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04 Staff Report - Treasurer's Reports November 2006p Np~- MEETING DATE: 01/16/07 .~W ITEM NO. L I COUNCIL AGENDA REPORT !ps S Gp~O DATE: January 10, 2007 TO: 'MAYOR AND TOWN COUNCIL FROM: LINDA SPEICHER, TOWN TREASURER SUBJECT: TREASURER'S REPORTS FOR NOVEMBER, 2006 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and.acceptance is the Treasurer's report for the month of November, 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 January 10, 2007 PREPARED BY: Linda L. Speicher, Town Treasurer Reviewed by: Distribution) ov Reformatted. 5/30/0: 'I 'J wn ManagerAssistant Town Manager -&LTown Attorney ~C1erk--&inance Community Development Revised: 1/10/07 9:52 pm Council; Town Manager; Finance Director - Meeting date: January .16, 2007 Item No: Town of Los Gatos Treasurer's Report for the month ended November 30, 2006 Submitted January 10, 2007 by - - - - - - - - - - - - - Linda -L.-Speicher Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information November 30, 2006 Weighted Average Portfolio Yield: 4.39% Weighted Average Maturity (days) 412 This Month Last Month One year ago Portfolio Balance $62,014,452 $60,275,043 $58,256,368 Benchmarks/ References: Town's Average Yield 4.39% 4.27% 3.35% LAIF Yield for month 5.13% 5.10% 3.81% 3 mo. Treasury 5.04% 5.09% 4.00% 6 mo: Treasury- - - - - - 5.13%- - 5.15%- - - - - - 435% 2 yr. Treasury 4.69% 4.89% 4.40% 5 yr. Treasury (most recent) 4.51% 4.69% 4.44% Prime rate 8.25% 8.25% 7.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Freddie Mac (11/3/06) 4.77% 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 November 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 $60,275,043.40 $66,482,899.82 3,795,773.15 12,978,903.71 (2,056,364.52) (17.447.351.50) $62,014,452.03 $62,014,452.03 300,692.78 39,136,464.80 19.367.390.59 58,804,548.17 3.209.903.86 $62,014,452.03 $68,000,000 1- $67,000,000 1 $66,000,000 $65,000,000 - $64,000,000 - $63,000,000 - $62,000,000 $61,000,000 J _ _T $60,000,000 $59,000,000 $58,000,000 $57,000,000.-~ "$56,000,000 $55,000,000 -1 $54,000,000 $53,000,000 - $52,000,000 - - - 0 0 0 0 0 N C z o u Treasurer's Fund Balances ~n Co 0 0 0 0 C? 0 t i 1 10 0 0 0 U Q - CO - z page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances November 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 Total-Restricted Funds 248,277.30 549.45 248,826.75 Note 1 257,158.11 1,026.68 258,184.79 Note2 49,426.81 37,507.98 197.35 87,132.14 Note3 11294,705.07 16,089.30 775,661.77 535,132.60 Note4 7697039.13 14,568.97 27.87 783,580.23 Note 4 323.62 1.24 0.01 324.85 0.00 0.00 0.00 0.00 Note 4 -$2:61-8,930:04- -$37:507:98-- -$32,432:99 - -$775;689:65 - $-1,913;181.36 - - - 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 Distriet'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 Town of Los Gatos Statement of Interest Earned November 30, 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 Month 133,565.92 267,419.68 (189,555.93) $211,429.67 Fiscal Year to Date 1,084,986.71 267,419.68 (268,699.72) $1,083,706.67 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report November 30, 2006 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Del) Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued 939 FFCB Coupon Note 03/16/05 498,560.00 12/11/06 624 11 635 3.800% 32,388.64 22,404.51 9,984.13 934 FNMA Coupon Note 08/18/04 1,491.000.00 01/12/07 834 43 877 3.060% 104,264.83 79,800.00 24,464.83 940 FHLB Coupon Note 03/16/05 543,228.45 02/09/07 624 71 695 3.930% 36,497.81 21,402.65 15,095.16 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 1025 160 1185 3.000% 168,493.15 150,000.00 18,493.15 942 FHLB Coupon Note 05/16/05 999,000.00 05/16/07 563 167 730 4.043% 62,299.53 59,850.00 2,449.53 943 FNMA Coupon Note 07/01/05 749,032,50 05/17/07 517 168 685 3.815% 40,475.56 38,750.00 1,725.56 930 FHLMC Coupon Note 02/24/04 2,505250.00 08/24/07 1010 267 1277 3.156% 218,784.51 201,250.00 17,534.51 946 FHLMC Discount Note 08/15/05 1,500,000.00 11/15/07 472 350 822 4.496% 87210.08 67,500.00 19,710.08 944 FNMA Coupon Note 07/01/05 984,074.54 12/15/07 517 380 897 3.807% 51065.05 29,861.11 23203.94 947 FHLMC Discount Note 08/15/05 999,700.00 02/15/08 472 442 914 4.513% 58,342.38 45,000.00 13,342.38 USTreasury Note 05/12/06 1,986,562.50 03/31/08 202 487 689 5.0007o 54,970.63 35,635.25 19,335.38 945 FHLB Coupon Note 07/01/05 755,97525 04/18/08 517 505 1022 3.803% 40,72223 40,132.81 589.42 USTreasury Note 06/15/06 1,990,312.50 05/31/08 168 548 716 5.135% 47,041.17 44,754.10 2287.07 U_STreasury _ Note 07/19/06_ _ 738. 1.25 _02/1.5/09___ 134 _ _ _808_ 942 _ __5.1579o_ _ X397755 -_2,517_27._ .-11,460.28 . FHLB Coupon Note 05/12/06 1,498,035.00 03/13/09 202 834 1036 5298% 43,923.04 26,468.75 17,454.29 USTreasury Note 05/15/06 1,992,343.75 05/15/09 199 897 1096 5.014% 547463.91 48,750.00 5,713.91 FHLB Coupon Note 06/15/06 1,493,400.00 06/12/09 168 925 1093 5.226% 35,922.12 35,922.12 FFCB Coupon Note 07/19/06 723,562.50 07/17/09 134 960 1094 5.408% 147365.63 14,365.63 USTreasury Note 11/17/06 748,066.41 11/15/09 13 1081 1094 4.734% 1,261.30 1,261.30 USTreasury Note 10/19/06 976,406.25 04/15/10 42 1232 1274 4.744% 57330.05 5,330.05 FHLB Coupon Note 08/22/06 1.507.665.00 06/11/10 100 1289 1389 4.957% 207475.33 20,475.33 FNMA Discount Note 09/29/06 1.516,485.00 04/15/11 62 1597 1659 4.874% 12,555.17 3,416.67 9,138.50 USTreasury Note 10/19/06 990.078.13 09/30/11 42 1765 1807 4.721% 5,378.48 5,378.48 FFCB Coupon Note 06/25/03 660,954.00 .12/19/06 1254 19 1273 1.844% 41,87326 87,262.50 (45,389.24) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 1249 29 1278 2.225% 30,455.07 26,700.00 3,755.07 FNMA Coupon Note 02/22/05 195,358.60 02/15/07 646 77 723 3.363% 11,627.84 7,032.64 4,59520 FHLMC Coupon Note 06/25/03 6627652.00 03/15107 1254 105 1359 1.946% 44,302.99 94,250.00 (49,947.01) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 1249 136 1385 2.150% 24,543.19 51,843.75 (27300.56) FHLMC MTN Coupon Note 06/27/03 402,556.00 05/29/07 1252 180 1432 2.808% 38,77349 41,033.33 (2259.84) FNMA Coupon Note 06/30/03 375;219.60 07/15/07 1249 227 1476 2.359% 30,288.87 45,244.79 (14,955.92) FHLB Coupon Note 06/24/03 672,825.60 11/15/07 1255 350 1605 2.257% 52213.76 75,973.33 (23,759.57) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 1255 389 1644 2.528% 26.030.86 22,500.00 3,530.86 FNMA Coupon Note 06/27/03 6497785.94 01/15/08 1252 411 1663 2.492% 55,543.06 62,448.50 (6,905.44) FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 791 452 1243 3.462% 14,902.38 12,368.06 1534.32 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 1253 471 1724 22941/o 51,770.07 57,104.83 (5,334.76) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 1249 502 1751 2.6331/o 25,782.98 48,387.50 (22,604.52) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 1253 530 1783 2.507% . 561952.90 116,482.11 (59,529.21) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 1249 561 1810 2.894% 22,608.42 18,676.32 3,932.10 FHLMC Coupon Note 06/24/03 500.000.00 06/18/08 1255 566 1821 2.750% 47.277.40 41,250.00 6,027.40 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 791_ 624 1415 3.442% 14,813.82 12,187.50 2,626.32 FNMA Coupon Note 11/16/04 199,216.00 09/15/08 744 655 1399 3.866% 15,698.79 13,729.17 1,969.62 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 680 655 1335 3.9741/o 18,372.63 15,520.83 1851.80 FNMA Coupon Note 11/16/04 199,552.00 11/17/08 744 718 1462 3.93617o 16,010.00 15,521.53 488.47 FHLMC Coupon Note 07/07/05 296.403.00 01/12/09 511 774 1285 4.313% 17,897.41 12,432.29 5,465.12 FNMA Coupon Note 01/21/05 242.400.00 03/16/09 678 837 1515 3.930% 17,695.47 12,912.33 4,783.14 FHLMC Coupon Note 06/17/05 300,198.00 07/30/09 531 973 1504 4.359% 19,036.90 14,692.71 4,344.19 FHLMC Coupon Note 08/01/05 298,332.00 07/30/09 486 973 1459 4.527% 17,982.65 13,088.54 4,894.11 FHLMC Coupon Note 06/14/05 298,683.00 09/01/09 534 1006 1540 4.237% 18,514.73 15,021.87 3,492.86 FHLMC Coupon Note 01121105 149,686.50 09/01/09 678 .1006 1684 4.180% 11,622.40 9,968.75 1,653.65 FHLMC Coupon Note 06/14/05 299,331.00 01/25/10 534 1152 1686 4.431% 19,404.47 14,619.79 4,784.68 Subtotal 39,102.250.32 Union MM 300,692.78 30 30 4.86% 1,201.12 1,201.12 Purchased Interest 34,214.48 LAIF N/A 09130/06 19,367,390.59 .12/31/06 61 31 92 5.13% 167,760.69 167,760.69 58,804,548.17 412 4.39% 2,143,165.77 1,875,746.09 267,419.68 Maturity Profile Amount Percent 0-1 year 33,691,532.26 57.29% 1-2 years 11,043,659.12 18.78% 2-3 years 8,779,391.41 14.93% 3-5'years 5.289.965.38 9.00% 58,804J48.17 100.00% Market to Cost Position Report Amortized Market Unrealized Dep Institution Security Cost Value* Gain (Loss) Union Bank Assets 39,102,250.32 38,719,295.75 (382,954.57) Union MM 300,692.78 300,692.78 0.00 Purchased Interest 34,214.48 34,214.48 0.00 LAIF 19,367,390.59 19,367,390.59 0.00 -T~ralc- ROd: SdR-17- - --SR-421'491-60- - fAR2-9:;d-;71 * Source: Treasury and Agency Obligations - Union Bank of Califorr LAIF balances per Local Agency Investment Fund monthly statemen