HomeMy WebLinkAboutResolution No. 08-074
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 08- 07Lf
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, ACCEPTING THE JUNE 30TH, 2008 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 30, 2008, 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 30, 2008 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 30, 2008 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$ r-!J.- day of September, 2008.
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Christie Wilson, City Secretary
OVED AS TO FORM:
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Robert E. Hager, City Atto ey
City of The Colony
INVESTMENT PORTFOLIO SUMMARY
For the Quarter Ended
June 30, 2008
The investment portfolio ofthe City is in compliance with the Public Funds Investment Act and the City
Investment Policy.
~I ~ tStJO
Rebecca Koo, Director of Finance
\
Strategy Summary:
The Federal Open Market Committee (FOMC) paused with the fed funds target at 2.00%. Continued slow economic performance
combined with inflationary pressures influenced the wait-and-see shift. The Futures Market forecasts fed funds target increases late
2008 or early 2009. The positive yield curve encourages continued laddering based on cash flow estimates.
Quarterend Results by Investment Category:
Asset Tvpe
Pools/MMMF
Securities
Ave. Yield
2.27%
3.07%
June 30, 2008
End Book Value End Market Value
$44,012,490.27 $44,012,490.27
3,011,218.14 2,998,427.56
$47,023,708.41 $47,010,917.83
March 31,2008
Beain Book Value Beain Market Value
$45,207,878.81 $45,207,878.81
3,011,218.14 3,015,013.09
$48,219,096.95 $48,222,891.90
Totals
Average Yield (1)
Total Portfolio
2.32%
Fiscal Year-to-Date Average Yield (2)
Total Portfolio
3.22%
Rolling Three Mo. Treas. Yield
Rolling Six Mo. Treas. Yield
1.65%
2.00%
Rolling Three Mo. Treas. Yield
Rolling Six Mo. Treas. Yield
Average Quarterly TexPool Yield
2.45%
3.04%
3.16%
(1) Average Yield calculated using quarter end 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 quarter end report yields and adjusted book values and does not reflect a total
return analysis or account for advisory fees.
Treasury Yield Curves
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I-June 29, 2007 -March 31, 2008 -June 30,20081
Valley View Consulting, L.L.C.
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2.50
2.00
1.50
1.00
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US Treasury Historical Yields
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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
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Detail of Security Holdings
June 30, 2008
Adjusted
Original Face\ Book Market Market Life
Par Value Value Price Value (days) Yield
$43,175,932.28 $43,175,932.28 1.00 $43,175,932.28 1 2.26%
836,429.62 836,429.62 1.00 836,429.62 1 2.54%
128.37 128.37 1.00 128.37 1 1.92%
2,000,000.00 2,011,468.14 99.91 1,998,260.14 228 1.91%
1,000,000.00 999,750.00 100.02 1,000,167.42 367 5.40%
$47,012,490.27 $47,023,708.41 $47,010,917.83 18 2.32%
(1) (2)
Ticket Security Coupon! Settlement Maturity
Number Description Rating Discount Date Date
TexPool AAAm 2.26% 6/30/2008 7/1/2008
LOGIC AAAm 2.54% 6/30/2008 7/1/2008
WF MMMF 1.92% 6/30/2008 7/1/2008
08=01 FHLB AAA 2.56% 3/19/2008 2/13/2009
07=16 FHLB AAA 5.38% 7/2/2007 7/2/2009
Call
Date
7/2/2008
(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
6.40%
. . . . . . .
..................................
. . . . . . . . . .
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. . . . . . . . . .
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Pools/MMMF
93.60%
$60,000,000
$50,000,000
$40,000,000
$30.000,000
$20,000,000
$10,000,000
City of The Colony
Total Portfolio
$0
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12/31/2006
3/31/2007
6/30/2007
9/30/2007
12/31/2007
3/31/2008
6/30/2008
10 Quarterend Book Value I
Adjusted Book Value Comparison
March 31, 2008 June 30, 2008
Ticket Security Maturity Original Face/ Adjusted Purchases/ Amort.lCalls/ Original Face/ Adjusted
Number Description Date Par Value Book Value Accretions Sales/Maturities Par Value Book Value
TexPool 7/1/2008 $44,376,879.31 $44,376,879.31 ($1,200,947.03) $43,175,932.28 $43,175,932.28
LOGIC 7/1/2008 830,999.50 830,999.50 5,430.12 836,429.62 836,429.62
WF MMMF 7/1/2008 128.37 128.37 128.37
08=01 FHLB 2/13/2009 2,000,000.00 2,011,468.14 2,000,000.00 2,011,468.14
07=16 FHLB 7/2/2009 1,000,000.00 999,750.00 1,000,000.00 999,750.00
TOTAL $48,207,878.81 $48,219,096.95 $5,558.49 ($1,200,947.03) $47,012,490.27 $47,023,708.41
Market Value Comparison
March 31, 2008 June 30, 2008
Ticket Security Original Face/ Market Qtr-to-Qtr Original Face/ Market
Number Description Par Value Price Market Value Change Par Value Price Market Value
TexPool $44,376,879.31 1.000 $44,376,879.31 $43,175,932.28 1.000 $43,175,932.28
LOGIC 830,999.50 1.000 830,999.50 836,429.62 1.000 836,429.62
WFMMMF 128.37 1.000 128.37
08=01 FHLB 2,000,000.00 100.349 2,006,976.90 2,000,000.00 99.913 1,998,260.140
07=16 FHLB 1,000,000.00 100.804 1,008,036.19 1,000,000.00 100.017 1,000,167.420
TOTAL $48,207,878.81 $48,222,891.90 ($1,211 ,974.07) $47,012,490.27 $47,010,917.83
Fund April May June Quarterly
No. Fund Name 2008 2008 2008 Totals
100 General Fund 18,614.68 16,811.00 14,529.71 49,955.39
200 Utility Fund 6,428.17 6,593.33 6,654.72 19,676.22
201 Engineering - Inspections 456.75 482.28 445.64 1,384.67
210 U. F. Special Capital Projects 858.91 817.15 752.84 2,428.90
213 2004 Revenue Bonds 4,780.16 4,530.61 4,102.23 13,413.00
214 2006 U. F. Cert of Obligation 3,732.86 3,530.24 3,160.95 10,424.05
215 2007 U. F. Cert of Obligation 4,324.18 4,065.96 3,450.40 11,840.54
280 Impact Fees - Water/Sewer 2,453.31 2,473.82 2,475.31 7,402.44
300 Fleet Replacement 222.90 193.17 148.62 564.69
500 General Debt Service Fund 5,147.59 4,984.34 4,631.31 14,763.24
501 Tax Supported Debt Service 1,507.38 1,442.62 1,372.01 4,322.01
502 Revenue Bond Debt Service 5,005.61 4,705.93 4,391 .25 14,102.79
520 Community Complex Debt 567.38 623.95 665.52 1,856.85
604 Economic Dev. Corp. 4A 9,720.15 9,513.16 8,779.90 28,013.21
605 Community Dev. Corp. 4B 2,638.59 2,523.82 2,310.57 7,472.98
700 Court Secutiry Fund 411.86 397.03 375.44 1,184.33
701 Court Technology Fund 204.48 193.24 183.49 581.21
705 Environmental Fund 160.67 140.30 98.36 399.33
710 Storm Water Utility 183.79 155.78 102.69 442.26
715 Hotel/Motel Taxes 662.14 650.67 580.56 1,893.37
720 Lake Park Funds 197.88 185.40 203.28 586.56
723 Special Events Fund 262.05 249.77 224.85 736.67
725 Community Center 82.28 62.06 76.76 221.10
730 Library Grants 20.19 20.64 15.77 56.60
752 Police Forfeited Funds 27.46 26.22 24.91 78.59
753 Police Seized Funds 4.23 1.90 1.25 7.38
800 Capital Projects Administration 1,477.40 1,320.85 1,168.92 3,967.17
815 Impact Fees - Streets 270.14 308.04 299.16 877.34
816 Impact Fees - Drainage 79.78 115.63 117.56 312.97
817 Drainage Improvements 223.26 213.20 200.69 637.15
820 Capital Projects Streets 1,099.38 1,042.86 1,318.61 3,460.85
825 Park Improvements 2,355.44 2,219.55 2,055.16 6,630.15
826 Park's Capital Projects 867.05 827.97 771.14 2,466.16
827 Five Star Complex 123.75 124.67 108.57 356.99
840 2002 G. F. Cert of Obligations 928.36 892.56 859.99 2,680.91
841 2003 G. F. Cert of Obligations 404.94 389.07 374.16 1,168.17
842 2004 G. F. Cert of Obligations 977.03 932.18 872.15 2,781.36
843 2006 G. F. Cert of Obligations 207.66 198.30 180.20 586.16
844 2007 G. F. Cert of Obligations 11 ,164.11 10,089.27 7,893.41 29,146.79
Totals 88,853.95 84,048.54 75,978.06 248,880.55
INTEREST DISTRIBUTION (With Amortization)
APRIL THROUGH JUNE 2008
Book Value Allocated by Fund
Ticket Security
Number Description
T exPool
LOGIC
WF MMMF
08=01 FHLB
07=16 FHLB
System
Fund
$43,175,932.28
001
2002
C/O
June 30, 2008
002 003
2003 2004
C/O C/O
412,954.11
162,554.51 260,921.00
128.37
2,011,468.14
999,750.00
$46,187,278.79 $412,954.11 $162,554.51 $260,921.00
Market Value Allocated by Fund
Ticket Secu rity System 2002 2003 2004
Number Description Fund C/O C/O C/O
T exPool $43,175,932.28
LOGIC 412,954.11 162,554.51 260,921.00
WF MMMF 128.37
08=01 FHLB 1,998,260.14
07=16 FHLB 1,000,167.42
$46,174,488.21 $412,954.11 $162,554.51 $260,921.00
Book Value Allocated by Fund
Ticket Security
Number Description
T exPool
LOGIC
08=01 FHLB
07=16 FHLB
System
Fund
$44,376,879.31
001
2002
C/O
March 31, 2008
002 003
2003 2004
C/O C/O
410,273.20
161,499.20 259,227.10
2,011,468.14
999,750.00
$47,388,097.45 $410,273.20 $161,499.20 $259,227.10
Market Value Allocated by Fund
Ticket Security System 2002 2003 2004
Number Description Fund C/O C/O C/O
T exPool $44,376,879.31
LOGIC 410,273.20 161,499.20 259,227.10
08=01 FHLB 2,006,976.90
07=16 FHLB 1,008,036.19
$47,391,892.40 $410,273.20 $161,499.20 $259,227.10
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.