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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.C.
For Meeting of:April 19, 2022
ITEM TITLE: 2022 1st Quarter Treasury Report
SUBMITTED BY: Jennifer Ferrer-Santa Ines, Director of Finance and Budget
SUMMARY EXPLANATION:
The Treasury Report for the first quarter of 2022 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
1 Quarterly Treasury Report 4/8/2022 Corer Memo
2
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FINANCE
Date: April 4, 2022 •.
WPTA
To: Mayor and City Council CERTIFICATEOF.b(CELLENCE •
t Investment Polity
Bob Harrison, City Manager
CITY OF YAKIMA
February WO
From: Jennifer Ferrer-Santa Ines, Director of Finance
and Budget
Kimberly Domine, Financial Services Manager .r 4 -T.=
Re: 2022 — 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 on April 10,
2019.
Total Cash and Investments at Quarter-end total $134.5 million: $18.8 million in depository
banks, $63.7 million in the State Pool, and $52.0 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 March 2022 month end
balance is higher than prior years due to approximately $13 million in American Rescue Plan
Funds.
City of Yakima
Liquid Cash and Investments History
$140,000,000 —
$120,000,000
-
$100,000,000 —
$80,000,000 •
111
--- NEN
$60,000,000 i i I i i
IN .$40,000,000 ■ .N . p .
: : C • : _
$20,000,000 : I I i U • -
■ . - -
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:
• 1512 $1 ,000,000 Microsoft Corp. called 1/06/2022
• 1556 $1 ,000,000 FHLB matured on 3/11/2022
Purchases: During the last quarter, the following were purchased:
• 1574 $2,000,000 US Treasury to mature 3/31/2025
• 1575 $2,000,000 US Treasury to mature 5/31/2025
Portfolio and Benchmark Yield and Maturity:
Avg. weighted yield of City investments, excluding LGIP: .89%
LGIP State Pool 30-day yield: .22%
Weighted average maturity of City investments, excluding LGIP: 316 days
Weighted average maturity of LGIP State Pool 30-day yield: 29 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, 2022, the fixed income market is showing some growth but is
still low, evidenced by a yield curve that is extremely low and flat. The difference between the 1-
year Treasury at 1.72% and the 5-year Treasury at 2.56%was 84 basis points. The 30-day yield
of the State Pool was at 0.22%,with a 29-day avg. maturity and expected to stay low.
Economic Outlook. The Federal Reserve had lowered the rates in March 2020 to zero, during
the Coronavirus pandemic, and signaled it will likely keep rates low for three years.
Unemployment, nationally, is recovering and the economy is experiencing less volatility; it is
unclear how long nor how deep the current conditions will exist.
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 63,652,095 55.04%
Treasuries 25,000,000 21.62%
Agencies 25,000,000 21.62%
Corporates 2,000,000 1.73%
115,652,095 100.00%
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 is one Interfund Loan to help cash flow the
Mill Site Project that is waiting for the receipt of grant reimbursements.
3
City of Yakima
Cash and Investment Summary
March 31 , 2022
Current Prior Quarter Prior Year
Description 3/31/2022 12/31/2021 3/31/2021
Cash Balances on Hand in Banks $ 18,804,602 $ 19,806,165 $ 13,611 ,017
Local Government Investment Pool (LGIP) 63,652,095 62,630,601 52,490,818
Investment Portfolio 52,000,000 50,000,000 36,000,000
Total Investments 115,652,095 112,630,601 88,490,818
Total Cash and Investments $ 134,456,697 $ 132,436,766 $ 102,101 ,835
Beg Balance Purchases Interest Maturities, Calls End Balance
Summary of Investment Activity 12/31/2021 & Deposits Reinvested & Withdrawals 3/31/2022
Local Government Investment Pool (LGIP) $ 62,630,601 $ 3,000,000 $ 21 ,494 $ (2,000,000) $ 63,652,095
Investment Portfolio 50,000,000 4,000,000 - (2,000,000) 52,000,000
Total Investments $ 112,630,601 $ 7,000,000 $ 21 ,494 $ (4,000,000) $ 115,652,095
Page 1 of 9 2022 01 TSO spreadsheet
City of Yakima
Distribution of Cash and Investments as of 3/31/2022
Depository Banks,
$18,804,602 , 14%
Investment
Portfolio,
52,000,000 , 39%
Local Government
Investment Pool,
$63,652,095 , 47%
Page 2 of 9
City of Yakima
Investment Portfolio-Inventory by Agency
March 31, 2022
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
FNMA 1550 313590T45 1,000,000 1,009,506 1.875 1.422 2/14/20 4/5/22 5 1,000,177 NC Aaa AA+ AAA NC 4/5/22
FFCB 1523 3133EKLR5 1,000,000 999,100 2.250 2.281 5/16/19 5/16/22 46 1,001,791 NC Aaa AA+ AAA NC 5/16/22
FAMCA 1522 31422BFF2 1,000,000 1,000,000 2.350 2.350 5/9/19 6/1/22 62 1,002,433 NC Aaa AA+ AAA NC 6/1/22
FHLB 1509 313383WD9 1,000,000 1,013,146 3.125 2.750 12/19/18 9/9/22 162 1,009,161 Amer Aaa AA+ AA+ 12/1/18 11/9/21
FFCB 1519 3133EKHN9 1,000,000 997,450 2.330 2.406 4/18/19 10/18/22 201 1,007,701 NC Aaa AA+ AAA NC 10/18/22
FFCB 1551 3133EA7E2 1,000,000 1,014,130 1.960 1.430 2/14/20 11/7/22 221 1,004,802 NC Aaa AA+ AAA NC 11/7/22
FHLB 1544 313381BR5 1,000,000 1,006,250 1.875 1.660 12/11/19 12/9/22 253 1,003,418 NC Aaa AA+ AAA NC 12/9/22
FNMA 1541 3135GOT94 1,000,000 1,023,490 2.375 1.610 11/20/19 1/19/23 294 1,006,842 NC Aaa AA+ AAA NC 1/19/23
FFCB 1557 3133EG5Y7 1,000,000 1,045,401 2.230 0.650 3/6/20 2/2/23 308 1,007,476 NC Aaa AA+ AAA NC 2/2/23
AAPL 1516 037833AK6 1,000,000 991,000 2.400 2.634 4/8/19 5/3/23 398 1,005,664 NC AA1 AA+ - NC NC
WMT 1513 931142EK5 1,000,000 1,026,800 3.400 2.730 3/15/19 6/26/23 452 1,016,616 NC Aa2 AA AA NC 6/26/23
FFCB 1561 3133EMWL2 2,000,000 2,000,314 0.200 0.193 4/19/21 7/19/23 475 1,954,740 NC Aaa AA+ AAA NC 7/19/23
US T 1545 9128284X5 1,000,000 1,039,063 2.750 1.660 12/11/19 8/31/23 518 1,009,102 NC Aaa AA+ AAA NC 8/31/23
FAMCA 1508 3132X06C0 1,000,000 1,010,972 3.050 2.801 12/19/18 9/19/23 537 1,014,816 NC Aaa AA+ AAA NC 9/19/23
FHLB 1558 313375ZL4 2,000,000 2,143,690 2.795 0.200 1/7/21 10/17/23 565 2,020,618 NC Aaa AA+ AAA NC 10/17/23
FFCB 1537 3133EK4X1 1,000,000 997,924 1.600 1.654 11/6/19 11/1/23 580 992,793 NC Aaa AA+ AAA NC 11/1/23
FFCB 1560 3133EJ2B4 2,000,000 2,147,340 3.000 0.260 3/24/21 12/6/23 615 2,029,684 NC Aaa AA+ AAA NC 12/6/23
FAMCA 1552 31422BSD3 1,000,000 1,004,430 1.590 1.470 2/14/20 1/10/24 650 989,743 NC NA NA NA NC 1/10/24
FNMA 1540 313590V34 1,000,000 1,032,055 2.500 1.710 11/14/19 2/5/24 676 1,004,161 NC Aaa AA+ AAA NC 2/5/24
FNMA 1573 313590V34 1,000,000 1,035,991 2.500 0.771 12/28/21 2/5/24 676 1,004,161 NC Aaa AA+ AAA NC 2/5/24
US T 1559 912828W71 2,000,000 2,112,188 2.125 0.290 3/4/21 3/31/24 731 1,991,328 NC Aaa AA+ AAA NC 3/31/24
US T 1565 91282CBV2 1,000,000 999,023 0.380 0.410 6/30/21 4/14/24 745 960,234 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 4/30/24 761 998,008 NC Aaa NA AAA NC 4/30/24
UST 1562 912828XT2 2,000,000 2,103,125 2.000 0.325 4/26/21 5/31/24 792 1,982,500 NC Aaa NA AAA NC 5/31/24
FAMCA 1533 31422BGA2 1,000,000 1,022,900 2.150 1.634 10/18/19 6/5/24 797 995,761 NC NA NA NA NC 6/5/24
US T 1566 91282CCG4 1,000,000 994,102 0.250 0.451 6/30/21 6/15/24 807 953,359 NC Aaa NA AAA NC 6/15/24
UST 1563 9128282N91 2,000,000 2,112,813 1.125 0.352 5/16/21 7/31/24 853 1,985,860 NC Aaa NA AAA NC 7/31/24
US T 1546 9128282U3 1,000,000 1,008,789 1.875 1.660 12/11/19 8/31/24 884 985,859 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 9/30/24 914 1,952,968 NC Aaa NA AAA NC 9/30/24
UST 1567 912828YM6 2,000,000 2,074,531 1.500 0.343 8/3/21 10/31/24 945 1,951,094 NC Aaa NA AAA NC 10/31/24
FFCB 1538 3133EK6J0 1,000,000 994,700 1.625 1.736 11/8/19 11/8/24 953 980,190 NC Aaa AA+ AAA NC 11/8/24
FHLB 1554 3130A3GE8 1,000,000 1,058,979 2.750 1.480 2/14/20 12/13/24 988 1,006,655 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 1,009 980,508 NC NA NA NA NC 1/3/25
UST 1574 912828ZF0 2,000,000 1,946,797 0.500 1.365 2/3/22 3/31/25 1,096 1,883,672 NC Aaa NA AAA NC 3/31/25
UST 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 1,126 936,289 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 1,157 1,861,328 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 1,187 928,828 NC Aaa AA+ AAA NC 6/30/25
UST 1572 912828ZC7 2,000,000 2,015,156 1.125 0.890 11/16/21 2/28/25 1,065 1,922,578 NC Aaa NA AAA NC 2/28/25
FFCB 1570 3133EMVP4 1,000,000 997,850 0.125 0.270 10/18/21 4/13/23 378 983,638 NC Aaa AA+ AAA NC 4/13/23
UST 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 1,126 936,289 NC NA NA NA NC 4/30/25
UST 1569 91282CAM3 1,000,000 980,735 0.250 0.740 10/1/21 9/30/25 1,279 923,672 NC NA NA NA NC 9/30/25
Subtotal 41 52,000,000 52,977,124 Avg. 1.64% 51,186,517
LGIP LGIP NA 63,652,095 63,652,095 0.300 0.300 NA NA 1 63,652,095 NC NA NA
Grand Totals $115,652,095 $ 116,629,219 0.92% 316 $ 114,838,612
Page 3 of 9 2022 Q1 TSO spreadsheet
City of Yakima
Investment Portfolio by Issuer at 3/31/2022
UST, 25,000,000, 22% FAM CA, 5,000,000, 4%
FHLB , 5,000,000, 4%
r FNMA, 4,000,000, 3%
�AAPL, 1,000,000, 1%
�WMT, 1,000,000, 1%
FFCB, 11,000,000, 10%
Diversifying by issuer reduces
the credit risk the city is
subject to from any one
issuer as well as diversifies
market price fluctuations LGIP, 63,652,095, 55%
which can vary by issuer.
Page 4 of 9 2022 Q1 TSO spreadsheet
Page 5 of 9
City of Yakima
Investment Portfolio Maturity Distribution at 3/31/2022
$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 — -
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Page 5 of 9 2022 Qi TSO spreadsheet
City of Yakima 10
Investment Portfolio-Detail of Activity
March 31,2022
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 1522 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 5,000,000 - - 5,000,000
Federal Farm Credit Bureau
FFCB 1519 1,000,000 - - 1,000,000
FFCB 1523 1,000,000 - - 1,000,000
FFCB 1537 1,000,000 - - 1,000,000
FFCB 1538 1,000,000 - - 1,000,000
FFCB 1551 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 Total 11,000,000 - - 11,000,000
Federal Home Loan Bank
FHLB 1509 1,000,000 - - 1,000,000
FHLB 1544 1,000,000 - - 1,000,000
FHLB 1554 1,000,000 - - 1,000,000
FHLB 1556 1,000,000 - (1,000,000) -
FHLB 1558 2,000,000 - 2,000,000
FHLB Total 6,000,000 - (1,000,000) 5,000,000
Federal National Management Association
FNMA 1540 1,000,000 - - 1,000,000
FNMA 1541 1,000,000 - - 1,000,000
FNMA 1550 1,000,000 - - 1,000,000
FNMA 1573 1,000,000 1,000,000
FNMA Total 4,000,000 - - 4,000,000
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 21,000,000 4,000,000 - 25,000,000
Corporate Notes
AAPL 1516 1,000,000 - 1,000,000
MSFT 1512 1,000,000 - (1,000,000) -
WMT 1513 1,000,000 - 1,000,000
USB 1514 - -
B NY 1521 -
Corporate Total 3,000,000 - (1,000,000) 2,000,000
Subtotal 50,000,000 4,000,000 (2,000,000) 52,000,000
Other Investments - - - -
LGIP(State Pool) LGIP 62,630,601 3,021,494 (2,000,000) 63,652,095
Other Investment Totals 62,630,601 3,021,494 (2,000,000) 63,652,095
Grand Totals $112,630,601 $ 7,021,494 $ (4,000,000) $115,652,095
Page 6 of 9 2022 Q 1 TS0 spreadsheet
City of Yakima
Long Term Debt Schedule-by Project Group
March 31,2022
Date Issued Maturity Description Note Amount of Issue Current Balance
General Obligation Bonds
6p9/2003 12/1/2023 Sundome Expansion Deferred Interest-Maturity$2.5M 1,430,528 117,449
6/20/2013 12/1/2028 Street Project Demonstration(Refunded) Various City street improvements 3,500,000 2,447,160
6/9/2014 6/1/2024 Street Resurfacing Project Streets improvements 13,140,000 4,595,000
9/24/2018 6/1/2O35 Soccer Complex(Refunded) City portion of SOZO Sports Complex 4,440,127 3,881,553
9/24/2018 12/1/1942 2018 Aquatic Center YMCA City portion of Aquatic Center 8,009,873 7,906,991
4/21/2020 12/1/2022 2020 Refunding Bonds,Downtown Future 2020 Refunding Bonds,Downtown Futures 260,000 126,750
4/21/2020 12/1/2022 2020 Refunding Bonds,WV Fire Station 2020 Refunding Bonds,WV Fire Station 140,000 68,250
4/21/2020 12/1/2032 2020E Capital Theatre 09 Refunded 2020B Capital Theatre 09 Refunded 4,910,000 4,220,000
4/21/2020 12/1/2044 2020E Convention Center Addition 2020B Convention Center Addition 12,620,000 12,050,000
4/21/2020 12/1/2044 2020E Convention Center Addition III RM 2020E Convention Center Addition Ill Refunded 2,495,000 2,380,000
Subtotal General Obligation Bonds 63,900,528 37,793,153
Certificate of Participation-State of Washington
3/19/2013 6/1/2023 Fire Apparatus One truck 310,414 74,652
9/28/2017 6/1/2027 Energy Project 2017 Energy Project(lighting) 921,863 614,757
7/21/2020 6/1/2O35 Energy Project 2020 Energy Effdency Project(Lighting) 1,415,000 1,355,000
9/28/2017 6/1/2027 Fire Aerial&Pump App Fire Aerial 1,268,053 845,784
Subtotal Certificates of Participation 4,492,178 2,890,193
Revenue Bonds
43942 49279 2020 Ref 04 Irrigation 2020 Ref 04 Irrigation 3,260,000 2,905,000
43942 46722 2020 Ref 08 WS Rev 2020 Ref 08 WS Rev 2,590,000 2,080,000
5/31/2012 11/1/2023 Wastewater Refunded 2003$10,155,000 issue 9,400,000 2,195,000
Subtotal Revenue Bonds 25,905,000 7,180,000
Intergovernmental Loans
8/14/2009 9p/2028 PC-08-951-052 2009 Railroad Grade Separation 3,000,000 1,155,702
5/6/2010 6/1/2O34 L1000030-0 2010 Railroad Grade Separation 1,149,841 879,222
6p9/2014 5/1/2O34 Comm Center Move City portion of County GO Bonds 1,716,500 1,250,000
9/30/2015 6/1/2023 '15 Yak Co SIED-21st Ave/Airport 2015 Yakima Co SLED Loan-21st Ave/Airport 307,000 112,062
6/1/2016 6/1/2027 '16 Yak Co SIED-SOZO 2016 Yakima Co SIED Loan-SOZO 900,000 582,509
11/21/2017 6/1/2024 '17 Yak Co SIED-YV Brewing Project 2017 Yakima Co SIED Loan-YV Brewing Project 61,580 39,901
9p9/2018 6/1/2029 '18 Yak Co SIED-River Rd. 2018 Yakima Co SIED-River Rd Improvements/Aquatics Center 500,000 427,216
3/2/2021 6/1/1932 21 Yak Co Seid-SOZO 2021 Yakima Co Seid Loan SOZO 1,000,000 1,000,000
9/1/2003 6/1/2023 PW-03-691-025 2003 Neches WTP Improvements 2,694,500 269,450
6/27/2005 10/1/2025 SRF-04-65104-035 2005 Neches River WTP Filter Rehab 966,772 188,291
12/30/2005 6/1/2025 PW-05-691-064 2005 River Road Sewer 2,307,000 496,983
4/30/2007 6/1/2027 PW-07-962-019 2007 Ultra Violet Disinfection 2,300,000 728,333
4/15/2009 6/1/2028 PC-08-951-051 2009 New Water Well 2,257,200 848,042
10/10/2011 3/31/2033 L1100008 2011 Energy Efficiency 503,558 327,462
8/1/2011 9p/2O34 L1200019 2012 Industrial Waste Anaerobic 590,350 417,916
6/1/2012 6/1/2O31 PC-12-951-065 2012 Wastewater Treatment Plan 5,000,000 2,690,791
10/11/2012 6/1/2O37 PC-13-961-059 2012 Industrial Sewer Extensions 2,000,000 1,301,435
8/5/2013 6/1/2O32 PC-13-961-074 2013 Automated Reading System 5,000,000 2,894,737
12/31/2021 6/1/2O39 PC20-96103-044 2020 Waterline Improvements 1,737,906 1,737,906
12/12/2013 10/1/2O34 DM-11-952-038 2013 Design WTP Lagoons 3,514,800 2,284,620
Subtotal Intergovernmental Loans 37,507,007 19,632,578
Grand Total 131,804,713 67,495,924
Page 7 of 9 2022 01 ISO spreadsheet
City of Yakima
Interfund Borrowing
March 31,2022
Original BeginningID Ending
escription Balance Balance Issued Retired Balance
Millsite 2021 $ 3,300,000 $ 3,300,000 $ - $ 3,300,000 $ - Cover Year End Cash Shortfall
Millsite 2022 800,000 $ 800,000
Total across all funds 3,300,000 3,300,000 800,000 3,300,000 800,000
Per Ordinance#2013-011 Tempory Interfund Loans to help with cash flow.
Page 1 of 1 Interfund
13
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FINANCE
Committee Review of Investment Rationale
Date: February 3, 2022
Investment # 2022-1574 is a 3-year US Treasury (UST), face value $2,000,000,
maturing March 31, 2025, .50% coupon at 97.33984375 to yield 1.36%. This trade
settles February 3, 2022 with Wedbush Securities, US Bank Safekeeping, reducing our
elevated LGIP position caused by maturities called during 2022.
Liquidity: At January 31st , month-end, Key Bank checking account balance was $10.8
million (target minimum is $3 Million), US Bank checking balance was $3.9 million and
investment portfolio was $49.0 million (target is $64 million for Treasuries, Corporates
and Agencies). Current LGIP balance was $60.6 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 S&P.
Yield. Yield is 1.36%. This investment is 127 basis points over LGIP, seeking to protect
yield in an uncertain environment. LGIP's yield is expected to stay level over the next
year. Comparable yields are:
LGIP current 30-day yield 0.08574% www.secureaccess.wa.gov
3-year Agency FNMA 1.3900% _Daily Treasury Yield Curve
Callability. This investment is not callable (a bullet).
Diversification. This purchase brings this issuer to 20.6% of total portfolio.
This purchase added a maturity date previously not covered in the city's laddered
portfolio.
Outlook. The yield curve is higher than last month and appears to be on the increase;
the 1-year Treasury at 0.78%, the 2-year at 01.18% the 3-year at 1.39%, and the 5-year
at 1.63%. The Federal Reserve Bank has been keeping rates low with uncertainty of a
2022 rate hike increasing. By filling maturity gaps in a shortened 3-4-year ladder, we
minimize reinvestment risk subject to rates at any one point in time and hedging against
further decreasing rate LGIP exposure.
Investment Committee review:
Finance Director: Date 01/22—
City Manager: Date Z,c�ZZ
14
FINANCE
Committee Review of Investment Rationale
Date: March 2, 2022
Investment # 2022-1575 is a 3-year US Treasury (UST), face value $2,000,000,
maturing May 31, 2025, .25% coupon at 96.2996 to yield 1.42%. This trade settles
March 3, 2022 with Time Value Investments, Inc., US Bank Safekeeping, reducing our
elevated LGIP position caused by maturities called during 2022.
Liquidity: At February 28th , month-end, Key Bank checking account balance was $10.8
million (target minimum is $3 Million), US Bank checking balance was $3.6 million and
investment portfolio was $51.0 million (target is $64 million for Treasuries, Corporates
and Agencies). Current LGIP balance was $60.6 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 S&P.
Yield. Yield is 1.42%. This investment is 131 basis points over LGIP, seeking to protect
yield in an uncertain environment. LGIP's yield is expected to stay level over the next
year. Comparable yields are:
LGIP current 30-day yield , 0.107987% www.secureaccess.wa.gov _
_3-year Agency FNMA 1.6200% Daily Treasury Yield Curve
Callability. This investment is not callable (a bullet).
Diversification. This purchase brings this issuer to 22.% of total portfolio.
This purchase added a maturity date previously not covered in the city's laddered
portfolio.
Outlook. The yield curve is higher than last month and appears to be on the increase;
the 1-year Treasury at 1.01%, the 2-year at 01.44% the 3-year at 1.62%, and the 5-year
at 1.71%. The Federal Reserve Bank has been keeping rates low with uncertainty of a
2022 rate hike increasing. By filling maturity gaps in a shortened 3-4-year ladder, we
minimize reinvestment risk subject to rates at any one point in time and hedging against
further decreasing rate LGIP exposure.
Investment Committee review:
Finance Director: Date 3 2 d
City Manager: Date