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HomeMy WebLinkAbout031825-06.3 1 ADMINISTRATIVE STAFF REPORT 6.3 TO: Mayor and Town Council March 18, 2025 SUBJECT: January 2025 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 January 2025: Dec Jan Dec Jan 2024 2025 2024 2025 Town Funds $110,408,369 $111,200,895 $110,694,223 $111,753,105 Trust Funds 3,041,010 2,653,192 3,041,010 2,653,192 Assessment & SA 1,596,532 1,976,816 1,614,641 1,997,332 Total Cash & Investments $115,045,911 $115,830,903 $115,349,874 $116,403,629 Total Cash & Investments Year-to-Year Comparison 2023/2024 $114,402,745 $115,903,378 $113,146,333 $114,900,100 Cost Basis Market Value Purchases for the month of January 2025 consisted of one Mercedes-Benz Auto Receivables Trust 2025-1 for $559,881 (maturity date December 17, 2029). There were no purchases for the NERIAD Fund for the month of January 2025. Maturities for the month of January 2025 included one Federal Farm Credit Banks Funding Corp for $593,661, and one U.S. Treasury for $1,557,012. Partial maturities (principal paid down) for the month of January 2025 included one Federal Home Loan mortgage Corporation K-069 A2 3.18 for $1,827, one John Deere Owner Trust 2021-B A3 for $10,025, one Toyota Auto Receivables Trust 2021-D A3 for $9,331, one Honda Auto Receivables Trust 2022-1 A3 for $19,328, one Hyundai Auto January 2025 Treasurer’s Report 2 March 18, 2025 Receivables Trust 2022-A A3 for $28,024, one John Deere Owner Trust 2022-A A3 for $12,324, one GM Financial Consumer Auto Receivables 2022-1 A3 for $7,236, one GM Financial Consumer Auto Receivables 2022-2 A3 for $11,802, one Honda Auto Receivables Trust 2021-4 A3 for $9,395, and one BMW Vehicle Owner Trust 2022-A A3 for $13,464. There were no maturities for NERIAD Fund for the month of January 2025. The Town’s net cash position changed from $14,646,697 to $17,152,690 during the month of January 2025. This consisted of operating revenues in excess of operating expenses of $414,628, net funds invested of -$1,713,548, premium/discount recognition of -$55,591 and interest received of $433,408. Cash requirements have been projected for the next 12 months, and the Town is in a position to meet its cash requirements. All investments that the Town owns are in compliance with the California Government Code and the Town’s Investment Policy. PUBLIC CONTACT Posting of the meeting agenda serves as notice to the general public. RECOMMENDATION Accept the January 2025 Month End Treasurer’s Report. Prepared by: Lani Ha Finance Director/Treasurer Reviewed by: Joseph A. Calabrigo Town Manager Attachment: January 2025 Month End Treasurer’s Report Town of Danville Treasurer's Report of Investments - Summary January 31, 2025 Yield to Description Par Value Cost Market Value % Total Maturity TOWN FUNDS U.S. Treasury Obligations 44,100,000$ 43,033,664$ 43,267,772$ 39%3.38% Federal Agency Issues 20,500,000 20,453,471 20,448,354 18%3.82% Cash Equivalents 17,152,690 17,152,690 17,152,690 15%3.95% Collateralized Mortgage Obligation 7,848,482 7,547,522 7,636,506 7%4.48% Asset-Backed Securities 3,779,566 3,778,915 3,804,016 3%4.65% Commercial Paper 0 0 0 0%0.00% Negotiable CD 0 0 0 0%0.00% Supranational 3,425,000 3,382,970 3,387,325 3%4.30% US Corporate 16,160,000 15,851,663 16,056,442 14%4.39% Total / Weighted Average 112,965,738$ 111,200,895$ 111,753,105$ 100%3.84% Maturities 0 - 30 Days 20,398,039$ 18% 31-60 2,340,251 2% 61 - 90 1,981,367 2% 91 - 120 2,971,980 3% 121 - 180 1,475,953 1% 181 - 270 6,436,997 6% 271 - 365 5,365,250 5% 1 - 2 Years 20,874,406 19% 2 - 3 28,199,219 25% 3 - 5 21,709,643 19% Over 5 Years 0 0% 111,753,105$ 100% Total / Weighted Average Town Funds Weighted Average Quality is AAA Page 1 Town of Danville Treasurer's Report of Investments - Summary January 31, 2025 Description Par Value Cost Market Value % Total TRUST FUND Cash Equivalents 2,653,192$ 2,653,192$ 2,653,192$ 100% CDA/SUCCESSOR AGENCY Cash Equivalents 862,496$ 862,496$ 862,496$ 100% Total 862,496$ 862,496$ 862,496$ 100% ASSESSMENT DISTRICTS NERIAD Federal Agency Issues -$ -$ -$ 0% U.S. Treasury Obligations 950,000 918,142 938,658 83% Cash Equivalents 196,178 196,178 196,178 17% Subtotal 1,146,178$ 1,114,320$ 1,134,836$ 100% Total 1,146,178$ 1,114,320$ 1,134,836$ 100% SUMMARY TOTAL Town Funds 112,965,738$ 111,200,895$ 111,753,105$ Trust Fund 2,653,192 2,653,192 2,653,192 CDA/Successor Agency 862,496 862,496 862,496 NERIAD 1,146,178 1,114,320 1,134,836 Summary Total 117,627,604$ 115,830,903$ 116,403,629$ Page 2 Town of Danville Treasurer's Report of Investments CDA Town Funds Trust Funds Successor Agency NERIAD Total Beginning Balance, at cost 110,408,369$ 3,041,010$ 482,195$ 1,114,337$ 115,045,911$ Purchases, at cost Mercedes-Benz Auto Receivables Trust 2025-1 559,881 559,881 - - - - - - Sales/Maturations/Call Federal Farm Credit Banks Funding Corp (593,661) (593,661) U.S. Treasury (1,557,012) (1,557,012) - Redemption (122,756) (122,756) Premium/Discount (55,591) (55,591) Interest Received 433,408 1,396 292 435,096 Net change in Cash 2,128,257 (387,818) 378,906 (309)2,119,036 Realized gains (losses)- Ending Balance, at cost 111,200,895$ 2,653,192$ 862,496$ 1,114,320$ 115,830,903$ January 31, 2025 Page 3 Town of Danville Treasurer's Report of Investments - DetailTown Funds Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Federal Agency Issues FFCB Note 02/17/2022 02/14/2025 750,000 748,365 749,567 1.83%13,725 FFCB Note 02/28/2022 02/14/2025 750,000 748,057 749,258 1.83%13,725 FFCB Note 03/14/2022 02/25/2025 750,000 743,441 748,775 2.05%15,375 FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 996,148 2.97%29,700 FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 978,782 1.17%11,700 FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 2,009,118 4.42%88,400 FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,506,523 4.58%68,700 FHLB Note 11/30/2023 11/17/2026 1,000,000 1,002,530 1,006,767 4.53%45,300 FHLB Note 06/26/2024 06/11/2027 1,000,000 1,001,530 1,009,093 4.57%45,700 FFCB Note 12/08/2023 10/04/2027 1,500,000 1,504,500 1,508,667 4.41%66,150 FFCB Note 11/09/2023 11/15/2027 1,750,000 1,743,508 1,766,956 4.73%82,775 FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,500,974 3.66%54,900 FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,481,013 3.76%56,400 FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,484,623 4.49%67,350 FHLB Note 04/26/2024 03/09/2029 1,500,000 1,484,775 1,506,615 4.74%71,100 FFCB Note 09/17/2024 09/10/2029 1,500,000 1,500,945 1,445,475 3.49%52,350 Subtotal 20,500,000$ 20,453,471$ 20,448,354$ 3.82%783,350$ Collateralized Mortgage Obligation FHLMC K063 A2 06/06/2023 01/25/2027 1,000,000 965,625 980,190 4.47%44,700 FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 969,882 4.23%42,300 FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 969,273 3.98%39,800 FHLMC K069 A2 12/27/2023 09/25/2027 1,128,482 1,086,472 1,091,495 4.27%48,186 FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 696,936 4.27%30,744 FHLMC K074 A2 12/18/2024 01/25/2028 1,000,000 974,922 973,667 4.45%44,500 FHLMC K081 A2 09/05/2023 08/25/2028 1,000,000 957,969 977,346 4.85%48,500 FHLMC K082 A2 10/30/2023 09/25/2028 1,000,000 940,742 977,717 5.31%53,100 Subtotal 7,848,482$ 7,547,522$ 7,636,506$ 4.48%351,830$ U.S. Treasury Obligations U.S. Treasury Notes 02/03/2022 02/28/2025 1,000,000 990,820 997,747 1.43%14,300 U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,342,266 0.66%8,910 U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 1,026,335 0.79%7,873 U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 955,032 0.73%7,327 U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,480,336 0.53%7,950 U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,475,953 0.55%8,250 U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,323,738 4.30%58,050 U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,481,792 4.26%63,900 U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,487,660 2.96%44,400 U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,585,333 2.87%45,920 U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,673,517 3.04%51,680 U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,084,239 3.20%35,200 U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,760,133 2.99%53,820 U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,564,501 3.42%54,720 U.S. Treasury Notes 11/22/2024 07/31/2026 1,750,000 1,749,180 1,753,896 4.40%77,000 January 31, 2025 Page 4 Town of Danville Treasurer's Report of Investments - DetailTown Funds Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest January 31, 2025 U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,918,281 4.09%81,800 U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,399,646 4.27%61,915 U.S. Treasury Notes 05/17/2024 04/15/2027 2,000,000 1,995,469 2,011,719 4.58%91,600 U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,467,715 4.00%60,000 U.S. Treasury Notes 06/21/2024 07/31/2027 2,000,000 1,901,875 1,930,781 4.46%89,200 U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,557,250 3.59%57,440 U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,247,119 4.44%55,500 U.S. Treasury Notes 10/17/2024 01/31/2028 1,300,000 1,284,106 1,273,340 3.90%50,700 U.S. Treasury Notes 09/27/2024 02/15/2028 1,500,000 1,464,141 1,436,309 3.51%52,650 U.S. Treasury Notes 11/08/2024 03/31/2028 1,000,000 982,344 981,641 4.19%41,900 U.S. Treasury Notes 12/30/2024 05/31/2028 1,750,000 1,711,445 1,715,273 4.33%75,775 U.S. Treasury Notes 12/13/2024 08/31/2028 1,000,000 1,004,102 1,002,813 4.25%42,500 U.S. Treasury Notes 04/10/2024 11/15/2028 1,800,000 1,687,078 1,726,734 4.66%83,880 U.S. Treasury Notes 09/05/2024 05/31/2029 1,200,000 1,155,984 1,126,359 3.60%43,200 U.S. Treasury Notes 10/29/2024 07/31/2029 1,500,000 1,493,320 1,480,314 4.30%64,500 Subtotal 44,100,000$ 43,033,664$ 43,267,772$ 3.38%1,491,860$ Cash Equivalents Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)491,917 491,917 491,917 3.81%18,742 Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)379,409 379,409 379,409 3.84%14,569 Bank of New York 2,057,396 2,057,396 2,057,396 2.89%59,459 US Bank 803,666 803,666 803,666 0.00%13 LAIF 13,420,302 13,420,302 13,420,302 4.37%585,930 Subtotal 17,152,690$ 17,152,690$ 17,152,690$ 3.95%678,714 Asset-Backed Securities Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 31,391 31,385 31,193 0.89%279 John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 29,262 29,259 29,163 0.53%155 Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 32,008 32,007 31,821 0.71%227 Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 114,724 114,707 113,871 1.89%2,168 BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 84,862 84,858 84,523 3.23%2,741 John Deere Owner Trust 2022-A A3 03/10/2022 09/15/2026 84,287 84,267 83,649 2.34%1,972 Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 166,571 166,565 165,498 2.23%3,715 GM Financial Consumer Auto Receiv 2022-1 A3 01/11/2022 11/16/2026 38,521 38,518 38,224 1.27%489 GM Financial Auto Leasing Trust 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 210,895 5.38%11,298 GM Financial Consumer Auto Receiv 2022-2 A3 04/05/2022 02/16/2027 107,940 107,916 107,290 3.13%3,379 BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 176,426 5.47%9,573 Toyota Auto Receivables Owner 2023-D A3 11/07/2023 08/15/2028 255,000 254,973 258,623 6.30%16,065 Chase Issuance Trust 23-A1 A 09/07/2023 09/15/2028 995,000 994,724 1,005,803 5.17%51,442 BMW Vehicle Owner Trust 2024-A A3 06/04/2024 02/26/2029 420,000 419,936 424,380 5.24%22,008 Bank of America Credit Card Trust 2024-1 A 06/06/2024 05/15/2029 475,000 474,975 479,532 4.93%23,418 Mercedes-Benz Auto Receivables Trust 2025-1 01/14/2025 12/17/2029 560,000 559,881 563,125 4.84%27,104 Subtotal 3,779,566$ 3,778,915$ 3,804,016$ 4.65%176,032$ Page 5 Town of Danville Treasurer's Report of Investments - DetailTown Funds Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest January 31, 2025 Supranational International Finance Corp Note 11/29/2023 01/15/2027 925,000 921,985 926,212 4.49%41,533 Inter-American Dev Bank Note 01/30/2024 02/01/2027 1,000,000 1,004,020 1,001,587 4.23%42,300 International Bank For Restruction and Dev 03/11/2024 07/12/2028 1,500,000 1,456,965 1,459,526 4.23%63,450 Subtotal 3,425,000$ 3,382,970$ 3,387,325$ 4.30%147,283$ US Corporate MasterCard Inc Callable Note 1x 02/25/2022 03/03/2025 1,000,000 999,010 997,986 2.03%20,300 Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 495,496 2.03%10,150 Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 466,991 3.13%14,711 Wal-Mart Stores Note 09/26/2022 09/09/2025 700,000 685,776 698,034 4.64%32,480 Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 990,966 4.28%42,800 State Street Bank Callable Note Cont 02/02/2022 02/06/2026 265,000 265,000 264,929 1.75%4,638 Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 741,980 4.27%32,025 Toyota Motor Credit Corp 02/08/2024 06/18/2026 1,000,000 921,800 956,610 4.68%46,800 Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 519,439 5.07%26,111 Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,014,669 5.48%54,800 Morgan Stanley Bank NA Callable Note 10/30/2023 10/30/2026 440,000 440,000 449,425 5.88%25,872 Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 967,817 4.42%44,200 Pepsico Inc. Callable Note Cont 11/08/2023 11/10/2026 360,000 359,903 364,512 5.13%18,468 JP Morgan Chase Bank Callable Note 12/05/2023 12/08/2026 405,000 405,000 409,292 5.11%20,696 John Deere Capital Corp 01/10/2024 01/08/2027 1,000,000 999,220 1,002,468 4.53%45,300 Cisco Systems Inc 02/26/2024 02/26/2027 1,000,000 999,620 1,007,640 4.81%48,100 State Street Corp 03/13/2024 03/18/2027 1,065,000 1,065,000 1,074,613 4.99%53,144 Caterpillar Financial Service Note 05/15/2024 05/14/2027 1,000,000 1,002,930 1,011,481 4.89%48,900 Blackrock Funding Inc 07/17/2024 07/26/2027 690,000 689,979 693,020 4.60%31,740 Amazon.com Inc 07/10/2024 08/22/2027 1,000,000 954,920 969,630 4.73%47,300 Visa Inc 08/19/2024 09/15/2027 1,000,000 960,360 959,444 4.14%41,400 Subtotal 16,160,000$ 15,851,663$ 16,056,442$ 4.39%709,933$ TOTAL 112,965,738$ 111,200,895$ 111,753,105$ 3.84%4,339,002$ Source: Chandler Asset Management US Bank Local Agency Investment Fund (LAIF) Page 6 Town of Danville Treasurer's Report of Investments - Detail January 31, 2025 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF 2,653,192 2,653,192 2,653,192 4.37%115,838 TOTAL 2,653,192$ 2,653,192$ 2,653,192$ 4.37% $115,838 Source: Local Agency Investment Fund (LAIF) Trust Fund Page 7 Town of Danville Treasurer's Report of Investments - Detail January 31, 2025 Yield to Annual Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest Cash Equivalents LAIF - redemption fund 429,328 429,328 429,328 4.37%18,744 Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)381,205 381,205 381,205 3.78%14,410 Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)775 775 775 3.84%30 Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)51,188 51,188 51,188 3.84%1,966 Subtotal 862,496$ 862,496$ 862,496$ 4.08%35,149$ TOTAL 862,496$ 862,496$ 862,496$ 4.08%35,149$ 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 4/26/2024 3/20/2025 200,000 191,044 198,944 5.21%10,420 U.S. Treasury Bill 6/13/2024 6/12/2025 250,000 237,837 246,260 5.08%12,700 U.S. Treasury Bill 9/5/2024 9/4/2025 250,000 239,876 243,958 4.20%10,500 U.S. Treasury Bill 12/16/2024 12/15/2025 250,000 249,385 249,496 4.26%10,650 Subtotal 950,000$ 918,142$ 938,658$ 4.66%44,270$ Cash Equivalents LAIF - improvement fund 167,493 167,493 167,493 4.37%7,313 Bank of New York-Improvement fd 28,685 28,685 28,685 2.89%829 Subtotal 196,178$ 196,178$ 196,178$ 4.15%8,142$ Total 1,146,178$ 1,114,320$ 1,134,836$ 4.57%52,412$ Source: Chandler Asset Management BNY Trust Company Local Agency Investment Fund (LAIF) Northeast Roadway Improvement Assessment District (NERIAD) January 31, 2025 Page 9