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02 Attachment 1 - Monthly Financial and Investment Report for July 2023Weighted Average YTM Portfolio Yield on Investments under Management 3.53% Weighted Average Maturity (days)459 This Month Last Month One year ago Portfolio Allocation & Treasurer's Cash Balances $71,462,894 $78,384,948 $67,683,852 Managed Investments $49,180,046 Local Agency Investment Fund $17,138,242 Reconciled Demand Deposit Balances $5,144,607 Portfolio Allocation & Treasurer's Cash Balances $71,462,894 Benchmarks/ References: Town's Average Yield 3.53%3.19%1.37% LAIF Yield for month 3.31%3.17%1.09% 3 mo. Treasury 5.42%5.30%2.41% 6 mo. Treasury 5.47%5.43%2.88% 2 yr. Treasury 4.88%4.90%2.89% 5 yr. Treasury (most recent)4.18%4.16%2.68% 10 Yr. Treasury 3.96%3.84%2.65% Town of Los Gatos Summary Investment Information July 31, 2023 0 - 1 year 65% 1 - 2 years 7% 2 - 3 years12% 3 - 5 years 16% Portfolio Maturity Profile Compliance: The Town's investments are in compliance with the Town's investment policy dated February 21, 2023 and also in compliance with the requirements of Section 53600 at seq. of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months. Page 1 ATTACHMENT 1 Month YTD Cash & Investment Balances - Beginning of Month/Period 78,384,947.79$ 78,384,947.79$ Receipts 4,726,021.66 4,726,021.66 Disbursements (11,648,075.44)(11,648,075.44) Cash & Investment Balances - End of Month/Period $71,462,894.01 $71,462,894.01 Portfolio Allocation Amount % of Portfolio Max. % or $ Allowed per State Law or Policy BNY MM $37,661.58 0.06%20% of Town Portfolio US Treasury Notes $17,490,610.47 26.37%No Max. on US Treasuries Government Agency Debenture Notes $17,580,861.65 26.51%No Max. on Non-Mortgage Backed Corporate Medium Term Bonds $14,070,912.01 21.22%30% of Town Portfolio Local Agency Investment Fund $17,138,241.57 25.84%$75 M per State Law Subtotal - Investments 66,318,287.28 100.00% Reconciled Demand Deposit Balances 5,144,606.73 Total Portfolio Allocation & Treasurer's Cash Balances $71,462,894.01 Town of Los Gatos Portfolio Allocation & Treasurer's Cash Balances July 31, 2023 BNY MM 0.06%US Treasury Notes 26.37% Government Agency Debenture Notes 26.51% Corporate Medium Term Bonds 21.2% Local Agency Investment Fund 25.8% Portfolio Investment Allocation $67.7 M $71.5 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 $90.0 M Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Treasurer's Fund Balances Page 2 July 2023 July 2023 July 2023 Beginning Deposits Interest/Ending Balance Realized Gain/Adj.Earnings Withdrawals Balance Non-Treasury Funds: Cert. of Participation 2002 Series A Reserve Fund 695,773.32$ 2,612.40$ 698,385.72$ Note 1 Cert. Of Participation 2010 Ser A Lease Pymt Fund 31.80 1,108,630.65 0.05 1,108,662.50 Note 1 Cert. of Participation 2002 Lease Payment Fund 8,616.71 552,608.29 32.36 561,257.36 Note 1 Cert. of Participation 2010 Series Reserve Fund 1,318,762.64 5,377.44 1,324,140.08 Note 2 Total Restricted Funds:2,023,184.47$ 1,661,238.94$ 8,022.25$ -$ 3,692,445.66$ CEPPT IRS Section 115 Trust 1,400,162.56 15,462.55 1,415,625.11$ Grand Total COP's and CEPPT Trust 3,423,347.03$ 1,661,238.94$ 23,484.80$ -$ 5,108,070.77$ 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 Town of Los Gatos Non-Treasury Restricted Fund Balances July 31, 2023 Page 3 July 2023 133,845.42$ August 2023 - September 2023 - October 2023 - November 2023 - December 2023 - January 2024 - February 2024 - March 2024 - April 2024 - May 2024 - June 2024 - 133,845.42$ Interest by Month Town of Los Gatos Statement of Interest Earned July 31, 2023 Page 4 Town of Los Gatos Investment Schedule July 31, 2023 Market Value Maturity Yield to Interest Interest Interest Days Deposit Par Original Market Above (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 Maturity US Treasury 91282CAP6 US Treasury Note 0.13%6/30/2021 1,000,000.00 995,390.63 989,300.00 (6,090.63)10/15/2023 0.33%2,240.44$ 6,520.12$ 276.88$ 76 Toyota Motor Credit 89236THA6_1 Corporate Bond 1.35%04/12/21 500,000.00 510,580.00 498,750.00 (11,830.00)8/25/2023 0.45%12,618.75$ 5,065.91$ 194.12$ 25 Toyota Motor Credit 89236THA6 Corporate Bond 1.35%1/11/2022 1,100,000.00 1,107,315.00 1,097,250.00 (10,065.00)8/25/2023 0.94%16,665.00$ 15,144.57$ 877.54$ 25 US Treasury 91282CDD0 US Treasury Note 0.38%1/13/2022 1,100,000.00 1,090,675.78 1,086,547.00 (4,128.78)10/31/2023 0.85%5,344.27$ 13,599.56$ 790.97$ 92 FFCB 3133EKMX1 Gov. Agency Debenture 2.23%8/2/2019 1,000,000.00 1,014,400.00 982,590.00 (31,810.00)2/23/2024 1.90%84,925.83$ 74,902.07$ 1,626.03$ 207 FFCB 3133EMBE1 Gov. Agency Debenture 0.30%10/8/2020 1,600,000.00 1,598,000.00 1,543,920.00 (54,080.00)3/28/2024 0.34%11,853.34$ 14,655.57$ 456.61$ 241 FFCB 3133EMCQ3 Gov. Agency Debenture 0.28%10/16/2020 2,000,000.00 1,998,000.00 1,979,200.00 (18,800.00)10/13/2024 0.31%13,953.33$ 16,496.92$ 518.14$ 440 Apple 037833DB3 Corporate Bond 2.90%12/20/2022 1,300,000.00 1,228,591.00 1,221,272.00 (7,319.00)6/21/2027 4.19%8,587.22$ 28,170.97$ 4,548.44$ 1421 Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 956,430.00 (35,530.00)1/1/2026 3.04%19,750.00$ 29,252.66$ 2,747.98$ 885 US Treasury 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 320,400.50 (1,696.38)6/30/2025 3.16%779.89$ 9,366.72$ 893.44$ 700 IBM 459200JY8 Corporate Bond 3.00%3/25/2021 1,000,000.00 1,071,040.00 981,150.00 (89,890.00)5/15/2024 0.71%64,166.67$ 16,751.96$ 627.95$ 289 FFCB 3133EN5V8 Gov. Agency Debenture 4.13%1/17/2023 236,000.00 239,174.20 232,559.12 (6,615.08)1/11/2027 3.76%4,705.25$ 4,016.30$ 759.18$ 1260 US Treasury 91282CBT7 US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 724,128.00 11,562.82 3/31/2026 4.14%3,000.00$ 23,165.06$ 2,630.46$ 974 FFCB 3133ENP95 Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 887,598.00 (13,341.60)9/30/2025 4.14%19,125.00$ 28,374.86$ 3,222.05$ 792 US Treasury 91282CDA6 US Treasury Note 0.25%1/31/2022 1,100,000.00 1,085,222.44 1,090,672.00 5,449.56 9/30/2023 1.07%3,195.74$ 16,417.94$ 988.26$ 61 US Treasury 91282CAW1 US Treasury Note 0.25%7/15/2021 1,200,000.00 1,199,437.50 1,182,516.00 (16,921.50)11/15/2023 0.27%5,502.72$ 6,348.21$ 275.24$ 107 American Honda 02665WCZ2 Corporate Bond 2.40%11/27/2019 1,000,000.00 1,012,410.01 971,790.00 (40,620.01)6/27/2024 2.12%84,733.34$ 76,483.79$ 1,808.54$ 332 JP Morgan Chase 46625HRS1 Corporate Bond 3.20%9/23/2022 500,000.00 474,660.00 475,025.00 365.00 3/15/2026 4.70%11,644.44$ 17,865.15$ 1,977.93$ 958 Honeywell Int'l.438516BW5 Corporate Bond 2.30%11/20/2019 1,000,000.00 1,014,660.00 968,870.00 (45,790.00)7/15/2024 1.64%73,983.33$ 71,679.55$ 1,685.94$ 350 Caterpillar Financial Serv 14913Q2V0 Corporate Bond 2.85%2/23/2021 1,000,000.00 1,077,370.00 978,510.00 (98,860.00)5/17/2024 0.44%63,650.00$ 10,677.18$ 386.22$ 291 FNMA 3135G0V75 Gov. Agency Debenture 1.75%10/17/2019 1,100,000.00 1,105,833.30 1,063,491.00 (42,342.30)7/2/2024 1.63%71,706.25$ 66,718.86$ 1,529.80$ 337 US Bancorp 91159HHV5 Corporate Bond 3.38%12/24/2019 1,000,000.00 1,049,040.00 988,540.00 (60,500.00)1/5/2024 2.12%105,093.75$ 75,978.33$ 1,834.37$ 158 FFCB 3133EKQA7 Gov. Agency Debenture 2.08%10/21/2019 1,000,000.00 1,019,780.00 963,980.00 (55,800.00)9/10/2024 1.66%70,431.11$ 61,888.40$ 1,423.25$ 407 FHLB 3135G05X7 Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 1,093,296.00 (9,656.40)8/25/2025 3.04%3,187.50$ 36,626.55$ 2,949.15$ 756 US Treasury 912828ZL7 US Treasury Note 0.38%4/12/2022 1,700,000.00 1,583,927.57 1,568,845.00 (15,082.57)4/30/2025 2.72%6,691.99$ 54,017.06$ 3,771.46$ 639 JP Morgan Chase 46625HJT8 Corporate Bond 3.88%9/23/2019 1,400,000.00 1,485,414.00 1,387,862.00 (97,552.00)2/1/2024 2.39%182,038.89$ 130,689.90$ 2,944.32$ 185 US Treasury 912828V23 US Treasury Note 2.25%11/29/2021 1,000,000.00 1,032,933.04 987,030.00 (45,903.04)12/31/2023 0.66%35,706.52$ 10,649.43$ 571.16$ 153 US Treasury 91282CBE0_2 US Treasury Note 0.13%10/7/2021 1,000,000.00 994,768.98 976,880.00 (17,888.98)1/15/2024 0.36%2,214.67$ 6,137.79$ 301.54$ 168 FHLB 3130ALH98 Gov. Agency Debenture 0.25%2/26/2021 1,000,000.00 997,610.00 969,070.00 (28,540.00)2/26/2024 0.33%5,000.00$ 7,713.30$ 279.99$ 210 FHLB 3130AQF65 Gov. Agency Debenture 1.25%11/30/2022 1,300,000.00 1,160,559.40 1,167,049.00 6,489.60 12/21/2026 4.15%9,072.92$ 29,385.32$ 4,296.91$ 1239 US Treasury 912828U57 US Treasury Note 2.13%7/31/2019 1,000,000.00 1,011,875.00 989,220.00 (22,655.00)11/30/2023 1.84%81,458.33$ 72,526.17$ 1,572.25$ 122 US Treasury 912828X70 US Treasury Note 2.20%12/30/2019 1,000,000.00 1,010,589.29 975,230.00 (35,359.29)4/30/2024 1.75%73,703.30$ 68,481.11$ 1,661.12$ 274 US Treasury 912828XT2 US Treasury Note 2.00%10/31/2019 1,000,000.00 1,015,667.41 972,540.00 (43,127.41)5/31/2024 1.64%71,639.34$ 60,792.37$ 1,408.49$ 305 American Honda 02665WCQ2 Corporate Bond 3.63%9/14/2021 950,000.00 1,012,871.00 946,076.50 (66,794.50)10/10/2023 0.41%54,143.40$ 7,316.05$ 346.79$ 71 FFCB 3133EJ3Q0 Gov. Agency Debenture 2.88%8/28/2019 1,500,000.00 1,587,503.75 1,485,555.00 (101,948.75)12/21/2023 2.12%164,473.96$ 87,804.46$ 1,941.47$ 143 US Treasury 91282CBE0 US Treasury Note 0.13%9/15/2021 650,000.00 647,615.46 634,972.00 (12,643.46)1/15/2024 0.28%1,488.12$ 3,281.18$ 155.77$ 168 FHLB 3130APJH9 Gov. Agency Debenture 0.75%1/17/2023 1,000,000.00 907,010.00 901,700.00 (5,310.00)10/28/2026 4.17%2,104.17$ 14,420.85$ 2,725.89$ 1185 FFCB 3133EN5N6 Gov. Agency Debenture 4.00%2/8/2023 1,700,000.00 1,706,732.00 1,673,837.00 (32,895.00)1/6/2028 3.91%27,955.56$ 25,921.64$ 5,658.95$ 1620 Freddie Mac 3137EAEX3 Gov. Agency Debenture 0.04%5/1/2023 750,000.00 689,032.50 682,155.00 (6,877.50)296.88 9/23/2025 3.97%(296.88)$ 4,222.09$ 2,181.41$ 785 American Honda 02665WED9 Corporate Bond 4.70%5/11/2023 600,000.00 608,856.00 594,912.00 (13,944.00)1/12/2028 4.34%4,778.33$ 3,603.61$ 2,234.24$ 1626 US Treasury 91282CEF4 US Treasury Note 2.50%6/9/2023 1,500,000.00 1,416,626.12 1,405,845.00 (10,781.12)7,172.13 3/31/2027 4.09%(7,172.13)$ 3,416.23$ 5,043.01$ 1339 US Treasury 91282CGA3 US Treasury Note 4.00%6/20/2023 2,100,000.00 2,080,558.59 2,065,392.00 (15,166.59)1,147.54 12/15/2025 4.40%(1,147.54)$ 2,515.25$ 7,797.26$ 868 Colgate-Palmolive 194162AR4 Corporate Bond 4.60%7/14/2023 500,000.00 504,655.00 503,735.00 (920.00)8,497.21 2/1/2028 4.37%(8,497.21)$ -$ 1,023.65$ 1646 FannieMae 3135G06G3 Gov. Agency Debenture 0.50%7/14/2023 500,000.00 455,157.00 453,725.00 (1,432.00)465.28 11/7/2025 4.63%(465.28)$ -$ 1,016.47$ 830 FFCB 3133EPQC2 Gov. Agency Debenture 4.63%7/17/2023 500,000.00 501,957.50 499,740.00 (2,217.50)7/17/2026 4.48%-$ -$ 861.98$ 1082 FFCB 3133EPBM6 Gov. Agency Debenture 4.13%7/14/2023 600,000.00 596,220.00 593,904.00 (2,316.00)9,693.75 8/23/2027 4.29%(9,693.75)$ -$ 1,195.55$ 1484 PNC Bank 69353RFJ2 Corporate Bond 3.25%7/25/2023 1,000,000.00 921,490.00 917,930.00 (3,560.00)270.83 12/23/2027 5.23%(270.83)$ -$ 826.47$ 1606 US Treasury 91282CFU0 US Treasury Note 4.13%7/31/2023 1,300,000.00 1,290,660.60 1,290,965.00 304.40 13,406.25 10/31/2027 4.31%(13,406.25)$ -$ -$ 1553 Subtotal 49,536,000.00$ 49,142,384.13$ 47,921,954.12$ (1,220,430.01)$ 40,949.87$ 1,442,362.80$ 1,319,061.01$ 84,844.63$ BNY MM Money Market 37,661.58 37,661.58 0.00 0.00%1 LAIF State Investment Pool 17,138,241.57 16,878,228.72 (260,012.85)3.31%47,201.57 1 $66,318,287.28 $64,837,844.42 ($1,480,442.86)$40,949.87 1,442,362.80$ 1,319,061.01$ 132,046.20$ Matured Assets PNC Financial 69349LAM0 Corporate Bond 3.80%2/7/2022 1,000,000.00 1,033,470.00 7/25/2023 1.49%55,733.33$ 20,987.56$ 1,032.85$ US Treasury 91282CCN9 US Treasury Note 0.13%1/13/2022 1,200,000.00 1,188,375.00 7/31/2023 0.75%2,323.37$ 13,176.45$ 766.36$ Total Investments "Matured"1,799.21$ Total Interest FY 23_24 Matured and Current 133,845.42$ Maturity Profile Amount Percent 0-1 year 42,904,125.74$ 65% 1-2 years $4,923,804.45 7% 2-3 years $7,909,782.77 12% 3-5 years 10,580,574.32$ 16% $66,318,287.28 Page 5 Security Description Maturity Date Par/Shares Moody Rating S&P Rating Insight ESG Rating Environment Social Governance TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 8/25/2023 1,600,000$ A1 A+3 2 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 3 4 3 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+5 1 4 5 AMERICAN HONDA FINANCE 4.7% 12JAN2028 1/12/2028 600,000$ A3 A-2 1 3 3 PNC BANK NA 3.25% 22JAN2028 (CALLABLE 01 FEB28)1/22/2028 1,000,000$ A2 A 2 2 3 3 COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28)3/1/2028 500,000$ Aa3 AA-3 2 2 3 Total/Average 13,850,000$ 2.9 1.8 3.0 3.4 *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 July 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 11,055,733 - - - - 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)5,402,338 654,321 (2,053,348) - - 4,003,311 General Fund Total 32,283,629 654,321 (2,053,348) - - 30,884,602 * Interfund transfers and ARPA funding allocation to be performed as part of the fiscal year end closing entries. ** Interfund transfers to be performed as part of the fiscal year end closing entries. July 2023 Prior Year Carryforward 7/1/2023* Estimated Fund Balance 7/31/2023** Page 7 Fund Schedule Fund Number Fund Description Current Revenue Current Expenditure Transfer In Transfer Out SPECIAL REVENUE 211/212 CDBG 166,653 - - - - 166,653 222 Urban Runoff (NPDES)634,232 22,431 (11,685) - - 644,978 231-236 Landscape & Lighting Districts 178,826 - - - - 178,826 241 ARPA 3,614,872 - - - - 3,614,872 251 Los Gatos Theatre 24,704 5,514 - - - 30,218 711-716 Library Trusts 529,650 - (2,681) - - 526,969 Special Revenue Total 5,148,937 27,945 (14,366) - - 5,162,516 CAPITAL PROJECTS 411 GFAR - General Fund Appropriated Reserve 14,457,009 8,000 (2,000) - - 14,463,009 421 Grant Funded Projects (455,989) 19,122 - - - (436,867) 461-463 Storm Basin Projects 3,162,560 - - - - 3,162,560 471 Traffic Mitigation Projects 405,570 - - - - 405,570 472 Utility Undergrounding Projects 3,379,836 - - - - 3,379,836 481 Gas Tax Projects 1,692,725 - - - - 1,692,725 Capital Projects Total 22,641,711 27,122 (2,000) - - 22,666,833 INTERNAL SERVICE FUNDS 611 Town General Liability 248,957 5,000 - - - 253,957 612 Workers Compensation 873,703 76,414 - - - 950,117 621 Information Technology 3,076,585 3,138 (318,457) - - 2,761,266 631 Vehicle & Equipment Replacement 2,458,150 10,713 - - - 2,468,863 633 Facility Maintenance 727,296 4,000 (9,828) - - 721,468 Internal Service Funds Total 7,384,691 99,265 (328,285) - - 7,155,671 Trust/Agency 942 RDA Successor Agency (7,564,760) - (1,669,989) - - (9,234,749) Trust/Agency Fund Total (7,564,760) - (1,669,989) - - (9,234,749) Total Town 59,894,208 808,653 (4,067,988) - - 56,634,873 * Interfund transfers and ARPA funding allocation to be performed as part of the fiscal year end closing entries. ** Interfund transfers to be performed as part of the fiscal year end closing entries. Deposit Accounts of Interest: 111-23541 General Plan Update deposit account balance $1,025,683.96 111-23521 BMP Housing deposit account balance $3,885,172 Prior Year Carryforward 7/1/2023* July 2023 Estimated Fund Balance 7/31/2023** Page 8