04 Staff Report - Treasurer's Reports for Fourth Quarter, 2003tow N of
~OSc~tog
DATE:
TO:
FROM:
SUBJECT:
MEETING DATE: 01/20/04
ITEM NO. +
COUNCIL AGENDA REPORT
January 15, 2004
MAYOR AND TOWN COUNCIL
LINDA LUBECK, TOWN TREASURER
TREASURER'S REPORTS FOR FOURTH QUARTER, 2003
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
The attached reports overall reflect the normal ups and downs of the Treasurer's funds for the
months of October, November and December. As usual, the funds increased due to the receipt of
the first few property tax payments. As of December 31, 2003, the total Treasurer's funds were
slightly over $48 million.
Interest rates and rates of returns on investments in general remained fairly stable, although the
average rate of return on the Town's investments continued to slide, due to the maturing of older
investments with higher rates of return. However, the Town is still averaging 2.65% on its overall
portfolio.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's reports dated October 19, 2003
Distribution: Town Council; Town Manager; Finance Director
PREPARED BY: Linda L. Lubeck, Town Treasurer
Reviewed by: own Manager21-AAssistant Town Manager Town Attorney
Clerk/ Finance Community Development Revised: 1/15/04 8:44 am
Reformatted: 5/30/02
Meeting date: January 20, 2004
Item No:
Distribution:
Town of Los Gatos
Treasurer's Report
for the month ended
December 31, 2003
Submitted January 15, 2004
by
Linda L. Lubeck
L
Town Clerk
Town Manager
Town Council
s
Town of Los Gatos
Summary Investment Information
December 31, 2003
Weighted Average Portfolio Yield: 2.65% Weighted Average Maturity (days) 568
This Month Last Month One year aeo
Portfolio Balance $48,117,367 $46,504,446 $47,272,128
Benchmarks/ References:
Town's Average Yield
2.65%
LAIF Yield for month
1.55%
3 mo. Treasury
0.90%
6 mo. Treasury
1.02%
2 yr. Treasury
1.95%
5 vr. Treasury (most recent)
3.38%
Prime rate
4.00%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
2 yr. Freddie Mac (10/17/03) 2.13%
3 yr. Freddie Mac (11/14/03) 2.88%
3 - 5 years
17%
2.69%
3.47%
1.57%
2.20%
0.94%
1.21%
1.05%0
1.25%
1.94%
1.82%
3.43%
3.03%
4.00%
4.25%
Portfolio Maturity Profile
0 = 1 vear
42%
2 - 3 years
20%
1 - 2 years
21%
Compliance: The Town's investments are in compliance with the Town's investment policy dated June 24, 2002 and also in compliance
with the requirements of Section 53601 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.
Town of Los Gatos
Portfolio Allocation & Treasuer's Fund Balances
December 31, 2003
Fund Balances - Beginning of Month/Period
Receipts
Disbursements
Fund Balances - End of Month/Period
Portfolio Allocation:
SEI Cash
US Govt Agencies
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
Total Treasurer's Fund
Locai Agency Investment Fund
. 24.5%
Month
YTD
546,504,446.02
549,655,650.00
4,7287171.60
17,775,205.62
(3,115,250.41)
X19,313,488.41)
548,117,367.21
548,117,367.21
186,721.00
33,720,847.69
11,018.936.87
44,926,505.56
3,190,861.65
548,117,367.21
ovt Agencies
75.1%
Portfolio Investment Allocation
SEI Cash
0.4%
i
Town of Los Gatos
Non-Treasury Restricted Fund Balances
December 31, 2003
Previous
Balance Deposits
Non-Treasury Funds
Downtown Parking District 12/20/02
Certificates of Participation Reserve Fund (Lot 4)
Cert. of Participation Lease Payment Fund (Lot 4)
Cert. of Participation 2002 Series A Const. Fund
Cert. of Participation 2002 Series A Reserve Fund
Cert. Of Participation 2002 Series A Interest Fund
Cert. Of Participation 2002 Series A COI Fund
Total Restricted Funds
Ending
Interest Withdrawals Balance
219,340.76
1,270.35
220,611 11
vm. i
295.621.11
107.55
295.728 66
Not, 2
21,792.71
41,965 82 6.90
63.765 43
Note3
3,473,282.43
20,658.94
583,801 15
2,910,140 22
vote
694,359.72
194
1 84
694,35982
Not.4
5.45
0.00
0.00
5 45
0.00
0.00
0 00
0 00
`.t<4
$4,704,402.18 $41,965.82 522,045.68 $583,802.99 S4,1 84,610 69
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: This account include redemption accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District'3', as well as Reserve Funds set up as required by the original Bond resolution.
Note 2: The reserve fund was a requirement of the original certificates of participation agreement when Lot 4 was built. It helps
to guarantee payment of the lease payments should the Town not make payment.
Note 3: The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates of participation are due semi-annually.
Note 4: The three funds for the Certificates of participation 2002 Series A consist ofconstruction 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.
Page 3
Interest received from Investments
Add: Interest accrued at end of period (see page 5)
Less: Interest accrued at beginning of period
Interest earned on investments
Town of Los Gatos
Statement of Interest Earned
December 31, 2003
Current
Month
Fiscal
Year to Date
151,010.68
812,355.70
290,924.61
290.924.61
(340,603.08)
(471,723.72)
$101,332.21
$631,556.59
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
December 31, 2003
Inactive Deposits by Institution
Deo Institution Security
Deposit :Vnortized Maturity Days Days to Days Yield to Interest Interest Interest
Date Cost Date Elapsed 'Nfaturi Invested Maturity Earned Received c';rued
919 FFILMC
Coupon Note
03/12/01
1,006,380.00
02,113/04
1024
44
1068
5.01"o
141.455.75
127,312.50
14.143 25
908 FHLB
Coupon Note
02123/99
1,502,265.00
02/23/04
1772
54
1826
5.40%
393.832.15
366,862.50
26.969 65
910 FBL13
Coupon Note
11/02/99
1,239,062.50
08/13/04
1520
226
1746
6.46%
333,331.58
295,789.93
37.541 65
921 FHLB
Coupon Note
09/10/01
2,021,440:00
08/13/04
842
226
1068
4.23%
197,258.32
178,319.44
18,9118 88
923 FNMA
Coupon Note
02/25/02
1,998,520.00
03/15/05
674
440
1114
3.90%
143,926.29
120M5.56
23.370 73
924 FHLMC
Coupon Note
05/16/02
1,999,340.00
06/15/05
594
532
1126
4.13%
134,512.06
91.847.22
42,664.84
927 FNMA
Coupon Note
08/26/03
1,071,900.00
11/14/05
127
684
811
2.37%
8,838.45
8.83845
928 FNMA
Coupon Note
08/26/03
895,320.00
04/28/06
127
849
976
2.83%
8.808.59
4.06930
4.739 29
920 FNMA
Coupon Note
06/22/01
2,001,740.00
06/15/06
922
897
1819
5.23%
264,462.96
207.984.30
56.47866
926 FHLB
Coupon Note
01/23/03
2,012,400.00
10/22/07
342
1391
1733
3.71%
69,861.16
57.536.11
12.325 0
Sep. Env. Purch.
Int.
727.20
SEI Cash
186,721.00
4,257.87
4,139.85
118.02
SEI Investments
17,971,319.37
Various
920
1.82%
169,443.96
163,140.40
6.303 56
SEI Purchased Int.
433.62
Various
LAIF-
N/A
09/30/03
11,018,936.87
12131/03
92
0
92
1.55%
38.492.59
38.492 59
44,926,505.56
568
2.650%
1,908,481.72
1,617,557.11
290.924 61
Maturity Profile
0-1 year
1-2 years
2-3 years
3-5 years
Amount
Percent
18,580,446.07
41.36%
9,524,352.93
21.20%
9,079,573.87
20.21%
7,742,132.69
17.23%
44, 926, 505.56
100.00%
Market Amortized
Market Unrealized
Price Cost
Value* Gain (Loss)
Market to Cost Position Report
Den Institution Security
919
FHL;efC
Coupon Note
100,469
1,006,380.00
1,004,690.00
(1,690.00)
908
FHLB
Coupon Note
100.594
1,502,265.00
1,508,910.00
6,645.00
910
FHLB
Coupon Note
103.063
1,239,062.50
1,288,287.50
49,225.00
921
FHLB
Coupon Note
102.063
2,021,440.00
2,041,260.00
19,820.00
923
FNVfA
Coupon Note
102.938
1,998,520.00
2,058,760.00
60,240.00
924
FHL,,1C
Coupon Note
103.813
1,999,340.00
2,076,260.00
76,920.00
927
FNMA
Coupon dote
100.125
1,071,900.00
1,081,350.00
9,450.00
928
FNLfA
Coupon Note
100.438
895,320.00
903,942.00
8,622.00
920
FNMA
Coupon Note
106.969
2,001,740.00
2,139,380.00
137,640.00
926
FHLB
Coupon Note
100.000
2,012,400.00
2,000,000.00
(12,400.00)
Subtotal
15,748,367.50
16,102,839.50
354,472.00
Sep. Inv. Purch.
Int.
727.20
727.20
0.00
SEI
17,971,319.37
17,622,890,55
(348,428.82)
SEI Cash
186,721.00
186,721.00
0.00
N A
L.-~]F
N/A
11,018,936.87
11,018,936.87
0.00
Purchased Int.
4j3.62
433.62
0.00
Totals:
44,926,505.56
44,932,548.74
6,043.18
* Source: Treasury and Agency Obligations - Union Bank of California
LAIF balances per Local Agency Investment Fund monthly statement.
41
SEI Investments Account
Market to Cost Position Report
December 31, 2003
Deposit
Amortized
:Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Deg Institution
Security
Date
Cost
Date
Elapsed
Maturit
Invested
Maturity
Earned
Received
Accrued
FHLB
Coupon Note
06/26/03
339,946.88
07/16.!04
188
198
386
1.444%
2.528.39
1.656.93
871.46
FFCB
Coupon Note
06/27/03
550,000.00
09/27'04
187
271
458
1.000%
2,817.81
1.375.00
1.44'_.81
FHLB
Coupon Note
06/30/03
514,715.00
11/15!04
184
320
504
1.208%
3,134.43
6,328.12
(3.193.69)
FHLMC
Coupon Note
.06/25/03
556,316.41
0 1/15/0 5
189
381
570
1.130:%
3,255.14
572.96
2.682.18
FHLMC
Coupon Note
06/27/03
660,697.66
02/15/05
187
412
599
1.359%
4,600.14
3,280.84
1,319.30
FHLB
Coupon Note
06/26/03
665,362.50
04115!05
188
471
659.
1.064%
3,646.41
3,247.29
399.1_2
FHLB
Coupon Note
06/23/03
552,634.50
05/13./05
191
499
690
1.220%.
3,528.08
3,231.25
'_96.83
FHLMC
Coupon Note
06/30/03
663,493.36
06/15/05
184
532
716
1.482%
4,956.90
12.271.87
(7.314.97)
FHLB
Coupon Note
06/24/03
672,743.50
08/15!05
190
593
783
1.335%
4,675.11
2,762.50
1.912.61
FHLB
Coupon Note
06/24/03
683,345.00
11115105
190
685
875
1.432%
5,09182
9.228.65
(4,134.83
FHLMC
Coupon Note
06/30/03
651,562.50
01/15!06
184
746
930
1.771%
5,817.01
1,312.50
4.504.51
FFCB
Coupon Note
06/25/03
666,809.00
03/15/06
189
805
994
1.523%
5,258.60
3,611.11
1,647.49
FHLMC MEN Coupon Note
10/03/03
199,818.00
.03/17103
89
-289
-200
2.3.02%
1,121.60
1.121.60
FHLMC
Coupon Note
06/25/03
664,117.19
04115!06
189
836
1025
1.576%
5,419.63
4,717.01
702.62
FNMA
Coupon Note
06/27/03
504,090.00
04/28/06
187
849
1036
2.315%.
5,978.71
4,411.46
1,567.25
FHLB
Coupon Note
06/24/03
658,677.50
05/15/06
190
866
1056
1.625%
5,571.69
5,409.90
161.79
FHLMC
Coupon Note
06/27/03
500,930.00
06/02/06
187
884
1071
2.076%
5.327.86
4.628.47
699
FHLMC
Coupon Note
06/30/03
387,296.88
07/15/06
184
927
1111
1.872°'.
3,654.89
802.08
2,852.x1
FHLB
Coupon Note
06!30/03
400.000.00
09/29/06
184
1003
1187
2.200%
4,436.16
4,040.00
396 16
FHLB
Coupon Note
06/24/03
688,076.80
11/15/06
190
1050
1240
1.82504.
6,536.73
10340.00
3.803.27)
FFCB
Coupon Note
06/25i03
660,954.00
12/19/06
189
1084
1273
1.844%
6,311.04
14.137.50
(7.826.46)
FHLB
Coupon Note
06/30/03
400,000.00
12/29/06
184
1094
1278
2.225%
4,486.58
4.450.00
36.58
FHLMMC
Coupon Note
06/25/03
662.652.00
03/15/07
189
1170
1359
1.946,/o
6,677.24
6.500.00
177,24
FNMA
Coupon Note
06/30/03
333,597.66
04/15/07
184
1201
1385
2.150%
3,615.65
4,593.75
(978.1(j)
FHLtifCMTN Coupon Note
06,'27/03
402,556.00
05/29/07
187
1245
1432
2.808%
5,791.25
5.033.33
757' 2
FNMA
Coupon Note
0630!03
375,219.60
07/15/07
184
1292
1476
2.359%
4,462.09
619.79
3.842.3(1
FHLB
Coupon Note
0624/03
672;825.60
11/15/07
190
1415
1605
2.257%
7,904.87
8.773.33
18(!x.461
F\1MA
Coupon Note
06,24/03
299,475.00
12/24/07
190
1454
1644
2.528%
3.940.93
3.7.""().00
lam 1)3
F\NfA
Coupon Note
06/27/03
649;785.94
011/15/08
187
1476
1663
2.492%
. 8,295.97
1.023.50
7.2'2 47
FHLMC
Coupon Note
06/26103
657,396.09
03/15/08
188
1536
1724
2.2941.o
7,767.58.
3.892.33
3.875 2_
FHLB
Coupon Note
06!30/03
286,162.50
04/15/08
184
1567
1751
2.633%
3.798.29
4.287.50
;48921
FHLB
Coupon Note
06/26/03
661.764.30
05/13/08
188
1595
1783
2.507%
8,545.21
13.112.61
(4.567.4O
FHLMC MTN Coupon Note •
06/30/03
228,298.00
06/13/08
184
1626
1810
2.894%
3.330.62
1863.82
466.80
FHL\fC
Coupon Note
06/24/03
500,000.00
06/18/08
190
1631
1821
2.750%.
7,157.53
6.875.00
282.:3
17,971,319.37
920
1.823%
169.443.96
163.140.40
6.3 ii3.56
Cash
186,721.00
4,257.87
4.1.9.85
118.1,2
Purchased Interest
433.62
173.701.83
167.280.25
s
(2.421
Meeting date: January 20, 2004
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
November 30, 2003
Submitted January 12, 2004
by /r
Linda L. Lubeck
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
November 30, 2003
Weighted Average Portfolio Yield: 2.69% Weighted Average Maturity (days) 619
This Month Last Month One vear ago
Portfolio Balance $46,504,446 $47,238,361 $44,977,689
Benchmarks/ References:
Town's Average Yield
2.69%
LAIF Yield for month
1.57%
3 mo. Treasury
0.94%
6 mo. Treasury
1.05%
2 yr. Treasury
1.94%
5 yr. Treasury (most recent)
3.43%
Prime rate
4.00%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
2 yr. Freddie Mac (10/17/03) 2.13%
3 yr. Freddie Mac (11/14/03) 2.88%
3 - 5 years
I A-o
2.70%
3.52%
1.60%
2.30%
0.96%
1.58%
1.04%
1.55%
1.74%
2.14%
3.14%
3.35%
4.00%
4.25%
Portfolio Maturity Profile
- I year
40°o
2 - 3 years
18°0
1 - 2 years
22%
Compliance: The Town's investments are in compliance with the Town's investment policy dated June 24, 2002 and also in compliance
with the requirements of Section 53601 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.
Town of Los Gatos
Portfolio Allocation & Tressuer's Fund Balances
November 30, 2003
Month
YTD
Fund Balances - Beginning of Month/?eriod
$47238,360.62
$49,655,650.00
Receipts
3,333.00350
13,047,034.02
Disbursements
(4,066,918.10)
(16,198,238.00)
Fund Balances - End of Month/Period
546,504,446.02
546.504,446.02
Portfolio Allocation:
i
SEI Cash
129,257.72
US Govt Agencies
33,723,573.10
Local Agency Investment Fund
9,518,936.87
Subtotal - Investments
43,371,767.69
Reconciled Demand Deposit Balances
3,132,678.33
Total Treasurer's Fund
$46,504,446.02
Local Agency Investment Fund
21.9"
Portfolio Investment Allocation
SEI Cash
0.3%
US Govt Agencies
77.8%
Treasurer's Fund Balances
a
Town of Los Gatos
Non-Treasury Restricted Fund Balances
November 30, 2003
Previous
Balance Deposits
Non-Treasury Funds
Downtown Parking District 12/20/02
Certificates of Participation Reserve Fund (Lot 4)
Cert. of Participation Lease Payment Fund (Lot 4)
Cert. of Participation 2002 Series A Const. Fund
Cert. of Participation 2002 Series A Reserve Fund
Cert. Of Participation 2002 Series A Interest Fund
Cert. Of Participation 2002 Series A COI Fund
Total Restricted Funds
Ending
Interest Withdrawals Balance
218,035.
87
1,304.
89
219,340 76
Note t
295,51 1.
34
109.
77
295.621 11
Note 2
809
62 20,982.91
0
18
21.792 71
Note 3
4,396,198.
49
0
27
922,916 33
3.473.282 43
Note 4
680,140.
97
14,218.
75
0 00
694,359 72
Note 4
5
45
0
00
0.00
545
0.
00
0.
00
0 00
0 00
Note 4
$5,590,701.74 520,982.91 $15,633.86 $922,916.33 $4,704,40218
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: This account include redemption accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District'3', as well as Reserve Funds set up as required by the original Bond resolution.
Note 2: The reserve fund was a requirement of the original certificates of participation agreement when Lot 4 was built. It helps
to guarantee payment of the lease payments should the Town not make payment.
Note 3: The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates of participation are due semi-annually.
Note 4: The three 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.
Page 3
Town of Los Gatos
Statement of Interest Earned
November 30, 2003
Current Fiscal
Month Year to Date
j Interest received from Investments 62,751.79 661,345.02
Add: Interest accrued at end of period (see page 5) 340,603.08 340,603.08
Less: Interest accrued at beginning of period (305,919.09) (471,723.72)
Interest earned on investments •$97,435.78 $530,224.38
Page 4
0
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
November 30, 2003
Inactive Deposits by Institution
Dep Institution Security
Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest
Date Cost Date Elapsed Maturi ty Invested Maturity Earned Received Accrued
919 FHLMC
Coupon Note
03/12/01
1,006,380.00
02/13/04
993
75
1068
5.01%
137,173.40
127,312.50
9,860 90
908 FHLB
Coupon Note
02/23/99
1,502,265.00
02/23/04
1741
85
1826
5.40%
386,942.31
366,862.50
20,079.51
910 FHLB
Coupon Note
11/02'99
1,239,062.50
08/13/04
1489
257
1746
6.46%
326,533.37
295,789.93
311.74344
921 FHLB
Coupon Note
09/10/01
2,021,440.00
08/13/04
811
257
1068
4.23%
189,995.84
178,319.44
11,676 40
923 FNMA
Coupon Note
02/25/02
1,998,520.00
03/15/05
643
471
1114
3.90%
137,306.54
120,555.56
16,750 98
924 FHLMC
Coupon Note
05/16i02
1,999,340.00
06/15/05
563
563
1126
4.13%
127,492.07
49,347.22
78,144.85
927 FNMA
Coupon Note
08/26/03
1,071,900.00
11/14/05
96
715
811
2.37%
6,681.03
6.681.03
928 FNMA
Coupon Note
08/26/03
895,320.00
04/28/06
96
880
976
2.83%
6,658.46
4,069.30
2.589 16
920 FNMA
Coupon Note
06/22/01
2,001,740.00
06/15/06
891
928
1819
5.23%
255,571.04
155,484.30
100,08674
926 FHLB
Coupon Note
01/23/03
2,012,400.00
10/22'07
311
1422
1733
3.71%
63,528.71
57,536.11
5,992.00
Sep. Inv. Porch.
Int.
727.20
SEI Cash
129,257.72
4,139.85
4,075.57
64.28
SEI Investments
17,971,319.37
Various
951
1.82%
141,223.20
108,466.81
32.756 39
SEI Purchased hit.
3,159.03
Various
LAIF'
N/A
09/30/03
9,518,936.87
12'31/03
61
31
92
1.57%
25,176.51
25.176.51
43,371,767.69
619
2.69% 1,808,422.32
1,467,819.24
340,603 08
Maturity Profile
0-1 year
1-2 years
2-3 years
3-5 years
Amount
Percent
17,025,708.20
39.26%
9,524,352.93
21.96%
8,018,619.87
18.49°.,0
8.803.086.69
20.30%
33,371,767.69
100.00%
Market Amortized
Market Unrealized
Price Cost
Value* Gain (Loss)
Market to Cost Position Report
Deo Institution Security
919
FHLNfC
Coupon Note
100.813
L006,380.00
1,008,130.00
1.750.00
908
FHLB
Coupon Note
101.000
1,502,265.00
1,515,000.00
12,735.00
910
FHLB
Coupon Note
103.438
1,239,062.50
1,292,975.00
53,912.50
921
FHLB
Coupon dote
1112.313
2,021,440.00
2,046,260.00
24,820.00
923
FI\NIA
Coupon Note
102.844
1,998,520.00
2,056,880.00
58,360.00
924
FHLMC
Coupon Note
103.563
1.999,340.00
2,071.260.00
71.920.00
927
FN,,JA
Coupon Note
99.844
1,071,900.00
1,078,315.20
6,415.20
928
FNMA
Coupon Note
100.344
895,320.00
903,096.00
7.776.00
920
FNMA
Coupon Note
106.688
2,001,740.00
2,133,760.00
132,020.00
926
FHLB
Coupon Note
100.344
2,012,400.00
2,006,880.00
(5,520.00)
Subtotal
15,748,367.50
16,112,556.20
364,188.70
Sep. Inv. Porch.
Int.
727.20
727.20
0.00
SEI
17,971,319.37
17.536,370.50
(434,948.87)
SEI Cash
129,257.72
129,257.72
0.00
N, 'A
LAIF
N/A
9,518,936.87
9,518,936.87
0.00
Purchased Int.
3,159.03
3,159.03
0.00
Totals:
43,371,767.69
43,301,007.52
(70,760.17)
* Source: Treasury and Agency Obligations - Union Bank of California
LAIF balances per Local Agency Investment Fund monthly statement.
SEI Investments Account
!Market to Cost Position Report
November 30, 2003
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Dep Institution
Security
Date
Cost
Date
Elapsed
Maturity
Invested
Maturity
Earned
Received
Accrued
FHLB
Coupon Note
06/26/03
339,946.88
07/16/04
157
229
386
1.444:'0
2,111.47
2,111 47
FFCB
Coupon Note
06/27/03
550,000.00
09/27/04
156
302
458
1.000%
2,350.68
1,375.00
975,618
FHLB
Coupon Note
06/30/03
514,715.00
11/15/04
153
351
504
1.208%
1606.35
6,328.12
(3,721.77)
FHLMC
Coupon Note
06/25/03
556,316.41
01/15/05
158
412
570
1.130%
2,721.23
572.96
2,148.27
FHLMC
Coupon Note
06/27/03
660,697.66
02/15/05
156
443
599
1.359%
3,837.55
3,280.84
556.71
FHLB
Coupon Note
06/26/03
6657362.50
04/15/05
157
502
659
1.064%
3,045.14
3,247.29
(202.15)
FHLB
Coupon Note
06/23/03
552,634.50
05/13/05
160
530
690
1.220%
2,955.46
3.231.25
(275.79)
FHLMC
Coupon Note
06/30/03
663,493.36
06/15/05
153
563
716
1.482%
4,121.77
4,121.77
FHLB
Coupon Note
06/24103
672,743.50
08115/05
159
624
783
1.335%
3,912.33
2,762.50
1.14983
FHLB
Coupon Note
06/24/03
683,34500
11/15/05
159
716
875
1.432%
4;262.72,
9.228.65
(4,965.931
FHLMC
Coupon Note
06/30/03
651.562.50
01/15/06
153
777
930
1.771%
4,836.97
1,312.50
3.524.47
FFCB
Coupon Note
06/25/03
666.809.00
03/15/06
158
836
994
1.523%
4,396.08
3,611.11
784.97
FHLMC MTN
Coupon Note
10/03/03
199,818.00
03/17/03
58
-258
-200
2.302%
730.93
730.93
FHLMC
Coupon Note
06/25/03
664,117.19
04/15/06
158
867
1025
1.576%
4,530.70
4,717.01
(186.31)
FNMA
Coupon Note
06/27/03
504,090.00
04/28/06
156
880
1036
2.315%
4,987.59
4_.411.46
576.13
FHLB
Coupon Note
06/24/03
658,677.50
05/15/06
159
897
1056
1.625%
4,662.62
5,409.90
(747.28)
FHLMC
Coupon Note
06/27/03
500,930.00
06/02i06
156
915
1071
2076%
4,444.64
4.444.64
FHLMC
Coupon Note
06/30./03
387,296.88
07/15/06
153
958
1111
1.872%
3,039.12
802.08
2.232x4
F LB
Coupon Note
06/30/03
400,000.00
09/29/06
153
1034
1187
2.200%
3.688.77
3.688.17
FHLB
Coupon Note
06/24/03
688,076.80
11/15/06
159
1081
1240
1.825%
5,470.21
10.340.00
4.869.79)
FFCB
Coupon Note
06i25/03
660,954.00
12/19/06
158
1115
1273
1.844%
5,275.90
5?75.y0
FHLB
Coupon Note
06/30/03
400,000.00
1229/06
153
1125
1278
2.225%
3,730.68
3,730 68
FHLMC
Coupon Note
06/25;03
662,652.00
03/15/07
158
1201
1359
1.946%"
5,582.04
6.500.00
(917.96)
FNb4A
Coupon Note
06/30/03
333,597.66
04/15/07
153
1232
1385
2.150%
3,006.49
4.593.75
(1.587.26)
FHLMCMTN
Coupon Note
06/27,03
402,556.00
05/29/07
156
1276
1432
2.808%
4.831.20
5.033.33
(202 13')
FNMA
Coupon Note
06./30/03
375.219.60
07/15/07
153
1323
1476
2.359%
3.710.33
619.79
3,09054
FHLB
Coupon Note
06/24/03
672,825.60
11/15/07
159
1446
1605
2.257%
6,615.13
8.773.33
(2.158.20)
FNMA
Coupon Note
06124,03
299.475.00
12/24/07
159
1485
1644
2.528%
3.297.93
3,297 93
FNMA
Coupon Note
0627/03
649.785.94
01/15/08
156
1507
1663
2.492%
6.920.70
1.023:50
5.89720
FHLNIC
Coupon Note
06/26,03
657396.09
03/15/08
157
1567
1724
2.294;0
6.486.75
3.892.33
2594.42
FHLB
Coupon Note
06/30!03
286,162.50
04/15/08
153
1598
1751
2.633%
3.158.36
4.28750
(1.129.14)
FHLB
Coupon Note
062603
661,764.30
05.113/08
157
1626
1783
2.507%
7,136.16
13.112.61
5976.45
FHLMC MTN
Coupon Note
06/30/03
228,298.00
06/131/08
153
1657
1810
2.894%
2,769.49
_J69.49
FHLLIC
Coupon Note
06/24/03
500,000.00
06i 18/08
159
1662
1821
2.750%
5,989.73
5.89 73
17,971,319.37
951
1.823%
141,223.20
108,466.81
3275639
Cash
129,257.72
4,139.85
4,07557
64.28
Purchased Interest
3,159.03
145.363.05
112,542.38
28'_x 67
18,103.736.12
Meeting date: January 20, 2004
Item No: '
Town of Los Gatos
Treasurer's Report
for the month ended
October 31, 2003
Submitted January12, 2004
by
Linda L. Lubeck
Distribution: Town Clerk
Town Manager
Town Council
s
Town of Los Gatos
Summary Investment Information
October 31, 2003
Weighted Average Portfolio Yield:
2.70%
Weighted Average Maturity (days) 649
This Month
Last Month
One year ago
Portfolio Balance
$47,238,361
$47,662,302
$45,652,176
Benchmarks/ References:
Town's Average Yield
2.70%
2.72%
3.75%
LAIF Yield for month
1.60%
1.64%
2.49%
3 mo. Treasury
0.96%
0.95%
1.58%
6 mo. Treasury
1.04%
1.03%
1.55%
2 yr. Treasury
1.74%
1.70%
2.14%
5 yr. Treasury (most recent)
3.14%
3.23%
3.35%
Prime rate
4.00%
4.00%
4.75%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
2 yr. Freddie Mac (10/17/03) 2.13%
3 yr. Fannie Mae (10/24/03) 2.71%
Portfolio Maturity Profile
3 - 5 yeas
- 1 year
3806
2-3ve
2100
I - 2 years
19°'0
Compliance: The Town's investments are in compliance with the Town's investment policy dated June 24, 2002 and also in compliance
with the requirements of Section 53601 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.
Town of Los Gatos
Portfolio Allocation & Treasuer's Fund
Balances
October 31, 2003
Month
YTD
Fund Balances - Beginning of MontlvPeriod
547,662,301.68
549,655,650.00
Receipts
2.523,362.89
9,714,030.52
Disbursements
(2,947,303.95)
(12,131,319.90)
Fund Balances - End of Month/Period
I
547,238,360.62
S47238.360.62
Portfolio Allocation:
SEI Cash
49,713.61
US Govt Agencies
33,741,607.01
Local Agency Investment Fund
9,518,936.87
Subtotal - Investments
437310,257.49
Reconciled Demand Deposit Balances
3,928,103.13
Total Treasurers Fund
547,238,360.62
Portfolio Investme
nt Allocation
SEI Cash
Local Agency Investment Fund
0.1%
Treasurer's Fund Balances
i
i
e
Town of Los Gatos
Non-Treasury Restricted Fund Balances
October 31, 2003
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non-Treasury Funds:
Downtown Parking District 12/20/02
216,780.35
1,255.52
218,035 87
Vo t t
Certificates of Participation Reserve Fund (Lot 4)
295,403.31
108.03
295,511 34
Vote z
Cert. of Participation Lease Payment Fund (Lot 4)
309.59 499 92
0.11
809 62
`tou 3
Cert. of Participation 2002 Series A Const. Fund
4,396,19836
0.19
0 06
4,396.198 49
Notc 4
Cert. of Participation 2002 Series A Reserve Fund
680,140.97
0 00
0 00
680,140 97
Nine 4
Cert. Of Participation 2002 Series A Interest Fund
5.45
0 00
0 00
5 45
Cert. Of Participation 2002 Series A COI Fund
_ 0.00
0.00
0.00
0 00
`lore 4
Total Restricted Funds: $5,588,838.03 $49992 $1,363.85 $0.06 $5,590,701 74
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: This account include redemption accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District'3', as well as Reserve Funds set up as required by the'original Bond resolution.
Note 2: The reserve fund was a requirement of the original certificates of participation agreement when Lot 4 was built. It helps
to guarantee payment of the lease payments should the Town not make payment.
Note 3: The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates of participation are due semi-annually.
Note 4: The three 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.
Page 3
Interest received from Investments
Add: Interest accrued at end of period (see page 5)
Less: Interest accrued at beginning of period
Interest earned on investments
Town of Los Gatos
Statement of Interest Earned
October 31, 2003
Current
Month
104,051.25
305,919.09
(309,201.04)
$100,769.30
Page 4
Fiscal
598,593.23
305,919.09
(471,723.72)
$432,788.60
e
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
October 31, 2003
Inactive Deposits by Institution
Den Institution Security
919 FHLMC Coupon Note
908 FHLB
Coupon Note
910 FHLB
Coupon Note
921 FHLB
Coupon Note
923 FNIvIA
Coupon Note
924 FHLMC
Coupon Note
927 FNMA
Coupon Note
928 FNMA
Coupon Note
920 FNMA
Coupon Note
926 FHLB
Coupon Note
Sep. Inv. Purch. Int.
SEI Cash
SEI Investments
SEI Purchased Int.
LAIF
N/A
Deposit Amortized
Date cost
03/11'01
07/23/99
11/02/99
09/10/01
02/25/02
05/16/02
08/26/03
08/26/03
06i22/01
01/23/03
09/30/03
1,006,380.00
1,502,265.00
1,239,062.50
2,021,440.00
1,998,520.00
1,999,340.00
1,071,900.00
895,320.00
2,001,740.00
2,012,400.00
727.20
49.713.61
17,971,319.37
21,192.94
9,518,936.87
tifaturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Date
Elapsed
Maturity
Invested
%faturity
Earned
Received
Accrued
01'13/04
963
105
1068
5.01%
133,029.18
127,312.50
5.716 fib
02/23/04
1711
115
1826
5.40%
380.274.72
366,862.511
13.412.22
08/13/04
1459
287
1746
6.46%
319.954.45
295,789.93
24.164 52
08/13/04
781
287
1068
4.23%
182,967.64
178,319.44
4,648 20
03/15/05
613
501
1114
3.90%
130,900.32
120,555.56
10.3 44 76
06/1 5iO5
533
593
1126
4.13%
120,698.53
49,347.22
71.351 31
11/14/05
66
745
811
2.37%
4,593.21
4,59+ 21
04/28/06
66
910
976
2.83%
4,577.69
4,069.30
508 39
06,15/06
861
958
1819
5.23%
246,965.95
155.484.30
91.48165
10/22/07
281
1452
1733
3.71%
57,400.54
57.536.11
t 135 57)
4,075.57 4,022.56 5 0I
Various 981 1.82% 113,912.80 47,009.62 66,91)3 l8
Various
113103 31 61 92 1.60% 12,877.52 12.877 52
43,310,257.49 649 2.70% 1,712,228.13 1,406,309.04 305.919119
Maturity Profile Amount Percent
0-1 year 16,449,483.00 37.98%
1-2 years 8,283,822.93 19.13%
2-3 vears 9,085,788.07 20.98%
3-5 years 9,491,163.49 21.91%
43,310,257.49 100.00%
Market to Cost Position Report
Market
Amortized
Market
Unrealized
DDe
Institution
Security
Price
Cost
Value*
Gain (Loss)
919
FHLtifC
Coupon Note
101.500
1.006,380.00
1,015,000.00
8,620.00
908
FHLB
Coupon Note
101.688
1.502,265.00
1,525,320.00
23,055.00
910
FHLB
Coupon Note
104.281
1.239.062.50
1,303,512.50
64,450.00
921
FHLB
Coupon Note
102.906
2.021,440.00
2,058,120.00
36,680.00
923
F\,% 1A
Coupon Note
103.656
1.998,520.00
2,073,120.00
74,600.00
924
FHLti[C
Coupon Note
104.656
1.999,340.00
2,093,120.00
93,780.00
927
FN-,\, [A
Coupon Note
100.313
1,071,900.00
1,083,380.40
11,480.40
928
FN vfA
Coupon Note
100.781
895,320.00
907,029.00
11,709.00
920
F,'%IA
Coupon Note
108.469
2,001,740.00
2,169,38000
167.640.00
926
FHLB
Coupon Note
100.156
2,012,400.00
2.003,120.00
(9,280.00)
Subtotal
15,748,367.50
16,231,101.90
482,734.40
Sep. Inv. Purch. Int.
727.20
727.20
0.00
SEI
17,971,319.37
17,560.618.80
(410,700.57)
SEI Cash
49,713.61
49,713.61
0.00
NA
LAIF
N A
9,518,936.87
9.518,936.87
0.00
Purchased Int.
21,192.94
21,192.94
0.00
Totals:
43,310,257.49
43,382,291.32
72,033.83
* Source: Treasury and Agency Obligations - Union Bank of California
LAIF• balances per Local Agency Investment Fund monthly statement.
0
SEI Investments Account
Market to Cost Position Report
October 31, 2003
Deposit
-vnortized
Maturity
Days
Days to
Days
Yield to
Interest
interest
Interest
Den Institution
Securi
Date'
Cost
Date
Elapsed
Maturity
Invested
Maturity
Earned
Received
Ac:rucd
FHLB
Coupon Note
06/26/03
339,946.88
07/16/04
127
259
386
1.444%0
1.708.00
1.708.00
FFCB
Coupon Note
06/27/03
550,000.00
09;27/04
126
332
458
1.000%
1.898.63
1.375.00
523.6:
FHLB
Coupon Note
06/30/03
514,71500
11/15/04
123
381
504
1.208%
2,095.30
1095.30
FHLMC
Coupon Note
06i25/03
556,316.41
01115105
128
442
570
1.130%
2,204.54
572.96
1.631.58
FHLMC
Coupon Note
06/27/03
660,697.66
02/15i05
126
473
599
1.359%
3.099.56
3.280.84
181.28)
FHLB
Coupon Note
06i26i03
665,362.50
04/15/05
127
532
659
1.064%
2,463.26
3.247.29
17x4 031
FHLB
Coupon Note
06/23/03
552,634.50
05/13/05
130
560
690
1.220%
2,401.31
2,401.31
FHLMC
Coupon Note'
06/30/03
663,493.36
06/15/05
123
593
716
1.482%
3.313.58
3.313.58
FHLB
Coupon Note
06;24/03
672,743.50
08/1505
129
654
783
1.335%
3,174.15
2.762.50
411.6:
FHLB
Coupon Note
06/24;03
683,345.00
1015/05
129
746
875
1.432%
3,458.44
3.458.44
FHLMC
Coupon Note.
06/30/03
651,562.50
01/15106
123
807
930
1.771%
3,888.54
1,312.50
2,576.04
FFCB
Coupon Note
06/25/03
666,809.00
03i15106
128
866
994
1.523%
3.561.38
3,611.11
(49.73)
FHLMCMTN Coupon Note
10/03/03
199,818.00
03/17/03
28
-228
-200
2.302%
352.86
352.86
FHLMC
Coupon Note
06/25103
664,117.19
04/15/06
128
897
1025
1.576%
3,670.44
4,717.01
(1J046.57
FNMA
Coupon Note
06/27;03
504.090.00
114/28/06
126
910
1036
2.31540
4,028.44
4,411.46
383.021,
FHLB
Coupon Note
116;24/03
658,677.50
05115/06
129
927
1056
1.6250.0
3,782.88
3.782.x8
FHLMC
Coupon Note
06/27103
500,930.00
06/02'06
126
945
1071
2.076%
3.589.90
3.589.<>0
FHLhfC
Coupon Note
06/30/03
387,29.6.88
07/15/06
123
988
1111
1.8721/.
2;443.22
802.108
1.641 14
FHLB
Coupon Note
06/30/03
400,000.00
09/29/06
123
1064
1187
2.200%
2.965.48
2.9(/5.48
FHLB
Coupon Note
061'24/03
688,076.80
11/15/06
129
1111
1240
1.825%
41438.10
4.138.10
FFCB
Coupon Note
06/25/03
660,954.00
12/19/06
128
1145
1273
1.844%
47274.15
4.271.1?
FHLB
Coupon Note
06/30/03
400,000.00
1229/06
123
1155
1278
1225%
2,999.18
2999 1ti
FHLMC
Coupon Note
06;25/03
662,652.00
03/15/07
128
1231
1359
1.946%
4.522.16
6.500.011
(1.1)77.841
F\NfA
Coupon Note
06/30:03
333,597.66
04/15/07
123
1262
1385
2.150%
2,416.98
4.593.75
12.17(,,77)
FHL%fC MTN Coupon Note
06127%03
402,556.00
05/'29/07
126
1306
1432
2.808%
3.902.12
3.902. 12
F'.NiMA
Coupon Note
06/30/03
375,219.60
07/ 15/07
123
1353
1476
2.3
2982.81
619.79
'.36 n 2
FHLB
Coupon Note
06/24/03
672,825.60
11%15/07
129
1476
1605
2.2570-o
53,66.99
3 >6 1) 1)
FN``fA
Coupon Note
06/24/03
299,475.00
12/24/07
129
1515
1644
2.528%
2,675.68
2.,75./x
FNMA
Coupon Note
06;27/03
649,785.94
01/15/08
126
1537
1663
2.492%
5,589.80
1.023.50
4.f 66,3i)
FHLMC
Coupon Vote
06/26/03
657,39609
03/15/08
127
1597
1724
2.294°.o
5,247.25
3.89233
1.3541)2
FHLB
Coupon Note
06/30-:0 3
286,162.50
04/15/08
123
1628
1751
2.633%
2,539.08
4.287511
(1.74,X.42)
FHLB
Coupon Note
06/26 03
661,764.30
05/13/08
127
1656
1783
2.50790
5,772.56
:.772.5(,
FHL%fC ~1TN Coupon Note
06!30/03
228.298.00
06/13/08
123
1687
1810
2.894%
2.226.45
_"6.45
FHLNfC
Coupon Note
06/24/03
500,000.00
06/18/08
129
1692
1821
2.75000
4.859.59,
=x5'15'
17,971,319.37
981
1.823%
113.912.80
47.009.62
3 Ix
Cash
49,713.61
4,07557
4,)22.56
!
Purchased Interest
21,192.94
117,988.37
51.032.18
66. 15 1'1
18,042,225.92