04 Staff Report - Treasurer's Report July 2007tpW N 0
COUNCIL AGENDA REPORT
!pS ~G p.~'pS
DATE: September 3, 2007
MEETING DATE: 09/17/07
ITEM NO.
TO: MAYOR AND TOWN COUNCIL
FROM: LINDA SPEICHER, TOWN TREASURER
SUBJECT: TREASURER'S REPORT FOR JULY 2007
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance is the Treasurer's report for the month of July 2007.
Prime remained steady during the period, with no foreseeable raises by the Federal Reserve on the
horizon. The bond market started a phase of uncertainty due to the mortgage market issues. Rates
overall dropped slightly.
Treasurer's funds dropped due to the purchase of the Verizon building on Los Gatos Blvd.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's reports dated September 3, 2007
PREPARED BY: Linda L. Speicher, Town Treasurer
Reviewed by: Town Manager Assistant Town Manager fi J)
Clerk finance Community Development N
Distribution: Town Council; Town Manager; Finance Director
vn Attorney
9/3/07 9:51 am
Reformatted: 5/30/02
Meeting date: September 17, 2007
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
July 31, 2007
Submitted September 3, 2007
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
July 31, 2007
Weighted Average Portfolio Yield: 4.82% Weighted Average Maturity (days)
This Month Last Month
Portfolio Balance $69,3141343 $73,499,683
Benchmarks/ References:
Town's Average Yield
4.82%
LAIF Yield for month
5.26%
3 mo. Treasury
4.97%
6 mo. Treasury
5.00%
2 yr. Treasury
4.74%
5 yr. Treasury (most recent)
4.64%
Prime rate
8.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (07/23/07) 5.14°lc
2 yr. Fannie Mae (07/13/07) 5.1717c,
4.83%
5.25%
4.82%
5.01%
4.91%
4.94%
8.25%
One year ago
$65,643,634
4.28%
4.85%
5.11%
5.17%
5.09%
5.00%
8.25%
435
Portfolio Maturity Profile
3 - 5 years
14%
2 - 3 year
10%
I - 2 year;
12%
- 1 year
64%
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
July 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
$73,499,683.31
$73,499,683.31
2,451,887.23
2,451,887.23
(6,637,227.19)
(6,637,227.19)
$69,314,34335
$69,314,343.35
S713,433.66
39,621,223.93
27.599.009.96
67,933,667.55
1,380.675.80
$69,314,343.35
Local Agency Investment Func
40.6%
US Govt Agencies
58.3%
Treasurer's Fund Balances
$74,000,000
$71,000.000
$68,000.000
$65,000,000
$62,000M0
4
$59,000,000
,O CC CO CJ 1O iD t~ r n r c-
0 0 0 0 0 0 ~ o 0 0
page 2
Portfolio Investment Allocation
Union MM
1.1%
Non-Treasury Funds
Downtown Parking District 12/20/02
Certificates of Participation Reserve Fund (Lot
Cert. of Participation Lease Payment Fund (Lo
Cert. of Participation 2002 Series A Const. Fu
Cert. of Participation 2002 Series A Reserve F
Cert. Of Participation 2002 Series A Interest F
Fund 0.00
Cert. Of Participation 2002 Series A COI Fun
Town of Los Gatos
Non-Treasury Restricted Fund Balances
July 31, 2007
Previous
Balance Deposits
$255.022.38
4)
258,067.15
t 4)
199,592.32 24,153.97
nd
367.748.35
and
771,508.45
and
6.84 459.846.91
Ending
Interest
Withdrawals
Balance
$945.71
$255.968.09
Note 1
955.26
4,886.15
254,136.26
Note 2
69180
224.439.09
Note 3
4,779.37
0.09
372,527.63
Note 4
2,834.53
234.53
774,108.45
Note 4
0.00
0.00
459,853.75
Note 4
0.00
0.00
0.00
Note 4
Total Restricted Funds: $1.851,945.49 $484,000.88 $10,207.67 $5,120.77 $2341,033.27
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
Town of Los Gatos
Statement of Interest Earned
July 31, 2007
Current Fiscal
Month Year to Date
Interest received from Investments
Add: Interest accrued at end of period (see page 5)
Less: Interest accrued at beginning of period
$444,159.28 $444,159.28
482,210.06 482,210.06
(638,512.99) (638,512.99)
Interest earned on investments
$287,856.35 $287,856.35
Page 4
Town of Los Gatos
Inact
ive Deposits by Institution
Market to Cost Position Report
July 31, 2007
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Securitv
Date
Cost
Date
Elapsed
Maturity
Invested
Maturitv
Earned
Received
Accrued
FHLMC
Coupon Note
02/24/04
2,505,250.00
08/24/07
1253
24
1277
3.156%
271,422.77
241,500.00
29,92177
FHLMC
Discount Note
08/15/05
1.500.000.00
11/15/07
715
107
822
4496%
132,108.49
101,250.00
30,858.49
FNMA
Coupon Note
07/01/05
984,074.54
12/15/07
760
137
897
3.807%
78,006.65
61311.11
16,895,54
FHLMC
Discount Note
08/15/05
999,700.00
02/15/08
715
199
914
4.513%
88,378.82
67,500.00
20,878.82
USTreasury
Note
05/12/06
1.986.562.50
03/31/08
445
244
689
5.000%
121,098.67
81,885.25
39,213.42
FHLB
Coupon Note
07/01/05
755,975.25
04/18/08
760
262
1022
1803%
59,862.47
55,601.56
4260.91
USTreasury
Note
06/15/06
1.990312.50.
05/31/08
411
305
716
5.135%
115,082.87
93,504.10
21,578.77
USTreasury
Note
07/19/06
738,281.25
02/15/09
377
565
942
5.157%
39,324.88
19,392.27
19,932.61
FHLB
Coupon Note
05112/06
1,498,035.00
03/13/09
445
591
1036
5.298%
96,761.16
65,843.75
30,917.41
USTreasury
Note
05/15/06
1,992343.75
05/15/09
442
654
1096
5.014%
120,970.09
97,500.00
23,470.09
FHLB
Coupon Note
06/15/06
1,491400.00
06/12/09
411
682
1093
5.226%
87,880.90
78,093.75
9,787.15
FFCB
Coupon Note
07/19/06
723,562.50
07/17/09
377
717
1094
5.408%
40,416.73
30,765.62
9,651.11
USTreasury
Note
11/17/06
748,066.41
11/15/09
256
838
1094
4.734%
24,83794
17,152.11
7,685.83
ME Corp
Note
04/10/07
976,150.00
02/08/10
112
923
1035
5.165%
15,470.77
15,470.77
USTreasury
Note
10/19/06
976,406.25
04/15/10
285
989
1274
4.744%
36,168.23
19,560.44
16,607.79
FHLB
Coupon Note
05/18/07
1,574,842.50
04/16/10
74
990
1064
5.548%
17,713.83
17,713.83
FHLB
Coupon Note
08/22/06
1,507,665.00
06/11/10
343
1046
1389
4.957%
70,23038
57,000.00
13,23038
FHLB
Coupon Note
01/12/07
1,487,205.00
08/10/10
200
1106
1306
4.960%
40,419.38
5,483.33
34,936.05
USTreasury
Note
05/31/07
737,226.56
10/15/10
61
1172
1233
4.801%
5,915.20
5,915.20
FNMA
Coupon Note
05/09/07
998200.00
11/08/10
83
1196
1279
5.250%
1 1,916.87
11,916.87
FNMA
Discount Note
09/29/06
1,516.485.00
04/15/11
305
1354
1659
4.874%
61,763.32
41,854.17
19,909.15
FHLMC
Coupon Note
12/28/06
1,522,350.00
07/20/11
215
1450
1665
5.375%
48,199.06
48,395.83
(196.77)
USTreasury
Note
10/19/06
990078.13
09/30/11
285
1522
1807
4.721%
36,496.86
20,151.10
16,345.76
FFCB
Coupon Note
02/22/07
986,D80.00
12/08/11
159
1591
1750
4.959%
21301.52
13,618.06
7,683.46
FHLB
Coupon Note
05/09/07
1,509,255.00
03/09/12
83
1683
1766
4.743%
16,278.00
16,278.00
FHLB
Coupon Note
06/24/03
671825.60
11/15/07
1498
107
1605
2.257%
62323.67
87,173.33
(24,849.66)
FNMA
Coupon Note
06/24/03
299,475.00
12/24/07
1498
146
1644
2.528%
3071.10
30,000.00
1,071.10
FNMA
Coupon Note
06/27/03
649385.94
01/15/08
1495
168
1663
2.492%
66,323.38
82,923.50
(16,600.12)
FFILMC
Coupon Note
09/30/04
198,630.00
02/25/08
1034
209
1243
3.462%
19.480A8
15,618.06
3,862.42
FHLMC
Coupon Note
06/26/03
657,396.09
03/15/08
1496
228
1724
2.294%
61,810.07
65,973.58
(4,16351)
FHLB
Coupon Note
06/30/03
286,162.50
04/15/08
1492
259
1751
2.633%
30,799.21
55,737.50
(24,938.29)
FHLB
Coupon Note
06/26/03
661,764.30
05/13/08
1496
287
1783
2.507%
67,998.04
133,710.36
(65,712.32)
FHLMC MTN Coupon Note
06/30/03
228,298.00
06/13/08
1492
318
1810
2.894%
27,007.02
25,001.32
2,005.70
FHLMC
Coupon Note
06/24103
500,000.00
06/18/08
1498
323
1821
2.750%
56,431.51
55,000.00
1,431.51
FNMA
Coupon Note
09/30/04
198,597.00
08/15/08
1034
381
1415
3.442%
19,364.72
15,437.50
3,927.22
FNMA
Coupon Note
11/16/04
199,216.00
09/15/08
987
412
1399
3.866%
20,826.22
17,479.17
3,347.05
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
923
412
1335
3.974%
24,938.14
20,208.33
4,729.81
FNMA
Coupon Note
11/16/04
199,552.00
11/17/08
987
475
1462
3.936%
21,239.07
19,396.53
1,842.54
FHLMC
Coupon Note
07/07/05
296,403.00
01/12/09
754
531
1285
4.313%
26,40831
24,057.29
2,351.02
FNMA
Coupon Note
01/21/05
241400.00
03/16/09
921
594
1515
3.930%
24,037.65
16,818.58
7,219.07
FHLMC
Coupon Note
06/17/05
300,198.00
07/30/09
774
730
1504
4.359%
27,748.71
27,817.71
(69.00)
FHLMC
Coupon Note
08/01/05
298.332.00
07/30/09
729
730
1459
4.527%
26,973.98
26.213.54
760.44
FHLMC
Coupon Note
06/14/05
298,683.00
09/01/09
777
763
1540
4.237%
26,939.97
21,209.37
5,730.60
FHLMC
Coupon Note
01/21/05
149,686.50
09/01/09
921
763
1684
4.180%
15,787.95
13,062.50
2,725.45
FHLMC
Coupon Note
06/14/05
299.331.00
01/25/10
777
909
1686
4.431%
28,234.60
27,744.79
489.81
Subtotal
39.582.400.57
Union MM
Purchased Interest
LAIF N/A 06/30/07
711433.66
38.823.36
27,599.009.96
09/30/07
30
31
30 4.79% 2.808.78 2.808.78
61 92 5.26% 133,377.07 133,377.07
$67,933,667.55
435 4.82% $2,479,955.47 $1,997345.41 $482,210.06
Maturity Profile
Amount
Percent
0-1 year
$43,227,479.20
63.63%
1-2 years
$8,428,478.00
12.41%
2-3 years
$6,530.830.66
9.61%
3-5 years
$9.746.879.69
1435%
$67.933,667.55
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized
* Source: Treasury and Agency Obligations - Union Bank of California
Institution
Cost
Value'
Gain (Loss)
LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$39,582,400.57
$39,384,803.75
(197,596.82)
Union MM
713,433.66
713,433.66
0.00
Purchased Interest
38.823.36
38.823.36
0.00
LAIF
27,599.009.96
27.599.009.96
0.00
Totals:
$67,933,667.55
$67,736,070.73
($197,596.82)
page 5