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04 Staff Report - Treasurer's Reports For February and March 2005~owN nF MEETING DATE: ,5l02I05 ITEM NO. 4 COUNCIL AGENDA REPORT (~S G,Aj~g DATE: April 27, 2005 TO:. MAYOR AND TOWN COUNCIL FROM: LINDA LUBECK, TOWN TREASURER SUBJECT: TREASURER'S REPORTS FOR FEBRUARY AND MARCH, 2005 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Treasurer's report for February and March, 2005. Prime is now at 5.75%. Treasurer's funds are up to $53.7 million with the annual influx of property taxes. Funds were invested in the month of March with maturities ranging from one year to three years and yields between 3.1% to 4.26% respectively. Overall, the rate of return of the town's portfolio has continued to increase over the last few months, up to 2.81 As the rates continue to rise over the next few months I will continue to keep the bulk of the portfolio shorter term in order to be able to place funds at higher rates as they occur. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's report dated April 27, 2005. PREPARED BY: Linda L. Lubeck, Town Treasurer Reviewed by: Distribution: T 'Town Manager ,Assistant Town Manager Town Attorney Clerk t~~~cFinance Community Development Revised: 4/28/05 8:04 am Council,' Town Manager; Finance Director Reformatted: 5/30/02 Meeting date: May 2, 2005 Item No: Town of Los Gatos Treasurer's Report for the month ended February 28, 2005 Submitted April 27, 2005 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information February 28, 2005 Weighted Average Portfolio Yield: 2.66% Weighted Average Maturity (days) 411 This Month Last Month One year agQ Portfolio Balance $53,046,566 $52,810,947 $48,728,240 Benchmarks/ References: Town's Average Yield 2.66% 2.60% LAIF Yield for month 2.37% 2.26% 3 mo. Treasury 2.77% 2.37% 6 mo. Treasury 3.01% 2.68% 2 yr. Treasury 3.50% 3.25% 5 yr. Treasury (most recent) 3.62% 3.73% Prime rate 5.50% 5.25% 2.45% 1.44% 0.95% 1.02% 1.68% 3.03% 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 February 28, 2005 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 Month YTD $52,810,947.24 $52,146,172.75 2,203,367.66 21,881,056.97 (1,967,748.71) (20,980.663-53) $53,046,566.19 $53,046,566.19 138,593.45 37,496,533.95 11,761,275.82 49,396,403.22 3,650.162.97 $53,046,566.19 Portfolio Investment Allocation SE] Cash Local Agency Investment Fund 0.3% 23.8% r US Govt Agencies 75.9% 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 J $44,000,000 0 0 0 0 0 w ~ ¢ 5 a n 0 0 0 0 0 0 0 0 U U ti n O O z q ti w page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances February 28, 2005 Previous Balance Deposit 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 COI Fund Total Restricted Funds: Ending Interest Withdrawals Balance 236,713.97 0.00 236,713.97 Note 1 255,964.97 333.89 256,298.86 Note 2 83,934.93 42,165.84 109.49 41,497.50 84,712.76 Note3 2,313,605.69 11,957.99 1.84 2,325,561.84 Note 4 722,904.17 55.55 13.37 722,946.35 Note 4 230,541.25 190.31 230,585.58 145.98 0.00 0.00 0.00 0.00 Note 4 $3,843,664.98 $42,165.84 $12,647.23 $272,098.29 $3,626,379.76 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 February 28, 2005 Current Fiscal Month Year to Date Interest received from Investments 90,401.16 899,048.53 Add: Interest accrued at end of period (see page 5) (19,939.47) (19,939.47) Less: Interest accrued at beginning of period 29,170.21 (92,466.06) Interest earned on investments $99,631.90 $786,643.00 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report February 28, 2005 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest DQp- Institution Security Date SCSI D-= Elapsed Maturity Invested Maturity. Earned Received Accrued 923 FNMA Coupon Note 02/25/02 1,998,520.00 03/15/05 1099 15 1114 3.90% 234,681.00 198,055.56 36,625.44 935 FHDN Discount Note 02/04/05 993,671.11 05/04/05 24 65 89 2.61% 1,706.61 1,706.61 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 1019 107 1126 4.26% 237,781.23 219,347.22 18,434.01 931 FMCDN Coupon Note 08/18/04 980,715.00 07/26/05 194 148 342 2.09% 10,886.43 10,886.43 937 FHDN Discount Note 02/04/05 493,038.89 08/02/05 24 155 179 2.88% 933.33 933.33 936 FHDN Discount Note 02/04/05 985,844.44 08105105 24 158 182 2.88% 1,866.67 1,866.67 927 FNMA Coupon Note 08/26/03 1,071,900.00 11/14/05 552 259 811 2.37% 38,415.94 31,996.80 6,419.14 932 FHLB Coupon Note 08/18/04 498,300.00 02/03/06 194 340 534 2.49% 6,591.68 2,343.75 4,247.93 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 552 424 976 2.83% 38,286.16 27,694.30 10,591.86 933 FHLB Coupon Note 08/18/04 996,420.00 05/15/06 194 441 635 2.46% 13,029.50 5,437.50 7,592.00 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 1347 472 1819 5.23% 386,368.33 365,484.30 20,884.03 934 FNMA Coupon Note 08/18/04 1,491,000.00 01/12/07 194 683 877 3.06% 24,253.45 21,000.00 3,253.45 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 385 800 1185 3.00% 63,287.67 60,000.00 3,287.67 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 370 907 1277 2.79% 70,958.90 80,500.00 (9,541.10) Parch Int - Union acct 4,200.00 SEI Cash 138,593.45 9,677.71 9,260.13 417.58 SEI Investments 18,568,628.51 Various 652 2.21% 525,440.61 706,913.06 (181,472.45) Parch Int- SEI acct. 12,646.00 LAIF N/A 12/31/04 11,761,275.82 03/31/05 59 31 90 2.37% 43,927.92 43,927.92 49,396,40322 411 2.66% 1,708,093.15 1,728,032.62 (19,939.47) Maturity Profile Amount Percent 0-1 year 25,870,084.56 52.37% 1-2 years 11,605,631.97 23.49% 2-3 years 8,099,991.80 16.40% 3-5 years 3.820.694.89 7.73°/ 49,396,403.22 100,00% Market to Cost Position Report Market Amortized Market Unrealized DDS Institution 'rcurily Price Cost_ Value* Crain (Loss) 923 FNMA Coupon Note 100.031 1,998,520.00 2,000,620.00 2100.00 935 FHDN Discount Note 99.530 993,671.11 995,300.00 1,628.89 924 FHLMC Coupon Note 100.406 1,999,340.00 2,008,120.00 8,780.00 931 FMCDN Coupon Note 98.840 980,715.00 988,400.00 7,685.00 937 FHDN Discount Note 98.740 493,038.89 493,700.00 661.11 936 FHDN Discount Note 98.720 985,844.44 987,200.00 1,355.56 927 FNMA Coupon Note 99.156 1,071,900.00 1,070,884.80 (1,015.20) 932 FHLB Coupon Note 98.969 498,300.00 494,845.00 (3,455.00) 928 FNMA Coupon Note 99.000 895,320.00 891,000.00 (4,320.00) 933 FHLB Coupon Note 98.531 996,420.00 985,310.00 (11,110.00) 920 FNMA Coupon Note 102.125 2,001,740.00 2,042,500.00 40,760.00 934 FNMA Coupon Note 98.281 1,491,000.00 1,474,215.00 (16,785.00) 929 FNMA Coupon Note 98.250 2,000,000.00 1,965,000.00 (35,000.00) 930 FHLMC Coupon Note 98.494 2,505,250.00 2,462,350.00 (42,900.00) Subtotal 18,911,059.44 18,859,444.80 (51,614.64) Purch Int - Union acct. 4,200.00 4,200.00 0.00 SEI 18,568,628.51 17,857,874.65 (710,753.86) SEI Cash 138,593.45 138,593.45 0.00 N/A LAW N/A 11,761,275.82 11,761,275.82 0.00 Purchased Ink 12,646.00 12,646.00 0.00 Totals: 49,396,403.22 48,634,034.72 (762,368.50) * 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 February 28, 2005 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest ]jam Institution Security DatC - f-0 9 D2t~, Elapsed Maturi Invested Maturity Earns Received Accrued FHLMC Z Coupon 11/08/04 49,634.74 03/07/05 112 7 119 2.228% 339.33 339.33 FHLB Coupon Note 06/26/03 665,362.50 04/15/05 613 46 659 1.064% 11,889.61 13,972.29 (2,082.68) FHLB Coupon Note 06/23/03 552,634.50 05/13/05 616 74 690 1.220% 11,378.52 11,48125 (102.73) FNMA Coupon Note 11/09/04 199,375.00 05/27/05 111 88 199 2.376% 1,440.61 1,440.61 FHLMC Coupon Note 06/30/03 663,493.36 06115105 609 107 716 1.482% 16,406.25 39,046.87 (22,640.62) FNMA Z Coupon 02/22/05 197,600.00 07/22/05 6 144 150 2.955% 95.98 95.98 FHLB Coupon Note 06124/03 672,743.50 08115105 615 168 783 1.335% 15,132.58 32,012.50 (16,879.92) FHLMC Coupon Note 11/09/04 198,468.75 08/15/05 111 168 279 2.508% 1,513.73 800.00 713.73 FNMA Coupon Note 08/24/04 199,360.00 09/15/05 188 199 387 2.178% 2,236.46 218.75 2,017.71 FHLB Coupon Note 06/24/03 683,345.00 11115105 615 260 875 1.432% 16,487.90 32,791.15 (16,303.25) FHLMC Coupon Note 06/30/03 651,562.50 01/15/06 609 321 930 1.771% 19,253.03 48,562.50 (29,309.47) FHLMC Coupon Note 080-4/04 198,460.00 02/15/06 188 352 540 2.402% 2,455.34 1,781.25 674.09 FFCB Coupon Note 06/25/03 666,809.00 03/15/06 614 380 994 1.523% 17,083.50 19,861.11 (2,777.61) FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 614 411 1025 1.576% 17,606.64 20,154.51 (2,547.87) FNMA Coupon Note 06/27/03 504,090.00 04/28/06 612 424 1036 2.315% 19,566.70 17,536.46 2,030.24 FHLB Coupon Note 0624/03 658,677.50 05/15/06 615 441 1056 1.625% 18,034.68 19,222.40 (1,187.72) FHLMC Coupon Note 0627/03 500,930.00 06/02/06 612 459 1071 2.076% 17,436.65 15,378.47 2,058.18 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 609 502 1111 1.872% 12,096.91 29,677.08 (17,580.17) FNMA Coupon Note 06/10/04 297,213.00 08/11/06 263 529 792 3.177% 6,803.74 5,522.92 1,280.82 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 609 578 1187 2.200% 14,682.74 12,120.00 2,562.74 FHLMC Coupon Note 0222/05 197,629.00 10115106 6 594 600 3.507% 113.93 113.93 FHLB Coupon Note 0624/03 688,076.80 11/15/06 615 625 1240 1.825% 21,158.36 36,740.00 (15,581.64) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 614 659 1273 1.844% 20,502.54 43,387.50 (22,884.96) FHLB Coupon Note 0660/03 400,000.00 12/29/06 609 669 1278 2.225% 14,849.59 13,350.00 1,499.59 FNMA Coupon Note 0222/05 195,358.60 02/15/07 6 717 723 3.363% 108.00 108.00 FHLMC Coupon Note 06/25/03 662,652.00 03/15/07 614 745 1359 1.946% 21,692.21 35,750.00 (14,057.79) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 609 776 1385 2.150% 11,967.02 20,343.75 (8,376.73) FHLMC MT N Coupon Note 06/27/03 402,556.00 05/29/07 612 820 1432 2.808% 18,953.17 17,033.33 1,919.84 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 609 867 1476 2.359% 14,768.55 22,932 29 (8,163.74) FHLB Coupon Note 06124/03 672,825.60 11/15/07 615 990 1605 2.257% 25,586.82 31,173.33 (5,586.51) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 615 1029 1644 2.528% 12,756.16 11,250.00 1,506.16 FNMA Coupon Note 06127/03 649,785.94 01/15/08 612 1051 1663 2.492% 27,150.44 31,736.00 (4,585.56) FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 151 1092 1243 3.462% 2,844.83 2,618.06 226.77 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 613 1111 1724 2.294% 25,327.26 21,629.83 3,697.43 FHLB Coupon Note 06/30/03 286,162.50 04/15/08 609 1142 1751 2.633% 12,571.53 18,987.50 (6,415.97) FHLB Coupon Note 06126/03 661,764.30 05/13/08 613 1170 1783 2.507% 27,862.83 47,569.11 (19,706.28) FHLMCMTN Coupon Note 06130103 228,298.00 06/13/08 609 1201 1810 2.894% 11,023.64 9,188.82 1,834.82 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 615 1206 1821 2.750% 23,167.81 20,625.00 2,542.81 FNMA Coupon Note 09130/04 198,597.00 08/15/08 151 1264 1415 3.442% 2,827.92 2,437.50 390.42 FNMA Coupon Note 11/16/04 199,216.00 09/15/08 104 1295 1399 3.866% 2,194.45 2,194.45 FNMA Coupon Note 01/19/05 248,157.50 09115/08 40 1295 1335 3.974% 1,080.74 1,080.74 FNMA Coupon Note 11116/04 199,552.00 11/17/08 104 1358 1462 3.936% 2,237.96 21.53 2,216.43 FNMA Coupon Note 01119/05 . 249,465.00 12/15/08 40 1386 1426 4.063% 1,110.77 1,110.77 FNMA Coupon Note 01121/05 242,400.00 03/16/09 38 1477 1515 3.930% 991.78 991.78 Purchased Int 12,646.00 18,719,867.96 page 6 Meeting date: May 2, 2005 Item No: Town of Los Gatos Treasurer's Report for the month ended . March 31, 2005 Submitted April 27, 2005 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information March 31, 2005 Weighted Average Portfolio Yield: 2.81% Weighted Average Maturity (days) 409 This Month Last Month One year ago Portfolio Balance $53,724,048 $53,046,566 $49,862,617 Benchmarks/ References: Town's Average Yield 2.81% LAIF Yield for month 2.54% 3 mo. Treasury 2.84% 6 mo. Treasury 3.18% 2 yr. Treasury 3.86% 5 yr. Treasury (most recent) 4.08% Prime rate 5.75% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac (03/03/05) 3.76% 2 yr. Fannie Mae (04/22/05) 3.88% 2.66% 2.48% 2.37% 1.47% 2.77% 0.96% 3.01% 1.01% 3.50% 1.52% 3.62% 2.70% 5.50% 4.00% 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 March 31, 2005 Month YTD Fund Balances - Beginning of Month/Period $53,046,566.19 $52,146,172.75 Receipts 2,619,512.98 22,297,202.29 Disbursements (1,942,031.67) (20,954,946.49) Fund Balances - End of Month/Period $53,724,047.50 $53,488,428.55 Portfolio Allocation: SO Cash 140,657.69 US Govt Agencies 37,561,095.53 Local Agency Investment Fund 11,761,275.82 Subtotal - Investments 49,463,029.04 Reconciled Demand Deposit Balances 4.261.018.46 Total Treasurer's Fund $53,724,047.50 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 v v v v 0 0 0 0 0 0 0 0 0 0 0 0 0 Gp > U L R v O z rs ' w page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances March 31, 2005 Previous Ending Balance DepositS Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 12/20/02 236,713.97 1,520.89 238,234.86 Note 1 Certificates of Participation Reserve Fund (Lot 4) 256,298.86 358.19 256,657.05 Note 2 Cert. of Participation Lease Payment Fund (Lot 4) 84,712.76 21,082.92 114.28 105,909.96 Note 3 Cert. of Participation 2002 Series A Const. Fund 2,325,561.84 0.56 44,632.48 2,280,929.92 Note 4 Cert. of Participation 2002 Series A Reserve Fund 722,946.35 58.80 12.08 722,993.07 Note 4 Cert. Of Participation 2002 Series A Interest Fund 145.98 022 146.20 Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 Note 4 Total Restricted Funds: $3,626,379.76 $21,082.92 $2,052.94 $44,644.56 $3,604,871.06 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 13', 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 March 31, 2005 Current Fiscal Month Year to Date Interest received from Investments Add: Interest accrued at end of period (see page 5) Less: Interest accrued at beginning of period 81,223.62 980,272.15 12,262.15 12,262.15 19,939.47 (92,466.06) Interest earned on investments $113,425.24 $900,068.24 Page 4 Town of Los Gatos Inactive Deposits by Institution Mark et to Cost Position Report March 31, 2005 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest D= Institution Security D= Egli( iDaI9 Elapse Maturi ty Invested Maturity Earne Received Accrued 935 FHDN Discount Note 02/04/05 993,671.11 05104105 55 34 89 2.61% 3,910.98 3,910.98 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06115105 1050 76 1126 4.26% 245,015.01 219,347.22 25,667.79 938 FHLMC Discount Note 03/16105 483,436.11 03107/06 15 341 356 3.35% 665.55 665.55 931 FMCDN Coupon Note 08/18/04 980,715.00 07/26/05 225 117 342 2.09% 12,626.01 12,626.01 937 FHDN Discount Note 02/04105 493,038.89 08102/05 55 124 179 2.88% 2,138.89 2,138.89 936 FHDN Discount Note 02/04/05 985,844.44 08105/05 55 127 182 2.88% 4,277.78 4,277.78 927 FNMA Coupon Note 08/26/03 1,071,900.00 11114/05 583 228 811 2.37% 40,573.36 31,996.80 8,576.56 932 FHLB Coupon Note 08/18/04 498,30D.00 02103/06 225 309 534 2.49% 7,644.99 2,343.75 5,301.24 928 FNMA Coupon Note 08/26/03 895,320.00 04128/06 583 393 976 2.83% 40,436.29 27,694.30 12,741.99 933 FHLB Coupon Note 08/18/04 996,420.00 05115106 225 410 635 2.46% 15,111.53 5,437.50 9,674.03 920 FNMA Coupon Note 06/22/01 2,001,740.00 06115106 1378 441 1819 523% 395,260.26 365,484.30 29,775.96 939 FFCB Coupon Note 03/16105 498,560.00 12111/06 15 620 635 3.80% 778.57 778.57 934 FNMA Coupon Note 08/18/04 1,491,000.00 01112/07 225 652 877 3.06% 28,129.00 21,000.00 7,129.00 940 FHLB Coupon Note 03/16/05 543,228.45 02109/07 15 680 695 3.93% 877.35 877.35 929 FNMA Coupon Note 02/09/04 2,000,000.00 05109/07 416 769 1185 3.00% 68,383.56 60,000.00 8,383.56 930 FHLMC Coupon Note 02/24104 2,505,250.00 08124/07 401 876 1277 2.79% 76,904.10 80,500.00 (3,595.90) 941 FHLB Coupon Note 03/24105 498,000.00 03124/08 7 1089 1096 4.26% 406.86 406.86 Parch Int - Union acct. 6,026.09 SEI Cash 140,657.69 10,038.62 9,677.71 360.91 SEI Investments 18,616,278.36 Various 621 2.21% 559,866.59 746,225.39 (186,358.80) Porch Int - SEI acct. 3,027.08 LAIF N/A 12/31104 11,761,275.82 03131/05 90 0 90 2.54% 68,923.82 68,923.82 49,463,029.04 409 2.81% 1,581,969.12 1,569,706.97 12,262.15 Maturity Profile Amount Percent 0-1 year 25,063,730.93 50.67% 1-2 years 12,643,263.42 25.56% 2-3 years 8,592,735.89 17.37% 3-5 years 3.163:298.80 6.40% ' 49,463,029.04 100.00 Market to Cost Position Report Market Amortized Market Unrealized DgR Institution Security Price Cost Value* Gain (Loss) 935 FHDN Discount Note 9934 993,671.11 997,400.00 3,728.89 924 FHLMC Coupon Note 100.250 1,999,340.00 2,005,000.00 5,660.00 938 FHLMC Discount Note 96.620 483,436.11 483,100.00 (336.11) 931 FMCDN Coupon Note 99.050 980,715.00 990,500.00 9,785.00 937 FHDN Discount Note 98.950 493,038.89 494,750.00 1,711.11 936 FHDN Discount Note 98.930 985,844.44 989,300.00 3,455.56 927 FNMA Coupon Note 99.094 1,071,900.00 1,070,215.20 (1,684.80) 932 FHLB Coupon Note 98.844 498,300.00 494,220.00 (4,080.00) 928 FNMA Coupon Note 98.781 895,320.00 889,029.00 (6,291.00) 933 FHLB Coupon Note 98.313 996,420.00 983,130.00 (13,290.00) 920 FNMA Coupon Note 101.656 2,001,740.00 2,033,120.00 31,380.00 939 FFCB Coupon Note 99.459 498,560.00 497,345.00 (1,215.00) 934 FNMA Coupon Note 98.0)0 1,491,000.00 1,470,000.00 (21,000.00) 940 FHLB Coupon Note 97.875 543,228.45 543,206.25 (22.20) 929 FNMA Coupon Note 97.875 2,000,000.00 1,957,500.00 (42,500.00) 930 FHLMC Coupon Note 98.063 2,505,250.00 2,451,575.00 (53,675.00) 941 FHLB Coupon Note 100.100 498,000.00 500,500.00 2,500.00 0.00 Subtotal 18,935,764.00 18,849,890.45 (85,873.55) Parch Int - Union acct. 6,026.09 6,026.09 0.00 SEI Cash 140,657.69 140,657.69 0.00 SEI Investments 18,616,278.36 17,846,221.75 (770,056.61) N/A Purch Int - SEI acct. 3,027.08 3,027.08 0.00 LAIF 11,761,275.82 11,761,275.82 0.00 Totals: 49,463,029.04 48,607,098.88 (855,930.16) * Source: Treasury and Agency Obligations - Union Bank of California LAIF balances per Local Agen cy Investment Fund monthly statement. page 5 SO Investments Account Market to Cost Position Report March 31, 2005 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest D= Tnstitution Security Rate Celt Rate -lapsed Maturity Invested Maturity Famed Received Accrued FHLB Coupon Note 06/26/03 665,362.50 04/15/05 644 15 659 1.064% 12,490.88 13,972.29 (1,481.41) FHLB Coupon Note 06/23/03 552,634.50 05/13/05 647 43 690 1.220% 11,951.14 11,481.25 469.89 FNMA Coupon Note 11/09/04 199,375.00 05/27/05 142 57 199 2.376% 1,842.95 1,842.95 FHLMC Coupon Note 06/30/03 663,493.36 06/15/05 640 76 716 1.482% 17,241.37 39,046.87 (21,805.50) FNMA Z Coupon 02/22/05 197,600.00 07/22/05 37 113 150 2.955% 591.91 591.91 FHLB Coupon Note 06/24/03 672,743.50 08/15/05 646 137 783 1.335% 15,895.36 32,012.50 (16,117.14) FHLMC Coupon Note 11/09/04 198,468.75 08/15/05 142 137 279 2.508% 1,936.49 800.00 1,136.49 FNMA Coupon Note 08/24/04 199,360.00 09/15/05 219 168 387 2.178% 2,605.24 2,093.75 511.49 FHLB Coupon Note 06/24/03 683,345.00 11115105 646 229 875 1.432% 17,319.00 32,791.15 (15,472.15) FHLMC Z Coupon 03/23/05 97,284.59 01/03/06 8 278 286 3.558% 75.87 75.87 FHLMC Coupon Note 06/30/03 651,562.50 01/15/06 640 290 930 1.771% 20,233.07 48,562.50 (28,329.43) FHLMC Coupon Note 08/24/04 198,460.00 02/15/06 219 321 540 2.402% 2,860.21 1,781.25 1,078.96 FFCB Coupon Note 06/25/03 666,809.00 03/15/06 645 349 994 1.523% 17,946.02 27,986.11 (10,040.09) FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 645 380 1025 1.576% 18,495.57 20,154.51 (1,658.94) FNMA Coupon Note 06/27/03 504,090.00 04/28/06 643 393 1036 2.315% 20,557.83 17,536.46 3,021.37 FHLB Coupon Note 06/24/03 658,677.50 05/15/06 646 410 1056 1.625% 18,943.75 19,222.40 (278.65) FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 643 428 1071 2.076% 18,319.87 15,378.47 2,941.40 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 640 471 1111 1.872% 12,712.68 29,677.08 (16,964.40) FNMA Coupon Note 06/10/04 297,213.00 08/11/06 294 498 792 3.177% 7,605.71 5,522.92 2,082.79 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 640 547 1187 2.200% 15,430.14 12,120.00 3,310.14 FHLMC Coupon Note 02/22/05 197,629.00 10115106 37 563 600 3.507% 702.58 702.58 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 646 594 1240 1.825% 22,224.88 36,740.00 (14,515.12) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 645 628 1273 1.844% 21,537.68 43,387.50 (21,849.82) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 640 638 1278 2.225% 15,605.48 13,350.00 2,255.48 FNMA Coupon Note 02/22/05 195,358.60 02/15/07 37 686 723 3.363% 665.99 665.99 FHLMC Coupon Note. 06/25/03 662,652.00 03/15/07 645 714 1359 1.946% 22,787.42 50,375.00 (27,587.58) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 640 745 1385 2.150% 12,576.17 20,343.75 (7,767.58) FHLMC MTN Coupon Note 06/27/03 402,556.00 05/29/07 643 789 1432 2.808% 19,913.22 17,033.33 2,879.89 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 640 836 1476 2.359% 15,520.32 22,932.29 (7,411.97) FHLB Coupon Note 06/24/03 672,825.60 11/15/07 646 959 1605 2.257% 26,876.56 31,173.33 (4,296.77) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 646 998 1644 2.528% 13,399.15 11,250.00 2,149.15 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 643 1020 1663 2.492% 28,525.71 31,736.00 (3,21029) FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 182 1061 1243 3.462% 3,428.87 2,618.06 810.81 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 644 1080 1724 2294% 26,608.08 30,498.58 (3,890.50) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 640 1111 1751 2.633% 13,211.46 18,987.50 (5,776.04) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 644 1139 1783 2.507% 29,271.88 47,569.11 (18,297.23) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 640 1170 1810 2.894% 11,584.78 9,188.82 2,395.96 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 646 1175 1821 2.750% 24,335.62 20,625.00 3,710.62 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 182 1233 1415 3.442% 3,408.49 2,437.50 970.99 FNMA Coupon Note 11/16/04 199,216.00 09/15/08 135 1264 1399 3.866% 2,848.57 2,479.17 369.40 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 71 1264 1335 3.974% 1,918.32 1,458.33 459.99 FNMA Coupon Note 11/16/04 199,552.00 11/17/08 135 1327 1462 3.936% 2,905.04 21.53 2,883.51 FNMA Coupon Note 01119/05 249,465.00 12/15/08 71 1355 1426 4.063% 1,971.61 1,971.61 FNMA Coupon Note 01/21/05 242,400.00 03/16/09 69 1446 1515 3.930% 1,800.87 1,193.58 607.29 Purchased Int 3,027.08 lb,/J`J,`JUJ.1~ page 6