Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Attachment 2 - Financial and Investment Report May 2023
Weighted Average YTM Portfolio Yield on Investments under Management 2.93% Weighted Average Maturity (days)388 This Month Last Month One year ago Portfolio Allocation & Treasurer's Cash Balances $75,243,382 $74,868,304 $76,336,706 Managed Investments $47,187,891 Local Agency Investment Fund $12,034,229 Reconciled Demand Deposit Balances $16,021,263 Portfolio Allocation & Treasurer's Cash Balances $75,243,382 Benchmarks/ References: Town's Average Yield 2.93%2.77%1.27% LAIF Yield for month 2.99%2.87%0.68% 3 mo. Treasury 5.42%5.08%1.08% 6 mo. Treasury 5.46%5.04%1.58% 2 yr. Treasury 4.41%4.01%2.56% 5 yr. Treasury (most recent)3.76%3.49%2.82% 10 Yr. Treasury 3.65%3.43%2.85% Town of Los Gatos Summary Investment Information May 31, 2023 0 - 1 year 66% 1 - 2 years15% 2 - 3 years9% 3 - 5 years 10% Portfolio Maturity Profile Compliance: The Town's investments are in compliance with the Town's investment policy dated February 21, 2023and also in compliance with the requirements of Section 53600 at seq. of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months. Page 1 ATTACHMENT 2 Month YTD Cash & Investment Balances - Beginning of Month/Period 74,868,303.63$ $72,886,942.83 Receipts 4,550,302.80 60,601,728.46 Disbursements (4,175,224.08)(58,245,288.94) Cash & Investment Balances - End of Month/Period $75,243,382.35 $75,243,382.35 Portfolio Allocation Amount % of Portfolio Max. % or $ Allowed per State Law or Policy BNY MM $58,106.65 0.10%20% of Town Portfolio US Treasury Notes $13,891,140.16 23.46%No Max. on US Treasuries Government Agency Debenture Notes $19,560,407.15 33.03%No Max. on Non-Mortgage Backed Corporate Medium Term Bonds $13,678,237.01 23.10%30% of Town Portfolio Local Agency Investment Fund $12,034,228.67 20.32%$75 M per State Law Subtotal - Investments 59,222,119.64 100.00% Reconciled Demand Deposit Balances 16,021,262.71 Total Portfolio Allocation & Treasurer's Cash Balances $75,243,382.35 Town of Los Gatos Portfolio Allocation & Treasurer's Cash Balances May 31, 2023 BNY MM0.10%US Treasury Notes23.46% Government Agency Debenture Notes33.03% Corporate Medium Term Bonds23.1% Local Agency Investment Fund20.3% Portfolio Investment Allocation $76.3 M $75.2 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 $90.0 M May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Treasurer's Fund Balances Page 2 May. 2023 May. 2023 May. 2023 Beginning Deposits Interest/Ending Balance Realized Gain/Adj.Earnings Withdrawals Balance Non-Treasury Funds: Cert. of Participation 2002 Series A Reserve Fund 690,713.47$ 2,404.35$ 693,117.82$ Note 1 Cert. Of Participation 2010 Ser A Lease Pymt Fund 31.69 0.06 31.75 Note 1 Cert. of Participation 2002 Lease Payment Fund 8,554.09 29.76 8,583.85 Note 1 Cert. of Participation 2010 Series Reserve Fund 1,309,037.00 4,762.98 1,313,799.98 Note 2 Total Restricted Funds:2,008,336.25$ -$ 7,197.15$ -$ 2,015,533.40$ CEPPT IRS Section 115 Trust 1,403,312.79 (20,191.18)1,383,121.61$ Grand Total COP's and CEPPT Trust 3,411,649.04$ -$ (12,994.03)$ -$ 3,398,655.01$ 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 May 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 2023 97,627.16 May 2023 106,872.54 June 2023 858,551.19$ Interest by Month Town of Los Gatos Statement of Interest Earned May 31, 2023 Page 4 Town of Los Gatos Investment Schedule May 31, 2023 Market Value Maturity Yield to Interest Interest Interest DaysDepositParOriginalMarketAbove (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 1,000,000.00 995,390.63 980,860.00 (14,530.63)10/15/2023 0.33%2,240.44$ 3,260.06$ 2,992.11$ 137Toyota Motor Credit 89236THA6_1 Corporate Bond 1.35%04/12/21 500,000.00 510,580.00 495,570.00 (15,010.00)8/25/2023 0.45%12,618.75$ 2,780.30$ 2,097.75$ 86Toyota Motor Credit 89236THA6 Corporate Bond 1.35%1/11/2022 1,100,000.00 1,107,315.00 1,090,254.00 (17,061.00)8/25/2023 0.94%16,665.00$ 4,812.29$ 9,483.05$ 86US Treasury 91282CDD0 US Treasury Note 0.38%1/13/2022 1,100,000.00 1,090,675.78 1,077,527.00 (13,148.78)10/31/2023 0.85%5,344.27$ 4,286.54$ 8,547.57$ 153US Treasury 91282CCN9 US Treasury Note 0.13%1/13/2022 1,200,000.00 1,188,375.00 1,189,644.00 1,269.00 7/31/2023 0.75%1,573.37$ 4,153.18$ 8,281.63$ 61FFCB3133EKMX1Gov. Agency Debenture 2.23%8/2/2019 1,000,000.00 1,014,400.00 978,410.00 (35,990.00)2/23/2024 1.90%84,925.83$ 55,756.94$ 17,571.57$ 268FFCB3133EMBE1Gov. Agency Debenture 0.30%10/8/2020 1,600,000.00 1,598,000.00 1,534,416.00 (63,584.00)3/28/2024 0.34%11,853.34$ 9,279.41$ 4,934.29$ 302FFCB3133EMCQ3Gov. Agency Debenture 0.28%10/16/2020 2,000,000.00 1,998,000.00 1,962,680.00 (35,320.00)10/13/2024 0.31%13,953.33$ 10,396.24$ 5,599.26$ 501Apple 037833DB3 Corporate Bond 2.90%12/20/2022 1,300,000.00 1,228,591.00 1,239,407.00 10,816.00 6/21/2027 4.19%8,587.22$ -$ 23,769.26$ 1482Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 965,490.00 (26,470.00)1/1/2026 3.04%19,750.00$ -$ 26,593.33$ 946US Treasury 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 321,919.50 (177.38)6/30/2025 3.16%342.39$ -$ 8,502.10$ 761IBM 459200JY8 Corporate Bond 3.00%3/25/2021 1,000,000.00 1,071,040.00 976,750.00 (94,290.00)5/15/2024 0.71%64,166.67$ 9,358.41$ 6,785.86$ 350Freddie Mac 3137EAEN5 Gov. Agency Debenture 2.75%7/19/2019 2,000,000.00 2,072,358.00 1,996,860.00 (75,498.00)6/19/2023 1.79%187,916.67$ 107,829.55$ 33,540.30$ 19 FFCB 3133EN5V8 Gov. Agency Debenture 4.13%1/17/2023 236,000.00 239,174.20 236,210.04 (2,964.16)162.25 1/11/2027 3.76%(162.25)$ -$ 3,281.61$ 1321US Treasury 91282CBT7 US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 730,344.00 17,778.82 3/31/2026 4.14%3,000.00$ -$ 20,619.45$ 1035 FFCB 3133ENP95 Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 896,922.00 (4,017.60)9/30/2025 4.14%19,125.00$ -$ 25,256.74$ 853US Treasury 91282CDA6 US Treasury Note 0.25%1/31/2022 1,100,000.00 1,085,222.44 1,081,476.00 (3,746.44)9/30/2023 1.07%3,195.74$ 4,781.92$ 10,679.63$ 122 US Treasury 91282CAW1 US Treasury Note 0.25%7/15/2021 1,200,000.00 1,199,437.50 1,172,580.00 (26,857.50)11/15/2023 0.27%5,502.72$ 3,107.52$ 2,974.34$ 168American Honda 02665WCZ2 Corporate Bond 2.40%11/27/2019 1,000,000.00 1,012,410.01 969,540.00 (42,870.01)6/27/2024 2.12%84,733.34$ 55,189.68$ 19,543.91$ 393JP Morgan Chase 46625HRS1 Corporate Bond 3.20%9/23/2022 500,000.00 474,660.00 476,590.00 1,930.00 3/15/2026 4.70%3,644.44$ -$ 15,951.02$ 1019Honeywell Int'l.438516BW5 Corporate Bond 2.30%11/20/2019 1,000,000.00 1,014,660.00 968,410.00 (46,250.00)7/15/2024 1.64%73,983.33$ 51,828.99$ 18,219.01$ 411Caterpillar Financial Serv 14913Q2V0 Corporate Bond 2.85%2/23/2021 1,000,000.00 1,077,370.00 976,370.00 (101,000.00)5/17/2024 0.44%63,650.00$ 6,129.72$ 4,173.69$ 352FNMA3135G0V75Gov. Agency Debenture 1.75%10/17/2019 1,100,000.00 1,105,833.30 1,064,547.00 (41,286.30)7/2/2024 1.63%62,081.25$ 48,706.74$ 16,531.67$ 398US Bancorp 91159HHV5 Corporate Bond 3.38%12/24/2019 1,000,000.00 1,049,040.00 983,360.00 (65,680.00)1/5/2024 2.12%105,093.75$ 54,380.13$ 19,823.01$ 219FHLB3133834G3Gov. Agency Debenture 2.13%3/11/2021 1,400,000.00 1,460,522.00 1,399,020.00 (61,502.00)6/9/2023 0.19%51,897.22$ 3,664.98$ 2,579.34$ 9FFCB3133EKQA7Gov. Agency Debenture 2.08%10/21/2019 1,000,000.00 1,019,780.00 964,890.00 (54,890.00)9/10/2024 1.66%70,431.11$ 45,130.78$ 15,380.28$ 468PNC Financial 69349LAM0 Corporate Bond 3.80%2/7/2022 1,000,000.00 1,033,470.00 996,670.00 (36,800.00)6/25/2023 1.49%36,733.33$ 5,372.34$ 12,585.56$ 25FHLB3135G05X7Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 1,097,664.00 (5,288.40)8/25/2025 3.04%3,187.50$ 1,902.68$ 31,869.85$ 817US Treasury 912828ZL7 US Treasury Note 0.38%4/12/2022 1,700,000.00 1,583,927.57 1,573,758.00 (10,169.57)4/30/2025 2.72%6,691.99$ 9,611.14$ 40,756.11$ 700JP Morgan Chase 46625HJT8 Corporate Bond 3.88%9/23/2019 1,400,000.00 1,485,414.00 1,385,482.00 (99,932.00)2/1/2024 2.39%182,038.89$ 96,022.89$ 31,817.67$ 246US Treasury 912828V23 US Treasury Note 2.25%11/29/2021 1,000,000.00 1,032,933.04 982,380.00 (50,553.04)12/31/2023 0.66%24,456.52$ 3,924.44$ 6,172.25$ 214US Treasury 91282CBE0_2 US Treasury Note 0.13%10/7/2021 1,000,000.00 994,768.98 968,240.00 (26,528.98)1/15/2024 0.36%1,589.67$ 2,587.41$ 3,258.58$ 229FHLB3130ALH98Gov. Agency Debenture 0.25%2/26/2021 1,000,000.00 997,610.00 962,850.00 (34,760.00)2/26/2024 0.33%5,000.00$ 4,416.63$ 3,025.71$ 271FHLB3130AQF65Gov. Agency Debenture 1.25%11/30/2022 1,300,000.00 1,160,559.40 1,184,586.00 24,026.60 12/21/2026 4.15%947.92$ -$ 25,227.02$ 1300US Treasury 912828U57 US Treasury Note 2.13%7/31/2019 1,000,000.00 1,011,875.00 984,300.00 (27,575.00)11/30/2023 1.84%81,458.33$ 54,014.24$ 16,990.40$ 183US Treasury 912828X70 US Treasury Note 2.20%12/30/2019 1,000,000.00 1,010,589.29 970,900.00 (39,689.29)4/30/2024 1.75%73,703.30$ 48,922.73$ 17,950.84$ 335US Treasury 912828XT2 US Treasury Note 2.00%10/31/2019 1,000,000.00 1,015,667.41 968,830.00 (46,837.41)5/31/2024 1.64%71,639.34$ 44,208.50$ 15,220.81$ 366American Honda 02665WCQ2 Corporate Bond 3.63%9/14/2021 950,000.00 1,012,871.00 942,723.00 (70,148.00)10/10/2023 0.41%54,143.40$ 3,232.93$ 3,747.52$ 132 FFCB 3133EJ3Q0 Gov. Agency Debenture 2.88%8/28/2019 1,500,000.00 1,587,503.75 1,477,920.00 (109,583.75)12/21/2023 2.12%142,911.46$ 64,945.24$ 20,980.38$ 204US Treasury 91282CBE0 US Treasury Note 0.13%9/15/2021 650,000.00 647,615.46 629,356.00 (18,259.46)1/15/2024 0.28%1,081.87$ 1,447.14$ 1,683.30$ 229 FHLB 3130APJH9 Gov. Agency Debenture 0.75%1/17/2023 1,000,000.00 907,010.00 905,730.00 (1,280.00)10/28/2026 4.17%2,104.17$ -$ 11,782.89$ 1246FFCB3133EN5N6Gov. Agency Debenture 4.00%2/8/2023 1,700,000.00 1,706,732.00 1,706,069.00 (663.00)6,044.44 1/6/2028 3.91%(6,044.44)$ -$ 20,445.24$ 1681 Freddie Mac 3137EAEX3 Gov. Agency Debenture 0.04%5/1/2023 750,000.00 689,032.50 684,607.50 (4,425.00)296.88 9/23/2025 3.97%(296.88)$ -$ 2,111.04$ 846American Honda 02665WED9 Corporate Bond 4.70%5/11/2023 600,000.00 608,856.00 601,356.00 (7,500.00)9,321.67 1/12/2028 4.34%(9,321.67)$ -$ 1,441.44$ 1687 Subtotal 47,136,000.00$ 47,129,784.32$ 45,753,468.04$ (1,376,316.28)$ 15,825.24$ 1,648,137.63$ 825,441.69$ 600,778.37$ BNY MM Money Market 58,106.65 58,106.65 0.00 0.00%1LAIFState Investment Pool 12,034,228.67 11,871,890.88 (162,337.79)2.99%175,860.52 1 $59,222,119.64 $57,683,465.57 ($1,538,654.07)$15,825.24 1,648,137.63$ 825,441.69$ 776,638.89$ Matured AssetsIBM 459200HG9 Corporate Bond 1.88%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 3.25%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 1.75%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 2.00%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 3.00%10/9/2020 1,300,000.00 1,366,287.00 12/20/2023 0.66%85,805.92$ 31,569.88$ 16,813.84$ 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$ US Treasury 912828R28 US Treasury Note 1.63%7/2/2019 500,000.00 497,246.09 4/30/2023 1.77%31,109.04$ 26,507.80$ 7,365.97$ American Honda 02665WDH1 Corporate Bond 1.95%2/14/2020 600,000.00 603,756.00 5/10/2023 1.75%39,845.00$ 25,034.14$ 9,066.57$ Total Investments "Matured"79,623.77$ Total Interest FY 22_23 Matured and Current 856,262.66$ Maturity Profile Amount Percent 0-1 year 39,426,712.19$ 67%1-2 years $8,750,278.29 15%2-3 years $5,194,206.56 9%3-5 years 5,850,922.60$ 10%$59,222,119.64 Page 5 Security Description Maturity Date Par/Shares Moody Rating S&P Rating Insight ESG Rating Environment Social Governance PNC BANK NA 3.8% 25JUL2023 (CALLABLE 25JUN23)7/25/2023 1,000,000$ 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$ A3 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 AMERICAN HONDA FINANCE 4.7% 12JAN2028 1/12/2028 600,000$ A3 A-2 1 3 3 Total/Average 12,750,000$ 2.9 1.8 3.3 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 May 31, 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 - 4,793,534 2,249,954 (3,548,872) - - 3,494,616 General Fund Total 26,896,789 4,778,036 2,249,954 (3,548,872) - - 30,375,907 May 2023 Prior Year Carryforward 7/1/2022 Increase/ (Decrease) July-April Estimated Fund Balance 5/31/2023* 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)451,558 128,635 29,996 (13,535) - - 596,654 231-236 Landscape & Lighting Districts 174,236 1,841 - (7,209) - - 168,868 241 ARPA - 3,614,872 - -- - 3,614,872 251 Los Gatos Theatre 19,500 6,257 2,450 (186) - - 28,021 711-716 Library Trusts 555,254 (22,489) 5,000 (3,898) - - 533,867 Special Revenue Total 1,367,202 3,729,116 37,446 (24,828) - - 5,108,936.00 CAPITAL PROJECTS 411 GFAR - General Fund Appropriated Reserve 14,783,787 (269,197) 1,650,941 (521,217) - - 15,644,314 421 Grant Funded Projects (948,603) 640,293 230,000 (466,610) - - (544,920) 461-463 Storm Basin Projects 3,218,811 (107,443) 4,379 - - - 3,115,747 471 Traffic Mitigation Projects 405,570 - 11,545 (11,545) - - 405,570 472 Utility Undergrounding Projects 3,302,514 73,770 2,495 - - - 3,378,779 481 Gas Tax Projects 1,836,068 (533,488) 105,245 - - - 1,407,825 Capital Projects Total 22,598,147 (196,065) 2,004,605 (999,372) - - 23,407,315 INTERNAL SERVICE FUNDS 611 Town General Liability 803,292 (508,789) - (28,644) - - 265,859 612 Workers Compensation 1,295,185 (397) 12,374 (36,548) - - 1,270,614 621 Information Technology 2,990,932 80,984 10,436 (53,368) - - 3,028,984 631 Vehicle & Equipment Replacement 2,222,395 92,354 - (2,100) - - 2,312,649 633 Facility Maintenance 928,481 (150,046) 2,494 (114,752) - - 666,177 Internal Service Funds Total 8,240,285 (485,894) 25,304 (235,412) - - 7,544,283 Trust/Agency 942 RDA Successor Agency (7,607,527) (1,635,344) - (141) - - (9,243,012) Trust/Agency Fund Total (7,607,527) (1,635,344) - (141) - - (9,243,012) Total Town 51,494,896 6,189,849 4,317,309 (4,808,625) - - 57,193,429 * 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 $1,019,345 111-23521 BMP Housing deposit account balance $3,885,172 Prior Year Carryforward 7/1/2022 Increase/ (Decrease) July-April May 2023 Estimated Fund Balance 5/31/2023* Page 8