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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) page 5