HomeMy WebLinkAboutResolution No. 2011-010CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2011-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, ACCEPTING THE DECEMBER 31, 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 December 31, 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 December 31, 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 December 31, 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 15th day of February, 2011.
dT),E
Christie Wilson, City Secretary
AP VEDVASS ITO FORM:
JeffMoore, City Attorney
6~ G
>e McCo
u~ri-y, Mayor
•a i.nM1 J?`
City of The Colony
INVESTMENT PORTFOLIO SUMMARY
For the Quarter Ended
December 31, 2010
The investment portfolio of the City is in compliance with the Public Funds Investment Act and the City Investment
1 '
Rebecca Lai, Director of Finance
Gwen Mansfield, Accounting Manager
Strategy Summary:
The Federal Open Market Committee (FOMC) continued the Fed Funds target range between 0.00% and 0.25%. It also announced
up to $600 billion in additional government security purchases. Recent economic data has encouraged the stock market to extend its
higher trend. Treasury and agency yields have also risen, but bank deposits still provide the best investment option. Continuing to
ladder, when funds are available, will provide the best earnings opportunity.
Asset Tvpe
Pools/MMMF/Bank
Securities
December 31, 2010
Ave. Yield Book Value Market Value
0.18% $53,082,586.12 $53,082,586.12
$53,082,586.12 $53,082,586.12
Fiscal Year-to-Date
0.18%
Septemb,
Book Value
$51,807,693.52
$51,807,693.52
Average Yield (2)
Total Portfolio
er 30, 2010
Market Value
$51,807,693.52
$51,807,693.52
0.18%
Totals
Average Yield (1)
Total Portfolio
Rolling Three Mo. Treas. Yield
Rolling Six Mo. Treas. Yield
0.14% Rolling Three Mo. Treas. Yield 0.14%
0.19% Rolling Six Mo. Treas. Yield 0.19%
Average Quarterly TexPool Yield 0.17%
(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.
Valley View Consulting, L.L.C. Page 2.
4.50
4.00
3.50
3.00
2.50
a,o
2.00
a~
p~ 1.50
1.00
0.50
0.00
,December 31, 2009
-September 30, 2010
Valley View Consulting, L.L.C.
-December 31, 2010
ti
Page 3.
Treasury Yield Curves
7.50
7.00
6.50
6.00
5.50
5.00
4.50
C 4.00
3.50
G'
3.00
a 2.50
2.00
1.50
1.00
0.50
0.00
O~ O' O~ 05 oh O~ O~ f
Gam' G~ G~' G~' G~' ~
Six Month T-Bill - Two Year T-Note Ten Year T-Note
Valley View Consulting, L.L.C. Page 4.
US Treasury Historical Yields
S&P 500
1,750
1,500
1,250
1,000
750
500
250
0
5° o°` o~' o`O o~ o`~ o°'
Valley View Consulting, L.L.C.
Page 5.
Detail of Investment Holdings
December 31, 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
0.17%
12/31/2010
1/1/2011
$20,903,883.03
$20,903,883.03
1.00
$20,903,883.03
1
0.17%
TexPool Prime
AAAm
0.20%
12/31/2010
1/1/2011
27,395,582.69
27,395,582.69
1.00
27,395,582.69
1
0.20%
Texas Daily
AAAm
0.15%
12/31/2010
1/1/2011
4,548,539.71
4,548,539.71
1.00
4,548,539.71
1
0.15%
LOGIC
AAAm
0.21%
12/31/2010
1/1/2011
234,451.30
234,451.30
1.00
234,451.30
1
0.21%
WF Adv Gvt MMMF
0.01%
12/31/2010
1/1/2011
129.39
129.39
1.00
129.39
1
0.01%
$53,082,586.12 $53,082,586.12 $53,082,586.12 1 0.18%
(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.
Valley View Consulting, L.L.C. Page 6.
Portfolio Composition
Securltles
0%
Valley View Consulting, L.L.C.
Page 7.
Total Portfolio
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
❑ Quarter End Book Value
Valley View Consulting, L.L.C.
Page 8.
o`O
~
o~ o~ o
4 o~ o~
Book Value Comparison
Ticket
Maturity
Number Description
Date
TexPool
1/1/2011
TexPool Prime
1/1/2011
Texas Daily
1/1/2011
LOGIC
1/1/2011
WF Adv Gvt MMMF
1/1/2011
TOTAL
Market Value Comparison
Ticket
Number Description
TexPool
TexPool Prime
Texas Daily
LOGIC
WF Adv Gvt MMMF
Original Face/
Par Value
$ 20,180,633.17
25,303,774.98
6,048,335.11
274,820.87
129.39
TOTAL
$ 51,807,693.52
September 30, 2010
December 31, 2010
Original Face/
Purchases/ Amort./Calls/
Original Face/
Par Value
Book Value
Accretions Sales/Maturities
Par Value
Book Value
$ 20,180,633.17
$20,180,633.17
$ 723,249.86 $ -
$ 20,903,883.03
$ 20,903,883.03
25,303,774.98
25,303,774.98
2,091,807.71 -
27,395,582.69
27,395,582.69
6,048,335.11
6,048,335.11
- (1,499,795.40)
4,548,539.71
4,548,539.71
274,820.87
274,820.87
- (40,369.57)
234,451.30
234,451.30
129.39
129.39
- -
129.39
129.39
$ 51,807,693.52 $51,807,693.52 $ 2,815,057.57 $ (1,540,164.97) $ 53,082,586.12 $ 53,082,586.12
>eptember 30, 2010
Market
Price
1.00
1.00
1.00
1.00
1.00
December 31, 2010
Qtr-to-Qtr
Original Face/
Market
Market Value
Change
Par Value
Price
Market Value
$20,180,633.17
$ 723,249.86
$20,903,883.03
1.00
$ 20,903,883.03
25,303,774.98
2,091,807.71
27,395,582.69
1.00
27,395,582.69
6,048,335.11
(1,499,795.40)
4,548,539.71
1.00
4,548,539.71
274,820.87
(40,369.57)
234,451.30
1.00
234,451.30
129.39
-
129.39
1.00
129.39
$51,807,693.52 $ 1,274,892.60 $53,082,586.12
Valley View Consulting, L.L.C.
$ 53,082,586.12
Page 9.
Book and Market Value Allocated by Fund
Ticket System 2002 2003 2004
Number Description Fund C/O C/o C/O
TexPool $ 20,903,883.03
TexPool Prime 27,395,582.69
Texas Daily
LOGIC 131,830.48 17,293.71 85,327.11
WF Adv Gvt MMMF 129.39
December 31, 2010
2008 2010
C/O C/O
162,106.26 4,386,433.45
$ 48,299,595.11 $ 131,830.48 $ 17,293.71 $ 85,327.11 $ 162,106.26 $ 4,386,433.45
Valley View Consulting, L.L.C. Page 10.
Book and Market Value Allocated by Fund
Ticket System 2002 2003 2004
Number Description Fund C/O C/O C/O
TexPool $20,180,633.17
TexPool Prime 25,303,774.98
Texas Daily
LOGIC 131,756.56 57,783.11 85,281.20
WF Adv Gvt M M M F 129.39
September 30, 2010
2008 2010
C/O C/O
162,036.76 5,886,298.35
$45,484,537.54 $131,756.56 $57,783.11 $85,281.20 $162,036.76 $5,886,298.35
Valley View Consulting, L.L.C. Page 11.
INTEREST DISTRIBUTION (With Amortization)
OCTOBER THROUGH DECEMBER 2010
Fund
October
November
December
Quarterly
No.
Fund Name
2010
2010
2010
Totals
100
General Fund
1,098.03
1,039.14
670.12
2,807.29
200
Utility Fund
730.54
1,004.73
760.14
2,495.41
201
Engineering - Inspections
-
-
19.19
19.19
210
U. F. Special Capital Projects
117.97
142.27
96.48
356.72
213
2004 Revenue Bonds
-
-
5.21
5.21
214
2006 U. F. Cent of Obligation
80.05
47.75
33.35
161.15
215
2007 U. F. Cent of Obligation
58.61
64.69
45.18
168.48
216
2008 & 2010 U. F. Cert of Oblig
65.40
244.44
170.90
480.74
280
Impact Fees - Water/Sewer
137.48
173.61
123.28
434.37
300
Fleet Services
28.22
33.45
24.60
86.27
500
General Debt Service Fund
188.16
246.90
206.19
641.25
501
Tax Supported Debt Service
87.84
-
-
87.84
502
Revenue Bond Debt Service
343.86
427.51
303.81
1,075.18
520
Community Complex Debt
18.08
31.80
28.96
78.84
604
Economic Dev. Corp. 4A
878.80
1,085.46
770.08
2,734.34
605
Community Dev. Corp. 4B
194.17
246.24
184.16
624.57
700
Court Security Fund
50.04
61.61
43.37
155.02
701
Court Technology Fund
6.59
7.99
6.00
20.58
705
Environmental Fund
22.80
28.03
16.98
67.81
710
Storm Water Utility
28.70
36.33
27.53
92.56
715
Hotel/Motel Taxes
7.82
14.66
1114
33.62
720
Lake Park Funds
34.90
41.61
28.52
105.03
723
Special Events Fund
13.28
12.41
6.36
32.05
725
Community Center
10.46
11.23
11.95
33.64
730
Library Grants
0.11
0.12
0.09
0.32
750
Federal Forfeited Funds
0.61
0.75
0.51
1.87
752
Police Forfeited Funds
1.19
2.25
1.28
4.72
753
Police Seized Funds
4.20
5.14
3.58
12.92
754
Citizen's Donations
0.22
0.31
0.23
0.76
755
Child Safety Fund
13.25
16.20
11.58
41.03
800
Capital Projects Administration
23.44
113.15
73.24
209.83
815
Impact Fees - Streets
0.03
0.04
0.03
0.10
816
Impact Fees - Drainage
1.72
2.09
1.46
5.27
817
Drainage Improvements
0.05
0.06
0.03
014
820
Capital Projects Streets
109.58
118.76
92.84
321.18
822
TxDot RTR/Denton Co.
3,766.65
4,549.91
3,152.67
11,469.23
825
Park Improvements
154.33
182.99
127.44
464.76
826
Park's Capital Projects
45.54
55.66
38.87
140.07
827
Five Star Complex
4.49
5.48
3.83
13.80
844
2007 G. F. Cert of Obligations
317.78
361.51
251.79
931.08
845
2008 G. F. Cert of Obligations
35.59
34.83
27.71
98.13
846
2010 G. F. Cert of Obligations
926.48
711.15
574.92
2,212.55
Totals
9,607.06
11,162.26
7,955.60
28,724.92
Valley View Consulting, L.L.C. 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.