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HomeMy WebLinkAbout06/10/2008 13C 1st Quarter 2008 Treasury Report S BUSINESS OF THE CITY COUNCIL , YAKIMA, WASHINGTON AGENDA STATEMENT Item No. 13 For Meeting Of 6 -10 -2008 ITEM TITLE: 1st. Quarter 2008 Treasury Report SUBMITTED BY: Finance Department CONTACT PERSON /TELEPHONE: Rita DeBord, Finance Director / 575 -6070 Timothy Jensen, Treasury Services Officer / 575 -61 SUMMARY EXPLANATION: The Treasury Report for the 1st 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 April 30th 2008 regular policy meeting, the Federal Open Market Committee (Fed) lowered its target for the federal funds rate by 25 basis points to 2.00 %. The FOMC has acted decisively and swiftly over the last eight months to mitigate the systemic crisis in the housing and financial products market, which started in the U.S., but has spread worldwide. Recent information Continued... Resolution Ordinance Other (Specify) Report Contract Mail to (name and address): Phone: Funding Source APPROVED FOR SUBMITTAL: --Xity Manager STAFF RECOMMENDATION: Accept Report. BOARD /COMMISSION RECOMMENDATION: N/A COUNCIL ACTION: indicates that the outlook for economic activity continues to contract since year end. Growth • in consumer spending has slowed as gas prices have continued to rise, and April consumer confidence came in at 58, the lowest index in decades. Labor markets have softened significantly in the fourth quarter of 2007 and are not much better in the first five months of 2008. Financial markets remain under considerable stress, and the tightening of credit, the continued widening of credit spreads to US Treasuries, and the deepening of the housing contraction are likely to have'a negative effect on economic growth for the foreseeable future. GDP for the First Quarter of 2008 came in at .9 %, slightly higher than expected, but not exactly positive, with inflation running just under 4%, most of that coming from energy and food prices. Consumers, (representing about 60% of GDP), are ill equipped to deal with gas and food prices, and have cut back on other discresionary spending, which has kept the inflation rate lower than it would otherwise be. Inflation will continue to be an issue and some indicators of inflation expectations have risen. Due to the weakening of the dollar, imported commodities such as oil, and base metals used in manufacturing have become more expensive in the U.S. This trend has, in part, contributed to flat industrial production and capacity utilization even as business inventories continue to grow (largely a function of lowered consumer confidence and consumer'spending). It will be necessary for the FED to monitor inflation developments carefully. They have made statements to this effect in recent policy announcements. 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. 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 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: 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 is weighted toward liquidity, with a high cash investment, reflecting the FED's statements that they will not likely lower interest rates further in the near future. We feel rates will remain where they are or possibly rise somewhat in the near future. 2 of 5 T he effective yield on the City's portfolio for the quarter ended 3/31/2008 was 4.28 %, with a current yield to maturity of 4.186 %. Approximately 46% of the City's $52 million portfolio was in overnight securities at March 31st, 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 347 days. Due to the crisis in the credit markets, and the Fed's easing of credit policy, yields in 2008 will be significantly lower than 2007. We feel it is better to position the portfolio for a likely rebound in interest rates in 2009 rather than reach for somewhat higher, although meager, returns in 2008 by extending the duration of the portfolio. Other Developments: On May 6th, the City sold $8,840,000 in Water /Wastewater Revenue and Refunding Bonds to finance about $5.5 Million in Wastewater improvements and refund $3.340 Million in outstanding Revenue Bonds, saving the City approximately $87,000 in future debt service payments. The new bonds mature in November 2027, and the refunded bonds in 2018. The combined interest rate on the total issue was 4.01 %, including legal, underwriting and insurance costs. In the credit review by Standard and Poor's the System received a rare two notch upgrade in its credit rating, from "A" to "AA - ". The increase was attributed to years of strong debt coverage, good financial planning, strong management practices and the governing body's policy of adopting multi year rate increases to support long -term capital improvement needs. The bonds settled on June 5th, and the proceeds are now in the bank. • 3of5 Description of Treasurer's Reports 411 • 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 • LID Bonds /Notes Payable vs. LID Guaranty Fund /N Y tY 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 `o 1 0 // f ��''' .��` t Cit akima { r p4 9 , t j City of Yakima Portfolio 129 North Second Street o ,•''' , : ` Yakima, WA 98901 Portfolio Management (509)576 -6639 �.; %' Portfolio Summary • .." March 31, 2008 . Par Market Book .% of Days to YTM Investments Value Value Value Portfolio Term Maturity Local Government Investment Pool 24,046,131.10 24,046,131.10 24,046,131.10 45.61 1 1 3.152 Federal Agency Coupon Securities 6,150,000.00 6,193,764.00 6,153,044.40 11.67 406 157 6.620 Federal Agency Coupon - Callable 21,500,000.00 21,622,695.00 • 21,501,652.79 40.78 1,050 785 4.705 , Municipal Bonds 1,020,000.00 1,030,421.18 1,023,033.86 1.94 686 397 2.929 52,716,131.10 52,893,011.28 52,723,862.15 100.00% 490 347 4.186 Investments • Total Earnings March 31 Month Ending Fiscal Year To Date Current Year 186,036.95 • 551,640.81 Average Daily Balance 50,950,640.08 51,668,055.40 Effective Rate of Return 4.30% 4.28% • . Note: This worksheet identifies all city investments in the General Ledger except LID Notes of $370,700 , LID warrants of $46,412.31, a pass through note having a balance of $19,168 and a savings . account of $20,000. / ‘ -o, • Tim Jensen, re asury Services • er • • • • • Reporting period 03/0112008- 03/31/2008 Portfolio BOND AP Run Date: 06/03/2008 - 12:53 " PM (PRF_PM1) SymRept 6.42 • Report Ver. 5.00 y if ► s.. .. a ± ;\ City of Yakima r : ° � City of.Yakima Portfolio 129 North Second Street • V � 'T ` ? ' "' . � %J . ` 1 Inventory by Maturity Report Yakima, WA 98901 � . , (509)576 -6639 � ` e March 31, 2008 Sec. Purchase Book Current Maturity Maturity Total Par YT M __. Days to CUSIP Investment# Fund Type Issuer Date Value Rate Date Amount Days Value ' 360 365 Maturity 3133XDKN 1261 551 MC1 Federal Home Loan Bank 10/17/2005 1,000,000.00 4.700 04/17/2008 1,023,500.00 913 1,000,000.00 4.636 4.700 16 3133XDHT1 1296 896 FAC Federal Home Loan Bank 08/08/2007 1,099,920.15 5.000 04/28/2008 1,127,500.00 264 1,100,000.00 5.019 5.089 27 3133XFN69 1297 896 FAC Federal Home Loan Bank 08/08/2007 ' 1,000,192.50 5.125 06/18/2008 1,000,000.00 315 1,000,000.00 11.915 12.080 78 3133XJUA4 1290 896 FAC Federal Home Loan Bank 06/06/2007 999,875.11 5.250 08/14/2008 1,000,000.00 435 1,000,000.00 5.206 5.278 135 3133XJUA4 1293 896 FAC Federal Home Loan Bank 06/21/2007 999,887.93 5.250 08/14/2008 1,000,000.00 420 1,000,000.00 5.203 5.275 135 3133MGVB9 1313 473 FAC Federal Home Loan Bank 12/14/2007 552,366.96 5.500 08/15/2008 550,000.00 245 550,000.00 4.246 4.305 136 ' 31359M5T6 1298 141 FAC Federal Nat'l Mtg. Assoc. 09/06/2007 500,589.58 5.125 09/02/2008 500,000.00 362 500,000.00 9.643 9.777 154 059185580 1310 513 MUN bALTIMORE UTGO 11/15/2007 525,578.97 6.500 10/15/2008 520,000.00 335 520,000.00 0.927 0.940 197 3133XMVN8 1309 896 MC1 Federal Home Loan Bank 11/09/2007 1,000,000.00 4.500 11/07/2008 1,000,000.00 364 1,000,000.00 4.438 4.500 220 3133XNFZ7 1311 896 MC1 Federal Home Loan Bank 11/28/2007 1,000,000.00 4.400 11/28/2008 , 1,000,000.00 366 1,000,000.00 4.340 4.400 241 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 5.000 297 3133XKKBO 1287 896 MC1 Federal Home Loan Bank 04/17/2007 1,000,000.00 5.150 04/17/2009 1,000,000.00 731 1,000,000.00 5.079 5.150. 381 3133XL6D0 1288 896 MC1 Federal Home Loan Bank 06/04/2007 1,000,000.00 5.300 06/04/2009 1,000,000.00 731 1,000,000.00 5.227 5.300 429 3133XFLG9 1292 896 FAC Federal Home Loan Bank 06/21/2007 1,000,212.17 5.250 06/12/2009 1,000,000.00 722 1,000,000.00 5.159 5.230 437 ' 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 3.000 511 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 4.710 569 • 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 4.500 583 378892PY 1282 125 MUN UTGO's 01/09/2007 497,454.89 4.700 12/01/2009 500,000.00 1,057 500,000.00 4.963 • 5.032 609 31359M4L4 1295 551 MC1 Federal Nat'I Mtg. Assoc. 07/27/2007 999,272.63 5.250 01/22/2010 1,000,000.00. 910 1,000,000.00 5.221 5.293 661 31359M4W0 1289 514 MC1 Federal Nat'I Mtg. Assoc. 06/04/2007 999,104.29 5.330 01/29/2010 1,000,000.00 970 1,000,000.00 5.306 5.380 668 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 3.100 876 3133XMAY7 1305 896 MC1 Federal Home Loan Bank 10/04/2007 1,003,275.87 5.200 09/10/2010 1,000,000.00 1,072 1,000,000.00 4.983 5.053 892 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 4.252 899 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 4.750 948 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 1,022 3133XP4A9 1317 513 MC1 Federal Home Loan Bank 01/24/2008 1,000,000.00 4.000 01/24/2011 1,000,000.00 1,096 1,000,000.00 3.945 4.000 1,028 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 1,262 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 . 1,262 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 1,269 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 1,294 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 1,315 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 1,644 Subtotal and Average 28,677,731.05 28,721,000.00 28,670,000.00 4.984 5.053 636 Net Maturities and Average 28,677,731.05 28,721,000.00 28,670,000.00 4.984 5.053 636 • Portfolio BOND AP ® I M ( Run Date: 05/29/2008 mRe 6.42 rt Ver. r.SOOj o Ye , 0 4'0 • t: of Yakima i '" ., j a 4' 11 J `�V City of Yaklma Portfolio 1 29 North Second Street � 6.' ,a�; Inventory b Maturity Report By Call Date Yakima, WA 98901 ��'�d ` y p y (509)576 -6639 N'.. o March 31, 2008 ' YTM/YTC Sec. Purchase Book Current Maturity /Call Maturity Total Par Days to CUSIP Investment # . Fund Type Issuer Date Value Rate Date Amount Days Value 360 365 Mat. /Call 3133XDKN 1261. 551 MC1 Federal Home Loan Bank 10/17/2005 1,000,000.00 4.700 04/17/2008 1,023,500.00 913 . 1,000,000.00 4.636 4.700 16 ' 3133XKKBO 1287 896 MC1 Federal Home.Loan Bank 04/17/2007 1,000,000.00 5.150 04/17/2008C 1,025,750.00 366 1,000,000.00 5.079 5.150 16 3133XDHT1 1296 896 FAC Federal Home Loan Bank 08/08/2007 1,099,920.15 5.000 04/28/2008 • 1,127,500.00 264 1,100,000.00 5.019 5.089 27 3133XP4A9 1317 513 MC1 Federal Home Loan Bank 01/24/2008 1,000,000.00 4.000 04/28/20080 1,000,000.00 95 1,000,000.00 3.945 4.000 27 3133XMVN8 1309 896 MC1 Federal Home Loan Bank 11/09/2007 . 1,000,000.00 4.500 05/07/20080 1,022,500.00 180 1,000,000.00 4.437 4.499 36 3133XNFZ7 1311 896 MC1 Federal Home Loan Bank 11/28/2007 1,000,000.00 4.400 05/28/2008C 1,022,000.00 182 1,000,000.00 4.340 4.400 57' •3133XL6D0 1288 896 MC1 Federal Home Loan Bank 06/04/2007 1,000,000.00 5.300 06/04/2008C 1,000,000.00 366 1,000,000.00 5.227 5.300 64 3133XFN69 1297 896 FAC Federal Home Loan Bank 08/08/2007 . 1,000,192.50 5.125 06/18/2008 1,000,000.00 315 1,000,000.00 11.915 12.080 78 31359M4L4 1295 551 MC1 Federal Nat'I Mtg. Assoc. 07/27/2007 999,272.63 5.250 07/22/2008C 1,000,000.00 361 1,000,000.00 5.281 5.354 112 3133XMTS0 1308 896 . MC1 Federal Home Loan Bank 11/05/2007 1,000,000.00 4.500 08/05/2008C 1,000,000.00 274 • 1,000,000.00 4.438 4.500 126 3133XJUA4. 1290 896 FAC Federal Home Loan Bank 06/06/2007 999,875.11 5.250 08/14/2008 1,000,000.00 435 1,000,000.00 5.206 5.278 135 3133XJUA4 1293 . 896 FAC Federal Home Loan Bank 06/21/2007 999,887.93 ' 5.250 08/14/2008 1,000,000.00 420 1,000,000.00 5.203 5.275 135 3133MGVB9 1313 473 . FAC Federal Home Loan Bank 12/14/2007 552,366.96 5.500 08/15/2008 550,000.00 245 550,000.00 4.246 4.305 136 31359M5T6 - 1298 141 FAC Federal Nat'I Mtg. Assoc. 09/06/2007 500,589.58 5.125 09/02/2008 500,000.00 362 500,000.00 9.643 9.777 154 3133XMAY7 1305 896 MC1 Federal Home Loan Bank 10/04/2007 1,003,275.87 5.200 09/10/2008C• 1,000,000.00 342 1,000,000.00 4.695 4.760 162 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 5.400 167 3136F7Z8 1276 515 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 5.400 167_ ' 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 5.430 174 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 5.250 183 0591855B0 1310 513 MUN bALTIMORE UTGO 11/15/2007 525,578.97 6.500 10/15/2008 520,000.00 335 520,000.00 0.927 0.940 ' 197 . 3133XHFM 1278 896 MC1 Federal Home Loan Bank 10/17/2006 1,000,000.00 5.300 10/17/2008C 1,000,000.00 731 1,000,000.00 5.227 5.300 199 31398AHQ8 1304 896 MC1 Federal Nat'I Mtg. Assoc.. 10/22/2007 1,000,000.00 4.710 10/22/20080 1,000,000.00 366 1,000,000.00 4.645 4.710 204 31398AJK9 1307 . 896 MC1 Federal Nat'I Mtg. Assoc. 11/05/2007 1,000,000.00 4.750 11/05/20080 1,000,000.00 366 1,000,000.00 4.685 4.750 218 3133XM0N4 1306 896 MC1 Federal Home Loan Bank 11/07/2007 1,000,000.00 5.000 11/07/20080 • 1,000,000.00 366 1,000,000.00 4.932 5.000 220 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 5.000 297 3133XFLG9 1292 896 FAC Federal Home Loan Bank 06/21/2007 1,000,212.17 5.250 06/12/2009 1,000,000.00 722 1,000,000.00 5.159 5.230 437 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 3.000 511 378892PY 1282 125 MUN UTGO's 01/09/2007 • 497,454.89 4.700 12/01/2009 500,000.00 1,057 500,000.00 4.963 5.032 609 31359M4W0 1289 514 MC1 Federal Nat'l Mtg. Assoc. 06/04/2007 999,104.29 5.330 01/29/2010 1,000,000.00 970 1,000,000.00 5.306 - 5.380 668 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 3.100 876 • 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 4.252 899 31331YNLO 1316. 896 MCI 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 1,022 Subtotal and Average 28,677,731.05 28,791,250.00 . 28,670,000.00 4.976 5.045 260 Net Maturities and Average 28,677,731.05 28,791,250.00 - 28,670,000.00 4.976 5.045 260 • Portfolio BOND AP Run Date: 05/29/2008 - 09:33 IM (PRF_IM) SymRept 6.42 • Report Ver. 5.00j Y� ! It.? +• ‘:+ City of Yakima ° , t 3 1 City of Yakima Portfolio 129 North Second Street i, Vit a ,, 4 !. ; i , / Stales /Call Report Yakima, WA 98901 • ��+� •;� . (509)576 -6639 ,;. ,r • ;b " Sorted by Maturity Date - Fund + .,, AT 49 : /. � --= = January 1, 2008 - March 31, 2008 • Issuer Purchasf?edem. 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 • 07/30/2008 3133XLUJO 1294 896 .FHLB 07/30/2007 01/30/2008 1,000,000.00 5.300 1,000,000.00 1,000,000.00 26,500.00 1,026,500.00 26,500.00 MC 1 07/30/2008 Call Subtotal 1,000,000.00 1,000,000.00 1,000,000.00 26,500.00 1,026,500.00 26,500.00 03/26/2009 31331YKR0 1 896 FFCB 12/28/2007 03/26/2008 1,000,000.00 4.350 1,000,000.00 1,000,000.00 10,875.00 1,010,875.00 10,875.00 MC 1 03/26/2009 Call Subtotal 1,000,000.00 1,000,000.00 1,000,000.00 10,875.00 1,010,875.00 • 10,875.00 02/22/2011 31359MH48 1312 896 FNMA 12/10/2007 02/22/2008 1,000,000.00 5.300 . 1,001,240.00 1,000,000.00 0.00 1,000,000.00 - 1,240.00 MC1 02/22/2011 Call • Subtotal 1,000,000.00 1,001,240.00 1,000,000.00 0.00 1,000,000.00 - 1,240.00 Managed Pool Withdrawals Withdrawal Withdrawal Current Withdrawal Withdrawal Date Amount Rate Amount Amount SYS1050 1050 896 STOFWA 01/01/2008 01/03/2008 100,000.00 3.137 100,000.00 100,000.00 SYS1050 1050 896 STOFWA 01/01/2008 01/04/2008 650,000.00 3.137 650,000.00 650,000.00 SYS1050 1050 . 896 STOFWA 01/01/2008 01/07/2008 2,400,000.00 3.137 2,400,000.00 2,400,000.00 SYS1050 1050 896 STOFWA 01/01/2008 01/09/2008 200,000.00 3.137 200,000.00 200,000.00 SYS1050 1050 896 STOFWA 01/01/2008.01/11 /2008 400,000.00 3.137 400,000.00 400,000.00 SYS1050 1050 896 . STOFWA 01/01/2008 01/16/2008 250,000.00 3.137 250,000.00 250,000.00 SYS1050 1050 896 STOFWA 01/01/2008 01/17/2008 ,350,000.00 3.137 350,000.00 350,000.00 SYS1050 1050 896 STOFWA 01/01/2008 01/18/2008 300,000.00 3.137 300,000.00 300,000.00 SYS1050 1050 896 STOFWA 01/01/2008 01/23/2008 650,000.00 3.137 650,000.00 650,000.00 SYS1050 1050 896 STOFWA 01/01/2008 01/24/2008 750,000.00 3.137 750,000.00 750,000.00 SYS1050 1050 896 STOFWA 01/01/2008 01/28/2008 900,000.00 3.137 . 900,000.00 900,000.00 • SYS1050 1050 896 STOFWA 01/01/2008 02/06/2008 , 2,400,000.00 3.137 2,400,000.00 2,400,000.00 SYS1050 1050 896 STOFWA 01/01/2008 02/08/2008 150,000.00 3.137 , 150,000.00 150,000.00 SYS1050 1050 896 STOFWA 01/01/2008 02/13/2008 400,000.00 3.137 400,000.00 400,000.00 SYS1050 1050 896 STOFWA 01/01/2008 02/25/2008 2,100,000.00 3.137 2,100,000.00 2,100,000.00 Portfolio BOND . AP Run Date: 05/29/2008 - 0 SA (PRF Rep 6. � Ver . 5.00 00 • City of Yakima io • Safes /Call f2 .Page 2 • January 1, 2008 - March 31, 2008 Issuer PurchasBedem. 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 03/03/2008 • 250,000.00. 3.137 250,000.00 250,000.00 SYS1050 1050 896 STOFWA 01/01/2008 03/05/2008 200,000.00 3.137 200,000.00 200,000.00 SYS1050 1050 896 STOFWA 01/01/2008 03/06/2008 3,600,000.00 3.137 3,600,000.00 - 3,600,000.00 SYS1050 1050 896 STOFWA 01/01/2008 03/07/2008 200,000.00 3.137 200,000.00 200,000.00 SYS1050 s 1050 896 STOFWA 01/01/2008 03/12/2008 900,000.00 3.137 900,000.00 900;000.00 SYS1050 1050 • 896 STOFWA 01/01/2008 03/21/2008 150,000.00 3.137 150,000.00 150,000.00 • Subtotal 17,300,000.00 17,300,000.00 17,300,000.00 • • Total Sales and Withdrawals • 20,300,000.00 3,001,240.00 20,300,000.00 . 37,375.00 20,337,375.00 36,135.00 • • • • • • • • • • Portfolio BOND AP Run Date: 05/29/2008 - 09:41 SA (PRF_SA) SymRept 6.42 Report Ver. 5.00 • • • • ff4,7 ,�r' y City of Yakima b ° M ti " ��, , ' 1 City of Yakima Portfolio 129 North Second Street 44p ■ ! Yakima, WA 98901 '�Up , * ,fi r Maturity Report (509)576 -6639 . +., ..,,, * *-,d Sorted by Maturity Date 040 reo Received or due during January 1, 2008 - March 31, 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 3128X5EW 1281 513 FAC FHLMC 1,000,000.00 01/18/2008 12/22/2006 5.500 1,000,000.00 27,500.00 1,027,500.00 27,500.00 912828AT 1166 364 TRC USTR 500,000.00 02/15/2008 03/21/2003 3.000 500,000.00 7,500.00 507,500.00 7,500.00 3133XKXT7 1291 612 TRC FHLB 500,000.00 02/21/2008 06/19/2007 5.230 500,000.00 19,612.50 519,612.50 19,612.50 . ' 31359MG4 ' 1268 896 MC1 FNMA 1,000 02/27/2008 02/27/2006 5.000 1,000,000.00 25,000.00 1,025,000.00 25,000.00 Total Maturities 3,000,000.00. 3,000,000.00 79,612.50 3,079,612.50 79,612.50 • • Portfolio BOND AP Run Date: 05/29/2008 - MA (P mRept 6.42 ort Ver. 5.00 . _ -\ s . .. . .... : . °' ° t'` � g ` t � City of Yakima Portfol of Yakima c " y g 129 North Second Street 4 ; �`� a . Purchases Report Yakima, WA 98901 • , : � !• (509)576 -6639 " ,4 4 , � l � Sorted by Fund - Fund January 1, 2008 - March 31, 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 Emp Health Ben Res. 3133XP4A9 1317 513 MC1 FHLB 1,000,000.00 01/24/200804/24 - Final Pmt. 1,000,000.00 • 4.000 01/24/2011 4.000 1,000,000.00 Subtotal 1,000,000.00 1,000,000.00 0.00 1,000,000.00 Treasurer's Surplus Cash . 31331YNL0 1316 896 MC1 FFCB 1,000,000.00 01/18/200807/18 -01/18 1,000,000.00 4.200 01/18/2011 4.200 1,000,000.00 3133XPRE6 1318 896 MC1 FHLB 1,000,000.00 02/25/200808/25 -02/25 1,000,000.00 3.100 08/25/2010 3.100 1,000,000.00 . 3133XPW75 1319 896 MC1 FHLB 1,000,000.00 02/25/200808/25 -02/25 1,000,000.00 3.000 08/25/2009 3.000 1,000,000.00 Subtotal 3,000,000.00 3,000,000.00 0.00 3,000,000.00 Managed Pool Deposits Deposit Deposit Deposit • Amount Date . Amount Rate SYS1050 1050 896 LA1 STOFWA 400,000.00 01/15/2008 400,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 300,000.00 01/29/2008 300,000.00 ' 4.561 SYS1050 1050 • 896 LA1 STOFWA 1,500,000.00 01/30/2008 1,500,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 2,400,000.00 01/31/2008 2,400,000.00 4.561 • SYS1050 • 1050 896 LA1 STOFWA 250,000.00 02/01/2008 250,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 850,000.00 02/04/2008 ' 850,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 250,000.00 02/05/2008. 250,000.00 4.561 . SYS1050 1050 896 LA1 STOFWA 200,000.00 02/14/2008 200,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 250,000.00 02/20/2008 250,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 500,000.00 02/21/2008 . 500,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 1,200,000.00 02/22/2008 1,200,000.00 • 4.561 SYS1050 1050 896 .LA1 STOFWA 200,000.00 02/26/2008 200,000.00 4.561 SYS1050 1050 896 . LA1 STOFWA 700,000.00 02/27/2008 700,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 2,400,000.00 02/29/2008 2,400,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 300,000.00 03/04/2008 300,000.00 4.561 SYS1050 1050 896 LA1 STOFWA . 600,000.00 03/10/2008 600,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 200,000.00 03/11/2008 200,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 200,000.00 03/18/2008 200,000.00 4.561 - SYS1050 1050 896 LA1 STOFWA 500;000.00 03/19/2008 500,000.00 4.561 . SYS1050 1050 896 LA1 STOFWA 350,000.00 03/24/2008 350,000.00 4.561 SYS1050 1050 896 LA1 STOFWA . 700,000.00 03/26/2008 . 700,000.00 4.561 Portfolio BOND AP Run Date: 05/29/2008 - 09:43 PU (PRF_PU) SymRept 6.42 • Report Ver. 5.00 City of Yakima Portfolio Purchases Report Page 2 January 1, 2008 - March 31, 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 200,000.00 03/28/2008 200,000.00 4.561 SYS1050 1050 896 LA1 STOFWA 2,000,000.00 03/31/2008 2,000,000.00 4.561 Subtotal 16,450,000.00 16,450,000.00 • Total Purchases and Deposits 20,450,000.00 20,450,000.00 0.00 4,000,000.00 • • • • Portfolio BOND AP Run Date. 05/29/2008 PU (P mRept 6.42 ort Ver. 5.00 fa CITY OF YAKIMA SCHEDULE OF GENERAL OBLIGATION AND REVENUE BOND ACTIVITY For the Period 1/1/2008 through 3/31/2008 PREVIOUS AMOUNT AMOUNT ENDING FUND DESCRIPTION BALANCE REDEEMED ISSUED BALANCE GENERAL OBLIGATION BONDS 272 PFD CONVENTION CENTER - unrefunded $1,085,000 $0 $0 $1,085,000 272 PFD CONVENTION CENTER - refunded 4,910,000 0 0 4,910,000 281 PARKS AND RECREATION 630,000 0 0 630,000 281 FIRE/DOWNTOWN/RIVER ROAD 4,070,000 0 0 4,070,000 282 STREETS 175,000 0 0 175,000 283 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 24,569 24,569 0 0 287 CONVENTION CENTER Unrefunded 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 20,837,482 24,569 0 20,812,913 R EVENUE BONDS 484 WATER/SEWER Refunded 1,970,000 0 0 1,970,000 486 WATER 2,070,000 0 0 2,070,000 488 SEWER Refunded 350,000 0 0 350,000 485 SEWER -APPLE TREE 506,317 13,809 0 492,508 491 IRRIGATION 4,910,000 - 0 0 4,910,000 493 SEWER 14,855,000 0 0 14,855,000 SUB -TOTAL 24,661,317 13,809 0 24,647,508 GRAND TOTAL $45,498,799 $38,378 $0 $45,460,421 1111 J City of Yakima • LIID WARRANTS PAYABLE AS OF QUARTER ENDING MARCH 31, 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 32,004.13 117.12 0.00 32,121.25 85th and Kale 21101.061 0.00 8,882.50 0.00 8,882.50 Simpson Lane Total Warrants Payable $37,412.69 $8,999.62 $0.00 $46,412.31 (1) Costs to LID in progress for which final assessment has not been confirmed. 0 • 410 LID CASH BALANCES LID BONDS AND NOTES PAYABLE As Of Quarter Ending March 31,2008 As Of Quarter Ending March 31,2008 . 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 4,916.78 218,481.02 140,900.00 0.00 0.00 140,900.00 Equipment Rental 1057 43.18 179,550.01 105,600.00 0.00 0.00 105,600.00 Equipment Rental 1058 9,608.46 160,868.69 115,200.00 0.00 0.00 115,200.00 Equipment Rental Totals $14,864.73 $784,410.91 $370,700.00 $0.00 $0.00 $370,700.00 Payments are typically made at the end of the year • City of Yakima LID BONDS / NOTES PAYABLE vs. LID GUARANTY FUND AS OF QUARTER ENDING MARCH 31, 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 WARRANT ACTIVITY CLAIMS ACCOUNTS PAYABLE FUND (For the Period January 1, 2008 to. March 31, 2008) Outstanding Warrants 12/31/07 1 $698,180.07 January Warrants: Issued $4,955,131.83 Canceled (5,043.92) Redeemed (5,417,924.45) Net Activity (467,836.54) Outstanding Warrants • 01/31/08 I $230,343.53 February Warrants: Issued $4,857,840.78 Canceled (209,164.75) Redeemed (3,870,392.90) Net Activity 778,283.13 Outstanding Warrants 02/29/08 I $1,008,626.66 March Warrants: Issued $3,407,253.99 Canceled (13,406.66) Redeemed (3,594,878.56) Net Activity (201,031.23) Outstanding Warrants 03/31/08 1 $807,595.43 11111 claims warrants /tab CITY OF YAKIMA • WARRANT ACTIVITY PAYROLL FUND • (For the Period January 1, 2008 to March 31, 2008) Outstanding Warrants 12/31/07 1 $1,961.87 January Warrants: Issued $3,155,277.88 Canceled 0.00 Redeemed (3,148,221.09) Net Activity 7,056.79 • Outstanding Warrants 01/31/08 1 $9,018.66 le February Warrants: Issued $2,662,122.32 Canceled (1,518.13) Redeemed (2,665,224.19) Net Activity (4,620.00) Outstanding Warrants 02/29/08 1 $4,398.66 March Warrants: Issued $2,656,609.76 Canceled 0.00• Redeemed (2,655,639.18) Net Activity 970.58 Outstanding Warrants 03/31/08 1 $5,369.24 payroll warrants /tab • CITY OF YAKIMA REPORT OF CASH BALANCES March 31, 2008 Key Bank 515,011.14 Bank of New York (Fiscal Agent)(1) 0.00 U.S. Bank (Housing loan repayments) 260,781.91 Bank of America (Housing Rehab) 63,439.93 - Yakima Federal Savings and Loan Association (Housing) 159,067.83 Bank of America (Claims Control) 795,781.04 U. S. Bank (Payroll Control) 7,904.91 Inmate Trust - Key Bank 11,936.23 Inmate W 12,724.12 -Key Bank , 724.12 Municipal Court - Key Bank 130,353.17 Petty Cash (2) • 3,475.00 Police - Special Investigations(2) 7,500.00 Change Funds (3) 3,780.00 Travel Advance 4,119.00 Total Cash On Hand and In Bank Accounts 3/31/08 $1,975,874.28 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 N (BW S R `� Subject: Crystal Dodge Claim for Damages Contact: City Manager Dick Zais — 575 -6040 Senior Assistant City Attorney Helen Harvey — 575 -6030 • William Pickett, Attorney for Crystal Dodge — 972 -1825 Release Date: Friday, June 6 2008 • Council To Vote On Proposed Crystal Dodge Claim Settlement At its June 10 regular business meeting, the Yakima City Council is scheduled to vote on a proposed settlement with former Yakima Police Athletic League ( "YPAL ") employee Crystal Dodge. In December of 2007, Dodge filed a $4 million Claim for Damages with the City alleging she was discriminated against' in 2005 and 2006 while she was working for YPAL. Rather than going to court, which is typically more time consuming and expensive, the City and. Dodge chose to use a mediator to help them resolve the issues surrounding Dodge's claim. David Thorner, a Yakima attorney who has served as a mediator in more than 2,000 cases over the last 20 years, worked with the City and Dodge from February to May of this year to develop an agreement. Under the proposed settlement, Dodge would receive a total of $200,000. The City's insurance carrier would pay $125,000 and the City's Risk Management Reserve Fund would contribute $75,000. In return, Dodge would agree to not file a lawsuit against the • City. "Both Crystal Dodge and the City worked very hard to come u with a fair settlement " ry 9 Y Y p said Dodge's attorney William Pickett. "Ms. Dodge wants to move forward in a positive way from this situation and the proposed agreement allows her, and the City, to do that," said Pickett. An independent investigation conducted last year found Dodge was, "...made fun of and treated in a condescending and disrespectful manner..." by Yakima Police Officer Ben Hittle while both of them were working at YPAL. However, investigator Kris Cappel also concluded that the evidence did not support an allegation that Yakima Police Chief Sam Granato retaliated against Dodge because she had complained about Hittle's behavior toward her. Hittle, who is now retired, was disciplined based on the findings of Cappel's investigation and wrote Dodge an apology. Granato has also issued an apology to Dodge on behalf of the Yakima Police Department. "The City does not condone any form of inappropriate behavior by its employees," said City Manager Dick Zais.. "The Police Department's own policy manual emphasizes equal treatment and condemns discrimination," said Zais. "The City expects its employees to perform to the highest standards of professionalism and does not tolerate anything less." Dodge resigned from YPAL in June 2006 and now works for the Kiickitat County Police S Activities League. — end —