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Home My WebLink About04/18/2023 06.C. 2023 1st Quarter Treasury Report 1 s� Y�'1114'+ ,kL) BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. 6.C. For Meeting of:April 18, 2023 ITEM TITLE: 2023 1st Quarter Treasury Report SUBMITTED BY: Jennifer Ferrer-Santa Ines, Director of Finance and Budget* Kimberly Domine, Financial Services Manager SUMMARY EXPLANATION: The Treasury Report for the first quarter of 2023 is attached and consists of the following: • 1st Quarter Treasurer's Report • Cash and Investments • Long Term Debt • I me rf u nd Borrowings ITEM BUDGETED: NA STRATEGIC PRIORITY: Public Trust and Accountability APPROVED FOR SUBMITTAL BY THE CITY MANAGER RECOMMENDATION: Review only. Submitted for routine transparency and accountability purposes. ATTACHMENTS: Description Upload Date Type 0 Treasury Report 4/5/2023 Presentation 2 �,c YA"•••,, FINANCE Date: April 4, 2023 •.W PTA To: Mayor and City Council CERTIFICATEOF 1(CELLENCE • t Investment Polity Bob Harrison, City Manager CITY OF YAKIMA February NM From: Jennifer Ferrer-Santa Ines, Director of Finance and Budget Kimberly Domine, Financial Services Manager _ 4 -T.= Re: 2023 — 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. Total Cash and Investments at Quarter-end total $140.1 million: $19.4 million in depository banks, $57.7 million in the State Pool, and $63.0 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). The third quarter cash balances are lower due to payouts that are a result of settled union contracts. City of Yakima Liquid Cash and Investments History $180,000,000 $160,000,000 $140,000,000 -- $120,000,000 - I . $100,000,000 ---- I -- 11 $80,000,000 __ I i i i t $60,000,000 1 I $40,000,000 $20,000,000 1 111 $0 I N N n N N N iV SV r. Sy 3 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: • 1541 $1 ,000,000 FNMA matured 1/19/2023 • 1557 $1 ,000,000 FFCB matured 2/02/2023 • 1577 $1 ,000,000 US Treasury matured 3/31/2023 Purchases: During the last quarter, the following were purchased: • 1584 $2,000,000 US Treasury to mature 02/15/2026 • 1585 $1 ,000,000 FHLB to mature 01/30/2024 • 1586 $1 ,000,000 FFCB to mature 08/15/2024 • 1587 $2,000,000 FHLB to mature 03/13/2026 Portfolio and Benchmark Yield and Maturity: Avg. weighted yield of City investments, excluding LGIP: 3.14% LGIP State Pool 30-day yield: 4.74% Weighted average maturity of City investments, excluding LGIP: 315 days Weighted average maturity of LGIP State Pool 30-day yield: 20 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 4 F/N4 NCE Current Rates.As of March 31, 2023,the fixed income market does not showfuture confidence with thel-year Treasury currently at 104 basis points higher than the 5-year Treasury, yielding 4.64%and 3.60% respectively. The 30-day yield of the State Pool Jumped from4.10%to 4.74%, with a 20-day avg. maturity over last quarter. Economic Outlook. Ultimately,the days of rampant inflation are behind us, shifting to moderate disinflation currently and which we fully expect to continue as the economic fundamentals deteriorate—putting deflation as a risk to look out for. 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 57.714.422 48% Treasuries 35.000.000 29% Agencies 26,000,000 22% Corporates 2,000,000 2% 120,714,422 100% Debt Activity All debt paymentswere paid out as scheduled. A comprehensive city-wide debt report is attached with current balances. Interfund Borrowinas 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 isto help cash flowthe Nelson Dam Project.This interfund loan is forthree years with monthly payments starting January 2023. 3 City of Yakima Cash and Investment Summary March 31 , 2023 Current Prior Quarter Prior Year Description 3/31/2023 12/31/2022 3/31/2022 Cash Balances on Hand in Banks 19,401 ,453.09 $ 16,733,699 $ 18,804,602 Local Government Investment Pool (LGIP) 57,714,422 74,964,080 63,652,095 Investment Portfolio 63,000,000 60,000,000 52,000,000 Total Investments 120,714,422 134,964,080 115,652,095 Total Cash and Investments $ 140,115,875 $ 151 ,697,779 $ 134,456,697 Beg Balance Purchases Interest Maturities, Calls End Balance Summary of Investment Activity 12/31/2022 & Deposits Reinvested & Withdrawals 3/31/2023 Local Government Investment Pool (LGIP) $ 74,964,080 $ - $ 750,342 $ (18,000,000) $ 57,714,422 Investment Portfolio 60,000,000 6,000,000 - (3,000,000) 63,000,000 Total Investments $ 134,964,080 $ 6,000,000 $ 750,342 $ (21 ,000,000) $ 120,714,422 Page 1 of 8 2023 01 TSO spreadsheet City of Yakima Distribution of Cash and Investments as of 03/31/2023 Depository Banks, $19,401,453 , 14% Investment Portfolio, 63,000,000 , 45% Local Government Investment Pool, $57,714,422 , 41% Page 2 of 8 City of Yakima Investment Portfolio-Inventory by Agency March 31, 2023 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 FFCB 1570 3133EMVP4 1,000,000 997,850 0.125 0.270 10/18/21 4/13/23 13 998,256 NC Aaa AA+ AAA NC 4/13/23 AAPL 1516 037833AK6 1,000,000 991,000 2.400 2.634 4/8/19 5/3/23 33 998,324 NC AA1 AA+ - NC 5/3/23 WMT 1513 931142EK5 1,000,000 1,026,800 3.400 2.730 3/15/19 6/26/23 87 996,683 NC Aa2 AA AA NC 6/26/23 FFCB 1561 3133EMWL2 2,000,000 2,000,314 0.200 0.193 4/19/21 7/19/23 110 1,971,922 NC Aaa AA+ AAA NC 7/19/23 UST 1545 9128284X5 1,000,000 1,039,063 2.750 1.660 12/11/19 8/31/23 153 991,719 NC Aaa AA+ AAA NC 8/31/23 FAMCA 1508 3132X06C0 1,000,000 1,010,972 3.050 2.801 12/19/18 9/19/23 172 991,834 NC Aaa AA+ AAA NC 9/19/23 FHLB 1558 313375ZL4 2,000,000 2,143,690 2.795 0.200 1/7/21 10/17/23 200 1,977,776 NC Aaa AA+ AAA NC 10/17/23 FFCB 1537 3133EK4X1 1,000,000 997,924 1.600 1.654 11/6/19 11/1/23 215 981,547 NC Aaa AA+ AAA NC 11/1/23 FFCB 1560 3133EJ2B4 2,000,000 2,147,340 3.000 0.260 3/24/21 12/6/23 250 1,974,038 NC Aaa AA+ AAA NC 12/6/23 FAMCA 1552 31422BSD3 1,000,000 1,004,430 1.590 1.470 2/14/20 1/10/24 285 974,858 NC NA NA NA NC 1/10/24 FHLB 1585 3130AUQC1 1,000,000 1,000,904 4.875 4.780 2/3/23 1/30/24 305 1,000,593 NC NA NA NA NC 1/30/24 FNMA 1540 313590V34 1,000,000 1,032,055 2.500 1.710 11/14/19 2/5/24 311 982,728 NC Aaa AA+ AAA NC 2/5/24 FNMA 1573 313590V34 1,000,000 1,035,991 2.500 0.771 12/28/21 2/5/24 311 982,728 NC Aaa AA+ AAA NC 2/5/24 UST 1559 912828W71 2,000,000 2,112,188 2.125 0.290 3/4/21 3/31/24 366 1,951,016 NC Aaa AA+ AAA NC 3/31/24 US T 1565 91282CBV2 1,000,000 999,023 0.380 0.410 6/30/21 4/14/24 380 957,070 NC Aaa NA AAA NC 4/14/24 US T 1553 9128286R6 1,000,000 1,034,063 2.250 1.413 2/14/20 4/30/24 396 975,234 NC Aaa NA AAA NC 4/30/24 US T 1562 912828XT2 2,000,000 2,103,125 2.000 0.325 4/26/21 5/31/24 427 1,942,578 NC Aaa NA AAA NC 5/31/24 FAMCA 1533 31422BGA2 1,000,000 1,022,900 2.150 1.634 10/18/19 6/5/24 432 970,769 NC NA NA NA NC 6/5/24 FFCB 1585 3133ENG20 1,000,000 985,011 3.300 4.320 2/3/23 8/15/24 503 984,485 NC Aaa AA+ AAA NC 8/15/24 US T 1566 91282CCG4 1,000,000 994,102 0.250 0.451 6/30/21 6/15/24 442 950,000 NC Aaa NA AAA NC 6/15/24 UST 1563 9128282N9 2,000,000 2,112,813 2.125 0.352 5/16/21 7/31/24 488 1,939,610 NC Aaa NA AAA NC 7/31/24 UST 1546 9128282U3 1,000,000 1,008,789 1.875 1.660 12/11/19 8/31/24 519 965,039 NC Aaa NA AAA NC 8/31/24 US T 1564 912828YH7 2,000,000 2,074,922 1.500 0.361 6/8/21 9/30/24 549 1,916,954 NC Aaa NA AAA NC 9/30/24 US T 1567 912828YM6 2,000,000 2,074,531 1.500 0.343 8/3/21 10/31/24 580 1,913,438 NC Aaa NA AAA NC 10/31/24 FFCB 1538 3133EK6J0 1,000,000 994,700 1.625 1.736 11/8/19 11/8/24 588 954,341 NC Aaa AA+ AAA NC 11/8/24 FHLB 1554 3130A3GE8 1,000,000 1,058,979 2.750 1.480 2/14/20 12/13/24 623 971,084 NC Aaa AA+ NA NC 12/13/24 FAMCA 1555 31422BRT9 1,000,000 1,011,943 1.750 1.495 2/14/20 1/3/25 644 955,754 NC NA NA NA NC 1/3/25 US T 1572 912828ZC7 2,000,000 2,015,156 1.125 0.890 11/16/21 2/28/25 700 1,888,204 NC Aaa NA AAA NC 2/28/25 US T 1574 912828ZF0 2,000,000 1,946,797 0.500 1.365 2/3/22 3/31/25 731 1,862,578 NC Aaa NA AAA NC 3/31/25 US T 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 761 926,055 NC NA NA NA NC 4/30/25 US T 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 761 926,055 NC NA NA NA NC 4/30/25 US T 1575 912828ZT0 2,000,000 1,925,992 0.250 1.420 3/2/22 5/31/25 792 1,842,344 NC Aaa NA AAA NC 5/31/25 US T 1571 912828ZW3 1,000,000 979,531 0.250 0.813 10/18/21 6/30/25 822 920,000 NC Aaa AA+ AAA NC 6/30/25 US T 1576 91282CAB7 2,000,000 1,843,472 0.250 2.780 4/29/22 7/31/25 853 1,833,204 NC Aaa NA AAA NC 7/31/25 US T 1569 91282CAM3 1,000,000 980,735 0.250 0.740 10/1/21 9/30/25 914 913,164 NC NA NA NA NC 9/30/25 US T 1580 91282CAT8 2,000,000 1,818,516 0.250 3.273 8/24/22 10/31/25 945 1,819,140 NC Aaa NA AAA NC 10/31/25 US T 1581 91282CBC4 2,000,000 1,807,440 0.375 3.490 9/12/22 12/31/25 1,006 1,818,438 NC Aaa NA AAA NC 12/31/25 US T 1582 9128286A3 2,000,000 1,891,374 2.625 4.450 11/9/22 1/31/26 1,037 1,930,234 NC Aaa NA AAA NC 1/31/26 US T 1584 912828P46 2,000,000 1,877,584 1.625 3.750 1/18/23 2/15/26 1,052 1,876,406 NC Aaa NA AAA NC 2/15/26 FNMA 1578 3135G05X7 2,000,000 1,844,334 0.375 2.870 5/12/22 8/25/25 878 1,827,684 NC Aaa AA+ AAA NC 8/25/25 FFCB 1579 3133ENXQ8 2,000,000 1,992,128 2.800 2.920 6/7/2022 11/25/25 970 1,930,016 NC Aaa AA+ NA NC 11/25/25 FHLB 1587 3130AUU36 2,000,000 1,984,286 4.125 4.400 2/22/2023 3/13/26 1,078 2,000,788 NC Aaa AA+ NA NC 3/13/26 FNMA 1583 313590K36 2,000,000 1,880,612 2.125 4.040 12/13/22 4/24/26 1,120 1,893,434 NC Aaa AA+ AAA NC 4/24/26 Subtotal 43 63,000,000 62,794,312 Avg. 60,378,122 LGIP LGIP NA 57,714,422 57,714,422 4.740 4.740 NA NA 1 57,714,422 NC NA NA Grand Totals $120,714,422 $ 120,508,733 3.14% 315 $ 118,092,544 Page 3 of 8 2023 Q1 TSO spreadsheet City of Yakima Investment Portfolio by Issuer at 03/31/2023 FAM CA, 4,000,000, 3% US T, 35,000,000, 29% FHLB, 6,000,000, 5% FNMA, 6,000,000, 5% alligli7r, rAAPL, 1,000,000, 1% 1,000,000, 1% FFCB, 10,000,000, 8%Diversifying by issuer reduces the credit risk the city is subject to from any one issuer as well as diversifies market price fluctuationsiiii...... 0.000.\_wm-r, , , , , 48% which can vary by issuer. Page 4 of 8 2023 Q1 TSO spreadsheet Page 5 of 8 City of Yakima Investment Portfolio Maturity Distribution at 03/31/2023 $5,000,000 $4,500,000 Diversifying by maturity reduces the re-investment risk $4,000,00o 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 II m m m m m m m m m a a Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr ui ui ui n n n n n ui ui ui ui LD LD N N N N N N N N N N N N N N N N N N N N N N r4.4 N N N N N N N N N N N N a c rin o_ t u c _6 — c_ rin o_ t > u c _a — c rin Q t > u c Q cG . 2 Q al 0 z 8 5 LL Q 5 — Q v7 0 z 8 5 LL Q 5 — 0 z `a LL Q Page 5 of 8 2023 Q1 ISO spreadsheet City of Yakima 10 Investment Portfolio-Detail of Activity March 31,2023 Beginning Additions and Calls and Ending Agency Inv# Face Value Purchases Maturities Face Value Farmer Mac FAMCA 1508 1,000,000 1,000,000 FAMCA 1533 1,000,000 - - 1,000,000 FAMCA 1552 1,000,000 - 1,000,000 FAMCA 1555 1,000,000 - - 1,000,000 FAMCA Total 4,000,000 - - 4,000,000 Federal Farm Credit Bureau FFCB 1537 1,000,000 - - 1,000,000 FFCB 1538 1,000,000 - - 1,000,000 FFCB 1557 1,000,000 - (1,000,000) - FFCB 1560 2,000,000 - 2,000,000 FFCB 1561 2,000,000 - 2,000,000 FFCB 1570 1,000,000 1,000,000 FFCB 1579 2,000,000 2,000,000 FFCB 1586 1,000,000 1,000,000 FFCB Total 10,000,000 1,000,000 (1,000,000) 10,000,000 Federal Home Loan Bank FHLB 1554 1,000,000 - - 1,000,000 FHLB 1558 2,000,000 - 2,000,000 FHLB 1585 1,000,000 1,000,000 FHLB 1587 2,000,000 2,000,000 FHLB Total 3,000,000 3,000,000 - 6,000,000 Federal National Management Association FNMA 1540 1,000,000 - 1,000,000 FNMA 1541 1,000,000 - (1,000,000) - FNMA 1573 1,000,000 1,000,000 FNMA 1578 2,000,000 2,000,000 FNMA 1583 2,000,000 2,000,000 FNMA Total 7,000,000 - (1,000,000) 6,000,000 US Treasury 1545 1,000,000 - - 1,000,000 US Treasury 1546 1,000,000 - - 1,000,000 US Treasury 1553 1,000,000 - - 1,000,000 US Treasury 1559 2,000,000 - 2,000,000 US Treasury 1562 2,000,000 - 2,000,000 US Treasury 1563 2,000,000 - 2,000,000 US Treasury 1564 2,000,000 2,000,000 US Treasury 1565 1,000,000 1,000,000 US Treasury 1566 1,000,000 1,000,000 US Treasury 1567 2,000,000 2,000,000 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 1577 1,000,000 (1,000,000) - 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 34,000,000 2,000,000 (1,000,000) 35,000,000 Corporate Notes AAPL 1516 1,000,000 - 1,000,000 WMT 1513 1,000,000 - 1,000,000 Corporate Total 2,000,000 - - 2,000,000 Subtotal 60,000,000 6,000,000 (3,000,000) 63,000,000 Other Investments - - - - LGIP(State Pool) LGIP 74,964,080 750,342 (18,000,000) 57,714,422 Other Investment Totals 74,964,080 750,342 (18,000,000) 57,714,422 (Grand Totals $ 134,964,080 $ 6,750,342 $ (21,000,000) $ 120,714,422 Page 6 of 2 2023 Q1 TS0 spreadsheet City of Yakima Long Term Debt Schedule-by Project Group March 31,2023 Date Issued Maturity Description Note Amount of Issue Current Balance General Obligation Bonds 6/17/2003 12/1/2023 Sundome Expansion Deferred Interest-Maturity$2.5M 1,430,528 57,762.00 6/20/2013 12/1/2028 Street Project Demonstration(Refunded) Various City street improvements 3,500,000 2,131,593.99 6/9/2014 6/1/2024 Street Resurfacing Project Streets improvements 13,140,000 3,140,000.00 9/24/2018 6/1/2035 Soccer Complex(Refunded) City portion of SOZO Sports Complex 4,440,127 3,687,225.51 9/24/2018 12/1/1942 2018 Aquatic Center YMCA City portion of Aquatic Center 8,009,873 7,858,022.06 4/21/2020 12/1/2032 2020B Capital Theatre 09 Refunded 2020B Capital Theatre 09 Refunded 4,910,000 3,890,000.00 4/21/2020 12/1/2844 2020B Convention Center Addition 2020B Convention Center Addition 12,620,000 11,685,000.00 4/21/2020 12/1/2844 2020B Convention Center Addition III Refit 2020B Convention Center Addition III Refunded 2,495,000 2,310,000.00 Subtotal General Obligation Bonds 50,545,528 34,759,603.56 Certificate of Partidpation-State of Washington 3/19/2013 6/1/2023 Fire Apparatus One truck 310,414 38,259.16 9/28/2017 6/1/2027 Energy Project 2017 Energy Project(lighting) 921,863 523,257.55 7/21/2020 6/1/2035 Energy Project 2020 Energy Effidency Project(Lighting) 1,415,000 1,285,000.00 9/28/2017 6/1/2027 Fire Aerial&Pump App Fire Aerial 1,268,053 719,898.18 Subtotal Certificates of Partidpation 3,915,330 2,566,414.89 Revenue Bonds 43942 12/1/2034 2020 Ref 04 Irrigation 2020 Ref 04 Irrigation 3,260,000 2,720,000.00 43942 12/1/2027 2020 Ref 08 WS Rev 2020 Ref 08 WS Rev 2,590,000 1,760,000.00 5/31/2012 11/1/2023 Wastewater Refunded 2003$10,155,000 issue 9,400,000 1,120,000.00 Subtotal Revenue Bonds 15,250,000 5,600,000.00 Intergovernmental Loans 8/14/2009 9p/2028 PC-08-951-052 2009 Railroad Grade Separation 3,000,000 990,601.50 5/6/2010 6/1/2034 L1000030-0 2010 Railroad Grade Separation 1,149,841 819,997.26 6/17/2014 5/1/2034 Comm Center Move City portion of County GO Bonds 1,716,500 1,170,000.00 9/30/2015 6/1/2023 '15 Yak Co SLED-21st Ave/Airport 2015 Yakima Co SLED Loan-21st Ave/Airport 307,000 56,706.49 6/1/2016 6/1/2027 '16 Yak Co SLED-SOZO 2016 Yakima Co SLED Loan-SOZO 900,000 491,602.88 11/21/2017 6/1/2024 '17 Yak Co SLED-YV Brewing Project 2017 Yakima Co SLED Loan-YV Brewing Project 61,580 27,016.40 7/17/2018 6/1/2029 '18 Yak Co SLED-River Rd. 2018 Yakima Co SLED-River Rd Improvements/Aquatics Center 500,000 380,436.20 3/2/2021 6/1/1932 21 Yak Co Seid-SOZO 2021 Yakima Co Seid Loan SOZO 1,000,000 1,000,000.00 9/1/2003 6/1/2023 PW-03-691-029 2003 Neches WTP Improvements 2,694,500 134,725.00 6/27/2005 10/1/2025 SRF-04-65104-037 2005 Neches River WTP Filter Rehab 966,772 141,217.94 12/30/2005 6/1/2025 PW-05-691-064 2005 River Road Sewer 2,307,000 372,737.33 4/30/2007 6/1/2027 PW-07-962-019 2007 Ultra Violet Disinfection 2,300,000 606,944.43 4/15/2009 6/1/2028 PC-08-951-051 2009 New Water Well 2,257,200 726,892.95 10/10/2011 3/31/2033 L1100008 2011 Energy Efficiency 503,558 301,678.47 8/1/2011 9p/2034 L1200019 2012 Industrial Waste Anaerobic 590,350 389,245.51 6/1/2012 6/1/2031 PC-12-951-065 2012 Wastewater Treatment Plan 5,000,000 2,421,712.26 10/11/2012 6/1/2037 PC-13-961-059 2012 Industrial Sewer Extensions 2,000,000 1,220,095.73 8/5/2013 6/1/2032 PC-13-961-074 2013 Automated Reading System 5,000,000 2,631,578.95 12/31/2021 6/1/2039 PC2096103-044 2020 Waterline Improvements 1,737,906 1,641,355.99 12/12/2013 10/1/2034 DM-11-952-038 2013 Design WTP Lagoons 3,514,800 2,108,880.02 Subtotal Intergovernmental Loans 37,507,007 17,633,425.31 'Grand Total 107,217,565 60,559,443.76I Page 7 of 8 2023 01 ISO spreadsheet City of Yakima Interfund Borrowing March 31,2023 Original Beginning Ending Description Balance Balance Issued Retired Balance Millsite 800,000 1,313,333.35 (4,462.81) 1,317,796.16 Nelson Dam 3,299,691.00 299,971.92 2,999,719.08 Total across all funds 800,000 4,613,024.35 - 295,509.11 4,317,515.24 Per Ordinance#2013-011 Tempory Interfund Loans to help with cash flow. Page 8 of 8 2023 Q1 TSO spreadsheet 13 1 /4�� IAA FINANCE Committee Review of Investment Rationale Date: January 17, 2023 Investment # 2023-1584 is a 10-year US Treasury (UST), face value $2,000,000, maturing February 15, 2026, 1.64% coupon at 93.8792 to yield 3.75%. This trade settles February 18, 2023 with Time Value Investments, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2022. Liquidity: At December 31st, month-end, Key Bank checking account balance was $6.3 million (target minimum is $3 Million), US Bank checking balance was $8.6 million and investment portfolio was $60.0 million (target is $64 million for Treasuries, Corporates and Agencies). Current LGIP balance was $74.9 million (target minimum is $5 million). Safety: This purchase is a debt issue of the Federal Government, equivalent to Aaa/AA+ rating by Moody's and Fitch. Yield. Yield is 3.75%. This investment is 56 basis points under LGIP, seeking to maximize yield in an increasingly volatile environment. LGIP's yield is expected to continue fluctuating over the next year. Comparable yields are: LGIP current 30-day yield 4.306% www.secureaccess.wa.gov 3-year Treasury 3.880% Daily Treasury Yield Curve Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 26.3% of total portfolio. This purchase added a maturity date previously not covered in the city's laddered portfolio. Outlook. The yield curve is lower than last month and appears to be fluctuating daily; the 1-year Treasury at 4.69%, the 2-year at 04.22% the 3-year at 3.88%, and the 5-year at 3.60%. The Federal Reserve Bank has started increasing the rates. By filling maturity gaps in a shortened 3-4-year ladder, we minimize reinvestment risk while maximizing our earnings. Investment Committee review: Finance Director: y Date //(1/13 LL1City Manager: Date 1-1 1'D/2a?� 14 ..� . FINANCE Committee Review of Investment Rationale Date: February 2, 2023 Investment # 2023-1585 is a 1-year Federal Home Loan Bank (FHLB), face value $1,000,000, maturing January 30 2024, 4.875% coupon purchased at 100.0904 to yield 4.78%. This trade settles February 3, 2023 with Wedbush Securities, US Bank Safekeeping. This investment adds to an existing investment on the investment ladder, taking advantage of the higher yields for shorter investments. Liquidity: At January 31st, month-end, Key Bank checking account balance was $8.3 million (target minimum is $3 Million), US Bank checking balance was $7.4 million and investment portfolio was $62.0 million (target is $64 million for Treasuries, Corporates and Agencies). Current LGIP balance was $72.2 million (target minimum is $5 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 4.780%. This investment is 40 basis points over LGIP, seeking to protect yield in an uncertain environment. LGIP's yield is expected to level off over the next two years. Comparable yields are: LGIP current 30-day yield 4.3763% www.secureaccess.wa.9ov 2-year Treasury 4.0900% Treasury.gov 3-year Treasury 3.7500% Treasury.gov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 3.0% of total portfolio. This investment adds to an existing investment on the investment ladder, taking advantage of the higher yields for shorter investments. Outlook. The yield curve is currently high; the 1-year Treasury at 4.66%, the 2-year at 4.09% the 3-year at 3.75%, and the 5-year at 3.48%. The Federal Reserve Bank slowed its drive to rein in inflation and said further interest-rate hikes are in store as officials debate when to end their most aggressive tightening of credit in four decades. Investment Committee review: Finance Director: Date a . at City Manager: Date a`'1. 2D-D-3 15 )"/ - ) ) .0 .r FINANCE Committee Review of Investment Rationale Date: February 2, 2023 Investment # 2023-1586 is a 2-year Federal Farm Credit Bank (FFCB), face value $1,000,000, maturing August 15, 2024, 3.30% coupon purchased at 98.5011 to yield 4.32%. This trade settles February 3, 2023 with Wedbush Securities, US Bank Safekeeping. This investment replaces a FFCB investment that matured on 02-02-2023. Liquidity: At January 31st, month-end, Key Bank checking account balance was $8.3 million (target minimum is $3 Million), US Bank checking balance was $7.4 million and an investment portfolio was $62.0 million (target is $64 million for Treasuries, Corporates and Agencies). Current LGIP balance was $72.2 million (target minimum is $5 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 4.3200%. This investment is 6 basis points under LGIP, seeking to protect yield in an uncertain environment. LGIP's yield is expected to level off over the next two years. Comparable yields are: LGIP current 30-day yield 4.3763% www.secureaccess.wa.gov 2-year Treasury 4.0900% Treasury.gov _3-year Treasury 3.7500% Treasury.gov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 7.4% of total portfolio. This investment adds to an existing investment on the investment ladder, taking advantage of the higher yields for shorter investments. Outlook. The yield curve is currently high; the 1-year Treasury at 4.66%, the 2-year at 4.09% the 3-year at 3.75%, and the 5-year at 3.48%. The Federal Reserve Bank slowed its drive to rein in inflation and said further interest-rate hikes are in store as officials debate when to end their most aggressive tightening of credit in four decades. Investment Committee review: Finance Director: Date as a bas City Manager: 144 Date al-,1?-, 16 FINANCE Committee Review of Investment Rationale Date: February 21, 2023 Investment # 2023-1587 is a 3-year Federal Home Loan Bank (FHLB), face value $2,000,000, maturing March 13, 2026, 4.12% coupon purchased at 99.2143 to yield 4.40%. This trade settles February 22, 2023 with Time Value Investments, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2023. Liquidity: At January 31st, month-end, Key Bank checking account balance was $8.3 million (target minimum is $3 Million), US Bank checking balance was $7.4 million and an investment portfolio was $62.0 million (target is $64 million for Treasuries, Corporates and Agencies). Current LGIP balance was $72.2 million (target minimum is $5 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 4.4000%. This investment is 13 basis points under LGIP and 7 basis points over a 3-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-day yield 4.5262% www.secureaccess.wa.gov 5year Treasury 4.0300% Treasury.gov 3-year Treasury 4.3300% Treasury.gov Caliability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 4.4% of total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio. Outlook. The yield curve is currently high; the 1-year Treasury at 5.00%, the 2-year at 4.60% the 3-year at 4.33%, and the 5-year at 4.03%. The Federal Reserve Bank slowed its drive to rein in inflation and said further interest-rate hikes are in store as officials debate when to end their most aggressive tightening of credit in four decades. Investment Committee review: Finance Director: Date 2/Z Z/2-3 City Manager: Date Q i� �c