03 Staff Report - Investment Reports April 2009DATE:
MEETING DATE:6/15/09
ITEM NO:
COUNCIL AGENDA REPORT
JUNE 4,2009
TO:
FROM:
MAYOR AND TOWN COUNCIL
GREG LARSON,TOWN MANAGER
SUBJECT:INVESTMENT REPORTS FOR APRIL 2009
RECOMMENDATION:
Accept attached investment report for April 2009.
DISCUSSION:
Attached for Council review and acceptance is the investment report for April 2009.During
the month of April 2009,no investments matured and no new investments were made.
Interest rates continue to remain low.
Given the amount of investment activity and need to streamline work due to budget
limitations,investment reports will be scheduled to appear on the Council Agenda Consent
Calendar quarterly rather than monthly effective July 2009.The investment reports will
summarize the first,second,third and fourth quatiers of the fiscal year.
FISCAL IMPACT
There is no fiscal impact associated with this report.
Attachments:
Investment Report for April 2009
,7)-:~<1Ivz;t-cv(/C;~vI ,.1
PREPARED BY:St p e Con~aIz:Jin1ce and Administrative'@rvices Director
'J
Reviewed by:~Assistant Town Manager __Town Attorney
__Clerk Administrator __Finance __Community Development
Town of Los Gatos
Investment Report
for the month ended
April 30,2009
Prepared by
Linda L.Speicher,Project Manager
June 10,2009
Town of Los Gatos
Summary Investment Information
April 30,2009
Weighted Average Portfolio Yield:2.75%Weighted Average Maturity (days)310
Portfolio Balance
Benchmarks!References:
Town's Average Yield
LAIF Yield for month
3 mo.Treasury
6 mo.Treasury
2 yr.Treasury
5 yT.Treasury (most recent)
Prime rate
This Mouth
$84,683,677
2.75%
1.61%
0.14%
0.31%
0.95%
1.94%
3.25%
Last Month
$81,096,80 I
2.85%
1.82%
0.20%
0.43%
0.95%
0.05%
3.25%
One year ago
$76,520,381
3.95%
3.40%
1.34%
1.72%
2.23%
3.16%
5.00%
Most recent auctions of
]?rcddic Mac or Fannie Mae Reference Notes:
3 yr.Fannie Mae (04/03/09)1.92%
2 yr.Fonnie Mae (04/09/09)1.50%
1 - 2 years
18%
Portfolio Maturity Profile
3 - 5 yeflfs
5%
COInl)liallCc:The Town's investments are in compliance willl the Town's investment policy dated May l,2008
and also in compliance with the requirements of Section 53601 of the California State Code.Based on the infonnation available,the
Towll has sufficient funels to meet tile cash demands for the next six months.
Poge 1
Town of Los Gatos
Portfolio Allocation &Treasurer's Fund Balances
April 30,2009
Fund BaL11lccs -Beginning of MonthIPet10d
Receipts
Disbursements
Fund BaL111ces -End ofMontbfPeriod
POltfolio Allocation:
Union:MM
US Govt Agencies
Local Agency Investment FlUId
Subtotal-mvestmellts
Reconciled Demand Deposit Ba111lCes
Total Treasmds Ftmd
Month
$81,096,800.73
6,550,490.70
(2,963,614.23)
$84,683,677.20
$2,702,892.76
40,728,855.36
36,332,276.95
79,764,025.07
4,919,652.13
$84,683,677.20
YTD
$76,714,634.03
41,104,364.79
(33,135,321.62)
$84,683,677.20
Portfolio Investment Allocation
UnionMM
3.4%
Local Agency Inveslmcnl Fllnd
45.5%
Treasury,Agencies,
&Corp.Notes
57.8%
Treasurer's Fund Balances
86,000,000 1il!iiII11'111 )1;111'1111'1 II84,000,000
82,000,000
80,000,000
78,000,000
76,000,000
74,000,000
72,000,000
70,000,000
68,000,000
66,000,000
64,000,000
62,000,000
00o
8
page2
Town of Los Gatos
NOll-Treasury Restricted Fund Balances
April 30,2009
Previous
Balance
Non-TreaslllY Funds:
Downtown Parking District 12/20/02
Certificates of Participation Reserve Fund (Lot 4)
Cert.ofParticipatioll Lease Payment Fund (Lot 4)
Cert.of Participation 2002 Series A COllst.Fund
Cert.of Participation 2002 Series A Reserve Fund
Cerl.OfPa.ticipation 2002 Series A Interest Fund
Ce11.Of Participation 2002 Series A cal Fund
Towl Restricted Funds:
$273,987.78
255,020.33
144,266.60
148,180.18
686,251.00
0.00
0.00
$1,507,705.89
20,747.56
Ending
Interest Withdrawals Ba[ance
$377.49 $274,365.27 Nof~l
13.16 255,033.49 Not~2
6.15 !65,020.31 Nol~:-
0.00 148,180.[8 Notc 4
5.85 5.85 686,251.00 Notc4
0.00 0.00 Notc 4
0.00 0.00 0.00 Nol~4
$402.65 S2J2 $1,528,850.25
These accounts are 1I0t part of the Treasurer's rllnd balances reponed elsewhere in this report,as they nre for sepnrate and distinct
cntities.
Note I:"I11is llCCOUllt include redemption llccounts set up for the repayment of interesl and principal on outstanding
bond COupons for Parking Asscssmcnt District '3',as \Veil as Rcscrve Funds set up as required by the original Bond resolution.
Note 2:The reserve fund was II requirement of the original ccrtificates ofpnrticipation agreement when Lot4 was built.[t helps
to guanmtee payment of the lense paymcnlS should the Town not mnke payment.
Note 3:The lense payment fund receives the lease paymenls li'om the Town monthly ror the lease of Lot4.It holds the funds until
payments on the certificates ofparlieipatioll are due semi-annually.
Note 4:The three funds for the Cel1ificntes of Participation 2002 Series A consist ofeonstruction funds which will be expended over the
next tew years,reserve funds whieh will guarantee the paymcnt of lease payments,and a third fund for the disbursement orlease payments
and initial dclivcly 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
April 30,2009
Current Fiscal
MruJ1h Year to Date
$276,146.38 $2,319,368.43
431,553.40 431,553.40
(526,648.25)(715,999.95)
$181,051.53 $2,034,921.88
Interest by Month
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
Page 4
225,065.95
233,228.31
212,244.77
207,308.72
199,698.92
208,642.20
190,547.05
184,788.37
192,346.06
181,051.53
2,034,921.88
Town of Los Gatos
Inactive Dellosits by Iustitutioll
.:Market to Cost Position Rellort
April 30,2009
Deposit AmoI1ized Matlllity Days Days to Days Yield to Illterest Interest Illtelest
hlstitution Security Date Cost Date Elapsed Maturity Invested Mllhlritv Eamcd Received Accmed
USTreasUlY Note 05/15/06 1,992,343.75 05/15/09 1081 15 1096 5.014%295,856.72 243,750.00 52,106.72
FHLB Coupon Note 06/15/06 1,493,400.00 06/12109 1050 43 1093 5.226%224,513.26 196,21R.75 2~U94.51
FFCB COllponNote 07/19/06 723,562.50 07/17/09 1016 78 1094 5.408%108,921.49 77,I7Un 31.749.62
FHLMC Coupon Note 06/17/05 300,198.00 07130/09 1413 91 1504 4.359%50,657.52 47,505.21 3,152.31
FHLMC Coupon Note 08/01/05 298,332.00 07/30/09 1368 91 1459 4.527%50,617.84 45,901.04 4,716.80
USTremmry Note 06/02108 1,537,617.20 07/31/09 332 92 424 2.426%33,930.03 45,932.35 (12.002.32)
FFCE Coupon Nole 04/02108 2,010,820.00 08/04/09 393 96 489 2.286%49,493.61 45,300.00 4,193.61
USTreasllIY Note 03/25/08 1,024,062.50 09/15/09 401 138 539 1.709%19,227.38 32,832.88 (13,605.50)
USTreasury Note 11/17/06 748,066.41 11/15/09 895 199 1094 4.734%86,835.75 69,183.36 17,652.39
USTreasuty Note 06/02/(18 1,514,941.41 12/31/09 332 245 577 2.602%35,854.89 28,125.00 7.729.89
FHLMC COUpOIl Note 06/14/05 299,331.00 01125/10 1416 270 1686 4.431%51,454.56 47,432.29 4,022.27
MLCOIp COlpomte Note 04/10/07 976,150.00 02/08/10 751 284 1035 5.165%Hl3,737.07 77 ,680.56 26.056.51
USTreasury Nole 06124/08 739,921.88 02128/10 310 304 614 2.819%17,715.35 10.271.74 7,443.61
USTreaslIlY Note 10/19/06 976,406.25 04/15/10 924 350 1274 4.744%117,261.20 99,560.44 17,700.76
FHLTI Coupon Note 08122/06 1,507,665.00 06/11/10 982 407 1389 4.957%201,067.74 175)25.00 25,942.74
FllliV1C(1)Cmlpoll Note 01/06/09 1,015,090.00 07/23/1 0 114 449 563 2.625%8,322.35 1.711.81 6.610.54
FIlLB Coupon Note 01112/07 1,487,205.00 08/1 Oil 0 839 467 1306 4.960%169,559.30 146-"~3.33 23.075.97
HILB ConponNole 03123/09 1,049,400.00 08/16/10 3S 473 511 1.284%1.402.80 1,402.~0
FFCB(2)COllpon Nole 09/15/08 1,500,000.00 09/15/10 227 503 730 3.300%30,784.93 24,750.00 6.034.93
USTrem;l\IY Note 05131/07 737,226.56 10/15/10 700 533 1233 4.801%67,879.38 59,743.H5 8,135.53
FFCB COliponNote 12/07/07 2,032,140.00 11/08/10 510 557 1067 3.715%105,484.77 79,072.22 26.412.55
FIll..B Coupon Note 03/23/09 1,040,160.00 12/10/10 38 589 627 1.485%1,608.12 1,608.12
FFCB COUpOIl Note 01/18/07 756,922.50 01/18/11 833 628 1461 3.175%54,H46.29 26,250.00 28,596.29
FFCB Coupon Note 11128/07 2,062,000.00 02/18/11 5]9 659 1178 3.H40%112,588.59 119,166.67 (6,5n.08)
FNi\1A Discollnt Notc 09/29/06 1,516,485.00 04/15/11 944 715 1659 4.874%191,162.53 195,604.17 (4,441.64)
FHLMC(3)Coupon Note 12128/06 1,522,350.00 07/20/11 854 811 1665 5.375%191,451.15 177,77CUD 13,680.37.
USTrcasUlY Note 10/19/06 990,(178.13 09/30/11 924 883 1807 4.721%118,326.65 110,151.10 8.175.55
FFCB COllPOIl Note 12/12107 2,025,080.00 11121/11 505 9.15 1440 4.000%112,072.92 HI,6IrU]:'0,.189.59
FFCB Coupon Noie 02122107 986,080.00 12/08/11 798 952 1750 4.959%106,909.50 82.993.06 23.916.44
FI-ILll Coupon Nole 05/09/07 1,509,255.00 03/09/12 722 1044 1766 4.743%141,598.97 137.500.00 4.09R.97
FIILB Coupon Note .11129107 2,038,360.00 08/15/12 518 1203 1721 4.170%120,629.59 112,(127.78 X,6nUn
GE Corpomte Note 01/16/08 1,542,165.00 10/19/12 470 1268 1738 4.587%91,088.72 99.093.75 (8,005.03)
FFCB(5)Conpon Note 02/10/09 755,700.00 12/23/13 79 1698 1777 3.829%6,262.Hl 6,262.81
Subtollli 40,708,515.09
UniollIvIM 2,702,892.76 .10 30 0.24%533.17 533.17
Purchased Interest 20,340.27
LAiF N/A 0313lJ09 36,332,276.95 06/30/09 30 61 9]1.61%47,8X8.XH 47,888.88
$19,764,025.07 310 2.75%$3,]27,545.79 $2,695,992.39 $43],553.40
I'daturit)'}'rofde Amonnt Percent
0-1 y~r $53,690,662.88 67.31%
1-2yellrs $14,704,294.06 18.43%
2-3 years $7,032,843.13 8.82%
3-5 years $4.336225.00 5.44%
$}9,764,025.07 100.00%
iHarket to Cost Pusition HCPOIt
Amortized Markel Unrealized *SOlll"Ce:'l'1"ClISLlry and Agency ObligHtiolls -Union Hank ofCnlilomia
[llstitntioll Cost Valnc*Gain (Loss)LATF balances per Local Agency Investmcnt Fund monthly stntemenl.
Union Bm1k Assets $40,708,515.09 $41,789,906.50 1,081,391.41
lJllionMl\!1 2,702,892.76 2,702,892.76 0.00
Purchased Interest 20,340.27 20,340.27 0.00
LAIF 36,332,276.95 36,332,276.95 0.00
Totals:$79,764,025.07 $80,845,416.48 51,081,391.41
(1)Clillable Ollee on 07/23/09
(2)Callable once on 9/15/09
(3)Call1lbic once on 7/20/09
(5)Callable Ollce 011 06/23/09
puge 5