2010081601 - Investment reports for fourth fiscal quarterwx <
'.411
COUNCIL AGENDA REPORT
!ps GAMS
DATE: AUGUST 5, 2010
TO: MAYOR AND TOWN COUNCIL
FROM: GREG CARSON, TOWN MANAGER
MEETING DATE: 08/16/10
ITEM NO. ,
U ~,~Co l~ o~i
SUBJECT: INV ESTMENT REPORTS FOR FOURTH FISCAL QUARTER 09/10 (APRIL
THROUGH JUNE 2010)
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance are the Investment reports for the fourth quarter of the
current fiscal year 09/10.
In looking back at the last year, the Town's portfolio returns have dropped from an average of 2.5%
to 1.92%. The decline is mostly due to investments maturing and being reinvested at lower rates.
This rate of return is still significantly higher than LAIF (.53 %) and the decline in returns is less than
the decline for LAIF for the same period (.58% decline for Town vs..85% for LAIF).
The Prime Rate has been at 3.25% since December 2008. It does not appear that rates will increase
in the foreseeable future.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Investrnent reports for the fourth fiscal quarter (April through June 2010).
PREPARED BY: S E ONWAY
Financ Administrative Services Director/ Town Treasurer
Reviewed by: -Town Manager 5 Assistant Town Manager own Attorney
_ClerkinanceCommunity Developmen Revised: 8/6/10 9:31 am
Reformatted: 5/30/02
Town of Los Gatos
Investment Report
for the month ended
Apri130, 2010
Prepared by
Linda L. Speicher, Project Manager
08/05/10
Town of Los Gatos
Summary Investment Information
April 30, 2010
Weighted Average Portfolio Yield: 2.01%
This Month Last Month
Portfolio Balance $76,501,897 $71,142,101
Benchmarks/ References:
Town's Average Yield
LAIF Yield for month
3 mo. Treasury
6 mo. Treasury
2 yr. Treasury
5 yr. Treasury (most recent)
Prime rate
Weighted Average Maturity (days) 411
One year aeo
$84,683,677
2.01% 2.07% 2.75%
0.55% 0.55% 1.61%
0.15% 0.15% 0.14%
0.24% 0.24% 0.31%
1.02% 1.00% 0.95%
2.54% 2.61% 1.94%
3.25% 3.25% 3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (04/21/10) 1.63%
2 yr. Fannie Mae (04/29/10) 0.01%
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
and also in compliance with the requirements of Section 53601 of the California State Code. Based on the information available, the
Town has sufficient funds to meet the cash demands for the next six months.
Page 2
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
Apri130, 2010
Month YTD
Fund Balances- Beginning ofMonth/Period $71,142,100.59 $85,021,578.85
Receipts 8,319,893.65 35,967,261.61
Disbursements (2,960,097.16) (44.486,943.381
Fund Balances - End ofMonth/Period $76,501,897.08 $76,501,897.08
Portfolio Allocation
Union MM $15,989.24
US Govt Agencies 44,967,710.04
Local Agency Investment Fund 20,961,024.85
Subtotal -Investments 65,944,724.13
Reconciled Demand Deposit Balances 10.557,172.95
Total Treasurer's Eund $76,501,897.08
Portfolio Investment Allocation
Union MM
0.0%
reasury, Agencies,
& Corp. Notes
57.8
Treasurer's Fund Balances
0
a
6
page 2
Town of Los Gatos
Nan-Treasury Restricted Fund Balances
April 30, 2010
Previous Ending
Balance De°osits Interest Withdrawals Balance
Non-Treasury Funds
Downtown Parking District 12/20/02 $278,465.65 $383.66 $278,849.31 xore t
Certificates of Participation Reserve Fund (Lot 4) 254,136.26 0.00 254,136.26 xom z
Cert. of Participation Lease Payment Fund (Lo[ 4) 144,04L68 20,770.83 0.00 169,812.51 Naces
Cert. of Participation 2002 Series A Const. Fund 146,040.66 0.00 146,040.66 Nate 4
Cert. of Participation 2002 Series A Reserve Fund 686,25 L 19 5.85 5.85 686,251.19 rote a
Cert. Of Participation 2002 Series A Interest Fund 0.00 0.00 0.00 0.00 rote a
Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 Note a
Total Restricted Funds: $1,513,935.44 $20,770.83 $389.51 $5.85 $ 1,535,089.93
These accounts are not part of [he Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note l: This account include redemption accounts set up far [he repayment of interest and principal on outstanding
bond coupons for Parking Assessment District'3', as well as Reserve Funds set up as required by the original Bond resolution.
Note 2: The reserve fund was a requirement of the original certificates oFparticipation agreement when Lot 4 was built. It helps
[o guarantee payment of the (ease payments should the Town not make payment.
Note 3: The lease payment fund receives [he lease payments from the Town monthly for the lease of Lo[ 4. It holds the funds until
payments on [he certificates of participation are due semi-annually.
Note 4: The three (ands for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
nez[ few years, reserve funds which will gnaramee the payment of lease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Page 3
Town of Los Gatos
Statement of Interest Earned
April 30, 2010
Current Fiscal
Month Year to Date
Interest received frominvestments $183,124.94 $1,526,072.57
Add: Interest accrued at end of period (see page 5) 161,268.33 161,268.33
Less: Interest accrued at beginning of period (235, 18SJ4) (474,569.94)
Interest earned on investments $109,204.33 $1,212,770.96
Interest by Month
July 2009 137,073. 40
August 2009 138,131. 40
September 2009 125,783. 09
October 2009 128,398. 98
November 2009 121,548. 33
December 2009 115,813. 02
January 2010 ] 16,203. 67
February 2010 104,171. 01
March 2010 116,443. 73
April 2010 109,204. 33
May 2010
June 2010
1,212,770.96
Page 4
Tmvn of Los Gatos
Inactive Deposits by Institution
Market to Cast Position Rep ort
Apri130, 2010
Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest
Institution Securi Date Cost Date Elapsed Maluri Invested Maturi Earned Received Accrued
USTreasury Note 04/]5/10 999,375.00 03/]5/12 IS 685 700 1.054% 432.88 432 gg
FHLMC(4) Corpomte Note 02/03/10 1,005,650.00 1l/05/12 86 920 1006 1.793% 4,248.47 4
g7
2gg
FFCB Coupon Note 04/23/10 1,500,585.00 04/16/12 7 717 724 1,174% 337.86 ,
,
337
86
FFII,B Coupon Note 08/22/06 1,507,665.00 06/II/!0 1347 42 1389 4.957% 275,802.69 253
875.00 .
21
927
69
FHLB Coupon Note 01/12/07 1,487,205.00 08/10/l0 1204 102 1306 4.960% 243,324.67 ,
216
983.33 ,
.
26
341
34
FHLB Coupon Note 03/23/09 1,049,400.00 08/16/10 403 108 511 1.284% 14,877.10 ,
43,604.17 ,
.
(28
727.07)
USTreasury Note 05/31/07 737,226.56 l0/IS/10 1065 168 1233 4.801% 103,273.63 91
618.85 ,
11
654
78
FFCB Coupon Note 12/07/07 2,032,140.00 11/08/(0 875 192 1067 3.715% 180,978.77 ,
165
072.22 ,
.
15
906
55
FHLB Coupon Note 03/23/09 1,040,160.00 12/l0/LO 403 224 627 1.485% 17,054.49 ,
27,555.56 ,
.
(10
501.07)
FFCB Coupon NOle 01/18/07 756,922.50 Ol/18/1l 1198 263 1461 3.175% 78,878.58 52,500.00 ,
26
378.58
FFCB Coupon Note 11/28/07 2,062,000.00 02/18/11 884 294 1178 3.540% 191,769.39 216,666.67 ,
(24
897.28)
USTreasury Note 06/12/09 1,987,187.50 03/31/11 322 335 657 0.875% 15,339.45 14,009.56 ,
1
329.89
FNMA Coupon Note 09/29/06 1,516,485.00 04/15/11 1309 350 1659 4.874% 265,076.01 272,479.]7 ,
(7,403.16)
Treasury Note 11/16/09 753,515.63 05/3]/11 165 396 561 0.568% 1,934.78 251.02 1
683.76
FI-ll-B Coapon Note 06/08/09 1,988,018.60 06/03/11 326 399 725 1.432% 25,426.59 10,937.50 ,
14
489
09
USTreasury Note 08/05/09 1,992,187.50 07/31/11 268 457 725 1.196% 17,494.57 9,fi73.91 ,
.
7
820.66
Treasury Note 09/21/09 2,000,000.00 08/31/11 221 488 709 1.032% 12,49210 8,839.78 ,
3
657
32
USTreasury Note 10/19/06 990,078.13 09/30/11 1289 SIS 1807 4.721% ]65,068.24 155,151.10 ,
.
9
917
14
FFCB Coupon Note 03/01/10 750,000.00 10/26/11 60 544 604 0.950% 1,17L23 1,088.54 ,
.
82
69
FFCB Coupon NO[e 12/12/07 2,025,080.00 1121/LI 870 570 1440 4.000% 193,076.12 168,683.33 .
24
392.79
FFCB Coupon Note 02/22/07 986,080.00 12/08/11 1163 587 1750 4.959% 155,809.20 129,243.06 ,
26
566.14
USTreasury Note 12/31/09 1,497,539.06 12/31/11 120 610 730 1.083% 5,332.06 ,
5
332.06
FNMA Coupon Note 12/08/09 1,991,380.00 01/12/12 143 622 765 1.073% 8,371.38 1,652.78 ,
6
718.60
FFCB Coupon Note 0721/09 1,012,800.00 01/17/12 283 627 910 1.472% 11,559.13 9,777]8 ,
1
781.35
FHLB Coupon Note 05/09/07 1,509,255.00 03/09/12 1087 679 1766 4.743% 213,182.93 212,500.00 ,
682.93
FNMA Coupon Note 0428/10 999,900.00 12/28/12 2 973 975 1.804% 98,84 9g gq
FHLB (3) Coupon Note 11/06/09 1,200,000.00 08/06/12 175 829 1004 0.740% 4,257.53 2,175.00 2
082.53
F1ILB Coupon Note 1129/07 2,038,360.00 08/15/12 883 838 1721 4.170% 205,629.20 204,527.78 ,
1
101.42
GE Corporate Note 01/16/08 1,542,165.00 (0/19/12 835 903 1738 4.587% 161,827.82 177,843.75 ,
(16,015.93)
FNMA (7) Coupon Note 02/09/10 1,005,850.00 01/28/13 80 1004 1084 1.820% 4,012.38 4,012.38
FNMA Coupon NOte 03/25/10 998,580.00 03/25/13 36 1060 1096 1.899% 1,870.33 1
870.33
FHLMC(8) Coupon Note 02/01/10 1,998,300.00 01/29/15 88 1735 1823 3.703% 17,840.38 ,
17
840.38
Subtotal 44,961,090.48 ,
Union MM 15,989.24 30 30 0.05% 0.66 0
66
Purchased Interest 6,6I9.Sfi .
LAIF N/A 03/31/10 20,961,024.85 06/30/10 30 61 91 0.55% 10,]23.72 10,123.72
$65,944,724.13 41 I 2 Ol % $2 607 978 19 $2 446 709 86 $] 61 268 33
Maturity Profile Amount Percent
0-l year $35,160,025.21 53.32%
1-2 years $19,995,893.92 30.32%
2-3 years $8,790,505.00 13.33%
3-5 years $1,998,300.00 3.03%
$65,944,724.13 100.00
Market to Co st Position Repo rt e
Amortized Market Unrealized * Source: " treasury and Agency Obligati ons -Union Bank of California
Institution Cost Value* Gain (Loss) LAIF bala nces per Local Agency Investment Fund monthl y statement.
Union Bank A ssets $44,961,090.48 $45,632,358.50 671,268.02
Union MM 15,989.24 15,989.24 0.00
Purchased interest 6,619.56 6,619.56 0.00
LAIF 20,961,024.85 20 961 024 85 0 00
Totals: $65,944,724.13 $fi6,615,992 IS $67126802
(I) Callable qu arterly beginning 0128/10
(2) Callable qu arterly beginning 7/29/10 Coupon rate increases I % annually
(3) Callable on ce on 8/6/10
(4) Callable qu arterly beginning 7/29/10 Coupon rate increases I % annually
(5) Callable on ce on 2/03/10
(6) Callable on ce on 04/20/10
page 5
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Town of Los Gatos
Investment Report
for the month ended
May 31, 2010
Prepared by
Linda L. Speicher, Project Manager
08/05/10
Town of Los Gatos
Summary Investment Information
May 31, 2010
Weighted Average Portfolio Yield: 2.01%
This Month Last Month
Portfolio Balance $73,910,872 $76,501,897
Benchmarks/ References:
Town's Average Yield
LAIF Yield for month
3 mo. Treasury
6 mo. Treasury
2 yr. Treasury
S yr. Treasury (most recent)
Prime rate
Weighted Average Maturity (days) 379
One vear aQo
$85,752,612
2.01% 2.01% 2.59%
0.56% 0.55% 1.53%
0.17% 0.15% 0.18%
0.22% 0.24% 0.31%
0.77% 1.02°(0 0.94%
2.13% 2.54% 2.31%
3.25% 3.25% 3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (05/19/10) 1.51%
2 yr. Fannie Mae (04/29/10) 0.01%
Portfolio Maturity Profile
3 - 5 years
2 - 3 years 3 ~0
13 / --
0 - 1 year
1 - 2 years 4r ~ 550
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
and also in compliance with the requirements of Section 53601 of the California State Code. Based on the information available, the
Town has sufficient funds to meet the cash demands for the next six months.
Page 2
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
May 31, 2010
Month YTD
Fund Balances - Beginning of Month/Period $76,501,897.08 $85,021,578.85
Receipts 2,626,528.06 38,593,789.67
Disbursements (5,217,553.14) (49.704.496.521
Fund Balances - End ofMonth/Period $73,910,872.00 $73,910,872.00
Portfolio Allocation:
Union MM $112,519.09
US Govt Agencies 44,962,821.15
Local Agency Investment Fund 20,961,024.85
Subtotal -Investments 66,036,365.09
Reconciled Demand Deposit Balances 7.874,506.91
Total Treasurer's Fand $73,910,872.00
Portfolio Investment Allocation
Union MM
0.2%
!~_
Local Agency [nvesanent Fund
l 31.7%
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Fund Balances
page 2
Town of Los Gatos
Non-Treasury Restricted Fund Balances
May 31, 2010
Previous Ending
Balance Deposits Interest Withdrawals Balance
Non-Treasury Funds
Dowmtown Parking District 1220/02 $278,849.31 $371.80 $279,221.11 nom t
Certificates of Participation Reserve Fund (Lot 4) 254,136.26 0.00 254,136.26 Nome
Cert. of Participation Lease Payment Fund (LOI 4) 169,812.51 0.00 169,812.51 Nore a
Cert. of Participation 2002 Series A Const. Fund 146,040.66 199.55 146,240.21 Note 4
Cert. of Participation 2002 SeriesAReserve Fund 686,25E 19 S.fi6 5.66 686,251.19 Nom4
Cert. Of Participation 2002 Series A Interest Fund 0.00 0.26 0.26 0.00 Note 4
Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 Nore 4
Total Restricted Funds: $1535,089.93 $0.00 $577.27 $5.92 $1,535,661.28
These accounts are not part of the Treasurer's fund balances reported elsewhere in this report, as they are far separate and distinct
entities.
Nole 1: This account include redemption accounts set up For the repayment of interest and principal on outsmrrding
bond ceupons for Parking Assessment District'3', as well as Reserve Funds setup as required by the original Bond resolution.
Note 2: The reserve fund was a requirement ofthe original certificates of participation agreement when Lot 4 was built. It helps
[o guarantee payment of [he lease payments should [he Town not make payment.
Note 3: The lease payment fund receives the (ease payments From the Town monthly for the lease of Lot 4. It holds the Funds until
payments on the certificates of participation are due semi-annually.
Note 4: The three funds for [he Certificates ofParticipa[ion 2002 Series A consist ofconstruction funds which will be expended over the
next few years, reserve funds which will guarantee the payment of ]ease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Page 3
Town of Los Gatos
Statement of Interest Earned
May 31, 2010
Interest received from Investments
Add: Interest accrued a[ end of period (see page 5)
Less: Interest accrued at beginning of period
Interest earned on investments
Current Fiscal
Month Year to Date
$92,400.47 $1,618,473.04
182,227.13 182,227.13
(161,268.33) (474.569.94)
$113,359.27 $1,326,130.23
interest by Month
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 20L0
137,073.40
138,131.40
125,783.09
128,398.98
121,548.33
115,813.02
116,203.67
104,171.01
116,443.73
109,204.33
113,359.27
1,326,130.23
Page 4
Town of Los Gatos
Inact ive Deposits by Institution
Market to Cost Position Report
May 31, 2010
Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest
Institution Securi Dale Cos[ Date Elapsed Maturi Invested Maturi Earned Received Acemed
FHLB Coupon Note 08/22!06 1,507,665.00 06/11/10 1375 11 1389 4.957% 282,150.05 253,875.00 28,275.05
FHLB Coupon Note 01/12/07 1,487,205.00 08/]0/10 1235 71 1306 4.960% 249,589.fi7 2]6,983.33 32,606.34
FHLB Coupon Note 03/23/09 1,049,400.00 08/16/10 434 77 511 1.284% 16,021.49 43,604.17 (27,582.68)
USTreasury Note 05/31/07 737,226.56 10/l5/IO 1096 137 1233 4.801% 106,279.71 91,618.85 14,660.86
FFCB Coupon Note 12/07/07 2,032,140.00 ll/08/10 906 161 1067 3.715% 187,390.59 208,072.22 (20,681.63)
FHLB Coupon Note 03/23/09 1,040,160.00 l2/IO/l0 434 193 627 1.485% 18,366.38 27,555.56 (9,189.18)
FFCB Coupon Note 01/18/07 756,922.50 01/18/II 1229 232 1461 3.175% 80,919.68 52,500.00 28,419.68
FFCB Coupon Note 11/28/07 2,062,000.00 02/18/11 915 263 1178 3.840% 198,494.33 21fi,666.fi7 (18,172.34)
USTreasury Note 06/12/09 1,987,187.50 03/31/]1 353 304 657 0.875% 16,816.23 14,009.56 2,806.67
FNMA Coupon Note 09/29/06 1,516,485.00 04/l5/11 1340 319 1659 4.874% 271,353.59 272,479.17 (1,125.58)
Treasury Note I1/16/09 753,515.63 05/31/11 196 365 Sfil 0.568% 2,298.28 251.02 2,047.26
FHLB Coupon Note 06/08/09 1,988,018.60 06!03/11 357 368 725 1.432% 27,844.46 10,937.50 16,906.96
USTreasury Note 08/05/09 1,992,187.50 07/31/11 299 426 725 1.196% 19,518.20 9,673.91 9,844.29
Treasury Note 09/21!09 2,000,000.00 08/31/11 252 457 709 1.032% 14,250.08 8,839.78 5,410.30
USTreasury Note 10/19/06 990,078.13 09/30/11 1320 487 1807 4.721% 169,038.07 155,151.10 13,886.97
FFCB Coupon Note 03/01/10 750,000.00 10/26/11 9l SI3 604 0.950% 1,776.37 1,088.54 687.83
FFCB Coupon Note 12/12/07 2,025,080.00 ll/21/II 901 539 1440 4.000% 199,955.84 212,183.33 (12,227.49)
FFCB Coupon Note 02/22/07 986,080.00 12/08/11 ]194 556 1750 4.959% 159,962.33 129,243.06 30,719.27
USTreasury Note 12/31/09 1,497,539.06 12/31/11 151 579 730 1.083% 6,709.51 6,709.51
FNMA Coupon Note 12/08/09 1,991,380.00 01/12/12 174 591 765 L073% 1Q,I8fi.15 1,652.78 8,533.37
FFCB Coupon Note 07/21/09 1,012,800.00 01/17/12 314 596 910 1.472% 12,825.32 9,777.78 3,047.54
FHLB Coupon Note 05/09/07 1,509,255.00 03/09/12 1118 648 1766 4.743% 219,262.66 212,500.00 6,762.66
USTreasury Note 04/15/10 999,375.00 03/18/12 46 654 700 1.054% 1,327.50 1,327.50
FFCB Coupon Note 04/23/10 1,500,585.00 04/16/12 38 686 724 1.174% 1,834.08 1,834.08
FHLB (7) Coupon Note 11/06/09 1,200,000.00 08/06/12 206 798 1004 0.740% 5,011.73 2,175.00 2,836.73
FHLB Coupon NOle 11/29/07 2,038,360.00 OS/15/l2 914 807 1721 4.170% 212,848.34 204,527.78 8,320.56
GE Corporate Nole 01/16!08 1,542,165.00 10/19/!2 866 872 1738 4.567% 167,835.80 177,843.75 (10,007.95)
FHLMC(4) Coryorate Note 02/03/10 1,005,650.00 11/05/12 117 889 1006 1.793% 5,779.90 5,111.11 668.79
FNMA Coupon Note 04/28/10 999,900.00 12/28/12 33 942 975 1.804% 1,630.85 1,630.85
FNMA(7) Coupon Note 02/09/10 1,005,850.00 01/28/13 111 973 1084 1.820% 5,567.17 5,567.17
FTIMA Coupon Note 03/25/10 998,580.00 03/25/13 67 W29 1096 L899% 3,480.89 3,480.89
FHLMC (8) Coupon Note 02/01/10 1,998,300.00 01/29/15 119 1704 1823 3.703% 24,125.07 24,125.07
Subtotal 44,961,090.48
Union MM 112,519.09 30 30 0.05% 4.62 4.62
Purchased In terest 1,730.67
LAIF N/A 03/31/10 2Q,961,024.85 06/30/10 61 30 97 0.56% 20,093.13 20,093.13
$66,036,365.09 379 2.01 % $2,720,548.10 $2,538,320.97 $182,227.13
Maturity Profile Amount Percent
0-I year $36,008,181.80 54.52%
1-2 years $19,242,378.29 29.14%
2-3 years $8,790,505.00 13.31
3-5 years $1,998,300.00 3.03%
$66,036,365.09 100.0000/a
Market to Cas[ Position Report
Amortized Market Unrealized *Source: Treasury and Agency Obligat ions-Union Bank ofCalifomia
Institution Cost Value* Gain (Loss! LAIF balances per Local Agency Investment Fund mont hly statement.
Union Bank Assets $44,961,090.48 $45,598,039.50 636,949.02
Union MM 112,519.09 112,519.09 0.00
Purchased Interest 1,730.67 1,730.67 0.00
LA[F 20,961,024.85 20,961,024.85 0.00
Totals: $66,036,365.09 $66,673,314.11 $636,949.02
(I) Callable quarterly beginning 01/28/!0
(2) Callable quarterly beginning 7/29/I O Cou pon rate increases 1 % annually
(3) Callable once on 8/6/10
(4) Callable quarterly beginning 7/29/10 Cou pon rate increases I % annually
(5) Callable once on 2/03/10
(G) Callable once on 04/20/10
page 5
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Town of Los Gatos
Investment Report
for the month ended
June 30, 2010
Prepared by
Linda L. Speicher, Project Manager
08/05/10
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
June 30, 2010
Month YTD
Fund Balances - Beginning of Month/Period $73,910,872.00 $85,021,578.85
Receipts 3,471,337.30 42,065,126.97
Disbursements (3,463,92L78) (53,168,418.301
Fund Balances - End ofMonth/Period $73,918,287.52 $73,918,287.52
Portfolio Allocation
Union MM $219,386.67
US Govt Agencies 44,955,197.82
Local Agency Investment Fund 20,961,024.85
Subtotal-Investments 66,135,609.34
Reconciled Demand Deposit Balances 7,782,678.18
Total Treasurer's Fund $73,918,287.52
Portfolio Investment Allocation
Union MM
0.3
/-
Lacat Agency Investment Fund
3L7%
i
Treasury, Agencies,
8 Corp. Notes
57.8%
Treasurer's Fund Balances
page 2
Town of Los Gatos
Non-Treasury Restricted Fund Balances
June 30, 2010
Previous Ending
Balance Deoosits Interest Withdrawals Balance
Non-Treasury Funds
Downtown Parking District 12/20/02 $279,221.11 $384.70 $279,605.81 Note I
Certificates of Participation Reserve Fund (Lot 4) 254,136.26 0.00 254,136.26 Note z
Cert. of Participation Lease Payment Fund (Lot 4) 169,812.51 41,541.66 0.00 211,354.17 Noaea
Cert. of Participation 2002 Series A Const. Fund 146,240.21 0.00 146,240.21 Nate d
Cert. of Participation 2002 Series A Reserve Fund 686,251.19 5.85 5.85 686,251.19 Note a
Cert. Of Participation 2002 Series A Interest Fund 0.00 0.00 0.00 0.00 Nete a
Cert. Of Participation 2002 Series A COI Fwtd 0.00 0.00 0.00 0.00 Note a
Total Restricted Funds: $1,535,661.28 $41,541.66 $390.55 $5.85 $ 1,577,587.64
These accounts are no[ part of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account include redemption accounts set up For the repayment of interest and principal on outstanding
bond wagons for Parking Assessment Dis[rict'3', as well as Reserve Funds set up as required by the original Bond resolution.
Note 2: The reserve fund was a requirement of the original certificates of participation agreement when Lot 4 was built. It helps
to guamn[ee payment of the lease payments should the Town not make payment.
Nate 3: The lease payment fund receives [he lease payments from the Town monthly for [he lease of Lo[ 4. I[ holds the funds until
payments on the certificates of participation are due semi-annually.
Note 4: The three funds for the Certificates of Participation 2002 Series A consist of construction Funds which will be expended over the
next few years, reserve Funds which will guarantee the payment of lease payments, and a third fund for the disbursement o£ lease payments
and initial delivery vests.
Page 3
Town of Los Gatos
Statement of Interest Earned
June 30, 2010
Interest received from ]nvestments
Add: Interest accrued at end of period (see page 5)
Less: Interest accrued at beginning of period
Interest earned on investments
Current Fiscal
Month Year to Date
$99,684.73 $1,718,157.77
189,965.15 189,965.15
(182.227.13) (474.569.94)
$107,422.75 $1,433,552.98
Interest by Month
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
137,073.40
138,131.40
125,783.09
128,398.98
121,548.33
115,813.02
1]6,203.67
104,171.01
116,443.73
109,204.33
113,359.27
108,103.91
1,434,234.14
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
Sune 30, 2010
Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest
Institution Securi Date Cost Date Elapsed Mamri Invested Maturi Eamed Received Acemed
FHLB Coupon Note 01/12/07 1,487,205.00 O8/10/10 1265 41 1306 4.960% 255,652.58 216,983.33 38,669.25
FHLB Coupon Note 03/23/09 1,049,400.00 08/16/10 464 47 511 1.284% 17,128.97 43,604.17 (26,475.20)
USTreasury Note 05/31/07 737,226.56 l0/IS/]0 1126 107 1233 4.801% 109,188.83 91,618.85 17,569.98
FFCB Coupon Note 12/07/07 2,032,140.00 ll/OS/10 936 131 1067 3.715% 193,595.58 208,072.22 (14,476.64)
FHLB Coupon Note 03/23/09 1,040,160.00 12/10/10 464 163 627 1.485% 19,635.94 46,930.56 (27,294.62)
FFCB Coupon Note OI/18!07 756,922.50 Ol/l8/ll 1259 202 14fi1 3.175% 82,894.94 52,500.00 30,394.94
FFCB Coupon Note 11/28/07 2,062,000.00 02/l8/Il 945 233 1178 3.840% 205,002.35 216,666.67 (11,664.32)
USTreasury Note 06/12/09 1,987,187.50 03/31/11 383 274 657 0.875% 18,245.38 14,009.56 4,235.82
FNMA Coupon Note 09/29/06 1,816,485.00 04/15/l1 1370 289 1659 4.874% 277,428.67 272,479.17 4,949.50
Treasury Nofe 11/16/09 753,515.63 OS/3I/I1 226 335 561 0.568% 2,650.06 3,532.27 (882.21)
FHLB Coupon Note O6/08/09 1,988,018.60 06/03/11 387 338 725 1.432% 30,184.33 22,187.50 7,996.83
USTreasury Note 08/05/09 1,992,187.50 07/31/11 329 396 725 1.196% 21,476.55 9,673.91 11,802.64
Treasury Note 09/21/09 2,000,000.00 D8/31/11 282 427 709 1.032% 15,946.52 8,839.78 7,106.74
USTreasury Note 10/19!06 990,078.13 09/30/11 1350 457 1807 4.721 % 172,879.85 155,151.10 17,728.75
FFCB(1) Coupon Note 03/01/10 750,000.00 1026/11 121 483 604 0.950% 2,361.99 1,088.54 1,273.45
FFCB Coupon Nate 12/12107 2,025,080.00 11/21/11 931 509 1440 4.000% 206,613.64 212,183.33 (5,569.69)
PFCB Coupon Note 02/22107 986,080.00 l2/O8/11 1224 526 1750 4.959% 163,98L48 152,3fi8.06 11,613.42
USTreasury Note 12/31/09 1,497,539.06 12/31/11 181 549 730 L083% 8,042.52 7,500.00 542.52
FNMA Coupon Nate 12/08/09 1,991,380.00 01/12/12 204 561 765 1.073% 11,942.39 1,652.78 10,289.61
FFCB Coupon NOte 07/21/09 1,012,800.00 OI/17/12 344 566 910 1.472% 14,050.67 9,777.78 4,272.89
FHLB Coupon NOle 05/09/07 1,509,255.00 03/09/12 1148 618 1766 4.743% 225,146.28 212,500.00 12,646.28
USTreasury Note 04/15/10 999,375.00 03/15/12 76 624 700 1.054% 2,193.26 2,193.26
FFCB Coupon Note 04/23/10 1,500,585.00 04/lb/l2 68 656 724 LI74% 3,282.05 3,282.05
FHLB (3) Coupon Note 11/06/09 1,200,000.00 08/06/12 236 768 1004 0.740% 5,741.59 2,175.00 3,566.59
FHLB Coupon NOte 11/29/07 2,038,360.00 08/15/12 944 777 1721 4.170% 219,834.fi1 204,527.78 15,306.83
GE Corporate NOte Ol/16/08 1,542,165.00 l0/19/12 896 842 1738 4.587% 173,649.98 177,843.75 (4,193.77)
FRLMC(4) Corporate NOte 02/03/10 1,005,650.00 11/05/12 147 859 1006 1.793% 7,261.92 5,111.11 2,150.81
FNMA(5) Coupon Note 04/28/10 999,900.00 12/28/12 63 912 975 1.804% 3,113.44 3,000.00 113.44
FNMA (6) Coupon Note 02/09/10 1,005,850.00 0128/13 141 943 1084 1.820% 7,07!.81 7,071.81
FNMA(7) Coupon Note 03/25/10 998,580.00 03/25/13 97 999 1096 1.899% 5,039.49 5,039.49
FNMA(8) Coupon Note 06/11/10 1,500,000.00 O6/10/l3 19 1076 1095 1.830% 1,428.90 1,428.90
FHLMC(9) Coupon Note 02/01/10 1,998,300.00 01/29/15 149 1674 1823 3.703% 30,207.01 30,207.01
Subtotal 44,953,425.48
Union MM 219,386.67 30 30 0.05% 9.02 9.02
Purchased In terest 1,772.34
LAIF N/A 03/3!/10 20,961,024.85 06/30/10 91 0 91 0.53% 29,059.78 29,059.78
$66,135,609.34 374 1.92% $2,541,942.37 $2,351,977.22 $189,965.15
Maturity Profile Amount Percent
0-1 year $36,592,444.65 55.33
1-2 years $17,254,359.69 26.09%
2-3 years $10,290,505.00 15.56%
3-5 years $1,998,300.00 3.02%
$66,135,60934 100.00
Market to Cos[ Position Report
Amortized Market Unrealized "Source: Treasury and Agency Obligations -Union Ban k ofCalifomia
Institution Cost Value' Gain (Lass) LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets $44,953,425.48 $45,615,192.00 661,766.52
Union MM 219,386.67 219,386.67 0.00
Purchased In terest 1,772.34 1,772.34 0.00
LAIF 20,961 U24.85 20,961,024.85 0.00
Totals: $66,135,609.34 $66,797,375.86 $661,766.52
(1) Callable anytime a0er 426/1 0
(3) Callable once on 8/6/10
(4) Callable once on I 1/5/10 -
(4)Callable quarterly beginning 7/29/10 Co upon rate increases I % annually
(5) Callable once on 12128/1 O
(6) Callable once on 01!28/11
page 5
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