03 Staff Report - Treasurer's Report for April 2006tpW N 0
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COUNCIL AGENDA REPORT
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MEETING DATE: 06/19/06
ITEM NO.
DATE: June 15, 2006
TO: MAYOR AND TOWN COUNCIL
FROM: LINDA LUBECK, TOWN TREASURER
SUBJECT: TREASURER'S REPORT FOR APRIL, 2006
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance is the Treasurer's report for April, 2006.
Prime increased to 8.070 on May 10, 2006. Treasurer's funds increased due to property tax receipts
and other large receipts. Interest rates continued to rise slightly, as did the Town's overall
performance.
The cash at Union Bank is being reinvested into the market during the month of May, with the
advice of MBIA.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's reports dated June 15, 2006.
PREPARED BY: Linda L_ Lubeck, Town Treasurer
Reviewed by: Town Manager Assistant Town Manager Town Attorney
Clerk "'m finance Community Development Revised: 6/15/06 8:42 am
Distribution: Town Council; Town Manager; Finance Director
Reformatted: 5/30/02
Meeting date: June 19, 2006
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
April 30, 2006
Submitted June 15, 2006
by
Linda L. Lubeck
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
April 30, 2006
Weighted Average Portfolio Yield: 3.78% Weighted Average Maturity (days) 252
This Month Last Month One year ago
Portfolio Balance $65,264,285 $60,613,879 $55,163,313
Benchmarks/ References:
Town's Average Yield
3.78%
3.65%
2.76%
LAIF Yield for month
4.31%
4.14%
2.72%
3 mo. Treasury
4.76%
4.61%
2.94%
6 mo. Treasury
4.92%
4.78%
3.18%
2 yr. Treasury
4.98%
4.73%
3.65%
5 yr. Treasury (most recent)
4.96%
4.79%
4.05%
Prime rate
7.75%
7.75%
5.75%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (03/17/06) 5.00%
2 yr. Freddie Mac (04/13/06) 5.13%
Portfolio Maturity Profile
2 - 3 years 3 - 5 years
5r -/o
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 2
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
April 30, 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
Month YTD
$60,613,878.71 $57,531,241.44
7,161.120.96 37,529.025.97
(2,510,714.48) (29,795,982.22)
$65,264,285.19 $65,264,285.19
9,354,578.82
29,262.963.13
18,837,414.80
57,454,956.75
7,809,328.44
$65,264,285.19
Portfolio Investment Allocation
Local Agency Investment
32.890
ua uovt Agencies
50.9%
Treasurer's Fund Balances
566,000.000 -
S65,000MO
$64,000,000
i
$63,000,000
$62,000,000
S6I,000.000
560,000.0' ,
$59,000.0UV {
558.000 000
557,000,000
I
$56,000,000
S55.000.000
S54,000,000
553,000,000
552,000,000
$51.000.000
$50.000.000 - - - -
W a
O z 2
page 2
Town of Los Gatos
Non-Treasury Restricted Fund Balances
April 30, 2006
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 COI Fund
244.517.
21
541.13
259.076.
90
877.36
90.006.
68
304.81
1,300.641.
97
1.55
752.895.
01
240.74
297
.77
0.94
0
.00
0.00
245.05834
Note 1
259.954.26
Note 2
90.31 1.49
Note 3
0.04 1300.643.48
Note4
22.71 753.1 13.04
Note 4
298.71
0.00 0.00
Note 4
Total Restricted Funds
$2.647.435.54 $0.00 $1.966.53 522.75 $1649379.32
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 'V. 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
April 30, 2006
Current Fiscal
Month Year to Date
Interest received from Investments 236,441.14 1,444,245.62
Add: Interest accrued at end of period (see page 5) 103,002.10 103,002.10
Less: Interest accrued at beginning of period (158,155.76) (33,323.60)
Interest earned on investments $181,287.48 $1,513,924.12
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
April 30, 2006
Inactive Deposits by Institution
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Den Institution
Securitv
Date
Cost
Date
Elapsed
Maturitv
Invested
Maturity
Earned
Received
Accrued
933 FHLB
Coupon Note
08/18/04
996,420.00
05/15/06
620
15
635
246%
41,640.67
27.937.50
13.703.17
920 FNMA
Coupon Note
06/22/01
2,001,740.00
06/15/06
1773
46
1819
523°/
50$560.55
470.484.30
38.07625
939 FFCB
Coupon Note
03/16/05
498.560.00
12/11/06
410
225
635
3.80%
21,281.00
13.342.01
7.938.99
93,4 FNMA
Coupon Note
08/18/04
1,491.000.00
01/12/07
620
257
877
3.069',
77,511.02
58.800.00
18.711.02
940 FHLB
Coupon Note
03/16/05
543,22845
02109/07
410
285
695
3.93%
23,980.93
13.743.65
10.237.28
929 FNMA
Coupon Note
02/09/04
1000,000.00
05/09/07
811
374
1185
300°I
133,315.07
120.000.00
13315.07
942 FHLB
Coupon Note
05/16/05
999.000.00
05/16/07
349
381
730
4.04%
38,619.07
19.950.00
18.669.07
943 FNMA
Coupon Note
07/01/05
749.03250
05/17/07
303
382
685
3.82%,
23,721.65
10,625.00
13,096.65
946 FHLMC
Discount Note
08/15/05
1.500.000.00
11/15/07
258
564
822
4.50%
47.669.92
33,750.00
13.919.92
930 FHLMC
Coupon Note
02/24/04
2.50 250.00
08/24/07
796
481
1277
3.169',
172,428.19
161.000.00
11.428.19
944 FNMA
Coupon Note
07/01/05
984,074.54
12/15/07
303
594
897
3.81%
31,100.02
14.236.11
16.86391
947 FHLMC
Discount Note
08/t5/05
999,700.00
02/15/08
258
656
914
4.51%c
31,890.54
22.500.00
9.390.54
945 FHLB
Coupon Note
07/01/05
755,975.25
04/18/08
303
719
1022
3.80%
2336622
24.664.06
(797.84)
FMAC
ZCoupon
07/29/05
193,927.92
05/10/06
275
10
285
4.010%
5,859.01
5.859.01
FHLB
Coupon Note
06/24/03
658.677.50
05/15/06
1041
15
1056
1.625%
30,52TOO
33.034.90
(2.507.90)
FHLMC
Coupon Note
06/27/03
500,930.00
06/02/06
1038
33
1071
2.076°/,
29.573.92
26.12847
3.445.45
FHLMC
Coupon Note
06/30/03
387.296.88
07/15/06
1035
76
1111
1.872%
20558.78
48.927.08
(28,36830)
FNMA
Coupon Note
06/10/04
297,213,00
08/11/06
689
103
792
3.177%
1732425
13.772.92
4.05133
FHLB
Coupon Note
06/30/03
400,000.00
09/29/06
1035
152
1 187
2.200°i
24.953.42
20.200.00
4,753.42
FHLMC
Coupon Note
02/22/05
197,629.00
10/15/06
432
168
600
3.507%
8.203.09
6309.72
1,893.37
FHLB
Coupon Note
06/24/03
688,076.80
11/15/06
1041
199
1240
1.825%
35.814.40
63,140.00
(27325.60)
FFCB
Coupon Note
06/25/03
660.954.00
12/19/06
1040
233
1273
1.844%
34,727.43
72,637.50
(37,910.07)
FHLB
Coupon Note
06/30/03
400.000.00
12/29/06
1035
243
1278
2.225%
25.236.99
22250.00
2.986.99
FNMA
Coupon Note
02/22/05
195.358.60
02/15/07
432
291
723
3363%
7,775.89
4,657.64
3,118.25
FHLMC
Coupon Note
06/25/03
662.652.00
03/15/07
1040
319
1359
1.946%
36.742.51
79,625.00
!42,882.49)
FNMA
Coupon Note
06/30/03
333.597.66
04/15107
1035
350
1385
11501,
20,338.03
43,968.75
(23,630.72)
FHLMC MTN Coupon Note
06/27103
402,556.00
05/29/07
1038
394
1432
2.808%,
32,146.07
29.033.33
3.112.74
FNMA
Coupon Note
06/30/03
375.219.60
07/15/07
1035
441
1476
23591/,
25.099.26
37,807.29
(12,708.03)
FHLB
Coupon Note
06/24/03
672.825.60
11/15/07
1041
564
1605
2.257%
433]037
53.573.33
10,262.96)
FNMA
Coupon Note
06/24/03
299.475.00
12/24/07
1041
603
1644
2.528%
21.592.13
18,750.00
2.842.13
FNMA
Coupon Note
06/27/03
649,785.94
01/15/08
1038
625
1663
2.492%,
46.049:28
52,211.00
(6,161.72)
FHLMC
Coupon Note
09/30/04
198.630.00
02/25/08
577
666
1243
3.4621/,
10.870.63
9,118.06
1,75257
FHLMC
Coupon Note
06/26/03
657.396.09
03/15/08
1039
685
1724
2.2941/,
42,92825
48,236.08
(5307.83)
FHLB
Coupon Note
06/30/03
286,162.50
04/15/08
1035
716
1751
2.633,/
21,365.40
41,037.50
19,672.10)
FHLB
Coupon Note
06/26/03
661,764.30
05/13/08
1039
744
1783
2507%
47,225.91
82,025.61
(34,799.70)
FHLMC MTN Coupon Note
06/30/03
228.298.00
06/13/08
1035
775
1810
2.894%
18.734.76
15,513.82
3.220.94
FHLMC
Coupon Note
06/24/03
500,000.00
06/18/08
1041
780
1821
2.7501/,
39.215.75
34.375.00
4.840.75
FNMA
Coupon Note
09/30/04
198.597.00
08/15/08
577
838
1415
3.442 1,
10,806.04
8,937.50
1,868.54
FNMA
Coupon Note
11/16/04
199.216.00
09/15/08
530
869
1399
3.8661/1'
11,18328
9.979.17
1.204.11
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
466
869
1335
3.974%,
12.590.65
[0.833.33
1,75732
FNMA
Coupon Note
11/16/04
199,55100
11/17/08
530
932
1462
3.936cT.
11.404.97
7.771.53
3.633.44
FHLMC
Coupon Note
07/07/05
296,403.00
01/12/09
297
988
1285
4313%,
10.402.21
6.619.79
3.782.42
FNMA
Coupon Note
01/21/05
242,400.00
03/16/09
464
1051
1515
3.930%
12,110.17
2006.08
3,104.09
FHLMC
Coupon Note
06/17/05
300.198.00
07/30/09
317
1187
1504
4359%c
11.36478
8.130.21
3234.57
FHLMC
Coupon Note
08/01/05
298.332.00
07/30/09
272
1187
1459
4.527%,
10.064.36
6.526.04
3.53832
FHLMC
Coupon Note
06/14/05
298,683.00
09/0[/09
320
1220
1540
4.237%
11,094.97
8.83437
1260.60
FHLMC
Coupon Note
01/21/05
149,686.50
09/01/09
464
1220
1684
4.1801/,
7.953.97
6,875.00
1078.97
FHLMC
Coupon Note
06/14/05
299,331.00
01/25/10
320
1366
1686
4.431%
11.628.15
8.057.29
3.570.86
Subtotal
29.262.963.13
Union MM
9.354.578.82
30
30
425°/
32.67695
32.676.95
LAIF
N/A
04/01/06
18.837.414.80
06/30/06
29
61
90
431%
66,400.13
66,400.13
57,454,956.75
252
3.78%,
2,041.938.04
1,938.935.94
103.00210
Maturity Profile
Amount
Percent
0-1 year
39.299.255.43
68.40%
1-2 years
14.035.083.02
24.43%
2-3 years
2.774387.80
4.839
3-5 years
1346 230, 50
2.34%
57,454.956.75
100.00%
Market to Cost Position Report
Market Amortized Market Unrealized
Institution Securitv Price Cost Valuer Gain (Loss)
Union Bank Assets 29,262,963.13 28,381,95145 (881.010.68)
Union MM 9,354,578.82 9,354,578.82 0.00
LAW 18,837.414.80 18.837 414.80 (1.00 x Source' Treasury and Agency Obligations - Union Bank of California
'roods: 57,454,956.75 56,573,946.07 page $881.010.68) LAIF balances per Local Agency Investment Fund monthly statement.