04 Staff Report - Treasurer's Reports for January 2004
DATE: COUNCIL AGENDA REPORT March 10, 2004 MEETING DATE: 03/15/04 ITEM NO. 'f TO: FROM: SUBJECT: LINDA LUBECK, TOWN TREASURER TREASURER'S
REPORTS FOR JANUARY, 2004 RECOMMENDAnON: Accept report as at!ached. DISCUSSION: The good news and the bad news both are that interest rates are remaining fairly flat. Its an election
year, so I don't expect much to happen until later in the year, if at all. The Town's overall yield declined slightly as we approached the maturity dates ofsome ofthe older, higher yield
investments. The SEI portfolio is averaging a yield of 1.823% compared to the LAIF yield of 1.528%. ENVIRONMENTAL ASSESSMENT: Isnot a project defined under CEQA, and no further action
is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated March 10,2004 .Distribution: Town Council; Town Manager; Finance Director PREPARED BY' Linda L. Lubeck, Town Treasurer
ef2tl....... Reviewed by: own .VS'S Assistant Town Manager .own Attorney Attorney __Community Development Revised: 3110/04 7:14 pm Reformatted:
5130102
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Distribution: To\Vl1 Clerk To\Vl1 Manager Town Council Town of Los Gatos Treasurer's Report for the month ended January 31, 2004 Subm;tted 10, 2004 t><:" Linda L. Lubeck
Meeting date: March 15,2004 Item No:
Town orLos Gatos Inactive Deposits by Institution Market to Cost Position Report January 3 1,2004 Inactive Deposits by Institution 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 919 FHLMC Coupon Note 03/12/01 1,006,380.00 02/13/04
1055 13 1068 5.01% 145,738.10 127,312.50 18,425.60 908 FHLB Coupon Note 02123/99 1,502,265.00 02123/04 1803 23 1826 5.40% 400,721.99 366,862.50 33,859.49 910 FHLB Coupon Note 11/02/99
1,239,062.50 08/13/0'4 ISS 1 195 1746 6.46% 340,129.79 295,789.93 44,33986 921 FHLB Coupon Note 09/10/01 2,021,440.00 08/13/04 873 195 1068 4.23% 204,520.80 178,319.44 26,201 36 923
FNMA Coupon Note 02/25/02 1,998,520.00 03/15/05 70S 409 1114 3.90% 150,546.05 120,555.56 29,990.49 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 625 501 1126 4.13% 141,532.05
91,847.22 49,684.83 927 FNMA Coupon Note 08/26/03 1,071,900.00 11/14/05 158 653 811 2.37% 10,995.87 10,995.87 928FNMA Coupon Note 08/26/03 895,320.00 04/28/06 158 818 976 2.83% 10,958.72
4,069.30 6,889.42 920FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 953 866 1819 5.23% 273,354.88 207,984.30 65,370.58 Union Bank -Government Highmark Fds 2,019,253.06 Scp. Inv. Purch..
Int 727.20 SEICash 235,045.27 4,411.46 4,257.87 153.59 SEI Investments 17,971,319.37 Various 890 1.82% 197,664.71 163,140.40 34,524.31 SEI Purchased Int. 433.62 Various LAIF N/A 12/31/03
11,057,214.83 0313 1/04 31 60 91 1.53% 14,325.50 14,325.50 45,019,960.85 498 2.48% 1,894,899.91 1,560,139.02 334,760.89 Maturity Prolile Amount Percent 0-1 year 21,242,617.77 47.18%
1-2 years 9,619,599.02 21.37% 2-3 years 8,428,011.37 18.72% 3-5 years 5,729.732.69 12.73% 45,019,960.85 100.00% Market to Cost Position Report Market Amortized Market Unrealized Dep
Institution Security Price Value· Gain !Loss) 919 FHLMC Coupon Note 908 FHLB Coupon Note 910 FHLB Coupon Note 921 FHLB Coupon Note 923 FNMA Coupon Note 924 FHLMC Coupon Note 927 FNMA
Coupon Note 928 FNMA Coupon Note 920 FNMA Coupon Note o . Government Highrnark Fds Subtotal Sep. Inv. Purch. Int SEI SEI Cash WALAIF N/A Purchased Int. Totals: 100.125 100.250 102.688
101.844 102.844 103.719 100.031 100.313 106.906 100.000 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 2,019,253.06
15,755,220.56 727.20 17,971,319.37 235,045.27 11,057,214.83 433.62 45,019,960.85 1,001,250.00 1,503,750.00 1,283,600.00 2,036,880.00 2,056,880.00 2,074,380.00 1,080,334.80 902,817.00
2,138,120.00 2,019,253.06 16,097,264.86 727.20 17,633,461.75 235,045.27 11,057,214.83 433.62 45,024,147.53 (5,130.00) 1,485.00 44,537.50 15,440.00 58,360.00 75,040.00 8,434.80 7,497.00
136,380.00 0.00 342,044.30 0.00 (337,857.62) 0.00 0.00 0.00 4,186.68 • Source: Treasury and Agency Obligations· Union Bank of California LAIF balances per Local Agency Investment Fund
monthly statement.
Town of Los Gatos Summary Investment Information January 31, 2004 eighted Average Portfolio Yield: 2.48% Weighted Average Maturity (days) 498 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 $48,855,006 2.48% 1.53% 0.91% 0.98% 1.93% 3.26%
4.00% Last Month $48,117,367 2.65% 155% 0.90% 1.02% 1.95% 3.38% 4.00% One year ago $47,688,862 3.35% 2.10% 1.16% 1.18% 1.71% 3.03% 4.25% Most recent auctions of Freddie Mac or Fannie
Mae Reference Notes: 2 yr. Fannie Mae (12/17/03) 2.05% 3 yr. Freddie Mac (01/16/04) 2.38% : 3 -5 years 13% Portfolio Maturity ProiIle 2 -3 years 19% 1 -2 years 21% O'-1 year 47% 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 ofthe 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 Non-Treasury Restricted Fund Balances January 31, 2004 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: 220,611.11 295,728.66 63,765.43 2,910,140.22 694,359.82 5.45 0.00 $4,184,610.69 20,982.91
233,223.30 $254,206.21 Ending interest Withdrawals Balance 1,32030 221,931.41 Note 1 111.64 295,840.30 Note 2 13.25 84,761.59 NoteJ 1804 17.75 2,910,140.51 Note 4 4.60 4.38 694,360.04
Note4 0.00 0,00 233,228.75 0.00 0.00 0.00 Note" $22.13 $4.440,262.60 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-annu;l1ly. 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 Portfolio Allocation & Treasuer's Fund Balances January 31,2004 Fund Balances -Beginning of MonthlPeriod Receipts Disbursements Fund Balances -End of MonthlPeriod Portfolio
Allocation: SEI Cash US Govt Agencies Local Agency Investment Fund Subtotal-Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Month $48,117,367.21 3,169,418.64 (2,431,780.05)
$48,855,005.80 235,045.27 33,727,700.75 11,057,214.83 45,019,960.85 3,835,044.95 $48,855,005.80 YTD $49,655,650.00 20,944,624.26 (21.745.268.46) $48,855,005.80 Local Agency Investment
Fund 24.6% Portfolio Investment Allocation SEI Cash 0.5% Treasurer's Fund Balances $52,000,000 .·..."_y_".y.y."'_"w"w"'.·.,,_"' "'____. $51,000,000 $50,000,000 $49,000,000 $48,000,000
$47,000,000 $46,000,000 $45,000,000 $44,000,000 M M M M M M M M M M M M ... 0 0 0 0 0 0 0 0 0 0 0 c.:; 0 0: .0 1i? 0: 00 a-t: :> " ;;J «, -< CIl 0 Z0 C"l
919 FHLMC Coupon Note 908 FHLB Coupon Note 910 FHLB Coupon Note 921 FHLB Coupon Note 923 FNMA Coupon Note 924 FHLMC Coupon Note 927 FNMA Coupon Note 928 FNMA Coupon Note 920 FNMA CouponNote
o . Government Higlunark Fds Subtotal Sep. Inv. Purch. Int SEI SEI Cash ':'J/ALAIF N/A Purchased Int. Totals: 100.125 100.250 102.688 101.844 102.844 103.719 100.031 IQO.313 106.906
100.000 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 2,019,253.06 15,755,220.56 727.20 17,971,319.37 235,045.27
1l,057,214.83 43.3.62 45,019,960.85 1,001,250.00 1,503,750.00 1,283,600.00 2,036,880.00 2,056,880.00 2,074,380.00 1,080,334.80 .902,817.00 2,138,120.00 2,019,253.06 16,097,264.86 727.20
17,633,461.75 235,045.27 11,057,214.83 433.62 45,024,147.53 (5,130.00) 1,485.00 44,537.50 15,440.00 58,360.00 75,040.00 8,434.80 7,497.00 136,380.00 0.00 342,044.30 0.00 (337,857.62)
0.00 0.00 0.00 4,186.68 * Source: Treasury and Agency Obligations -Union Bank of California LAIF balances per Local Agency Investment Fund monthly statement.
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, 2004 Current Fiscal Mm11h Year to Date 94,692.99 907,048.69 334,760.89 334,760.89 (290,924.61) (471,723.72) $138,529.27 $770,085.86 Page 4