04 Staff Report - Treasurer's Report July 2007DATE:
COUNCIL AGENDA REPORT
September 3,2007
MEETING DATE:09/17/07
ITEM NO.
TO:
FROM:
SUBJECT:
MAYOR AND TOWNCOUNCa
LINDA SPEICHER,TOWN TREASURER P
TREASURER'S REPORT FOR JULY 2007
RECOMMENDAnON:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance is the Treasurer's report for the month of July 2007.
Prime remained steady during the period,with no foreseeable raises by the Federal Reserve on the
horizon.The bond market started a phase of uncertainty due to the mortgage market issues.Rates
overall dropped slightly.
Treasurer's funds dropped due to the purchase of the Verizon building on Los Gatos Blvd.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA,and no further action is required.
FISCAL IMPACT:None
Attachments:Treasurer's reports dated September 3,2007
PREPARED BY:Linda L.Speicher,Town Treasurer
Reviewed by:'Town Manager __Assistant Town Manager --H:-+It:;,r0wn Attorney
__Clerk~inance__Community Development vised:9/3/07 9:51 am
Distribution:Town Council;Town Manager;Finance Director
Reformatted:5/30/02
Distribution:
Town of Los Gatos
Treasurer's Report
for the month ended
July 31,2007
Submitted September 3,2f07
by
Linda L.Speicher
Town Clerk
Town Manager
Town Council
Meeting date:September 17,2007
Item No:
Town of Los Gatos
Summary Investment Information
July 31,2007
Weighted Average Portfolio Yield:4.82%Weighted Average Maturity (days)435
Portfolio Balance
Benchmarks/References:
Town's Average Yield
LAIF Yield for month
3 mo.Treasury
6 mo.Treasury
2 yr.Treasury
5 yr.Treasury (most recent)
Prime rate
This Month
$69,314,343
4.82%
5.26%
4.97%
5.00%
4.74%
4.64%
8.25%
Last Month
$73,499,683
4.83%
5.25%
4.82%
5.01%
4.91%
4.94%
8.25%
One year ago
$65,643,634
4.28%
4.85%
5.11%
5.17%
5.09%
5.00%
8.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr.Freddie Mac (07/23/07)5.14%
2 yr.Fannie Mae (07113/07)5.17%
Portfolio Maturity Profile
3 -5 years
14%
1- 2 years
12%
Compliance:The Town's investments are in compliance with the Town's investment policy dated November I,2006
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 1
Town of Los Gatos
Portfolio Allocation &Treasurer's Fund Balances
July 31,2007
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
$73,499,683.31
2,451,887.23
(6,637,227.19)
$69,314,343.35
$713,433.66
39,621,223.93
27,599,009.96
67,933,667.55
1,380,675.80
$69,314,343.35
YTD
$73,499,683.31
2,451,887.23
(6,637,227.19)
$69,314,343.35
Portfolio Investment Allocation
Union MM
1.1%
Local Agency Investment Fund
40.6%
Treasurer's Fund Balances
$74,000,000
$71,000.000
$68.000,000
$65,000.000
$62,000.000
$59,000.000
page 2
US Govt Agencies
58.3%
S t-t-t-'"0 '":5.>,c ~'"~-<~
Town of Los Gatos
Non-Treasury Restricted Fund Balances
July 31,2007
Previous
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 COl Fund
Total Restricted Funds:
$255,022.38
258,067.15
199.592.32
367.748.35
771.508.45
6.84
0.00
$1,851,945.49
24.153.97
459,846.91
$484,000.88
Ending
Interest Withdrawals Balance
$945.71 $255.968.09 Note 1
955.26 4,886.15 254.136.26 Note 2
692.80 224.439.09 Note 3
4.779.37 0.09 372.527.63 Note 4
2.834.53 234.53 774.108.45 Note 4
0.00 0.00 459.853.75 Note 4
0.00 0.00 0.00 Note 4
$10,207.67 $5,120.77 $2,341.033.27
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
July 31,2007
Current Fiscal
Month Year to Date
$444,159.28 $444,159.28
482,210.06 482210.06
(638,512.99)(638,512.99)
$287,856.35 $287,856.35
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
July 31,2007
Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest
Institution Security Date Cost Date Elapsed Maturity Invested Maturitv Earned Received Accrued
FHLMC Coupon Note 02/24/04 2.505.250.00 08/24/07 1253 24 1277 3.156%271.422.77 241.500.00 29.922.77
FHLMC Discount Note 081l5/05 1.500.000.00 11/15/07 715 107 822 4.496%132.108.49 101.250.00 30.858.49
FNMA Coupon Note 07/01/05 984.074.54 121l5/07 760 137 897 3.807%78,006.65 61.111.11 16.895.54
FHLMC Discount Note 08/15/05 999.700.00 021l5108 715 199 914 4.513%88.378.82 67.500.00 20.878.82
USTreasury Note 05/12/06 1.986.562.50 03/31108 445 244 689 5.000%121.098.67 81.885.25 39.213.42
FHLB Coupon Note 07/01/05 755.975.25 04/18/08 760 262 1022 3.803%59.862.47 55.601.56 4.260.91
USTreasury Note 06/15/06 1.990.312.50.05/31108 411 305 716 5.135%115.082.87 93.504.10 21,578.77
USTreasury Note 07119/06 738.281.25 021l5/09 377 565 942 5.157%39.324.88 19.392.27 19.932.61
FHLB Coupon Note 05/12/06 1.498.035.00 03/13/09 445 591 1036 5.298%96.761.16 65.843.75 30.917.41
USTreasury Note 05/15/06 1.992.343.75 05/15/09 442 654 1096 5.014%120.970.09 97.500.00 23.470.09
FHLB Coupon Note 06/15/06 1.493.400.00 06/12/09 411 682 1093 5.226%87.880.90 78.093.75 9.787.15
FFCB Coupon Note 07119/06 723.562.50 07/17/09 377 717 1094 5.408%40.416.73 30.765.62 9.651.11
USTreasury Note 11117/06 748.066.41 11/15/09 256 838 1094 4.734%24.837.94 17,152.11 7,685.83
MLCorp Note 04/10/07 976.150.00 02/08/10 112 923 1035 5.165%15.470.77 15.470.77
USTreasury Note 10/19/06 976,406.25 04/15/10 285 989 1274 4.744%36.168.23 19,560.44 16.607.79
FHLB Coupon Note 05/18/07 1.574.842.50 04/16/10 74 990 1064 5.548%17.713.83 17.713.83
FHLB Coupon Note 08/22/06 1.507.665.00 06/11/10 343 1046 1389 4.957%70.230.38 57.000.00 13,230.38
FHLB Coupon Note 01/12/07 1.487,205.00 08/10/10 200 1106 1306 4.960%40.419.38 5.483.33 34,936.05
USTreasury Note 05/31/07 737.226.56 101l5/10 61 1172 1233 4.801%5.915.20 5.915.20
FNMA Coupon Note 05/09/07 998.200.00 11108/10 83 1196 1279 5.250%11.916.87 11.916.87
FNMA Discount Note 09/29/06 1.516.485.00 04/15/11 305 1354 1659 4.874%61.763.32 41,854.17 19,909.15
FHLMC Coupon Note 12/28/06 1.522.350.00 07/20/11 215 1450 1665 5.375%48.199.06 48.395.83 (196.77)
USTreasury Note 10/19/06 990.078.13 09/30/11 285 1522 1807 4.721%36.496.86 20,151.10 16,345.76
FFCB Coupon Note 02/22/07 986,080.00 12/08/11 159 1591 1750 4.959%21.301.52 13.618.06 7.683.46
FHLB Coupon Note 05/09/07 1.509,255.00 03/09/12 83 1683 1766 4.743%16.278.00 16,278.00
FHLB Coupon Note 06/24/03 672.825.60 11/15/07 1498 107 1605 2.257%62.323.67 87,173.33 (24,849.66)
FNMA Coupon Note 06/24/03 299.475.00 12/24/07 1498 146 1644 2.528%31.071.10 30,000.00 1,071.10
FNMA Coupon Note 06/27/03 649.785.94 01/15/08 1495 168 1663 2.492%66.323.38 82.923.50 (16,600.12)
FHLMC Coupon Note 09/30/04 198.630.00 02/25/08 1034 209 1243 3.462%19.480.48 15,618.06 3,862.42
FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 1496 228 1724 2.294%61.810.07 65,973.58 (4,163.51)
FHLB Coupon Note 06/30/03 286.162.50 04/15/08 1492 259 1751 2.633%30.799.21 55.737.50 (24,938.29)
FHLB Coupon Note 06/26/03 661,764.30 05/13/08 1496 287 1783 2.507%67.998.04 133,710.36 (65,712.32)
FHLMCMTN Coupon Note 06/30/03 228.298.00 06/13/08 1492 318 1810 2.894%27.007.02 25,001.32 2.005.70
FHLMC Coupon Note 06/24/03 500.000.00 06/18/08 1498 323 1821 2.750%56.431.51 55.000.00 1,431.51
FNMA Coupon Note 09/30/04 198.597.00 081l5/08 1034 381 1415 3.442%19.364.72 15.437.50 3.927.22
FNMA Coupon Note 11/16/04 199.216.00 09/15/08 987 412 1399 3.866%20,826.22 17,479.17 3,347.05
FNMA Coupon Note 01/19/05 248.157.50 09/15108 923 412 1335 3.974%24.938.14 20.208,33 4,729.81
FNMA Coupon Note 11/16/04 199.552.00 11117/08 987 475 1462 3.936%21.239.07 19.396.53 1.842.54
FHLMC Coupon Note 07/07/05 296.403.00 01/12/09 754 531 1285 4.313%26.408.31 24,057.29 2.351.02
FNMA Coupon Note 01121/05 242.400.00 03/16/09 921 594 1515 3.930%24.037.65 16.818.58 7,219.07
FHLMC Coupon Note 06/17/05 300.198.00 07/30/09 774 730 1504 4.359%27.748.71 27,817.71 (69.00)
FHLMC Coupon Note 08/01105 298.332.00 07/30/09 729 730 1459 4.527%26.973.98 26.213.54 760.44
FHLMC Coupon Note 06/14/05 298.683.00 09/01/09 777 763 1540 4.237%26.939.97 21.209.37 5,730.60
FHLMC Coupon Note 01121/05 149.686.50 09/01109 921 763 1684 4.180%15.787.95 13,062.50 2,725.45
FHLMC Coupon Note 06/14/05 299.331.00 01125/10 777 909 1686 4.431%28.234.60 27,744.79 489.81
Subtotal 39.582.400.57
Union MM 713.433.66 30 30 4.79%2.808.78 2.808.78
Purchased Interest 38.823.36
LAIF N/A 06/30/07 27.599.009.96 09/30/07 31 61 92 5.26%133,377.07 133,377.07
$67,933,667.55 435 4.82%$2,479,955.47 $1,997,745.41 $482,210.06
Maturity Profile Percent
0-1 year 63.63%
1-2 years 12.41%
2-3 years 9.61%
3-5 years 14.35%
100.00%
Market to Cost Position Report
Amortized Market Unrealized *Source:Treasury and Agency Ohligations -Union Bank of California
Institution Cost Value*Gain (Loss)LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets $39,582.400.57 $39,384,803.75 (197.596.82)
Union MM 713.433.66 713,433.66 0.00
Purchased Interest 38.823.36 38.823.36 0.00
LAIF 27.599.009.96 27.599.009.96 0.00
Totals:$67,933,667.55 $67,736,070.73 ($197,596.82)
page 5