HomeMy WebLinkAbout10/21/2025 07.B. 2025 3rd Quarter Treasury Report `y3ljlt
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 7.B.
For Meeting of: October 21, 2025
ITEM TITLE: 2025 3rd Quarter Treasury Report
SUBMITTED BY: Craig Warner, Director of Finance and Budget
Kimberly Domine, Financial Services Manager
SUMMARY EXPLANATION:
The Treasury Report for the third quarter of 2025 is attached and consists of the following:
• 3rd 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_Q3_Treasu ry_Report.pdf
14
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FINANCE
Date: October 2, 2025
'.WPTA
CERTIFICATE Of cELLENCE
To: Mayor and City Council CITYQE YAKIMA
1024
Thru: Victoria Baker, City Manager "' "'_
From: Craig Warner, Director of Finance and Budget
Kimberly Domine, Financial Services Manager
Re: 2025— 3rd Quarter Treasury Report
This report is to transparently report on 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 $156 million: $22.4 million in depository banks,
$58.4 million in the State Pool, and $75.0 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 so
$140,000,000 .--i----1^ '— ___\ ` i'i,
lost
iii —
$100,OOO,0O0 '
$80,000,000
$60,000,000 g
$40,000,000 iI--dr
ir-
$20,000,000
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•Portfolio(par) ❑Primary Acct •Key Checking ❑USB Checking
15
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:
• 1576 $2,000,000 US Treasury matured 7/31/2025, yield 2.78%
• 1578 $2,000,000 FNMA matured 8/25/2025, yield 2.87%
• 1604 $1,000,000 FHLB matured 9/12/2025, yield 5%
• 1569 $1,000,000 US Treasury matured 9/30/2025, yield .74%
Purchases: During the last quarter, the following were purchased:
• 1624 $1,000,000 BNY Mellon to mature 10/30/2028, yield 3.9%
• 1626 $1,000,000 US Treasury to mature 10/31/2028, yield 3.45%
• 1622 $1,000,000 Wells Fargo to mature 12/01/2028, yield 4.57%
• 1623 $275,000 King County Municipal to mature 12/01/28, yield 4.05%
• 1625 $1,000,000 PACCAR to mature 1/31/29, yield 3.90%
• 1627 $1,000,000 US Treasury to mature 1/31/29, yield 3.46%
Portfolio and Benchmark Yield and Maturity:
Avg. weighted yield of City investments, excluding LGIP: 3.54%
LGIP State Pool 30-day yield: 4.29%
Weighted average maturity of City investments, excluding LGIP: 333 days
Weighted average maturity of LGIP State Pool 30-day yield: 39 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 on the
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 consists 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
2
16
FINANCE
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.
Current Rates. As of September 30, 2025, the fixed income market continues to drop with the 1-
year treasury earning 28 bases points less than last quarter yielding 3.68% and 3.96%
respectively. The 30-day yield of the State Pool dropped from last quarter from 4.37% to 4.29%
with the Weighted Average to maturity increases from 27 to 39 days.
Economic Outlook. The Fed's cut rates by a 1/4 percent in September and see more rate cuts in
the remainder of 2025 than they did previously—a shift that suggests they are growing
increasingly worried about the economic outlook and the weakening labor market. The Fed's will
most likely make those cuts in the last two meetings of the year, In October and December.
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 % Policy %
LGIP 58,397;658 44% 100%
Treasuries 32,000;000 24% 10090
Agencies 35,000,000 26% 100%
Municipals 275;000 0% 15%
Corporates 8;000;000 6% 15%
133.672.658 100%
Debt Activity
All debt payments were paid out as scheduled. A comprehensive city-wide debt report is attached
with current balances.
Interfund Borrowings 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 with the Mill Site Project. It was determined that the Mill Site needed more
than the original amount loaned so an increase was given with the payment schedule extended
to three years and aligned with the LIFT revenues that are received annually. This loan has been
retired and a new smaller loan has taken its place. It's essential to keep some debt on the books
to ensure LIFT Match eligibility.
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
17
City of Yakima
Cash and Investment Summary
September 30, 2025
Current Prior Quarter Prior Year
Description 9/30/2025 6/30/2024 9/30/2024
Cash Balances on Hand in Banks 22,377,912.24 $ 28,276,477 $ 23,481,984
Local Government Investment Pool (LGIP) 58,397,658 50,801,568 50,087,911
Investment Portfolio 75,275,000 76,000,000 76,010,000
Total Investments 133,672,658 126,801,568 126,097,911
Total Cash and Investments $ 156,050,570 $ 155,078,045 $ 149,579,895
Beg Balance Purchases Interest Maturities, Calls End Balance
Summary of Investment Activity 6/30/2024 & Deposits Reinvested & Withdrawals 9/30/2025
Local Government Investment Pool (LGIP) $ 50,801,568 $ 7,000,000 $ 596,090 $ - $ 58,397,658
Investment Portfolio 76,000,000 5,275,000 - (6,000,000) 75,275,000
Total Investments $ 126,801,568 $ 12,275,000 $ 596,090 $ (6,000,000) $ 133,672,658
Page 1 of 8 2025 Q3 TSO spreadsheet
18
City of Yakima
Distribution of Cash and Investments as of 9/30/2025
Depository Banks,
$22,377,912 , 14%
Investment
Portfolio,
75,275,000 , 48%
Local Government
Investment Pool,
$58,397,658 , 38%
Page 2 of 8
19
City of Yakima
Investment Portfolio-Inventory by Agency
September 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 1580 91282CAT8 2,000,000 1,818,516 0.250 3.273 8/24/22 10/31/25 31 1,993,435 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 56 1,995,900 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 92 1,981,875 NC Aaa NA AAAu NC 12/31/25
UST 1582 9128286A3 2,000,000 1,891,374 2.625 4.450 11/9/22 1/31/26 123 1,990,521 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 2/15/26 138 1,982,799 NC Aaa NA AAAu NC 2/15/26
FHLB 1587 3130AUU36 2,000,000 1,984,286 4.125 4.400 2/22/2023 3/13/26 164 2,002,378 NC Aaa AA+ NA NC 3/13/26
FNMA 1583 3135GOK36 2,000,000 1,880,612 2.125 4.040 12/13/22 4/24/26 206 1,981,407 NC Aaa AA+ AAA NC 4/24/26
UST 1588 91282CCF6 2,000,000 1,822,350 0.750 3.800 4/19/23 5/31/26 243 1,959,578 NC Aaa NA AAAu NC 5/31/26
FHLB 1589 3130AVWS7 2,000,000 2,014,500 3.750 3.500 5/5/23 6/12/26 255 2,000,785 NC Aaa AA+ NA NC 6/12/26
FFCB 1590 3133EPPE9 2,000,000 1,975,386 4.375 4.840 8/29/23 7/6/26 279 2,012,257 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 8/15/26 319 2,010,264 NC Aaa NA AAAu NC 8/15/26
FAMCA 1591 31422X6U1 2,000,000 1,987,142 4.625 4.860 9/22/23 9/8/26 343 2,016,290 NC NA NA NA NC 9/8/26
FFCB 1593 3133EJM97 2,000,000 1,917,609 3.350 4.860 11/14/23 10/30/26 395 1,991,429 NC Aaa AA+ AA+ NC 10/30/26
FHLB 1594 3130AXU63 1,000,000 1,008,210 4.625 4.322 12/14/23 11/17/26 413 1,010,806 NC Aaa AA+ NA NC 11/17/26
FAMCA 1595 31424WCQ3 2,000,000 2,024,358 4.500 4.060 12/15/23 12/4/26 430 2,016,884 NC NA NA NA NC 12/4/26
FFCB 1596 3133EPW76 2,000,000 1,995,234 3.875 3.960 1/19/24 1/19/27 476 2,003,010 NC Aaa AA+ AA+ NC 1/19/27
FFCB 1597 3133EP2T1 2,000,000 2,000,000 4.125 4.125 2/12/24 2/12/27 500 2,009,728 NC Aaa AA+ AA+ NC 2/12/27
FFCB 1598 3133EJGF0 2,000,000 1,928,336 3.125 4.420 3/21/24 3/15/27 531 1,983,712 NC Aaa AA+ AA+ NC 3/15/27
FAMCA 1599 31424WHG0 2,000,000 1,996,686 4.800 4.860 4/17/24 4/16/27 563 2,031,996 NC Aaa NA AAAu NC 4/16/27
UST 1600 91282CET4 2,000,000 1,878,000 2.625 4.751 4/17/24 5/31/27 608 1,966,172 NC Aaa NA AAAu NC 5/31/27
FHLB 1603 3130B1EF0 2,000,000 2,007,569 4.625 4.490 5/16/24 6/11/27 619 2,027,144 NC Aaa NA AAAu NC 6/11/27
UST 1606 91282CFB2 2,000,000 1,902,188 2.750 4.450 6/21/24 7/31/27 669 1,967,813 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 8/15/27 684 1,949,531 NC Aaa NA AAAu NC 8/15/27
FHLB 1608 3130ATS40 2,000,000 2,031,865 4.375 3.820 8/13/24 9/10/27 710 2,024,421 NC Aaa AA+ AA+ NC 9/10/27
FNMA 1609 3135G05Y5 2,000,000 1,820,340 0.750 3.800 8/13/24 10/8/27 738 1,886,897 NC Aaa NA AAAu NC 10/8/27
FHLB 1610 3130AMHV7 2,000,000 1,885,600 1.500 3.433 9/25/24 11/18/27 779 1,905,396 NC Aaa NA AAAu NC 11/18/27
UST 1611 91282CBB6 2,000,000 1,829,908 0.625 3.400 9/25/25 12/31/27 822 1,870,938 NC Aaa NA AAAu NC 12/31/27
UST 1612 91282CBJ9 2,000,000 1,808,218 0.750 3.900 10/23/24 1/31/28 853 1,873,047 NC Aaa NA AAAu NC 1/31/28
UST 1613 91282CBP5 2,000,000 1,810,965 1.125 4.240 11/18/24 2/29/28 882 1,886,172 NC Aaa NA AAAu NC 2/29/28
UST 1614 91282CBS9 2,000,000 1,829,448 1.250 4.020 12/4/24 3/31/28 913 1,886,719 NC Aaa NA AAAu NC 3/31/28
FHLB 1615 3130ALYS7 1,000,000 919,138 1.750 4.420 1/13/25 4/26/28 939 955,001 NC Aaa AA+ NA NC 4/26/28
FHLB 1616 3130ALZZ0 1,000,000 926,589 2.000 4.420 1/13/25 4/28/28 941 958,132 NC Aaa AA+ NA NC 4/28/28
UST 1617 91282CHE4 2,000,000 1,951,875 3.625 4.416 2/13/25 5/31/28 974 1,999,531 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 1,000 1,998,973 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 1,018 2,053,399 NC Al A A+ NC 7/14/28
UST 1620 91282CHX2 2,000,000 2,025,489 4.375 3.955 5/20/25 8/31/28 1,066 2,039,922 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 1,077 1,034,429 NC Al A+ A+ NC 9/11/28
BNWM 1624 06406GAA9 1,000,000 973,334 3.000 3.900 8/27/25 10/30/28 1,126 968,777 MW A2 A- A 7/30/28 10/30/28
US T 1626 91282CDF5 1,000,000 939,100 1.375 3.452 9/18/25 10/31/28 1,127 934,648 NC Aaa NA AAAu NC 10/31/28
WFC 1622 33738MAB7 1,000,000 1,059,640 6.500 4.570 7/14/25 12/1/28 1,158 1,057,877 NC Aa3 NA A NC 12/1/28
King GO 1623 49474FF96 275,000 254,708 1.690 4.047 7/14/25 12/1/28 1,158 258,148 MW Aaa AAA AAA NC 12/1/28
UST 1627 91228CDW8 1,000,000 946,000 1.750 3.463 9/18/25 1/31/29 1,219 940,313 NC Aaa NA AAAu NC 1/31/29
PACCAR 1625 69371RS80 1,000,000 1,022,210 4.600 3.900 8/27/25 1/31/29 1,219 1,019,067 NC Al A+ NA NC 1/31/29
Subtotal 43 75,275,000 72,693,593 Avg. 74,437,516
LGIP LGIP NA 58,397,658 58,397,658 4.600 4.60% NA NA 14 58,397,658 NC NA NA NA NA NA
Grand Totals $133,672,658 $ 131,091,250 3.66% 339 $ 132,835,174
Page 3 of 8 2025 Q3 TSO spreadsheet
20
City of Yakima
Investment Portfolio by Issuer at 09/30/2025
Agencies, 35,000,000,
26%
Municipals, 275,000, 0%
Corporates, 8,000,000,
6%
Treasuries, 32,000,000,
24%
LGIP, 58,397,658, 44%
Diversifying by issuer reduces
the credit risk the city is
subject to from any one
issuer as well as diversifies
market price fluctuations
which can vary by issuer.
Page 4 of 8 2025 Q3 TSO spreadsheet
21
Page 5 of 8
City of Yakima
Investment Portfolio Maturity Distribution at 9/30/2025
$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, ,000 0
$1,000500,000
$500,000 •- Id
$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 N
+' > cal C > C 80 Q a"' > C) C ? C 80 Q a"' > C) C ?• C - 80 Q +' > C)
U O N f0 N f0 O- f0 7 - 7 U) U O N f0 N f0 O- f0 7 - 7 N U O N f0 N f0 O- f0 7 - 7 U) U O , ('
o z o � g a g a � o z o � g a g a � 020 o � g a g a � o z o
Page 5 of 8 2025 Q3 TSO spreadsheet
22
City of Yakima
Investment Portfolio-Detail of Activity
September 30,2025
Beginning Additions and Calls and Ending
Agency Inv# Face Value Purchases Maturities Face Value
Farmer Mac
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 Total 6,000,000 - - 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 - (1,000,000) 13,000,000
Municiple Bonds
King County Muni 1623 275,000 275,000
Municiple Bonds - 275,000 - 275,000
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 - (2,000,000) 4,000,000
US Treasury
US Treasury - -
US Treasury 1569 1,000,000 (1,000,000) -
US Treasury - -
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 1626 1,000,000 1,000,000
US Treasury 1627 - 1,000,000 1,000,000
US Treasury 33,000,000 2,000,000 (3,000,000) 32,000,000
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
Bank NYM 1624 1,000,000 1,000,000
Wells Fargo 1622 1,000,000 1,000,000
PACCAR 1625 1,000,000 1,000,000
Corporate Total 5,000,000 3,000,000 - 8,000,000
Subtotal 76,000,000 5,275,000 (6,000,000) 75,275,000
Other Investments - - - -
LGIP(State Pool) LGIP 50,801,568 7,596,090 - 58,397,658
Other Investment Totals 50,801,568 7,596,090 - 58,397,658
(Grand Totals $ 126,801,568 $ 12,871,090 $ (6,000,000) $ 133,672,658
Page 6 of 8 2025 Q3 TSO spreadsheet
23
City of Yakima
Long Term Debt Schedule-by Project Group
September 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 516,192 233,975
8/1/2011 7/1/2034 L1200019 2012 Industrial Waste Anaerobic 587,173 314,226
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 12,731,306
Grand Total 80,618,683 46,080,399
Page 7 of 8 2025 Q3 TSO spreadsheet
24
City of Yakima
Interfund Borrowing
September 30,2025
Original Beginning Ending
Description Balance Balance Issued Retired Balance
Millsite 1,800,000.00 172,177.74 172,177.74 -
Millsite #3 176,000.00 176,000.00 176,000.00
Nelson Dam 6,299,691.00 2,466,638.49 549,971.91 1,916,666.58
MLK Pool 250,000.00 250,000.00 - 250,000.00
Total across all funds 8,525,691.00 2,888,816.23 176,000.00 722,149.65 2,342,666.58
Per Ordinance#2013-011 Tempory Interfund Loans to help with cash flow.
Page 8 of 8 2025 Q3 TSO spreadsheet
25
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FINANCE
Committee Review of Investment Rationale
Date: July 11, 2025
Investment # 2025-1622 is a 30-year Wells Fargo Bank Bond, face value $1,000,000,
maturing December 01, 2028, 6.50% coupon, purchased at 105.964 to yield 4.573685.
This trade settles on July 14, 2025, with Hilltop Securities, Inc., US Bank Safekeeping,
reducing our elevated LGIP position caused by maturities called during 2025.
Liquidity: On June 30th, month-end, Key Bank checking account balance was $15.1
million, US Bank checking balance was $11.7. million, and the investment portfolio was
$76.0 million (Treasuries, Corporates and Agencies). Current LGIP balance was $50.8
million.
Safety: This purchase is a debt issue of Wells Fargo Bank. and is rated Aa3/A by Moody's
and Fitch.
Yield. Yield is 4.57. This investment is 18 basis points over LGIP and 58 bases point over
the 5-year treasury, seeking to protect yield in an uncertain environment. Comparable
yields are:
LGIP current 30-day yield 4.3862% www.secureaccess.wa.gov
5-year Treasury 3.9900% Treasury.gov
3-year Treasury 3.8600% Treasury.gov
Callability. This investment is not callable.
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. While the Fed has been in a holding pattern, many analysts predict a rate cut in the
latter half of the year, with some expecting it to begin as early as September with a second cut
in December.
Investment Committee r view:
Finance Director: i Date 7!/S/1
City Manage . Date
26
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..„.„ ;.7
FINANCE
Committee Review of Investment Rationale
Date: July 11, 2025
Investment#2025-1623 is a 7-year King County Municipal Bond, face value$275,000,
maturing December 01, 2028, 1.69% coupon, purchased at a deep discount of 92.62
to yield 4.0470. This trade settles on July 14, 2025, with Hilltop Securities, Inc., US Bank
Safekeeping, reducing our elevated LGIP position caused by maturities called during 2025.
Liquidity: On June 30th, month-end, Key Bank checking account balance was $15.1
million, US Bank checking balance was $11.7. million, and the investment portfolio was
$76.0 million (Treasuries, Corporates and Agencies). Current LGIP balance was $50.8
million.
Safety: This purchase is a debt issue of King County, Washington and is rated
AAA/Aaa/AAA by S & P, Moody's and Fitch.
Yield. Yield is 4.0470. This investment is 34 basis points under LGIP and 6 bases point
over the 5-year treasury, seeking to protect yield in an uncertain environment.
Comparable yields are:
LGIP current 30-day yield 14.3862% www.secureaccess.wa. ov
5-year Treasury 13.9900% Treasury.gov
3-year Treasury 3.8600% Treasury.gov
Callability. This investment has a make whole call at par or treasury rate plus 10 bps.
Diversification. This purchase brings this issuer to <1% of the total portfolio.
This investment adds a Municipal General Obligation Bond into the mix. This particular
bond is a social bond which means it had to hit specific parameters to receive this
designation which looks good in a portfolio.
Outlook. While the Fed has been in a holding pattern, many analysts predict a rate cut in the
latter half of the year, with some expecting it to begin as early as September with a second cut
in December.
Investment Committee review:
Finance Director: L77i7j t,:! Date
City Manag r: _ - Date
27
C..,
CI
FINANCE
Committee Review of Investment Rationale
Date: August 26, 2025
Investment # 2025-1624 is a 12-year Bank of New York Mellon Bond, face value
$1,000,000, maturing October 30, 2028, 3.00% coupon, purchased at a discount of
97.33 to yield 3.9000. This trade settles on August 27, 2025, with KeyBanc Capital
Markets, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by called
maturities during 2025.
Liquidity: On July 31st, month-end, Key Bank checking account balance was$12.6 million,
US Bank checking balance was $11.8. million, and the investment portfolio was $75.3
million (Treasuries, Corporates and Agencies). Current LGIP balance was $54.0 million.
Safety: This purchase is a debt issue of Bank of New York Mellon and is rated A-/A2/A by
S & P, Moody's and Fitch.
Yield. Yield is 3.90. This investment is 48 basis points under LGIP and 10 bases point
over the 5-year treasury, and 22 bases points over the 3-year treasury, seeking to protect
yield in an uncertain environment. Comparable yields are:
LGIP current 30-day yield l..3812% www.secureaccess.wa.gov
5-year Treasury 3.8000% Treasury.gov
3-year Treasury 3.6800% _ Treasury.gov
Callability. This investment has a call date of July 30, 2028, at par plus 7.5 bps.
Diversification. This purchase brings Corporate Notes to 6% of the total portfolio.
Outlook. The US economic outlook for 2025 is generally optimistic, with forecasts anticipating
steady GDP growth, declining inflation, and a stable labor market. Key factors influencing this
outlook include the expected transition from restrictive to less restrictive monetary policy by the
Federal Reserve and the impact of potential tariffs on economic activity and inflation. Overall,
the economy is seen as rebalancing after pandemic-related imbalances, with a low risk of
recession.
Investment Committee review:
(<7
Finance Director: -- 727 1�- Date g/L7 fA
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LCity Manager: L6 �! '` 6 _ Date staresi.
28
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FINANCE
Committee Review of Investment Rationale
Date: August 26, 2025
Investment# 2025-1625 is a 5-year PACCAR Financial Corporation Bond, face value
$1,000,000, maturing January 31, 2029, 4.60% coupon, purchased at a premium of
102.221 to yield 3.9000. This trade settles on August 27, 2025, with Time Value
Investments, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by
called maturities during 2025.
Liquidity: On July 31st, month-end, Key Bank checking account balance was$12.6 million,
US Bank checking balance was $11.8. million, and the investment portfolio was $75.3
million (Treasuries, Corporates and Agencies). Current LGIP balance was $54.0 million.
Safety: This purchase is a debt issue of PACCAR Financial Corporation and is rated A+/A1
by S & P and Moody's.
Yield. Yield is 3.90. This investment is 48 basis points under LGIP and 10 bases point
over the 5-year treasury, and 22 bases points over the 3-year treasury, seeking to protect
yield in an uncertain environment. Comparable yields are:
LGIP current 30-day yield 4.3812% www.secureaccess.wa.gov
5-year Treasury 3.8000% Treasury.gov
3-year Treasury 3.6800% Treasury.gov
Callability. This investment not callable.
Diversification. This purchase brings Corporate Notes to 6% of the total portfolio.
Outlook. The US economic outlook for 2025 is generally optimistic, with forecasts anticipating
steady GDP growth, declining inflation, and a stable labor market. Key factors influencing this
outlook include the expected transition from restrictive to less restrictive monetary policy by the
Federal Reserve and the impact of potential tariffs on economic activity and inflation. Overall,
the economy is seen as rebalancing after pandemic-related imbalances, with a low risk of
recession.
Investment Committee review:
Finance Director: . i7 ice---- Date d/z745—
,Lef„,/,..1._____ n ��jJ(�
City Manager: / - L� Date i t .5,
29
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FINANCE
Committee Review of Investment Rationale
Date: September 18, 2025
Investment # 2025-1626 is a 7-year US Treasury, face value $1,000,000, maturing
October 30, 2028, 1.38% coupon, purchased at a deep discount of 93.91 to yield
3.452346. This trade settles on September 18, 2025, with KeyBanc Capital Markets, Inc.,
US Bank Safekeeping, reducing our elevated LGIP position caused by called maturities
during 2025.
Liquidity: On August 31st, month-end, Key Bank checking account balance was $15.0
million, US Bank checking balance was $7.5. million, and the investment portfolio was
$75.3 million (Treasuries, Corporates and Agencies). Current LGIP balance was $54.2
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 3.4523. This investment is 91 basis points under LGIP and 17 bases point
under the 5-year treasury, and 6 bases points under the 3-year treasury, seeking to protect
yield in an uncertain environment. Comparable yields are:
LGIP current 30-day yield 4.3668% www.secureaccess.wa.gov
5- ear Treasu 3.6200% Treasury.gov
3-year Treasury 3.5100% Treasury.gov
Callability. This investment is not callable (a bullet).
Diversification. This purchase brings this issuer to 25% of total portfolio.
Outlook. The Fed's cut rates by a '/4 percent this month and see more rate cuts in the
remainder of 2025 than they did previously—a shift that suggests they are growing increasingly
worried about the economic outlook and the weakening labor market. The Fed's will most likely
make those cuts in the last two meetings of the year, In October and December.
Investment Committee review:
Finance Director: (--2kJ Date 4074c-
City Manage : ., / i Date
30
FINANCE
Committee Review of Investment Rationale
Date: September 18, 2025
Investment # 2025-1627 is a 7-year US Treasury, face value $1,000,000, maturing
January 31, 2029, 1.75% coupon, purchased at a deep discount of 94.60 to yield
3.462542. This trade settles on September 18, 2025, with KeyBanc Capital Markets, Inc.,
US Bank Safekeeping, reducing our elevated LGIP position caused by called maturities
during 2025.
Liquidity: On August 31st, month-end, Key Bank checking account balance was $15.0
million, US Bank checking balance was $7.5. million, and the investment portfolio was
$75.3 million (Treasuries, Corporates and Agencies). Current LGIP balance was $54.2
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 3.4625. This investment is 90 basis points under LGIP and 16 bases point
under the 5-year treasury, and 5 bases points under the 3-year treasury, seeking to protect
yield in an uncertain environment. Comparable yields are:
LGIP current 30-day yield 4.3668% www.secureaccess.wa.gov
5-year Treasury 3.6200% Treasury.gov
3-year Treasury 3.5100% 1 Treasury.gov
Callability. This investment is not callable (a bullet).
Diversification. This purchase brings this issuer to 25% of total portfolio.
Outlook. The Fed's cut rates by a 1/4 percent this month and see more rate cuts in the
remainder of 2025 than they did previously—a shift that suggests they are growing increasingly
worried about the economic outlook and the weakening labor market. The Fed's will most likely
make those cuts in the last two meetings of the year, In October and December.
Investment Committee review:
Finance Director: Date .
City Manage . 7Date
31