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03 Staff Report - Treasurers Reports October 2006\4N 0 }p !pS G N DATE: TO: FROM: SUBJECT: MEETING DATE: 12/18/06 ITEM NO. 3 COUNCIL AGENDA REPORT December 13, 2006 MAYOR AND TOWN COUNCIL LINDA SPEICHER, TOWN TREASURER -fv~ TREASURER'S REPORTS FOR OCTOBER, 2006 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance is the Treasurer's reports for the month of October, 2006. Prime remained steady during the period, with no foreseeable raises by the Federal Reserve on the horizon. Interest rates continued to rise slightly for the overall portfolio, as investments matured and were reinvested into higher earning investments. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated December 13, 2006. PREPARED BY: Linda peicher, Town Treasurer Reviewed by: Town Manager . Assistant Town Manager Town Attorney Clerk► inance Community Development Revised: 12/14/06 8:23 am Distribut on: Town Council; Town Manager; Finance Director Reformatted: 5/30/02 Meeting date: December 18, 2006 Item No: Town of Los Gatos Treasurer's Report for the month ended October 31, 2006 Submitted December 13, 2006 by Linda L. Speicher Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information October 31, 2006 Weighted Average Portfolio Yield: 4.27% Weighted Average Maturity (days) 368 This Month Last Month One year aao Portfolio Balance $60,275,043 $60,585,832 $56,194,085 Benchmarks/ References: Town's Average Yield 4.27% 4.35% 3.17% LA7F' Yield for month 5.10% 5.02% 3.46% 3 mo. Treasury 5.09% 4.90% 3.98% 6 mo. Treasury 5.15% 5.00% 4.27% 2 yr. Treasury 4.89% 4.66% 4.37% 5 yr. Treasury (most recent) 4.69% 4.57% 4.27% Prime rate 8.25% 8.25% 6.75% 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% 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 October 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 Month YTD $60,585,831.84 $66,482,899.82 2,709,466.68 9,183,130.56 (3,020,255.12) (15,390,986.98) $60,275,043.40 $60,275,043.40 223,535.60 39,080,279.45 19,367,390.59 58,671,205.64 1,603,837.76 $60,275,043.40 Portfolio Investment Allocation Union MM 0.4% Local Agency Investment Fund 33.0% US Govt Agencies 66.6% Treasurer's Fund Balances $68,000,000 $67,000,000 $66,000,000 $65,000,000 $64,000,000 $63,000,000 ! \ $62,000,000 $6L000,000 $60,000,000 $59,000,000 /J $58,000,000 $57,000,000 $56,000,000 $55,000,000 $54,000,000 $53,000,000 $52,000,000 ,n vi Cn Co C? C? 0 0 0 0 0 0 0 0 0 0 0 0 0 O ° page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances October 31, 2006 Previous Balance Deposits 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 Total Restricted Funds $2,616,981.17 $0.00 $1,975.75 $26.88 $2,618,930.04 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. Ending Interest Withdrawals Balance 247,746.71 530.59 248,277.30 Note 1 256,175.24 982.87 257,158.11 Note2 49,304.99 121.82 49,426.81 Note 3 1,294,701.69 3.47 0.09 1,294,705.07 Note4 768,730.11 335.80 26.78 769,039.13 Note 4 322.43 1.20 0.01 323.62 0.00 0.00 0.00 0.00 Note 4 Page 3 Town of Los Gatos Statement of Interest Earned October 31, 2006 Current Fiscal Month Year to Date Interest received from Investments 383,181.74 951,420.79 Add: Interest accrued at end of period (see page 5) 189,555.93 189,555.93 Less: Interest accrued at beginning of period (369,699.21) (268,699.72) Interest earned on investments $203,038.46 $872,277.00 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report October 31, 2006 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Del) Institution Security Date Cost Date Elaosed Maturity Invested Maturity Earned Received Accrued 939 FFCB Coupon Note 03/16/05 498,560.00 12111/06 594 41 635 3.800% 30,831.50 22,404.51 8,426.99 934 FNMA Coupon Note 08/18/04 1,491,000.00 01/12/07 804 73 877 3.060% 100,514.29 79,800.00 20,714.29 940 FHLB Coupon Note 03/16/05 543,228.45 02/09/07 594 101 695 3.930% 34,743.11 21,402.65 13,340.46 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 995 190 1185 3.000% 163,561.64 150,000.00 13,561.64 942 FHLB Coupon Note 05/16/05 999,000.00 05/16/07 533 197 730 4.043% 58,979.84 39,900.00 19,079.84 943 FNMA Coupon Note 07/01/05 749,032.50 05/17/07 487 198 685 3.815% 38,126.88 24,687.50 13,439.38 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 980 297 1277 3.156% 212,285.96 201,250.00 11,035.96 946 FHLMC Discount Note 08/15/05 1,500,000.00 11/15/07 442 380 822 4.496% 81,667.07 67,500.00 14,167.07 944 FNMA Coupon Note 07/01/05 984,074.54 12/15/07 487 410 897 3.807% 49,985.84 29,861.11 20,124.73 947 FHLMC Discount Note 08/15/05 999,700.00 02/15/08 442 472 914 4.513% 54,634.18 45,000.00 9,634.18 USTreasury Note 05/12/06 1,986,562.50 03/31/08 172 517 .689 5.000% 46,806.68 35,635.25 11,171.43 945 FHLB Coupon Note 07/01/05 755,975.25 04/18/08 487 535 1022 3.803% 38,359.24 40,132.81 (1,773.57) USTreasury Note 06/15/06 1,990,312.50 05/31/08 138 578 716 5.135% 38,640.96 38,640.96 USTreasury Note 07/19/06 738,281.25 02/15/09 104 838 942 5.157% 10,848.24 2,517.27 8,330.97 FHLB Coupon Note 05/12/06 1,498,035.00 03/13/09 172 864 1036 5.298% 37,399.82 26,468.75 10,931.07 USTreasury Note 05/15/06 1,992,343.75 05/15/09 169 927 1096 5.014% 46,253.27 46,253.27 FHLB Coupon Note 06/15/06 1,493,400.00 06/12/09 138 955 1093 5.226% 29,507.46 29,507.46 FFCB Coupon Note 07/19/06 723,562.50 07/17/09 104 990 1094 5.408% 11,149.44 11,149.44 USTreasury Note 10/19106 976,406.25 04/15/10 12 1262 1274 4.744% 1,522.87 1,522.87 FHLB Coupon Note 08/22/06 1,507,665.00 06/11/10 70 1319 1389 4.957% 14,332.73 14,332.73 FNMA Discount Note 09/29/06 1,516,485.00 04/15/11 32 1627 1659 4.874% 6,480.09 3,416.67 3,063.42 USTreasury Note 10/19/06 990,078.13 09/30/11 12 1795 1807 4.721% 1,536.71 1,536.71 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 1225 15 1240 1.825% 42,144.70 76,340.00 (34,195.30) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 1224 49 1273 1.844% 40,871.51 87,262.50 (46,390.99) FHLB Coupon Note 06130/03 400,000.00 12/29/06 1219 59 1278 2.225% 29,723.56 26,700.00 3,023.56 FNMA Coupon Note 02/22/05 195,358.60 02115107 616 107 723 3.363% 11,087.85 7,032.64 4,055.21 FHLMC Coupon Note 06/25/03 662,652.00 03/15/07 1224 .135 1359 1.946% 43,243.11 94,250.00 (51,006.89) FNMA Coupon Note 06130/03 333,597.66 04/15/07 1219 166 1385 2.150% 23,953.68 51,843.75 (27,890.07) FHLMC MTN Coupon Note 06/27/03 402,556.00 05129/07 1222 210 1432 2.80817b 37,844.41 35,033.33 2,811.08 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 1219 251 1476 2.35917b 29,561.35 45,244.79 (15,683.44) FHLB Coupon Note 06124/03 672,825.60 11/15/07 1225 380 1605 2.257% 50,965.62 64,773.33 (13,807.71) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 1225 419 1644 2.528% 25,408.61 22,500.00 2,908.61 FNMA Coupon Note 06127/03 649,785.94 01/15/08 1222 441 1663 2.492% 54,212.16 62,448.50 (8,236.34) FHLMC Coupon Note 09130/04 198,630.00 02/25108 761 482 1243 3.462% 14,337.18 12,368.06 1,969.12 FHLMC Coupon Note 06126/03 657,396.09 03/15/08 1223 501 1724 2.294% 50,530.56 57,104.83 (6;574.27) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 1219 532 1751 2.633% 25,163.70 48,387.50 (23,223.80) FHLB Coupon Note 06126/03 661,764.30 05/13108 1223 560 1783 2.507% 55,589.31 99,253.86 (43,664.55) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13108 1219 591 1810 2.894% 22,065.38 18,676.32 3,389.06 FHLMC Coupon Note 06124/03 500,000.00 06/18108 1225 596 1821 2.7501/o 46,147.26 41,250.00 4,897.26 FNMA Coupon Note 09130/04 198,597.00 08/15/08 761 654 1415 3.442% 14,251.98 12,187.50 2,064.48 FNMA Coupon Note 11116/04 199,216.00 09/15/08 714 685 1399 3.866% 15,065.77 13,729.17 1,336.60 FNMA Coupon Note 01119/05 248,157.50 09/15108 650 685 1335 3.974% 17,562.07 15,520.83 2,041.24 FNMA Coupon Note 11116/04 199,552.00 11/17108 714 748 1462 3.936% 15,364.43 11,646.53 3,717.90 FHLMC Coupon Note 07/07/05 296,403.00 01/12/09 481 804 1285 4.313% 16,846.68 12,432.29 4,414.39 FNMA Coupon Note 01121/05 242,400.00 03/16109 648 867 1515 3.930% 16,912.48 12,912.33 4,000.15 FHLMC Coupon Note 06117/05 300,198.00 07/30/09 501 1003 1504 4.359% 17,961.37 14,692.71 3,268.66 FHLMC Coupon Note 08/01/05 298,332.00 07/30109 456 1003 1459 4.527% 16,872.61 13,088.54 3,784.07 FHLMC Coupon Note 06114/05 298,683.00 09/01/09 504 1036 1540 4237% 17,474.58 15,021.87 2,452.71 FHLMC Coupon Note 01121/05 149,686.50 09/01/09 648 1036 1684 4.180% 11.108.13 9,968.75 1,139.38 FHLMC Coupon Note 06/14/05 299,331.00 01/25110 504 1182 1686 4.431% 18,314.33 14,619.79 3,694.54 Subtotal 39,042,260.71 Union MM 223,535.60 30 30 4.85% 891.08 891.08 Purchased Interest 38,018.74 LAIF N/A 06/30/06 19,367,390.59 09/30/06 123 -31 92 5.10% 86,178.87 86,178.87 58,671,205.64 368 4.27% 1,975,822.17 1,786,266.24 189,555.93 Maturity Profile 0-1 year 1-2 years 2-3 years 3-5 years Amount Percent 32,133,430.54 54.77% 13,016,932.72 22.19% 8,230,877.00 14.035/o 5.289.965.38 9.02% 58,671,205.64 100.00% Market to Cost Position Report Amortized Market Unrealized * Source: Treasury and Agency Obligations - Union Bank of Califorr Deg Insti tution Security Cost Value* Gain (Loss) LAIF balances per Local Agency Investment Fund monthly statemen Union Bank Assets 39,042,260.71 38,517,215.90 (525,044.81) Union MM 223,535.60 223,535.60 0.00 Purchased Interest 38,018.74 38,018.74 0.00 LAIF 19,367,390.59 19,367,390.59 0.00 Totals: 58,671,205.64 58,146,160.83 (525,044.81) page