3a Staff Report - Treasurer's Report November 2007MEETING DATE: 01/22/08
.s°wN ITEM NO.
.FCOUNCIL AGENDA REPORT
lps G p.~~S
DATE: January 22, 2008
TO: MAYOR AND TOWN COUNCIL
FROM: LINDA SPEICHER, TOWN TREASURER
SUBJECT: TREASURER'S REPORT FOR NOVEMBER 2007
RECOMMENDATION:
Accept report as attached.
DISCUSSION:
Attached for your review and acceptance is the Treasurer's reports for the month of November 2007.
Prime continued to drop during the last couple of months, as the Fed has attempted to keep the
economy out of recession. Consequently, yields are falling and will continue to fall for the near
future.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's report dated December 28, 2007.
PREPARED BY: Linda L. Speicher, Town Treasurer
Reviewed by: T6wn Manager ~-~>,Assistant Town Manager Town Attorney
Clerk -Finance Community Development Revised: 1/16/08 6:53 pm
Distribution: Town Council; Town Manager; Finance Director
Reformatted: 5/30/02
Meeting date: January 22, 2008
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
November 30, 2007
Submitted December 28, 2007
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
November 30, 2007
Weighted Average Portfolio Yield:
4.66%
Weighted Average Maturity (days)
This Month
Last Month
One year ago
Portfolio Balance
$65,620,942
$65,350,972
$62,014,452
Benchmarks/ References:
Town's Average Yield
4.66%
4.76%
4.39%
LAIF Yield for month
4.96%
5.14%
5.13%
3 mo. Treasury
3.25%
4.03%
5.04%
6 mo. Treasury
3.45%
4.09%
5.13%
2 yr. Treasury
3.16%
3.72%
4.69%
5 yr. Treasury (most recent)
3.42%
3.99%
4.51%
Prime rate
7.50%
7.50%
8.25%
Most recent auctions of
Freddie Mac or Fannie Mae
Reference Notes:
3 yr. Fannie Mae (09/13/07)
4.45%
2 yr. Fannie Mae (11/19/07)
3.97%
436
Portfolio Maturity Profile
2 - 3 years
9%
1-2
14
- 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.
3 - 5 years
17%
Page l
'Gown of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
November 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
$65,350,972.20 $73,499,683.31
3,036,455.39 11,877,069.14
(2,766,485.54) (19,755,810.40)
$65,620,942.05 $65,620,942.05
$4,502,261.64
36,485,448.02
22.269.926.87
63,257,636.53
2.363,305.52
$65,620,942.05
Local Agency Investment Ft
35.2%
US Govt Agencies
57.7%
Treasurer's Fund Balances
x74,000.000
{
x71,000.00 ,
$68,000.000
$65.000.000
S62,00(
$59.000.000 -
O O O O O o o O O O
> C .fl ~-r T C c-0 d >
n G t. Z ^ 73
4 ¢ z
C
page 2
Portfolio Investment Allocation
Union MM
7.1%
Town of Los Gatos
Non-Treasury Restricted Fund Balances
November 30, 2007
Previous
Balance Deposits
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
Ending
Interest Withdrawals Balance
$258,890.06
$992.05
$259,882.11
Note 1
255,036.76
895.35
255,93111
Note 2
67,558.13 19,032.30
176.40
86,766.83
Note 3
377,422.49
2.34
0.08
377,424.75
Note 4
781,75830
2,700.52
245.50
784,21332
Note4
799.59
2.75
0.09
802.25
Note 4
0.00
0.00
0.00
0.00
Note 4
$1,741,465.33 $19,032.30 $4,769.41 $245.67 51,765,021.37
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
November 30, 2007
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 Fiscal
Month Year to Date
$175,632.42 $1,468,540.12
510,827.19 510,827.19
(451,626.99) (638,512.99)
$234,832.62 $1,340,854.32
Interest by Month
July 2007
August 2007
September 2007
October 2007
November 2007
287,856.35
285,325.36
261,616.22
271,223.77
234,832.62
1,340,854.32
Page 4
Town of Los Gatos
Inact
ive Deposits by Institution
Market to Cost Position Report
November 30, 2007
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Securitv
Date
Cost
Date
Elapsed
Maturity
Invested
Maturity
Earned
Received
Accrued
FNMA
Coupon Note
07/01/05
984,074.54
12/15/07
882
15
897
3.807%
90,528.76
61,111.11
29,417.65
FHLMC
Discount Note
08/15/05
999,700.00
02/15/08
837
77
914
4.513%
103,458.84
90,000.00
13,458.84
USTreasury
Note
05/12/06
1.986.562.50
03/31/08
567
122
689
5.000%
154,298.76
128,135.25
26,163.51
FHLB
Coupon Note
07/01/05
755,975.25
04/18/08
882
140
1022
3.803%
69,471.97
71,070.31
(1,598.34)
USTreasury
Note
06/15/06
1,990,31150
05/31/08
533
183
716
5.135%
149,243.72
142,254.10
6,989.62
USTreasury
Note
07/19/06
738,281.25
02/15/09
499
443
942
5.157%
52,050.71
36,267.27
15,783.44
FHLB
Coupon Note
05/12/06
1,498,035.00
03/13/09
567
469
1036
5.298%
123,288.94
105,218.75
18,070.19
USTreasury
Note
05/15/06
1,992,343.75
05/15/09
564
532
1096
5.014%
154,360.03
146,250.00
8.110.03
FHLB
Coupon Note
06115/06
1,493,400.00
06/12/09
533
560
1093
5.226%
113,967.20
78,093.75
35,873.45
FFCB
Coupon Note
07/19/06
723,562.50
07/17/09
499
595
1094
5.408%
53.495.89
30,765.62
21730.27
USTreasury
Note
11/17/06
748,066.41
11/15/09
378
716
1094
4.734%
36.674.77
34.495.86
2,178.91
ML Corp
Note
04/10/07
976,150.00
02/08/10
234
801
1035
5.165%
32322.87
13,930.56
18392.31
USTreasury
Note
10/19/06
976,406.25
04115/10
407
867
1274
4.744%
51,650.77
39.560.44
12.090.33
FHLB
Coupon Note
08/22/06
1,507,665.00
06/11/10
465
924
1389
4.957%
95,210.28
57,000.00
38,210.28
FHLB
Coupon Note
01/12/07
17487.205.00
08110/10
322
984
1306
4.960%
65,075.20
40,733.33
24,341.87
USTreasury
Note
05/31/07
737.226.56
10115/10
183
1050
1233
4.801%
17,745.61
11,931.35
5,814.26
FFCB
Coupon Note
11/28/07
1062,000.00
02/18/11
2
1176
1178
3.840%a
433.87
433.87
FNMA
Discount Note
09/29/06
1.516.485.00
04115/11
427
1232
1659
4.874%
86,468.65
80,291.67
6,176.98
FHLMC
Coupon Note
12/28/06
1,522,350.00
07120/11
337
1328
1665
5.375%
75,549.23
48,395.83
27,153.40
USTreasury
Note
10/19/06
990,078.13
09/30/11
407
1400
1807
4.721%
52,120.07
42,651.10
9,468.97
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
281
1469
1750
4.959%
37,646.08
13,618.06
24,028.02
FHLB
Coupon Note
05/09/07
1,509,255.00
03/09/12
205
1561
1766
4.743%
40,204.69
25,000.00
15?04.69
FHLB
Coupon Note
11/29/07
1038,360.00
08/15/12
1
1720
1721
4.170%
232.88
232.88
FNMA
Coupon Note
06/24/03
299,475.00
12/24/07
1620
24
1644
2.528%
33,601.59
30,000.00
3,601.59
FNMA
Coupon Note
06/27/03
649,785.94
01/15/08
1617
46
1663
2.492%
71,735.73
82,923.50
(11,187.77)
FHLMC
Coupon Note
09/30/04
198,630.00
02/25/08
1156
87
1243
3.462%
21,778.95
18,868.06
2,910.89
FHLMC
Coupon Note
06/26/03
657,396.09
03/15/08
1618
106
1724
2.294%
66,850.73
74,842.33
(7,991.60)
B
Coupon Note
06/30/03
286,162.50
04/15/08
1614
137
1751
2.633%
33,317.64
63,087.50
(29,769.86)
Coupon Note
06/26/03
661,764.30
05/13/08
1618
165
1783
2.507%
73,543.34
150.938.61
(77,395.27)
1-n,MC MTN Coupon Note
06/30/03
228,298.00
06/13/08
1614
196
1810
2.894%
29,215.36
25,001.32
4,214.04
FHLMC
Coupon Note
06/24/03
500,000.00
06/18/08
1620
201
1821
2.750%
61,02740
55,000.00
6,027.40
FNMA
Coupon Note
09/30/04
198,597.00
08/15/08
1156
259
1415
3.442%
21,649.53
18,687.50
2,962.03
FNMA
Coupon Note
11/16/04
199,216.00
09/15/08
1109
290
1399
3.866%
23,400.48
21,229.17
1171.31
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
1045
290
1335
3.974%
28,234.41
24,895.83
3,338.58
FNMA
Coupon Note
11/16/04
199.552.00
11/17/08
1109
353
1462
3.936%
23,864.36
23.271.53
592.83
FHLMC
Coupon Note
07/07/05
296,403.00
01/12/09
876
409
1285
4.313%
30,681.27
24,057.29
6,623.98
FNMA
Coupon Note
01/21/05
241400.00
03/16/09
1043
472
1515
3.930%
27,221.79
20,724.83
6,496.96
FHLMC
Coupon Note
06/17/05
300.198.00
07/30/09
896
608
1504
4.359%
32,122.53
27,817.77
4,304.82
FHLMC
Coupon Note
08101105
298,33100
07/30/09
851
608
1459
4.527%
31.488.14
26,213.54
5,274.60
FHLMC
Coupon Note
06/14/05
298,683.00
09/01/09
899
641
1540
4.237%
31,169.93
27,396.87
3,773.06
FHLMC
Coupon Note
01/21/05
149,686.50
09/01/09
1043
641
1684
4.180%
17,879.29
16,156.25
1,723.04
FHLMC
Coupon Note
06/14/05
299331.00
01/25/10
899
787
1686
4.431%
32,667.83
27,744.79
4,923.04
Subtotal
36,431,64147
Union MM
4.501261.64
30
30
4.12%
15,246.01
15.246.01
Purchased Int
erest
53,805.55
LAIF
N/A
09/30/07
22.269,926.87
12/31/07
61
31
92
4.96%
204,262.09
204,262.09
$63,257,636.53
436
4.66%
$2,566,458.18
$1055,630.99
$510.827.19
Maturity Profile
Amount
Percent
0-1 year
$37,869,653.18
59.87%
1-2 years
$8,779,391.41
13.88%
2-3 years
$5,983,983.81
9.46%
3-5 years
$10.624.608.13
16.80%
$63.257,636.53
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized x Source: Treasury and Agency Obligations - Union Bank of California
Institution
Cost
Value'
Gain (Loss) LAIF balances per Local Agency Investment Fund monthly statement.
"-'on Bank Assets
$36,431,642.47
$36,978,805.00
547,162.53
n MM
4.502.261.64
4.502.261.64
0.00
r wchased Interest
53.805.55
53.805.55
0.00
LAIF
22,269,926.87
22,269,926.87
0.00
Totals:
$63,257,636.53
$63,804,799.06
$547,162.53
page 5