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04 Staff Report - Treasurer's Report for April 2004
DATE: TO: FROM: COUNCIL AGENDA REPORT May31, 2004 LINDA LUBECK, TOWN TREASURER MEETING DATE: 06/07/04 ITEM NO. '-I SUBJECT: TREASURER'S REPORT FOR APRIL, 2004 RECOMMENDATION: Accept report as attached, DISCUSSION: \ Attached for your review is the Treasurer's report for the month ofApril, 2004. No major news or movement in the marketplace occurred during April. Interest rates bounced around a little during the month, but did not change substantially. ENVIRONMENTAL ASSESSMENT: Is not aproject defmed under GEQA, and no further actiqIl FISCAL IMPACT: None Attachments: Treasurer's reports dated May 31,2004 Distribution: Town Council; Town Manager; Finance Director . PREPARED BY: LindaL. Lubeck, Town Treasurer own 1j1anager Town Manager __Town Attorney __Clerk 'I[,Finance__Community Development Revised: 6/2/04 10:22 pm Refonnatted: 5/30/02 Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Treasurer's Report for the month ended April 30, 2004 Submitted May 31,2004Y·. . by Linda L. Lubeck Meeting date: June 7,2004 Item No: Town of Los Gatos Summary Investment Information April 30, 2004 ".'-\ghted Average Portfolio Yield: 2.48% Average Maturity (days) 562 PortfQlio 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 $51,137,317 2.48% 1.47% 0.99% 1.19% 2.27% 3.22% 4.00% Las'tMonth $49,862,617 2.48% 1.47% 0.96% 1.01% 1.52% 2.70% 4.00% One year ago $50,204,453 3.22% 1.86% 1.14% 1.17% 1.70% 2.68% 4.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Fannie ¥ae (04/23/04) 2.54% 3 yr. Freddie Mac (04/16/04) 2.88% Portfolio Maturity Profile 2 -3 years 15% 1 -2 years 20% 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 infonnation 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 April 30, 2004 Fund Balances -Beginning ofMonthlPeriod Receipts Disbursements Fund Balances -End ofMonthlPeriod Portfolio Allocation: SEICash US Govt Agencies Local Agency Investment Fund Subtotal-Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Month $49,862,617.35 4,032,221.89 (2,757,522.73) $51,137,316.51 862,231..42 33,164,126.99 11,097,727.55 45.,124,085.96 6,013,230.55 $51,137,316.51 YTD $49,655,650.00 35,240,224.85 (33,758,558.34) $51,137,316.51 $52,000,000 $51,000,000 $50,000,000 $49,000,000 $48,000,000 $47,OOO,00Q $46,000,000 $45,000,000 $44,000,000 Local Agency Investment Fund 24.6% 'o" t Portfolio Investment Allocation SEI Cash 1.9% Treasurer's Fund Balances o'" ..!. " o <t o <t o Town of Los Gatos Non-Treasury Restricted Fund Balances April 30, 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 Canst. Fund Cert. of Participation 2002 Series A Reserve Fund Cert. OfParticipation 2002 Series A Interest Fund Cert. OfParticipation 2002 Series A COl Fund "Total Restricted Funds: 224,509.55 254,236.65 121,985.23 2,906,612.72 694,360.39 0.53 0.00 $4,201;705.07 20,982.91 Ending Interest Withdrawals Balance 1,343.63 225,853.18 Notel 98.62 254,335.27 Note 2 36.94 143,005.08 Note 3 36.65 108,400.25 2,798,249.12 Note 4 4.81 4.38 694,360.82 Note 4 0.53 0.00 0.00 0.00 Note 4 $108,404.63 $4,115,804.00 These accounts are not part ofthe Treasurers fund balances reported elsewhere in this report, as they are for separate and distinct entities. Notel: 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 ofthe original certificates ofparticipation agreement when Lot 4 was built. It helps to guarantee payment ofthe 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 afLot 4. It holds the funds until the certificates of participation are due semi-annually, Note 4: The three funds for the Certificates ofParticipation 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 State,ment of Interest Earned .April 30, 2004 Current Fiscal Mm1th ¥ear to Date 88,820.49 1,251,080.74 122,704.88 122,704.88 (119,722.00) (471,723.72) $91,803.37 $902,061.90 Page 4 Town of Los Gatos' Inactive Deposits by Institution Market to Cost Position Report April 30, 2004 ;ve Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest ,Dep Institution Security Date Cost Date Elapsed Maturitv Invested Maturity Earned Received Accrued 910 FHLB Coupon Note 11/02/99 1,239,062.50 08113/04 1641 105 1746 6.46% 359,866.52 334,852.43 25;014.09 921 FHLB Coupon Note 09/10/0 I 2,021;440.00 08113/04 963 105 1068 4.23% 225,605.42 224,569.44 1,035.98 923 FNMA Coupon Note 02/25/02 1,998,520.00 03/15/05 795 319 Il14 3.90% 169,764.69 159,305.56 10,459.13 924FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 715 411 Il26 4.13% 161,912.66 134,347.22 27,565.44 927FNMA Coupon Note 08/26/03 1,071,900.00 11/14/05 248 563 8Il 2.37% 17,259.33 10,180.80 7,078.53 928 FNMA Coupon Note' 08/26/03 895,320.00 04128/06 248 728 976 2.83% 17,201.03 15,881.80 1,319.23 920FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 1043 776 1819 5.23% 299,170.14 260,484.30 38,685.84 929 929 FNMA Coupon Note 02/09/04 2,000,000.00 05.109/07 81 Il04 1185 3.00% 13,315.07 13,315.07 930 FHLMC Coupon Note 02124/04 2,505,250.00 08124/07 66 1211 1277 2.79% 12,651.53 12,657.53 SEI Cash 862,231.42 5,563.39 4,960.78 602.61 SEI Investments 17,431,554.49 Various 824 1.85% 272,793.78 300,980.35 (28,186.57) LAlF N/A 03/3)/04 Il,097,727.55 06/30/04 30 61 91 1.47% 13,158.00 13,158,00 45,124,085.96 562 2.48% 1,568,267.56 1,445,562.68 122,704.88 Maturity Profile Amount Percent 0"1 year 20,166,073.04 44:69% 1-2 years 9,025,355.05 20.00% 2-3 years 6,693,924.84 14.83% 3-5 years 9.238,733.03 20.47% 45,124,085.96 100.00% Market to Cost Position Report \ Market Amortized Market Unrealized " "-.lstitution Security Price Cost-Va1ue* Gain !Loss) .. 910 FHLB 921 FHLB 923 FNMA 924 FHLMC 927FNMA 928 FNMA 920 FNMA ,929 FNMA 930 FHLMC Subtotal o SEI SEICash N/ALAlF Purchased Int. Totals: CouponNote Coupon Note' Coupon Note Coupon Note Coupon Note Coupon Note Coupon Note Coupon Note Coupon Note N/A lOIA3S 100.969 102:031 102.750 99.813 100.125 105.375 99.563 99.734 1,139;001.50 2,021,440.00 1,998,520.00 1,999,340.00 1,071,900.00 895,320.00 2,001,740.00 2,000,000.00 2,505,250.00 15,732,572.50 0.00 17,431,554.49 862,231.42 11,097,727.55 0.00 45,124,085.96 1,101,913.00 2,019;380.00 2,040,620.00 2,055,000.00 1,077,980.40 901,125.00 2,107,500.00 1,991,260.00 2,493,350.00 15,954,190.40 0.00 16,941,007.50 862,231.42 11,097,727.55 0.00 44,855,156.87 :ZS;sm.50 (2,060.00) 42,100.00 55,660.00 6,080.40 5;805.00 105,760.00 (8,740.00) (11,900.00) 0.00 221,617.90 0.00 (490,546.99) 0.00,·,., ' 0.00 0.00 (268,929.09) * 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 April 30, 2004 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest lliIl. Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued FFCB Coupon Note 06/27/03 550,000.00 09/27/04 308 150 458 1.000% 4,641.10 4,125.00 516.10 FHLB Coupon Note 06/30/03 514,715.00 11/15104 305 199 504 1.208% 5,195.66 6,328.12 (1,132.46) FHLMC Coupon Note 06/25/03 556,316.41 01115/05 310 260 570 1.130% 5,339.11 5,729.21 (390.10) FHLMC Coupon Note 06/27/03 . 660,697.66 02/15/05 308 291 599 1.359% 7,576.70 15,583.97 (8,007.27) FHLB Coupon Note 06/26/03 665,362.50 04/15/05 309 350 659 1.064% 5,993.29 8,609.79 (2,616.50) FHLB Coupon Note 06/23/03 552,634.50 05/13/05 312 378 690 1.220% 5,763.15 3,231.25 2,531.90 FHLMC Coupon Note 06/30/03 663,493.36 06/15/05 305 411 716 1.482% 8,216.59 12,271.87 (4,055.28) FHLB Coupon Note 06/24/03 672,743.50. 08/15/05 311 472 783 1.335% 7,652.41 12,512.50 (4,860.09) FHLB Coupon Note Note 06/24/03 683,345.00 11/15/05 311 564 875 1.432% 8,337.78 9,228.65 (890.87) FHLMC Coupon Note 06/30/03 651,562.50 01/15/06 305 625 930 1.771% 9,642.32 17,062.50 (7,420.18) FFCB Coupon Note 06/25/03 666,809.00 03/15/06 310 684 994 1.523% 8,625.22 11,736.11 (3,110.89) FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 310 715 1025 1.576% 8,889.35 12,435.76 (3,546.41) FNMA Coupon Note 06/27/03 504,090.00 04128/06 308 728 1036 2.315% 9,847.29 10,973.96 (1,126.67) FHLB Coupon Note 06/24/03 658,677.50 05/15/06 311 745 1056 1.625% 9,119.98 5,409.90 3,710.08 FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 308 763 1071 2.076% 8,775.31 4,628.47 4,146.84 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 305 806 1111 1.872% 6,058.38 10,427.08 (4,368.70) FHLB Coupon Noce 06/30/03 400,000.00 09/29/06 305 882 1187 2.200% 7,353.42 4,040.00 3,313.42 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 311 929 1240 1.825% 10,699.59 10,340.00 35 0 FFCB Coupon Note 06/25/03 660,954.00 12/19/06 310 963 1273 1.844% 10,351.45 14,137.50 (3,78 FHLB Coupon Note 06/30/03 400,000.00 12/29/06 305 973 1278 2.225% 7,436.99 4,450.00 FHLMC Coupon Note 06/25/03 662,652.00 03/15/07 310 1049 1359 1.946% 10,952.09 21,125.00 (10,172.91) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 305 1080 1385 2.150% 5,993.33 12,468.75 (6,475.42) FHLMC l\.1TN Coup.on Note 06/27/03 402,556.00 OS/29/07 308. 1124 1432 2.808% 9,538.53 5,033.33 4,505.20 FNjvfA Coupon Note 06/30/03 375,219.60 07/15i07 305 1171 1476 2.359% 7,396.40 8,057.29 (660.89) FHLB Coupon Note 06124/03 672,825.60 11/15107 311 1294 1605 2.257% 12,939.03 8,773.33 4,165.70 FNMA Coupon Note 06/24/03 299,475.00 12124/07 311 1333 1644 2.528% '6,450.68 3,750.00 2,700.68 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 308 1355 1663 2.492% 13,663.95 11,261.00 2,402.95 FHLMC Coupon Note 06/26/03 657,396.09 03i15/08 309 1415 1724 2.294% 12,766.92 12,761.08 5.84 FHLB Coupon Note 06/30/03 286,162.50 04/15/08 305 1446 1751 2.633% 6,296.08 11,637.50 (5,341.42) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 309 1474 1783 2.507% 14,045.05 13,112.61 932.44 FHLMC MTN Coupon Note 06130/03 228,298.00 06/13/08 305 1505 1810 2.894% 5,520.87 2,863.82 2,657.05 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 311 1510 1821 2.750% 11,715.75 6,875.00 4,840.75 17,431,554.49 824 1.852% 272,793.78 300,980.35 (28,186.57) Cash 862,231.42 5,563.39 4,960.78 602.61 278,357.17 305,941.13 (27,583.96) 18,293,785.91