HomeMy WebLinkAbout10/18/2022 06.B. 2022 3rd Quarter Treasury Report 1
5l
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.B.
For Meeting of: October 18, 2022
ITEM TITLE: 2022 3rd 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 third quarter of 2022 is attached and consists of the following:
Third 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
d Q3 Treasury Report 10/5/2022 Coker Memo
2
FINANCE
Date: October 4, 2022
WPTA
To: Mayor and City Council CERTRATE-oFfAc cE
Bob Harrison, City Manager u.eti:
t. CI IY OF YAKIMA
f;asncv?9ah
From: Jennifer Ferrer-Santa Ines, Director of Finance .,v,w,m,,„r..r.. ..a ,wM.w,,...,.w.• .w.a•..n ,•w
and Budget
Kimberly Domino, Financial Services Manager
Re: 2022 — 3rd 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 $146.7 million: $18.4 million in depository
banks, $69.3 million in the State Pool, and $59.0 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 June 2022 month end
balance is higher than prior years due to the 2nd instalment of approximately $13 million in
American Rescue Plan Funds.
City of Yakima
Liquid Cash and Investments History
$160,000,000
140,000,000
. 0,000,000
.00,000,000 - - - - - - - - -$80,000,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00 ,0
40,000,000
Or0000
o 0
t .•••3 ,—a x•••3 r.••t cg.'' r.,1 w$••,3� ev tt*� rw! a*� rs s^� t}�}. r c+f
t.
- �7 ,�� c7 > t t
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:
• 1509 $1,000,000 FHLB matured 9/09/2022
Purchases: During the last quarter, the following were purchased:
• 1580 $2,000,000 US Treasury to mature 10/31/2025
• 1581 $2,000,000 US Treasury to mature 12/31/2025
Portfolio and Benchmark Yield and Maturity:
Avg. weighted yield of City investments, excluding LGIP: 2.06%
LGIP State Pool 30-day yield: 2.55%
Weighted average maturity of City investments, excluding LGIP: 303 days
Weighted average maturity of LGIP State Pool 30-day yield: 17 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 September 30, 2022, the fixed income market has shown growth and is
expected to continue to increase. The difference between the 1-year Treasury at 4.05% and the
5-year Treasury at 4.06% was only 1 basis points. The 30-day yield of the State Pool Jumped to
2.55%, with a 17-day avg. maturity and is expected to continue to increase making the LGIP a
very favorable investment option.
Economic Outlook. With the current inflation and raising interest rates, the market will continue
to ebb and flow. The Federal Reserve is considering one more rate hike in November then should
consider stopping it's tightening campaign.
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.
Atualr
LGIP 69,24, ,393 54.01
Treasuries 32,000,00024. 4%
Agencies 25,000,000 19.4 %
Corporates 2,000,000 1.56
128,24, ,393 100 %
Debt Activity
All debt payments were paid out as scheduled. A comprehensive city-wide debt report is attached
with current balances.
Interfund Borrowincis and Investments
Borrowing between funds is temporary in nature, reviewed periodically by staff and Council,
amended as circumstances change. Currently there are 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 payments starting January 2023.
3
City of Yakima
Cash and Investment Summary
September 30, 2022
Current Prior Quarter Prior Year
Description 9/30/2022 6/30/2022 9/30/2021
Cash Balances on Hand in Banks $ 18,389,364 $ 18,573,295 $ 15,367,474
Local Government Investment Pool (LGIP) 69,284,393 76,874,505 57,617,282
Investment Portfolio 59,000,000 56,000,000 45,000,000
Total Investments 128,284,393 132,874,505 102,617,282
Total Cash and Investments $ 146,673,756 $ 151,447,800 $ 117,984,756
Beg Balance Purchases Interest Maturities, Calls End Balance
Summary of Investment Activity 6/30/2022 & Deposits Reinvested & Withdrawals 9/30/2022
Local Government Investment Pool (LGIP) $ 76,874,505 $ 4,000,000 $ 409,888 $ (12,000,000) $ 69,284,393
Investment Portfolio 56,000,000 4,000,000 - (1,000,000) 59,000,000
Total Investments $ 132,874,505 $ 8,000,000 $ 409,888 $ (13,000,000) $ 128,284,393
Page 1 of 8 2022 Q3 TSO spreadsheet
City of Yakima
Distribution of Cash and Investments as of 9/30/2022
Depository Banks,
$18,389,364 , 13%
Investment
Portfolio,
59,000,000 , 40%
Local Government
Investment Pool,
$69,284,393 , 47%
Page 2 of 8
City of Yakima
Investment Portfolio-Inventory by Agency
September 30, 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
FFCB 1519 3133EKHN9 1,000,000 997,450 2.330 2.406 4/18/19 10/18/22 18 999,630 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 38 998,325 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 70 996,776 NC Aaa AA+ AAA NC 12/9/22
FNMA 1541 3135GOT94 1,000,000 1,023,490 2.375 1.610 11/20/19 1/19/23 111 995,892 NC Aaa AA+ AAA NC 1/19/23
FFCB 1557 3133EG5Y7 1,000,000 1,045,401 2.230 0.650 3/6/20 2/2/23 125 995,489 NC Aaa AA+ AAA NC 2/2/23
UST 1577 91282CBU4 1,000,000 983,828 0.125 1.980 5/12/22 3/31/23 182 981,680 NC Aaa NA AAA NC 3/31/23
FFCB 1570 3133EMVP4 1,000,000 997,850 0.125 0.270 10/18/21 4/13/23 195 979,321 NC Aaa AA+ AAA NC 4/13/23
AAPL 1516 037833AK6 1,000,000 991,000 2.400 2.634 4/8/19 5/3/23 215 988,546 NC AA1 AA+ - NC 5/3/23
WMT 1513 931142EK5 1,000,000 1,026,800 3.400 2.730 3/15/19 6/26/23 269 994,571 NC Aa2 AA AA NC 6/26/23
FFCB 1561 3133EMWL2 2,000,000 2,000,314 0.200 0.193 4/19/21 7/19/23 292 1,937,494 NC Aaa AA+ AAA NC 7/19/23
UST 1545 9128284X5 1,000,000 1,039,063 2.750 1.660 12/11/19 8/31/23 335 987,148 NC Aaa AA+ AAA NC 8/31/23
FAMCA 1508 3132X06C0 1,000,000 1,010,972 3.050 2.801 12/19/18 9/19/23 354 989,628 NC Aaa AA+ AAA NC 9/19/23
FHLB 1558 313375ZL4 2,000,000 2,143,690 2.795 0.200 1/7/21 10/17/23 382 1,969,934 NC Aaa AA+ AAA NC 10/17/23
FFCB 1537 3133EK4X1 1,000,000 997,924 1.600 1.654 11/6/19 11/1/23 397 971,751 NC Aaa AA+ AAA NC 11/1/23
FFCB 1560 3133EJ2B4 2,000,000 2,147,340 3.000 0.260 3/24/21 12/6/23 432 1,970,166 NC Aaa AA+ AAA NC 12/6/23
FAMCA 1552 31422BSD3 1,000,000 1,004,430 1.590 1.470 2/14/20 1/10/24 467 968,009 NC NA NA NA NC 1/10/24
FNMA 1540 3135G0V34 1,000,000 1,032,055 2.500 1.710 11/14/19 2/5/24 493 976,264 NC Aaa AA+ AAA NC 2/5/24
FNMA 1573 3135G0V34 1,000,000 1,035,991 2.500 0.771 12/28/21 2/5/24 493 976,264 NC Aaa AA+ AAA NC 2/5/24
UST 1559 912828W71 2,000,000 2,112,188 2.125 0.290 3/4/21 3/31/24 548 1,937,656 NC Aaa AA+ AAA NC 3/31/24
US T 1565 91282CBV2 1,000,000 999,023 0.380 0.410 6/30/21 4/14/24 562 942,070 NC Aaa NA AAA NC 4/14/24
UST 1553 9128286R6 1,000,000 1,034,063 2.250 1.413 2/14/20 4/30/24 578 968,438 NC Aaa NA AAA NC 4/30/24
UST 1562 912828XT2 2,000,000 2,103,125 2.000 0.325 4/26/21 5/31/24 609 1,927,266 NC Aaa NA AAA NC 5/31/24
FAMCA 1533 31422BGA2 1,000,000 1,022,900 2.150 1.634 10/18/19 6/5/24 614 966,708 NC NA NA NA NC 6/5/24
UST 1566 91282CCG4 1,000,000 994,102 0.250 0.451 6/30/21 6/15/24 624 934,414 NC Aaa NA AAA NC 6/15/24
UST 1563 9128282N91 2,000,000 2,112,813 1.125 0.352 5/16/21 7/31/24 670 1,925,624 NC Aaa NA AAA NC 7/31/24
UST 1546 9128282U3 1,000,000 1,008,789 1.875 1.660 12/11/19 8/31/24 701 957,227 NC Aaa NA AAA NC 8/31/24
UST 1564 912828YH7 2,000,000 2,074,922 1.500 0.361 6/8/21 9/30/24 731 1,897,656 NC Aaa NA AAA NC 9/30/24
UST 1567 912828YM6 2,000,000 2,074,531 1.500 0.343 8/3/21 10/31/24 762 1,892,812 NC Aaa NA AAA NC 10/31/24
FFCB 1538 3133EK6J0 1,000,000 994,700 1.625 1.736 11/8/19 11/8/24 770 948,570 NC Aaa AA+ AAA NC 11/8/24
FHLB 1554 3130A3GE8 1,000,000 1,058,979 2.750 1.480 2/14/20 12/13/24 805 967,627 NC Aaa AA+ NA NC 12/13/24
FAMCA 1555 31422BRT9 1,000,000 1,011,943 1.750 1.495 2/14/20 1/3/25 826 946,838 NC NA NA NA NC 1/3/25
UST 1572 912828ZC7 2,000,000 2,015,156 1.125 0.890 11/16/21 2/28/25 882 1,859,296 NC Aaa NA AAA NC 2/28/25
UST 1574 912828ZF0 2,000,000 1,946,797 0.500 1.365 2/3/22 3/31/25 913 1,826,484 NC Aaa NA AAA NC 3/31/25
UST 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 943 906,523 NC NA NA NA NC 4/30/25
UST 1568 912828ZL7 1,000,000 995,467 0.375 0.500 9/1/21 4/30/25 943 906,523 NC NA NA NA NC 4/30/25
UST 1575 912828ZT0 2,000,000 1,925,992 0.250 1.420 3/2/22 5/31/25 974 1,801,016 NC Aaa NA AAA NC 5/31/25
UST 1571 912828ZW3 1,000,000 979,531 0.250 0.813 10/18/21 6/30/25 1,004 898,555 NC Aaa AA+ AAA NC 6/30/25
UST 1576 91282CAB7 2,000,000 1,843,472 0.250 2.780 4/29/22 7/31/25 1,035 1,788,204 NC Aaa NA AAA NC 7/31/25
UST 1569 91282CAM3 1,000,000 980,735 0.250 0.740 10/1/21 9/30/25 1,096 889,961 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 1,127 1,773,672 NC Aaa NA AAA NC 10/31/25
UST 1581 91282CBC4 2,000,000 1,807,440 0.375 3.490 9/12/22 12/31/25 1,188 1,771,484 NC Aaa NA AAA NC 12/31/25
FNMA 1578 3135G05X7 2,000,000 1,844,334 0.375 2.870 5/12/22 8/25/25 1,060 1,789,430 NC Aaa AA+ AAA NC 8/25/25
FFCB 1579 3133ENXQ8 2,000,000 1,992,128 2.800 2.920 6/7/2022 11/25/2025 1,152 1,916,702 NC Aaa AA+ NA NC 11/25/25
Subtotal 43 59,000,000 59,245,090 Avg. 56,017,644
LGIP LGIP NA 69,284,393 69,284,393 0.300 0.300 NA NA 1 69,284,393 NC NA NA
Grand Totals $ 128,284,393 $ 128,529,482 0.83% 303 $ 125,302,037
Page 3 of 8 2022 Q3 TSO spreadsheet
City of Yakima
Investment Portfolio by Issuer at qi
3°/2022
US T 32,000,000, 25%
,
FANKA, 4,000,000, 3%
FHLB, 4,000,000, 3%
FNMA, 5,000,000, 4%
AAPL, 1,000,000,
MT, 1,000,000, 1%
W
FFCB, 12,000,000, 9%
Diversifying by issuer reduces
the credit •
risk the city is
subject to from any one
issuer as
pricewell as diversifies
marketLGIP, 69,284,393, 54%
which can vary by
ry by issuer.
Page 4 of 8 2022 Q3 TSO spreadsheet
Page 5 of 8
City of Yakima
Investment Portfolio Maturity Distribution at 9/30/2022
$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 available at that moment.
,000,
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
so 11 11 1
° 7 ° 1 ImI") °mt, 0rn I( 0CtI, I,1" 0ICI IL L/
L/G
LI1
z a
Page 5 of 8 2022 Q3 TSO spreadsheet
City of Yakima 10
Investment Portfolio-Detail of Activity
September 30,2022
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 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 1519 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 1579 2,000,000 2,000,000
FFCB Total 12,000,000 - - 12,000,000
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 1558 2,000,000 - 2,000,000
FHLB Total 5,000,000 - (1,000,000) 4,000,000
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 Total 5,000,000 - - 5,000,000
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 28,000,000 4,000,000 - 32,000,000
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 56,000,000 4,000,000 (1,000,000) 59,000,000
Other Investments - - - -
LGIP(State Pool) LGIP 76,874,505 4,409,888 (12,000,000) 69,284,393
Other Investment Totals 76,874,505 4,409,888 (12,000,000) 69,284,393
Grand Totals $ 132,874,505 $ 8,409,888 $ (13,000,000) $ 128,284,393
Page 6 of 8 2022 Q3 TSO spreadsheet
City of Yakima
Long Term Debt Schedule-by Project Group
September 30,2022
IDate Issued Maturity Description Note Amount of Issue Current Balance I
General Obligation Bonds
6/17/2003 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 2,290,765
6/9/2014 6/1/2024 Street Resurfacing Project Streets improvements 13,140,000 3,140,000
9/24/2018 6/1/2035 Soccer Complex(Refunded) City portion of SOZO Sports Complex 4,440,127 3,784,638
9/24/2018 12/1/1942 2018 Aquatic Center YMCA City portion of Aquatic Center 8,009,873 7,882,955
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 2020B Capital Theatre 09 Refunded 2020B Capital Theatre 09 Refunded 4,910,000 4,220,000
4/21/2020 12/1/2044 2020B Convention Center Addition 2020B Convention Center Addition 12,620,000 12,050,000
4/21/2020 12/1/2044 2020B Convention Center Addition III Rel 2020B Convention Center Addition III Refunded 2,495,000 2,380,000
Subtotal General Obligation Bonds 63,900,528 36,060,807
Certificate of Participation-State of Washington
3/19/2013 6/1/2023 Fire Apparatus One truck 310,414 38,259
9/28/2017 6/1/2027 Energy Project 2017 Energy Project(lighting) 921,863 523,258
7/21/2020 6/1/2035 Energy Project 2020 Energy Efficiency Project(lighting) 1,415,000 1,285,000
9/28/2017 6/1/2027 Fire Aerial&Pump App Fire Aerial 1,268,053 719,898
Subtotal Certificates of Participation 4,492,178 2,566,415
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 7/1/2028 PC-08-951-052 2009 Railroad Grade Separation 3,000,000 990,602
5/6/2010 6/1/2034 L1000030-0 2010 Railroad Grade Separation 1,149,841 849,824
6/17/2014 5/1/2034 Comm Center Move City portion of County GO Bonds 1,716,500 1,170,000
9/30/2015 6/1/2023 '15 Yak Co SIED-21st Ave/Airport 2015 Yakima Co SIED Loan-21st Ave/Airport 307,000 56,706
6/1/2016 6/1/2027 '16 Yak Co SIED-SOZO 2016 Yakima Co SIED Loan-SOZO 900,000 491,603
11/21/2017 6/1/2024 '17 Yak Co SIED-YV Brewing Project 2017 Yakima Co SIED Loan-YV Brewing Project 61,580 27,016
7/17/2018 6/1/2029 '18 Yak Co SIED-River Rd. 2018 Yakima Co SIED-River Rd Improvements/Aquatics Center 500,000 380,436
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-03-691-027 2003 Naches WTP Improvements 2,694,500 134,725
6/27/2005 10/1/2025 SRF-04-65104-037 2005 Naches River WTP Filter Rehab 966,772 188,291
12/30/2005 6/1/2025 PW-05-691-064 2005 River Road Sewer 2,307,000 372,737
4/30/2007 6/1/2027 PW-07-962-019 2007 Ultra Violet Disinfection 2,300,000 606,944
4/15/2009 6/1/2028 PC-08-951-051 2009 New Water Well 2,257,200 726,893
10/10/2011 3/31/2033 L1100008 2011 Energy Efficiency 503,558 314,660
8/1/2011 7/1/2034 L1200019 2012 Industrial Waste Anaerobic 590,350 403,674
6/1/2012 6/1/2031 PC-12-951-065 2012 Wastewater Treatment Plan 5,000,000 2,421,712
10/11/2012 6/1/2037 PC-13-961-059 2012 Industrial Sewer Extensions 2,000,000 1,220,096
8/5/2013 6/1/2032 PC-13-961-074 2013 Automated Reading System 5,000,000 2,631,579
12/31/2021 6/1/2039 PC20-96103-044 2020 Waterline Improvements 1,737,906 1,641,356
12/12/2013 10/1/2034 DM-11-952-038 2013 Design WTP Lagoons 3,514,800 2,284,620
Subtotal Intergovernmental Loans 37,507,007 17,913,474.71
(Grand Total 131,804,713 63,720,697I
Page 7 of 8 2022 Q3 TSO spreadsheet
City of Yakima
Interfund Borrowing
September 30,2022
Original Beginning Ending
Description Balance Balance Issued Retired Balance
Millsite 800,000 800,000 1,000,000 201,412 $ 1,598,588
Nelson Dam 3,299,691 $ 3,299,691
Total across all funds 800,000 800,000 4,299,691 201,412 4,898,279
Per Ordinance#2013-011 Tempory Interfund Loans to help with cash flow.
Page 8 of 8 2022 Q3 TSO spreadsheet
13
- 1
, .
V
FINANCE
Committee Review of Investment Rationale
Date: August 24, 2022
Investment # 2022-1580 is a 2-year US Treasury (UST), face value $2,000,000,
maturing October 31, 2025, 0.25%coupon at 90.92578125 to yield 3.274%. This trade
settles August 24, 2022 with Wedbush Securities, Inc., US Bank Safekeeping, reducing
our elevated LGIP position caused by maturities called during 2022.
Liquidity: At July 31st , month-end, Key Bank checking account balance was $11.4 million
(target minimum is $3 Million), US Bank checking balance was $3.3 million and
investment portfolio was $53.0 million (target is $64 million for Treasuries, Corporates
and Agencies). Current LGIP balance was $78.9 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 3.274%. This investment is 115 basis points over LGIP, seeking to
maximize yield in a conservative environment. LGIP's yield is expected to increase slowly
over the next year. Comparable yields are:
LGIP current 30-day yield 2.115731% www.secureaccess.wa.gov
3-year Treasury 3.3600% Daily Treasury Yield Curve
Callability. This investment is not callable (a bullet).
Diversification. This purchase brings this issuer to 30.% 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 3.32%, the 2-year at 03.32% the 3-year at 3.36%, and the 5-year
at 3.17%. 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:
//1 r
Finance Director: I r Date e
City Manager:
Date S W9-(Taia
14
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) FINANCE
Committee Review of Investment Rationale
Date: September 13, 2022
Investment # 2022-1581 is a 5-year US Treasury (UST), face value $2,000,000,
maturing December 31, 2025, 0.37% coupon at 90.372000 to yield 3.49%. This trade
settles September 12, 2022 with Time Value Investments, Inc., US Bank Safekeeping,
reducing our elevated LGIP position caused by maturities called during 2022.
Liquidity: At August 31st, month-end, Key Bank checking account balance was $6.2
million (target minimum is $3 Million), US Bank checking balance was $6.5 million and
investment portfolio was $58.0 million (target is $64 million for Treasuries, Corporates
and Agencies). Current LGIP balance was $72.1 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 3.49%. This investment is 117 basis points over LGIP, seeking to
maximize yield in an increasing environment. LGIP's yield is expected to continue
increasing over the next year. Comparable yields are:
LGIP current 30-day yield 2.3151% www.secureaccess.wa.gov
3-year Treasury 3.5500% Daily Treasury Yield Curve
Callability. This investment is not callable (a bullet).
Diversification. This purchase brings this issuer to 24.°/0 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 3.58%, the 2-year at 03.50% the 3-year at 3.55%, and the 5-year
at 3.39%. 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: '`-- 2/ t----- Date 9/8/a-
City Manager: (7 .
Date COOL:.)c