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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 Cn n In v, ,n 0 C 0 0 0 7 U VJ 0 0 O Q z 0 n 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