02 Addendum - Investment Report
PREPARED BY: Stephen Conway
Finance Director
Reviewed by: Town Manager, Assistant Town Manager, and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● 406-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 11/17/2020
ITEM NO: 2
ADDENDUM
DATE: November 13, 2020
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Receive the First Quarter Investment Report (July through September 2020)
for Fiscal Year 2020/21.
REMARKS:
Attachment 2 contains public comment received after publishing the Staff Report and before
11:01 AM Friday, November 13, 2020.
Attachment previously distributed with the Staff Report:
1. First Quarter Investment Report for FY 2020/21 (July through September 2020)
Attachment distributed with this Addendum:
2. Public comment received after distributing the staff report and before 11:01 AM. Friday
November 13, 2020.
Subject: Agenda #2 Item
-----Original Message-----
From: Phil Koen <pkoen@monteropartners.com>
Sent: Friday, November 13, 2020 9:05 AM
To: Rob Rennie <RRennie@losgatosca.gov>; Marico Sayoc <MSayoc@losgatosca.gov>; BSpector
<BSpector@losgatosca.gov>; Marcia Jensen <MJensen@losgatosca.gov>
Cc: Laurel Prevetti <LPrevetti@losgatosca.gov>; Stephen Conway <sconway@losgatosca.gov>; Matthew Hudes
>; Maria Ristow >; mar
Subject: Agenda #2 Item
Dear Council Members,
In comparing the Ql FY 21 investment report to the same report prior year, total cash receipts have increased $4.Sm or
61% and total disbursements have also increased $6.9m or 40% year over year.
These are material changes and the report does not discuss the reason for these changes. I am aware that part of the
increase in cash disbursements was caused by the second ADP being made to CALPERS in July. But that does not explain
all of the increase.
One other point that the Council may find interesting, in comparing Ql FY 21 to Ql FY 19 investment reports, receipts
are up $5.lm or 235% and disbursements have increased $19.9m or 425%. Again there is no explanation given for these
changes.
Would it be possible for Staff to disclose what drove the increase in cash receipts and cash disbursements so the Council
and residents can have more transparency and a better understanding of the report?
Thank you.
Phil Koen
1
ATTACHMENT 2