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HomeMy WebLinkAbout091724-06.3 1 ADMINISTRATIVE STAFF REPORT 6.3 TO: Mayor and Town Council September 17, 2024 SUBJECT: July 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 July 2024: June July June July 2024 2024 2024 2024 Town Funds $118,204,170 $115,797,882 $117,355,560 $115,827,456 Trust Funds 1,943,072 1,948,281 1,943,072 1,948,281 Assessment & SA 2,372,201 2,681,474 2,383,682 2,697,893 Total Cash & Investments $122,519,443 $120,427,637 $121,682,314 $120,473,630 Total Cash & Investments Year-to-Year Comparison 2023 $118,791,143 $115,536,633 $115,549,219 $112,486,722 Cost Basis Market Value Purchases for the month of July 2024 consisted of one Amazon.com INC for $954,920 (maturity date August 22, 2027), and one BlackRock Funding INC for $689,979 (maturity date July 26, 2027). There were no purchases for the NERIAD Fund for the month of July 2024. Maturities for the month of July 2024 included one U.S. Treasury Note for $1,499,649. Partial maturities (principal paid down) for the month of July 2024 included one Federal Home Loan Mortgage Corporation K-069 A2 3.187 for $406, one Toyota Auto Receivables Trust 2021-B A3 for $34,899, one John Deere Owner Trust 2021-A A3 for $5,964, one John Deere Owner Trust 2021-B A3 for $7,670, one Toyota Auto Receivables Trust 2021-D A3 July 2024 Treasurer’s Report 2 September 17, 2024 for $10,156, one Honda Auto Receivables Trust 2022-1 A3 for $22,334, one Hyundai Auto Receivables Trust 2022-A A3 for $31,166, one John Deere Owner Trust 2022-A A3 for $13,527, one GM Financial Auto Receivables 2022-1 A3 for $7,673, one GM Financial Auto Receivables 2022-2 A3 for $12,798, one Honda Auto Receivables Trust 2021-4 A3 for $10,999, and one BMW Vehicle Owner Trust 2022-A A3 for $15,352. There were no maturities for NERIAD Fund for the month of July 2024. The Town’s net cash position changed from $23,763,220 to $21,384,590 during the month of July 2024. This consisted of operating expenses in excess of operating revenues of -$2,809,880, net funds invested of -$27,695, premium/discount recognition of $387 and interest received of $403,167. Cash requirements have been projected for the next 12 months, and the Town is in a position to meet its cash requirements. All investments that the Town owns are in compliance with the California Government Code and the Town’s Investment Policy. PUBLIC CONTACT Posting of the meeting agenda serves as notice to the general public. RECOMMENDATION Accept the July 2024 Month End Treasurer’s Report. Prepared by: Lani Ha Finance Director/Treasurer Reviewed by: Joseph A. Calabrigo Town Manager Attachment: July 2024 Month End Treasurer’s Report Town of Danville Treasurer's Report of Investments - Summary July 31, 2024 Yield to Description Par Value Cost Market Value % Total Maturity TOWN FUNDS U.S. Treasury Obligations 42,200,000$ 41,400,473$ 41,149,939$ 36%2.52% Federal Agency Issues 21,495,000 21,355,725 21,465,390 19%3.70% Cash Equivalents 21,384,590 21,384,590 21,384,590 18%4.10% Collateralized Mortgage Obligation 6,859,594 6,583,299 6,658,407 6%4.48% Asset-Backed Securities 4,137,312 4,136,675 4,140,450 4%3.97% Commercial Paper 0 0 0 0%0.00% Negotiable CD 0 0 0 0%0.00% Supranational 5,675,000 5,661,025 5,634,062 5%2.79% US Corporate 15,545,000 15,276,095 15,394,618 13%4.31% Total / Weighted Average 117,296,496$ 115,797,882$ 115,827,456$ 100%3.45% Maturities 0 - 30 Days 21,769,159$ 19% 31-60 3,628,805 3% 61 - 90 991,669 1% 91 - 120 3,707,892 3% 121 - 180 3,885,591 3% 181 - 270 6,955,724 6% 271 - 365 7,579,208 7% 1 - 2 Years 18,183,676 16% 2 - 3 25,753,091 22% 3 - 5 23,372,641 20% Over 5 Years 0 0% 115,827,456$ 100% Total / Weighted Average Town Funds Weighted Average Quality is AAA Page 1 Town of Danville Treasurer's Report of Investments - Summary July 31, 2024 Description Par Value Cost Market Value % Total TRUST FUND Cash Equivalents 1,948,281$ 1,948,281$ 1,948,281$ 100% CDA/SUCCESSOR AGENCY Cash Equivalents 1,579,509$ 1,579,509$ 1,579,509$ 100% Total 1,579,509$ 1,579,509$ 1,579,509$ 100% ASSESSMENT DISTRICTS NERIAD Federal Agency Issues -$ -$ -$ 0% U.S. Treasury Obligations 950,000 912,430 928,849 83% Cash Equivalents 189,535 189,535 189,535 17% Subtotal 1,139,535$ 1,101,965$ 1,118,384$ 100% Total 1,139,535$ 1,101,965$ 1,118,384$ 100% SUMMARY TOTAL Town Funds 117,296,496$ 115,797,882$ 115,827,456$ Trust Fund 1,948,281 1,948,281 1,948,281 CDA/Successor Agency 1,579,509 1,579,509 1,579,509 NERIAD 1,139,535 1,101,965 1,118,384 Summary Total 121,963,821$ 120,427,637$ 120,473,630$ Page 2 Town of Danville Treasurer's Report of Investments CDA Town Funds Trust Funds Successor Agency NERIAD Total Beginning Balance, at cost 118,204,170$ 1,943,072$ 1,265,658$ 1,106,543$ 122,519,443$ Purchases, at cost Amazon.com INC 954,920 954,920 BlackRock Funding INC 689,979 689,979 - - - - - Sales/Maturations/Call U.S. Treasury Note (1,499,649) (1,499,649) - - Redemption (172,945) (172,945) Premium/Discount 387 387 Interest Received 403,167 1,474 265 404,906 Net change in Cash (2,782,147) 5,209 312,379 (4,843)(2,469,401) Realized gains (losses)- Ending Balance, at cost 115,797,882$ 1,948,281$ 1,579,509$ 1,101,965$ 120,427,637$ July 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 08/01/2022 11/08/2024 900,000 858,798 889,891 3.09%27,810 FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 984,672 3.15%31,500 FFCB Note 01/06/2022 01/06/2025 595,000 593,661 584,902 1.20%7,140 FFCB Note 02/17/2022 02/14/2025 750,000 748,365 737,745 1.83%13,725 FFCB Note 02/28/2022 02/14/2025 750,000 748,057 737,442 1.83%13,725 FFCB Note 03/14/2022 02/25/2025 750,000 743,441 736,896 2.05%15,375 FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 984,652 2.97%29,700 FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 955,466 1.17%11,700 FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 2,001,842 4.42%88,400 FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,508,341 4.58%68,700 FFCB Note 11/30/2023 11/17/2026 1,000,000 1,002,530 1,008,924 4.53%45,300 FHLB Note 06/26/2024 06/11/2027 1,000,000 1,001,530 1,013,795 4.57%45,700 FFCB Note 12/08/2023 10/04/2027 1,500,000 1,504,500 1,516,153 4.41%66,150 FFCB Note 11/09/2023 11/15/2027 1,750,000 1,743,508 1,776,858 4.73%82,775 FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,504,894 3.66%54,900 FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,491,549 3.76%56,400 FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,498,580 4.49%67,350 FHLB Note 04/26/2024 03/09/2029 1,500,000 1,484,775 1,532,788 4.74%71,100 Subtotal 21,495,000$ 21,355,725$ 21,465,390$ 3.70%797,450$ Collateralized Mortgage Obligation FHLMC K063 06/06/2023 01/25/2027 1,000,000 965,625 974,076 4.47%44,700 FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 963,501 4.23%42,300 FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 965,190 3.98%39,800 FHLMC K069 A2 12/27/2023 09/25/2027 1,139,594 1,097,171 1,098,467 4.27%48,661 FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 694,930 4.27%30,744 FHLMC K081 A2 09/05/2023 08/25/2028 1,000,000 957,969 980,979 4.85%48,500 FHLMC K082 A2 10/30/2023 09/25/2028 1,000,000 940,742 981,264 5.31%53,100 Subtotal 6,859,594$ 6,583,299$ 6,658,407$ 4.48%307,805$ U.S. Treasury Obligations U.S. Treasury Notes 02/09/2021 08/31/2024 1,000,000 1,034,805 996,377 0.26%2,600 U.S. Treasury Notes 09/13/2021 09/15/2024 1,400,000 1,397,266 1,391,378 0.44%6,160 U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,337,302 0.45%6,075 U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,480,699 0.80%12,000 U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 837,111 1.39%11,815 U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,478,906 2.03%30,450 U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,472,953 0.40%6,000 U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 977,883 1.43%14,300 U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,311,251 0.66%8,910 U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 1,001,750 0.33%3,300 U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 932,156 2.74%27,400 U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,443,891 0.53%7,950 July 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 July 31, 2024 U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,439,754 0.55%8,250 U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,291,697 1.05%14,175 U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,459,488 2.94%44,100 U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,472,285 2.96%44,400 U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,569,063 2.87%45,920 U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,651,125 3.04%51,680 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,071,727 3.20%35,200 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,738,336 2.99%53,820 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,546,688 3.42%54,720 U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,893,203 4.09%81,800 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,392,397 4.00%58,000 U.S. Treasury Notes 05/17/2024 04/15/2027 2,000,000 1,995,469 2,019,375 4.58%91,600 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,466,836 4.00%60,000 U.S. Treasury Notes 06/21/2024 07/31/2027 2,000,000 1,901,875 1,926,015 4.46%89,200 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,557,000 3.59%57,440 U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,253,271 4.44%55,500 U.S. Treasury Notes 04/10/2024 11/15/2028 1,800,000 1,687,078 1,740,022 4.66%83,880 Subtotal 42,200,000$ 41,400,473$ 41,149,939$ 2.52%1,066,645$ Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)481,129 481,129 481,129 4.76%22,902 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)371,032 371,032 371,032 4.80%17,810 Bank of New York 354,661 354,661 354,661 1.69%5,994 US Bank 1,756,725 1,756,725 1,756,725 0.00%29 LAIF 18,421,043 18,421,043 18,421,043 4.52%831,894 Subtotal 21,384,590$ 21,384,590$ 21,384,590$ 4.10%878,629 Asset-Backed Securities John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 16,898 16,893 16,828 0.37%63 Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 131,949 131,935 130,916 0.27%356 Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 92,890 92,871 91,216 0.89%827 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 83,487 83,480 82,113 0.53%442 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 91,840 91,838 90,221 0.71%652 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 240,823 240,787 236,415 1.89%4,552 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 171,313 171,304 169,403 3.23%5,533 John Deere Owner Trust 2022-A A3 03/10/2022 09/15/2026 169,712 169,675 166,927 2.34%3,971 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 342,817 342,804 337,015 2.23%7,645 GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 83,415 83,408 81,809 1.27%1,059 GM Financial Auto Leasing 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 210,592 5.38%11,298 GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 182,168 182,130 179,662 3.13%5,702 BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 176,174 5.47%9,573 Toyota Auto Receivables Owner 2023-D A3 11/07/2023 08/15/2028 255,000 254,973 259,011 6.30%16,065 Chase Issuance Trust 23-A1 A 09/07/2023 09/15/2028 995,000 994,723 1,006,591 5.17%51,442 BMW Vehicle Owner Trust 2024-A A3 06/04/2024 02/26/2029 420,000 419,937 424,661 5.18%21,756 Bank of America Credit Card Trust 2024-1 A 06/06/2024 03/15/2029 475,000 474,973 480,896 4.93%23,418 Subtotal 4,137,312$ 4,136,675$ 4,140,450$ 3.97%164,353$ 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 July 31, 2024 Supranational Inter-American Dev Bank Note 09/15/2021 09/23/2024 1,250,000 1,249,075 1,241,050 0.52%6,500 International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 991,669 0.47%4,700 International Finance Corp Note 11/29/2023 01/15/2027 925,000 921,985 928,283 4.49%41,533 Inter-American Dev Bank Note 01/30/2024 02/01/2027 1,000,000 1,004,020 1,003,799 4.23%42,300 International Bank For Restruction and Dev 03/11/2024 07/12/2028 1,500,000 1,456,965 1,469,261 4.23%63,450 Subtotal 5,675,000$ 5,661,025$ 5,634,062$ 2.79%158,483$ US Corporate Paccar Financial Corp Note 08/03/2021 08/09/2024 385,000 384,792 384,566 0.52%2,002 MasterCard Inc Callable Note 1x 02/25/2022 03/03/2025 1,000,000 999,010 981,554 2.03%20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 485,308 2.03%10,150 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 461,638 3.13%14,711 Wal-Mart Stores Note 09/26/2022 09/09/2025 700,000 685,776 693,995 4.64%32,480 Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 981,765 4.28%42,800 State Street Bank Callable Note Cont 02/02/2022 02/06/2026 265,000 265,000 260,122 1.75%4,638 Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 735,173 4.27%32,025 Toyota Motor Credit Corp 02/08/2024 06/18/2026 1,000,000 921,800 937,255 4.68%46,800 Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 520,061 5.07%26,111 Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,015,420 5.48%54,800 Morgan Stanley Bank NA Callable Note 10/30/2023 10/30/2026 440,000 440,000 450,110 5.88%25,872 Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 957,065 4.42%44,200 Pepsico Inc. Callable Note Cont 11/08/2023 11/10/2026 360,000 359,903 364,942 5.13%18,468 JP Morgan Chase Bank Callable Note 12/05/2023 12/08/2026 405,000 405,000 408,567 5.11%20,696 John Deere Capital Corp 01/10/2024 01/08/2027 1,000,000 999,220 1,000,725 4.53%45,300 Cisco Systems Inc 02/26/2024 02/26/2027 1,000,000 999,620 1,008,362 4.81%48,100 State Street Corp 03/13/2024 03/18/2027 1,065,000 1,065,000 1,075,672 4.99%53,144 Caterpillar Financial Service Note 05/15/2024 05/14/2027 1,000,000 1,002,930 1,013,948 4.89%48,900 Blackrock Funding Inc 07/17/2024 07/26/2027 690,000 689,979 694,267 4.60%31,740 Amazon.com Inc 07/10/2024 08/22/2027 1,000,000 954,920 964,103 4.73%47,300 Subtotal 15,545,000$ 15,276,095$ 15,394,618$ 4.31%670,535$ TOTAL 117,296,496$ 115,797,882$ 115,827,456$ 3.45%4,043,899$ Source: Chandler Asset Management US Bank Local Agency Investment Fund (LAIF) Page 6 Town of Danville Treasurer's Report of Investments - Detail July 31, 2024 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF 1,948,281 1,948,281 1,948,281 4.52%87,984 TOTAL 1,948,281$ 1,948,281$ 1,948,281$ 4.52% $87,984 Source: Local Agency Investment Fund (LAIF) Trust Fund Page 7 Town of Danville Treasurer's Report of Investments - Detail July 31, 2024 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF - redemption fund 861,803 861,803 861,803 4.52%38,919 Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)405,209 405,209 405,209 4.45%18,032 Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)21 21 21 4.80%1 Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)312,476 312,476 312,476 4.80%14,999 Subtotal 1,579,509$ 1,579,509$ 1,579,509$ 4.56%71,951$ TOTAL 1,579,509$ 1,579,509$ 1,579,509$ 4.56%71,951$ 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 250,000 241,205 248,717 5.05%12625 U.S. Treasury Note 3/14/2024 12/15/2024 250,000 242,344 246,209 5.21%13,025 U.S. Treasury Bill 4/26/2024 3/20/2025 200,000 191,044 193,976 5.21%10,420 U.S. Treasury Bill 6/13/2024 6/12/2025 250,000 237,837 239,947 5.08%12,700 Subtotal 950,000$ 912,430$ 928,849$ 5.13%48,770$ Cash Equivalents LAIF - improvement fund 173,349 173,349 173,349 4.52%7,828 Bank of New York-Improvement fd 16,186 16,186 16,186 1.69%274 Subtotal 189,535$ 189,535$ 189,535$ 4.27%8,102$ Total 1,139,535$ 1,101,965$ 1,118,384$ 4.99%56,872$ Source: Chandler Asset Management BNY Trust Company Local Agency Investment Fund (LAIF) Northeast Roadway Improvement Assessment District (NERIAD) July 31, 2024 Page 9