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Resolution No. 07-087
CITY OF THE COLONY, TEXAS RESOLUTION NO. 07- o?1 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, ACCEPTING THE JUNE 29TH, 2007 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 June 29, 2007, 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 June 29, 2007 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 June 29, 2007 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 15th day of October. 2007. ATTESh: ~)~~1 tJ~~ Christie Wilson, City Secretary City of The Colony INVESTMENT PORTFOLIO SUMMARY For the Quarter Ended June 29, 2007 Strategy Summary: The Federal Open Market Committee (FOMC) of the Federal Reserve Bank continued to hold the Fed Funds target steady at 5.25%. Current predictions and inflation and economic data suggest no moves until 2008. The market has priced less than 10 bps decline into the futures market through early 2008. Considering investments with maturities greater than six months will hedge and diversify the portfolio. Quarterend Results by Investment Category: Asset Type Ave. Yield 5.29% 5.39% June 29, 2007 End Book Value End Market Value $28,368,038.49 $28,368,038.49 10,352,942.49 10,357,794.60 $38,720,980.98 $38,725,833.09 March 30, 2007 BeQin Book Value BeQin Market Value $37,199,429.64 $37,199,429.64 6,318,759.28 6,338,180.00 $43,518,188.92 $43,537,609.64 Pools Securities Totals Average Yield (1) Total Portfolio 5.32% Fiscal Year-to-Date Average Yield (2) Total Portfolio 5.29% Rolling Three Mo. Treas. Yield Rolling Six Mo. Treas. Yield 4.87% 5.07% Rolling Three Mo. Treas. Yield Rolling Six Mo. Treas. Yield Average Quarterly TexPool Yield 5.00% 5.11% 5.29% (1) Average Yield calculated using quarterend report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. (2) Fiscal Year-to-Date Average Yields calculated using quarterend report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. 5.50 5.30 5.10 4.90 ~ eIJ 4.70 = - = 4.50 ~ ~ ;.. 4.30 ~ ~ 4.10 3.90 3.70 Treasury Yield Curves ------ --..----.--- --- ----- -----~-------- ----------------..--------------------- --..------..----..-...----------------- 3.50 O~ lc~O ~<<,;~ , ~ ~~ ~ ~ ~~ '? ~ ~~ '"' ~ ~~ ,\'::I -June 30,2006 -March 30, 2007 -June 29, 2007 Valley View Consulting, L.L.C. Q) OIl ro ..... t:: Q) e Q) 0.. US Treasury Historical Yields 7.50 7.00 --___n_____________ _ ..___ _.__._ 6.50 ----.- --------------.--------- 6.00 --~---------.~------------ 5.50 5.00 4.50 4.00 ---- 3.50 ---------_____ 3.00 -----------____ 2.50 -----____ 2.00 ---- 1.50 1.00 ___n_____________________ ---------- ---------- 0.50 ~~~~~####~~~~####~~~~####~~~~####~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ,~ " ~ '\\ ,~ " ~ '\\ ,~ " ~ '\\ ,~ ,\ ~ '\\ ,~ ,\ ~\ '\\ ,~ ,\ ~\ '\\ ,~ " ~ '\\ ,~ ,\ ~ '\\ ,~ ,\ ~\ I-Six Month -Two Year -Ten Year I Valley View Consulting. L.L.C. S&P 500 1,750 1,500 - 1,250 1,000 750 500 250 o ~ ro ~ R> 2> ~ " n, ~ ~ b ro ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ ,,?-v($ -..--...-...-------. -..--------------------------- I_S&P 5001 Valley View Consulting, L.L.C. Detail of Security Holdings June 29, 2007 Adjusted Ticket Security Coupon/ Settlement Maturity Call Original Face\ Book Market Market Life Number Descri tion Ratin Discount Date Date Date Par Value Value Price Value da s Yield TexPool AMm 5.29% 6/29/2007 6/30/2007 $20,379,091.89 $20,379,091.89 1.000 $20,379,091.89 1 5.29% LOGIC AMm 5.30% 6/29/2007 6/30/2007 7,988,946.60 7,988,946.60 1.000 7,988,946.60 1 5.30% 06=08 FHLB AM 2.35% 5/4/2006 7/9/2007 250,000.00 241,519.75 99.950 249,875.00 10 5.35% 07=01 FHLB AM 4.02% 1/24/2007 9/24/2007 600,000.00 594,966.00 99.410 596,460.00 87 5.31% 06=03 FHLB AM 5.14% 4/5/2006 10/5/2007 4/18/2007 500,000.00 500,000.00 99.920 499,600.00 98 5.14% 07=09 FHLMC AM 4.63% 5/22/2007 10/5/2007 544,000.00 542,595.39 99.790 542,857.60 98 5.31% 07=08 FHLB AM 3.36% 5/22/2007 10/29/2007 560,000.00 555,363.20 99.350 556,360.00 122 5.30% 07=13 FFCB AM 2.78% 6/22/2007 12/3/2007 550,000.00 543,807.00 98.920 544,060.00 157 5.37% 07=14 FHLMC AM 4.13% 6/28/2007 2/25/2008 735,000.00 729,267.00 99.220 729,267.00 241 5.34% 07=04 FHLB AM 5.30% 3/20/2007 3/19/2008 500,000.00 500,000.00 99.880 499,400.00 264 5.30% 07=10 FHLB AM 5.25% 5/22/2007 5/1/2008 500,000.00 499,755.65 99.910 499,550.00 307 5.35% 06=32 FHLB AM 5.38% 12/18/2006 6/18/2008 1/18/2007 600,000.00 600,000.00 99.890 599,340.00 355 5.38% 07=03 FHLB (step) AM 4.50% 3/20/2007 8/15/2008 8/15/2007 500,000.00 497,500.00 99.600 498,000.00 413 5.47% 07=02 FHLB (step) AM 4.00% 3/20/2007 8/20/2008 8/20/2007 150,000.00 148,918.50 99.490 149,235.00 418 5.75% 07=07 FHLMC AM 5.40% 4/11/2007 1 0/9/2008 1,000,000.00 1,000,000.00 99.990 999,900.00 468 5.40% 07=11 FHLB AM 5.40% 5/24/2007 11/24/2008 500,000.00 500,000.00 99.850 499,250.00 514 5.40% 07=12 FHLB AM 5.35% 6/11/2007 12/4/2008 1,000,000.00 999,450.00 99.820 998,200.00 524 5.59% 06=28 FHLB AM 5.35% 12/5/2006 12/5/2008 3/5/2007 500,000.00 500,000.00 99.820 499,100.00 525 5.35% 07=06 FHLB AM 5.45% 4/16/2007 4/16/2009 1,000,000.00 1,000,000.00 99.830 998,300.00 657 5.45% 07=15 FHLB AM 5.45% 6/28/2007 12/28/2009 400,000.00 399,800.00 99.760 399,040.00 913 5.55% $38,757,038.49 $38,720,980.98 $38,725,833.09 98 5.32% (1) (2) (1) Weighted average life -For purposes of calculating weighted average life, pool investments are assumed to have a one day maturity. (2) Weighted average yield to maturity -The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. City of The Colony Portfolio Composition Securities 26.74% Pools 73.26% $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 --- $20,000,000 $15,000,000 $10,000,000 $5,000,000 _n_ $0 12/31/2006 City of The Colony Total Portfolio 3/31/2007 6/30/2007 I rn Quarterend Book Value I Adjusted Book Value Comparison March 30, 2007 June 29, 2007 Ticket Security Maturity Original Face/ Adjusted Purchases/ Amort./Calls/ Original Face/ Adjusted Number Description Date Par Value Book Value Accretions Sales/Maturities Par Value Book Value TexPool 6/30/2007 $26,520,827.13 $26,520,827.13 ($6,141,735.24) $20,379,091.89 $20,379,091.89 LOGIC 6/30/2007 10,678,602.51 10,678,602.51 (2,689,655.91 ) 7,988,946.60 7,988,946.60 06=12 FHLB 4/5/2007 300,000.00 292,887.08 (292,887.08) 05=05 FHLB 4/17/2007 400,000.00 400,625.00 (400,625.00) 07=05 FHLB 4/19/2007 1,000,000.00 1,000,000.00 (1,000,000.00) 06=05A FHLMC 4/24/2007 700,000.00 700,000.00 (700,000.00) 06=13 FHLB 4/25/2007 100,000.00 97,878.44 (97,878.44 ) 06=10 FHLB 5/21/2007 250,000.00 244,464.51 (244,464.51 ) 06=08 FHLB 7/9/2007 250,000.00 241,519.75 250,000.00 241,519.75 07=01 FHLB 9/24/2007 600,000.00 594,966.00 600,000.00 594,966.00 06=03 FHLB 10/5/2007 500,000.00 500,000.00 500,000.00 500,000.00 07=09 FHLMC 10/5/2007 542,595.39 544,000.00 542,595.39 07=08 FHLB 10/29/2007 555,363.20 560,000.00 555,363.20 07=13 FFCB 12/3/2007 543,807.00 550,000.00 543,807.00 07=14 FHLMC 2/25/2008 729,267.00 735,000.00 729,267.00 07=04 FHLB 3/19/2008 500,000.00 500,000.00 500,000.00 500,000.00 07=10 FHLB 5/1/2008 499,755.65 500,000.00 499,755.65 06=32 FHLB 6/18/2008 600,000.00 600,000.00 600,000.00 600,000.00 07=03 FHLB (step) 8/15/2008 500,000.00 497,500.00 500,000.00 497,500.00 07=02 FHLB (step) 8/20/2008 150,000.00 148,918.50 150,000.00 148,918.50 07=07 FHLMC 1 0/9/2008 1,000,000.00 1,000,000.00 1,000,000.00 07=11 FHLB 11/24/2008 500,000.00 500,000.00 500,000.00 07=12 FHLB 12/4/2008 999,450.00 1,000,000.00 999,450.00 06=28 FHLB 12/5/2008 500,000.00 500,000.00 500,000.00 500,000.00 07=06 FHLB 4/16/2009 1,000,000.00 1,000,000.00 1,000,000.00 07=15 FHLB 12/28/2009 399,800.00 400,000.00 399,800.00 TOTAL $43,549,429.64 $43,518,188.92 $6,770,038.24 ($11,567,246.18) $38,757,038.49 $38,720,980.98 Market Value Comparison March 30, 2007 June 29, 2007 Security Coupon! Original Face! Market Original Face! Market Description Discount Par Value Price Market Value Par Value Price Market Value TexPool $26,520,827.13 1.000 $26,520,827.13 $20,379,091.89 1.000 $20,379,091.89 LOGIC 10,678,602.51 1.000 10,678,602.51 7,988,946.60 1.000 7,988,946.60 06=12 FHLB 300,000.00 99.790 299,370.00 05=05 FHLB 400,000.00 99.750 399,000.00 07=05 FHLB 1,000,000.00 100.000 1,000,000.00 06=05A FHLMC 700,000.00 99.990 699,930.00 06=13 FHLB 100,000.00 99.860 99,860.00 06=10 FHLB 250,000.00 99.710 249,275.00 06=08 FHLB 250,000.00 99.230 248,075.00 250,000.00 99.950 249,875.000 07=01 FHLB 600,000.00 99.410 596,460.00 600,000.00 99.410 596,460.000 06=03 FHLB 500,000.00 99.900 499,500.00 500,000.00 99.920 499,600.000 07=09 FHLMC 544,000.00 99.790 542,857.600 07=08 FHLB 560,000.00 99.350 556,360.000 07=13 FFCB 550,000.00 98.920 544,060.000 07=14 FHLMC 735,000.00 99.220 729,267.000 07=04 FHLB 500,000.00 99.930 499,650.00 500,000.00 99.880 499,400.000 07=10 FHLB 500,000.00 99.910 499,550.000 06=32 FHLB 600,000.00 100.000 600,000.00 600,000.00 99.890 599,340.000 07=03 FHLB (step) 500,000.00 99.560 497,800.00 500,000.00 99.600 498,000.000 07=02 FHLB (step) 150,000.00 99.840 149,760.00 150,000.00 99.490 149,235.000 07=07 FHLMC 1,000,000.00 99.990 999,900.000 07=11 FHLB 500,000.00 99.850 499,250.000 07=12 FHLB 1,000,000.00 99.820 998,200.000 06=28 FHLB 500,000.00 99.900 499,500.00 500,000.00 99.820 499,100.000 07=06 FHLB 1,000,000.00 99.830 998,300.000 07=15 FHLB 400,000.00 99.760 399,040.000 TOTAL 43,549,429.64 43,537,609.64 $38,757,038.49 $38,725,833.09 Fund April May June Quarterly No. Fund Name 2007 2007 2007 Totals 100 General Fund 44,555.06 37,691.81 32,422.63 114,669.50 200 Utility Fund 13,701.55 15,994.62 19,317.68 49,013.85 201 Engineering - Inspections 1,182.42 1,303.05 1,146.26 3,631.73 210 U. F. Special Capital Projects 2,003.01 1,733.96 2,124.62 5,861.59 213 2004 Revenue Bonds 12,699.46 13,107.53 12,676.13 38,483.12 214 2006 U. F. Cert of Obligation 14,566.31 15,225.33 13,671.44 43,463.08 280 Impact Fees - Water/Sewer 6,064.51 4,879.76 5,607.04 16,551.31 300 Fleet Replacement 122.74 154.15 159.79 436.68 500 General Debt Service Fund 11,457.57 11,038.59 9,035.82 31,531.98 501 Tax Supported Debt Service 9,156.60 9,131.04 7,831.79 26,119.43 502 Revenue Bond Debt Service 8,768.54 9,165.08 9,498.43 27,432.05 520 Community Complex Debt 1,280.41 1,554.69 1,539.37 4,374.47 604 Economic Dev. Corp. 4A 30,089.73 12,668.60 23,652.21 66,410.54 605 Community Dev. Corp. 4B 3,837.47 3,553.66 6,370.03 13,761.16 700 Court Security Fund 875.56 913.86 845.76 2,635.18 701 Court Technology Fund 344.21 359.85 362.27 1,066.33 705 Environmental Fund 318.41 304.78 135.24 758.43 710 Storm Water Utility 714.38 854.15 797.34 2,365.87 715 Hotel/Motel Taxes 1,738.43 1,739.46 1,865.38 5,343.27 720 Lake Park Funds 396.33 429.18 469.35 1,294.86 725 Community Center 125.08 104.63 79.96 309.67 730 Library Grants 27.65 28.87 51.13 107.65 752 Police Forfeited Funds 121.71 111.80 67.56 301.07 753 Police Seized Funds 9.09 15.94 8.28 33.31 800 Capital Projects Administration 2,974.50 3,057.78 3,075.64 9,107.92 815 Impact Fees - Streets 1,398.94 1,486.27 1,404.40 4,289.61 816 Impact Fees - Drainage 29.14 30.77 29.87 89.78 817 Drainage Improvements 264.14 39.81 471.70 775.65 820 Capital Projects Streets 1,490.15 339.35 3,555.43 5,384.93 825 Park Improvements 3,516.00 3,428.79 3,332.74 10,277.53 826 Park's Capital Projects 1,964.61 1,945.25 1,905.72 5,815.58 827 Five Star Complex 162.85 94.11 368.91 625.87 839 Austin Rance/COG Grant - - - - 840 2002 G. F. Cert of Obligations 1,788.84 1,852.55 1,801.87 5,443.26 841 2003 Cert of Obligations 784.35 808.29 671.66 2,264.30 842 2004 Cert of Obligations 6,815.28 6,957.54 3,830.71 17,603.53 843 2006 G.F. Cert of Obligations 549.75 618.45 605.41 1,773.61 Totals 186,405.38 163,225.48 171,176.53 520,807.39 CITY OF THE COLONY INTEREST DISTRIBUTION (With Amortization) Book Value Allocated by Fund June 29, 2007 Ticket Security System Debt Service 2002 2003 2004 2006 2006 2004 Number Description Fund Reserve Fund C/O C/O C/O C/O EDC C/O Revenue TexPool $20,379,091.89 LOGIC 2,032,756.97 410,585.83 155,887.08 759,139.03 1,975,912.10 0.00 2,654,665.59 06=08 FHLB 241,519.75 07=01 FHLB 594,966.00 06=03 FHLB 500,000.00 07=09 FHLMC 542,595.39 07=08 FHLB 555,363.20 07=13 FFCB 543,807.00 07=14 FHLMC 729,267.00 07=04 FHLB 500,000.00 07=10 FHLB 499,755.65 06=32 FHLB 600,000.00 07=03 FHLB (step) 497,500.00 07=02 FHLB (step) 148,918.50 07=07 FHLMC 1,000,000.00 07=11 FHLB 500,000.00 07=12 FHLB 999,450.00 06=28 FHLB 500,000.00 07=06 FHLB 1,000,000.00 07=15 FHLB 399,800.00 $30,732,034.38 $2,032,756.97 $410,585.83 $155,887.08 $759,139.03 $1,975,912.10 $0.00 $2,654,665.59 Market Value Allocated by Fund June 29, 2007 Ticket Security System Debt Service 2002 2003 2004 2006 2006 2004 Number Description Fund Reserve Fund C/O C/O C/O C/O EDC C/O Revenue TexPool $20,379,091.89 LOGIC 2,032,756.97 410,585.83 155,887.08 759,139.03 1,975,912.10 0.00 2,654,665.59 06=08 FHLB 249,875.00 07=01 FHLB 596,460.00 06=03 FHLB 499,600.00 07=09 FHLMC 542,857.60 07=08 FHLB 556,360.00 07=13 FFCB 544,060.00 07=14 FHLMC 729,267.00 07=04 FHLB 499,400.00 07=10 FHLB 499,550.00 06=32 FHLB 599,340.00 07=03 FHLB (step) 498,000.00 07=02 FHLB (step) 149,235.00 07=07 FHLMC 999,900.00 07=11 FHLB 499,250.00 07=12 FHLB 998,200.00 06=28 FHLB 499,100.00 07=06 FHLB 998,300.00 07=15 FHLB 399,040.00 $30,736,886.49 $2,032,756.97 $410,585.83 $155,887.08 $759,139.03 $1,975,912.10 $0.00 $2,654,665.59 Book Value Allocated by Fund March 30, 2007 Ticket Security System Debt Service 2002 2003 2004 2006 2006 2004 Number Description Fund Reserve Fund C/O C/O C/O C/O EDC C/O Revenue T ex Pool $26,520,827.13 LOGIC 1,306,253.06 413,306.81 181,222.78 1,574,647.89 2,419,409.92 1,826,557.29 2,957,204.76 06-12 FHLB 292,887.08 05-05 FHLB 400,625.00 07-05 FHLB 1,000,000.00 06-05A FHLMC 700,000.00 06-13 FHLB 97,878.44 06-10 FHLB 244,464.51 06-08 FHLB 241,519.75 07-01 FHLB 594,966.00 06-03 FHLB 500,000.00 07-04 FHLB 500,000.00 06-32 FHLB 600,000.00 07-03 FHLB (step) 497,500.00 07 -02 FHLB (step) 148,918.50 06-28 FHLB 500,000.00 $32,139,586.41 $2,006,253.06 $413,306.81 $181,222.78 $1,574,647.89 $2,419,409.92 $1,826,557.29 $2,957,204.76 Market Value Allocated by Fund Ticket Number 06-12 05-05 07-05 06-05A 06-13 06-1 0 06-08 07-01 06-03 07-04 06-32 07-03 07 -02 06-28 Security Description TexPool LOGIC FHLB FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB (step) FHLB (step) FHLB System Fund $26,520,827.13 299,370.00 399,000.00 1,000,000.00 99,860.00 249,275.00 248,075.00 596,460.00 499,500.00 499,650.00 600,000.00 497,800.00 149,760.00 499,500.00 $32,159,077 .13 Debt Service 2002 Reserve Fund C/O 1,306,253.06 413,306.81 699,930.00 $2,006,183.06 $413,306.81 2003 2004 C/O C/O 181,222.78 1,574,647.89 $181,222.78 $1,574,647.89 March 30, 2007 2006 2006 2004 C/O EDC C/O Revenue 2,419,409.92 1,826,557.29 2,957,204.76 $2,419,409.92 $1,826,557.29 $2,957,204.76 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.