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04 Staff Report - Treasurer's Reports for Fourth Quarter, 2003tow N of ~OSc~tog DATE: TO: FROM: SUBJECT: MEETING DATE: 01/20/04 ITEM NO. + COUNCIL AGENDA REPORT January 15, 2004 MAYOR AND TOWN COUNCIL LINDA LUBECK, TOWN TREASURER TREASURER'S REPORTS FOR FOURTH QUARTER, 2003 RECOMMENDATION: Accept reports as attached. DISCUSSION: The attached reports overall reflect the normal ups and downs of the Treasurer's funds for the months of October, November and December. As usual, the funds increased due to the receipt of the first few property tax payments. As of December 31, 2003, the total Treasurer's funds were slightly over $48 million. Interest rates and rates of returns on investments in general remained fairly stable, although the average rate of return on the Town's investments continued to slide, due to the maturing of older investments with higher rates of return. However, the Town is still averaging 2.65% on its overall portfolio. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated October 19, 2003 Distribution: Town Council; Town Manager; Finance Director PREPARED BY: Linda L. Lubeck, Town Treasurer Reviewed by: own Manager21-AAssistant Town Manager Town Attorney Clerk/ Finance Community Development Revised: 1/15/04 8:44 am Reformatted: 5/30/02 Meeting date: January 20, 2004 Item No: Distribution: Town of Los Gatos Treasurer's Report for the month ended December 31, 2003 Submitted January 15, 2004 by Linda L. Lubeck L Town Clerk Town Manager Town Council s Town of Los Gatos Summary Investment Information December 31, 2003 Weighted Average Portfolio Yield: 2.65% Weighted Average Maturity (days) 568 This Month Last Month One year aeo Portfolio Balance $48,117,367 $46,504,446 $47,272,128 Benchmarks/ References: Town's Average Yield 2.65% LAIF Yield for month 1.55% 3 mo. Treasury 0.90% 6 mo. Treasury 1.02% 2 yr. Treasury 1.95% 5 vr. Treasury (most recent) 3.38% Prime rate 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac (10/17/03) 2.13% 3 yr. Freddie Mac (11/14/03) 2.88% 3 - 5 years 17% 2.69% 3.47% 1.57% 2.20% 0.94% 1.21% 1.05%0 1.25% 1.94% 1.82% 3.43% 3.03% 4.00% 4.25% Portfolio Maturity Profile 0 = 1 vear 42% 2 - 3 years 20% 1 - 2 years 21% Compliance: The Town's investments are in compliance with the Town's investment policy dated June 24, 2002 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. Town of Los Gatos Portfolio Allocation & Treasuer's Fund Balances December 31, 2003 Fund Balances - Beginning of Month/Period Receipts Disbursements Fund Balances - End of Month/Period Portfolio Allocation: SEI Cash US Govt Agencies Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Locai Agency Investment Fund . 24.5% Month YTD 546,504,446.02 549,655,650.00 4,7287171.60 17,775,205.62 (3,115,250.41) X19,313,488.41) 548,117,367.21 548,117,367.21 186,721.00 33,720,847.69 11,018.936.87 44,926,505.56 3,190,861.65 548,117,367.21 ovt Agencies 75.1% Portfolio Investment Allocation SEI Cash 0.4% i Town of Los Gatos Non-Treasury Restricted Fund Balances December 31, 2003 Previous Balance Deposits 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 Total Restricted Funds Ending Interest Withdrawals Balance 219,340.76 1,270.35 220,611 11 vm. i 295.621.11 107.55 295.728 66 Not, 2 21,792.71 41,965 82 6.90 63.765 43 Note3 3,473,282.43 20,658.94 583,801 15 2,910,140 22 vote 694,359.72 194 1 84 694,35982 Not.4 5.45 0.00 0.00 5 45 0.00 0.00 0 00 0 00 `.t<4 $4,704,402.18 $41,965.82 522,045.68 $583,802.99 S4,1 84,610 69 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 ofconstruction 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 December 31, 2003 Current Month Fiscal Year to Date 151,010.68 812,355.70 290,924.61 290.924.61 (340,603.08) (471,723.72) $101,332.21 $631,556.59 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report December 31, 2003 Inactive Deposits by Institution Deo Institution Security Deposit :Vnortized Maturity Days Days to Days Yield to Interest Interest Interest Date Cost Date Elapsed 'Nfaturi Invested Maturity Earned Received c';rued 919 FFILMC Coupon Note 03/12/01 1,006,380.00 02,113/04 1024 44 1068 5.01"o 141.455.75 127,312.50 14.143 25 908 FHLB Coupon Note 02123/99 1,502,265.00 02/23/04 1772 54 1826 5.40% 393.832.15 366,862.50 26.969 65 910 FBL13 Coupon Note 11/02/99 1,239,062.50 08/13/04 1520 226 1746 6.46% 333,331.58 295,789.93 37.541 65 921 FHLB Coupon Note 09/10/01 2,021,440:00 08/13/04 842 226 1068 4.23% 197,258.32 178,319.44 18,9118 88 923 FNMA Coupon Note 02/25/02 1,998,520.00 03/15/05 674 440 1114 3.90% 143,926.29 120M5.56 23.370 73 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 594 532 1126 4.13% 134,512.06 91.847.22 42,664.84 927 FNMA Coupon Note 08/26/03 1,071,900.00 11/14/05 127 684 811 2.37% 8,838.45 8.83845 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 127 849 976 2.83% 8.808.59 4.06930 4.739 29 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 922 897 1819 5.23% 264,462.96 207.984.30 56.47866 926 FHLB Coupon Note 01/23/03 2,012,400.00 10/22/07 342 1391 1733 3.71% 69,861.16 57.536.11 12.325 0 Sep. Env. Purch. Int. 727.20 SEI Cash 186,721.00 4,257.87 4,139.85 118.02 SEI Investments 17,971,319.37 Various 920 1.82% 169,443.96 163,140.40 6.303 56 SEI Purchased Int. 433.62 Various LAIF- N/A 09/30/03 11,018,936.87 12131/03 92 0 92 1.55% 38.492.59 38.492 59 44,926,505.56 568 2.650% 1,908,481.72 1,617,557.11 290.924 61 Maturity Profile 0-1 year 1-2 years 2-3 years 3-5 years Amount Percent 18,580,446.07 41.36% 9,524,352.93 21.20% 9,079,573.87 20.21% 7,742,132.69 17.23% 44, 926, 505.56 100.00% Market Amortized Market Unrealized Price Cost Value* Gain (Loss) Market to Cost Position Report Den Institution Security 919 FHL;efC Coupon Note 100,469 1,006,380.00 1,004,690.00 (1,690.00) 908 FHLB Coupon Note 100.594 1,502,265.00 1,508,910.00 6,645.00 910 FHLB Coupon Note 103.063 1,239,062.50 1,288,287.50 49,225.00 921 FHLB Coupon Note 102.063 2,021,440.00 2,041,260.00 19,820.00 923 FNVfA Coupon Note 102.938 1,998,520.00 2,058,760.00 60,240.00 924 FHL,,1C Coupon Note 103.813 1,999,340.00 2,076,260.00 76,920.00 927 FNMA Coupon dote 100.125 1,071,900.00 1,081,350.00 9,450.00 928 FNLfA Coupon Note 100.438 895,320.00 903,942.00 8,622.00 920 FNMA Coupon Note 106.969 2,001,740.00 2,139,380.00 137,640.00 926 FHLB Coupon Note 100.000 2,012,400.00 2,000,000.00 (12,400.00) Subtotal 15,748,367.50 16,102,839.50 354,472.00 Sep. Inv. Purch. Int. 727.20 727.20 0.00 SEI 17,971,319.37 17,622,890,55 (348,428.82) SEI Cash 186,721.00 186,721.00 0.00 N A L.-~]F N/A 11,018,936.87 11,018,936.87 0.00 Purchased Int. 4j3.62 433.62 0.00 Totals: 44,926,505.56 44,932,548.74 6,043.18 * Source: Treasury and Agency Obligations - Union Bank of California LAIF balances per Local Agency Investment Fund monthly statement. 41 SEI Investments Account Market to Cost Position Report December 31, 2003 Deposit Amortized :Maturity Days Days to Days Yield to Interest Interest Interest Deg Institution Security Date Cost Date Elapsed Maturit Invested Maturity Earned Received Accrued FHLB Coupon Note 06/26/03 339,946.88 07/16.!04 188 198 386 1.444% 2.528.39 1.656.93 871.46 FFCB Coupon Note 06/27/03 550,000.00 09/27'04 187 271 458 1.000% 2,817.81 1.375.00 1.44'_.81 FHLB Coupon Note 06/30/03 514,715.00 11/15!04 184 320 504 1.208% 3,134.43 6,328.12 (3.193.69) FHLMC Coupon Note .06/25/03 556,316.41 0 1/15/0 5 189 381 570 1.130:% 3,255.14 572.96 2.682.18 FHLMC Coupon Note 06/27/03 660,697.66 02/15/05 187 412 599 1.359% 4,600.14 3,280.84 1,319.30 FHLB Coupon Note 06/26/03 665,362.50 04115!05 188 471 659. 1.064% 3,646.41 3,247.29 399.1_2 FHLB Coupon Note 06/23/03 552,634.50 05/13./05 191 499 690 1.220%. 3,528.08 3,231.25 '_96.83 FHLMC Coupon Note 06/30/03 663,493.36 06/15/05 184 532 716 1.482% 4,956.90 12.271.87 (7.314.97) FHLB Coupon Note 06/24/03 672,743.50 08/15!05 190 593 783 1.335% 4,675.11 2,762.50 1.912.61 FHLB Coupon Note 06/24/03 683,345.00 11115105 190 685 875 1.432% 5,09182 9.228.65 (4,134.83 FHLMC Coupon Note 06/30/03 651,562.50 01/15!06 184 746 930 1.771% 5,817.01 1,312.50 4.504.51 FFCB Coupon Note 06/25/03 666,809.00 03/15/06 189 805 994 1.523% 5,258.60 3,611.11 1,647.49 FHLMC MEN Coupon Note 10/03/03 199,818.00 .03/17103 89 -289 -200 2.3.02% 1,121.60 1.121.60 FHLMC Coupon Note 06/25/03 664,117.19 04115!06 189 836 1025 1.576% 5,419.63 4,717.01 702.62 FNMA Coupon Note 06/27/03 504,090.00 04/28/06 187 849 1036 2.315%. 5,978.71 4,411.46 1,567.25 FHLB Coupon Note 06/24/03 658,677.50 05/15/06 190 866 1056 1.625% 5,571.69 5,409.90 161.79 FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 187 884 1071 2.076% 5.327.86 4.628.47 699 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 184 927 1111 1.872°'. 3,654.89 802.08 2,852.x1 FHLB Coupon Note 06!30/03 400.000.00 09/29/06 184 1003 1187 2.200% 4,436.16 4,040.00 396 16 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 190 1050 1240 1.82504. 6,536.73 10340.00 3.803.27) FFCB Coupon Note 06/25i03 660,954.00 12/19/06 189 1084 1273 1.844% 6,311.04 14.137.50 (7.826.46) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 184 1094 1278 2.225% 4,486.58 4.450.00 36.58 FHLMMC Coupon Note 06/25/03 662.652.00 03/15/07 189 1170 1359 1.946,/o 6,677.24 6.500.00 177,24 FNMA Coupon Note 06/30/03 333,597.66 04/15/07 184 1201 1385 2.150% 3,615.65 4,593.75 (978.1(j) FHLtifCMTN Coupon Note 06,'27/03 402,556.00 05/29/07 187 1245 1432 2.808% 5,791.25 5.033.33 757' 2 FNMA Coupon Note 0630!03 375,219.60 07/15/07 184 1292 1476 2.359% 4,462.09 619.79 3.842.3(1 FHLB Coupon Note 0624/03 672;825.60 11/15/07 190 1415 1605 2.257% 7,904.87 8.773.33 18(!x.461 F\1MA Coupon Note 06,24/03 299,475.00 12/24/07 190 1454 1644 2.528% 3.940.93 3.7.""().00 lam 1)3 F\NfA Coupon Note 06/27/03 649;785.94 011/15/08 187 1476 1663 2.492% . 8,295.97 1.023.50 7.2'2 47 FHLMC Coupon Note 06/26103 657,396.09 03/15/08 188 1536 1724 2.2941.o 7,767.58. 3.892.33 3.875 2_ FHLB Coupon Note 06!30/03 286,162.50 04/15/08 184 1567 1751 2.633% 3.798.29 4.287.50 ;48921 FHLB Coupon Note 06/26/03 661.764.30 05/13/08 188 1595 1783 2.507% 8,545.21 13.112.61 (4.567.4O FHLMC MTN Coupon Note • 06/30/03 228,298.00 06/13/08 184 1626 1810 2.894% 3.330.62 1863.82 466.80 FHL\fC Coupon Note 06/24/03 500,000.00 06/18/08 190 1631 1821 2.750%. 7,157.53 6.875.00 282.:3 17,971,319.37 920 1.823% 169.443.96 163.140.40 6.3 ii3.56 Cash 186,721.00 4,257.87 4.1.9.85 118.1,2 Purchased Interest 433.62 173.701.83 167.280.25 s (2.421 Meeting date: January 20, 2004 Item No: Town of Los Gatos Treasurer's Report for the month ended November 30, 2003 Submitted January 12, 2004 by /r Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information November 30, 2003 Weighted Average Portfolio Yield: 2.69% Weighted Average Maturity (days) 619 This Month Last Month One vear ago Portfolio Balance $46,504,446 $47,238,361 $44,977,689 Benchmarks/ References: Town's Average Yield 2.69% LAIF Yield for month 1.57% 3 mo. Treasury 0.94% 6 mo. Treasury 1.05% 2 yr. Treasury 1.94% 5 yr. Treasury (most recent) 3.43% Prime rate 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac (10/17/03) 2.13% 3 yr. Freddie Mac (11/14/03) 2.88% 3 - 5 years I A-o 2.70% 3.52% 1.60% 2.30% 0.96% 1.58% 1.04% 1.55% 1.74% 2.14% 3.14% 3.35% 4.00% 4.25% Portfolio Maturity Profile - I year 40°o 2 - 3 years 18°0 1 - 2 years 22% Compliance: The Town's investments are in compliance with the Town's investment policy dated June 24, 2002 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. Town of Los Gatos Portfolio Allocation & Tressuer's Fund Balances November 30, 2003 Month YTD Fund Balances - Beginning of Month/?eriod $47238,360.62 $49,655,650.00 Receipts 3,333.00350 13,047,034.02 Disbursements (4,066,918.10) (16,198,238.00) Fund Balances - End of Month/Period 546,504,446.02 546.504,446.02 Portfolio Allocation: i SEI Cash 129,257.72 US Govt Agencies 33,723,573.10 Local Agency Investment Fund 9,518,936.87 Subtotal - Investments 43,371,767.69 Reconciled Demand Deposit Balances 3,132,678.33 Total Treasurer's Fund $46,504,446.02 Local Agency Investment Fund 21.9" Portfolio Investment Allocation SEI Cash 0.3% US Govt Agencies 77.8% Treasurer's Fund Balances a Town of Los Gatos Non-Treasury Restricted Fund Balances November 30, 2003 Previous Balance Deposits 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 Total Restricted Funds Ending Interest Withdrawals Balance 218,035. 87 1,304. 89 219,340 76 Note t 295,51 1. 34 109. 77 295.621 11 Note 2 809 62 20,982.91 0 18 21.792 71 Note 3 4,396,198. 49 0 27 922,916 33 3.473.282 43 Note 4 680,140. 97 14,218. 75 0 00 694,359 72 Note 4 5 45 0 00 0.00 545 0. 00 0. 00 0 00 0 00 Note 4 $5,590,701.74 520,982.91 $15,633.86 $922,916.33 $4,704,40218 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 Town of Los Gatos Statement of Interest Earned November 30, 2003 Current Fiscal Month Year to Date j Interest received from Investments 62,751.79 661,345.02 Add: Interest accrued at end of period (see page 5) 340,603.08 340,603.08 Less: Interest accrued at beginning of period (305,919.09) (471,723.72) Interest earned on investments •$97,435.78 $530,224.38 Page 4 0 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report November 30, 2003 Inactive Deposits by Institution Dep Institution Security Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Date Cost Date Elapsed Maturi ty Invested Maturity Earned Received Accrued 919 FHLMC Coupon Note 03/12/01 1,006,380.00 02/13/04 993 75 1068 5.01% 137,173.40 127,312.50 9,860 90 908 FHLB Coupon Note 02/23/99 1,502,265.00 02/23/04 1741 85 1826 5.40% 386,942.31 366,862.50 20,079.51 910 FHLB Coupon Note 11/02'99 1,239,062.50 08/13/04 1489 257 1746 6.46% 326,533.37 295,789.93 311.74344 921 FHLB Coupon Note 09/10/01 2,021,440.00 08/13/04 811 257 1068 4.23% 189,995.84 178,319.44 11,676 40 923 FNMA Coupon Note 02/25/02 1,998,520.00 03/15/05 643 471 1114 3.90% 137,306.54 120,555.56 16,750 98 924 FHLMC Coupon Note 05/16i02 1,999,340.00 06/15/05 563 563 1126 4.13% 127,492.07 49,347.22 78,144.85 927 FNMA Coupon Note 08/26/03 1,071,900.00 11/14/05 96 715 811 2.37% 6,681.03 6.681.03 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 96 880 976 2.83% 6,658.46 4,069.30 2.589 16 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 891 928 1819 5.23% 255,571.04 155,484.30 100,08674 926 FHLB Coupon Note 01/23/03 2,012,400.00 10/22'07 311 1422 1733 3.71% 63,528.71 57,536.11 5,992.00 Sep. Inv. Porch. Int. 727.20 SEI Cash 129,257.72 4,139.85 4,075.57 64.28 SEI Investments 17,971,319.37 Various 951 1.82% 141,223.20 108,466.81 32.756 39 SEI Purchased hit. 3,159.03 Various LAIF' N/A 09/30/03 9,518,936.87 12'31/03 61 31 92 1.57% 25,176.51 25.176.51 43,371,767.69 619 2.69% 1,808,422.32 1,467,819.24 340,603 08 Maturity Profile 0-1 year 1-2 years 2-3 years 3-5 years Amount Percent 17,025,708.20 39.26% 9,524,352.93 21.96% 8,018,619.87 18.49°.,0 8.803.086.69 20.30% 33,371,767.69 100.00% Market Amortized Market Unrealized Price Cost Value* Gain (Loss) Market to Cost Position Report Deo Institution Security 919 FHLNfC Coupon Note 100.813 L006,380.00 1,008,130.00 1.750.00 908 FHLB Coupon Note 101.000 1,502,265.00 1,515,000.00 12,735.00 910 FHLB Coupon Note 103.438 1,239,062.50 1,292,975.00 53,912.50 921 FHLB Coupon dote 1112.313 2,021,440.00 2,046,260.00 24,820.00 923 FI\NIA Coupon Note 102.844 1,998,520.00 2,056,880.00 58,360.00 924 FHLMC Coupon Note 103.563 1.999,340.00 2,071.260.00 71.920.00 927 FN,,JA Coupon Note 99.844 1,071,900.00 1,078,315.20 6,415.20 928 FNMA Coupon Note 100.344 895,320.00 903,096.00 7.776.00 920 FNMA Coupon Note 106.688 2,001,740.00 2,133,760.00 132,020.00 926 FHLB Coupon Note 100.344 2,012,400.00 2,006,880.00 (5,520.00) Subtotal 15,748,367.50 16,112,556.20 364,188.70 Sep. Inv. Porch. Int. 727.20 727.20 0.00 SEI 17,971,319.37 17.536,370.50 (434,948.87) SEI Cash 129,257.72 129,257.72 0.00 N, 'A LAIF N/A 9,518,936.87 9,518,936.87 0.00 Purchased Int. 3,159.03 3,159.03 0.00 Totals: 43,371,767.69 43,301,007.52 (70,760.17) * Source: Treasury and Agency Obligations - Union Bank of California LAIF balances per Local Agency Investment Fund monthly statement. SEI Investments Account !Market to Cost Position Report November 30, 2003 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Dep Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued FHLB Coupon Note 06/26/03 339,946.88 07/16/04 157 229 386 1.444:'0 2,111.47 2,111 47 FFCB Coupon Note 06/27/03 550,000.00 09/27/04 156 302 458 1.000% 2,350.68 1,375.00 975,618 FHLB Coupon Note 06/30/03 514,715.00 11/15/04 153 351 504 1.208% 1606.35 6,328.12 (3,721.77) FHLMC Coupon Note 06/25/03 556,316.41 01/15/05 158 412 570 1.130% 2,721.23 572.96 2,148.27 FHLMC Coupon Note 06/27/03 660,697.66 02/15/05 156 443 599 1.359% 3,837.55 3,280.84 556.71 FHLB Coupon Note 06/26/03 6657362.50 04/15/05 157 502 659 1.064% 3,045.14 3,247.29 (202.15) FHLB Coupon Note 06/23/03 552,634.50 05/13/05 160 530 690 1.220% 2,955.46 3.231.25 (275.79) FHLMC Coupon Note 06/30/03 663,493.36 06/15/05 153 563 716 1.482% 4,121.77 4,121.77 FHLB Coupon Note 06/24103 672,743.50 08115/05 159 624 783 1.335% 3,912.33 2,762.50 1.14983 FHLB Coupon Note 06/24/03 683,34500 11/15/05 159 716 875 1.432% 4;262.72, 9.228.65 (4,965.931 FHLMC Coupon Note 06/30/03 651.562.50 01/15/06 153 777 930 1.771% 4,836.97 1,312.50 3.524.47 FFCB Coupon Note 06/25/03 666.809.00 03/15/06 158 836 994 1.523% 4,396.08 3,611.11 784.97 FHLMC MTN Coupon Note 10/03/03 199,818.00 03/17/03 58 -258 -200 2.302% 730.93 730.93 FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 158 867 1025 1.576% 4,530.70 4,717.01 (186.31) FNMA Coupon Note 06/27/03 504,090.00 04/28/06 156 880 1036 2.315% 4,987.59 4_.411.46 576.13 FHLB Coupon Note 06/24/03 658,677.50 05/15/06 159 897 1056 1.625% 4,662.62 5,409.90 (747.28) FHLMC Coupon Note 06/27/03 500,930.00 06/02i06 156 915 1071 2076% 4,444.64 4.444.64 FHLMC Coupon Note 06/30./03 387,296.88 07/15/06 153 958 1111 1.872% 3,039.12 802.08 2.232x4 F LB Coupon Note 06/30/03 400,000.00 09/29/06 153 1034 1187 2.200% 3.688.77 3.688.17 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 159 1081 1240 1.825% 5,470.21 10.340.00 4.869.79) FFCB Coupon Note 06i25/03 660,954.00 12/19/06 158 1115 1273 1.844% 5,275.90 5?75.y0 FHLB Coupon Note 06/30/03 400,000.00 1229/06 153 1125 1278 2.225% 3,730.68 3,730 68 FHLMC Coupon Note 06/25;03 662,652.00 03/15/07 158 1201 1359 1.946%" 5,582.04 6.500.00 (917.96) FNb4A Coupon Note 06/30/03 333,597.66 04/15/07 153 1232 1385 2.150% 3,006.49 4.593.75 (1.587.26) FHLMCMTN Coupon Note 06/27,03 402,556.00 05/29/07 156 1276 1432 2.808% 4.831.20 5.033.33 (202 13') FNMA Coupon Note 06./30/03 375.219.60 07/15/07 153 1323 1476 2.359% 3.710.33 619.79 3,09054 FHLB Coupon Note 06/24/03 672,825.60 11/15/07 159 1446 1605 2.257% 6,615.13 8.773.33 (2.158.20) FNMA Coupon Note 06124,03 299.475.00 12/24/07 159 1485 1644 2.528% 3.297.93 3,297 93 FNMA Coupon Note 0627/03 649.785.94 01/15/08 156 1507 1663 2.492% 6.920.70 1.023:50 5.89720 FHLNIC Coupon Note 06/26,03 657396.09 03/15/08 157 1567 1724 2.294;0 6.486.75 3.892.33 2594.42 FHLB Coupon Note 06/30!03 286,162.50 04/15/08 153 1598 1751 2.633% 3.158.36 4.28750 (1.129.14) FHLB Coupon Note 062603 661,764.30 05.113/08 157 1626 1783 2.507% 7,136.16 13.112.61 5976.45 FHLMC MTN Coupon Note 06/30/03 228,298.00 06/131/08 153 1657 1810 2.894% 2,769.49 _J69.49 FHLLIC Coupon Note 06/24/03 500,000.00 06i 18/08 159 1662 1821 2.750% 5,989.73 5.89 73 17,971,319.37 951 1.823% 141,223.20 108,466.81 3275639 Cash 129,257.72 4,139.85 4,07557 64.28 Purchased Interest 3,159.03 145.363.05 112,542.38 28'_x 67 18,103.736.12 Meeting date: January 20, 2004 Item No: ' Town of Los Gatos Treasurer's Report for the month ended October 31, 2003 Submitted January12, 2004 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council s Town of Los Gatos Summary Investment Information October 31, 2003 Weighted Average Portfolio Yield: 2.70% Weighted Average Maturity (days) 649 This Month Last Month One year ago Portfolio Balance $47,238,361 $47,662,302 $45,652,176 Benchmarks/ References: Town's Average Yield 2.70% 2.72% 3.75% LAIF Yield for month 1.60% 1.64% 2.49% 3 mo. Treasury 0.96% 0.95% 1.58% 6 mo. Treasury 1.04% 1.03% 1.55% 2 yr. Treasury 1.74% 1.70% 2.14% 5 yr. Treasury (most recent) 3.14% 3.23% 3.35% Prime rate 4.00% 4.00% 4.75% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac (10/17/03) 2.13% 3 yr. Fannie Mae (10/24/03) 2.71% Portfolio Maturity Profile 3 - 5 yeas - 1 year 3806 2-3ve 2100 I - 2 years 19°'0 Compliance: The Town's investments are in compliance with the Town's investment policy dated June 24, 2002 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. Town of Los Gatos Portfolio Allocation & Treasuer's Fund Balances October 31, 2003 Month YTD Fund Balances - Beginning of MontlvPeriod 547,662,301.68 549,655,650.00 Receipts 2.523,362.89 9,714,030.52 Disbursements (2,947,303.95) (12,131,319.90) Fund Balances - End of Month/Period I 547,238,360.62 S47238.360.62 Portfolio Allocation: SEI Cash 49,713.61 US Govt Agencies 33,741,607.01 Local Agency Investment Fund 9,518,936.87 Subtotal - Investments 437310,257.49 Reconciled Demand Deposit Balances 3,928,103.13 Total Treasurers Fund 547,238,360.62 Portfolio Investme nt Allocation SEI Cash Local Agency Investment Fund 0.1% Treasurer's Fund Balances i i e Town of Los Gatos Non-Treasury Restricted Fund Balances October 31, 2003 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 12/20/02 216,780.35 1,255.52 218,035 87 Vo t t Certificates of Participation Reserve Fund (Lot 4) 295,403.31 108.03 295,511 34 Vote z Cert. of Participation Lease Payment Fund (Lot 4) 309.59 499 92 0.11 809 62 `tou 3 Cert. of Participation 2002 Series A Const. Fund 4,396,19836 0.19 0 06 4,396.198 49 Notc 4 Cert. of Participation 2002 Series A Reserve Fund 680,140.97 0 00 0 00 680,140 97 Nine 4 Cert. Of Participation 2002 Series A Interest Fund 5.45 0 00 0 00 5 45 Cert. Of Participation 2002 Series A COI Fund _ 0.00 0.00 0.00 0 00 `lore 4 Total Restricted Funds: $5,588,838.03 $49992 $1,363.85 $0.06 $5,590,701 74 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 October 31, 2003 Current Month 104,051.25 305,919.09 (309,201.04) $100,769.30 Page 4 Fiscal 598,593.23 305,919.09 (471,723.72) $432,788.60 e Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report October 31, 2003 Inactive Deposits by Institution Den Institution Security 919 FHLMC Coupon Note 908 FHLB Coupon Note 910 FHLB Coupon Note 921 FHLB Coupon Note 923 FNIvIA Coupon Note 924 FHLMC Coupon Note 927 FNMA Coupon Note 928 FNMA Coupon Note 920 FNMA Coupon Note 926 FHLB Coupon Note Sep. Inv. Purch. Int. SEI Cash SEI Investments SEI Purchased Int. LAIF N/A Deposit Amortized Date cost 03/11'01 07/23/99 11/02/99 09/10/01 02/25/02 05/16/02 08/26/03 08/26/03 06i22/01 01/23/03 09/30/03 1,006,380.00 1,502,265.00 1,239,062.50 2,021,440.00 1,998,520.00 1,999,340.00 1,071,900.00 895,320.00 2,001,740.00 2,012,400.00 727.20 49.713.61 17,971,319.37 21,192.94 9,518,936.87 tifaturity Days Days to Days Yield to Interest Interest Interest Date Elapsed Maturity Invested %faturity Earned Received Accrued 01'13/04 963 105 1068 5.01% 133,029.18 127,312.50 5.716 fib 02/23/04 1711 115 1826 5.40% 380.274.72 366,862.511 13.412.22 08/13/04 1459 287 1746 6.46% 319.954.45 295,789.93 24.164 52 08/13/04 781 287 1068 4.23% 182,967.64 178,319.44 4,648 20 03/15/05 613 501 1114 3.90% 130,900.32 120,555.56 10.3 44 76 06/1 5iO5 533 593 1126 4.13% 120,698.53 49,347.22 71.351 31 11/14/05 66 745 811 2.37% 4,593.21 4,59+ 21 04/28/06 66 910 976 2.83% 4,577.69 4,069.30 508 39 06,15/06 861 958 1819 5.23% 246,965.95 155.484.30 91.48165 10/22/07 281 1452 1733 3.71% 57,400.54 57.536.11 t 135 57) 4,075.57 4,022.56 5 0I Various 981 1.82% 113,912.80 47,009.62 66,91)3 l8 Various 113103 31 61 92 1.60% 12,877.52 12.877 52 43,310,257.49 649 2.70% 1,712,228.13 1,406,309.04 305.919119 Maturity Profile Amount Percent 0-1 year 16,449,483.00 37.98% 1-2 years 8,283,822.93 19.13% 2-3 vears 9,085,788.07 20.98% 3-5 years 9,491,163.49 21.91% 43,310,257.49 100.00% Market to Cost Position Report Market Amortized Market Unrealized DDe Institution Security Price Cost Value* Gain (Loss) 919 FHLtifC Coupon Note 101.500 1.006,380.00 1,015,000.00 8,620.00 908 FHLB Coupon Note 101.688 1.502,265.00 1,525,320.00 23,055.00 910 FHLB Coupon Note 104.281 1.239.062.50 1,303,512.50 64,450.00 921 FHLB Coupon Note 102.906 2.021,440.00 2,058,120.00 36,680.00 923 F\,% 1A Coupon Note 103.656 1.998,520.00 2,073,120.00 74,600.00 924 FHLti[C Coupon Note 104.656 1.999,340.00 2,093,120.00 93,780.00 927 FN-,\, [A Coupon Note 100.313 1,071,900.00 1,083,380.40 11,480.40 928 FN vfA Coupon Note 100.781 895,320.00 907,029.00 11,709.00 920 F,'%IA Coupon Note 108.469 2,001,740.00 2,169,38000 167.640.00 926 FHLB Coupon Note 100.156 2,012,400.00 2.003,120.00 (9,280.00) Subtotal 15,748,367.50 16,231,101.90 482,734.40 Sep. Inv. Purch. Int. 727.20 727.20 0.00 SEI 17,971,319.37 17,560.618.80 (410,700.57) SEI Cash 49,713.61 49,713.61 0.00 NA LAIF N A 9,518,936.87 9.518,936.87 0.00 Purchased Int. 21,192.94 21,192.94 0.00 Totals: 43,310,257.49 43,382,291.32 72,033.83 * Source: Treasury and Agency Obligations - Union Bank of California LAIF• balances per Local Agency Investment Fund monthly statement. 0 SEI Investments Account Market to Cost Position Report October 31, 2003 Deposit -vnortized Maturity Days Days to Days Yield to Interest interest Interest Den Institution Securi Date' Cost Date Elapsed Maturity Invested Maturity Earned Received Ac:rucd FHLB Coupon Note 06/26/03 339,946.88 07/16/04 127 259 386 1.444%0 1.708.00 1.708.00 FFCB Coupon Note 06/27/03 550,000.00 09;27/04 126 332 458 1.000% 1.898.63 1.375.00 523.6: FHLB Coupon Note 06/30/03 514,71500 11/15/04 123 381 504 1.208% 2,095.30 1095.30 FHLMC Coupon Note 06i25/03 556,316.41 01115105 128 442 570 1.130% 2,204.54 572.96 1.631.58 FHLMC Coupon Note 06/27/03 660,697.66 02/15i05 126 473 599 1.359% 3.099.56 3.280.84 181.28) FHLB Coupon Note 06i26i03 665,362.50 04/15/05 127 532 659 1.064% 2,463.26 3.247.29 17x4 031 FHLB Coupon Note 06/23/03 552,634.50 05/13/05 130 560 690 1.220% 2,401.31 2,401.31 FHLMC Coupon Note' 06/30/03 663,493.36 06/15/05 123 593 716 1.482% 3.313.58 3.313.58 FHLB Coupon Note 06;24/03 672,743.50 08/1505 129 654 783 1.335% 3,174.15 2.762.50 411.6: FHLB Coupon Note 06/24;03 683,345.00 1015/05 129 746 875 1.432% 3,458.44 3.458.44 FHLMC Coupon Note. 06/30/03 651,562.50 01/15106 123 807 930 1.771% 3,888.54 1,312.50 2,576.04 FFCB Coupon Note 06/25/03 666,809.00 03i15106 128 866 994 1.523% 3.561.38 3,611.11 (49.73) FHLMCMTN Coupon Note 10/03/03 199,818.00 03/17/03 28 -228 -200 2.302% 352.86 352.86 FHLMC Coupon Note 06/25103 664,117.19 04/15/06 128 897 1025 1.576% 3,670.44 4,717.01 (1J046.57 FNMA Coupon Note 06/27;03 504.090.00 114/28/06 126 910 1036 2.31540 4,028.44 4,411.46 383.021, FHLB Coupon Note 116;24/03 658,677.50 05115/06 129 927 1056 1.6250.0 3,782.88 3.782.x8 FHLMC Coupon Note 06/27103 500,930.00 06/02'06 126 945 1071 2.076% 3.589.90 3.589.<>0 FHLhfC Coupon Note 06/30/03 387,29.6.88 07/15/06 123 988 1111 1.8721/. 2;443.22 802.108 1.641 14 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 123 1064 1187 2.200% 2.965.48 2.9(/5.48 FHLB Coupon Note 061'24/03 688,076.80 11/15/06 129 1111 1240 1.825% 41438.10 4.138.10 FFCB Coupon Note 06/25/03 660,954.00 12/19/06 128 1145 1273 1.844% 47274.15 4.271.1? FHLB Coupon Note 06/30/03 400,000.00 1229/06 123 1155 1278 1225% 2,999.18 2999 1ti FHLMC Coupon Note 06;25/03 662,652.00 03/15/07 128 1231 1359 1.946% 4.522.16 6.500.011 (1.1)77.841 F\NfA Coupon Note 06/30:03 333,597.66 04/15/07 123 1262 1385 2.150% 2,416.98 4.593.75 12.17(,,77) FHL%fC MTN Coupon Note 06127%03 402,556.00 05/'29/07 126 1306 1432 2.808% 3.902.12 3.902. 12 F'.NiMA Coupon Note 06/30/03 375,219.60 07/ 15/07 123 1353 1476 2.3 2982.81 619.79 '.36 n 2 FHLB Coupon Note 06/24/03 672,825.60 11%15/07 129 1476 1605 2.2570-o 53,66.99 3 >6 1) 1) FN``fA Coupon Note 06/24/03 299,475.00 12/24/07 129 1515 1644 2.528% 2,675.68 2.,75./x FNMA Coupon Note 06;27/03 649,785.94 01/15/08 126 1537 1663 2.492% 5,589.80 1.023.50 4.f 66,3i) FHLMC Coupon Vote 06/26/03 657,39609 03/15/08 127 1597 1724 2.294°.o 5,247.25 3.89233 1.3541)2 FHLB Coupon Note 06/30-:0 3 286,162.50 04/15/08 123 1628 1751 2.633% 2,539.08 4.287511 (1.74,X.42) FHLB Coupon Note 06/26 03 661,764.30 05/13/08 127 1656 1783 2.50790 5,772.56 :.772.5(, FHL%fC ~1TN Coupon Note 06!30/03 228.298.00 06/13/08 123 1687 1810 2.894% 2.226.45 _"6.45 FHLNfC Coupon Note 06/24/03 500,000.00 06/18/08 129 1692 1821 2.75000 4.859.59, =x5'15' 17,971,319.37 981 1.823% 113.912.80 47.009.62 3 Ix Cash 49,713.61 4,07557 4,)22.56 ! Purchased Interest 21,192.94 117,988.37 51.032.18 66. 15 1'1 18,042,225.92