HomeMy WebLinkAboutResolution No. 09-060
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 09- 6~O
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, ACCEPTING THE JUNE 30TH, 2009 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, 2009, 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, 2009 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, 2009 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 8th day of September 2009.
e McCo rry, Mayor
ATT T-ST:
Ch tie Wilson, City Secretary is
APPR V AT
FORM:
Robert E. Hager, ' y Attorney
City of The Colony
INVESTMENT PORTFOLIO SUMMARY
For the Quarter Ended
June 30, 2009
The investment portfolio of the City is in compliance with the Public Funds Investment Act and the City Investment
Policy.
Rebecca Koo, Director of Finance
Gwen Mansfield, Accounting Manager
Page 1.
Strategy Summary:
The Federal Open Market Committee (FOMC) maintained the Fed Funds target at a range between 0.00% and 0.25%. The stock
market has drifted slightly higher. Some economic data and activity projections look for the recession bottoming later this year or early
2010. The yield curve is still very positive, with CDs the best option. Re-investment of maturities and excess funds could enhance
interest income.
Quarter End Results by Investment Category:
June 30, 2009 March 31, 2009
Asset Type Ave. Yield Book Value Market Value Book Value Market Value
Pools/MMMF 0.46% $28,544,521.38 $28,544,391.99 $31,513,954.55 $31,513,954.55
Securities 3.99% 9,074,160.00 9,147,455.00 11,067,160.00 11,201,410.17
Totals $37,618,681.38 $37,691,846.99 $42,581,114.55 $42,715,364.72
Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 1.31% Total Portfolio 1.71%
Rolling Three Mo. Treas. Yield 0.17% Rolling Three Mo. Treas. Yield 0.24%
Rolling Six Mo. Treas. Yield 0.36% Rolling Six Mo. Treas. Yield 0.76%
Average Quarterly TexPool Yield 0.82%
(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.
Page 2.
Treasury Yield Curves
4.50
i
4.00 - -
- -
3.50
3.00
aA
2.50
2.00
a~
p" 1.50 -
1.00 - '0000
0.50
0.00
\Q1
June 30, 2008 March 31, 2009 June 30, 2009
Valley View Consulting, L.L.C.
Page 3.
US Treasury Historical Yields
7.50
7.00 - -
6.50 - -
6.00
5.50 -
f h; 1~ G 4 A
~ 5.00
~ 4.50
4.00 7
v 3.50 AvW
a 3.00 -
2.50 -
2.00 - - m
1.50
1.00 -
0.50 -
0.00
I°N~°' a°~~Q3 °°1°°,ti°°~°~o°tio°~°° Q3 Z3°~Q3 z o° °°~'o°~' oo°~'o z °~o°to QS zi°to°~ 3
~A
V~%V~rA ~%ti\~~\~ \N,
-Six Month -Two Year -Ten Year
Valley View Consulting. L.L.C.
Page 4.
S&P 500
1,750
1,500
1,250 - -
1,000 -
750 - -
500
250
0
Q) z se
Valley View Consulting, L.L.C.
Page 5.
Detail of Security Holdings
June 30, 2009
Ticket Security Coupon/ Settlement Maturity Call Original Facel Book Market Market Life
Number Description Rating Discount Date Date Date Par Value Value Price Value (days) Yield
TexPool AAAm 0.39% 6/30/2009 7/1/2009 $15,199,801.79 $15,199,801.79 1.00 $15,199,801.79 1 0.39%
TexPool Prime AAAm 0.53% 6/30/2009 7/1/2009 12,539,308.63 12,539,308.63 1.00 12,539,308.63 1 0.53%
Texas Daily AAAm 0.50% 6/30/2009 7/1/2009 382,696.96 382,696.96 1.00 382,696.96 1 0.50%
LOGIC AAAm 0.53% 6/30/2009 7/1/2009 422,584.61 422,584.61 1.00 422,584.61 1 0.53%
WF Adv Gvt MMMF 0.01% 6/30/2009 7/1/2009 129.39 129.39 1.00 129.39 1 0.01%
08=03 FHLMC AAA 4.000% 7/11/2008 7/28/2011 7/28/2009 2,000,000.00 1,996,500.00 100.78 2,004,500.00 758 4.06%
08=04 FHLB AAA 3.950% 9/1/2008 9/22/2011 9/22/2009 1,090,000.00 1,090,000.00 101.28 1,098,175.00 814 3.95%
08=05 FFCB AAA 4.050% 9/29/2008 9/29/2011 9/29/2009 2,000,000.00 2,000,000.00 101.22 2,015,000.00 821 4.05%
08=06 FFCB AAA 3.750% 9/18/2008 9/29/2011 9/29/2009 2,000,000.00 1,997,000.00 101.13 2,014,380.00 821 3.80%
08=07 FHLMC AAA 3.875% 10/24/2008 9/30/2011 9/30/2010 2,000,000.00 1,990,660.00 101.25 2,015,400.00 822 4.04%
$37,634,521.38 $37,618,681.38 $37,691,976.38 195 1.31%
(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.
Page 6.
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City of The Colony
Total Portfolio
$60,000,000
$50,000,000 -
77
77
$40,000,000 -
$30,000,000 -
a
$20,000,000
$10,000,000
$0
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OQuarter End Book Value
Page 8.
Book Value Comparison
March 31, 2009 June 30, 2009
Ticket Security Maturity Original Face/ Purchases/ Amort./Calls/ Original Face/
Number Description Date Par Value Book Value Accretions Sales/Maturities Par Value Book Value
TexPool 7/1/2009 $17,655,671.93 $17,655,671.93 ($2,455,870.14) $15,199,801.79 $15,199,801.79
TexPool Prime 7/1/2009 12,520,389.30 12,520,389.30 18,919.33 12,539,308.63 12,539,308.63
Texas Daily 7/1/2009 915,954.26 915,954.26 (533,257.30) 382,696.96 382,696.96
LOGIC 7/1/2009 421,939.06 421,939.06 645.55 422,584.61 422,584.61
WF Adv Gvt MMMF 7/1/2009 129.39 129.39 129.39
08=08 FHLMC 6/3/2011 2,000,000.00 1,993,000.00 (1,993,000.00)
08=03 FHLMC 7/28/2011 2,000,000.00 1,996,500.00 2,000,000.00 1,996,500.00
08=04 FHLB 9/22/2011 1,090,000.00 1,090,000.00 1,090,000.00 1,090,000.00
08=05 FFCB 9/29/2011 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00
08=06 FFCB 9/29/2011 2,000,000.00 1,997,000.00 2,000,000.00 1,997,000.00
08=07 FHLMC 9/30/2011 2,000,000.00 1,990,660.00 2,000,000.00 1,990,660.00
TOTAL $42,603,954.55 $42,581,114.55 $19,694.27 ($4,982,127.44) $37,634,521.38 $37,618,681.38
Market Value Comparison
March 31, 2009 June 30, 2009
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 $17,655,671.93 1.000 $17,655,671.93 ($2,455,870.14) $15,199,801.79 1.000 $15,199,801.79
TexPool Prime 12,520,389.30 1.000 12,520,389.30 18,919.33 12,539,308.63 1.000 12,539,308.63
Texas Daily 915,954.26 1.000 915,954.26 (533,257.30) 382,696.96 1.000 382,696.96
LOGIC 421,939.06 1.000 421,939.06 645.55 422,584.61 1.000 422,584.61
WF Adv Gvt MMMF 129.39 1.000 129.39
08=08 FHLMC 2,000,000.00 100.500 2,010,000.000 (2,010,000.00)
08=03 F H LMC 2, 000, 000.00 100.777 2, 015, 536.000 (11, 036.00) 2, 000, 000.00 100.777 2, 004, 500.000
08=04 FHLB 1,090,000.00 101.281 1,103,966.170 (5,791.17) 1,090,000.00 101.281 1,098,175.000
08=05 FFCB 2,000,000.00 101.219 2,024,376.000 (9,376.00) 2,000,000.00 101.219 2,015,000.000
08=06 FFCB 2,000,000.00 101.125 2,022,500.000 (8,120.00) 2,000,000.00 101.125 2,014,380.000
08=07 FHLMC 2,000,000.00 101.252 2,025,032.000 2,000,000.00 101.252 2,015,400.000
TOTAL $42,603,954.55 $42,715,364.72 ($5,023,388.34) $37,634,521.38 $37,691,976.38
Page 9.
I
INTEREST DISTRIBUTION (With Amortization)
APRIL THROUGH JUNE 2009
Fund April May June Quarterly
No. Fund Name 2009 2009 2009 Totals
100 General Fund 3,002.75 2,557.35 2,335.08 7,895.18
200 Utility Fund 1,067.44 1,089.74 1,214.09 3,371.27
201 Engineering - Inspections 63.24 55.00 43.54 161.78
210 U. F. Special Capital Projects 254.36 233.97 194.41 682.74
213 2004 Revenue Bonds 49.14 32.05 142.50 223.69
214 2006 U. F. Cert of Obligation 388.48 344.99 366.83 1,100.30
215 2007 U. F. Cert of Obligation 501.48 460.72 487.15 1,449.35
280 Impact Fees - Water/Sewer 408.39 408.25 383.35 1,199.99
300 Fleet Services 38.60 39.59 35.81 114.00
500 General Debt Service Fund 1,124.79 1,060.89 872.64 3,058.32
501 Tax Supported Debt Service 133.61 125.19 105.38 364.18
502 Revenue Bond Debt Service 843.59 798.78 666.02 2,308.39
520 Community Complex Debt 89.35 97.31 93.22 279.88
604 Economic Dev. Corp. 4A 1,115.30 1,061.14 1,167.78 3,344.22
605 Community Dev. Corp. 4B 344.67 348.12 348.17 1,040.96
700 Court Security Fund 75.58 71.42 63.31 210.31
701 Court Technology Fund 12.93 5.42 5.01 23.36
710 Storm Water Utility 78.52 31.62 10.55 120.69
715 Hotel/Motel Taxes 30.81 30.81 41.20 102.82
720 Lake Park Funds 40.72 40.83 42.40 123.95
723 Special Events Fund 16.55 5.33 - 21.88
725 Community Center 13.76 10.92 7.38 32.06
730 Library Grants 3.98 4.01 3.18 11.17
752 Police Forfeited Funds 3.30 1.73 0.53 5.56
753 Police Seized Funds 0.44 0.42 0.67 1.53
800 Capital Projects Administration 221.70 195.78 173.35 590.83
815 Impact Fees - Streets 35.22 45.15 50.18 130.55
816 Impact Fees - Drainage 22.89 21.44 20.92 65.25
817 Drainage Improvements 38.14 35.71 30.38 104.23
820 Capital Projects Streets 298.08 277.60 265.10 840.78
825 Park Improvements - - 49.14 49.14
826 Park's Capital Projects 107.18 97.96 87.25 292.39
827 Five Star Complex 19.41 18.17 18.12 55.70
840 2002 G. F. Cert of Obligations 100.56 87.08 - 187.64
841 2003 G. F. Cert of Obligations 103.15 89.80 77.82 270.77
842 2004 G. F. Cert of Obligations 53.20 46.30 116.43 215.93
843 2006 G. F. Cert of Obligations - - 5.77 5.77
844 2007 G. F. Cert of Obligations 370.38 315.83 505.29 1,191.50
845 2008 G. F. Cert of Obligations 465.20 185.49 157.88 808.57
895 G. F. Special Capital Projects 217.42 198.06 129.17 544.65
Totals 11,778.54 10,546.35 10,332.22 32,657.11
Page 10.
Book Value Allocated by Fund June 30, 2009
001 002 003
Ticket Security System 2002 2003 2004 2008
Number Description Fund C/O C/O C/O C/O
TexPool $15,199,801.79
TexPool Prime 12,539,308.63
Texas Daily 382,696.96
LOGIC 172,381.14 165,218.10 84,985.37
WF Adv Gvt MMMF 129.39
08=03 FHLMC 1,996,500.00
08=04 FHLB 1,090,000.00
08=05 FFCB 2,000,000.00
08=06 FFCB 1,997,000.00
08=07 FHLMC 1,990,660.00
$36,813,399.81 $172,381.14 $165,218.10 $84,985.37 $382,696.96
Market Value Allocated by Fund
Ticket Security System 2002 2003 2004 2008
Number Description Fund C/O C/O C/O C/O
TexPool $15,199,801.79
TexPool Prime 12,539,308.63
Texas Daily 382,696.96
LOGIC 172,381.14 165,218.10 84,985.37
WF Adv Gvt MMMF 129.39
08=03 FHLMC 2,004,500.00
08=04 FHLB 1,098,175.00
08=05 FFCB 2,015,000.00
08=06 FFCB 2,014,380.00
08=07 FHLMC 2,015,400.00
$36,886,694.81 $172,381.14 $165,218.10 $84,985.37 $382,696.96
Page 11.
Book Value Allocated by Fund March 31, 2009
001 002 003
Ticket Security System 2002 2003 2004 2008
Number Description Fund C/O C/O C/O C/O
TexPool $17,655,671.93
TexPool Prime 12,520,389.30
Texas Daily 915,954.26
LOGIC 172,117.81 164,965.71 84,855.54
08=08 FHLMC 1,993,000.00
08=03 FHLMC 1,996,500.00
08=04 FHLB 1,090,000.00
08=05 FFCB 2,000,000.00
08=06 FFCB 1,997,000.00
08=07 FHLMC 1,990,660.00
$41,243,221.23 $172,117.81 $164,965.71 $84,855.54 $915,954.26
Market Value Allocated by Fund
Ticket Security System 2002 2003 2004 2008
Number Description Fund C/O C/O C/O C/O
TexPool $17,655,671.93
TexPool Prime 12,520,389.30
Texas Daily 915,954.26
LOGIC 172,117.81 164,965.71 84,855.54
08=08 FHLMC 2,010,000.00
08=03 FHLMC 2,015,536.00
08=04 FHLB 1,103,966.17
08=05 FFCB 2,024,376.00
08=06 FFCB 2,022,500.00
08=07 FHLMC 2,025,032.00
$41,377,471.40 $172,117.81 $164,965.71 $84,855.54 $915,954.26
Page 12.
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.
Page 13.