02 Monthly Investment Report September 2024 ITEM NO. 2.
IMEETTOWN OF LOS GATOS
ING DATE: 11/19/2024
exii
COUNCIL AGENDA REPORT ITEM NO: 2
DATE: November 7, 2024
TO: Mayor and Town Council
FROM: Chris Constantin,Town Manager
SUBJECT: Receive the Monthly Financial and Investment Report for September 2024
RECOMMENDATION:
Receive the Monthly Financial and Investment Report for September 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 September 2024 Monthly Financial and Investment Report which
fulfills this requirement.
The September 2024 Monthly Financial and Investment Report will be received by the Finance
Commission at its December 9, 2024, regular meeting.
DISCUSSION:
The September 2024 Monthly Financial and Investment Report includes a Fund Balance
Schedule, representing estimated funding available for all funds at the beginning of the fiscal
year and at end of the respective month.
As operations fluctuate month to month,there are differences between balances in one month
to balances in another month, and such differences may be significant due to the type of
activity in those months as well as the presentation of those reports are based on estimates
using the information available. This is demonstrated by the attached September 30, 2024 fund
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
Page 12 www.losgatosca.gov
TEt4 NO. 2
PAGE 2 OF 3
SUBJECT: Monthly Financial and Investment Report for September 2024
DATE: November 7,2024
balance report. In the case that the differences are extraordinary and unanticipated,we will
ensure we present more information to explain the differences.
The September 30,2024 estimated fund balances differ from the August 31, 2024 estimated
fund balances due to the normal day to day activity where revenue and expenditure activity in
one month have a larger shift in one month from the other. The July 1,2024 fund balances
indude all transactions posted at the time of preparing this report except the final fund
balances allocations which occur closer to the issuance of the draft Annual Comprehensive
Financial Report. On November 25, 2024,Final fund reserves allocation will be provided to the
Finance Commission in the draft Annual Comprehensive Financial Report.
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.
As illustrated in the summary below,Total Cash is adjusted by adding Total Assets less the
amount of Total Liabilities to arrive at the Ending Fund Balance —which represents the actual
amount of funds available.
Reconciling Cash to Fund Balance - September 30, 2024
Total Cash $ 67,158,455
Plus: Assets $ 18,833,415
Less: Liabilities $ (29,664,981)
Estimated Fund Balance $ 56,326,889
As of September 30,2024,the Town's financial position (Assets$85.99M,Liabilities$29.66M,
and Fund Equity$56.33M) remains strong and the Town has sufficient funds to meet the cash
demands for the next six months.
As of September 30,2024,the Town's weighted portfolio yield for investments under
management was 4.45%which was 13 basis points below the Local Agency Investment Fund
(LAIF)yield of 4.58%for the same reporting period. As of September 30,2024,the LAF
portfolio'sweighted average maturity(WAM) is 231 days versus the Town's longer WAM of 728
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 LAF.The Town's weighted average rate of return
on investments under management of 4.45% at the dose of September was 2 basis points
lower when compared to the prior month's return of 4.47% reported as of August 31,2024.
Page 13
PAGE 3 OF 3 1TEM NO.2.
SUBJECT: Monthly Financial and Investment Report for September 2024
DATE: November 7, 2024
Since September 2023, LAIF yields have climbed from 353 basis points (3.53%)to 458 basis
points (4.58%)through the end of September 2024.
Staff, in coordination with the Town's investment advisor, primarily replaced maturing
investments with long-term maturities in the three-to-four-year maturity range. These
investments capture current yields that exceed the rates expected to be earned in the LAIF pool
during that same period. The State LAIF pool typically lags the market when current market
yields are either increasing or decreasing.
After a rate change back in July of 2023, the Federal Open Market Committee (FOMC) did not
change rates again until their September 18, 2024, meeting when they approved a 1/2
percentage basis point decrease from 5.5%to 5.0%. Furthermore, on November 7, 2024,the
Federal Reserve voted to approve an additional 1/4 basis point decrease from 5.0%to 4.75%.
These changes support the Federal Open Market Committee's goal to support maximum
employment and bring year-to-year inflation to its targeted level of 2%.
The US economy added 142,000 jobs in August, below the 165,000 expected, and up from a
downwardly revised 89,000 in July. Besides the pandemic, it was the weakest three months of
private sector hiring since 2012. The unemployment rate fell slightly from 4.3%to 4.2%. Wage
growth rose from 3.6%to 3.8%.
The Town's investments are in compliance with the Town's Investment Policy dated February
21, 2023, and are 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 the Monthly Financial and Investment Report for September 2024.
Attachments:
1. Financial and Investment Report (September 2024)
Page 14
ITEM NO. 2.
Town of Los Gatos
Summary Investment Information
September 30, 2024
Weighted Average YTM Portfolio Yield on Investments
under Management 4.45%
Weighted Average Maturity(days) 728
This Month Last Month One year ago
Portfolio Allocation&Treasurer's Cash Balances $67,158,455 $69,642,660 $66,196,260
Managed Investments $50,153,359
Local Agency Investment Fund $11,702,446
Reconciled Demand Deposit Balances $5,302,651
Portfolio Allocation&Treasurer's Cash Balances $67,158,455
Benchmarks/References:
Town's Average Yield 4.45% 4.47% 3.77%
LAIF Yield for month 4.58% 4.58% 3.53%
3 mo.Treasury 4.62% 5.11% 5.46%
6 mo.Treasury 4.40% 4.86% 5.55%
2 yr.Treasury 3.64% 3.92% 5.05%
5 yr.Treasury(most recent) 3.56% 3.70% 4.61%
10 Yr.Treasury 3.78% 3.90% 4.57%
Portfolio Maturity Profile
1-2years
19%
0-lyear 2-3years
32% 19%
3-5years
30%
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 15 1 ATTACHMENT 1
ITEM NO. 2.
Town of Los Gatos
Portfolio Allocation&Treasurer's Cash Balances
September 30,2024
Month YTD
Cash&Investment Balances- Beginning of Month/Period $ 69,642,659.67 $ 81,368,409.88
Receipts 2,928,307.32 15,252,169.42
Disbursements (5,412,511.91) (29,462,124.22)
Cash&Investment Balances- End of Month/Period $67,158,455.08 $67,158,455.08
Max.%or$Allowed
Portfolio Allocation Amount /of Portfolio per State Law or Policy
BNY MM $254,324.64 0.41% 20%of Town Portfolio
US Treasury Notes $20,054,713.77 32.42% No Max.on US Treasuries
Government Agency Debenture Notes $15,904,019.60 25.71% No Max.on Non-Mortgage Backed
Corporate Medium Term Bonds $13,940,300.50 22.54% 30%of Town Portfolio
Local Agency Investment Fund $11,702,445.78 18.92% $75 M per State Law
Subtotal-Investments 61,855,804.29 100.00%
Reconciled Demand Deposit Balances 5,302,650.79
Total Portfolio Allocation&Treasurer's Cash Balances $67,158,455.08
Portfolio Investment Allocation
Local Agency Investment Fund BNY MM
18.92% 0.41%
US Treasury Notes
32.42%
Corporate Medium Term Bonds
22.54%
Government Agency Debenture
Notes
25.71%
Treasurer's Fund Balances
$90.0 M
$80.0M
$70.0 M $66.2 M — $67.2 M
$60.0 M
$50.0 M
$40.0 M
$30.0 M
$20.0 M
$10.0 M
$0.0M - -
Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
1
2
ITEM NO. 2.
Town of Los Gatos
Non-Treasury Restricted Fund Balances
September 30, 2024
September 2024 September 2024 September 2024
Beginning Deposits Interest/ Ending
Balance Realized Gain/Adj. Earnings Withdrawals Balance
Non-Treasury Funds:
Cert.of Participation 2002 Ser A Reserve Fund $ 705,886.86 $ - $ 2,853.96 $ 16,781.15 $ 691,959.67 Note 1
Cert.of Participation 2010 Ser Lease Payment Fund 965.23 - 3.74 - 968.97 Note 2
Cert.of Participation 2002 Ser A Lease Payment Fund 667.33 16,781.15 2.51 - 17,450.99 Note 1
Cert.of Participation 2010 Ser Reserve Fund 1,400,920.33 - 6,121.48 - 1,407,041.81 Note 2
Total Restricted Funds: $ 2,108,439.75 $ 16,781.15 $ 8,981.69 $ 16,781.15 $ 2,117,421.44
CEPPT IRS Section 115 Trust 2,289,156.52 - 39,148.84 - $ 2,328,305.36 Note 3
Grand Total COP's and CEPPT Trust $ 4,397,596.27 $ 16,781.15 $ 48,130.53 $ 16,781.15 $ 4,445,726.80
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 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.
Page 17
3
ITEM NO. 2.
Town of Los Gatos
Statement of Interest Earned
September 30, 2024
July 2024 $ 247,221.75
August 2024 $ 212,684.25
September 2024 $ 265,151.31
October 2024 $ -
November 2024 $ -
December 2024 $ -
January 2025 $ -
February 2025 $ -
March 2025 $April 2025 $May 2025 $ -
June 2025 $ -
$ 725,057.31
Page 18
4
ITEM NO. 2.
Town of Los Gatos
Investment Schedule
September 30,2024
Original Issue Market Value Maturity Yield to Interest Interest Interest Days
Deposit Par Original (Discount) Market Above(Under) Purchased Date or Maturity Received Earned Earned to
Institution CUSIPB Security Coupon Date Value Cost Premium Value Cost Interest Call Date or Call to Date Prior Yrs. Current FY Maturity
Apple 037833DB3 Corporate Bond 2.90% 12/20/2022 1,300,000.00 1,228,591.00 (71,409.00) 1,270,451.00 41,860.00 6/21/2027 4.19% $ 65,137.22 $ 81,871.88 $ 13,498.59 994
Hun Depot 437076BM3 Corporate Bond 3.00% 8/4/2022 1,000,000.00 991,960.00 (8,040.00) 985,910.00 (6,050.00) 1/1/2026 3.04% $ 49,750.00 $ 61,696.52 $ 8,155.29 458
US Treasury 912828ZW3 US Treasury Note 0.25% 8/9/2022 350,000.00 322,096.88 (27,903.12) 340,070.50 17,973.62 6/30/2025 3.16% $ 1,654.89 $ 19,915.08 $ 2,651.50 273
FEU 3133EN5V8 Gov.Agency Debenture 4.13% 1/17/2023 236,000.00 239,174.20 3,174.20 238,846.16 (328.04) 1/11/2027 3.76% $ 14,440.25 $ 12,979.52 $ 2,253.05 833
US Treasury 91282CHT7 US Treasury Note 0.75% 9/30/2022 800,000.00 712,565.18 (87,434.82) 765,184.00 52,618.82 3/31/2026 4.14% $ 12,000.00 $ 54,221.52 $ 7,806.54 547
FEU 3133ENP95 Gov.Agency Debenture 4.25% 9/30/2022 900,000.00 900,939.60 939.60 902,034.0D 1,094.40 9/30/2025 4.14% $ 76,500.00 $ 66,415.88 $ 9,562.22 365
OP Morgan Chase 46625HRS1 Corporate Bond 3.20% 9/23/2022 500,000.00 474,660.00 (25,340.00) 492,615.00 17,955.M 3/15/2026 4.70% $ 27,644.44 $ 41,217.45 $ 5,869.98 531
FHLB 3135005217 Gov.Agency Debenture 0.38% 6/10/2022 1,200,000.00 1,102,952.40 (97,047.60) 1,161,132.10 58,179.60 8/25/2025 3.04% $ 9,937.50 $ 71,445.55 $ 8,752.32 329
US Treasury 912828217 US Treasury Note 0.38% 4/12/2022 1,700,000.00 1,583,927.57 (116,072.43) 1,661,852.00 77,924.43 4/30/2025 2.72% $ 13,066.99 $ 98,544.63 $ 11,192.72 212
FHLB 3130AQF65 Gov.Agency Debenture 1.25% 11/30/2022 1,300,D00.00 1,160,559.40 (139,440.60) 1,232,426.10 71,866.60 12/21/2026 4.15% $ 25,322.92 $ 80,116.59 $ 12,752.12 812
FHLB 3130AP1H9 Gov.Agency Debenture 1.00% 1/17/2023 1,000,000.00 907,010.00 (92,990.00) 960,570.00 53,560.M 10/28/2026 4.17% $ 13,354.17 $ 50,234.10 $ 8,719.88 758
FEU 3133EN5N6 Gov.Agency Debenture 4.00% 2/8/2023 1,700,D00.00 1,706,732.00 6,732.00 1,718,445.10 11,713.00 1/6/2028 3.91% $ 95,955.56 $ 92,733.76 $ 16,794.30 1193
Freddie Mac 3137EAEX3 Gov.Agency Debenture 0.38% 5/1/2023 750,000.00 689,032.50 (60,967.50) 724,057.50 35,025.M 9/23/2025 3.97% $ 3,921.87 $ 32,931.11 $ 7,111.88 358
American Honda 02665WED9 Corporate Bond 4.70% 5/11/2023 600,000.00 608,856.00 8,856.00 610,458.10 1,602.00 1/12/2028 4.34% $ 32,978.33 $ 29,982.05 $ 6,630.64 1199
US Treasury 91282CEF4 US Treasury Note 2.50% 6/9/2023 1,500,000.00 1,416,626.12 (83,373.88) 1,461,090.00 94,463.88 3/31/2027 4.09% $ 49,077.87 $ 62,956.31 $ 14,966.36 912
US Treasury 91282CGA3 US Treasury Note 4.00% 6/20/2023 2,100,000.00 2,080,558.59 (19,441.41) 2,103,444.10 22,885.41 12/15/2025 4.40% $ 82,852.46 $ 94,573.28 $ 23,140.27 441
Colgate-Palmolive 194162AR4 Corporate Bond 4.60% 7/14/2023 500,000.00 504,655.00 4,655.00 512,830.00 8,175.00 2/1/2028 4.37% $ 26,002.79 $ 21,195.52 $ 5,539.74 1219
FannieMae 313500603 Gov.Agency Debenture 0.50% 7/14/2023 500,000.00 455,157.00 (44,843.00) 481,145.00 25,988.00 11/7/2025 4.63% $ 2,034.72 $ 21,047.01 $ 5,500.92 403
FFCB 3133EPQC2 Gov.Agency Debenture 4.63% 7/17/2023 500,000.00 501,957.50 1,957.50 507,785.00 5,827.50 7/17/2026 4.48% $ 23,125.00 $ 21,487.97 $ 5,664.45 655
FEU 3133EPHM6 Gov.Agency Debenture 4.13% 7/14/2023 600,000.00 596,220.00 (3,780.00) 607,782.0D 11,562.00 8/23/2027 4.29% $ 27,431.25 $ 24,754.94 $ 6,470.04 1057
PNC Bank 693530F12 Corporate Bond 3.25% 7/25/2023 1,000,000.00 921,490.00 (78,510.00) 967,220.00 45,730.M 12/23/2027 5.23% $ 32,229.17 $ 46,970.90 $ 12,672.50 1179
US Treasury 912822FU0 US Treasury Note 4.13% 7/31/2023 1,300,D00.00 1,290,660.60 (9,339.40) 1,320,163M 29,502.40 10/31/2027 4.31% $ 40,218.75 $ 51,232.08 $ 14,069.71 1126
Toyota Motor Credit 8923078218 Corporate Bond 5.45% B/25/2023 1,600,000.00 1,617,168.00 17,168.00 1,666,928.00 49,760.M 11/10/2027 5.16% $ 61,766.67 $ 70,599.BB $ 20,952.22 1136
US Treasury 912810FE3 US Treasury Note 5.50% 10/3/2023 1,200,000.00 1,238,207.14 38,207.14 1,287,096.10 48,888.86 8/15/2028 4.76% $ 57,211.96 $ 43,179.27 $ 14,658.64 1415
Pepsico Inc 713448DF2 Corporate Bond 2.85% 10/16/2023 1,000,000.00 947,570.00 (52,430.00) 985,820.00 38,250.M 11/24/2025 5.24% $ 24,383.33 $ 37,712.66 $ 13,447.93 420
FFCB 3133EPUW3 Gov.Agency Debenture 4.75% 10/13/2023 1,000,000.00 994,338.00 (5,662.00) 1,020,070.00 25,732.M 9/1/2026 4.96% $ 41,958.33 $ 35,367.82 $ 12,466.82 701
Freddie Mac 3137EAEPO Gov.Agency Debenture 1.50% 10/13/2023 1,000,000.00 951,540.00 (48,460.00) 988,910.00 37,370.00 2/12/2025 5.32% $ 12,458.33 $ 36,644.18 $ 12,916.72 135
US Treasury 91282CEW7 US Treasury Note 3.25% 10/16/2023 1,000,000.00 950,039.06 (49,960.94) 991,290.00 41,250.94 6/30/2027 4.73% $ 22,961.96 $ 32,499.52 $ 11,588.98 1003
US Treasury 91282CEN7 US Treasury Note 2.75% 10/31/2023 1,300,D00.00 1,214,336.39 (85,663.61) 1,272,934.00 58,597.61 4/30/2027 4.82% $ 17,875.00 $ 40,101.59 $ 15,182.50 942
US Treasury 912828YV6 US Treasury Note 1.50% 11/15/2023 700,000.00 673,667.97 (26,332.03) 696,206.00 22,538.03 11/30/2024 5.26% $ 5,680.33 $ 22,316.65 $ 9,004.97 61
US Treasury 912822A57 US Treasury Note 0.25% 11/15/2023 675,000.00 623,9E0.39 (51,099.61) 654,08175 30,181.36 7/31/2025 4.92% $ 1,196.84 $ 19,725.12 $ 7,959.26 304
US Treasury 91282CGU9 US Treasury Note 3.88% 11/30/2023 1,000,000.00 983,515.62 (16,484.38) 997,570.00 14,054.38 3/31/2025 5.17% $ 32,291.67 $ 29,822.81 $ 12,881.22 182
US Treasury 91282CCH2 US Treasury Note 1.25% 12/21/2023 900,000.00 798,647.55 (101,352.45) 826,560.00 27,912.45 6/30/2028 3.99% $ 5,930.71 $ 17,690.14 $ 8,476.53 1369
FNMA 3135G0Q22 Gov.Agency Debenture 1.88% 12/21/2023 900,000.00 B45,676.00 (54,324.00) 868,248.00 22,572.M 9/24/2026 4.22% $ 12,796.88 $ 19,224.14 $ 9,211.57 724
US Treasury 912822F52 US Treasury Note 2.75% 1/2/2024 1,000,000.00 960,354.91 (39,645.09) 977,420.00 17,065.09 7/31/2027 3.95% $ 15,917.12 $ 19,025.75 $ 9,724.27 1034
US Treasury 91282CHE4 US Treasury Note 3.63% 1/17/2024 1,800,000.00 1,775,185.72 (24,814.28) 1,802,034.00 26,848.28 5/31/2028 3.97% $ 24,067.63 $ 32,061.96 $ 17,876.97 1339
.IP Morgan Chase 46647PDG8 Corporate Bond 4.85% 2/1/2024 1,400,000.00 1,396,528.00 (3,472.00) 1,422,722.00 26,194.00 7/25/2027 4.93% $ 32,825.10 $ 28,319.94 $ 17,369.56 1028
US Bancorp 91159H1F8 Corporate Bond 4.55% 2/5/2024 1,000,000.00 989,200.00 (10,800.00) 1,007,580.00 18,380.M 7/22/2027 4.89% $ 21,097.67 $ 19,440.46 $ 12,250.15 1025
Treasury 912822H50 US Treasury Note 3.63% 2/23/2024 1,175,000.00 1,151,962.92 (23,037.08) 1,173,026M 21,063.08 5/15/2026 4.56% $ 9,595.30 $ 18,568.45 $ 13,346.07 592
FHLB 3130A21531 Gov.Agency Debenture 4.88% 2/27/2024 1,000,000.00 1,003,060.00 3,060.00 1,015,900.00 12,840.M 3/13/2026 4.72% $ 27,354.17 $ 16,052.33 $ 11,909.79 529
FFCB 3133EP5U5 Gov.Agency Debenture 4.13% 3/28/2024 1,700,D00.00 1,687,981.00 (12,019.00) 1,735,462.00 47,481.00 3/20/2029 4.28% $ 33,504.17 $ 18,681.03 $ 18,283.56 1632
US Treasury 9128285M8 US Treasury Note 3.13% 4/30/2024 1,200,000.00 1,123,832.14 (76,167.86) 1,178,532.00 54,699.86 11/15/2028 4.69% $ 1,545.34 $ 9,066.06 $ 13,673.41 1507
Cisco Systems 172750502 Corporate Bond 4.85% 5/15/2024 1,000,000.00 999,130.00 (870.00) 1,033,800.00 34,670.00 1/26/2029 4.87% $ 13,606.94 $ 6,135.64 $ 12,271.27 1579
Home Depot 4370762070 Corporate Bond 4.90% 5/17/2024 1,000,000.00 1,001,790.00 1,790.00 1,035,310.00 33,520.M 4,355.56 4/15/2029 4.86% $ (4,355.56) $ 5,862.95 $ 12,258.89 1658
Treasury 912822003 US Treasury Note 3.75% 5/31/2024 1,200,000.00 1,154,629.02 (45,370.98) 1,207,452M 52,822.98 12/31/2028 4.68% $ 3,708.79 $ 4,511.24 $ 13,834.48 1553
American Honda 02665WEY3 Corporate Bond 4.95% 6/27/2024 1,000,000.00 995,640.00 (4,360.00) 1,009,030.00 13,390.M 1/9/2026 5.25% $ 1,787.50 $ 430.16 $ 13,191.72 466
FHLB 3130015T3 Gov.Agency Debenture 4.88% 7/2/2024 1,150,000.00 1,150,966.00 966.00 1,171,148.50 20,182.50 8,720.83 6/12/2026 4.82% $ (8,720.83) $ - $ 13,701.18 620
Citibank 17325FBK3 Corporate Bond 4.84% B/15/2024 1,250,000.00 1,263,062.50 13,062.50 1,278,337.50 15,275.M 1,511.88 7/6/2029 4.60% $ (1,511.B8) $ - $ 7,285.07 1740
FNMA 31350055'5 Gov.Agency Debenture 0.75% 9/10/2024 1,100,000.00 1,010,724.00 (89,276.00) 1,010,977M 253.00 3,483.33 10/8/2027 3.56% $ (3,483.33) $ - $ 2,042.01 1103
Subtotal $ 51,586,000.00 $ 49,899,033.87 5 (1,686,966.13) $ 51,339,954.91 $ 1,440,921.04 5 18,071.60 5 1,188,086.29 $ 1,721,563.43 5 547,540.80
BNYMM Money Market 254,324.64 254,324.64 0.00 0.00% 1
LAIF State Investment Pool 11,702,445.78 11,726,565.50 24,119.72 4.58% 171,603.38 1
51,355,304.29 $53,320,845.05 $1,455,040.35 $18,071.50 $ 1,188,086.29 $ 1,721,563.43 $ 719,144.18
Matured Assets
FNMA 3135GOV75 Gov.Agency Debenture 1.75% 10/17/2019 1,100,000.00 1,105,833.30 5,833.30 7/2/2024 1.63% $ 90,956.25 $ 84,780.33 $ 98.70
Honeywell Intl 4385165W5 Corporate Bond 2.30% 11/20/2019 1,000,000.00 1,014,660.00 14,660.00 B/15/2024 1.64% $ 108,483.33 $ 91,844.87 $ 2,508.83
FEU 3133EKQA7 Gov.Agency Debenture 2.08% 10/21/2019 1,000,000.00 1,019,780.00 19,780.00 9/10/2024 1.66% $ 101,631.11 $ 78,691.92 $ 3,305.61
Total Investments"Matured" $ 5.913.13
Total Interest FY 24_25 Matured and Current $ 725.057.31
Maturity Profile Amount Percent
0-Dyear $ 19,788,343.35 32%
1-2 years $11,460,395.19 19%
2-3 years $11,904,315.08 19%
3-5 years $ 18.702.750.67 30%
$61,855,804.29 1009G
5
ITEM NO. 2.
Town of Los Gatos
Investment Transaction Detail
September 30,2024
Settlement Transaction
Date Cusip/Id Description Transaction Type Date Par Coupon Maturity Date Price Principal Interest Total
COLGATE-PALMOLIVE CO 4.6%01 MAR2028
9/3/2024 194162AR4 (CALLABLE 01FEB28) BOND INTEREST 9/1/2024 500,000.00 4.60% 3/1/2028 - - 11,500.00 11,500.00
FEDERAL FARM CREDIT BANK 4.75%
9/3/2024 3133EPUW3 01SEP2026 BOND INTEREST 9/1/2024 1,000,000.00 4.75% 9/1/2026 - - 23,750.00 23,750.00
SHORT TERM INVESTMENT
9/4/2024 Cash-USD Cash-USD FUND INCOME 9/4/2024 561.92 0.00% 100.00 - - 561.92
9/10/2024 3135G05Y5 FANNIE MAE 0.75%080CT2027 FI-PUR 9/10/2024 1,100,000.00 0.75% 10/8/2027 91.88 1,010,724.00 3,483.33 1,014,207.33
FEDERAL FARM CREDIT BANK 2.08%
9/10/2024 3133EKQA7 10SEP2024 BOND INTEREST 9/10/2024 1,000,000.00 2.08% 9/10/2024 - - 10,400.00 10,400.00
FEDERAL FARM CREDIT BANK 2.08%
9/10/2024 3133EKQA7 10SEP2024 REDEMPTION 9/10/2024 1,000,000.00 2.08% 9/10/2024 100.00 1,000,000.00 - 1,000,000.00
APPLE INC 2.9%12SEP2027(CALLABLE
9/12/2024 037833DB3 12JUN27) BOND INTEREST 9/12/2024 1,300,000.00 2.90% 9/12/2027 - - 18,850.00 18,850.00
FEDERAL HOME LOAN BANK 4.875%
9/13/2024 3130AXB31 13MAR2026 BOND INTEREST 9/13/2024 1,000,000.00 4.88% 3/13/2026 - - 24,375.00 24,375.00
FEDERAL FARM CREDIT BANK 4.125%
9/20/2024 3133EP5U5 20MAR2029 BOND INTEREST 9/20/2024 1,700,000 4.13% 3/20/2029 - - 35,062.50 35,062.50
9/23/2024 3137EAEX3 FREDDIE MAC 0.375%23SEP2025 BOND INTEREST 9/23/2024 750,000 0.38% 9/23/2025 - - 1,406.25 1,406.25
9/24/2024 3135G0Q22 FANNIE MAE 1.875%24SEP2026 BOND INTEREST 9/24/2024 900,000.0 1.88% 9/24/2026 - - 8,437.50 8,437.50
9/30/2024 91282CBT7 USA TREASURY 0.75%31 MAR2026 BOND INTEREST 9/30/2024 800,000 0.75% 3/31/2026 - - 3,000.00 3,000.00
9/30/2024 91282CGU9 USA TREASURY 3.875%31MAR2025 BOND INTEREST 9/30/2024 1,000,000 3.88% 3/31/2025 - - 19,375.00 19,375.00
9/30/2024 91282CEF4 USATREASURY2.5%31MAR2027 BOND INTEREST 9/30/2024 1,500,000 2.50% 3/31/2027 - - 18,750.00 18,750.00
FEDERAL FARM CREDIT BANK 4.25%
9/30/2024 3133ENP95 30SEP2025 BOND INTEREST 9/30/2024 900,000 4.25% 9/30/2025 - - 19,125.00 19,125.00
Page 20
6
ITEM NO. 2.
Town of Los Gatos
Insight ESG Ratings as of September 30, 2024
Security Description Maturity Date Par/Shares S&P Rating Moody Rating Insight ESG Rating Environment Social Governance
AMERICAN HONDA FINANCE 4.95% 09JAN2026 1/9/2026 $ 1,000,000 A- A3 3 3 3 3
PEPSICO INC 2.85%24FEB2026(CALLABLE 24NOV25) _ 2/24/2026 _ $ 1,000,000 _ A+ Al 2 2 2 3
HOME DEPOT INC.3%01APR2026(CALLABLE 01JAN2026) 46113 $ 1,000,000 A A2 3 3 2 3
JPMORGAN CHASE&CO 3.2 15JUN2026(CALLABLE 15MAR26) 46188 $ 500,000 A- Al 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+ Al 3 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%22JAN 2028(CALLABLE 01 FEB28) _ 1/22/2028 $ 1,000,000 _ A _ A2 _ 3 2 3 3
I COLGATE-PALMOLIVE CO 4.6%01 MAR2028(CALLABLE 01FEB28) 3/1/2028 $ 500,000 A+ Aa3 3 2 3 3
US BANCORP 4.548%22JU L2028(CALLABLE 22JU L27) 7/222028 $ 1,000,000 A A3 4 3 4 4
JPMORGAN CHASE&CO4.851%25JU L2028(CALLABLE 25JU L28) 7/25/2028 $ 1,400,000 A- Al 3 1 3 4
CISCO INC.4.85%26FE B2029 (CALLABLE 26JAN2029) 2/26/2029 $ 1,000,000 AA- Al 2 1 4 3
HOME DEPOT INC.4.9%15APR2029(CALLABLE 15MAR2029) 47223 $ 1,000,000 A A2 3 3 2 3
CITIBANK 4.838%06AUG2029 CALLABLE 06JU L2029 8/6/2029 $ 1 250 000 A+ Aa3 3 1 3 4
Total/Average $14,150,000 3.1 2.0 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.
Page 21
7
Fund Schedule
ITEM NO. 2.
September 2024
Prior Year Increase/ Estimated Fund
Fund Carryforward (Decrease) Current Current Transfer Transfer Balance
Number Fund Description 7/1/2024* July-August Revenue Expenditure In Out 9/30/2024*
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) 1,533,771 (1,548,527) 1,742,198 (3,569,489) - - (1,842,047)
General Fund Total 31,062,075 (1,548,527) 1,742,198 (3,569,489) - - 27,686,257
*Interfund transfers and ARPA funding allocation to be performed as part of the fiscal year end closing entries.
8
Fund Schedule
ITEM NO. 2.
September 2024
Prior Year Increase/ Estimated Fund
Fund Carryforward (Decrease) Current Current Transfer Transfer Balance
Number Fund Description 7/1/2024* July-August Revenue Expenditure In Out 9/30/2024*
SPECIAL REVENUE
211/212 CDBG 166,653 - - - - - 166,653
222 Urban Runoff(NPDES) 754,134 (17,885) 13,641 (20,024) - - 729,866
231-236 Landscape&Lighting Districts 182,625 (1,603) - (235) - - 180,787
251 Los Gatos Theatre 171,035 115,212 9,922 (8,990) - - 287,179
711-716 Library Trusts 556,849 (3,314) 60,000 (2,395) - - 611,140
Special Revenue Total 1,831,296 92,410 83,563 (31,644) - - 1,975,625
CAPITAL PROJECTS
411 GEAR-General Fund Appropriated Reserve 20,253,300 118,516 303,818 (463,141) - - 20,212,493
412 Community Center Development 866,281 - - - - - 866,281
421 Grant Funded Projects (2,563,503) - 31,486 (312,750) - - (2,844,767)
461-463 Storm Basin Projects 3,531,248 11,578 - - - - 3,542,826
471 Traffic Mitigation Projects 509,491 - - - - - 509,491
472 Utility Undergrounding Projects 3,584,251 2,317 - - - - 3,586,568
481 Gas Tax Projects 1,928,167 90,154 161,899 - - - 2,180,220
Capital Projects Total 28,109,235 222,565 497,203 (775,891) - - 28,053,112
INTERNAL SERVICE FUNDS
611 Town General Liability 177,876 (1,321,181) - (5,797) - - (1,149,102)
612 Workers Compensation 586,246 (946,880) 29,346 357,543 - - 26,255
621 Information Technology 2,523,347 (372,990) 4,617 (9,125) - - 2,145,849
631 Vehicle&Equipment Replacement 3,286,552 (54,492) 81 (128,332) - - 3,103,809
633 Facility Maintenance 960,526 (30,111) 24,836 (124,632) - - 830,619
Internal Service Funds Total 7,534,547 (2,725,654) 58,880 89,657 - - 4,957,430
Trust/Agency
942 RDA Successor Agency (4,632,040) (1,711,616) - (1,879) - - (6,345,535)
Trust/Agency Fund Total (4,632,040) (1,711,616) - (1,879) - - (6,345,535)
Total Town 63,905,113 (5,670,822) 2,381,844 (4,289,246) - - 56,326,889
*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$410,633.11
111-23521 BMP Housing deposit account balance$3,923,342.78
Page 23
9