03 Staff Report - Treasurer's Report February, March, April 2007MEETING DATE: 06/04/07
OW N OF
ITEM NO.
F:
' COUNCIL AGENDA REPORT
!pS G pjpS
DATE: June 4, 2007
TO: MAYOR AND TOWN COUNCIL
FROM: LINDA SPEICHER, TOWN TREASURER
SUBJECT: TREASURER'S REPORTS FOR FEBRUARY, MARCH, APRIL 2007
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance are the Treasurer's reports for the months of February,
March and April, 2007.
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 May 30, 2007
PREPARED BY: Linda L. Speicher, Town Treasurer
Reviewed by: Town Manager Assistant Town Manager _
Clerk 56-Tinance Community Development
Distribution: Town Council; Town Manager; Finance Director
Town Attorney
Revised: 5/30/07 6:34 pm
Reformatted: 5/30/02
Meeting date: June 4, 2007
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
April 30, 2007
Submitted May 30, 2007
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
April 30, 2007
Weighted Average Portfolio Yield: 4.68% Weighted Average Maturity (days)
This Month Last Month
Portfolio Balance $70,970,263 $67,753,203
Benchmarks/ References:
Town's Average Yield
4.68%
LAIF Yield for month
5.22%
3 mo. Treasury
4.92%
6 mo. Treasury
5.02%
2 yr. Treasury
4.61%
5 yr. Treasury (most recent)
4.58%
Prime rate
8.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (04/16/07)
4.89%
2 yr. Freddie Mac (05/23/07)
5.08%
3 - 5 years
12%
2-3yea
13%
1 - 2 year;
11%
. 1 year
64%
403
Compliance: The Town's investments are in compliance with the Town's investment policy dated November 1, 2006
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.
4.65%
5.21%
5.07%
5.08%
4.51%
4.54%
8.25%
One year ago
$65,264,285
3.78%
4.31%
4.76%
4.92%
4.98%
4.96%
7.75%
Portfolio Maturity Profile
Page 1
Town of Los Gatos
Portfolio
Allocation & Treasurer's Fund Balances
April 30, 2007
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
$67,751202.95 $66,482,899.82
5,718,921.34 35,205,356.73
(2,501,861.50) (30,717,993.76)
$70,970,262.79 $70,970,262.79
$623,514.56
39,305,702.63
25.932.473.38
65,861,690.57
5,108.572.22
$70,970,262.79
Loud Agency Investment Fun
39.4%
US Govt Agencies
59.7%
Treasurer's Fund Balances
S7z000,00O
S70,oo0,000
$68.000,000
$66,000.000
I
$64.000.000
$62,000.
S60,000.000
$5 $,000.000
$56.000.000
c o 0 0 0 0 o c o 0 0
page 2
Portfolio Investment Allocation
Union MM
0.9%
Town of Los Gatos
Non-Treasury Restricted Fund Balances
April 30, 2007
Previous Ending
Balance Deposits Interest Withdrawals Balance
Non-Treasury Funds
Downtown Parking District 12/20/02 $252,144.06 $966.20
$253.110.26 Note 1
Certificates of Participation Reserve Fund (Lot 4) 255,061.80 1,019.68
256,081.48 Note 2
Cert. of Participation Lease Payment Fund (Lot 4) 140.052.93 19,267.82 505.15
159,825.90 Note 3
Cert, of Participation 2002 Series A Const. Fund 362,803.58 2.52 0.05
362.806.05 Note 4
Cert. of Participation 2002 Series A Reserve Fund 785,011.72 413.65 32.84
785,392.53 Note 4
Cert. Of Participation 2002 Series .A Interest Fund 4.24 2.78 0.18
6.84
Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00
0.00 Note 4
Total Restricted Funds: $1,795,078.33 $19,267.82 $2,909.98 $33.07
$1.817.223.06
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
Town of Los Gatos
Statement of Interest Earned
April 30, 2007
Current
Month
$436,793.21
410,862.17
(598,196.59)
Fiscal
Year to Date
$2,143,764.90
410,862.17
(268,699.72)
Interest earned on investments $249,458.79 $2,285,927.35
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
April 30, 2007
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Deg Institution
Security
Date
Cost
Date
Elapsed
Maturity
Invested
Maturity
Earned
Received
Accrued
929 FNMA
Coupon Note
02/09/04
2,000,000.00
05/09/07
1176
9
1185
3.000%
193,315.07
180,000.00
13,315.07
942FHLB
Coupon Note
05/16/05
999,000.00
05/16/07
714
16
730
4.043%
79,008.64
59,850.00
19,158.64
943 FNMA
Coupon Note
07/01/05
749,032.50
05/17/07
668
17
685
3.815%
52,297.24
38,750.00
13,547.24
930 FHLMC
Coupon Note
02/24/04
2,505,250.00
08/24/07
1161
116
1277
3.156%
251,493.88
241,500.00
9,993.88
946 FHLMC
Discount Note
08/15/05
1,500,000.00
11/15/07
623
199
822
4.496%
115,109.92
101,250.00
13,859.92
944 FNMA
Coupon Note
07/01/05
984,074.54
12/15/07
668
229
897
3.807%
68,563.74
45,486.11
23,077.63
947 FHLMC
Discount Note
08/15/05
999,700.00
02/15/08
623
291
914
4.513%
72007.00
62500.00
9.507.00
USTreasury
Note
05/12/06
1,986,562.50
03/31/08
353
336
689
5.000%
96,06154
81,885.25
14.177.29
945 FHLB
Coupon Note
07/01/05
755.975 25
04/18/08
668
354
1022
3.803%
52,615.96
55,601.56
(21985.60)
USTreasury
Note
06/15/06
1,990312.50
05/31/08
319
397
716
5.135%
89,322.23
44,754.10
44,568.13
USTreasury
Note
07/19/06
738,281.25
02/15/09
285
657
942
5.157%
29,728.36
19.392.27
10336.09
FHLB
Coupon Note
05/12/06
1,498,035.00
03/13/09
353
683
1036
5.298%
76.756.60
65.843.75
10.912.85
USTreasury
Note
05/15/06
1.992,343.75
05/15/09
350
746
1096
5.014%
95,790.80
48,750.00
47,040.80
FHLB
Coupon Note
06/15/06
1,493,400.00
06/12/09
319
774
1093
5.226%
68,209.27
38,718.75
29.490.52
FFCB
Coupon Note
07/19/06
723,562.50
07/17/09
285
809
1094
5.408%
30,553.76
15,296.87
15,256.89
USTreasury
Note
11/17/06
748,066.41
11/15/09
164
930
1094
4.734%
15,911.80
15,911.80
MI, Corp
Note
04/10/07
976,150.00
02/08/10
20
1015
1035
5.165%
2,762.64
2362.64
USTreasury
Note
10/19/06
976,406.25
04115/10
193
1081
1274
4.744%
24,492.87
19,560.44
4.932.43
FHLB
Coupon Note
08/22/06
1507,665.00
06/11/10
251
1138
1389
4.957%a
51,393.08
17,625.00
33,768.08
FHLB
Coupon Note
01/12/07
1,487,205.00
08/10/10
108
1198
1306
4.960%
21,826.47
5,483.33
16,343.14
FNMA
Discount Note
09/29/06
1,516,485.00
04/15/11
213
1446
1659
4.874%
43,133.07
41,854.17
1,278.90
USTreasury
Note
10/19/06
990D78.13
09/30/11
193
1614
1807
4.721%
24,71542
20.151.10
4,564.32
FHLMC MTN
Coupon Note
06/27/03
402,556.00
05/29/07
1403
29
1432
2.808%
43,449.84
41,033.33
2,416.51
FNMA
Coupon Note
06/30/03
375,219.60
07/15/07
1400
76
1476
2.359%
33,950.69
51682.29
(18,731.60)
FHLB
Coupon Note
06/24/03
672,825.60
11/15/07
1406
199
1605
2.257%
58,496.05
75,973.33
(17,477.28)
FNMA
Coupon Note
06/24/03
299,475.00
12/24/07
1406
238
1644
2.528%
29.162.86
26,250.00
2,912.86
FNMA
Coupon Note
06/27/03
649,785.94
01/15/08
1403
260
1663
1492%
62,241.94
72,686.00
(10,444.06)
FHLMC
Coupon Note
09/30/04
198,630.00
02/25/08
942
301
1243
3.462%
17,747.20
15.618.06
2.129.14
FHLMC
Coupon Note
06/26/03
657396.09
03/15/08
1404
320
1724
2.294%
58,008.92
65,973.58
(7,964.66)
FHLB
Coupon Note
06/30/03
286,162.50
04/15/08
1400
351
1751
2.633%
28900.06
55,737.50
(26,837.44)
FHLB
Coupon Note
06/26/03
661,764.30
05/13/08
1444
379
1783
2.507%
63,816.34
116,482.11
(52,665.77)
FHLMC MTN
Coupon Note
06/30/03
228,298.00
06/13/08
1400
410
1810
2.894%
25,341.70
21,838.82
3.502.88
FHLMC
Coupon Note
06/24/03
500,000.00
06/18/08
1406
415
1821
2.750%
52,965.75
48,125.00
4,840.75
FNMA
Coupon Note
09/30/04
198,597.00
08/15/08
942
473
1415
3.442%
17.641.75
15,437.50
2.204.25
FNMA
Coupon Note
11/16/04
199,216.00
09/15/08
895
504
1399
3.866%
18,884.97
17.479.17
1.405.80
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
831
504
1335
3.974%
22.452.43
20 208.33
2.244.10
FNMA
Coupon Note
11/16/04
199,552.00
11/17/08
895
567
1462
3.936%
19,259.34
15,521.53
3,737.81
FHLMC
Coupon Note
07/07/05
296,403.00
01/12/09
662
623
1285
4.313%
23,186.07
18,244.79
4.941.28
FNMA
Coupon Note
01/21/05
242,400.00
03/16/09
829
686
1515
3.930%
21,636.49
16,818.58
4,817.91
FHLMC
Coupon Note
06/17/05
300,198.00
07/30/09
682
822
1504
4.359%
24,450.41
21,255.21
3,195.20
FHLMC
Coupon Note
08/01/05
298,332.00
07/30/09
637
822
1459
4527%
23,569.85
19,651.04
3.918.81
FHLMC
Coupon Note
06/14/05
298,683.00
09/01/09
685
855
1540
4.237%
23,750.17
21,209.37
2,540.80
FHLMC
Coupon Note
01/21/05
149,68650
09/01/09
829
855
1684
4.180%
14,210.87
13,062.50
1,148.37
FHLMC
Coupon Note
06/14/05
299,331.00
01/25/10
685
1001
1686
4.431%
24.891.50
21,182.29
3,709.21
FHLMC
Coupon Note
12/28/06
1,522,350.00
07/20/11
123
1542
1665
5.375%
27,574.35
5.270.83
22.303.52
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
67
1683
1750
4.959%
8,976.11
8,976.11
Subtotal
39.288.684.61
Union MM
623,514.56
30
30
4.87%
2,495.77
2,495.77
Purchased Inte
rest
17.018.02
LAIF
N/A
03/31/07
25,932,473.38
06/30/07
30
61
91
5.22%
110,724.23
110.724.23
$65,861,690.57
403
4.68%
$1417.856.03
$2,006.993.86
$410,862.17
Maturity Profile
Amount
Percent
0-1 year
$41594,651.48
64.67%
1-2 years
$7,001 MI 6.55
10.63%
2-3 years
$8,256,15947
1154%
3-5 years
$8.009.863.13
12.16%
$65.861,690.57
100.00%
Market to Cost Pos
ition Report
Amortized
Market
Unrealized
` Source:
Treasury and
Agency Obligati
ons - Union Bank
of California
Dep Institution
Security
Cost
Value*
Gain (Loss)
LAIF balances per Loca
l Agency Invest
ment Fund monthl
y statement.
Union Bank Assets
$39,288,684.61
$39,096,79035
(191,894.26)
Union MM
623,514.56
623,514.56
0.00
Purchased Inter
est
17,018.02
17.018.02
0.00
LAIF
25932,473.38
25.932.473.38
0.00
Totals:
$65,861,690.57
$65,669,796.31
($191,894.26)
page 5
■
Town of Los Gatos
Treasurer's Report
for the month ended
March 31, 2007
Meeting date: June 4, 2007
Item No:
Submitted May 30, 2007
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summ
ary Investment Information
March 31, 2007
Weighted Average Portfolio Yield:
4.65%
Weighted Average Maturity (days) 384
This Month
Last Month
One year ago
Portfolio Balance
$67,753,203
$68,312,202
$60,613,879
Benchmarks/ References:
Town's Average Yield
4.65%
4.61%
3.65%
LAIF Yield for month
5.21%
5.18%
4.14%
3 mo. Treasury
5.07%
5.00%
4.61%
6 mo. Treasury
5.08%
5.09%
4.78%
2 yr. Treasury
4.51%
4.77%
4.73%
5 yr. Treasury (most recent)
4.54%
4.70%
4.79%
Prime rate
8.25%
8.25%
7.75%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (04/16/07) 4.89%
2 yr. Freddie Mac (05/23/07) 5.08%
Portfolio Maturity Profile
3 - 5 years
14%n
2 - 3 yea
10%
1 - 2 yeas
1.5%
1- I year
61%
Compliance: The Town's investments are in compliance with the Town's investment policy dated November 1, 2006
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 I
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
March 31, 2007
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
$68,312,201.96 $66,482,899.82
2,736,903.15 29,486,435.39
(3,295,902.16) (28,216,132.26)
$67,753,20295 $67,753,202.95
$1,145,654.35
38,658,619.31
25,620,968.66
65,425,242.32
2327,960.63
$67,753,202.95
Local Agency Investment Fun
39.2%
US Govt Agencies
59.1%
Treasurer's Fund Balances
$70.000 000
S68,000,0(()
$66,000,000
$64.000.0
$62,000.0, '
$60.000.000
$58.000.000
$56.000.000
$54,000,000
o ~ o 0 0 0 0 0 ~ 0 0 0 0
CD z
page 2
Portfolio Investment Allocation
Union MM
1.8%
Town of Los Gatos
Non-Treasury Restricted Fund Balances
March 31, 2007
Previous
Balance Deposits
Ending
Interest
Withdrawals
Balance
$869.69
$252,144.06
Note 1
925.54
255,061.80
Note2
374.20
140.052.93
Note 3
2.38
0.06
362,803.58
Note 4
371.40
29.48
785,011.72
Note 4
3.21
0.21
4.24
0.00
0.00
0.00
Note 4
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
$251,274.37
254,136.26
120.410.91
362.801.26
784,669.80
1.24
0.00
19,267.82
Total Restricted Funds: $1.773.293.84 $19,267.82 $2,546.42 $29.75 $1.795.078.33
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 'K 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
March 31, 2007
Current Fiscal
Month Year to Date
Interest received from investments $25,192.70 $1,706,971.69
Add: Interest accrued at end of period (see page 5) 598,196.59 598,196.59
Less: Interest accrued at beginning of period (365,485.32) (268,699.72)
Interest earned on investments $257,903.97 $2,036,468.56
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
March 31, 2007
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Dep Institution
Security
Date
Cost
Date
Elapsed
Maturity
Invested
Maturity
Earned
Received
Accrued
929 FNMA
Coupon Note
02/09104
2,000 OW(K)
05/09/07
1146
39
1 185
3.000%
188,383.56
180.000.00
8.38356
942 FHLB
Coupon Note
05/16/05
999.000.00
05/16/07
684
46
730
4.043%
75,688.95
59,850.00
15.838.95
943 FNMA
Coupon Note
07/01/05
749,032.50
05/17/07
638
47
685
3.815%
49,948.57
38.750.00
11,198.57
930 FHLMC
Coupon Note
02/24/04
1505;250.00
08/24/07
1131
146
1277
3.156%
244,995.33
241,500.00
3.495.33
946 FHLMC
Discount Note
08/15/05
1,500,000.00
11/15/07
593
229
822
4.496%
109,566.90
101,250.00
8,316.90
944 FNMA
Coupon Note
07/01/05
984,074.54
12/15/07
638
259
897
3.807%
65,484.53
45,486.11
19,998.42
947 FHLMC
Discount Note
08/15/05
999,700.00
02/15/08
593
321
914
4.513%
73,298.80
67.500.00
5.798.80
USTreasury
Note
05/12/06
1,986,562.50
03/31/08
323
366
689
5.000%
87.898.59
35.635.25
51263.34
945 FHLB
Coupon Note
07/01/05
755,975.25
04/18/08
638
384
1022
3.803%
50,252.97
40,132.81
10,120.16
USTreasury
Note
06/15/06
1,990,312.50
05/31/08
289
427
716
5.135°I0
80,922.02
44,754.10
36,167.42
USTreasury
Note
07/19/06
738,281.25
02/15/09
255
687
942
5.157%
26,599.06
19,392.27
7,206.79
FHLB
Coupon Note
05/12/06
1,498,035.00
03/13/09
323
713
1036
5.298%
70.23338
65,843.75
4,389.63
USTreasury
Note
05/15/06
1,992,343.75
05/15/09
320
776
1096
5.014%
87,580.16
48,750.00
38,830.16
FHLB
Coupon Note
06/15/06
1,493,400.00
06/12/09
289
804
1093
5.226%
61,794.60
38,718.75
23,075.85
FFCB
Coupon Note
07/19/06
723,562.50
07/17/09
255
839
1094
5.408%
27,337.58
15,296.87
11040.71
USTreasury
Note
11/17/06
748,066.41
11/15/09
134
960
1094
4.73490
13,001.11
13,001.11
USTreasury
Note
10/19/06
976,406.25
04/15/10
163
1111
1274
4.744%
20,685.69
20.685.69
FHLB
Coupon Note
08/22/06
1,507,665.00
06/11/10
221
1168
1389
4.957%
45,250.48
17,625.00
27,625.48
FHLB
Coupon Note
01/12/07
1,487,205.00
08/10/10
78
1228
1306
4.960%
15,763.56
5,48333
10.280.23
FNMA
Discount Note
09/29/06
1,516,485.00
04/15/11
183
1476
1659
4.874%
37,057.99
3,416.67
33.641.32
USTreasury
Note
10/19/06
990,078.13
09/30/11
163
1644
1807
4.721%
20,873.64
20.873.64
FNMA
Coupon Note
06/30/03
331597.66
04/15/07
1370
15
1385
2.150%
26,920.87
51,843.75
(24,922.88)
FHLMC MTN
Coupon Note
06/27/03
402,556.00
05/29/07
1373
59
1432
1808°1
42,520.77
41,033.33
1.487.44
FNMA
Coupon Note
06/30/03
375,219.60
07/15/07
1370
106
1476
2359%
33,223.18
51682.29
(19,459.11)
FHLB
Coupon Note
06/24/03
671825.60
11/15/07
1376
229
1605
2.257%
57,247.91
75,973.33
(18,725.42)
FNMA
Coupon Note
06/24/03
299.475.00
12/24/07
1376
268
1644
2.528%
28,540.61
26,250.00
2,290.61
FNMA
Coupon Note
06/27/03
649,785.94
01/15/08
1373
290
1663
2.492%
60,911.04
72,686.00
(11,774.96)
FHLMC
Coupon Note
09/30/04
198,630.00
02/25/08
912
331
1243
3.462%
IT 182.01
15,618.06
1.563.95
F7ILMC
Coupon Note
06/26/03
657,396.09
03/15/08
1374
350
1724
2.294%
56,769.41
65,973.58
(9,204.17)
FHLB
Coupon Note
06/30/03
286,162.50
04/15/08
1370
381
1751
2.633%
28,280.77
48,387.50
(20,106.73)
FHLB
Coupon Note
06/26/03
661,764.30
05/13/08
1374
409
1783
2.507%
6145235
116,482.11
(54,029.36)
FHLMC MTN
Coupon Note
06/30/03
228,298.00
06/13/08
1370
440
1810
1894%
24,798.67
21,838.82
2,959.85
FHLMC
Coupon Note
06/24/03
500,000.00
06/18/08
1376
445
1821
2.750%
51,835.62
48.125.00
3.710.62
FNMA
Coupon Note
09/30/04
198,597.00
08/15/08
912
503
1415
3.442%
17,079.91
15.43750
1.642.41
FNMA
Coupon Note
11/16/04
199,216.00
09/15/08
865
534
1399
3.866%
18,251.95
17,479.17
772.78
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
801
534
1335
3.97490
21,641.88
20.208.33
1,433.55
FNMA
Coupon Note
11/16/04
199,55100
11/17/08
865
597
1462
3.936%
18,613.77
15,521.53
3.092.24
FHLMC
Coupon Note
07/07/05
296,403.00
01/12/09
632
653
1285
4.313%
22,135.34
18,244.79
1890.55
FNMA
Coupon Note
01/21/05
242,400.00
03/16/09
799
716
1515
3.930%
20,853.51
16,818.58
4,034.93
FHLMC
Coupon Note
06/17/05
300,198.00
07/30/09
652
852
1504
4.359%
23374.88
21,255.21
2,119.67
FHLMC
Coupon Note
08/01/05
298,332.00
07/30/09
607
852
1459
4.527%
22,459.81
19,651.04
1808.77
FHLMC
Coupon Note
06/14/05
298,683.00
09/01109
655
885
1540
4.237%
22,710.01
21,209.37
1,500.64
FHLMC
Coupon Note
01/21/05
149,686.50
09/01/09
799
885
1684
4.180%
13,696.60
11062.50
634.10
FHLMC
Coupon Note
06/14/05
299,331.00
01/25/10
655
1031
1686
4.431%
2180137
21,182.29
2,619.08
FHLMC
Coupon Note
12/28/06
1,522,350.00
07/20/11
93
1572
1665
5.375%
20,848.90
5,270.83
15.578.07
FFCB
Coupon Note
02/22/07
986.080.00
12/08/11
37
1713
1750
4.959%
4,956.96
4,956.96
Subtotal
38,646,132.27
Union MM
1,145,654.35
30
30
4.87%
4,585.76
4
585.76
Purchased Inter
est
12.487.04
.
LAIF
N/A
12/31/06
25,620,968.66
03/31/07
90
0
90
5.21%
311,504.72
311,504.72
$65,425,242.32 384 4.65% $2,509,816.41 $1,911,619.82 $598.196.59
Maturity Profile
0-1 year
1-2 years
2-3 years
3-5 years
Amount
Percent
$40,105,652.98
6130%
$10,029,716.80
15.33%
$6,303,603.16
9.63%
$8,986.269.38
13.74%
$65.425,242.32
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized * Source: Treasury and Agency Obligations - Union Bank of California
Deg Institution Security
Cost
Values
Gain ( Loss) LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$38,646,132.27
$38,399,260.95
(246,871.32)
Union MM
1.145.654.35
L145,654.35
0.00
Purchased Interest
12,487.04
12,487.04
0.00
LAIF
25 620 968 66
25,620.968.66
000
Totals:
$65,425,242.32
$65,178,371.00
($246,871.32)
page 5
Meeting date: June 4, 2007
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
February 28, 2007
Submitted May 309 2007
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summ
ary Investment Information
February 28, 2007
Weighted Average Portfolio Yield:
4.61%
Weighted Average Maturity (days) 415
This Month
Last Month
One year ago
Portfolio Balance
$68,312,202
$69,236,890
$60,889,095
Benchmarks/ References:
Town's Average Yield
4.61%
4.57%
3.56%
LAIF Yield for month
5.18%
5.16%
4.04%
3 mo. Treasury
5.00%
5.15%
4.63%
6 mo. Treasury
5.09%
5.18%
4.75%
2 yr. Treasury
4.77%
4.93%
4.69%
5 yr. Treasury (most recent)
4.70%
4.86%
4.62%
Prime rate
8.25%
8.25%
7.50%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (02/09/07) 4.89%
2 yr. Freddie Mac (01/16/07) 5.01%
Portfolio Maturity Profile
3 - 5 years
14%
2 - 3 years
12%
1-2y
144
- I year
60%
Compliance: The Town's investments are in compliance with the Town's investment policy dated November 1, 2006
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
February 28, 2007
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
$69,236,890.27 $66,482,899.82
1,691,01 1.19 26,749,532.24
(2,615,699.50) (24,920,230.10)
$68,312,201.96 $68,312,201.96
$458.055.59
39,321,271.31
25.620.968.66
65.400.295.56
2,91 1,906.40
$68,3121201.96
Local Agency Investment Fun
39.2%
US Govt Agencies
60.1%
Treasurer's Fund Balances
$70.oo0.ot)n
$68.000.000
$66.000.000
$64.000.000
$62.000M0
$60.000.000
$58,000,000
$56.000.000
$54.000.000
v~ o o 1C 1C
0 0 0 0 0 0 0 o q o 0 0
¢ s O z C s
page 2
Portfolio Investment Allocation
Union MM
0.7%
Town of Los Gatos
Non-Treasury Restricted Fund Balances
February 28, 2007
Previous
Balance Deposits
Non-Treasury Funds
Downtown Parking District 12/20/02
$250.315.18
Certificates of Participation Reserve Fund (Lot 4)
260.217.24
Cert. of Participation Lease Payment Fund (Lot 4)
125,320.24 26.381.59
Cert. of Participation 2002 Series A Const. Fund
419,669.91 10.338.54
Cert. of Participation 2002 Series A Reserve Fund
784,294.08
Cert. Of Participation 2002 Series A Interest Fund
327.31 224,526.44
Cert. Of Participation 2002 Series A COI Fund
0.00
Total Restricted Funds: $1.840.143.96 $26L246.57 $2,864.03 $330,960.72 $1,773,293.84
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
$959.19
$251,274.37
Note 1
1,032.79
7.113.77
254,136.26
Note2
459.08
31,750.00
120,410.91
Note 3
3.40
67,210.59
362,801.26
Note 4
408.32
32.60
784.669.80
Note 4
125
224.853.76
1.24
0.00
0.00
0.00
Note 4
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
February 28, 2007
Current
Month
$183,934.47
365,485.32
(325,190.24)
$224,229.55
Page 4
Fiscal
Year to Date
$1,681,778.99
365,485.32
(268,699.72)
$1,778,564.59
Town of Los Gatos
Inact
ive Deposits by Institution
Market to Cost Position Report
February 28, 2007
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
2M Institution
Security
Date
Cost
Date
Elapsed
Maturitv
Invested
Maturitv
Earned
Received
Accrued
929 FNMA
Coupon Note
02/09/04
2,000,000.00
05/09/07
11 15
10
1 185
3.000%
181287.67
180,000.00
3,287.67
942 FHLB
Coupon Note
05/16/05
999,000.00
05/16/07
653
77
730
4.04390
71258.60
59,850.00
12,408.60
943 FNMA
Coupon Note
07/01/05
749,032.50
05/17/07
607
78
685
3.815%
47.521.60
38,750.00
8,771.60
930 FHLMC
Coupon Note
02/24/04
2,505,250.00
08/24/07
1100
177
1277
3.156%
238,280.16
241,500.00
(3,219.84)
946 FHLMC
Discount Note
08/15/05
1,500,000.00
11/15/07
562
260
822
4.496%
103,839.12
101,250.00
1589.12
944 FNMA
Coupon Note
07/01/05
984,074.54
12/15/07
607
290
897
3.807%
62,302.68
45,486.11
16,816.57
947 FHLMC
Discount Note
08/15/05
999,700.00
02/15/08
562
352
914
4.513%
69,466.99
67.500.00
1,966.99
USTreasury
Note
05/12/06
1,986,562.50
03/31/08
292
397
689
5.000%
79,462.50
35,635.25
43,827.25
945 FHLB
Coupon Note
07/01/05
755,975.25
04/18/08
607
415
1022
3.803%
47,811.21
40,132.81
7,678.40
USTreasury
Note
06/15/06
1,990.312.50
05/31/08
258
458
716
5.135%
72,241.80
44,754.10
27,487.70
USTreasury
Note
07/19/06
738,281.25
02/15/09
224
718
942
5.157%
23,365.45
19,392.27
3,973.18
FHLB
Coupon Note
05/12/06
L498,035.00
03/13/09
292
744
1036
5.298%
63,492.72
26,468.75
37,023.97
USTreasury
Note
05/15/06
1,992,343.75
05/15/09
289
807
1096
5.014%
79,095.83
48,750.00
30,345.83
FHLB
Coupon Note
06/15106
1.493.400.00
06/12/09
258
835
1093
5.226%
55,166.11
38,718.75
16,44736
FFCB
Coupon Note
07/19/06
723,562.50
07/17/09
224
870
1094
5.408%
24,014.19
15,296.87
8,717.32
USTreasury
Note
11/17/06
748,066.41
11/15/09
103
991
1094
4.734%
9,993.39
9,993.39
USTreasury
Note
10/19/06
976,406.25
04/15/10
132
1142
1274
4.744%
16,751.60
16,751.60
FHLB
Coupon Note
08/22/06
1507,665.00
06/11/10
190
1 199
1389
4.957%
38,903.13
17,625.00
21,278.13
FHLB
Coupon Note
01/12107
1,487,205.00
08/10/10
47
1259
1306
4.960%
9,498.55
5,483.33
4,015.22
FNMA
Discount Note
09/29/06
1,516,485.00
04/15/11
152
1507
1659
4.874%
30.780.41
3,416.67
27363.74
USTreasury
Note
10/19106
990,078.13
09/30/11
132
1675
1807
4.721%
16,903.81
16,903.81
FHLMC
Coupon Note
06/25103
662,652.00
03/15/07
1344
15
1359
1.946%
47,482.63
94,250.00
(46,767.37)
FNMA
Coupon Note
06/30/03
333,597.66
04/15/07
1339
46
1385
2.150%
26,311.72
51,843.75
(25,532.03)
FHLMC M7N Coupon Note
06/27103
402.556.00
05/29/07
1342
90
1432
2.808%
41560.72
41,03333
52739
FNMA
Coupon Note
06/30103
375,219.60
07/15/07
1339
137
1476
2.359%
32,471.41
52,682.29
(20,210.88)
FHLB
Coupon Note
06/24/03
672,825.60
11/15/07
1345
260
1605
2.257%
55,958.17
75,973.33
(20,015.16)
FNMA
Coupon Note
06/24/03
299,475.00
12/24/07
1345
299
1644
1528%
27,897.61
26,25000
1,647.61
FNMA
Coupon Note
06/27/03
649.785.94
01/15/08
1342
321
1663
2.492%
59,535.77
72,686.00
(13,150.23)
FHLMC
Coupon Note
09/30/04
198,630.00
02/25/08
881
362
1243
3.462%
16,597.97
15,618.06
979.91
FHLMC
Coupon Note
06/26/03
657396.09
03/15/08
1343
381
1724
2.294%
55,488.59
57,104.83
(1616.24)
FHLB
Coupon Note
06/30/03
286,162,50
04/15/08
1339
412
1751
2.633%
27,640.84
48,387.50
(20,746.66)
FHLB
Coupon Note
06/26/03
661,764.30
05/13/08
1343
440
1783
2.507%
61,043.70
116,482.11
(55,438.41)
FHLMCM"FN Coupon Note
06/30/03
228,298.00
06/13/08
1339
471
1810
2.894%
24,237.53
21,838.82
2,398.71
FHLMC
Coupon Note
06/24/03
500,000.00
06/18/08
1345
476
1821
1750%
50,667.81
48,125.00
154181
FNMA
Coupon Note
09/30/04
198,597.00
08/15/08
881
534
1415
3.442%
16,499.34
15,437.50
1,061.84
FNMA
Coupon Note
11/16/04
199,216.00
09/15/08
834
565
1399
3.866%
17,597.84
13,729.17
3,868.67
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
770
565
1335
3.974%
20,80430
15,520.83
5,283.47
FNMA
Coupon Note
11/16/04
199,552.00
11/17/08
834
628
1462
3.936%
17,946.69
15,521.53
1425.16
FHLNIC
Coupon Note
07/07/05
296,403.00
01/12/09
601
684
1285
4313%
21,049.59
18,244.79
1804.80
FNMA
Coupon Note
01/21/05
241400.00
03/16/09
768
747
1515
3.930%
A044.42
12,912.33
7,132.09
FHLMC
Coupon Note
06/17/05
300,198.00
07/30/09
621
883
1504
4.359%
21263.50
21255.21
1,008.29
FHLMC
Coupon Note
08/01/05
298,332.00
07/30/09
576
883
1459
4.527%
21,312.77
19.651.04
1,661.73
FHLMC
Coupon Note
06/14/05
298,683.00
09/01/09
624
916
1540
4.237%
21,635.19
15,021.87
6,613.32
FHLMC
Coupon Note
01/21/05
149,686.50
09/01/09
768
916
1684
4.180%
13,165.19
9,968.75
3,196.44
FHLMC
Coupon Note
06/14/05
299,331.00
01/25/10
624
1062
1686
4.4311/o
21674.89
21,18229
1,492.60
FHLMC
Coupon Note
12/28/06
1,522,350.00
07/20/11
62
1603
1665
5375010
13,899.26
5,270.83
8,628.43
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
6
1744
1750
4.959%
803.83
803.83
Subtotal
39308,784.27
Union MM
458,055.59
30
30
4.86%
1,829.71
1.829.71
Purchased In
terest
12,487.04
LAIF
N/A
12/31/06
25,620,968.66
03/31/07
59
31
90
5.18%
198,62289
198.627.89
$65,400,295.56 415 4.6190 $2301,486.39 $1,936,001.07 $365.485.32
Maturity Profile
0-1 year
1-2 years
2-3 years
3-5 years
Amount Percent
$39.423310.13 60.28%
$8,946.677.89 13.68%
$8.044.038.16 12.30%
$8.986.269.38 13.74%
$65A00.295.56 100.00%
Market to Cost Position Report
Amortized
Market
Unrealized x Source: Treasury and Agency Obligations - Union Bank of California
Dep Institution Security
Cost
Value'
Gain (Loss) LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$39308,784.27
$38,993,712.45
(315,071.82)
Union MM
458.055.59
458.05559
0.00
Purchased Interest
12.487.04
11487.04
0.00
LAIF
25,620.968.66
25,620.968.66
0.00
Totals:
$65,400,295.56
$65,085,223.74
($315,077.82)
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