05 Staff Report. Financial and Investment Report December 2023 with attachmentPREPARED BY: Eric Lemon
Finance and Accounting Manager
Reviewed by: Town Manager, Assistant Town Manager, Town Attorney, and Finance Director
110 E. Main Street Los Gatos, CA 95030 ● 406-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 02/20/2024 ITEM NO: 5
DATE: February 13, 2024
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Receive the Monthly Financial and Investment Report for December 2023
RECOMMENDATION:
Receive the Monthly Financial and Investment Report for December 2023.
BACKGROUND:
California Government Code Section 41004 requires that the Town Treasurer submit to the
Town Clerk and the legislative body a written report and accounting of all receipts,
disbursements, and fund balances. The Finance Director assumes the Town Treasurer role.
Attachment 1 contains the December 2023 Monthly Financial and Investment Report which
fulfills this requirement. The December 2023 Monthly Financial and Investment Report was
received by Finance Commission on February 12, 2024.
DISCUSSION:
The December 2023 Monthly Financial and Investment Report includes a Fund Balance
Schedule, representing estimated funding available for all funds at the end of the respective
month. The fund balances were estimated at a point in time and will be finalized at the final
close of the fiscal year.
Please note that the amount in the Fund Schedule differs from the Portfolio Allocation and
Treasurer’s Cash Fund Balances Summary schedule because assets and liabilities are
components of the fund balance.
PAGE 2 OF 3 SUBJECT: Monthly Financial and Investment Report for December 2023 DATE: February 13, 2024
DISCUSSION (continued):
As illustrated in the summary below, Total Cash is adjusted by the addition of Total Assets less
the amount of Total Liabilities to arrive at the Ending Fund Balance – which represents the
actual amount of funds available.
As of December 31, 2023, the Town’s financial position (Assets $81.34M, Liabilities $26.21M,
and Fund Equity $55.13M) remains strong and there are no issues meeting financial obligations
in the near future.
As of December 31, 2023, the Town’s weighted portfolio yield for investments under
management was 4.23% which was 30 basis points above the Local Agency Investment Fund
(LAIF) yield of 3.93% for the same reporting period. Currently, the LAIF portfolio’s weighted
average maturity (WAM) is 230 days versus the Town’s longer WAM of 587 days. The longer
maturity (WAM) for Town assets under management reflects the Town’s strategy to take
advantage of higher yields associated with longer maturities balanced with shorter term yields
available on investments held with the State’s LAIF. The Town’s weighted average rate of
return on investments under management of 4.23% at the close of December was 3 basis
points higher when compared to the prior month’s return of 4.20% reported as of November
30, 2023.
Since December 2022, LAIF yields had climbed from 217 basis points (2.17%) to 393 basis points
(3.93%) through the end of December 2023.
Staff, in coordination with the Town’s investment advisor, primarily replaced maturing
investments with long term maturities in the three-to-five-year maturity range. These
investments capture current yields that exceed the rates expected to be earned in the LAIF pool
during that same time period. The State LAIF pool typically lags the market when current
market yields are either increasing or decreasing.
On March 22, 2023, the Federal Reserve voted to approve a ¼ percentage basis point increase
from 4.75% to 5.00%. This action was followed with additional hikes in May 2023 from 5.00%
to 5.25% and July from 5.25 % to 5.5 %. Through these actions over time, the Federal Open
Market Committee’s (FOMC) goal is to bring year to year inflation to its targeted level of 2%.
PAGE 3 OF 3 SUBJECT: Monthly Financial and Investment Report for December 2023 DATE: February 13, 2024
DISCUSSION (continued):
The labor market showed signs of loosening. The ratio of job openings to unemployed people
fell to 1.4, the lowest figure since 2021. Nonfarm payrolls rose by 199,000 in November. Wage
growth was 4.0% year-on-year, unchanged from the prior month and the lowest since June
2021. The unemployment rate unexpectedly rose to 3.7% from 3.9% despite a decline in the
labor force participation rate from 62.7% to 62.8%.
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.
CONCLUSION:
Receive Monthly Financial and Investment Report for December 2023.
Attachment:
1. Financial and Investment Report (December 2023)
This Page Intentionally Left Blank
Weighted Average YTM Portfolio Yield on Investments
under Management 4.23%
Weighted Average Maturity (days)587
This Month Last Month One year ago
Portfolio Allocation & Treasurer's Cash Balances $67,640,642 $65,687,227 $64,463,675
Cert. of Participation 2002 Lease Payment Fund
Managed Investments $49,413,850
Local Agency Investment Fund $11,278,106
Reconciled Demand Deposit Balances $6,948,686
Portfolio Allocation & Treasurer's Cash Balances $67,640,642
Benchmarks/ References:
Town's Average Yield 4.23%4.20%2.28%
LAIF Yield for month 3.93%3.84%2.17%
3 mo. Treasury 5.36%5.40%4.41%
6 mo. Treasury 5.27%5.41%4.77%
2 yr. Treasury 4.25%4.68%4.43%
5 yr. Treasury (most recent)3.85%4.27%4.01%
10 Yr. Treasury 3.88%4.33%3.88%
Town of Los Gatos
Summary Investment Information
December 31, 2023
0 - 1 year47%1 - 2 years
18%
2 - 3 years11%
3 - 5 years24%
Portfolio Maturity Profile
Compliance: The Town's investments are in compliance with the Town's investment policy dated February 21, 2023and also in compliance with the requirements of Section 53600 at seq. of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months.
1 ATTACHMENT 1
Month YTD
Cash & Investment Balances - Beginning of Month/Period 65,687,226.84$ 78,384,947.79$
Receipts 6,428,326.09 32,548,230.69
Disbursements (4,474,910.73)(43,292,536.28)
Cash & InvestmCash & Investment Balances - End of Month/Period $67,640,642.20 $67,640,642.20
Portfolio Allocation Amount % of Portfolio
Max. % or $ Allowed
per State Law or Policy
BNY MM $31,730.60 0.05%20% of Town Portfolio
US Treasury Notes $18,590,323.24 30.63%No Max. on US Treasuries
Government Agency Debenture Notes $16,786,911.90 27.66%No Max. on Non-Mortgage Backed
Corporate Medium Term Bonds $14,004,884.01 23.08%30% of Town Portfolio
Local Agency Investment Fund $11,278,106.16 18.58%$75 M per State Law
Subtotal - InSubtotal - Investments 60,691,955.91 100.00%
Reconciled DeReconciled Demand Deposit Balances 6,948,686.29
Total Portfolio Total Portfolio Allocation & Treasurer's Cash Balances $67,640,642.20
0.0401
0.0388
Town of Los Gatos
Portfolio Allocation & Treasurer's Cash Balances
December 31, 2023
BNY MM0.05%
US Treasury Notes30.63%
Government Agency Debenture Notes27.66%
Corporate Medium Term Bonds23.1%
Local Agency Investment Fund18.6%
Portfolio Investment Allocation
$64.5 M $67.6 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
$90.0 M
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
Treasurer's Fund Balances
2
December 2023 December 2023 December 2023
Beginning Deposits Interest/Ending
Balance Realized Gain/Adj.Earnings Withdrawals Balance
Non-Treasury Funds:
Cert. of Participation 2002 Series A Reserve Fund 709,697.86$ 2,824.02$ 712,521.88$ Note 1
Cert. Of Participation 2010 Ser A Lease Pymt Fund 790.69 3.35 794.04 Note 1
Cert. of Participation 2002 Lease Payment Fund 436.84 1.80 438.64 Note 1
Cert. of Participation 2010 Series Reserve Fund 1,347,394.36 5,833.96 1,353,228.32 Note 2
Total Restricted Funds:2,058,319.75$ -$ 8,663.13$ -$ 2,066,982.88$
CEPPT IRS Section 115 Trust 1,400,131.72 62,445.68 1,462,577.40$ Note 3
Grand Total COP's and CEPPT Trust 3,458,451.47$ -$ 71,108.81$ -$ 3,529,560.28$
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 post employment benefits.
Town of Los Gatos
Non-Treasury Restricted Fund Balances
December 31, 2023
3
July 2023 133,845.42$
August 2023 129,679.93
September 2023 158,361.71
October 2023 151,048.03
November 2023 154,152.18
December 2023 166,600.98
January 2024 -
February 2024 -
March 2024 -
April 2024 -
May 2024 -
June 2024 -
893,688.25$
Interest by Month
Town of Los Gatos
Statement of Interest Earned
December 31, 2023
4
Orginal Issue Market Value Maturity Yield to Interest Interest Interest DaysDepositParOriginal(Discount)Market Above (Under)Purchased Date or Maturity Received Earned Earned toInstitutionCUSIP #Security Coupon Date Value Cost Premium Value Cost Interest Call Date or Call to Date Prior Yrs.Current FY MaturityFFCB3133EKMX1Gov. Agency Debenture 2.23%8/2/2019 1,000,000.00 1,014,400.00 14,400.00 995,380.00 (19,020.00)2/23/2024 1.90%96,075.83$ 74,902.07$ 9,651.25$ 54FFCB3133EMBE1Gov. Agency Debenture 0.30%10/8/2020 1,600,000.00 1,598,000.00 (2,000.00)1,579,888.00 (18,112.00)3/28/2024 0.34%14,253.34$ 14,655.57$ 2,710.18$ 88Apple 037833DB3 Corporate Bond 2.90%12/20/2022 1,300,000.00 1,228,591.00 (71,409.00)1,245,816.00 17,225.00 6/21/2027 4.19%27,437.22$ 28,170.97$ 26,997.18$ 1268Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 (8,040.00)969,360.00 (22,600.00)1/1/2026 3.04%34,750.00$ 29,252.66$ 16,310.57$ 732US Treasury 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 (27,903.12)328,783.00 6,686.12 6/30/2025 3.16%1,217.39$ 9,366.72$ 5,303.00$ 547IBM 459200JY8 Corporate Bond 3.00%3/25/2021 1,000,000.00 1,071,040.00 71,040.00 990,960.00 (80,080.00)5/15/2024 0.71%79,166.67$ 16,751.96$ 3,727.16$ 136FFCB3133EN5V8Gov. Agency Debenture 4.13%1/17/2023 236,000.00 239,174.20 3,174.20 236,417.72 (2,756.48)1/11/2027 3.76%4,705.25$ 4,016.30$ 4,506.10$ 1107US Treasury 91282CBT7 US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 (87,434.82)742,472.00 29,906.82 3/31/2026 4.14%6,000.00$ 23,165.06$ 15,613.08$ 821FFCB3133ENP95Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 939.60 897,606.00 (3,333.60)9/30/2025 4.14%38,250.00$ 28,374.86$ 19,124.45$ 639American Honda 02665WCZ2 Corporate Bond 2.40%11/27/2019 1,000,000.00 1,012,410.01 12,410.01 985,210.00 (27,200.01)6/27/2024 2.12%96,733.34$ 76,483.79$ 10,734.57$ 179JP Morgan Chase 46625HRS1 Corporate Bond 3.20%9/23/2022 500,000.00 474,660.00 (25,340.00)482,635.00 7,975.00 3/15/2026 4.70%19,644.44$ 17,865.15$ 11,739.95$ 805Honeywell Int'l.438516BW5 Corporate Bond 2.30%11/20/2019 1,000,000.00 1,014,660.00 14,660.00 982,140.00 (32,520.00)7/15/2024 1.64%85,483.33$ 71,679.55$ 10,006.86$ 197Caterpillar Financial Serv 14913Q2V0 Corporate Bond 2.85%2/23/2021 1,000,000.00 1,077,370.00 77,370.00 989,660.00 (87,710.00)5/17/2024 0.44%77,900.00$ 10,677.18$ 2,292.42$ 138FNMA3135G0V75Gov. Agency Debenture 1.75%10/17/2019 1,100,000.00 1,105,833.30 5,833.30 1,081,652.00 (24,181.30)7/2/2024 1.63%71,706.25$ 66,718.86$ 9,080.08$ 184US Bancorp 91159HHV5 Corporate Bond 3.38%12/24/2019 1,000,000.00 1,049,040.00 49,040.00 997,630.00 (51,410.00)2/5/2024 2.12%121,968.75$ 76,859.43$ 11,014.12$ 36FFCB3133EKQA7Gov. Agency Debenture 2.08%10/21/2019 1,000,000.00 1,019,780.00 19,780.00 980,390.00 (39,390.00)9/10/2024 1.66%80,831.11$ 61,888.40$ 8,447.67$ 254FHLB3135G05X7Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 (97,047.60)1,122,120.00 19,167.60 8/25/2025 3.04%5,437.50$ 36,626.55$ 17,504.64$ 603US Treasury 912828ZL7 US Treasury Note 0.38%4/12/2022 1,700,000.00 1,583,927.57 (116,072.43)1,609,016.00 25,088.43 4/30/2025 2.72%9,879.49$ 54,017.06$ 22,385.45$ 486JP Morgan Chase 46625HJT8 Corporate Bond 3.88%9/23/2019 1,400,000.00 1,485,414.00 85,414.00 1,397,522.00 (87,892.00)2/1/2024 2.39%209,163.89$ 130,689.90$ 17,475.98$ 32US Treasury 912828V23 US Treasury Note 2.25%11/29/2021 1,000,000.00 1,032,933.04 32,933.04 1,000,000.00 (32,933.04)12/31/2023 0.66%46,956.52$ 10,649.43$ 3,390.13$ 0
US Treasury 91282CBE0 2 US Treasury Note 0.13%10/7/2021 1,000,000.00 994,768.98 (5,231.02)998,160.00 3,391.02 1/15/2024 0.36%2,214.67$ 6,137.79$ 1,789.78$ 15FHLB3130ALH98Gov. Agency Debenture 0.25%2/26/2021 1,000,000.00 997,610.00 (2,390.00)991,800.00 (5,810.00)2/26/2024 0.33%6,250.00$ 7,713.30$ 1,661.88$ 57FHLB3130AQF65Gov. Agency Debenture 1.25%11/30/2022 1,300,000.00 1,160,559.40 (139,440.60)1,195,584.00 35,024.60 12/21/2026 4.15%17,197.92$ 29,385.32$ 25,504.24$ 1086US Treasury 912828X70 US Treasury Note 2.20%12/30/2019 1,000,000.00 1,010,589.29 10,589.29 989,530.00 (21,059.29)4/30/2024 1.75%84,703.30$ 68,481.11$ 9,859.56$ 121US Treasury 912828XT2 US Treasury Note 2.00%10/31/2019 1,000,000.00 1,015,667.41 15,667.41 986,680.00 (28,987.41)5/31/2024 1.64%81,639.34$ 60,792.37$ 8,360.09$ 152US Treasury 91282CBE0 US Treasury Note 0.13%9/15/2021 650,000.00 647,615.46 (2,384.54)648,804.00 1,188.54 1/15/2024 0.28%1,488.12$ 3,281.18$ 924.56$ 15FHLB3130APJH9Gov. Agency Debenture 0.75%1/17/2023 1,000,000.00 907,010.00 (92,990.00)932,070.00 25,060.00 10/28/2026 4.17%5,854.17$ 14,420.85$ 16,179.49$ 1032FFCB3133EN5N6Gov. Agency Debenture 4.00%2/8/2023 1,700,000.00 1,706,732.00 6,732.00 1,699,218.00 (7,514.00)1/6/2028 3.91%27,955.56$ 25,921.64$ 33,588.61$ 1467Freddie Mac 3137EAEX3 Gov. Agency Debenture 0.04%5/1/2023 750,000.00 689,032.50 (60,967.50)700,140.00 11,107.50 156.26 9/23/2025 3.97%(156.26)$ 4,222.09$ 12,947.74$ 632American Honda 02665WED9 Corporate Bond 4.70%5/11/2023 600,000.00 608,856.00 8,856.00 605,688.00 (3,168.00)1/12/2028 4.34%4,778.33$ 3,603.61$ 13,261.29$ 1473US Treasury 91282CEF4 US Treasury Note 2.50%6/9/2023 1,500,000.00 1,416,626.12 (83,373.88)1,434,495.00 17,868.88 3/31/2027 4.09%11,577.87$ 3,416.23$ 29,932.72$ 1186US Treasury 91282CGA3 US Treasury Note 4.00%6/20/2023 2,100,000.00 2,080,558.59 (19,441.41)2,089,248.00 8,689.41 12/15/2025 4.40%40,852.46$ 2,515.25$ 46,280.54$ 715Colgate-Palmolive 194162AR4 Corporate Bond 4.60%7/14/2023 500,000.00 504,655.00 4,655.00 512,630.00 7,975.00 2/1/2028 4.37%3,002.79$ -$ 10,236.47$ 1493FannieMae3135G06G3Gov. Agency Debenture 0.50%7/14/2023 500,000.00 455,157.00 (44,843.00)465,830.00 10,673.00 11/7/2025 4.63%784.72$ -$ 10,164.75$ 677FFCB3133EPQC2Gov. Agency Debenture 4.63%7/17/2023 500,000.00 501,957.50 1,957.50 505,375.00 3,417.50 7/17/2026 4.48%-$ -$ 10,282.21$ 929FFCB3133EPBM6Gov. Agency Debenture 4.13%7/14/2023 600,000.00 596,220.00 (3,780.00)601,848.00 5,628.00 8/23/2027 4.29%2,681.25$ -$ 11,955.51$ 1331PNC Bank 69353RFJ2 Corporate Bond 3.25%7/25/2023 1,000,000.00 921,490.00 (78,510.00)941,160.00 19,670.00 270.83 12/23/2027 5.23%(270.83)$ -$ 21,901.39$ 1453US Treasury 91282CFU0 US Treasury Note 4.13%7/31/2023 1,300,000.00 1,290,660.60 (9,339.40)1,309,139.00 18,478.40 10/31/2027 4.31%13,406.25$ -$ 23,398.53$ 1400Toyota Motor Credit 89236TKL8 Corporate Bond 5.45%8/25/2023 1,600,000.00 1,617,168.00 17,168.00 1,658,192.00 41,024.00 11/10/2027 5.16%18,166.67$ -$ 29,150.92$ 1410US Treasury 912810FE3 US Treasury Note 5.50%10/3/2023 1,200,000.00 1,238,207.14 38,207.14 1,283,952.00 45,744.86 8,788.04 8/15/2028 4.76%(8,788.04)$ -$ 14,180.64$ 1689Pepsico Inc 713448DF2 Corporate Bond 2.85%10/16/2023 1,000,000.00 947,570.00 (52,430.00)967,060.00 19,490.00 4,116.67 11/24/2025 5.24%(4,116.67)$ -$ 11,109.16$ 694FFCB3133EPUW3Gov. Agency Debenture 4.75%10/13/2023 1,000,000.00 994,338.00 (5,662.00)1,015,410.00 21,072.00 5,541.67 9/1/2026 4.96%(5,541.67)$ -$ 10,705.20$ 975Freddie Mac 3137EAEP0 Gov. Agency Debenture 1.50%10/13/2023 1,000,000.00 951,540.00 (48,460.00)965,540.00 14,000.00 2,541.67 2/12/2025 5.32%(2,541.67)$ -$ 11,091.53$ 409US Treasury 91282CEW7 US Treasury Note 3.25%10/16/2023 1,000,000.00 950,039.06 (49,960.94)977,850.00 27,810.94 6/30/2027 4.73%6,711.96$ -$ 9,573.50$ 1277US Treasury 91282CEN7 US Treasury Note 2.75%10/31/2023 1,300,000.00 1,214,336.39 (85,663.61)1,251,250.00 36,913.61 4/30/2027 4.82%-$ -$ 10,066.65$ 1216US Treasury 912828YV6 US Treasury Note 1.50%11/15/2023 700,000.00 673,667.97 (26,332.03)678,944.00 5,276.03 11/30/2024 5.26%430.33$ -$ 4,502.48$ 335US Treasury 91282CAB7 US Treasury Note 0.25%11/15/2023 675,000.00 623,900.39 (51,099.61)632,232.00 8,331.61 490.66 7/31/2025 4.92%(490.66)$ -$ 3,979.63$ 578US Treasury 91282CGU9 US Treasury Note 3.88%11/30/2023 1,000,000.00 983,515.62 (16,484.38)991,330.00 7,814.38 6,458.33 3/31/2025 5.17%(6,458.33)$ -$ 4,340.41$ 456US Treasury 91282CCH2 US Treasury Note 1.25%12/21/2023 900,000.00 798,647.55 (101,352.45)803,394.00 4,746.45 6/30/2028 3.99%305.71$ -$ 921.36$ 1643FNMA3135G0Q22Gov. Agency Debenture 1.88%12/21/2023 900,000.00 845,676.00 (54,324.00)849,231.00 3,555.00 4,078.12 9/24/2026 4.22%(4,078.12)$ -$ 1,001.26$ 998
Subtotal 50,361,000.00$ 49,382,119.15$ ##########49,296,441.72$ (85,677.43)$ 32,442.25$ 1,425,119.50$ 1,072,702.22$ 626,866.95$
BNY MM Money Market 31,730.60 31,730.60 0.00 0.00%1LAIFState Investment Pool 11,278,106.16 11,205,284.91 (72,821.25)3.93%253,114.93 1
$60,691,955.91 $60,533,457.23 ($158,498.68)$32,442.25 1,425,119.50$ 1,072,702.22$ 879,981.88$
Matured AssetsPNC Financial 69349LAM0 Corporate Bond 3.80%2/7/2022 1,000,000.00 1,033,470.00 33,470.00 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 (11,625.00)7/31/2023 0.75%2,323.37$ 13,176.45$ 766.36$ Toyota Motor Credit 89236THA6 1 Corporate Bond 1.35%4/12/2021 500,000.00 510,580.00 10,580.00 8/25/2023 0.45%15,993.75$ 5,065.91$ 350.67$ Toyota Motor Credit 89236THA6 Corporate Bond 1.35%1/11/2022 1,100,000.00 1,107,315.00 7,315.00 8/25/2023 0.94%24,090.00$ 15,144.57$ 1,585.23$
US Treasury 91282CDA6 US Treasury Note 0.25%1/31/2022 1,100,000.00 1,085,222.44 (14,777.56)9/30/2023 1.07%4,570.74$ 16,417.94$ 2,932.91$ American Honda 02665WCQ2 Corporate Bond 3.63%9/14/2021 950,000.00 1,012,871.00 62,871.00 10/10/2023 0.41%71,362.15$ 7,316.05$ 1,141.03$
FFCB 3133EMCQ3 Gov. Agency Debenture 0.28%10/16/2020 2,000,000.00 1,998,000.00 (2,000.00)10/13/2023 0.31%16,753.33$ 16,950.71$ 1,803.27$ US Treasury 91282CAP6 US Treasury Note 0.13%6/30/2021 1,000,000.00 995,390.63 (4,609.37)10/15/2023 0.33%2,865.44$ 6,520.12$ 955.69$
US Treasury 91282CDD0 US Treasury Note 0.38%1/13/2022 1,100,000.00 1,090,675.78 (9,324.22)10/31/2023 0.85%7,406.77$ 13,599.56$ 3,138.36$ US Treasury 91282CAW1 US Treasury Note 0.25%7/15/2021 1,200,000.00 1,199,437.50 (562.50)11/15/2023 0.27%7,002.72$ 6,348.21$ 1,225.25$ US Treasury 912828U57 US Treasury Note 2.13%7/31/2019 1,000,000.00 1,011,875.00 11,875.00 11/30/2023 1.84%92,083.33$ 72,526.17$ 7,759.79$ FFCB 3133EJ3Q0 Gov. Agency Debenture 2.88%8/28/2019 1,500,000.00 1,587,503.75 87,503.75 12/21/2023 2.12%164,473.96$ 87,804.46$ 10,897.27$
Total Investments "Matured"13,706.37$
Total Interest FY 23_24 Matured and Current 893,688.25$
Maturity Profile Amount Percent0-1 year 28,097,703.18$ 47%
1-2 years $10,641,190.55 18%2-3 years $6,588,726.08 11%
3-5 years 14,331,403.06$ 24%$59,659,022.87
Town of Los GatosInvestment ScheduleDecember 31, 2023
5
Date Cusip/Id Description Transaction Type
Settlement
Date Par Coupon
Maturity
Date Price Principal Interest
Transaction
Total
12/4/2023 Cash-USD Cash-USD
SHORT TERM INVESTMENT FUND INCOME 12/4/2023 334.85 0.000%100.00 - - 334.85 12/15/2023 91282CGA3 USA TREASURY 4% 15DEC2025 BOND INTEREST 12/15/2023 2,100,000 400.000%12/15/2025 - - 42,000.00 42,000.00
12/15/2023 46625HRS1
JPMORGAN CHASE & CO 3.2% 15JUN2026 (CALLABLE 15MAR26)BOND INTEREST 12/15/2023 500,000 320.000%6/15/2026 - - 8,000.00 8,000.00 12/21/2023 91282CCH2 USA TREASURY 1.25% 30JUN2028 PURCHASE 12/21/2023 900,000 125.000%6/30/2028 88.74 798,647.55 5,319.29 803,966.84
12/21/2023 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 PURCHASE 12/21/2023 900,000 187.500%9/24/2026 93.96 845,676.00 4,078.13 849,754.13
12/21/2023 3130AQF65
FEDERAL HOME LOAN BANK
1.25% 21DEC2026 BOND INTEREST 12/21/2023 1,300,000 125.000%12/21/2026 - - 8,125.00 8,125.00
12/21/2023 3133EJ3Q0
FEDERAL FARM CREDIT BANK 2.875% 21DEC2023 BOND INTEREST 12/21/2023 1,500,000 287.500%12/21/2023 - - 21,562.50 21,562.50
12/21/2023 3133EJ3Q0
FEDERAL FARM CREDIT BANK
2.875% 21DEC2023 REDEMPTION 12/21/2023 1,500,000 287.500%12/21/2023 100.00 1,500,000.00 - 1,500,000.00
12/27/2023 02665WCZ2
AMERICAN HONDA FINANCE 2.4% 27JUN2024 BOND INTEREST 12/27/2023 1,000,000 240.000%6/27/2024 - - 12,000.00 12,000.00
Town of Los Gatos
Investment Transaction Detail
December 31, 2023
6
Security Description Maturity Date Par/Shares S&P Rating Moody Rating Insight ESG Rating Environment Social Governance
JPMORGAN CHASE & CO 3.875% 01FEB2024 2/1/2024 1,400,000$ A-A1 3 1 3 4
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2/5/2024 1,000,000$ A A3 4 3 4 4
IBM CORP 3.0% 15MAY2024 5/15/2024 1,000,000$ A-A3 2 1 2 3
CATERPILLAR FIN SERVICES 2.85% 17MAY24 5/17/2024 1,000,000$ A A2 4 4 3 4
AMERICAN HONDA FINANCE 2.4% 27JUN2024 6/27/2024 1,000,000$ A-A3 3 2 3 3
HONEYWELL INTERNATIONAL 2.3% 15AUG2024 (CALLABLE 15JUL24)8/15/2024 1,000,000$ A A2 4 3 4 3
PEPSICO INC 2.85% 24FEB2026 (CALLABLE 24NOV25)2/24/2026 1,000,000$ A+A1 2 2 2 2
HOME DEPOT INC. 3% 01APR2026 (CALLABLE 01JAN2026)4/1/2026 1,000,000$ A A2 2 2 3 3
JPMORGAN CHASE & CO 3.2 15JUN2026 (CALLABLE 15MAR26)6/15/2026 500,000$ A-A1 3 1 3 4
APPLE INC. 2.9% 12SEP2027 (CALLABLE 12JUN27)9/12/2027 1,300,000$ AA+Aaa 5 1 4 5
TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 11/10/2027 1,600,000$ A+A1 3 2 3 4
AMERICAN HONDA FINANCE 4.7% 12JAN2028 1/12/2028 600,000$ A-A3 3 2 3 3
PNC BANK NA 3.25% 22JAN2028 (CALLABLE 01 FEB28)1/22/2028 1,000,000$ A A2 3 2 3 3
COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28)3/1/2028 500,000$ AA-Aa3 3 2 3 3
Total/Average 13,900,000$ 3.1 2.0 3.1 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 December 31, 2023
7
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 1,400,163 - - - - - 1,400,163
Land Held for Resale 44,338 - - - - - 44,338
Committed Fund Balances:
Budget Stabilization 6,129,774 - - - - - 6,129,774
Catastrophic 6,129,775 - - - - - 6,129,775
Pension/OPEB 300,000 - - - - - 300,000
Measure G District Sales Tax 590,581 - - - - - 590,581
Assigned Fund Balances:
Open Space 410,000 - - - - - 410,000
Sustainability 140,553 - - - - - 140,553
Capital/Special Projects 10,359,577 - - - - - 10,359,577
Carryover Encumbrances 37,698 - - - - - 37,698
Compensated Absences 1,580,623 - - - - - 1,580,623
ERAF Risk Reserve 689,608 - - - - - 689,608
Council Priorities - Economic Recovery 1,556,614 - - - - - 1,556,614
Unassigned Fund Balances:
111 Other Unassigned Fund Balance Reserve (Pre YE distribution)- (4,165,093) 5,540,278 (5,474,559) - - (4,099,374)
General Fund Total 29,528,304 (4,165,093) 5,540,278 (5,474,559) - - 25,428,930.00
* Interfund transfers and ARPA funding allocation to be performed as part of the fiscal year end closing entries.
Dec 2023
Prior Year
Carryforward
7/1/2023
Increase/
(Decrease)
July - Nov
Estimated Fund
Balance
12/31/2023*
8
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)629,843 35,579 29,996 (36,669) - - 658,749
231-236 Landscape & Lighting Districts 176,964 (13,774) - - - - 163,190
251 Los Gatos Theatre 74,991 (2,219) 5,514 (211) - - 78,075
711-716 Library Trusts 530,173 76,274 500 (992) - - 605,955
Special Revenue Total 1,578,624 95,860 36,010 (37,872) - - 1,672,622
CAPITAL PROJECTS
411 GFAR - General Fund Appropriated Reserve 21,725,837 (25,323) 86,754 (229,579) - - 21,557,689
421 Grant Funded Projects (406,889) (98,189) - (24,846) - - (529,924)
461-463 Storm Basin Projects 3,218,331 73,055 3,087 - - - 3,294,473
471 Traffic Mitigation Projects 431,079 - 33,016 (33,016) - - 431,079
472 Utility Undergrounding Projects 3,438,996 10,881 855 - - - 3,450,732
481 Gas Tax Projects 1,671,245 (915,098) 142,468 - - - 898,615
Capital Projects Total 30,078,599 (954,674) 266,180 (287,441) - - 29,102,664
INTERNAL SERVICE FUNDS
611 Town General Liability 212,022 (500,210) 540,911 (37,512) - - 215,211
612 Workers Compensation 514,813 (350,942) 117,769 (134,423) - - 147,217
621 Information Technology 2,474,618 (308,853) 164,526 (22,550) - - 2,307,741
631 Vehicle & Equipment Replacement 2,413,719 232,110 270,052 - - - 2,915,881
633 Facility Maintenance 927,699 83,305 236,359 (44,968) - - 1,202,395
Internal Service Funds Total 6,542,871 (844,590) 1,329,617 (239,453) - - 6,788,445
Trust/Agency
942 RDA Successor Agency (6,187,789) (1,674,135) - (487) - - (7,862,411)
Trust/Agency Fund Total (6,187,789) (1,674,135) - (487) - - (7,862,411)
Total Town 61,540,609 7,172,085 (6,039,812) - - 55,130,250
* 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 $853,257.47
111-23521 BMP Housing deposit account balance $4,021,280.60
Prior Year
Carryforward
7/1/2023
Increase/
(Decrease)
July - Nov
Dec 2023 Estimated Fund
Balance
12/31/2023*
9
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