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BCRUA-2025-014 - 6/25/2025
RESOLUTION NO. BCRUA-2025-014 WHEREAS, Chapter 2256, Texas Government Code, Section 2256.023 of the Public Funds Investment Act states that a written report of investments be submitted to the governing body at least quarterly; and WHEREAS, a Quarterly Investment Report for the quarter ending March 31, 2025 for the Brushy Creek Regional Utility Authority ("BCRUA") has been submitted to the Board of Directors; and WHEREAS, the Board of Directors desires to acknowledge the receipt and acceptance of the attached BCRUA Quarterly Investment Report,Now Therefore BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BRUSHY CREEK REGIONAL UTILITY AUTHORITY: That the BCRUA Quarterly Investment Report, attached hereto as Exhibit "A" and incorporated herein, is hereby received and accepted. The Board of Directors hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended. RESOLVED this 25th day of June, 2025. NA'COLE THOM ON, President Brushy Creek Regional Utility Authority ATT ST: REN FLORES, Secr tary 0330.4634-A,4931-4456-7117 Quarterly Investment Report 2 OBSERVATIONS AND EXPECTATIONS •Market participants are expecting about three Federal Reserve rate cuts for 2025 •Fed Chair Powell recently stated that the labor market is stable •The Fed’s preferred inflation gauge remains above their target •Short-term and intermediate-term interest rates where slightly lower for March •The Federal Reserve expressed at their most recent meeting (March) they plan to cut the Fed Funds rate by .50% this year. •At the end of March, the futures market was pricing in about .75% of cuts this year. 2 SOURCE: BLOOMBERG AS OF 3/31/25 4.28% 4.13% 3.96% 3.80% 3.70% 3.57% 4.33% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% May 25 Jun 25 Jul 25 Sep 25 Oct 25 Dec 25 Upcoming Fed Meeting Months 2025 Fed Funds Rate Per Futures Market by Fed Meeting Months 3 •The current rate of 4.1% is an extremely low rate of unemployment by historical standards. •Fed Chair Powell recently stated that the labor market remains solid, with their estimate of the unemployment rate trending only slightly higher to 4.4% this year. •Core Personal Consumption Expenditure YoY is the Fed’s preferred inflation gauge. Core excludes food and energy components. •Core PCE YoY is currently at 2.8%, not quite at the Fed’s 2% target, but far below the 5.6% peak in 2022. •Economists surveyed by Bloomberg expect Core PCE YoY will stay above the Fed’s target and finish the full year of 2025 at 2.5%.3 SOURCES: BLOOMBERG, BUREAU OF LABOR STATISTICS SOURCES: BLOOMBERG, BUREAU OF ECONOMIC ANALYSIS 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0% 2% 4% 6% 8% 10% 12% 14% 16% U.S. Unemployment Rate 2.8% 0% 1% 2% 3% 4% 5% 6% Core PCE YoY Fed’s Target of 2% 4 Treasury Rates Were Mixed for the Month of March SOURCE: BLOOMBERG4 3.60 3.80 4.00 4.20 4.40 4.60 4.80 3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 20Y 30Y U.S. Treasury Yield Curve Change 3/31/25 2/28/25 0 (5)(6) (10)(9)(7)(4) 0 8 9 -20 -15 -10 -5 0 5 10 15 3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 20Y 30Y Basis Point Change The undersigned acknowledge they have reviewed this quarterly investment report for the period ending March 31, 6 Contents 7 8 9 10 11 13 Cash Reconciliation Report 17 Transaction Statement 18 19 20 22 24 Change in Value 25 7 Par Value $166,575,915 $165,769,936 Book Value $166,424,372 Market Value $166,424,372 Unrealized Gain/Loss $0 $54,363 •1 67.43%•1 18.24%•1 14.33% 3.60 0.02 0.02 0.02 8 BEGINNING BOOK VALUE $168,577,160.08 BEGINNING MARKET VALUE $168,577,334.53 $174.46 0.06 2.65 $166,424,371.85 $166,424,371.85 $1,194,010.21 $0.00 0.02 3.60 9 CHANGE 4,556,252.84 5,494,166.42 937,913.58 60,225.19 29,832,998.34 29,096,043.04 344,373.19 7,390,128.79 7,469,917.51 79,788.72 79,788.72 10,865,047.18 9,926,968.54 114,499.02 0.00 21,335,989.70 21,335,989.70 55,585.70 0.00 18,698,619.68 18,698,619.68 48,714.68 27,264,370.37 24,856,382.04 287,505.24 14,869,824.03 15,173,382.29 303,558.26 159,005.61 38,955,393.49 17,674,989.49 0.00 3,505,803.49 4,010,302.14 504,498.65 44,312.86 31,337,516.00 12,687,611.00 0.00 TOTAL 10 Overview PAR VALUE MARKET VALUE BOOK VALUE 30,362,600.49 30,362,600.49 30,362,600.49 18.24% 1 0.00 112,213,314.42 112,213,314.42 112,213,314.42 67.43% 1 4.32 24,000,000.00 23,848,456.94 23,848,456.94 14.33% 51 4.80 TOTAL 0.00 0.00 CURRENT QUARTER 1,194,010.21 11 PAR VALUE BOOK VALUE 1 5,494,166.42 5,494,166.42 3.30 4.36 1 TOTAL 2 5,247,586.10 5,247,586.10 3.15 4.36 1 4 24,000,000.00 23,848,456.94 14.33 4.80 51 TOTAL 1 7,469,917.51 7,469,917.51 4.49 4.36 1 TOTAL 1 9,926,968.54 9,926,968.54 5.96 4.36 1 TOTAL 1 21,335,989.70 21,335,989.70 12.82 4.36 1 TOTAL 1 18,698,619.68 18,698,619.68 11.24 4.36 1 TOTAL 1 24,856,382.04 24,856,382.04 14.94 4.36 1 TOTAL 12 PAR VALUE BOOK VALUE 1 15,173,382.29 15,173,382.29 9.12 4.23 1 TOTAL 1 17,674,989.49 17,674,989.49 10.62 0.00 1 TOTAL 2 4,010,302.14 4,010,302.14 2.41 3.66 1 TOTAL 1 12,687,611.00 12,687,611.00 7.62 0.00 1 TOTAL 13 PAR VALUE MARKET PRICE MARKET VALUE VALUE MV RATING TexStar Master Con struction 03/31/2025 03/31/2025 5,494,166.42 5,494,166.42 0.00 5,494,166.42 4.36 1 1.00 5,494,166.42 0.00 5,494,166.42 3.30 NA NA PARK 03/31/2025 03/31/2025 5,247,583.36 5,247,583.36 0.00 5,247,583.36 4.36 1 1.00 5,247,583.36 0.00 5,247,583.36 3.15 03/31/2025 03/31/2025 2.74 2.74 0.00 2.74 0.00 1 1.00 2.74 0.00 2.74 0.00 NA COMMERCIAL PAPER 08/13/2024 08/14/2024 6,500,000.00 6,289,878.47 0.00 6,289,878.47 4.89 04/16/2025 16 99.80 6,487,135.42 0.00 6,487,135.42 3.90 05/02/25 08/13/2024 08/14/2024 7,500,000.00 7,240,631.25 0.00 7,240,631.25 4.91 05/02/2025 32 99.59 7,469,193.75 0.00 7,469,193.75 4.49 22533TS98 05/09/25 08/13/2024 08/14/2024 5,000,000.00 4,828,033.33 0.00 4,828,033.33 4.76 05/09/2025 39 99.51 4,975,616.67 0.00 4,975,616.67 2.99 08/15/25 11/19/2024 11/20/2024 5,000,000.00 4,835,477.78 0.00 4,835,477.78 4.55 08/15/2025 137 98.33 4,916,511.11 0.00 4,916,511.11 2.95 COMMERCIAL PA PER TOTAL AA- AA- 14 PAR VALUE MARKET PRICE MARKET VALUE VALUE MV RATING 03/31/2025 03/31/2025 7,469,917.51 7,469,917.51 0.00 7,469,917.51 4.36 1 1.00 7,469,917.51 0.00 7,469,917.51 4.49 NA NA TexStar Round Rock 03/31/2025 03/31/2025 9,926,968.54 9,926,968.54 0.00 9,926,968.54 4.36 1 1.00 9,926,968.54 0.00 9,926,968.54 5.96 NA NA 03/31/2025 03/31/2025 21,335,989.70 21,335,989.70 0.00 21,335,989.70 4.36 1 1.00 21,335,989.70 0.00 21,335,989.70 12.82 NA NA TexStar Round Rock 03/31/2025 03/31/2025 18,698,619.68 18,698,619.68 0.00 18,698,619.68 4.36 1 1.00 18,698,619.68 0.00 18,698,619.68 11.24 NA 15 PAR VALUE MARKET PRICE MARKET VALUE VALUE MV RATING NA 03/31/2025 03/31/2025 24,856,382.04 24,856,382.04 0.00 24,856,382.04 4.36 1 1.00 24,856,382.04 0.00 24,856,382.04 14.94 NA NA 03/31/2025 03/31/2025 15,173,382.29 15,173,382.29 0.00 15,173,382.29 4.23 1 1.00 15,173,382.29 0.00 15,173,382.29 9.12 AAA AAA 03/31/2025 03/31/2025 17,674,989.49 17,674,989.49 0.00 17,674,989.49 0.00 1 1.00 17,674,989.49 0.00 17,674,989.49 10.62 TOTAL AAA AAA 16 PAR VALUE MARKET PRICE MARKET VALUE VALUE MV RATING 2550665125 03/31/2025 03/31/2025 761,856.21 761,856.21 0.00 761,856.21 0.68 1 1.00 761,856.21 0.00 761,856.21 0.46 TexStar Master Op erating 03/31/2025 03/31/2025 3,248,445.93 3,248,445.93 0.00 3,248,445.93 4.36 1 1.00 3,248,445.93 0.00 3,248,445.93 1.95 NA NA 03/31/2025 03/31/2025 12,687,611.00 12,687,611.00 0.00 12,687,611.00 0.00 1 1.00 12,687,611.00 0.00 12,687,611.00 7.62 TOTAL AAA AAA AA 17 PAR VALUE PRINCIPAL AMOUNT COUPON 01/10/2025 0.00 01/10/2025 0.00 180,375.00 COUPON TOTAL PAR VALUE PRINCIPAL AMOUNT 01/10/2025 01/10/2025 7,500,000.00 18 PAR VALUE BOOK VALUE TOTAL NET 01/10/2025 01/10/2025 7,500,000.00 7,500,000.00 0.00 19 PAR VALUE ORIGINAL PREMIUM OR BEGINNING BOOK VALUE CURRENT VALUE TOTAL AMORTIZATION BALANCE 6,500,000.00 6,289,878.47 6,409,947.92 77,187.50 6,487,135.42 197,256.95 22533TS98 5,000,000.00 4,828,033.33 4,917,866.67 57,750.00 4,975,616.67 147,583.34 5,000,000.00 4,835,477.78 4,861,261.11 55,250.00 4,916,511.11 81,033.33 7,500,000.00 7,240,631.25 7,379,756.25 89,437.50 7,469,193.75 228,562.50 TOTAL 7,500,000.00 7,499,062.50 7,499,975.54 24.46 0.00 937.50 0.00 TOTAL 20 PAR VALUE PRINCIPAL BEGINNING CURRENT ACCRUAL TexStar Master Construction 5,494,166.42 5,494,166.42 0.00 0.00 60,225.19 60,225.19 0.00 TOTAL 6,500,000.00 6,289,878.47 0.00 0.00 0.00 0.00 0.00 22533TS98 5,000,000.00 4,828,033.33 0.00 0.00 0.00 0.00 0.00 5,000,000.00 4,835,477.78 0.00 0.00 0.00 0.00 0.00 7,500,000.00 7,240,631.25 0.00 0.00 0.00 0.00 0.00 5,247,583.36 5,247,583.36 0.00 0.00 64,748.18 64,748.18 0.00 2.74 2.74 0.00 0.00 0.01 0.01 0.00 TOTAL 7,469,917.51 7,469,917.51 0.00 0.00 79,788.72 79,788.72 0.00 TOTAL TexStar Round Rock 9,926,968.54 9,926,968.54 0.00 0.00 114,499.02 114,499.02 0.00 TOTAL 21,335,989.70 21,335,989.70 0.00 0.00 55,585.70 55,585.70 0.00 TOTAL TexStar Round Rock 18,698,619.68 18,698,619.68 0.00 0.00 48,714.68 48,714.68 0.00 21 PAR VALUE PRINCIPAL BEGINNING CURRENT ACCRUAL TOTAL 24,856,382.04 24,856,382.04 0.00 0.00 287,505.24 287,505.24 0.00 TOTAL 15,173,382.29 15,173,382.29 27,733.37 0.00 149,962.40 123,333.26 54,362.51 01/10/2025 0.00 0.00 171,356.25 0.00 9,018.75 180,375.00 0.00 TOTAL 17,674,989.49 17,674,989.49 0.00 0.00 0.00 0.00 0.00 TOTAL TexStar Master Operating 3,248,445.93 3,248,445.93 0.00 0.00 43,272.46 43,272.46 0.00 2550665125 761,856.21 761,856.21 0.00 0.00 1,040.40 1,040.40 0.00 TOTAL 12,687,611.00 12,687,611.00 0.00 0.00 0.00 0.00 0.00 TOTAL 22 VALUE BEGINNING BOOK VALUE VALUE COUPON RATE NET AMORTIZATION/ ACCRETION INCOME TexStar Master Construction 5,494,166.42 4,556,252.84 5,494,166.42 03/31/2025 0.00 4.36 60,225.19 0.00 0.00 60,225.19 TOTAL 6,500,000.00 6,409,947.92 6,487,135.42 04/16/2025 0.00 4.89 0.00 77,187.50 0.00 77,187.50 2.74 2.73 2.74 03/31/2025 0.00 0.00 0.01 0.00 0.00 0.01 22533TS98 5,000,000.00 4,917,866.67 4,975,616.67 05/09/2025 0.00 4.76 0.00 57,750.00 0.00 57,750.00 5,000,000.00 4,861,261.11 4,916,511.11 08/15/2025 0.00 4.55 0.00 55,250.00 0.00 55,250.00 7,500,000.00 7,379,756.25 7,469,193.75 05/02/2025 0.00 4.91 0.00 89,437.50 0.00 89,437.50 5,247,583.36 6,264,163.67 5,247,583.36 03/31/2025 0.00 4.36 64,748.18 0.00 0.00 64,748.18 TOTAL 7,469,917.51 7,390,128.79 7,469,917.51 03/31/2025 0.00 4.36 79,788.72 0.00 0.00 79,788.72 TOTAL TexStar Round Rock 9,926,968.54 10,865,047.18 9,926,968.54 03/31/2025 0.00 4.36 114,499.02 0.00 0.00 114,499.02 TOTAL 21,335,989.70 0.00 21,335,989.70 03/31/2025 0.00 4.36 55,585.70 0.00 0.00 55,585.70 TOTAL TexStar Round Rock 18,698,619.68 0.00 18,698,619.68 03/31/2025 0.00 4.36 48,714.68 0.00 0.00 48,714.68 23 VALUE BEGINNING BOOK VALUE VALUE COUPON RATE NET AMORTIZATION/ ACCRETION INCOME TOTAL 24,856,382.04 27,264,370.37 24,856,382.04 03/31/2025 0.00 4.36 287,505.24 0.00 0.00 287,505.24 TOTAL 4.81 01/10/2025 0.00 7,499,975.54 0.00 01/10/2025 4.81 4.82 9,018.75 24.46 0.00 9,043.21 15,173,382.29 7,369,674.03 15,173,382.29 03/31/2025 4.22 4.23 149,962.40 0.00 0.00 149,962.40 TOTAL 17,674,989.49 38,955,393.49 17,674,989.49 03/31/2025 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL 2550665125 761,856.21 757,026.15 761,856.21 03/31/2025 0.00 0.68 1,040.40 0.00 0.00 1,040.40 TexStar Master Operating 3,248,445.93 2,748,777.34 3,248,445.93 03/31/2025 0.00 4.36 43,272.46 0.00 0.00 43,272.46 TOTAL 12,687,611.00 31,337,516.00 12,687,611.00 03/31/2025 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL 24 AMOUNT PARK 05/02/2025 7,500,000.00 22533TS98 05/09/2025 5,000,000.00 08/15/2025 5,000,000.00 25 PAR VALUE BEGINNING BOOK VALUE BEGINNING MARKET VALUE CHANGE IN BOOK VALUE CHANGE IN MARKET VALUE VALUE VALUE TexStar Master Construction 5,494,166.42 4.36 03/31/2025 60,225.19 60,225.19 4,556,252.84 4,556,252.84 1,619,131.70 937,913.58 937,913.58 5,494,166.42 5,494,166.42 TOTAL PARK 2.74 0.00 03/31/2025 0.01 0.01 2.73 2.73 0.01 0.00 0.01 0.01 2.74 2.74 5,247,583.36 4.36 03/31/2025 64,748.18 64,748.18 6,264,163.67 6,264,163.67 0.00 5,247,583.36 5,247,583.36 6,500,000.00 4.89 08/13/2024 04/16/2025 0.00 0.00 6,409,947.92 6,409,947.92 0.00 0.00 77,187.50 77,187.50 6,487,135.42 6,487,135.42 7,500,000.00 4.91 08/13/2024 05/02/2025 0.00 0.00 7,379,756.25 7,379,756.25 0.00 0.00 89,437.50 89,437.50 7,469,193.75 7,469,193.75 22533TS98 5,000,000.00 4.76 08/13/2024 05/09/2025 0.00 0.00 4,917,866.67 4,917,866.67 0.00 0.00 57,750.00 57,750.00 4,975,616.67 4,975,616.67 5,000,000.00 4.55 11/19/2024 08/15/2025 0.00 0.00 4,861,261.11 4,861,261.11 0.00 0.00 55,250.00 55,250.00 4,916,511.11 4,916,511.11 TOTAL PARK 7,469,917.51 4.36 03/31/2025 79,788.72 79,788.72 7,390,128.79 7,390,128.79 79,788.72 0.00 79,788.72 79,788.72 7,469,917.51 7,469,917.51 TOTAL ROCK TexStar Round Rock 9,926,968.54 4.36 03/31/2025 114,499.02 114,499.02 10,865,047.18 10,865,047.18 0.00 9,926,968.54 9,926,968.54 TOTAL 26 PAR VALUE BEGINNING BOOK VALUE BEGINNING MARKET VALUE CHANGE IN BOOK VALUE CHANGE IN MARKET VALUE VALUE VALUE 21,335,989.70 4.36 03/31/2025 03/31/2025 55,585.70 55,585.70 0.00 0.00 21,335,989.70 0.00 21,335,989.70 21,335,989.70 21,335,989.70 21,335,989.70 TOTAL ROCK TexStar Round Rock 18,698,619.68 4.36 03/31/2025 03/31/2025 48,714.68 48,714.68 0.00 0.00 18,698,619.68 0.00 18,698,619.68 18,698,619.68 18,698,619.68 18,698,619.68 TOTAL 24,856,382.04 4.36 03/31/2025 287,505.24 287,505.24 27,264,370.37 27,264,370.37 0.00 24,856,382.04 24,856,382.04 TOTAL 01/10/2025 0.00 4.82 01/29/2024 01/10/2025 9,018.75 180,375.00 7,499,975.54 7,500,150.00 0.00 0.00 0.00 15,173,382.29 4.23 03/31/2025 149,962.40 123,333.26 7,369,674.03 7,369,674.03 7,803,708.26 0.00 7,803,708.26 7,803,708.26 15,173,382.29 15,173,382.29 TOTAL 27 PAR VALUE BEGINNING BOOK VALUE BEGINNING MARKET VALUE CHANGE IN BOOK VALUE CHANGE IN MARKET VALUE VALUE VALUE 17,674,989.49 0.00 03/31/2025 0.00 0.00 38,955,393.49 38,955,393.49 0.00 0.00 17,674,989.49 17,674,989.49 TOTAL TexStar Master Operating 3,248,445.93 4.36 03/31/2025 43,272.46 43,272.46 2,748,777.34 2,748,777.34 922,087.83 499,668.59 499,668.59 3,248,445.93 3,248,445.93 2550665125 761,856.21 0.68 03/31/2025 1,040.40 1,040.40 757,026.15 757,026.15 22,259.37 4,830.06 4,830.06 761,856.21 761,856.21 TOTAL 12,687,611.00 0.00 03/31/2025 0.00 0.00 31,337,516.00 31,337,516.00 0.00 0.00 12,687,611.00 12,687,611.00 TOTAL Disclosure Meeder provides monthly statements for its investment management clients to provide information about the investment portfolio.The information should not be used for auditor confirmation purposes.Please reviewyour custodial statements and report any inaccuracies or discrepancies. Certain information and data has been supplied by unaffiliated third parties.Although Meader believes the information is reliable,it cannot warrant the accuracy of information offered by third parties.Market value may reflect prices received from pricing vendors when current market quotations are not available.Prices may not reflect firm bids or offers and may differ from the value at which the security can be sold. Statements may include positions from unmanaged accounts provided for reporting purposes.Unmanaged accounts are managed directly by the client and are not included in the accounts managed by Meader.This information is provided as a client convenience and Meeder assumes no responsibility for performance of these accounts or the accuracy of the data reported. Investing involves risk.Past performance is no guarantee of future results.Debt and fixed income securities are subject to credit and interest rate risk.The investment return and principal value of an investment will fluctuate so that an investors shares,when redeemed,may beworth more or less than their original cost.Current performance may be lower or higher than the performance data quoted. Investment advisory services provided by Meeder Public Funds,Inc.Please contact us if you would like to receive a copy of our current ADV disclosure brochure or privacy policy. ©2024 Meeder Investment Management meederpublidunds.com 1866.633.3371 / M E E D E R PUBLIC FUNDS