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05 Staff Report - Treasurer's Reports for September 2004 DATE: TO: FROM: COUNCIL AGENDA REPORT November 10,2004 MAYOR AND TOWN COUNCIL LINDA LUBECK, TOWN TREASURER MEETING DATE: 11/15/04 ITEM NO.i 5 SUBJECT: TREASURER'S REPORTS FOR SEPTEMBER, 2004 RECOMMENDATION: . Accept reports as attached. DISCUSSION: Attached for your review and acceptance is the Treasurer's report for September, 2004. Overall, the Town's rate ofreturn increased slightly during the month ofSeptember. No investments matured. The prime rate remained the same, although it went up in October and again today, November 10th • The prime is now back to 5%. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated November 10, 2004. PREPARED BY: LindaL. Lubeck, Town Treasurer 􀁾 J--Reviewed by: own Manager . 􀀶􀁾 Assistant Town Manager (J 'J Town Attorney 􀁃􀁬􀁥􀁲􀁫􀁾􀁆􀁩􀁮􀁡􀁮􀁣􀁥__Community Development Revised: 11/10/04 4:23 pm Distribution: Town CouncIl; Town Manager; Finance Director Reformatted: 5/30/02 Distribution: Town of Los Gatos Treasurer's Report for the month ended September 30, 2004 Submitted November 10, 2004 by Linda L. Lubeck Town Clerk Town Manager Town Council Meeting date: November 15,2004 Item No: Town of Los Gatos Summary Investment Information September 30, 2004 Weighted Average Portfolio Yield: 2.41% Weighted Average Maturity (days) \ 489 Portfolio Balance Benchmarl{S/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 $48,728,880 2.41% 1.77% 1.74% 2.00% 2.62% 3.44% 4.50% Last Month $50,468,132 2.31% 1.67% 1.61% 1.82% 2.49% 3.52% 4.50% One year ago $47,662,302 2.72% 1.64% 0.95% 1.03% 1.70% 3.23% 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac (10/13/04) 2.78% 3 yr. Fannie Mae (08/18/04) 3.01% 2 -3 years 20% Portfolio Maturity Profile 3 -5 years 10% 1 -2 years 24% 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 Califomia State Code. Based on the information available, the Town has sufficient funds to meet the cash 􀁤􀁥􀁭􀁡􀁮􀁾􀁳 for the next six months. Town of Los Gatos Portfolio Allocation & Treasuer's Fund Balances September 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 $50,468,132.34 1,975,048.02 (3,714,300.42) $48,728,879.94 248,202.09 34,725,086.60 12,142,375.83 47,115,664.;;2 1,613215.42 $48,728,879.94 YTD $52,146,172.75 5,968,751.84 (9,386,044.65) $48,728,879.94 $54,000,000 $53,000,000 $52,000,000 $51,000,000 $50,000,000 $49,000,000 $48,000,000 $47,000,000 $46,000,000 $45,000,000 $44,000,000 Portfolio Investment Allocation SEI Cash 0.5% Local Agency Investment Fund 25.8% Treasurer's Fund Balances Town of Los Gatos Non-Treasury Restricted Fund Balances September 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 Const. 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: 231,219.82 254,763.28 327.88 2,384,278.34 708,586.83 0.00 0.00 $3,579,176.15 41,211.04 $i!2l2± Ending Interest Withdrawals Balance 1,383.79 232,603.61 Note 1 179.53 254,942.81 Note 2 4.42 41,543.34 Note 3 4.22 2.44 2,384,280.12 Note 4 17.63 8.76 708,595.70 Note 4 0.00 0.00 0.00 0.00 Note 4 $1,589.59 $11.20 $3,621,965.58 These accounts are not part ofthe 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 September 30, 2004 Current Fiscal M.mrth Year to Date 74,227.78 347,161.02 120,370.51 120,370.51 (58,617.80) (92,466.06) $135,980.49 $375,065.47 Page 4 Town orLos Gatos Inactive Deposits by Institution Market to Cost Position Report September 30, 2004 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to ' Interest Interest Interest l&Q. Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued 923FNMA Coupon Note 02125/02 1,998,520.00 03/15/05 948 166 1114 3.90% 202,436.39 198,055.56 4,380.83 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 868 258 1126 4.26% 202,545.74 176,847.22 25,698.52 931 FMCDN Coupon Note 08/18/04 980,715.00 07/26/05 43 299 342 2.09% 2,412.97 2,412.97 927FNMA Coupon Note 08/26/03 1,071,900.00 1l!14/05 401 410 811 2.37% 27,907.23 10,180.80 17,726.43 932 FHLB Coupon Note 08/18/04 498,300.00 02103/06 43 491 534 2.49% 1,461.04 1,461.04 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 401 575 976 2.83% 27,812.96 15,881.80 11,931.16 933 FHLB Coupon Note 08/18/04 996,420.00 05/15/06 43 592 635 2.46% 2,887.98 2,887.98 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/15/06 1196 623 1819 5.23% 343,056.07 312,984.30 30,071.77 934 FNMA COUJlonNote 08/18(04 1,491,000.00 01/12/07 43 834 877 3.06% 5,375.76 5,375.76 929 FNMA CouJlonNote 02109/04 2,000,000.00 05/09/07 234 951 1185 3.00% 38,465.75 38,465.75 930 FHLMC Coupon Note 02124/04 2,505,250.00 08/24/07 219 1058 1277 2.79% 42,000'.00 42,000.00 Purch Int -Union acct. 13,293.75 SEICash 248,202.09 7,566.92 7,400.30 166.62 SEI Investments 18,270,145.49 Various 707 1.98% 408,477.85 529,518.40 (121,040.55) Purch Int -SEI acct. 3,142.36 LAIF N/A 06/30/04 12,142,375.83 09/30/04 92 0 92 1.77% 58,832.22 58,832.22 47,115,664.52 489 2.41% 1,371,238.89 1,250,868.38 120,370.51 Maturity Profile Amount Percent 0-1 year 21,870,911.96 46.42% 1-2 years 11,076,181.07 23.51% 2-3 years 9,519,306.06 20.20% 3-5 years 4.649,265.43 9.87% 47,115,664.52 100.00% Market to Cost Position Report Market AmOltized Market Umealized l&Q.lnstitution Security Price 􀁾 Value* Gain CLoss) 923 ,FNMA Coupon Note 100.875 1,998,520.00 2,017,500.00 18,980.00 924 FHLMC CouJlonNote 101.406 1,999,340.00 2,028,120.00 28,780.00 931 FMCDN CouJlonNote 98.180 980,715.00 981,800.00 1,085.00 927 FNMA CouJlonNote 99.531 1,071,900.00 1,074,934.80 3,034.80 932 FHLB Coupon Note 99.625 498,300.00 498,125.00 (175.00) 928 FNMA CouJlonNote 100.000 895,320.00 900,000.00 4,680.00 933 FHLB CouJlonNote 99.375. 996,420.00 993,750.00 (2,670.00) 920 FNMA Coupon Note 104.281 2,001,740.00 2,085,620.00 83,880.00 934 FNMA CouJlonNote 99.719 1,491,000.00 1,495,785.00 4,785.00 929 FNMA, Coupon Note 99.781 2,000,000.00 1,995,620.00 (4,380.00) 930 FHLMC Coupon Note 100.064 2,505,250.00 2,501,600.00 (3,650.00) 0.00 Subtotal 16,438,505.00 16,572,854.80 134,349.80 Purch Int -Union acct. 13,293.75 13,293.75 0.00 SEI 18,270,145.49 17,741,154.50 (528,990.99) SEI Cash 248,202.09 248,202.09 0.00 N/A LAIF N/A 12,142,375.83 12,142,375.83 0.00 Purchased Int. 3,142.36 3,142.36 0.00 Totals: 47,115,664.52 46,721,023.33 (394,641.19) * Source: Treasul)' and Agency Obligations -Union Bank of California LAIF balances per Local Agency Investment Fund monthly statement. SEI Investments Account Market to Cost Position Report September 30, 2004 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest 􀁾Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued FHLB Coupon Note 06/30/03 514,715.00 11/15/04 458 46 504 1.208% 7,802.01 14,765.62 (6,963.61) FHLMC Coupon Note 06/25/03 556,316.41 01115/05 463 107 570 1.130% 7,974.22 10,885.46 (2,911.24) FHLMC Coupon Note 06/27/03 660,697.66 02/15/05 461 138 599 1.359% 11,340.45 27,887.10 (16,546.65) FHLB Coupon Note 06/26/03 665,362.50 04/15/05 462 197 659 1.064% 8,960.85 8,609.79 351.06 FHLB Coupon Note 06/23/03 552,634.50 05/13/05 465 225 690 1.220% 8,589.30 7,356.25 1,233.05 FHLMC Coupon Note 06/30/03 663,493.36 06/15/05 458 258 716 1.482% 12,338.36 25,659.37 (13,321.01) FHLB Coupon Note 06/24/03 672,743.50 08/15/05 464 319 783 1.335% 11,417.10 22,262.50 (10,845.40) FNMA Coupon Note 08/24/04 199,360.00 09/15/05 37 350 387 2.178% 440.15 218.75 221.40 FHLB Coupon Note 06/24/03 683,345.00 11/15/05 464 411 875 1.432% 12,439.65 21,009.90 (8,570.25) FHLMC Coupon Note 06/30/03 651,562.50 01/15/06 458 472 930 1.771% 14,479.29 32,812.50 (18,333.21) FHLMC Coupon Note 08/24/04 198,460.00 02/15/06 37 503 540 2.402% 483.23 483.23 FFCB Coupon Note 06/25/03 666,809.00 03/15/06 463 531 994 1.523% 12,882.18 19,861.11 (6,978.93) FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 463 562 1025 1.576% 13,276.67 12,435.76 840.91 FNMA Coupon Note 06/27/03 504,090.00 04/28/06 461 575 1036 2.315% 14,738.97 10,973.96 3,765.01 FHLB Coupon Note 06/24/03 658,677.50 05/15/06 464 592 1056 1.625% 13,606.65 12,316.15 1,290.50 FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 461 610 1071 2.076% 13,134.47 4,628.47 8,506.00 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 458 653 1111 1.872% 9,097.51 20,052.08 (10,954.57) FNMA Coupon Note 06/10/04 297,213.00 08/11/06 112 680 792 3.177% 2,897.41 1,397.92 1,499.49 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 458 729 1187 2.200% 11,042.19 8,080.00 2,962.19 FHLB Coupon Coupon Note 06/24/03 688,076.80 11/15/06 464 776 1240 1.825% 15,963.38 23,540.00 (7,576.62) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 463 810 1273 1.844% 15,460.38 28,762.50 (13,302.12) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 458 820 1278 2.225% 11,167.67 8,900.00 2,267.67 FHLMC Coupon Note 06/25/03 662,652.00 03/15/07 463 896 1359 1.946% 16,357.48 35,750.00 (19,392.52) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 458 927 1385 2.150% 8,999.83 12,468.75 (3,468.92) FHLMC MTN Coupon Note 06/27/03 402,556.00 OS/29/07 461 971 1432 2.808% 14,276.82 11,033.33 3,243.49 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 458 1018 1476 2.359% 11,106.73 15,494.79 (4,388.06) FNMA Coupon Note 06/10/04 296,331.00 10/15/07 112 1110 1222 3.863% 3,512.59 3,512.59 FHLB Coupon Note 06/24/03 672,825.60 11/15/07 464 1141 1605 2.257% 19,304.53 19,973.33 (668.80) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 464 1180 1644 2.528% 9,624.16 7,500.00 2,124.16 FNMA Coupon Note 06/27/03 649,785.94 01115/08 461 1202 1663 2.492% 20,451.56 21,498.50 (1,046.94) FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 0 1243 1243 3.462% 0.00 0.00 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 462 1262 1724 2.294% 19,088.41 21,629.83 (2,541.42) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 458 1293 1751 2.633% 9,454.45 11,637.50 (2,183.05) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 462 1321 1783 2.507% 20,999.39 30,340.86 (9,341.47) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 458 1352 1810 2.894% 8,290.36 6,026.32 2,264.04 FHLMC Coupon Note 06/24/03 500,000.00 06118/08 464 1357 1821 2.750% 17,479.45 13,750.00 3,729.45 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 0 1415 1415 3.442% 0.00 0.00 18,270,145.49 707 1.976% 408,477.85 529,518.40 (121,040.55) Cash 248,202.09 7,566.92 7,400.30 166.62 Purchased Int 3,142.36 416,044.77 536,918.70 .(120,873.93) 18,521,489.94