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HomeMy WebLinkAbout041624-06.3 1 ADMINISTRATIVE STAFF REPORT 6.3 TO: Mayor and Town Council April 16, 2024 SUBJECT: February 2024 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 February 2024: January February January February 2024 2024 2024 2024 Town Funds $112,141,776 $110,672,725 $111,131,169 $109,321,019 Trust Funds 1,786,006 1,811,773 1,786,006 1,811,773 Assessment & SA 1,975,596 2,122,144 1,982,925 2,140,877 Total Cash & Investments $115,903,378 $114,606,642 $114,900,100 $113,273,669 Total Cash & Investments Year-to-Year Comparison 2023 $113,939,494 $113,463,437 $110,603,900 $109,538,173 Cost Basis Market Value Purchases for the month of February 2024 consisted of one Toyota Motor Credit Corp Note for $921,800 (maturity date June 18, 2026), one Cisco Systems Inc Note for $499,350 (maturity date February 26, 2027), one Cisco Systems Inc Note for $500,270 (maturity date February 26, 2027). There were no purchases for the NERIAD Fund for the month of February 2024. Maturities for the month of February 2024 included one Federal National Mortgage Association Note for $1,808,052. Partial maturities (principal paid down) for the month of February 2024 included one Toyota Auto Receivables 2021-B A3 for $44,961, one John Deere Owner Trust 2021-A A3 February 2024 Treasurer’s Report 2 April 16, 2024 for $9,250, one John Deere Owner Trust 2021-B A3 for $20,153, one Toyota Auto Receivables Trust 2021-D A3 for $12,644, one Honda Auto Receivables Trust 2022-1 A3 for $25,937, one Hyundai Auto Receivables Trust 2022-A A3 for $33,774, one John Deere Owner Trust 2022-A A3 for $19,803, one GM Financial Securitized ART 2022-1 A3 for $8,327, one GM Financial Auto Lease Trust 2022-2 A3 for $9,545, one GM Financial Auto Lease Trust 2022-2 A3 for $59,229, one Honda Auto Receivables Trust 2021-4 A3 for $13,448, one BMW Vehicle Lease Trust 2022-1 A3 for $23,771, and one BMW Vehicle Owner Trust 2022-A A3 for $18,740. There were no maturities for NERIAD Fund for the month of February 2024. The Town’s net cash position changed from $19,447,615 to $17,160,724 during the month of February 2024. This consisted of operating revenues in excess of operating expenses of -$1,585,171, net funds invested of $817,806, premium/discount recognition of -$108,017 and interest received of $224,103. Cash requirements have been projected for the next 12 months, and the Town is in a position to meet its cash requirements. All investments that the Town owns are in compliance with the California Government Code and the Town’s Investment Policy. PUBLIC CONTACT Posting of the meeting agenda serves as notice to the general public. RECOMMENDATION Accept the February 2024 Month End Treasurer’s Report. Prepared by: Lani Ha Finance Director/Treasurer Reviewed by: Joseph A. Calabrigo Town Manager Attachment: February 2024 Month End Treasurer’s Report Town of Danville Treasurer's Report of Investments - Summary February 29, 2024 Yield to Description Par Value Cost Market Value % Total Maturity TOWN FUNDS U.S. Treasury Obligations 42,650,000$ 42,040,602$ 41,114,460$ 38%1.99% Federal Agency Issues 20,495,000 20,429,945 20,221,180 18%3.38% Cash Equivalents 17,160,724 17,160,724 17,160,724 16%3.18% Collateralized Mortgage Obligation 6,860,000 6,583,690 6,575,680 6%4.48% Asset-Backed Securities 4,506,882 4,506,193 4,459,569 4%3.19% Commercial Paper 0 0 0 0%0.00% Negotiable CD 0 0 0 0%0.00% Supranational 4,175,000 4,204,060 4,110,354 4%2.27% US Corporate 15,985,000 15,747,511 15,679,052 14%3.24% Total / Weighted Average 111,832,606$ 110,672,725$ 109,321,019$ 100%2.82% Maturities 0 - 30 Days 19,217,288$ 18% 31-60 995,271 1% 61 - 90 4,128,261 4% 91 - 120 2,012,472 2% 121 - 180 1,850,584 2% 181 - 270 8,206,739 8% 271 - 365 8,429,455 8% 1 - 2 Years 22,549,843 21% 2 - 3 35,743,143 33% 3 - 5 6,187,963 6% Over 5 Years 0 0% 109,321,019$ 100% Total / Weighted Average Town Funds Weighted Average Quality is AAA Page 1 Town of Danville Treasurer's Report of Investments - Summary February 29, 2024 Description Par Value Cost Market Value % Total TRUST FUND Cash Equivalents 1,811,773$ 1,811,773$ 1,811,773$ 100% CDA/SUCCESSOR AGENCY Cash Equivalents 1,038,317$ 1,038,317$ 1,038,317$ 100% Total 1,038,317$ 1,038,317$ 1,038,317$ 100% ASSESSMENT DISTRICTS NERIAD Federal Agency Issues -$ -$ -$ 0% U.S. Treasury Obligations 900,000 869,225 887,958 81% Cash Equivalents 214,602 214,602 214,602 19% Subtotal 1,114,602$ 1,083,827$ 1,102,560$ 100% Total 1,114,602$ 1,083,827$ 1,102,560$ 100% SUMMARY TOTAL Town Funds 111,832,606$ 110,672,725$ 109,321,019$ Trust Fund 1,811,773 1,811,773 1,811,773 CDA/Successor Agency 1,038,317 1,038,317 1,038,317 NERIAD 1,114,602 1,083,827 1,102,560 Summary Total 115,797,298$ 114,606,642$ 113,273,669$ Page 2 Town of Danville Treasurer's Report of Investments CDA Town Funds Trust Funds Successor Agency NERIAD Total Beginning Balance, at cost 112,141,776$ 1,786,006$ 884,554$ 1,091,042$ 115,903,378$ Purchases, at cost Toyota Motor Credit Crop 921,800 921,800 Cisco Systems Inc 499,350 499,350 Cisco Systems Inc 500,270 500,270 Inter-American Development Bank 1,004,020 1,004,020 - - - - Sales/Maturations/Call Federal National Mortgage Association (1,808,052) (1,808,052) John Deere Capital Corp - - US Treasury Note - Redemption (299,582) (299,582) Premium/Discount (108,017) (108,017) Interest Received 224,103 1,537 185 225,825 Net change in Cash (2,402,943) 25,767 152,226 (7,400)(2,232,351) Realized gains (losses)- Ending Balance, at cost 110,672,725$ 1,811,773$ 1,038,317$ 1,083,827$ 114,606,641$ February 29, 2024 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 FHLB Note 03/03/2020 03/08/2024 1,500,000 1,560,525 1,498,984 0.85%12,750 FHLB Note 0801/2022 11/08/2024 900,000 858,798 874,562 3.11%27,990 FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 967,776 3.15%31,500 FFCB Note 01/06/2022 01/06/2025 595,000 593,661 575,351 1.20%7,140 FFCB Note 02/17/2022 02/14/2025 750,000 748,365 727,009 1.83%13,725 FFCB Note 02/28/2022 02/14/2025 750,000 748,057 726,710 1.83%13,725 FFCB Note 03/14/2022 02/25/2025 750,000 743,441 725,750 2.06%15,450 FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 977,831 2.97%29,700 FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 936,949 1.17%11,700 FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 1,993,464 4.42%88,400 FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,499,446 4.58%68,700 FFCB Note 11/30/2023 11/17/2026 1,000,000 1,002,530 1,004,228 4.53%45,300 FFCB Note 12/08/2023 10/04/2027 1,500,000 1,504,500 1,506,963 4.41%66,150 FFCB Note 11/09/2023 11/15/2027 1,750,000 1,743,508 1,764,663 4.73%82,775 FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,488,755 3.66%54,900 FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,470,654 3.76%56,400 FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,482,085 4.49%67,350 Subtotal 20,495,000$ 20,429,945$ 20,221,180$ 3.38%693,655$ Collateralized Mortgage Obligation FHLMC K063 06/06/2023 01/25/2027 1,000,000 965,625 965,344 4.47%44,700 FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 952,737 4.23%42,300 FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 954,428 3.98%39,800 FHLMC K069 A2 12/27/2023 09/25/2027 1,140,000 1,097,562 1,084,739 4.27%48,678 FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 685,227 4.27%30,744 FHLMC K081 A2 09/05/2023 08/25/2028 1,000,000 957,969 966,264 4.85%48,500 FHLMC K082 A2 10/30/2023 09/25/2028 1,000,000 940,742 966,941 5.31%53,100 Subtotal 6,860,000$ 6,583,690$ 6,575,680$ 4.48%307,822$ U.S. Treasury Obligations U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,352 993,857 0.36%3,600 U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 994,570 3.06%30,600 U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,236,963 0.36%4,500 U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,478,086 0.33%4,950 U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,648 1,472,754 0.38%5,700 U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 980,312 0.26%2,600 U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,363,797 0.44%6,160 U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,317,463 0.45%6,075 U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,454,473 0.80%12,000 U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 822,906 1.39%11,815 U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,459,043 2.03%30,450 U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,450,430 0.40%6,000 February 29, 2024 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 February 29, 2024 U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 962,109 1.43%14,300 U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,286,613 0.66%8,910 U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 982,933 0.33%3,300 U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 914,645 2.74%27,400 U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,415,918 0.53%7,950 U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,411,523 0.56%8,400 U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,265,941 1.06%14,310 U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,441,055 2.96%44,400 U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,459,687 2.96%44,400 U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,555,500 2.87%45,920 U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,631,336 3.05%51,850 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,060,598 3.21%35,310 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,716,750 3.00%54,000 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,527,875 3.43%54,880 U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,863,281 4.09%81,800 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,371,043 4.01%58,145 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,447,793 4.01%60,150 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,535,313 3.59%57,440 U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,239,893 4.44%55,500 Subtotal 42,650,000$ 42,040,602$ 41,114,460$ 1.99%852,815$ Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)490,888 490,888 490,888 4.81%23,612 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)363,775 363,775 363,775 4.81%17,498 Bank of New York 1,539,655 1,539,655 1,539,655 2.88%44,342 US Bank 3,582,086 3,582,086 3,582,086 0.00%60 LAIF 11,184,320 11,184,320 11,184,320 4.12%461,018 Subtotal 17,160,724$ 17,160,724$ 17,160,724$ 3.18%546,529 Asset-Backed Securities BMW Vehicle Lease Trust 2022-1-A3 01/11/2022 03/25/2025 16,317 16,314 16,268 1.12%183 GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 272,996 272,968 271,823 3.45%9,418 John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 52,799 52,789 52,023 0.37%195 Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 329,618 329,582 323,731 0.27%890 Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 154,145 154,113 150,049 0.89%1,372 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 152,734 152,720 148,912 0.53%809 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 148,824 148,820 144,996 0.71%1,057 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 362,792 362,738 353,979 1.89%6,857 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 255,608 255,595 251,657 3.23%8,256 John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 241,179 241,126 235,926 2.34%5,644 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 509,399 509,379 497,988 2.23%11,360 GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 125,016 125,005 121,502 1.27%1,588 GM Financial Auto Leasing 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 210,450 5.38%11,298 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 February 29, 2024 GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 250,455 250,403 245,833 3.13%7,839 BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 175,850 5.47%9,573 Toyota Auto Receivables Owner 2023-D A3 11/07/2023 08/15/2028 255,000 254,973 257,719 6.30%16,065 Chase Issuance Trust 23-A1 A 09/07/2023 09/15/2028 995,000 994,724 1,000,863 5.17%51,442 Subtotal 4,506,882$ 4,506,193$ 4,459,569$ 3.19%143,845$ Supranational Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,216,979 0.52%6,500 International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 975,878 0.47%4,700 International Finance Corp Note 11/29/2023 01/15/2027 925,000 921,985 921,483 4.49%41,533 Inter-American Dev Bank Note 01/30/2024 02/01/2027 1,000,000 1,004,020 996,014 4.23%42,300 Subtotal 4,175,000$ 4,204,060$ 4,110,354$ 2.27%95,033$ US Corporate Charles Schwab Corp Callable Note 11/17/2021 03/18/2024 1,000,000 996,020 997,950 0.92%9,200 Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 567,165 0.69%3,933 Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 423,478 0.69%2,967 Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 895,924 0.49%4,435 John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 533,030 0.49%2,646 Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 377,001 0.52%2,002 MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 968,508 2.03%20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 477,398 2.03%10,150 JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 740,116 0.76%5,700 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 458,225 3.13%14,711 Wal-Mart Stores Note 09/26/2022 09/09/2025 700,000 685,776 689,282 4.64%32,480 Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 971,980 4.28%42,800 State Street Bank Callable Note Cont 02/02/2025 02/06/2026 265,000 265,000 255,460 1.75%4,638 Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 727,641 4.27%32,025 Toyota Motor Credit Corp 02/08/2024 06/18/2026 1,000,000 921,800 917,707 4.68%46,800 Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 516,787 5.07%26,111 Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,009,889 5.48%54,800 Morgan Stanley Bank NA Callable Note 10/30/2023 10/30/2026 440,000 440,000 448,088 5.88%25,872 Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 942,500 4.42%44,200 Pepsico Inc. Callable Note Cont 11/08/2023 11/10/2026 360,000 359,903 362,284 5.13%18,468 JP Morgan Chase Bank Callable Note 12/05/2023 12/08/2026 405,000 405,000 405,528 5.11%20,696 John Deere Capital Corp 01/10/2024 01/08/2027 1,000,000 999,220 992,279 4.53%45,300 Cisco Systems Inc 02/26/2024 02/26/2027 1,000,000 999,620 1,000,832 4.81%48,100 Subtotal 15,985,000$ 15,747,511$ 15,679,052$ 3.24%518,332$ TOTAL 111,832,606$ 110,672,725$ 109,321,019$ 2.82%3,158,030$ Source: Chandler Asset Management US Bank Local Agency Investment Fund (LAIF) Page 6 Town of Danville Treasurer's Report of Investments - Detail February 29, 2024 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF 1,811,773 1,811,773 1,811,773 4.12%74,681 TOTAL 1,811,773$ 1,811,773$ 1,811,773$ 4.12% $74,681 Source: Local Agency Investment Fund (LAIF) Trust Fund Page 7 Town of Danville Treasurer's Report of Investments - Detail February 29, 2024 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF - redemption fund 361,986 361,986 361,986 4.12%14,921 Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)397,785 397,785 397,785 4.81%19,133 Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)19 19 19 4.81%1 Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)278,527 278,527 278,527 4.81%13,397 Subtotal 1,038,317$ 1,038,317$ 1,038,317$ 4.57%47,453$ TOTAL 1,038,317$ 1,038,317$ 1,038,317$ 4.57%47,453$ 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 6/28/2023 3/15/2024 250,000 241,172 249,506 5.39%13,475 U.S. Treasury Bill 10/30/2023 4/25/2024 150,000 146,082 148,789 5.53%8,295 U.S. Treasury Bill 10/2/2023 6/13/2024 250,000 240,766 246,230 5.47%13,675 U.S. Treasury Bill 12/15/2023 9/5/2024 250,000 241,205 243,433 5.04%12600 Subtotal 900,000$ 869,225$ 887,958$ 5.34%48,045$ Cash Equivalents LAIF - improvement fund 178,591 178,591 178,591 4.12%7,362 Bank of New York-Improvement fd 36,011 36,011 36,011 2.88%1,037 Subtotal 214,602$ 214,602$ 214,602$ 3.91%8,399$ Total 1,114,602$ 1,083,827$ 1,102,560$ 5.06%56,444$ Source: Chandler Asset Management BNY Trust Company Local Agency Investment Fund (LAIF) Northeast Roadway Improvement Assessment District (NERIAD) February 29, 2024 Page 9