09 Staff Report. Financial and Investment Report May 2024 with Attachments
PREPARED 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: 08/06/2024 ITEM NO: 9
DATE: July 15, 2024
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Receive the Monthly Financial and Investment Report for May 2024
RECOMMENDATION:
Receive the Monthly Financial and Investment Report for May 2024.
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 May 2024 Monthly Financial and Investment Report which fulfills
this requirement. The May 2024 Monthly Financial and Investment Report will be received by
the Finance Commission at its September 9, 2024 meeting.
DISCUSSION:
The May 2024 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 May 2024 DATE: July 15, 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 May 31, 2024, the Town’s financial position (Assets $91.43M, Liabilities $29.83M, and
Fund Equity $61.60M) remains strong and there are no issues meeting financial obligations in
the near future.
As of May 31, 2024, the Town’s weighted portfolio yield for investments under management
was 4.43% which was 10 basis points above the Local Agency Investment Fund (LAIF) yield of
4.33% for the same reporting period. Currently, the LAIF portfolio’s weighted average maturity
(WAM) is 233 days versus the Town’s longer WAM of 717 days. The longer 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 4.43% at the close of May was 6 basis points higher when compared to the
prior month’s return of 4.37% reported as of April 30, 2024.
Since May 2023, LAIF yields had climbed from 299 basis points (2.99%) to 433 basis points
(4.33%) through the end of May 2024.
Staff, in coordination with the Town’s investment advisor, primarily replaced maturing
investments with long term maturities in the four-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%.
On May 1, 2024, the Federal Reserve Chair commented that the 2% target may take longer than
PAGE 3 OF 3 SUBJECT: Monthly Financial and Investment Report for May 2024 DATE: July 15, 2024
DISCUSSION (continued):
expected to achieve and the central bank is prepared to keep rates unchanged as long as
appropriate.
Employment rose by 175,000 jobs in April, softer than consensus expectations at 240,000.
Wage growth was more modest than expected at 0.2% month-on-month and 3.9% year-on-
year. The unemployment rate rose to 3.9%, from 3.8%.
The Town's investments are in compliance with the Town's Investment Policy dated May 21,
2024, 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 May 2024.
Attachment:
1. Financial and Investment Report (May 2024)
Weighted Average YTM Portfolio Yield on Investments
under Management 4.43%
Weighted Average Maturity (days)717
This Month Last Month One year ago
Portfolio Allocation & Treasurer's Cash Balances $78,425,776 $80,969,252 $75,243,382
Cert. of Participation 2002 Lease Payment Fund
Managed Investments $49,640,584
Local Agency Investment Fund $16,516,009
Reconciled Demand Deposit Balances $12,269,183
Portfolio Allocation & Treasurer's Cash Balances $78,425,776
Benchmarks/ References:
Town's Average Yield 4.43%4.37%2.93%
LAIF Yield for month 4.33%4.27%2.99%
3 mo. Treasury 5.39%5.41%5.42%
6 mo. Treasury 5.38%5.41%5.46%
2 yr. Treasury 4.87%5.04%4.41%
5 yr. Treasury (most recent)4.51%4.71%3.76%
10 Yr. Treasury 4.50%4.68%3.65%
Town of Los Gatos
Summary Investment Information
May 31, 2024
0 -1 year38%
1 -2 years17%
2 -3 years11%
3 -5 years
34%
Portfolio Maturity Profile
Compliance:The Town's investments are in compliance with the Town's investment policy dated May 21, 2024, and also in compliance with the requirements of Section 53600 at seq. of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months.
ATTACHMENT 11
Month YTD
Cash & Investment Balances - Beginning of Month/Period 80,969,252.45$ 78,384,947.79$
Receipts 2,742,537.19 69,310,232.86
Disbursements (5,286,013.45)(69,269,404.46)
Cash & Investm Cash & Investment Balances - End of Month/Period $78,425,776.19 $78,425,776.19
Portfolio Allocation Amount % of Portfolio
Max. % or $ Allowed
per State Law or Policy
BNY MM $9,259.63 0.01%20% of Town Portfolio
US Treasury Notes $20,054,713.77 30.31%No Max. on US Treasuries
Government Agency Debenture Notes $15,867,942.90 23.99%No Max. on Non-Mortgage Backed
Corporate Medium Term Bonds $13,708,668.01 20.72%30% of Town Portfolio
Local Agency Investment Fund $16,516,009.29 24.97%$75 M per State Law
Subtotal - InSubtotal - Investments 66,156,593.60 100.00%
Reconciled Demand Deposit Balances 12,269,182.59
Total Portfolio Allocation & Treasurer's Cash Balances $78,425,776.19
0.0401
0.0388
Town of Los Gatos
Portfolio Allocation & Treasurer's Cash Balances
May 31, 2024
BNY MM
0.01%
US Treasury Notes30.31%
Government Agency Debenture Notes23.99%
Corporate Medium Term Bonds
20.72%
Local Agency Investment Fund24.97%
Portfolio Investment Allocation
$75.2 M $78.4 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
$90.0 M
May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24
Treasurer's Fund Balances
2
May 2024 May 2024 May 2024
Beginning Deposits Interest/Ending
Balance Realized Gain/Adj.Earnings Withdrawals Balance
Non-Treasury Funds:
Cert. of Participation 2002 Ser A Reserve Fund 694,725.27$ -$ 2,726.60$ -$ 697,451.87$ Note 1
Cert. of Participation 2010 Ser Lease Payment Fund 101.37 - 0.34 - 101.71 Note 2
Cert. of Participation 2002 Ser A Lease Payment Fund 29,421.49 - 115.51 - 29,537.00 Note 1
Cert. of Participation 2010 Ser Reserve Fund 1,376,958.72 - 5,854.68 - 1,382,813.40 Note 2
Total Restricted Funds:2,101,206.85$ -$ 8,697.13$ -$ 2,109,903.98$
CEPPT IRS Section 115 Trust 2,117,501.51 - 47,918.39 - 2,165,419.90$ Note 3
Grand Total COP's and CEPPT Trust 4,218,708.36$ -$ 56,615.52$ -$ 4,275,323.88$
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
May 31, 2024
3
July 2023 133,845.42$
August 2023 131,615.82$
September 2023 158,361.71$
October 2023 149,112.14$
November 2023 163,137.22$
December 2023 177,498.26$
January 2024 183,950.61$
February 2024 183,453.40$
March 2024 206,361.80$
April 2024 218,590.31$
May 2024 232,185.30$
June 2024 -
1,938,111.99$
Town of Los Gatos
Statement of Interest Earned
May 31, 2024
4
Original 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 MaturityApple 037833DB3 Corporate Bond 2.90%12/20/2022 1,300,000.00 1,228,591.00 (71,409.00)1,223,859.00 (4,732.00)6/21/2027 4.19%46,287.22$ 28,170.97$ 49,299.20$ 1116Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 (8,040.00)962,900.00 (29,060.00)1/1/2026 3.04%49,750.00$ 29,252.66$ 29,784.53$ 580US Treasury 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 (27,903.12)332,262.00 10,165.12 6/30/2025 3.16%1,217.39$ 9,366.72$ 9,683.74$ 395FFCB3133EN5V8Gov. Agency Debenture 4.13%1/17/2023 236,000.00 239,174.20 3,174.20 232,367.96 (6,806.24)1/11/2027 3.76%9,572.75$ 4,016.30$ 8,228.52$ 955US Treasury 91282CBT7 US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 (87,434.82)742,096.00 29,530.82 3/31/2026 4.14%9,000.00$ 23,165.06$ 28,510.85$ 669FFCB3133ENP95Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 939.60 890,478.00 (10,461.60)9/30/2025 4.14%57,375.00$ 28,374.86$ 34,922.91$ 487American Honda 02665WCZ2 Corporate Bond 2.40%11/27/2019 1,000,000.00 1,012,410.01 12,410.01 997,960.00 (14,450.01)6/27/2024 2.12%108,733.34$ 76,483.79$ 19,602.25$ 27JP Morgan Chase 46625HRS1 Corporate Bond 3.20%9/23/2022 500,000.00 474,660.00 (25,340.00)481,025.00 6,365.00 3/15/2026 4.70%19,644.44$ 17,865.15$ 21,438.18$ 653Honeywell Int'l.438516BW5 Corporate Bond 2.30%11/20/2019 1,000,000.00 1,014,660.00 14,660.00 993,610.00 (21,050.00)7/15/2024 1.64%96,983.33$ 71,679.55$ 18,273.39$ 45FNMA3135G0V75Gov. Agency Debenture 1.75%10/17/2019 1,100,000.00 1,105,833.30 5,833.30 1,096,821.00 (9,012.30)7/2/2024 1.63%81,331.25$ 66,718.86$ 16,581.02$ 32FFCB3133EKQA7Gov. Agency Debenture 2.08%10/21/2019 1,000,000.00 1,019,780.00 19,780.00 990,560.00 (29,220.00)9/10/2024 1.66%91,231.11$ 61,888.40$ 15,426.19$ 102FHLB3135G05X7Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 (97,047.60)1,132,740.00 29,787.60 8/25/2025 3.04%7,687.50$ 36,626.55$ 31,964.99$ 451US Treasury 912828ZL7 US Treasury Note 0.38%4/12/2022 1,700,000.00 1,583,927.57 (116,072.43)1,627,733.00 43,805.43 4/30/2025 2.72%13,066.99$ 54,017.06$ 40,877.77$ 334FHLB3130AQF65Gov. Agency Debenture 1.25%11/30/2022 1,300,000.00 1,160,559.40 (139,440.60)1,191,411.00 30,851.60 12/21/2026 4.15%17,197.92$ 29,385.32$ 46,572.97$ 934FHLB3130APJH9Gov. Agency Debenture 1.00%1/17/2023 1,000,000.00 907,010.00 (92,990.00)928,860.00 21,850.00 10/28/2026 4.17%13,354.17$ 15,544.14$ 31,846.52$ 880FFCB3133EN5N6Gov. Agency Debenture 4.00%2/8/2023 1,700,000.00 1,706,732.00 6,732.00 1,664,402.00 (42,330.00)1/6/2028 3.91%61,955.56$ 25,921.64$ 61,335.71$ 1315Freddie Mac 3137EAEX3 Gov. Agency Debenture 0.38%5/1/2023 750,000.00 689,032.50 (60,967.50)705,390.00 16,357.50 9/23/2025 3.97%2,515.62$ 4,638.18$ 25,973.84$ 480American Honda 02665WED9 Corporate Bond 4.70%5/11/2023 600,000.00 608,856.00 8,856.00 593,034.00 (15,822.00)1/12/2028 4.34%18,878.33$ 3,603.61$ 24,216.27$ 1321US Treasury 91282CEF4 US Treasury Note 2.50%6/9/2023 1,500,000.00 1,416,626.12 (83,373.88)1,412,865.00 (3,761.12)3/31/2027 4.09%30,327.87$ 3,416.23$ 54,659.75$ 1034US Treasury 91282CGA3 US Treasury Note 4.00%6/20/2023 2,100,000.00 2,080,558.59 (19,441.41)2,067,849.00 (12,709.59)12/15/2025 4.40%40,852.46$ 2,515.25$ 84,512.29$ 563Colgate-Palmolive 194162AR4 Corporate Bond 4.60%7/14/2023 500,000.00 504,655.00 4,655.00 497,890.00 (6,765.00)2/1/2028 4.37%14,502.79$ -$ 19,389.08$ 1341FannieMae3135G06G3Gov. Agency Debenture 0.50%7/14/2023 500,000.00 455,157.00 (44,843.00)468,935.00 13,778.00 11/7/2025 4.63%2,034.72$ -$ 19,253.23$ 525FFCB3133EPQC2Gov. Agency Debenture 4.63%7/17/2023 500,000.00 501,957.50 1,957.50 496,870.00 (5,087.50)7/17/2026 4.48%11,562.50$ -$ 19,640.87$ 777FFCB3133EPBM6Gov. Agency Debenture 4.13%7/14/2023 600,000.00 596,220.00 (3,780.00)589,656.00 (6,564.00)8/23/2027 4.29%15,056.25$ -$ 22,645.15$ 1179PNC Bank 69353RFJ2 Corporate Bond 3.25%7/25/2023 1,000,000.00 921,490.00 (78,510.00)932,480.00 10,990.00 12/23/2027 5.23%15,979.17$ -$ 42,838.56$ 1301US Treasury 91282CFU0 US Treasury Note 4.13%7/31/2023 1,300,000.00 1,290,660.60 (9,339.40)1,278,160.00 (12,500.60)10/31/2027 4.31%40,218.75$ -$ 46,644.13$ 1248Toyota Motor Credit 89236TKL8 Corporate Bond 5.45%8/25/2023 1,600,000.00 1,617,168.00 17,168.00 1,620,048.00 2,880.00 11/10/2027 5.16%61,766.67$ -$ 63,767.64$ 1258US Treasury 912810FE3 US Treasury Note 5.50%10/3/2023 1,200,000.00 1,238,207.14 38,207.14 1,244,856.00 6,648.86 8/15/2028 4.76%24,211.96$ -$ 38,399.27$ 1537Pepsico Inc 713448DF2 Corporate Bond 2.85%10/16/2023 1,000,000.00 947,570.00 (52,430.00)963,640.00 16,070.00 11/24/2025 5.24%10,133.33$ -$ 33,327.47$ 542FFCB3133EPUW3Gov. Agency Debenture 4.75%10/13/2023 1,000,000.00 994,338.00 (5,662.00)997,870.00 3,532.00 9/1/2026 4.96%18,208.33$ -$ 31,302.56$ 823Freddie Mac 3137EAEP0 Gov. Agency Debenture 1.50%10/13/2023 1,000,000.00 951,540.00 (48,460.00)974,320.00 22,780.00 2/12/2025 5.32%4,958.33$ -$ 32,432.21$ 257US Treasury 91282CEW7 US Treasury Note 3.25%10/16/2023 1,000,000.00 950,039.06 (49,960.94)959,340.00 9,300.94 6/30/2027 4.73%6,711.96$ -$ 28,720.51$ 1125US Treasury 91282CEN7 US Treasury Note 2.75%10/31/2023 1,300,000.00 1,214,336.39 (85,663.61)1,231,295.00 16,958.61 4/30/2027 4.82%17,875.00$ -$ 35,150.78$ 1064US Treasury 912828YV6 US Treasury Note 1.50%11/15/2023 700,000.00 673,667.97 (26,332.03)686,903.00 13,235.03 11/30/2024 5.26%5,680.33$ -$ 19,380.25$ 183US Treasury 91282CAB7 US Treasury Note 0.25%11/15/2023 675,000.00 623,900.39 (51,099.61)638,300.25 14,399.86 7/31/2025 4.92%353.09$ -$ 17,129.71$ 426US Treasury 91282CGU9 US Treasury Note 3.88%11/30/2023 1,000,000.00 983,515.62 (16,484.38)989,150.00 5,634.38 3/31/2025 5.17%12,916.67$ -$ 25,622.42$ 304US Treasury 91282CCH2 US Treasury Note 1.25%12/21/2023 900,000.00 798,647.55 (101,352.45)788,868.00 (9,779.55)6/30/2028 3.99%305.71$ -$ 14,926.06$ 1491FNMA3135G0Q22Gov. Agency Debenture 1.88%12/21/2023 900,000.00 845,676.00 (54,324.00)841,851.00 (3,825.00)9/24/2026 4.22%4,359.38$ -$ 16,220.37$ 846US Treasury 91282CFB2 US Treasury Note 2.75%1/2/2024 1,000,000.00 960,354.91 (39,645.09)943,590.00 (16,764.91)7/31/2027 3.95%2,167.12$ -$ 15,854.79$ 1156US Treasury 91282CHE4 US Treasury Note 3.63%1/17/2024 1,800,000.00 1,775,185.72 (24,814.28)1,736,370.00 (38,815.72)5/31/2028 3.97%24,067.63$ -$ 26,232.51$ 1461JP Morgan Chase 46647PDG8 Corporate Bond 4.85%2/1/2024 1,400,000.00 1,396,528.00 (3,472.00)1,380,498.00 (16,030.00)1,131.90 7/25/2027 4.93%(1,131.90)$ -$ 22,655.95$ 1150US Bancorp 91159HJF8 Corporate Bond 4.55%2/5/2024 1,000,000.00 989,200.00 (10,800.00)972,510.00 (16,690.00)1,642.33 7/22/2027 4.89%(1,642.33)$ -$ 15,445.84$ 1147Treasury91282CHB0US Treasury Note 3.63%2/23/2024 1,175,000.00 1,151,962.92 (23,037.08)1,147,093.75 (4,869.17)5/15/2026 4.56%9,595.30$ -$ 14,216.47$ 714FHLB3130AXB31Gov. Agency Debenture 4.88%2/27/2024 1,000,000.00 1,003,060.00 3,060.00 999,460.00 (3,600.00)3/13/2026 4.72%2,979.17$ -$ 12,168.70$ 651FFCB3133EP5U5Gov. Agency Debenture 4.13%3/28/2024 1,700,000.00 1,687,981.00 (12,019.00)996,300.00 (691,681.00)1,558.33 3/20/2029 4.28%(1,558.33)$ -$ 12,719.00$ 1754US Treasury 9128285M8 US Treasury Note 3.13%4/30/2024 1,200,000.00 1,123,832.14 (76,167.86)1,130,388.00 6,555.86 11/15/2028 4.69%1,545.34$ -$ 4,607.34$ 1629Cisco Systems 17275RBR2 Corporate Bond 4.85%5/15/2024 1,000,000.00 999,130.00 (870.00)995,660.00 (3,470.00)10,643.06 1/26/2029 4.87%(10,643.06)$ -$ 2,134.13$ 1701Home Depot 437076CW0 Corporate Bond 4.90%5/17/2024 1,000,000.00 1,001,790.00 1,790.00 1,667,870.00 666,080.00 4,355.56 3/15/2029 4.86%(4,355.56)$ -$ 1,865.24$ 1749Treasury91282CJR3US Treasury Note 3.75%5/31/2024 1,200,000.00 1,154,629.02 (45,370.98)1,159,872.00 5,242.98 18,791.21 12/31/2028 4.68%(18,791.21)$ -$ -$ 1675
Subtotal 51,186,000.00$ 49,631,324.68$ (1,554,675.32)$ 49,598,266.96$ (33,057.72)$ 38,122.39$ 1,046,029.36$ 592,650.31$ 1,308,401.12$
BNY MM Money Market 9,259.63 9,259.63 0.00 0.00%1LAIFState Investment Pool 16,516,009.29 16,420,072.20 (95,937.09)4.33%497,013.31 1
66,156,593.60 $66,027,598.79 ($128,994.81)$38,122.39 1,046,029.36$ 592,650.31$ 1,805,414.43$
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$ US Treasury 912828V23 US Treasury Note 2.25%11/29/2021 1,000,000.00 1,032,933.04 32,933.04 12/31/2023 0.66%46,956.52$ 10,649.43$ 3,390.13$ US Treasury 91282CBE0 US Treasury Note 0.13%9/15/2021 650,000.00 647,615.46 (2,384.54)1/15/2024 0.28%1,894.37$ 3,281.18$ 999.93$ US Treasury 91282CBE0_2 US Treasury Note 0.13%10/7/2021 1,000,000.00 994,768.98 (5,231.02)1/15/2024 0.36%2,839.67$ 6,137.79$ 1,935.69$ FFCB 3133EKMX1 Gov. Agency Debenture 2.23%8/2/2019 1,000,000.00 1,014,400.00 14,400.00 2/23/2024 1.90%107,225.83$ 74,902.07$ 12,483.68$ US Bancorp 91159HHV5 Corporate Bond 3.38%12/24/2019 1,000,000.00 1,049,040.00 49,040.00 2/5/2024 2.12%138,843.75$ 76,859.43$ 13,169.06$ JP Morgan Chase 46625HJT8 Corporate Bond 3.88%9/23/2019 1,400,000.00 1,485,414.00 85,414.00 2/1/2024 2.39%236,288.89$ 130,689.90$ 20,515.28$ FHLB 3130ALH98 Gov. Agency Debenture 0.25%2/26/2021 1,000,000.00 997,610.00 (2,390.00)2/26/2024 0.33%7,500.00$ 7,713.30$ 2,176.70$ FFCB 3133EMBE1 Gov. Agency Debenture 0.30%10/8/2020 1,600,000.00 1,598,000.00 (2,000.00)3/28/2024 0.34%16,653.34$ 14,655.57$ 4,006.35$ US Treasury 912828X70 US Treasury Note 2.00%12/30/2019 1,000,000.00 1,010,589.29 10,589.29 4/30/2024 1.75%86,703.30$ 61,478.37$ 14,672.07$ IBM 459200JY8 Corporate Bond 3.00%3/25/2021 1,000,000.00 1,071,040.00 71,040.00 5/15/2024 0.71%94,166.67$ 16,751.96$ 6,482.02$ Caterpillar Financial Serv 14913Q2V0 Corporate Bond 2.85%2/23/2021 1,000,000.00 1,077,370.00 77,370.00 5/17/2024 0.44%92,150.00$ 10,677.18$ 4,011.73$ US Treasury 912828XT2 US Treasury Note 2.00%10/31/2019 1,000,000.00 1,015,667.41 15,667.41 5/31/2024 1.64%91,639.34$ 60,792.37$ 15,266.25$
Total Investments "Matured"132,697.56$
Total Interest FY 23_24 Matured and Current 1,938,111.99$
Maturity Profile Amount Percent0-1 year 24,870,603.39$ 38%1-2 years $11,456,415.46 17%2-3 years $7,279,677.61 11%3-5 years 22,549,897.14$ 34%$66,156,593.60 100%
Town of Los GatosInvestment ScheduleMay 31, 2024
5
Date Cusip/Id Description Transaction Type Settlement Date Par Coupon Maturity Date Price Principal Interest Transaction Total
5/2/2024 Cash-USD Cash-USD SHORT TERM INVESTMENT FUND INCOME 5/2/2024 472.72 0.00%100.00 - - 472.72 5/7/2024 3135G06G3 FANNIE MAE 0.5% 07NOV2025 BOND INTEREST 5/7/2024 500,000 50.00%11/7/2025 - - 1,250.00 1,250.00
5/10/2024 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 BOND INTEREST 5/10/2024 1,600,000 545.00%11/10/2027 - - 43,600.00 43,600.00
5/15/2024 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29)PURCHASE 5/15/2024 1,000,000 485.00%2/26/2029 99.91 999,130.00 10,643.06 1,009,773.06
5/17/2024 437076CW0
HOME DEPOT INC 4.9% 15APR2029
(CALLABLE 15MAR29)PURCHASE 5/17/2024 1,000,000 490.00%4/15/2029 100.18 1,001,790.00 4,355.56 1,006,145.56
5/15/2024 9128285M8 USA TREASURY 3.125% 15NOV2028 BOND INTEREST 5/15/2024 1,200,000.00 312.50%11/15/2028 - - 18,750.00 18,750.00
5/15/2024 459200JY8 IBM CORP 3% 15MAY2024 BOND INTEREST 5/15/2024 1,000,000.00 300.00%5/15/2024 - - 15,000.00 15,000.00
5/15/2024 91282CHB0 USA TREASURY 3.625% 15MAY2026 BOND INTEREST 5/15/2024 1,175,000.00 362.50%5/15/2026 - - 21,296.88 21,296.88 5/15/2024 459200JY8 IBM CORP 3% 15MAY2024 REDEMPTION 5/15/2024 1,000,000 300.00%5/15/2024 100.00 1,000,000.00 - 1,000,000.00
5/17/2024 14913Q2V0
CATERPILLAR FINL SERVICE 2.85%
17MAY2024 REDEMPTION 5/17/2024 1,000,000 285.00%5/17/2024 100.00 1,000,000.00 - 1,000,000.00
5/17/2024 14913Q2V0
CATERPILLAR FINL SERVICE 2.85%
17MAY2024 BOND INTEREST 5/17/2024 1,000,000 285.00%5/17/2024 - - 14,250.00 14,250.00
5/31/2024 91282CJR3 USA TREASURY 3.75% 31DEC2028 PURCHASE 5/31/2024 1,200,000 375.00%12/31/2028 96.22 1,154,629.02 18,791.21 1,173,420.23
5/31/2024 912828YV6 USA TREASURY 1.5% 30NOV2024 BOND INTEREST 5/31/2024 700,000 150.00%11/30/2024 - - 5,250.00 5,250.00
5/31/2024 912828XT2 USA TREASURY 2% 31MAY2024 BOND INTEREST 5/31/2024 1,000,000 200.00%5/31/2024 - - 10,000.00 10,000.00 5/31/2024 91282CHE4 USA TREASURY 3.625% 31MAY2028 BOND INTEREST 5/31/2024 1,800,000 362.50%5/31/2028 - - 32,625.00 32,625.00 5/31/2024 912828XT2 USA TREASURY 2% 31MAY2024 REDEMPTION 5/31/2024 1,000,000 200.00%5/31/2024 100.00 1,000,000.00 - 1,000,000.00
Town of Los Gatos
Investment Transaction Detail
May 31, 2024
6
Security Description Maturity Date Par/Shares S&P Rating Moody Rating Insight ESG Rating Environment Social Governance
AMERICAN HONDA FINANCE 2.4% 27JUN2024 6/27/2024 1,000,000$ A-A3 3 3 3 3
HONEYWELL INTERNATIONAL 2.3% 15AUG2024 (CALLABLE 15JUL24)8/15/2024 1,000,000$ A A2 4 3 4 4
PEPSICO INC 2.85% 24FEB2026 (CALLABLE 24NOV25)46077 1,000,000$ A+A1 2 2 2 3
HOME DEPOT INC. 3% 01APR2026 (CALLABLE 01JAN2026)46113 1,000,000$ A A2 2 3 2 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 4 1 4 5
TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 11/10/2027 1,600,000$ A+A1 4 2 3 4
AMERICAN HONDA FINANCE 4.7% 12JAN2028 1/12/2028 600,000$ A-A3 3 3 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$ A+Aa3 3 2 3 3
US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27)7/222028 1,000,000$ A A3 3 3 4 3
JPMORGAN CHASE & CO 4.851% 25JUL2028 (CALLABLE 25JUL28)7/25/2028 1,400,000$ A-A1 3 1 3 4
CISCO INC. 4.85% 26FEB2029 (CALLABLE 26JAN2029)47175 1,000,000$ AA-A1 2 1 3 4
HOME DEPOT INC. 4.9% 15APR2029 (CALLABLE 15MAR2029)4/15/2029 1,000,000$ A A2 2 3 2 3
Total/Average 13,900,000$ 2.9 2.1 3.0 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, 2024
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)- 4,374,779 2,270,453 (5,386,802) - - 1,258,430
General Fund Total 29,528,304 4,374,779 2,270,453 (5,386,802) - - 30,786,734
* Interfund transfers and ARPA funding allocation to be performed as part of the fiscal year end closing entries.
May 2024
Prior Year
Carryforward
7/1/2023
Increase/
(Decrease)
July - Apr
Estimated Fund
Balance
5/31/2024*
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 75,084 29,996 (24,157) - - 710,766
231-236 Landscape & Lighting Districts 176,964 1,893 - (4,797) - - 174,060
251 Los Gatos Theatre 74,991 51,694 11,596 (5,890) - - 132,391
711-716 Library Trusts 530,173 61,244 - (4,986) - - 586,431
Special Revenue Total 1,578,624 189,915 41,592 (39,830) - - 1,770,301
CAPITAL PROJECTS
411 GFAR - General Fund Appropriated Reserve 21,725,837 (1,439,897) 89,851 (186,911) - - 20,188,880
412 Community Center Development - 866,281 - - - - 866,281
421 Grant Funded Projects (406,890) 71,384 824,805 (91,669) - - 397,630
461-463 Storm Basin Projects 3,218,331 177,830 13,600 - - - 3,409,761
471 Traffic Mitigation Projects 431,079 - - - - - 431,079
472 Utility Undergrounding Projects 3,438,996 22,779 1,248 - - - 3,463,023
481 Gas Tax Projects 1,671,245 (216,846) 142,102 - - - 1,596,501
Capital Projects Total 30,078,598 (518,469) 1,071,606 (278,580) - - 30,353,155
INTERNAL SERVICE FUNDS
611 Town General Liability 212,022 (16,570) - (8,541) - - 186,911
612 Workers Compensation 514,813 (698,988) 161,204 (83,047) - - (106,018)
621 Information Technology 2,474,618 (33,857) 12,504 (24,245) - - 2,429,020
631 Vehicle & Equipment Replacement 2,413,719 723,003 - (51,921) - - 3,084,801
633 Facility Maintenance 927,700 121,507 7,181 (105,021) - - 951,367
Internal Service Funds Total 6,542,872 95,095 180,889 (272,775) - - 6,546,081
Trust/Agency
942 RDA Successor Agency (6,187,789) (1,666,050) (165) - - (7,854,004)
Trust/Agency Fund Total (6,187,789) (1,666,050) - (165) - - (7,854,004)
Total Town 61,540,609 3,564,540 (5,978,152) - - 61,602,267
* 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 $720,514.04
111-23521 BMP Housing deposit account balance $4,021,280.60
Prior Year
Carryforward
7/1/2023
Increase/
(Decrease)
July - Apr
May 2024 Estimated Fund
Balance
5/31/2024*
9