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Attachment 1 - Financial and Investment Report April 2023
Weighted Average YTM Portfolio Yield on Investments under Management 2.77% Weighted Average Maturity (days)385 This Month Last Month One year ago Portfolio Allocation & Treasurer's Cash Balances $71,050,021 $69,108,644 $76,134,869 Managed Investments $47,121,309 Local Agency Investment Fund $12,034,229 Reconciled Demand Deposit Balances $11,894,483 Portfolio Allocation & Treasurer's Cash Balances $71,050,021 Benchmarks/ References: Town's Average Yield 2.77%2.71%1.27% LAIF Yield for month 2.87%2.83%0.52% 3 mo. Treasury 5.08%4.80%0.85% 6 mo. Treasury 5.04%4.91%1.41% 2 yr. Treasury 4.01%4.03%2.72% 5 yr. Treasury (most recent)3.49%3.58%2.96% 10 Yr. Treasury 3.43%3.47%2.94% Town of Los Gatos Summary Investment Information April 30, 2023 0 -1 year 63% 1 -2 years18% 2 -3 years 10% 3 -5 years9% Portfolio Maturity Profile Compliance:The Town's investments are in compliance with the Town's investment policy dated February 21, 2023and also in compliance with the requirements of Section 53600 at seq. of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months. Page 1 ATTACHMENT 1 Month YTD Cash & Investment Balances - Beginning of Month/Period 70,079,332.41$ $72,886,942.83 Receipts 10,573,784.09 56,051,425.66 Disbursements (9,603,095.73)(54,070,064.86) Cash & Investment Balances - End of Month/Period $71,050,020.77 $74,868,303.63 Portfolio Allocation Amount % of Portfolio Max. % or $ Allowed per State Law or Policy BNY MM $188,410.77 0.32%20% of Town Portfolio US Treasury Notes $14,388,386.25 24.32%No Max. on US Treasuries Government Agency Debenture Notes $18,871,374.65 31.90%No Max. on Non-Mortgage Backed Corporate Medium Term Bonds $13,673,137.01 23.11%30% of Town Portfolio Local Agency Investment Fund $12,034,228.67 20.34%$75 M per State Law Subtotal - Investments 59,155,537.35 100.00% Reconciled Demand Deposit Balances 11,894,483.42 Total Portfolio Allocation & Treasurer's Cash Balances $71,050,020.77 Town of Los Gatos Portfolio Allocation & Treasurer's Cash Balances April 30, 2023 BNY MM0.32%US Treasury Notes24.32% Government Agency Debenture Notes31.90% Corporate Medium Term Bonds23.1% Local Agency Investment Fund20.3% Portfolio Investment Allocation $70.1 M $0.0 M $10.0 M $20.0 M $30.0 M $40.0 M $50.0 M $60.0 M $70.0 M $80.0 M $90.0 M Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 Treasurer's Fund Balances Page 2 Apr. 2023 Apr. 2023 Apr. 2023 Beginning Deposits Interest/Ending Balance Realized Gain/Adj.Earnings Withdrawals Balance Non-Treasury Funds: Cert. of Participation 2002 Series A Reserve Fund 688,345.29$ 2,368.18$ 690,713.47$ Note 1 Cert. Of Participation 2010 Ser A Lease Pymt Fund 31.65 0.04 31.69 Note 1 Cert. of Participation 2002 Lease Payment Fund 8,524.81 29.28 8,554.09 Note 1 Cert. of Participation 2010 Series Reserve Fund 1,304,109.92 4,927.08 1,309,037.00 Note 2 Total Restricted Funds:2,001,011.67$ -$ 7,324.58$ -$ 2,008,336.25$ CEPPT IRS Section 115 Trust 1,392,175.23 11,137.56 1,403,312.79$ Grand Total COP's and CEPPT Trust 3,393,186.90$ -$ 18,462.14$ -$ 3,411,649.04$ These accounts are not part of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct entities. Note 1: The three original 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 of lease payments and initial delivery costs. Note 2: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the life of the COP issue. The COI fund was closed in September 2010. Note 3: The CEPPT Section IRS Section 115 Trust was established as an irrevocable trust dedicated to accumulate resources to fund the Town's unfunded liabilities related to pension and other p Town of Los Gatos Non-Treasury Restricted Fund Balances April 30, 2023 Page 3 July 2022 60,107.76$ August 2022 61,456.65 September 2022 60,153.38 October 2022 68,965.25 November 2022 68,430.71 December 2022 77,485.61 January 2023 80,998.58 February 2023 79,760.25 March 2023 96,693.30 April 2023 97,627.16 May 2023 June 2023 751,678.65$ Interest by Month Town of Los Gatos Statement of Interest Earned April 30, 2023 Page 4 Town of Los Gatos Investment Schedule April 30, 2023 Market Value Maturity Yield to Interest Interest Interest Days Deposit Par Original Market Above (Under)Purchased Date or Maturity Received Earned Earned toInstitutionCUSIP #Security Coupon Date Value Cost Value Cost Interest Call Date or Call to Date Prior Yrs.Current FY MaturityUS Treasury 91282CAP6 US Treasury Note 0.13%6/30/2021 1,000,000.00 995,390.63 978,670.00 (16,720.63)10/15/2023 0.33%2,240.44$ 3,260.06$ 2,715.23$ 168Toyota Motor Credit 89236THA6_1 Corporate Bond 1.35%04/12/21 500,000.00 510,580.00 494,180.00 (16,400.00)8/25/2023 0.45%12,618.75$ 2,780.30$ 1,903.63$ 117Toyota Motor Credit 89236THA6 Corporate Bond 1.35%1/11/2022 1,100,000.00 1,107,315.00 1,087,196.00 (20,119.00)8/25/2023 0.94%16,665.00$ 4,812.29$ 8,605.51$ 117 US Treasury 91282CDD0 US Treasury Note 0.38%1/13/2022 1,100,000.00 1,090,675.78 1,075,547.00 (15,128.78)10/31/2023 0.85%5,344.27$ 4,286.54$ 7,756.60$ 184US Treasury 91282CCN9 US Treasury Note 0.13%1/13/2022 1,200,000.00 1,188,375.00 1,185,192.00 (3,183.00)7/31/2023 0.75%1,573.37$ 4,153.18$ 7,515.27$ 92FFCB3133EKMX1Gov. Agency Debenture 2.23%8/2/2019 1,000,000.00 1,014,400.00 978,810.00 (35,590.00)2/23/2024 1.90%84,925.83$ 55,756.94$ 15,945.54$ 299FFCB3133EMBE1Gov. Agency Debenture 0.30%10/8/2020 1,600,000.00 1,598,000.00 1,530,960.00 (67,040.00)3/28/2024 0.34%11,853.34$ 9,279.41$ 4,477.68$ 333 FFCB 3133EMCQ3 Gov. Agency Debenture 0.28%10/16/2020 2,000,000.00 1,998,000.00 1,956,080.00 (41,920.00)10/13/2024 0.31%13,953.33$ 10,396.24$ 5,081.12$ 532Apple 037833DB3 Corporate Bond 2.90%12/20/2022 1,300,000.00 1,228,591.00 1,246,674.00 18,083.00 6/21/2027 4.19%8,587.22$ -$ 19,220.82$ 1513Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 971,450.00 (20,510.00)1/1/2026 3.04%19,750.00$ -$ 23,845.35$ 977 US Treasury 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 323,218.00 1,121.12 6/30/2025 3.16%342.39$ -$ 7,608.66$ 792IBM 459200JY8 Corporate Bond 3.00%3/25/2021 1,000,000.00 1,071,040.00 979,470.00 (91,570.00)5/15/2024 0.71%49,166.67$ 9,358.41$ 6,157.91$ 381US Treasury 912828R28 US Treasury Note 1.63%7/2/2019 500,000.00 497,246.09 500,000.00 2,753.91 4/30/2023 1.77%31,109.04$ 26,507.80$ 7,365.97$ 0Freddie Mac 3137EAEN5 Gov. Agency Debenture 2.75%7/19/2019 2,000,000.00 2,072,358.00 1,993,760.00 (78,598.00)6/19/2023 1.79%187,916.67$ 107,829.55$ 30,436.57$ 50 FFCB 3133EN5V8 Gov. Agency Debenture 4.13%1/17/2023 236,000.00 239,174.20 238,331.68 (842.52)162.25 1/11/2027 3.76%(162.25)$ -$ 2,522.43$ 1352US Treasury 91282CBT7 US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 734,376.00 21,810.82 3/31/2026 4.14%3,000.00$ -$ 17,988.99$ 1066FFCB3133ENP95Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 903,636.00 2,696.40 9/30/2025 4.14%19,125.00$ -$ 22,034.69$ 884 US Treasury 91282CDA6 US Treasury Note 0.25%1/31/2022 1,100,000.00 1,085,222.44 1,079,199.00 (6,023.44)9/30/2023 1.07%3,195.74$ 4,781.92$ 9,691.36$ 153US Treasury 91282CAW1 US Treasury Note 0.25%7/15/2021 1,200,000.00 1,199,437.50 1,170,048.00 (29,389.50)11/15/2023 0.27%4,002.72$ 3,107.52$ 2,699.10$ 199American Honda 02665WCZ2 Corporate Bond 2.40%11/27/2019 1,000,000.00 1,012,410.01 971,400.00 (41,010.01)6/27/2024 2.12%84,733.34$ 55,189.68$ 17,735.37$ 424JP Morgan Chase 46625HRS1 Corporate Bond 3.20%9/23/2022 500,000.00 474,660.00 482,810.00 8,150.00 3/15/2026 4.70%3,644.44$ -$ 13,973.10$ 1050 Honeywell Int'l.438516BW5 Corporate Bond 2.30%11/20/2019 1,000,000.00 1,014,660.00 970,360.00 (44,300.00)7/15/2024 1.64%73,983.33$ 51,828.99$ 16,533.07$ 442Caterpillar Financial Serv 14913Q2V0 Corporate Bond 2.85%2/23/2021 1,000,000.00 1,077,370.00 978,800.00 (98,570.00)5/17/2024 0.44%49,400.00$ 6,129.72$ 3,787.47$ 383FNMA3135G0V75Gov. Agency Debenture 1.75%10/17/2019 1,100,000.00 1,105,833.30 1,064,327.00 (41,506.30)7/2/2024 1.63%62,081.25$ 48,706.74$ 15,001.87$ 429 US Bancorp 91159HHV5 Corporate Bond 3.38%12/24/2019 1,000,000.00 1,049,040.00 983,880.00 (65,160.00)1/5/2024 2.12%105,093.75$ 54,380.13$ 17,988.64$ 250FHLB3133834G3Gov. Agency Debenture 2.13%3/11/2021 1,400,000.00 1,460,522.00 1,395,702.00 (64,820.00)6/9/2023 0.19%51,897.22$ 3,664.98$ 2,340.66$ 40FFCB3133EKQA7Gov. Agency Debenture 2.08%10/21/2019 1,000,000.00 1,019,780.00 966,600.00 (53,180.00)9/10/2024 1.66%70,431.11$ 45,130.78$ 13,957.03$ 499PNC Financial 69349LAM0 Corporate Bond 3.80%2/7/2022 1,000,000.00 1,033,470.00 994,760.00 (38,710.00)6/25/2023 1.49%36,733.33$ 5,372.34$ 11,420.93$ 56 FHLB 3135G05X7 Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 1,102,452.00 (500.40)8/25/2025 3.04%3,187.50$ 1,902.68$ 28,920.70$ 848US Treasury 912828ZL7 US Treasury Note 0.38%4/12/2022 1,700,000.00 1,583,927.57 1,579,878.00 (4,049.57)4/30/2025 2.72%6,691.99$ 9,611.14$ 36,984.65$ 731JP Morgan Chase 46625HJT8 Corporate Bond 3.88%9/23/2019 1,400,000.00 1,485,414.00 1,387,008.00 (98,406.00)2/1/2024 2.39%182,038.89$ 96,022.89$ 28,873.35$ 277American Honda 02665WDH1 Corporate Bond 1.95%2/14/2020 600,000.00 603,756.00 599,604.00 (4,152.00)5/10/2023 1.75%33,995.00$ 25,034.14$ 8,777.83$ 10 US Treasury 912828V23 US Treasury Note 2.25%11/29/2021 1,000,000.00 1,032,933.04 982,660.00 (50,273.04)12/31/2023 0.66%24,456.52$ 3,924.44$ 5,601.09$ 245US Treasury 91282CBE0 2 US Treasury Note 0.13%10/7/2021 1,000,000.00 994,768.98 966,910.00 (27,858.98)1/15/2024 0.36%1,589.67$ 2,587.41$ 2,957.04$ 260FHLB3130ALH98Gov. Agency Debenture 0.25%2/26/2021 1,000,000.00 997,610.00 960,100.00 (37,510.00)2/26/2024 0.33%5,000.00$ 4,416.63$ 2,745.72$ 302 FHLB 3130AQF65 Gov. Agency Debenture 1.25%11/30/2022 1,300,000.00 1,160,559.40 1,189,396.00 28,836.60 12/21/2026 4.15%947.92$ -$ 20,930.11$ 1331US Treasury 912828U57 US Treasury Note 2.13%7/31/2019 1,000,000.00 1,011,875.00 983,870.00 (28,005.00)11/30/2023 1.84%70,833.33$ 54,014.24$ 15,418.15$ 214US Treasury 912828X70 US Treasury Note 2.20%12/30/2019 1,000,000.00 1,010,589.29 972,270.00 (38,319.29)4/30/2024 1.75%73,703.30$ 48,922.73$ 16,289.72$ 366US Treasury 912828XT2 US Treasury Note 2.00%10/31/2019 1,000,000.00 1,015,667.41 970,470.00 (45,197.41)5/31/2024 1.64%61,639.34$ 44,208.50$ 13,812.32$ 397 American Honda 02665WCQ2 Corporate Bond 3.63%9/14/2021 950,000.00 1,012,871.00 943,578.00 (69,293.00)10/10/2023 0.41%54,143.40$ 3,232.93$ 3,400.73$ 163FFCB3133EJ3Q0Gov. Agency Debenture 2.88%8/28/2019 1,500,000.00 1,587,503.75 1,478,010.00 (109,493.75)12/21/2023 2.12%142,911.46$ 64,945.24$ 19,038.91$ 235US Treasury 91282CBE0 US Treasury Note 0.13%9/15/2021 650,000.00 647,615.46 628,491.50 (19,123.96)1/15/2024 0.28%1,081.87$ 1,447.14$ 1,527.53$ 260 FHLB 3130APJH9 Gov. Agency Debenture 0.75%1/17/2023 1,000,000.00 907,010.00 913,210.00 6,200.00 10/28/2026 4.17%2,104.17$ -$ 9,057.00$ 1277FFCB3133EN5N6Gov. Agency Debenture 4.00%2/8/2023 1,700,000.00 1,706,732.00 1,721,029.00 14,297.00 6,044.44 1/6/2028 3.91%(6,044.44)$ -$ 14,786.29$ 1712 Subtotal 46,886,000.00$ 46,932,897.91$ 45,614,373.18$ (1,318,524.73)$ 6,206.69$ 1,671,485.22$ 876,983.63$ 545,431.69$ BNY MM Money Market 188,410.77 188,410.77 0.00 0.00%1LAIFState Investment Pool 12,034,228.67 11,871,890.88 (162,337.79)2.87%144,611.64 1 $59,155,537.35 $57,674,674.83 ($1,480,862.52)$6,206.69 1,671,485.22$ 876,983.63$ 690,043.33$ Matured Assets IBM 459200HG9 Corporate Bond 8/8/2019 1,000,000.00 995,010.00 8/1/2022 2.05%55,885.42$ 59,141.32$ 1,790.47$ JP Morgan Chase 46625HJE1 Gov. Agency Debenture 2/11/2020 900,000.00 934,587.00 9/23/2022 1.74%76,537.50$ 38,210.60$ 3,733.22$ Treasury 912828L57 US Treasury Note 7/22/2019 1,200,000.00 1,197,988.40 9/30/2022 2.09%67,016.39$ 63,644.66$ 5,451.87$ Treasury 912828M80 US Treasury Note 7/22/2019 1,000,000.00 1,006,175.23 11/30/2022 1.81%67,158.47$ 53,444.10$ 7,613.55$ BankAmerica Corp 06051GHC6 Corporate Bond 10/9/2020 1,300,000.00 1,366,287.00 12/20/2023 0.66%85,805.92$ 31,569.88$ 15,257.94$ FFCB 3133EKVF0 Gov. Agency Debenture 1.88%7/22/2019 1,000,000.00 999,630.00 1/17/2023 1.89%65,364.58$ 55,482.90$ 10,383.67$ Freddie Mac 3133EKKT2 Gov. Agency Debenture 2.25%6/24/2019 1,550,000.00 1,573,188.00 2/8/2023 1.82%135,043.75$ 86,008.42$ 17,404.61$ Total Investments "Matured"61,635.32$ Total Interest FY 22_23 Matured and Current 751,678.65$ Maturity Profile Amount Percent 0-1 year 37,001,773.02$ 63%1-2 years $10,325,350.01 18%2-3 years $6,089,101.63 10%3-5 years 5,242,066.60$ 9%$58,658,291.26 Page 5 Security Description Maturity Date Par/Shares Moody Rating S&P Rating Insight ESG Rating Environment Social Governance AMERICAN HONDA FINANCE 1.95% 10MAY2023 5/10/2023 600,000$ A3 A-2 1 3 3 PNC BANK NA 3.8% 25JUL2023 (CALLABLE 25JUN23)7/25/2023 1,000,000$ A3 A-3 2 4 3 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 8/25/2023 1,600,000$ A1 A+3 1 3 4 AMERICAN HONDA FINANCE 3.625% 10OCT2023 10/10/2023 950,000$ A3 A-2 1 3 3 JPMORGAN CHASE & CO 3.875% 01FEB2024 2/1/2024 1,400,000$ A1 A-3 1 3 4 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2/5/2024 1,000,000$ A2 A+3 3 4 3 IBM CORP 3.0% 15MAY2024 5/15/2024 1,000,000$ A3 A-2 1 2 3 CATERPILLAR FIN SERVICES 2.85% 17MAY24 5/17/2024 1,000,000$ A2 A 4 4 3 4 AMERICAN HONDA FINANCE 2.4% 27JUN2024 6/27/2024 1,000,000$ A3 A-2 1 3 3 HONEYWELL INTERNATIONAL 2.3% 15AUG2024 (CALLABLE 15JUL24)8/15/2024 1,000,000$ A2 A 4 4 5 4 HOME DEPOT INC. 3% 01APR2026 (CALLABLE 01JAN2026)4/1/2026 1,000,000$ A2 A 2 2 2 2 JPMORGAN CHASE & CO 3.2 15JUN2026 (CALLABLE 15MAR2026)6/15/2026 500,000$ A1 A-3 1 3 4 APPLE INC. 2.9% 12SEP2027 (CALLABLE 12JUN2027)9/12/2027 1,300,000$ Aaa AA+4 1 4 5 Total/Average 13,350,000$ 2.8 1.8 3.2 3.5 *ESG ratings are from 1 to 5, with 1 as the highest rating and 5 as the lowest. All ratings are weighted by industry rankings, based on the importance of the category within the individual industry. Town of Los Gatos Insight ESG Ratings as of April 30, 2023 Page 6 Fund Schedule Fund Number Fund Description Current Revenue Current Expenditure Transfer In Transfer Out GENERAL FUND Non-Spendable: Loans Receivable 159,000 - - - - - 159,000 Restricted Fund Balances: Pension 690,000 - - - - - 690,000 Committed Fund Balances: Budget Stablization 5,991,566 - - - - - 5,991,566 Catastrphic 5,991,566 - - - - - 5,991,566 Pension/OPEB 300,000 - - - - - 300,000 Assigned Fund Balances: Open Space 410,000 - - - - - 410,000 Sustainability 140,553 - - - - - 140,553 Capital/Special Projects 11,071,231 (15,498) - - - - 11,055,733 Carryover Encumbrances 33,145 - - - - - 33,145 Compensated Absences 1,519,147 - - - - - 1,519,147 Measure G District Sales Tax 590,581 - - - - - 590,581 Unassigned Fund Balances: 111 Other Unassigned Fund Balance Reserve (Pre YE distribution - 803,092 7,102,596 (3,390,763) - - 4,514,925 General Fund Total 26,896,789 787,594 7,102,596 (3,390,763) - - 31,396,216 April 2023 Prior Year Carryforward 7/1/2022 Increase/ (Decrease) July-March Estimated Fund Balance 4/30/2023* Page 7 Fund Schedule Fund Number Fund Description Current Revenue Current Expenditure Transfer In Transfer Out SPECIAL REVENUE 211/212 CDBG 166,654 - - - - - 166,654 222 Urban Runoff (NPDES)451,558 111,854 29,996 (13,214) - - 580,194 231-236 Landscape & Lighting Districts 174,236 4,174 - (2,333) - - 176,077 241 ARPA - 3,614,872 - -- - 3,614,872 251 Los Gatos Theatre 19,500 4,090 14,350 (12,184) - - 25,756 711-716 Library Trusts 555,254 (20,208) 92 (2,374) - - 532,764 Special Revenue Total 1,367,202 3,714,782 44,438 (30,105) - - 5,096,317 CAPITAL PROJECTS 411 GFAR - General Fund Appropriated Reserve 14,783,787 (90,422) 74,058 (290,071) - - 14,477,352 421 Grant Funded Projects (948,603) 647,205 - (6,912) - - (308,310) 461-463 Storm Basin Projects 3,218,811 (114,977) 4,500 (1,265) - - 3,107,069 471 Traffic Mitigation Projects 405,570 - 109 (109) - - 405,570 472 Utility Undergrounding Projects 3,302,514 68,041 - - - - 3,370,555 481 Gas Tax Projects 1,836,068 (654,662) 121,175 - - - 1,302,581 Capital Projects Total 22,598,147 (144,815) 199,842 (298,357) - - 22,354,817 INTERNAL SERVICE FUNDS 611 Town General Liability 803,292 (494,474) - (14,313) - - 294,505 612 Workers Compensation 1,295,185 (15,866) 15,469 - - - 1,294,788 621 Information Technology 2,990,932 104,316 2,853 (34,116) - - 3,063,985 631 Vehicle & Equipment Replacement 2,222,395 119,565 52,939 (80,150) - - 2,314,749 633 Facility Maintenance 928,481 (43,338) - (112,437) - - 772,706 Internal Service Funds Total 8,240,285 (329,797) 71,261 (241,016) - - 7,740,733 Trust/Agency 942 RDA Successor Agency (7,607,527) (1,635,203) - (141) - - (9,242,871) Trust/Agency Fund Total (7,607,527) (1,635,203) - (141) - - (9,242,871) Total Town 51,494,896 2,392,561 7,418,137 (3,960,382) - - 57,345,212 * Interfund transfers and ARPA funding allocation to be performed as part of the fiscal year end closing entries. Deposit Accounts of Interest: 111-23541 General Plan Update deposit account balance $966,070 111-23521 BMP Housing deposit account balance $3,887,661 Prior Year Carryforward 7/1/2022 Increase/ (Decrease) July-March April 2023 Estimated Fund Balance 4/30/2023* Page 8