HomeMy WebLinkAboutResolution No. 2010-069CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2010 - OU,(1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, ACCEPTING THE JUNE 30, 2010 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, 2010, 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, 2010 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, 2010 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 2nd day of August, 2010.
oe McCou , Mayor
ATTEST:
A
Christie Wilson, City Secretary
APPROVED AS TO FORM:
Jeff Moore, City Attorney 'wzzrxx ;rr
City of The Colony
INVESTMENT PORTFOLIO SUMMARY
For the Quarter Ended
June 30, 2010
The investment portfolio of the City is in compliance with the Public Funds Investment Act and the City Investment
Rebecca Lai, Director of Finance
Gwen Mansfield, Accounting
Strategy Summary:
The Federal Open Market Committee (FOMC) maintained the Fed Funds target at a range between 0.00% and 0.25% and have
pledged to continue the current policy for the foreseeable future. Investment Pools and short term investments earn +/-0.20%. The
stock market has fallen recently on reoccurring domestic and international economic uncertainty. The rate of growth and resulting
employment are the main bond market concerns. The yield curve remains steep, but has fallen to lower yields. CDs still provide the
best investment option.
Asset Type
Pools/MMMF/Bank
Securities
Totals
Average Yield (1)
Total Portfolio
Rolling Three Mo. Treas. Yield
Rolling Six Mo. Treas. Yield
June 30, 2010 March 31, 2010
Ave. Yield Book Value Market Value Book Value Market Value
0.26% $46,991,342.86 $46,991,342.86 $49,391,321.64 $49,391,321.64
$46,991,342.86 $46,991,342.86 $49,391,321.64 $49,391,321.64
Fiscal Year-to-Date Average Yield (2)
0.26% Total Portfolio 0.26%
0.15% Rolling Three Mo. Treas. Yield 0.11%
0.20% Rolling Six Mo. Treas. Yield 0.20%
Average Quarterly TexPool Yield 0.19%
(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 1.
4.50
4.00
3.50
3.00
a~
2.50 - - -
2.00 - -
a~
1.50
1.00 -
0.50 - -
0.00
Treasury Yield Curves
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- - June 30, 2009
March 3l, 2010 -June 30, 2010
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Page 2.
US Treasury Historical Yields
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7.00 - -
6.50 - - ILA
-
6.00
5.50 - -
a~ 5.00
c 4.50 - -
4.00
3.50
p~ 3.00 - - - - -
2.50 - - -
2.00
1.5 0 - -
1.00 -
0.50
0.00
Fp o° o~ oti o~ o°` o`~
OP-0 OP-11 Op~o CPR Op~o
Six Month -Two Year
Valley View Consulting. L.L.C.
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-Ten Year
Page 3.
S&P 500
8.-
1,750
- - - - - - - -
1,500
-
1,250
- -
1,000
750
500 -
250 -
0
~C§I (p p0 ~(~K soh ~O~ X01 ~0~
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Page 4.
Detail of Investment Holdings
June 30, 2010
Ticket Investment
Coupon/
Settlement
Maturity
Call Original Facet
Book
Market
Market Life
Number Description
Rating
Discount
Date
Date
Date Par Value
Value
Price
Value (days)
Yield
TexPool
AAAm
0.21%
6/30/2010
7/1/2010
$14,623,689.47
$14,623,689.47
1.00
$14,623,689.47 1
0.21%
TexPool Prime
AAAm
0.28%
6/30/2010
7/1/2010
31,873,071.76
31,873,071.76
1.00
31,873,071.76 1
0.28%
Texas Daily
AAAm
0.21%
6/30/2010
7/1/2010
180,418.75
180,418.75
1.00
180,418.75 1
0.21%
LOGIC
AAAm
0.26%
6/30/2010
7/1/2010
314, 033.49
314, 033.49
1.00
314, 033.49 1
0.26%
WF Adv Gvt MMMF
0.00%
6/30/2010
7/1/2010
129.39
129.39
1.00
129.39 1
0.00%
$46,991,342.86
$46,991,342.86
$46,991,342.86 1
0.26%
(1)
(2)
(1) Weighted average life - For purposes of calculating weighted average life, pool investments are assumed to h
ave a one day mat
urity.
(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 5.
Portfolio Composition
Securities
0%
Page 6.
Total Portfolio
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
7
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~\V w\V ®\V Q\~ p~V w\V O\V Q\V w\V A\V
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Quarter End Book Value
Page 7.
Book Value Comparison
Ticket Security
Number Description
Maturity
Date
March 31, 2010
Original Face/
Par Value Book Value
Purchases/
Accretions
Amort./Calls/
Sales/Maturities
June 30, 2010
Original Face/
Par Value Book Value
TexPool
7/1/2010
$16,825,212.49
$16,825,212.49
($2,201,523.02)
$14,623,689.47
$14,623,689.47
TexPool Prime
7/1/2010
31,854,545.38
31,854,545.38
18,526.38
31,873,071.76
31,873,07136
Texas Daily
7/1/2010
333,799.79
333,799.79
(153,381.04)
180,418.75
180,418.75
LOGIC
7/1/2010
377,634.59
377,634.59
(63,601.10)
314,033.49
314,033.49
WF Adv Gvt MMMF
7/1/2010
129.39
129.39
129.39
129.39
TOTAL
$49,391,321.64
$49,391,321.64
$18,526.38
($2,418,505.16)
$46,991,342.86
$46,991,342.86
Market Value Comparison
March 31, 2010
June 30, 2010
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
$16,825,212.49
1.000
$16,825,212.49
($2,201,523.02)
$14,623,689.47
1.000
$14,623,689.47
TexPool Prime
31,854,545.38
1.000
31,854,545.38
18,526.38
31,873,071.76
1.000
31,873,071.76
Texas Daily
333,799.79
1.000
333,799.79
(153,381.04)
180,418.75
1.000
180,418.75
LOGIC
377,634.59
1.000
377,634.59
(63,601.10)
314,033.49
1.000
314,033.49
WF Adv Gvt MMMF
129.39
1.000
129.39
-
129.39
1.000
129.39
TOTAL
$49,391,321.64
$49,391,321.64 ($2,399,978.78) $46,991,342.86
$46,991,342.86
Page 8.
INTEREST DISTRIBUTION (With Amortization)
Fund
No.
Fund Name
April
2010
May
2010
June
2010
Quarterly
Totals
100
General Fund
(1,514.48)
1,337.31
1,548.02
1,370.85
200
Utility Fund
(821.26)
482.79
679.57
341.10
201
Engineering - Inspections
(12.74)
3.08
2.67
(6.99)
210
U. F. Special Capital Projects
(3.31)
91.38
112.08
200.15
213
2004 Revenue Bonds
(688.86)
41.40
40.07
(607.39)
214
2006 U. F. Cert of Obligation
(446.44)
71.68
76.85
(297.91)
215
2007 U. F. Cert of Obligation
(562.80)
48.09
55.15
(459.56)
216
2010 U.F. Cert of Obligation
131.30
173.02
211.57
515.89
280
Impact Fees - Water/Sewer
(75.39)
142.45
175.59
242.65
300
Fleet Services
7.63
22.35
25.97
55.95
500
General Debt Service Fund
329.23
507.04
631.79
1,468.06
501
Tax Supported Debt Service
446.91
141.01
189.16
777.08
502
Revenue Bond Debt Service
273.75
336.60
432.10
1,042.45
520
Community Complex Debt
51.13
42.23
59.25
152.61
604
Economic Dev, Corp. 4A
(1,124.88)
655.36
825.33
355.81
605
Community Dev. Corp. 4B
(137.98)
154.03
202.78
218.83
700
Court Security Fund
(0.21)
36.95
45.88
82.62
701
Court Technology Fund
(6.01)
4.30
5.70
3.99
705
Environmental Fund
(8.84)
11.60
15.99
18.75
710
Storm Water Utility
(4.12)
18.19
24.47
38.54
715
Hotel/Motel Taxes
(83.49)
2.95
8.30
(72.24)
720
Lake Park Funds
319.77
28.05
34.96
382.78
723
Special Events Fund
(13.87)
19.56
17.94
23.63
725
Community Center
1.61
4.93
5.12
11.66
730
Library Grants
1.17
1.35
1.67
4.19
752
Police Forfeited Funds
1.62
2.06
2.27
5.95
753
Police Seized Funds
0.41
2.23
3.11
5.75
754
Citizen's Donations
0.08
0.10
0.15
0.33
800
Capital Projects Administration
(100.43)
43.63
48.53
(8.27)
815
Impact Fees - Streets
(3.59)
17.14
20.23
33.78
816
Impact Fees - Drainage
(16.23)
3.69
4.47
(8.07)
817
Drainage Improvements
(8.97)
0.03
0.04
(8.90)
820
Capital Projects Streets
53.16
116.74
140.30
310.20
822
TxDot RTR/Denton Co.
338.98
435.85
535.00
1,309.83
823
Denton Co. Street Projects
0.46
-
-
0.46
825
Park Improvements
(210.11)
98.45
120.33
8.67
826
Park's Capital Projects
(45.13)
34.82
42.85
32.54
827
Five Star Complex
(11.91)
8.44
8.37
4.90
841
2003 Cert of Obligations
24.56
28.02
21.20
73.78
842
2004 Cert of Obligations
10.98
17.41
20.43
48.82
843
2006 G. F. Cert of Obligations
(30.67)
2.75
3.20
(24.72)
844
2007 G. F. Cert of Obligations
(1,445.39)
262.00
310.31
(873.08)
845
2008 G. F. Cert of Obligations
53.02
53.73
53.58
160.33
846
2010 G. F. Cert of Obligations
686.70
904.10
1,062.23
2,653.03
895
G.F. Special Capital Projects
18.51
24.42
30.08
73.01
Totals
(4,626.13)
6,433.31
7,864.66
9,661.84
Book & Market Value Allocated by Fund
June 30, 2010
001
002
003
Ticket Investment
System
2002
2003
2004 2008
Number Description
Fund
C/o
C/o
C/o C/o
TexPool
$14,623,689.47
TexPool Prime
31,873,071.76
Texas Daily
180,418.75
LOGIC
131,655.99
97,161.40
85,216.10
WF Adv Gvt MMMF
129.39
$46,496,890.62 $131,655.99 $97,161.40 $85,216.10 $180,418.75
Page 10.
Book Value Allocated by Fund
Ticket Investment System
Number Description Fund
16,825,212.49
31,854,545.38
TexPool
TexPool Prime
Texas Daily
LOGIC
WF Adv Gvt MMMF
333,799.79
129.39
March 31, 2010
001 002 003
2002 2003 2004 2008
C/o C/o C/o C/o
131,602.74 160,862.66 85,169.19
$48,679,887.26 $131,602.74 $160,862.66 $85,169.19 $333,799.79
Market Value Allocated by Fund
Ticket Investment System 2002 2003 2004 2008
Number Description Fund C/o C/o C/o C/o
TexPool $16,825,212.49
TexPool Prime 31,854,545.38
Texas Daily 333,799.79
LOGIC 131,602.74 160,862.66 85,169.19
WF Adv Gvt MMMF 129.39
$48,679,887.26 $131,602.74 $160,862.66 $85,169.19 $333,799.79
Page 11.
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 12.