HomeMy WebLinkAbout041525-06.3
1
ADMINISTRATIVE STAFF REPORT 6.3
TO: Mayor and Town Council April 15, 2025
SUBJECT: February 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 February 2025:
Jan Feb Jan Feb
2025 2025 2025 2025
Town Funds $111,200,895 $115,594,320 $111,753,105 $116,610,324
Trust Funds 2,653,192 2,294,521 2,653,192 2,294,521
Assessment & SA 1,976,816 1,902,318 1,997,332 1,925,219
Total Cash & Investments $115,830,903 $119,791,160 $116,403,629 $120,830,065
Total Cash & Investments
Year-to-Year Comparison
2023/2024 $115,903,378 $114,606,642 $114,900,100 $113,273,669
Cost Basis Market Value
Purchases for the month of February 2025 consisted of one BMW Vehicle Owner Trust
2025-A A3 for $634,937 (maturity date September 25, 2029), one GM Financial
Automobile Leasing Trust 2025-1 A3 for $404,952 (maturity date February 21, 2028), one
Bank of New York Mellon Corp for $1,240,750 (maturity date February 1, 2029), one
U.S. Treasury for $1,759,912 (maturity date October 15, 2026).
There were no purchases for the NERIAD Fund for the month of February 2025.
Maturities for the month of February 2025 included one Federal Farm Credit Banks
Funding Corp for $1,496,423, one Federal Farm Credit Banks Funding Corp for $743,441
and one U.S. Treasury for $990,820.
February 2025 Treasurer’s Report 2 April 15, 2025
Partial maturities (principal paid down) for the month of February 2025 included one
Federal Home Loan mortgage Corporation K-069 A2 for $1,833, one John Deere Owner
Trust 2021-B A3 for $13,398, one Toyota Auto Receivables Trust 2021-D A3 for $9,279, one
Honda Auto Receivables Trust 2022-1 A3 for $18,849, one Hyundai Auto Receivables
Trust 2022-A A3 for $27,956, one John Deere Owner Trust 2022-A A3 for $13,477, one GM
Financial Auto Receivables 2022-1 A3 for $6,836, one GM Financial Auto Receivables
2022-2 A3 for $11,437, one Honda Auto Receivables Trust 2021-4 A3 for $9,336, and one
BMW Vehicle Owner Trust 2022-A A3 for $12,829.
Sales before maturities for the month of February 2025 consisted of one State Street Corp
for $265,000.
There were no maturities for NERIAD Fund for the month of February 2025.
The Town’s net cash position changed from $17,152,690 to $21,126,395 during the month
of February 2025. This consisted of operating revenues in excess of operating expenses of
$4,098,355, net funds invested of $419,637, premium/discount recognition of $19,399 and
interest received of $275,588
Cash requirements have been projected for the next 12 months, and the Town is in a
position to meet its cash requirements.
All investments that the Town owns are in compliance with the California Government
Code and the Town’s Investment Policy.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
RECOMMENDATION
Accept the February 2025 Month End Treasurer’s Report.
Prepared by:
Lani Ha
Finance Director/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: February 2025 Month End Treasurer’s Report
Town of Danville
Treasurer's Report of Investments - Summary
February 28, 2025
Yield to
Description Par Value Cost Market Value % Total Maturity
TOWN FUNDS
U.S. Treasury Obligations 44,850,000$ 43,802,756$ 44,260,955$ 38%3.46%
Federal Agency Issues 18,250,000 18,213,608 18,302,665 16%4.05%
Cash Equivalents 21,126,395 21,126,395 21,126,395 18%3.89%
Collateralized Mortgage Obligation 7,846,649 7,545,758 7,689,805 7%4.48%
Asset-Backed Securities 4,696,169 4,695,420 4,736,373 4%4.72%
Commercial Paper 0 0 0 0%0.00%
Negotiable CD 0 0 0 0%0.00%
Supranational 3,425,000 3,382,970 3,407,947 3%4.30%
US Corporate 17,145,000 16,827,413 17,086,184 15%4.46%
Total / Weighted Average 117,339,213$ 115,594,320$ 116,610,324$ 100%3.92%
Maturities
0 - 30 Days 22,126,392$ 19%
31-60 1,346,010 1%
61 - 90 3,481,285 3%
91 - 120 1,485,264 1%
121 - 180 5,741,036 5%
181 - 270 6,443,425 6%
271 - 365 1,850,473 2%
1 - 2 Years 23,694,435 20%
2 - 3 28,260,042 24%
3 - 5 22,181,962 19%
Over 5 Years 0%
116,610,324$ 100%
Total / Weighted Average
Town Funds Weighted Average Quality is AAA
Page 1
Town of Danville
Treasurer's Report of Investments - Summary
February 28, 2025
Description Par Value Cost Market Value % Total
TRUST FUND
Cash Equivalents 2,294,521$ 2,294,521$ 2,294,521$ 100%
CDA/SUCCESSOR AGENCY
Cash Equivalents 787,936$ 787,936$ 787,936$ 100%
Total 787,936$ 787,936$ 787,936$ 100%
ASSESSMENT DISTRICTS
NERIAD
Federal Agency Issues -$ -$ -$ 0%
U.S. Treasury Obligations 950,000 918,142 941,043 83%
Cash Equivalents 196,240 196,240 196,240 17%
Subtotal 1,146,240$ 1,114,382$ 1,137,283$ 100%
Total 1,146,240$ 1,114,382$ 1,137,283$ 100%
SUMMARY TOTAL
Town Funds 117,339,213$ 115,594,320$ 116,610,324$
Trust Fund 2,294,521 2,294,521 2,294,521
CDA/Successor Agency 787,936 787,936 787,936
NERIAD 1,146,240 1,114,382 1,137,283
Summary Total 121,567,911$ 119,791,160$ 120,830,065$
Page 2
Town of Danville
Treasurer's Report of Investments
CDA
Town Funds Trust Funds Successor Agency NERIAD Total
Beginning Balance, at cost 111,200,895$ 2,653,192$ 862,496$ 1,114,320$ 115,830,903$
Purchases, at cost
BMW Vehicle Owner Trust 2025-A A3 634,937 634,937
GM Financial Automobile Leasing Trust 2025-1 A3 404,952 404,952
Bank of New York Mellon Corp 1,240,750 1,240,750
U.S. Treasury 1,759,912 1,759,912
-
- -
Sales/Maturations/Call
Federal Farm Credit Banks Funding Corp (1,496,423) (1,496,423)
Federal Farm Credit Banks Funding Corp (743,441) (743,441)
U.S. Treasury (990,820) (990,820)
State Street Corp (265,000) (265,000)
Redemption (125,230) (125,230)
Premium/Discount 19,399 19,399
Interest Received 275,588 1,345 419 277,351
Net change in Cash 3,678,801 (358,672) (75,904) (357)3,243,869
Realized gains (losses)-
Ending Balance, at cost 115,594,320$ 2,294,521$ 787,937$ 1,114,382$ 119,791,160$
February 28, 2025
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
FFCB Note 05/03/2022 05/09/2025 1,000,000 998,050 997,184 2.97%29,700
FNMA Note 12/09/2021 08/25/2025 1,000,000 971,060 981,362 1.17%11,700
FFCB Note 06/22/2023 06/23/2026 2,000,000 1,997,620 2,008,732 4.42%88,400
FFCB Note 08/09/2023 08/14/2026 1,500,000 1,496,550 1,509,008 4.58%68,700
FHLB Note 11/30/2023 11/17/2026 1,000,000 1,002,530 1,009,069 4.53%45,300
FHLB Note 06/26/2024 06/11/2027 1,000,000 1,001,530 1,013,473 4.57%45,700
FFCB Note 12/08/2023 10/04/2027 1,500,000 1,504,500 1,516,321 4.41%66,150
FFCB Note 11/09/2023 11/15/2027 1,750,000 1,743,508 1,775,797 4.73%82,775
FHLB Note 05/15/2023 12/10/2027 1,500,000 1,536,930 1,509,306 3.66%54,900
FFCB Note 04/27/2023 04/25/2028 1,500,000 1,507,905 1,492,089 3.76%56,400
FHLB Note 07/06/2023 06/09/2028 1,500,000 1,467,705 1,499,562 4.49%67,350
FHLB Note 04/26/2024 03/09/2029 1,500,000 1,484,775 1,526,348 4.74%71,100
FFCB Note 09/17/2024 09/10/2029 1,500,000 1,500,945 1,464,414 3.49%52,350
Subtotal 18,250,000$ 18,213,608$ 18,302,665$ 4.05%740,525$
Collateralized Mortgage Obligation
FHLMC K063 A2 06/06/2023 01/25/2027 1,000,000 965,625 984,169 4.47%44,700
FHLMC K066 A2 05/18/2023 06/25/2027 1,000,000 958,984 975,327 4.23%42,300
FHLMC K068 A2 05/12/2023 08/25/2027 1,000,000 970,820 975,451 3.98%39,800
FHLMC K069 A2 12/27/2023 09/25/2027 1,126,649 1,084,708 1,096,904 4.27%48,108
FHLMC K073 A2 05/24/2023 01/25/2028 720,000 691,988 701,878 4.27%30,744
FHLMC K074 A2 12/18/2024 01/25/2028 1,000,000 974,922 981,826 4.45%44,500
FHLMC K081 A2 09/05/2023 08/25/2028 1,000,000 957,969 986,880 4.85%48,500
FHLMC K082 A2 10/30/2023 09/25/2028 1,000,000 940,742 987,370 5.31%53,100
Subtotal 7,846,649$ 7,545,758$ 7,689,805$ 4.48%351,752$
U.S. Treasury Obligations
U.S. Treasury Notes 03/12/2021 03/31/2025 1,350,000 1,342,150 1,346,010 0.66%8,910
U.S. Treasury Notes 01/26/2021 04/30/2025 1,000,000 1,001,953 1,029,458 0.79%7,873
U.S. Treasury Notes 04/28/2022 04/30/2025 1,000,000 932,344 957,938 0.73%7,327
U.S. Treasury Notes 06/11/2021 05/31/2025 1,500,000 1,483,359 1,485,264 0.53%7,950
U.S. Treasury Notes 07/29/2021 06/30/2025 1,500,000 1,482,246 1,480,582 0.55%8,250
U.S. Treasury Notes 12/02/2021 07/31/2025 1,350,000 1,310,871 1,327,714 4.30%58,050
U.S. Treasury Notes 04/21/2022 08/15/2025 1,500,000 1,454,883 1,484,402 4.26%63,900
U.S. Treasury Notes 04/21/2022 09/30/2025 1,500,000 1,502,109 1,489,321 2.96%44,400
U.S. Treasury Notes 06/02/2022 10/31/2025 1,600,000 1,606,563 1,587,150 2.87%45,920
U.S. Treasury Notes 06/09/2022 11/15/2025 1,700,000 1,655,840 1,676,824 3.04%51,680
U.S. Treasury Notes 07/13/2022 12/31/2025 1,100,000 1,079,031 1,086,293 3.20%35,200
U.S. Treasury Notes 08/03/2022 03/31/2026 1,800,000 1,753,523 1,764,984 2.99%53,820
U.S. Treasury Notes 09/08/2022 04/30/2026 1,600,000 1,542,500 1,569,000 3.42%54,720
U.S. Treasury Notes 11/22/2024 07/31/2026 1,750,000 1,749,180 1,757,725 4.40%77,000
U.S. Treasury Notes 06/07/2023 09/30/2026 2,000,000 1,848,984 1,927,734 4.09%81,800
U.S. Treasury Notes 02/20/2025 10/15/2026 1,750,000 1,759,912 1,766,064 4.26%74,550
U.S. Treasury Notes 11/28/2022 03/31/2027 1,450,000 1,363,566 1,407,689 4.27%61,915
U.S. Treasury Notes 05/17/2024 04/15/2027 2,000,000 1,995,469 2,020,391 4.58%91,600
February 28, 2025
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
February 28, 2025
U.S. Treasury Notes 10/05/2022 06/30/2027 1,500,000 1,451,309 1,476,387 4.00%60,000
U.S. Treasury Notes 06/21/2024 07/31/2027 2,000,000 1,901,875 1,943,906 4.46%89,200
U.S. Treasury Notes 01/20/2023 08/31/2027 1,600,000 1,568,438 1,567,750 3.59%57,440
U.S. Treasury Notes 03/08/2023 09/30/2027 1,250,000 1,234,131 1,254,883 4.44%55,500
U.S. Treasury Notes 10/17/2024 01/31/2028 1,300,000 1,284,106 1,283,090 3.90%50,700
U.S. Treasury Notes 09/27/2024 02/15/2028 1,500,000 1,464,141 1,449,375 3.51%52,650
U.S. Treasury Notes 11/08/2024 03/31/2028 1,000,000 982,344 989,883 4.19%41,900
U.S. Treasury Notes 12/30/2024 05/31/2028 1,750,000 1,711,445 1,730,996 4.33%75,775
U.S. Treasury Notes 12/13/2024 08/31/2028 1,000,000 1,004,102 1,012,383 4.25%42,500
U.S. Treasury Notes 04/10/2024 11/15/2028 1,800,000 1,687,078 1,746,563 4.66%83,880
U.S. Treasury Notes 09/05/2024 05/31/2029 1,200,000 1,155,984 1,141,547 3.60%43,200
U.S. Treasury Notes 10/29/2024 07/31/2029 1,500,000 1,493,320 1,499,649 4.30%64,500
Subtotal 44,850,000$ 43,802,756$ 44,260,955$ 3.46%1,552,110$
Cash Equivalents
Wells Fargo Trsry Plus M Mkt - reserve fund (2001 COP)493,519 493,519 493,519 3.80%18,754
Wells Fargo Trsry Plus M Mkt - reserve fund (2005 COP)380,655 380,655 380,655 3.83%14,579
Bank of New York 1,932,650 1,932,650 1,932,650 2.83%54,694
US Bank 1,356,051 1,356,051 1,356,051 0.00%23
LAIF 16,963,520 16,963,520 16,963,520 4.33%734,520
Subtotal 21,126,395$ 21,126,395$ 21,126,395$ 3.89%822,570
Asset-Backed Securities
Honda Auto Receivables Trust 2021-4 A3 11/16/2021 01/21/2026 22,055 22,051 21,950 0.89%196
John Deere Owner Trust 2021-B A3 07/13/2021 03/16/2026 15,863 15,862 15,836 0.53%84
Toyota Auto Receivables Trust 2021-D A3 11/09/2021 04/15/2026 22,729 22,729 22,633 0.71%161
Honda Auto Receivables Trust 2022-1 A3 02/15/2022 05/15/2026 95,874 95,860 95,278 1.89%1,812
BMW Vehicle Owner Trust 2022-A A3 05/10/2022 08/25/2026 72,033 72,029 71,790 3.23%2,327
John Deere Owner Trust 2022-A A3 03/10/2022 09/15/2026 70,811 70,795 70,331 2.34%1,657
Hyundai Auto Receivables Trust 2022-A A3 03/09/2022 10/15/2026 138,616 138,610 137,924 2.23%3,091
GM Financial Consumer Auto Receiv 2022-1 A3 01/11/2022 11/16/2026 31,686 31,683 31,483 1.27%402
GM Financial Auto Leasing Trust 2023-3 A3 08/08/2023 11/20/2026 210,000 209,975 210,760 5.38%11,298
GM Financial Consumer Auto Receiv 2022-2 A3 04/05/2022 02/16/2027 96,502 96,481 95,999 3.13%3,021
GM Finacial Automobile Leasing Trust 2025-1 A3 02/05/2025 02/21/2028 405,000 404,952 407,372 4.66%18,873
BMW Vehicle Owner Trust 2023-A A3 07/11/2023 02/25/2028 175,000 174,969 176,270 5.47%9,573
Toyota Auto Receivables Owner 2023-D A3 11/07/2023 08/15/2028 255,000 254,973 258,998 6.30%16,065
Chase Issuance Trust 23-A1 A 09/07/2023 09/15/2028 995,000 994,724 1,008,337 5.17%51,442
BMW Vehicle Owner Trust 2024-A A3 06/04/2024 02/26/2029 420,000 419,936 425,067 5.24%22,008
Bank of America Credit Card Trust 2024-1 A 06/06/2024 05/15/2029 475,000 474,973 481,826 4.93%23,418
BMW Vehicle Owner Trust 2025-A A3 02/04/2025 09/25/2029 635,000 634,937 638,363 4.56%28,956
Mercedes-Benz Auto Receivables Trust 2025-1 01/14/2025 12/17/2029 560,000 559,881 566,156 4.94%27,664
Subtotal 4,696,169$ 4,695,420$ 4,736,373$ 4.72%222,047$
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
February 28, 2025
International Finance Corp Note 11/29/2023 01/15/2027 925,000 921,985 929,712 4.49%41,533
Inter-American Dev Bank Note 01/30/2024 02/01/2027 1,000,000 1,004,020 1,005,304 4.23%42,300
International Bank For Restruction and Dev 03/11/2024 07/12/2028 1,500,000 1,456,965 1,472,931 4.23%63,450
Subtotal 3,425,000$ 3,382,970$ 3,407,947$ 4.30%147,283$
US Corporate
MasterCard Inc Callable Note 1x 02/25/2022 03/03/2025 1,000,000 999,010 1,000,000 2.03%20,300
Apple Inc Callable Note Cont 02/25/2022 05/11/2025 500,000 485,870 496,705 2.03%10,150
Colgate Palmolive Co. Note 08/01/2022 08/15/2025 470,000 469,567 466,975 3.13%14,711
Wal-Mart Stores Note 09/26/2022 09/09/2025 700,000 685,776 697,990 4.64%32,480
Microst Callable Note Cont 01/20/2023 11/03/2025 1,000,000 970,060 992,139 4.28%42,800
Apple Inc Callable Note Cont 02/01/2023 02/23/2026 750,000 728,265 742,230 4.27%32,025
Toyota Motor Credit Corp 02/08/2024 06/18/2026 1,000,000 921,800 961,271 4.68%46,800
Paccar Financial Corp Note 08/03/2023 08/10/2026 515,000 514,743 520,654 5.07%26,111
Bank of America NA Callable Note Cont 08/24/2023 08/18/2026 1,000,000 1,001,360 1,016,320 5.48%54,800
Morgan Stanley Bank NA Callable Note 10/30/2023 10/30/2026 440,000 440,000 450,101 5.88%25,872
Honeywell Intl Callable Note 01/11/2023 11/01/2026 1,000,000 933,280 970,883 4.42%44,200
Pepsico Inc. Callable Note Cont 11/08/2023 11/10/2026 360,000 359,903 364,962 5.13%18,468
JP Morgan Chase Bank Callable Note 12/05/2023 12/08/2026 405,000 405,000 410,292 5.11%20,696
John Deere Capital Corp 01/10/2024 01/08/2027 1,000,000 999,220 1,005,026 4.53%45,300
Cisco Systems Inc 02/26/2024 02/26/2027 1,000,000 999,620 1,011,390 4.81%48,100
State Street Corp 03/13/2024 03/18/2027 1,065,000 1,065,000 1,077,716 4.99%53,144
Caterpillar Financial Service Note 05/15/2024 05/14/2027 1,000,000 1,002,930 1,014,894 4.89%48,900
Blackrock Funding Inc 07/17/2024 07/26/2027 690,000 689,979 694,932 4.60%31,740
Amazon.com Inc 07/10/2024 08/22/2027 1,000,000 954,920 975,161 4.73%47,300
Visa Inc 08/19/2024 09/15/2027 1,000,000 960,360 963,943 4.14%41,400
Bank of New York Mellon Corp 02/12/2025 02/01/2029 1,250,000 1,240,750 1,252,600 4.81%60,125
Subtotal 17,145,000$ 16,827,413$ 17,086,184$ 4.46%765,421$
TOTAL 117,339,213$ 115,594,320$ 116,610,324$ 3.92%4,601,707$
Source:
Chandler Asset Management
US Bank
Local Agency Investment Fund (LAIF)
Page 6
Town of Danville
Treasurer's Report of Investments - Detail
February 28, 2025
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF 2,294,521 2,294,521 2,294,521 4.33%99,353
TOTAL 2,294,521$ 2,294,521$ 2,294,521$ 4.33% $99,353
Source:
Local Agency Investment Fund (LAIF)
Trust Fund
Page 7
Town of Danville
Treasurer's Report of Investments - Detail
February 28, 2025
Yield to Annual
Description Purchase Date Maturity Date Par Value Cost Market Value Maturity Interest
Cash Equivalents
LAIF - redemption fund 144,814 144,814 144,814 4.33%6,270
Wells Fargo Trsry Plus M Mkt - reserve fund (TRBs)381,812 381,812 381,812 3.76%14,356
Wells Fargo Trsry Plus M Mkt - interest acct (TRBs)226 226 226 3.83%9
Wells Fargo Trsry Plus M Mkt - debt service acct (TRBs)261,085 261,085 261,085 3.83%10,000
Subtotal 787,936$ 787,936$ 787,936$ 3.89%30,635$
TOTAL 787,936$ 787,936$ 787,936$ 3.89%30,635$
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 200,000 191,044 199,601 5.21%10,420
U.S. Treasury Bill 6/13/2024 6/12/2025 250,000 237,837 247,065 5.08%12,700
U.S. Treasury Bill 9/5/2024 9/4/2025 250,000 239,876 244,704 4.20%10,500
U.S. Treasury Bill 12/16/2024 12/15/2025 250,000 249,385 249,673 4.26%10,650
Subtotal 950,000$ 918,142$ 941,043$ 4.66%44,270$
Cash Equivalents
LAIF - improvement fund 167,461 167,461 167,461 4.33%7,251
Bank of New York-Improvement fd 28,779 28,779 28,779 2.83%814
Subtotal 196,240$ 196,240$ 196,240$ 4.11%8,065$
Total 1,146,240$ 1,114,382$ 1,137,283$ 4.57%52,335$
Source:
Chandler Asset Management
BNY Trust Company
Local Agency Investment Fund (LAIF)
Northeast Roadway Improvement Assessment District (NERIAD)
February 28, 2025
Page 9