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Attachment 1 - Monthly Financial and Investment Report as of December 31, 2022
2.28%Weighted Average Maturity (days)439 This Month Last Month One year ago Portfolio Allocation & Treasurer's Cash Balances $64,463,675 $65,273,987 $60,407,357 Managed Investments $46,905,578 Local Agency Investment Fund $6,941,940 Reconciled Demand Deposit Balances $10,616,157 Portfolio Allocation & Treasurer's Cash Balances $64,463,675 Benchmarks/ References: Town's Average Yield 2.28%2.01%1.20% LAIF Yield for month 2.17%1.77%0.21% 3 mo. Treasury 4.41%4.38%0.06% 6 mo. Treasury 4.77%4.71%0.19% 2 yr. Treasury 4.43%4.31%0.74% 5 yr. Treasury (most recent)4.01%3.74%1.27% 10 Yr. Treasury 3.88%3.61%1.51% Weighted Average YTM Portfolio Yield on Investments under Management Town of Los Gatos Summary Investment Information December 31, 2022 0 -1 year30% 1 -2 years 30% 2 -3 years25% 3 -5 years15% Portfolio Maturity Profile Compliance:The Town's investments are in compliance with the Town's investment policy dated Janaury 17, 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 $65,273,986.94 $72,886,942.83 Receipts 4,407,209.11 24,570,269.20Disbursements(5,217,521.12)(32,993,537.10) Cash & Investment Balances - End of Month/Period $64,463,674.93 $64,463,674.93 Portfolio Allocation:% of Portfolio Max. % 0r $ Allowed Per State Law or Policy BNY MM $252,778.29 0.47%20% of Town PortfolioUS Treasury Notes $10,037,973.70 18.64%No Max. on US TreasuriesGovernment Agency Debenture Notes $23,416,349.00 43.49%No Max. on Non-Mortgage BackedCorporate Medium Term Bonds $13,198,477.01 24.51%30% of Town PortfolioLocal Agency Investment Fund $6,941,939.56 12.89%$75 M per State Law Subtotal - Investments 53,847,517.56 100.00%Reconciled Demand Deposit Balances 10,616,157.37 Total Portfolio Allocation & Treasurer's Cash Balances $64,463,674.93 Town of Los Gatos Portfolio Allocation & Treasurer's Cash Balances December 31, 2022 BNY MM0.47%US Treasury Notes18.64% Government Agency Debenture Notes43.49% Corporate Medium Term Bonds24.5% Local Agency Investment Fund12.9% Portfolio Investment Allocation 0 10000000 20000000 30000000 40000000 50000000 60000000 70000000 80000000 90000000 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Treasurer's Fund Balances page 2 Town of Los GatosNon-Treasury Restricted Fund BalancesDecember 31, 2022 DEC 22 DEC 22 DEC 22 Beginning Deposits Interest/Ending Balance Realized Gain/Adj.Earnings Withdrawals Balance Non-Treasury Funds:` Cert. of Participation 2002 Series A Reserve Fund 688,680.37$ 1,776.46$ 690,456.83$ Note 1 Cert. Of Participation 2010 Ser A Lease Pymt Fund 132.84 0.34 133.18 Note 1 Cert. of Participation 2002 Lease Payment Fund 2,043.36 5.32 2,048.68 Note 1 Cert. of Participation 2010 Series Reserve Fund 1,287,499.24 3,620.15 1,291,119.39 Note 2Total Restricted Funds:1,978,355.81$ -$ 5,402.27$ -$ 1,983,758.08$ CEPPT IRS Section 115 Trust 643,821.47 18,501.50 0.00 662,322.97$ Just check this with the final quar Grand Total COP's and CEPPT Trust 2,622,177.28$ -$ 23,903.77$ -$ 2,646,081.05$ 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 Page 3 Town of Los Gatos Statement of Interest Earned December 31, 2022 Interest by Month 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 February 2023 March 2023 April 20203 May 2023 June 2023 $396,599.36 Page 4 Town of Los Gatos Investment Schedule December 31, 2022 Value Maturity Yield to Interest Interest Interest DaysDepositParOriginalMarketAbove (Under)Purchased Date or Maturity Received Earned Earned to Institution CUSIP #Security Coupon Date Value Cost Value Cost Interest Call Date or Call to Date Prior Yrs.Current FY MaturityTreasury91282CAP6US Treasury Note 0.13%6/30/2021 1,000,000.00 995,390.63 964,726.56 (30,664.07)10/15/2023 0.33%1,615.44$ 3,260.06$ 1,643.43$ 288Toyota Motor Credit 89236THA6_1 Corporate Bond 1.35%04/12/21 500,000.00 510,580.00 488,811.04 (21,768.96)8/25/2023 0.45%9,243.75$ 2,780.30$ 1,152.20$ 237 Toyota Motor Credit 89236THA6 Corporate Bond 1.35%1/11/2022 1,100,000.00 1,107,315.00 1,075,384.30 (31,930.70)8/25/2023 0.94%9,240.00$ 4,812.29$ 5,208.60$ 237US Treasury 91282CDD0 US Treasury Note 0.38%1/13/2022 1,100,000.00 1,090,675.78 1,060,769.53 (29,906.25)10/31/2023 0.85%3,281.77$ 4,286.54$ 4,694.78$ 304US Treasury 91282CCN9 US Treasury Note 0.13%1/13/2022 1,200,000.00 1,188,375.00 1,168,406.26 (19,968.74)7/31/2023 0.75%823.37$ 4,153.18$ 4,548.72$ 212FFCB3133EKMX1Gov. Agency Debenture 2.23%8/2/2019 1,000,000.00 1,014,400.00 971,934.33 (42,465.67)2/23/2024 1.90%73,775.83$ 55,756.94$ 9,651.25$ 419FFCB3133EMBE1Gov. Agency Debenture 0.30%10/8/2020 1,600,000.00 1,598,000.00 1,512,321.33 (85,678.67)3/28/2024 0.34%9,453.34$ 9,279.41$ 2,710.18$ 453FFCB3133EMCQ3Gov. Agency Debenture 0.28%10/16/2020 2,000,000.00 1,998,000.00 1,927,630.96 (70,369.04)10/13/2024 0.31%11,153.33$ 10,396.24$ 3,075.41$ 652Apple037833DB3Corporate Bond 2.90%12/20/2022 1,300,000.00 1,228,591.00 1,213,653.62 (14,937.38)10,262.78 6/21/2027 4.19%(10,262.78)$ -$ 1,613.96$ 1633Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 952,740.40 (39,219.60)1/1/2026 3.04%4,750.00$ -$ 13,208.02$ 1097Home Depot 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 317,310.55 (4,786.33)6/30/2025 3.16%342.39$ -$ 4,150.18$ 912IBM 459200JY8 Corporate Bond 3.00%3/25/2021 1,000,000.00 1,071,040.00 972,886.72 (98,153.28)5/15/2024 0.71%49,166.67$ 9,358.41$ 3,727.16$ 501US Treasury 912828R28 US Treasury Note 1.63%7/2/2019 500,000.00 497,246.09 495,351.56 (1,894.53)4/30/2023 1.77%27,046.54$ 26,507.80$ 4,458.35$ 120Freddie Mac 3137EAEN5 Gov. Agency Debenture 2.75%7/19/2019 2,000,000.00 2,072,358.00 1,983,123.36 (89,234.64)6/19/2023 1.79%187,916.67$ 107,829.55$ 18,422.13$ 170FFCB3133EKVF0Gov. Agency Debenture 1.88%7/22/2019 1,000,000.00 999,630.00 999,028.21 (601.79)1/17/2023 1.89%55,989.58$ 55,482.90$ 9,505.45$ 17Treasury91282CBT7US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 717,875.00 5,309.82 3/31/2026 4.14%-$ -$ 7,806.54$ 1186FFCB3133ENP95Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 899,153.96 (1,785.64)9/30/2025 4.14%-$ -$ 9,562.22$ 1004US Treasury 91282CDA6 Gov. Agency Debenture 0.25%1/31/2022 1,100,000.00 1,085,222.44 1,063,433.59 (21,788.85)9/30/2023 1.07%1,820.74$ 4,781.92$ 5,865.83$ 273US Treasury 91282CAW1 Gov. Agency Debenture 0.25%7/15/2021 1,200,000.00 1,199,437.50 1,153,875.00 (45,562.50)11/15/2023 0.27%4,002.72$ 3,107.52$ 1,633.67$ 319American Honda 02665WCZ2 Corporate Bond 2.40%11/27/2019 1,000,000.00 1,012,410.01 963,812.31 (48,597.70)6/27/2024 2.12%72,733.34$ 55,189.68$ 10,734.57$ 544JP Morgan Chase 46625HRS1 Gov. Agency Debenture 3.20%9/23/2022 500,000.00 474,660.00 472,653.08 (2,006.92)3/15/2026 4.70%3,644.44$ -$ 6,316.61$ 1170Honeywell Int'l.438516BW5 Corporate Bond 2.30%11/20/2019 1,000,000.00 1,014,660.00 961,879.02 (52,780.98)7/15/2024 1.64%62,483.33$ 51,828.99$ 10,006.86$ 562 Caterpillar Financial Serv 14913Q2V0 Corporate Bond 2.85%2/23/2021 1,000,000.00 1,077,370.00 972,522.93 (104,847.07)5/17/2024 0.44%49,400.00$ 6,129.72$ 2,292.42$ 503FNMA3135G0V75Gov. Agency Debenture 1.75%10/17/2019 1,100,000.00 1,105,833.30 1,053,414.19 (52,419.11)7/2/2024 1.63%52,456.25$ 48,706.74$ 9,080.08$ 549US Bancorp 91159HHV5 Corporate Bond 3.38%12/24/2019 1,000,000.00 1,049,040.00 982,424.56 (66,615.44)1/5/2024 2.12%88,218.75$ 54,380.13$ 10,887.86$ 370FHLB3133834G3Gov. Agency Debenture 2.13%3/11/2021 1,400,000.00 1,460,522.00 1,384,401.94 (76,120.06)6/9/2023 0.19%51,897.22$ 3,664.98$ 1,416.71$ 160FFCB3133EKQA7Gov. Agency Debenture 2.08%10/21/2019 1,000,000.00 1,019,780.00 958,996.01 (60,783.99)9/10/2024 1.66%60,031.11$ 45,130.78$ 8,447.67$ 619PNC Financial 69349LAM0 Corporate Bond 3.80%2/7/2022 1,000,000.00 1,033,470.00 993,122.23 (40,347.77)6/25/2023 1.49%17,733.33$ 5,372.34$ 6,912.67$ 176FHLB3135G05X7Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 1,083,218.59 (19,733.81)8/25/2025 3.04%937.50$ 1,902.68$ 17,504.64$ 968Treasury912828ZL7Gov. Agency Debenture 0.38%4/12/2022 1,700,000.00 1,583,927.57 1,552,710.95 (31,216.62)4/30/2025 2.72%3,504.49$ 9,611.14$ 22,385.45$ 851JP Morgan Chase 46625HJT8 Corporate Bond 3.88%9/23/2019 1,400,000.00 1,485,414.00 1,382,205.59 (103,208.41)2/1/2024 2.39%154,913.89$ 96,022.89$ 17,475.98$ 397American Honda 02665WDH1 Corporate Bond 1.95%2/14/2020 600,000.00 603,756.00 592,990.07 (10,765.93)5/10/2023 1.75%33,995.00$ 25,034.14$ 5,312.90$ 130Treasury912828V23US Treasury Note 2.25%11/29/2021 1,000,000.00 1,032,933.04 975,546.88 (57,386.16)12/31/2023 0.66%24,456.52$ 3,924.44$ 3,390.13$ 365 Treasury 91282CBE0 2 Gov. Agency Debenture 0.13%10/7/2021 1,000,000.00 994,768.98 953,710.94 (41,058.04)1/15/2024 0.36%964.67$ 2,587.41$ 1,789.78$ 380FHLB3130ALH98Gov. Agency Debenture 0.25%2/26/2021 1,000,000.00 997,610.00 946,443.31 (51,166.69)2/26/2024 0.33%3,750.00$ 4,416.63$ 1,661.88$ 422FHLB3130AQF65US Treasury Note 1.25%11/30/2022 1,300,000.00 1,160,559.40 1,165,394.27 4,834.87 12/21/2026 4.15%947.92$ -$ 4,296.91$ 1451Treasury912828U57US Treasury Note 2.13%7/31/2019 1,000,000.00 1,011,875.00 976,640.62 (35,234.38)11/30/2023 1.84%70,833.33$ 54,014.24$ 9,332.04$ 334Treasury912828X70US Treasury Note 2.20%12/30/2019 1,000,000.00 1,010,589.29 965,156.25 (45,433.04)4/30/2024 1.75%62,703.30$ 48,922.73$ 9,859.56$ 486Treasury912828XT2US Treasury Note 2.00%10/31/2019 1,000,000.00 1,015,667.41 963,828.12 (51,839.29)5/31/2024 1.64%61,639.34$ 44,208.50$ 8,360.09$ 517American Honda 02665WCQ2 Corporate Bond 3.63%9/14/2021 950,000.00 1,012,871.00 943,283.17 (69,587.83)10/10/2023 0.41%36,924.65$ 3,232.93$ 2,058.34$ 283FFCB3133EJ3Q0Gov. Agency Debenture 2.88%8/28/2019 1,500,000.00 1,587,503.75 1,469,140.89 (118,362.86)12/21/2023 2.12%142,911.46$ 64,945.24$ 11,523.55$ 355Freddie Mac 3133EKKT2 Gov. Agency Debenture 2.25%6/24/2019 1,550,000.00 1,573,188.00 1,546,731.53 (26,456.47)2/8/2023 1.82%117,606.25$ 86,008.42$ 14,360.75$ 39Treasury91282CBE0Gov. Agency Debenture 0.13%9/15/2021 650,000.00 647,615.46 619,912.11 (27,703.35)1/15/2024 0.28%675.62$ 1,447.14$ 924.56$ 380 Subtotal 46,500,000.00$ 46,652,799.71$ 44,818,555.84$ (1,834,243.87)$ 10,262.78$ 1,614,721.07$ 1,018,474.95$ 308,970.06$ BNY MM Money Market 252,778.29 252,778.29 0.00 0.00%1 LAIF State Investment Pool 6,941,939.56 6,941,939.56 0.00 2.17%59,805.13 1 $53,847,517.56 $52,013,273.69 ($1,834,243.87)$10,262.78 1,614,721.07$ 1,018,474.95$ 368,775.19$ Matured AssetsIBM 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$ 9,235.07$ Total Investments "Matured"27,824.17$ Total Interest FY 22_23 Matured and Current 396,599.36$ Maturity Profile Amount l $27,257,067.081-2 years $18,112,198.452-3 years $3,909,916.45 3-5 years 4,568,335.58$ $53,847,517.56 AmortizedInstitution Cost BNY Assets $46,652,799.71BNY MM 252,778.29LAIF6,941,939.56Totals:$53,847,517.56 Market to Cost Position Report Page 5 Security Description Maturity Date Par/Shares Moody Rating S&P Rating Insight ESG Rating Environment Social Governance IBM CORP 1.875% 01AUG2022 8/1/2022 1,000,000$ A3 A-2 1 2 5 JPMORGAN CHASE & CO 3.25% 23SEP2022 9/23/2022 900,000$ A1 A-3 1 2 4 AMERICAN HONDA FINANCE 1.95% 10MAY2023 5/10/2023 600,000$ A3 A-2 2 3 3 PNC BANK NA 3.8% 25JUL2023 (CALLABLE 25JUN23)7/25/2023 1,000,000$ A3 A-3 2 3 3 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 8/25/2023 1,600,000$ A1 A+3 3 3 5 AMERICAN HONDA FINANCE 3.625% 10OCT2023 10/10/2023 950,000$ A3 A-2 2 3 3 JPMORGAN CHASE & CO 3.875% 01FEB2024 2/1/2024 1,400,000$ A1 A-3 1 2 4 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2/5/2024 1,000,000$ A2 A 3 3 4 4 IBM CORP 3.0% 15MAY2024 5/15/2024 1,000,000$ A3 A-2 1 2 5 CATERPILLAR FIN SERVICES 2.85% 17MAY24 5/17/2024 1,000,000$ A2 A 3 3 2 4 AMERICAN HONDA FINANCE 2.4% 27JUN2024 6/27/2024 1,000,000$ A3 A-2 2 3 3 HONEYWELL INTERNATIONAL 2.3% 15AUG2024 (CALLABLE 15JUL24)8/15/2024 1,000,000$ A2 A 3 3 4 4 HOME DEPOT INC. 3% 01APR2026 (CALLABLE 01JAN2026)4/1/2026 1,000,000$ A2 A 1 2 2 2 APPLE INC. 2.9% 12SEP2027 (CALLABLE 12JUN2027)9/12/2027 1,300,000$ Aaa AA+3 3 3 5 Total/Average 14,750,000$ 2.5 2.1 2.7 3.9 *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 December 31, 2022 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 11,071,231 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 - (3,355,854) 6,211,284 (6,732,033) - (3,876,603) General Fund Total 26,896,789 (3,355,854) 6,211,284 (6,732,033) - - 23,020,186 December 2022 Prior Year Carryforward 7/1/2022 Increase/ (Decrease) July-Nov Estimated Fund Balance 12/31/2022* 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 55,835 29,996 (20,719) - - 516,670 231-236 Landscape & Lighting Districts 174,236 (2,243) - (75) - - 171,918 241 ARPA - 3,614,872 - -- - 3,614,872 251 Los Gatos Theatre 19,500 (3,182) 17,850 (192) - - 33,976 711-714 Library Trusts 555,254 15,463 - (382) - - 570,335 Special Revenue Total 1,367,202 3,680,745 47,846 (21,368) - - 5,074,425 CAPITAL PROJECTS 411 GFAR - General Fund Appropriated Reserve 14,783,787 1,314,643 82,237 (310,913) 33,000 - 15,902,754 421 Grant Funded Projects (948,603) 26,444 293,900 (27,787) - - (656,046) 461-463 Storm Basin Projects 3,218,811 56,072 888 - - - 3,275,771 471 Traffic Mitigation Projects 405,570 (1,127) - (670,514) - - (266,071) 472 Utility Undergrounding Projects 3,302,514 60,167 159 - - - 3,362,840 481 Gas Tax Projects 1,836,068 (1,015,244) 130,617 - - - 951,441 Capital Projects Total 22,598,147 440,955 507,801 (1,009,214) 33,000 - 22,570,689 INTERNAL SERVICE FUNDS 611 Town General Liability 803,292 (624,462) 46,200 (600) - - 224,430 612 Workers Compensation 1,295,185 (212,201) 111,905 (128,184) - - 1,066,705 621 Information Technology 2,990,932 (124,793) 159,136 (58,362) - - 2,966,913 631 Vehicle & Equipment Replacement 2,222,395 (135,356) 164,209 - - - 2,251,248 633 Facility Maintenance 928,481 (171,633) 234,783 (12,398) - - 979,233 Internal Service Funds Total 8,240,285 (1,268,445) 716,233 (199,544) - - 7,488,529 Trust/Agency 942 RDA Successor Agency (7,607,527) (1,643,350) 1,893,713 (1,893,909) - - (9,251,073) Trust/Agency Fund Total (7,607,527) (1,643,350) 1,893,713 (1,893,909) - - (9,251,073) Total Town 51,494,896 (2,145,949) 9,376,877 (9,856,068) 33,000 - 48,902,756 * 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 $1,310,890 111-23521 BMP Housing deposit account balance $3,698,538 Prior Year Carryforward 7/1/2022 Increase/ (Decrease) July-Nov December 2022 Estimated Fund Balance 12/31/2022* Page 8