05 Staff Report - Treasurer's Report for January 2005~1 W N 0~
!ps GA
DATE:
TO:
FROM:
SUBJECT
COUNCIL AGENDA REPORT
February 16, 2005
MAYOR AND TOWN COUNCIL
LINDA LUBECK, TOWN TREASURER
MEETING DATE: 02/22/05
ITEM NO.
TREASURER'S REPORTS FOR JANUARY, 2005 n
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance is the Treasurer's report for January, 2005.
Prime is now at 5.5%. It is expected to go up once again when the Fed meets in early March.
Surplus funds received in January were invested in early February at a return rate of approx. 2.75%
for the next six months. By mid-summer the Town should be back to having an overall rate of return
for its portfolio of 2.8% - 3.0%.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's report dated February 16, 2005.
PREPARED BY:. Linda L. Lubeck, Town Treasurer 6,v~
Reviewed b n Manager 21~Assistant Town Manager
Clerks Finance Community Development
Distribution: Town Council; Town Manager; Finance Director
own Attorney
d: 2/16/05 7:30 pm
Reformatted: 5/30/02
Meeting date: February 22, 2005
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
January 31, 2005
Submitted February 16, 2005
by
Linda L. Lubeck
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
January 31, 2005
Weighted Average Portfolio Yield:
2.60%
Weighted Average Maturity (days) 448
This Month
Last Month
One year ago
Portfolio Balance
$52,810,947
$50,575,753
$48,855,006
Benchmarks/ References:
Town's Average Yield
2.60%
2.49%
2.49%
LAIF Yield for month
2.26%
2.00%
1.53%
3 mo. Treasury
2.37%
2.27%
0.91%
6 mo. Treasury
2.68%
2.63%
0.98%
2 yr. Treasury
3.25%
3.12%
1.93%
5 yr. Treasury (most recent)
3.73%
3.55%
3.26%
Prime rate
5.25%
5.25%
4.00%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
2 yr. Freddie Mac (10/13/04) 2.78%
3 yr. Freddie Mac (02/15/05) 3.67%
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
January 31, 2005
Month
Fund Balances - Beginning of Month/Period
$50,575,752.77
Receipts
4,455,335.76
Disbursements
(2,220,141.29)
Fund Balances - End of Month/Period
$52,810,947.24
Portfolio Allocation:
SEI Cash
59,688.34
US Govt Agencies
35,094,295.12
Local Agency Investment Fund
11 761.275.82
Subtotal - Investments
46,915,259.28
Reconciled Demand Deposit Balances
5,895.687.96
Total Treasurer's Fund
$52,810,947.24
YTD
$52,146,172.75
19,677,689.31
(19.012.914.821
$52,810,947.24
Portfolio Investment Allocation
SO Cash
Local Agency Investment Fund 0.1%
25.1%
s
US Govt Agencies
74.8%
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 -~l
$44,000,000
~ v v v ~ ~ ~ v v v v v n
0 0 0 0 0 0 0 0 0 0 0 0 0
w c. " a ti ° fn O ° " Fa
Z Ca
page 2
Town of Los Gatos
Non-Treasury Restricted Fund Balances
January 31, 2005
Previous Ending
Balance Deposits Interest Withdrawals Balance
Non-Treasury Funds:
Downtown Parking District 12/20/02 236,713.97 0.00
236,713.97 Note 1
Certificates of Participation Reserve Fund (Lot 4) 255,654.74 310.23
255,964.97 Note 2
Cert. of Participation Lease Payment Fund (Lot 4) 83,833.20 101.73
83,934.93 Note 3
Cert. of Participation 2002 Series A Const. Fund 2,358,238.13 0.00 44,632.44
2,313,605.69 Note 4
Cert. of Participation 2002 Series A. Reserve Fund 722,866.84 50.66 13.33
722,904.17 Note 4
Cert. Of Participation 2002 Series A Interest Fund 0.00 230,541.25
230,541:25
Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00
0.00 Note 4
Total Restricted Funds: $3,657,306.88 $230,541.25 $462.62 $44,645.77
$3,843,664.98
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'T, 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
January 31, 2005
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
Current
Fiscal
Month
Year to Date
124,467.88
808,647.37
(29,170.21)
(29,170.21)
7,495.39
(92,466.06)
$102,793.06
$687,011.10
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
January 31, 2005
Inactive Deposits by Institution
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
jg¢ Institution
Security
Date
C=
Leta
Elapsed
Maturi ty
Invested
Maturity
Earned
Received
Accrued
923 FNMA
Coupon Note
02/25/02
1,998,520.00
03/15/05
1071
43
1114
3.90%
228,701.87
198,055.56
30,646.31
924 FHLMC
Coupon Note
05/16/02
1,999,340.00
06/15/05
991
135
1126
4.26%
231,247.50
219,347.22
11,900.28
931 FMCDN
Coupon Note
08/18/04
980,715.00
07/26/05
166
176
342
2.09%
9,315.19
9,315.19
927 FNMA
Coupon Note
08/26/03
1,071,900.00
11/14/05
524
287
811
2.37%
36,467.30
21,088.80
15,378.50
932 FHLB
Coupon Note
08/18/04
498,300.00
02/03/06
166
368
534
2.49%
5,640.30
2,343.75
3,296.55
928 FNMA
Coupon Note
08/26/03
895,320.00
04/28/06
524
452
976
2.83%
36,344.11
27,694.30
8,649.81
933 FHLB
Coupon Note
08/18/04
996,420.00
05/15/06
166
469
635
2.46%
11,148.95
5,437.50
5,711.45
920 FNMA
Coupon Note
06/22/01
2,001,740.00
06/15/06
1319
500
1819
5.23%
378,336.92
365,484.30
12,852.62
934 FNMA
Coupon Note
08/18/04
1,491,000.00
01/12/07
166
711
877
3.06%
20,752.95
21,000.00
(247.05)
929 FNMA
Coupon Note
02/09/04
2,000,000.00
05/09/07
357
828
1185
3.00%
58,684.93
30,000.00
28,684.93
930 FHLMC
Coupon Note
02/24/04
2,505,250.00
08/24/07
342
935
1277
2.79%
65,589.03
40,250.00
25,339.03
Purch Int - Union acct.
4,200.00
SEI Cash
59,688.34
9,260.13
8,787.91
472.22
SEI Investments
18,638,738.57
Various
662
2.14%
509,555.28
713,288.35
(203,733.07)
Purch Int - SEI
acct.
12,851.55
LAIF
N/A
12/31/04
11,761,275.82
03/31/05
31
59
90
2.26%
22,563.00
22,563.00
46,915,259.28
448
2.60% 1,623,607.48
1,652,777.69
(29,170.21)
Maturity Profile
Amount
Percent
0-1 year
23,085,168.22
49.21%
1-2 years
11,909,404.37
25.38%
2-3 years
7,901,361.80
16.84%
3-5 years
4.019-324-89
8,57%
46,915,259.28
100.00°/
Market to Cost Position Report
Market
Amortized
Market
Unrealized
D&p- Institution
Security
Price
Cost_
Value*
Gain (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
44,40910
Purch Int - Union acct.
4,200.00
4,200.00
0.00
SEI
18,638,738.57
17,834,645.35
(804,093.22)
SEI. Cash
59,688.34
59,688.34
0.00
N/A LAIF
N/A
11,761,275.82
11,761,275.82
0.00
Purchased Int.
12,851.55
12,851.55
0.00
Totals:
46,915,259.28
46,155,575.26
(759,684.02)
* Source: Treasury and Agency Obligations - Union
Bank of California
LAIF balances per Local Agency Investment Fund
monthly statement.
page 5
SEI Investments Account
Market to Cost Position Report
January 31, 2005
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
D= Institution
Security
D=
X4&1
Rate
Elapsed
Maturity
Inv .ste
Maturity
Famed
Received
Accrued
FHLMC
Coupon Note
06/27/03
660,697.66
02/15/05
584
15
599
1.359%
14,366.21
27,887.10
(13,520.89)
FHLMC
Z Coupon
11/08/04
49,634.74
03/07/05
84
35
119
2.228%
254.50
254.50
FHLB
Coupon Note
06/26/03
665,362.50
04/15/05
585
74
659
1.064%
11,346.53
13,972.29
(2,625.76)
FHLB
Coupon Note
06/23/03
552,634.50
05/13/05
588
102
690
1.220%
10,861.31
11,481.25
(619.94)
FNMA
Coupon Note
11/09/04
199,375.00
05/27/05
83
116
199
2.376%
1,077.21
1,077.21
FHLMC
Coupon Note
06/30/03
663,493.36
06/15/05
581
135
716
1.482%
15,651.94
39,046.87
(23,394.93)
FHLB
Coupon Note
06/24/03
672,743.50
08/15/05
587
196
783
1.335%
14,443.62
22,262.50
(7,818.88)
FHLMC
Coupon Note
11/09/04
198,468.75
08/15/05
83
196
279
2.508%
1,131.89
1,131.89
FNMA
Coupon Note
08/24/04
199,360.00
09/15/05
160
227
387
2.178%
1,903.37
218.75
1,684.62
FHLB
Coupon Note
06/24/03
683,345.00
11115105
587
288
875
1.432%
15,737.23
32,791.15
(17,053.92)
FHLMC
Coupon Note
06/30/03
651,562.50
01115106
581
349
930
1.771%
18,367.83
48,562.50
(30,194.67)
FHLMC
Coupon Note
08/24/04
198,460.00
02/15/06
160
380
540
2.402%
2,089.65
2,089.65
FFCB
Coupon Note
06/25/03
666,809.00
03/15106
586
408
994
1.523%
16,304.45
19,861.11
(3,556.66)
FHLMC
Coupon Note
06/25/03
664,117.19
04/15/06
586
439
1025
1.576%
16,803.73
20,154.51
(3,350.78)
FNMA
Coupon Note
06/27/03
504,090.00
04/28/06
584
452
1036
2.315%
18,671.49
17,536.46
1,135.03
FHLB
Coupon Note
06/24/03
658,677.50
05115106
587
469
1056
1.625%
17,213.59
19,222.40
(2,008.81)
FHLMC
Coupon Note
06/27/03
500,930.00
06/02/06
584
487
1071
2.076%
16,638.89
15,378.47
1,260.42
FHLMC
Coupon Note
06/30/03
387,296.88
07/15/06
581
530
1111
1.872%
11,540.73
29,677.08
(18,136.35)
FNMA
Coupon Note
06/10/04
297,213.00
08/11/06
235
557
792
3.177%
6,079.39
1,397.92
4,681.47
FHLB
Coupon Note
06/30/03
400,000.00
09/29/06
581
606
1187
2200%
14,007.67
12,120.00
1,887.67
FHLB
Coupon Note
06/24/03
688,076.80
11115106
587
653
1240
1.825%
20,195.05
36,740.00
(16,544.95)
FFCB
Coupon Note
06/25/03
660,954.00
12/19/06
586
687
1273
1.844%
19,567.57
43,387.50
(23,819.93)
FHLB
Coupon Note
06/30/03
400,000.00
12/29/06
581
697
1278
2.225%
14,166.85
13,350.00
816.85
FHLMC
Coupon Note
06/25/03
662,652.00
03/15/07
586
773
1359
1.946%
20,702.99
35,750.00
(15,047.01)
FNMA
Coupon Note
06/30/03
333,597.66
04/15/07
581
804
1385
2.150%
11,416.81
20,343.75
(8,926.94)
FHLMC MT
N Coupon Note
06/27/03
402,556.00
05/29/07
584
848
1432
2.808%
18,086.04
17,033.33
1,052.71
FNMA
Coupon Note
06/30/03
375,219.60
07/15/07
581
895
1476
2.359%
14,089.54
22,932.29
(8,842.75)
FHLB
Coupon Note
06/24/03
672,825.60
11/15/07
587
1018
1605
2257%
24,421.89
31,173.33
(6,751.44)
FNMA
Coupon Note
06/24/03
299,475.00
12/24/07
587
1057
1644
2.528%
12,175.39
11,250.00
925.39
FNMA
Coupon Note
06/27/03
649,785.94
01/15/08
584
1079
1663
2.492%
25,908.26
31,736.00
(5,827.74)
FHLMC
Coupon Note
09/30/04
198,630.00
02/25/08
123
1120
1243
3.462%
2,317.31
2,317.31
FHLMC
Coupon Note
06/26/03
657,396.09
03/15/08
585
1139
1724
2.294%
24,170.38
21,629.83
2,540.55
FHLB
Coupon Note
06/30/03
286,162.50
04/15/08
581
1170
1751
2.633%
11,993.53
18,987.50
(6,993.97)
FHLB
Coupon Note
06/26/03
661,764.30
05/13/08
585
1198
1783
2.507%
26,590.14
47,569.11
(20,978.97)
FHLMCMTN Coupon Note
06/30/03
228,298.00
06/13/08
581
1229
1810
2.894%
10,516.81
9,188.82
1,327.99
FHLMC
Coupon Note
06/24/03
500,000.00
06/18/08
587
1234
1821
2.750%
22,113.01
20,625.00
1,488.01
FNMA
Coupon Note
09/30/04
198,597.00
08/15/08
123
1292
1415
3.442%
2,303.54
2,303.54
FNMA
Coupon Note
11/16/04
199,216.00
09/15/08
76
1323
1399
3.866%
1,603.64
1,603.64
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
12
1323
1335
3.974%
324.22
324.22
FNMA
Coupon Note
11/16/04
199,552.00
11/17/08
76
1386
1462
3.936%
1,635.43
21.53
1,613.90
FNMA
Coupon Note
01/19/05
249,465.00
12115/08
12
1414 _
1426
4.063%
333.23
333.23
FNMA
Coupon Note
01/21/05
242,400.00
03/16/09
10
1505
1515
3.930%
261.00
261.00
F14LMC
Coupon Note
01/21/05
149,686.50
09/01/09
10
1674
1684
4.180%
171.42
171.42
18,638,738.57
662
2.142%
509,555.28
713,288.35
(203,733.07)
Cash
59,688.34
9,260.13
8,787.91
472.22
Purchased Int
12,851.55
518,815.41
722,076.26
(203,260.85)
18,711,278.46
page 6