HomeMy WebLinkAbout07/15/2025 07.B. 2025 2nd Quarter Treasury Report _: `y 3ljlt
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 7.B.
For Meeting of: July 15, 2025
ITEM TITLE: 2025 2nd Quarter Treasury Report
SUBMITTED BY: Craig Warner, Director of Finance and Budget*
Kimberly Domine, Financial Services Manager
SUMMARY EXPLANATION:
The Treasury Report for the second quarter of 2025 is attached and consists of the following:
• 2nd 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 Q2 Treasury Report.pdf
12
FINANCE
Date: July 2, 2025 r,
WPTA ?nl
To: Mayor and City Council CERTIFIC idea ccE► OCE
CITY OE YAKIMA
Thru: Victoria Baker, City Manager 1024
From: Craig Warner, Director of Finance and Budget
Kimberly Domine, Financial Services Manager `"'X-se4''
Re: 2025-2nd 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 $155.1 million: $28.3 million in depository
banks, $50.8 million in the State Pool, and $76.0 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
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$120,000,000 �G.� — ,- J� — - ---
$80,000,000 —
$60,000,000 ��._.w�f API
$40,000,000 _
$20,000,000
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13
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:
• 1568 $2,000,000 US Treasury matured 4/30/2025
• 1575 $2,000,000 US Treasury matured 5/31/2025
• 1605 $1,000,000 FAMCA matured 6/09/2025
• 1571 $1,000,000 US Treasury matured 6/30/2025
Purchases: During the last quarter, the following were purchased:
• 1619 $2,000,000 J Deere to mature 07/14/2028
• 1620 $2,000,000 US Treasury to mature 08/31/2028
• 1621 $1,000,000 Toyota to mature 09/11/2028
Portfolio and Benchmark Yield and Maturity:
Avg. weighted yield of City investments, excluding LGIP: 3.41%
LGIP State Pool 30-day yield: 4.37%
Weighted average maturity of City investments, excluding LGIP: 356 days
Weighted average maturity of LGIP State Pool 30-day yield: 27 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
14
FINANCE
Current Rates. As of June 30, 2025, the fixed income market continues to drop with the 1-year
treasury earning 7 bases points less than last quarter yielding 3.96% and 4.03% respectively.
The 30-day yield of the State Pool dropped from last quarter from 4.39% to 4.37% with the
Weighted Average to maturity 27 days.
Economic Outlook. S&P Global Ratings now expects U.S. real GDP growth of 1.7%for the year,
up 0.2 percentage points from their previous expectation in May, based on the assumption of
lower average effective tariffs and resilient economic data from the first five months of the year.
They forecast growth of 1.6% in 2026.
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 %
LGI P 50,801 ,568 40%
Treasuries 33,000,000 26%
Agencies 38,000,000 30%
Corporates 5,000,000 4%
126,801 ,568 100%
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 three 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 May 30th to the MLK Pool to help with cash flow
due to the timing of donation receipts.
3
15
City of Yakima
Cash and Investment Summary
June 30, 2025
Current Prior Quarter Prior Year
Description 6/30/2025 3/31/2024 6/30/2024
Cash Balances on Hand in Banks 28,276,476.65 $ 22,727,613 $ 21,192,826
Local Government Investment Pool (LGIP) 50,801,568 48,249,639 58,606,106
Investment Portfolio 76,000,000 77,000,000 66,000,000
Total Investments 126,801,568 125,249,639 124,606,106
Total Cash and Investments $ 155,078,045 $ 147,977,252 $ 145,798,932
Beg Balance Purchases Interest Maturities, Calls End Balance
Summary of Investment Activity 3/31/2024 & Deposits Reinvested & Withdrawals 6/30/2025
Local Government Investment Pool (LGIP) $ 48,249,639 $ 10,000,000 $ 551,929 $ (8,000,000) $ 50,801,568
Investment Portfolio 77,000,000 5,000,000 - (6,000,000) 76,000,000
Total Investments $ 125,249,639 $ 15,000,000 $ 551,929 $ (14,000,000) $ 126,801,568
Page 1 of 8 2025 Q2 TSO spreadsheet Revised
16
City of Yakima
Distribution of Cash and Investments as of 6/30/2025
Depository Banks,
$28,276,477 , 18%
Investment
Portfolio,
76,000,000 , 49%
Local Government
Investment Pool,
$50,801,568 , 33%
Page 2 of 8
17
City of Yakima
Investment Portfolio-Inventory by Agency
June 30, 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 1576 91282CAB7 2,000,000 1,843,472 0.250 2.780 4/29/22 7/31/25 31 1,993,122 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 56 1,987,536 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 74 1,001,216 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 92 989,945 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 10/31/25 123 1,973,594 NC Aaa NA AAAu NC 10/31/25
FFCB 1579 3133ENXQ8 2,000,000 1,992,128 2.800 2.920 6/7/2022 11/25/25 148 1,988,422 NC Aaa AA+ AA+ NC 11/25/25
UST 1581 91282CBC4 2,000,000 1,807,440 0.375 3.490 9/12/22 12/31/25 184 1,962,109 NC Aaa NA AAAu NC 12/31/25
UST 1582 9128286A3 2,000,000 1,891,374 2.625 4.450 11/9/22 1/31/26 215 1,981,734 NC Aaa NA AAAu NC 1/31/26
US T 1584 912828P46 2,000,000 1,877,584 1.625 3.750 1/18/23 2/15/26 230 1,968,469 NC Aaa NA AAAu NC 2/15/26
FHLB 1587 3130AUU36 2,000,000 1,984,286 4.125 4.400 2/22/2023 3/13/26 256 1,999,554 NC Aaa AA+ NA NC 3/13/26
FNMA 1583 3135G0K36 2,000,000 1,880,612 2.125 4.040 12/13/22 4/24/26 298 1,968,722 NC Aaa AA+ AAA NC 4/24/26
UST 1588 91282CCF6 2,000,000 1,822,350 0.750 3.800 4/19/23 5/31/26 335 1,940,891 NC Aaa NA AAAu NC 5/31/26
FHLB 1589 3130AVWS7 2,000,000 2,014,500 3.750 3.500 5/5/23 6/12/26 347 1,997,622 NC Aaa AA+ NA NC 6/12/26
FFCB 1590 3133EPPE9 2,000,000 1,975,386 4.375 4.840 8/29/23 7/6/26 371 2,010,660 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 8/15/26 411 2,008,516 NC Aaa NA AAAu NC 8/15/26
FAMCA 1591 31422X6U1 2,000,000 1,987,142 4.625 4.860 9/22/23 9/8/26 435 2,014,485 NC NA NA NA NC 9/8/26
FFCB 1593 3133EJM97 2,000,000 1,917,609 3.350 4.860 11/14/23 10/30/26 487 1,983,870 NC Aaa AA+ AA+ NC 10/30/26
FHLB 1594 3130AXU63 1,000,000 1,008,210 4.625 4.322 12/14/23 11/17/26 505 1,008,524 NC Aaa AA+ NA NC 11/17/26
FAMCA 1595 31424WCQ3 2,000,000 2,024,358 4.500 4.060 12/15/23 12/4/26 522 2,014,900 NC NA NA NA NC 12/4/26
FFCB 1596 3133EPW76 2,000,000 1,995,234 3.875 3.960 1/19/24 1/19/27 568 1,997,758 NC Aaa AA+ AA+ NC 1/19/27
FFCB 1597 3133EP2T1 2,000,000 2,000,000 4.125 4.125 2/12/24 2/12/27 592 2,006,122 NC Aaa AA+ AA+ NC 2/12/27
FFCB 1598 3133EJGF0 2,000,000 1,928,336 3.125 4.420 3/21/24 3/15/27 623 1,973,079 NC Aaa AA+ AA+ NC 3/15/27
FAMCA 1599 31424WHG0 2,000,000 1,996,686 4.800 4.860 4/17/24 4/16/27 655 2,030,626 NC Aaa NA AAAu NC 4/16/27
UST 1600 91282CET4 2,000,000 1,878,000 2.625 4.751 4/17/24 5/31/27 700 1,957,813 NC Aaa NA AAAu NC 5/31/27
FHLB 1603 3130B1EF0 2,000,000 2,007,569 4.625 4.490 5/16/24 6/11/27 711 2,029,741 NC Aaa NA AAAu NC 6/11/27
UST 1606 91282CFB2 2,000,000 1,902,188 2.750 4.450 6/21/24 7/31/27 761 1,960,000 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 8/15/27 776 1,938,906 NC Aaa NA AAAu NC 8/15/27
FHLB 1608 3130ATS40 2,000,000 2,031,865 4.375 3.820 8/13/24 9/10/27 802 2,022,438 NC Aaa AA+ AA+ NC 9/10/27
FNMA 1609 3135G05Y5 2,000,000 1,820,340 0.750 3.800 8/13/24 10/8/27 830 1,869,543 NC Aaa NA AAAu NC 10/8/27
FHLB 1610 3130AMHV7 2,000,000 1,885,600 1.500 3.433 9/25/24 11/18/27 871 1,893,640 NC Aaa NA AAAu NC 11/18/27
UST 1611 91282CBB6 2,000,000 1,829,908 0.625 3.400 9/25/25 12/31/27 914 1,852,734 NC Aaa NA AAAu NC 12/31/27
UST 1612 91282CBJ9 2,000,000 1,808,218 0.750 3.900 10/23/24 1/31/28 945 1,855,234 NC Aaa NA AAAu NC 1/31/28
UST 1613 91282CBP5 2,000,000 1,810,965 1.125 4.240 11/18/24 2/29/28 974 1,870,000 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 1,005 1,871,016 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 1,031 945,233 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 1,033 953,063 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 1,066 1,994,141 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 1,092 1,989,566 MW Aa2 AA+ AA 3/26/28 6/26/28
J Deere 1619 24422EXB0 2,000,000 2,058,940 4.950 3.960 4/30/25 7/14/28 1,110 2,046,574 NC Al A A+ NC 7/14/28
US T 1620 91282CHX2 2,000,000 2,025,489 4.375 3.955 5/20/25 8/31/28 1,158 2,037,813 NC Aaa NA AAAu NC 8/31/28
Toyota 1621 89236TLB9 1,000,000 1,036,580 5.250 4.020 6/27/25 9/11/28 1,169 1,030,914 NC Al A+ A+ NC 9/11/28
Subtotal 41 76,000,000 73,168,587 Avg. 74,919,845
LGIP LGIP NA 50,801,568 50,801,568 4.600 4.60% NA NA 14 50,801,568 NC NA NA NA NA NA
Grand Totals $126,801,568 $ 123,970,155 3.50% 361 $ 125,721,413
Page 3 of 8 2025 Q2 TSO spreadsheet Revised
18
City of Yakima
Investment Portfolio by Issuer at 06/30/2025
FAMCA, 6,000,000, 5% FHLB, 14,000,000, 11%
4
FNMA, 6,000,000, 5%
1
/, J Deere, 2,000,000, 1%
UST, 33,000,000, 26% ,111\
-,,. Toyota, 1,000,000, 1%
WMT, 2,000,000, 2%
LGIP, 50,801,568, 40%
Ay
lir
ersifying by issuer reduces
FFCB, 12,000,000, 9% credit risk the city is
ject to from any one
er as well as diversifies
market price fluctuations
which can vary by issuer.
Page 4 of 8 2025 Q2 TSO spreadsheet Revised
19
Page 5 of 8
City of Yakima
Investment Portfolio Maturity Distribution at 6/30/2025
$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 -111—[11111
$1,500,000 -
$1,000,000
$500,000 —
$0
CiD CD (0 (0 (0 (0 CD CD (0 (0 (0 (0 N N N N N N N N N N N N CO CO CO CO CO CO CO CO CO
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
GO Q a"' > () C ?• C - GO Q a"' > () C ? C - GO Q a"' > () C T C - GO
7 N U O N f0 N U O N f0 N O- f0 7 7 N U O N
a � o Z o � g
Page 5 of 8 2025 Q2 TSO spreadsheet Revised
20
City of Yakima
Investment Portfolio-Detail of Activity
June 30,2025
Beginning Additions and Calls and Ending
Agency Inv# Face Value Purchases Maturities Face Value
Farmer Mac
FAMCA -
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 7,000,000 - (1,000,000) 6,000,000
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 14,000,000 - - 14,000,000
Federal National Management Association
FNMA 1578 2,000,000 2,000,000
FNMA 1583 2,000,000 2,000,000
FNMA 1609 2,000,000 2,000,000
FNMA Total 6,000,000 - - 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 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 1620 2,000,000 2,000,000
US Treasury -
US Treasury 36,000,000 2,000,000 (5,000,000) 33,000,000
Corporate Notes
Walmart 1618 2,000,000 2,000,000
J Deere 1619 2,000,000 2,000,000
Toyota 1621 1,000,000 1,000,000
Corporate Total 2,000,000 3,000,000 - 5,000,000
Subtotal 77,000,000 5,000,000 (6,000,000) 76,000,000
Other Investments - - - -
LGIP(State Pool) LGIP 48,249,639 10,551,929 (8,000,000) 50,801,568
Other Investment Totals 48,249,639 10,551,929 (8,000,000) 50,801,568
(Grand Totals $ 125,249,639 $ 15,551,929 $ (14,000,000) $ 126,801,568
Page 6 of 8 2025 Q2 TSO spreadsheet Revised
21
City of Yakima
Long Term Debt Schedule-by Project Group
June 30,2025
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 1,297,046
9/24/2018 6/1/2035 Soccer Complex(Refunded) City portion of SOZO Sports Complex 4,440,127 3,106,795
9/24/2018 12/1/1942 2018 Aquatic Center YMCA City portion of Aquatic Center 8,009,873 7,656,667
4/21/2020 12/1/2032 2020B Capital Theatre 09 Refunded 2020B Capital Theatre 09 Refunded 4,910,000 3,210,000
4/21/2020 12/1/2044 2020B Convention Center Addition 2020B Convention Center Addition 12,620,000 10,925,000
4/21/2020 12/1/2044 2020B Convention Center Addition III Refu 2020B Convention Center Addition III Refunded 2,495,000 2,160,000
Subtotal General Obligation Bonds 35,975,000 28,355,509
Certificate of Participation-State of Washington
9/28/2017 6/1/2027 Energy Project 2017 Energy Project(lighting) 921,683 220,382
7/21/2020 6/1/2035 Energy Project 2020 Energy Efficiency Project(lighting) 1,415,000 1,055,000
9/28/2017 6/1/2027 Fire Aerial&Pump App Fire Aerial 1,268,053 303,202
Subtotal Certificates of Participation 3,604,736 1,578,584
Revenue Bonds
4/21/2020 12/1/2034 2020 Ref 04 Irrigation 2020 Ref 04 Irrigation 3,260,000 2,330,000
4/21/2020 12/1/2027 2020 Ref 08 WS Rev 2020 Ref 08 WS Rev 2,590,000 1,085,000
Subtotal Revenue Bonds 5,850,000 3,415,000
Intergovernmental Loans
8/14/2009 7/1/2028 PC-08-951-052 2009 Railroad Grade Separation 3,000,000 495,301
5/6/2010 6/1/2034 L1000030-0 2010 Railroad Grade Separation 1,229,295 664,208
6/17/2014 5/1/2034 Comm Center Move City portion of County GO Bonds 1,716,500 920,000
6/1/2016 6/1/2027 '16 Yak Co SIED-SOZO 2016 Yakima Co SIED Loan-SOZO 900,000 204,315
7/17/2018 6/1/2029 '18 Yak Co SIED-River Rd. 2018 Yakima Co SIED-River Rd Improvements/Aquatics Center 500,000 229,307
3/2/2021 6/1/2032 21 Yak Co Seid-SOZO 2021 Yakima Co SEID Loan SOZO 1,000,000 746,415
3/14/2023 6/1/2035 22 Yak Co Seid-Russell Lane 2023 Yak Co Seid-Russell Lane 416,000 416,000
12/15/2023 6/1/2036 23 Yak Co Seid-Chief Hops 2023 Yak Co Seid-Chief Hops 312,500 312,500
6/27/2005 10/1/2025 SRF-04-65104-037 2005 Naches River WTP Filter Rehab 894,380 47,073
12/30/2005 6/1/2025 PW-05-691-064 2005 River Road Sewer 2,307,000 -
4/30/2007 6/1/2027 PW-07-962-019 2007 Ultra Violet Disinfection 2,300,000 242,778
4/15/2009 6/1/2028 PC-08-951-051 2009 New Water Well 2,257,200 363,446
10/10/2011 3/31/2033 L1100008 2011 Energy Efficiency 516,192 247,897
8/1/2011 7/1/2034 L1200019 2012 Industrial Waste Anaerobic 587,173 329,622
6/1/2012 6/1/2031 PC-12-951-065 2012 Wastewater Treatment Plan 5,000,000 1,614,475
10/11/2012 6/1/2037 PC-13-961-059 2012 Industrial Sewer Extensions 2,000,000 976,077
8/5/2013 6/1/2032 PC-13-961-074 2013 Automated Reading System 5,000,000 1,842,105
12/31/2021 6/1/2039 PC20-96103-044 2020 Waterline Improvements 1,737,906 1,351,705
12/12/2013 10/1/2034 DM-11-952-038 2013 Design WTP Lagoons 3,514,800 1,757,400
Subtotal Intergovernmental Loans 35,188,947 12,760,624
Grand Total 80,618,683 46,109,717
Page 7 of 8 2025 Q2 TSO spreadsheet Revised
22
City of Yakima
Interfund Borrowing
June 30,2025
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 3,016,610.40 549,971.91 2,466,638.49
MLK Pool 250,000.00 250,000.00
Total across all funds 8,099,691.00 3,188,788.14 250,000.00 549,971.91 2,888,816.23
Per Ordinance#2013-011 Tempory Interfund Loans to help with cash flow.
Page 8 of 8 2025 Q2 TSO spreadsheet Revised
23
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-- FINANCE
Committee Review of Investment Rationale
Date: April 29, 2025
Investment # 2025-1619 is a 5-year John Deere CAP. Bond, face value $2,000,000,
maturing July 14, 2028, 4.95% coupon, purchased at 102.947 to yield 3.96. This trade
settles on April 30, 2025, with Time Value Investments, Inc., US Bank Safekeeping,
reducing our elevated LGIP position caused by maturities called during 2025.
Liquidity: On March 31st, month-end, Key Bank checking account balance was $8.7
million, US Bank checking balance was $12. million, and the investment portfolio was $77.0
million (Treasuries, Corporates and Agencies). Current LGIP balance was $48.2 million.
Safety: This purchase is a debt issue of John Deere Cap. and is rated A/A1/A+ by S&P,
Moody's and Fitch.
Yield. Yield is 3.96. This investment is 43 basis points under LGIP and 15 bases point
over the 5-year treasury, seeking to protect yield in an uncertain environment.
Comparable yields are:
LGIP current 30-day yield 4.3921% www.secureaccess.wa.gov
5-year Treasury 3.8100% Treasury.gov
3-year Treasury 3.6700% Treasury.gov
Callability. This investment is not callable.
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. Joe Brusuelas, Chief Economist, RSM US LLP, recently stated "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%."
Investment Committee review:
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Finance Director: eV "---_-_— Date /-11
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FINANCE
Committee Review of Investment Rationale
Date: May 19, 2025
Investment # 2025-1620 is a 5-year US Treasury, face value $2,000,000, maturing
August 31, 2028, 4.37% coupon, purchased at 101.274435 to yield 3.955137. This
trade settles May 20, 2025, with KeyBanc Capital Markets, Inc., US Bank Safekeeping,
reducing our elevated LGIP position caused by maturities called during 2025.
Liquidity: At April 30th, month-end, Key Bank checking account balance was $8.4 million,
US Bank checking balance was $9.7 million, and the investment portfolio was $77.0 million
(Treasuries, Corporates and Agencies). Current LGIP balance was $48.4 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 3.9551. This investment is 43 basis points under LGIP and 11 bases point
under the 5-year treasury, seeking to protect yield in an uncertain environment.
Comparable yields are:
LGIP current 30-day yield 4.3825% [ www.secureaccess.wa.gov
5-year Treasury 4.0600% Treasury.gov
3-year Treasury 3.9500% Treasury.gov
Callability. This investment is not callable (a bullet).
Diversification. This purchase brings this issuer to 28% of total portfolio.
This investment adds a maturity date not previously covered in the City's laddered portfolio.
Outlook. The Federal Open Market Committee (FOMC) voted at its May meeting to leave
the federal funds rate unchanged at 4.25%-4.50%. The Fed remains committed to its "wait-
and - see" approach and is in no hurry to make adjustments until the impact of tariffs
becomes clearer. The FOMC is scheduled to meet next on June 17, 2025.
Investment Committee review:
Finance Director: / Date d?--7-f
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FINANCE
Committee Review of Investment Rationale
Date: June 26, 2025
Investment # 2025-1621 is a 5-year Toyota Motor Credit Corp. Bond, face value
$1,000,000, maturing September 11, 2028, 5.25% coupon, purchased at 103.658 to
yield 4.02. This trade settles on June 27, 2025, with Time Value Investments, Inc., US
Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during
2025.
Liquidity: On May 31st, month-end, Key Bank checking account balance was$10.5 million,
US Bank checking balance was$9.9. million, and the investment portfolio was $77.0 million
(Treasuries, Corporates and Agencies). Current LGIP balance was $50.6 million.
Safety: This purchase is a debt issue of Toyota Motor Credit Corp. and is rated A+/A1/A+
by S&P, Moody's and Fitch.
Yield. Yield is 4.02. This investment is 35 basis points under LGIP and 19 bases point
over the 5-year treasury, seeking to protect yield in an uncertain environment.
Comparable yields are:
LGIP current 30-day yield 4.3741% 1 www.secureaccess.wa.gov
5-year Treasury � 3.8300% 1 Treasury.gov
3-year Treasury 3.7400% Treasuryyov
Callability. This investment has a make whole call until 9/11/28.
Diversification. This purchase brings this issuer to 1% 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. S&P Global Ratings now expects U.S. real GDP growth of 1.7% for the
year, up 0.2 percentage points from their previous expectation in May, based on the
assumption of lower average effective tariffs and resilient economic data from the
first five months of the year. They forecast growth of 1.6% in 2026.
Investment Committee review:
Finance Director: - /7r Date `--'
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