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Attachment 1 - Monthly Financial and Investment Report March 2023
Weighted Average YTM Portfolio Yield on Investments under Management 2.71% Weighted Average Maturity (days)410 This Month Last Month One year ago Portfolio Allocation & Treasurer's Cash Balances $70,079,332 $69,108,644 $71,616,902 Managed Investments $47,081,480 Local Agency Investment Fund $11,978,204 Reconciled Demand Deposit Balances $11,019,648 Portfolio Allocation & Treasurer's Cash Balances $70,079,332 Benchmarks/ References: Town's Average Yield 2.71%2.66%1.16% LAIF Yield for month 2.83%2.62%0.37% 3 mo. Treasury 4.80%4.85%0.51% 6 mo. Treasury 4.91%5.18%1.03% 2 yr. Treasury 4.03%4.82%2.34% 5 yr. Treasury (most recent)3.58%4.19%2.46% 10 Yr. Treasury 3.47%3.93%2.34% Town of Los Gatos Summary Investment Information March 31, 2023 0 -1 year 63% 1 -2 years18% 2 -3 years9% 3 -5 years10% Portfolio Maturity Profile Compliance:The Town's investments are in compliance with the Town's investment policy dated February 21, 2023and also in compliance with the requirements of Section 53600 at seq. of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months. Page 1 ATTACHMENT 1 Month YTD Cash & Investment Balances - Beginning of Month/Period 69,108,644.05$ $72,886,942.83 Receipts 10,573,784.09 47,900,295.03 Disbursements (9,603,095.73)(50,707,905.45) Cash & Investment Balances - End of Month/Period $70,079,332.41 $70,079,332.41 Portfolio Allocation Amount % of Portfolio Max. % or $ Allowed per State Law or Policy BNY MM $148,582.33 0.25%20% of Town Portfolio US Treasury Notes $8,877,414.30 15.03%No Max. on US Treasuries Government Agency Debenture Notes $24,857,006.60 42.09%No Max. on Non-Mortgage Backed Corporate Medium Term Bonds $13,198,477.01 22.35%30% of Town Portfolio Local Agency Investment Fund $11,978,204.02 20.28%$75 M per State Law Subtotal - Investments 59,059,684.26 100.00% Reconciled Demand Deposit Balances 11,019,648.15 Total Portfolio Allocation & Treasurer's Cash Balances $70,079,332.41 Town of Los Gatos Portfolio Allocation & Treasurer's Cash Balances March 31, 2023 BNY MM0.25%US Treasury Notes15.03% Government Agency Debenture Notes42.09% Corporate Medium Term Bonds22.3% Local Agency Investment Fund20.3% Portfolio Investment Allocation $71.6 M $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 $90.0 M Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Treasurer's Fund Balances Page 2 Mar. 2023 Mar. 2023 Mar. 2023 Beginning Deposits Interest/Ending Balance Realized Gain/Adj.Earnings Withdrawals Balance Non-Treasury Funds: Cert. of Participation 2002 Series A Reserve Fund 686,251.00$ 2,094.29$ 688,345.29$ Note 1 Cert. Of Participation 2010 Ser A Lease Pymt Fund 31.60 0.05 31.65 Note 1 Cert. of Participation 2002 Lease Payment Fund 8,506.19 18.62 8,524.81 Note 1 Cert. of Participation 2010 Series Reserve Fund 1,299,754.81 4,355.11 1,304,109.92 Note 2 Total Restricted Funds:1,994,543.60$ -$ 6,468.07$ -$ 2,001,011.67$ CEPPT IRS Section 115 Trust 673,279.73 690,000.00 28,895.50 1,392,175.23$ Grand Total COP's and CEPPT Trust 2,667,823.33$ 690,000.00$ 35,363.57$ -$ 3,393,186.90$ 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 March 31, 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 20203 May 2023 June 2023 654,051.49$ Interest by Month Town of Los Gatos Statement of Interest Earned March 31, 2023 Page 4 Town of Los Gatos Investment Schedule March 31, 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 MaturityTreasury91282CAP6US Treasury Note 0.13%6/30/2021 1,000,000.00 995,390.63 975,664.06 (19,726.57)10/15/2023 0.33%1,615.44$ 3,260.06$ 2,447.28$ 198Toyota Motor Credit 89236THA6_1 Corporate Bond 1.35%04/12/21 500,000.00 510,580.00 491,781.58 (18,798.43)8/25/2023 0.45%12,618.75$ 2,780.30$ 1,715.77$ 147Toyota Motor Credit 89236THA6 Corporate Bond 1.35%1/11/2022 1,100,000.00 1,107,315.00 1,081,919.47 (25,395.53)8/25/2023 0.94%16,665.00$ 4,812.29$ 7,756.28$ 147 US Treasury 91282CDD0 US Treasury Note 0.38%1/13/2022 1,100,000.00 1,090,675.78 1,073,101.57 (17,574.21)10/31/2023 0.85%3,281.77$ 4,286.54$ 6,991.14$ 214US Treasury 91282CCN9 US Treasury Note 0.13%1/13/2022 1,200,000.00 1,188,375.00 1,181,859.37 (6,515.63)7/31/2023 0.75%1,573.37$ 4,153.18$ 6,773.63$ 122FFCB3133EKMX1Gov. Agency Debenture 2.23%8/2/2019 1,000,000.00 1,014,400.00 978,372.04 (36,027.96)2/23/2024 1.90%84,925.83$ 55,756.94$ 14,371.97$ 329FFCB3133EMBE1Gov. Agency Debenture 0.30%10/8/2020 1,600,000.00 1,598,000.00 1,530,606.70 (67,393.30)3/28/2024 0.34%11,853.34$ 9,279.41$ 4,035.81$ 363 FFCB 3133EMCQ3 Gov. Agency Debenture 0.28%10/16/2020 2,000,000.00 1,998,000.00 1,949,647.98 (48,352.02)10/13/2024 0.31%11,153.33$ 10,396.24$ 4,579.69$ 562Apple 037833DB3 Corporate Bond 2.90%12/20/2022 1,300,000.00 1,228,591.00 1,244,303.45 15,712.45 6/21/2027 4.19%8,587.22$ -$ 14,819.10$ 1543Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 969,426.94 (22,533.06)1/1/2026 3.04%4,750.00$ -$ 21,186.02$ 1007 Home Depot 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 322,587.89 491.01 6/30/2025 3.16%342.39$ -$ 6,744.04$ 822IBM 459200JY8 Corporate Bond 3.00%3/25/2021 1,000,000.00 1,071,040.00 981,492.37 (89,547.63)5/15/2024 0.71%49,166.67$ 9,358.41$ 5,550.23$ 411US Treasury 912828R28 US Treasury Note 1.63%7/2/2019 500,000.00 497,246.09 498,840.74 1,594.65 4/30/2023 1.77%27,046.54$ 26,507.80$ 6,639.07$ 30Freddie Mac 3137EAEN5 Gov. Agency Debenture 2.75%7/19/2019 2,000,000.00 2,072,358.00 1,991,124.40 (81,233.60)6/19/2023 1.79%187,916.67$ 107,829.55$ 27,432.96$ 80 FFCB 3133EN5V8 Gov. Agency Debenture 4.13%1/17/2023 236,000.00 239,174.20 237,751.04 (1,423.16)162.25 1/11/2027 3.76%(162.25)$ -$ 1,787.74$ 1382Treasury91282CBT7US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 731,906.25 19,341.07 3/31/2026 4.14%3,000.00$ -$ 15,443.37$ 1096FFCB3133ENP95Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 904,092.60 3,153.00 9/30/2025 4.14%19,125.00$ -$ 18,916.57$ 914 US Treasury 91282CDA6 Gov. Agency Debenture 0.25%1/31/2022 1,100,000.00 1,085,222.44 1,076,367.18 (8,855.26)9/30/2023 1.07%3,195.74$ 4,781.92$ 8,734.98$ 183US Treasury 91282CAW1 Gov. Agency Debenture 0.25%7/15/2021 1,200,000.00 1,199,437.50 1,167,046.87 (32,390.63)11/15/2023 0.27%4,002.72$ 3,107.52$ 2,432.74$ 229American Honda 02665WCZ2 Corporate Bond 2.40%11/27/2019 1,000,000.00 1,012,410.01 970,313.60 (42,096.41)6/27/2024 2.12%84,733.34$ 55,189.68$ 15,985.17$ 454JP Morgan Chase 46625HRS1 Gov. Agency Debenture 3.20%9/23/2022 500,000.00 474,660.00 479,131.91 4,471.91 3/15/2026 4.70%3,644.44$ -$ 12,058.97$ 1080 Honeywell Int'l.438516BW5 Corporate Bond 2.30%11/20/2019 1,000,000.00 1,014,660.00 970,987.12 (43,672.88)7/15/2024 1.64%73,983.33$ 51,828.99$ 14,901.52$ 472Caterpillar Financial Serv 14913Q2V0 Corporate Bond 2.85%2/23/2021 1,000,000.00 1,077,370.00 979,904.28 (97,465.72)5/17/2024 0.44%49,400.00$ 6,129.72$ 3,413.71$ 413FNMA3135G0V75Gov. Agency Debenture 1.75%10/17/2019 1,100,000.00 1,105,833.30 1,061,284.24 (44,549.06)7/2/2024 1.63%62,081.25$ 48,706.74$ 13,521.43$ 459 US Bancorp 91159HHV5 Corporate Bond 3.38%12/24/2019 1,000,000.00 1,049,040.00 980,920.97 (68,119.03)1/5/2024 2.12%105,093.75$ 54,380.13$ 16,213.44$ 280FHLB3133834G3Gov. Agency Debenture 2.13%3/11/2021 1,400,000.00 1,460,522.00 1,392,411.76 (68,110.24)6/9/2023 0.19%51,897.22$ 3,664.98$ 2,109.67$ 70FFCB3133EKQA7Gov. Agency Debenture 2.08%10/21/2019 1,000,000.00 1,019,780.00 966,598.94 (53,181.06)9/10/2024 1.66%70,431.11$ 45,130.78$ 12,579.69$ 529PNC Financial 69349LAM0 Corporate Bond 3.80%2/7/2022 1,000,000.00 1,033,470.00 993,565.77 (39,904.23)6/25/2023 1.49%36,733.33$ 5,372.34$ 10,293.86$ 86 FHLB 3135G05X7 Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 1,098,641.87 (4,310.53)8/25/2025 3.04%3,187.50$ 1,902.68$ 26,066.68$ 878Treasury912828ZL7Gov. Agency Debenture 0.38%4/12/2022 1,700,000.00 1,583,927.57 1,576,750.00 (7,177.57)4/30/2025 2.72%3,504.49$ 9,611.14$ 33,334.85$ 761JP Morgan Chase 46625HJT8 Corporate Bond 3.88%9/23/2019 1,400,000.00 1,485,414.00 1,382,226.01 (103,187.99)2/1/2024 2.39%182,038.89$ 96,022.89$ 26,024.01$ 307American Honda 02665WDH1 Corporate Bond 1.95%2/14/2020 600,000.00 603,756.00 598,043.24 (5,712.76)5/10/2023 1.75%33,995.00$ 25,034.14$ 7,911.60$ 40 Treasury 912828V23 US Treasury Note 2.25%11/29/2021 1,000,000.00 1,032,933.04 981,914.06 (51,018.98)12/31/2023 0.66%24,456.52$ 3,924.44$ 5,048.35$ 275Treasury91282CBE0 2 Gov. Agency Debenture 0.13%10/7/2021 1,000,000.00 994,768.98 964,687.50 (30,081.48)1/15/2024 0.36%1,589.67$ 2,587.41$ 2,665.22$ 290FHLB3130ALH98Gov. Agency Debenture 0.25%2/26/2021 1,000,000.00 997,610.00 959,663.09 (37,946.91)2/26/2024 0.33%5,000.00$ 4,416.63$ 2,474.76$ 332 FHLB 3130AQF65 Gov. Agency Debenture 1.25%11/30/2022 1,300,000.00 1,160,559.40 1,183,888.51 23,329.11 12/21/2026 4.15%947.92$ -$ 16,771.81$ 1361Treasury912828U57US Treasury Note 2.13%7/31/2019 1,000,000.00 1,011,875.00 983,203.12 (28,671.88)11/30/2023 1.84%70,833.33$ 54,014.24$ 13,896.62$ 244Treasury912828X70US Treasury Note 2.20%12/30/2019 1,000,000.00 1,010,589.29 972,539.06 (38,050.23)4/30/2024 1.75%62,703.30$ 48,922.73$ 14,682.18$ 396Treasury912828XT2US Treasury Note 2.00%10/31/2019 1,000,000.00 1,015,667.41 971,953.12 (43,714.29)5/31/2024 1.64%61,639.34$ 44,208.50$ 12,449.26$ 427 American Honda 02665WCQ2 Corporate Bond 3.63%9/14/2021 950,000.00 1,012,871.00 942,308.81 (70,562.19)10/10/2023 0.41%36,924.65$ 3,232.93$ 3,065.13$ 193FFCB3133EJ3Q0Gov. Agency Debenture 2.88%8/28/2019 1,500,000.00 1,587,503.75 1,477,258.89 (110,244.86)12/21/2023 2.12%142,911.46$ 64,945.24$ 17,160.07$ 265Treasury91282CBE0Gov. Agency Debenture 0.13%9/15/2021 650,000.00 647,615.46 627,046.88 (20,568.58)1/15/2024 0.28%1,081.87$ 1,447.14$ 1,376.79$ 290 FHLB 3130APJH9 Gov. Agency Debenture 0.75%1/17/2023 1,000,000.00 907,010.00 914,740.97 7,730.97 1,645.83 10/28/2026 4.17%(1,645.83)$ -$ 6,419.04$ 1307FFCB3133EN5N6Gov. Agency Debenture 4.00%2/8/2023 1,700,000.00 1,706,732.00 1,714,071.63 7,339.63 6,044.44 1/6/2028 3.91%(6,044.44)$ -$ 9,309.89$ 1742 Subtotal 46,886,000.00$ 46,932,897.91$ 45,531,947.84$ (1,400,950.07)$ 7,852.52$ 1,611,778.97$ 876,983.63$ 478,092.11$ BNY MM Money Market 148,582.33 148,582.33 0.00 0.00%1LAIFState Investment Pool 11,978,204.02 11,816,621.99 (161,582.03)2.83%115,829.78 1 $59,059,684.26 $57,497,152.16 ($1,562,532.10)$7,852.52 1,611,778.97$ 876,983.63$ 593,921.89$ 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$ 13,752.22$ 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"60,129.60$ Total Interest FY 22_23 Matured and Current 654,051.49$ Maturity Profile Amount l 37,403,166.02$ 63.34%1-2 years $10,325,350.01 17.48%2-3 years $5,376,536.45 9.10%3-5 years 5,954,631.78$ 10.08%$59,059,684.26 Page 5 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 - (437,829) 5,721,716 (4,480,793) - - 803,093 General Fund Total 26,896,789 (453,327) 5,721,716 (4,480,793) - - 27,684,384 March 2023 Prior Year Carryforward 7/1/2022 Increase/ (Decrease) July-Feb Estimated Fund Balance 3/31/2023* Page 6 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 95,213 29,996 (13,355) - - 563,412 231-236 Landscape & Lighting Districts 174,236 9,896 - (5,720) - - 178,412 241 ARPA - 3,614,872 - - - - 3,614,872 251 Los Gatos Theatre 19,500 (5,635) 14,900 (5,175) - - 23,590 711-714 Library Trusts 555,254 10,781 - (30,988) - - 535,047 Special Revenue Total 1,367,202 3,725,127 44,896 (55,238) - - 5,081,986 CAPITAL PROJECTS 411 GFAR - General Fund Appropriated Reserve 14,783,787 131,863 115,364 (337,649) - - 14,693,365 421 Grant Funded Projects (948,603) 553,694 114,046 (20,535) - - (301,398) 461-463 Storm Basin Projects 3,218,811 81,788 18,135 (214,900) - - 3,103,834 471 Traffic Mitigation Projects 405,570 - - - - - 405,570 472 Utility Undergrounding Projects 3,302,514 63,325 4,716 - - - 3,370,555 481 Gas Tax Projects 1,836,068 (783,146) 128,484 - - - 1,181,406 Capital Projects Total 22,598,147 47,524 380,745 (573,084) - - 22,453,332 INTERNAL SERVICE FUNDS 611 Town General Liability 803,292 (523,597) 29,122 - - - 308,817 612 Workers Compensation 1,295,185 (83,870) 71,185 (3,182) - - 1,279,318 621 Information Technology 2,990,932 (39,388) 165,271 (21,566) - - 3,095,249 631 Vehicle & Equipment Replacement 2,222,395 (4,440) 217,148 (93,143) - - 2,341,960 633 Facility Maintenance 928,481 (189,453) 239,339 (93,223) - - 885,144 Internal Service Funds Total 8,240,285 (840,748) 722,065 (211,114) - - 7,910,488 Trust/Agency 942 RDA Successor Agency (7,607,527) (1,635,063) - (141) - - (9,242,731) Trust/Agency Fund Total (7,607,527) (1,635,063) - (141) - - (9,242,731) Total Town 51,494,896 843,513 6,869,421 (5,320,370) - - 53,887,459 * 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 $3,698,538 Prior Year Carryforward 7/1/2022 Increase/ (Decrease) July-Feb March 2023 Estimated Fund Balance 3/31/2023* Page 7 Security Description Maturity Date Par/Shares Moody Rating S&P Rating Insight ESG Rating Environment Social Governance AMERICAN HONDA FINANCE 1.95% 10MAY2023 5/10/2023 600,000$ 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 March 31, 2023 Page 8