HomeMy WebLinkAbout08/19/2008 13 2nd Quarter 2008 Treasury Report BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. l3
For Meeting Of 8 -19 -2008
ITEM TITLE: 2nd Quarter 2008 Treasury Report
SUBMITTED BY: Finance Department
CONTACT PERSON /TELEPHONE: Rita DeBord, Finance Director / 575 -6070
Timothy Jensen, Treasury Services Officer / 575 -607
SUMMARY EXPLANATION:
The Treasury Report for the 2nd Quarter of 2008 consists of the following: (
• Portfolio Summary
• Schedule(s) of Investment Inventory by Maturity and first call date (
• Sales /Calls Report (including State Pool)
• Maturities Report
• Purchases Report (including State Pool)
• Schedules of General Obligation & Revenue Bonds Payable
• LID Cash Balances, & LID Bonds & Notes Payable
• LID Warrants Payable
• LID Bonds /Notes Payable vs. LID Guaranty Fund
• Warrant Activity for Claims (Accounts Payable) & Payroll Clearing Funds
• Report of Cash Balances
(1) Schedules of investments by fund are available in the Finance Department.
(2) Refer to page(s) 3 & 4 for a description of Treasurer's Reports.
Economic Overview:
At their August 5th- 2008 regular policy meeting, the Federal Open Market Committee
(FOMC) left the targeted FED Funds rate unchanged at 2.00 %. This posture was anticipated
by the market almost unanimously, although there was one dissenting vote on the FOMC. The
market in general, as evidenced by the FED futures curve, doesn't price in a change in interest
rates until at least the January 09 meeting. Even then, the market is almost evenly split about
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
COUNCIL ACTION:
whether the FED's next move on rates will be up or down. On the side of those who think
rates still have to go down, there is sound technical and fundamental economic data that
supports that position. The unemployment rate is getting dangerously close to the 6% mark,
and there have been five consecutive months of increases in this rate - most economists call
this recession. First -time unemployment claims for the week ended August 1St, reported on
the 7th, were 455 thousand, vs. an expected 425 thousand, a four year high. Consumer credit is
exploding, growing by $14.3 billion in July to a new record of $2.59 trillion. More people are
using their credit cards for expenses as home equity lines of credit and re- financing options
vaporize due to the contraction in the housing market, and the tightening of real estate credit.
Consumer confidence remains weak, as evidenced by chain store sales being up only 2.6% in
July, year -over year, down from a revised 4.2% in June. Sales were hurt by weak consumer
confidence as the spending of tax stimulus checks winded down. Preliminary numbers on
GDP remain incipit for the second quarter at 1.9 %, with much of that being contributed by
strong export numbers - contributing 2.4 %. That means that without export activity, the
economy actually contracted by .5% in the second quarter. The national debt will be close to
$10 trillion by the time Council reads this report, and losses so far on sub -prime mortgages
have crossed the $500 billion mark. Many economists predict these losses will exceed $1
trillion before', all of the losses are recognized. This evidence appears to point to recession, and
it seems the chances of an interest rate increase in the near future are remote.
The argument on the side of the interest rate hawks (those who want a rate increase to curb
inflation) were dealt a serious blow this week as most commodities, most notably oil, showed
sharp price declines due to the unwinding of traders positions. Light sweet crude closed on
the 8th at around $115 a barrel, (down from a high of $146), and many base manufacturing
metals, as well as food also showed significant declines. Much of this activity was due to the
stregenthing of the US dollar as foreign economies begin to struggle significantly with their
own recession prospects as evidenced by actions of the ECB (European Central Bank) and the
British Central Bank in declining to increase their interest rates in light of their own economies'
conditions. With chances of inflation seemingly abating for the time being, an interest rate
increase seems to us to be further away.
The Fed has continued its policy of lending from the Discount Window to investment banks as
they struggle to find liquidity. This means investment banks, trying to find cash liquidity to
offset record losses from sub -prime mortgages and related investments, may now borrow cash
directly from the Fed, just like a commercial bank would be allowed to do, at low interest
rates. Some have suggested that this privilege should bring with it new and more stringent
oversight requirements. That issue continues as the SEC, the FED and the Treasury
Department try to work out exactly what those oversights should be. Two Government
Sponsored Agencies, Fannie Mae and Freddie Mac are experiencing financial difficulties as
they recognized billions in losses from sub -prime mortgages. Their publicly traded stocks
have suffered as these losses are recognized. However, investments in their senior debt
appear to be secure as they have unlimited lines of credit with the US Treasury, and Congress
has just passed, and the President signed, legislation further guaranteeing the credit quality of
these fixed income positions. These entities likely will not be allowed to fail as their senior
debt is eligible as collateral for interbank and FED discount window loans. If they were
allowed to fail and their debt was no longer eligible as this collateral, the ramifications to the
US banking system would be serious, further destabilizing the US economy.
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The City's Investment Portfolio:
The City is not invested in any Structured Investment Vehicles (SIV's) at this time, nor will it
be in the future. These types of investments, along with certain asset - backed Commercial
Paper seem to be the epi- center of the sub -prime credit failures. The City has no exposure to
these types of instruments. We do hold bonds and notes drawn on such entities as the Federal
Home Loan Bank, Freddie Mac, Fannie Mae and other Government Sponsored Enterprises.
As mentioned, many of these entities' stock is currently suffering, but they have unlimited
lines of credit with the US Treasury which makes their bonds credit quality tantamount to
Treasuries. We feel the City has virtually no negative exposure to this general credit crisis as it
currently exists.
Funds under management come from a variety of sources including operating and capital
reserves, mandatory debt service reserves, employee benefit and risk management reserves
and bond proceeds until fully expended. Maturities are structured to best meet the cash flow
needs of the investing Fund. The makeup of the Portfolio has been weighted toward liquidity,
with a high cash investment, reflecting the FED's earlier statements that they will not likely
lower interest rates further in the near future. In light of current economic developments we
may look for opportunities to slightly extend the average maturity of the portfolio to take
advantage of current economic and yield curve conditions, and augment interest earnings for
® 2008.
The effective yield on the City's portfolio for the quarter ended 6/30/2008 was 3.87 %, with a
current yield to maturity of 3.186 %. Approximately 60% of the City's $62 million portfolio was
in overnight securities at June 30th, with more than half of that liquidity required to support
expenditures on current projects. The average life of the total portfolio on March 31st was 270
days. Due to the crisis in the credit markets, and the Fed's past easing of credit policy, yields
in 2008 will be significantly lower than 2007. It is a time for caution in the credit markets, and
we anticipate a low interest rate environment, as recessionary indicators persist.
Other Developments:
The City is currently in the process of issuing approximately $3 million in limited tax general
obligation bonds to finance the purchase of a new fire ladder truck, and make various
infrastructure improvements. The bond pricing is currently scheduled for August 20th, with
settlement of the deal on September 3rd., when we will receive the proceeds. A credit rating
review is scheduled with Standard and Poor's on August 14th and that could have a material
effect on the interest rates we will obtain. Because of turmoil in the bond insurance industry
related to sub -prime mortgages and related Collateralized Debt Obligations and Structured
Investment Vehicles, there are only two AAA insurers remaining, and one of them is currently
undergoing a credit review for a possible downgrade. This has significantly impacted the cost
e of insurance and the value realized in the pricing of the bonds. The cost /benefit of purchasing
insurance is negative; therefore we will not insure this bond issue.
•
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Description of Treasurer's Reports
• Portfolio Summary
This report shows investment position totals by category of investment, the
percentage of the portfolio invested and market values.
• Schedule of Investment Inventory by Maturity and Call Date
This report lists all of the City's major investments, with the exception of funds in
the State pool.
• Sales / Calls Report
This report shows sales of positions and callable bonds called in the report
period. This includes State Pool trading activity.
• Maturities Report
This report shows scheduled maturities for the period covered by the report.
• Purchases Report
•
This report shows purchases of all securities during the report period, including
State Pool trading activity.
• 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.
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III 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.
• Warrant Activity for Claims (Accounts Payable) & Payroll Clearing Funds
The City uses warrants in lieu of checks. The warrants are non - negotiable
instruments which represent obligations of the City. Included in this report is a
statement of activity and outstanding balances in the payroll and claims warrant
funds for the reporting period.
• Report of Cash Balances
This report is a listing of the balances at the end of the reporting period in each of
the City's major bank accounts.
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/ Ci ima
' 129 North Secoi Street
(( City of Yakima °Wolin
A„„ - 0);& Portfolio Management Yakima, WA 98901
` » J (509)576 -6639
•
et Portfolio Summary
June 30, 2008
Par Market Book % of Days to YTM
Investments Value Value Value Portfolio Term Maturity
• Local Government Investment Pool ' 37,063,665.96 37,063,665.96 37,063,665.96 60.13 1 1 2.293
Federal Agency Coupon Securities 5,050,000.00 5,089,579.00 5,051,106.63 8.19 447 157 5.061
Federal Agency Coupon - Callable 18,500,000.00 18,588,935.00 18,501,540.45 30.02 1,132 839 4.477
Municipal Bonds 1,020,000.00 1,030,421.18 1,020,827.45 1.66 687 307 2.935
61,633,665.96 61,772,601.14 61,637,140.49 100.00% 388 270 3.186
Investments .
Total Earnings June 30 Month Ending Fiscal Year to Date
Current Year 161,685.84 1,018,234.86
Average Daily Balance 58,900,642.01 52,794,934.76
Effective Rate of Return 3.34% 3.87% •
Note: This worksheet identifies all city investments in the General Ledger except LID Notes of $370,700 , LID warrants of $62,701.13, a pass through note having a balance of $18,814 and a savings
account of $20,000.
Tim Jensen, Treasury Services Officer
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Reporting period 06/01/2008- 06/30/2008 Portfolio BOND
AP
Run Date: 08/12/2008 - 14:28 PM (PRF_PM1) SymRept 6.42
Report Ver. 5.00
/i � , City of Yakima
j; � .., `` rah"
r ' Yakima, WA 98901
Y City of Yakima Portfolio 129 North Second Street
� e�� ,. _, a V Inventor b Maturit Report
ti • (509)576 -6639
:':,,,, m June 30, 2008
S ec. Purchase Book Current • Maturity Maturity Tota Par YTM Days to
CUSIP • Investment # Fund Type Issuer Date Value Rate Date Amount Days Value 360 • 365 Maturity
3133XJUA4 1290 896 FAC Federal Home Loan Bank 06/06/2007 999,959.62 5.250 08/14/2008 1,000,000.00 435 1,000,000.00 5.206 5.278 44
3133XJUA4 1293 896 FAC Federal Home Loan Bank 06/21/2007 999,963.77 5.250 08/14/2008 1,000,000.00 420 1,000,000.00 5.203 5.275 44
3133MGVB9 1313 473 FAC Federal Home Loan Bank 12/14/2007 550,777.21 5.500 08/15/2008 550,000.00 245 .550,000.00 4.246 4.305 45
31359M5T6 1298 141 FAC Federal Nat'I Mtg. Assoc. 09/06/2007 500,238.17 5.125 09/02/2008 500,000.00 362 500,000.00 9.643 9.777 63
0591855B0 1310 513 MUN bALTIMORE UTGO 11/15/2007 522,990.79 6.500 10/15/2008 520,000.00 335 520,000.00 0.927 0.940 106
31359ME7 1265 896 MC1 Federal Nat'I Mtg. Assoc. 01/23/2006 500,000.00 5.000 01/23/2009 500,000.00 1,096 500,000.00 4.932 5.000 206
3133XQVZ2 1322 551 FAC Federal Home Loan Bank 04/28/2008 1,000,000.00 2.520 04/28/2009 1,000,000.00 365 1,000,000.00 2.485 2.520 301
3133XFLG9 1292 896 FAC Federal Home Loan Bank 06/2112007 1,000,167.86 5.250 06/12/2009 1,000,000.00 722 1,000,000.00 5.159 5.230 346
3133XPW75 1319 896 MC1 Federal Home Loan Bank 02/25/2008 1,000,000.00 3.000 08/25/2009 1,000,000.00 547 1,000,000.00 2.959 3.000 420
31398AHQ8 1304 896 MC1 Federal Nat'I Mtg. Assoc. 10/22/2007 1,000,000.00 4.710 10/22/2009 1,000,000.00 731 1,000,000.00 4.645 4.710 478
3133XMTS0 1308 ' 896 MC1 Federal Home Loan Bank 11/05/2007 1,000,000.00 4.500 11/05/2009 1,000,000.00 731 1,000,000.00 4.438 4.500 492
378892PY 1282 125 MUN UTGO's 01/09/2007 497,836.66 4.700 12/01/2009 500,000.00 1,057 500,000.00 4.963 5.032 518
31359M4L4 1295 551 MC1 Federal Nat'I Mtg. Assoc. 07/27/2007 999,373.18 5.250 01/22/2010 1,000,000.00 910 1,000,000.00 5.221 5.293 570
31359M4W0 1289 514 MC1 Federal Nat'I Mtg. Assoc. 06/04/2007 999,226.81 5.330 01/29/2010 1,000,000.00 970 1,000,000.00 5.306 5.380 577
3128X7HZ0 1321 896 MC1 Federal Home Loan 04/28/2008 1,000,000.00 3.050 04/28/2010 1,000,000.00 730 1,000,000.00 3.008 3.050 666
• 3133XR2K5 1323 896 MC1 Federal Home Loan Bank 05/05/2008 1,000,000.00 3.150 05/05/2010 1,000,000.00 730 1,000,000.00 3.107 3.150 673
3133XPRE6 1318 896 MC1 Federal Home Loan Bank 02/25/2008 1,000,000.00 3.100 08/25/2010 1,000,000.00 912 1,000,000.00 3.058 3.100 785
3133XMAY7 1305 896 MC1 Federal Home Loan Bank 10/04/2007 1,002,940.46 5.200 09/10/2010 1,000,000.00 1,072 1,000,000.00 4.983 5.053 801
3133XNME6 1314 896 MC1 Federal Home Loan Bank 12/17/2007 1,000,000.00 4.250 09/17/2010 1,000,000.00 1,005 1,000,000.00 4.194 4.252 808
31398AJK9 . 1307 896 MC1 Federal Nat'I Mtg. Assoc. 11/05/2007 1,000,000.00 4.750 11/05/2010 1,000,000.00 1,096 1,000,000.00 4.685 4.750 857
31331YNL0 1316 896 MC1 Federal Farm Credit Bank 01/18/2008 1,000,000.00 4.200 01/18/2011 1,000,000.00 1,096 1,000,000.00 4.142 4.200 931
31398AQS4 1320 896 MC1 Federal Nat'l Mtg. Assoc. 04/28/2008 1,000,000.00 3.500 04/28/2011 1,000,000.00 1,095 1,000,000.00 3.452 3.500 1,031
3136F7Z8 1275 610 MC1 Federal Nat'l Mtg. Assoc. 09/15/2006 500,000.00 5.400 09/15/2011 500,000.00 1,826 500,000.00 5.326 5.400 1,171
3136F7Z8 1276 515 MC1 Federal Nat'l Mtg. Assoc. 09/15/2006 500,000.00 5.400 09/15/2011 500,000.00 1,826 500,000.00 5.326 5.400 1,171
3133XGWP 1277 896 MC1 Federal Home Loan Bank 09/22/2006 1,000,000.00 5.430 09/22/2011 1,000,000.00 1,826 1,000,000.00 5.356 5.430 1,178
3133XHFM 1278 896 MC1 Federal Home Loan Bank 10/17/2006 1,000,000.00 5.300 10/17/2011 1,000,000.00 1,826 1,000,000.00 5.227 5.300 1,203
3133XMQN4 1306 896 MC1 Federal Home Loan Bank 11/07/2007 1,000,000.00 5.000 11/07/2011 1,000,000.00 1,461 1,000,000.00 4.932 5.000 1,224
3128X6MQ6 1303 896 MC1 Federal Home Loan 10/01/2007 1,000,000.00 5.250 10/01/2012 1,000,000.00 1,827 1,000,000.00 5.178 5.250 1,553
Subtotal and Average 24,573,474.53 24,570,000.00 24,570,000.00 4.471 4.533 676
Net Maturities and Average 24,573,474.53 24,570,000.00 24,570,000.00 4.471 4.533 676
Portfolio BOND
AP
Run Date: 08112/2008 -''
• IM '.SymRept 6.42
port Ver. S.00j
F
fr ��
/( ' � Y �. Sof Yakima 0 -
+i'! , {. City of Yakim Portfolio 129 North Second Street
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-, Inventory b y M a t ur it y R epor t B y Call Date (509)576-6639
� ;e f June 30 2008
Sec. Purchase Book Current Maturity /Call Maturity Total Par YTM/ Days to
CUSIP Investment it Fund Type Issuer Date Value Rate Date Amount Days Value 360 365 Mat. /Call
31359M4L4 1295 551 MC1 Federal Nat'I Mtg. Assoc. 07/27/2007 999,373.18 5.250 07/22/2008C 1,026,250.00 361 • 1,000,000.00 5.281 5.354 21
• 3133XMTS0 1308 896 MC1 Federal Home Loan Bank 11/05/2007 1,000,000.00 4.500 08/05/2008C 1,011,250.00 274 1,000,000.00 4.438 4.500 35 ,
3133XJUA4 1290 896 FAC Federal Home Loan Bank 06/06/2007 999,959.62 5.250 08/14/2008 1,000,000.00 435 1,000,000.00 5.206 5.278 44
3133XJUA4 1293 . 896 FAC Federal Home Loan Bank 06/21/2007 999,963.77 5.250 08/14/2008 1,000,000.00 420 1,000,000.00 5.203 5.275 44
3133MGVB9 1313 473 FAC Federal Home Loan Bank 12/14/2007 550,777.21 5.500 08/15/2008 550,000.00 245 550,000.00 4.246 4.305 45
31359M5T6 1298 141 FAC Federal Nat'I Mtg. Assoc. 09/06/2007 500,238.17 5.125 09/02/2008 500,000.00 362 500,000.00 9.643 9.777 63
3133XMAY7 1305 896 MC1 Federal Home Loan Bank 10/04/2007 1,002,940.46 5.200 09/10/2008C 1,000,000.00 342 1,000,000.00 4.695 4.760 71
3136F7Z8 . 1275 610 MC1 Federal Nat'I Mtg. Assoc. 09/15/2006 500,000.00 5.400 09/15/2008C 500,000.00 731 500,000.00 5.326 5.400 76 •
3136F7Z8 1276 . 515 MC1 Federal Nat'l Mtg. Assoc. 09/15/2006 500,000.00 5.400 09/15/2008C 500,000.00 731 500,000.00 5.326 5,400 76
3133XGWP 1277 896 MC1 Federal Home Loan Bank 09/22/2006 1,000,000.00 5.430 09/22/2008C 1,000,000.00 731 1,000,000.00 5.356 5.430 83
3128X6MQ6 1303 896 MC1 Federal Home Loan 10/01/2007 1,000,000.00 5.250 10/01/2008C 1,000,000.00 366 1,000,000.00 5.178 5.250 92
059185580 1310 513 MUN bALTIMORE UTGO 11/15/2007 522,990.79 6.500 10/15/2008 520,000.00 335 520,000.00 0.927 .0.940 106
• 3133XHFM 1278 896 MC1 Federal Home'Loan Bank 10/17/2006 1,000,000.00 5.300 10/17/20080 1,000,000.00 731 1,000,000.00 5.227 5.300 108
31398AHQ8 1304 896 MC1 Federal Nat'l Mtg. Assoc. 10/22/2007 1,000,000.00 4.710 10/22/2008C 1,000,000.00 366 1,000,000.00 4.645 4.710 113
31398AJK9 1307 896 MC1 Federal Nat'l Mtg. Assoc. 11/05/2007 1,000,000.00 4.750 11/05/2008C 1,000,000.00 366 1,000,000.00 4.685 4.750 127
3133XMQN4 . 1306 896 MC1 Federal Home Loan Bank 11/07/2007 1,000,000.00 5.000 11/07/2008C 1,000,000.00 366 1,000,000.00 4.932 5.000 .. 129
31359ME7 1265 896 MC1 Federal Nat'l Mtg. Assoc. 01/23/2006 500,000.00 5.000 01/23/2009 500,000.00 1,096 , 500,000.00 4.932 5.000 "- 206
3133XQVZ2 1322 551 FAC Federal Home Loan Bank 04/28/2008 1,000,000.00 2.520 04/28/2009 1,000,000.00 365 1,000,000.00 2.485 2.520 301
3133XR2K5 1323 896 MC1 Federal Home Loan Bank 05/05/2008 • 1,000,000.00 . 3.150 05/05/2009C 1,000,000.00 365 1,000,000.00 5.079 5.150 308
3133XFLG9 1292 896 FAC . Federal Home Loan Bank 06/21/2007 1,000,167.86 5.250 06/12/2009 1,000,000.00 722 1,000,000.00 5.159 5.230 346
3133XPW75 1319 896 MC1 Federal Home Loan Bank 02/25/2008 1,000,000.00 3.000 08/25/2009 1,000,000.00 547 1,000,000.00 2.959 • 3.000 420
378892PY 1282 125 MUN UTGO's 01/09/2007 497,836.66 4.700 12/01/2009 500,000.00 1,057 500,000.00 4.963 5.032 , 518
31359M4W0 1289 514 MC1 Federal Nat'I Mtg. Assoc. 06/04/2007 999,226.81 5.330 01/29/2010 1,000,000.00 970 1,000,000.00 5.306 5.380 577
3128X7HZ0 1321 896 MC1 Federal Home Loan 04/28/2008 1,000,000.00 3.050 04/28/2010 1,000,000.00 730 1,000,000.00 3.008 3.050 666
3133XPRE6 1318 896 MC1 Federal Home Loan Bank 02/25/2008 1,000,000.00 3.100 08/25/2010 1,000,000.00 912 1,000,000.00 3.058 3.100 785
3133XNME6 1314 896 MC1 Federal Home Loan Bank 12/17/2007 1,000,000.00 4.250 09/17/2010 1,000,000.00 1,005 1,000,000.00 4.194 4.252 808
31331YNL0 1316 896 MC1 Federal Farm Credit Bank 01/18/2008 .1,000,000.00 4.200 01/18/2011 1,000,000.00 1,096 1,000,000.00 4.142 4.200 931
31398AQS4 1320 896 MC1 Federal Nat'I Mtg. Assoc. 04/28/2008 1,000,000.00 3.500 04/28/2011 1,000,000.00 1,095 1,000,000.00 3.452 3.500 1,031
Subtotal and Average 24,573,474.53 - 24,607,500.00 24,570,000.00 4.542 4.605 308
Net Maturities and Average 24,573,474.53 24,607,500.00 24,570,000.00 4.542 4.605 308
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Portfolio BOND
AP
Run Date: 08/12/2008 - 14:40 IM (PRF_IM) SymRept 6.42
Report Ver. 5.00j
4 . , , t r " \�\ City of Yakima
° ; pi 1 City of Yakima Portfolio 129 N orth Second Street
�, 1 ty
1 Yakima, e *4 4� ' WA 98901
Sales /Call Report (509)576 6639
� Sorted by Maturity Date - Fund
"' April 1, 2008 - June 30, 2008
Issuer Purchasgedem. Date Par Rate at Book Value Redemption Redemption Total
CUSIP Investment # Fund Sec. Type DateMatur. Date Value Redem. at Redem. Principal Interest Amount Net Income
11/07/2008
3133XMVN8 1309 896 FHLB 11/09/2007 05/07/2008 1,000,000.00 4.500 1,000,000.00 1,000,000.00 22,500.00 1,022,500.00 22,500.00
MC1 11/07/2008 Call
Subtotal 1,000,000.00 1,000,000.00 1,000,000.00 22,500.00 1,022,500.00 22,500.00
11/28/2008
3133XNFZ7 1311 896 FHLB 11/28/2007 05/28/2008 1,000,000.00 4.400 1,000,000.00 1,000,000.00 22,000.00 1,022,000.00 22,000.00
MC1 11/28/2008 Call
Subtotal 1,000,000.00 1,000,000.00 1,000,000.00 22,000.00 1,022,000.00 22,000.00
04/17/2009 .
3133XKKBO 1287 896 • FHLB 04/17/2007 04/17/2008 1,000,000.00 5.150 1,000,000.00 1,000,000.00 25,750.00 1,025,750.00 25,750.00
MC1 04/17/2009 Call
••Subtotal 1,000,000.00 1,000,000.00 1,000,000.00 25,750.00 1,025,750.00 25,750.00
06/04/2009
3133XL6D0 1288 896 FHLB 06/04/2007 06/04/2008 1,000,000.00 5.300 1,000,000.00 1,000,000.00 26,500.00 1,026,500.00 26,500.00
MC1 06/04/2009 Call
Subtotal 1,000,000.00 1,000,000.00 1,000,000.00 26,500.00 1,026,500.00 26,500.00 .
01/24/2011 .
3133XP4A9 1317 513 FHLB 01/24/2008 04/24/2008 1,000,000.00 4.000 1,000,000.00. 1,000,000.00 10,000.00 1,010,000.00 10,000.00
MC1 01/24/2011 Sale
Subtotal 1,000,000.00 1,000,000.00 1,000,000.00 10,000.00 1,010,000.00 10,000.00
Managed . Pool Withdrawals Withdrawal Withdrawal Current Withdrawal Withdrawal
. Date Amount Rate Amount ' Amount
SYS1050 1050 896 STOFWA 01/01/2008 04/04/2008 3,500,000.00 2.293 3,500,000.00 3,500,000.00
SYS1050 • 1050 896 STOFWA 01/01/2008 04/08/2008 500,000.00 2.293 500,000.00 500,000.00
SYS1050 1050 896 STOFWA 01/01/2008 04/23/2008 200,000.00 2.293 200,000.00 200,000.00
SYS1050 1050 896 STOFWA 01/01/2008 04/28/2008 1,900,000.00 2.293 1,900,000.00 1,900,000.00
SYS1050 1050 896 STOFWA 01/01/2008 04/29/2008 900,000.00 2.293 900,000.00 900,000.00
SYS1050 1050 896 STOFWA 01/01/2008 05/01/2008 1,000,000.00 2.293 1,000,000.00 1,000,000.00
SYS1050 1050 896 STOFWA 01/01/2008 05/02/2008 250,000.00 2.293 250,000.00 250,000.00
Portfolio BOND
AP
Run Date: 08/12/2008 - 1 SA (PRr 'vmReQt 6.42
rt Ver. 5.00
City of Yakima o
. •
Sales /Call Re . Page 2
April 1, 2008 - June 30, 2008
Issuer PurchasSedem. Date Par Rate at Book Value Redemption • Redemption Total
CUSIP Investment # Fund Sec. Type DateMatur. Date Value Redem. at Redem. Principal Interest Amount Net Income
Managed Pool Withdrawals Withdrawal Withdrawal Current Withdrawal Withdrawal
Date Amount Rate Amount Amount
SYS1050 1050 896 STOFWA 01/01/2008 05/05/2008 750,000.00 2.293 750,000.00 750,000.00
SYS1050 1050 896 STOFWA 01/01/2008 05/06/2008 2,850,000.00 2.293 2,850,000.00 2,850,000.00
SYS1050 1050 896 STOFWA 01/01/2008 05/08/2008 100,000.00 2.293 100,000.00 100,000.00
SYS1050 1050 896 STOFWA 01/01/2008 05/19/2008 100,000.00 2.293 100,000.00 100,000.00
SYS1050 1050 896 STOFWA 01/01/2008 05/23 /2008 200,000.00 2.293 200,000.00 200,000.00
SYS1050 1050 896 STOFWA 01/01/2008 06/02/2008 650,000.00 2.293 650,000.00 650,000.00
SYS1050 1050 896 STOFWA 01/01/2008 06/05/2008 5,501,700.71 2.293 5,501,700.71 5,501,700.71
SYS1050 1050 896 STOFWA 01/01/2008 06/06/2008 2,900,000.00 2.293 2,900,000.00 2,900,000.00
SYS1050 • 1050 896 STOFWA 01/01/2008 06/09/2008 300,000.00 2.293 300,000.00 300,000.00 .
SYS1050 1050 896 STOFWA 01/01/2008 06/10/2008 550,000.00 2.293 550,000.00 550,000.00
SYS1050 1050 896 STOFWA 01/01/2008 06/13/2008 600,000.00 2.293 600,000.00 600,000.00
SYS1050 1050 896 STOFWA 01/01/2008 06/25/2008 500,000.00 2.293 500,000.00 500,000.00
Subtotal 23,251,700.71 23,251,700.71. 23,251,700.71
Total Sales and Withdrawals 28,251,700.71 5,000,000.00 28,251,700.71 106,750.00 28,358,450.71 106,750.00
. Portfolio BOND
AP
Run Date: 08/12/2008 - 14:42 SA (PRF_SA) SymRept 6.42
Report Ver. 5.00
•
"� °, Y�
j. � rib" +� •
�:
City of Yakima Portfolio
, � City of Yakima
I. �`' • { y 129 North Second Street
1 Yakima, WA 98901
C)o� � , , M Report
` . 509 576 -6639
/J ( )
\: ` , . 4* ' Sorted b Maturity Date
►o�, ` "' Received or due during April 1, 2008 - June 30, 2008
Sec. Maturity Purchase Rate Book Value Maturity Net
CUSIP Investment # Fund Type Issuer Par Value Date Date at Maturity at Maturity Interest Proceeds Income
3133XDKN 1261 551 MC1 FHLB 1,000,000.00 04/17/2008 10/17/2005 4.700 1,000,000.00 23,500.00 1,023,500.00 23,500.00
3133XDHT1 1296 896 FAC FHLB 1,100,000.00 04/28/2008 08/08/2007 5.000 1,100,000.00 27,500.00 1,127,500.00 27,500.00
3133XFN69 1297 896 FAC FHLB 1,000,000.00 06/18/2008 08/08/2007 5.125 1,000,000.00 25,625.00 1,025,625.00 25,625.00
Total Maturities 3,100,000.00 3,100,000.00 76,625.00 3,176,625.00 76,625.00
•
Portfolio BOND
AP
Run Date 08/12/2008 MA ( SymRept 6.42
• po V er . 5.
rte -
o g Y _ AA
/44, ��:1 _ -�1 Sof Yakima
• ' . 5y City of Yakima Portfolio 129 North Second Street
�I yT Purchases Re port Yakima, WA 98901
C . A: f P (509)576 -6639
4 sss ' Sorted by Fund - Fund
o° `"� t° April 1, 2008 - June 30, 2008
Sec. Original Purchase Principal Accrued Interest Rate at Maturity YTM Ending
CUSIP Investment # Fund Type Issuer Par Value Date Payment Periods Purchased at Purchase Purchase Date 365 Book Value
. Equipment Rental
3133XQVZ2 1322 551 FAC FHLB . 1,000,000.00 04/28/2008 10/28 - 04/28 1,000,000.00 2.520 04/28/2009 2.520 1,000,000.00
Subtotal 1,000,000.00 1,000,000.00 0.00 1,000,000.00
Treasurer's Surplus Cash
3128X7HZ0 1321 896 MC1 FHLMC 1,000,000.00 04/28/200810/28 -04/28 1,000,000.00 3.050 04/28/2010 3.050 1,000,000.00
31398AQS4 1320 896 MC1 FNMA 1,000,000.00 04/28/200810/28 - 04/28 1,000,000.00 3.500 04/28/2011 3.500 1,000,000.00
3133XR2K5 1323 896 • MC1 FHLB 1,000,000.00 05/05/200811/05 -05/05 1,000,000.00 3.150 05/05/2010 3.150 1,000,000.00
SYS1324 1324 • 896 LA1 LGIP 5,501,700.71 06/05 /2008 06/30 - Monthly 5,501,700.71 22.930 22.930 5,510,812.86
Subtotal 8,501,700.71 8,501,700.71 0.00 8,510,812.86
Managed Pool Deposits Deposit Deposit Deposit
• Amount Date Amount Rate
SYS1263 1263 896 LA1 LGIP 927.89 04/30/2008 927.89 4.561
SYS1050 1050 896 LA1. STOFWA 500,000.00 04/02/2008 500,000.00 4.561 `
SYS1050 . 1050 896 LA1 STOFWA 2,000,000.00 04/17/2008 2,000,000.00 4.561
SYS1050 1050 896 LA1, STOFWA 300,000.00 04/18/2008 300,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 250,000.00 04/22/2008 250,000.00 4.561
• SYS1050 1050 896 LA1 STOFWA 100,000.00 04/23/2008 100,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 800,000.00 04/24/2008 800,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 3,200,000.00 04/30/2008 3,200,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 600,000.00 05/07/2008 600,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 6,300,000.00 05/09/2008 6,300,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 100,000.00 05/13/2008 100,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 500,000.00 05/20/2008 500,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 150,000.00 05/22/2008 150,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 400,000.00 05/27/2008 400,000.00 4.561 •
SYS1050 1050 896 LA1 STOFWA 450,000.00 05/28/2008 450,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 2,500,000.00 05/30/2008 2,500,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 300,000.00 06/03/2008 300,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 1,100,000.00 06/04/2008 1,100,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 5,450,000.00 06/05/2008 5,450,000.00 - 4.561
SYS1050 1050 896 LA1 STOFWA 1,600,000.00 06/11/2008 1,600,000.00 4.561
Portfolio BOND
AP
Run Date: 08/12/2008 - 14:43 PU (PRF_PU) SymRept 6.42
Report Ver. 5.00
City of Yakima Portfolio
Purchases Report Page 2
April 1, 2008 - June 30, 2008
Sec. Original Purchase Principal Accrued Interest Rate at Maturity YTM Ending
CUSIP Investment # Fund Type Issuer Par Value Date Payment Periods Purchased at Purchase Purchase Date 365 Book Value
Managed Pool Deposits Deposit Deposit Deposit
• Amount Date Amount Rate
SYS1050 1050 896 LA1 STOFWA 250,000.00 06/17/2008 250,000.00 4.561 •
SYS1050 1050 896 LA1 STOFWA 550,000.00 06/18/2008 550,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 100,000.00 06/19/2008 100,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 200,000.00 06/23/2008 200,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 200,000.00 06/23/2008 200,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 500,000.00 06/26/2008 500,000.00 4.561
SYS1050 1050 896 LA1 STOFWA 2,200,000.00 06/30/2008 2,200,000.00 4.561
Subtotal 30,600,927.89 30,600,927.89
Total Purchases and Deposits 40,102,628.60 40,102,628.60 0.00 9,510,812.86
•
•
Portfolio BOND
• AP
Run Date: 08/12/2008
le
0 PU ('SymRept Ver. 6.4020
5.00
i CITY OF YAKIMA
SCHEDULE OF GENERAL OBLIGATION
AND REVENUE BOND ACTIVITY
For the Period 4/1/2008 through 6/30/2008
PREVIOUS AMOUNT AMOUNT ENDING
FUND DESCRIPTION BALANCE REDEEMED ISSUED BALANCE
GENERAL OBLIGATION BONDS
272 PFD CONVENTION CENTER - unrefunded $1,085,000 $200,000 $0 $885,000
272 PFD CONVENTION CENTER - refunded 4,910,000 10,000 0 4,900,000
281 PARKS AND RECREATION 630,000 0 0 630,000
281 FIRE/DOWNTOWN/RIVER ROAD 4,070,000 260,000 0 3,810,000
282 STREETS 175,000 175,000 0 _ 0
283 LAW & JUSTICE/I -82 Refunded 2,800,000 0 0 2,800,000
284 FIRE Refunded 1,780,000 0 0 1,780,000
285 G. 0. LINE OF CREDIT 0 0 0 0
287 CONVENTION CENTER Refunded 4,000,000 0 0 4,000,000
000 SUNDOME EXPANSION 1,362,913 0 0 1,362,913
SUB -TOTAL 20,812,913 445,000 0 20,167,913
* REVENUE BONDS
WATER/WASTEWATER Refunded 0 0 3,400,000 3,400,000
484 WATER/SEWER Refunded 1,970,000 1,510,000 0 460,000
486 WATER 2,070,000 1,920,000 0 150,000
488 SEWER Refunded 350,000 0 0 350,000
485 SEWER -APPLE TREE 492,508 492,508 0 0
491 IRRIGATION 4,910,000 0 0 4,910,000
493 SEWER 14,855,000 0 0 14,855,000
WASTEWATER IMPROVEMENTS 0 5,440,000 5,440,000
SUB -TOTAL 24,647,508 3,922,508 8,840,000 29,565,000
GRAND TOTAL $45,460,421 $4,367,508 $8,840,000 $49,732,913
•
0
City of Yakima S
LID BONDS / NOTES PAYABLE
vs.
LID GUARANTY FUND
AS OF QUARTER ENDING JUNE 30, 2008
Outstanding Bonds and Notes Payable $370,700.00
10% of Outstanding Balance $37,070.00
Guaranty Fund -221 $79,682.49
10% of Outstanding LID's Bonds and Notes Payable ($37,070.00)
Amount above (below) statutory minimum $42,612.49
• City of Yakima
LID WARRANTS PAYABLE'
AS OF QUARTER ENDING JUNE 30, 2008
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 32,121.25 646.52 0.00 32,767.77
85th and Kale
21101.061 8,882.50 15,642.30 0.00 24,524.80
Simpson Lane -
0 Total Warrants Payable $46,412.31 $16,288.82 $0.00 $62,701.13
(1) Costs to LID in progress for which final assessment has not been confirmed.
•
LID CASH BALANCES LID BONDS AND NOTES PAYABLE
As Of Quarter Ending June 30,2008 As Of Quarter Ending June 30,2008
LID Current LID Original New LID Invested By
District District Bond Beginning Quarter Amount Districts Ending Quarter
No. ' Cash Balance Assessment Balance Paid Added Balance
1055 296.31 182,759.24 9,000.00 0.00 0.00 9,000.00 Equipment Rental
1056 8,621.19 218,481.02 140,900.00 0.00 0.00 140,900.00 Equipment Rental
1057 9,444.33 179,550.01 105,600.00 0.00 0.00 105,600.00 Equipment Rental
1058 20,920.51 160,868.69 115,200.00 0.00 0.00 115,200.00 Equipment Rental
Totals $39,282.34 $784,410.91 $370,700.00 $0.00 $0.00 $370,700.00
Payments are typically made at the end of the year .
III • •
• CITY OF YAKIMA
WARRANT ACTIVITY
PAYROLL FUND
(For the Period April 1, 2008 to June 30, 2008)
Outstanding Warrants 03/31/08 $5,369.24
April Warrants:
Issued $2,643,145.16
Canceled 0.00
Redeemed ($2,638,280.36)
Net Activity 4,864.80
Outstanding Warrants 04/30/08 1 $10,234.04
May Warrants:
Issued $2,690,756.03
Canceled 0.00
Redeemed (2,683,671.40)
Net Activity 7,084.63
Outstanding Warrants 05/31/08 ( $17,318.67
June Warrants:
Issued $2,746,579.17
Canceled 0.00
Redeemed (2,763,677.53)
Net Activity (17,098.36)
Outstanding Warrants 06/30/08 1 $220.31
payroll warrants /tab
CITY OF YAKIMA
WARRANT ACTIVITY
CLAIMS ACCOUNTS PAYABLE FUND
(For the Period April 1, 2008 to June 30, 2008)
Outstanding Warrants 03/31/08 $807,595.43
April Warrants:
Issued $4,631,156.63
Canceled (37,727.36)
Redeemed (4,834,734.06)
Net Activity (241,304.79)
Outstanding Warrants 04/30/08 1 $566,290.64 10
May Warrants:
Issued $4,910,409.54
Canceled (4,001.82)
Redeemed (4,113,542.71)
Net Activity 792,865.01
Outstanding Warrants 05/31/08 1 $1,359,155.65
June Warrants:
Issued $4,267,203.44
Canceled (530,147.74)
Redeemed (4,306,257.08)
Net Activity (569,201.38)
Outstanding Warrants 06/30/07 1 $789,954.27
claims warrants /tab
• CITY OF YAKIMA
REPORT OF CASH BALANCES
June 30, 2008
Key Bank 563,657.90
Bank of New York (Fiscal Agent)(1) 0.00
U.S. Bank (Housing loan repayments) 308,280.40
Bank of America (Housing Rehab) 63,487.27
Yakima Federal Savings and Loan Association (Housing) 159,996.13
Bank of America (Claims Control) 641,247.19
U. S. Bank (Payroll Control) 1,594.26
Inmate Trust - Key Bank .13,836.52
• - Bank 10
Inmate Welfare Key 10,044.83
,
Municipal Court - Key Bank 106,963.20
Petty Cash (2) 3,475.00
Police - Special Investigations(2) 7,500.00
Change Funds (3) 3,780.00
Travel Advance 4,619.00
Total Cash On Hand and
In Bank Accounts 6/30/08 $1,888,481.70
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