05 Financial and Investment Report December 2024 with Attachments
PREPARED BY: Eric Lemon
Finance and Accounting Manager
Reviewed by: 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: 02/18/2025 ITEM NO: 5
DATE:
February 11, 2025
TO: Mayor and Town Council
FROM: Chris Constantin, Town Manager
SUBJECT: Receive the Monthly Financial and Investment Report for December 2024
RECOMMENDATION:
Receive the monthly Financial and Investment Report for December 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 December 2024 monthly Financial and Investment Report which
fulfills this requirement.
The December 2024 Monthly Financial and Investment Report was received by the Finance
Commission at its February 10, 2025, regular meeting.
DISCUSSION:
The December 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 the end of the respective month.
As operations fluctuate month to month, there are differences between balances in one month
to balances in another. Such differences may be significant due to the type of activity in those
months and the timing of any estimates used in the presentation based on the information
available. This is demonstrated by the attached December 31, 2024, fund balance report.
PAGE 2 OF 3 SUBJECT: Monthly Financial and Investment Report for December 2025 DATE: February 11, 2025
In the case that the differences are extraordinary and unanticipated, we will ensure we present
more information to explain the differences.
The December 31, 2024, estimated fund balances differ from the November 30, 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.
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.
As of December 31, 2024, the Town’s financial position (Cash Plus Other Assets $81.05M,
Liabilities $26.38M, and Fund Equity $54.67M) remains strong and the Town has sufficient
funds to meet the cash demands for the next six months.
As of December 31, 2024, the Town’s weighted portfolio yield for investments under
management was 4.44% which was 1 basis point above the Local Agency Investment Fund
(LAIF) yield of 4.43% for the same reporting period. As of November 30th, 2024, the LAIF
portfolio’s weighted average maturity (WAM) is 257 days versus the Town’s longer WAM of 677
days on December 31, 2024. 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 4.44% at the close of
December decreased 1 basis point when compared to the November 30, 2024, investment
report.
Since December 2023, LAIF yields have climbed from 393 basis points (3.93%) to 443 basis
points (4.43%) through the end of December 2024. The State LAIF pool typically lags the market
when current market yields are either increasing or decreasing.
PAGE 3 OF 3 SUBJECT: Monthly Financial and Investment Report for December 2025 DATE: February 11, 2025
After the 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%.
The most recent change was at their December 2024 meeting when the Federal Reserve voted
to approve another 1/4 basis point decrease from 4.75% to 4.50%. 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 227,000 jobs in November, close to consensus forecasts. The prior two
months were revised up following hurricane and strike related disruptions in the prior month.
The unemployment rate edged up from 4.1% to 4.2% while the participation rate fell from
62.6% to 62.5%. Wage growth remained at 4%.
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 December 2024.
Attachments:
1. Financial and Investment Report (December 2024)
Weighted Average YTM Portfolio Yield on Investments
under Management 4.44%
Weighted Average Maturity (days)677
This Month Last Month One year ago
Portfolio Allocation & Treasurer's Cash Balances $66,720,922 $69,393,525 $67,640,642
Managed Investments $50,532,565
Local Agency Investment Fund $11,874,049
Reconciled Demand Deposit Balances $4,314,308
Portfolio Allocation & Treasurer's Cash Balances $66,720,922
Benchmarks/ References:
Town's Average Yield 4.44%4.45%4.23%
LAIF Yield for month 4.43%4.48%3.93%
3 mo. Treasury 4.31%4.49%5.36%
6 mo. Treasury 4.27%4.44%5.27%
2 yr. Treasury 4.24%4.15%4.25%
5 yr. Treasury 4.38%4.05%3.85%
10 Yr. Treasury 4.57%4.17%3.88%
Town of Los Gatos
Summary Investment Information
December 31, 2024
0 -1 year36%
1 -2 years
18%
2 -3 years22%
3 -5 years24%
Portfolio Maturity Profile
Compliance:The Town's investments are in compliance with the Town's investment policy dated February 21, 2023, and also in compliance with the requirements of Section 53600 at seq. of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months.
ATTACHMENT 11
Month YTD
Cash & Investment Balances - Beginning of Month/Period 69,393,524.76$ 81,368,409.88$
Receipts 5,250,952.05 32,624,696.11
Disbursements (7,923,555.04)(47,272,184.22)
Cash & Investment Balances - End of Month/Period $66,720,921.77 $66,720,921.77
Portfolio Allocation Amount % of Portfolio
Max. % or $ Allowed
per State Law or Policy
BNY MM $219,054.88 0.35%20% of Town Portfolio
US Treasury Notes $20,469,190.11 32.80%No Max. on US Treasuries
Government Agency Debenture Notes $15,904,019.60 25.48%No Max. on Non-Mortgage Backed
Corporate Medium Term Bonds $13,940,300.50 22.34%30% of Town Portfolio
Local Agency Investment Fund $11,874,049.16 19.03%$75 M per State Law
Subtotal - Investments 62,406,614.25 100.00%
Reconciled Demand Deposit Balances 4,314,307.52
Total Portfolio Allocation & Treasurer's Cash Balances $66,720,921.77
0.0401
0.0388
Town of Los Gatos
Portfolio Allocation & Treasurer's Cash Balances
December 31, 2024
BNY MM
0.35%
US Treasury Notes32.80%
Government Agency Debenture Notes
25.48%
Corporate Medium Term Bonds
22.34%
Local Agency Investment Fund19.03%
Portfolio Investment Allocation
$67.6 M $66.7 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
$90.0 M
Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
Treasurer's Fund Balances
2
December 2024 December 2024 December 2024
Beginning Deposits Interest/Ending
Balance Realized Gain/Adj.Earnings Withdrawals Balance
Non-Treasury Funds:
Cert. of Participation 2002 Ser A Reserve Fund 697,187.51$ -$ 2,388.40$ -$ 699,575.91$ Note 1
Cert. of Participation 2010 Ser Lease Payment Fund 976.88 - 3.63 - 980.51 Note 2
Cert. of Participation 2002 Ser A Lease Payment Fund 17,519.84 - 60.00 - 17,579.84 Note 1
Cert. of Participation 2010 Ser Reserve Fund 1,418,518.80 - 5,309.11 - 1,423,827.91 Note 2
Total Restricted Funds:2,134,203.03$ -$ 7,761.14$ -$ 2,141,964.17$
CEPPT IRS Section 115 Trust 2,307,781.57 - (54,703.92)- 2,253,077.65$ Note 3
Grand Total COP's and CEPPT Trust 4,441,984.60$ -$ (46,942.78)$ -$ 4,395,041.82$
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.
Town of Los Gatos
Non-Treasury Restricted Fund Balances
December 31, 2024
3
July 2024 247,221.75$
August 2024 212,684.25$
September 2024 265,151.31$
October 2024 234,237.63$
November 2024 227,312.31$
December 2024 239,396.54$
January 2025 -$
February 2025 -$
March 2025 -$
April 2025 -$
May 2025 -$
June 2025 -$
1,426,003.79$
Town of Los Gatos
Statement of Interest Earned
December 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 Maturity
Apple 037833DB3 Corporate Bond 2.90%12/20/2022 1,300,000.00 1,228,591.00 (71,409.00)1,250,366.00 21,775.00 6/21/2027 4.19%65,137.22$ 81,871.88$ 26,997.18$ 902
Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 (8,040.00)982,240.00 (9,720.00)1/1/2026 3.04%64,750.00$ 61,696.52$ 16,310.57$ 366
US Treasury 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 (27,903.12)343,304.50 21,207.62 6/30/2025 3.16%2,092.39$ 19,915.08$ 5,303.00$ 181
FFCB 3133EN5V8 Gov. Agency Debenture 4.13%1/17/2023 236,000.00 239,174.20 3,174.20 235,261.32 (3,912.88)1/11/2027 3.76%14,440.25$ 12,979.52$ 4,506.10$ 741
US Treasury 91282CBT7 US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 (87,434.82)766,248.00 53,682.82 3/31/2026 4.14%12,000.00$ 54,221.52$ 15,613.08$ 455
FFCB 3133ENP95 Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 939.60 899,775.00 (1,164.60)9/30/2025 4.14%76,500.00$ 66,415.88$ 19,124.45$ 273
JP Morgan Chase 46625HRS1 Corporate Bond 3.20%9/23/2022 500,000.00 474,660.00 (25,340.00)490,495.00 15,835.00 3/15/2026 4.70%35,644.44$ 41,217.45$ 11,739.95$ 439
FHLB 3135G05X7 Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 (97,047.60)1,169,952.00 66,999.60 8/25/2025 3.04%9,937.50$ 71,445.55$ 17,504.64$ 237
US Treasury 912828ZL7 US Treasury Note 0.38%4/12/2022 1,700,000.00 1,583,927.57 (116,072.43)1,678,427.00 94,499.43 4/30/2025 2.72%16,254.49$ 98,544.63$ 22,385.45$ 120
FHLB 3130AQF65 Gov. Agency Debenture 1.25%11/30/2022 1,300,000.00 1,160,559.40 (139,440.60)1,229,280.00 68,720.60 12/21/2026 4.15%33,447.92$ 80,116.59$ 25,504.24$ 720
FHLB 3130APJH9 Gov. Agency Debenture 1.00%1/17/2023 1,000,000.00 907,010.00 (92,990.00)958,320.00 51,310.00 10/28/2026 4.17%18,354.17$ 50,234.10$ 17,439.76$ 666
FFCB 3133EN5N6 Gov. Agency Debenture 4.00%2/8/2023 1,700,000.00 1,706,732.00 6,732.00 1,683,442.00 (23,290.00)1/6/2028 3.91%95,955.56$ 92,733.76$ 33,588.61$ 1101
Freddie Mac 3137EAEX3 Gov. Agency Debenture 0.38%5/1/2023 750,000.00 689,032.50 (60,967.50)729,382.50 40,350.00 9/23/2025 3.97%3,921.87$ 32,931.11$ 14,223.77$ 266
American Honda 02665WED9 Corporate Bond 4.70%5/11/2023 600,000.00 608,856.00 8,856.00 598,500.00 (10,356.00)1/12/2028 4.34%32,978.33$ 29,982.05$ 13,261.29$ 1107
US Treasury 91282CEF4 US Treasury Note 2.50%6/9/2023 1,500,000.00 1,416,626.12 (83,373.88)1,444,215.00 27,588.88 3/31/2027 4.09%49,077.87$ 62,956.31$ 29,932.72$ 820
US Treasury 91282CGA3 US Treasury Note 4.00%6/20/2023 2,100,000.00 2,080,558.59 (19,441.41)2,096,430.00 15,871.41 12/15/2025 4.40%124,852.46$ 94,573.28$ 46,280.54$ 349
Colgate-Palmolive 194162AR4 Corporate Bond 4.60%7/14/2023 500,000.00 504,655.00 4,655.00 503,340.00 (1,315.00)2/1/2028 4.37%26,002.79$ 21,195.52$ 11,079.48$ 1127
FannieMae 3135G06G3 Gov. Agency Debenture 0.50%7/14/2023 500,000.00 455,157.00 (44,843.00)484,380.00 29,223.00 11/7/2025 4.63%3,284.72$ 21,047.01$ 11,001.85$ 311
FFCB 3133EPQC2 Gov. Agency Debenture 4.63%7/17/2023 500,000.00 501,957.50 1,957.50 502,160.00 202.50 7/17/2026 4.48%23,125.00$ 21,487.97$ 11,328.90$ 563
FFCB 3133EPBM6 Gov. Agency Debenture 4.13%7/14/2023 600,000.00 596,220.00 (3,780.00)596,928.00 708.00 8/23/2027 4.29%27,431.25$ 24,754.94$ 12,940.08$ 965
PNC Bank 69353RFJ2 Corporate Bond 3.25%7/25/2023 1,000,000.00 921,490.00 (78,510.00)957,640.00 36,150.00 12/23/2027 5.23%32,229.17$ 46,970.90$ 25,345.00$ 1087
US Treasury 91282CFU0 US Treasury Note 4.13%7/31/2023 1,300,000.00 1,290,660.60 (9,339.40)1,294,722.00 4,061.40 10/31/2027 4.31%67,031.25$ 51,232.08$ 28,139.41$ 1034
Toyota Motor Credit 89236TKL8 Corporate Bond 5.45%8/25/2023 1,600,000.00 1,617,168.00 17,168.00 1,637,424.00 20,256.00 11/10/2027 5.16%105,366.67$ 70,599.88$ 41,904.45$ 1044
US Treasury 912810FE3 US Treasury Note 5.50%10/3/2023 1,200,000.00 1,238,207.14 38,207.14 1,250,064.00 11,856.86 8/15/2028 4.76%57,211.96$ 43,179.27$ 29,317.29$ 1323
Pepsico Inc 713448DF2 Corporate Bond 2.85%10/16/2023 1,000,000.00 947,570.00 (52,430.00)982,280.00 34,710.00 11/24/2025 5.24%24,383.33$ 37,712.66$ 26,895.85$ 328
FFCB 3133EPUW3 Gov. Agency Debenture 4.75%10/13/2023 1,000,000.00 994,338.00 (5,662.00)1,007,700.00 13,362.00 9/1/2026 4.96%41,958.33$ 35,367.82$ 24,933.64$ 609
Freddie Mac 3137EAEP0 Gov. Agency Debenture 1.50%10/13/2023 1,000,000.00 951,540.00 (48,460.00)996,750.00 45,210.00 2/12/2025 5.32%12,458.33$ 36,644.18$ 25,833.45$ 43
US Treasury 91282CEW7 US Treasury Note 3.25%10/16/2023 1,000,000.00 950,039.06 (49,960.94)976,450.00 26,410.94 6/30/2027 4.73%39,211.96$ 32,499.52$ 23,177.95$ 911
US Treasury 91282CEN7 US Treasury Note 2.75%10/31/2023 1,300,000.00 1,214,336.39 (85,663.61)1,256,684.00 42,347.61 4/30/2027 4.82%35,750.00$ 40,101.59$ 30,364.99$ 850
US Treasury 91282CAB7 US Treasury Note 0.25%11/15/2023 675,000.00 623,900.39 (51,099.61)659,650.50 35,750.11 7/31/2025 4.92%1,196.84$ 19,725.12$ 15,918.52$ 212
US Treasury 91282CGU9 US Treasury Note 3.88%11/30/2023 1,000,000.00 983,515.62 (16,484.38)998,980.00 15,464.38 3/31/2025 5.17%32,291.67$ 29,822.81$ 25,762.43$ 90
US Treasury 91282CCH2 US Treasury Note 1.25%12/21/2023 900,000.00 798,647.55 (101,352.45)810,810.00 12,162.45 6/30/2028 3.99%11,555.71$ 17,690.14$ 16,953.05$ 1277
FNMA 3135G0Q22 Gov. Agency Debenture 1.88%12/21/2023 900,000.00 845,676.00 (54,324.00)864,909.00 19,233.00 9/24/2026 4.22%12,796.88$ 19,224.14$ 18,423.14$ 632
US Treasury 91282CFB2 US Treasury Note 2.75%1/2/2024 1,000,000.00 960,354.91 (39,645.09)962,970.00 2,615.09 7/31/2027 3.95%15,917.12$ 19,025.75$ 19,448.54$ 942
US Treasury 91282CHE4 US Treasury Note 3.63%1/17/2024 1,800,000.00 1,775,185.72 (24,814.28)1,760,346.00 (14,839.72)5/31/2028 3.97%56,692.63$ 32,061.96$ 35,753.94$ 1247
JP Morgan Chase 46647PDG8 Corporate Bond 4.85%2/1/2024 1,400,000.00 1,396,528.00 (3,472.00)1,399,888.00 3,360.00 7/25/2027 4.93%32,825.10$ 28,319.94$ 34,739.13$ 936
US Bancorp 91159HJF8 Corporate Bond 4.55%2/5/2024 1,000,000.00 989,200.00 (10,800.00)991,710.00 2,510.00 7/22/2027 4.89%21,097.67$ 19,440.46$ 24,500.30$ 933
Treasury 91282CHB0 US Treasury Note 3.63%2/23/2024 1,175,000.00 1,151,962.92 (23,037.08)1,165,271.00 13,308.08 5/15/2026 4.56%30,892.17$ 18,568.45$ 26,692.14$ 500
FHLB 3130AXB31 Gov. Agency Debenture 4.88%2/27/2024 1,000,000.00 1,003,060.00 3,060.00 1,006,660.00 3,600.00 3/13/2026 4.72%27,354.17$ 16,052.33$ 23,819.58$ 437
FFCB 3133EP5U5 Gov. Agency Debenture 4.13%3/28/2024 1,700,000.00 1,687,981.00 (12,019.00)1,680,501.00 (7,480.00)3/20/2029 4.28%33,504.17$ 18,681.03$ 36,567.13$ 1540
US Treasury 9128285M8 US Treasury Note 3.13%4/30/2024 1,200,000.00 1,123,832.14 (76,167.86)1,148,112.00 24,279.86 11/15/2028 4.69%20,295.34$ 9,066.06$ 27,346.81$ 1415
Cisco Systems 17275RBR2 Corporate Bond 4.85%5/15/2024 1,000,000.00 999,130.00 (870.00)1,006,300.00 7,170.00 1/26/2029 4.87%13,606.94$ 6,135.64$ 24,542.55$ 1487
Home Depot 437076CW0 Corporate Bond 4.90%5/17/2024 1,000,000.00 1,001,790.00 1,790.00 1,008,710.00 6,920.00 4/15/2029 4.86%20,144.44$ 5,862.95$ 24,517.78$ 1566
Treasury 91282CJR3 US Treasury Note 3.75%5/31/2024 1,200,000.00 1,154,629.02 (45,370.98)1,172,904.00 18,274.98 12/31/2028 4.68%26,208.79$ 4,511.24$ 27,668.97$ 1461
American Honda 02665WEY3 Corporate Bond 4.95%6/27/2024 1,000,000.00 995,640.00 (4,360.00)1,001,780.00 6,140.00 1/9/2026 5.25%1,787.50$ 430.16$ 26,383.44$ 374
FHLB 3130B1BT3 Gov. Agency Debenture 4.88%7/2/2024 1,150,000.00 1,150,966.00 966.00 1,159,246.00 8,280.00 6/12/2026 4.82%19,310.42$ -$ 27,706.83$ 528
Citibank 17325FBK3 Corporate Bond 4.84%8/15/2024 1,250,000.00 1,263,062.50 13,062.50 1,244,350.00 (18,712.50)1,511.88 7/6/2029 4.60%(1,511.88)$ -$ 21,855.21$ 1648
FNMA 3135G05Y5 Gov. Agency Debenture 0.75%9/10/2024 1,100,000.00 1,010,724.00 (89,276.00)998,195.00 (12,529.00)10/8/2027 3.56%641.67$ -$ 11,435.26$ 1011
US Treasury 91282CFL0 US Treasury Note 3.88%12/3/2024 1,100,000.00 1,088,144.31 (11,855.69)1,075,943.00 (12,201.31)7,494.51 9/30/2029 4.12%(7,494.51)$ -$ 3,458.26$ 1734
Subtotal 51,986,000.00$ 50,313,510.21$ (1,672,489.79)$ 51,119,395.82$ 805,885.61$ 9,006.39$ 1,519,902.07$ 1,699,246.78$ 1,095,470.70$
BNY MM Money Market 219,054.88 219,054.88 0.00 0.00%1
LAIF State Investment Pool 11,874,049.16 11,869,560.59 (4,488.57)4.43%309,644.30 1
62,406,614.25 $63,208,011.29 $801,397.04 $9,006.39 1,519,902.07$ 1,699,246.78$ 1,405,115.00$
Matured Assets
FNMA 3135G0V75 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 Int'l.438516BW5 Corporate Bond 2.30%11/20/2019 1,000,000.00 1,014,660.00 14,660.00 8/15/2024 1.64%108,483.33$ 91,844.87$ 2,508.83$
FFCB 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$
US Treasury 912828YV6 US Treasury Note 1.50%11/15/2023 700,000.00 673,667.97 (26,332.03)11/30/2024 5.26%10,930.33$ 22,316.65$ 14,975.65$
Total Investments "Matured"20,888.78$
Total Interest FY 24_25 Matured and Current 1,426,003.79$
Maturity Profile Amount Percent0-1 year 22,734,294.59$ 36%1-2 years $10,890,355.00 17%2-3 years $13,831,112.28 22%3-5 years 14,950,852.38$ 24%$62,406,614.25 100%
Town of Los GatosInvestment Schedule
December 31, 2024
5
Date Cusip/Id Description Transaction Type Settlement Date Par Coupon Maturity Date Price Principal Interest
Transaction Total
12/3/2024 91282CFL0 USA TREASURY 3.875% 30SEP2029 PURCHASE 12/3/2024 1,100,000.00 3.875%9/30/2029 98.92 1,088,144.31 7,494.51 1,095,638.82
12/2/2024 912828YV6 USA TREASURY 1.5% 30NOV2024 REDEMPTION 12/2/2024 700,000.00 1.500%11/30/2024 100.00 700,000.00 - 700,000.00
12/3/2024 Cash-USD Cash-USD SHORT TERM INVESTMENT FUND INCOME 12/3/2024 1,507.06 0.000%100.00 - - 1,507.06
12/12/2024 3130B1BT3
FEDERAL HOME LOAN BANK 4.875%
12JUN2026 BOND INTEREST 12/12/2024 1,150,000.00 4.875%6/12/2026 - - 33,637.50 33,637.50
12/16/2024 46625HRS1 JPMORGAN CHASE & CO 3.2% 15JUN2026 (CALLABLE 15MAR26)BOND INTEREST 12/15/2024 500,000.00 3.200%6/15/2026 - - 8,000.00 8,000.00
12/16/2024 91282CGA3 USA TREASURY 4% 15DEC2025 BOND INTEREST 12/15/2024 2,100,000.00 4.000%12/15/2025 - - 42,000.00 42,000.00
12/23/2024 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21DEC2026 BOND INTEREST 12/21/2024 1,300,000.00 1.250%12/21/2026 - - 8,125.00 8,125.00
12/31/2024 912828ZW3 USA TREASURY 0.25% 30JUN2025 BOND INTEREST 12/31/2024 350,000.00 0.250%6/30/2025 - - 437.50 437.50
12/31/2024 91282CCH2 USA TREASURY 1.25% 30JUN2028 BOND INTEREST 12/31/2024 900,000.00 1.250%6/30/2028 - - 5,625.00 5,625.00
12/31/2024 91282CEW7 USA TREASURY 3.25% 30JUN2027 BOND INTEREST 12/31/2024 1,000,000.00 3.250%6/30/2027 - - 16,250.00 16,250.00
12/31/2024 91282CJR3 USA TREASURY 3.75% 31DEC2028 BOND INTEREST 12/31/2024 1,200,000.00 3.750%12/31/2028 - - 22,500.00 22,500.00
Town of Los Gatos
Investment Transaction Detail
December 31, 2024
6
Security Description Maturity Date Par/Shares S&P Rating Moody Rating Insight ESG Rating Environment Social Governance
AMERICAN HONDA FINANCE 4.95% 09JAN2026 1/9/2026 1,000,000$ A-A3 3 3 3 3
PEPSICO INC 2.85% 24FEB2026 (CALLABLE 24NOV25)2/24/2026 1,000,000$ A+A1 2 2 3 3
HOME DEPOT INC. 3% 01APR2026 (CALLABLE 01JAN2026)46113 1,000,000$ A A2 3 3 3 3
JPMORGAN CHASE & CO 3.2 15JUN2026 (CALLABLE 15MAR26)46188 500,000$ A A1 3 2 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 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 4 3 4 4
JPMORGAN CHASE & CO 4.851% 25JUL2028 (CALLABLE 25JUL28)7/25/2028 1,400,000$ A A1 3 2 3 4
CISCO INC. 4.85% 26FEB2029 (CALLABLE 26JAN2029)2/26/2029 1,000,000$ AA-A1 3 1 4 3
HOME DEPOT INC. 4.9% 15APR2029 (CALLABLE 15MAR2029)47223 1,000,000$ A A2 3 3 3 3
CITIBANK 4.838% 06AUG2029 (CALLABLE 06JUL2029)8/6/2029 1,250,000$ A+Aa3 3 1 3 3
Total/Average 14,150,000$ 3.1 2.1 3.2 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, 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 2,188,659 - - - - - 2,188,659
Land Held for Resale 344,338 - - - - - 344,338
Committed Fund Balances:
Budget Stabilization 6,736,781 - - - - - 6,736,781
Catastrophic 6,736,781 - - - - - 6,736,781
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 8,651,059 - - - - - 8,651,059
Carryover Encumbrances 85,861 - - - - - 85,861
Compensated Absences 1,555,478 - - - - - 1,555,478
ERAF Risk Reserve 1,430,054 - - - - - 1,430,054
Market Fluctuations 1,712,246 - - - - - 1,712,246
Council Priorities - Economic Recovery 20,684 - - - - - 20,684
Unassigned Fund Balances:
111 Other Unassigned Fund Balance Reserve (Pre YE distribution)- (4,326,236) 4,285,430 (4,707,336) - - (4,748,142)
General Fund Total 31,062,075 (4,326,236) 4,285,430 (4,707,336) - - 26,313,933
* Interfund transfers and Council Priorities/Economic Recovery funding allocation to be performed as part of the fiscal year end closing entries.
December 2024 Prior Year
Carryforward
7/1/2024*
Increase/
(Decrease)
July - November
Estimated Fund
Balance
12/31/2024*
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)754,134 (51,579) 13,641 (31,333) - - 684,863
231-236 Landscape & Lighting Districts 182,625 (9,971) - (1,822) - - 170,832
251 Los Gatos Theatre 171,035 114,028 8,156 (194) - - 293,025
711-716 Library Trusts 556,849 42,568 - (2,271) - - 597,146
Special Revenue Total 1,831,296 95,046 21,797 (35,620) - - 1,912,519
CAPITAL PROJECTS
411 GFAR - General Fund Appropriated Reserve 20,253,300 (296,122) 82,395 (1,743,920) - - 18,295,653
412 Community Center Development 866,281 - - - - - 866,281
421 Grant Funded Projects (2,563,503) (108,898) 1,675,914 (894,428) - - (1,890,915)
461-463 Storm Basin Projects 3,531,248 27,775 - (54,193) - - 3,504,830
471 Traffic Mitigation Projects 509,491 - 720 (720) - - 509,491
472 Utility Undergrounding Projects 3,584,251 7,967 - - - - 3,592,218
481 Gas Tax Projects 1,928,167 582,849 152,114 (1,620,034) - - 1,043,096
Capital Projects Total 28,109,235 213,571 1,911,143 (4,313,295) - - 25,920,654
INTERNAL SERVICE FUNDS
611 Town General Liability 177,876 (1,327,142) 646,317 (14,508) - - (517,457)
612 Workers Compensation 586,246 (692,547) 742,076 (181,599) - - 454,176
621 Information Technology 2,523,347 (312,440) 193,533 (51,370) - - 2,353,070
631 Vehicle & Equipment Replacement 3,286,552 (91,465) 280,915 - - - 3,476,002
633 Facility Maintenance 960,526 (59,391) 288,077 (85,301) - - 1,103,911
Internal Service Funds Total 7,534,547 (2,482,985) 2,150,918 (332,778) - - 6,869,702
Trust/Agency
942 RDA Successor Agency (4,632,040) (1,715,739) - (139) - - (6,347,918)
Trust/Agency Fund Total (4,632,040) (1,715,739) - (139) - - (6,347,918)
Total Town 63,905,113 (8,216,343) 8,369,288 (9,389,168) - - 54,668,890
* Interfund transfers and Council Priorities/Economic Recovery 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 $453,983.85
111-23521 BMP Housing deposit account balance $4,039,055.78
Prior Year
Carryforward
7/1/2024*
Increase/
(Decrease)
July - November
December 2024 Estimated Fund
Balance
12/31/2024*
9