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02 Staff Report - Treasurer's Report for September 2005
~pW N 0 k, COUNCIL AGENDA REPORT !ps • G•A:~pS DATE: October 26,.2005 MEETING DATE: 11/07/05 ITEM NO. TO: MAYOR AND TOWN COUNCIL FROM: LINDA LUBECK, TOWN TREASURER SUBJECT: TREASURER'S REPORT FOR SEPTEMBER, 2005 RECOMMENDATION: Accept report as attached. DISCUSSION: Attached for your review and acceptance is the Treasurer's report for September, 2005 Prime increased to 6.75% in September. Treasurer's funds declined slightly during the month. Overall portfolio performance continued to increase slightly. No new investments were made during the month of September. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated October 26, 2005. PREPARED BY: Linda L. Lubeck, Town Treasurer P Reviewed by: own Manager S)Assistant Town Manager I6Town Attorney Clerk, kFinance Community Development Revised: 10/26/05 6:17 pm Distribution: Town Council; Town Manager; Finance Director Reformatted: 5/30/02 Meeting date: November 7, 2005 Item No: Town of Los Gatos Treasurer's Report for the month ended September 30, 2005 Submitted October 26, 2005 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summ ary Investment Information September 30, 2005 Weighted Average Portfolio Yield: 3.11% Weighted Average Maturity (days) 390 This Month Last Month One year ago Portfolio Balance $55,482,768 $56,484,060 $48,728,880 Benchmarks/ References: Town's Average Yield 3.11% 3.07% 2.41% LAIF Yield for month 3.20% 3.08% 1.77% 3 mo. Treasury 3.52% 3.58% 1.74% 6 mo. Treasury 3.87% 3.83% 2.00% 2 yr. Treasury 4.10% 4.01% 2.62% 5 yr. Treasury (most recent) 3.90% 4.22% 3.44% Prime rate 6.75% 6.50% 4.50% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Fannie Mae (10/14/05) 4.56% 2 yr. Freddie Mac (10/19/05) 4.48% Portfolio Maturity Profile 1 - 2 yea 27% 0-1year 55% 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 3 - 5 years 2 - 3 years 4% Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances September 30, 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 $56,484,059.67 $57,531,241.44 1,800,323.55 6,820,331.17 (2,801,614.82) (8,868,804.21) $55,482,768.40 $55,482,768.40 1,089,339.31 36,890,649.27 14,423,871.47 52,403,860.05 3,078,908.35 $55,482,768.40 Treasurer's Fund Balances $58,000,000 $57,000,000 $56,000,000 $55,000,000 $54,000,000 $53,000,000 $52,000,000 i $51,000,000 $50,000,000 $49,000,000 $48,000,000 - $47,000,000 -j $46,000,000 7 7 7 7 C V? V, O O O O O O C? O 'n O CD C? h O O O U 0O T O tq LL O z Q w Q Q V] page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances September 30, 2005 Previous Ending Balance Deposits Interest Withdrawals 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. Of Participation 2002 Series A Interest Fund Cert. Of Participation 2002 Series A CO[ Fund Total Restricted Funds: , 240,848.38 533.01 241,381.39 Note1 254,136.26 608.88 254,745.14 Note2 26,082.01 19,879.84 13.31 45,975.16 Note3 1,604,904.57 0.46 313,307.93 1,291,597.10 Note 4 737,608.12 132.16 17.98 737,722.30 Note 4 0.61 0.00 0.61 0.00 0.00 0.00 0.00 Note 4 $2,863,579.95 $19,879.84 $1,287.82 $313,325.91 $2,571,421.70 These accounts are not part of the Treasurers 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 September 30, 2005 Current Fiscal Month Year to Date Interest received from Investments 58,371.85 362,147.98 Add: Interest accrued at end of period (see page 5) 74,384.56 74,384.56 Less: Interest accrued at beginning of period 4,596.18 (33,323.60) Interest earned on investments $137,352.59 $403,208.94 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report September 30,2005 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest DD Institution Security Date Cost Date Elapsed Maturi Invested Maturity Earned Received Accmed 927 FNMA Coupon Note 08/26/03 1,071,900.00 11/14/05 766 45 811 2.37% 53,309.07 42,904.80 10,404.27 932 FHLB Coupon Note 08/18/04 498,300.00 02/03/06 408, 126 534 2.49% 13,862.92 2,343.75 11,519.17 938 FHLMC Discount Note 03/16/05 483,436.11 03/07/06 198 158 356 3.35% 8,785.29 8,785.29 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 766 210 976 2.83% 53,128.99 39,506.80 13,622.19 933 FHLB Coupon Note 08/18104 996,420.00 05/15/06 408 227 635 2.46% 27,402.25 16,687.50 10,714.75 920 FNMA Coupon Note 060-2/01 2,001,740.00 06/15/06 1561 258 1819 5.23% 447,751.28 417,984.30 29,766.98 939 FFCB Coupon Note 03/16/05 498,560.00 12/11106 198 437 635 3.80% 10,277.17 10.277.17 934 FNMA Coupon Note 08/18/04 1,491,000.00 01/12/07 408 469 877 3.06% 51,007.25 37,800.00 13,207.25 940 FHLB Coupon Note 03/16/05 543,228.45 02/09/07 198 497 695 3.93% 11,581.04 6,084.65 5,496.39 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 599 586 1185 3.00% 98,465.75 90,000.00 8,465.75 942 FHLB Coupon Note 05116105 999,000.00 05/16/07 137 593 730 4.04% 15,159.92 15,159.92 943 FNMA Coupon Note 07/01105 749,032.50 05/17/07 91 594 685 3.82% 7,124.33 7,124.33 946 FHLMC Discount Note 08/15/05 1,500,000.00 08/15/07 46 684 730 4.25% 8,034.25 8,034.25 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08124/07 584 693 1277 2.79% 111,999.99 120,750.00 (8,750.01) 944 FNMA Coupon Note 07/01/05 984,074.54 12115/07 91 806 897 3.81% 9,340.27 9,340.27 947 FHLMC Discount Note 08/15/05 999,700.00 02115/08 46 868 914 4.26% 5,370.94 5,370.94 945 FHLB Coupon Note 07/01/05 755,975.25 04/18/08 91 931 1022 3.80% 7,167.74 7,167.74 Porch Int - Uni on acct. 11,443.58 SEI Cash 1,089,339.31 - 19,270.29 16,734.16 2,536.13 SEI Investments 17,906,232.38 Various 580 2.60% 693,830.56 901,008.50 (207,177.94) Porch Int - SEI acct. 36.46 LAIF N/A 07101/05 14,423,871.47 09/30/05 91 0 91 3.20% 113,319.74 113,319.74 52,403,860.05 390 3.11% 1,766,189.02 1,691,804.46 74,384.56 Maturity Profile Amount Percent 0-1 year 28,577,102.22 54.53% 1-2 years - 14,202,114.61 27.10% 2-3 years 7,540,057.72 14.39% 3-5 years 2.084.585.50 3.98% 52,403,860.05 100.00% Market to Cost Position Report Market Amortized Market Unrealized Dep. Institution Security Price Cost Value* Gain (Loss) 927 FNMA Coupon Note 99.781 1,071,900.00 1,077,634.80 5,734.80 932 FHLB Coupon Note 99.438 498.300.00 497,190.00 (1,110.00) 938 FHLMC Discount Note 98.290 483,436.11 491,450.00 8,013.89 928 FNMA Coupon Note 99.094 895,320.00 891,846.00 (3,474.00) 933 FHLB Coupon Note 98.781 996,420.00 987,810.00 (8,610.00) 920 FNMA Coupon Note 100.625 2,001,740.00 2,012,500.00 10,760.00 939 FFCB Coupon Note 99.125 498,560.00 495,625.00 (2,935.00) 934 FNMA Coupon Note 98.031 1,491,000.00 1,470,465.00 (20,535.00) 940 FHLB Coupon Note - 97.875 543,228.45 543,206.25 (22.20) 929 FNMA Coupon Note 97.844 2,000,000.00 1,956,8$0.00 (43,120.00) 942 FHLB Coupon Note 99.250 999,000.00 992,500.00 (6,500.00) 943 FNMA Coupon Note 98.906 749,032.50 741,795.00 (7,237.50) 946 FHLMC Discount Note 99.889 1,500,000.00 1,498,335.00 (1,665.00) 930 FHLMC Coupon Note 97.965 2,505,250.00 2,449,125.00 (56,125.00) 944 FNMA Coupon Note 97.313 984,074.54 973,130.00 (10,944.54) 947 FHLMC Discount Note 99.851 999,700.00 998,510.00 (1,190.00) 945 FHLB Coupon Note 99.375 755,975.25 745,312.50 (10,662.75) 0.00 Subtotal 18,972,936.85 18,823,314.55 (149,622.30) Porch Int - Un ion acct. 11,443.58 11,443.58 0.00 SEI Cash 1,089,339.31 1,089,339.31 0.00 SEI Investme nts 17,906,232.38 17,171,152.65 (735,079.73) N/A Porch Int - SEI acct. 36.46 36.46 0.00 LAiF 14.423.871.47 14,423.871.47 0.00 Totals: 52,403,860.05 51,519,158.02 (884,702.03) * Source: Treasury and Agency Obligations - Union Bank of California ' LAIF balances per Local Agency Investment Fund m onthly statement. page 5 SEI Investments Account Market to Cost Position Report September 30, 2005 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Dep Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued FNMA Z Coupon 05/17/05 98,734.92 10105105 136 5 141 3.317% 1,220.29 1,220.29 FHLMC Z Coupon 05/17/05 49,354.51 10/07/05 136 7 143 3.338% 613.85 613.85 FHLB Z Coupon 08/05/05 99,392.75 10/07/05 56 7 63 3.540% 539.83 539.83 FHLMC Z Coupon 08/15/05 298,332.75 10111105 46 11 57 3.600% 1,353.53 1,353.53 FNMA Z Coupon 08/15/05 203,830.82 10/12/05 46 12 58 3.610% 927.35 927.35 FHLB Coupon Note 06/24103 683,345.00 11115105 829 46 875 1.432% 22,225.15 44,572.40 (22,347.25) FHLMC Z Coupon 08105105 98,681.94 12/13/05 56 74 130 3.750% 567.76 567.76 FHLMC Z Coupon 07/14/05 196,953.37 12/15/05 78 76 154 3.666% 1,542.97 1,542.97 FHLMC Z Coupon 03/23/05 97,284.59 01/03/06 191 95 286 3.558% 1,811.30 1,811.30 FHLMC Coupon Note 06/30/03 651,562.50 01/15/06 823 107 930 1.771% 26,018.46 64,312.50 (38,294.04) FNMA Z Coupon 08/22/05 88,597.70 01/17/06 39 109 148 3.903% 369.48 369.48 FFCB Z Coupon 08/22/05 23,598.08 01/26/06 39 118 157 3.960% 99.85 99.85 FHLMC Coupon Note 08/24/04 198,460.00 02/15/06 402 138 540 2.402% 5,250.24 3,656.25 1,593.99 FNMA Z Coupon 08/22/05 44,104.87 02/24/06 39 147 186 3.983% 187.70 187.70 FFCB Coupon Note 06/25/03 666,809.00 03/15/06 828 166 994 1.523% 23,037.68 36,111.11 (13,073.43) FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 828 197 1025 1.576% 23,743.15 27,873.26 (4,130.11) FNMA Coupon Note 06127/03 504,090.00 04/28/06 826 210 1036 2.315% 26,408.65 24,098.96 2,309.69 FMAC Z Coupon 07/29/05 193,927.92 05/10/06 63 222 285 4.010% 1,342.25 1,342.25 FHLB Coupon Note 06/24/03 658,677.50 05115106 829 227 1056 1.625% 24,310.16 26,128.65 (1,818.49) FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 826 245 1071 2.076% 23,533.77 20,753.47 2,780.30 FHLMC Coupon Note 06130/03 387,296.88 07/15/06 823 288 1111 1.872% 16,347.71 39,302.08 (22,954.37) FNMA Coupon Note 06110/04 297,213.00 08/11/06 477 315 792 3.177% 12,339.87 9,647.92 2,691.95 FHLB Coupon Note 06/30/03 400,000.00 09/29106 823 364 1187 2.200% 19,842.19 16,160.00 3,682.19 FHLMC Coupon Note 02/22/05 197,629.00 10/15/06 220 380 600 3.507% 4,177.50 809.72 3,367.78 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 829 411 1240 1.825% 28,520.78 49,940.00 (21,419.22) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 828 445 1273 1.844% 27,648.38 58,012.50 (30,364.12) FHLB Coupon Note 06/30/03 400,000.00 12/29106 823 455 1278 2.225% 20,067.67 17,800.00 2,267.67 FNMA Coupon Note 02/22/05 195,358.60 02/15/07. 220 503 723 3.363% 3,959.95 2,282.64 1,677.31 FHLMC Coupon Note 06/25/03 662,652.00 03/15/07 828 531 1359 1.946% 29,252.69 65,000.00 (35,747.31) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 823 562 1385 2.150% 16,172.17 28,218.75 (12,046.58) FHLMC MTN Coupon Note 06/27/03 402,556.00 05/29/07 826 606 1432 2.808% 25,580.59 23,033.33 2,547.26 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 823 653 1476 2.359% 19,958.16 30,369.79 (10,411.63) FHLB Coupon Note 06/24/03 672,825.60 11/15/07 829 776 1605 2.257% 34,490.20 42,373.33 (7,883.13) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 829 815 1644 2.528% 17,194.89 15,000.00 2,194.89 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 826 837 1663 2.492% 36,644.22 41,973.50 (5,329.28) FHLMC Coupon Note 09/30104 198,630.00 02/25/08 365 878 1243 3.462% 6,876.57 5,868.06 1,008.51 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 827 897 1724 2.294% 34,169.07 39,367.33 (5,198.26) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 823 928 1751 2.633% 16,989.11 26,337.50 (9,348.39) FHLB Coupon Note 06/26103 _ 661,764.30 05/13/08 827 956 1783 2.507% 37,589.83 64,797.36 (27,207.53) FHLMC MTN Coupon Note 06/30103 228,298.00 06113/08 823 987 1810 2.894% 14,897.30 12,351.32 2,545.98 FHLMC Coupon Note 06/24103 500,000.00 06/18/08 829 992 1821 2.750% 31,229.45 27,500.00 3,729.45 FNMA Coupon Note 09/30104 198,597.00 08/15/08 365 1050 1415 3.442% 6,835.71 5,687.50 1,148.21 FNMA Coupon Note 11/16104 199,216.00 09/15/08 318 1081 1399 3.866% 6,709.97 6,229.17 480.80 FNMA Coupon Note 01/19105 248,157.50 09/15/08 254 1081 1335 3.974% 6,862.72 6,145.83 716.89 FNMA Coupon Note 11116104 199,552.00 11/17/08 318 1144 1462 3.936% 6,842.98 3,896.53 2,946.45 FHLMC Coupon Note 07/07105 296,403.00 01/12/09 85 1200 1285 4.313% 2,977.06 807.29 2,169.77 FNMA Coupon Note 01/21/05 242,400.00 03/16/09 252 1263 '1515 3.930% 6,577.08 5,099.83 1,477.25 F10-MC Coupon Note 06/17/05 300,198.00 07/30/09 105 1399 1504 4.359% 3,764.36 1,567.71 2,196.65 FHLMC Coupon Note 08/01105 298,332.00 07/30/09 60 1399 1459 4.527% 2,220.08 2,220.08 FHLMC Coupon Note 06114105 298,683.00 09/01/09 108 1432 1540 4.237% 3,744.55 2,646.87 1,097.68 FRLMC Coupon Note 01/21/05 149,686.50 09/01/09 252 1432 1684 4.180% 4,319.83 3,781.25 538.58 FHLMC Coupon Note 06/14105 299,331.00 01/25/10 108 1578 1686 4.431% 3,924.50 1,494.79 2,429.71 17.906.232.38 580 2.602% 693.830.56 901.008.50 (207.177.94) 19,270.29 16,734.16 2,536.13 713,100.85 917.742.66 (204.641.81 Cash 1,089,339.31 Purchased Int 36.46 18,995,608.15 page 6