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 -<own 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
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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