01 Staff Report - Fiscal Year Quarter 2006-07MEETING DATE: 11/06/06
tpW N 0
ITEM NO.
COUNCIL AGENDA REPORT
!ps ~ p.~pS
DATE: November 1, 2006
TO: MAYOR AND TOWN COUNCIL
FROM: LINDA SPEICHER, TOWN TREASURER
SUBJECT: TREASURER'S REPORTS FOR FIRST FISCAL QUARTER, 2006-07
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance are the Treasurer's reports for the first fiscal quarter (July
through September) 2006-07.
Prime remained steady during the period, with no foreseeable raises by the Federal Reserve on the
horizon. Interest rates continued to rise slightly, although they dropped from August to September.
Overall, the Town's funds have decreased during the quarter, due to normal spending patterns.
Funds will increase again with the influx of property taxes in the next quarter.
The portfolio has been somewhat diversified over the last quarter, with the help and advice of MB IA.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's reports dated November 1, 2006.
PREPARED BY: Linda L. Speicher, Town Treasurer
Reviewed by: own Manager JLbAssistant Town Manager _
Clerk , =,,,.Finance Community Development
Distribution: Town Council; Town Manager; Finance Director
Town Attorney
Revised: 1 1 / 1 /06 9:16 pm
Reformatted: 5/30/02
M
Meeting date: November 6, 2006
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
September 30, 2006
Distribution:
Submitted November 1, 2006
by
Linda L. Speicher
Town Clerk
Town Manager
Town Council
I
Town of Los Gatos
Summary Investment Information
September 30, 2006
Weighted Average Portfolio Yield: 4.35% Weighted Average Maturity (days)
This Month Last Month One year ago
Portfolio Balance $60,585,832 $64,679,337 $55,482,768
Benchmarks/ References:
Town's Average Yield
4.35%
LAIF Yield for month
5.02%
3 mo. Treasury
4.90%
6 mo. Treasury
5.00%
2 yr. Treasury
4.66%
5 yr. Treasury (most recent)
4.57%
Prime rate
8.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (07/18/06) 5.43%
2 yr. Freddie Mac (09/15/06) 5.01%
4.30%
3.11%
4.95%
3.20%
5.09%
3.52%
5.17%
3.87%
4.92%
4.10%
4.74%
3.90%
8.25%
6.75%
368
Portfolio Maturity Profile
I - 2 year;
22%
- I year
58%
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
W
3 - 5 years
2 - 3 years 6%
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
September 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
$64,679,337.12
$66,482,899.82
1,534,397.16
6,473,663.88
(5,627,902.44)
(12,370,731.86)
$60,585,831.84
$60,585,831.84
573,792.44
38,628,385.27
21.085,991.15
60,288,168.86
297,662.98
$60,585,831.84
Local Agency Investment F
35.0%
JS Govt Agencies
64.1%
Treasurer's Fund Balances
568,000.( no
567,000.000
$66,000J,(-
$65,000.000
$64,000,000
$63,000,000
$62,000.000
$61.000.000
$%000,000
$59,000MO
$58,000.000
$57,000,000
$56.000,000 '
$55.000.000
$54,004000
$53.000.000
$52000.000
c o o c c o ~ o o c o
s 'J z p !u 4 4 f
page 2
Portfolio Investment Allocation
Union MM
1.0%
Town of Los Gatos
Non-Treasury Restricted Fund Balances
September 30, 2006
Previous Ending
Balance Deposits Interest Withdrawals Balance
Non-Treasurv 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
Total Restricted Funds
247,199.64
547.07
247.
746.71
Note 1
255,161.47
17013.77
256,
175.24
Note 2
30.480.08 18.753.99
70.92
49.
304.99
Note 3
1.294.419.80
306.33
24.44 1.294.
701.69
Note 4
768.412.24
345.50
27.63 768.
730.11
Note 4
321.27
1.16
322.43
0.00
0.00
0.00
0.00
Note 4
527595,99450 $18,753.99 52.284.75 552.07 82.616.981.17
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 redetnpboo accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District'3', 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 clue 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.
Paee 3
Town of Los Gatos
Statement of Interest Earned
September 30, 2006
Current
Month
Interest received from Investments 99,441.97
Add: Interest accrued at end of period (see page 5) 369,699.21
Less: Interest accrued at beginning of period (255,186.47)
Interest earned on investments $213,954.71
Fiscal
Year to Date
568,239.05
369,699.21
(268,699.72)
$669,238.54
Paae 4
Town of Los Gatos
Inac
tive Deposits by Institution
Mar
ket to Cost Position Report
September 30, 2006
Inactive Deposits
by Institution
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Deg Institution
Security
Date
Cost
Date
Elapsed
Maturitv
Invested
Maturity
Earned
Received
Accrued
FNMA
Discount Note
06/02/06
1,275,395.33
10/16/06
120
16
136
5.178%
21,711.77
21,711.77
939 FFCB
Coupon Note
03/16/05
498,560.00
12/11/06
563
72
635
3.800%
29,222.45
22,404.51
6,81%94
934 FNMA
Coupon Note
08/18/04
1,491.000.00
01/12/07
773
104
877
3.0601/,
96,638.74
79,800.00
16,838.74
940 FHLB
Coupon Note
03/16/05
543,228.45
02/09/07
563
132
695
3.930%
32929.91
21,402.65
11,527.26
929 FNMA
Coupon Note
02/09/04
2,000,000.00
05/09/07
964
221
1185
3.000%
158,465.75
150,000.00
8,465.75
942 FHLB
Coupon Note
05/16/05
999.000110
05/16/07
502
228
730
4.043%
55,549.49
39,900.00
15,649.49
943 FNMA
Coupon Note
07/01/05
?49.032.50
05/17/07
456
229
685
3.815%
35,69992
10,625.00
25,074.92
930 FHLMC
Coupon Note
02/24/04
2505,250.00
08/24/07
949
328
1277
3.1561/,,
205.570.79
201.250.00
4,320.79
946 FHLMC
Discount Note
08/15/05
1,500,000.00
11/15/07
411
411
822
4.496%
75,939.29
67,500.00
8,439.29
944 FNMA
Coupon Note
07/01/05
984,074.54
12/15/07
456
441
897
3.807%
46,803.99
29,861.11
16,942.88
947 FHLMC
Discount Note
08/15/05
999.700.00
02/15/08
411
503
914
4.513%
50,80237
45,000.00
5,80237
USTreasury
Note
05/12/06
1,986,562.50
03/31/08
141
548
689
5.000%
38,370.59
38,370.59
945 FHLB
Coupon Note
07/01/05
755,975.25
04/18/08
456
566
1022
3.803%
35.91748
24,664.06
11,253.42
USTreasury
Note
06/15/06
1.990.31150
05/31/08
107
609
716
5.135%
29,960.75
29,960.75
USTreasury
Note
07/19/06
738.281.25
02/15/09
73
869
942
5.157%
7,614.63
2,517.27
5,097.36
FHLB
Coupon Note
05/12/06
1,498,035.00
03/13/09
141
895
1036
5.298/
30,659.15
26,468.75
4,19040
USTreasury
Note
05/15/06
1.992.343.75
05/15/09
138
958
1096
5.014%
37,768.94
37,768.94
FHLB
Coupon Note
06/15/06
1,493,400.00
06/12/09
107
986
1093
5.226°i
22,878.97
22,878.97
FFCB
Coupon Note
07/19/06
723.562.50
07/17/09
73
1021
1094
5.408 %
7,826.05
7,826.05
FHLB
Coupon Note
08/22/06
1,507,665.00
06/11/10
39
1350
1389
4.9571/,
7,985.38
7,985.38
FNMA
Discount Note
09/29/06
1.516.485.00
04/15/11
1
1658
1659
4.874%
20250
0.00
202.50
FHLMC
Coupon Note
02/22/05
197,629.00
10/15/06
585
15
600
3.507%
11.108.35
6,309.72
4,798.63
FHLB
Coupon Note
06/24/03
688,076.80
11/15/06
1194
46
1240
1.825°I
41,078.18
76,340.00
(35,261.82)
FFCB
Coupon Note
06/25/03
660,954.00
12/19/06
1193
80
1273
1.844%
39,83637
87,262.50
(47,426.13)
FHLB
Coupon Note
06/30/03
400,000.00
12/29/06
1188
90
1278
2.225%
28,967.67
26,700.00
267.67
FNMA
Coupon Note
02/22/05
195,358.60
02/15/07
585
138
723
3.363%
10,529.86
7,032.64
3,49722
FHLMC
Coupon Note
06/25/03
662,652.00
03/15/07
1193
166
1359
1.9461/,
42,14%90
94,250.00
(52,102.10)
FNMA
Coupon Note
06/30/03
333,597.66
04/15/07
1188
197
1385
2.150%
23,344.52
43,968.75
(20,624.23)
FHLMC MTN
Coupon Note
06/27/03
402,556.00
05/29/07
1191
241
1432
2.808%
36,884.36
35,033.33
1,851.03
FNMA
Coupon Note
06/30/03
375,219.60
07/15/07
1188
288
1476
2.359%
28,809.59
45.244.79
(16,435.20)
FHLB
Coupon Note
06/24/03
671825.60
11/15/07
1194
411
1605
2.257%
49,675.88
64,773.33
(15,097.45)
FNMA
Coupon Note
06/24/03
299.475.00
12/24/07
1194
450
1644
2.528%
24.765.61
22,500.00
2,265.61
FNMA
Coupon Note
06/27/03
649.785.94
01115108
1191
472
1663
2.492%
52,836.89
61448.50
(9,611.61)
FHLMC
Coupon Note
09/30/04
198,630.00
02/25/08
730
513
1243
3.4621/,
13,753.14
12,368.06
1,385.08
FHLMC
Coupon Note
06/26/03
657,396.09
03/15/08
1192
532
1724
2.294%
49,249.74
57,104.83
(7,855.09)
FHLB
Coupon Note
06/30/03
286,16250
04/15/08
1188
563
1751
2.633%
24,523.77
41,03%50
(16,513.73)
FHLB
Coupon Note
06/26/03
661,76430
05/13/08
1192
591
1783
2.507%
54.180.26
99,253.86
(45,073.60)
FHLMC MTN
Coupon Note
06/30/03
228.298.00
06/13/08
1188
622
1810
2.894%
21,504.25
18,676.32
2,827.93
FHLMC
Coupon Note
06/24/03
500,000.00
06/18/08
1194
627
1821
2.750%
44,979.45
41,250.00
3,729.45
FNMA
Coupon Note
09/30/04
198,597.00
08/15/08
730
685
1415
3.442%
13,671.42
12,187.50
1,483.92
FNMA
Coupon Note
11/16/04
199,216.00
09/15/08
683
716
1399
3.866%
14,411.66
13,729.17
682.49
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
619
716
1335
3.974%
16,724.50
15,520.83
1,203.67
FNMA
Coupon Note
11/16/04
199552.00
11/17/08
683
779
1462
3.936%
14,69735
11,646.53
3,050.82
FHLMC
Coupon Note
07/07/05
296,403.00
01/12/09
450
835
1285
4.313%
15,760.93
12,43229
3,328.64
FNMA
Coupon Note
01/21/05
242,400.00
03/16/09
617
898
1515
3.930%
16,10340
12,912.33
3,191.07
FHLMC
Coupon Note
06/17/05
300,198.00
07/30/09
470
1034
1504
4.359%
16,849.99
14,692.71
2,15728
FHLMC
Coupon Note
08/01/05
298332,00
07/30/09
425
1034
1459
4.5271/,
15,725.57
13,088.54
2,637.03
FHLMC
Coupon Note
06/14/05
298,683.00
09/01/09
473
1067
1540
4.2371/,
16,399.75
15,021.87
1,377.88
FHLMC
Coupon Note
01/21/05
149,686.50
09/01/09
617
1067
1684
4.180%
10.576.73
9,968.75
607.98
FHLMC
Coupon Note
06/14/05
299.331.00
01/25/10
473
1213
1686
4.431%
17.187.86
14,619.79
2,568.07
Subtotal
38.548,800.66
Union MM
573,792.44
30
30
4.801/,
2,263.73
2,263.73
Purchased Inter
est
79.584.61
LAIF
N/A
06/30/06
21,085,991.15
09/30/06
92
0
92
5.02%
281.399.44
281.399.44
60,288,168.86
368
4.35/ 2.078.467.00
1,708.767.79
369,699.21
Maturity Profile
Amount
Percent
0-1 year
35,716,878.14
59241/,
1-2 years
13.016,932.72
21.591/,
2-3 years
8,230,877.00
1 3.65%
3-5 years
3323.481.00
5.51 °Ic
60288.168.86
100.001/1
Market to Cost Pos
ition Report
Amortized
Market
Unrealized
* Source: T
reasury and
Agency Obligations - Union Ba
nk of Califomi
Deg Institution
Security
cost
_ value-
Gain (Loss)
LAIF balan
ces per Loc
al Agency Investment Fund mon
thly statement.
Union Bank As
sets
38,548,800.66
37,989,204.70
(559.595.96)
Union MM
573.792.44
573,792.44
0.00
Purchased Interest
79.584.61
79.584.61
0.00
LAIF
21.085.991.15
21.085.991.15
0.00
Totals:
60,288,168.86
59,728„572.90
(559,595.96)
pa
ge 5
Meeting date: November 6, 2006
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
August 31, 2006
Submitted November 1, 2006
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summ
ary Investment Information
August 31, 2006
Weighted Average Portfolio Yield:
4.30%
Weighted Average Maturity (days)
This Month
Last Month
One year ago
Portfolio Balance
$64,679,337
$65,643,634
$56,484,060
Benchmarks/ References:
Town's Average Yield
4.30%
4.28%
3.07%
LAIF Yield for month
4.95%
4.85%
3.08%
3 mo. Treasury
5.09%
5.11%
3.58%
6 mo. Treasury
5.17%
5.17%
3.83%
2 yr. Treasury
4.92%
5.09%
4.01%
5 yr. Treasury (most recent)
4.74%
5.00%
4.22%
Prime rate
8.25%
8.25%
6.50%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (07/18/06) 5.43%
2 yr. Fannie Mae (06/13/06) 5.27%
Portfolio Maturity Profile
3 - 5 years
2 - 3 years 4%
356
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
I44F
'Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
August 31, 2006
Month
Fund Balances - Beginning of Month/Period
$65,643,634.27
Receipts
2,714,971.40
Disbursements
(3,679,268.55)
Fund Balances - End of Month/Period
564,679,337.12
Portfolio Allocation:
Union MM
540,886.63
US Govt Agencies
38,562,150.13
Local Agency Investment Fund
21,085.991.15
Subtotal - Investments
60,189,027.91
Reconciled Demand Deposit Balances
4.490,309.21
Total Treasurer's Fund
$64,679.337.12
YTD
$66,482,899.82
4,939,266.72
(6.742.829.42)
$64,679,337.12
Local Agency Investment F
35.0%
JS Govt Agencies
64.1
$68.000.000 n_
567,000.000
$66.000.000
565900.000 ;
$64.000,000
$63.000.000
S610(- )01)
$61.060 uuu
560.900 i,, ~
$59.000.00,
$58.001 On,
$57.M, 1$56.01
555.00u.", l~
$54.000,J
S i 3.000.00, )
$52.000.000 - -
c
Treasurer's Fund Balances
page 2
Portfolio Investment Allocation
Union MM
0.9%
Town of Los Gatos
Non-Treasury Restricted Fund Balances
August 31, 2006
Previous Ending
Balance Deposits Interest Withdrawals Balance
Non-freasurv 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
Total Restricted Funds
246.
653.
78
545.86
247.199
.64
Note1
261
728.
22
1.025.
21
8.
591.96
255.161
.47
Note2
193
,727.
44 47.734.15
755.
99
211.
737.50
30.480
.08
Note3
1.688
302.
73
16.172.
97
110.
055.90
1.294.419
.80
Note4
768
.101.
49
338
.31
27.56
768.412
.24
Note 4
457
.729.
88
347
.98
457.
756.59
321
.27
0.
00
0
.00
0.00
0
.00
Note4
$3.617.243.54 $47.734.15 519.186.32 $1.088.169.51 $2.595.994.50
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 l: This account include redemption accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District Y. 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 Lot4 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
I
Town of Los Gatos
Statement of Interest Earned
August 31, 2006
Current
Month
Interest received from Investments 170,009.36
Add: Interest accrued at end of period (see page 5) 255,186.47
Less: Interest accrued at beginning of period (201,993.90)
Interest earned on investments $223,201.93
Fiscal
Year to Date
468,797.08
255,186.47
(26809.72)
$455,283.83
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
August 31, 2006
Inactive Deposits by Institution
Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest
Dep Institution Securhv Date Cost Date Elapsed Matuntv Invested Maturity Earned Received Accrued
FNMA
Discount Note
0/12/06
1,078,739.44
09/29/06
111
29
140
5,138%
16,855.47
0.60
]6.855.47
FNMA
Discount Note
06/02/06
1,275,395.33
10/16!06
90
46
136
5.1781
16283.83
16,283.83
939 FFCB
Coupon Note
03/16/05
498,560.00
12/11/06
533
102
635
3.8009
27,66530
22,404.51
5,26079
934 FNMA
Coupon Note
08/18/04
1,491,000.(X)
01/12/07
743
134
877
3060%
9188&21
79,80O.OO
1308821
940 FHLB
Coupon Note
03/16/05
543,228.45
02109/07
533
162
695
3-9301
31.17521
21.402.65
9.772.56
929 FNMA
Coupon Note
02/09/04
2.000,000.00
05/09/07
934
251
1185
3.0001,
153.534.25
150.01.4).00
3534.25
942 FHLB
Coupon Note
05/16/65
999,000-00
05/16/07
472
258
730
4.043,
52.229.80
39.9(Xl.W)
12329.80
943 FNMA
Coupon Note
07/01/05
749,03250
05/17/07
426
259
685
3815 "
3335124
10,625.110
22.726.24
930 FHLMC
Coupon Note
02/24/04
2505.250.00
08/24/07
919
358
1,77
3.156'
11, t 072.14
201,250.00
(1177.76)
946 I HLMC
Discount Note
08/15/05
1,500,00).00
11/15/07
381
441
822
4.49(,
70, 9627
67,500.00
2,896.27
944 F %IA
Coupon Note
07/01/05
984,074.54
12/151)7
426
471
897
3.80
43,724.78
29,861.11
13.863.67
947 FHLMC
Discount Note
08/15/05
999,700.00
02115/08
381
533
914
451;
47,094.17
45,00).00
2.094.17
USTreasury
Note
05/12/06
1,986.562.50
03/31/08
111
578
689
5.000%
30206.64
30,206.64
945 FHLB
Coupon Note
07/01/05
755,975.25
04/18/08
426
596
1022
3, 8()39,
33,574.49
24,664.06
8.890.43
USTreasury
Note
06/15/06
2990,31250
05131108
77
639
716
5.135!
2156054
21560.54
USTreasup'
Note
07/19/06
738,28125
02/15/09
43
899
942
5.1571
4,485.33
2,51727
1,968.06
FIiCB
Coupon Note
05/12/06
1,498,035.00
03/13/09
III
925
1036
5.2989
24,135.93
24,135.93
USTreasury
Note
05/15/06
1,992,343.75
05115/09
108
988
1096
5.0149,
29.558.30
29.558.30
1:1 11-B
Coupon Note
06/15/06
1,493,400.00
06/12/09
77
1016
1093
5.2269
16.46431
16.464.31
FFCB
Coupon Note
07/19/06
723,562.50
07/17/09
43
1051
1094
54081/,
4.609.87
4.609.87
FHLB
Coupon Note
08/22/06
1507,665.00
06/11/10
9
1380
1389
4957°
1,842.78
1842 78
FHLB
Coupon Note
06/30/03
400,000.00
09/29/06
1158
29
1 187
2.200%.
27,91890
24.240.00
3.678.90
FHLMC
Coupon Note
0222/05
197,629.00
10/15/06
555
45
600
35071/,
10,538.69
6,309.72
4.228.97
FFILB
Coupon Note
0624/03
688,076.80
11115/06
1164
76
1240
28259
40,046.07
76340.00
(36,293.93)
FFCB
Coupon Note
0625/03
660,954.00
12/19/06
1 163
110
1273
1.8449
38,834.61
87,262.50
(48,427.89)
FHLB
Coupon Note
06/30/03
400,(.4X).)0
1229/06
1158
120
1278
2.2259
28,236.16
26.700.00
1.536.16
FNMA
Coupon Note
0222/05
195,358.60
021!5/07
555
168
723
33631/,
9,989.86
7,032.64
195722
FHLMC
Coupon Note
0625/03
662,652.00
03/15/07
1163
196
1359
29469
41,088.02
79,625.00
(38,536.98)
FNMA
Coupon Note
06/30/03
333,597.66
04/15/07
1158
227
1385
2.1509
22,755.02
43,968.75
(21,213.73)
FHLMC MTN
Coupon Note
0627/03
402,556.00
0529/07
1161
271
1432
2,8089
35.955.29
35,033.33
921.96
FNMA
Coupon Note
06/30/03
375,219.60
07/15/07
1158
318
1476
2.359%
28,082.07
45,244.79
(17,162.72)
FHLB
Coupon Note
0624/03
672,825.60
11115/07
1164
441
1605
2.257`,,
48.427.74
64,773.33
(16,345.59)
FNMA
Coupon Note
0624/03
299,475.0
1224/07
1164
480
1644
2.5289
24.143.36
22.500.(X)
1.643.36
FNMA
Coupon Note
06/27/03
649,785.94
01/15/08
1161
502
1663
2.492%
51,505.99
62,448.50
(10.942.51)
FHLMC -
Coupon Note
09/30/04
198,630.00
0225108
700
543
1243
3.462%
13,18794
12,368.06
819.88
I-FiLMC
Coupon Note
0626/03
657,396.09
03/15/08
1162
562
1724
2,294%
48,01023
48,236.08
(225.85)
FHLB
Coupon Note
06130/03
286,162.50
04/15/08
1158
593
1751
1633%
23,904.48
41,037.50
(17,133.02)
FHLB
Coupon Note
0626/03
661,764.30
05/13/08
1162
621
1783
25079
52,816.66
99,253.86
(46,43720)
FHLMC M'I-N
Coupon Note
66/30K)3
228,298.00
06/13/08
1158
652
ISM
2.8941/,
20,961.21
18,676.32
1284.89
FHLMC
Coupon Note
06/24/03
500,))0-00
06/18/08
1164
657
1821
2.7509
43,84932
41,250.00
2599.32
FN11A
Coupon Note
09/30/04
198,597.00
08/15/08
700
725
1415
3.4429,
13,109.58
12,187.50
922.08
FNMA
Coupon Note
11/16/04
199216.00
09/15/08
653
746
1399
3.8669',
13,778.64
9,979.17
3,799.47
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
589
746
1335
3.9749,
15.913.94
10,83333
5.080.61
FNMA
Coupon Note
11/16/04
199,552.00
11/17/08
653
809
1462
3.936%
14,051.78
11,646.53
2.405.25
FHLMC
Coupon Note
07/07/05
296,403.00
01/12/09
420
865
1285
43139,
14,710.20
12,432.29
2,277.91
FNMA
Coupon Note
0121/05
242,400.00
03/16/09
587
928
1515
3.930%
15320.41
9,006.08
6.314.33
FHLMC
Coupon Note
06/17/05
300,198.00
07/30/09
440
1064
1504
43599,
15,774.46
14.69271
1A1.75
FHLMC
Coupon Note
08/01/05
298,332.00
07/30/09
395
1064
1459
4.5279
14,61553
13,088.54
1526-99
FHLMC
Coupon Note
06/14/05
298,683.00
09/01/09
443
1097
1540
4237%
15,359.60
8,834.37
6.52523
FHLMC
Coupon Note
0121/OS
149,68&50
09/01/09
587
1097
1684
4.180%
10.06246
6,875.00
3.187.46
FI-ILMC
Coupon Note
06/14/05
299,331.00
0125/10
443
1243
1686
4.43
16.09T72
14,619.79
1,477.93
Subtotal
38-511,055.10
Union MM
540,886.63
30
30
4.801/,
2,133.91
2.133.91
Purchased Inte
rest
51.095.03
LAIF
N/A
06/30/06
21,085,991.15
09/30/06
62
30
92
4.959
194.737.98
194.737.98
60,189 027.91
356
4.30%
1 916 606 76
1661 420 29
255.186.47
Maturity Profile
Amount
Percent
0-1 year
37,134,222.19
61.70%
1-2 years
12,569,559.22
20.889
2-3 years
8229,881.00
13.679
3-5 years
2255365.50
3.75%
60.189.027.91
10(1.0(9
Market to Cost Position Report
Market
Amortized
Market
Unrealized
Dep Institution
Security-
Price
cost
value`
Gain (Loss)
Union Bank A
ssets
38.511.055. 10
37,892,65030
(618,404.8(1)
Union MM
540,886.63
540.886.63
0.00
Purchased Inte
rest
51.095.03
51.095,03
LAIF
Totals:
21 085 991.15
60,189,027.91
21.085.991.15
59,570,623.11
0.00
(61&404.80)
* Source:
Treasury a
LAIF bal
nd Agency Obl
ances per Loca
i;ations -Union Bank of California
l Agency Investment Fund monthly statement.
Meeting date: November 6, 2006
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
July 31, 2006
Submitted November 1, 2006
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
July 31, 2006
Weighted Average Portfolio Yield: 4.28% Weighted Average Maturity (days)
This Month Last Month One year ago
Portfolio Balance $65,643,634 $66,482,900 $56,391,210
Benchmarks/ References:
Town's Average Yield
4.28%0
LAIF Yield for month
4.85%
3 mo. Treasury
5.11%
6 mo. Treasury
5.17%
2 yr. Treasury
5.09%
5 yr. Treasury (most recent)
5.00%
Prime rate
8.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (07/18/06) 5.43%
2 yr. Fannie Mae (06/13/06) 5.27%
I - 2 ycair,
24%
4.17%
2.96%
4.60%
3.08%
5.04°70
3.42%
5.32%
3.66%
5.24%
3.98%
5.20%c
3.97%
8.25%
6.25%
Portfolio Maturity Profile
- I year
62%
343
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
3 - 5 years
2 - 3 years
.
13% tC/1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
July 31, 2006
Fund Balances - Beginning of Month/Period
Receipts
Disbursements
Fund Balances - End of Month/Period
Month YTD
$66,482,899.82 566,482,899.82
2,224,295.32 2,224,295.32
(3,063,560.87) (3,063,560.87)
$65,643,634.27 $65,643,634.27
Portfolio Allocation
Union MM
US Govt Agencies
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
Total Treasurer's Fund
405,241.64
38,528,147.94
23,085.991.15
62,019,380.73
3.624 253.54
$65,643.634.27
Local Agency Investment Fm
37.2%
US Govt Agencies
62.1%
Treasurer's Fund Balances
+68,000.000
$67900.000
866.000. W u
$65.06u.i , ~0
$64.000.000
$63.000.000
$62.00 WOO
S61.000.000
$60.000.000
Y59.000,000
$58.001.000
`;57.000.000
$56.000.00(
$55.0(,J.00(,
$54,000,000
$53,000.000
$52,000.000
' .J z u
page 2
1
Portfolio Investment Allocation
Union MM
0,7%
Town of Los Gatos
Non-T
reasury Restricted Fund Balances
July 31, 2006
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non Treasury Funds:
Downtown Parking District 12/20102
246,126.66
527.12
246.653.78
Note I
Certificates of Participation Reserve Fund (Lot 4)
261.787.53
940.69
261728.22
Note 2
Cert. of Participation Lease Payment Fund (Lot 4)
193,104.53
622.91
193,727.44
Note3
Cert. of Participation 2002 Series A Const. Fund
1,688,262.22
44.56
4.05
1.688.3 02.73
Note4
Cert of Participation 2002 Series A Reserve Fund
767,817.09
310.87
26.47
768.101.49
Note4
Cert. Of Participation 2002 Series A Interest Fund
300.66 457,428.09
1.13
457,729.88
Cert. Of Participation 2002 Series A COI Fund
0.00
0.00
0.00
0.00
Note 4
Total Restricted Funds:
$3.157.398.69 5457.428.09
52.447.28
530.52
83.617.243.54
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 '3', 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
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
Town of Los Gatos
Statement of Interest Earned
July 31, 2006
Current
Month
298,787.72
201,993.90
(268,699,72)
$232,081.90
Pa,e 4
Fiscal
Year to Date
298,787.72
201,993.90
(268,699.72)
$232,081.90
Town of Los Gatos
Inac
tive Deposits by Institution
Market to Cost Position Report
July 31, 2006
Inactive Deposits
by Institution
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Del) Institution
Securitv
Date
Cost
Date
Elapsed
Maturity
Invested
Maturity
Earned
Received
Accred
FHLB
Discount Note
05/12/06
1,185.060.83
08/11/06
80
II
91
5.0569
13,132.42
0.00
13.132.42
FN%IA
Discount Note
05112/06
1.078.739.44
09/29/06
80
60
140
5.1389',
11148.08
0.00
12,148.08
FNMA
Discount Note
06/02/06
1;175,395.33
10/16/06
59
77
136
5.178:,
10,67495
10,674.95
939 FFCB
Coupon Note
03/16/05
498,560,00
12/1 ]/06
502
133
635
3.800 ,
26,056.25
22.404.51
3.651.74
934 FNMA
Coupon Note
08/18/04
1,491,000.00
01/12/07
712
165
877
3.060%
89,012.66
79300.00
9212.66
940 FHLB
Coupon Note
03/16/05
543;228.45
02!09/07
502
193
695
3.9301k
29,362.02
13,743.65
15.618.37
929 I=NM V
Coupon Note
02/09/04
2,000,000.00
05/09/07
903
282
1185
3.000%
148.438.36
120,000.00
28,438.36
942 FHLB
Coupon Note
05/16/05
999.(H)Q00
05/16/07
441
289
730
4.0431,
48,799.45
39,900. N)
8.899.45
943 FN A
Coupon Note
07/01/05
749,03150
05/17107
395
290
685
3.815%
30,924.27
IOA25.00
20,299.27
930 FHLMC
Coupon Note
02/24/04
2.505.250.00
08/24/07
888
389
1277
3.1561,
192357.08
161.000.00
31,357.08
946 FHLMC
Discount Note
08/15105
1,500,000.00
11115/07
350
472
822
4.4969
64,668.49
33.750.00
30,918.49
944 FNMA
Coupon Note
07/01/05
984,07454
12/15/07
395
502
897
3.8079
40.542.93
29.861.11
10,681.82
947 FHLMC
Discount Note
08/15/05
999,700.00
02/15/08
350
564
914
4.513%
43,26236
22,500.00
20.762.36
1 S'Freasury
Note
05/12/06
1.986,562.50
03/31/08
80
609
689
5.00011,
21,77055
21,770.55
945 FHLB
Coupon Note
07/01/05
755,975.25
04/18/08
395
627
1022
3.8039
31,112.73
24.664.06
6.448.67
1 STmasury
Note
06/15/06
1,99031250
05/31/08
46
670
716
5.13511,
12,88032
12.88032
USTreasury
Note
07/19/06
738,281.25
02/15/09
12
930
942
5.1571,
1,251.72
1.251.72
1`111,13
Coupon Note
05/12/06
1,498.035.00
03113/09
80
956
1036
5.2981,
17,395.26
17395.26
USTreasin
Note
05/15/06
1,992,34375
05115/09
77
1019
1096
5.0149
21,07398
21.473.98
FHLB
Coupon Note
06/15/06
1.491400.00
06/12/09
46
1047
1093
52269,
2835.82
9,835.82
FFCB
Coupon Note
07/19/06
723,562.50
07/17/09
12
1082
1094
5.408%
1286.47
1.286 47
FNA7A
Coupon Note
06/10/04
297,213.00
08/11/06
781
11
792
3.1775,
20,204.27
13,772.92
6,431.35
FHLB
Coupon Note
06/30/03
400,000.00
09/29/06
1127
60
1187
2.2001/,
27,171.51
24240.00
2.931.51
FHLMC
Coupon Note
02/22/05
197,629.00
10/15/06
524
76
600
3507%
9,950.04
6,309.72
3,64032
FHLB
Coupon Note
06/24/03
688,076.80
11/15/06
1133
107
1240
1-825%
38,97955
76,340.00
(37,360.45)
FFCB
Coupon Note
0625/03
660,954.00
12/19/06
1132
141
1273
1.844%
37,799.47
87262.50
(49,463.03)
FHLB
Coupon Note
06/30/03
400,000.00
12/29/06
1127
151
1278
2.2259,
27,480.27
26,700.00
780.27
FNMA
Coupon Note
02/22/05
195358.60
02/15/07
524
199
723
3.363%
9.431.87
4.657.64
4,774.23
FHLMC
Coupon Note
0625/03
662,652.00
03/15/07
1132
227
1359
19469
39,992.81
79,625.00
(39,632.19)
FNMA
Coupon Note
06/30/03
333,597.66
04/15/07
1127
258
1385
2.1509,
21145.86
43,968.75
(21,822.89)
FHLMC M'FJ Coupon Note
0627/03
402,556.00
0529/07
1130
302
1432
2.808%
34,995.24
35,033.33
(38.09)
FNMA
Coupon Note
06/30/03
375,219.60
07/15/07
1127
349
1476
2.359%
27,330.31
45,244.79
(17,914.48)
FHLB
Coupon Note
06/24/03
672,825.60
11/1 M)7
1133
472
1605
2257%
47,138.00
64373.33
(17,635.33)
FNMA
Coupon Note
06/24/03
299,475.00
12/24/07
1133
511
1644
25289,
23,50037
22,5().00
1,000.37
FNMA
Coupon Note
0627/)3
649,785.94
01/15/08
1130
533
1663
2.492%
50,130.72
61448.50
(12,317.78)
1'111-MC
Coupon Note
09/30/04
198,630.00
0225/08
669
574
1243
3.462%
12,603.91
9,118.06
3,485.85
FHLMC
Coupon Note
06/26/03
657,396.09
03/15/08
1131
593
1724
2294%
46,729.41
48,236.08
(1,506.67)
FIlC.13
Coupon Note
06/30/03
286,162.50
04/15/08
1127
624
1751
2.6339,
23,264.55
41.037.50
(17,772.95)
FHLB
Coupon Note
06/26/03
661,764.30
05/13/08
1131
652
1783
2.5079
51,407.61
99,253.86
(47,846.25)
FHLMC MTN Coupon Note
06/30/03
228,298.00
06/13/08
1127
683
1810
2.8949,
20,400.07
18,676.32
1.723.75
FHLMC
Coupon Note
06/24/03
500,000.00
06/18!)8
1133
688
1821
2.75011,
4168151
41,250.40
1,431.51
FNMA
Coupon Note
09/30/04
198,597.00
08/15/08
669
746
1415
3.4429,
12,529.01
8,937.50
3.59151
FNM
Coupon Note
11/16/04
199,216.00
09/15/08
622
777
1399
3.8669
13,124.52
9,979.17
3,145.35
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
558
777
1335
3.974%
15,076.36
10,833.33
4.243.03
FNMA
Coupon Note
11/16/04
199,552.00
11/17/08
622
840
1462
3.9369
13,384.70
11.646.53
1,738.17
FHLMC
Coupon Note
07/07/05
296,403.00
01/12/09
389
896
1285
4.313%
13,624.44
12,43229
1.192.15
FNMA
Coupon Note
01/21/05
242,400.00
03/16/09
556
959
1515
3.9309,
14,51133
9,006.08
5,505.25
FHLMC
Coupon Note
06/17/05
300,198.00
07/30/09
409
1095
1504
4.359%
14,663.08
14,692.71
(29.63)
FHLMC
Coupon Note
08/01/05
298,33200
07/30/09
364
1095
1459
4.5279
13,468.49
13,08854
379.95
FHLMC
Coupon Note
06114/)5
298,683.00
09101/09
412
1128
1540
4.237%
14284.77
8,834.37
5.450.40
FHLMC
Coupon Note
0121/05
149,686.50
09/01/09
556
1128
1684
4.1809
9,531.05
6,875.00
2.656.05
FHLMC
Coupon Note
06114/05
299,331.00
0125/10
412
1274
1686
4.431%
14,971:14
14,619.79
351.45
Subtotal
38.485,663.93
Union MM 405,241.64 30 30 4.779 1,588.77 1,588.77
Purchased Interest 42.484.01
LAIF N/A 06/30/06 23.085.991.15 09/30/06 31 61 92 4.85% 101,554.56 101,554.56
62,019,380.73 343 428% 1731 635.84 1.529.641.94 201,993 90
Maturity Profile
0-1 year
1-2 years
2-3 years
3-5 years
Amount
37,966,990.01
14,876,212.22
7,704.915.50
747.700.50
61 295.818 23
Market Amortized
Price _ Cost
Percent
61.949
2427%,
12.579
1.22°J,
100.009
Market Unrealized
Value* Gain (Loss)
Market to Cost Position Report
D_1. -Institution Security
Union Bank Assets
38,485,663.93
37,755,747.15
(729,916.78)
Union MM
405,241.64
405241.64
0.00
Purchased Interest
42.484.01
42.484.01
LAIF
23,085 991.15
23 085.991.15
0.00 * Source: 'I reasury and Agency Obligations - Union Bank of California
'T'otals:
62,019,380.73
61,289,463.95
1729,916.78) LAIF balances per Local Agency Investment Fund monthly statement.