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Home My WebLink About01/16/2024 07.B. 2023 4th Quarter Treasury Report 1 40) •, per BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. 7.B. For Meeting of: January 16, 2024 ITEM TITLE: 2023 4th Quarter Treasury Report SUBMITTED BY: *Mark Roberts, Director of Finance and Budget Kimberly Domine, Financial Services Manager SUMMARY EXPLANATION: The Treasury Report for the fourth quarter of 2022 is attached and consists of the following: 4th Quarter Treasurer's Report • Cash and Investments • Long term Debt • I nterfund 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. ATTACHMENTS: Description Upload Date Type ❑ Backup Material 2 FINANCE Date: January 2, 2024 WPTA To: Mayor and City Council CERTIf1CATEOFEXCELLENCE Bob Harrison, City Manager CITY OF YAKIMA FeMuxy 3019 e From: Kimberly Domino, Financial Services Manager a.Noeg.w.,;,;;m,- k 43.r Re: 2023 —4th 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 $152.4 million: $21.6 million in depository banks, $64.8 million in the State Pool, and $66.0 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 L— i $120,000,000 �I - $100,000,000 $80,000,000 1- $60,000,000 ' rr��r $40,000,002 $20,000,00(_! Sc ":" ;YC 19 'vO 1,9 ,,c'La `"' '6�' h`>eft' ;Lti 'LY 'L1" ;).1' ' 'L1' L.' a." 1." h;L� 2." '4 Ctec 4� PQa •�d P' 06' E� P� V1c P� 06' c Q� P�. l�o P c eft F P� lac P c �c 4$ PQi }�� P4� O6'', oyc •Portfolio(par) 0 Primary Acct •Key Checking ❑USB Checking 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: • 1558 $2,000,000 FHLB matured 10/17/2023 • 1537 $1,000,000 FFCB matured 11/01/2023 • 1560 $2,000,000 FFCB matured 12/06/2023 Purchases: During the last quarter, the following were purchased: • 1592 $2,000,000 US Treasury to mature 08/15/2026 • 1593 $2,000,000 FFCB to mature 10/30/2026 • 1594 $1,000,000 FHLB to mature 11/17/2026 • 1595 $2,000,000 FAMCA to mature 12/4/2026 Portfolio and Benchmark Yield and Maturity: Avg. weighted yield of City investments, excluding LGIP: 3.74% LGIP State Pool 30-day yield: 5.44% Weighted average maturity of City investments, excluding LGIP: 281 days Weighted average maturity of LGIP State Pool 30-day yield: 15 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 FINANCE Current Rates. As of December 31, 2023, the fixed income market still shows an inverted market with thel-year Treasury currently at 95 basis points higher than the 5-year Treasury, yielding 4.79% and 3.84% respectively. The 30-day yield of the State Pool Jumped from 5.39% to 5.44%, with a 15-day avg. maturity over last quarter. Economic Outlook. With inflation falling and the job market buoyant, Goldman Sachs Research forecasts that the Fed will keep rates steady until a rate cut in the last quarter of 2024. 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 64,779,877 50% Treasuries 38,000,000 29% Agencies 28,000,000 21% 130,779,877 100% 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 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. 3 City of Yakima Cash and Investment Summary December 31, 2023 Current Prior Quarter Prior Year Description 12/31/2023 9/30/2023 12/31/2022 Cash Balances on Hand in Banks 21,585,812.80 $ 21,250,973 $ 16,733,699 Local Government Investment Pool (LGIP) 64,779,877 62,890,167 74,964,080 Investment Portfolio 66,000,000 64,000,000 60,000,000 Total Investments 130,779,877 126,890,167 134,964,080 Total Cash and Investments $ 152,365,690 $ 148,141,140 $ 151,697,779 x x Beg Balance Purchases Interest Maturities, Calls End Balance Summary of Investment Activity 9/30/2023 & Deposits Reinvested & Withdrawals 12/31/2023 Local Government Investment Pool (LGIP) $ 62,890,167 $ 5,000,000 $ 889,710 $ (4,000,000) $ 64,779,877 Investment Portfolio 64,000,000 7,000,000 - (5,000,000) 66,000,000 Total Investments $ 126,890,167 $ 12,000,000 $ 889,710 $ (9,000,000) $ 130,779,877 Page 1 of 8 2023 Q4 TSO spreadsheet City of Yakima Distribution of Cash and Investments as of 12/31/23 Depository Banks, $21,585,813 , 14% Investment Portfolio, 66,000,000 , 43% Local Government Investment Pool, $64,779,877 , 43% Page 2 of 8 City of Yakima Investment Portfolio-Inventory by Agency December 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 FAMCA 1552 31422BSD3 1,000,000 1,004,430 1.590 1.470 2/14/20 1/10/24 10 998,695 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 30 999,374 NC NA NA NA NC 1/30/24 FNMA 1540 3135G0V34 1,000,000 1,032,055 2.500 1.710 11/14/19 2/5/24 36 996,943 NC Aaa AA+ AAA NC 2/5/24 FNMA 1573 3135G0V34 1,000,000 1,035,991 2.500 0.771 12/28/21 2/5/24 36 996,943 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 91 1,983,828 NC Aaa AA+ AAA NC 3/31/24 US T 1565 91282CBV2 1,000,000 999,023 0.380 0.410 6/30/21 4/14/24 105 985,586 NC Aaa NA AAA NC 4/14/24 UST 1553 9128286R6 1,000,000 1,034,063 2.250 1.413 2/14/20 4/30/24 121 989,688 NC Aaa NA AAA NC 4/30/24 UST 1562 912828XT2 2,000,000 2,103,125 2.000 0.325 4/26/21 5/31/24 152 1,972,266 NC Aaa NA AAA NC 5/31/24 FAMCA 1533 31422BGA2 1,000,000 1,022,900 2.150 1.634 10/18/19 6/5/24 157 985,611 NC NA NA NA NC 6/5/24 UST 1566 91282CCG4 1,000,000 994,102 0.250 0.451 6/30/21 6/15/24 167 977,500 NC Aaa NA AAA NC 6/15/24 UST 1563 9128282N9 2,000,000 2,112,813 2.125 0.352 5/16/21 7/31/24 213 1,965,000 NC Aaa NA AAA NC 7/31/24 FFCB 1585 3133ENG20 1,000,000 985,011 3.300 4.320 2/3/23 8/15/24 228 988,226 NC Aaa AA+ AAA NC 8/15/24 UST 1546 9128282U3 1,000,000 1,008,789 1.875 1.660 12/11/19 8/31/24 244 978,789 NC Aaa NA AAA NC 8/31/24 UST 1564 912828YH7 2,000,000 2,074,922 1.500 0.361 6/8/21 9/30/24 274 1,948,516 NC Aaa NA AAA NC 9/30/24 UST 1567 912828YM6 2,000,000 2,074,531 1.500 0.343 8/3/21 10/31/24 305 1,943,828 NC Aaa NA AAA NC 10/31/24 FFCB 1538 3133EK6J0 1,000,000 994,700 1.625 1.736 11/8/19 11/8/24 313 972,732 NC Aaa AA+ AAA NC 11/8/24 FHLB 1554 3130A3GE8 1,000,000 1,058,979 2.750 1.480 2/14/20 12/13/24 348 980,451 NC Aaa AA+ NA NC 12/13/24 FAMCA 1555 31422BRT9 1,000,000 1,011,943 1.750 1.495 2/14/20 1/3/25 369 971,567 NC NA NA NA NC 1/3/25 UST 1572 912828ZC7 2,000,000 2,015,156 1.125 0.890 11/16/21 2/28/25 425 1,920,078 NC Aaa NA AAA NC 2/28/25 UST 1574 912828ZF0 2,000,000 1,946,797 0.500 1.365 2/3/22 3/31/25 456 1,900,156 NC Aaa NA AAA NC 3/31/25 US T 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 486 945,625 NC NA NA NA NC 4/30/25 US T 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 486 945,625 NC NA NA NA NC 4/30/25 UST 1575 912828ZT0 2,000,000 1,925,992 0.250 1.420 3/2/22 5/31/25 517 1,881,953 NC Aaa NA AAA NC 5/31/25 US T 1571 912828ZW3 1,000,000 979,531 0.250 0.813 10/18/21 6/30/25 547 938,398 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 7/31/25 578 1,871,563 NC Aaa NA AAA NC 7/31/25 FNMA 1578 3135G05X7 2,000,000 1,844,334 0.375 2.870 5/12/22 8/25/25 603 1,870,415 NC Aaa AA+ AAA NC 8/25/25 US T 1569 91282CAM3 1,000,000 980,735 0.250 0.740 10/1/21 9/30/25 639 930,430 NC NA NA NA NC 9/30/25 UST 1580 91282CAT8 2,000,000 1,818,516 0.250 3.273 8/24/22 10/31/25 670 1,855,938 NC Aaa NA AAA NC 10/31/25 FFCB 1579 3133ENXQ8 2,000,000 1,992,128 2.800 2.920 6/7/2022 11/25/25 695 1,942,738 NC Aaa AA+ NA NC 11/25/25 UST 1581 91282CBC4 2,000,000 1,807,440 0.375 3.490 9/12/22 12/31/25 731 1,851,406 NC Aaa NA AAA NC 12/31/25 UST 1582 9128286A3 2,000,000 1,891,374 2.625 4.450 11/9/22 1/31/26 762 1,935,391 NC Aaa NA AAA NC 1/31/26 UST 1584 912828P46 2,000,000 1,877,584 1.625 3.750 1/18/23 2/15/26 777 1,893,750 NC Aaa NA AAA NC 2/15/26 FHLB 1587 3130AUU36 2,000,000 1,984,286 4.125 4.400 2/22/2023 3/13/26 803 1,992,636 NC Aaa AA+ NA NC 3/13/26 FNMA 1583 3135G0K36 2,000,000 1,880,612 2.125 4.040 12/13/22 4/24/26 845 1,906,647 NC Aaa AA+ AAA NC 4/24/26 UST 1588 91282CCF6 2,000,000 1,822,350 0.750 3.800 4/19/23 5/31/26 882 1,844,375 NC Aaa NA AAA NC 5/31/26 FHLB 1589 3130AVWS7 2,000,000 2,014,500 3.750 3.500 5/5/23 6/12/26 894 1,980,828 NC Aaa AA+ NA NC 6/12/26 FFCB 1590 3133EPPE9 2,000,000 1,975,386 4.375 4.840 8/29/23 7/6/26 918 2,008,253 NC Aaa AA+ NC NC 7/6/26 UST 1592 91282CHU8 2,000,000 1,987,798 4.375 4.610 11/9/23 8/15/26 958 2,012,891 NC Aaa AA+ NC NC 8/15/26 FAMCA 1591 31422X6U1 2,000,000 1,987,142 4.625 4.860 9/22/23 9/8/26 982 2,023,135 NC Aaa AA+ AAA NC 9/8/26 FFCB 1593 3133EJM97 2,000,000 1,917,609 3.350 4.860 11/14/23 10/30/26 1,034 1,962,366 NC Aaa AA+ AAA NC 10/30/26 FHLB 1594 3130AXU63 1,000,000 1,008,210 4.625 4.322 12/14/23 11/17/26 1,052 1,014,044 NC Aaa AA+ AAA NC 11/17/26 FAMCA 1595 31424WCQ3 2,000,000 2,024,358 4.500 4.060 12/15/23 12/4/26 1,069 2,020,148 NC NA NA NA NC 12/4/26 Subtotal 42 66,000,000 65,176,712 Avg. 64,084,330 LGIP LGIP NA 64,779,877 64,779,877 5.440 5.440 NA NA 1 64,779,877 NC NA NA Grand Totals $130,779,877 $ 129,956,589 3.74% 281 $ 128,864,207 Page 3 of 8 2023 Q4 TSO spreadsheet City of Yakima Investment Portfolio by Issuer at 12/31/2023 FAMCA, 7,000,000, 5% US T, 38,000,000, 29% FHLB, 7,000,000, 5% FNMA, 6,000,000, 5% FFCB, 8,000,000, 6% Diversifying by issuer reduces the credit risk the city is subject to from any one issuer as well as diversifies market price fluctuations LGIP, 64,779,877, 50% which can vary by issuer. Page 4 of 8 2023 Q4 TSO spreadsheet Page 5 of 8 City of Yakima Investment Portfolio Maturity Distribution at 12/31/2023 $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 1111111111 $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 C ? C 80 Q a"' > C7 C ? C - h0 Q a"' > C7 C >. C - h0 Q a"' > C7 . I - f0 7 N U N f0 N O- f0 7 O N U N U N g a g a � Page 5 of 8 2023 Q4 TSO spreadsheet City of Yakima 10 Investment Portfolio-Detail of Activity December 31,2023 Beginning Additions and Calls and Ending Agency Inv# Face Value Purchases Maturities Face Value Farmer Mac 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 1591 2,000,000 2,000,000 FAMCA 1595 2,000,000 2,000,000 FAMCA Total 5,000,000 2,000,000 - 7,000,000 Federal Farm Credit Bureau FFCB 1537 1,000,000 - (1,000,000) - FFCB 1538 1,000,000 - - 1,000,000 FFCB 1560 2,000,000 (2,000,000) - FFCB 1579 2,000,000 2,000,000 FFCB 1586 1,000,000 1,000,000 FFCB 1590 2,000,000 2,000,000 FFCB 1593 2,000,000 2,000,000 FFCB Total 9,000,000 2,000,000 (3,000,000) 8,000,000 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 1594 1,000,000 1,000,000 FHLB 1589 2,000,000 2,000,000 FHLB Total 8,000,000 1,000,000 (2,000,000) 7,000,000 Federal National Management Association FNMA 1540 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 6,000,000 - - 6,000,000 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 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 36,000,000 2,000,000 - 38,000,000 Subtotal 64,000,000 7,000,000 (5,000,000) 66,000,000 Other Investments - - - - LGIP(State Pool) LGIP 62,890,167 5,889,710 (4,000,000) 64,779,877 Other Investment Totals 62,890,167 5,889,710 (4,000,000) 64,779,877 (Grand Totals $ 126,890,167 $ 12,889,710 $ (9,000,000) $ 130,779,877 Page 6 of 8 2023 Q4 TSO spreadsheet City of Yakima Long Term Debt Schedule-by Project Group December 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 - 6/20/2013 12/1/2028 Street Project Demonstration(Refunded) Various City street improvements 3,500,000 1,804,726 6/9/2014 6/1/2024 Street Resurfacing Project Streets improvements 13,140,000 1,610,000 9/24/2018 6/1/2035 Soccer Complex(Refunded) City portion of SOZO Sports Complex 4,440,127 3,488,579 9/24/2018 12/1/1942 2018 Aquatic Center YMCA City portion of Aquatic Center 8,009,873 7,801,261 4/21/2020 12/1/2032 2020B Capital Theatre 09 Refunded 2020B Capital Theatre 09 Refunded 4,910,000 3,555,000 4/21/2020 12/1/2044 2020B Convention Center Addition 2020B Convention Center Addition 12,620,000 11,310,000 4/21/2020 12/1/2044 2020B Convention Center Addition III Refu_2020B Convention Center Addition III Refunded 2,495,000 2,235,000 Subtotal General Obligation Bonds 50,545,528 31,804,567 Certificate of Participation-State of Washington 3/19/2013 6/1/2023 Fire Apparatus One truck 310,414 - 9/28/2017 6/1/2027 Energy Project 2017 Energy Project(lighting) 921,863 427,183 7/21/2020 6/1/2035 Energy Project 2020 Energy Efficiency Project(lighting) 1,415,000 1,210,000 9/28/2017 6/1/2027 Fire Aerial&Pump App Fire Aerial 1,268,053 587,719 Subtotal Certificates of Participation 3,915,330 2,224,901 Revenue Bonds 4/21/2020 12/1/2034 2020 Ref 04 Irrigation 2020 Ref 04 Irrigation 3,260,000 2,525,000 4/21/2020 12/1/2027 2020 Ref 08 WS Rev 2020 Ref 08 WS Rev 2,590,000 1,430,000 5/31/2012 11/1/2023 Wastewater Refunded 2003$10,155,000 issue 9,400,000 - Subtotal Revenue Bonds 15,250,000 3,955,000 Intergovernmental Loans 8/14/2009 7/1/2028 PC-08-951-052 2009 Railroad Grade Separation 3,000,000 825,501 5/6/2010 6/1/2034 L1000030-0 2010 Railroad Grade Separation 1,149,841 759,032 6/17/2014 5/1/2034 Comm Center Move City portion of County GO Bonds 1,716,500 1,090,000 9/30/2015 6/1/2023 '15 Yak Co SIED-21st Ave/Airport 2015 Yakima Co SIED Loan-21st Ave/Airport 307,000 - 6/1/2016 6/1/2027 '16 Yak Co SIED-SOZO 2016 Yakima Co SIED Loan-SOZO 900,000 398,310 11/21/2017 6/1/2024 '17 Yak Co SIED-YV Brewing Project 2017 Yakima Co SIED Loan-YV Brewing Project 61,580 13,720 7/17/2018 6/1/2029 '18 Yak Co SIED-River Rd. 2018 Yakima Co SIED-River Rd Improvements/Aquatics Center 500,000 331,903 3/2/2021 6/1/2032 21 Yak Co Seid-SOZO 2021 Yakima Co SEID Loan SOZO 1,000,000 937,544 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 9/1/2003 6/1/2023 PW-03-691-027 2003 Naches WTP Improvements 2,694,500 - 6/27/2005 10/1/2025 SRF-04-65104-037 2005 Naches River WTP Filter Rehab 966,772 94,145 12/30/2005 6/1/2025 PW-05-691-064 2005 River Road Sewer 2,307,000 248,492 4/30/2007 6/1/2027 PW-07-962-019 2007 Ultra Violet Disinfection 2,300,000 485,556 4/15/2009 6/1/2028 PC-08-951-051 2009 New Water Well 2,257,200 605,744 10/10/2011 3/31/2033 L1100008 2011 Energy Efficiency 503,558 288,514 8/1/2011 7/1/2034 L1200019 2012 Industrial Waste Anaerobic 590,350 374,629 6/1/2012 6/1/2031 PC-12-951-065 2012 Wastewater Treatment Plan 5,000,000 2,152,633 10/11/2012 6/1/2037 PC-13-961-059 2012 Industrial Sewer Extensions 2,000,000 1,138,756 8/5/2013 6/1/2032 PC-13-961-074 2013 Automated Reading System 5,000,000 2,368,421 12/31/2021 6/1/2039 PC20-96103-044 2020 Waterline Improvements 1,737,906 1,544,806 12/12/2013 10/1/2034 DM-11-952-038 2013 Design WTP Lagoons 3,514,800 1,933,140 Subtotal Intergovernmental Loans 38,235,507 16,319,345 Page 7 of 8 2023 Q4 TSO spreadsheet City of Yakima Interfund Borrowing December 31,2023 Original Beginning Ending Description Balance Balance Issued Retired Balance Millsite 1,800,000.00 1,036,018.85 284,003.32 752,015.53 Nelson Dam 3,299,691.00 2,399,775.24 299,971.92 2,099,803.32 Total across all funds 5,099,691.00 3,435,794.09 - 583,975.24 2,851,818.85 Per Ordinance#2013-011 Tempory Interfund Loans to help with cash flow. Page 8 of 8 2023 Q4 TSO spreadsheet . 13 l.t .);11 FINANCE Committee Review of Investment Rationale Date: November 8, 2023 Investment # 2023-1592 is a 3-year US Treasury, face value $2,000,000, maturing August 15 2026, 4.37% coupon purchased at 99.389900 to yield 4.61%. This trade settles November 09, 2023 with Time Value Investments, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2023. Liquidity: At October 31st, month-end, Key Bank checking account balance was $9.4 million (target minimum is $3 Million), US Bank checking balance was $9.7 million and an investment portfolio was $62.0 million (target is $64 million for Treasuries, Corporates and Agencies). Current LGIP balance was $65.2 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 4.6100%. This investment is 79 basis points under LGIP and 03 basis points under a 3-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-day yield 5.4075% www.secureaccess.wa.gov 5year Treasury 4.5300% Treasury.gov 3-year Treasury 4.6400% Treasury.gov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 29.6% of total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio. Outlook. The yield curve is currently still high and still moving in an upward trend; the 1- year Treasury at 5.33%, the 2-year at 4.91%, the 3-year at 4.64%, and the 5-year at 4.53%. We are also seeing an inverted yield curve, meaning that the rate goes lower the longer the term. Investment Committee review: Finance Director: - Date ,( I City Manager: ti Date tt, 1 1.3 14 FINANCE Committee Review of Investment Rationale Date: November 13, 2023 Investment # 2023-1593 is an 8-year Federal Farm Credit Bank, face value $2,000,000, maturing October 30 2026, 3.35% coupon purchased at 95.880458 to yield 4.86%. This trade settles November 14, 2023 with Hilltop Securities, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2023. Liquidity: At October 31st, month-end, Key Bank checking account balance was $9.4 million (target minimum is $3 Million), US Bank checking balance was $9.7 million and an investment portfolio was $62.0 million (target is $64 million for Treasuries, Corporates and Agencies). Current LGIP balance was $65.2 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 4.8600%. This investment is 55 basis points under LGIP and 06 basis points over a 3-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-day yield 5.4112% www.secureaccess.wa.gov 5year Treasury 4.6500% Treasury.gov 3-year Treasury 4.8000% Treasury.gov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 7.7% of total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio. Outlook. The yield curve is currently still high and still moving in an upward trend; the 1- year Treasury at 5.38%, the 2-year at 5.04%, the 3-year at 4.80%, and the 5-year at 4.65%. We are also seeing an inverted yield curve, meaning that the rate goes lower the longer the term. Investment Committee review: Finance Director: Date r j(i ys---3 r City Manager: Date t t14 1 15 FINANCE Committee Review of Investment Rationale Date: December 14, 2023 Investment#2023-1594 is a 3-year Federal Home Loan Bank, face value$1,000,000, maturing November 17 2026, 4.625% coupon purchased at 100.821 to yield 4.322%. This trade settles November 14, 2023 with Wedbush Securities, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2023. Liquidity: At November 30th , month-end, Key Bank checking account balance was $9.6 million (target minimum is $3 Million), US Bank checking balance was $11.4 million and an investment portfolio was $65.0 million (target is $72 million for Treasuries, Corporates and Agencies). Current LGIP balance was $66.4 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 4.322%. This investment is 111 basis points under LGIP and 14 basis points over a 3-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-da rLyield 5.4319% www.secureaccess.wa.gov 5yrear Treasury 4.0000% Treasury.gov 3-year Treasury 1 4.1800% Treasury.gov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 5.4% of total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio. Outlook. The yield curve is currently still high but is starting to move in a downward trend; the 1-year Treasury at 4.94%, the 2-year at 4.46%, the 3-year at 4.18%, and the 5-year at 4.00%. We are also seeing an inverted yield curve, meaning that the rate goes lower the longer the term. Investment Committee review: Finance Director: Date / 1'0/7-- D-II City Manager: � Date ` 1 -Dolas 16 1.1 - FINANCE Committee Review of Investment Rationale Date: December 14, 2023 Investment # 2023-1595 is a 3-year Farmer Mac, face value $2,000,000, maturing December 04 2026, 4.50% coupon purchased at 101.2179 to yield 4.06%. This trade settles November 15, 2023 with Time Value Investments, Inc., US Bank Safekeeping, reducing our elevated LGIP position caused by maturities called during 2023. Liquidity: At November 30th , month-end, Key Bank checking account balance was $9.6 million (target minimum is $3 Million), US Bank checking balance was $11.4 million and an investment portfolio was $65.0 million (target is $72 million for Treasuries, Corporates and Agencies). Current LGIP balance was $66.4 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 4.06%. This investment is 137 basis points under LGIP and 12 basis points over a 3-year treasury, seeking to protect yield in an uncertain environment. Comparable yields are: LGIP current 30-day yield 5.4319% � www.secureaccess.wa. ov 5year Treasury 4.0000% _ Treasury.gov 3-year Treasury 4.1800% Treasury.gov Callability. This investment is not callable (a bullet). Diversification. This purchase brings this issuer to 5.3% of total portfolio. This investment adds a maturity date not previously covered in the City's laddered portfolio. Outlook. The yield curve is currently still high but is starting to move in a downward trend; the 1-year Treasury at 4.94%, the 2-year at 4.46%, the 3-year at 4.18%, and the 5-year at 4.00%. We are also seeing an inverted yield curve, meaning that the rate goes lower the longer the term. Investment Committee review: Finance Director: WAA-4--(24;4. Date a�rsfr3 City Manager: Date /- -lei ora