Loading...
HomeMy WebLinkAboutResolution No. 07-037 RESOLUTION NO. 07- O~l A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, ACCEPTING THE DECEMBER 29, 2006 QUARTERLY INVESTMENT REPORT PREPARED BY AVALON FINANCIAL SERVICES, WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN AS EXHIBIT "A"; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the quarterly investment report, prepared by Avalon Financial Services, dated December 29,2006, have been presented to the City Council; and WHEREAS, the City Council has determined it to be in the best interest of the City to have an official record of its acceptance of such documents; and WHEREAS, the City Council hereby accepts the December 29, 2006 Quarterly Investment Report prepared by Avalon Financial Services, which is attached hereto and incorporated herein as Exhibit "A." NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS THAT: Section 1. The City Council hereby accepts the December 29, 2006 Quarterly Investment Report prepared by Avalon Financial Services, which is attached hereto and incorporated herein as Exhibit "A." Section 2. This Resolution shall become effective immediately from and after its passage, as the law and charter in such cases provides. PASSED, APPROVED and EFFECTIVE this 7th day of Mav. 2007. JJ Chr stie Wilson, TRMC, City Secretary uJ~~ rj]Jlll1Lr - fl. '{ OF ~'" .' ~'.'.....'.'.!!~'~". .. . (r~ . f4J.. '., 0 S ::z:: 'r\C" f-.:. : St-;A ", c) - \ \ L.'lL!~ \. . . . . . . ~"..,............. ~XAS . " Robert E. Hager, City Atto (REH/cdb) (04/26/2007) Page 1 TM 16213.76.000 City of The Colony INVESTMENT PORTFOLIO SUMMARY For the Quarter Ended December 29, 2006 The investment portfolio of the City is in compliance with the Public Funds Investment Act and the City lnv"""'n~;~ nOD Rebecca Koo, Director of Finance \c\ Strategy Summary: The FOMC continued pausing with the Fed Funds target at 5.25%, Future inflation and economic data will influence the direction and timing of the next move, although a decrease is widely expected later in 2007. The futures markets project between a 50bps and 75bps full year reduction. Purchasing fixed-rate securities, with maturities greater than six months and based on cash flow needs, will hedge the portfolio should the FOMC decrease rates in 2007, Quarterend Results by Investment Category: Asset Type Ave. Yield 5.29% 5.14% December 29, 2006 End Book Value End Market Value $25,127,580,63 $25,127,580.63 10,699,704.90 10,715,879.60 $35,827,285.53 $35,843,460.23 September 29, 2006 Beain Book Value Beain Market Value $35,693,590.02 $35,693,590.02 9,209,972.72 9,215,772.50 $44,903,562.74 $44,909,362.52 Pools Securities Totals Average Yield (1) Total Portfolio 5.25% Fiscal Year-to-Date Average Yield (2) Total Portfolio 5.25% Rolling Three Mo, Treas. Yield Rolling Six Mo. Treas. Yield 5,02% 4.96% Rolling Three Mo. Treas, Yield Rolling Six Mo. Treas. Yield Average Quarterly TexPool Yield 5.02% 4.96% 5.29% (1) Average Yield calculated using quarterend report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. (2) Fiscal Year-to-Date Average Yields calculated using quarterend report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. 5.50 5.00 4.50 QJ ell ~ ~ = 4.00 QJ ~ l. QJ ~ 3.50 3.00 Treasury Yield Curves 2.50 O~ ic~O ~~~ '\. ~ ~~ rv ~ ~<<.l '\.~ ~ ~~ '? ~ ~~ ~ 1- December 30, 2005 - September 29, 2006 - December 29, 20061 Valley View Consulting, L.L.C. Valley View Consulting. L.L.C -Six Month 0.50 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ N & & & & ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ,"" I>' "\,"" I>' "\,"" I>' "\,"" I>' "\,"" I>' "\,"" I>' "\,"" I>' "\,"" I>' "\,"" Two Year -Ten Year I]) OJ) ro ...... I:: I]) U 1-0 I]) ~ .00 2.00 7.00 4.00 4.50 2.50 3.00 3.50 5.00 5.50 6.00 6.50 .50 7.50 US Treasury Historical Yields S&P 500 1,750 1,500 1,250 1,000 750 500 250 0 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ - S&P 500 Valley View Consulting, L.L.C Yield 5.29% 5.30% 5.32% 5.21% 5.27% 5.29% 5.36% 5.30% 5.37% 5,30% 5.30% 5.43% 5,30% 5,35% 5.30% 5,00% 5.30% 5.47% 3,99% 5.13% 5.45% 5.37% 5.35% 5,14% 5,30% 5.38% 5.50% 5.35% 5.25% (2) Life dav~ 1 12 21 24 31 48 48 49 55 55 56 59 61 61 63 76 97 109 116 117 143 192 280 307 537 678 707 52 Market Value $14,359,257.51 10,768,323.12 249,875,00 399,560.00 199,960.00 404,352.00 897,930,00 299,400.00 1,046,377.50 199,380.00 99,910.00 249,400.00 299,760.00 523,372.50 149,724.00 999,500.00 109,918,60 297,900.00 398,680.00 699,860,00 99,320.00 247,950.00 246,300.00 499,150.00 499,450.00 600,000.00 500,000,00 498,850,00 $35,843,460.23 Market Price 1.000 1.000 99.950 99.890 99.980 99.840 99.770 99.800 99.655 99.690 99.910 99.760 99.920 99,690 99.816 99.950 99.926 99.300 99.670 99.980 99.320 99.180 98.520 99.830 99.890 00.000 00.000 99.770 Adjusted Book Value $14,359,257,51 10,768,323.12 248,563.25 396,045,18 199,564.76 403,500,69 897,113.86 298,899,33 1,045,496.96 198,731.17 99,763.37 248,158.50 299,266.83 522,681.70 149,589.01 1,000,000.00 109,795.24 295,020,96 400,546,89 700,000.00 98,387,61 245,848.38 242,731.21 500,000.00 500,000,00 600,000,00 500,000.00 500,000.00 $35,827,285.53 Detail of Security Holdings December 29, 2006 Original Face\ Par Value $14,359,257.51 10,768,323.12 250,000.00 400,000.00 200,000.00 405,000.00 900,000.00 300,000.00 1,050,000.00 200,000.00 100,000,00 250,000.00 300,000.00 525,000.00 150,000.00 1,000,000.00 110,000.00 300,000.00 400,000.00 700,000.00 100,000.00 250,000.00 250,000.00 500,000.00 500,000.00 600,000.00 500,000.00 500,000,00 $35,867,580.63 Call Date 3/29/2007 4/5/2007 2/1/2007 1/18/2007 1/2/2007 3/5/2007 Maturity Date 12/30/2006 12/30/2006 1/10/2007 1/19/2007 1/22/2007 1/29/2007 2/15/2007 2/15/2007 2/16/2007 2/22/2007 2/22/2007 2/23/2007 2/26/2007 2/28/2007 2/28/2007 3/2/2007 3/15/2007 4/5/2007 4/17/2007 4/24/2007 4/25/2007 5/21/2007 7/9/2007 10/5/2007 11/1/2007 6/18/2008 11/6/2008 12/5/2008 Settlement Date 12/29/2006 12/29/2006 10/11/2007 4/27/2006 5/5/2006 11/28/2006 12/18/2006 11/28/2006 12/20/2006 11/10/2006 10/11/2006 8/24/2006 5/26/2006 12/15/2006 11/28/2006 3/2/2006 10/11/2006 6/2/2006 4/15/2005 3/29/2006 6/2/2006 5/26/2006 5/4/2006 4/5/2006 11/1/2006 12/18/2006 11/6/2006 12/5/2006 Coupon Discount 5.29% 5.30% 3.00% 3,05% 4.75% 3,10% 3.38% 3.63% 2,63% 3.00% 4.63% 3.60% 4.80% 5.15% 4.25% 5.00% 4.88% 2,55% 4,15% 5.13% 3,00% 3.04% 2.35% 5.14% 5.30% 5.38% 5.50% 5.35% Ratin AAAm AAAm AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA Security Description TexPoo LOGIC FHLMC FHLMC FHLMC FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB Step FHLMC FHLMC FHLB FHLMC FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB Ticket Number 06-19 06-06 06-07 06-26 06-29 06-25 06-31 06-24 06-20 06-17 06-11 06-28 06-27 06-01 06-21 06-12 05-05 06-05A 06-13 06-10 06-08 06-03 06-22 06-32 06-23 06-28 For purposes of calculating weighted average life, pool investments are assumed to have a one day maturity realized and unrealized gains/losses and ife (2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value investment advisory fees are not considered Weighted average (1 ) on ity of The Colony o Compositi C Portfoli Securities 29.86% Adjusted Book Value Comparison D~ber 29. 2006 Face. tember 29,2006 Adjusted Book Value Se Original Face/ Par Value Adjusted Book Value $14,359,257.51 10,768,323.12 Original Par Value $14,359,257.51 10,768.323.12 248,563.25 396,045.18 199,564.76 403,500.69 897,113.86 298,899.33 045,496.96 198,731.17 99,763.37 248,158.50 299,266.83 522,681.70 149,589.01 000,000.00 109,795.24 295,020.96 400,546.89 700,000.00 98,387.61 245,848,38 250,000.00 400,000.00 405,000,00 200,000.00 900,000.00 300,000.00 ,050,000.00 200,000.00 100,000,00 250,000.00 300,000,00 525,000.00 150,000.00 ,000,000.00 110,000.00 300,000.00 400,000.00 700,000.00 100,000.00 250,000.00 Amort.lCalls/ Sales/Maturities ($3,177,254.72) (7,388,754.67) (188,988.93) (497,750.65) 1,297,893.61) Purchases/ Accretions 248,563.25 $17,536,512.23 18,157,077,79 188,988,93 497,750,65 ,297,893.61 18 396,045 $17,536,512.23 18,157,077.79 190,000.00 500,000.00 ,315,000.00 Maturity Date 12/30/2006 12/30/2006 Security Description TexPool LOGC 400,000,00 2/8/2006 12/14/2006 12/26/2006 1/10/2007 1/19/2007 1/29/2007 1/22/2007 5/2007 5/2007 199,564.76 897,113.86 298,899.33 045,496.96 198,731,17 99,763,37 522,681.70 149,589.01 248,158.50 299,266.83 250,000.00 300,000.00 109,795.24 (500,000.00) (500,000.00) 242,731.21 500,000.00 250,000.00 500,000,00 5/21/2007 5/25/2007 5/30/2007 7/9/2007 (599,769.23) ,000,000.00 295,020.96 400,546.87 700,000.00 98387.61 245 848.38 500000.00 500,000.00 242,731.21 599,769.23 500,000.00 500,000.00 500,000.00 (500,000.00) (500,000.00) 500,000.00 600,000.00 500,000.00 500,000.00 $35,827,285.53 500,000.00 600,000.00 500,000.00 500,000.00 $35,867,580.63 500,000.00 600,000.00 500,000.00 500,000.00 $5,870.198.65 6/18/2008 11/6/2008 12/5/2008 Step FHLB FHLB FHLB FHLMC FHLMC FHLB FHLMC FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLMC FHLMC FHLB FHLMC FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLB FHLB Ticket Number 99,564.76 200,000.00 2/1 2/1 2/16/2007 2/22/2007 2/22/2007 2/23/2007 2/26/2007 ,000,000.00 300,000.00 400,000.00 700,000,00 100,000.00 250,000.00 500,000.00 500,000.00 250,000.00 600,000.00 500,000.00 500,000.00 500,000,00 2/28/2007 2/28/2007 3/2/2007 3/15/2007 4/5/2007 4/17/2007 4/24/2007 4/25/2007 06-19 06-06 06-26 06-07 06-29 06-25 06-31 06-24 06-20 06-17 06-11 06-28 06-27 06-01 06-21 06-12 05-05 06-05A 06-13 06-10 7/11/2007 10/5/2007 4/18/2008 5/16/2008 11/1/2007 06-08 06-03 06-22 06-32 06-23 06-28 TOTAL $15,150,411.81 $44,903,562.74 $44,948,590.02 Decem~.2006 Market Price Market Value $14,359,257.51 10,768,323.12 Original Face! Par Value .000 .000 $14,359,257.51 10,768,323.12 Se Original Face! Par Value $17,536,512.23 18,157,077.79 190,000.00 500,000.00 1,315,000.00 Value Comparison Market 249,875.00 399,560.00 199,960,00 404,352.00 897,930,00 299,400,00 ,046,377.50 199,380.00 99,910.00 249,400.00 299,760.00 523,372.50 149,724.00 999,500.00 109,918.60 297,900,00 398,680.00 699,860.00 99,320.00 247,950.00 99.950 99,890 99.980 99.840 99,770 99,800 99,655 99.690 99.910 99.760 99.920 99.690 99.816 99.950 99.926 99.300 99.670 99.980 99.320 99.180 250,000.00 400,000.00 405,000.00 200,000.00 900,000,00 300,000.00 ,050,000.00 200,000.00 100,000.00 250,000.00 300,000.00 525,000.00 150,000.00 ,000,000.00 110,000.00 300,000.00 400,000.00 700,000.00 100,000.00 250,000.00 400,000.00 200,000.00 250,000.00 300,000.00 ,000,000.00 300,000.00 400,000.00 700,000.00 100,000.00 250,000,00 500,000.00 500,000.00 250,000.00 600,000.00 500,000.00 500,000,00 500,000.00 246,300.00 499,150.00 98,520 99.830 499,450,00 600,000,00 500,000.00 498,850.00 $35,843,460.23 99.890 100.000 100.000 99.770 500,000.00 600,000.00 500,000.00 500,000.00 $35,867,580.63 44,948,590.02 Coupon! Discount TexPool LOGIC FHLB FHLB FHLB FHLMC FHLMC FHLB FHLMC FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLMC FHLMC FHLB FHLMC FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLMC FHLB FHLB FHLB FHLB - Step FHLB FHLB FHLB Security Description 250,000.00 500,000.00 o o o 06-19 06-06 06-26 06-07 06-29 06-25 06-31 06-24 06-20 06-17 06-11 06-28 06-27 06-01 06-21 06-12 05-05 06-05A 06-13 06-10 o o 06-08 o 06-03 o o 06-22 06-32 06-23 06-28 TOTAL CITY OF THE COLONY NTEREST DISTRIBUTION (With Amortization) OCTOBER THROUGH DECEMBER 2006 October November 2006 2006 Quarterly Totals 64,573.98 52,460.76 3,776.55 4,786.75 42,575.55 106,113.28 19,689.09 21.95 11,503.02 4,634.23 19,226.86 2,878.25 93,459.98 15,382.33 2,523.85 943.46 860.39 2,041.33 5,507.25 1,174,62 808.46 13.72 393.11 30.27 6,281.60 320.43 87.80 1,394.40 28,403,39 8,135.10 5,970.45 990.69 5,546.36 8,493.50 27,067.49 1,597.73 549,667.98 December 2006 31,431.58 21,344.69 1,583.17 2,207,26 13,545.35 21,755.54 7,529,73 12.68 6,426.03 2,667.38 1,290,38 1,313.10 38,582.95 8,703.97 900,88 357.58 302.79 715.43 2,270.35 449.19 326.96 14,979.29 16,039.19 1,320.38 1,334.53 13,480.10 37,389.03 5,591.10 5.36 2,936.94 1,228,06 1,566.58 692.13 28,055.19 4,229.92 790.20 282.83 262.15 634.60 ,678.49 360.18 228.11 18,163.11 15,076.88 873.00 1,244.96 15,550.10 46,968,71 6,568.26 3.91 2,140.05 738.79 16,369,90 873.02 26,821.84 2,448.44 832.77 303.05 295.45 691.30 ,558.41 365.25 253.39 8.53 131.30 10.11 2,059.37 117.84 29.67 805,17 8,893.65 3,032.97 2,198.53 632.48 1,862.45 2,201.40 9,039.93 218.04 194,958.43 2.59 125.30 9.65 ,956.18 97.05 27,89 340.95 10,083.62 2,443.09 ,828,66 267.34 1,795.16 2,238.48 8,815.79 580.30 163,696.41 2.60 136.51 10,51 2,266.05 105.54 30.24 248.28 9,426.12 2,659.04 1,943.26 90.87 1,888.75 4,053.62 9,211.77 799.39 191,013.14 Fund Name General Fund Utility Fund Engineering - Inspections U. F. Special Capital Projects 2004 Revenue Bonds 2006 U. F. Cert of Obligation Impact Fees - Water/Sewer Fleet Replacement General Debt Service Fund Tax Supported Debt Service Revenue Bond Debt Service Community Complex Debt Economic Dev. Corp. 4A Community Dev. Corp, 4B Court Secutiry Fund Court Technology Fund Environmental Fund Storm Water Utility Hotel/Motel Taxes Lake Park Funds Special Events Fund Community Center Library Grants Police Forfeited Funds Police Seized Funds Capital Projects Administration Impact Fees - Streets Impact Fees - Drainage Drainage Improvements Capital Projects Streets Park Improvements Park's Capital Projects Five Star Complex Austin Rance/COG Grant 2002 G, F. Cert of Obligations 2003 Cert of Obligations 2004 Cert of Obligations 2006 G. F, Cert of Obligations Totals Fund No. 100 200 201 210 213 214 280 300 500 501 502 520 604 605 700 701 705 710 715 720 723 725 730 752 753 800 815 816 817 820 825 826 827 839 840 841 842 843 December 29,2006 2006 2006 2004 c/o EDC C/O Revenue - 2,949,276.04 1,802.990.39 2.919.049.85 Book Value Allocated by Fund 2004 C/O 2003 C/O 2002 C/O Debt Service Reserve Fund Systems Fund $14,359,257.51 Security Description 112.91 949 114.66 453 413,844.98 280,934,29 248,563,25 396,045.18 199,564,76 403,500.69 897,113.86 298,899.33 045,496.96 198,731.17 99,763.37 248 58.50 299,266.83 522,681.70 149,589,01 000,000.00 109,795.24 295,020,96 400,546.89 700,000.00 98,387.61 245,848,38 242,731,21 500,000.00 500,000.00 600,000.00 500,000.00 500,000.00 $23,858,962.41 $1,480,934.29 $413,844.98 $453,114.66 $1,949,112.91 $2,949,276.04 $1,802,990.39 $2,919,049.85 Step TexPool LOGIC FHLMC FHLMC FHLMC FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLMC FHLMC FHLB FHLMC FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB Ticket Number 06-19 06-06 06-07 06-26 06-29 06-25 06-31 06-24 06-20 06-17 06-11 06-28 06-27 06-01 06-21 06-12 05-05 06-05A 06-13 06-1 0 06-08 06-03 06-22 06-32 06-23 06-28 December 29,2006 2006 2006 2004 C/O EDC C/O Revenue - - 2,949,276.04 802,990.39 2.919,049.85 Value Allocated by Fund Market 2004 C/O 2003 C/O 2002 C/O Debt Service Reserve Fund Systems Fund $14,359,257.51 Security ~ption T ex Pool Ticket Number 112.91 949 114.66 453 413,844.98 280.934.29 249,875,00 399,560,00 199,960.00 404,352.00 897,930.00 299,40000 046377.50 199 380.00 99,910.00 249,400.00 299,760.00 523,372,50 149,724.00 999,500.00 109,918.60 297,900.00 398,680.00 699.860.00 99,320,00 247,950.00 246,300.00 499,150.00 499,450.00 600,000.00 500,000.00 498,850.00 $23,875,277.11 $1,480,794.29 $413,844.98 $453,114.66 $1,949,112.91 $2,949,276.04 $1,802,990.39 $2,919,049.85 Step LOGIC FHLMC FHLMC FHLMC FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLMC FHLMC FHLB FHLMC FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB 06-19 06-06 06-07 06-26 06-29 06-25 06-31 06-24 06-20 06-17 06-11 06-28 06-27 06-01 06-21 06-12 05-05 06-05A 06-13 06-1 0 06-08 06-03 06-22 06-32 06-23 06-28 Disclaimer These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were provided by the City. Yield calculations are not determined using standard performance formulas, are not representative of total return yields, and do not account for investment advisor fees,