02 Staff Report - Treasurer's Report January 2006~pW N 0
lpsGAZS
DATE:
TO:
FROM:
SUBJECT
COUNCIL AGENDA REPORT
February 22, 2006
MEETING DATE: 03106/06
ITEM NO.
MAYOR AND TOWN COUNCIL
LINDA LUBECK, TOWN TREASURER"'
TREASURER'S REPORTS FOR JANUARY, 2006
RECOMMENDATION:
Accept report as attached.
DISCUSSION:
Attached for your review and acceptance is the Treasurer's report for January, 2006.
Prime increased to 7.5% on January 31, 2006. Treasurer's funds increased during the months due
in part to the receipt of property tax funds. $4 million was transferred to LAIF from the Bank of
the West as a short term investment until the funds are needed. Interest rates continued to rise
slightly, as did the Town's overall performance.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's reports dated February 22, 2006.
PREPARED BY: Linda L. Lubeck, Town Treasurer
Reviewed by
jyl'~
Manager Assistant Town Manager _
,,,-0'1W1erkAFinance(Community Development
Distribution: Town Council, Town Manager; Finance Director
nVzTown Attorney
Revised: 2/22/06 8:17 pm
Reformatted: 5/30/02
Meeting date: March 6, 2006
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
January 31, 2006
Submitted February 22, 2006
by
Linda L. Lubeck
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summ
ary Investment Information
January 31, 2006
Weighted Average Portfolio Yield:
3.43%
Weighted Average Maturity (days) 316
This Month
Last Month
One year ago
Portfolio Balance
$61,146,352
$58,256,368
$52,810,947
Benchmarks/ References:
Town's Average Yield
3.43%
3.35%
2.60%
LAIF Yield for month
3.96%
3.64%
2.26%
3 mo. Treasury
4.49%
3.99%
2.37%
6 mo. Treasury
4.60%
4.30%
2.68%
2 yr. Treasury
4.43%
4.37%
3.25%
5 yr. Treasury (most recent)
4.37%
4.27%
3.73%
Prime rate
7.50%
7.25%
5.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (11/18/05) 4.64%
2 yr. Fannie Mae (12/23/05) 4.73%
Compliance: The Town's investments are in compliance with the Town's investment policy dated August 9, 2005 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, 2006
Fund Balances - Beginning of Month/Period
Receipts
Disbursements
Fund Balances - End of Month/Period
Portfolio Allocation:
Union MM
US Govt Agencies
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
Total Treasurer's Fund
Portfolio Investment Allocation
Union MM
O aol
Local Agency Investment Fund
27.7%
UO UUV l /Ayencies
62.7%
Treasurer's Fund Balances
$62,000,000
$61,000,000
$60,000,000
$59,000,000
$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
0 0 0 0 0
4
Month YTD
$58,256,368.34 $57,531,241.44
5,143,339.31 24,663,630.82
(2,253,355.78) (21.048.520.39)
$61,146,351.87 $61,146,351.87
5,088,426.94
33,217,600.30
14.672.180.70
52,978,207.94
8,168,143.93
$61,146,351.87
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page 2
Town of Los Gatos
Non-Treasury Restricted Fund Balances
January 31, 2006
Previous
Ending
Balance
Deposits
Interest
Withdrawals
Balance
Non-Treasury Funds:
Downtown Parking District 12120/02
242,952.89
537.67
243,490.56
Note I
Certificates of Participation Reserve Fund (Lot 4)
256,740.00
769.70
257.509.70
Note 2
Cert. of Participation Lease Payment Fund (Lot 4)
106,002.62
19,879.84
263.36
126.145.82
Note 3
Cert. of Participation 2002 Series A Const. Fund
1,288,760.28
1.47
0.05
11288,761.70
Note 4
Cert. of Participation 2002 Series A Reserve Fund
752.335.90
203.54
22.63
752,516.81
Note 4
Cert. Of Participation 2002 Series A Interest Fund
- 0.61
227,728.14
0.00
227,728.75
Cert. Of Participation 2002 Series A COI Fund
0.00
0.00
0.00
0.00
Note 4
Total Restricted Funds:
$2,646,792.30
$247,607.98
$1,775.74
$22.68
$2,896.153.34
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
January 31, 2006
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
188,748.14
963,495.34
54,876.29
54,876.29
(89,471.69)
(33,323.60)
$154,152.74
$985,048.03
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
January 31, 2006
Inactive Deposits by Institution
Del) Institution Security
932 FHLB
Coupon Note
936 FHLMC
Discount Note
928 FNMA
Coupon Note
933 FHLB
Coupon Note
920 FNMA
Coupon Note
939 FFCB
Coupon Note
934 FNMA
Coupon Note
94D 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
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 MT
N 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
F14LMC
Coupon Note
FHLMC
Coupon Note
FHLMC
Coupon Note
FHLMC
Coupon Note
Subtotal
Union MM
LAIF N/A
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Date
Cost
Date
Elapsed
Maturity
Invested
Maturity
Earned
Received
Accrued
08/18/04
, 498,300.00
02/03/06
531
3
534
2.49%
18,042.18
13,593.75
4,448.43
03/t6/05
483,436.11
03/07/06
321
35
356
3-35%
14,242.82
14,242.82
08/26/03
895,320.00
04/28/06
889
87
976
2.83%
61,660.14
51,319.30
10,340.84
08/18/04
996,420.00
05/15/06
531
t04
635
2.46%
35,663.22
27,937.50
7,725.72
06/22/01
2,001,740.00
06/15/06
1684
135
1819
5.23%
483,032.13
470,484.30
12,547.83
03116/05
498,560.00
12111/06
321
314
635
3.80%
16,661.47
13,342.01
3,319.46
08/18/04
1,491,000.00
01/12/07
531
346
877
3.06%
66,384.44
58,800.00
7,584.44
03116/05
543,228.45
02/09/07
321
374
695
3.93%
18,775.31
6,084.65
12,690.66
02109/04
2,000.000.00
05/09/07
722
463
1185
3.00%
118,684.93
90,000.00
28,684.93
05/16/05
999,000.00
05/16/07
260
470
730
4.04%
28,770.65
19,950.00
8,820.65
07/01/05
749.032.50
05/17/07
214
471
685
3.82%
16,753.91
10,625.00
6.128.91
08/15/05
1,500,000.00
08/15/07
169
561
73D
4.25%
29,517.12
29,517.12
02/24/04
2,505,250.00
08124/07
707
570
1277
2.79%.
135,589.03
120,750.00
14,839.03
07/01/05
984,074.54
12/15/07
214
683
897
3.81%
21,965.03
14,236.11
7,728.92
08/15/05
999.700.00
02/15/08
169
745
914
4.26%
19,732.35
19,732.35
07/01/05
755,975.25
04118/08
214
808
1022
3.80%
16,856.01
9,195.31
7,660.70
08124/04
198,460.00
02/15/06
525
15
540
2.402%
6,856.66
3,656.25
3,200.41
08/22/05
44,104.87
02/24/06
t62
24
186
3.983%
779.68
779.68
06/25/03
666,809.00
03/15/06
951
43
994
1.523%
26,459.95
36,tll.11
(9,651.16)
06/25/03
664,117.19
04/15/06
951
74
1025
1.576%
27,270.22
35,592.01
(8,321.79)
0627/03
504,090.00
04/28/66
949
87
1036
2.315%
30,341.18
30,661.46
(320.28)
07129/05
193,927.92
05/10/06
186
99
285
4.010%
3,962.82
3,962.82
06/24/03
658,677.50
05/15/06
952
104
1056
1.625%
27,917.10
33,034.90
(5,117.80)
06/27/03
500,930.00
06/02/06
949
122
1071
2.076%
27,038.20
26,128.47
909.73
0680103
387.296.88
07/15/06
946
165
1111
1.872%
18,790.92
48,927.08
(30,136.16)
06/10/04
297.213.00
08/11/06
600
192
792
3.177%
15,521.85
9.647.92
5,873.93
06/30/03
400,000.00
09/29/06
946
241
1187
2.200%
22,807.67
20.200.00
2,607.67
02/22/05
197,629.00
10/15/06
343
257
600
3.507%
6,513.10
3,559.72
2,953.38
06/24/03
688,076.80
11/15/06
952
288
1240
1.825%
32,752.46
63.140.00
(30387.54)
06/25/03
660,954.00
12/19/06
951
322
1273
1.844%
31,755.56
72,637.50
(40,881.94)
06/30/03
400,000.00
12/29/06
946
332
1278
2.225%
23.066.85
22.250.00
816.85
02/22/05
195,358.60
02/15/07
343
380
723
3.363%
6,173.92
2,282.64
3,891.28
0625103
662,652.00
03/15107
951
408
1359
1.946%
33,598.20
65,000.00
(31,401.80)
06/30/03
333,597.66
04/15/07
946
439
1385
2.150%
18,589.16
36.093.75
(17,504.59)
06/27/03
402,556.00
05/29/07
949
483
1432
2.808%
29,389.81
29,033.33
356.48
06/30/03
375,219.60
07/15/07
946
530
1476
2.359%
22,940.97
37.807.29
(14,866.32)
0624/03
672,825.60
11/15/07
952
653
1605
2.257%
39,607.57
53,573.33
(13,965.76)
06/24/03
299,475.00
12/24/07
952
692
1644
2.528%
19,746.12
18,750.00
996.12
0627/03
649,785.94
01115108
949
714
1663
2.492%
41100.93
52,211.00
(10,110.07)
09/30/04
198,630.00
02/25/08
488
755
1243
3.462%
9,193.88
5,868.06
3,325.82
06/26/03
657,396.09
03/15/08
950.
774
1724
2294%
39,251.05
39,367.33
(116.28)
06/30103
286,162.50
04/15/08
946
805
1751
2.633%
19528.18
33,687.50
(14,159.32)
06/26/03
661,764.30
05/13108
950
833
1783
2.507%
43,180.57
82.025.61
(38,845.04)
06/30103
228,298.00
06/13108
946
864
1810
2.894%
17,123.75
15.513.82
1,609.93
06/24/03
500,000.00
06/18108
952
869
1821
2.750%
35,863.01
34,375.00
1,488.01
09/30/04
198,597.00
08/15108
488
927
1415
3.442%
9,139.25
5,687.50
3,451.75
11/16/04
199,216.00
09/15/08
441
958
1399
3.866%
9,305.33
6.229.17
3,076.16
01/19/05
248,157.50
09/15/08
377
958
1335
3.974%
14186.00
6,145.83
4,040.17
11/16/04
199,552.00
11/17/08
441
1021
1462
3.936%
9,489.80
7.771.53
1,718.27
07/07/05
296,403.00
61/12/09
208
1077
1285
4.313%
7,285.05
6,619.79
665.26
01/21/05
242,400.00
03116/09
375
1140
1515
3.930%
9,787.32
5,099.83
4,687.49
06/17/05
300,198.00
07/30/09
228
1276
1504
4.359%
8,174.04
8,130.21
43.83
08/01/05
298,332.00
07130109
183
1276
1459
4.527%
6,77125
6,526.04
245.21
06114/05
298,683.00
09/01/09
231
1309
1540
4.237%
8,009.18
2,646.87
5362.31
0121105
149,686.50
09/01/09
375
1309
1684
4.180%
6,428.32
3,781.25
2,647.07
06/14/05
299,331.00
01/25/10
231
1455
1686
4.431%
8,394.07
8,057.29
336.78
33,217.600.30
5,088,426.94
30
30
3.95%
16,519.96
16,519.96
12131/05
14,672,180.70
0381/06
31
59
90
3.96%
49,082.98
49.082.98
52,978,207.94 316 3.43% 1,939,024.61 1,884,148.32 54,876.29
Maturity Profile
0-1 year
1-2 years
2-3 years
3-5 years
Market to Cost Position Report
Dep Institution Security
Union Bank Assets
Union MM
Amount Percent
33,087,669.91 62.46%
12,872,055.89 24.30%
5,429,851.64 10.25%
1.588.630.50 3.00%
52,978,207.94 100.00°%
Market Amortized
Price Cost
33,217,600.30
5,088,426.94
Market Unrealized
Value* Gain (Loss)
32,347,42510 (870.175.10)
5,088,426.94 0.00
LAIF 14.672,180.70 14,672.180.70 0.00 * Source: Treasury and Agency Obligations -Union Bank of California
Totals: 52,978,207.94 52,108,032.84 (870,175.10) LAIF balances per Local Agency Investment Fund monthly statement
page 5