FY 2011/12 Quarterly Investment Report4W N �F
e A os COUNCIL AGENDA REPORT
DATE: MAY 17, 2012
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
MEETING DATE: 05/21/12
ITEM NO: ^�
SUBJECT: FY 2011/12 QUARTERLY INVESTMENT REPORT (JANUARY THROUGH
MARCH 2012)
RECOMMENDATION
Accept attached Third Quarter Investment Report for FY 2011/12.
DISCUSSION
Attached for your consideration is the Third Quarter Investment Report for FY 2011/12.
The Town's overall investment rate of return has dropped below 1% during the current quarter, from
1.12% to .96 %. This rate continues to be higher than the current LAIF rate of .38 %. Market instability
has affected the rates of returns available for any type of bonds. Rates of return for investments
purchased during the current quarter ranged from a high of 1.077% to a low of .472 %.
During the current quarter the investments were successfidly moved from Union Bank as trustee to Bank
of New York as trustee. The move was precipitated by Union Bank's decision to raise their trustee fees
dramatically. The move allows the Town to continue to pay the same amount that it has been paying for
the last few years in trustee fees.
FISCAL IMPACT
The steady drop in interest rates over the past few years has impacted the Town's investment portfolio
returns. Staff has adjusted its expectation for General Fund interest for FY 2012/13, budgeting
approximately $GOOK, a level at half the $1.2M amount budgeted for FY 2010/11.
Attachment:
Third Quarter Investment Report for FY 2011/12
PREPARED BY
Finance & Administrative S
through March 2012)
VAY
Director/ Town Treasurer
Reviewed by: - En — Assistant Town Manager Town Attorney Finance
C:\ Users \gungvari \AppDntx\ Local \Microsoft%Windows \Temporary lnternet Piles\ Content .Outlook \85V9D7041\Treasurer's Report- Q3 2011 2012.doc
Town of Los Gatos
Quarterly Investment Report
(Month Ended March 31, 2012)
Prepared by
Linda L. Speicher, Project Manager
05/17/12
Town of Los Gatos
Summary Investment Information
March 31, 2012
Weighted Average Portfolio Yield: 0.96%
This Month Last Month
Portfolio Balance $75,348,154 $76,097,919
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
Weighted Average Maturity (days) 553
One year ago
$71,764,763
0.96%
1.06%
1.72%
0.38%
0.39%
0.50%
0.09%
0.12%
0.10%
0.15%
0.15%
0.17%
0.34%
0.31%
0.79%
1.04%
0.90%
2.26%
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mae (02/21/12) 0.50%
2 yr. Freddie Mae (11 /01 /11) 0.38%
Portfolio Maturity Profile
0 - 1 year
47
2- 3 y.=
17%
1 -2 years
15%
Compliance: The Town's investments are in compliance with the Toum's investment policy dated May 1, 2008
and also in compliance with the requirements of Section 53601 of the California State Code. Based on the information available, the
Town has sufficient finds to meet the cash demands for the next six months.
Page 1
Town of Los Gatos
Portfolio Allocation do Treasurer's Fund Balances
March 31, 2012
Fund Balances - Beginning of Montb/Peniod
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 Treasurei's Fund
80,000,000
75,000,000
76,600,000
74,OOn,000
72 000,000
70,000.000
65,000,000
66,000,000
64,000,000
62,000,000
60,000,000
Month
YID
$76,097,918.65
$77,813,659.63
2,384,951.68
39,563,695.41
( 3,134,716.64 )
(42.029,201.351
$ 75,348,15169
$ 75,348,153.69
$1,710,440.38
45,034,927.10
14.094.938.33
60,840,305.81
14,507,847.88
$ 75,348,15169
Portfolio Investment Allocation
Mine MM
2.8
Treasurer's N`ard Balances
Treasury, Agencies,
& Corp. Notes
page 2
N
� C 7 oli a i o u p td
These accounts are not part ofthe Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note]: "Phis account include redemption accounts setup for the repayment of interest and principal on outstanding
bond contours for Parking Assessment Duar{ct'3', as well as Reserve Funds set rip as required by the original Bond resolution.
Note 2: Th. reservefimd was aregnirement ofthc original certificates ofparticipation agreement when Lot 4 was built. It helps
to gum mace payment of the (case payments should lire Town not make payment.
Note 3: The lease payment fiord receives the lease payments from the Town monthly for the lease of Lot 4. It holds the foods until
payments on the certificates of participation arc due semi - annually.
Note 4: 'The three Ponds for the Certificates ofPmticipation 2002 Series A consist of construction funds which will be expended over the
next few years, reserve hods which will guarantee the payment of lease payments, and a third fiord for the disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Funds arc all for the Library construction, reserves to guarantee lease payments, and a lease payment fiord for the
life of the COP issue. l'he COI fund will be closed in September 2010.
Page 3
Town of Los Gatos
Non - Treasury Restricted Fund Balances
March 31, 2012
Previcas
Ending
Balance
De posits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12120102
$284,303.38
$164.90
$284,468.28
Nout
Certificates of Participation Resene Fund (Lot 4)
254,136.26
0.00
254,136.26
Np1e3
Cart. of Participation Lease Payment Fund (Lot 4)
141,000.03
21,000.00
0.00
162,000.03
We 3
Cart of Participation 2002 Series A Reserve Fund
686,251.19
5.47
5A7
686,251.19
Nme 4
Cert. Of Partici potion 2002 S ones A Interest Fund
0.00
0.00
0.00
Nate4
Con. of Participation 2002 Series A Const. Fund
42,451.74
0.00
42,451.74
Nme4
COP 2010 Library Reserve Fund
1,277,062.50
0.01
0.01
1,277,062.50
Nme5
COP 2010 Library Lease Fond
0.00
0.00
0.00
Nme 5
COP 2010 Library ACQ Construction Fund
179,673.75
0.00
120,258.14
59,415.61
Note 5
COP 2010 Library COI Fund
0.00
0.00
0.00
New 5
COP 2010 Library Good Faith
0.00
0.00
0.00
Nme5
Total Restricted Funds :
$ 2,864,878.85
$ 21,000.00
$170.38
$ 120,263.62
$ 2,765,785.61
These accounts are not part ofthe Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note]: "Phis account include redemption accounts setup for the repayment of interest and principal on outstanding
bond contours for Parking Assessment Duar{ct'3', as well as Reserve Funds set rip as required by the original Bond resolution.
Note 2: Th. reservefimd was aregnirement ofthc original certificates ofparticipation agreement when Lot 4 was built. It helps
to gum mace payment of the (case payments should lire Town not make payment.
Note 3: The lease payment fiord receives the lease payments from the Town monthly for the lease of Lot 4. It holds the foods until
payments on the certificates of participation arc due semi - annually.
Note 4: 'The three Ponds for the Certificates ofPmticipation 2002 Series A consist of construction funds which will be expended over the
next few years, reserve hods which will guarantee the payment of lease payments, and a third fiord for the disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Funds arc all for the Library construction, reserves to guarantee lease payments, and a lease payment fiord for the
life of the COP issue. l'he COI fund will be closed in September 2010.
Page 3
Town of Los Gatos
Statement of Interest Earned
March 31, 2012
Current Fiscal
Month Year to Date
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
38,618.16 683,942.10
27,803.38 27,803.38
- 8,755.33 - 142,698.38
$57,666.21 $569,047.10
Interest by Month
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
$76,277.80
71,574.96
71,242.59
66,191.20
63,343.74
58,810.11
51,797.22
52,143.27
57,666.21
$569,047.10
Page 4
page 5
Town of Los Gatos
Btactive
Deposits by Inslitution
Market to Cost Position Report
March 31, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Dale
Cost
Date
Elapsed
Maturil
Invested
Maluri
Earned
Received
Accrued
USTreasury
Note
04/15/10
999,375.00
0313l/12
716
0
716
1.054%
20,662.80
14,590.16
6,072.64
FFCB
Coupon Note
04/23/10
1,500,585.00
04/16/12
708
16
724
1.174%
34,171.90
26,500.00
7,671.90
KELLS
Coupon Note
01/20/12
2,495,375.00
05110/12
71
40
111
0.609%
2,956.10
2,956.10
FBLB
Coupon Note
11/29/07
2,038,360.00
08115/12
1584
137
1721
4.170%
368,875.03
389,527.78
(20,652.75)
KELLS
Coupon Note
03122112
1,994,833.33
08124/12
9
146
155
0.610%
300.04
300.04
GE
Corporate Note
01/16/08
1,542,165.00
10119/12
1536
202
1738
4.587%
297,685.67
295,968.75
1,716.92
GE
Corporate Note
07/29/10
511,955.00
01108/13
611
283
894
1.791%
15,348.85
20,183.33
(4,834.48)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
366
365
731
0.801%
16,047.58
7,500.00
8,547.58
FHLIvIC
Coupon Note
03/25/11
1,016,520.00
04/15/13
372
380
752
D.812%
8,412.44
9,027.78
(615.34)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
253
404
657
0.791%
2,929.75
6,910.42
(3,980.67)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
355
471
826
1.334%
11,423.38
30,705.12
(19,281.74)
F1-111B
Callable Note
06127111
2,500,000.00
D9/27113
278
545
823
0.699%
13,309.73
8,750.00
4,559.73
FBLMC
Callable Note
01/06/12
2,001,000.00
10118113
85
566
651
0.472%
2,199.46
2,199.46
NY Life
Coupon Note
01125/12
2,041,000.00
12/13/13
66
622
688
0.753%
2,779.00
2,779.00
FHLMC
Callable Note
08/18/11
1,005,560.00
08/15/14
226
867
1093
0.860%
5,354.54
5,16150
192.04
FHI.MC
Coupon Note
09/16/11
2,026,080.00
08120/14
197
872
1069
0.527%
5,762.89
8,555.55
(2,792.66)
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
131
965
1096
0.815%
2,917.76
2,917.76
FFCB
Callable Note
12/19/11
2,000,000.00
12219/14
103
993
1096
0.750%
4,232.88
4,232.88
FNMA
Callable Note
12/29/11
2,000,000.00
12/29/14
93
1003
1096
0.900%
4,586.30
4,586.30
FNMA
Callable Note
10 /31/11
750,000.00
01/26/15
152
1031
1183
1.000%
3,123.29
1,770.83
1,352.46
FNMA
Callable Note
10/07/11
1,296,875.00
02/18/15
176
1054
1230
0.866%
5,415.47
9,097.22
(3,681.75)
FlILB
Callable Note
06/15/11
2,007,760.00
06/08/15
290
1164
1454
1.765%
28,155.40
18,020.83
10,134.57
Treasury
Note
08/16/11.
1,042,812.50
07/31/15
228
1217
1445
0.652%
4,247.13
7,989.13
(3,742.00)
FIILMC
Callable Note
08/24/11
2,000,000.D0
08/24/15
220
1241
1461
1.375%
16,575.34
13,750.00
2,825.34
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
204
1257
1461
1.000%
11,178.08
10,000.00
1,178.08
Berk 11a0,
Coupon Net.
01/26/12
1,315,13250
12/15/15
65
1354
1419
1.077%
2,522.36
2,522.36
FNMA
Callable Note
01/25/12
2,503,906.25
01/25/16
66
1395
1461
1.060%
4,799.27
4,799.27
Treasury
Note
08/16/11
1,025,390.63
07/31/16
228
1583
1811
0.973%
6,232.24
6,847.83
(615.59)
FNMA
Callable Note
12105/11
1,000,000.00
12/05/16
117
1710
1827
1.000%
3,205.48
3,205.48
Subtotal
45,024,955.91
BNY MA4
1,710,440.38
30
30
0.00%
1.41
L41
Purchased Interest
9,971.19
LAIF
N/A
12/31/11
14,094,938.33
03/31/12
91
0
91
0.38%
13,249.07
13,249.07
$60,840,305.81
553
0.96%
$918,660.61
$890,857.23
$27,803.38
Maturity Profile
Amount
Percent
0 -1 year
$28,895,966.98
47.49%
1 -2 years
$8,973,316.95
14.75%
2 -3 years
$10,076,015.00
16.56%
3 -5 years
$12,895,006.88
21.19%
$ 60,840,305.81
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized
* Sourec:
Treasury and
Agency Obligations
- Union Bank
of California
Institution
Cost
value*
Gain (Loss!
LAID balances
per Local Agency Investment
Fund monthly statement.
Union Bank
Assets
$45,024,955.91
$44,963,519.15
(61,436.76)
BNY M64
1,710,440.38
1,710,440.38
0.00
Purchased Interest
9,971.19
9,971.19
0.00
LAIF
14,094,93833
14,094,938.33
0.00
Totals:
$60,840,305.81
$60,778,869.05
- $61,436.76
page 5
Town of Los Gatos
Quarterly Investment Report
(Month Ended February 29, 2012)
Prepared by /
Linda L. Speicher, Project Manager I X
05/16/12 '!/
Town of Los Gatos
Summary Investment Information
February 29, 2012
Weighted Average Portfolio Yield: 1.06% Weighted Average Maturity (days)
This Month Last Month One year aeo
Portfolio Balance $76,097,919 $76,729,822 $69,862,777
Benchmarlts/ References:
Town's Average Yield
1.06%
1.06%
1.75%
LAIF Yield for month
0.39%
0.39%
0.51%
3 me. Treasury
0.12%
0.04%
0.15%
6 mo. Treasury
0.15%
0.07%
0.17%
2 yr. Treasury
0.31%
0.25%
0.75%
5 yr. Treasury (most recent)
0.90%
0.90%
2.19%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mae or Fannie Mac Reference Notes:
3 yr. Freddie Mae (02/21/12) 0.50%
2 yr. Freddie Mac (I1 /01 /11) 0.38%
578
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
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 I
Portfolio Maturity Profile
. - 3 -5 years
21%
s
t
0 - 1 year
44
'
1111
2 - 3 yearn
1
i
1 - 2 year's
18%
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
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 I
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
February 29, 2012
Month
Fund Balances - Beginning of Month/Peiiod
$76,729,821.56
Receipts
3,341,801.76
Disbursements
( 3,973,704.67 )
Fund Balances - End of Month/Period
$ 76,097,918.65
Portfolio Allocation
Union MM
$2,158,598.58
US Govt Agencies
44,549,348.77
Local Agency Investment Fund
14.094.938.33
Subtotal - Investments
60,802,885.68
Reconciled Demand Deposit Balances
15,295.032.97
Total Treasurer's Fund
$ 76,097,918.65
YTD
$77,813,659.63
37,178,743.73
(38,894,484.71)
$ 76,097,918.65
Treasury, Agencies,
& Corp. Notes
57.8
Treasurer's Fund Balances
80 ,00000 ......._ ......... .......... ... ... ....... .........
78 000,000 -
76,000,000 &HnCy pHn 660 t`t 3
6 u <ap��p`�m�unH�6 H0) h
74.000.000
72.00000
/> h�nCii > H 53 m9iA ` i 5 6 p.A ' !H'S'yHH6H6 int4'IR h >m
70.000.000 - f'pYa..os.,,m r5.3.6 .':: L pH. /.5$ 0 < b ° ?7 pJ 1!p9 ! ' S u..pj;'Xl�!£!li�!.)7.,c: N,•.�.5;, <;F
fl h >nrn >s5 < ..<p : >�K", 5, s,.:oo 4 . r' � y �G - . • .uu ?;� ;.:%;:K<f > !.,'.:a'.:' <oa .,
;..5.. .. n''uf'Gi "} ":.:L''o.: y. H. .' h. SF V p<•.: Jh.>S lw< 9 . . &!0!..G.;.bu: < .. f . k 1.'. s.', S .fi. Y.).: »:, �n. /, .Y v.. ;.i �n>.'.
68,000,000
!;u, /.�9 i.y.:,i�.r (:>. �f.. ..u4% " ).<ISp.!�II.:YfS .iSH. ;�!f$5 €9 .6':Gr /»:w G m�'in`.;>•!p:p>a.y. �. w3:j>
'inH ,. n.V. 5 f.�£'hw,f�f .!:3 ?;G H;. I '< f:.. i G ,nhf.l5p { ��y,St�.' : £..!: :c: l �: f:Gi�:'. ° u£ :. :. R,S.�:''�5.'! ,/mf,.p
66.000.000 /ws /:n.��.. r7H:.a..o!G!';g',r.:A£r. £��! &• J lnsys, ,> 5 !� .,.. .o;.�f,.; .. s�: <.£:. s.
<Y n>n /'4J'., la°.%. K!✓ pH<. ,l. /!vH .c/.,G,;y;n�.;a ap <C!f)9.".'o•55;�fF p!�.t5,.)h',Gl� >ur,'n n >p�A'�f'..n ..�' /: 'n:. s..
?�.!ui 7.b /!w:Y °v':;>H<.. .. Y $ y /!_x/..:.:k55.m 6 ,•.': n:5: n:,i: :�:p..4.:,.u' .h. ,.,..$...5
64.000.000
.. <£;
>:NS . /!.�,! u$ v, n,..rs. x<.".o9, . .c, ufs ..•r 0$.. hu,.,. . ,., 3>£,y!�lSs : y / p.. A:f // 6;:u,:,'si:? o fa »x >s. :�i3Fi:£f',g %3Y "7 ??'E % °'p /'p�xpHg;<v
�:IyJ:r'p! .! 3 /b >. n,. y, m� (f.'.o� ». in; �lfYas55' i� : . $ o' : w.! ;. ✓v 3�1 -a!!. 3..5..,...5 »9 .xJ:n. p...
lo'i!f.<.n,H'v.YCl3!G. / /P:
. .< T! p i / >;r:9d.
_ <.faSi9 HJ >r.H /f / / >1 4FSi :aar „rp.!�,nv.!H a.: fAy✓:: r!3<4..� n:H�fi ¢:'i'S�'Sc:u�.'f.p..5i?j: pS..�c £ H
62,000.000 (fy.5 �.3.
s55`' qn5, �.< �. ls;$J, r,,, o, 4r> AnS£;! u'.! H.<../. 3.: o�,* I. c.!. y. >.ti'��.'f;:'.a35.:fi,•'SFS> >5;c cys,F. ..s: p:.>.,::;r,'1:, .. <, .�,F,:.sr..!:
;fii: ?> >.ls f. I !y .r.'9/ r'.r'Yn'Ilv:o >:.'¢ ,;y,g5gsi5..:'0'°>s,.� 3 m. F. f 6..£. ! >'S, p'k,.i'f / ".;.f' /:
60,000,000
0
page
Portfolio Investment Allocation
Union MM
3.6
Those acconnls are not part of the'1'reesurers fiord balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account include redemption accounts set rap for the repayment ofinterest and principal on outstanding
bond cautions for Parking Assessment Dislricl'3', as well as Reserve Funds set rap as required by the original Bond moolntion.
Note 2: The reserve Hord 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 Limit
payments on the certificates ofparticipation are due semi- ennnal ly.
Note4: The three foods for the Certificates of Participation 2002 Scries A consist ofconstraction limits which will be expended over the
next few years, reserve Ponds which will guarantee the payment of lease payments, and a third Pond for the disbursement of lease payments
and initial delivery coats.
Note 5: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment Pond for the
life of the COP issue. The COI fund will be closed in September 2010.
Page 3
Town of Los Gatos
Non - Treasury
Restricted Fund Balances
February 29, 2012
Previous
Ending
Balance
Deposits
Interest
Withdrawals
Balance
Non - Treasury Farads:
Downtown Parking Distnet 1220102
$284,127.22
$176.16
$284,303.38
Noel
Certificates of Participation Reserve Food (Lot 4)
254,136.26
0.00
254,136.26
Note
Cert. of Participation Lease Payment Food (Let 4)
105,000.03
42,000.00
0.00
6,000.00
141,000.03
Note3
Curt. of Participation 2002 Series A Reserve Fund
686,251.19
5.85
5.85
686,251.19
Non 4
Cert. Of Participation 2002 Series A Interest Fund
204,720.00
0.47
204,720.47
0.00
Naie4
Cert. of Participation 2002 Series A Consl. Fund
42,451.74
0.00
42,451.74
Nure4
COP 2010 Library Reserve Food
1 277,062.50
0.01
0.01
1,277,062.50
Note 5
COP 2010 Library Lease Fond
313,412.50
)M
313,412.50
0.00
Nom 5
COP 2010 Library ACQ Construction Fund
933,697.58
0.02
754,023.83
179,673.77
No*5
COP 2010 Library COI Fund
0.00
0.00
0.00
Nmc 5
COP 2010 Library Good Faith
0.00
0.00
0.00
Notes
Total Restricted Funds:
$ 4,100,859.02
$42,000.00
$182.51
$ 1,278,162.66
$ 2,864,878.87
Those acconnls are not part of the'1'reesurers fiord balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account include redemption accounts set rap for the repayment ofinterest and principal on outstanding
bond cautions for Parking Assessment Dislricl'3', as well as Reserve Funds set rap as required by the original Bond moolntion.
Note 2: The reserve Hord 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 Limit
payments on the certificates ofparticipation are due semi- ennnal ly.
Note4: The three foods for the Certificates of Participation 2002 Scries A consist ofconstraction limits which will be expended over the
next few years, reserve Ponds which will guarantee the payment of lease payments, and a third Pond for the disbursement of lease payments
and initial delivery coats.
Note 5: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment Pond for the
life of the COP issue. The COI fund will be closed in September 2010.
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
February 29, 2012
Current
Month
83,419.39
8,755.33
- 40,031.45
$52,143.27
Interest by Month
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
$76,277.80
71,574.96
71,242.59
66,191.20
63,343.74
58,810.11
51,797.22
52,143.27
Page 4
$511,380.89
Fiscal
Year to Date
645,323.94
8,755.33
- 142,698.38
$511,380.89
Markel to Cost Position Report
Town of Los Gatos
Amortized
Market
Unrealized 'Source: "Treasury and Agency Obligations - Union Bank of California
Institution
Cost
Value"
Gahr (Loss! LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$44,539,377.58
$44,519,871.70
Inactive
Deposits by Institution
2,158,598.58
2,158,598.58
0.00
Purchased Interest
9,971.19
9,971.19
0.00
LAIF
14,094,938.33
14,094,938.33
Market
to Cost Position Report
$60,802,885.68
$60,783,379.80
- $19,505.88
February 29, 2012
'
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Date
Cost
Date Elapsed
Nfaturi
Invested
M.mri
Earned
Received
Acemcd
FELB
Coupon Note
05/09/07
1,509,255.00
03/09/12
1757
9
1766
4.743%
344,583.63
325,000.00
19,583.63
USTreasury
Note
04/15/10
999,375.00
03/31112
685
31
716
1.054%
19,768.19
14,590.16
5,178.03
FFCB
Coupon Note
04/23/10
1,500,585.OD
04/16/12
677
47
724
1.174%
32,675.67
26,500.00
6,175.67
KELLS
Coupon Note
01/20/12
2,495,375.00
05/10/12
40
71
111
0.609%
1,665.41
1,665.41
FHLB
Coupon Note
11/29/07
2,038,360.00
08/15112
1553
168
1721
4.170%
361,655.88
389,527.78
(27,871.90)
GE
Corporate Note
01116108
1,542,165.00
10/19/12
1505
233
1738
4.587%
291,677.69
295,968.75
(4,291.06)
CE
Corporate Note
07129/10
511,955.00
01/08/13
580
314
894
1.791%
14,570.10
20,183.33
(5,613.23)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
335
396
731
0.801%
14,688.35
7,5DO.00
7,188.35
FHLMC
Coupon Nate
03/25/11
1,016,520.00
04/15113
341
411
752
0.812%
7,711.40
9,027.78
(1,316.38)
NYLife
Corporate Note
07/22211
534,350.00
05109/13
222
435
657
0.791%
2,570.77
6,910.42
(4,339.65)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
324
502
826
1.334%
10,425.84
30,705.12
(20,279.28)
FHLB
Callable Nate
06/27/1)
2,500,000.00
09/27/13
247
576
823
0.699%
11,825.55
8,750.00
3,075.55
FHLMC
Callable Note
01/06112
2,001,000.00
10/18113
54
597
651
0.472%
1,397.30
1,397.30
NY Life
Coupon Note
01/25/12
2,041,000.00
12113/13
35
653
689
0.753%
1,473.71
1,473.71
FIILMC
Callable Note
08/18/11
1,005,560.00
08/15/14
195
898
1093
0.860%
4,620.07
5,162.50
(542.43)
FHLMC
Coupon Note
09/16/11
2,026,080.00
08/20114
166
903
1069
0.527%
4,856.04
8,555.55
(3,699.51)
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
100
996
1096
0.815%
2,227.29
2,227.29
FFCB
Callable Note
12/19/11
2,000,000.00
12/19/14
72
1024
1096
0.750%
2,958.90
2,958.90
FNMA
Callable Note
12129/11
2,000,000.00
12129/14
62
1034
1096
0.900%
3,057.53
3,057.53
FNMA
Callable Note
10/31/11
750,000.00
01126/15
121
1062
1183
LOOD%
2,486.30
1,770.83
715.47
FNMA
Callable Note
10/07111
1,296,875.00
02218/15
145
1085
1230
0.866%
4,461.61
9,097.22
(4,635.61)
FALB
Callable Note
06/15/11
2,007,760.00
06/08/15
259
1195
1454
1.765%
25,145.68
18,020.93
7,124.85
Treasury
Note
08 /16 /11
1,042,812.50
07/31/15
197
1248
1445
0.652%
3,669.67
7,989.13
(4,319.46)
FIB,MC
Callable Note
08/24/11
2,000,000.00
08/24115
189
1272
1461
1.375%
14,239.73
13,750.D0
489.73
FNMA
Callable Note
09109111
2,000,000.00
09/09/15
173
1288
1461
1.000%
9,479.45
9,479.45
Berk Halh
Coupon Note
01/26/12
1,315,137.50
12215/15
34
1385
1419
1.077%
1,319.39
1,319.39
FNMA
Callable Note
01/25/12
2,503,906.25
01125116
35
1426
1461
1.060%
2,545.07
2,545.07
Treasury
FNMA
Note
Callable Note
08116111
12105/11
1,025,390.63
1,000,OOD.00
07/31/16
17205/16
197
86
1614
1741
1811
1827
0.973%
1.000%
5,384.87
2,356.16
6,847.83
(1,462.96)
2,356.16
Subtotal
44,539,377.58
Union MM
2,158,598.58
30
30
0.00%
1.77
1.77
Purchased Interest
9,971.19
LATE
N/A
12131/1)
14,094,938.33
03131/12
60
31
91
0.39%
9,113.52
9,113.52
$60,802,885.68
578
1.06%
$1,214,612.56
$1,205,857.23
$8,755.33
IVIzturity Profile
Amount
Percent
0 -1 year
$26,860,578.10
44.18%
1 -2 years
$10,971,285.70
18.04%
2 -3 years
$10,076,015.00
16.57%
3 -5 years
$12,895,006.88
21.21%
$ 60,802,885.68
100.00%
Markel to Cost Position Report
Amortized
Market
Unrealized 'Source: "Treasury and Agency Obligations - Union Bank of California
Institution
Cost
Value"
Gahr (Loss! LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$44,539,377.58
$44,519,871.70
(19,505.88)
Union MM
2,158,598.58
2,158,598.58
0.00
Purchased Interest
9,971.19
9,971.19
0.00
LAIF
14,094,938.33
14,094,938.33
0.00
Totals:
$60,802,885.68
$60,783,379.80
- $19,505.88
page 5
Town of Los Gatos
Quarterly Investment Report
(Month Ended January 31, 2012)
Prepared by
Linda L. Speicher, Project Manager
05/16/12
Town of Los Gatos
Summary Investment Information
January 31, 2012
Weighted Average Portfolio Yield: 1.06% Weighted Average Maturity (days)
This Month Last Month One year ago
Portfolio Balance $76,729,822 $72,509,092 $69,991,632
Benchmarks/ References:
Town's Average Yield
1.06%
1.12%
1.82%
LAIF Yield for month
0.39%
0.38%
0.54%
3 mo. Treasury
0.04%
0.03%
0.15%
6 me. Treasury
0.07%
0.06%
0.17%
2 yr. Treasury
0.25%
0.24%
0.65%
5 yr. Treasury (most recent)
0.90%
0.88%
2.04%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (12/16/11) 0.63%
2 yr. Freddie Mae (11 /01 /11) 0.39%
607
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
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
Portfolio Maturity Profile
3 -5 years
23% ,
�a. 0 -1 year
44%
t�
may%
2 -3
years��s
1 - 2 years
]8%
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
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
January 31, 2012
Month
Fund Balances - Beginning of Month/Period
$72,509,092.13
Receipts
9,317,589.04
Disbursements
( 5,096,859.61 )
Fund Balances - End of Month/Period
$ 76,729,821.56
Portfolio Allocation
Union MM
$2,069,493.00
US Govt Agencies
44,555,616.83
Local Agency Investment Fund
14,094,938.33
Subtotal - Investments
60,720,048.16
Reconciled Demand Deposit Balances
16 009 773.40
Total Treasurer's Fund
$ 76,729,821.56
YTD
$77,813,659.63
33,836,941.97
(34,920,780.041
$ 76,729,821.56
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Fund Balances
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
60,000,000
page 2
Portfolio Investment Allocation
Union MM
3.4%
o z Q
These accounts are not part ofth. Trcmnrer's fiord balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account include redemption accounts set tip 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 fiord was a requirement of the original certificates of participation agreement when Lot was built. It helps
to 6 armace payment of the lease payments should the Town not make payment.
Note3: The lease payment road receives the lease payments from the'Town monthly for the lease of Lot 4. Itholdsthefindsuntil
paymcnts on the cenificotes of participation etc due snni- annually.
Note 4: -fie the. fiords for the Certificates of Participation 2002 Series A consist of construction finds which will be expended over the
next few years, reserve funds which will guarantee fire payment of lease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Nate S: The 2010 COP Funds are all forth. Library construction, reserves to guarantee loose payments, and a lease payment ford for the
life of 0m COP issue. The COI fiord will be closed in September 2010.
Page 3
Toren of Los Gatos
Non - Treasury
Restricted Fund Balances
January 31, 2012
Previous
Ending
Balance
Deposits
Interest
Withdrawals
Bat nce
Non - Treasury Fonds:
Downtown Parking District 12 120/02
$283,951.17
$176.05
$284,127.22
Note
Certificates of Participation Reserve Fund (Lot 4)
254,136.26
0.00
254,136.26
Note
Cert. of Participation Lease Payment F (Lot 4)
105,000.03
0.00
105,000.03
Note 3
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
5.85
5.85
686,251.19
Nate4
Can. Of Participation 2002 Series A Interest Fund
0.00
204,720.00
0.00
204,720.00
Note 4
Cent. of Participation 2002 Series A Coast. Fund
42,414.17
37.57
42,451.74
Note4
COP 2010 Library Reserve Fund
1,277,062.50
0.01
0.01
1,277,062.50
Notes
COP 2010 Library Leos. Fund
0.00
313,412.50
0.00
313,412.50
Note 5
COP 2010 Library ACQ Construction Fund
1,656,598.11
0.02
722,90055
933,697.58
Notes
COP 2010 Library COI Fond
0.00
0.00
0.00
Notes
COP 2010 Library Good Faith
0.00
0.00
0,00
Note 5
Total Restricted Funds:
$ 4,305,413.43
$ 518,132.50
$219.50
$ 722,906.41
$ 4,100,859.02
These accounts are not part ofth. Trcmnrer's fiord balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account include redemption accounts set tip 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 fiord was a requirement of the original certificates of participation agreement when Lot was built. It helps
to 6 armace payment of the lease payments should the Town not make payment.
Note3: The lease payment road receives the lease payments from the'Town monthly for the lease of Lot 4. Itholdsthefindsuntil
paymcnts on the cenificotes of participation etc due snni- annually.
Note 4: -fie the. fiords for the Certificates of Participation 2002 Series A consist of construction finds which will be expended over the
next few years, reserve funds which will guarantee fire payment of lease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Nate S: The 2010 COP Funds are all forth. Library construction, reserves to guarantee loose payments, and a lease payment ford for the
life of 0m COP issue. The COI fiord will be closed in September 2010.
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
January 31, 2012
Current
Month
107,276.46
40,031.45
- 95,510.69
$51,797.22
Interest by Month
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
$76,277.80
71,574.96
71,242.59
66,191.20
63,343.74
58,810.11
51,797.22
459,237.62
Page 4
Fiscal
Year to Date
561,904.55
40,031.45
- 142,698.38
$459,237.62
page 5
Town or Los Gatos
Inactive
Deposits by Institution
Market to Cost Position Report
January 31, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Date
Cost
Data -
Elapsed
Maturity
Invested
Maturi
Earned
Received
Accrued
FHLB
Coupon Note
05/09/07
1,509,255.00
03/09/12
1728
38
1766
4.743%
338,896.14
325,000.00
13,896.14
USTreasury
Note
D4/15/10
999,375.00
03/31/12
656
60
716
1.054%
18,931.28
14,590.16
4,341.12
FFCB
Coupon Note
04/23/10
1,500,585.00
04/16/12
648
76
724
1.174%
31,275.97
26,500.00
4,775.97
KELLS
Coupon Nate
01120/12
2,495,375.00
05/10/12
11
100
111
0.609%
457.99
457.99
FHLB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1524
197
1721
4.170%
354,902.49
343,277.78
11,624.71
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1476
262
1738
4.587%
286,057.33
295,968.75
(9,911.42)
GE
Corporate Note
07/29110
511,955.00
01/08/13
551
343
894
1.791%
13,841.59
20,183.33
(6,341.74)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
306
425
731
0.801%
13,416.83
7,500.00
5,916.83
FHI,MC
Coupon Note
03/25/11
1,016,520.00
04/15/13
312
440
752
0.812%
7,055.60
9,027.78
(1,972.18)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
193
464
657
0.791%
2,234.94
6,910.42
(4,675.48)
TIAA
Corporate Nate
04/11/11
880,446.95
07/15/13
295
531
826
1.334%
9,492.67
30,705.12
(21,212.45)
FHLB
Callable Note
06/27/11
2,500,000.00
09/27113
218
605
823
0.699%
10,437.12
8,75D.00
1,687.12
FHLMC
Callable Note
01/06/12
2,001,000.00
10/18/13
25
626
651
0.472%
646.90
646.90
NY Life
Coupon Note
01/25/12
2,041,000.00
12/13/13
6
682
688
0.753%
252.64
252.64
FHLlvlC
Callable Note
08/18111
1,005,560.00
08/15/14
166
927
1093
0.860%
3,932.98
3,932.98
FHLMC
Coupon Note
09/16/11
2,026,080.00
08/20/14
137
932
1069
0.527%
4,007.70
4,007.70
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
71
1025
1096
0.815%
1,581.38
1,581.38
FFCB
Callable Note
12/19/11
2,000,000.00
12/19/14
43
1053
1096
0.750%
1,767.12
1,767.12
FNMA
Callable Note
12129/11
2,000,000.00
12/29/14
33
1063
1096
0.900%
1,627.40
1,627.40
FNMA
Callable Note
10/31/11
750,000.00
01/26/15
92
1091
1183
1.000%
1,890.41
1,770.83
119.58
FNMA
Callable Note
10/07/11
1,296,875.00
02118/15
116
1114
1230
0.866%
3,569.28
3,569.28
FHLB
Callable Note
06/15/11
2,007,760.00
06/08/15
230
1224
1454
1.765%
22,330.14
18,020.83
4,309.31
Treasury
Note
08/16/11
1,042,812.50
07/31/15
168
1277
1445
0.652%
3,129.47
7,989.13
(4,859.66)
WILIvIC
Callable Note
08/24/11
2,000,000.00
08/24/15
160
1301
1461
1.375%
12,054.79
12,054.79
FNMA
Callable Note -
09/09/11
2,000,000.00
09/09/15
144
1317
1461
1.000%
7,890.41
7,890.41
Berk Da0,
Coupon Now
01/26/12
1,315,137.50
12/15/15
5
1414
1419
L077%
194.03
194.03
FNMA
Callable Note
01/25/12
2,503,906.25
01/25116
6
1455
1461
1.060%
436.30
436.30
Treasury
Note
08/16/11
1,025,390.63
07/31116
168
1643
1811
0.973%
4,592.18
6,847.83
(2,255.65)
FNMA
Callable Note
12/05/11
1,000,000.00
17/05/16
57
1770
1827
1.000%
1,561.64
1,561.64
Subtotal
44,539,377.58
Union Mlvl
2,069,493.00
30
30
0.00%
1.70
L70
Purchased Interest
16,239.25
LAW
N/A
12131/11
14,094,938.33
03/31/12
31
60
91
0.39%
4,607.00
4,607.00
$60,720,048.16
607
1.06% $1,163,073.41
$1,123,041.96
$40,031.45
Maturity Profile
Amount
Percent
0 -1 year
$26,777,740.58
44.10%
1 -2 years
$10,971,285.70
18.07%
2 -3 years
$8,779,140.00
14.46%
3 -5 years
$14,191,881.88
23.37%
$ 60,720,048_.16
100.00
Market to Cost
Position Report
Amortized
Markel
Unrealized
* Source:
Treasury and Agency Obligations - Union Bank of California
Institution
Cost
Value*
Gain (Loss(
LAIF balances
per Local Agency lnvestmmllFund monthly statement.
Union Bank
Assets
$44,539,377.58
$44,582,462.95
43,085.37
Union MM
2,069,493.00
2,069,49300
0.00
Purchased Interest
16,239.25
16,239.25
0.00
LAW
14,094,938.33
14,094,938.33
0.00
Totals:
$60,720,048.16
$60,763,13353
$43,085.37
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