HomeMy WebLinkAboutResolution No. 2010-013
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 10- D!
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, ACCEPTING THE DECEMBER 31ST, 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 December 31, 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 December 31, 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 December 31, 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 16th day of February, 2010
G
e McCou , Mayor
ATTESI'P:
"Christie Wilson, City Secretary
APPI; O YEI AS TO FORM: t `
Jeff Moore, City Attorney
City of The Colony
INVESTMENT PORTFOLIO SUMMARY
For the Quarter Ended
December 31, 2009
The investment portfolio of the City is in compliance with the Public Funds Investment Act and the City Investment
P
r
Rebecca Koo, Director of Finance
Gwen Mansfield, Accounting Manager
Page 1.
Strategy Summary:
The Federal Open Market Committee maintained the Fed Funds target at a range between 0.00% and 0.25%. The stock market
shows modest strength. Economic data points cautiously positive. Employment, consumer spending, and commercial and residential
real estate directions remain uncertain. The yield curve remains very positive, with CDs the best option. Re-investment of maturities
and surplus funds enhances interest income.
December 31, 2009 September 30, 2009
Asset Type Ave. Yield Book Value Market Value Book Value Market Value
Pools/MMMF/Bank 0.23% $23,807,885.34 $23,807,885.34 $28,788,322.74 $28,788,322.74
Securities 3,999,000.00 3,995,000.00
Totals $27,806,885.34 $27,802,885.34 $28,788,322.74 $28,788,322.74
Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 0.34% Total Portfolio 0.34%
Rolling Three Mo. Treas. Yield 0.06% Rolling Three Mo. Treas. Yield 0.06%
Rolling Six Mo. Treas. Yield 0.21% Rolling Six Mo. Treas. Yield 0.21%
Average Quarterly TexPool Yield 0.21%
(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
4.00 - - -
3.50 - - -
3.00 - -
2.50 - -
a~
2.00 - - - -
a~
a
1.50 - -
1.00 -
0.50 -
0.00
°
o~ b ~we~ ~wP4 ~w~4 ~w ~w~
L -December3l, 2008 -September 30, 2009 -December 31,2009
Valley View Consulting, L.L.C.
Page 3.
US Treasury Historical Yields
7.50
7.00 - - - -
6.50 -
6.00 -
5.50
a> 5.00 - - -
IL
c
4.50 -
4.00 - - - - - - - -
%
v 3.50
per, 3.00 -
2.50 - -
2.00
1.50
1.00
0.50 Zzz
0.00
o^ os o°'
I
0 0 0 0 0 0 0 0 0 0 0
-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
O~ 00 (:,I\ c0 00 00 O~ Off' 00 Off` Oh OHO O~ 00 O°~
P P P P P P P P P P P P P P P
Valley View Consulting, L.L.C.
Page 5.
Detail of Investment Holdings
December 31, 2009
Ticket Investment 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 0.21% 12/31/2009 1/1/2010 $10,518,081.18 $10,518,081.18 1.00 $10,518,081.18 1 0.21%
TexPool Prime AAAm 0.24% 12/31/2009 1/1/2010 12, 560, 850.76 12, 560, 850.76 1.00 12, 560, 850.76 1 0.24%
Texas Daily AAAm 0.23% 12/31/2009 1/1/2010 346,642.38 346,642.38 1.00 346,642.38 1 0.23%
LOGIC AAAm 0.38% 12/31/2009 1/1/2010 382,181.63 382,181.63 1.00 382,181.63 1 0.38%
WF Adv Gvt MMMF 0.01% 12/31/2009 1/1/2010 129.39 129.39 1.00 129.39 1 0.01%
09-01 F H LB AAA 1.00% 10/29/2009 10/29/2012 10/29/2010 2, 000, 000.00 1, 999, 000.00 99.88 1, 997, 500.00 1,033 1.05%
09-02 FHLB AAA 1.00% 10/29/2009 10/29/2012 10/29/2010 2,000,000.00 2,000,000.00 99.88 1,997,500.00 1,033 1.00%
$27,807,885.34 $27,806,885.34 $27,802,885.34 149 0.34%
(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.
Portfolio Composition
Securities
14%
l
Pools/MMMF/Bank
86%
Page 7.
Total Portfolio
$60,000,000
$50,000,000 - -
$40,000,000 - - - - - -
$30,000,000 - - -
f
I
$20,000,000 - -
-
$10,000,000 -
$0
OHO OI OA OI O'l O`b O`b O`b O`b 00 O°' 00 O°~
O O
O O O O
ci- PL
o Quarter End Book Value
Page 8.
Book Value Comparison
September 30, 2009 December 31, 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 1/1/2010 $9,318,034.41 $9,318,034.41 $1,200,046.77 $10,518,081.18 $10,518,081.18
TexPool Prime 1/1/2010 12,552,580.78 12,552,580.78 8,269.98 12,560,850.76 12,560,850.76
Texas Daily 1/1/2010 366,372.96 366,372.96 (19,730.58) 346,642.38 346,642.38
LOGIC 1/1/2010 351, 921.99 351, 921.99 30,259.64 382,181.63 382,181.63
WF Adv Gvt MMMF 1/1/2010 129.39 129.39 129.39 129.39
Wells Fargo Account 6,199,283.21 6,199,283.21 (6,199,283.21)
09-01 FHLB 10/29/2012 1,999,000.00 2,000,000.00 1,999,000.00
09-02 FHLB 10/29/2012 2,000,000.00 2,000,000.00 2,000,000.00
TOTAL $28,788,322.74 $28,788,322.74 $5,237,576.39 ($6,219,013.79) $27,807,885.34 $27,806,885.34
Market Value Comparison
September 30, 2009 December 31, 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 $9,318,034.41 1.000 $9,318,034.41 $1,200,046.77 $10,518,081.18 1.000 $10,518,081.18
TexPool Prime 12,552,580.78 1.000 12,552,580.78 8,269.98 12,560,850.76 1.000 12,560,850.76
Texas Daily 366,372.96 1.000 366,372.96 (19,730.58) 346,642.38 1.000 346,642.38
LOGIC 351,921.99 1.000 351,921.99 30,259.64 382,181.63 1.000 382,181.63
WF Adv Gvt MMMF 129.39 1.000 129.39 - 129.39 1.000 129.39
Wells Fargo Account 6,199,283.21 1.000 6,199,283.21 (6,199,283.21)
09-01 FHLB 1,997,500.00 2,000,000.00 99.875 1,997,500.00
09-02 FHLB 1,997,500.00 2,000,000.00 99.875 1,997,500.00
TOTAL $28,788,322.74 $28,788,322.74 ($985,437.40) $27,807,885.34 $27,802,885.34
Page 9.
Book Value Allocated by Fund December 31, 2009
001 002 003
Ticket Investment System 2002 2003 2004 2008
Number Description Fund C/o C/o C/o C/o
TexPool $10,518,081.18
TexPool Prime 12,560,850.76
Texas Daily 346,642.38
LOGIC 131, 545.70 165, 503.66 85,132.27
WF Adv Gvt MMMF 129.39
FHLB 3,999,000.00
$27,078,061.33 $131,545.70 $165,503.66 $85,132.27 $346,642.38
Market Value Allocated by Fund
Ticket Investment System 2002 2003 2004 2008
Number Description Fund C/o C/o C/o C/o
TexPool $10,518,081.18
TexPool Prime 12,560,850.76
Texas Daily 346,642.38
LOGIC 131,545.70 165,503.66 85,132.27
WF Adv Gvt MMMF 129.39
FHLB 3,995,000.00
$27,074,061.33 $131,545.70 $165,503.66 $85,132.27 $346,642.38
Page 10.
INTEREST DISTRIBUTION (With Amortization)
Fund October November December Quarterly
No. Fund Name 2009 2009 2009 Totals
100 General Fund 391.65 344.50 3,095.05 3,831.20
200 Utility Fund 307.96 386.60 1,683.02 2,377.58
201 Engineering - Inspections 8.69 9.03 25.11 42.83
210 U. F. Special Capital Projects 42.13 52.46 128.23 222.82
213 2004 Revenue Bonds 22.27 21.39 765.87 809.53
214 2006 U. F. Cert of Obligation 35.20 36.48 565.39 637.07
215 2007 U. F. Cert of Obligation 23.01 20.86 648.68 692.55
280 Impact Fees - Water/Sewer 89.13 111.55 308.71 509.39
300 Fleet Replacement 9.30 11.27 20.10 40.67
500 General Debt Service Fund 52.35 76.89 89.09 218.33
501 Tax Supported Debt Service 22.96 30.59 51.37 104.92
502 Revenue Bond Debt Service 123.78 153.54 159.96 437.28
520 Community Complex Debt 8.12 8.44 34.81 51.37
604 Economic Dev. Corp. 4A 320.76 367.18 2,154.47 2,842.41
605 Community Dev. Corp. 4B 79.03 76.79 379.12 534.94
700 Court Security Fund 17.25 21.84 51.40 90.49
701 Court Technology Fund 1.80 2.03 11.70 15.53
705 Environmental Fund 6.21 7.15 27.37 40.73
710 Storm Water Utility 6.13 9.04 26.72 41.89
715 Hotel/Motel Taxes 3.63 4.37 94.93 102.93
720 Lake Park Funds 14.24 17.31 41.98 73.53
723 Special Events Fund 8.52 7.30 36.80 52.62
725 Community Center 3.37 3.37 5.84 12.58
730 Library Grants 0.02 0.03 0.36 0.41
752 Police Forfeited Funds 0.25 0.34 0.35 0.94
753 Police Seized Funds 1.01 1.39 1.21 3.61
754 Citizen's Donations - - 0.03 0.03
800 Capital Projects Administration 36.79 39.59 188.05 264.43
815 Impact Fees - Streets 0.85 0.40 19.95 21.20
816 Impact Fees - Drainage 1.19 0.69 22.48 24.36
817 Drainage Improvements - - 9.73 9.73
820 Capital Projects Streets 90.15 89.90 124.01 304.06
822 TxDot RTR/Denton Co. 66.48 305.04 271.74 643.26
825 Park Improvements - - 296.41 296.41
826 Park's Capital Projects 12.92 15.95 89.58 118.45
827 Five Star Complex 4.23 4.73 25.08 34.04
841 2003 Cert of Obligations 45.75 37.90 34.54 118.19
842 2004 Cert of Obligations 64.55 48.29 47.05 159.89
843 2006 G. F. Cert of Obligations 1.51 1.43 35.84 38.78
844 2007 G. F. Cert of Obligations 134.10 154.36 1,848.79 2,137.25
845 2008 G. F. Cert of Obligations 82.19 73.58 68.48 224.25
895 G.F. Special Capital Projects 13.45 25.93 25.04 64.42
Totals 2,152.93 2,579.53 13,514.44 18,246.90
Page 11.
Book Value Allocated by Fund September 30, 2009
001 002 003
Ticket Security System 2002 2003 2004 2008
Number Description Fund C/o C/o C/o C/o
TexPool $9,318,034.41
TexPool Prime 12,552,580.78
Texas Daily 366,372.96
LOGIC 131,456.33 135,391.23 85,074.43
WF Adv Gvt MMMF 129.39
Wells Fargo Account 6,199,283.21
$28,070,027.79 $131,456.33 $135,391.23 $85,074.43 $366,372.96
Market Value Allocated by Fund
Ticket Security System 2002 2003 2004 2008
Number Description Fund C/o C/o C/o C/o
TexPool $9,318,034.41
TexPool Prime 12,552,580.78
Texas Daily 366,372.96
LOGIC 131,456.33 135,391.23 85,074.43
WF Adv Gvt MMMF 129.39
Wells Fargo Account 6,199,283.21
$28,070,027.79 $131,456.33 $135,391.23 $85,074.43 $366,372.96
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.