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ADMINISTRATIVE STAFF REPORT 6.3
TO: Mayor and Town Council May 21, 2024
SUBJECT: March 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 March 2024:
February March February March
2024 2024 2024 2024
Town Funds $110,672,725 $109,301,370 $109,321,019 $108,168,216
Trust Funds 1,811,773 1,810,502 1,811,773 1,810,502
Assessment & SA 2,122,144 1,575,199 2,140,877 1,588,856
Total Cash & Investments $114,606,642 $112,687,071 $113,273,669 $111,567,574
Total Cash & Investments
Year-to-Year Comparison
2023 $113,463,437 $110,194,404 $109,538,173 $107,394,456
Cost Basis Market Value
Purchases for the month of March 2024 consisted of one International Bank for
Reconstruction & Development for $1,456,965 (maturity date July 12, 2028), and one
State Street Corp for $1,065,000 (maturity date March 18, 2027).
Purchases for the NERIAD Fund for the month of March 2024 consisted of one US
Treasury Note for $242,344 (maturity date December 15, 2024).
Maturities for the month of March 2024 included one Federal Home Loan Bank Note for
$1,560,525, and one Charles Schwab Corp for $996,020.
Partial maturities (principal paid down) for the month of March 2024 included one
Toyota Auto Receivables Trust 2021-B A3 for $40,809, one John Deere Owner Trust 2021
March 2024 Treasurer’s Report 2 May 21, 2024
A3 for $6,670, one John Deere Owner Trust 2021-B A3 for $13,868, one Toyota Auto
Receivables Trust 2021-D A3 for $11,901, one Honda Auto Receivables Trust 2022-1 A3
for $25,525, one Hyundai Auto Receivables Trust 2022-A A3 for $32,850, one John Deere
Owner Trust 2022 A3 for $12,044, one GM Financial Securitized ART 2022-1 A3 for $8,290,
one GM Financial Auto Lease Trust 2022-2 A3 for $13,797, one GM Financial Auto Lease
Trust 2022-2 A3 for $64,622, one Honda Auto Receivables Trust 2021-4 A3 for $12,874,
one BMW Vehicle Lease Trust 2022-1 A3 for $16,316, and one BMW Vehicle Owner Trust
2022-A A3 for $17,331.
Maturities for the NERIAD Fund for the month of March 2024 included one US Treasury
Note for $241,172.
The Town’s net cash position changed from $17,160,724 to $16,100,815 during the month
of March 2024. This consisted of operating expenses in excess of operating revenues of -
$1,171,532, net funds invested of -$311,477, premium/discount recognition of -$47,691
and interest received of $90,131.
Cash requirements have been projected for the next 12 months, and the Town is in a
position to meet its cash requirements.
All investments that the Town owns are in compliance with the California Government
Code and the Town’s Investment Policy.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
RECOMMENDATION
Accept the March 2024 Month End Treasurer’s Report.
Prepared by:
Lani Ha
Finance Director/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: March 2024 Month End Treasurer’s Report
Town of Danville
Treasurer's Report of Investments - Summary
March 31, 2024
Yield to
Description Par Value Cost Market Value % Total Maturity
TOWN FUNDS
U.S. Treasury Obligations 42,650,000$ 42,040,602$ 41,211,434$ 38%1.99%
Federal Agency Issues 18,995,000 18,869,420 18,727,346 17%3.58%
Cash Equivalents 16,100,815 16,100,815 16,100,815 15%3.48%
Collateralized Mortgage Obligation 6,860,000 6,583,690 6,594,230 6%4.48%
Asset-Backed Securities 4,229,985 4,229,327 4,188,877 4%3.27%
Commercial Paper 0 0 0 0%0.00%
Negotiable CD 0 0 0 0%0.00%
Supranational 5,675,000 5,661,025 5,567,029 5%2.79%
US Corporate 16,050,000 15,816,491 15,778,485 15%3.50%
Total / Weighted Average 110,560,800$ 109,301,370$ 108,168,216$ 100%2.95%
Maturities
0 - 30 Days 18,096,210$ 17%
31-60 3,135,551 3%
61 - 90 2,019,313 2%
91 - 120 1,478,774 1%
121 - 180 3,952,489 4%
181 - 270 6,432,787 6%
271 - 365 8,907,028 8%
1 - 2 Years 21,944,390 20%
2 - 3 21,756,925 20%
3 - 5 20,444,749 19%
Over 5 Years 0 0%
108,168,216$ 100%
Total / Weighted Average
Town Funds Weighted Average Quality is AAA
Page 1
Town of Danville
Treasurer's Report of Investments - Summary
March 31, 2024
Description Par Value Cost Market Value % Total
TRUST FUND
Cash Equivalents 1,810,502$ 1,810,502$ 1,810,502$ 100%
CDA/SUCCESSOR AGENCY
Cash Equivalents 482,793$ 482,793$ 482,793$ 100%
Total 482,793$ 482,793$ 482,793$ 100%
ASSESSMENT DISTRICTS
NERIAD
Federal Agency Issues -$ -$ -$ 0%
U.S. Treasury Obligations 900,000 870,397 884,054 80%
Cash Equivalents 222,009 222,009 222,009 20%
Subtotal 1,122,009$ 1,092,406$ 1,106,063$ 100%
Total 1,122,009$ 1,092,406$ 1,106,063$ 100%
SUMMARY TOTAL
Town Funds 110,560,800$ 109,301,370$ 108,168,216$
Trust Fund 1,810,502 1,810,502 1,810,502
CDA/Successor Agency 482,793 482,793 482,793
NERIAD 1,122,009 1,092,406 1,106,063
Summary Total 113,976,104$ 112,687,071$ 111,567,574$
Page 2
Town of Danville
Treasurer's Report of Investments
CDA
Town Funds Trust Funds Successor Agency NERIAD Total
Beginning Balance, at cost 110,672,725$ 1,811,773$ 1,038,317$ 1,083,827$ 114,606,642$
Purchases, at cost
International Bank for Reconstruction & Dev 1,456,965 1,456,965
State Street Corp 1,065,000 1,065,000
U.S. Treasury Note 242,344 242,344
-
- -
- -
Sales/Maturations/Call
Federal Home Loan Bank Note (1,560,525) (1,560,525)
Charles Schwab Corp (996,020) (996,020)
U.S. Treasury Note (241,172)(241,172)
Redemption (276,897) (276,897)
Premium/Discount (47,691) (47,691)
Interest Received 90,181 1,541 69 91,790
Net change in Cash (1,102,368) (1,271) (557,066) 7,338 (1,653,367)
Realized gains (losses)-
Ending Balance, at cost 109,301,370$ 1,810,502$ 482,793$ 1,092,406$ 112,687,071$
March 31, 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 0801/2022 11/08/2024 900,000 858,798 877,217 3.11%27,990
FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 970,366 3.15%31,500
FFCB Note 01/06/2022 01/06/2025 595,000 593,661 577,074 1.20%7,140
FFCB Note 02/17/2022 02/14/2025 750,000 748,365 728,916 1.83%13,725
FFCB Note 02/28/2022 02/14/2025 750,000 748,057 728,617 1.83%13,725
FFCB Note 03/14/2022 02/25/2025 750,000 743,441 728,167 2.06%15,450
FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 978,918 2.97%29,700
FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 939,330 1.17%11,700
FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 1,988,958 4.42%88,400
FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,499,056 4.58%68,700
FFCB Note 11/30/2023 11/17/2026 1,000,000 1,002,530 1,002,572 4.53%45,300
FFCB Note 12/08/2023 10/04/2027 1,500,000 1,504,500 1,501,869 4.41%66,150
FFCB Note 11/09/2023 11/15/2027 1,750,000 1,743,508 1,759,559 4.73%82,775
FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,491,932 3.66%54,900
FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,473,191 3.76%56,400
FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,481,604 4.49%67,350
Subtotal 18,995,000$ 18,869,420$ 18,727,346$ 3.58%680,905$
Collateralized Mortgage Obligation
FHLMC K063 06/06/2023 01/25/2027 1,000,000 965,625 966,517 4.47%44,700
FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 955,058 4.23%42,300
FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 955,961 3.98%39,800
FHLMC K069 A2 12/27/2023 09/25/2027 1,140,000 1,097,562 1,087,525 4.27%48,678
FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 688,516 4.27%30,744
FHLMC K081 A2 09/05/2023 08/25/2028 1,000,000 957,969 970,166 4.85%48,500
FHLMC K082 A2 10/30/2023 09/25/2028 1,000,000 940,742 970,487 5.31%53,100
Subtotal 6,860,000$ 6,583,690$ 6,594,230$ 4.48%307,822$
U.S. Treasury Obligations
U.S. Treasury Notes 04/14/2021 04/15/2024 1,000,000 1,000,352 998,095 0.36%3,600
U.S. Treasury Notes 07/27/2022 04/30/2024 1,000,000 981,914 997,301 3.06%30,600
U.S. Treasury Notes 05/12/2021 05/15/2024 1,250,000 1,246,094 1,242,354 0.36%4,500
U.S. Treasury Notes 06/10/2021 06/15/2024 1,500,000 1,496,543 1,484,268 0.33%4,950
U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,648 1,478,774 0.38%5,700
U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 983,447 0.26%2,600
U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,369,566 0.44%6,160
U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,321,102 0.45%6,075
U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,459,292 0.80%12,000
U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 825,538 1.39%11,815
U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,462,617 2.03%30,450
U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,454,531 0.40%6,000
U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 964,932 1.43%14,300
U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,291,088 0.66%8,910
U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 986,049 0.33%3,300
March 31, 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
March 31, 2024
U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 917,545 2.74%27,400
U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,420,664 0.53%7,950
U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,416,094 0.56%8,400
U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,270,055 1.06%14,310
U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,443,750 2.96%44,400
U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,460,977 2.96%44,400
U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,556,563 2.87%45,920
U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,632,996 3.05%51,850
U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,061,542 3.21%35,310
U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,718,930 3.00%54,000
U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,529,125 3.43%54,880
U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,865,547 4.09%81,800
U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,372,855 4.01%58,145
U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,448,554 4.01%60,150
U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,537,000 3.59%57,440
U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,240,283 4.44%55,500
Subtotal 42,650,000$ 42,040,602$ 41,211,434$ 1.99%852,815$
Cash Equivalents
Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)469,549 469,549 469,549 4.80%22,538
Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)365,163 365,163 365,163 4.80%17,528
Bank of New York 1,338,778 1,338,778 1,338,778 2.70%36,147
US Bank 2,463,131 2,463,131 2,463,131 0.00%41
LAIF 11,464,194 11,464,194 11,464,194 4.23%485,165
Subtotal 16,100,815$ 16,100,815$ 16,100,815$ 3.48%561,419
Asset-Backed Securities
GM Financial Auto Lease Trust 2022-2 A3 05/30/2022 06/20/2025 208,375 208,353 207,650 3.45%7,189
John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 46,130 46,121 45,551 0.37%171
Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 288,809 288,778 284,146 0.27%780
Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 141,271 141,241 137,828 0.89%1,257
John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 138,866 138,853 135,595 0.53%736
Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 136,923 136,920 133,417 0.71%972
Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 337,267 337,216 329,429 1.89%6,374
BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 238,277 238,264 234,664 3.23%7,696
John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 229,135 229,085 224,324 2.34%5,362
Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 476,549 476,530 466,305 2.23%10,627
GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 116,725 116,716 113,856 1.27%1,482
GM Financial Auto Leasing 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 210,194 5.38%11,298
GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 236,658 236,609 232,418 3.13%7,407
BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 175,719 5.47%9,573
Toyota Auto Receivables Owner 2023-D A3 11/07/2023 08/15/2028 255,000 254,973 257,710 6.30%16,065
Chase Issuance Trust 23-A1 A 09/07/2023 09/15/2028 995,000 994,724 1,000,071 5.17%51,442
Subtotal 4,229,985$ 4,229,327$ 4,188,877$ 3.27%138,431$
Supranational
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
March 31, 2024
Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,221,343 0.52%6,500
International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 979,272 0.47%4,700
International Finance Corp Note 11/29/2023 01/15/2027 925,000 921,985 921,223 4.49%41,533
Inter-American Dev Bank Note 01/30/2024 02/01/2027 1,000,000 1,004,020 995,648 4.23%42,300
International Bank For Restruction and Dev 03/11/2024 07/12/2028 1,500,000 1,456,965 1,449,543 4.23%63,450
Subtotal 5,675,000$ 5,661,025$ 5,567,029$ 2.79%158,483$
US Corporate
State Street Corp 03/13/2024 03/18/2027 1,065,000 1,065,000 1,067,063 4.99%53,144
Amazon.com Inc Callable Note Cont 05/10/2021 05/12/2024 570,000 569,168 569,139 0.69%3,933
Amazon.com Inc Callable Note Cont 12/06/2021 05/12/2024 430,000 424,973 424,952 0.69%2,967
Caterpillar Financial Service Note 05/10/2021 05/17/2024 905,000 903,787 899,106 0.49%4,435
John Deere Capital Corp Note 06/07/2021 06/07/2024 540,000 539,325 535,045 0.49%2,646
Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 378,133 0.52%2,002
MasterCard Inc Callable Note 1x 02/25/2022 02/03/0225 1,000,000 999,010 971,086 2.03%20,300
Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 478,743 2.03%10,150
JP Morgan Chase & Co Callable Note 05/24/2021 06/01/2025 750,000 750,972 743,509 0.76%5,700
Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 458,862 3.13%14,711
Wal-Mart Stores Note 09/26/2022 09/09/2025 700,000 685,776 689,947 4.64%32,480
Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 974,008 4.28%42,800
State Street Bank Callable Note Cont 02/02/2022 02/06/2026 265,000 265,000 256,143 1.75%4,638
Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 728,995 4.27%32,025
Toyota Motor Credit Corp 02/08/2024 06/18/2026 1,000,000 921,800 920,428 4.68%46,800
Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 516,835 5.07%26,111
Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,010,144 5.48%54,800
Morgan Stanley Bank NA Callable Note 10/30/2023 10/30/2026 440,000 440,000 448,483 5.88%25,872
Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 944,883 4.42%44,200
Pepsico Inc. Callable Note Cont 11/08/2023 11/10/2026 360,000 359,903 362,855 5.13%18,468
JP Morgan Chase Bank Callable Note 12/05/2023 12/08/2026 405,000 405,000 406,163 5.11%20,696
John Deere Capital Corp 01/10/2024 01/08/2027 1,000,000 999,220 992,354 4.53%45,300
Cisco Systems Inc 02/26/2024 02/26/2027 1,000,000 999,620 1,001,609 4.81%48,100
Subtotal 16,050,000$ 15,816,491$ 15,778,485$ 3.50%562,276$
TOTAL 110,560,800$ 109,301,370$ 108,168,216$ 2.95%3,262,150$
Source:
Chandler Asset Management
US Bank
Local Agency Investment Fund (LAIF)
Page 6
Town of Danville
Treasurer's Report of Investments - Detail
March 31, 2024
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF 1,810,502 1,810,502 1,810,502 4.23%76,620
TOTAL 1,810,502$ 1,810,502$ 1,810,502$ 4.23% $76,620
Source:
Local Agency Investment Fund (LAIF)
Trust Fund
Page 7
Town of Danville
Treasurer's Report of Investments - Detail
March 31, 2024
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF - redemption fund 83,460 83,460 83,460 4.23%3,532
Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)399,216 399,216 399,216 4.80%19,162
Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)19 19 19 4.80%1
Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)98 98 98 4.80%5
Subtotal 482,793$ 482,793$ 482,793$ 4.70%22,700$
TOTAL 482,793$ 482,793$ 482,793$ 4.70%22,700$
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 10/30/2023 4/25/2024 150,000 146,082 149,474 5.53%8,295
U.S. Treasury Bill 10/2/2023 6/13/2024 250,000 240,766 247,356 5.47%13,675
U.S. Treasury Bill 12/15/2023 9/5/2024 250,000 241,205 244,419 5.04%12600
U.S. Treasury Note 3/14/2024 12/15/2024 250,000 242,344 242,805 5.21%13,025
Subtotal 900,000$ 870,397$ 884,054$ 5.29%47,595$
Cash Equivalents
LAIF - improvement fund 178,514 178,514 178,514 4.23%7,555
Bank of New York-Improvement fd 43,495 43,495 43,495 2.70%1,174
Subtotal 222,009$ 222,009$ 222,009$ 3.93%8,729$
Total 1,122,009$ 1,092,406$ 1,106,063$ 5.02%56,324$
Source:
Chandler Asset Management
BNY Trust Company
Local Agency Investment Fund (LAIF)
Northeast Roadway Improvement Assessment District (NERIAD)
March 31, 2024
Page 9