HomeMy WebLinkAboutFY 2004 Annual Investment Report C�
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INVESTMENT COMMITTEE MEETING
01 /20/05
*Annual Review, FY 04
Introduction
I. Portfolio Summary
II. Performance Summary
Ill. Interest Income Summary
IV. Collateral Review
V. Broker Selection Process
VI. Summary
*Appendices
Appendix A- Investment Portfolio by Type of Asset
Appendix B - Investment Portfolio by Fund
Appendix C - Investment Purchases
Appendix D - Investment Maturities
Appendix E - Investment Maturities by Fund at September 30, 2004
Appendix F - End of Month Reports October 2003 -September 2004
*General Discussion and Questions
1
To Investment Committee Members
From Vicki Rodriquez, Finance Administrator
Date January 20, 2004
Subject Annual Investment Report
The City of Euless Investment Policy, adopted by the City Council in January 2004,
requires that the City Council and City Manager receive quarterly and annual reports
of investment performance.
The purpose of this report is to provide a means for Council members and staff to
regularly review and monitor the City's investment performance. Attached is the
City's pooled funds portfolio for the fourth quarter of Fiscal Year 2003-04 and
information for all funds for the same period.
The City's investment policy provides the general framework for the investment of
City funds. The policy emphasizes the City's objective of safety, liquidity, and yield, in
that order. The investment policy complies with the Public Funds Investment Act in
all aspects including reporting.
The fourth quarter report of FY 2004 is presented in a format that has been outlined
in the investment policy. This report is for all funds and shows the market value at
6/30/2004, changes in market value, the market value at 9/30/2004, and the book
value, market value, and maturity date for each investment. As required, the report
indicates compliance with the adopted investment strategies, and is signed by each
investment officer of the City as designated by the Investment policy.
i
INTRODUCTION
This report is written and submitted in accordance with Texas State law, specifically Tex. Rev. Civ. Stat. Ann.
Art. 4413 (34C) Section 4, which states that "at least once each year, the investment officer of a state agency
or political subdivision shall prepare a written report concerning the agency's or subdivision's local funds
investment transactions for the preceding year and describing in detail the investment position of the agency or
subdivision as of the date of the report.
The City's investment policy designates the Assistant City Manager as the responsible manager for the City's
investment program and as such has delegated the daily investment procedures to the Finance Administrator.
In compliance with the City's investment policy, the Finance department fulfills four main objectives:
compliance, safety, liquidity, and yield, in that order. Compliance is maintained through regular reporting to
City management on a monthly, quarterly and annual basis. Safety is insured by 1) investing only in securities
allowed by Chapter 2256 of the Texas Government Code entitled the "Public Funds Investment Act'; 2) using
delivery vs. payment for all purchases; 3) protecting all non-government securities (cash and bank certificates
of deposit) with collateral in the form of government securities which are pledged to the City of Euless and
safekept at a third party institution; 4)diversifying investment purchases into different security markets to
minimize individual market risk.
Liquidity is met by matching irwestment terms to future operating cash needs such as payroll, accounts
payable, debt service, and capital improvement disbursements. The City also utilizes money market funds and
local government investment pools to provide daily liquidity needs. The yield or rate of return which the City
receives is measured against the 90 day treasury bill yield as set by the investment policy. This year we have
been able to exceed this benchmark by an average of 61 basis points.
The information contained in this report will quantitatively and graphically demonstrate the achievement of
these City objectives for Fiscal Year 2003-04.
2
Investment Strategy Compliance
The strategy for all pooled funds is to assure that cash flows are matched with projected needs and assume adequate liquidity
and safety. This may be accomplished by purchasing high quality securities in a laddered structure or utilizing an investment
pool(See Appendiz E). Futhermore the following purposes are also considered when investing.
-Operating Funds willl be structured in such a way as to minimize volatility during economic cycles. This may be accomplished
by purchasing high quality short-term securities. The weighted average maturity on these funds will remain within the 6 to 9
month range. These funds include:
101 General Fund 501 Water&Sewer Fund
201 Hotel-Motel Tax Fund 510 Drainage Utility
210 1/2 Cent Sales Tax-Operations 520 Recreation Classes Fund
220 Crime Control&Prevention District 521 Arbor Daze Fund
230 Police Drug-DEA Awards 530 Softball World-Operations
231 Police Drug-State Awards 540 Goff Course Operations
232 Ft.Worth DEA Task Force 550 Athletic Complex operations
235 LLEBG 01/02 601 Equipment Replacement Fund
240 Car Rental Tax Fund 610 Health Insurance Fund
815 Risk Management Fund
-Funds for Capital Improvement Projects(CIP) and Special Purposes may purchase securities which allow for flexibility and
unanticipated project outlays by having a portion of their investments in highly liquid securities(See Appendix E). The stated
final maturity dates of securities held should not exceed the estimated project completion date. These funds include:
301 Developer's Escrow Fund 502 Water&Sewer-CIP
305 Streets&Drainage-CIP 505 Water Impact Fees Fund
310 1/2 Cent Sales Tax-CIP 508 Wastewater Impact Fees Fund
320 General Capital Projects Fund 511 Drainage CIP
325 Police Facility Construction Fund 541 Golf Course CIP
330 Car Rental CIP 552 Athletic Complex CIP-Phase II
-Debt Service Funds should assure adequate liquidity to cover the debt service obligation on the required payment date.
These funds include:
401 Debt Service/General Obligation 508 Water/Sewer Debt Service
402 Star Center Debt Service 531 Softball World Debt Service
410 1/2 Cent Sales Tax-Debt Service
-Emergency, Contingency,Operating and Debt Service Reserve funds will have the ability to generate a dependable revenue
stream to the appropriate fund from securities with a low degree of volatility. Such securities will tend to hold their value during
economic cycles. The stated final maturity dates of securities held should not exceed five years (see Appendix E). These
funds include:
102 General Fund-Emergency 503 Water&Sewer Bond Reserve
103 General Fund-Contingency 507 Water&Sewer-Emergency Fund
211 1/2 Cent Sales Tax-Bond Reserve 512 Drainage Reserve
240 Car Rental Tax Fund(2,000,000 Reserve) 705 Star Center Bond Reserve
Based on the above strategies, the investment portfolio reported herein is in compliance with the city's adopted investment
policy.
;ec L
Loreda Getchell
Assistant City Manager
Vicki Rodriquez
Finance Administrator
3
C I. PORTFOLIO SUMMARY
The City's investment portfolio at the end of the fiscal year, September 30, 2004, is summarized by instrument
and by maturity as shown below.
Distribution by Instrument
%of Average Avg. Yield
Instrument Cost Portfolio Yield Prior Year
Agencies 32,209,561 58.37% 1.77% 1.68%
Treasuries 385,548 0.70% 1.72% 2.25%
Money Market 22,581,675 40.92% 1.54% 0.99%
CD's 5,000 0.01% 0.95% 1.09%
55,181,784 100.00%
This table shows that the majority of City funds, approximately 58% are invested in government agencies, and
the remaining 42% in money market funds, treasuries, and local government investment pools. As of the date
of this report, the yield on the portfolio was 1.75%. When compared to prior year's levels, the yield on our
portfolio has trended up sloghtly. The Federal Reserve began raising interest rates during the last quarter of
this fiscal year. Our portfolio has increased slightly due to a shift in short-term rates.
Distribution by Maturity
#of days $ Cost %of Portfolio
1 -30- $22,581,675 40.9%
31 -90 1,508,731 2.7%
91 - 180 6,177,088 11.2%
181-365 15,731,756 28.5%
Over 365 9,182,533 16.6%
$55,181,784 100.0%
This table reflects the degree of liquidity in the City's portfolio with the ability to access over 54% of the
portfolio within six months. This strategy was followed to meet cashflow requirements for construction projects,
payroll, debt service, and other operating expenses. An additional 29% matures within one year. The
remaining 17% is invested beyond one year. The longest investment in the current portfolio matures in 1 3/4
years. We were able to comply with our investment policy by using emergency funds, escrow funds, bond
proceeds, and reserve funds for the General fund, Water and Sewer fund, and the Car Rental fund. The
weighted average maturity on our portfolio is currently 163 days.
JBVinstrumentl IBy Days to Maturity
0% 17%
■ 1 -30
I ®Agendes 40% ® 31 -90
41% O Treasurles
® 91 -180
58% 0 Money Market ° 8181-365
■CD's 29/°
Over 365
014
3% 10
11%
4
City of Euless
Pooled Portfolio Summary
for Quarter Ending
September 30, 2004
Cost Book Market
Principal Only Value Value
Investments at June 30,2004 $46,691,107.71 $46,650,402.02 $46,498,595.05
Investment Purchases 17,712,193.46
Investment Maturities (9,356,478.04)
Dividends Reinvested (Pools) 78,721.83
Investments at September 30,2004 $55,125,544.96 $55,087,873.46 $54,978,560.00
Loretta Getchell
Assistant City Manage�r�
Vicki Rodriquez
Finance Administrator l
5
Summary of Investments by Fund
The following is a summary of cash and investments held by each fund at June 30,2004 and September 30,2004. The changes include all investment
purchases,maturities and expenses that occurred during the fourth quarter of FY2004.
Cash&Investment Cash&Investment Increase/
at Market Value at Market Value Decrease
06/30/04 09/30/04 In Fund
101 General Fund 6,516,032.29 4,790,339.00 (1,725,693.29) Operating Expenses
102 General Fund-Emergency 496,500.00 497,500.00 1,000.00
103 General Fund-Contingency 494,850.00 496,953.13 2,103.13
201 Hotel-Motel Tax Fund 74,064.00 96,011.90 21,947.90
210 1/2 Cent-Operations Fund 831,740.66 853,130.82 21,390.16
211 1/2 Cent-Debt reserve 956,742.15 959,859.38 3,117.23
220 CCPD 376,837.94 380,386.02 3,548.08
230 Police Drug-DEA Awards 168,917.39 212,032.47 43,115.08 DEA Receipts
231 Police Drug-State Awards 12,462.45 14,818.57 2,356.12
232 Ft.Worth DEA Task Force 259,712.58 27,561.89 (232,150.69) DEA Allocation
235 LLEBG 02/03 2,215.21 2,215.21 0.00
240 Car Rental Tax Fund 5,547,564.48 6,554,539.05 1,006,974.57 Car Rental Receipts
301 Developer's Escrow Fund 1,412,455.89 1,428,342.63 15,886.74
305 Streets&Drainage-CIP 3,754,229.85 11,116,566.82 7,362,336.97 Bond Proceeds
310 1/2 Cent Sales Tax-CIP 444,918.00 440,728.37 (4,189.63)
320 General CIP Fund 41,970.91 42,059.96 89.05
325 Police Facility CIP 142,706.79 142,795.75 88.96
330 Car Rental CIP Fund 2,236,184.37 2,168,482.75 (67,701.62) Capital Outlay
401 Debt Service/General 1,361,014.40 359,754.20 (1,001,260.20) Debt Service Payments
402 Star Center Debt Service 448,390.19 118,336.08 (330,054.11) Debt Service Payments
501 Water&Sewer Fund 4,341,507.28 4,827,592.08 486,084.80 TRA Rebate
502 Water&Sewer-CIP 3,337,798.00 5,270,246.06 1,932,448.06 Bond Proceeds
503 Water&Sewer-Bond Reserve 392,872.51 385,391.13 (7,481.38)
505 Water Impact Fees 2,223,231.72 2,236,135.08 12,903.36
506 Water&Sewer-Debt Service 0.00 9,998.16 9,998.16
507 Water&Sewer-Emergency 494,850.00 496,875.00 2,025.00
508 Wastewater Impact Fees 1,118,186.63 1,130,927.37 12,740.74
510 Drainage Utility 456,939.78 353,336.27 (103,603.51) Debt Service Payments
511 Drainage-CIP 1,329,636.34 1,255,363.45 (74,272.89) Capital Outlay
512 Drainage Reserve 231,119.00 231,119.00 0.00
520 Recreation Classes Fund 296,024.56 264,011.41 (32,013.15) Operating Expenses
521 Arbor Daze Fund 157,546.42 147,212.72 (10,333.70)
530 Softball World Operations 462,524.89 433,038.00 (29,486.89) Operating Expenses
540 Golf Course Operations (95,261.51) (77,952.28) 17,309.23
541 Golf Course CIP 194,352.47 67,543.92 (126,808.55) Debt Service Payments
550 Parks @ Texas Star 150,273.17 129,698.79 (20,574.38) Operating Expenses
552 Athletic Complex CIP 943,712.92 1,235,869.79 292,156.87 Capital Outlay
601 Equipment Replacement 1,040,784.39 1,074,501.93 33,717.54 Monthly Transfers
610 Health Insurance Fund (572,113.76) 676,672.70 1,248,786.46 Year End Transfers
615 Risk Management Fund 684,689.18 758,840.52 74,151.34 Monthly Transfers
705 Star Center Reserve Fund 1,950,434.03 1,952,296.54 1,862.51
TOTAL: 44,718,617.57 53,561,131.64 8,842,514.07
6
II. PERFORMANCE SUMMARY
Cash and Investments Balances-Full utilization of funds and minimization of idle cash is necessary to pursue
additional interest income revenues for the City. The average percent of invested funds is 101% for FY04.
The monthly data below shows the continued utilization of City funds through investments.
Consolidated Invested Percentage
Cash Balance Invested
October-02 ($589,599) $48,596,402 102%
November-02 271,926 48,964,612 100%
December-02 84,402 51,246,137 100%
January-03 895,482 52,415,393 99%
February-03 (55,600) 53,946,751 100%
March-03 239,368 46,642,426 100%
April-03 723,489 47,345,618 99%
May-03 (195,505) 48,729,547 101%
June-03 221,169 49,663,414 100%
July-03 66,906 47,408,384 100%
August-03 (222,268) 47,975,422 100%
September-03 (350,387) 46,549,675 101%
Average 90,782 49,123,648 100%
Consolidated Invested Percentage
Cash Balance Invested
October-03 ($286,864) $46,221,507 101%
November-03 291,630 46,124,573 100%
December-03 (85,087) 48,489,552 102%
January-04 (493,181) 50,327,390 102%
February-04 12,551 50,970,449 100%
March-04 (30,884) 43,770,911 100%
April-04 75,797 45,158,854 100%
May-04 85,615 46,484,283 100%
June-04 (596,644) 46,730,970 102%
July-04 (124,824) 54,187,023 100%
August-04 194,383 55,567,464 100%
September-04 (871,827) 55,181,784 102%
Average (152,445) 49,101,230 101%
This graph shows how a greater portion of the City's funds continue to be invested, always in pursuit of 100%.
105.00%
a�
to 100.00%
95.00%
c
a�
L 90.00%
a�
a
85.00%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
FisCdl Year
7
Cash management performance - effectiveness of the cash management program has been measured
utilizing actual figures for FY04 as shown below:
Average City's Number Estimated
90 day Invested Days in Interest
Month TBill Yield Balance Month Eaminqs
October-03 0.92% $46,221,507 31 $36,026
November-03 0.93% $46,124,573 30 $35,242
December-03 0.88% $48,489,552 31 $36,397
January-04 0.88% $50,327,390 31 $37,572
February-04 0.92% $50,970,449 28 $35,902
March-04 0.94% $43,770,911 31 $34,870
April-04 0.94% $45,158,854 30 $34,938
May-04 1.02% $46,484,283 31 $40,269
June-04 1.26% $46,730,970 30 $48,395
July-04 1.32% $54,187,023 31 $60,749
August-04 1.48% $55,567,464 31 $69,848
September-04 1.67% $55.181.784 30 $75,743
Average 1.10% 49,101,230 $45,496
Estimated earnings at benchmark yields: $545,951
Actual FY04 interest income(pre-audit): $700,919
Earnings over benchmark: $154,968
Key rate comparisons-an objective of the investment policy is for the City's average rate of return
to consistently exceed that of the three month U.S. Treasury Bill, as stated before. Therefore,
they have been presented for comparative purposes below.
Benchmark
90 day City's Avg.
Month T-bill yield Portfolio Yld Difference
October-03 0.92% 1.69% 0.77%
November-03 0.93% 1.69% 0.76%
December-03 0.88% 1.72% 0.84%
January-04 0.88% 1.72% 0.84%
February-04 0.92% 1.72% 0.80%
March-04 0.94% 1.71% 0.77%
April-04 0.94% 1.71% 0.77%
May-04 1.02% 1.65% 0.63%
June-04 1.26% 1.67% 0.41%
July-04 1.32% 1.70% 0.38%
August-04 1.48% 1.73% 0.25%
September-04 1.67% 1.74% 0.07%
Average 1.10% 1.70% 0.61%
The economy began to gain momentum during the fiscal year. The Fed raised interest rates by 75 basis points
during this fiscal year. This was the first change in short-term interest rates in 12 months. The average 90 day
T-Bill remianed relatively flat when compared to prior year. However, the city's average yield has fallen 56
basis points since September of last year. Short-term interest rates are beginning to rise, as investments
mature our portfolio yield should increase.
0
8
III. INTEREST INCOME SUMMARY
FY99 Audit $1,451,772
FY00 Audit $2,447,214
FY01 Audit $2,891,077
FY02 Audit $1,404,257
FY03 Audit $929,045
FY04 Pre-Audit $700,919
FY04 Budgeted $859,749
interest income summary
$3,500,000
$3,000,000
$2,500,000
LE $2,000,000
" $1,500,000
y $1,000,000
Ill . i . 1 0 EL
S $500,000
$0
FY99 Audit FY00 Audit FY01 Audit FY02 Audit FY03 Audit FY04 Pre- FY04
Audit Budgeted
Interest income did not meet the budgeted level for fiscal year 2004. When compared to prior year, interest
earnings have decreased. This decrease can be attributed to lower interest rates throughout the fiscal year
due to sluggish economic conditions and Fed rate cuts.
Market Rate Outlook - Gross Domestic Product (GDP) posted stronger than expected growth in the third
quarter, increasing 4%. The most recent Federal Reserve"Beige Book"of economic activity generally reports
continued economic growth. Eleven of the twelve Fed districts reported expanding economic activity. The
districts with the strongest economic growth included New York, Philadelphia,Atlanta, and Dallas.
Looking ahead some economists expect somewhat slower economic growth in 2005. The factors that may
dampen growth in the coming months include: rising interest rates, a slowing housing market, rising energy
costs, and the reduce possibility that the Federal government will provide further fiscal stimulus. A survey of
economists predicts that GDP will slow to 3.5% in 2005.
The Fed continued its series of rate increases by raising the Fed funds rate by an additional 50 basis points to
2.25% since September. So far, the Fed has raised rates 125 basis points since it began tightening in June.
The fed futures market expects the Fed to continue raising rates at the current pace, and predicts that the Fed
Funds rate will rise to 3.00% by July 2005. However, more moderate growth may cause the Fed to raise rates
more gradually in 2005.
'Source:
GFOA, Public Investor January 7, 2005
9
Interest Income By Fund
For Fiscal Year Ending September 2004
,r Fund FY 03 FY 03 Actual FY 04 FY 04 Actual Diff FY04
Budget (Audited) Budget (Pre-Audit) Bud:Act_
101 General $280,000 $195,346 $175,000 $147,204 $27,796
201 Hotel/Motel 7 000 1,901 3 000 994 S2,006
210 Half Cent Sales Tax-Operations 40,000 11 763 20 000 9,054 $10946
211 Half Cent Sales TaX-Reserve 0 10,951 0 9 241 ($9,241)
220 Crime Control Prevention District 15,000 6,665 10,000 5,138 $4,862
230 Euless DEA Fund 5,000 2,468 5 000 1,934 $3,066
231 Police State Awards 0 124 0 106 ($106)
232 FW DEA Task Force-(Euless Portion) 0 223 0 100 ($100)
233 LLEBG 99/00 0 0 0 0 $0
234 LLEBG 01 0 0 0 0 $0
235 LLEBG 02/03 0 313 0 118 ($118)
240 Car Rental 200,000. 174 927 200 000 123,204 $76,796
301 Developer's Escrow 20,000 23 871 20,000 20,785 ($785)
305 Streets CIP 140,000 93,070 122,152 48,930 , $73,2 2
310 Half Cent Sates Tax- CIP 2,000 4 925 2,000 4,931 (S2 931)
320 G.O. CIP 0 507 0 282 ($282)
325 Police Facility CIP 0 309 263 264 ($1)
330 Car Rental CIP 0 22,411 0 24,817 ($24 817)
401 GO Debt Service 13,000 12125 13,000 7,1349 $5151
402 Star Centre Debt 6,000 , 4,3534100-0- 4,260 ($260)
501 Water and Sewer 260,000 122,193 120,000 99,585 $20,415
502 Water and Sewer CIP 47,525 72,168 67140 49,659 $17 481
503 Water and Sewer Reserve 8,000 9132 2,000 2,424 ($424)
505 Water Impact Fees 20,000 30,278 20,000 29 612 ($9,612)
506 Water and Sewer Debt Service 0 9,873 ($9,873)
508 Wastewater Impact Fees 20,000 16,681 15000 16,432 , ($1 432)
510 Drainage 20,000 13,340 10,000 , 8 244 $1,756
511 Drainage Capital Projects 6,000 14,377 6 000 15,658 ($9,658)
520 Recreation Classes 2,500 2,344- 2 500 2,567 ($67)
521 Arbor Daze 1,000 3,380. 1,000 2,363 ($1,363)
530 Softball World 5,000 7,298 5,000 , 6 955 ($1,955)
540 Golf Course 7,215 0 0 0 SO
541 Golf Course CIP 0 1,194 0 0 SO
550 Parks At Texas Star 0 1,008. 0 1,175 ($1,175)
552 Athletic Complex Phase 11 -CIP 0 26,840 21,694 2-11694 (SO)
601 Equipment Replacement 8,000 7,341 8 000 11,736 ($3,736)
610 Health insurance 15,000 136 0 465 ($465)
615 Risk MGMT/Worker's Comp 25,000 6,719 7,000 6 385 $615
705 Star Centre Debt Reserve 0 28,364 0 6 883 ($6,883)
Total $1,173,240 $929 045T--$859,749 $700 919 $158 830
Note that interest earnings is being earned on all investable City funds and great efforts are pursued to
meet their budgeted levels. This report points out that the pre-audit interest earnings for the end of the
fiscal year did not meet budgeted expectations.
Several Funds were budgeted conservatively or not at all due to the volatility of their revenues and
expenditures. However, these funds are used for investment purposes when they have funds available.
These funds include Capital Improvement Projects, DEA Funds,and Grant Funds.
10
IV. COLLATERAL REVIEW
The first and most important objective of investing public funds is safety. One way to insure the City's assets is to have them
fully secured with "collateral". Acceptable collateral is defined in the City's investment policy, but generally consists of types of
securities the City would invest in. Bank balances are monitored daily to assure their full coverage. The amount of collateral
required by the depository bank varies with the expected level of deposits (typically correlates with large receipts such as
property taxes, franchise taxes and investment maturities.
......
:::.:.:.
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.....::. .:.:.::.:::::::..:::::::::::::::::.
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8 l
Pledging Safekeeping Pledged Sec. Security Market Value Inv.Value Difference
Institution Location Description Par Value (w/FDIC Ins.) 0) Mat'y(P&1) Over/(Under)
Bank One FDIC FDIC $0 $100,000 $26,701 $73,299
$Mkt $0
DDA $25,568
Southtrust Bank FDIC FDIC $0 $100,000 $42,791 $57,209
Payroll $2,226
Operating $40,566
First Nat'l Texas Independent $1,500,000 $1,572,967 $248,462 $1,324,505
Bank Mid-Cities Bank FNMA Payroll $5,680
04/06/06 $500,000 Operating $242,782
FHLMC
07/24/06 $500,000
FNMA
08/11/06 $500,000
Produced By:
Finance Administrator L�
Reviewed by:
Assistant City Manager
This review is practiced on a regular basis assuring coverage. Another regular practice is reviewing each individual instrument
purchased. This assures compliance with the investment policy and consideration of the underlying security. This separate but
thorough practice has protected the City's portfolio against derivative products.
0
JUL
V. BROKER SELECTION PROCESS
This section of the report is to provide a brief explanation of the process undertaken to select brokers with
which the City invests. The broker/dealer list is reviewed annually, and additions/deletions are made as
necessary. The process is outlined below.
1. Brokers express an interest in doing business with the City's investment portfolio.
2. A questionnaire is sent to the broker which requests the necessary information for management to review
including references, capital adequacy ratios, etc.
3. The Finance Administrator reviews all received questionnaires, summarizes the information and
recommends the desired list of brokers with explanatory notes.
4. The list is presented to the investment committee annually for their approval.
5. All brokers are notified after the selection is complete.
VI. SUMMARY
The primary objectives of compliance, safety, liquidity and yield have been achieved for the reporting period as
evidenced by this report. These objectives will continue to be pursued for the City of Euless as provided by
the investment policy. This year proved to be another successful year for the investment program. The City of
Euless, like all other local governments, is faced with the challenge of meeting benchmark levels triggered by
the Fed's actions and meeting additional reporting requirements as stated by new legislation. Therefore, the
City's investment program will continue to seek new techniques, instruments, etc. to enhance the return on the
City's funds, as well as the return of all City funds.
The investment committee met on January 20,2004 and reviewed the presented data for transmittal to the City
Council.
Vicki Rodriquez Loretta Getchell
Finance Administrator Assistant City Manager
12
Minutes-9/14/04 Investment Committee Meeting
Members: Gary McKamie, Deputy City Manager
Loretta Getchell, Assistant City Manager
Vicki Rodriquez, Finance Administrator
Bill Ridgway, Director of Economic Development
Mary Lib Saleh, Mayor
Committee members present included, Mayor Saleh, Bill Ridgway, Gary McKamie, Loretta Getchell, and Vicki
Rodriquez.
Vicki Rodriquez the second and third quarter investment report to the committee. The committee reviewed the
reports. During the review, Vicki pointed out that interest earnings projected for year end would not meet
budgeted amounts. This is attributed to a sluggish economy throughout 2004 and a Fed funds rate of 1.00%,
for the first 3 quarters. Vicki reported that the market value of the portfolio at the end of the third quarter totaled
$46,498,595 and a book value of$46,650,42. The weighted average maturity at the end of the quarter was 221
days.
At the last meeting, the Committee had decided to monitor the performance of the new representative with
Banc One Capital. Vicki reported that the new representative had not made contact nor expressed any interest
in continuing the relationship. Vicki had also been reviewing Coastal Securities for competitiveness and
responsiveness. Vicki recommended adding Coastal Securities as an addition to the broker/dealer list.
The minutes from the March 4, 2004 meeting were presented for approval. Bill Ridgway motioned to approve
the minutes, Mayor Saleh seconded. The minutes were approved.
Bill Ridgway motioned to approve the second and third quarter reports as presented, Mayor Saleh seconded.
The motion passed.
Loretta Getchell motioned to adjourned the committee meeting. Mayor Saleh seconded.
Meeting was adjourned.
13
0
APPENDIX
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rt by Fund
As of June 30,2004
Inwstmsnt Two Institution
LOGIC Local Galt Pool FNMA Fed,NaYI Mort.Assoc.FMAC Fed.Home Loan MorL Corp Wachovia Wachovia Securities FSW First Southwest LOGIC Local Gott Investment Coop.
FGIC Money Market Pool FFCB Fed.Farm Credit Baric CD Certificates of Deposit Vkirg VINng Sparks Merril Merril Lynch FGIC Financial Investors Trust
Texpool Local Gott Pool FHLB Fed.Home Loan Bank TNOTE Treasury Note BancOne Banc One Capital Duncan Duncan W I1ams Texpool TEXPOOL
Samco Samoo Securities Southtnuat Southtrust Baric Deustche Deustche Bank-New York
Accrued
Irv. Cusip Purchase Maturity Call Term Days Price Par. Cost Interest Total Priv,t Yield To Coupon Interest Seger Market %of
Ink NurnbeL go BSfo 29L2 (in days) rernainim PerS100 Ya6111 (Prim Onlv1 a nisfY Int d3 Met y Maturity am Purchased 1022 Discount Prerm m E11124 Y9hm Portfolio W M
Fund 101-General Fund
FGIC WA 100.0000 128,744.39 128,744.39 128,744.39 0.94% FGIC 101 126,744.39 0.26% 0.00
Texpool WA 100.0000 694,516.81 694,516.81 694.516.81 1.06% Texpool 101 694,516.81 1 49% 0.00
FFCB 31331O2R7 0687/03 1229/04 0929/03 542 179 100.0000 500,000.00 500.000.00 8,625.00 508.625.00 1.15% 1.150% FSW 101 498,550.00 1.07% 1.92
FMAC 3126X1TK3 08/08/03 02/04/05 02104104 536 214 99.6250 1,000,000.00 996,250.00 19,500.00 1,0,19,500.00 1.56% 1.300% 144.44 MERRILL 3,750.00 101 996,500.00 213% 4.56
FNMA 3/3589EY5 0581/04 0429/05 N/A 338 299 96.2374 1,000,000.00 982,373.61 17,626.39 1,000,000.00 1.901/6 Merrill 101 982,745.83 2.10% 6.29
FNMA 3136F3VY9 05)27/03 0586/05 1126103 720 326 100.0000 500,000.00 500,000.00 15,300.00 515,300.00 1.53% 1.530% FSW 240 497,300.00 1.07% 3.49
FHLB 3133X2EJ0 12103/03 06/03/05 06103104 540 333 100.0000 1,000,000.00 1,000,000.00 30,000.00 1,030,000.00 2.00/6 2.000% WACHOVIA 101 998,600.00 214% 7.13
FHLB 3133X2S71 12/30/03 06/d0/05 06/03/04 540 360 100.0000 500,000.00 500,000.00 15,375.00 515,375.00 2.05% 2.050/. WACHOVIA 101 499,100.00 1.07% 3.65
FHLB 31339Y3T7 07107/03 07/07/05 07107104 720 367 100.0000 500,000.00 500,000.00 13,000.00 513,000.00 1.30% 1.300/. FSW 240 495,250.00 1.07% 3.93
FHLB 31339YDEO 0722/03 07/22/06 0122104 720 382 100.0000 500,000.00 500,000.00 14,500.00 514,500.00 1.451% 1.450/. FSW 240 495,700.00 1.07% 4.09
FHLB 31339YY46 08/12/03 08/12/05 0242104 720 402 100.0000 500,000.00 500.000.00 16,000.00 516,800.00 1.86% 1AW% WACHOVIA 240 496,350.00 107% 4.30
FHLMC 312MBN4 01/16104 1126/05 1126104 009 505 100.6094 500,000.00 503.040.141 23,750.00 523,750.00 1.00% 2.375% 1.649.31 Vining 3,046.88 101 498,400.00 108% 6.45
FHLB 3/33X2872 1229/03 1289/05 0629104 720 639 100.0000 500,000.00 50D,000.00 25,000.00 525,000.00 2.50% 2.5001% FSW 101 490,050.00 101% 5.77
Subtotal 7,823,261.20 7,8114,931.60 190,278.39 8,004,911.20 1,793.75 3,750.00 3,046.88 subtotal 7,7110,607.03 1671% 50.77
Fund 102-Gon*rml Fund-Emsrgoncy
FNMA 3/36F3N44 07/07/03 07/07/05 07107104 720 367 100.0000 500.000.00 500,000.00 15,500.00 515,500.00 1.55% 1.550/. Sarco 102 406.600.00 1 07% 393
Fund 103-0onoml Fund Contingency
FHLB 3133XGG26 05103/04 02MM 11103104 630 573 100.0000 500,000.00 500,000.00 17,937.50 517,937.50 2.05% 2.050/. Wachovia 103 404,850.00 107% 6.13
Fund 201-Hotd/Motd
FGIC WA 100.0000 91,712.34 91,712.34 91,712.34 0.94% FGIC 201 91,712.34 0.20% 0.00
Texpool N/A 100.0000 0.00 0.00 0.00 1.071/0• Texpool 201 0.00 0.00% 0.00
subtotal 91,712.34 91,712.34 0.00 91,712.34 0.00 0.00 0.00 subtotal 91,712.34 0.201/. 0.00
Fr Fund 210-Half Cont Operations
Texpcol WA 100.0000 441,021.59 441,021.59 0.00 441,021.50 1.06% Texpool 210 441,021.59 0.94% 0.00
FGIC WA 100.0000 377,154.25 377,154.25 0.00 377,154.25 0.94% FGIC 210 377,154.25 0.81% 0.00
Stl" ,1 818,175.84 618,175.84 0.00 818,175.84 0.00 0.00 0.00 subtotal 616,175.64 1.75% 0.00
Fund 211-Haff Cent Reserve
FGIC WA 100.0000 956,742.15 950,742.15 0.00 956,742.15 0.94% FGIC 211 956,742.15 2.05% 0.00
Fund 220-Crime Control and Prwentlon
FGIC WA 100.0000 0.00 0.00 0.00 0.00 0.941/6 FGIC 220 0.00 0.00% 0.00
Tom" WA 100.0000 382,711.00 362,711.66 0.00 362,711.66 1.06% Texpool 220 362,711.66 0.78% 0.00
Subtotal 302,711.86 362,711.66 0.00 362,711.66 0.00 0.00 0.00 subtotal 362,711.66 0.78% 0.00
Fund 230-Police DEA(Fodeml)
FGIC WA 100.0000 132,944.12 132,944.12 132,944.12 0.94% FGIC 230 132,944.12 0.281/6 0.00
Texpool WA 100.0000 33,664.02 33,8114.02 0.00 33,864.02 1.001/6 Texpool 230 33,864.02 0.07% 0.00
Subtotal 186,808.14 160,7108.14 0.00 166,808.14 0.00 0.00 0.00 subtotal 166,606.14 0.36% 0.00
Fund 231-Police DEA(State)
FGIC WA 100.0000 10,11133.94 10,933.94 10,933.94 0.94% FGIC 231 10,933.94 0.021/6 0.00
Scblota1 10,033.94 10,933.94 0.00 10,933.94 0.00 0.00 0.00 subtotal 10,933.94 0.021/6 0.00
Fund 232-FTW DEA Task Force
Texpool WA 100.0000 245,206.00 245,206.00 0.00 245,206.00 1.06% Texpool 232 245,206.00 0.52% 0.00
FGIC WA 100.0000 0.00 0.00 0.00 0.941/• FGIC 232 0.00 0.001/6 0.00
SA .' 1 245,206.00 245,206.00 0.00 245,206.00 0.00 0.00 0.00 subtotal 245,206.00 0.52•% 0.00
Fund 235 LLEBG 02
FGIC N/A 100.0000 0.00 0.00 0.00 0.94% FGIC 235 0.00 0.00% 0.00
Texpool N/A 100.0000 0.00 0.00 0.00 0.00 1.06% Texpool 235 0.00 0.00% 0.00
Subtotal 0.00 0.00 0.00 0.00 subtotal 0.00 0.00/. 0.00
Fund 236 LLEBG 03
Texpool N/A 100.0000 0.00 0.00 0.00 0.00 1.06% Texpool 236 0.00 0.001% 0.00
subtotal 0.00 0.00 0.00 0.00 subtotal 0.00 0.00/. 0.00
of Eubas
rt by Furl
As of June 30,2004 '
Investment Type Institution
LOGIC Local Govt Pool FNMA Fed.Nefl Mort.Assoc.FMAC Fed.Home Loan Mort.Corp Wachovia Wachovia Securities FSW First Southwest LOGIC Local Gott Investment Coop.
FGIC Money Market Pool FFCB Fed.Farm Credit Baric CD Ceri ffoates of Deposit Vbing Vining Sparks Merril Merril Lynch FGIC Financial Investors That
Texpool Local Gott Pool FHLB Fed.Home Loan Bank TNOTE Treasury Note BancOne Bane One Capital Duncan Duncan Williams Texpool TEXPOOL
Samoo Samco Securities SoutMnat Southtnat Bank Deustche Deustche Bank-New York
Accrued
Inv. Cuslp Purchase Maturity Call Term Days Price Per Cost Interest Total Prin.+ Yield To Coupon Merest Seller Market %of
I= !1>rnbet Bat£ Bills: Bait (in days) reffmid09 Per5100 Am (Prtn.Or*) datDaY1( Int.QMefv Ma11lisY Bala Purchesed Inst. Disco urrt Premum EMW Yahm Portfolb 1YAM
Fund 240-Car Rental Fund
FGIC N/A 100.0000 157,595.93 157,595.93 157,595.93 0.94% FGIC 240 157,595.93 0.34% 0.00
Texpool N/A 100.0000 310,524.80 310,524.80 310,524.80 1.05% Texpool 240 310,524.80 0.661/6 0.00
FMAC 3/28X1TK3 09)08)03 02104/05 02104104 506 214 99.6563 500,000.00 498,281.25 9,750.00 509,750.00 1.55% 1.300% 613.89 SAMCO 1.718.75 240 498,250.00 1.07/. 2.28
FHLB 3133MW21.4 0&01/03 02/15/05 N/A 554 225 100.5750 1,000,000.00 1,005,750.00 37,968.75 1,037,968.75 1.50% 1.875% 9,114.58 Samco 5,750.00 240 999,160.00 2.17/. 4.89
FHLB 3133X3P31 0128)04 02/23/05 07/28704 385 233 100.0000 300,000.00 300,000.00 4,170.83 304,170.83 1.30% 1.300% 0.00 Merril 240 298,830.00 0.64% 1.50
FHLB 31339YBL5 07/15/03 04114/05 10/14103 630 284 99.9375 500,000.00 499,687.50 10,893.75 510,893.75 1.28% 1.245% 17.29 DUNCAN 312.50 240 496,950.00 1.07/. 3.04
FHLB 3133MWXE6 06/18103 04/15/05 NIA 657 285 100.7820 1,000,000.00 1,007,820.00 29,656.25 1,029,656.25 1.191/6 1.625% 4,694.44 SAMCO 7,820.00 240 996,730.00 2.17% 6.18
FNMA 3136F31,128 12/31/03 07AWM 07106104 546 366 99.5938 500,000.00 497,968.75 15,162.92 515,162.92 1.781/6 1.510% 3,733.06 MERRILL 2,031.25 240 496,350.00 1.07/. 3.93
FHLB 3133X7FM1 06/17/04 0321/06 12/21104 634 621 100.0000 500,000.00 500.000.00 24,215.28 524,215.28 2.75% 2.7507. Wachovia 240 499,550.00 1.07% 6.04
FHLMC 3128X3FB4 05/04/04 05/03/06 05103105 719 863 99.8750 500,000.00 499,375.00 25,300.00 525,300.00 2.59% 2.5307. 35.14 Merril 625.00 240 496,650.00 1.07/. 7.00
Subtotal 5,260,120.72 5,277,003.22 157,117.78 5,425,236.50 18,208.40 4,687.50 13,570.00 subtotal 5,250,590.72 11.33% 35.54
Fund 301-Dweic,"es Escrow
FGIC N/A 100.0000 80,167.70 00,167.70 60.167.70 0.94% FGIC 301 60,167.70 0.13% 0.00
Texpool WA 100.0000 19,906.73 19,908.73 19,908.73 1.00% Texpool 301 19,906.73 0.04% 0.00
FNMA 3136F3YP5 04/1204 06/17)05 00717/04 425 347 100.0000 150,000.00 150,000.00 3,375.00 153,375.00 1.49% 1.5007. 1,197.92 FSW 301 149.010.00 0.32% 1.12
FHLB 31339Y5Z1 07/15/03 07/15)05 08/16103 720 375 100.0000 1,000.000.00 1,000,000.00 30,000.00 1,030,000.00 1.507. 1.5007. WACHOMA 301 991,880.00 2.14% 8.02
FHLB 3133X5BJ6 04)06/04 01/06)06 10106/04 300 546 100.0000 150,000.00 150,000.00 5,100.00 155,100.00 1.707. 1.700% Wachovia 301 147,885.00 0.32% 1.75
SubOotal 1,360,076.43 1,380,076.43 38.475.00 1,418.551.43 1.197.92 0.00 0.00 subtotal 1,368,851.43 2.90% 10.90
Fund 30168traete CP
FGIC WA 100.0000 3,450,824.70 3,450,824.70 0.00 3,450,424.70 0.94% FGIC 305 3,450,624.70 7.36% 0.00
Texpool N/A 100.0000 431,291.82 431,291.82 0.00 431,291.82 1.067• TEXPOOL 305 431,291.82 0.92% 0.00
FNMA 31359MOJ5 0528)03 12/15/04 12/16703 557 185 100.9390 500,000.00 504,695.00 13,770.28 513,770.28 1.28% 1.780% 4,036.46 Samco 4.695.00 305 500,405.00 1.09% 1.80
I subtotal 4,362,116.51 4,366,811.51 13,770.28 4,395,886.79 4,036.46 0.00 4,695.00 subtotal 4,382,521.51 9.40% 1.80
N
Fund 310•HaH Cent CP
FGIC N/A 100.0000 75,142.42 75,142.42 0.00 75,142.42 0.94% FGIC 310 75,142.42 0.16% 0.00
Tentpool WA 100.0000 200,008.39 200,608.39 200,606.39 1.06% Texpool 310 200,608.39 0.43% 0.00
FHLB 3133X58J6 04/06)04 01)08/06 10/00104 300 546 100.0000 150,000.00 150,000.00 5,100.00 155,100.00 1.70% 1.70)% Wachovia 310 147,885.00 0.32•% 1.75
SSI 425,750.81 425,750.81 5,100.00 430,850.81 0.00 0.00 0.00 sublotal 423,635.81 0.91% 1.75
Fund 320-G.O.CP-Fin Station
Texpool N/A 100.0000 24,785.99 24,785.99 24,785.99 1.06% Texpool 320 24,785.99 0.05% 0.00
subtotal 24,785.99 24.785.99 24.785.99 0.00 0.00 000 subtotal 24,785.99 0.05% 0.00
Fund 326-Police Facility CP
FGIC N/A 100.0000 27,305.71 27,305.71 0.00 27,305.71 0.94•% FGIC 325 27,305.71 0.06% 0.00
Texpool N/A 100.0000 0.00 0.00 0.00 1.06% Texpool 325 0.00 0.00% 0.00
S1b01 1 27,305.71 27,305.71 0.00 27,305.71 0.00 0.00 0.00 subtotal 27,305 71 0.06% 0.00
Fund 330-Car Rental CP
FGIC N/A 100.0000 3,049.94 3,049.94 3,049.94 0.94% FGIC 330 3,04994 0.01% 0.00
Tex0od WA 100.0000 1,495,611.14 1,495,011.14 1.495,611.14 1.06% Texpool 330 1,495,61114 3.20% 0.00
FHLB 3133X64M5 0427/04 1027/05 0427105 540 477 100.0000 500,000.00 500.000.00 13,500.00 513,500.00 1.80% 1.8001/6 Duncen 330 405,500.00 1.07•% 5.10
FHLB 3133X5BJ6 04)06104 01)06/06 10106104 300 546 100.0000 100,000.00 100.000.00 3,400.00 103,400.00 1.70% 1.700% - W echovla 330 06.800 00 0 71% 1 17
Subtotal 2,098,061.08 2,098,061.08 18,900.00 2,115,561.08 0.00 0.00 000 snblotal 2,002.78106 440•% 677
Fund 401-Debt Service
Texpool WA 100.0000 982,690.40 982,690.40 982,690.40 1.00•/. Texpool 401 962,690 40 7 10% 000
FGIC N/A 100.0000 281,583.67 281,563.67 281,583.67 0.94% FGIC 401 261,563.67 080•/. 000
Subic 1 1,264,274.07 1,264,274.07 0.00 1,204.274.07 0.00 0.00 0.00 subtotal 1,204,274.07 271•% 000
10of Euk,sa ,
rut by Furl
As of June 30.2004
Investment Type Institution
LOGIC Local Gott Pool FNMA Fed.NaYI Mort Assoc.FMAC Fed.Home Loan Mort.Corp Wachovia Wachovia Securities FSW First Southwest LOGIC Local Gott Investment Coop.
FGIC Money Market Pool FFCB Fed.Form Croda Bank CD Certificates of Deposit Vining Vining Sparks Merril Merril Lynch FGIC Financial Irnestors Trust
Texpool Local Gott Pool FHLB Fed.Home Loan Bank TNOTE Treasury Note BaneOne Barre One Capital Duncan Duncan W ikems Texpool TEXPOOL '
Sampo Samco Securities SWMrust SoutMnist Bank Deustche Deustche Bank-New York
Accrued
Inv, Cuslp Purchase Me" Call Term Days Price Par Cost Interest Total Prin.+ Yield To Coupon Interest Seller Markel %of
I= Nufttt 29I4 Qtffi Qttt (Indayt) rerml n PerS100 Value (Prim Ontv) ®mefv Int.a Me4v M9lsd4t Emk Purchased IML Discount Premium Eyod Value Pordo 4 W M
Fund 402-Star Center Debt Service
Texpool N/A 100.0000 447,884.60 447,864.60 447,884.60 1.06% Texpool 402 447,884.60 0.961/. 0.00
Subtotal 447,884.60 447,884.60 0.00 447,884.60 0.00 0.00 0.00 subtotal 447,884.80 0.96% 0.00
Fund 501-Water and Sayer
LOGIC N/A 100.0000 58.90 58.90 58.00 1.04% LOGIC 501 5890 0.00% 0.00
FGIC N/A 100.0000 51,675.38 51,675.38 51,675.38 0.94% FGIC 501 51,675.38 0.11% 0.00
Texpool N/A 100.0000 183,221.69 183,221.69 183,221.69 1.06% TEXPOOL 501 183,221.69 0.391/6 0.00
FHLB 31339XTZ7 08/3WD3 12/30/04 12/30/03 540 180 100.0000 100,000.00 100,000.00 1,650.00 101,650.00 1.10% 1.100% FSW 501 99,680.00 0.21% 0.39
FHLB 313385803 04/02/04 01/25105 293 205 96.9984 500,000.00 494,99194 5,008.06 500.000.00 1.24% Mehl 501 494,920.14 1.05% 2.17
FHLB 3133MDAT0 10115102 02/15105 N/A 840 225 107.0000 500,000.00 535,000.00 67,187.50 567,187.50 2.28% 5.375% 4,479.17 MERRILL 35,000.00 501 510.800.00 1.15% 2.80
FHLB 3133X3P31 0128/04 02!23105 07128104 385 233 100.0000 450,000.00 450,000.00 6,256.25 456,256.25 1.30% 1.300% 0.00 Merril 501 448,245.00 0.96/0. 2.24
FFCB 31331O3KI 07/15103 04/07/05 10107103 622 277 90.9375 500,000.00 499,687.50 10,937.50 510,937.50 1.29% 1.250•/. 138.89 DUNCAN 312.50 501 497,100.00 1.07% 2.96
FHLB 3133MYRSO 07/16103 05/13/05 N/A 857 313 100.2147 500,000.00 501.073.50 15,166.67 515,166.67 1.38% 1.SW% 1,479.17 DUNCAN 1,073.50 501 497.415.00 1.08% 3.37
FHLB 3133MBH42 12/15103 05/13/05 N/A 510 313 107.9000 250,000.00 269,765.00 27,187.50 277,167.50 1.56% 7.250% 1,510.42 SAMCO 19,765.00 501 261,250.00 0.581/6 1.82
FHLB 3133X3AT0 0126104 07281075 04211i 540 366 99.9375 500,000.00 499,687.50 14,175.00 514,175.00 1.93% 1.890% 0.00 DUNCAN 312.50 501 497,650.00 1.07% 4.15
FHLB 31339YY48 W12103 08/1205 02/12004 720 402 100.0000 500,000.00 500,000.00 16,600.00 516,600.00 1.66% 1.660% WACHOVIA 501 496,350.00 1.07% 4.30
FHLB 3133X2R72 1229103 1229105 0029104 720 539 100.0000 500,000.00 500,000.00 25.000.00 525,000.00 2.50% 2.5001/. FSW 501 499,050.00 1.07% 5.77
FNMA 3136F4MG6 12104/03 0127106 1027/04 773 567 09.0000 410,000.00 405,900.00 18,450.00 428,450.00 2.40% 2.000% 842.78 MERRILL 4,100.00 501 405,613.00 0.67% 4.94
Subtotal 4,944,055.97 4,991,061.42 207,618.47 5,147,566.39 8,450.43 4,725.00 55,838.50 subtotal 4.943,229.11 10.701/6 34.70
Fund 602-WAS CP
FOIL WA 100.0000 49,315.75 49,315.75 49,315.75 0.94% FGIC 502 49,315.75 0.11% 0.00
Texpool WA 100.0000 975,073.04 975,073.04 975,073.94 1.06% Texpool 502 975.073.94 2.00% 0.00
FHLB 31339X2Z0 08/07103 0323105 0923103 586 263 99.1250 500,000.00 495,625.00 10,325.00 510,325.00 1.73% 1.180% 721.11 DUNCAN 4,375.00 502 497,150.00 1.00% 2.70
FFCB 313310X44 0823/03 0623105 06/24004 720 353 100.0000 500,000.00 500,000.00 13,000.00 513,000.00 1.30% 1.300% VINING 502 405,600.00 1.07% 3.78
W FNMA 3136F3G34 07/08103 07106105 01108004 720 308 100.0000 500,000.00 500.000.00 14,000.00 514,000.00 1.40% 1.4001/6 DUNCAN 502 405,750.00 1.07% 394
FHLB 3133X37M9 0126104 1W26i05 0726104 630 476 100.0000 500,000.00 500.000.00 17,500.00 517,500.00 2.00% 2.000•/. WACHOVIA 502 406,650.00 1.07% 5.09
FHLB 3133X5ZS0 04/30IM 1028105 0528004 536 478 100.0000 300,000.00 300.000.00 8,775.00 308,775.00 1.95% 1.9501/. Wachovia 502 207,462.00 O04% 3.07
Sublotil 3.324,389.69 3,320,014.69 63,500.00 3,367,969.09 721.11 4,375.00 000 subtotal 3,307,201.69 7.11% 1867
Fund 503-WBS Bond Reserve Fund(Deustche Bank-Hold In New York)
TNOTE 912828AG5 07108103 071811D4 We 382 30 101.3828 373,000.00 378,157.89 12,588.75 385,586.75 2.25% 2.250•/. 3,663.02 Deustche 5,157.89 503 373,340.89 082% 025
Fund 606-Neter Impact Fees
TmWol WA 100.0000 685,520.59 085,520.59 0.00 085,520.59 1.00% Texpool 505 685,520.60 1.47% 0.00
FGIC N/A 100.0000 0.00 0.00 0.00 0.00 0.94% FGIC 505 0.00 0.00% 0.00
FHLB 313311 06130103 121!0/04 12130103 540 180 100.0000 100,000.00 100,000.00 1,050.00 101,650.00 1.10% 1.100% FSW 505 99,600.00 0.21% 030
FHLB 3133XOPU7 09MOM 0&106105 12008003 630 338 100.0000 200,000.00 200,000.00 6,475.00 200,475.00 1.85% 1.850•/. FSW 505 109,400.00 0.43% 1.45
FHLB 31330YL91 0722/03 0722105 01221M 720 382 100.0000 500.000.00 500.000.00 15,200.00 515,200.00 1.52% 1.520•/6 WACHOVIA 505 496,050.00 1.07% 4.09
FHLB 3133X5ZS0 0430/04 10/18105 062&104 538 478 100.0000 200.000.00 200.000.00 5,850.00 205,850.00 1.05% 1.950% Wachovia 505 198,308.00 0.43% 2.05
FHLB 3133X5ZF8 0426104 0426106 0426005 720 656 100.0000 500.000.00 500.000.00 21,500.00 521,500.00 2.15% 2.1501/6 Duncan 505 493,450.00 1.07% 7.02
Subtotal 2,185,520.59 2,185,520.59 50,675.00 2,236,195.59 0.00 0.00 0.00 subtotal 2,172,406.59 4.68% 14.98
Fund 507-WAS Emergency
FHLB 3133X5ZA9 0427104 0127106 0127105 630 567 100.0000 500,000.00 500,000.00 17,675.00 517,675.00 2.02% 2.020% Vining 507 494,850.00 1.07% 6.07
Subtotal 500,000.00 500,000.00 17,675.00 517,575.00 subtotal 494,850.00 1.07% 6.07
Fund 509-Wastmater Ynpact Fees
FGIC N/A 100.0000 156,634.20 166,634.20 166,634.20 0.94% FGIC 508 168,634.20 0.36% 0.00
Texpool N/A 100.0000 21,766.29 21,708.29 21,768.29 1.08% Texpool 508 21,768.20 0.05% 0.00
FHLB 3133MYRSS 07131/03 05/13/05 N/A 643 313 99.7710 500,000.00 40,855.00 15,166.67 515,106.67 1.83% 1.500% 1,791.67 VINING 1,145.00 506 497,415.00 1.07% 3.35
FHLB 3133XOPU7 00/08/03 06/0/005 1210&003 630 338 100.0000 300,000.00 300.000.00 9,712.50 309,712.50 1.65% 1.850% FSW - 508 290,100.00 0.04% 2.17
FHLB 3133X5BJ6 04/05/04 01)06100 1010&004 300 546 100.0000 100,000.00 100,000.00 3,400.00 103,400.00 1.70% 1.700% Wachovia 508 98,590.00 0.21% 1.17
Subtotal 1,090,402.49 1,089,257.49 28,279.17 1,116,661.65 1,791.67 1,145.00 0.00 subtotal 1,085,507.49 2.33% 8.09
Fund 610-Dralnege
FGIC N/A 100.0000 102,881.42 102,881.42 102,881.42 0.04% FGIC 510 102,881.42 0.22% 0.00
Texpool WA 100.0000 3,555.38 3,555.38 3,555.38 1.06/0. Texpool 510 3,555.38 0.01% 0.00
FHLB 31339XTZ7 08130/03 12/30104 12130)03 540 180 100.0000 300.000.00 300,000.00 4,950.00 304,950.00 1.101/6 1.100% FSW 510 299,040,00 0.64% 1.16
Subtotal 406,436.80 406,435.80 4,950.00 411,386.80 0.00 0.00 0.00 subtotal 405,476.80 0.87% 1.16
of Ebbw
ni by Fund
An of June 30,2004
Investment Type Institution
LOGIC Local Gott Pool FNMA Fed.NaCl Mort.Assoc.FMAC Fed.Home Loan Mort.Corp Wachovia Wachovia Securities FSW First Southwest LOGIC Local Gov't Investment Coop.
FGIC Money Market Pool FFCB Fed.Fenn Credit Bank CD Certitlestes of Deposit Vining Vining Sparks Merril Merril Lynch FGIC Financial Investors Trust
Texpool Local Gov't Pool FHLB Fed.Home Loan Bank TNOTE Treasury Note BancOne Bene One Capital Duncan Duncan W Yarns Texpool TEXPOOL
Samco Samco Securities SOutMrust South trust Bank Deustche Deustche Bank-New York
Accrued
Inv. Cusip Purchase Maturity Call Tenn Days Price Par Cost Interest Total Prin.+ Yield To Coupon Interest Seller Market %of
I= Numbs! Q2k Dgi4 Dat! (in days) remairf Per 5100 YAW (Prin.Only) CITY Ini.do Mary Me BAk Purchased 1n1L Disco Premi Fund y1ba Porffo A6M
Fund 611-Drainage CP
FGIC N/A 100.0000 250,043.74 250,043.74 0.00 250,043.74 0.94% FGIC 511 250,043.74 0.54% 0.00
Texpool N/A 100.0000 80,070.11 60,070.11 60.070.11 1.06% Texpool 511 60,070.11 0.13•/6 0.00
FHLB 3133OXVFS 08/90/03 06130/05 09130/03 720 360 100.0000 500,000.00 500,000.00 13,800.00 513,800.00 1.36% 1.380% \WING 511 495,850.00 1.07% 3.85
FHLB 3133XSZAQ 0427/04 0127/06 0127/05 630 567 100.0000 500,000.00 500.000.00 17,675.00 517,675.00 2.02•/. 2.020% Vinirq 511 494,850.00 1.07% 6.07
Subtotal 1,310,113.84 1,310,113.84 31,475.00 1,341,586.84 0.00 0.00 0.00 subtotal 1,300,813.84 2.80•/. 9.92
Fund 612-Drainage Reserve
Texpool N/A 100.0000 231,119.00 231,119.00 0.00 231,119.00 1.061• Texpool 512 231,119.00 0.49% 0.00
Fund 620-Recrestion Classes
FGIC WA 100.0000 138,303.70 138,303.70 0.00 138,303.70 0.94% FGIC 520 138,303.70 0.30% 0.00
Texpool WA 100.0000 123,068.28 123,066.28 123,068.28 1.061. Texpool 520 123.068.28 0.26% 0.00
Subtotal 261,371.98 261,371.98 0.00 261,371.98 0.00 0.00 0.00 subtotal 261,371.98 0.56% 0.00
Fund 521-Arbor Daze
FGIC N/A 100.0000 103.767.48 103,787.46 0.00 103,787.46 0.94% FGIC 521 103,787.48 0.22% 0.00
Texpool WA 100.0000 50,531.28 50,531.28 0.00 50,531.28 1.061. Texpool 521 50,531.28 0.11% 0.00
SA - 1 154,318.76 154,318.76 0.00 154,318.76 0.00 0.00 0.00 subtotal 154,318.76 0.33% 0.00
Fund 6311411oftball World-Operating
FGIC WA 100.0000 77,619.07 77,619.07 0.00 77,619.07 0.94% FGIC 530 77,619.07 0.17% 0.00
Texpool N/A 100.0000 351,357.15 351,357.15 0.00 351,357.15 1.16% Texpool 530 351,357.15 0.75% 0.00
CD 0423/04 0423/05 365 293 100.0000 5,000.00 5,000.00 47.50 5,047.50 0.95% 0.950% SouitBrust 530 5,000.00 0.01% 0.03
Stblotal 433,976.22 433,976.22 47.50 434,023.72 0.00 0.00 0.00 subtotal 433.976.22 0.93% 0.03
W
I Fund GO-Goff Course
Ab Texpool WA 100.0000 0.00 0.00 0.00 1.06% Texpool 540 0.00 0.00% 0.00
FGIC N/A 100.0000 0.00 0.00 0.00 0.94% FGIC 540 0.00 0.00% 0.00
Subtotal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 subtotal 0.00 0.00.4 0.00
Fund 641-Goff CP
Texpool WA 100.0000 0.00 0.00 0.00 0.00 1.061. Texpool 541 0.00 0.00% 0.00
Fund 650-Parks at Texas Star
Texpool WA 100.0000 111,505.95 111,505.95 0.00 111,505.95 1.161/6 Texpool 550 111,505.95 0.24% 0.00
Fund 662-Phase I Athletic Complex
FGIC N/A 100.0000 53,773.25 53,773.25 0.00 53,773.25 0.94% FGIC 552 53,773.25 0.12% 0.00
Tom" WA 100.0000 0.00 0.00 0.00 1.06% Texpool 552 0.00 0.00% 0.00
FNMA 3136F3YP5 04/12/04 06/17/05 00117104 425 347 100.0000 100,000.00 100,000.00 2,250.00 102,250.00 1.491/6 1.500% FSW 552 99.340.00 0.21% 0.74
FNMA 3136F3WC6 06/02/03 12/02/05 06102104 900 512 100.0000 1,000,000.00 1,000,000.00 43,750.00 1,043.750.00 1.75% 1.750% FSW 552 968,600.00 2.14% 10.95
Subtotal 1,153,773.25 1,153,773.25 40,000.00 1,199,773.25 0.00 O.DO 0.00 subtotal 1.141,713.25 2.47% 11.70
Fund 601-Equipment Replacement
FGIC N/A 100.0000 93,647.67 93,647.67 93,647.67 0.94% FGIC 601 03,647.67 0.20% 0.00
Texpool N/A 100.0000 849,198.31 849,198.31 849,198.31 1.00% Texpool 601 849,198.31 182% 0.00
Subtotal 942,845.98 942,645.96 0.00 942,845.98 0.00 0.00 0.00 Subtotal 942,645.98 2.02% 0.00
Fund 610-Insurance
FGIC WA 100.0000 0.00 0.00 0.00 0.94% FGIC 610 0.00 0.00% 0.00
Texpool N/A 100.0000 0.00 0.00 0.00 1.06% Texpool 610 0.00 0.00% 0.00
9t48- 1 0.00 0.00 0.00 0.00 subtotal 0.00 0.001/. 0.00
Fund 616-Rlsk Management
FGIC WA 100.0000 158,888.70 156,668.70 158,886.70 0.94% FGIC 615 158,688.70 0.34% 0.00
Taxpool N/A 100.0000 322,535.95 322,535.95 322,535.95 1.061. Texpool 615 322,535.95 0.69% 0.00
Subtotal 481,424.65 461,424.65 0.00 481,424.65 0.00 0.00 0.00 subtotal 481,42465 1.03% 0.00
Fund 70bDallas Stars Escrow Reserve
Texpool N/A 100.0000 1,95,434.03 1,950,434.03 1,950,434.03 1.06% Texpool 705 1,050,434.03 417% 0.00
TOTAL 46,650,116.39 46,691,107.71 926,985.83 47,554,467.78 39,862.76 18,662.50 82,308.27 TOTAL 46,498,696.06 100.00%721.74
Euless
by Fund
As of September 30,2004 '
Inveeime dType Institution
LOGIC Local Gov't Pod FNMA Fad.Nett Mort.Assoc.FMAC Fed.Home Loan Mort,Corp Wachwla Wac avis Securities FSW First Southwest LOGIC Local Gov't Investment Coop.
FGIC Money Market Pod FFOB Fed.Farm Credit Bank CD CaMostas of Deposit Vining Virsng Sparks Merrill Merril Lynch FGIC Finandal Investors Trust a
Tripod Local Gov'I Pod FHLB Fed.Home Loan Bank TNOTE Treasury Note Bwoons Banc One Capital Duncan Duncan Williams TeWod TEXPOOL
Samoo Samoo Securities Southtrust Southbust Bards Daustche Daustche Bank-Naw York
Accrued
IM. Cusip Purdrose Maturity Cd Tenn Days Prim Pr Cost Interest Total Prin.. Yield To Coupon Interest Seller Market %of
11 4 2914 12954 P9t4 90.991141 remairif Per$100 (Pdo.QaN) (a mar Int.0 Mafv Mature t 81112 Pudl9s Ink DiscounS Premium Fund Y9w3 Portfol9 WAM
Fund 101-General Fund
FGIC WA 100.0000 80,595.85 80,595.85 60,595.85 1.52% FGIC 101 60,595.85 0.11% 0.00
Tepod WA 100.0000 20,071.56 20,071.56 20,071.56 1.54% Tepool 101 20,071.56 0.04% 0.00
FFCB 3133102R7 0627/03 1229/04 09129/03 542 89 100.0000 500,000.00 500,000.00 8,825,00 508,625.00 1.15% 1.150% FSW 101 499,062.50 0.91% 0.81
FMAC 3128XM3 08/06/03 02/04/05 02/0/101 536 124 99.6250 1,000,000.00 996.250.00 19,500.00 1,019,500.00 1.56% 1.300% 144.44 MERRILL 3,750.00 101 997,056.25 1.61% 2.24
FNMA 3/3589EY5 0521/04 0429/05 WA 338 209 98.2374 1,000,000.00 982,373.01 17,626.39 1,000,000.00 1.90% Merril 101 987,984.72 1.78% 3.72
FNMA 3138F3VY9 0827/03 05/26/05 1126/03 720 236 100.0000 500,000.00 500,000.00 15,300.00 515,300.00 1.53% 1.530% FSW 101 497,812.50 0.91% 2.14
FHLB 3133X2EJ0 12/03/03 06/03/05 06103/04 540 243 100.0000 1.000,000.00 1,000,000.00 30.000.00 1,030,000.00 2.00% 2.000% WACHOVIA 101 998,750.00 1.81% 4.40
FHLB 3133X2871 12!30103 06/3405 08103104 540 270 100.0000 500.000.00 500,000.00 15,375.00 515,375.00 2.05% 2.050% WACHOVIA 101 499,375.00 0.91% 2.45
FHLB 31339Y3T7 07/07/03 07/07/05 07107104 720 277 100.0000 500,000.00 500.000.00 13,000.00 513,000.00 1.30% 1.300% FSW 101 496,484.38 0.91% 2.51
FHLB 31330YDEB 0722103 0722105 0122104 720 292 100.0000 500,000.00 500.000.00 14,500.00 514,500.00 1.45% 1.450% FSW 101 490,675.00 0.91% 2.65
FHB 31330YY48 08/12103 08/12/08 02112104 720 312 100.0000 500,000.00 500,000.00 16,8011.00 518,600.00 1.00% 1.600% WACHOVIA 101 497,421.88 0.91% 2.83
FHLB 3/33MXFD4 0620/00 11/15105 WC 445 405 102.6100 540,000.00 554,094.00 35,437.50 575,437.50 2.22% 4.375% 0.234.36 Samoo 14,094.00 101 551,612.50 1.02% 4.11
FHLMC 3126X2BN4 0111404 1125/05 1126/04 689 415 100.8094 500,000.00 503,040.68 23,750.00 523,750.00 1.60% 2.375% 1,649.31 Vining 3,046.88 101 499,531.25 0.91% 3.80
FHLB 3133X2R72 1229/03 1229/05 06029104 720 449 100.0000 500,000.00 500,000.00 25,000.00 525,000.00 2.50% 2.500% FSW 101 500,312.50 0.91% 4.07
FHLB 3133XSTS5 0620/04 02/17/06 WC 537 497 100.0000 200,000,00 200.000.00 7,125.00 207,125.00 2.37% 2.375% 39.58 Samoo 101 199,562.50 0.36% 1.80
Sbtold 7,820,667.41 7,816,431.89 241,838.89 8,044,879.91 8,067.71 3,750.00 17,140.88 subtotal 7,803.308.38 14.18% 37.52
Fund 102-Gen al Fund-Emergency
FNMA 3136F3N44 07/07/03 07/07M5 07107101 720 277 100.0000 500,000.00 500,000.00 15,500.00 515,500.00 1.55% 1.550% Samoo 102 497,500.00 0.91% 2.51
Furl 1034 werel Fund Cordinti ay
FHLB 3133XSG26 05/03/04 02103/06 11103/04 630 483 100.0000 500,000.00 500,000.00 17,937.50 517,937.50 2.05% 2.050% Wachovia 103 496,953.13 0.91% 4.38
Fund 20144ote4klotel
FGtC WA 100.0000 77.011.15 77,011.15 77,011.15 1.52% FGIC 201 77,011.15 0.14% 0.00
Tegod WA 100.0000 0.00 0.00 0.00 1.54% Tarpod 201 0.00 0.00% 0.00
subtotal 77,011.15 77,011.15 0.00 77,011.15 0.00 0.00 0.00 sublolal 77,011.15 0.14% 0.00
111
Fund 21041af Cerd Dias atlons
Tarmod WA 100.0000 41,198.64 41,196.64 0.00 41,196.64 1.54% Taxpod 210 41,196.84 0.07% 0.00
FGIC WA 100.0000 127,405.63 127,405.83 0.00 127,405.03 1.52% FGIC 210 127.405.03 0.23% 0.00
FHLB 3133X2R31 0721104 06/24005 WC 333 264 99.9500 200,000.00 199.900.00 4.000.00 204,000.00 2.05% 2.000% 300.00 DUNCAN 100.00 210 199,687.50 0.30% 0.96
FHLB 3133MHOB3 0721/04 1411/05 NIC 440 371 102.7000 300.000.00 306.100.00 20,520.00 320,520.00 2.30% 4.500% 3,800.00 SAMCO 8,100.00 210 306,750.00 0.57% 2.10
FHLB 3133X3XH1 09/13/04 1125/05 NIC 432 415 99.6060 200,000.00 199,216.00 5,000.00 205,000.00 2.33% 2.000% 200.00 Samoo 784.00 210 199,062 50 0.30% 1.50
Subtotal 868,602.27 875,818.27 29,520.00 898,122.27 4,300.00 884.00 8,100.00 subtotal 874.102.27 1.59% 4.55
Fund 211-Ha f Carty Rseeve
FGIC WA 100.0000 959,859.36 959,859.38 0.00 959,859.38 1.52% FGIC 211 959.859 38 174% 0.00
Fund 220Crim Control and Prevention
FGIC WA 100.0000 0.00 0.00 0.00 0.00 1.52% FGIC 220 0.00 0.00% 0.00
Taspod WA 100.0000 144,475.34 144,475.34 0.00 144,475.34 1.54% Tecpod 220 144,475 34 0.20% 0.00
FHLMC 3/34A4RV8 07/15104 01115/05 WC 180 105 100.0569 200,000.00 200,113.80 1,875.00 201,875.00 1.76% 1.875% DUNCAN 113.80 220 199,900.25 0.36% 0.38
Sublobl 344,475.34 344,589.14 1,875.00 346,350.34 0.00 0.00 113.80 subtotal 344,38159 0.62% 0.38
Fund 2304Wm DEA(Federal)
PGIC WA 100.0000 133,377.27 133,377.27 133,377.27 1.52% FGIC 230 133.37127 024% 000
Te"l WA 100.0000 34,008.52 34,008.52 0.00 34,008.52 1.54% Tercpod 230 34.006 52 006% 000
Stbatr 107,385.60 167,385.60 0.00 167.385.80 0.00 0.00 0.00 subtotal 167,3115110 0.30% 000
Fund 231-Pollm DEA(State)
FGIC WA 100.0000 10,969.56 10,969.56 10,969.56 1.52% FGIC 231 10,969.56 0.02% 000
Subtotal 10,969.55 10,069.56 0.00 10,969.56 0.00 0.00 0.00 subtotal 10,969.56 0.02% 000
Fund 232-FTW DEA Teak Form
Tarpod WA 100.0000 10,015.73 10,015.73 0.00 10,015.73 1.54% Terpod 232 10,015.73 0.02% 0.00
FGIC WA 100.0000 0.00 0.00 0.00 1.52% FGIC 232 0.00 0.00% 0.00
Subtotal 10,015.73 10,015.73 0.00 10,015.73 0.00 0.00 0.00 subtotal 10,015.73 0.02% 0.00
Fund 235 LLEBO 02
FGIC WA 100.0000 0.00 0.00 0.00 1.52% FGIC 235 0.00 0.00% 0.00
Te pod WA 100.0000 0.00 0.00 0.00 0.00 1.54% ToMod 235 0.00 0.00% 0.00
SubtoW 0.00 0.00 0.00 0.00 subtotal 0.00 0.00% 0.00
Fund 236 LLEBO 03
T WA 100.0000 0.00 0.00 0.00 0.00 1.54% Terpool 236 0.00 0.00% 0.00
Subtotal 0.00 0.00 0.00 0.00 subtotal 0.00 0.00% 0.00
rlae
I by Fund
As of September 30,2004 .
Mweeh weent Type Institution
LOGIC Local Govt POW FNMA Fed.Nall Mort.Assoc.FMAC Fed.Hone Loan Mort.Corp Wachovia Wachovia Securities FSW First Southwest LOGIC Local Gov't Investrnent Coop.
FGIC Money Mrket Pool FFCB Fed.Farm Cr"t Bank CD Certificates of Deposit Vining Vining Sparks Merril Merril Lynch FGIC Financial Investors Trust
Texpool Local Gov't Pod FHLB Fed.Home Loan Bank TNOTE Treasury Note BancOne Banc One Capital Duncan Duncan Wffi ms Texpool TEXPOOL
Samoo Samco Secrxitles Southoust Southtrust Bank Deutsche Deustche Bank-New York
Accrued
Inv. Cusip Purchase Maturity Cao Tenn Days Prim Per Cost Interest Total Prin.* Yield To Coupon Interest Seller Mrkat %of
IM 20 PSS! Q.%W O090Y11 retrial d99 Per$100 YOM! I2dll.Only) a ffary Int.91 Meyv Maw 8211 Purchased !DIL Discount Preml xn Fund value Portfolio WAM
Fund 240-0w Rental Fund
FGIC WA 100.0000 158,109.40 158.109.40 156.109.40 1.52% FGIC 240 158,109.40 0.29% 0.00
Top" WA 100.0000 12,208.17 12,204.17 12,208.17 1.54% Teupod 240 12,208.17 0.02% 0.00
FMAC 312SX1TK3 09/08/03 02/04/05 0204/04 506 124 99.6503 500,000.00 488,281.25 9,750.00 509,750.00 1.55% 1.300% 613.89 SAMCO 1,718.75 240 498,828.13 0.90% 1.12
FHLB 3133MW2L4 08/01/03 02/15105 WA 334 135 100.5750 1,000,000.00 1,005,750.00 37,968.75 1,037.968.75 1.50% 1.875% 9,114.58 Samoo 5.750.00 240 999,375.00 1.84% 2.48
FHLB 3133X3P31 0128104 02/2305 0729/01 365 143 100.0000 300.000.00 300,000.00 4,170.83 304,170.83 1.30% 1.300% 0.00 Merrill 240 299,156.25 0.54% 0.78
FHLB 31330YBLS 07/15/03 04/14/05 10/14103 630 194 99.9375 500.000.00 499,687.50 10,893.75 510,893.75 1.26% 1.245% 17.29 DUNCAN 312.50 240 497,656.25 0.91% 1.76
FHLB 3133WWXEG 06/18/03 04115/05 WA 857 195 100.7820 1,000,000.00 1,007,620.00 29,656.25 1,029,656.25 1.19% 1.625% 4,694.44 SAMCO 7,820.00 240 997,167.50 1.83% 3.58
FHLMC 3134A4TR5 07/13104 05/15/05 WC 302 225 00.7920 1,000,000.00 907,920.00 17,500.00 1,017,500.00 2.00% 1.750% 2,819.44 DUNCAN 2,080.00 240 997,187.50 1.81% 4.08
FNMA 313OFSTNI 09/16/04 05/16/03 1621104 240 226 99.7090 500,000.00 498.645.00 8,822.92 508,822.92 2.00% 1.650% 6,645.83 Samm 1,155.00 240 498,604.36 0.02% 2.07
FNMA 3136F3N2S 12131/03 07/06/05 07/06101 546 276 90.5938 500,000.00 497.068.75 15,162.92 515,162.92 1.78% 1.510% 3,733.06 MERRILL 2,031.25 240 497,343.75 0.91% 2.51
FHLB 3133X7FM1 06/17/04 0321/06 12121104 634 531 100.0000 500,000.00 500,000.00 24,215.28 524,215.28 2.75% 2.750% Wachovia 240 500,781.25 0.91% 4.81
FHLMC 3123X3FB4 05/04/04 05/03/06 05MY05 719 551 99.8750 500,000.00 499,375.00 25,300.00 325,300.00 2.59% 2.530% 35.14 Merril 625.00 240 499,062.50 0.91% 4.99
Subtotal 6,470,317.57 0,475,963.07 183.440.69 6,053,758.26 27,673.67 7,922.50 13,570.00 subtotal 6,455,500.05 11.79% 28.17
Fund 301-Developer's Escrow
FGIC WA 100.0000 60,353.74 60,353.74 60,353.74 1.52% FGIC 301 60,363.74 0.11% 0.00
Tettpod WA 100.0000 19,993.69 10,993.69 19,993.59 1.54% Teepod 301 19,993.89 0.04% 0.00
FNMA 3135F3YPS 04/12/04 06/17/05 OB117104 425 257 100.0000 150,000.00 150,000.00 3,375.00 153,375.00 1.49% 1.500% 1,197.92 FSW 301 149,250.00 0.27% 0.70
FHLB 31330YSZI 07/15/03 07/15105 00116103 720 285 100.0000 1,000,000.00 1,000,000.00 30,000.00 1,030,000.00 1.50% 1.500% WACHOVIA 301 992,500.00 1.81% 5.16
FHLB 3133X58J6 04/06104 01106/06 10106104 630 455 100.0000 150,000.00 150,000.00 5,100.00 155,100.00 1.70% 1.700% Wachovia 301 146,593.75 0.27% 1.24
Subtotal 1,380,357.42 1,350,357.42 38,475.00 1,416,832.42 1.107.92 0.00 0.00 subtotal 1.370,701.17 2.50% 7.11
Fund 3016Etresb CIP
FGIC WA 100.0000 2,570,195.01 2,570,195.01 0.00 2,570,195.01 1.52% FGIC 305 2.570.195.01 4.66% 0.00
Terpod WA 100.0000 7,054,063.43 7,954,083.43 0.00 7,954,063.43 1.54% TEXPOOL 305 7,954,083.43 14.41% 0.00
FNMA 31359MOJ5 0526103 12/15/04 12/16103 557 75 100.9390 500,000.00 504,095.00 13,770.28 513,770.28 1.26% 1.780% 4,036.46 Samoo 4,695.00 305 499,921.58 0.92% 0.69
IM Subtotal 11,024,278.44 11,026,973.44 13,770.28 11,038,048.72 4,036.46 0.00 4,695.00 subtotal 11,024.200.32 19.99% 0.69
Fund 310-Half Cent CIP
FDIC WA 100.0000 75,387.24 73,387.24 0.00 75,387.24 1.52% FGIC 310 75,387.24 0.14% 0.00
Tevod WA 100.0000 201,464.44 201.464.44 201,464.44 1.54% Texpool 310 201,464.44 0.37% 0.00
FHLB 3133X5BJ6 04106104 01/06/06 10/08104 630 456 100.0000 150,000.00 150,000.00 5,100.00 155,100.00 1.70% 1.700% Wachovia 310 148,593.75 0.27% 1.24
Subtotal 426,651.08 426,851.08 5,100.00 431,951.68 0.00 0.00 0.00 subtotal 425,445.43 0.77% 1.24
Fund 320-0.0.CIP-FM Station
Tespod WA 100.0000 24,875.04 24,875.04 24,875.04 1.54% Texpool 320 24,875.04 0.05% 0.00
Subb,y 24,875.04 24,875.04 24,875.04 0.00 0.00 0.00 subtotal 24,875.04 0.05% 0.00
Fund 325-Polios Fw ty CIP
FGIC WA 100.0000 27,394.67 27,994.67 0.00 27,394.67 1.52% FGIC 325 27,394.87 0.05% 0.00
Tei"al WA 100.0000 0.00 0.00 0.00 1.54% Tepool 325 0.00 0.00% 0.00
Subtotal 27,304.67 27,394.67 0.00 27,394.67 0.00 0.00 0.00 subtotal 27,394.67 0.05% 0.00
Fund 330-Cer Rental CIP
FGIC WA 100.0000 3,059.88 3,059.88 3,059.88 1.52% FGIC 330 3,059.88 0.01% 0.00
T-Pool WA 100.0000 1,160,186.54 1,160,136.54 1,180,186.54 1.54% Towod 330 1,180,186.54 2.14% 0.00
FHLB 3133X8405 0427/04 1027/05 04127105 540 387 100.0000 500,000.00 500.000.00 13,500.00 313,500.00 1.80% 1.800% Duncan 330 497,031.25 0.91% 3.51
FHLB 3133X58JO 04106/04 01106/06 10/0610/ 630 456 100.0000 100,000.00 100,000.00 3,400.00 103,400.00 1.70% 1.700% Wachovia 330 99,062.50 0.18% 0.83
Subtotal 1,783,246.42 1,783,246.42 16,900.00 1,800,145.42 0.00 0.00 0.00 subtotal 1,779.340.17 3.23% 4.33
Fund 401-Debt SerAm
Tepod WA 100.0000 68,271.79 68,271.79 68,271.59 1.54% Taxpod 401 68.271.79 0.12% 0.00
FGIC WA 100.0000 81,849.48 81,849.48 81,849.48 1.52% FGIC 401 81.649.46 0.15% 0.00
Subtotal 150,121.27 150,121.27 0.00 150,121.27 0.00 0.00 0.00 subtotal 150,121.27 0.27% 0.00
Fund 402 Star Center Debt Swvbs
Tespod WA 100.0000 117,811.26 117,611.26 117,811.26 1.54% Tetpool 402 117,811,26 0.21% 0.00
Subtotal 117,611.26 117,811.26 0.00 117,811.26 0.00 0.00 0.00 subtotal 117,811.26 0.21% 0.00
Fund 501-Water and Sewer
LOGIC WA 100.0000 59.11 59.11 59.11 1.56% LOGIC 501 59.11 0.00% 0.00
FGIC WA 100.0000 51,643.75 51,843.75 51,643.75 1.52% FGIC 501 51.843.75 0.09% 0.00
Terwocl WA 100.0000 184,003.54 184,003.54 184,003.54 1.54% TEXPOOL 501 184.003.54 0.33% 0.00
FHLB 31339XTZ7 08/30/03 12/30/04 12130103 540 90 100.0000 100,000.00 100,000.00 1,650.00 101,650.00 1.10% 1.100% FSW 501 99.812.50 0.18% 0.18
FHLB 31339MA3 04/02/04 0125/05 293 115 96.9964 500,000.00 494,991.94 5,008.06 500,000.00 1.24% Merril 501 496,896.25 0.90% 1.03
FHLB 3133MDATO 10115/02 02/15105 WA 840 135 107.0000 500,000.00 535,000.00 67,187.50 567,167.50 2.28% 5.375% 4,479.17 MERRILL 35,000.00 501 506,250.00 0.96% 1.32
Aulass
by Fund
As of September 30,2004 •
hrveehnent Type Institution
LOGIC Local Govt Pod FNMA Fed. me Neil Mort.Assoc.FMAC Fed.Holoan Mort Corp Wachovia Wadavis Securities FSW First Southwest LOGIC Local Gov't Imestment Coop.
FGIC Money Market Pod FFCB Fed.Farm Credit Bank CD Certificates of Deposit Vining Vining Sparks Merrill Merril Lynch FGIC Financial Investors Trust
Teeyod Local Gov't Pod FHLB Fed.Home Loan Baric TNOTE Treasury Note BarroOne Banc One Capital Duncan Duncan W Whams Teopool TEXPOOL
Samoo Ssmco Securities Soulhtnat Soulhtiust Bank Deustche Daustche Bank-New York
Accrued
Imr. Cusip Purchase Maturity Call Term Days Pries Pr Cost Interest Total Prin.+ Yield To Coupon Interest Seller Market %of
IM I .ti 90 921111 PBI! an dev#1 i>Iirrvalrilm Per$100 YAM jPrig,,Only 0 Mery Int.a Maiv Most BaW Purdnsed IML ply! Premium Emd Vii Portfolio WAM
FHLB 3133XSP31 0126104 02123105 07/2MU 385 143 100.0000 450,000.00 450.000.00 6,256.25 456,256.25 1.30% 1.3DO% 0.00 Merril 501 448,734.38 0.82% 1.17
FFCB 31331O3K1 07/15103 04/07/05 10107103 022 187 99.9375 500,000.00 499,687.50 10,937.50 510,937.50 1.29% 1.250% 138.89 DUNCAN 312.50 501 497,812.50 0.91% 1.69
FHLB 3133MYRSS 07118/03 05/13105 WA 657 223 100.2147 500.000.00 501,073.50 15,166.67 515,166.07 1.38% 1.500% 1,479.17 DUNCAN 1,073.50 501 497,812.50 0.91% 2.03
FHLB 3133MBH42 12(15/03 05/13105 WA 510 223 107.9000 250,000.00 269.765.00 27,187.50 277,187.50 1.56% 7.250% 1,510.42 SAMCO 19,765.00 501 257,812.50 0.49% 1.10
FHLB 3133X3AT0 0126/04 0726/05 0126104 540 298 99.9375 500,000.00 499,687.50 14,175.00 514,175.00 1.93% 1.890% 0.00 DUNCAN 312.50 501 498,593.75 0.91% 2.70
FHLB 31330YY48 08112/03 08112/05 02/12/04 720 312 100.0000 500,000.00 500,000.00 16,800.00 516,500.00 1.06% 1.660% WACHOVIA 501 497,421.68 0.91% 2.83
FHLB 3133X2R72 1229103 17/29/05 06129/04 720 449 100.0000 500,000.00 500,000.00 25,000.00 525,000.00 2.50% 2.500% FSW 501 500,312.50 0.91% 4.07
FNMA 313OF4MGS 12104103 0127106 1027104 773 477 99.0000 410,000.00 405.900.00 18,450.00 428,450.00 2.48% 2.000% 842.78 MERRILL 4,100.00 501 407,373.44 0.74% 3.52
Subtotal 4,945,906.40 4,992.011.85 207,618.47 5,148,516.82 8,450.43 4,725.00 55,838.50 subtotal 4,944,738.59 9.06% 21.61
Fund 502-W&S CIP
FGIC WA _ 100.0000 49,476.43 49,476.43 49,476.43 1.52% FGIC 502 49,470.43 0.09% 0.00
Texpod WA 100.0000 2,864.416.01 2,884,416.01 2,864,410.01 1.54% Teopool 502 2,864,416.01 5.19% 0.00
FHLB 31339XZZ0 0!1107/03 0323MS 09123103 586 173 99.1250 500,000.00 495,625.00 10,325.00 510,325.00 1.73% 1.180% 721.11 DUNCAN 4,375.00 502 497.812.50 0.90% 1.56
FFCB 31331OX44 0623/03 0623105 Od7AM 720 263 100.0000 500.000.00 500,000.00 13,000.00 513,000.00 1.30% 1.300% VINING 502 496,718.75 0.91% 2.36
FNMA 313OF3O34 07106103 0710805 0110111 720 278 100.0000 500.000.00 500.000.00 14,000.00 514,000.00 1.40% 1.400% DUNCAN 502 496,875.00 0.91% 2.52
FHLB 3133X37kp 0120104 10/26105 ( 104 830 386 100.0000 500.000.00 500.000.00 17,500.00 517,500.00 2.00% 2.000% WACHOVIA 502 498,125.00 0.91% 3.50
FHLB 3133XSZS0 04/30/04 1028105 0826104 538 388 100.0000 300,000.00 300,000.00 8,775.00 308,775.00 1.95% 1.950% Wachovia 502 297,750.00 0.54% 2.11
FNMA 3136F3WC6 06/02/03 12/02/05 091 104 900 422 100.0000 100,000.00 100,000.00 4,375.00 104,375.00 1.75% 1.750% FSW 502 99,250.00 0.18% 0.76
Subtotal 5,313,892.44 5,309,517.44 67,975.00 5,381,867.44 721.11 4,375.00 0.00 subtotal 5,300,423.69 9.62% 12.83
Fund 503•WAS Bond Reerve Fund(Deustoha Bank-Held In New York)
TBtJ_ 912796RZ6 08/19/04 02110105 171 130 99.3081 358,000.00 385,548.06 2,451.94 388,000.00 1.72% Deutsche 503 385,391.13 0.70% 0.91
Fund 608-Watr hnpsct Few
Toopool WA 100.0000 186,312.25 180,312.25 0.00 186,312.25 1.54% Teeyod 505 186,312.25 0.34% 0.00
FGIC WA 100.0000 0.00 0.00 0.00 0.00 1.52% FGIC 505 0.00 0.00% 0.00
FHLB31339XTZ7 0813003 12/30/04 12130103 540 90 100.0000 100,000.00 100,000.00 1,650.00 101,650.00 1.10% 1.100% FSW 505 99,812.50 0.18% 0.10
FHLMC 3134A4RV8 0711504 01/15/05 WC 160 105 100.0569 500,000.00 500.264.50 4,687.50 504,687.50 1.76% 1.875% DUNCAN 284.50 505 499,785.03 0.91% 0.95
FHLB 3133XOPU7 09108/03 08108105 12106103 !130 248 100.0000 200,000.00 200.000.00 6,475.00 200.475.00 1.85% 1.!150% FSW 505 199,562.50 0.30% 0.90
FHLB 31339YL91 0722/03 0722105 0122104 720 292 100.0000 500.000.00 500.000.00 15,200.00 515,200.00 1.52% 1.520% WACHOVIA 505 497,109.36 0.91% 2.65
FTtB 3133X5ZS0 04130104 1026/05 0621104 538 358 100.0000 200,000.00 200,000.00 5.850.00 205.850.00 1.95% 1.950% Wschovis 505 196,500.00 0.30% 1.41
FNMA 3130F3WC6 06/02/03 12/0705 0810204 900 422 100.0000 100,000.00 100,000.00 4,375.00 104,375.00 1.75% 1.750% FSW 505 99,250.00 0.18% 0.70
FHLB 3133X5ZF8 042604 042806 0126108 720 544 100.0000 500,000.00 500,000.00 21,500.00 521,500.00 2.15% 2.150% Duncan 505 498,250.00 0.91% 4.93
Subtotal 2,288,312.25 2,286,596.75 59,737.50 2,346,049.75 0.00 0.00 284.50 subtotal 2,270,562.25 4.14% 11.70
Fund 5084V86 Debt 6erAm Fund
T-Pool WA 100.0000 9,872.83 9,872.83 0.00 9,872.83 1.54% Targool 506 9,872.83 0.02% 0.00
Fund 507-W86 Emergency
FHLB 3133XSZAO 042704 0127108 012706 630 477 100.0000 500,000.00 500,000.00 17,675.00 517,675.00 2.02% 2.020% Vining 507 496,875.00 0.91% 4.32
Subtotal 500,000.00 500,000.00 17,675.00 517,075.00 subtotal 496,875.00 0.91% 4.32
Fund W64/w/esstr Impact Few
FGA WA 100.0000 169,183.64 109,183.64 169,183.64 1.52% FGIC 508 169,183.64 0.31% 0.00
Temool WA 100.0000 21,861.18 21,861.18 21,861.18 1.54% Texpool 508 21,861.18 0.04% 0.00
FHLB ' 3133MYRSO 07131103 0511305 WA 843 223 99.7710 500,000.00 498.855.00 15,186.67 515,186.67 1.63% 1.500% 1,791.67 VINING 1.145.00 508 497,812.50 0.91% 2.02
FHLB 3133XOPU7 09108103 060605 12/08/03 630 248 100.0000 300,000.00 300,000.00 9,712.50 309.712.50 1.85% 1.650% FSW 508 299,343.75 0.54% 1.35
FHLB 3133XSBJ6 04/08104 01106106 1006(04 630 456 100.0000 100.000.00 100,000.00 3,400.00 103,400.00 1.70% 1.700% Wadcovis 508 99,052.50 0.18% 0.83
Subtotal 1,091,044.81 1,089,899.81 28,279.17 1,119,323.98 1,791.67 1,145.00 0.00 subtotal 1,087,263.58 106% 4.20
Fund 51043ntnew
FGIC WA 100.0000 0.00 0.00 0.00 1.52% FGIC 510 0.00 0.00% 0.00
Tewpool WA 100.0000 4,556.80 4,556.80 4,556.80 1.54% Taopool 510 4,550.80 0.01% 0.00
FHLB 31339XTZ7 06!30/03 12/30/04 121`30103 540 90 100.0000 300,000.00 300,000.00 4,950.00 304,950.00 1.10% 1.1 DO% FSW 510 299,437.50 0.54% 0.49
Subtotal 304,558.80 304,556.80 4,950.00 309,506.80 0.00 0.00 O.DO subtotal 303,994.30 0.55% 0.49
Fund!511-0ruhmeCIP
FGIC WA 100.0000 200,895.51 200,695.51 0.00 200,095.51 1.52% FGIC 511 200,895.51 0.36% 0.00
Tarop001 WA 100.0000 50,298.85 50,298.85 50,296.85 1.54% Tamool 511 50,298.85 0.09% 0.00
FHLB 31339XVFS 00!30/03 06/30/05 09130103 720 270 100.0000 500,000.00 500,000.00 13.800.00 513,800.00 1.38% 1.350% VINING 511 496,875.00 0.91% 2.45
FHLB 3133XSZAO 04/2704 012706 0127105 630 477 100.0000 500,000.00 500,000.00 17.675.00 517,675.00 2.02% 2.020% Vining 511 496,675.00 0.91% 4.32
Subtotal 1,250,994.36 1,250,994.36 31,475.00 1,282.469.36 0.00 000 0.00 subtotal 1,244,144 36 221% all
Fund 5124)rakw4p Reserve
Taxpod WA 100.0000 231,119.00 231,119.00 0.00 231,119.00 1.54% Tespool 512 231,11900 042% 0.00
Fund 520-Recrwtion Class"
ideas
Iby y Fund
As of Septerntrar 30,2004
krvnkrrent Type Institution
LOGIC Local Gov9 Pod FNMA Fed.Non Mort.Assoc.FMAC Fed.Homs Loan Mort.Corp Wadtovle Wed"ma Securities FSW First South vest LOGIC Local Gov't Investrnent Coop
FGIC Money Market Pod FFCB Fed.farm Credit Bank CD Certificates of Deposit Vining Vining Sparks Merrill Merrill Lynch FGIC Financial Investors Tnmt
Texpool Local Gov't Pod FHLB Fed.Homs Loan Brit TNOTE Treasury Note BancOne Bane One Capital Duman Duncan Wilfarns Texpool TEXPOOL
Sarno* Sameo Securities Southtrust Southtrust Bank Deustche Deustche Bank-Naw York
Aocvued
trw. pulp Purthe" Maturity Call Tann Days Prins Par Cost Interest Total Prin.- Yield To Coupon Interest Saler Market %of
im flmaR Paw Qft p10 IM days) mpg Per$100 y21112 (Prin,Orgy) (SIL!(}( Int.911 Mary mew g6jq Purchased iml, Ofscount Premium fmd ygS Pordol o Wm
FGIC WA 100.0000 138,754.32 136,754.32 0.00 138,754.32 1.52% FGIC 520 136,754.32 0.25% 0.00
TeWad WA 100.0000 123,593.44 123.593.44 123,593.44 1.54% Texpool 520 123,593.44 0.22% 0.00
Subtotal 262,347.76 262,347.76 0.00 262,347.76 0.00 0.00 0.00 subtotal 262,347.76 0.48% 0.00
Fund 5214rba Daze
FGIC WA 100.0000 79,044.16 79,044.16 0.00 79,044.16 1.52% FGIC 521 79,044.16 0.14% 0.00
Top" WA 100.0000 48,207.07 48,207.07 0.00 48,207.07 1.54% Texpool 521 48,207.07 0.09% 0.00
SubleW 127,251.20 127,251.26 0.00 127,251.26 0.00 0.00 0.00 subtotal 127,251.26 0.23% 0.00
Fund 670Solibd Wor"pratkq
FGIC WA 100.0000 133,871.97 133,871.97 0.00 133,871.97 1.52% FGIC 530 133,871.97 0.24% 0.00
Te1111001 WA 100.0000 352,856.48 352.856.48 0.00 352,856.46 1.54% Texpool 530 352,856.48 0.64% 0.00
CD 0423104 04/23105 365 203 100.0000 5,000.00 5,000.00 47.50 5,047.50 0.95% 0.950% Southtrust 530 5,000.00 0.01% 0.02
subl,a 491,728.45 491,728.45 47.50 491,775.95 0.00 0.00 0.00 subtotal 491,728.45 0.89% 0.02
Fund 540-0olf Course
Tepool WA 100.0000 0.00 0.00 0.00 1.54% Texpod 540 0.00 0.00% 0.00
FGIC WA 100.0000 0.00 0.00 0.00 1.52% FGIC 540 0.00 0.00% 0.00
Subtotal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 subtotal 0.00 0.00% 0.00
Fund 641-Golf CIP
Teapool WA 100.0000 0.00 0.00 0.00 0.00 1.54% Tacpool 541 0.00 0.00% 0.00
Fund 6604Wks at Tenn Star
Top" WA 100.0000 111,0111.78 111,981.78 0.00 111,961.78 1.54% Tsxpool 550 111,981.78 0.20% 0.00
J0 Fund 652?bw I Athletic,Canplrc
FGIC WA 100.0000 0.00 0.00 0.00 0.00 1.52% FGIC 552 0.00 0.00% 0.00
TstpOd WA 100.0000 0.00 0.00 0.00 1.54% Taapool 552 0.00 0.00% 0.00
FNMA 3136FSM 04/12/04 06/17/05 06117104 425 257 100.0000 100,000.00 100,000.00 2,250.00 102,250.00 1.49% 1.500% FSW 552 99,500.00 0.18% 0.47
FNMA 3136F3WC8 06/02103 12102/05 06102/04 900 422 100.0000 500,000.00 500,000.00 21,375.00 521,875.00 1.75% 1.750% FSW 552 496,250.00 0.91% 3.82
Subtotal 800,000.00 600,000.00 24,125.00 624,125.00 0.00 0.00 0.00 subtotal 595,750.00 1.09% 4.29
Fund 601-Equlprrrarrt Replaosinard
FGIC WA 100.0000 93,952.79 93,952.79 93,952.79 1.52% FGIC 601 93,952.79 0.17% 0.00
Tsxped WA 100.0000 8(15,857.93 805,857.93 865,657.93 1.54% Texpool 601 665,857.93 1.57% 0.00
FHLMC 3134A4RV8 07/15/04 01/15/05 NIC 180 105 100.0509 100,000.00 100,056.90 937.50 100,937.50 1.76% 1.875% DUNCAN 56.90 601 99,953.13 0.18% 0.19
FNMA 3138F3WC8 06102/03 12/02105 06/02104 900 422 100.0000 200,000.00 200.000.00 8,750.00 208,750.00 1.75% 1.750% FSW 601 198,500.00 0.36% 1.53
Subtotal 1,259,810.72 1,259,867.62 9,687.50 1,289,498.22 0.00 0.00 56.90 Subtotal 1,258,263.64 2.28% 1.72
Fund 6104nerranoe
FGIC WA 100.0000 0.00 0.00 0.00 1.52% FGIC 610 0.00 0.00% 0.00
Top" WA 100.0000 0.00 0.00 0.00 1.54% Texpool 610 0.00 0.00% 0.00
FNMA 3138F3TN1 09/16/04 05/16/05 10121104 240 226 997690 500,000.00 498,845.00 8,822.92 508,822.92 2.00% 1.850% San oo 1,155.00 610 498,604.36 0.90% 2.04
FNMA 313OF3WC6 06/02/03 12/02/05 OSM2/04 900 422 100.0000 100.000.00 100,000.00 4,375.00 104,375.00 1.75% 1.750% FSW 610 99,250.00 0.18% 0.76
sublet' 000,000.00 596,645.00 13,197.92 613.197.92 0.00 1,155.00 0.00 subtotal 597,854.36 1.09% 2.81
Fund 616-Rlek Management
FGIC WA 100.0000 159,406.39 159,406.39 159,406.39 1.52% FGIC 615 159,406.39 0.29% 0.00
Teirpod WA 100.0000 323,912.30 323,912.30 323,912.30 1.54% Texpool 615 323,912.30 0.59% 0.00
FHLMC 3134A4RV8 07/15/04 01/15/05 WC 180 105 100.0569 200,000.00 200,113.60 1,075.00 201,875.00 1.76% 1.875% DUNCAN 113.80 015 199,906.25 0.36% 0.38
Subtotal 663,318.68 683,432.48 1,875.00 685,193.68 0.00 0.00 113.80 subtotal 663.224.93 1.24% 0.38
Fund 7064MIn Stns Escrow Rearve
Texpool WA 100.0000 1,952,296.54 1,952,296.54 1,952,296.54 1.54% Texpool 705 1,952.296.54 3.54% 0.00
TOTAL 66,074,674.50 55,125,644.99 1,033AS2.36 56,083,04OA7 66,238.97 23,956.60 99,913.38 TOTAL 64,979,660.00 100.00% 162.99
10 CHy s
Sehadub haws
For July 2004
InvaatmantType Institution
LOGIC Local Gott Pool FNMA Fed.Nei Mort.Assoc. Fed.Home Loan Mort.Corp Wachovia Waehovls Securities FSW First Southwest LOGIC Local Gott Investment Coop.
FGIC Money Market Pool FFCB Fed.Farts Credit Bank Certificates of Deposit Vining Vining Sparks Merrill Merrill Lynch FGIC Financial Investors Trust
Texpool Local Govt Pool FHLB Fed.Home Loan Bank Treasury Note BancOne Banc One Capital Duncan Duncan Williams Texpool TEXPOOL
Samoo Samoo Securities Southtrust Southtrvst Bank Deustche Deustche Bank-New York
Cost Accrued Total P+I
Inv. Cusip Purchase Maturity Call Term Price Par Book Value Interest Total Yield To Coupon Interest Seller Maty Net of Total Cost
Type Number Date Date Date Ind s Per 100 Value (Prin.Only) a mat'y Prin+Int Maturity Rate Purchased Inst. Discount Premium Fund Prem.Disc&Int P. of Investment
Texpool 07/01/04 100.0000 81,258.86 81,268.86 0.00 81,258.86 1.27% Texpool Various 81,258.86 81,258.86
Texpool 07/00/04 100.0000 800,000.00 800,000.00 0.00 800,000.00 1.23°/6 Texpool Various 800,000.00 800,000.00
FHLMC 3134A4TR5 07/13/04 06/16/05 WC 302 99.7920 1,000,000.00 997,920.00 17,600.00 1,017,500.00 2.00% 1.760% 2,819.44 DUNCAN 2.080.00 240 1,014,680.56 1,000,739.44
FHLMC 3134A4RV8 07/15/04 01/15/06 WC 180 100.0569 1,000,000.00 1,000,669.00 9,375.00 1,000,375.00 1.766/6 1.8756/. DUNCAN 569.00 VARIOUS 1,008,806.00 1,000,589.00
FHLB 3133X2R31 0721/04 06/24/05 WC 333 99.9500 200.000.00 199,900.00 4,000.00 204,000.00 2.051/6 2.0006/6 300.00 DUNCAN 100.00 210 203,700.00 200,200.00
FHLB 3133MHOB3 0721/04 10/11/06 WC 440 102.7000 300.000.00 308,100.00 20.520.00 320,620.00 2.30% 4.680% 3,800.00 SAMCO 8,100.00 210 308,620.00 311,000.00
Texpool 0722/04 100.0000 9,)126,314.72 0,626,314.72 0.00 9,626,314.72 1.26% Texpool Various 9,525,314.72 9,825,314.72
TOTALS: 13,005,673.68 13,013.062.68 61,306.00 13,067,068.68 1.701/6 6,919.44 2,180.00 8,659.00 13,042,380.14 13,019,982.02
LOGIC DIVIDENDS REINVESTED 0.06 0.06 0.06 0.06
TEXPOOL DIVIDENDS REINVESTED 15,231.62 15,231.62 15,231.52 16,231.62
FGIC DIVIDENDS REINVESTED 5,980.43 6,980.43 5,980.43 5,980.43
TOTAL INCLUDING DIVIDENDS: 13,027,785.69 13.034,274.69 51,395.00 13,057,068.58 13,063,592.15 13,041,194.03
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schedule heeea
For August 2004 `
InvestmentType Institutlon
LOGIC Local Gov`t Pool FNMA Fed.Nat'l Mort.Assoc. Fed.Home Loan Mort.Corp Wachovia Wachovia Securities FSW First Southwest LOGIC Local Govt Investment Coop.
FDIC Money Market Pool FFCB Fed.Farm Credit Bank Certificates of Deposit VInMg Vining Sparks Merrill Merrill Lynch FGIC Financial Investors Trust
Texpool Local GoVt Pool FHLB Fed.Home Loan Bank Treasury Note BancOne Banc One Capital Duncan Duncan Williams Texpool TEXPOOL
Samco Samco Securities Southtrust Southtrust Bank Deustche Deustche Bank-New York
Cost Accrued Total P+I(@
Inv. Cusip Purchase Maturity Cali Term Price Par Book Value Interest Total Yield To Coupon Interest Seller Maty Net of Total Cost
Tvoe Numbe Date Date Date in days Per 100 Value (Prin.Only) a Mary Prin+Int Maturthr Rate Purchased Inst. Discount Premium Fund Prom.Disc b Int P of Investment
Texpool 08/02/04 100.0000 81,258.86 81,258.86 0.00 81,258.86 1.33% Texpool Various 81,258.86 81.25880
Texpool 08/13/04 100.0000 1,200,000.00 1,200,000.00 0.00 1,200,000.00 1.43% Texpool Various 1,200,000 00 1,200.000.00
FHLB 3133MKFD4 0820/04 11/16/06 WC 445 102.6100 W,000.00 564,094.00 35,437.50 575,437.50 2.22% 4.375% 6,234.38 Samco 14,094.00 101 666,109.12 660,32838
FHLB 3133XGTS6 0820/04 02/17/06 WC 637 100.0000 200,000.00 200,000.00 7,125.00 207,125.00 2.37% 2.375% 30.58 Samco 101 207,086.42 200,03968
TBILL 912796RZ6 08/19/04 02/10/05 171 99.3681 388,000.00 385,548.06 2,451.94 388,000.00 1.721/6 Deutsche 503 388.000.00 386,648.06
TOTALS: 2,409,268.86 2,420,900.92 46,014.44 2,451,821.35 1.8411. 6,273.96 0.00 14,094.00 2,431,453.40 2,427.174.88
LOGIC DIVIDENDS REINVESTED 0.07 0.07 0.07 0.07
TEXPOOL DIVIDENDS REINVESTED 22,780.94 22,780.94 22,780.94 22,780.94
FGIC DIVIDENDS REINVESTED 6,484.41 6,484.41 6,484.41 5,484.41
TOTAL INCLUDING DIVIDENDS: 2,437,624.28 2,440,166.34 46,014.44 2,461,821.36 2,459,718.82 2,455,440.30
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n:h
eo Sehedub aees
For Septon*or 2004
Investnrnt Type Institution
LOGIC Local Govt Pool FNMA Fed.Nat'l Mort.Assoc. Fed.Home Loan Mort.Corp Wechovla Wachovia Securities FSW First Southwest LOGIC Local GOVt Investment Coop.
FGIC Money Market Pool FFCB Fed.Farm Credit Bank Certificates of Deposit Vining Vining Sparks Merrill Merrill Lynch FDIC Financial Investors Trust
Texpool Local Govt Pool FHLB Fed.Home Loan Bank Treasury Note BaneOna Banc One Capital Duncan Duncan Williams Texpool TEXPOOL
Samco Samco Securities Southtrust Southtrust Bank Deustche Deustche Bank-New York
Cost Accrued Total P+I(@
Inv. Cusip Purchase Maturity Call Term Price Par Book Value Interest Total Yield To Coupon Interest Seller Maty Net of Total Cost
Type Number Date Date Date in days) Per 100 Value (Prin.Only) at mst*v Prin+Int Maturity Rate Purchased Inst. Discount Premium Fund Prem.Disc&Int Pof Investment
Texpool 09/02/04 100.0000 81,323.96 81,323.96 0.00 81,323.96 1.48% Texpool Various 81,323.96 81,323.96
Texpool 00/10/04 100.0000 1,000,000.00 1,000,000.00 0.00 1,000,000.00 1.49% Texpool Various 1,000,000.00 1,000,000.00
FHLB 3133X3XH1 00/13/04 11/25/05 WC 432 99.6080 200,1100.00 199,216.00 5,000.00 205,000.00 2.33% 2.00076 200.00 Samco 784.00 210 204,800.00 199,416.00
FNMA 3135F5TN1 09/16/04 05/16/05 10/21/04 240 99.7600 1,000,000.00 997,690.00 17,645.83 1,017,645.83 2.00% 1.650% 6,645.83 Samco 2,310.00 240.610 1,011,000.00 1,004,336.83
TOTALS: 2,281,323.96 2,278,229.96 22,645.83 2,303,069.79 1.836/6 6,845.83 3,094.00 0.00 2,297,123.96 2,285,075.79
LOGIC DIVIDENDS REINVESTED 0.08 0.08 0.08 0.08
TEXPOOL DIVIDENDS REINVESTED 23,073.41 23,073.41 23,073.41 23,073.41
FGIC DMDENDS REINVESTED 6,170.91 6,170.01 5,170.91 6,170.01
TOTAL INCLUDING DIVIDENDS: 2.310,568.36 2,307,474.36 22,645.83 2,303,969.70 2,326,368.36 2,314,320.19
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Sulaf�e OM
For.Aly 2004
hwea6rrerd TypeInstitution
LOGIC Local Gov't Pod FNMA Fed.Nail Mort.Assoc. FMAC Fed.Hoax Loan Mort.Corp Wadxvis Wachovia Securities FSW First Southwest LOGIC Local Gov't Imesanent Coop.
FGIC Moray Market Pod FFCB Fed.Farm Credit Be* CD Certificates of Deposit Vining Vining Sparks Merril Marril Lynch FGIC Financed Investors Trust
Taapool Local Gov't Pod FHLB Fed.Home Loan Bank TNOTE Treasury Note BancOne Bane One Capital Duneen Ounean Williams Texpool TEXPOOL
Samoo Samoo Securities Southtrust Southtrust Bank Daustche Deustche Bank-Nev York
Tenn to Tenn to Cost Accrued Total P•I(�
Im. Cusip Purchase Maturity Cal Mary Cal Palos Pr Book Value Interest Total Prim.* Yield To Coupon Interest Saler Maty or call Net of Total Cost
TIS P11112 99ill On days) On,days Per 5100 Value (Pdn.Only) ®mory/Cd Int 0 Mary Maturity &It Purchas, Inst. Discount Premium Fund Prem 6 Int Pur. of InvestOnant
Ted 07/02/04 100.0000 5,020.03 5,020.03 0.00 5,020.03 1.23% Texpool various 5,020.03 5,020.03
Texpool 07/0&104 100.0000 200,000.00 200,000.00 0.00 200,000.00 1.24% Texpool various 200.000.00 200,000.00
FGIC 07/13/04 100.0000 790,300.12 796,300.12 0.00 796,300.12 1.25% FGIC various 796,300.12 196,300.12
Tamped 07/1 SM4 100.0000 700,000.00 700,000.00 0.00 700,000.00 1.27% Texpool various 700,000.00 700,000.00
Texpool 0720/04 100.0000 000,000.00 600,000.00 0.00 000,000.00 1.26% Texpool various 600.000.00 600,000.00
Texpool 0721/04 100.0000 500.000.00 500,000.00 0.00 500.000.00 1.26% Texpool various 500,000.00 500.000.00
Texpool 0727/04 100.0000 400,000.00 400,000.00 0.00 400,000.00 1.27% Te Mool various 400,000.00 400.000.00
FGIC 07/30/04 100.0000 600,000.00 600,1100.00 0.00 600,000.00 1.33% FGIC various 600.000.00 000,000.00
Topod 07/30/04 100.0000 1,000.000.00 1,000,000.00 0.00 1,000,000.00 1.33% Texpool various 1.000.000.00 1.000.000.00
TNOTE 91282SAGS 07/06/03 07/31/04 WA 302 150 101.3626 373,000.00 376,157.69 12,566.75 365,566.75 2.25% 2.250% 3,663.02 Deustche 5,157.69 503 376,70764 361,62091
TOTAL 5,570,320.15 5,561,476.04 12,566.75 5,566,906.90 1.37% 3,063.02 0.00 5,157.69 5,560,067.99 0,066,14106
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SdtsdNtles r
For August 2004
hwoo6narrt Type ImtRutlon
LOGIC Loot Govt Pool FNMA Fed.Neil Mort.Assoc. FMAC Fed.Home Loan Mort.Corp Wachovia Wdwvla Securities FSW First Soulhwest LOGIC Lod Gov't Imesirnent Coop.
FDIC Money Market Pool FFCB Fed.Farm Credt Bank CD Certificates of Deposit Vining Vining Sparks Merril Merril Lynch FGIC Financial Investors Trust
Tepool Lod Gov't Pod FHLB Fed.Home Loan Bank TNOTE Treasury Note BanoOne Bane One Capital Duncan Duncan Williams Tapool TEXPOOL
Samco Samoo Securities Southtrust Soulhtrusl Bank Daustche Deustche Bank-New York
Terrn to Tam to Cost Accrued Total P-I rtQ
Im. Cusip Purchase Maturity Cal Mary Cal Prins Par Book Value Interest Total Prin.* Yield To Coupon Interest Selr Maly or cell Net of TotalCost
im 90 90 f& fin days) On doral Per$100 y" (Prin.Or& a marytCall IM.@ Mary Malurity $g2 Purchased IIAL Dlscoun PLpftuu Esin4 From 6 Int Pur, 9f Inv")�y
Tepool 06120/04 100.0000 575,000.00 575,000.00 0.00 575,000.00 1.44% Twpool 402 575,00000 575,00000
TepOd 06/24/04 100.0000 500,000.00 500,000.00 0.00 500,000.00 1.46% Tepool various 500,000.00 500,00000
TOTAL 1,075,000.00 1,075,000.00 0.00 1,075,000.00 1.45% 0.00 0.00 0.00 1,075,000.00 1075,00000
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Sahadile A. '
For Saptwnber 2004
Irwea0 me Type Institution
LOGIC Local Govt Pod FNMA Fed.Nett MorL Assoc. FMAC Fed.Home Loan Mort.Corp WadwMa Wachovis SecWties FSW First Sou0hwest LOGIC Local Gm'I Imrestment Coop.
FGIC Many Market Pod FFCB Fed.Farm Credit Bank CD CeWiicates of Deposit Vining Vining Spwks Merril Merril Lynch FGIC Financial Imestors Trust
TarRwd Local Govt Pod FHLB Fed.Home Loan Banc TNOTE Treasury Note Ba cone Banc One Capital Dunoan Duncan Wilians Twxpool TEXPOOL
Sano Samco Securities Smthtusl Southtrust Bmk Daustche Daustcne Bank-New York
Tarn to Term to Cost Aocnmd Total P+I
Inv, Cualp Purchase Maturity Call Mary Cal Price Pa Book Valus Into t Total Pon.+ Yield To Coupon Interest Saler Msfy or cal Net of Total Cost
ilmt f! 22b Q& p1ta fin days) (In days) Per$100 Vd- (Pdn.0*1 91"Wary/Call Int 0 Mary Mom $fig Purchased I L Disoom Premium Fund Prem&Int Pur. of Investment
Terpod 09107/04 100.0000 500,000.00 500,000.00 0.00 500,000.00 1.48% TeVool Various 500,000.00 500,000.00
Tespod 09/18/04 100.0000 1,000,000.00 1,000,000.00 0.00 1,000,000.00 1.51% Texpool Various 1,000,000.00 1,000,000.00
Twpool 09!21104 100.0000 1,200,000.00 1.200,000.00 0.00 1,200,000.00 1.01% Tecpool Various 1,200,000.00 1,200,000.00
TOTAL 2,700,000.00 2,700,000.00 0.00 2,700,000.00 1.54% 0.00 0.00 0.00 2.700,000.00 2,700,000.00
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Investment Maturities By Fund
As of September 30,2004
Jan-05 Feb-05 Mar-05 Apr-05 May-05 un-0 Jul-05 Aug-05 S 5 Oct-o Nov-0 Dec-05 an Feb-O Mar-06 Apr-06 Ma Total
996,394.44 982,373.61 500,000.00 1,000,000.00 1,000,000.00 500,000.00 500,000.00 1,065,024.57 500,000.00 200,039.58 7,824,499.61
500.000.00 500.000.00..
500,000.00 500,000.00
77,011.15
200,200.00 311,900.00 199,416.00 880,118.27
959,859.38
200,113.80 344,589.14
167,385.80
10,969.56
10,015.73
0.00
0.00
1,813,759.72 1,512,219.23 1,506,230.27 501,701.81 500,000.00 499,410.14 6,503,638.74
151,197.92 1,000,000.00 150,000.00 1,381,555.34
11,033,009.90
150,000.00 426,851.68
24,875.04
27,394.67
500,000.00 100,000.00 1,783,246.42
150,121.27
117,811.26
0.00
494,991.94 989,479.17 499,826.39 773,828.09 499,687.50 500,000.00 500,000.00 406,742.78 5,000,462.27
496,346.11 500,000.100 500,000.00 800,000.00 100.000.00 5,310,238.55
385.548.06 385.548.06
500.284.50 200,000.00 500,000.00 200,000.00 100,000.00 500,000.00 2.286,596.75
9,872.83
500,000.00 500,000.00
500,646.67 300,000.00 100,000.00 1,091,891.48
304,558.80
500,000.00 500,000.00 1,250,994.36
231,119.00
262,347.76
127,251.26
5,000.00 491,728.45
0.00
0.00
0.00
111,981.78
100.000.00 500,000.00 600,000.00
100,056.90 200.x•00 1,259,867.62
498,845.00 100,000.00 598.845.00
200,113.80 683,432.48
1,952,296.54
0.00
1,495,560.94 4,185,181.39 496,346.11 2,999,419.23 3,779,550.03 2,951,397.92 4,501,389.31 1,000,000.00 500,000.00 1,811,900.00 1,264,440.57 2,000,000.00 1,906,742.78 700,039.58 500,000.00 500,000.00 499,410.14 55,181,783.96
•
End of Month Reports
Fiscal Year 2003 -04
Cash&Deb6t Department Prepared by:
October 31,2003 Vicki Rodriquez
Octiobet
2QQ2 2M
arcent of funds Invested 102% 101%
Consolidated Cash,Operating Account 15589,5991 ($286,864)
35%of the City's funds are available for use within 30 days,with 34%available immediately.
Investment maturities for October were$3,621,703(Cost). These investments yielded an average of 1.45%.
Investment purchases and dividends reinvested for October were$3,293,536(Cost). These investments yielded an average of 1.211,
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
99/30/05 lA 10/31/03 YQ
Treasuries: $381,821 0.82% $381,821 0.83%
Agencies: 32,122,517 69.01% 30,349,720 65.66%
CD'g: 5,100 0.01% 5,100 0.01%
LOGIC: 58 0.00% 58 0.00%
TEXPOOL 6,284,983 13.50% 7,723,400 16.71%
FGIC: 7,755-195 16.66% 7,761 A07 16.79%
Total $46,549,675 100% $46,221,507 100%
The City's average yield on investments was 1.69% and the average 90 day T-Bill yield was.9177%which is a 77 basis point spread
over the benchmark. The average yield on our portfolio has continued to drop. Total interest for October was$14,091 .
market Activity*
The economy is showing signs of significant improvements. In the 3rd quarter,real GDP growth grew at a rate of 7.2 percent,the
est pace in nearly 20 years. More moderate growth is expected in the 4th quarter. Despite the positive signs,the widespread
pectation is that the labor market must Improve significantly in order for the economic recovery to be sustainable.
As expected the Federal Reserve left the Fed funds rate unchanged at 1%at their meeting on October 28th. Significantly the fed
changed its assessment of the labor market from weakening to stabilizing. Many expect the Fed to keep rates on hold until the
labor market shows evidence of sustained improvement and an increase in core inflation dispels fears of deflation. Some Fed
watchers expect the Fed to wait until next fall before raising rates. However,the Fed futures market predicts a 50%probability
that the Fed will raise rates by 25 basis points next March.
KeY Rates 31-0ct Year Ago
Fed Funds Rate 1.02% 1.75%
Certificates of Deposit: 3 month 1.10% 1.60%
6 month 1.18% 1.58%
Treasury Bill: 91 day 0.94% 1.55%
52 Week 1.31% 1.69%
Interest Rate Outlook December-03 February-04 May-04
Fed Funds 1.00% 1.00% 1.20%
30 day prime bank CD 1.10% 1.10% 1.30%
3 Month T-Bill Yield 1.00% 1.00% 1.30%
*Source:
GFOA,'Public investor,"November 7,2003
Evare Market Data
First Southwest Market Updates
F-1
Cash&Debt Department Prepared by:
November 30,2003 Vicki Rodriquez
NOYembet
2L�1 2M
rcent of funds invested 100% 100%
Consolidated Cash,Operating Account $271,926 $291,630
36%of the City's funds are available for use within 30 days,with 34%available immediately.
Investment maturities for November were$3,099,063(cost). These investments yielded an average of 1.38%.
investment purchases and dividends reinvested for November were$3,002,128(cost). These investments yielded an average of 1.1
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
10/31/03 % 11/30/03
Treasuries: $381,821 0.83% $381,821 0.83%
Agencies: 30,349,720 65.66% 30,009,486 65.06%
CD'S: 5,100 0.01% 5,100 0.01%
LOGIC: 58 0.00% 59 0.00%
TEXPOOL 7,723,400 16.71% 8,261,438 17.91%
FDIC: 7.761.407 16.79% 7,466,669 16.19%
Total 546,2® 2� 100% 546,1241573 100%
The City's average yield on investments was 1.69% and the average 90 day T-Bill yield was .9296%which is a 76 basis point spread
over the benchmark. The average yield on our portfolio has continued to drop. Total interest for November was S 22,394.
Market Activity*
The economy skyrocketed in the third quarter at a rate of 8.2% GDP growth (revised from 7.2%). The strong data convinced
ferey economists that the economic recovery is gaining momentum for 2003. In spite of this optimism, some economists
late that the recovery could be shorter than normal due to high consumer debt levels. As the economy strengthens,
t rates typically rise,This may force many consumers to pare back their debt and reduce their spending.
'll As expected the Federal Reserve left the Fed funds rate unchanged at 1%at their December meeting. The committee continues
to believe that an accommodative stance of monetary policy,combined with robust underlying growth in productivity,is
providing important ongoing support to economic activity. The evidence accumulated over the inter-meeting period confirms
that output is expanding briskly,and the labor market appears to be improving modestly. Increase in core consumer prices are
muted and expected to remain low. The committee perceives that the upside and downside risks to the attainment of
r roughly equal. The probability of an unwelcome fall in inflation has diminished
sustainable growth for the next few quarters are oug y q p tY
in recent months and now appears almost equal to that of a rise in inflation. While the Fed is dearly moving toward a more
balanced view and ultimately tightening,the Fed clearly signaled that they are still on hold for a"considerable period".
KeY Ra 28-Nov Year AOo
Fed Funds Rate 1.01% 1.27%
Certificates of Deposit: 3 month 1.12% 1.36%
6 month 1.20% 1.40%
Treasury Bill: 91 day 0.93% 1.19%
52 Week 1.39% 1.50%
Interest Rate QuHook January-04 March-04 June-04
Fed Funds 1.00% 1.00% 1.20%
30 day prime bank CD 1.00% 1.00% 1.30%
3 Month T-6111 Yield 1.00% 1.00% 1.20%
*Source:
GFOA,"Public investor,"December 5,2003
Evare Market Data
arst southwest Market Updates
F-2
Cash&Debt Department Prepared by:
December 31,2003 Vicki Rodriquez
Decembei
2= 2M
orcent of funds invested 100% 102%
Consolidated Cash,Operating Account $84,402 1585,0871
36%of the City's funds are available for use within 30 days,with 34%available immediately.
Investment maturities for December were S6,011,593(cost). These investments yielded an average of 1.61%.
investment purchases and dividends reinvested for December were S8,376,572(cost). These investments yielded an average of 1.7
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
11/30/03 1p 12/31/03
Treasuries: $381,821 0.83% $381,821 0.79%
Agencies: 30,009,486 65.06% 33,679,523 69.46%
CD'S• 5,100 0.01% 5,100 0.01%
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 8,261,438 17.91% 6,950,588 14.33%
FDIC: 1,466,669 16.19% 2,472,462 15,41%
Total $461124,573 100% $48,489,552 100%
The City's average yield on investments was 1.72% and the average 90 day T-Bill yield was.8838%which Is a 84 basis point spread
over the benchmark. Total Interest for December was S 40,858.
Market Activity*
Retail sales were up in December by 0.5% due to purchases of automobiles and electronics. Overall retail sales rose by a healthy
.6%in 2003. Overall consumer prices rose by 0.2% in December. On a year to year basis,core CPI remained at 1.1%,the smallest
in since 1960. investors are aware that inflation is extremely low. The Fed has continued to point this out during all of 2003.
nt reports show that unemployment benefits dropped. Continuing claims has dropped to the lowest level since August
2001. The claims data suggest that the economy is improving,but at a very sluggish pace.
As expected the Federal Reserve left the Fed funds rate unchanged at 1%at their December 9th meeting. The Fed also retained
Us promise to keep rates on hold for a"considerable period". However,the Fed modified the wording from its previous
statement. Instead of stating that"spending is firming and the labor market appears to be stabilizing,"the Fed made a more
optimistic statement: "output is expanding briskly,and the labor market appears to be improving modestly." The Fed funds
futures market predicts a 100%probability that the Fed will raise rates by mid 2004. Despite this prediction,many economists
halimro that tho Cori will la-Awa inr 2nnari a onfil 7MS
Key Rkes 19-Dec Year Ago
Fed Funds Rate 1.00% 1.24%
Certificates of Deposit: 3 month 1.08% 1.34%
6 month 1.12% 1.36%
Treasury Bill: 91 day 0.89% 1.20%
52 Week 1.25% 1.36%
interest Rate OuHock February-04 Al2d1-04 Julm
Fed Funds 1.00% 1.00% 1.20%
30 day prime bank CD 1.10% 1.10% 1.30%
3 Month T-BIII Yield 1.00% 1.10% 1.30%
*Source:
GFOA,"Public investor,"January 2,20043
Evare Market Data
First Southwest Market Updates
F-3
CaV&Degt Department Prepared by:
January 31,2004 Vicki Rodriquez
January
200 2QQ4
Orcent of funds invested 99% 102%
Consolidated Cash,Operating Account $895,482 (S493,181)
32%of the City's funds are available for use within 30 days,with 31%available immediately.
Investment maturities for January were$4,066,525(Cost). These investments yielded an average of 1.56%.
Investment purchases and dividends reinvested for January were S5,904,362(cost). These investments yielded an average of 1.530r
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
12/31/03 % 01/31/04 14
Treasuries: $381,821 0.79% S381,821 0.76%
Agencies: 33,679,523 69.46% 34,106,339 67.77%
0 0
CD's: 5,100 0.01% 5,100 0.01/o
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 6,950,588 14.33% 8,856,206 17.60%
FGIC: 7.472.462 15.410% 6.977,865 13.86%
Total S48,4899552 100% $50,3271390 100%
The City's average yield on Investments was 1.72% and the average 90 day T-Bill yield was .8790% which is a 84 basis point spread
over the benchmark. Total interest for January was$47,284.
Market Activity`
The most recent economic data suggest continued growth and disinflation throughout many sectors of the economy. The latest
deral Reserve "Beige Book" reports that the economy continues to improve at a moderate pace in most Fed districts. The
ceptions were Chicago, Cleveland and Dallas districts, which reported slow or modest growth. Looking forward, the Federal
eserve Bank of Philadelphia predicts sustained growth through 2004. The forecasters predict that the economy will grow at an
annual rate of 4.3% in the first half of the year and 4.1% in the second half. They expect the unemployment rate to fall from
5.9%in December 2003 to 5.5% by December 2004. Inflation is expected to remain low. The forecasters predict that CPI inflation
will average 1.9%in 2004 and 1.8%in 2005.
The Federal Reserve Open Market Committee decided to keep the Fed funds rate unchanged at 1%at its most recent meeting on
January 27-28. in its statement,the Fed removed its promise to keep rates low for a"considerable period,"and replaced it with a
statement that suggested that a rate increase may be on the horizon. In Its new statement,the Fed mentioned that It"can be
patient in removing Its policy accommodation." Many economists expect the Fed to keep rates on hold until at least the middle
of the year,and maybe the beginning of next year if the economy does not show signs of sufficient growth.
Key Rates 30-Jan Year Ago
Fed Funds Rate 1.02% 1.33%
Certificates of Deposit: 3 month 1.06% 1.28%
6 month 1.13% 1.28%
Treasury Bill: 91 day 0.89% 1.14%
52 Week 1.23% 1.31%
interest Rate Outlook March-04 May-04 August-04
Fed Funds 1.00% 1.00% 1.20%
30 day prime bank CD 1.10% 1.20% 1.60%
3 Month T-Bill Yield 0.90% 1.10% 1.30%
*Source:
GFOA,"Public Investor,"February 6,2004
Evare Market Data
first southwest Market Updates
F-4
Casp&Deb;Department Prepared by:
February 29,2004 Vicki Rodriquez
February
2M 2"
cent of funds invested 100% 100%
lonsoliclated Cash,Operating Account 1555,6001 S12,551
39%of the City's funds are available for use immediately.
Investment maturities for February were S5,252,376(cost). These investments yielded an average of 1.64%.
Investment purchases/dividends reinvested for February were 55,895,435(cost). These investments yielded an average of 1.19%.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
01/31/04 02/29/04
Treasuries: 5381,821 0.76% S381,821 0.75%
Agencies: 34,106,339 67.77% 30,753,964 60.34%
CD'S: 5,100 0.01% 5,100 0.01%
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 8,856,206 17.60% 12,847,054 25.20%
FGIC: 6.977.865 13.86% 6.982.452 13.70%
Total $50,3279390 100% $50,970,449 100%
The City's average yield on investments was 1.72%and the average 90 day T-Bill yield was.9182%which is a 80 basis point spread over
the benchmark. Total interest for February was 568,158.
Market Activity
The Fed funds rate remains at 1%and is expected to remain unchanged until after the November elections. Low inflation and a weak
labor market are two reasons why the Fed iS likely to keep rates on hold. Possibly,the Fed may try to avoid changing policy near a
national election so as to avoid influencing the outcome.
though the Fed may delay action, the markets may react sooner. The most recent National Association of Business Economists
(NABD Survey predicts that the 3-month T-Bill will rise to 1.60% by the end of 2004 and 3.03% by the end of 2005. The Survey of
Professional Forecasters, conducted by the Federal Reserve Bank of Philadelphia, made similar predictions. Both the NAGE and the
Philadelphia Fed predict that real GDP growth will average 4.6%in 2004 and 3.8%in 2005.
KEYS 27-Feb Year Ago
Fed Funds Rate 1.02% 1.33%
Certificates of Deposit: 3 month 1.06% 1.28%
6 month 1.13% 1.28%
Treasury Bill: 91 day 0.89% 1.14%
52 Week 1.23% 1.31%
Interest Bate Outlook ApL11-44 June-04 Seotember-04
Fed Funds 1.00% 1.00% 1.40%
30 day prime bank CD 1.10% 1.20% 1.60%
3 Month T-Bill Yield 1.00% 1.10% 1.40%
*Source:
GFOA,"Public Investor,"March 5,2004
Evare Market Data
First Southwest Market Updates
0
F-5
Casp&Qebt Department Prepared by:
March 31,2004 Vicki Rodriquez
March
200
cent of funds Invested 100% 100%
Ponsolidated Cash,Operating Account $239,368 ($30,884)
41%of the City's funds are available for use Immediately.
Investment maturities for March were S11,599,531 (cost). These investments yielded an average of 1.69%.
Investment purchases/dividends reinvested for March were 54,399,994(Cost). These Investments yielded an average Of 1.03%.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
02129104 % 03/31104
Treasuries: $381,821 0.75% $381,821 0.87%
Agencies: 30,753,964 60.34% 25,254,432 57.70%
CD*S: 5,100 0.01% 5,100 0.01%
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 12,847,054 25.20% 11,141,998 25.46%
FGIC: 6,982,452 13,70% 6,987-502 15,96%
Total —$50,9701449 100% $43,7709911 100%
The City's average yield on Investments was 1.71%and the average 90 clay T-Bill yield was.9380% which Is a 77 basis point spread over
the benchmark. Total Interest for March was$41,091.
IMaricet Activity*
Federal Reserve Chairman Alan Greenspan recently gave his testimony before the joint Economic Committee. On economic growth,
Mr.Greenspan stated that the US economy seems to have"entered a period of more vigorous expansion". He warned of an economic
AWwing later In 2004,as"real GDP Is not likely to continue advancing at the same pace as In the second half of 2003". on Interest rates,
IF did warn that-the federal funds rate must rise at some point to prevent pressures on price Inflation from eventually emerging".
in this cycle,he suggested that the FOMC has the time to remain patient because productivity Is running In excess of wage gains so
unit labor costs are failing and price pressure remains subdued. Greenspan said the FOMC "never thought Inflation had gone away",
but'given the new cost structure,the emergence of Inflation was nowhere on the horizon*,so the FOMC"did not have to take undue
risks In monetary policy by raising rates".
The next FOMC meeting Is May 4th. Although a rate hike looks to be totally out of the question, the Fed will probably tweak their
policy language,gradually transitioning the market for tightening later In the year.
Key RatE& 24 Ma Year Aclo
Fed Funds Rate 1.01% 1.27%
Certificates of Deposit: 3 month 1.04% 1.24%
6 month 1.06% 1.29%
Treasury Bill: 91 day 0.93% 1.15%
52 Week 1.15% 1.22%
interest Rate Qty took MaM July--04 October-04
Fed Funds 1.0011/0 1.00% 1.00%
30 day prime bank CD 1.10% 1.20% 1.60%
3 Month T-Bill Yield 1.00% 1.10% 1.30%
*Source:
GFOA,"Public Investor,-April 4,2004
Evare Market Data
Fir'St Southwest Market Updates
0
F-6
Cash&Debt Department
Prepared by:
APS 30,20D4 Vicki Rodriquez
ApIYI
ZII
204
t of funds invested 99% 100%
onsolidated Cash,Operating Account $723,489 $75,797
40%Of the City's funds are available within 30 days,of which 38%is available for use immediately.
investment maturities for April were S5,812,009(Cost). These investments yielded an average of 1.35%.
Investment purchases/dividends reinvested for April were$7,199,952(cost). These investments yielded an average of 1.61%.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
03/31/04 04/30104
Treasuries: $381,821 0.87% S381,821 0.85%
Agencies: 25,254,432 57.70% 27,802,187 61.57%
CD'S: 5,100 0.01% 5,000 0.01%
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 11,141,998 25.46% 9,977,103 22.09%
FDIC: 6.987,502 15.96% 6,992-684 15.48%
Total $43,770,911 100% $45,158,854 100%
The City's average yield on investments was 1.71% and the average 90 day T-Bill yield was .94130% which is a 77 basis point spread
over the benchmark. Total interest for April was$44,572.
Market Activity*
As expected,the Federal Open Markets Committee(FOMC)left the Fed funds rate unchanged at 1.00%at its meeting on May 4th. The
last time the Fed lowered rates, it stated that a rate cut was necessary as "Insurance"against deflation. Since then, the economic
`vironment has changed. In recent testimony before Congress, Federal Reserve Chairman Alan Greenspan stated that threats of
tion "are no longer an issue," and "the worrisome trend of deflation presumably has come to an end." in addition, in its
statement from its meeting on March 16, the Fed dropped its promise to keep the Fed funds rate at its current level "for a
considerable period." Many Fed watchers are predicting a much higher probability that the Fed will raise rates in August,before the
end of the year. Some Fed watchers argued that the Fed may raise rates sooner than expected to avoid hiking rates dramatically.
The recent economic data suggest that the economy continues to gain strength. Retail sales have been strong, and consumer
confidence is rising. Employment data continues to show a positive trend. Due to this positive trend,economists expect the Fed to
raise rates sooner that originally anticipated. However,most economists expect the Fed to raise rates gradually.
Key Rates 30-AD r Year Ago
Fed Funds Rate 1.03% 1.23%
Certificates of Deposit: 3 month 1.11% 1.22%
6 month 1.32% 1.18%
Treasury Bill: 91 day 0.97% 1.12%
52 Week 1.55% 1.26%
Interest Rate Outlook Jule 44 AuguSt-04 November-04
Fed Funds 1.000/0 1.00% 1.30%
30 day prime bank CD 1.100A 1.20% 1.30%
3 Month T-Bill Yield 1.10% 1.200A 1.80%
*Source:
GFOA,"Public Investor,"May 7,2004
Evare Market Data
First Southwest Market Updates
C
F-7
Case&-Debt Department Prepared by:
May 31,2004 Vicki Rodriquez
may
213 2QQ4
cent of funds invested 101% 100%
Consolidated Cash,Operating Account ($195,505) $85,615
41%of the City's funds are available for use Immediately.
Investment maturities for May were 54,851,938(cost). These investments yielded an average of 2.02%.
Investment purchases/dividends reinvested for May were S6,177,367(cost). These investments yielded an average of 1.40%.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
04/30/04 05/31/04
Treasuries: $381,821 0.85% $381,821 0.82%
Agencies: 27,802,187 61.57% 27,232,033 58.58%
CD'S: 5,000 0.01% 5,000 0.01%
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 9,977,1100p3 22.09% 11,868,001 25.53%
6,992,684FDIC: ,992,684 15.48% 6,997-37 15.05%
Total $45,158,854 100% $46,484,283 100%
The city's average yield on investments was 1.65%and the average 90 day T-Bill yield was 1.02% which is a 63 basis point spread over
the benchmark. Total interest for May was S63,410.
Market Activity•
The most recent National Association of Business Economics (NABS)survey predicts that GDP growth will average 4.7 percent in 2004
and 3.8 percent in 2005. A separate Survey of Professional Forecasters, conducted by the Federal Reserve Bank of Philadelphia,
AftediCtS that GDP Will grow at a rate of about 4.0 percent from the third quarter of 2004 through the second quarter of 2005. In
'Went months,employment growth has been strong. May's employment report showed 248,000 worker's were added to the nation's
payroll.The April non-farm payroll was revised up from 288,000 new jobs to 346,000 and March's from 337,000 to 353,000. The NABS
survey also predicts further improvement in the labor market,with the unemployment rate failing to 5.3 percent in 2005.
Due to this increasing strength in the economy, It has become very apparent that the Fed will raise the Fed funds rate this summer.
The Fed funds futures market predicts that the Fed funds rate will rise to 2% by the end of the year. However, many Fed watchers
expect the Fed to raise rates more gradually.
Key Pates 28-Ma v Year Aa0
Fed Funds Rate 1.02% 1.25%
Certificates of Deposit: 3 month 1.27% 1.21%
6 month 1.55% 1.18%
Treasury Bill: 91 day 1.05% 1.10%
52 Week 1.83% 1.13%
Interest Rate outlook July-04-04 September-04 December-04
Fed Funds 1.10% 1.40% 1.80%
30 day prime bank CD 1.40% 1.60% 2.00%
3 Month T-Bill Yield 1.40% 1.60% 2.00%
Source:
GFOA,"Public Investor,"June 4,2004
Evare Market Data
First Southwest Market Updates
F-8
Casty&Debt,Department Prepared by:
June 30,2003 Vicki Rodriquez
�
Qo
ru
212Q.3 2004
cent of funds invested 100% 102%
solidated Cash,Operating Account $221,169 ($596,644)
41%of the City's funds are available for use with 30 days,with 40%available Immediately.
Investment maturities for June were S1,350,000(cost). These investments yielded an average of 1.05%.
Investment purchases/dividends reinvested for June were S1,596,687(cost). These investments yielded an average of 1.60%.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
05/31/04 % 06/30/04 °la
Treasuries: S381,821 0.82% $381,821 0.82%
Agencies: 27,232,033 58.58% 27,732,033 59.34%
CD's: 5,000 0.01% 5,000 0.01%
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 11,868,001 25.53% 11,609,586 24.84%
FDIC: 6,997.370 15.05% 7,002,472 14.98%
Total $46,484,283 100% $46,730,970 100%
The City's average yield on investments was 1.67%and the average 90 day T-Bill yield was 1.26% which is a 41 basis point spread over
the benchmark. Total interest for June was S57,931.
Market Activity`
Cash yields drifted higher by about 30 basis points during the month of June as Investors awaited the Federal Reserve's policy setting
meeting on June 30. As expected, the Fed raised short-term Interest rates by 25 basis points at that time Before Its move, the Fed
od kept the Fed funds rate at 1.00% for 12 months. Although it had been known for some time that benchmark interest rates
uld begin moving higher this summer,there was a change in expectations regarding the pace of rate hikes. As of late May,the
cash market was anticipating a series of 25 basis point increases in the Federal funds rate over the foreseeable future. However,after
several Fed officials hinted that the tightening process would not necessarily be as "measured"as previously believed, the market
began to discount at least one 50 basis point increase somewhere along the way.
There is no doubt that inflation Is increasing, although from unusually low levels.. Slack in the U.S. labor market is disappearing as
payroll growth has returned to more normal levels. Under those circumstances, it is not surprising that some pricing power has
returned to the retail Intermediate-goods sectors. with the threat of deflation all but gone,the Federal Reserve is now free to move
monetary policy back towards a more neutral stance.
Key Rates 18-Jun Year Aao
Fed Funds Rate 1.00% 1.23%
Certificates Of Deposit: 3 month 1.50% 1.04%
6 month 1.82% 1.01%
Treasury Bill: 91 day 1.39% 1.01%
52 Week 2.17% 0.94%
Interest Rate OUL100k August-04 October-04 Januar05
Fed Funds 1.30% 1.70% 2.20%
30 day prime bank CD 1.40% 1.70% 2.40%
3 Month T-Bill Yield 1.40% 1.80% 2.30%
'Source:
GFOA,"Public Investor,"July 2,2004
Evare Market Data
Texpool-June Newsletter
0
F-9
,Casty 8 Debt Department Prepared by:
July 31,2004 Vicki Rodriquez
July
2003
cent of funds Invested 100% 100%0o
Porsoliclated Cash,Operating Account $66,906 (5124,824)
44,E of the City's funds are available for use immediately.
Investment maturities for July were$5,585,141 (cost). These investments yielded an average of 1.37%.
Investment purchases/dividends reinvested for July were$13,041,194(cost). These investments yielded an average Of 1.70%.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
06/30/04 07/31/04
Treasuries: S381,821 0.82% SO 0.00%
Agencies: 27,732,033 59.34% 30,245,442 55.82%
CD'S: 5,000 0.01% 5,000 0.01%
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 11,609,586 24.84% 18,526,371 34.19%
FGIC: 7.002,472 14.98% 5,410,152 9.98%
Total $46,730,970 100% 5541 7,023 100%
The City's average yield on Investments was 1.70% and the average 90 day T-6111 yield was 1.32%which is a 38 basis point spread over the
benchmark. Total interest for July was$66,114.
Market Activity*
Over the past six weeks, the economy has shown mixed signals on the strength of Its current expansion. Many of the leading Indicators
of economic growth were soft or softer than expected. The U.S. leading Index declined 0.2%. This was the first decline in U.S. leading
4 f-A,
nomic indicators in 15 months. Housing starts were weak and starts for new homes fell 8.5%. Building permits recorded a fall of the sharpest decline in 10 years. However, not all of the economic news was weak. The consumer confidence Index Increased to
.1 after sharply rising In June to 102.8. During their most recent meeting,The Fed addressed the recent softness In the economic
data,and said that some of the softness was likely the result of the rise in energy cost.
Despite the mixed signals in economic data,the Federal Reserve went ahead and continued on their course of"measured"tightening of
monetary policy, raising the overnight fed funds rate by 25 basis points to 1.50% Markets have had this move priced in for some time
and the action was completely expected. In Its statement,the FOMC maintained the"measured pace" language and said the"upside and
downside risks to the attainment of sustainable growth and price stability"were roughly equal.
Key Rates 30-Jul Year Ago
Fed Funds Rate 1.29% 1.01%
Certificates of Deposit: 3 month 1.65% 1.08%
6 month 1.94% 1.16%
Treasury Bill: 91 day 1.43% 95.00%
52 Week 2.15% 1.13%
Interest Rate Outlook September-04 November-04 February-05
Fed Funds 1.50% 1.50% 2.10%
30 day prime bank CD 1.60% 1.70% 2.30%
3 Month T-Bill Yield 1.60% 1.80% 2.50%
*Source:
GFOA,"Public Investor,"August 6,2004
Evare Market Data
First Southwest-Daily Market Updates
0
F-10
Cast;&,Debt Department Prepared by:
August 31,2004 Vicki Rodriquez
AUn'uSt
2M2jjQQ
cent of funds Invested 100% 900%
Porsolidated Cash,Operating Account (S222,268) $194,383
43%of the City's funds are available for use immediately.
Investment maturities for August were$1,075,000 (cost). These Investments yielded an average of 1.45%.
Investment purchases/dividends reinvested for August were S2,455,440(cost). These investments yielded an average of 1.84%.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
07/31/04 14 08/31/04 °lo
Treasuries: SO 0.00% $385,548 0.69%
Agencies: 30,245,442 55.82% 31,005,810 55.80%
CD's: 5,000 0.01% 5,000 0.01%
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 18,526,371 34.19% 18,755,411 33.75%
FGIC: 5,410,152 9.98% 5.415,636 9.75%
Total $54,187,023 100% $55,567,464 100%
The City's average yield on Investments was 1.73% and the average 90 day T-Bill yield was 1.48%which is a 25 basis point spread over the
benchmark. Total interest for August was$51,088.
Market Activity•
A number of economic indicators and surveys have been released in the last few days but none have had a major Impact on financial
markets. The producer price index was reported to have declined 0.1% In August. On a year over year basis PPI is up 3.4%, but this
ncrease is largely a result of higher energy costs as the core PPI Is only up 1.5%. All of these figures were below economists
ectations.
Wr
The Commerce Department reported that August retail sales fell 0.3% as sales of vehicles and parts declined. Excluding the auto
component retail sales managed a gain of 0.2%. This was right in line with forecast. A recent survey of primary dealers showed that all
22 expect the Federal Reserve to Increase the fed funds rate by 25 basis points to 1.75%at the next FOMC meeting on September 21st.
BY the end of the year, 1 dealer Is calling for a fed funds rate of 1.75%, 14 expect 2%,and 7 are calling for a 2.25% rate. For 2005,the
survey ranged from a low of 2%to a high of 4.5%.
Key Rates 27-Aug Year Aao
Fed Funds Rate 1.52% 1.02%
Certificates of Deposit: 3 month 1.70% 1.09%
6 month 1.90% 1.14%
Treasury Bill: 91 day 1.52% 0.98%
52 Week 2.02% 1.35%
Interest Rate Outlook October-04 December-04 March-05
Fed Funds 1.50% 1.80% 2.30%
30 day prime bank CD 1.60% 1.80% 2.20%
3 Month T-Bill Yield 1.90% 2.20% 2.60%
"Source:
GFOA,-Public Investor,"September 3,2004
Evare Market Data
First Southwest-Daily Market Updates
F-11
A.
Cash A Dept Department Prepared by:
September 30,2004 Vicki Rodriquez
September
2M21204
rcent of funds invested 101% 102%
Consolidated Cash,Operating Account 1$350,3871 ($871,827)
41%of the City's funds are available for use immediately.
Investment maturities for September were$2,700,000 (cost). These investments yielded an average of 1.54%.
Investment purchases/dividends reinvested for September were S2,314,320(Cost). These investments yielded an average of 1.83%.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
08/31/04 51 09/30/04 1a
Treasuries: $385,548 0.69% S385,548 0.70%
Agencies: 31,005,810 55.80% 32,209,561 58.37%
CD's: 5,000 0.01% 5,000 0.01
LOGIC: 59 0.00% 59 0.00%
TEXPOOL 18,755,411 33.75% 17,159,808 31.10%
FGIC: 5,415 636 9_75% 5,421-807 9.83%
Total $55,567,464 100% $55,181,784 100%
The City's average yield on investments was 1.74%and the average 90 day T-Bill yield was 1.67% which is a 7 basis point spread over the
benchmark. Total interest for September,including year-end accruals was$176,482.
Market Activity*
Recent economic data show that the economy grew at a strong pace in the second quarter, with GDP rising at a rate of 3.3 percent.
However the pace of the economic growth may slow in the coming months given the fourth consecutive monthly decline In the index
of leading indicators. According to some economists, further declines in this index could indicate rapid decrease in economic growth.
additionally some economists predict that higher energy prices may reduce economic growth in the next few months.
A survey of 38 professional forecasters conducted by the National Association of Business Economics (NAGE) predicts that the real GDP
will average 4.3% this year and 3.7 percent in 2005. The forecasters predict that the economy will generate employment growth of
more than 2%in 2005,or nearly 220,000 Jobs per month. The forecasters anticipate that the consumer price index will rise 3.1% in 2004.
However,they expect oil prices will fall from around$55 per barrel to about$35 per barrel by the end of 2005.
The Fed raised the Fed funds rate by 25 basis points on their November 10th meeting. This brings the current Fed Funds rate to 2.00%.
Fed watchers expect that the Fed will gradually raise the rate to a neutral level that neither stimulates or dampens economic growth.
Some believe that "neutral " level is around 3.5 to 4.5 percent. Although the Fed Funds rate has been rising, long -term interest rates
have declined,in part,due to the depressing effect that high energy costs have on economic growth.
Key Rates 29-0Ct Year Ago
Fed Funds Rate 1.82% 1.02%
Certificates of Deposit: 3 month 2.12% 1.10%
6 month 2.26% 1.18%
Treasury Bill: 91 day 1.86% 0.94%
52 Week 2.29% 1.31%
Interest Rate Outlook December-04 February-05 May-05
Fed Funds 2.00% 2.10% 2.50%
30 day prime bank CD 1.70% 2.00% 2.30%
3 Month T-Bill Yield 2.10% 2.20% 2.60%
*Source:
GFOA,"Public Investor," November 5,2004
Evare Market Data
OFirst Southwest-Daily Market Updates
F-12