HomeMy WebLinkAbout081324-06.3
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ADMINISTRATIVE STAFF REPORT 6.3
TO: Mayor and Town Council August 13, 2024
SUBJECT: June 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 June 2024:
May June May June
2024 2024 2024 2024
Town Funds $118,069,969 $118,204,170 $116,921,236 $117,355,560
Trust Funds 1,901,835 1,943,072 1,901,835 1,943,072
Assessment & SA 1,552,112 2,372,201 1,569,348 2,383,682
Total Cash & Investments $121,523,916 $122,519,443 $120,392,419 $121,682,314
Total Cash & Investments
Year-to-Year Comparison
2023 $114,687,383 $118,791,143 $111,776,360 $115,549,219
Cost Basis Market Value
Purchases for the month of June 2024 consisted of one BMW Vehicle Owner Trust for
$419,936 (maturity date February 26, 2029), one Bank of America Credit Card Trust for
$474,973 (maturity date March 15, 2029), one United States Treasury Note for $1,901,875
(maturity date July 31, 2027), and one Federal Home Loan Banks Note for $1,001,530
(maturity date June 11, 2027).
Purchases for the NERIAD Fund for the month of June 2024 consisted of one US Treasury
Note for $237,837 (maturity date June 12, 2025).
Maturities for the month of June 2024 included one John Deere Capital Corp for $539,325,
one United States Treasury Note for $1,496,543, and one JP Morgan Chase & Co. for
$750,972.
June 2024 Treasurer’s Report 2 August 13, 2024
Partial maturities (principal paid down) for the month of June 2024 included one Toyota
Auto Receivables Trust 2021-B A3 for $39,402, one John Deere Owner Trust 2021 A3 for
$6,504, one John Deere Owner Trust 2021-B A3 for $12,487, one Toyota Auto Receivables
Trust 2021-D A3 for $11,245, one Honda Auto Receivables Trust 2022-1 A3 for $24,184,
one Hyundai Auto Receivables Trust 2022-A A3 for $33,716, one John Deere Owner Trust
2022 A3 for $12,409, one GM Financial Auto Receivables 2022-1 A3 for $8,625, one GM
Financial Auto Lease Trust 2022-2 A3 for $13,745, one GM Financial Auto Lease Trust
2022-2 A3 for $66,102, one Honda Auto Receivables Trust 2021-4 A3 for $12,177, and one
BMW Vehicle Owner Trust 2022-A A3 for $17,100.
Maturities for the NERIAD Fund for the month of June 2024 included one United States
Treasury Note for $240,766.
The Town’s net cash position changed from $24,382,826 to $23,763,220 during the month
of June 2024. This consisted of operating expenses in excess of operating revenues of -
$25,500, net funds invested of $753,778, premium/discount recognition of $12,423 and
interest received of $147,249.
Cash requirements have been projected for the next 12 months, and the Town is in a
position to meet its cash requirements.
All investments that the Town owns are in compliance with the California Government
Code and the Town’s Investment Policy.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
RECOMMENDATION
Accept the June 2024 Month End Treasurer’s Report.
Prepared by:
Lani Ha
Finance Director/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: June 2024 Month End Treasurer’s Report
Town of Danville
Treasurer's Report of Investments - Summary
June 30, 2024
Yield to
Description Par Value Cost Market Value % Total Maturity
TOWN FUNDS
U.S. Treasury Obligations 43,700,000$ 42,900,121$ 42,305,144$ 36%2.45%
Federal Agency Issues 21,495,000 21,355,725 21,243,581 18%3.70%
Cash Equivalents 23,763,220 23,763,220 23,763,220 20%3.60%
Collateralized Mortgage Obligation 6,860,000 6,583,690 6,565,748 6%4.48%
Asset-Backed Securities 4,309,850 4,309,193 4,284,515 4%3.87%
Commercial Paper 0 0 0 0%0.00%
Negotiable CD 0 0 0 0%0.00%
Supranational 5,675,000 5,661,025 5,580,832 5%2.79%
US Corporate 13,855,000 13,631,196 13,612,520 12%4.26%
Total / Weighted Average 119,658,070$ 118,204,170$ 117,355,560$ 100%3.30%
Maturities
0 - 30 Days 25,260,342$ 22%
31-60 383,018 0%
61 - 90 3,614,819 3%
91 - 120 988,260 1%
121 - 180 5,505,754 5%
181 - 270 7,673,758 7%
271 - 365 7,553,551 6%
1 - 2 Years 19,425,084 17%
2 - 3 22,961,310 20%
3 - 5 23,989,664 20%
Over 5 Years 0 0%
117,355,560$ 100%
Total / Weighted Average
Town Funds Weighted Average Quality is AAA
Page 1
Town of Danville
Treasurer's Report of Investments - Summary
June 30, 2024
Description Par Value Cost Market Value % Total
TRUST FUND
Cash Equivalents 1,943,072$ 1,943,072$ 1,943,072$ 100%
CDA/SUCCESSOR AGENCY
Cash Equivalents 1,265,658$ 1,265,658$ 1,265,658$ 100%
Total 1,265,658$ 1,265,658$ 1,265,658$ 100%
ASSESSMENT DISTRICTS
NERIAD
Federal Agency Issues -$ -$ -$ 0%
U.S. Treasury Obligations 950,000 912,430 923,911 83%
Cash Equivalents 194,113 194,113 194,113 17%
Subtotal 1,144,113$ 1,106,543$ 1,118,024$ 100%
Total 1,144,113$ 1,106,543$ 1,118,024$ 100%
SUMMARY TOTAL
Town Funds 119,658,070$ 118,204,170$ 117,355,560$
Trust Fund 1,943,072 1,943,072 1,943,072
CDA/Successor Agency 1,265,658 1,265,658 1,265,658
NERIAD 1,144,113 1,106,543 1,118,024
Summary Total 124,010,913$ 122,519,443$ 121,682,314$
Page 2
Town of Danville
Treasurer's Report of Investments
CDA
Town Funds Trust Funds Successor Agency NERIAD Total
Beginning Balance, at cost 118,069,969$ 1,901,835$ 455,991$ 1,096,121$ 121,523,916$
Purchases, at cost
BMW Vehicle Owner Trust 419,936 419,936
Bank of America Credit Card Trust 474,973 474,973
U.S. Treasury Note 1,901,875 237,837 2,139,712
Federal Home Loan Banks 1,001,530 1,001,530
-
- -
Sales/Maturations/Call
John Deere Capital Corp (539,325) (539,325)
U.S. Treasury Note (1,496,543) (1,496,543)
JP Morgan Chase & Co.(750,972) 240,766 (510,206)
Redemption (257,696) (257,696)
Premium/Discount 12,423 12,423
Interest Received 147,249 1,522 235 149,006
Net change in Cash (778,292) 41,238 808,145 (468,416)(397,325)
Realized gains (losses)-
Ending Balance, at cost 118,204,170$ 1,943,072$ 1,265,658$ 1,106,543$ 122,519,443$
June 30, 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 08/01/2022 11/08/2024 900,000 858,798 885,131 3.09%27,810
FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 979,716 3.15%31,500
FFCB Note 01/06/2022 01/06/2025 595,000 593,661 582,357 1.20%7,140
FFCB Note 02/17/2022 02/14/2025 750,000 748,365 733,751 1.83%13,725
FFCB Note 02/28/2022 02/14/2025 750,000 748,057 733,449 1.83%13,725
FFCB Note 03/14/2022 02/25/2025 750,000 743,441 732,847 2.05%15,375
FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 980,978 2.97%29,700
FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 948,103 1.17%11,700
FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 1,985,886 4.42%88,400
FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,492,288 4.58%68,700
FFCB Note 11/30/2023 11/17/2026 1,000,000 1,002,530 998,995 4.53%45,300
FHLB Note 06/26/2024 06/11/2027 1,000,000 1,001,530 1,001,153 4.57%45,700
FFCB Note 12/08/2023 10/04/2027 1,500,000 1,504,500 1,496,708 4.41%66,150
FFCB Note 11/09/2023 11/15/2027 1,750,000 1,743,508 1,750,301 4.73%82,775
FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,486,674 3.66%54,900
FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,468,898 3.76%56,400
FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,480,043 4.49%67,350
FHLB Note 04/26/2024 03/09/2029 1,500,000 1,484,775 1,506,303 4.74%71,100
Subtotal 21,495,000$ 21,355,725$ 21,243,581$ 3.70%797,450$
Collateralized Mortgage Obligation
FHLMC K063 06/06/2023 01/25/2027 1,000,000 965,625 963,584 4.47%44,700
FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 951,379 4.23%42,300
FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 952,651 3.98%39,800
FHLMC K069 A2 12/27/2023 09/25/2027 1,140,000 1,097,562 1,083,184 4.27%48,678
FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 684,736 4.27%30,744
FHLMC K081 A2 09/05/2023 08/25/2028 1,000,000 957,969 964,819 4.85%48,500
FHLMC K082 A2 10/30/2023 09/25/2028 1,000,000 940,742 965,395 5.31%53,100
Subtotal 6,860,000$ 6,583,690$ 6,565,748$ 4.48%307,822$
U.S. Treasury Obligations
U.S. Treasury Notes 07/28/2021 07/15/2024 1,500,000 1,499,648 1,497,122 0.38%5,700
U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 993,018 0.26%2,600
U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,385,781 0.44%6,160
U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,332,668 0.45%6,075
U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,474,600 0.80%12,000
U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 833,639 1.39%11,815
U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,473,633 2.03%30,450
U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,466,396 0.40%6,000
U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 973,271 1.43%14,300
U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,303,712 0.66%8,910
U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 995,771 0.33%3,300
U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 926,592 2.74%27,400
June 30, 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
June 30, 2024
U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,434,331 0.53%7,950
U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,429,644 0.55%8,250
U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,282,025 1.05%14,175
U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,450,371 2.94%44,100
U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,463,438 2.96%44,400
U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,559,563 2.87%45,920
U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,639,238 3.04%51,680
U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,064,164 3.20%35,200
U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,723,500 2.99%53,820
U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,533,000 3.42%54,720
U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,871,797 4.09%81,800
U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,374,385 4.00%58,000
U.S. Treasury Notes 05/17/2024 04/15/2027 2,000,000 1,995,469 1,997,031 4.58%91,600
U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,447,324 4.00%60,000
U.S. Treasury Notes 06/21/2024 07/31/2027 2,000,000 1,901,875 1,899,063 4.46%89,200
U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,535,000 3.59%57,440
U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,235,840 4.44%55,500
U.S. Treasury Notes 04/10/2024 11/15/2028 1,800,000 1,687,078 1,709,227 4.66%83,880
Subtotal 43,700,000$ 42,900,121$ 42,305,144$ 2.45%1,072,345$
Cash Equivalents
Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)479,263 479,263 479,263 4.75%22,765
Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)369,581 369,581 369,581 4.79%17,703
Bank of New York 146,024 146,024 146,024 0.85%1,241
US Bank 4,569,327 4,569,327 4,569,327 0.00%76
LAIF 18,199,025 18,199,025 18,199,025 4.48%815,316
Subtotal 23,763,220$ 23,763,220$ 23,763,220$ 3.60%857,102
Asset-Backed Securities
John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 22,861 22,856 22,717 0.37%85
Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 166,848 166,830 165,164 0.27%450
Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 103,890 103,868 101,776 0.89%925
John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 91,157 91,149 89,402 0.53%483
Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 101,995 101,993 99,954 0.71%724
Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 263,157 263,117 258,176 1.89%4,974
BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 186,665 186,655 184,169 3.23%6,029
John Deere Owner Trust 2022-A A3 03/10/2022 09/16/2026 183,239 183,199 179,635 2.34%4,288
Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 373,983 373,969 367,205 2.23%8,340
GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 91,089 91,080 89,071 1.27%1,157
GM Financial Auto Leasing 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 209,848 5.38%11,298
GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 194,966 194,926 191,886 3.13%6,102
BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 175,548 5.47%9,573
Toyota Auto Receivables Owner 2023-D A3 11/07/2023 08/15/2028 255,000 254,973 256,821 6.30%16,065
Chase Issuance Trust 23-A1 A 09/07/2023 09/15/2028 995,000 994,723 997,540 5.17%51,442
BMW Vehicle Owner Trust 2024-A A3 06/04/2024 02/26/2029 420,000 419,937 420,415 5.18%21,756
Bank of America Credit Card Trust 2024-1 A 06/06/2024 03/15/2029 475,000 474,974 475,188 4.93%23,418
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
June 30, 2024
Subtotal 4,309,850$ 4,309,193$ 4,284,515$ 3.87%167,107$
Supranational
Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,236,020 0.52%6,500
International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 988,260 0.47%4,700
International Finance Corp Note 11/29/2023 01/15/2027 925,000 921,985 918,417 4.49%41,533
Inter-American Dev Bank Note 01/30/2024 02/01/2027 1,000,000 1,004,020 992,824 4.23%42,300
International Bank For Restruction and Dev 03/11/2024 07/12/2028 1,500,000 1,456,965 1,445,311 4.23%63,450
Subtotal 5,675,000$ 5,661,025$ 5,580,832$ 2.79%158,483$
US Corporate
Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 383,018 0.52%2,002
MasterCard Inc Callable Note 1x 02/25/2022 03/03/2025 1,000,000 999,010 978,054 2.03%20,300
Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 482,522 2.03%10,150
Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 459,832 3.13%14,711
Wal-Mart Stores Note 09/26/2022 09/09/2025 700,000 685,776 689,953 4.64%32,480
Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 975,205 4.28%42,800
State Street Bank Callable Note Cont 02/02/2022 02/06/2026 265,000 265,000 258,570 1.75%4,638
Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 728,973 4.27%32,025
Toyota Motor Credit Corp 02/08/2024 06/18/2026 1,000,000 921,800 926,075 4.68%46,800
Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 514,472 5.07%26,111
Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,007,100 5.48%54,800
Morgan Stanley Bank NA Callable Note 10/30/2023 10/30/2026 440,000 440,000 445,427 5.88%25,872
Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 945,131 4.42%44,200
Pepsico Inc. Callable Note Cont 11/08/2023 11/10/2026 360,000 359,903 361,582 5.13%18,468
JP Morgan Chase Bank Callable Note 12/05/2023 12/08/2026 405,000 405,000 404,935 5.11%20,696
John Deere Capital Corp 01/10/2024 01/08/2027 1,000,000 999,220 990,047 4.53%45,300
Cisco Systems Inc 02/26/2024 02/26/2027 1,000,000 999,620 997,296 4.81%48,100
State Street Corp 03/13/2024 03/18/2027 1,065,000 1,065,000 1,063,712 4.99%53,144
Caterpillar Financial Service Note 05/15/2024 05/14/2027 1,000,000 1,002,930 1,000,616 4.89%48,900
Subtotal 13,855,000$ 13,631,196$ 13,612,520$ 4.26%591,495$
TOTAL 119,658,070$ 118,204,170$ 117,355,560$ 3.30%3,951,803$
Source:
Chandler Asset Management
US Bank
Local Agency Investment Fund (LAIF)
Page 6
Town of Danville
Treasurer's Report of Investments - Detail
June 30, 2024
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF 1,943,072 1,943,072 1,943,072 4.48%87,050
TOTAL 1,943,072$ 1,943,072$ 1,943,072$ 4.48% $87,050
Source:
Local Agency Investment Fund (LAIF)
Trust Fund
Page 7
Town of Danville
Treasurer's Report of Investments - Detail
June 30, 2024
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF - redemption fund 861,803 861,803 861,803 4.48%38,609
Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)403,736 403,736 403,736 4.45%17,966
Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)20 20 20 4.77%1
Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)98 98 98 4.76%5
Subtotal 1,265,658$ 1,265,658$ 1,265,658$ 4.47%56,581$
TOTAL 1,265,658$ 1,265,658$ 1,265,658$ 4.47%56,581$
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 12/15/2023 9/5/2024 250,000 241,205 247,608 5.05%12625
U.S. Treasury Note 3/14/2024 12/15/2024 250,000 242,344 245,188 5.21%13,025
U.S. Treasury Bill 4/26/2024 3/20/2025 200,000 191,044 192,792 5.21%10,420
U.S. Treasury Bill 6/13/2024 6/12/2025 250,000 237,837 238,323 5.08%12,700
Subtotal 950,000$ 912,430$ 923,911$ 5.13%48,770$
Cash Equivalents
LAIF - improvement fund 178,000 178,000 178,000 4.48%7,974
Bank of New York-Improvement fd 16,113 16,113 16,113 0.85%137
Subtotal 194,113$ 194,113$ 194,113$ 4.18%8,111$
Total 1,144,113$ 1,106,543$ 1,118,024$ 4.97%56,881$
Source:
Chandler Asset Management
BNY Trust Company
Local Agency Investment Fund (LAIF)
Northeast Roadway Improvement Assessment District (NERIAD)
June 30, 2024
Page 9