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04 Staff Report - Treasurer's Report October 2005
~pW N 0 , `W,V , COUNCIL AGENDA REPORT !ps GA~pS DATE: December 14, 2005 MEETING DATE: 12/19105 ITEM NO. L-I TO: MAYOR AND TOWN COUNCIL FROM: LINDA LUBECK, TOWN TREASURER c_p~ SUBJECT: TREASURER'S REPORT FOR OCTOBER, 2005 RECOMMENDATION: Accept report as attached. DISCUSSION: Attached for your review and acceptance is the Treasurer's report for October, 2005 - - - - Prime-increased to 7.0% on November 1, 2005. Treasurer's-funds increased during the month due in part to the receipt of funds from West Valley Sanitation. Interest rates continued to rise slightly, as did the Town's overall performance. During October, all assets except a small amount of cash were transferred from the SEI Trust account to the Union Bank trust account and the agreement with SEI for asset management services was terminated. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated December 14, 2005. PREPARED BY: Linda L. Lubeck, Town Treasurer z~J~ Reviewed by: /Town Manager Assistant Town Manager i_.__Town Attorney Clerk ~inance Community Development Revised: 12/14/05 6:43 pm Distribution: Town Council; Town Manager; Finance Director Reformatted: 5/30/02 Meeting date: December 19, 2005 Item No: Town of Los Gatos Treasurer's Report for the month ended October 31, 2005 Submitted December 14, 2005 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information October 31, 2005 Weighted Average Portfolio Yield: 3.17% Weighted Average Maturity (days) 391 This Month Last Month One year ago Portfolio Balance $56,194,085 $55,482,768 $47,335,178 Benchmarks/ References: Town's Average Yield 3.17% 3.11% 2.43% LAIF Yield for month 3.46% 3.20% 1.89% 3 mo. Treasury 3.98% 3.52% 1.99% 6 mo. Treasury 4.27% 3.87% 2.19% 2 yr. Treasury 4.37% 4.10% 2.59% 5 yr. Treasury (most recent) 4.27% 3.90% 3.38% Prime rate 6.75% 6.75% 4.75% 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% 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 October 31, 2005 Month YTD Fund Balances - Beginning of Month/Period $55,482,768.40 $57,531,241.44 Receipts 4,750,435.53 11,570,766.70 Disbursements (4,039,119.05) (12,907,923.26) Fund Balances - End of Month/Period $56,194,084.88 $56,194;084.88 Portfolio Allocation: SEI MM/Union MM 1,882,911.56 US Govt Agencies 36,134,386.33 Local Agency Investment Fund 14,539,368.40 Subtotal - Investments 52,556,666.29 Reconciled Demand Deposit Balances 3,637,418.59 Total Treasurer's Fund $56,194,084.88 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 $51,000,000 $50,000,000 - $49,000,000 $48,000,000 $47,000,000 " N- JXW $46,000,000 v 0 _ ~ 0 t n 0 0 n n C? v n 0 0 0 0 0 n n v, 0 0 0 page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances October 31, 2005 Previous Balance Deposits Ending 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 COI Fund 241,381.39 254,745.14 45,975.16 19,879.84 1,291,597.10 737,722.30 0.61 0.00 516.96 241,898.35 Note 1 612.38 255,357.52 Note 2 67.46 65,92146 Note 3 25.26 3.24 1,291,619.12 Note 4 134.71 17.44 737,839.57 Note4 0.00 0.61 0.00 0.00 0.00 Note 4 Total Restricted Funds: $2,571,421.70 $19,879.84 $1,356.77 $20.68 $2,592,637.63 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 October 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 177,678.60 539,826.58 32,769.91 32,769.91 (74,384.56) (33,323.60) Interest earned on investments $136,063.95 $539,272.89 Page 4 Town of Los Gatos Inactive Deposits by Institution Markel to Cost Position Report October 31, 2005 Inactive Deposits by Institution Den Institution Security 927 FNMA Coupon Note 932 FHLB Coupon Note 938 FHLMC Discount Note 928 FNMA Coupon Note 933 FHLB Coupon Note 920 FNMA Coupon Note 939 FFCB Coupon Note 934 FNMA Coupon Note 940 FHLB Coupon Note, 929 FNMA Coupon Note 942 FHLB Coupon Note 943 FNMA Coupon Note 946 FHLMC Discount Note 930 FHLMC Coupon Note 944 FNMA Coupon Note 947 FHLMC Discount Note 945 FHLB Coupon Note FHLB Coupon Note FHLMC Z Coupon FHLMC Z Coupon FHLMC Z Coupon FHLMC Coupon Note FNMA Z Coupon FFCB Z Coupon FHLMC Coupon Note FNMA Z Coupon FFCB Coupon Note FHLMC Coupon Note • FNMA Coupon Note FMAC Z Coupon FHLB Coupon Note FHLMC Coupon Note FHLMC Coupon Note FNMA Coupon Note FHLB Coupon Note FHLMC Coupon Note FHLB Coupon Note FFCB Coupon Note FHLB Coupon Note FNMA Coupon Note FHLMC Coupon Note FNMA Coupon Note FHLMC MTN Coupon Note FNMA Coupon Note FHLB Coupon Note FNMA Coupon Note FNMA Coupon Note FHLMC Coupon Note FHLMC Coupon Note FHLB Coupon Note FHLB Coupon Note FHLMC MTN Coupon Note FHLMC Coupon Note FNMA Coupon Note FNMA Coupon Note FNMA Coupon Note FNMA Coupon Note FHLMC Coupon Note FNMA Coupon Note FHLMC Coupon Note FHLMC Coupon Note FHLMC Coupon Note FHLMC . Coupon Note FHLMC Coupon Note Subtotal Union MM Purchased Interest SEI MM Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Date Cost Date Elaosed Maturity Invested Maturity Eamed Received Accrued 08/26/03 1,071,900.00 11/14105 797 14 811 .2.37% 55,466.49 42,904.80 12,561.69 08/18/04 498,300.00 02/03/06 439 95 534 2.49% 14,916.23 2,343.75 12,572.48 03/16/05 483,436.11 03/07/06 229 127 356 3.35% 10,160.77 10,160.77 08/26/03 895,320.00 04/28/06 797 179 976 2.83% 55,279.12 51,319.30 3,959.82 08118/04 996,420.00 05/15/06 439 196 635 2.46% 29,484.28 16.687.50 12,796.78 06/22/01 2,001,740.00 06/15/06 1592 227 1819 5.23% 456,643.20 417,984.30 38,658.90 03/16/05. 498,560.00 12/11106 229 406 635 3.80% 11.886.22 4,279.51 7,606.71 08/18104 1,491,000.00 01112/07 439 438 877 3.06% 54,882.80 37,800.00 17,082.80 03/16/05 543,228.45 02/09/07 229 466 695 3.93% 13,394.23 6,084.65 7,309.58 02/09104 2,000,000.00 05/09/07 630 555 1185 3.00% 103,561.64 90,000.00 13,561.64 05116105 999,000.00 05/16/07 168 562 730 4.04% 18,590.27 18,590.27 07/01/05 749,032.50 05/17/07 122 563 685 3.82% -9.551.29 9,551.29 08/15/05 1,500,000.00 08/15/07 77 653 730 4.25% 13,448.63 13,448.63 02124/04 2,505,250.00 08/24/07 615 662 1277 2.79% 117,945.19 120,750.00 (2,804.81) 07/01/05 984,074.54 12/15107 122 775 897 . 3.81% 12,522.12 12,522.12 08/15/05 999,700.00 02/15/08 77 837 914 4.26% 8,990.48 8,990.48 07/01/05 755,975.25 04/18/08 122 900 1022 3.80% 9,609.50 9,195.31 414.19 0624/03 683,345.00 11115/05 860 15 875 1.432% 23,056.25 44.572.40 (21,516.15) 08/05105 98,681.94 12/13/05 87 43 130 3.750% 882.05 882.05 07/14105 196,95137 12/15/D5 109 45 154 3.666% 2,156.20 2,156.20 03/23/05 97,284.59 01/03/D6 222 64 286 3.558% 2,105.28 2,105.28 06/30/03 651,562.50 01/15/D6 654 76 930 1.771% 26,998.50 64,312.50 (37,314.00) 08/22/05 88,597.70 01/17/06 70 78 148 3.903% 663.17 663.17 08/22/05 23,598.08 01/26/06 70 87 157 3.960% 179.22 17922 0824/04 198,460.00 02/15/06 433 107 540 2.402% 5,655.11 3,656.25 1,998.86 08/22/05 44,104.87 02/24/06 70 116 186 3.983% 336.90 336.90 06/25/03 666,809.00 03115106 859 135 994 1.523% 23,900.21 36,111.11 (12,210.90) 06/25/03 564,117.19 04/15/06 859 166 1025 1.576% 24,632.09 35,592.01 (10,959.92) 06/27/03 504,090.00 04/28106 857 179 1036 2.315% 27399.78 30,661.46 (3,261.68) 07/29/05 193,927.92 05/10/06 94 191 285 4.010% 2,002.72 2,002.72 06/24/03 658,677.50 05/15/06 660 196 1056 1.625% 25,219.23 26.128.65 (909.42) 06/27/03 500,930.00 06/02/06 857 214 1071 2.076% 24,417.00 20,753.47 3,663.53 06/30103 387,296.88 07/15106 854 257 1111 1.872% 16,963.48 39,302.08 (22,338.60) 06110/04 297,213.00 08/11/06 508 284 792 3.177% 13,141.83 9.647.92 3,493.91 06130/03 400,000.00 0929/06 854. 333 1187 2.200% 20589.59 16,160.00 4,429.59 02/22/05 197,629.00 10/15106 251 349 600 3.507% 4,766.15 3,559.72 1206.43 0624/03 688,076.80 11115106 860 380 1240 1.825% 29,587.30 49,940.00 (20,352.70) 06/25/03 660,954.00 12/19106 859 414 1273 1.844% 28,683.52 58,012.50 (29,328.98) 06/30/03 400,000.00 1229106 854 424 1278 2225% 20,823.56 17,800.00 3,02156 02/22/05 195,358.60 02/15107 251 `472 723 3.363% 4,517.94 2,282.64 2,235.30 06/25/03 662,652.00 03/15107 859 500 1359 1.946% 30,347.90 65,000.00 (34,652.10) 06/30/03 333,597.66 04115107 854 531 1385 2.150% 16,781.33 36,093.75 (19,312.42) 0627/03 402,556.00 05/29107 857 - 575 1432 2.808% 26,540.64 23,033.33 3,507.31 06/30103 375,219.60 07/15107 854 622 1476 2.359% 20,709.92 30,369.79 (9,659.87) 0624103 672,825.60 11/15107 860 745 1605 2.257% 35,779.94 42,373.33 (6,593.39) 0624/03 299,475.00 12/24107 860 784 1644 2.528% 17,837.88 15,000.00 2,837.88 0627/03 649,785.94 01/15108 857 805 1663 2.492% 38,019.49 41,973.50 (31954.01) 09/30104 198,630.00 0225108 396 847 1243 3.462% 7,460.61 5,868.06 1,592.55 06/26/03 657,396.09 03/15108 858 866 1724 2.294% 35449.90 39,367.33 (3,917.43) 06/30/03 286,162.50 04/15108 854 897 1751 2.633% 17,629.04 33,687.50 (16,058.46) 06/26103 661,764.30 05/13108 858 925 1783 2.507% 38,998.88 64,797.36 (25,798.48) 06/30/03 228,298.00 06/13108 854 956 1810 2.894% 15.458.44 12,351.32 3,107.12 0624/03 500,000.00 06/18108 860 - 961 1821 2.750,% 32.397.26 27,500.00 4,897.26 09130/04 198,597A0 08/15108 396 1019 1415 3.442% 7,416.28 5,687.50 1,728.78 11/16/04 199,216.00 09/15/08 349 1050 1399 3.866% 7,364.08 6,229.17 1,134.91 01119/05 248,157.50 09/15/08 285 1050 1335 3.974% 7,700.29 6,145.83 1,554.46 11/16/04 199,552.00 11/17108 349 1113 1462 3.936% 7,510.07 3,896.53 3,613.54 07107/05 296,403.00 01/12109 116 1169 1285 4.313% 4,062.82 807.29 3,255.53 0121/05 242,400.00 03/16109 283 1232 1515 3.930% 7,386.16 5,099.83 2,286.33 06117/05 300,198.00 07/30/09 136 1368 1504 4.359% 4,875.74 1,567.71 3,308.03 08/01/05 298,332.00 07/30109 91 1368 1459 4.527% 3,367.12 3,367.12 06/14/05 298,683.00 09/01109 139 1401 1540 4.237% 4,819.38 2,646.87 2,172.51 01/21/05 149,686.50 09/01/09 283 1401 1684 4.180% 4,851.24 3,781.25 1,069.99 06/14/05 299,331.00 01/25/10 139 1547 1686 4.431% 5,050.98 1,494.79 3,556.19 36.129,523.48 1,857,217.81 4,862.85 25,693.75 LAIF N/A 09/30/05 14,539,368.40 12/31/05 31 61 92 3.46% 42.558.88 42,558.88 52,556,666.29 391 3.17% 1.765.383.78 1,732,613.87 32,769.91 Maturity Profile Amount Percent 0-1 year 28,927,537.46 55.0490 1-2 years 14,004,485.61 26.65% 2-3 years 7,540,057.72 14.35% 3-5 years 2.084.585.50 3.97% 52,556.66629 100.00% Market to Cost Position Report Market Amortized Market Unrealized Dep_ Institution Security Price Cost Value* Gain (Lass) Union Bank Assets 36,129,523.48 35,159,549.30 (969,974.18) Union MM 1,857,217.81 1,857,217.81 0.00 Purchased Interest 4,862.85 4,862.85 0.00 SEI MM 25,693.75 25,693.75 0.00 LAIF 14.539.368.40 14,539,368.40 0.00 Totals: 52,556,666.29 51586,692.11 (969,974.18) page 5 * Source: Treasury and Agency Obligations - Union Bank of California