03 Staff Report - Treasurer's Report December 2004tpW N 0
'OS
!ps GA
DATE:
TO:
FROM:
SUBJECT:
COUNCIL AGENDA REPORT
January 20, 2005
MAYOR AND TOWN COUNCIL
LINDA LUBECK, TOWN TREASURER
MEETING DATE: 02/07/05
ITEM NO. 3
TREASURER'S REPORTS FOR DECEMBER, 2004
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance i s the Treasurer's report for December, 2004.
Overall, the Town's rate of return increased slightly as the prime continues to increase. Prime is now
at 5.25%. It is expected to go up once again when the Fed meets in early February. We should be
able to see an increase in the Town's overall performance as investments mature in March, 2005 and
by investing funds in February, 2005.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's report dated January 20, 2005
PREPARED BY: Linda L. Lubeck, Town Treasurer
Reviewed by: Mown Manager VS~)Assistant Town Manager Town Attorney
F Clerk 4 ,Finance Community Development Revised: 2/2/05 7:00 pm
Distribution: Town Council; Town Manager; Finance Director
Reformatted: 5/30/02
Meeting date: February 7, 2005
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
December 31, 2004
Submitted January 20, 2005
by
Linda L. Lubeck
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summ
ary Investment Information
December 31, 2004
Weighted Average Portfolio Yield:
2.49%
Weighted Average Maturity (days) 430
This Month
Last Month
One year ago
Portfolio Balance
$50,575,753
$47,910,984
$48,117,367
Benchmarks/ References:
Town's Average Yield
2.49%
2.46%
2.65%
LAIF Yield for month
2.00%
1.89%
1.55%
3 mo. Treasury
2.27%
2.24%
0.90%
6 mo. Treasury
2.63%
2.46%
1.02%0
2 yr. Treasury
3.12%
2.95%
1.95%
5 yr. Treasury (most recent)
3.55%
3.55%
3.38%
Prime rate
5.25%
5.00%
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 (10/22/04)
3.13%
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.
Page 1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
December 31, 2004
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
Myth YTD
$47,910,983.82 $52,146,172.75
4,804,975.73 15,222,353.55
(2,140,206.78) (16,792.773.53)
$50,575,752.77 $50,575,752.77
218,128.37
34,901,186.00
11-701.208.05
46,820,522.42
3.755.230.35
$50,575,752.77
US Govt Agencies
74.5%
Treasurer's Fund Balances
$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
-
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,
,
,
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page 2
Town of Los Gatos
Non-Treasury Restricted Fund Balances
December 31, 2004
Previous
l
D
i
I
Ending
i
hd
l
Non-Treasury Funds:
ance
tS
Ba
epos
nterest W
t
rawa
s Balance
Downtown Parking District 12/20/02
235,350.90
1,363.07
236,713.97
Note 1
Certificates of Participation Reserve Fund (Lot 4)
255,388.93
265.81
255,654.74
Note 2
Cert. of Participation Lease Payment Fund (Lot 4)
62,685.04 21,082.92
65.24
83,833.20
Note 3
Cert. of Participation 2002 Series A Const. Fund
2,358,238.06
0.08
0.01 2,358,238.13
Note 4
Cert. of Participation 2002 Series A Reserve Fund
722,841.93
35.61
10.70 722,866.84
Note 4
Cert. Of Participation 2002 Series A Interest Fund
0.00
0.00
Cert. Of Participation 2002 Series A COI Fund
0.00
0.00
0.00 0.00
Note 4
Total Restricted Funds: $3,634,504.86 $21,082.92 $1,729.81 $10.71 $3,657,306.88
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
December 31, 2004
Current
Fiscal
Month
Year to Date
Interest received from Investments
151,336.75
684,179.49
Add: Interest accrued at end of period (see page 5)
(7,495.39)
(71495.39)
Less: Interest accrued at beginning of period
(60,036.17)
(92,466.06)
Interest earned on investments
$83,805.19
$584,218.04
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
December 31, 2004
Inactive Deposits by Institution
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Dom. Institution
Security
Dak
Elm
D=
Elapsed
Malutily
Invested
Maturi ty
Famed
Received
Accred
923 FNMA
Coupon Note
02/25/02
1,998,520.00
03/15/05
1040
74
1114
3.90%
222,082.11
198,055.56
24,026.55
924 FHLMC
Coupon Note
05/16/02
1,999,340.00
06/15/05
960
166
1126
4.26%
224,013.72
219,347.22
4,666.50
931 FMCDN
Coupon Note
08/18/04
980,715.00
07/26/05
135
207
342
2.09%
7,575.61
7,575.61
927 FNMA
Coupon Note
08/26/03
1,071,900.00
11/14/05
493
318
811
2.37%
34,309.89
21,088.80
13,221.09
932 FHLB
Coupon Note
08/18/04
498,300.00
02/03/06
135
399
534
2.49%
4,586.99
2,343.75
2,243.24
928 FNMA
Coupon Note
08/26103
895,320.00
04/28/06
493
483
976
2.83%
34,193.98
27,694.30
6,499.68
933 FHLB
Coupon Note
08/18/04
996,420.00
05/15/06
135
500
635
2.46%
9,066.92
5,437.50
3,629.42
920 FNMA
Coupon Note
06/22/01
2,001,740.00
06/15/06
1288
531
1819
5.23%
369,445.00
365,484.30
3,960.70
934 FNMA
Coupon Note
08/18/04
1,491,000.00
01/12/07
135
742
877
3.06%
16,877.40
16,877.40
929 FNMA
Coupon Note
02/09/04
2,000,000.00
05/09/07
326
859
1185
3.00%
53,589.04
30,000.00
23,589.04
930 FHLMC
Coupon Note
02/24/04
2,505,250.00
08/24/07
311
966
1277
2.79%
59,643.83
40,250.00
19,393.83
Purch int - Union acct.
4,200.00
SEI Cash
218,128.37
8,787.91
8,484.57
30134
SEI Investments
18,454,921.98
Various
628
2.02%
487,552.71
681,102.28
(193,549.57)
Purch Int - SEI
acct.
3,559.02
LAIF
N/A
09/30/04
11,701,208.05
12131/04
92
0
92
2.00%
60,067.77
60,067.77
46,820,522.42
430
2.49% 1,591,792.89
1,599,288.28
(7,495.39)
Maturity Profile
Amount
Percent
0-1 year
23,228,577.86
49.61%
1-2 years
11,069,966.87
23.64%
2-3 years
8,742,575.86
18.67%
3-5 years
3.779.401.83
8.07°/
46,820,522.42
100.00°/
Market to Cost Position Report
Market
Amortized
Market
Unrealized
12MInstitution
Security
Price
Cost
Value*
Crain (Loss)
923 FNMA
Coupon Note
100.438
1,998,520.00
2,008,760.00
10,240.00
924 FHLMC
Coupon Note
100.938
1,999,340.00
2,018,760.00
19,420.00
931 FMCDN
Coupon Note
98.310
980,715.00
983,100.00
2,385.00
927 FNMA
Coupon Note
99.219
1,071,900.00
1,071,565.20
(334.80)
932 FHLB
Coupon Note
99.188
498,300.00
495,940.00
(2,360.00)
928 FNMA
Coupon Note
99.406
895,320.00
894,654.00
(666.00)
933 FHLB
Coupon Note
98.875
996,420.00
988,750.00
(7,670.00)
920 FNMA
Coupon Note
103.219
2,001,740.00
2,064,380.00
62,640.00
934 FNMA
Coupon Note
99.063
1,491,000.00
1,485,945.00
(5,055.00)
929 FNMA
Coupon Note
99.188
2,000,000.00
1,983,760.00
(16,240.00)
930 FHLMC
Coupon Note
99.492
2,505,250.00
2,487,300.00
(17,950.00)
0.00
Subtotal
16,438,505.00
16,482,914.20
44,409.20
Porch Int - Union acct.
4,200.00
4,200.00
0.00
SEI
18,454,921.98
17,834,645.35
(620,276.63)
SEI Cash
218,128.37
218,128.37
0.00
N/A LAIF
N/A
11,701,208.05
11,701,208.05
0.00
Purchased Int.
3,559.02
3,559.02
0.00
Totals:
46,820,522.42
46,244,654.99
(575,867.43)
* Source: Treasury and Agency Obligatio
ns - Union
Bank of California
LAIF balances per Local Agency Investment Fund
monthly statement.
page 5
SEI Investments Account
Market to Cost Position Report
December 31, 2004
Deposit
Amortized
Maturity
Days
Days to
Days
t
Yield
o
Interest
Interest
Interest
D= Institution
Security
IRate
f=
D=
Fansed
~rl[X
Invested
'
~
* ,,aturi
EffiIled
Received
Accrued
FNMA
Z Coupon
11/23/04
149,576.00
01/03/05
38
3
41
2.524%
393.04
0.00
393.04
FHLMC
Coupon Note
06/25/03
556,316.41
01115105
555
15
570
1.130%
9,558.74
10,885.46
(1,326.72)
FHLMC
Coupon Note
06/27/03
660,697.66
02/15/05
553
46
599
1.359%
13,603.62
27,887.10
(14,283.48)
FHLMC
Z Coupon
11/08/04
49,634.74
03/07/05
53
66
119
2.228%
160.58
160.58
FHLB
Coupon Note
06/26/03
665,362.50
04/15/05
554
105
659
1.064%
10,745.26
13,972.29
(3,227.03)
FHLB
Coupon Note
06/23/03
552,634.50
05/13/05
557
133
690
1.220%
10,288.69
11,481.25
(1,192.56)
FNMA
Coupon Note
11/09/04
199,375.00
05/27/05
52
147
199
2.376%
674.88
674.88
FHLMC
Coupon Note
06/30/03
663,493.36
06115105
550
166
716
1.482%
14,816.81
39,046.87
(24,230.06)
FHLB
Coupon Note
06/24/03
672,743.50
08/15/05
556
227
783
1.335%
13,680.84
22,262.50
(8,581.66)
FHLMC
Coupon Note
11/09/04
198,468.75
08/15/05
52
227
279
2.508%
709.14
709.14
FNMA
Coupon Note
08/24/04
199,360.00
09/15/05
129
258
387
2.178%
1,534.59
218.75
1,315.84
FHLB
Coupon Note
06/24/03
683,345.00
11115105
556
319
875
1.432%
14,906.13
32,791.15
(17,885.02)
FHLMC
Coupon Note
06/30/03
651,562.50
01115106
550 -
380
930
1.771%
17,387.79
32,812.50
(15,424.71)
FHLMC
Coupon Note
08/24/04
198,460.00
02/15/06
129
411
540
2.402%
1,684.78
1,684.78
FFCB
Coupon Note
06/25/03
666,809.00
03/15/06
555
439
994
1.523%
15,441.93
19,861.11
(4,419.18)
FHLMC
Coupon Note
06/25/03
664,117.19
04/15/06
555
470
1025
1.576%
15,914.80
20,154.51
(4,239.71)
FNMA
Coupon Note
06/27/03
504,090.00
04/28/06
553
483
1036
2.315%
.17,680.37
17,536.46
143.91
FHLB
Coupon Note
06/24/03
658,677.50
05/15/06
556
500
1056
1.625%
16,304.52
19,222.40
(2,917.88)
FHLMC
Coupon Note
06/27/03
500,930.00
06/02/06
553
518
1071
2.076%
15,755.66
15,378.47
377.19
FHLMC
Coupon Note
06/30/03
387,296.88
07/15/06
550
561
1111
1.872%
10,924.96
20,052.08
(9,127.12)
FNMA
Coupon Note
06110/04
297,213.00
08/11/06
204
588
792
3.177%
5,277.43
1,397.92
3,879.51
FHLB
Coupon Note
06/30/03
400,000.00
09/29/06
550
637
1187
2.200%
13,260.27
12,120.00
1,140.27
FHLB
Coupon Note
06/24/03
688,076.80
11/15/06
556
684
1240
1.825%
19,128.54
36,740.00
(17,611.46)
FFCB
Coupon Note
06/25/03
660,954.00.
12/19/06
555
718
1273
1.844%
18,532.43
43,387.50
(24,855.07)
FHLB
Coupon Note
06/30/03
400,000.00
12/29/06
550
728
1278
2225%
13,410.96
13,350.00
60.96
FHLMC
Coupon Note
06/25/03
662,652.00
03/15/07
555
804
1359
1.946%
19,607.78
35,750.00
(16,14222)
FNMA
Coupon Note
06/30/03
333,597.66
04/15/07
550
835
1385
2.150%
10,807.65
20,343.75
(9,536.10)
FHLMC MTN Coupon Note
06/27/03
402,556.00
05/29/07
553
879
1432
2.808%
17,125.99
17,033.33
92.66
FNMA
Coupon Note
06/30/03
375,219.60
07/15/07
550
926
1476
2.359%
13,337.77
15,494.79
(2,157.02)
FHLB
Coupon Note
06/24/03
672,825.60
11/15/07
556
1049
1605
2.257%
23,132.15
31,173.33
(8,041.18)
FNMA
Coupon Note
06/24/03
299,475.00
12/24/07
556
1088
1644
2.528%
11,532.40
11,250.00
282.40
FNMA
Coupon Note
06/27/03
649,785.94
01115108
553
1110
1663
2.492%
24,533.00
21,498.50
3,034.50
FHLMC
Coupon Note
09/30/04
198,630.00
02/25/08
92
1151
1243
3.462%
1,73327
1,733.27
FHLMC
Coupon Note
06/26/03
657,396.09
03/15/08
554
1170
1724
2.294%
22,889.56
21,629.83
1,259.73
FHLB
Coupon Note
06/30/03
286,162.50
04/15/08
550
1201
1751
2.633%
11,353.60
18,987.50
(7,633.90)
FHLB
Coupon Note
06/26/03
661,764.30
05/13/08
554
1229
1783
2.507%
25,181.09
47,569.11
(22,388.02)
FHLMCMTN Coupon Note
06/30/03
228,298.00
06/13/08
550
1260
1810
2.894%
9,955.67
9,188.82
766.85
FHLMC
Coupon Note
06/24/03
500,000.00
06/18/08
556
1265
1821
2.750%
20,945.21
20,625.00
32021
FNMA
Coupon Note
09/30/04
198,597.00
08115108
92
1323
1415
3.442%
1,722.97
1,722.97
FNMA
Coupon Note
11/16/04
199,216.00
09/15/08
45
1354
1399
3.866%
949.52
949.52
FNMA
Coupon Note
11/16/04
199,552.00
11/17/08
45
1417
1462
3.936%
968.35
21.53
946.82
18,454,921.98
628
2.024%.
487,552.71
681,10228
(193,549.57)
Cash
218,128.37
8,787.91
8,484.57
303.34
Purchased hit
3,559.02
496,340.62
689,608.38
(193,267.76)
18,676,609.37
page 6