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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. 2 of 5 el 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. • 3of5 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. 4 of 5 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. 5 of 5 • • / 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 • • • • • 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 r V + Yaki ma, WA 98901 ;; -, 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 • • 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