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03 Staff Report - Treasurer's Report for April 2006tpW N 0 r a-, u,,l r COUNCIL AGENDA REPORT !ps G h MEETING DATE: 06/19/06 ITEM NO. DATE: June 15, 2006 TO: MAYOR AND TOWN COUNCIL FROM: LINDA LUBECK, TOWN TREASURER SUBJECT: TREASURER'S REPORT FOR APRIL, 2006 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance is the Treasurer's report for April, 2006. Prime increased to 8.070 on May 10, 2006. Treasurer's funds increased due to property tax receipts and other large receipts. Interest rates continued to rise slightly, as did the Town's overall performance. The cash at Union Bank is being reinvested into the market during the month of May, with the advice of MBIA. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated June 15, 2006. PREPARED BY: Linda L_ Lubeck, Town Treasurer Reviewed by: Town Manager Assistant Town Manager Town Attorney Clerk "'m finance Community Development Revised: 6/15/06 8:42 am Distribution: Town Council; Town Manager; Finance Director Reformatted: 5/30/02 Meeting date: June 19, 2006 Item No: Town of Los Gatos Treasurer's Report for the month ended April 30, 2006 Submitted June 15, 2006 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information April 30, 2006 Weighted Average Portfolio Yield: 3.78% Weighted Average Maturity (days) 252 This Month Last Month One year ago Portfolio Balance $65,264,285 $60,613,879 $55,163,313 Benchmarks/ References: Town's Average Yield 3.78% 3.65% 2.76% LAIF Yield for month 4.31% 4.14% 2.72% 3 mo. Treasury 4.76% 4.61% 2.94% 6 mo. Treasury 4.92% 4.78% 3.18% 2 yr. Treasury 4.98% 4.73% 3.65% 5 yr. Treasury (most recent) 4.96% 4.79% 4.05% Prime rate 7.75% 7.75% 5.75% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Fannie Mae (03/17/06) 5.00% 2 yr. Freddie Mac (04/13/06) 5.13% Portfolio Maturity Profile 2 - 3 years 3 - 5 years 5r -/o Compliance: The Town's investments are in compliance with the Town's investment policy dated August 9, 2005 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. Page 2 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances April 30, 2006 Fund Balances - Beginning of Month/Period Receipts Disbursements Fund Balances - End of Month/Period Portfolio Allocation Union MM US Govt Agencies Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Month YTD $60,613,878.71 $57,531,241.44 7,161.120.96 37,529.025.97 (2,510,714.48) (29,795,982.22) $65,264,285.19 $65,264,285.19 9,354,578.82 29,262.963.13 18,837,414.80 57,454,956.75 7,809,328.44 $65,264,285.19 Portfolio Investment Allocation Local Agency Investment 32.890 ua uovt Agencies 50.9% Treasurer's Fund Balances 566,000.000 - S65,000MO $64,000,000 i $63,000,000 $62,000,000 S6I,000.000 560,000.0' , $59,000.0UV { 558.000 000 557,000,000 I $56,000,000 S55.000.000 S54,000,000 553,000,000 552,000,000 $51.000.000 $50.000.000 - - - - W a O z 2 page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances April 30, 2006 Previous Ending Balance Deposits Interest Withdrawals Balance 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 244.517. 21 541.13 259.076. 90 877.36 90.006. 68 304.81 1,300.641. 97 1.55 752.895. 01 240.74 297 .77 0.94 0 .00 0.00 245.05834 Note 1 259.954.26 Note 2 90.31 1.49 Note 3 0.04 1300.643.48 Note4 22.71 753.1 13.04 Note 4 298.71 0.00 0.00 Note 4 Total Restricted Funds $2.647.435.54 $0.00 $1.966.53 522.75 $1649379.32 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 'V. 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 April 30, 2006 Current Fiscal Month Year to Date Interest received from Investments 236,441.14 1,444,245.62 Add: Interest accrued at end of period (see page 5) 103,002.10 103,002.10 Less: Interest accrued at beginning of period (158,155.76) (33,323.60) Interest earned on investments $181,287.48 $1,513,924.12 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report April 30, 2006 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Den Institution Securitv Date Cost Date Elapsed Maturitv Invested Maturity Earned Received Accrued 933 FHLB Coupon Note 08/18/04 996,420.00 05/15/06 620 15 635 246% 41,640.67 27.937.50 13.703.17 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 1773 46 1819 523°/ 50$560.55 470.484.30 38.07625 939 FFCB Coupon Note 03/16/05 498.560.00 12/11/06 410 225 635 3.80% 21,281.00 13.342.01 7.938.99 93,4 FNMA Coupon Note 08/18/04 1,491.000.00 01/12/07 620 257 877 3.069', 77,511.02 58.800.00 18.711.02 940 FHLB Coupon Note 03/16/05 543,22845 02109/07 410 285 695 3.93% 23,980.93 13.743.65 10.237.28 929 FNMA Coupon Note 02/09/04 1000,000.00 05/09/07 811 374 1185 300°I 133,315.07 120.000.00 13315.07 942 FHLB Coupon Note 05/16/05 999.000.00 05/16/07 349 381 730 4.04% 38,619.07 19.950.00 18.669.07 943 FNMA Coupon Note 07/01/05 749.03250 05/17/07 303 382 685 3.82%, 23,721.65 10,625.00 13,096.65 946 FHLMC Discount Note 08/15/05 1.500.000.00 11/15/07 258 564 822 4.50% 47.669.92 33,750.00 13.919.92 930 FHLMC Coupon Note 02/24/04 2.50 250.00 08/24/07 796 481 1277 3.169', 172,428.19 161.000.00 11.428.19 944 FNMA Coupon Note 07/01/05 984,074.54 12/15/07 303 594 897 3.81% 31,100.02 14.236.11 16.86391 947 FHLMC Discount Note 08/t5/05 999,700.00 02/15/08 258 656 914 4.51%c 31,890.54 22.500.00 9.390.54 945 FHLB Coupon Note 07/01/05 755,975.25 04/18/08 303 719 1022 3.80% 2336622 24.664.06 (797.84) FMAC ZCoupon 07/29/05 193,927.92 05/10/06 275 10 285 4.010% 5,859.01 5.859.01 FHLB Coupon Note 06/24/03 658.677.50 05/15/06 1041 15 1056 1.625% 30,52TOO 33.034.90 (2.507.90) FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 1038 33 1071 2.076°/, 29.573.92 26.12847 3.445.45 FHLMC Coupon Note 06/30/03 387.296.88 07/15/06 1035 76 1111 1.872% 20558.78 48.927.08 (28,36830) FNMA Coupon Note 06/10/04 297,213,00 08/11/06 689 103 792 3.177% 1732425 13.772.92 4.05133 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 1035 152 1 187 2.200°i 24.953.42 20.200.00 4,753.42 FHLMC Coupon Note 02/22/05 197,629.00 10/15/06 432 168 600 3.507% 8.203.09 6309.72 1,893.37 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 1041 199 1240 1.825% 35.814.40 63,140.00 (27325.60) FFCB Coupon Note 06/25/03 660.954.00 12/19/06 1040 233 1273 1.844% 34,727.43 72,637.50 (37,910.07) FHLB Coupon Note 06/30/03 400.000.00 12/29/06 1035 243 1278 2.225% 25.236.99 22250.00 2.986.99 FNMA Coupon Note 02/22/05 195.358.60 02/15/07 432 291 723 3363% 7,775.89 4,657.64 3,118.25 FHLMC Coupon Note 06/25/03 662.652.00 03/15/07 1040 319 1359 1.946% 36.742.51 79,625.00 !42,882.49) FNMA Coupon Note 06/30/03 333.597.66 04/15107 1035 350 1385 11501, 20,338.03 43,968.75 (23,630.72) FHLMC MTN Coupon Note 06/27103 402,556.00 05/29/07 1038 394 1432 2.808%, 32,146.07 29.033.33 3.112.74 FNMA Coupon Note 06/30/03 375.219.60 07/15/07 1035 441 1476 23591/, 25.099.26 37,807.29 (12,708.03) FHLB Coupon Note 06/24/03 672.825.60 11/15/07 1041 564 1605 2.257% 433]037 53.573.33 10,262.96) FNMA Coupon Note 06/24/03 299.475.00 12/24/07 1041 603 1644 2.528% 21.592.13 18,750.00 2.842.13 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 1038 625 1663 2.492%, 46.049:28 52,211.00 (6,161.72) FHLMC Coupon Note 09/30/04 198.630.00 02/25/08 577 666 1243 3.4621/, 10.870.63 9,118.06 1,75257 FHLMC Coupon Note 06/26/03 657.396.09 03/15/08 1039 685 1724 2.2941/, 42,92825 48,236.08 (5307.83) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 1035 716 1751 2.633,/ 21,365.40 41,037.50 19,672.10) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 1039 744 1783 2507% 47,225.91 82,025.61 (34,799.70) FHLMC MTN Coupon Note 06/30/03 228.298.00 06/13/08 1035 775 1810 2.894% 18.734.76 15,513.82 3.220.94 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 1041 780 1821 2.7501/, 39.215.75 34.375.00 4.840.75 FNMA Coupon Note 09/30/04 198.597.00 08/15/08 577 838 1415 3.442 1, 10,806.04 8,937.50 1,868.54 FNMA Coupon Note 11/16/04 199.216.00 09/15/08 530 869 1399 3.8661/1' 11,18328 9.979.17 1.204.11 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 466 869 1335 3.974%, 12.590.65 [0.833.33 1,75732 FNMA Coupon Note 11/16/04 199,55100 11/17/08 530 932 1462 3.936cT. 11.404.97 7.771.53 3.633.44 FHLMC Coupon Note 07/07/05 296,403.00 01/12/09 297 988 1285 4313%, 10.402.21 6.619.79 3.782.42 FNMA Coupon Note 01/21/05 242,400.00 03/16/09 464 1051 1515 3.930% 12,110.17 2006.08 3,104.09 FHLMC Coupon Note 06/17/05 300.198.00 07/30/09 317 1187 1504 4359%c 11.36478 8.130.21 3234.57 FHLMC Coupon Note 08/01/05 298.332.00 07/30/09 272 1187 1459 4.527%, 10.064.36 6.526.04 3.53832 FHLMC Coupon Note 06/14/05 298,683.00 09/0[/09 320 1220 1540 4.237% 11,094.97 8.83437 1260.60 FHLMC Coupon Note 01/21/05 149,686.50 09/01/09 464 1220 1684 4.1801/, 7.953.97 6,875.00 1078.97 FHLMC Coupon Note 06/14/05 299,331.00 01/25/10 320 1366 1686 4.431% 11.628.15 8.057.29 3.570.86 Subtotal 29.262.963.13 Union MM 9.354.578.82 30 30 425°/ 32.67695 32.676.95 LAIF N/A 04/01/06 18.837.414.80 06/30/06 29 61 90 431% 66,400.13 66,400.13 57,454,956.75 252 3.78%, 2,041.938.04 1,938.935.94 103.00210 Maturity Profile Amount Percent 0-1 year 39.299.255.43 68.40% 1-2 years 14.035.083.02 24.43% 2-3 years 2.774387.80 4.839 3-5 years 1346 230, 50 2.34% 57,454.956.75 100.00% Market to Cost Position Report Market Amortized Market Unrealized Institution Securitv Price Cost Valuer Gain (Loss) Union Bank Assets 29,262,963.13 28,381,95145 (881.010.68) Union MM 9,354,578.82 9,354,578.82 0.00 LAW 18,837.414.80 18.837 414.80 (1.00 x Source' Treasury and Agency Obligations - Union Bank of California 'roods: 57,454,956.75 56,573,946.07 page $881.010.68) LAIF balances per Local Agency Investment Fund monthly statement.