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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