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Home My WebLink About04/15/2025 07.B. 2025 1st Quarter Treasury Report _: `y 3ljlt ii! I!I/ it7-A • r s BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. 7.B. For Meeting of: April 15, 2025 ITEM TITLE: 2025 1st Quarter Treasury Report SUBMITTED BY: Mike Bailey, Interim Director of Finance and Budget Kimberly Domine, Financial Services Manager SUMMARY EXPLANATION: The Treasury Report for the first quarter of 2025 is attached and consists of the following: • 1st Quarter Treasurer's Report • Cash and Investments • Long Term Debt • Interfund Borrowing ITEM BUDGETED: N/A STRATEGIC PRIORITY 24-25: A Resilient Yakima RECOMMENDATION: Review only. Submitted for routine transparency and accountability purposes. ATTACHMENTS: 2025 Q1 Treasury Report.pdf 16 FINANCE Date: April 4, 2025 r, WPTA ?nl To: Mayor and City Council CERTIFIcr oepOccE► OCE CITY OE YAKIMA Thru: Victoria Baker, City Manager From: Michael Bailey, Interim Director of Finance and Budget Kimberly Domine, Financial Services Manager Re: 2025— 1st Quarter Treasury Report This report is to transparently report the City's cash position and investment activity for the quarter just ended. Each investment is in compliance with the City's Investment Policy, State Statues and City Municipal Code. The City's investment policy was reviewed and approved by City Council on March 5, 2019 and adopted by ordinance on February 1, 2022; and the policy received a Certification of Excellence from the Washington Public Treasurer's Association in February 2019 and again in April 2024. Total Cash and Investments at Quarter-end total $147.9 million: $22.7 million in depository banks, $48.2 million in the State Pool, and $77.0 million invested. The following chart shows the 5-year trend of total cash and investments month by month (showing only permanent accounts comparable year over year). City of Yakima Liquidity Accounts-Historical Trend $180,000,000 $160,000,000 $140,000,000 $120,000,000 J $60,000,000 I $40,000,000 F „eimp $20,000,000 $D 110111=1 'k9 ti> tit ti' ••1> 'L�' i> 'Y7' 'L� v. '4.1 ;b' ;Lry `b' 'L' ;Y' l�' ti ti tia ba ;LG ti� 'ti' `ti' tIPc 4,'S �� ye04. NS 444 ,R %aP to a\ �� y$ 04 IP a 4•0 N.> yiR ,ad t.0 v `3. y� ? �sn c ■Portfolio(par) lin Primary Acct IN Key Checking ❑USB Checking 17 FINANCE The City's Investment Portfolio The City's investment activities are governed by State regulations and the City of Yakima's Investment Policy. All investments are in full compliance with the City's Investment Policy, State Statues and City Municipal Code. Calls or Maturities. During last quarter, the following matured or were called at full value: • 1555 $1,000,000 FAMCA matured 1/3/2025 • 1602 $1,010,000 FNMA matured 1/07/2025 • 1572 $2,000,000 US Treasury matured 2/28/2025 • 1574 $2,000,000 US Treasury matured 3/31/2025 Purchases: During the last quarter, the following were purchased: • 1616 $1,000,000 FHLB to mature 04/26/2028 • 1617 $1,000,000 FHLB to mature 04/28/2028 • 1618 $2,000,000 US Treasury to mature 05/31/2028 • 1619 $2,000,000 Walmart to mature 6/26/28 Portfolio and Benchmark Yield and Maturity: Avg. weighted yield of City investments, excluding LGIP: 3.23% LGIP State Pool 30-day yield: 4.39% Weighted average maturity of City investments, excluding LGIP: 369 days Weighted average maturity of LGIP State Pool 30-day yield: 25 days Execution of each investment transaction contemplated ongoing cash flows from city operations, debt obligations, liquid and maturing securities, and contingencies to meet the City's future cash flow requirements. The City's Investment Portfolio consists of three general tiers which coincide with the primary considerations of prudent investing: 1) The Safety portion of the Portfolio consists of funds invested in the Local Government Investment Pool (LGIP, or State Pool) managed by the State Treasurer, available same- day. This allows for seasonal fluctuations, primarily the April/October inflows of Property Tax and the outflows of debt service and capital projects. 2) The Liquidity portion of the Portfolio consist of demand deposit (checking) accounts at banks which are qualified public depositaries, protected above FDIC-insured balances through the actions of the Washington State Public Deposit Protection Commission (PDPC). 3) The Yield portion of the Portfolio consists of a diversified portfolio of Agencies, Treasuries and/or other authorized investments with staggered maturities of up to five years. Based on analysis of historical cash reserves and budgetary planning, this segment will not be subject to seasonal spending and continues to be safely invested long-term. 2 18 FINANCE Current Rates. As of March 31, 2025, the fixed income market started to drop with the 1-year treasury earning 13 bases points less than last quarter yielding 4.03% and 4.16% respectively. The 30-day yield of the State Pool dropped from last quarter from 4.60% to 4.39% with the Weighted Average to maturity 25 days. Economic Outlook. The tariffs that the new administration is imposing has caused some uncertainty. We need to keep in mind the four primary goals of the tariffs are increased revenues, fair trade, leverage, and protection. According to economist Joe Brusuelas RSM US "The American economy is strong enough to absorb the volatility caused by the trade uncertainty. We expect GDP growth to decline to 1.5% in the current quarter, with a risk of a slower pace, below 1%." Strategy Notes. The City of Yakima's investments are not typically actively traded, meaning that no attempt to "buy low and sell high" or "time the market" is made. Investments purchased with the intent of providing investment income are intended to be held to maturity, relying on following a prudent course of action for income rather than predicting market direction. Actual % LGIP 48,249,639 39% Treasuries 36,000,000 29°i4 Agencies 39,000,000 ' 30% Corporates 2,000,000 2% 125,249,639 100% Debt Activity All debt payments were paid out as scheduled. A comprehensive city-wide debt report is attached with current balances. Interfund Borrowincis and Investments Borrowing between funds is temporary in nature, reviewed periodically by staff and Council, amended as circumstances change. Currently there are two Interfund Loans. The first loan is to help cash flow the Mill Site Project that is waiting for the receipt of grant reimbursements. It was determined that the Mill Site needed more than the original amount loaned so an increase was given with the payment schedule extended out to three years and aligned with the LIFT revenues that are received annually. The second loan is to help cash flow the Nelson Dam Project. This interfund loan is for three years with monthly payments that started January 2023 and is due to be paid in full September 2025. It was determined that the Nelson Project needed more than the original amount loaned so an increase was given with payment schedule extended out an additional two years. There was a third emergency cash loan dated December 31st and reversed on January 1st to the Streets Capital fund to alleviate a negative cash balance at year end due to grant revenues not coming in until the new year. 3 19 City of Yakima Cash and Investment Summary March 31, 2025 Current Prior Quarter Prior Year Description 3/31/2025 12/31/2024 3/31/2024 Cash Balances on Hand in Banks 22,727,612.51 $ 21,773,880 $ 20,579,918 Local Government Investment Pool (LGIP) 48,249,639 52,711,559 58,606,106 Investment Portfolio 77,000,000 77,010,000 66,000,000 Total Investments 125,249,639 129,721,559 124,606,106 Total Cash and Investments $ 147,977,252 $ 151,495,439 $ 145,186,024 Beg Balance Purchases Interest Maturities, Calls End Balance Summary of Investment Activity 12/31/2024 & Deposits Reinvested & Withdrawals 3/31/2025 Local Government Investment Pool (LGIP) $ 52,711,559 $ 5,000,000 $ 538,080 $ (10,000,000) $ 48,249,639 Investment Portfolio 77,010,000 6,000,000 - (6,010,000) 77,000,000 Total Investments $ 129,721,559 $ 11,000,000 $ 538,080 $ (16,010,000) $ 125,249,639 Page 1 of 8 2025 Q1 TSO spreadsheet 20 City of Yakima Distribution of Cash and Investments as of 3/31/2025 Depository Banks, $22,727,613 , 15% Investment Portfolio, 77,000,000 , 52% Local Government Investment Pool, $48,249,639 , 33% Page 2 of 8 21 City of Yakima Investment Portfolio-Inventory by Agency March 31, 2025 Expected Days to Call Most Agency Inv# CUSIP Face Value Price Coupon Yield Settle Maturity Maturity Market Type Moodys S&P Fitch Next Call Likely Call US T 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 30 996,836 NC Aaa NA AAAu NC 4/30/25 US T 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 30 996,836 NC Aaa NA AAAu NC 4/30/25 US T 1575 912828ZT0 2,000,000 1,925,992 0.250 1.420 3/2/22 5/31/25 61 1,986,380 NC Aaa NA AAAu NC 5/31/25 FAMCA 1605 31422X3X8 1,000,000 995,789 4.650 5.100 6/21/24 6/9/25 70 1,000,281 NC NA NA NA NC 6/9/25 US T 1571 912828ZW3 1,000,000 979,531 0.250 0.813 10/18/21 6/30/25 91 989,914 NC Aaa NA AAAu NC 6/30/25 US T 1576 91282CAB7 2,000,000 1,843,472 0.250 2.780 4/29/22 7/31/25 122 1,972,953 NC Aaa NA AAAu NC 7/31/25 FNMA 1578 3135G05X7 2,000,000 1,844,334 0.375 2.870 5/12/22 8/25/25 147 1,969,677 NC Aaa AA+ AAA NC 8/25/25 FHLB 1604 3130B0Z44 1,000,000 1,001,445 5.125 5.000 6/21/24 9/12/25 165 1,002,921 NC Aaa AA+ NA NC 9/12/25 US T 1569 91282CAM3 1,000,000 980,735 0.250 0.740 10/1/21 9/30/25 183 980,430 NC Aaa NA AAAu NC 9/30/25 US T 1580 91282CAT8 2,000,000 1,818,516 0.250 3.273 8/24/22 10/31/25 214 1,954,750 NC Aaa NA AAAu NC 10/31/25 FFCB 1579 3133ENXQ8 2,000,000 1,992,128 2.800 2.920 6/7/2022 11/25/25 239 1,981,742 NC Aaa AA+ AA+ NC 11/25/25 UST 1581 91282CBC4 2,000,000 1,807,440 0.375 3.490 9/12/22 12/31/25 275 1,944,875 NC Aaa NA AAAu NC 12/31/25 UST 1582 9128286A3 2,000,000 1,891,374 2.625 4.450 11/9/22 1/31/26 306 1,975,684 NC Aaa NA AAAu NC 1/31/26 UST 1584 912828P46 2,000,000 1,877,584 1.625 3.750 1/18/23 2/15/26 321 1,957,188 NC Aaa NA AAAu NC 2/15/26 FHLB 1587 3130AUU36 2,000,000 1,984,286 4.125 4.400 2/22/2023 3/13/26 347 2,000,422 NC Aaa AA+ NA NC 3/13/26 FNMA 1583 3135G0K36 2,000,000 1,880,612 2.125 4.040 12/13/22 4/24/26 389 1,959,060 NC Aaa AA+ AAA NC 4/24/26 UST 1588 91282CCF6 2,000,000 1,822,350 0.750 3.800 4/19/23 5/31/26 426 1,925,313 NC Aaa NA AAAu NC 5/31/26 FHLB 1589 3130AVWS7 2,000,000 2,014,500 3.750 3.500 5/5/23 6/12/26 438 1,992,272 NC Aaa AA+ NA NC 6/12/26 FFCB 1590 3133EPPE9 2,000,000 1,975,386 4.375 4.840 8/29/23 7/6/26 462 2,008,094 NC Aaa AA+ AA+ NC 7/6/26 US T 1592 91282CHU8 2,000,000 1,987,798 4.375 4.610 11/9/23 8/15/26 502 2,010,000 NC Aaa NA AAAu NC 8/15/26 FAMCA 1591 31422X6U1 2,000,000 1,987,142 4.625 4.860 9/22/23 9/8/26 526 2,015,760 NC NA NA NA NC 9/8/26 FFCB 1593 3133EJM97 2,000,000 1,917,609 3.350 4.860 11/14/23 10/30/26 578 1,979,629 NC Aaa AA+ AA+ NC 10/30/26 FHLB 1594 3130AXU63 1,000,000 1,008,210 4.625 4.322 12/14/23 11/17/26 596 1,009,557 NC Aaa AA+ NA NC 11/17/26 FAMCA 1595 31424WCQ3 2,000,000 2,024,358 4.500 4.060 12/15/23 12/4/26 613 2,015,377 NC NA NA NA NC 12/4/26 FFCB 1596 3133EPW76 2,000,000 1,995,234 3.875 3.960 1/19/24 1/19/27 659 1,995,567 NC Aaa AA+ AA+ NC 1/19/27 FFCB 1597 3133EP2T1 2,000,000 2,000,000 4.125 4.125 2/12/24 2/12/27 683 2,004,507 NC Aaa AA+ AA+ NC 2/12/27 FFCB 1598 3133EJGF0 2,000,000 1,928,336 3.125 4.420 3/21/24 3/15/27 714 1,968,510 NC Aaa AA+ AA+ NC 3/15/27 FAMCA 1599 31424WHG0 2,000,000 1,996,686 4.800 4.860 4/17/24 4/16/27 746 2,032,237 NC Aaa NA AAAu NC 4/16/27 UST 1600 91282CET4 2,000,000 1,878,000 2.625 4.751 4/17/24 5/31/27 791 1,946,250 NC Aaa NA AAAu NC 5/31/27 FHLB 1603 3130B1EF0 2,000,000 2,007,569 4.625 4.490 5/16/24 6/11/27 802 2,029,585 NC Aaa NA AAAu NC 6/11/27 UST 1606 91282CFB2 2,000,000 1,902,188 2.750 4.450 6/21/24 7/31/27 852 1,948,281 NC Aaa NA AAAu NC 7/31/27 US T 1607 9128282R0 2,000,000 1,885,781 2.250 4.260 7/24/24 8/15/27 867 1,925,156 NC Aaa NA AAAu NC 8/15/27 FHLB 1608 3130ATS40 2,000,000 2,031,865 4.375 3.820 8/13/24 9/10/27 893 2,021,111 NC Aaa AA+ AA+ NC 9/10/27 FNMA 1609 3135G05Y5 2,000,000 1,820,340 0.750 3.800 8/13/24 10/8/27 921 1,849,218 NC Aaa NA AAAu NC 10/8/27 FHLB 1610 3130AMHV7 2,000,000 1,885,600 1.500 3.433 9/25/24 11/18/27 962 1,878,104 NC Aaa NA AAAu NC 11/18/27 UST 1611 91282CBB6 2,000,000 1,829,908 0.625 3.400 9/25/25 12/31/27 1,005 1,829,922 NC Aaa NA AAAu NC 12/31/27 UST 1612 91282CBJ9 2,000,000 1,808,218 0.750 3.900 10/23/24 1/31/28 1,036 1,831,875 NC Aaa NA AAAu NC 1/31/28 UST 1613 91282CBP5 2,000,000 1,810,965 1.125 4.240 11/18/24 2/29/28 1,065 1,848,125 NC Aaa NA AAAu NC 2/29/28 UST 1614 91282CBS9 2,000,000 1,829,448 1.250 4.020 12/4/24 3/31/28 1,096 1,851,016 NC Aaa NA AAAu NC 3/31/28 FHLB 1615 3130ALYS7 1,000,000 919,138 1.750 4.420 1/13/25 4/26/28 1,122 937,154 NC Aaa AA+ NA NC 4/26/28 FHLB 1616 3130ALZZ0 1,000,000 926,589 2.000 4.420 1/13/25 4/28/28 1,124 944,160 NC Aaa AA+ NA NC 4/28/28 UST 1617 91282CHE4 2,000,000 1,951,875 3.625 4.416 2/13/25 5/31/28 1,157 1,982,500 NC Aaa NA AAAu NC 5/31/28 WMT 1618 931142EE9 2,000,000 1,980,560 3.700 4.020 3/25/25 6/26/28 1,183 1,978,271 MW Aa2 AA+ AA 3/26/28 6/26/28 Subtotal 43 77,000,000 73,939,825 Avg. 75,427,500 LGIP LGIP NA 48,249,639 48,249,639 4.600 4.60% NA NA 14 48,249,639 NC NA NA NA NA NA Grand Totals $125,249,639 $ 122,189,464 3.31% 374 $ 123,677,139 Page 3 of 8 2025 Q1 TSO spreadsheet 22 City of Yakima Investment Portfolio by Issuer at 03/31/2025 FAMCA, 7,000,000, 6% FHLB, 14,000,000, 11% FNMA, 6,000,000, 5% iiiplipF UST, 36,000,000, 29% WMT, 2,000,000, 2% ,........00••••••••••0111 LGIP, 48,249,639, 38% Diversifying by issuer reduces the credit risk the city is FFCB, 12,000,000, 9% subject to from any one issuer as well as diversifies market price fluctuations which can vary by issuer. Page 4 of 8 2025 Q1 TSO spreadsheet 23 Page 5 of 8 City of Yakima Investment Portfolio Maturity Distribution at 3/31/2025 $5,000,000 $4,500,000 Diversifying by maturity reduces the re-investment risk $4,000,000 the city is subject to in any given month when an $3,500,000 investment matures and the principal is reinvested at rates $3,000,000 available at that moment. $2,500,000 $2,000,000 - $1,500,000 - $1,000,000 $500,000 — $0 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N O f0?. = U > N fC0 O 0? U > N) f0T U > N fC0 0? a g a 0 z 0 u_ g a g aCl) o Z o u_ g a g < 0 Z 0 u_ g a g , Page 5 of 8 2025 Q1 TSO spreadsheet 24 City of Yakima Investment Portfolio-Detail of Activity March 31,2025 Beginning Additions and Calls and Ending Agency Inv# Face Value Purchases Maturities Face Value Farmer Mac FAMCA 1555 1,000,000 (1,000,000) - FAMCA 1591 2,000,000 2,000,000 FAMCA 1595 2,000,000 2,000,000 FAMCA 1599 2,000,000 2,000,000 FAMCA 1605 1,000,000 1,000,000 FAMCA Total 8,000,000 - (1,000,000) 7,000,000 Federal Farm Credit Bureau FFCB 1579 2,000,000 2,000,000 FFCB 1590 2,000,000 2,000,000 FFCB 1593 2,000,000 2,000,000 FFCB 1596 2,000,000 2,000,000 FFCB 1597 2,000,000 2,000,000 FFCB 1598 2,000,000 2,000,000 FFCB Total 12,000,000 - - 12,000,000 Federal Home Loan Bank FHLB 1587 2,000,000 2,000,000 FHLB 1589 2,000,000 2,000,000 FHLB 1594 1,000,000 1,000,000 FHLB 1603 2,000,000 2,000,000 FHLB 1604 1,000,000 1,000,000 FHLB 1608 2,000,000 2,000,000 FHLB 1610 2,000,000 2,000,000 FHLB 1615 1,000,000 1,000,000 FHLB 1616 1,000,000 1,000,000 FHLB Total 12,000,000 2,000,000 - 14,000,000 Federal National Management Association FNMA 1578 2,000,000 2,000,000 FNMA 1583 2,000,000 2,000,000 FNMA 1602 1,010,000 (1,010,000) - FNMA 1609 2,000,000 2,000,000 FNMA Total 7,010,000 - (1,010,000) 6,000,000 US Treasury US Treasury 1568 2,000,000 2,000,000 US Treasury 1569 1,000,000 1,000,000 US Treasury 1571 1,000,000 1,000,000 US Treasury 1572 2,000,000 (2,000,000) - US Treasury 1574 2,000,000 (2,000,000) - US Treasury 1575 2,000,000 2,000,000 US Treasury 1576 2,000,000 2,000,000 US Treasury 1580 2,000,000 2,000,000 US Treasury 1581 2,000,000 2,000,000 US Treasury 1582 2,000,000 2,000,000 US Treasury 1584 2,000,000 2,000,000 US Treasury 1588 2,000,000 2,000,000 US Treasury 1592 2,000,000 2,000,000 US Treasury 1600 2,000,000 2,000,000 US Treasury 1606 2,000,000 2,000,000 US Treasury 1607 2,000,000 2,000,000 US Treasury 1611 2,000,000 2,000,000 US Treasury 1612 2,000,000 2,000,000 US Treasury 1613 2,000,000 2,000,000 US Treasury 1614 2,000,000 2,000,000 US Treasury 1617 2,000,000 2,000,000 US Treasury 38,000,000 2,000,000 (4,000,000) 36,000,000 Corporate Notes Walmart 1618 2,000,000 2,000,000 Corporate Total - 2,000,000 - 2,000,000 Subtotal 77,010,000 6,000,000 (6,010,000) 77,000,000 Other Investments - - - - LGIP(State Pool) LGIP 52,711,559 5,538,080 (10,000,000) 48,249,639 Other Investment Totals 52,711,559 5,538,080 (10,000,000) 48,249,639 'Grand Totals $ 129,721,559 $ 11,538,080 $(16,010,000) $ 125,249,639 Page 6 of 8 2025 Q1 TSO spreadsheet 25 City of Yakima Long Term Debt Schedule-by Project Group March 31,2025 Date Issued Maturity Description Note Amount of Issue Current Balance General Obligation Bonds 6/20/2013 12/1/2028 Street Project Demonstration(Refunded) Various City street improvements 3,500,000 1,468,607.59 9/24/2018 6/1/2035 Soccer Complex(Refunded) City portion of SOZO Sports Complex 4,440,127 3,235,601.47 9/24/2018 12/1/1942 2018 Aquatic Center YMCA City portion of Aquatic Center 8,009,873 7,706,689.66 4/21/2020 12/1/2032 2020B Capital Theatre 09 Refunded 2020B Capital Theatre 09 Refunded 4,910,000 3,210,000.00 4/21/2020 12/1/2044 2020B Convention Center Addition 2020B Convention Center Addition 12,620,000 10,925,000.00 4/21/2020 12/1/2044 2020B Convention Center Addition III Refu 2020B Convention Center Addition III Refunded 2,495,000 2,160,000.00 Subtotal General Obligation Bonds 35,975,000 28,705,898.72 Certificate of Participation-State of Washington 9/28/2017 6/1/2027 Energy Project 2017 Energy Project(lighting) 921,683 326,304.42 7/21/2020 6/1/2035 Energy Project 2020 Energy Efficiency Project(lighting) 1,415,000 1,135,000.00 9/28/2017 6/1/2027 Fire Aerial&Pump App Fire Aerial 1,268,053 448,929.89 Subtotal Certificates of Participation 3,604,736 1,910,234.31 Revenue Bonds 4/21/2020 12/1/2034 2020 Ref 04 Irrigation 2020 Ref 04 Irrigation 3,260,000 2,330,000.00 4/21/2020 12/1/2027 2020 Ref 08 WS Rev 2020 Ref 08 WS Rev 2,590,000 1,085,000.00 Subtotal Revenue Bonds 5,850,000 3,415,000.00 Intergovernmental Loans 8/14/2009 7/1/2028 PC-08-951-052 2009 Railroad Grade Separation 3,000,000 660,401.00 5/6/2010 6/1/2034 L1000030-0 2010 Railroad Grade Separation 1,229,295 696,275.09 6/17/2014 5/1/2034 Comm Center Move City portion of County GO Bonds 1,716,500 1,005,000.00 6/1/2016 6/1/2027 '16 Yak Co SIED-SOZO 2016 Yakima Co SIED Loan-SOZO 900,000 302,569.09 7/17/2018 6/1/2029 '18 Yak Co SIED-River Rd. 2018 Yakima Co SIED-River Rd Improvements/Aquatics Center 500,000 281,548.93 3/2/2021 6/1/2032 21 Yak Co Seid-SOZO 2021 Yakima Co SEID Loan SOZO 1,000,000 843,131.06 3/14/2023 6/1/2035 22 Yak Co Seid-Russell Lane 2023 Yak Co Seid-Russell Lane 416,000 416,000.00 12/15/2023 6/1/2036 23 Yak Co Seid-Chief Hops 2023 Yak Co Seid-Chief Hops 312,500 312,500.00 6/27/2005 10/1/2025 SRF-04-65104-037 2005 Naches River WTP Filter Rehab 894,380 47,072.65 12/30/2005 6/1/2025 PW-05-691-064 2005 River Road Sewer 2,307,000 124,245.78 4/30/2007 6/1/2027 PW-07-962-019 2007 Ultra Violet Disinfection 2,300,000 364,166.66 4/15/2009 6/1/2028 PC-08-951-051 2009 New Water Well 2,257,200 484,595.30 10/10/2011 3/31/2033 L1100008 2011 Energy Efficiency 516,192 247,897.05 8/1/2011 7/1/2034 L1200019 2012 Industrial Waste Anaerobic 587,173 329,622.48 6/1/2012 6/1/2031 PC-12-951-065 2012 Wastewater Treatment Plan 5,000,000 1,883,553.99 10/11/2012 6/1/2037 PC-13-961-059 2012 Industrial Sewer Extensions 2,000,000 1,057,416.30 8/5/2013 6/1/2032 PC-13-961-074 2013 Automated Reading System 5,000,000 2,105,263.16 12/31/2021 6/1/2039 PC20-96103-044 2020 Waterline Improvements 1,737,906 1,448,255.29 12/12/2013 10/1/2034 DM-11-952-038 2013 Design WTP Lagoons 3,514,800 1,757,400.02 Subtotal Intergovernmental Loans 35,188,947 14,366,913.85 Grand Total 80,618,683 48,398,046.88 Page 7 of 8 2025 Q1 TSO spreadsheet 26 City of Yakima Interfund Borrowing March 31,2025 Original Beginning Ending Description Balance Balance Issued Retired Balance Millsite 1,800,000.00 172,177.74 172,177.74 Nelson Dam 6,299,691.00 3,566,582.31 549,971.91 3,016,610.40 Streets Capital 1,070,000.00 1,070,000.00 - Total across all funds 8,099,691.00 3,738,760.05 1,070,000.00 1,619,971.91 3,188,788.14 Per Ordinance#2013-011 Tempory Interfund Loans to help with cash flow. Page 8 of 8 2025 Q1 TSO spreadsheet 27 . l':' - kH FINANCE Committee Review of Investment Rationale Date: January 14, 2025 Investment# 2024-1615 is a 7-year Federal Home Loan Bank, face value $1,000,000, maturing April 26, 2028, 1.75% coupon, purchased at a deep discount of 91.91380 to yield 4.42. This trade settles January 13, 2025, with Time Value Investments, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2024. Liquidity: At December 31st, month-end, Key Bank checking account balance was $9.7 million, US Bank checking balance was $10.0 million, and the investment portfolio was $77.0 million (Treasuries, Corporates and Agencies). Current LGIP balance was $52.7 million. Safety: This purchase is a debt issue of a government-sponsored enterprise (GSE), that carries an explicit federal guarantee, equivalent to Aaa/AA+ rating by Moody's and S&P. Yield. Yield is 4.42. This investment is 7 basis points under LGIP and 19 bases point under the 5-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-day yield 1 4.4963% www.secureaccess.wa.gov 5-year Treasury 14.6100% Treasury.gov 3-year Treasury 4.4900% _ Treasury.gov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 10.8% of total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio. Outlook. Despite three consecutive meetings with cuts to the Federal Funds Rate, FOMC officials emphasized recently there is no guarantee they will cut the Federal Funds Rate consistently going forward. In fact, at the meeting in December, Fed Chair Powell emphasized that they will likely proceed with caution going forward given that inflation remains stubbornly above levels that the Federal Reserve is comfortable with. Investment Committee review: Finance Director: q Date 11` [ LA ` "7 2 f City Manage . • Date k \l eo 1WD-5 28 y � FINANCE Committee Review of Investment Rationale Date: January 14, 2025 Investment# 2024-1616 is a 7-year Federal Home Loan Bank, face value $1,000,000, maturing April 28, 2028, 2.00% coupon, purchased at a discount of 92.65890 to yield 4.42. This trade settles January 13, 2025, with Time Value Investments, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2024. Liquidity: At December 31st, month-end, Key Bank checking account balance was $9.7 million, US Bank checking balance was $10.0 million, and the investment portfolio was $77.0 million (Treasuries, Corporates and Agencies). Current LGIP balance was $52.7 million. Safety: This purchase is a debt issue of a government-sponsored enterprise (GSE), that carries an explicit federal guarantee, equivalent to Aaa/AA+ rating by Moody's and S&P. Yield. Yield is 4.42. This investment is 7 basis points under LGIP and 19 bases point under the 5-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-day yield 4.4963% www.secureaccess.wa.gov 5-year Treasury 4.6100% Treasury.gov 3-year Treasury 4.4900% Treasur qov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 10.8% of total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio. Outlook. Despite three consecutive meetings with cuts to the Federal Funds Rate, FOMC officials emphasized recently there is no guarantee they will cut the Federal Funds Rate consistently going forward. In fact, at the meeting in December, Fed Chair Powell emphasized that they will likely proceed with caution going forward given that inflation remains stubbornly above levels that the Federal Reserve is comfortable with. Investment Committee review: Finance Director: Date City Manage — Date [1.IS-1-a0-6 - d 29 FINANCE Committee Review of Investment Rationale Date: February 12, 2025 Investment#2025-1617 is a 5-year US Treasury, face value$2,000,000, maturing May 31, 2028, 3.62% coupon, purchased at a discount of 97.59375 to yield 4.42. This trade settles February 13, 2025, with Hilltop Securities, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2024-2025. Liquidity: At January 31st, month-end, Key Bank checking account balance was $8.4 million, US Bank checking balance was$9.3 million, and the investment portfolio was $77.0 million (Treasuries, Corporates and Agencies). Current LGIP balance was $49.9 million. Safety: This purchase is a debt issue of the Federal Government, equivalent to Aaa/AA+ rating by Moody's and S&P. Yield. Yield is 4.42. This investment is 1 basis points under LGIP and 5 bases point over the 5-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-day yield 1 4.4314% _ www.secureaccess.wa.gov 5-year Treasury 1 4.3700% Treasury.gov 3-year Treasury 1 4.2800% Treasury.gov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 31% of total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio. Outlook. According to Bloomberg: There is evidence that inflation progress is in danger of reversing — which combined with a solid labor market, will likely keep the Fed on hold for the foreseeable future. Investment Committee review: Finance Director: N Date "' I", • City Manager: Date l k1'�aS 30 y` �I FINANCE Committee Review of Investment Rationale Date: March 24, 2025 Investment # 2025-1618 is a 10-year Walmart Inc. Bond, face value $2,000,000, maturing June 26, 2028, 3.7% coupon, purchased at a discount of 99.028000 to yield 4.02. This trade settles on March 25, 2025, with Time Value Investments, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2025. Liquidity: On February 28th, month-end, Key Bank checking account balance was $11.1 million, US Bank checking balance was $11.2 million, and the investment portfolio was $77.0 million (Treasuries, Corporates and Agencies). Current LGIP balance was $45.1 million. Safety: This purchase is a debt issue of Walmart Inc. and is rated AA/Aa2/AA by S&P, Moody's and Fitch. Yield. Yield is 4.02. This investment is 38 basis points under LGIP and 2 bases point over the 5-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-day yield 4.4027% 1 www.secureaccess.wa.gov 5-year Treasury 4.0000% Treasury.gov 3-year Treasury 3.9200% Treasury.gov Callability. This investment has a make whole callability. Diversification. This purchase brings this issuer to 2% of the total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio and adds a corporate bond into the mix. Outlook. Despite the uncertain impact of President Donald Trump's tariffs as well as an ambitious fiscal policy of tax breaks and deregulation, officials said they still see another half percentage point of rate cuts through 2025. The Fed prefers to move in quarter percentage point increments, so that would mean two reductions this year. This is according to a market report on CNBC. Investment Committee review: Finance Director: 1' `css Date Li\! 12 City Manage Date LI 31