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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