RDAP-2009-04 - 2009-05-18RESOLUTION NO. RDAP-2009-04
A RESOLUTION OF THE DEVELOPMENT AUTHORITY OF PEARLAND
(DAP), TEXAS, ACCEPTING THE DAP INVESTMENT REPORT FOR THE
QUARTER ENDING SEPTEMBER 2008, DECEMBER 2008, AND MARCH
2009.
BE IT RESOLVED BY DAP BOARD OF DIRECTORS:
Section 1. That the Development Authority of Pearland, TX hereby accepts the
Investment Reports for the quarter ending September 2008, December 2008,
and March 2009.
PASSED, APPROVED, AND ADOPTED this 181h day of May, A.D. 2009.
Tom Reid
DAP Chairman
ATTEST:
Ed Baker
DAP Secretary
AGENDA REQUEST
DEVELOPMENT AUTHORITY OF PEARLAND
PEARLAND,TEXAS
AGENDA OF: 05/18/2009 ITEM NO.: RDAP-2009-04
DATE SUBMITTED: 05/07/09 REPRESENTING: City of Pearland
PREPARED BY: Rick Overgaard PRESENTOR: Claire Bogard
SUBJECT: Presentation of DAP Sept 08, Dec 08, & Mar 09 Quarterly Investment
Reports
EXHIBITS: Resolution No. RDAP-2009-04
1 - Investment Portfolio Reports
EXPENDITURE REQUIRED: None
PROJECT: N/A
EXECUTIVE SUMMARY
Pursuant to the Public Funds Investment Act, not less than quarterly, the Investment Officer
shall prepare and submit to the entity a report of investment transactions.
Attached are the Investment Reports for the quarters ending September 30, 2008,
December 31, 2008 and March 31, 2009. Highlights are:
Sept 2008
Dec 2008
Mar 2009
• Beginning Book Value
$
896,083
$1,366,312
$3,933,122
• Ending Book Value
$
1,366,312
$3,933,122
$3,919,949
• Increase/ (Decrease) in
$
470,229
$2,566,810
$ (13,174)
Portfolio
• Interest Earned for Quarter
$
3,466
$ 11,731
$ 8,505
• Weighted Average Maturity
1 Day
1 Day
114 Days
• Weighted Average Yield
1.58%
1.40%
0.85%
• Agency Disc Benchmark
2.40%
0.95%
0.68%
• One Year T-Bill Benchmark
1.78%
1.64%
0.60%
• Portfolio Composition:
Money Market
100%
100%
49%
CD
0%
0%
51 %
Staff is looking into other options for the funds held in trust by the paying agent on bond
reserves.
Revised 2007-01-09
RECOMMENDED ACTION
Accept the September 2008, December 2008, and March 2009 Quarterly Investment
Reports.
Revised 2007-01-09
Development Authority of Pearland
Quarterly Investment Report
December 31, 2008 - March 31, 2009
Portfolio at December 31, 2008
Portfolio at March 31, 2009
Beginning Book Value
$ 3,933,122.32
Ending Book Value
$ 3,919,948.60
Beginning Market Value
3,933,122.32
Ending Market Value
3,919,948.60
Accrued Interest Receivable
Accrued Interest Receivable
3,178.08
Unrealized Gain/(Loss)
Unrealized Gain/(Loss)
-
Change in Unrealized Gain/Loss
Change in Unrealized Gain/Loss
Weighted Average Maturity
1 Day
Weighted Average Maturity
114 Days
Change in Market Value
2,566,810.28
Change in Market Value
(13,173.72)
Yield to Maturity at Cost
1.23%
Yield to Maturity at Cost
0.88%
T-Bill Benchmark
0.37%
T-Bill Benchmark
0.57%
Agency Note Benchmark
0.96%
Agency Note Benchmark
0.65%
Average for Quarter
Total Rate of Return 0.85%
1 Year T-Bill Benchmark Yield 0.60%
Agency Note Benchmark Yield 0.68%
This quarterly report is in compliance with the investment policy and strategy as established by the City and the Public Funds Investment Act
(Chapter 2256, Texas Government Code).
Prepared by:
Claire Bogard
Director of Finance
- 7"j-
Rick as
Assistant Director of Finance
Development Authority of Pearland
Summary by Type
on 03/31/2009
Description
Face Amount \ Shares
Cost Value
Book Value
Market Value
YrM @ Cost
Days To Maturity
MM
1,919,948.60
1,919,948.60
1,919,948.60
1,919,948.60
0.60
1
CD
2,000,000.00
2,OD0,000.00
2,000,000.00
2,000,000.00
1.16
223
Total/Average
$ 3,919,948.60
$ 3,919,948.60
$ 3,919,948.60
$ 3,919,948.60
0.88
214
Group Portfolio Holdings Book Value by Maturity
by Type 2,500,000.00 I
■ MM ■ CD
PM
1 m0
3 m0
6 mo
1 yr
12/31/2008
0.11
0.11
0.27
0.37
3/31/2009
0.17
0.21
0.43
0.57
Interest Rates
0.76 1.00
0.81 1.15
Yield Curve Comparison
Am
7 yr
10 yr
20 yr
30 yr
1.55
1.87
2.25
3.05
2.69
1.67
2.28
2.71
3.61
3.56
4.00
3.50
3.00
DAP's Portfolio Return .85%
2.50 114 Day WAM j
2.00
1.50
1.00 ......._.... __ _
0.50 _
I
0.00 --- -- --- -------------------- --
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
-�- 3/31 /2009 --0--- 12/31 /2008
Portfolio vs. Benchmark
5.00
4.50 �' .� ��
4.00
3.50
3.00
2.50
2.00
1.50
i
1.00
0.50 _ _. _. .. _.. -- _
rib
r3b
o``01�o��IOe", �a�A Fe'o� �a�A�PQ�A0a`l"�9%,SNI JJ10$t�g0 -eV 011 a01' "eo�$Sz" Feed 00
t Portfolio Total -- 1 Year T-Bill 1 Day Agency Note
Development Authority of Pearland
Portfolio Holdings
on 03/31/2009
Description
I uslp
Portfolio Name
Face Amount \ Shares
Cosl Value
Book Value
Marko Value
YTM Cost
Settlement Date
Maturity Date
Days 10
Mat-It
Accrued
Interest
Portfolio
Percent
CO
1., I It, 1 I/09/09
li ln',Ir,1 i844
1A Oevelup—MAuth-1,
S 2,000,000.00
5 1(100" OOu
S 1410,01101XI
!n,lri,lin„u„
1.16
o1/u•,/ir,
It/u•,/u��
3,178.OB
51.02
/p1o1 CD
2,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
1.16
223
417608
UO2
MM
W'110av, MM
W14258
65. 11vve61lncnt A,h.-1,
1,112,95258
7,111,951Se
1,11/..,t St
1,112,952.58
1.07
04/01/0')
1
28.3
W01, I. V.r MM
WF6300
65: DevplupnwnI AWI—ity
05's
D.SS
u `,'.
0.55
0.01
04/01/09
1
W01' 1. v.,. MM
Wit 8301
65. Ila•vvluyntenl AWItu„ty
1311a
13.ot+
13.1W
13.Oa
O.OI
04/Ol/09
1
Will, 1. v.r. MIA
WF8302
65, Ih'vrluynn•nl Aull—ty
806,982,39
806,982..39
806,`]f11, 39
806,982.39
0.01
04/01/01
1
20.5
Totol MM
1,919,948.60
1,919,94a.60
1,919,948.60
1,919,948.60
0.60
1
4a,9g
Total/Average
$ 3,919,948.60
$ 3,919,948.60
5 3,919,948.60
$ 3,919,948.60
0.118
114
$ 3,176.08
100
Development Authority of Pearland
Portfolio Holdings
12/31/2008to 03/31/2009
Description
Cusip
Portfolio Name
Type
Maturity
Date
Annual
TRR
Begin Book Val
Buys
Sells
Amortized
Discount
Amortized
Premium
End Book Val
Investment
Income
CD
Wells Fa 1.16 11/09/09
CD9450913844
65: Development Authority
CO
21/09/09
1.13
$
$ 2,000,000.00
$
$
$
$ 2,000,D00.00
$ 3,178.08
Total CD
2.13
2,000,000.00
2,000,000.00
3,178.08
MM
Wells Fa Var. MM
WF8302
65: Development Authority
MM
0.08
806,982.39
161.58
161,58
906,982.39
161.60
Wells Fa Vat. MM
IWF8301
65: Development Authority
IMM I
I 0.0al
2,3160.961
262.051
2,509.93
13.081
0.47
Wells Fa Va, MM
WF8300
65: Development Autisority
MM
0.01
391.17
1,025,628.83
1,026,019.45
0.55
0.62
Wells Fa Var. MM
WF4258
65: Development Authority
MM
1.03
3,123,367.80
1,030,792.28
3,041,227.50
1,112,952.58
5,164.07
Total MM
1 0.741
3,933,12232
2,056,744.74
4,069,919.46
1,919,948.601
5,326.76
Total
1 0.851
5 3,933,122.32
4.056.7".741
5 18.46
3,919,949.60
8,504.84
Bank
Wells Fargo
Wells Fargo
Wells Fargo
Wells Fargo
111nvestments\Investment Report - DAP - ptr 0309
Pledged Collateral Reconciliation Report
March 31, 2009
Account Number Account Name Amount
100-7284258 Development Authority $ 1,112,952.58
16798300 Development Authority 0.55
16798301 Development Authority 13.08
16798302 Development Authority 806,982.39
Total of Bank Balances $ 1,919,948.60
Pledged Collateral for DAP 3,885,536.11
FDIC Insurance 250,000.00
Total Collateral $ 4,135,536.11
Over (Under) Collateralized $ 2,215,587.51
Total % Collateralized 215.4%
Status Collateralized
Development Authority of Pearland
Quarterly Investment Report
September 30, 2008 - December 31, 2008
Portfolio at September 30, 2008
Portfolio at December 31, 2008
Beginning Book Value
$ 1,366,312.04
Ending Book Value
$ 3,933,122.32
Beginning Market Value
1,366,312.04
Ending Market Value
3,933,122.32
Accrued Interest Receivable
Accrued Interest Receivable
Unrealized Gain/(Loss)
Unrealized Gain/(Loss)
Change in Unrealized Gain/Loss
-
Change in Unrealized Gain/Loss
Weighted Average Maturity
1 Day
Weighted Average Maturity
1 Day
Change in Market Value
470,229.12
Change in Market Value
2,566,810.28
Yield to Maturity at Cost
1.58%
Yield to Maturity at Cost
1.23%
T-Bill Benchmark
1.79%
T-Bill Benchmark
0.37%
Agency Note Benchmark
2.40%
Agency Note Benchmark
0.96%
Average for Quarter
Total Rate of Return 1.40%
1 Year T-Bill Benchmark Yield 0.95%
Agency Note Benchmark Yield 1.64%
This quarterly report is in compliance with the investment policy and strategy as established by the City and the Public Funds Investment Act
(Chapter 2256, Texas Government Code).
Prepared by:
1 (l :, n &vim
-- 71
Claire Bogard Rick O r a
Director of Finance Assistant Director of Finance
Development Authority of Pearland
Summary by Type
on 12/31/2008
Description
Face Amount \ Shares
Cost Value
Book Value
Market Value
YTM @ Cost
Coupon
Days To Maturity
MM
3,933,122.32
3,933,122.32
3,933,122.32
3,933,122.32
1.23
1.23
1
Total/Average
$ 3,933,122.32
$ 3,933,122.32
$ 3,933,122.32
$ 3,933,122.32
1.23
1.58
1
Group Portfolio Holdings
by Type
100%
o MM
Book Value by Maturity
Interest Rates
Date
1 mo
3 mo
mo
1 Vr
Z-A
I-yr
5 Vr
7 yr
U-1
20 yr
30 Vr
9/30/2008
1.02
0.92
1.60
1.78
2.00
2.28
2.98
3.38
3.85
4.43
4.31
12/.il/1008
0.11
0.11
0.27
0.37
0.76
1.00
1.55
1.87
2.25
3.05
2.69
Yield Curve Comparison
5.00 i ar ��Ss w w Tq 7- c sr-�ET'i "i+ hs Xsr-8� Tom' a ar tr A
4.50
4.00__-
3.50 DAP's Portfolio Return 1.40%
1 Day WAM
3.00
2.50
2.00
1.50 t
1.00
0.50 ..__-..._..___.....
0.00
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
--*-12/3112008 -m-- 9/3012008
Portfolio vs. Benchmark
Development A. jrity of Pearland
Portfolio Holdings
on 12/31/2008
Description
Cusip
Portfolio Name
Face Amount
Shares
Cost Value
Book Value
Market Value
YTM @
Cost
Purchase
Date
Maturity Date
DTM
Accrued
Interest
portfolio
65: DAP
-
Wells Fa Var. MM
WF4258
65: Development Authority
$ 3,123,387.80
S 3,123,387.80
S 3,123,387.80
S 3,123,387.80
1.52
n/a
01/02/09
1
Wells Fa Var. MM
W F9300
65: Development Authonty
391.17
391.17
391.17
391.17
0.09
n/a
01/01/09
1
u 51
Wells Fa Var. MM
W F8301
65: Development Authority
2,360.96
2,360.96
2,360.96
2,360.96
0.09
n/a
01/01/09
1
u.;ir.
Wells Fa Var. MM
WF8302
65: Development Authority
806,982.39
806,982.39
806,962.39
806,982.39
0.09
n/a
01/01/09
Total/avers e
S 3,933,122.32
S 3,933,122.32
S 3,933,122.32
S 3,933,122.32
1.23
1
$
1DD.DD
Development Authority of Pearland
Portfolio Holdings
9/30/2008to 12/31/2008
Description
Cusip
Portfolio Name
Type
Maturity
Date
Annualized
Total Rate
of Return
Begin Book
Value
Buys
Sells
Amortized
Discount
Amortized
Premium
Ending Book
Value
Investment
Income
MM
Wr111 Fa Ver. MM
WF4258
65: Development Authority
MM
lbl
$ 558,101.63
$ 3,2U9,063.57
$ b43,777.40
$
1
$ 3,123,387.80
$ 10,2o6.57
W, III Fa Ver. MM
WF8300
bS: Development Authumv
61PA
0.75
312.42
78 7S
391.17
78J5
Wcll,. Fa Ver. MM
WF8301
65: Developmmw Authority
MM
0,71,
91S.60
1.445.36
2,360.96
2.54
Wclln Fa Vai, MfA
WF830,
65: Development Authority
MM
uJ11,
8U6,982.39
1,442.81
1,442,81
806,982.39
1,442.7
Total MM
1.401
1,366,312.04
3,212,030.49
645,220.21
3,933,122.32
11,730,59
Total
1.401
$ 1,366,312.04
$ 3,212,030.49
$ 645,220.21
5
$ -
$ 3,913, 122.32
$ 11,730.59
Development Authority of Pearland
Quarterly Investment Report
June 30, 2008 - September 30, 2008
Portfolio as of June 30, 2008
Portfolio as of September 30, 2008
Beginning Book Value $ 896,082.92 Ending Book Value $ 1,366,312.04
Beginning Market Value 896,082.92 Ending Market Value 1,366,312.04
Accrued Interest Receivable -
Unrealized Gain/(Loss) - Unrealized Gain/(Loss) -
Change in Unrealized Gain/Loss -
Weighted Average Maturity 1 Day Weighted Average Maturity 1 Day
Change in Market Value 470,229.12
DAP's Portfolio Yield 1.58%
1 Day Agency Note Yield 2.40%
1 Year T-Bill Yield 1.78%
This quarterly report is in compliance with the investment policy and strategy as established by the City and the Public Funds
Investment Act (Chapter 2256, Texas Government Code).
Prepared by:
Claire Bogard Rick ga rd
Director of Finance Assista t Dir ctor of Finance
Development Authority of Pearland
Summary by Type
on 9/30/2008
Description
Face Amount 1 Shares
Cost Value
Book Value
Market Value
YTM Cost
Cou n
Oa To urity
MM
1,366,312.04
1.366.312.04
1 366.312.04
1,366,312.04
1.58
1.58
1
Total/Average
$ 1,366,312.04
S 1,366,312.04
$ 1,366,312.04
S 1.366.312.04
Group Portfolio Moldings
by Type
1,600,000.00
1,400,000.00
1,200,000.00
1,000,000.00
800,000.00
600,000.00
400.000.00
200.000.00
■MM
Book Value by Maturity
1 - 30 Days 31 - 60 Days 61 - 90 Days 91 - 120 Days 121 - 180 Days
Interest Rates
Date 1 mo 3 mo 6 mo 1 yr r 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
6/30/2008 1.60 1.90 2.17 2.36 2.63 2.91 3.34 3.61 3.99 4.59 4.53
9/30/2008 1.02 0.92 1.60 1.78 2-00 2.28 2.98 3.38 3.85 4.43 4.31
Yield Curve Comparison
5.00
4.50
4.0o DAP's Por foNo Yield for Qtr 1.58%
1 Day WAM J
3.50-_____---- ----------- _ __. _ _ __._ __..__._
3.00
2.50
2.00 _.. __
1.50
1.00
0.50 __�_ _ ___ _ _ �_ _ ------ _.__
0.00
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
4-9/3012008 i-6130/2008
Portfolio vs. Benchmark
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
'D4 �SS"A-e'o 02" pQay �o��10w9AceP�or- 40,AnecrN'S 'C-6oApoo 0 d4a,I Pe zpv",QP
1? 5ev
- 0 Portfolio Total - M-1 Day Agency Note 1 Year T-Bill
Development Au irity of Pearland
Portfolio Holdings
on 9/30/2008
Description
Cusip
Portfolio Name
Face Amount 1
Shares
Cost Value
Book Value
Market Value
YTM @
Cost
Purchase
Date
Maturity Date
DTM
Accrued
Interest
Portfolio
65: DAP
WollsFaVar .MM
WF4258
65 DevelopmontAuthorily
$ 558,101-63
$ 558,101,63
$ 558,101.63
$ 558,101_63
2.22
nla
07/01/06
1
$ -
9.45
Wells Fu Vac MM
WFBJUU
65. Development Authority
312,42
312.42
312.42
312.42
1.14
n/a
07/01/08
1
0.05
Wells Fa Var MM
WF8301
65'DevelopmentAuthority
91560
91560
915,60
91560
1,14
n/a
07/01/08
1
0.49
Wells Fa Var MM
WF8302
65: Development Authority
A06.982.39
806,982.39
806.982 39
806,982 39
1 14
nla
07/01/08
1
90.06
Total/Avers e
S 1,366,312.04
S 1,366,312.04
$ 1,366,312.04
$ 1,366,312.04
1.58
1
$
100.00
Development Authority of Pearland
Portfolio Holdings
6/30/2008 to 9/30/2008
Description
Cusip
Portfolio Name
Type
Maturity
Date
YTM rt
Cost
Begin Book Val
Buys
Sells
'Amortized
Discount
Amortized
Premium
End Book Val
Investment
Income
MM
Wells Fa Vat. MM
WF4258
65: Dovnlopment Authority
MM
10/01/08
2.22
$ 806.982.39
$ 2.583. 11
$ 2.583.71
$
$ -
$ 806,982.39
$ 1.674.95
We11S Favor MM
WF8300
65: Development Autnor fly
MM
10I01108
1.14
84,701.26
2,629,609,92
2.156.215.55
558,101,63
1.462.21
Wells Fo Var. MM
WF8301
65: Development Authority
MM
10/01/08
1,14
4.381,11
1.691.75
5.163.26
915.60
16,80
Welly Fa Var. MM
WF8302
05: Development Authority
MM
1010W8
1.14
6.16
2,148,627.99
2,148,321.73
312,42
312.44
Total MM
1.58
896,082.92
4,)82,513.37
4,312,28415
1,366,312.04
3,466.40
Total
S 896,082.92
S 4,7fl , i i.3'
S 4,112,284.25
S
$
$1,366,312.04
$ 3,466.40