HomeMy WebLinkAbout11/17/2009 11A 3rd Quarter 2009 Treasury Report BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT „
• Item No. II
For Meeting of 11-17-2009
ITEM TITLE: - 3rd Quarter 2009 Treasury Report
SUBMITTED BY: Finance Department
411
CONTACT PERSON/TELEPHONE:. Rita DeBord, Finance Director / 575-60710
• Jon Lorberau, Treasury Services Officer / 575-6024
SUMMARY EXPLANATION:
The Treasury Report for the third Quarter of 2009 consists of the following: (
• Investment Portfolio - Summary by General Type
• Investment Portfolio -Detail of Investments by Issuer (
• Invesiment Portfolio - Activity Report /Purchases and Calls/Maturities
• Bank Cash Balance Report
• City of Yakima - Schedule of Outstanding General Obligation & Revenue Bonds
• LID Cash Balances, & LID Bonds & Notes,Payable
• LID Warrants Payable
• LID Bonds/ Notes Payable vs. LID Guaranty Fund
(1) Refer to page(s) 3 & 4 for a description of Treasurer's Reports.
(2) Refer to page(s) 3 & 4 for a description of Treasurer's Reports.
• Economic Overview:
During the first three quarters of 2009 the national economy continued to heal slowly. The
October employment report showed a somber lost of -190,000 additional jobs which raised the
official unemployment rate to 10.2%. While a lagging indicator, job growth is all important to
long term financial health: To Put . this number in perspective, due to immigration and new
entries into the work force, +125,000 to +150,000 jobs need to be created each month in order
• for US employment to be neutral.
Continued...
Resolution Ordinance Other (Specify) Report
Contract , Mail to (name and address):
Phone:
Funding Source
APPROVED FOR SUBMITTAL:
City Manager
STAFF RECOMMENDATION: Accept Report.
BOARD/COMMISSION RECOMMENDATION: N/A
70UNCIL ACTION: •
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Government stimulus spending seems to have been the main economic prop so far in 2009 at a
long term cost From January to October 2009; Federal government initiatives have increased
the US deficit by $1.4 Trillion. This cash, along with consumer savings, shifted into the
financial markets, creating a sharp rally in stocks and bonds throughout the first three quarters
of 2009.
The coming 4th quarter will be a real test of any recovery effort. People are staying home,
paying down debt, and increasing their savings instead of buying goods and services.
Business defaults have increased, the commercial and residential markets continue to suffer,
and over 460 Banks on FDIC's problem list are trying to avoid joining the 120 banks closed by • ,
the FDIC so far this year
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The national economic health picture has specific impacts to the City, of Yakima. Consumer
entrenchment has already shown up as declines in the City's sales tax revenues and•the
government's historical reduction in Fed Funds to 0% to .25% has steadily reduced the yields
on every type of investment in the City's investment portfolio.
The City's Investment Portfolio
The City invesLinent activities are governed by the City of Yakima's Investment Policy, as
revised 3/24/09.
• While some would suggest a V-shaped recovery is underway, we have a more cautious view: .„
without strong consumer and continued federal spending during the important 4th quarter
retail sales season and into 2010, the slow US economic recovery could continue well into'2010.
Risk/ Reward Considerations
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The Fed seems to be committed to keeping interest rates low in the near term to protect the
economy. The issue facing all investment Managers is that once the Fed .raises rates all
existing bond investments will suffer from market price drops and sub-market returns.
To be clear, the City can earn higher interest income only by investing its cash for longer
periods of time. If it 'does, the Portfolio runs the risk of being locked into those yields as •
current market rates rise, which decreases the market value of those holdings and reduces
future earnings potential.
While most believe that the US government will not raise rates until late 2010 or beyond, it is
very probable that they could raise rates as early as 1st Quarter of 2010. The Chairman of the -
FOMC was quoted on October 9th, 2009 saying the Fed is ready to tighten (raise rates)
monetary policy when the economy improves - that day, yields on•US Treasury 2 year notes
rose from .88% to .99% .
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• Market professionals have a way to invest in the probability of when the Fed might act - right
now, March 2010 Fed Fund Futures are implying a 10%-33% chance that the Fed will raise
rates by then. . •
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Snapshot of the Portfolio - 9/30/09 •
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 City's current investment strategy is to stay predominately liquid by limiting the amount
of its term investments in bonds. In previous quarters, the City targeted about 60% of its
portfolio in the Liquidity Portfolio/overnight funds, to both insure that there were adequate
funds to meet continuing cash-flow needs and funds were available for any unexpected
expenditures.
Being conservative does have a cost: the City's portfolio yield has steadily declined during
2009 as market yields declined throughout all maturity sectors and security types. For this
reason, the City will look to invest up to 505-55% of its cash in securities with an average
Investment Portfolio stated maturity of 2.5 years.
The underlying reason for the decline in the City's Investment Portfolio yield is attributable to
the decline in all investment yields since the FOMC lowered the overnight target rate on Fed
Funds to 0.00% to .25% on December 16th, 2008:
o The decline in yield on the City's biggest holding - the Liquidity portfolio. .
• 2.39% at 9/30/-08,
• 1.03% at 3/31/09,
• .42% at 9/30/09.
o A decline in yield of the longer maturity Security portfolio.
• 4.01% at 9/30/08
• 3.54% at 3/31/09
• 2.913% at 9/30/09
The effective yield - Oil the City'S POrtfoliO 9/30/2009was 1.23%.
The Liquidity Portfolio is invested predominately with the State of Washington Investment
Pool arid was 68.3% of the total portfolio as of 9/ 30/09.
The Security Portfolio is comprised of securities that are held with a third party custodian and
is comprised of mostly US Government Agency callable securities ($18rnni or 30.9% of total
investments), $499,746 in one Municipal Bond (.8% of total portfolio) which matures in
December, 2009, and a legacy $14,000 investment in a FNMA MBS security.
4th Quarter 2009
The City will look to maintain an Investaient Portfolio with a mix of 45-50% in a Liquidity .
Portfolio and 50%-55% in its Securities Portfolio.
he target Portfolio percentage:45-50% for the Liquidity portfolio for 4th Quarter is slightly less
than that was used for-previous quarters but still sufficient tOlund anticipated early-2010
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construction projects, provide an adequate cash cushion for the rest of 2009 and into 2010, and
for fiscal surprises.
The Security Portfolio will continue to use 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 as well as higher current interest income. (3) Any of the City's securities
could be sold immediately, at market prices, for cash if the need arose.
The City is not invested 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 niuch higher price and demand volatility. The City has not purchased these types of instruments.
The City holds securities issued by US government-backed entities such as the Federal Home
Loan Bank ("FHLB"), Freddie Mac ("FHLMC"), Fannie Mae ("FNMA"), Farm Credit
("FCCB"), municipal securities, and other Government Sponsored or controlled Enterprises.
While the public stock of many of these entities' are currently suffering, they do have lines of
credit, investment and support of the US Treasury. The City's risk of loss due 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.
• Report of Cash Balances
This report is a listing of the balances in each of the City's major Bank Accounts.
• 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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• City of Y, ,na• Portfolio - • . • City of Yakirna
. :Lc., North Second Street
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Sunimary by Type Yakima, WA 98901
(509)576-6639
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September 30, 2009
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' • Number of Par • % of Average Average Days
Security Type ' • Investments Value ..Book Value Portfolio vim 365 ., to Maturity
Local Government investment Pool 1 39,765,372.08 ' 39,765,372.08 68.25 0.420 • • 1
Federal Agency Coupon - Callable 14 . - 18,000,000.00 ' 18,000,000.00 30.89 2.913 1,021
Municipal Bonds 1 500,000.00 499,745.49 0.86 r 5.032 61
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Total and Average 16 58,265,372.08 58,265,117.57 100.00 1.230 ' . 317
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Run Date: 10/15,2009 - 1435 . . , . • .
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, City of Yakima
■=1' V.,_i.j i ' . °It '' . City of Yakima' Portfolio
. 129 North Second Street
Investments by Issuer - ; . Yakima, WA 98901
... \ 1 1 0 0 , ....•-,.-= : ',;
Active Investments . (509)576-8639
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Investment Current - . . 'Market YTM Redemption Days To Call
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CUSIP Investment # Security Type , ,
Class ,* - Book Value Rate Market Value Date , 365 Date Maturity Date Collateral
Federal Farm Credit Bank ' .
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31331GDF3 1 337 Federal Agency Coupon - Callable Fair . ' 1,000,000.00 4,250 1,030,940.00 09/30/2009 4.250 10/15/2009 14 10/15/2009
31331GWS4 1350 Federal Agency Coupon - Callable Fair 2,000,000.00 1.590 2,000,620.00 09/30/2009 1.590 11/28/2011 788
Subtotal and Average 3,000,000.00 3,031,560.00 2.477 2 530 . .'
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Federal Home Loan Bank
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3133XSGS1 1339 Federal Agency Coupon - Callable Fair 1,000,000.00 3.750 1,002,196.00 09/30/2009 3.750 10/27/2011 756 10/27/2009
3133XPRE6 1318 . Federal Agency Coupon - Callable . Fair 1,000,000.00 3.100 . 1,023,130.00 09/30/2009 3.100 08/25/2010 328
3133XSBV9 1334 Federal Agency Coupon - Callable Fair 1,000,000.00 4.300 1,000,630.00 09/30/2009 4.300 10/07/2009 6 10/07/2009
3133XSC89 "1335 Federal Agency Coupon - Callable Fair 2,000,000.00 3.375 ' 2,000,620.00 09/30/2009 3.375 10/06/2009 5 10/06/2009 •
3133X5N95 1342 Federal Agency Coupon - Callable Fair 1,000,000.00 3.150 , 1,029,690.00 09/30/2009 3.150 11/23/2011' . 783 05/23/2010 .
. Subtotal and Average 6,000,000.00 6,056,260.00 3.508 313
Federal Home Loan Mortgage Co.
3128X8WY4 1346 Federal Agency Coupon - Callable Fair 1,000,000.00 3.050 1,001,550.00 09/30/2009 3.050 10/22/2009 21 10/22/2009
3128X8XP2 1347 Federal Agency Coupon - Callable Fair 2,000,000.00 2.100 2,002,220.00 09/30/2009 2.100 07/27/2012 1,030 10/27/2009 '
3128X8YT3 1348 Federal Agency Coupon - Callable Fair 1,000,000.00 3.000 ' 1,002,200.00 09/30/2009 3.000 10/30/2009 29 10/30/2009'
. Subtotal and Average 4,000,000.00 4,005,970.00 2.563 527 '
Federal Nat'l Mtg. . .
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Assoc. ‚
3136FHQU2 1349 Federal Agency Coupon -Callable Fair 2,000,000.00 1.750 2,003,760.00 09/30/2009 1.750 11/18/2011 778 .
3136FHG41 1352 Federal Agency Coupon - Callable Fair 1,000,000.00 3.050 1,000,000.00 09/30/2009 3.050 10/02/2009 1 10/02/2009
3136FHK46 1353 Federal Agency Coupon - Callable Fair 1,000,000.00 4.150 1,000,000.00 09/30/2009 4.150 10/08/2009 7 10/08/2009
3136FHQ24 1354 Federal Agency Coupon - Callable Fair 1,000,000.00 3.000 1,007,500.00 09/30/2009 3.000 07/08/2013 1,376 10/08/2009
Subtotal and Average 5,000,000.00 5,011,260.00 2.740 588
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UTGO's
378892PY 1282 Municipal Bonds , Fair 499,745.49 4.700 502,470.00 03/31/2009 5.032 12/01/2009 61
Subtotal'and Average 499,745.49 502,470.00 5.032 61
State of Washington L.G.I.P.
SYS1050 1050 Local Government nt Pool Amort 39,765,372.08 0.420 39,765,372.08 09/30/2009 0.420 1
Portfolio BOND
AP
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Run Date: 10/1' 7:24 1 .
.F_DI) SyrnRept 6 42
Report Ver. 5.00
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City o' ia.Portfolio
Invet by Issuer
Sorted by Fund Page 2
Investment Current Market VTM Redemption Cali
CUSIP Investment # Security Type Class Book Value Rate Market Value Date 365 Date Date Collateral
Subtotal and Average 39,765,372.08 39,765,372.08 0.420. 1
Total and Average 58,265,117.57 58,372,892.08 1.230 147
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Portfolio BOND
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Run Date: 10/15/2009 - 14:24 DI (PRF_Di} SymRept 6.42
Report Ver. 5.00
City of Yakima
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-14/1 City of Yakima Portfolio 129 North Second Street
11114 Activity Report Yakima, WA 98901
'X•tkA.:•''''' ...i.+.4';•". (509)576-6639
Sorted By Issuer
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. . 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
Federal Agency Coupon - Callable
Subtotal and Balance 3,000,000.00 3,000,000.00
Issuer Subtotal 5.149% ' 3,000,000.00 . 0.00 . 0.00 3,000,000.00
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Issuer: Federal Home Loan Bank
Federal Agency Coupon - Callable i *
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3133XPW75 1319 Federal Home Loan Bank , 3.000 08/25/2009 0.00 • 250,000.00
3133XTH41 1344 Federal Home Loan Bank 2.250 09/23/2009 0.00 ' 2,000,000.00
Subtotal and Balance 8,250,000.00 0.00 , 2,250,000.00 6,000,000.00
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Issuer Subtotal 10198% 8,250,000.00 0.00 - - 2,250 000.00 6,000,000.00
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Issuer: Federal Home Loan Mortgage Co. , . .
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Federal Agency Coupon - Callable
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Subtotal and Balance 4,000,000.00 , 4,000,000.00
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Issuer Subtotal 6.865% ' 4,000,000.00 ' 0.00 , 0.00 4,000,000.00
Issuer: Federal Nat'l Mtg. Assoc. • '
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Federal Agency Coupon - Callable . . .
31398ASQ6 1340 Federal Nati Mtg, Assoc: , 4:000 07/07/2009' 0.00 1,000,000.00
3136FHJ97 1351 ,Federal Nat'l Mtg. Assoc. ' 2.250 09/29/2009 . 0.00 1,000,000.00
3136FHG41 1352 Federal Nat'I Mtg. Assoc. ' 3.050 07/02/2009 1,000,000.00 0.00
3136FHK46 1353 Federal Narl Mtg. Assoc. ' 4.150 07/08/2009 1,000,000.00 .
0.00
3136FHQ24 1354 Federal Nat'I Mtg. Assoc. : 3.000 07/08/2009 1,000,000.00 0.00
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Subtotal and Balance . . 4,000,000.00 . 3,000,000.00 2,00.0,000.00 5,000,000.00
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. Issuer Subtotal 8.581% 4,000,000.00 . 3,000,000.00 2,005,000.00 5,000,000.00
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'F_DA) SymRept 6.42
Run Date: 115' 18:59 ' '
. t Report Ver 5 DO t
City r 'na Portfolio
• Report Page 2
July 1, 200t - oeptember 30, 2009
Par Value Par Value
Percent Beginning Current Transaction Purchases or Redemptions or Ending
CUSIP Investment # Issuer of Portfollo Balance Rate Date Deposits Withdrawals Balance
- Issuer: UTGO's
Municipal Bonds
Subtotal and Balance 500,000.00 500,000.00
Issuer Subtotal 0.858% 500,000.00 0.00 0.00 500,000.00
Issuer: State of Washington L.G.I.P.
Local Government Investment Pool
SYS1050 1050 State of Washington L.G.LP 0.420 17,255,760,02 5,029,867.73
Subtotal and Balance 27,539,479.79 17,255,760.02 5,029,867.73 39,765,372.08
Issuer Subtotal 68.249% 27,539,479.79 17,255,760.02 5,029,867.73 39,765,372.08
Total 100.000% 47,289,479.79 20,255,760.02 9,279,867.73 58,265,372.08
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Run Dale: 11/03/2099 - 16:59 DA (PRF DA)'SymRepl 6.42
Report Ver. 5.00
CITY OF YAKIMA
BANK CASH BALANCE REPORT
September 30th, 2009
BANK BALANCE OUTSTANDING WARRANTS
Key Bank 419,361.88 0.00
Bank of New York (Fiscal Agent)(1) 0.00 0.00
U.S. Bank (Housing loan repayments) 579,763.37 0.00
Bank of America (Housing Rehab) 63,668.33 0.00
Yakima Federal Savings and Loan Association (Housing) 163,718.47 0.00
Bank of America (Claims Control) 1,207,178.47 (1,207,178.47)
U. S. Bank (Payroll Control) 9,208.18 (9,208.18)
Inmate Trust - Key Bank 10,093.42 0.00
Inmate Welfare - Key Bank 11,881.90 r. .10
Municipal Court - Key Bank 157,141.35
Petty Cash (2) 3,475.00 0.00
Police - Special Investigations(2) 7,500.00 0.00
Change Funds (3) 3,780.00 - 0.00
Travel Advance 4,800.00 0.00
Total Cash On Hand and
In Bank Accounts 6130109 $2,641,570.37 ($1,216,386.65)
1 Balance is zero as all coupons and principal has been paid to bond holders. .
2 Represents impressed amounts. Cash on hand plus receipts for paid items equals this amount per Resolution R2008-32
3 Change for customers established by Resolution R2008-32
qtr cash bal/tab
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CITY OF YAKIMA
SCHEDULE OF GENERAL OBLIGATION •
. • AND REVENUE BOND ACTIVITY
For the Period 07/01/2009 through 09/30/2009
PREVIOUS AMOUNT AMOUNT ENDING
FUND DESCRIPTION BALANCE REDEEMED ISSUED BALANCE
GENERAL OBLIGATION BONDS
272 PFD CONVENTION CENTER - unrefunded $675,000 $0 $0 $675,000
272 PFD CONVENTION CENTER - refunded . 4,890,000 0 0 4,890,000
272 PFDCAPITOL 11-1EATRE 0 . .0 7,035,000 7,035,000
281 PARKS AND RECREATION 560,000 0 0 560,000
281 FIRE/DOWNTOWN/RIVER ROAD 3,545,000 0 0 3,545,000
281 2008 LTGO INFRASTRUCTURE/FIRE TRUCK 2,895,000 0 0 2,895,000
283 LAW & JUSTICE/I-82 Refunded 2,360,000 ' 0 0 2,360,000
284 FIRE - refunded 1,5;15,000 0 • 0 1,545,000
287 CONVENTION CENTER - refunded 3,720,000 0 0 3,720,000
• 281 SUNDOMIE EXPANSION 1,298,052 . 0 0 1,298,052
SUB-TOTAL 21,488,052 0 7,035,000 - 28,523,052
••• • REVENUE BONDS
484 WATER/WASTEWATER - refunded 1,510,000 0 0 1,510,000
486 WATER - refunded 1,875,000 0 0. 1,875,000
488 WASTEWATER 5,365,000 0 0 5,365,000
491 IRRIGATION 4,805,000 110,000 0 4,695,000
493 WASTEWATER 14,170,000 0 0 14,170,000
SUB-TOTAL 27,725,000 110,000 0 27,615,000
GRAND TOTAL
$49,213,052 $110,000 $7,035,000 $56,138,052
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erp 11/5/2009 2:56 PM
LID CASH BALANCES LID BONDS AND NOTES PAYABLE
As Of Quarter Ending September 30, 2009 As Of Quarter Ending September 30, 2(109
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. -2,203.12 182,759!24 4,500.00 0.00 0.00 4,500.00 Equipment Rental
1056 - 30,724.77 2t8 ,481J02 125,400.00 0.00 0.00 125,400.00 Equipment Rental
1057 20,731.44 179,550:01 100,000.00 0.00 0.00 100,000.00 Equipment Rental
1058 32,552.37 160,868.'69 104,700.00 0.00 0.00 104,700.00 Equipment Rental
Totals $81,805.46 $784,410.,91 $334,600.00 $0.00 $0.00 $334,600.00
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City of Yakima
• LID WARRANTS PAYABLE'
AS OF QUARTER EN SEPTEMBER 30, 2009
Balance Amount Amount
Account Number Previous Quarter Issued Redeemed Balance
21101.059 $5,408.56 $0.00 $0.00 $5,408.56
Englewood Terrace
21101.060 • $229,283.80 $4,924.50 $234,208.30
85th and Kale
21101.061 $459,179.69 $19,193.74 $478,373.43
Simpson Lane
Total Warrants Payable $693,872.05 $24,118.24 $0.00 • $717,990.29
(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 SEPTEMBER 30, 2009
Outstanding Bonds and Notes Payable $334,600.00
10% of Outstanding Balance $33,460.00
Guaranty Fund-221 $79,802.87
10% of Outstanding LID's Bonds and Notes Payable ($33,460.00)
Amount above (below) statutory minimum $46,342.87
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