HomeMy WebLinkAbout111924-06.3
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ADMINISTRATIVE STAFF REPORT 6.3
TO: Mayor and Town Council November 19, 2024
SUBJECT: September 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 September 2024:
Aug Sep Aug Sep
2024 2024 2024 2024
Town Funds $114,490,623 $110,994,547 $115,159,403 $112,159,932
Trust Funds 1,886,575 1,931,611 1,886,575 1,931,611
Assessment & SA 2,043,421 1,560,702 2,064,981 1,577,833
Total Cash & Investments $118,420,620 $114,486,860 $119,110,960 $115,669,376
Total Cash & Investments
Year-to-Year Comparison
2023 $113,044,895 $106,937,677 $110,184,547 $103,913,318
Cost Basis Market Value
Purchases for the month of September 2024 consisted of one U.S. Treasury for
$1,155,984 (maturity date May 31, 2029), one Federal Farm Credit Banks Funding Corp
for $1,500,945 (maturity date September 10, 2029), and one U.S. treasury for $1,464,141
(maturity date February 15, 2028).
Purchases for the NERIAD Fund for the month of September 2024 consisted of one US
Treasury Note for $239,876 (maturity date September 4, 2025).
Maturities for the month of September 2024 included one U.S. Treasury for $1,034,805,
one Inter-American Development Bank for $1,249,075, and one U.S. Treasury for
$1,397,266.
September 2024 Treasurer’s Report 2 November 19, 2024
Partial maturities (principal paid down) for the month of September 2024 included one
Federal Home Loan mortgage Corporation K-069 A2 3.18 for $1,801, one Toyota Auto
Receivables Trust 2021-B A3 for $34,279, one John Deere Owner Trust 2021 A3 for $7,541,
one John Deere Owner Trust 2021-B A3 for $7,817, one Toyota Auto Receivables Trust
2021-D A3 for $10,293, one Honda Auto Receivables Trust 2022-1 A3 for $22,241, one
Hyundai Auto Receivables Trust 2022-A A3 for $30,977, one John Deere Owner Trust
2022 A3 for $12,570, one GM Financial Auto Receivables 2022-1 A3 for $7,524, one GM
Financial Auto Lease Trust 2022-2 A3 for $12,434, one Honda Auto Receivables Trust
2021-4 A3 for $10,891, and one BMW Vehicle Owner Trust 2022-A A3 for $15,399.
Maturities for the NERIAD Fund for the month of September 2024 included one U.S.
Treasury for $241,205.
The Town’s net cash position changed from $20,722,780 to $15,925,655 during the month
of September 2024. This consisted of operating expenses in excess of operating revenues
of -$4,797,092, net funds invested of $266,157, premium/discount recognition of -$22,264
and interest received of $288,388.
Cash requirements have been projected for the next 12 months, and the Town is in a
position to meet its cash requirements.
All investments that the Town owns are in compliance with the California Government
Code and the Town’s Investment Policy.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
RECOMMENDATION
Accept the September 2024 Month End Treasurer’s Report.
Prepared by:
Lani Ha
Finance Director/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: September 2024 Month End Treasurer’s Report
Town of Danville
Treasurer's Report of Investments - Summary
September 30, 2024
Yield to
Description Par Value Cost Market Value % Total Maturity
TOWN FUNDS
U.S. Treasury Obligations 42,500,000$ 41,588,527$ 41,832,311$ 37%2.71%
Federal Agency Issues 22,995,000 22,856,670 23,204,221 21%3.77%
Cash Equivalents 15,925,655 15,925,655 15,925,655 14%4.19%
Collateralized Mortgage Obligation 6,855,998 6,579,837 6,763,553 6%4.48%
Asset-Backed Securities 3,780,841 3,780,245 3,819,408 3%4.20%
Commercial Paper 0 0 0 0%0.00%
Negotiable CD 0 0 0 0%0.00%
Supranational 4,425,000 4,411,950 4,446,047 4%3.43%
US Corporate 16,160,000 15,851,663 16,168,737 14%4.39%
Total / Weighted Average 112,642,494$ 110,994,547$ 112,159,932$ 100%3.57%
Maturities
0 - 30 Days 16,924,159$ 15%
31-60 3,735,189 3%
61 - 90 1,835,749 2%
91 - 120 2,078,811 2%
121 - 180 5,686,002 5%
181 - 270 6,223,042 6%
271 - 365 7,859,593 7%
1 - 2 Years 18,373,698 16%
2 - 3 27,543,270 25%
3 - 5 21,900,418 20%
Over 5 Years 0 0%
112,159,932$ 100%
Total / Weighted Average
Town Funds Weighted Average Quality is AAA
Page 1
Town of Danville
Treasurer's Report of Investments - Summary
September 30, 2024
Description Par Value Cost Market Value % Total
TRUST FUND
Cash Equivalents 1,931,611$ 1,931,611$ 1,931,611$ 100%
CDA/SUCCESSOR AGENCY
Cash Equivalents 455,733$ 455,733$ 455,733$ 100%
Total 455,733$ 455,733$ 455,733$ 100%
ASSESSMENT DISTRICTS
NERIAD
Federal Agency Issues -$ -$ -$ 0%
U.S. Treasury Obligations 950,000 911,101 928,232 83%
Cash Equivalents 193,868 193,868 193,868 17%
Subtotal 1,143,868$ 1,104,969$ 1,122,100$ 100%
Total 1,143,868$ 1,104,969$ 1,122,100$ 100%
SUMMARY TOTAL
Town Funds 112,642,494$ 110,994,547$ 112,159,932$
Trust Fund 1,931,611 1,931,611 1,931,611
CDA/Successor Agency 455,733 455,733 455,733
NERIAD 1,143,868 1,104,969 1,122,100
Summary Total 116,173,706$ 114,486,860$ 115,669,376$
Page 2
Town of Danville
Treasurer's Report of Investments
CDA
Town Funds Trust Funds Successor Agency NERIAD Total
Beginning Balance, at cost 114,490,623$ 1,886,575$ 946,262$ 1,097,159$ 118,420,620$
Purchases, at cost
U.S. Treasury 1,155,984 1,155,984
Federal Farm Credit Banks Funding Corp 1,500,945 1,500,945
U.S. Treasury 1,464,141 1,464,141
U.S. Treasury 239,876 239,876
-
- -
Sales/Maturations/Call
U.S. Treasury (1,034,805) (1,034,805)
Inter-American Development Bank (1,249,075) (1,249,075)
U.S. Treasury (1,397,266) (241,205)(1,638,471)
Redemption (173,767) (173,767)
Premium/Discount (22,264) (22,264)
Interest Received 288,388 1,709 395 290,491
Net change in Cash (4,028,357) 45,036 (492,238) 8,744 (4,466,815)
Realized gains (losses)-
Ending Balance, at cost 110,994,547$ 1,931,611$ 455,733$ 1,104,969$ 114,486,860$
September 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 900,000 858,798 896,427 3.09%27,810
FHLB Note 07/27/2022 12/20/2024 1,000,000 950,740 991,991 3.13%31,500
FFCB Note 01/06/2022 01/06/2025 595,000 593,661 589,592 1.20%7,140
FFCB Note 02/17/2022 02/14/2025 750,000 748,365 742,298 1.83%13,725
FFCB Note 02/28/2022 02/14/2025 750,000 748,057 741,992 1.83%13,725
FFCB Note 03/14/2022 02/25/2025 750,000 743,441 741,412 2.05%15,375
FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 992,254 2.97%29,700
FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 968,654 1.17%11,700
FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 2,024,164 4.42%88,400
FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,523,028 4.58%68,700
FFCB Note 11/30/2023 11/17/2026 1,000,000 1,002,530 1,020,139 4.53%45,300
FHLB Note 06/26/2024 06/11/2027 1,000,000 1,001,530 1,025,966 4.57%45,700
FFCB Note 12/08/2023 10/04/2027 1,500,000 1,504,500 1,536,147 4.41%66,150
FFCB Note 11/09/2023 11/15/2027 1,750,000 1,743,508 1,800,195 4.73%82,775
FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,529,584 3.66%54,900
FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,512,214 3.76%56,400
FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,522,979 4.49%67,350
FHLB Note 04/26/2024 03/09/2029 1,500,000 1,484,775 1,553,662 4.74%71,100
FHLB Note 09/17/2024 09/10/2029 1,500,000 1,500,945 1,491,523 3.49%71,100
Subtotal 22,995,000$ 22,856,670$ 23,204,221$ 3.77%868,550$
Collateralized Mortgage Obligation
FHLMC K063 06/06/2023 01/25/2027 1,000,000 965,625 988,173 4.47%44,700
FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 978,366 4.23%42,300
FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 981,581 3.98%39,800
FHLMC K069 A2 12/27/2023 09/25/2027 1,135,998 1,093,709 1,112,015 4.27%48,507
FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 707,833 4.27%30,744
FHLMC K081 A2 09/05/2023 08/25/2028 1,000,000 957,969 997,440 4.85%48,500
FHLMC K082 A2 10/30/2023 09/25/2028 1,000,000 940,742 998,145 5.31%53,100
Subtotal 6,855,998$ 6,579,837$ 6,763,553$ 4.48%307,651$
U.S. Treasury Obligations
U.S. Treasury Notes 08/06/2021 10/31/2024 1,350,000 1,395,246 1,346,252 0.45%6,075
U.S. Treasury Notes 11/10/2021 11/15/2024 1,500,000 1,497,832 1,492,510 0.80%12,000
U.S. Treasury Notes 01/26/2022 12/15/2024 850,000 840,637 843,758 1.39%11,815
U.S. Treasury Notes 03/15/2022 12/31/2024 1,500,000 1,488,633 1,489,219 2.03%30,450
U.S. Treasury Notes 02/24/2021 01/31/2025 1,500,000 1,557,012 1,484,399 0.40%6,000
U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 986,465 1.43%14,300
U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,324,477 0.66%8,910
U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 1,012,750 0.33%3,300
U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 942,391 2.74%27,400
U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,461,284 0.53%7,950
U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,457,438 0.55%8,250
U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,308,161 1.05%14,175
U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,473,809 2.94%44,100
September 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
September 30, 2024
U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,485,633 2.96%44,400
U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,584,250 2.87%45,920
U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,669,652 3.04%51,680
U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,083,715 3.20%35,200
U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,760,555 2.99%53,820
U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,566,688 3.42%54,720
U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,923,203 4.09%81,800
U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,412,731 4.00%58,000
U.S. Treasury Notes 05/17/2024 04/15/2027 2,000,000 1,995,469 2,043,515 4.58%91,600
U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,487,343 4.00%60,000
U.S. Treasury Notes 06/21/2024 07/31/2027 2,000,000 1,901,875 1,955,390 4.46%89,200
U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,580,187 3.59%57,440
U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,270,068 4.44%55,500
U.S. Treasury Notes 09/27/2024 02/15/2028 1,500,000 1,464,141 1,460,625 3.51%52,650
U.S. Treasury Notes 04/10/2024 11/15/2028 1,800,000 1,687,078 1,768,640 4.66%83,880
U.S. Treasury Notes 09/05/2024 05/31/2029 1,200,000 1,155,984 1,157,203 3.60%43,200
Subtotal 42,500,000$ 41,588,527$ 41,832,311$ 2.71%1,153,735$
Cash Equivalents
Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)485,003 485,003 485,003 4.36%21,146
Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)374,033 374,033 374,033 4.40%16,457
Bank of New York 179,938 179,938 179,938 0.92%1,655
US Bank 1,128,430 1,128,430 1,128,430 0.00%19
LAIF 13,758,251 13,758,251 13,758,251 4.58%629,440
Subtotal 15,925,655$ 15,925,655$ 15,925,655$ 4.19%668,718
Asset-Backed Securities
John Deere Owner Trust 2021-A A3 03/02/2021 09/15/2025 1,339 1,339 1,336 0.37%5
Toyota Auto Receivables Trust 2021-B A3 06/08/2021 11/17/2025 61,452 61,445 61,225 0.27%166
Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 70,608 70,593 69,688 0.89%628
John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 65,753 65,748 64,983 0.53%348
Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 70,507 70,506 69,669 0.71%501
Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 195,272 195,242 192,944 1.89%3,691
BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 140,237 140,229 139,295 3.23%4,530
John Deere Owner Trust 2022-A A3 03/10/2022 09/15/2026 140,680 140,649 139,062 2.34%3,292
Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 280,655 280,644 277,567 2.23%6,259
GM Financial Auto Receivables 2022-1 A3 01/11/2022 11/16/2026 67,908 67,902 66,986 1.27%862
GM Financial Auto Leasing 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 211,594 5.38%11,298
GM Financial Securitized ART 2022-2 A3 04/05/2022 02/16/2027 156,430 156,398 155,108 3.13%4,896
BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 177,169 5.47%9,573
Toyota Auto Receivables Owner 2023-D A3 11/07/2023 08/15/2028 255,000 254,973 260,953 6.30%16,065
Chase Issuance Trust 23-A1 A 09/07/2023 09/15/2028 995,000 994,724 1,016,596 5.17%51,442
BMW Vehicle Owner Trust 2024-A A3 06/04/2024 02/26/2029 420,000 419,936 429,208 5.24%22,008
Bank of America Credit Card Trust 2024-1 A 06/06/2024 03/15/2029 475,000 474,973 486,025 4.93%23,418
Subtotal 3,780,841$ 3,780,245$ 3,819,408$ 4.20%158,980$
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
September 30, 2024
Supranational
International Finance Corp Note 07/29/2021 10/16/2024 1,000,000 1,028,980 998,503 0.47%4,700
International Finance Corp Note 11/29/2023 01/15/2027 925,000 921,985 938,323 4.49%41,533
Inter-American Dev Bank Note 01/30/2024 02/01/2027 1,000,000 1,004,020 1,014,942 4.23%42,300
International Bank For Restruction and Dev 03/11/2024 07/12/2028 1,500,000 1,456,965 1,494,279 4.23%63,450
Subtotal 4,425,000$ 4,411,950$ 4,446,047$ 3.43%151,983$
US Corporate
MasterCard Inc Callable Note 1x 02/25/2022 03/03/2025 1,000,000 999,010 989,436 2.03%20,300
Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 489,886 2.03%10,150
Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 465,932 3.13%14,711
Wal-Mart Stores Note 09/26/2022 09/09/2025 700,000 685,776 698,632 4.64%32,480
Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 990,563 4.28%42,800
State Street Bank Callable Note Cont 02/02/2022 02/06/2026 265,000 265,000 261,877 1.75%4,638
Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 743,352 4.27%32,025
Toyota Motor Credit Corp 02/08/2024 06/18/2026 1,000,000 921,800 953,395 4.68%46,800
Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 525,645 5.07%26,111
Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,026,744 5.48%54,800
Morgan Stanley Bank NA Callable Note 10/30/2023 10/30/2026 440,000 440,000 455,854 5.88%25,872
Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 974,071 4.42%44,200
Pepsico Inc. Callable Note Cont 11/08/2023 11/10/2026 360,000 359,903 369,224 5.13%18,468
JP Morgan Chase Bank Callable Note 12/05/2023 12/08/2026 405,000 405,000 414,107 5.11%20,696
John Deere Capital Corp 01/10/2024 01/08/2027 1,000,000 999,220 1,012,874 4.53%45,300
Cisco Systems Inc 02/26/2024 02/26/2027 1,000,000 999,620 1,021,885 4.81%48,100
State Street Corp 03/13/2024 03/18/2027 1,065,000 1,065,000 1,090,179 4.99%53,144
Caterpillar Financial Service Note 05/15/2024 05/14/2027 1,000,000 1,002,930 1,027,718 4.89%48,900
Blackrock Funding Inc 07/17/2024 07/26/2027 690,000 689,979 703,419 4.60%31,740
Amazon.com Inc 07/10/2024 08/22/2027 1,000,000 954,920 981,681 4.73%47,300
Visa Inc 08/19/2024 09/15/2027 1,000,000 960,360 972,263 4.14%41,400
Subtotal 16,160,000$ 15,851,663$ 16,168,737$ 4.39%709,933$
TOTAL 112,642,494$ 110,994,547$ 112,159,932$ 3.57%4,019,550$
Source:
Chandler Asset Management
US Bank
Local Agency Investment Fund (LAIF)
Page 6
Town of Danville
Treasurer's Report of Investments - Detail
September 30, 2024
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF 1,931,611 1,931,611 1,931,611 4.58%88,371
TOTAL 1,931,611$ 1,931,611$ 1,931,611$ 4.58% $88,371
Source:
Local Agency Investment Fund (LAIF)
Trust Fund
Page 7
Town of Danville
Treasurer's Report of Investments - Detail
September 30, 2024
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF - redemption fund 47,189 47,189 47,189 4.58%2,159
Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)375,842 375,842 375,842 4.39%16,499
Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)296 296 296 4.40%13
Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)32,407 32,407 32,407 4.40%1,426
Subtotal 455,733$ 455,733$ 455,733$ 4.41%20,097$
TOTAL 455,733$ 455,733$ 455,733$ 4.41%20,097$
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 3/14/2024 12/15/2024 250,000 242,344 248,164 5.21%13,025
U.S. Treasury Bill 4/26/2024 3/20/2025 200,000 191,044 195,944 5.21%10,420
U.S. Treasury Bill 6/13/2024 6/12/2025 250,000 237,837 243,168 5.08%12,700
U.S. Treasury Bill 9/5/2024 9/4/2025 250,000 239,876 240,956 4.20%10,500
Subtotal 950,000$ 911,101$ 928,232$ 4.91%46,645$
Cash Equivalents
LAIF - improvement fund 167,426 167,426 167,426 4.58%7,660
Bank of New York-Improvement fd 26,442 26,442 26,442 0.92%243
Subtotal 193,868$ 193,868$ 193,868$ 4.08%7,903$
Total 1,143,868$ 1,104,969$ 1,122,100$ 4.77%54,548$
Source:
Chandler Asset Management
BNY Trust Company
Local Agency Investment Fund (LAIF)
Northeast Roadway Improvement Assessment District (NERIAD)
September 30, 2024
Page 9