04 Monthly Financial and Investment Report
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 ● (408) 354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 08/05/2025 ITEM: 4
DATE: July 14, 2025
TO: Mayor and Town Council
FROM: Chris Constantin, Town Manager
SUBJECT: Receive the Monthly Financial and Investment Report for May 2025
RECOMMENDATION: Receive the Monthly Financial and Investment Report for May 2025.
FISCAL IMPACT:
This report has no fiscal impact.
STRATEGIC PRIORITY:
This item aligns with the Town’s Core Goals of Good Governance and Fiscal Stability by ensuring
adherence to proper financial reporting guidelines and information.
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 2025 monthly Financial and Investment Report, which fulfills
this requirement.
The May 2025 Monthly Financial and Investment Report will be received by the Finance
Commission at its August 11, 2025, regular meeting.
PAGE 2 OF 3 SUBJECT: Monthly Financial and Investment Report for May 2025 DATE: July 14, 2025
DISCUSSION:
The May 2025 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
and 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 May 31, 2025, fund balance report.
In the case that the differences are extraordinary and unanticipated, we will ensure we present
more information to explain the differences.
The difference between the May 31 and April 30, 2025, estimated fund balances is due to
normal day-to-day fluctuations in revenues and expenditures.
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, Ending Fund Balance = Cash + Assets - Liabilities, which
represents the actual amount of funds available.
As of May 31, 2025, the Town’s financial position (Cash Plus Other Assets $87.94M, Liabilities
$28.33M, and Fund Equity $59.61) remains strong, and the Town has sufficient funds to meet
the cash demands for the next six months.
As of May 31, 2025, the Town’s weighted portfolio yield for investments under management
was 4.41%, which was 14 basis points above the Local Agency Investment Fund (LAIF) yield of
4.27% for the same reporting period. Currently, the LAIF portfolio’s weighted average maturity
(WAM) is 236 days versus the Town’s longer WAM of 561 days. The Town’s assets under
management reflect the Town’s selection of the 1-3 year benchmark investment strategy
through the Town’s investment advisor to lock in higher yields at the top of the interest rate
cycle. The longer maturities are 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
PAGE 3 OF 3 SUBJECT: Monthly Financial and Investment Report for May 2025 DATE: July 14, 2025
management of 4.41% at the close of May remained consistent with the April 30, 2025,
investment report.
Since May 2024, LAIF yields decreased from 433 basis points (4.33%) to 427 basis points (4.27%)
through the end of May 2025. The State LAIF pool typically lags the market when current
market yields are either increasing or decreasing.
Following the rate adjustment in July 2023, the Federal Open Market Committee (FOMC)
maintained the same rates until their September 18, 2024 meeting, where they approved a
reduction of 50 basis points, lowering the rate from 5.5% to 5.0%. Subsequently, on November
7, 2024, the Federal Reserve voted to implement an additional decrease of 25 basis points,
bringing the rate down to 4.75%. The latest adjustment occurred during the December 2024
meeting, where another 25 basis point reduction was approved, resulting in a new rate of
4.50%. These adjustments align with the FOMC's objective to promote maximum employment
and achieve a year-over-year inflation target of 2%.
Monthly payrolls rose by 177,000 jobs in April, similar to (downwardly revised) job growth in
March. The unemployment rate remained at 4.2%. Wage growth was 3.8%, the lowest since
July 2024. Elsewhere, continuing unemployment claims reached a new cycle high of 1.9 million.
The Town's investments are in compliance with the Town's Investment Policy dated March 18,
2025, and are also in compliance with the requirements of Section 53600 et 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 May 2025.
Attachments:
1. Financial and Investment Report (May 2025)
Weighted Average YTM Portfolio Yield on Investments
under Management 4.41%
Weighted Average Maturity (days)561
This Month Last Month One year ago
Portfolio Allocation & Treasurer's Cash Balances $75,593,586 $75,736,441 $78,425,776
Managed Investments $51,382,436
Local Agency Investment Fund $20,144,462
Reconciled Demand Deposit Balances $4,066,689
Portfolio Allocation & Treasurer's Cash Balances $75,593,586
Benchmarks/ References:
Town's Average Yield 4.41%4.41%4.43%
LAIF Yield for month 4.27%4.28%4.33%
3 mo. Treasury 4.33%4.29%5.39%
6 mo. Treasury 4.31%4.17%5.38%
2 yr. Treasury 3.90%3.60%4.87%
5 yr. Treasury 3.96%3.73%4.51%
10 Yr. Treasury 4.40%4.16%4.50%
Town of Los Gatos
Summary Investment Information
May 31, 2025
0 -1 year
46%
1 -2 years13%
2 -3 years21%
3 -5 years
20%
Portfolio Maturity Profile
Compliance:The Town's investments are in compliance with the Town's investment policy dated March 18, 2025, and also in compliance with the requirements of Section 53600 at seq. of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months.
ATTACHMENT 11
Month YTD
Cash & Investment Balances - Beginning of Month/Period 75,736,441.22$ 81,368,409.88$
Receipts 9,768,784.07 74,993,910.54
Disbursements (9,911,638.85)(80,768,733.98)
Cash & Investment Balances - End of Month/Period $75,593,586.44 $75,593,586.44
Portfolio Allocation Amount % of Portfolio
Max. % or $ Allowed
per State Law or Policy
BNY MM $134,179.69 0.19%20% of Town PortfolioUS Treasury Notes $19,031,914.67 26.61%No Max. on US Treasuries
Government Agency Debenture Notes $17,464,856.81 24.42%No Max. on Non-Mortgage Backed
Corporate Medium Term Bonds $14,751,484.50 20.62%30% of Town Portfolio
Local Agency Investment Fund $20,144,462.08 28.16%$75 M per State Law
Subtotal - Investments 71,526,897.75 100.00%
Reconciled Demand Deposit Balances 4,066,688.69
Total Portfolio Allocation & Treasurer's Cash Balances $75,593,586.44
0.0401
0.0388
Town of Los Gatos
Portfolio Allocation & Treasurer's Cash Balances
May 31, 2025
BNY MM0.19%US Treasury Notes26.61%
Government Agency Debenture
Notes24.42%
Corporate Medium Term Bonds20.62%
Local Agency Investment Fund28.16%
Portfolio Investment Allocation
$78.4 M $75.6 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
$90.0 M
May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25
Treasurer's Fund Balances
2
May 2025 May 2025 May 2025
Beginning Deposits Interest/Ending
Balance Realized Gain/Adj.Earnings Withdrawals Balance
Non-Treasury Funds:
Cert. of Participation 2002 Ser A Reserve Fund 692,831.07$ -$ 2,168.51$ -$ 694,999.58$ Note 1
Cert. of Participation 2010 Ser Lease Payment Fund 72.50 - 0.26 - 72.76 Note 2
Cert. of Participation 2002 Ser A Lease Payment Fund 15,992.47 - 50.10 - 16,042.57 Note 1
Cert. of Participation 2010 Ser Reserve Fund 1,444,075.78 - 4,930.92 - 1,449,006.70 Note 2
Total Restricted Funds:2,152,971.82$ -$ 7,149.79$ -$ 2,160,121.61$
CEPPT IRS Section 115 Trust 2,998,912.37 - 28,504.03 - 3,027,416.40$ Note 3
Grand Total COP's and CEPPT Trust 5,151,884.19$ -$ 35,653.82$ -$ 5,187,538.01$
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
May 31, 2025
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 234,030.33$
February 2025 213,671.29$
March 2025 235,515.22$
April 2025 242,125.72$
May 2025 279,502.38$
June 2025 -$
2,630,848.73$
Town of Los Gatos
Statement of Interest Earned
May 31, 2025
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)1,267,903.00 39,312.00 6/21/2027 4.19%83,987.22$ 81,871.88$ 49,152.47$ 751Home Depot 437076BM3 Corporate Bond 3.00%8/4/2022 1,000,000.00 991,960.00 (8,040.00)989,630.00 (2,330.00)1/1/2026 3.04%79,750.00$ 61,696.52$ 29,695.88$ 215US Treasury 912828ZW3 US Treasury Note 0.25%8/9/2022 350,000.00 322,096.88 (27,903.12)348,869.50 26,772.62 6/30/2025 3.16%2,092.39$ 19,915.08$ 9,654.92$ 30FFCB3133EN5V8Gov. Agency Debenture 4.13%1/17/2023 236,000.00 239,174.20 3,174.20 236,516.84 (2,657.36)1/11/2027 3.76%19,307.75$ 12,979.52$ 8,204.03$ 590US Treasury 91282CBT7 US Treasury Note 0.75%9/30/2022 800,000.00 712,565.18 (87,434.82)777,736.00 65,170.82 3/31/2026 4.14%15,000.00$ 54,221.52$ 28,425.99$ 304FFCB3133ENP95Gov. Agency Debenture 4.25%9/30/2022 900,000.00 900,939.60 939.60 899,496.00 (1,443.60)9/30/2025 4.14%95,625.00$ 66,415.88$ 34,818.97$ 122JP Morgan Chase 46625HRS1 Corporate Bond 3.20%9/23/2022 500,000.00 474,660.00 (25,340.00)494,080.00 19,420.00 3/15/2026 4.70%35,644.44$ 41,217.45$ 21,374.37$ 288FHLB3135G05X7Gov. Agency Debenture 0.38%6/10/2022 1,200,000.00 1,102,952.40 (97,047.60)1,188,984.00 86,031.60 8/25/2025 3.04%12,187.50$ 71,445.55$ 31,869.85$ 86
FHLB 3130AQF65 Gov. Agency Debenture 1.25%11/30/2022 1,300,000.00 1,160,559.40 (139,440.60)1,247,259.00 86,699.60 12/21/2026 4.15%33,447.92$ 80,116.59$ 46,434.36$ 569FHLB3130APJH9Gov. Agency Debenture 1.00%1/17/2023 1,000,000.00 907,010.00 (92,990.00)972,030.00 65,020.00 10/28/2026 4.17%23,354.17$ 50,234.10$ 31,751.74$ 515FFCB3133EN5N6Gov. Agency Debenture 4.00%2/8/2023 1,700,000.00 1,706,732.00 6,732.00 1,701,734.00 (4,998.00)1/6/2028 3.91%129,955.56$ 92,733.76$ 61,153.17$ 950Freddie Mac 3137EAEX3 Gov. Agency Debenture 0.38%5/1/2023 750,000.00 689,032.50 (60,967.50)740,955.00 51,922.50 9/23/2025 3.97%5,328.12$ 32,931.11$ 25,896.53$ 115
American Honda 02665WED9 Corporate Bond 4.70%5/11/2023 600,000.00 608,856.00 8,856.00 602,238.00 (6,618.00)1/12/2028 4.34%47,078.33$ 29,982.05$ 24,144.20$ 956US Treasury 91282CEF4 US Treasury Note 2.50%6/9/2023 1,500,000.00 1,416,626.12 (83,373.88)1,461,975.00 45,348.88 3/31/2027 4.09%67,827.87$ 62,956.31$ 54,497.07$ 669US Treasury 91282CGA3 US Treasury Note 4.00%6/20/2023 2,100,000.00 2,080,558.59 (19,441.41)2,098,215.00 17,656.41 12/15/2025 4.40%124,852.46$ 94,573.28$ 84,260.77$ 198Colgate-Palmolive 194162AR4 Corporate Bond 4.60%7/14/2023 500,000.00 504,655.00 4,655.00 507,510.00 2,855.00 2/1/2028 4.37%37,502.79$ 21,195.52$ 20,171.87$ 976FannieMae3135G06G3Gov. Agency Debenture 0.50%7/14/2023 500,000.00 455,157.00 (44,843.00)491,795.00 36,638.00 11/7/2025 4.63%4,534.72$ 21,047.01$ 20,030.54$ 160FFCB3133EPQC2Gov. Agency Debenture 4.63%7/17/2023 500,000.00 501,957.50 1,957.50 502,820.00 862.50 7/17/2026 4.48%34,687.50$ 21,487.97$ 20,625.99$ 412FFCB3133EPBM6Gov. Agency Debenture 4.13%7/14/2023 600,000.00 596,220.00 (3,780.00)601,860.00 5,640.00 8/23/2027 4.29%39,806.25$ 24,754.94$ 23,559.39$ 814PNC Bank 69353RFJ2 Corporate Bond 3.25%7/25/2023 1,000,000.00 921,490.00 (78,510.00)972,230.00 50,740.00 12/23/2027 5.23%48,479.17$ 46,970.90$ 46,144.43$ 936US Treasury 91282CFU0 US Treasury Note 4.13%7/31/2023 1,300,000.00 1,290,660.60 (9,339.40)1,306,552.00 15,891.40 10/31/2027 4.31%93,843.75$ 51,232.08$ 51,232.08$ 883Toyota Motor Credit 89236TKL8 Corporate Bond 5.45%8/25/2023 1,600,000.00 1,617,168.00 17,168.00 1,642,272.00 25,104.00 11/10/2027 5.16%148,966.67$ 70,599.88$ 76,293.42$ 893US Treasury 912810FE3 US Treasury Note 5.50%10/3/2023 1,200,000.00 1,238,207.14 38,207.14 1,259,484.00 21,276.86 8/15/2028 4.76%90,211.96$ 43,179.27$ 53,376.58$ 1172Pepsico Inc 713448DF2 Corporate Bond 2.85%10/16/2023 1,000,000.00 947,570.00 (52,430.00)989,750.00 42,180.00 11/24/2025 5.24%38,633.33$ 37,712.66$ 48,967.99$ 177FFCB3133EPUW3Gov. Agency Debenture 4.75%10/13/2023 1,000,000.00 994,338.00 (5,662.00)1,009,020.00 14,682.00 9/1/2026 4.96%65,708.33$ 35,367.82$ 45,395.48$ 458US Treasury 91282CEW7 US Treasury Note 3.25%10/16/2023 1,000,000.00 950,039.06 (49,960.94)987,150.00 37,110.94 6/30/2027 4.73%39,211.96$ 32,499.52$ 42,198.99$ 760US Treasury 91282CEN7 US Treasury Note 2.75%10/31/2023 1,300,000.00 1,214,336.39 (85,663.61)1,271,660.00 57,323.61 4/30/2027 4.82%53,625.00$ 40,101.59$ 55,284.09$ 699
US Treasury 91282CAB7 US Treasury Note 0.25%11/15/2023 675,000.00 623,900.39 (51,099.61)670,504.50 46,604.11 7/31/2025 4.92%2,040.59$ 19,725.12$ 28,982.09$ 61US Treasury 91282CCH2 US Treasury Note 1.25%12/21/2023 900,000.00 798,647.55 (101,352.45)831,654.00 33,006.45 6/30/2028 3.99%11,555.71$ 17,690.14$ 30,865.62$ 1126FNMA3135G0Q22Gov. Agency Debenture 1.88%12/21/2023 900,000.00 845,676.00 (54,324.00)876,654.00 30,978.00 9/24/2026 4.22%21,234.38$ 19,224.14$ 33,542.12$ 481US Treasury 91282CFB2 US Treasury Note 2.75%1/2/2024 1,000,000.00 960,354.91 (39,645.09)976,090.00 15,735.09 7/31/2027 3.95%29,667.12$ 19,025.75$ 35,409.03$ 791US Treasury 91282CHE4 US Treasury Note 3.63%1/17/2024 1,800,000.00 1,775,185.72 (24,814.28)1,786,572.00 11,386.28 5/31/2028 3.97%89,317.63$ 32,061.96$ 65,095.50$ 1096JP Morgan Chase 46647PDG8 Corporate Bond 4.85%2/1/2024 1,400,000.00 1,396,528.00 (3,472.00)1,406,594.00 10,066.00 7/25/2027 4.93%66,782.10$ 28,319.94$ 63,247.87$ 785US Bancorp 91159HJF8 Corporate Bond 4.55%2/5/2024 1,000,000.00 989,200.00 (10,800.00)999,260.00 10,060.00 7/22/2027 4.89%43,837.67$ 19,440.46$ 44,606.53$ 782Treasury91282CHB0US Treasury Note 3.63%2/23/2024 1,175,000.00 1,151,962.92 (23,037.08)1,168,960.50 16,997.58 5/15/2026 4.56%52,189.05$ 18,568.45$ 48,597.11$ 349FHLB3130AXB31Gov. Agency Debenture 4.88%2/27/2024 1,000,000.00 1,003,060.00 3,060.00 1,004,760.00 1,700.00 3/13/2026 4.72%51,729.17$ 16,052.33$ 43,367.18$ 286FFCB3133EP5U5Gov. Agency Debenture 4.13%3/28/2024 1,700,000.00 1,687,981.00 (12,019.00)1,701,105.00 13,124.00 3/20/2029 4.28%68,566.67$ 18,681.03$ 66,576.02$ 1389US Treasury 9128285M8 US Treasury Note 3.13%4/30/2024 1,200,000.00 1,123,832.14 (76,167.86)1,169,580.00 45,747.86 11/15/2028 4.69%39,045.34$ 9,066.06$ 49,789.03$ 1264Cisco Systems 17275RBR2 Corporate Bond 4.85%5/15/2024 1,000,000.00 999,130.00 (870.00)1,019,260.00 20,130.00 1/26/2029 4.87%37,856.94$ 6,135.64$ 44,683.44$ 1336Home Depot 437076CW0 Corporate Bond 4.90%5/17/2024 1,000,000.00 1,001,790.00 1,790.00 1,021,470.00 19,680.00 4/15/2029 4.86%44,644.44$ 5,862.95$ 44,638.35$ 1415Treasury91282CJR3US Treasury Note 3.75%5/31/2024 1,200,000.00 1,154,629.02 (45,370.98)1,193,292.00 38,662.98 12/31/2028 4.68%26,208.79$ 4,511.24$ 50,375.57$ 1310American Honda 02665WEY3 Corporate Bond 4.95%6/27/2024 1,000,000.00 995,640.00 (4,360.00)1,001,660.00 6,020.00 1/9/2026 5.25%26,537.50$ 430.16$ 48,035.07$ 223FHLB3130B1BT3Gov. Agency Debenture 4.88%7/2/2024 1,150,000.00 1,150,966.00 966.00 1,158,165.00 7,199.00 6/12/2026 4.82%19,310.42$ -$ 50,694.36$ 377Citibank17325FBK3Corporate Bond 4.84%8/15/2024 1,250,000.00 1,263,062.50 13,062.50 1,264,512.50 1,450.00 7/6/2029 4.60%28,725.62$ -$ 45,769.25$ 1497FNMA3135G05Y5Gov. Agency Debenture 0.75%9/10/2024 1,100,000.00 1,010,724.00 (89,276.00)1,022,538.00 11,814.00 10/8/2027 3.56%4,766.67$ -$ 26,852.44$ 860US Treasury 91282CFL0 US Treasury Note 3.88%12/3/2024 1,100,000.00 1,088,144.31 (11,855.69)1,096,128.00 7,983.69 9/30/2029 4.12%13,817.99$ -$ 22,108.18$ 1583FHLB3130ATUT2Gov. Agency Debenture 4.50%2/12/2025 505,000.00 508,253.21 3,253.21 513,489.05 5,235.84 3,661.25 12/14/2029 4.35%(3,661.25)$ -$ 6,525.16$ 1658FFCB3133ER5X5Gov. Agency Debenture 3.88%3/12/2025 1,000,000.00 998,480.00 (1,520.00)997,110.00 (1,370.00)538.19 3/7/2028 3.93%(538.19)$ -$ 8,604.61$ 1011Treasury91282CJF9US Treasury Note 4.88%3/31/2025 1,100,000.00 1,130,167.75 30,167.75 1,133,385.00 3,217.25 10/31/2028 4.04%4,444.06$ -$ 7,557.23$ 1249State Street Corp 857477CD3 Corporate Bond 5.27%4/30/2025 800,000.00 811,184.00 11,184.00 807,744.00 (3,440.00)10,192.53 8/3/2026 4.04%(10,192.53)$ -$ 2,828.37$ 429Freddie Mac 3134HAW33 Gov. Agency Debenture 4.75%4/30/2025 1,000,000.00 1,005,644.00 5,644.00 1,002,680.00 (2,964.00)16,756.93 12/18/2029 4.23%(16,756.93)$ -$ 3,930.90$ 1662
Subtotal 52,691,000.00$ 51,248,255.98$ (1,442,744.02)$ 52,392,891.89$ 1,144,635.91$ 31,148.90$ 2,121,779.12$ 1,534,235.15$ 1,917,296.19$
BNY MM Money Market 134,179.69 134,179.69 0.00 0.00%1LAIFState Investment Pool 20,144,462.08 20,161,568.58 17,106.50 4.27%585,444.87 1
71,526,897.75 $72,688,640.16 $1,161,742.41 $31,148.90 2,121,779.12$ 1,534,235.15$ 2,502,741.06$
Matured AssetsFNMA 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$ Freddie Mac 3137EAEP0 Gov. Agency Debenture 1.50%10/13/2023 1,000,000.00 951,540.00 (48,460.00)2/12/2025 5.32%19,958.33$ 36,644.18$ 31,870.61$ US Treasury 91282CGU9 US Treasury Note 3.88%11/30/2023 1,000,000.00 983,515.62 (16,484.38)3/31/2025 5.17%51,666.67$ 29,822.81$ 38,363.62$ US Treasury 912828ZL7 US Treasury Note 0.38%4/12/2022 1,700,000.00 1,583,927.57 (116,072.43)4/30/2025 2.72%19,441.99$ 98,544.63$ 36,984.65$
Total Investments "Matured"128,107.67$
Total Interest FY 24_25 Matured and Current 2,630,848.73$
Maturity Profile Amount Percent0-1 year 32,730,697.23$ 46%1-2 years $9,241,827.61 13%
2-3 years $14,779,698.57 21%3-5 years 14,774,674.34$ 21%$71,526,897.75 100%
Town of Los GatosInvestment ScheduleMay 31, 2025
5
Date Cusip/Id Description Transaction Type Trade Date Settlement Date Par Coupon Maturity Date Price Principal Interest
Transaction Total
5/2/2025 Cash-USD Cash-USD
SHORT TERM INVESTMENT
FUND INCOME 5/2/2025 5/2/2025 324.67 0.000%100.00 - - 324.67
5/7/2025 3135G06G3 FANNIE MAE 0.5% 07NOV2025 BOND INTEREST 5/7/2025 5/7/2025 500,000.00 0.500%11/7/2025 - - 1,250.00 1,250.00
5/12/2025 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 BOND INTEREST 5/10/2025 5/12/2025 1,600,000.00 5.450%11/10/2027 - - 43,600.00 43,600.00
5/15/2025 9128285M8 USA TREASURY 3.125% 15NOV2028 BOND INTEREST 5/15/2025 5/15/2025 1,200,000.00 3.125%11/15/2028 - - 18,750.00 18,750.00
5/15/2025 91282CHB0 USA TREASURY 3.625% 15MAY2026 BOND INTEREST 5/15/2025 5/15/2025 1,175,000.00 3.625%5/15/2026 - - 21,296.88 21,296.88
Town of Los GatosInvestment Transaction Detail
May 31, 2025
6
Security Description Maturity Date Par Value S&P Rating Moody's Rating Insight ESG Rating Environment Social Governance
AMERICAN HONDA FINANCE 4.95% 09JAN2026 1/9/2026 1,000,000$ A-A3 3 2 4 3
AMERICAN HONDA FINANCE 4.7% 12JAN2028 1/12/2028 600,000$ A-A3 3 2 4 3
APPLE INC. 2.9% 12SEP2027 (CALLABLE 12JUN27)46642 1,300,000$ AA+Aaa 5 2 5 5
CISCO INC. 4.85% 26FEB2029 (CALLABLE 26JAN2029)47175 1,000,000$ AA-A1 3 1 3 3
CITIBANK 4.838% 06AUG2029 (CALLABLE 06JUL2029)8/6/2029 1,250,000$ A+Aa3 3 1 3 4
COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28)3/1/2028 500,000$ A+Aa3 3 3 4 3
HOME DEPOT INC. 3% 01APR2026 (CALLABLE 01JAN2026)4/1/2026 1,000,000$ A A2 3 3 3 3
HOME DEPOT INC. 4.9% 15APR2029 (CALLABLE 15MAR2029)4/15/2029 1,000,000$ A A2 3 3 3 3
JPMORGAN CHASE & CO 3.2 15JUN2026 (CALLABLE 15MAR26)6/15/2026 500,000$ A A1 3 2 3 4
JPMORGAN CHASE & CO 4.851% 25JUL2028 (CALLABLE 25JUL28)7/25/2028 1,400,000$ A A1 3 2 3 4
PEPSICO INC 2.85% 24FEB2026 (CALLABLE 24NOV25)2/24/2026 1,000,000$ A+A1 3 3 2 3
PNC BANK NA 3.25% 22JAN2028 (CALLABLE 01 FEB28)1/22/2028 1,000,000$ A A2 3 2 4 3
STATE STREET CORP 5.272% 03AUG2026 (CALLABLE 03JUL26)46237 800,000$ A Aa3 2 1 2 3
TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 11/10/2027 1,600,000$ A+A1 3 2 3 5
US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27)7/22/2028 1,000,000$ A A3 3 3 4 4
Total/Weighted Average by Par Value 14,950,000$ 3.1 2.1 3.3 3.7
*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 for Portfolio Holdings as of May 31, 2025
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)- 2,148,771 5,121,950 (4,927,832) - - 2,342,889
General Fund Total 31,062,075 2,148,771 5,121,950 (4,927,832) - - 33,404,964
* Interfund transfers and Council Priorities/Economic Recovery funding allocation to be performed as part of the fiscal year end closing entries.
May 2025 Prior Year
Carryforward
7/1/2024*
Increase/
(Decrease)
July - April
Estimated Fund
Balance
5/31/2025*
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 (100,614) 13,641 (27,575) - - 639,586
231-236 Landscape & Lighting Districts 182,625 44 - - - - 182,669
251 Los Gatos Theatre 171,035 207,525 14,975 (430) - - 393,105
711-716 Library Trusts 556,849 22,955 - (2,373) - - 577,431
Special Revenue Total 1,831,296 129,910 28,616 (30,378) - - 1,959,444
CAPITAL PROJECTS
411 GFAR - General Fund Appropriated Reserve 20,253,300 (3,166,239) 99,278 (379,661) - - 16,806,678
412 Community Center Development 866,281 (58,236) - - - - 808,045
421 Grant Funded Projects (2,563,503) 995,054 - (853,434) - - (2,421,883)
461-463 Storm Basin Projects 3,531,248 (475,002) 2,372 (62,448) - - 2,996,170
471 Traffic Mitigation Projects 509,491 - - - - - 509,491
472 Utility Undergrounding Projects 3,584,251 13,676 - - - - 3,597,927
481 Gas Tax Projects 1,928,167 (291,592) 114,956 - - - 1,751,531
Capital Projects Total 28,109,235 (2,982,339) 216,606 (1,295,543) - - 24,047,959
INTERNAL SERVICE FUNDS
611 Town General Liability 177,876 (707,040) - (2,348) - - (531,512)
612 Workers Compensation 586,246 (385,919) 13,100 (9,950) - - 203,477
621 Information Technology 2,523,347 (153,968) 4,399 (17,467) - - 2,356,311
631 Vehicle & Equipment Replacement 3,286,552 355,657 - (25,069) - - 3,617,140
633 Facility Maintenance 960,526 (16,069) 25,709 (81,267) - - 888,899
Internal Service Funds Total 7,534,547 (907,339) 43,208 (136,101) - - 6,534,315
Trust/Agency
942 RDA Successor Agency (4,632,040) (1,708,934) - (220) - - (6,341,194)
Trust/Agency Fund Total (4,632,040) (1,708,934) - (220) - - (6,341,194)
Total Town 63,905,113 (3,319,931) 5,410,380 (6,390,074) - - 59,605,488
* 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 $493,187.50
111-23521 BMP Housing deposit account balance $4,039,055.78
Prior Year
Carryforward
7/1/2024*
Increase/
(Decrease)
July - April
May 2025 Estimated Fund
Balance
5/31/2025*
9