HomeMy WebLinkAbout03/23/2010 15 4th Quarter 2009 Treasury Report • BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No.
For Meeting of 03 -23 -10
ITEM TITLE: City of Yakima - 4th Quarter 2009 Treasury Report
SUBMITTED BY: Finance Department
CONTACT PERSON/TELEPHONE: Rita DeBord, Finance Director / 575 -607
Jon Lorberau, Treasury Services Officer / 575 -6024
SUMMARY EXPLANATION:
The Treasury Report for the fourth Quarter of 2009 consists of the following: (
• Investment Portfolio - Summary by General Type
• Investment Portfolio - Detail of Investments by Issuer
• Investment Portfolio - Activity Report /Purchases and Calls /Maturities
• City of Yakima - Schedule of Outstanding General Obligation & Revenue Bonds
• LID Cash Balances, & LID Bonds & Notes Payable
• LID Warrants Payable
ill LID Bonds /Notes Payable vs. LID Guaranty Fund
(1) Refer to page 4 for a description of Treasurer's Reports.
National Economic Overview:
2009 ended on somewhat of a high note as the Christmas season saw steady retail buying.
Subsequent to year -end though, the outlook for the US economy is still suspect. Home sales
remain weak with over 6 million homes for sale or in Bank inventory, unemployment remains
high with negative job growth each month, and consumer confidence dipped to six month low
on February 23r 2010. Also in February, the FDIC released new statistics that warned there
are now 702 Banks on their troubled list as of 12/31/09, or one for every eleven (11) FDIC -
insured Banks, up 27% from the September 30th, 2009 list.
Continued...
Resolution Ordinance - Other (Specify) Report
Contract Mail to (name and address):
Phone:
Funding Source
'O � '►r
APPROVED FOR SUBMITTAL:
r tor
City Manager
STAFF RECOMMENDATION: Accept Report.
BOARD /COMMISSION RECOMMENDATION: N/A
COUNCIL ACTION:
Government stimulus spending continues to be the main economic prop in 2010 but increased
financial concern worldwide on Portugal, Ireland, Italy, Greece and Spain have increased.
China has the potential for a banking crisis from Bank over - lending and a real estate value
bubble similar to the US. Continuing large deficit spending by the United States has
tentatively raised the possibility of a sovereign bond rating downgrade of the USA and Britain.
Additionally, State and local government entities continue to struggle to adjust their 2010
budgets to the lagged effects of the economic downturn.
The national economic health picture has continuing effects for the City of Yakima. Consumer
entrenchment has already shown up as declines in the City's sales tax revenues and property
values. Monitoring of trends in local tax revenues continue to be a primary focus for the
Finance Department.
The City's Investment Portfolio
The City's investment activities are governed by State regulations and the City of Yakima's
Investment Policy, as revised 3/24/09.
While some would suggest a V- shaped recovery is underway, we continue to have a more
cautious view: without strong consumer and continued federal spending during 2010, the US
economic recovery will take a much longer period of time than many anticipate.
Risk/ Reward Considerations
The yield curve outlook remains similar to last quarter: The Fed has keep interest rates low,
but has recently increased their public comments about the need to raise more than just the
Discount Rate in the near future. This has increased the volatility of interest rate movements
all along the yield curve.
Once the Fed raises rates, all existing bond investments will suffer from market price drops
and sub--market returns.
Snapshot of the Portfolio - 12/31/09
The City's Investment Portfolio can be divided into two general buckets: a Liquidity Portfolio
of overnight investments and a Security Portfolio of investments in various securities with
maturities out to five years.
The effective yield on the City's entire Investment Portfolio on 12/31/2009 was 1.40 %, up from
1.23% on 9/30/09.
The Liquidity Portfolio is invested predominately with the State of Washington Investment
Pool and was 47.25% of the total portfolio as of 12/31/09.
The Security Portfolio (53.75 %) is comprised of securities that are held with a third party
custodian and is comprised of mostly US Government Agency callable securities totaling
$28.8mm, and a legacy $12,000 investment in a FNMA Mortgage Backed Security ( "MBS ").
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"'Investment Strategy
The City looks to maintain an Investment Portfolio with a mix of 45 -50% in a Liquidity
Portfolio and 50%-55% in its Securities Portfolio.
The Security Portfolio uses predominately callable US government agency securities as the
primary investment security. Callable agency securities serve three purposes: (1) the City
earns a higher coupon (yield) than it would have earned from a non - callable security with the
same maturity date and same issuer; (2) The actual experienced maturity of a callable security
is usually shorter than its stated maturity due to its inherent call features. This allows for
investment flexibility at reinvestment time as well as higher current interest income; (3) By
buying US Agency security, the City's security investments has the direct or implied backing
of the US Government and as such, any of the City's securities could be sold immediately at
current market prices for cash if the need arose.
The City does not . invest .in any Structured Investment Vehicles (SIV's) or Collateralized Debt
Obligations (CDO's): These types of investments, along with certain asset - backed Commercial Paper
have much higher price and demand volatility. The City has not purchased these types of instruments.
The City has securities issued by US government- backed entities such as the Federal Home
Loan Bank ( "FHLB "), Freddie Mac ( "FHLMC "), Fannie Mae ( "FNMA "), and Federal Farm
Credit ( "FFCB "). While the public stock of FHLMC and FNMA are currently suffering, they
do have lines of credit, investment and the support of the US Treasury. The City's risk of loss
ue to credit exposure from any of these agencies is thought to be negible.
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Description of Treasurer's Reports
• Investment Portfolio - Summary by General Type
This report shows investment position totals by category of investment, the
percentage of the portfolio_ invested and market values.
• • Investment Portfolio - Detail of Investments in Securities by Issuer
This report lists all of the City's major security investments, including funds in
the State of Washington Investment pool.
• . Investment Portfolio - Activity Report/Purchases and Calls/Maturities .
This report shows the activity of security purchases and sales /maturities /calls of
positions and callable bonds in the report period.
• Schedules of General. Obligation & Revenue Bonds Payable
This report indicates principal payments made during the reporting period, and
the current balances of the City's bonded debt.
• LID Cash Balances, . & LID Bonds & Notes Payable
A Local Improvement District is an instrument utilized by citizens to fund
specific local community improvements. This report identifies outstanding
obligations relative to Local Improvement Districts' bonds and notes payable.
• LID Warrants Payable
Local Improvement District warrants are utilized until a project is complete, at
which time a bond or note is issued. This report identifies any outstanding
warrants.
• LID Bonds/Notes Payable vs. LID Guaranty Fund
Once a Local Improvement District bond or note is issued, there is a required
minimum reserve which the City must maintain so long as the bond or note is
outstanding. This report compares the current Local Improvement Districts
outstanding debt to the required reserve balance.
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`� S` City Yakima oroo nd St t
Ci of Yki tfli
� `]� 1 29 North Seco Street
• ` ,.V ':;r Summary by Type Yakima, WA 98901
°�: December 31, ZOOS (509)576 -6639
N umber of Par % of Average- Average Days
Security Type Investments Value Book Value Portfolio '
YTM 365 to Maturity
Local Government Investment Pool 1 25,796,076.53 ' 25,796,076.53 47.25 0.334 1 .
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Federal Agency Coupon Securities 1 1,500,000.00 1,500,000.00 2.75 1.700 843 '
Federal Agency Coupon - Callable 17 27,310,000.00 27,304,427.79 50.01 2.390. ' 1,212
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Total and Average 19 . 54,606,076.53 54,600,504.32 100.00 1.400 . 630
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Portfolio BOND
•AP
• Run Date: 03/18/2010 - 08:59 ST (PRF_ST) SymRept 6.42
Report Ver. 5.00
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i .t City of Yakima
+ ; ; City of Yakima Portfolio 129 North Second Street
• • 1 i a . Investments by Issuer Yakima, WA 98901
* Active Investments (509)576 -6639
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``" Sorted by Fund
December 31, 2009
Investment Current Market YTM Redemption Days To Call
CUSIP Investment # Security Type Class Book Value Rate Market Value Date '365 Date Maturity Date Collateral
Federal Farm Credit Bank
31331GDF3 1365 Federal Agency Coupon - Callable Fair 1,000,000.00 4.250 1,026,250.00 12/31/2009 4.250 10/15/2013 1,383 10/15/2010
31331GZ77 1356 Federal Agency Coupon - Callable Fair 4,995,611.98 2.000 4,987,500.00 12/31/2009 2.032 02/11/2010 41 01/22/2010
31331G3C1 1363 Federal Agency Coupon - Callable Fair 4,000,000.00 2.000 3,986,240.00 12/31/2009 2.000 02/17/2010 • 47 02/16/2010
31331G4J5 1372 Federal Agency Coupon - Callable Fair '2,000,000.00 2.300 1,973,120.00 12/31/2009 2.300 09/03/2013 1,341 03/03/2010
31331G4H9 . 1374 • Federal Agency Coupon - Callable Fair 1,000,000.00 1.820 993,750.00 12/31/2009 1.820 12/03/2012 1,067 03/03/2010
Subtotal and Average 12,995,611.98 12,966,860.00 2.218 425
Federal Home Loan Bank
3133XV6Z9 1358 Federal Agency Coupon Securities Fair 1,500,000.00 1.700 1,503,285.00 12/31/2009 1.700 04/23/2012 843 04/23/2010
3133XPRE6 1318 Federal Agency Coupon - Callable Fair 1,000,000.00 3.100 1,016,250.00 12/31/2009 3.100 08/25/2010 236
3133XSN95 1342 Federal Agency Coupon - Callable Fair 1,000,000.00 3.150 1,023,750.00 12/31/2009 3.150 11/23/2011 691 05/23/2010
3133XVJS1 1359 Federal Agency Coupon - Callable Fair 399,414.00 2.500 397,376.00 12/31/2009 • 2.500 02/19/2010 49 02/19/2010 '
3133XVKM2 1361 Federal Agency Coupon - Callable Fair 1,500,000.00 2.000 1,495,785.00 12/31 /2009 2.000 02/10/2010 40 02/10/2010
3133XVP88 1362 Federal Agency Coupon - Callable Fair 3,000,000.00 3.125 2,981,250.00 12/31/2009 . 3.125 02/26/2010 56 • 02/24/2010
3133XUVE0 1370 Federal Agency Coupon - Callable Fair 1,970,000.00 1.590 1,968,148.20 12/31/2009 1.590 04/05/2012 825 01/05/2010
3133XVYZ8 1375 Federal Agency Coupon - Callable Fair 1,500,000.00 1.750 1,476,090.00 12/31/2009 1.750 12/17/2012 1,081 03/17/2010
Subtotal and Average 11,869,414.00 11,861,934.20 2.353 479
Federal Home Loan Mortgage Co.
3128X8WY4 1366 Federal Agency Coupon - Callable Fair 1,000,000.00 3.050 1,001,030.00. 12/31/2009 3.050 04/22/2014 1,572 01/22/2010
3128X8YT3 1368 Federal Agency Coupon - Callable Fair 1,000,000.00 3.000 1,002,220.00 12/31/2009 • 3.000 04/30/2014 1,580 01/30/2010
3128X9MC1 1369 Federal Agency Coupon - Callable Fair 440,000.00 3.250 437,179.60 12/31/2009 3.250 02/25/2010 55 02/25/2010
3133F4GU9 1371 Federal Agency Coupon - Callable Fair 499,401.81 1.000 , 497,750.00 12/31/2009 1.140 10/15/2012 1,018 10/15/2010
' Subtotal and Average 2,939,401.81 2,938,179.60 2.738 1,253
Federal Nat'l Mtg. Assoc:
3136FHQ24 1354 Federal Agency Coupon - Callable Fair 1,000,000.00 3.000 1,000,310.00 12/31/2009 3.000 01/08/2010 7
Subtotal and Average 1,000,000.00 1,000,310.00 3.000 7
State of Washington L.G.I.P.
SYS1050 1050 Local Government Investment Pool Amort 25,796,076.53 0.334 25,796,076.53 09/30/2009 0.334 1
. Portfolio BOND
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Run Date 03/18/2010 -
11111 DI (PR ymRept 6.42
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• City of Yakim lio
Investments b uer 41)
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Sorted by Fund Page 2
Investment Current Market YTM Redemption Call
CUSIP Investment # Security Type Class Book Value Rate Market Value Date 365 Date Date Collateral
Subtotal and Average 25,796,076.53 25,796,076.53 0.334 1
Total and Average 54,600,504.32 54,563,360.33 1.400 273
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Portfolio BOND
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• Report Ver. 5.00
// ?, j� City of Yakima
k No , - 4 ,7:.,' E 7 �. City of Yakima Portfolio 129 North Second Street
F ` Yakima, WA 98901
a ) A ctivity Report
\> ;� og ± / (509)576 -6639
4�� ,b Sorted By Issuer
° `" T6 -_-- October 1, 2009 - December 31, 2009
• Par Value Par Value
Percent Beginning Current Transaction Purchases or Redemptions or Ending
CUSIP Investment # Issuer of Portfolio Balance Rate Date Deposits Withdrawals Balance
Issuer: Federal Farm Credit Bank
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Federal Agency Coupon - Callable .
31331GWS4 1350 Federal Farm Credit Bank 1.590 11/06/2009 0.00 • 2,000,000.00
31331GZ77 1356 Federal Farm Credit Bank 2.000 10/22/2009 • 5,000,000.00 0.00
31331G3C1 1363 Federal Farm Credit Bank 2.000 11/16/2009 4,000,000.00 0.00
31331GDF3 1365 Federal Farm Credit Bank 4.250 10/15/2009 1,000,000.00 0.00
31331G4J5 1372 Federal Farm Credit Bank 2.300 12/03/2009 2,000,000.00 0.00
31331G4H9 1374 Federal Farm Credit Bank 1.820 12/03/2009 1,000,000.00 0.00
Subtotal and Balance 3,000,000.00 13,000,000.00 2,000,000.00 14,000,000.00
Issuer Subtotal 25.638% 3,000,000.00 13,000,000.00 2,000,000.00 • 14,000,000.00
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Issuer: Federal Home Loan Bank
Federal Agency Coupon Securities
3133XV6Z9 1358 Federal Home Loan Bank 1.700 10/23/2009 1,500,000.00 0.00
Subtotal and Balance 0.00 1,500,000.00 0.00 1,500,000.00
Federal Agency Coupon - Callable
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3133XSBV9 1334 Federal Home Loan Bank 4.300. 10/07/2009 0.00 1,000,000.00 •
3133XSC89 1335 Federal Home Loan Bank 3.375 10/06/2009 0.00 2,000,000.00
3133XSGS1 1339 Federal Home Loan Bank 3.750 10/27/2009 0.00 1,000,000.00
3133XVJS1 1359 Federal Home Loan Bank 2.500 11/19/2009 400,000.00 0.00
3133XVKM2 1361 Federal Home Loan Bank . 2.000 11/10/2009 1,500,000.00 . 0.00
3133XVP88 1362 Federal Home Loan Bank 3.125 11/24/2009 3,000,000.00 0.00
• 3133XUVE0 1370 , Federal Home Loan Bank 1.590 11/16/2009 1,970,000.00 0.00
3133XVYZ8• 1375 Federal Home Loan Bank 1.750 12/17/2009 1,500,000.00 0.00
Subtotal and Balance 6,000,000.00 8,370,000.00 4,000,000.00 10,370,000.00
Issuer Subtotal 21.738% 6,000,000.00 9,870,000.00 4,000,000.00 11,870,000.00
Issuer: Federal Home Loan Mortgage Co. .
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Run Date 03/18/2010 - 09:00 DA (PRF_D SymRept 6. 42
11111 .
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. City of Yakim Iio
. Activity Rc� Page 2
October 1, 2009 - December 31, 2009
Par Value Par Value
Percent . Beginning Current Transaction Purchases or Redemptions or Ending
• CUSIP Investment # Issuer of Portfolio . • Balance Rate Date Deposits • Withdrawals Balance •
• Issuer: Federal Home Loan Mortgage Co. •
Federal Agency Coupon - Callable
3128X8XP2 1347 • Federal Home Loan Mortgage Co. 2.100 10/27/2009 .0 -00 : 2,000,000.00 .
• 3128X8WY4 1366 Federal Home Loan Mortgage Co. 3.050 10/22/2009 1,000,000.00 0.00
. 3128X8YT3 • 1368 - Federal Home Loan Mortgage Co. • 3.000 10/30/2009 1,000,000.00 • 0.00
3128X9MC1 1369 Federal Home Loan Mortgage Co. • 3.250 11/25/2009 440,000.00 • 0.00
3133F4GU9 1371 Federal Home Loan Mortgage Co. . 1.000 11/16/2009 500,000.00 0.00.
Subtotal and Balance 4,000,000.00 2,940,000.00 2,000,000.00 . 4,940,000.00 •
Issuer Subtotal 9.047% 4,000,000.00 • 2,940,000.00 2,000,000.00 4,940,000.00 -
Issuer:- Federal Nat'I Mtg. Assoc. • •
Federal Agency Coupon - Callable .
3136FHQU2 _1349 • Federal Nat'l Mtg. Assoc. 1.750 • 11/18/2009 0.00 2,000,000.00 .
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3136FHG41 1352 Federal Nat'I Mtg. Assoc. 3.050 10/02/2009 0.00 1,000,000.00
3136FHK46 1353 Federal Nat'I Mtg. Assoc. • 4.150 10/08/2009 • - 0.00 1,000,000.00 _ •
• Subtotal and Balance 5,000,000.00 • 0.00 4,000,000.00 • 1,000,000.00
Issuer Subtotal 1.831% • 5,000,000.00 0.00 4,000,000.00 • 1,000,000.00
Issuer: UTGO's
Municipal Bonds .
378892PY •. 1282 UTGO's 4.700 12/01/2009 0.00 500,000.00
. Subtotal and Balance 500,000.00 • 0.00 500,000.00 • 0.00
Issuer 'Subtotal 0.000% 500,000.00 0.00 • 500,000.00 0.00
Issuer: State of Washington L.G.I.P.
Local Government Investment Pool •
SYS1050 1050 State of Washington L.G.I.P. 0:210 • 3,030,704.45 • • 17,000,000.00 .
Subtotal and Balance 39,765,372.08 3,030,704.45 17,000,000.00 I 25,796,076.53 .
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Issuer Subtotal 47.240% 39,765,372.08 3,030,704.45 17,000,000.00 25,796,076.53 •
Total 100.000% 58,265,372.08 28,840,704.45 • •29,500,000.00 57,606,076.53
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Run Date: 03/18/2010 - 09:00 - DA (PRF_DA) SymRept 6.42
Report Ver. 5.00
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CITY OF YAKIMA -
Schedule of General Obligation
and Revenue Bond Activity
For the Period 10/1/09 through 12/31/09
GENERAL OBLIGATION BONDS
Original 9/30/09 Principal
Fund Date Issued Description Outstanding Final Payment Balance Redeemed Amount Issued 12/31/09 Balance
272 2002 PFD Convention Center I - unrefunded $ 1,280,000 06/01/12 $675,000 $0 $0 $675,000
283 6/17/2003 Series 13 Law and Justice - 1994 refunded $ 4,155,000 12/01/13 $2,360,000 $450,000 $0 $1,910,000
284- 9/7/2004 Fire - 1995 Refunded $ 2,300,000 12/01/14 $1,545,000 $215,000 $0 $1,330,000
281 12/1/2005 Parks and Recreation $ 755,000 02/01/15 $560,000 $70,000 $0 $490,000.
281 5/8/2007 River Road $ 1,765,000 05/01/17 $1,470,000 $0 $0 $1,470,000
272 8/28/09 Series A PFD Capital Theatre Expansion - tax exempt $ 2,055,000 12/01/18 $2,055,000 $175,000 $0 $1,880.000
287 9/1/2004 PFD Convention Center 11 - 1996 refunded $ 4,175,000 11/01/19 $3,720,000 $300,000 $0 $3,420,000
281 8/28/2008 Infrastructure Projects $ 2,190,000 12/01/19 $2,145,000 $165,000 $0 $1.980,000
281 8/28/2008 Fire Truck $ 750,000 12/01/21 $750,000 $45,000 $0 $705,000
281 5/8/2007 Fire Station $ 815,000 05/01/22 $735,000 $0 $0 $735,000
281 5/8/2007 Downtown Futures $ 1,490,000 05/01/22 $1,340,000 $0 $0 $1,340,000
281 6/17/2003 Series A Sundome Expansion $ 1,430,528 12/01/23 $1,298,052 $124,240 $0 $1,173,812
272 8/28/09 Series B PFD•Capital Theatre Expansion - BABs, taxable $ 1,755,000 12/01/24 $1,755,000 $0 $0 $1,755,000
272 • 5/8/2007 PFD Convention Center III- 2002 Partial refunded $ 4,910,000 05/01/26 $4,890,000 $0 $0 $4,890,000
272 8/28/09 Series 13 PFD Capital Theatre Expansion - BABs, taxable $ 3,225,000 12/01/32 $3,225,000 $0 $0 $3,225,000
subtotal $ 33,050,528 $28,523,052 $ 1,544,240 $0 $26,978,812
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REVENUE BONDS '
Original 9/30/09 Principal
Fund Date Issued Descri.tion Outstandin • Final Pa ment Balance Redeemed Amount Issued Endin • Balance
493 12/2/2003 Series A Wastewater $ 7,390,000 11/01/14 $4,015,000 $705,000 $0 $3,310,000
484 6/5/2008 Water/Wastewater - 1998 refunded $ 1,516,691 11/01/18 $1,510,000 $485,000 $0 $1,025.000
486 6/5/2008 Water- 1998 refunded $ 1,883,309 11/01/18 $1,875.000 $155,000 $0 $1,720,000
493 12/2/2003 Series B Wastewater $ 10,155,000 11/01/23 $10,155,000 $0 $0 $10,155,000
488 6/5/2008 Wasterwater $ 5,440,000 11/01/27 $5,365,000 $190,000 $0 $5, 175,000
491 9/1/2004 Irrigation $ 5,215,000 09/01/34 $4,695.000 $0 $0 $4,695,000
subtotal $ 31,600,000 $27,615,000 $1,535,000 $0 $26.080,000
Grand Total $ 64,650,528 $56,138.052 $3,079,240 $0 $53,058,8121
jcl 0 DebtService As 0
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LID CASH BALANCES LID BONDS AND NOTES PAYABLE
As Of Quarter Ending December 31, 2009 As Of Quarter Ending December 31, 2009
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LID Current LID Original LID Bond/Note Amount New LID LID Bond/Note Invested By
District District Bond Beginning Quarter Bonds/Notes Districts Ending Quarter
No. Cash Balance Assessment Balance Paid Added Balance
1055 - 7,106.02 182,759.24 4,500.00 4,500.00 0.00 0.00 Equipment Rental
1056 600.40 218,481.02 125,400.00 36,400.00 0.00 89,000.00 E.uipmentRental
1057 1,696.23 179,550.01 100,000.00 17,500.00 0.00 82,500.00 Equipment Rental
1058 5,857.54 160,868.69 104,700.00 19,700.00 0.00 85,000.00 Equipment Rental
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Totals $1,048.15 $784,410.91 $334,600.00 $78,100.00 $0.00 $256,500.00
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City of,Yakima
LID WARRANTS PAYABLE(
AS OF QUARTER ENDING DECEMBER 31, 2009
Balance Amount Amount
Account Number Previous Quarter Issued Redeemed Balance
21101.059 $5,408.56 $0.00 $5,408.56 $0.00
Englewood Terrace
21101.060 $234,208.30 $150,128.05 $0.00 $384,336.35
85th and Kale
21101.061 $478,373.43 $19,354.47 $0.00 $497,727.90
Simpson Lane
Total Warrants Payable $717,990.29 $169,482.52 $5,408.56 $882,064.25
(1) Costs to LID in progress for which final assessment has not been confirmed.
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• City of Yakima
. LID BONDS / NOTES PAYABLE
vs.
LID GUARANTY FUND
AS OF QUARTER ENDING DECEMBER 31, 2009
Outstanding Bonds and Notes Payable $256,500.00
10% of Outstanding Balance $25,650.00
Guaranty Fund -221 $79,802.87
10% of Outstanding LID's Bonds and Notes Payable ($25,650.00)
• Amount above (below) statutory minimum $54 152.87
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