,467 1,093,721 692,438 979,631 980,458 6,639,281 4.48% 44,800 4.28% 42,800 4.00% 40,000 4.92% 56,088 4.34% 31,248 4.88% 48,800 5.33% 53,300 4.62% $ 317,036 986,250 0.36% 989,531 3.06% 1,227,539 0.36% 1,467,246 0.33% 1,462,851 0.38% 975,508 0.26% 1,355,813 0.44% 1,313,403 0.45% 1,447,558 0.80% 819,686 1.39% 1,455,729 2.03% 1,447,207 0.40% 960,508 1.43% 3,600 30,600 4,500 4,950 5,700 2,600 6,160 6,075 12,000 11,815 30,450 6,000 14,300 Description U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes U.S. Treasury Notes Subtotal Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP) Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP) Bank of New York US Bank LAIF Subtotal Asset -Backed Securities Mercedes-Benz Auto Lease Trust 2021-B A3 BMW Vehicle Lease Trust 2022-1-A3 GM Financial Auto Lease Trust 2022-2 A3 John Deere Owner Trust 2021-A A3 Toyota Auto Receivables Trust 2021-B A3 Honda Auto Receivables Trust 2021-4 A3 John Deere Owner Trust 2021-B A3 Toyota Auto Receivables Trust 2021-D A3 Honda Auto Receivables Trust 2022-1 A3 BMW Vehicle Owner Trust 2022-A A3 John Deere Owner Trust 2022-A A3 Hyundai Auto Receivables Trust 2022-A A3 GM Financial Auto Receivables 2022-1 A3 GM Financial Auto Leasing 2023-3 A3 GM Financial Securitized ART 2022-2 A3 BMW Vehicle Owner Trust 2023-A A3 Town of Danville Treasurer's Report of Investments - Detail Town Funds December 31, 2023 Purchase Date Maturity Date Par Value 03/12/2021 03/31/2025 1,350,000 01/26/2021 04/30/2025 1,000,000 04/28/2022 04/30/2025 1,000,000 06/11/2021 05/31/2025 1,500,000 07/29/2021 06/30/2025 1,500,000 12/02/2021 07/31/2025 1,350,000 04/21/2022 08/15/2025 1,500,000 04/21/2022 09/30/2025 1,500,000 06/02/2022 10/31/2025 1,600,000 06/09/2022 11/15/2025 1,700,000 07/13/2022 12/31/2025 1,100,000 08/03/2022 03/31/2026 1,800,000 09/08/2022 04/30/2026 1,600,000 06/07/2023 09/30/2026 2,000,000 11/28/2022 03/31/2027 1,450,000 10/05/2022 06/30/2027 1,500,000 01/20/2023 08/31/2027 1,600,000 03/08/2023 09/30/2027 1,250,000 06/22/2021 11/15/2024 01/11/2022 03/25/2025 05/30/2022 06/20/2025 03/02/2021 09/15/2025 06/08/2021 11/17/2025 11/16/2021 01/21/2026 07/13/2021 03/16/2026 11/09/2021 04/15/2026 02/15/2022 05/15/2026 05/10/2022 08/25/2026 03/10/2022 09/16/2026 03/09/2022 10/15/2026 01/11/2022 11/16/2026 08/08/2023 11/20/2026 04/05/2022 02/16/2027 07/11/2023 02/25/2028 Cost Yield to Annual Market Value Maturity Interest 1,342,150 1,283,607 0.66% 8,910 1,001,953 980,383 0.33% 3,300 932,344 912,273 2.74% 27,400 1,483,359 1,412,637 0.53% 7,950 1,482,246 1,408,887 0.56% 8,400 1,310,871 1,264,306 1.06% 14,310 1,454,883 1,443,458 2.96% 44,400 1,502,109 1,465,429 2.96% 44,400 1,606,563 1,562,750 2.87% 45,920 1,655,840 1,637,313 3.05% 51,850 1,079,031 1,065,969 3.21% 35,310 1,753,523 1,726,735 3.00% 54,000 1,542,500 1,537,688 3.43% 54,880 1,848,984 1,875,156 4.09% 81,800 1,363,566 1,385,826 4.01% 58,145 1,451,309 1,465,841 4.01% 60,150 1,568,438 1,555,000 3.59% 57,440 1,234,131 1,257,910 4.44% 55,500 $ 42,650,000 $ 42,040,602 $ 41,149,997 1.99% $ 852,815 486,884 486,884 486,884 4.86% 23,663 360,808 360,808 360,808 4.86% 17,535 2,947,962 2,947,962 2,947,962 0.23% 6,780 7,632,474 7,632,474 7,632,474 0.00% 127 6,041,237 6,041,237 6,041,237 3.93% 237,360 $ 17,469,363 $ Page 5 17,469,363 $ 17,469,363 1.63% 285,466 32,452 32,450 32,391 0.40% 130 66,301 66,291 65,925 1.11% 736 385,830 385,790 383,448 3.45% 13,311 72,648 72,634 71,358 0.37% 269 417,493 417,448 408,515 0.26% 1,085 181,103 181,065 175,735 0.89% 1,612 188,885 188,868 183,769 0.52% 982 173,316 173,312 168,170 0.71% 1,231 414,759 414,697 403,694 1.89% 7,839 292,886 292,871 288,752 3.23% 9,460 278,864 278,802 272,635 2.34% 6,525 577,800 577,778 564,652 2.23% 12,885 141,772 141,759 137,619 1.27% 1,801 210,000 209,975 211,405 5.45% 11,445 260,000 259,945 254,951 3.13% 8,138 175,000 174,969 176,819 5.54% 9,695 Town of Danville Treasurer's Report of Investments - Detail Town Funds December 31, 2023 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Toyota Auto Receivables Owner 2023-D A3 11/07/2023 08/15/2028 255,000 254,973 259,976 5.61% 14,306 Chase Issuance Trust 23 -Al A 09/07/2023 09/15/2028 995,000 994,724 1,010,389 5.23% 52,039 Subtotal $ 5,119,109 $ 5,118,351 $ 5,070,203 2.99% $ 153,488 Supranational Inter -American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,209,840 0.52% 6,500 International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 972,011 0.46% 4,600 International Finance Corp Note 11/29/2023 01/15/2027 925,000 921,985 932,172 4.49% 41,533 Subtotal $ 3,175,000 $ 3,200,040 $ 3,114,023 1.65% $ 52,633 US Corporate American Honda Finance Note 08/19/2019 01/12/2024 950,000 1,008,634 949,484 2.07% 19,665 John Deere Capital Corp Note 03/01/2021 01/17/2024 615,000 614,564 613,728 0.47% 2,891 Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 989,729 0.92% 9,200 Amazon com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 562,405 0.69% 3,933 Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 419,923 0.69% 2,967 Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 888,367 0.50% 4,525 John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 528,456 0.49% 2,646 Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 373,687 0.52% 2,002 MasterCard Inc Callable Note lx 02/25/2022 02/03/0225 1,000,000 999,010 968,789 2.03% 20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 476,779 2.04% 10,200 JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 733,941 2.03% 15,225 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 459,684 3.13% 14,711 Wal-Mart Stores Note 09/26/2022 09/09/2025 700,000 685,776 693,043 4.64% 32,480 Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 976,084 4.28% 42,800 State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 254,642 2.80% 7,420 Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 731,752 4.27% 32,025 Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 522,233 5.07% 26,111 Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,018,459 5.48% 54,800 Morgan Stanley Bank NA Callable Note 10/30/2023 10/30/2026 440,000 440,000 452,420 5.88% 25,872 Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 952,570 4.43% 44,300 Pepsico Inc. Callable Note Cont 11/08/2023 11/10/2026 360,000 359,903 367,609 5.13% 18,468 JP Morgan Chase Bank Callable Note 12/05/2023 12/08/2026 405,000 405,000 408,634 5.11% 20,696 Subtotal $ 14,550,000 $ 14,450,069 $ 14,342,418 2.84% $ 413,236 TOTAL $ 112,018,472 $ 111,100,112 $ 109,837,362 2.48% $ 2,782,267 Source: Chandler Asset Management US Bank Local Agency Investment Fund (LAIF) Page 6 Description Cash Equivalents LAIF TOTAL Town of Danville Treasurer's Report of Investments - Detail Trust Fund December 31, 2023 Yield to Annual Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Source: Local Agency Investment Fund (LAIF) 1,766,793 1,766,793 1,766,793 3.93% 69,417 $ 1,766,793 $ 1,766,793 $ 1,766,793 3.93% $69,417 Page 7 Description Town of Danville Treasurer's Report of Investments - Detail Community Development Agency/Successor Agency December 31, 2023 Yield to Annual Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF - redemption fund 45,704 45,704 45,704 3.93% 1,796 Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs) 394,706 394,706 394,706 4.86% 19,183 Wells Fargo Trsry Plus M Mkt - interest acct (TRBs) 596 596 596 4.86% 29 Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs) 132 132 132 4.86% 6 Subtotal $ 441,138 $ 441,138 $ 441,138 4.76% $ 21,014 TOTAL $ 441,138 $ 441,138 $ 441,138 4.76% $ 21,014 Source: BNY Trust Company Local Agency Investment Fund (LAIF) Page 8 Description Town of Danville Treasurer's Report of Investments - Detail Northeast Roadway Improvement Assessment District (NERIAD) December 31, 2023 Yield to Annual Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest U.S. Treasury Obligations U.S. Treasury Note 6/28/2023 3/15/2024 250,000 241,172 247,510 5.39% 13,475 U.S. Treasury Bill 10/30/2023 4/25/2024 150,000 146,082 146,082 5.53% 8,295 U.S. Treasury Bill 10/2/2023 6/13/2024 250,000 240,766 240,766 5.47% 13,675 U.S. Treasury Bill 12/15/2023 9/5/2024 250,000 241,205 241,205 5.04% 12600 Subtotal $ 900,000 $ 869,225 $ 875,563 5.34% $ 48,045 Cash Equivalents LAIF - improvement fund 189,673 189,673 189,673 3.93% 7,452 Bank of New York -Improvement fd 35,804 35,804 35,804 0.23% 82 Subtotal $ 225,477 $ 225,477 $ 225,477 3.34% $ 7,535 Total Source: Chandler Asset Management BNY Trust Company Local Agency Investment Fund (LAIF) $ 1,125,477 $ 1,094,702 $ 1,101,040 4.94% $ 55,580 Page 9