HomeMy WebLinkAboutResolution No. 09-023
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 09- O~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, ACCEPTING THE DECEMBER 31ST, 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 December 31, 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 December 31, 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 December 31, 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.
~~
(~
Christie Wilson, City Secretary
".
..:...
in",,,,,,n' portfolio of 1M City i' in c"",ph,""e with tbe rubbc fun~ In,,,tn,,nt Act and the City
icy-
December 31, 2008
For tbe Quarter Ended
INVESTMENT PORTFOLIO SUMMARY
City of '{be Colony
(2) Fiscal Year-to-Date Average Yields calcUlated using quarter end
total return analysis or account for advisory fees
2
(1) Average Yield calculated uSing quarter end
account for advisory fees
report yields and adjusted book values and does not reflect a
report yields and adjusted book values and does not reflect a total
return analysis or
Rolling Three Mo. Treas. Yield
Rolling Six Mo. Treas. Yield
0.33%
33%
Rolling Three Mo. Treas. Yield
Rolling Six Mo. Treas. Yield
Average Quarterly TexPool Yield
0.33%
1.33%
1.49%
Average Yield
(1 )
Total Portfolio
2.29%
Fiscal Year-to-Date Average Yield (2)
Total Portfolio
2.29%
Asset TVDe
Pools/MMMF
Securities
Totals
Ave. Yield
1.51%
3.69%
$23,636,572.65
13,078,628.14
$36,715,200.79
Value
$23,636,572.65
13,246,606.00
$36,883,178.65
$30,153,773.75
9,094,968.14
$39,248,741.89
Value
$30,153,773.75
9,080,902.50
$39,234,676.25
Quarter End Results by Investment Category
The Federal Open Market Committee (FOMe)
market continued a rocky road to lower values.
flight to quality. The yield curve is still
investment of maturities and excess
December 31 , 2008
Book Value Market
reduced the Fed Funds target to a range between 0.00% and 0.25%. The stock
Treasury and other "government" securities dramatically reduced yield in a global
positive, but all yields are substantially lower. The City's portfolio is partially structured. Re-
funds will be examined as opportunity allows
September
Book Value
30,2008
Market
Strategy Summary
Treasury Yield Curves
4.50 -
4.00 ~-------------------------
3.50
~ 3.00
~
eo: 2.50
...-
=
~
~ 2.00
~
~
~ 1.50 ~--~
1.00
0.50 -------------
0.00 --, I I l l
~ 0 ~ ~ ~ ~ ~<<;~
o <c~ ~<<;~ ~<<; ~<<;~ ~<<;~
, rv '? '; ~
---------
_December 31,2007 _September )0,2008 _December 31,2008
Valley View consulting, L.L.C
3
Valley View consulting. L.L.C.
~
0:\
~
~
(,,)
\-<
~
Po<
7.00
7.50
0.00
~~~~#&&�~&&&#~~~~~~~#eeee***#~~~$&&&&~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
, ' ' ' ' ' ' ' ' ' '"'
.50
2.00
2.50
3.00
4.00
3.50
4.50
5.00
5.50
6.00
6.50
___Six Month
0.50
.00
___ Two Year
___ Ten Year
4
us Treasury Historical Yields
S&P 500
1,750
1,500
1,250
1,000
750
500
250
0
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
ct" ~~" ~~" ~~" ct" ~~" ~~" ct" ct" ~~" ~~" ~~" ~~" ct"
Valley View Consulting, LLC
5
6
(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.
(1)
Weighted average
ife
For purposes of calculating weighted average
ife, pool investments are assumed to have a one day maturity.
295
(1
2.29%
(2)
08=01
08=08
08=03
08=04
08=05
08=06
08=07
FHLB
FHLMC
FHLMC
FHLB
FFCB
FFCB
FHLMC
Security
Description
T exPool
Texas Daily
LOGIC
Ticket
Number
Ratin
AAAm
AAAm
AAAm
AAA
AAA
AAA
AAA
AAA
AAA
AAA
2.560%
4.000%
4.000%
3.950%
4.050%
3.750%
3.875%
3/19/2008
10/24/2008
7/11/2008
9/1/2008
9/29/2008
9/18/2008
10/24/2008
9/22/2011
9/29/2011
9/29/2011
9/30/2011
2/13/2009
6/3/2011
7/28/2011
2/3/2008
7/28/2009
9/22/2009
9/29/2009
9/29/2009
9/30/2010
$36,726,572.65
2,000,000.00
2,000,000.00
2,000,000.00
1,090,000.00
2,000,000.00
2,000,000.00
2,000,000.00
$36,715,200.79
2,011,468.14
1,993,000.00
1,996,500.00
1,090,000.00
2,000,000.00
1,997,000.00
1,990,660.00
00.27
00.34
01.08
01 .29
01.36
01.14
02.94
$36,883,178.65
2,005,382.70
2,006,755.12
2,021,579.40
1,104,010.98
2,027,138.04
2,022,848.58
2,058,891.18
44
884
939
995
002
002
003
91%
4.14%
4.06%
3.95%
4.05%
3.80%
4.04%
.49%
.79%
95%
Settlement
Date
12/31/2008
12/31/2008
2/31/2008
Maturity
Date
1/1/2009
1/1/2009
1/1/2009
Original Face\
Par Value
$22,073,456.75
927,179.33
635,936.57
Book
Value
$22,073,456.75
927,179.33
635,936.57
Market
Price
.00
.00
00
$22,073,456.75
927,179.33
635,936.57
Yield
.49%
.79%
95%
Couponl
Discount
Call
Date
Market
Value
Life
days
Detail of Security Holdings
December 31. 2008
Securities
35.620/0
City of The Colony
Portfolio Composition
Pools/MMMF
64.38%
7
City of The Colony
Total Portfolio
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10.000.000
$0
~ ~ ~ ~ ~ ~ ~ ~ ~
~ ~ ~ ~ ~ ~ ~ ~ ~
~ ~ ~ ~ ~ ~ ~ ~ ~
if ~ ~ ~ if ~ ~ ~ if
CQuarter End Book Value
8
9
TOTAL
08=01
08=08
08=03
08=04
08=05
08=06
08=07
Security
Description
TexPool
Texas Daily
LOGIC
MMMF
FHLB
FHLMC
FHLMC
FHLB
FFCB
FFCB
FHLMC
$39,243,773.75
2,000,000.00
1,090,000.00
2,000,000.00
2,000,000.00
100.414
100.125
99.406
99.844
$39,234,676.25
2,008,280.000
1,091,362.500
1,988,120.000
1,996,880.000
$2,351,497.60
12,648.48
39,018.04
25,968.58
$36,726,572.65
2,000,000.00
2,000,000.00
2,000,000.00
1,090,000.00
2,000,000.00
2,000,000.00
2,000,000.00
01.079
101.285
01.357
01.142
02.945
$36,883,178.65
2,005,382.700
2,006,755.120
2,021,579.400
1,104,010.980
2,027,138.040
2,022,848.580
2,058,891.180
2,006,755.12
13.299.40
100.269
00.338
$28,488,946.13
1,031,563.08
633,
35.54
129.00
2.000.000.00
000
000
000
000
99.813
Market
$28,488 946
1,031 563.08
633 135.54
129.00
996.260.000
ange
($6,41'5,489.38)
(104,383.75)
2,801.03
(129.00)
9,122.70
$22,073,456.75
927,179.33
635.936.57
000
000
000
Market Value
$22,073,456.75
927,179.33
635,936.57
Value
3
Ticket
Number
Original Face!
Par Value
Septe~O, 2008
Market
Price
Qtr-to-Qtr
Ch
Original Face!
Par Value
December 31
Market
Price
2008
Market
Value Comparison
TOTAL
08=01
08=08
08=03
08=04
08=05
08=06
08=07
Security
Description
T exPool
Texas Daily
LOGIC
MMMF
FHLB
FHLMC
FHLMC
FHLB
FFCB
FFCB
FHLMC
9/29/2011
9/29/2011
9/30/2011
$39,243,773.75
2,000,000.00
1,090,000.00
2,000,000.00
2,000,000.00
$39,248,741
1,996,500.00
1,090,000.00
2,000,000.00
1,997,000.00
89
$3,986,461.03
990.660.00
$6,520,002
13
$36,726,572.65
2,000,000.00
2,000,000.00
2,000,000.00
1,090,000.00
2,000,000.00
2,000,000.00
2,000,000.00
$36,715,200.79
2,011,468.14
1,993,000.00
1,996,500.00
1,090,000.00
2,000,000.00
1,997,000.00
1,990,660.00
1/0/1900
2/13/2009
6/3/2011
7/28/2011
9/22/2011
993,000.00
1/1/2009
1/1/2009
1/1/2009
$28,488,946.13
1,031,563.08
633,135.54
129.00
2.000,000.00
Book Value
$28,488,946.13
1,031,563.08
633,135.54
129.00
468.14
2.011
2.801
03
(129.00)
($6,415,489.38)
(104,383.75)
$22,073,456.75
927,179.33
635,936.57
Book Value
$22,073,456.75
927,179.33
635,936.57
Ticket
Number
Maturity
Date
September 30, 2008
Original Face/
Par Value
Purchases/
Accretions
Amort./Calls!
Sales/Maturities
December 31
Original Face/
Par Value
Book Value Comparison
2008
10
08=01
08=08
08=03
08=04
08=05
08=06
08=07
FFCB
FFCB
FHLMC
$35,320.062.75
FHLB
FHLMC
FHLMC
FHLB
2,005,382.70
2,006,755.12
2,021,579.40
1,104,010.98
2,027,138.04
2,022,848.58
2,058,891.18
$207.251
77
$164,554.14
$264,130.66
$927.179.33
Market
Ticket
Number
Security
Description
T exPool
Texas Daily
LOGIC
207.251
77
164.554
14
264
130.66
927
179.33
Value Allocated by Fund
System
Fund
$22.073.456.75
2002
C/O
2003
C/O
2004
C/O
2008
C/O
08=01
08=08
08=03
08=04
08=05
08=06
08=07
FHLB
FHLMC
FHLMC
FHLB
FFCB
FFCB
FHLMC
$35.152,084.89
2,011,468.14
1,993,000.00
1,996,500.00
1,090,000.00
2,000,000.00
1,997,000.00
1.990,660.00
$207,251
77
$164,554.14
$264,130.66
$927.179.33
Ticket
Number
Security
Description
T exPool
Texas Daily
LOGIC
207,251
77
164,554
14
264
130.66
927
179.33
System
Fund
$22,073,456.75
001
2002
C/O
002
2003
C/O
December 31
003
2004
C/O
2008
C/O
Book Value Allocated by Fund
2008
08=01
08=03
08=04
08=05
08=06
Ticket
Number
Security
Description
T exPool
Texas Daily
LOGIC
WF MMMF
FHLB
FHLMC
FHLB
FFCB
FFCB
$37.569.977.63
1
2
1
1
1
129.00
,996,260.00
,008,280.00
,091,362.50
,988,120.00
,996,880.00
$206.869.48
$163.625.68
$262.640.38 $1.031
563.08
206.869.48
163.625.68
262.640.38
1
031
563.08
System
Fund
$28.488.946
13
2002
C/O
2003
C/O
2004
C/O
2008
C/O
Value Allocated by Fund
Market
08=01
08=03
08=04
08=05
08=06
FHLB
FHLMC
FHLB
FFCB
FFCB
$37.584,043.27
129.00
2,011,468.14
1,996,500.00
1,090,000.00
2,000,000.00
1,997,000.00
$206,869.48
$163.625.68
$262.640.38 $1
031
563.08
LOGIC
WF MMMF
Ticket
Number
Security
Description
T exPool
Texas Daily
206.869.48
163.625.68
262.640.38
1
031
563.08
System
Fund
$28.488.946
13
001
2002
C/O
002
2003
C/O
003
2004
C/O
2008
C/O
Book Value Allocated by Fund
September 30, 2008
100
200
201
210
213
214
215
280
300
500
501
502
520
604
605
700
701
710
715
720
723
725
730
752
753
800
815
816
817
820
825
826
827
840
841
842
843
844
845
General Fund
Utility Fund
Engineering - Inspections
U. F. Special Capital Projects
2004 Revenue Bonds
2006 U. F. Cert of Obligation
2007 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 Security Fund
Court Technology 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
2002 G. F. Cert of Obligations
2003 Cert of Obligations
2004 Cert of Obligations
2006 G. F. Cert of Obligations
2007 G. F. Cert of Obligations
2008 G. F. Cert of Obligations
Totals
6,308.09
5,745.13
281.02
610.91
2,888.67
2,037.08
2,286.23
1,611.16
169.68
562.02
387.26
2,733.59
207.41
6,919.58
1,243.90
331.08
165.98
379.91
478.00
210.29
78.75
62.04
2.50
21.35
6.60
747.98
276.98
100.57
175.51
1,008.15
1,156.36
638.51
89.15
455.27
391.45
625.21
96.04
2,267.03
2,309.68
46,208.04
2,739.26
4,635.87
213.95
701.68
2,050.89
1 ,480.1 0
1,681.45
1,279.54
91.23
557.56
314.03
2,299.96
220.40
3,390.99
1,049.09
266.82
135.04
303.21
395.28
158.64
10.01
38.69
1.40
13.68
3.40
520.23
223.55
76.18
142.59
787.87
1,166.29
504.51
67.01
373.42
322.20
513.66
52.78
1,100.65
1,613.03
31,582.62
6,851.72
4,691.59
205.53
512.77
1,888.06
1,313.25
1,346.13
1 ,203.19
74.35
1,933.43
234.26
1,445.37
231.88
3,737.82
854.70
200.32
97.08
215.31
220.64
121 .20
22.40
17.83
0.71
8.25
1.25
424.13
232.96
85.63
99.28
545.97
459.83
387.33
60.24
342.36
289.01
464.12
58.67
1,764.14
1,405.16
34,099.46
5,899.07
5,072.59
700.50
1,825.36
6,827.62
4,830.43
5,313.81
4,093.89
335.26
3,053.01
935.55
6,478.92
659.69
14,048.39
3,147.69
798.22
398.10
898.43
1,093.92
490.13
111.16
118.56
4.61
43.28
11.25
1,692.34
733.49
262.38
417.38
2,341.99
2,782.48
1,530.35
216.40
1,171.05
1,002.66
1,602.99
207.49
5,131.82
5,327.87
111,890.12
Fund
No.
Fund Name
NTEREST DISTRIBUTION (With Amortization)
OCTOBER THROUGH DECEMBER 2008
October
2008
November December Quarterly
2008 2008 Totals
2
These reports were compiled using inlorrnalion provided bY the City. No procedures we'" pertorrned to test the
accuracy or completeness 01 this InlorrnaliOn. The marKet values included in these reports were proVided by the
City. 'Iield calcolations are not determined using standard pertorrnance lorrnulas. are not ",presentatIVe 01 total
retum yields. and do not acCOunt lor inveslInent advisor lees.
Disclaimer
~3