03 Staff Report - Treasurer's Report December 2007,pW N 0
~~OS GASES
DATE:
TO:
FROM:
SUBJECT:
COUNCIL AGENDA REPORT
MEETING DATE: 02/19/08
ITEM NO. m..._J
February 14, 2008
MAYOR AND TOWN COUNCIL
LINDA SPEICHER, TOWN TREASURER
TREASURER'S REPORT FOR DECEMBER 2007
RECOMMENDATION:
Accept report as attached.
DISCUSSION:
Attached for your review and acceptance is the Treasurer's report for the month of December 2007.
Prime continued to drop during December and into January. Investments that are maturing are put
back into the market, but at the newer reduced rates. Thus overall the yield of the funds is lower.
ENVIRONMENTAL ASSESSMENT:
Is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Treasurer's report dated February 14, 2008.
PREPARED BY: Linda L. Speicher, Town Treasurer
Reviewed by: own Manager Assistant Town Manager Town Attorney Ili C1erk__ft/Finance Community Development Revised: 2/14/08 9:06 am
Distribution: Town Council; Town Manager; Finance Director
Reformatted: 5/30/02
Meeting date: February 19, 2008
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
December 31, 2007
Submitted February 14, 2008
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
December 31, 2007
Weighted Average Portfolio Yield: 4.57% Weighted Average Maturity (days)
This Month Last Month One vear ago
Portfolio Balance $69,181,668 $65,620,942 $65,103,869
Benchmarks/ References:
"Town's Average Yield
4.57%
LAIF Yield for month
4.73%
3 mo. Treasury
3.39%
6 mo. Treasury
3.51 °Io
2 yr. Treasury
3.29%c
5 yr. Treasury (most recent)
3.65%
Prime rate
725%0
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (01/14/08)
3.26%
2 yr. Freddie Mac (12/17/07)
4.11%
3 - 5 years
19(~jl
2 - 3 years
12%
i - c ycni.>
0 - i ,ear
56 c
459
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.
4.66%
4.50%
4.96%
5.1 1%
3.25%
5.00%
3.45%
5.09%
3.16%
4.77%
3.42%
4.70%
7.50%
8.25%
Portfolio Maturity Profile
Page 1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
December 31, 2007
Month
Fund Balances - Beginning of Month/Period
565,620,942.05
Receipts
5,890,081.96
Disbursements
(2,329,355.72)
Fund Balances - End of Month/Period
$69,181,668.29
Portfolio Allocation:
Union MM
51,887,769.22
US Govt Agencies
39,271,362.93
Local Agency Investment Fund
25.769.926.87
Subtotal - Investments
66,929,059.02
Reconciled Demand Deposit Balances
2.252.609.27
Total Treasurer's Fund
$69,181,668.29
lA cal Agency Investment Fun
38.5%
YTD
$73.499,683.31
17,767,151.10
(22,085.166.12)
$69,181,668.29
US Govt Agencies
58.7%
Treasurer's Fund Balances
574.000.000
57 1.000.0110
568.000.000
565.000,000
562,000,000
559.000.000 - -
0 0 0 0
v G o
r z
page ?
Portfolio Investment Allocation
Union MM
2.8%
Town of Los Gatos
Non "Treasury Restricted Fund Balances
December 31, 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
Dotal Restricted Funds
Ending*
Interest Withdrawals Balance
5259,882.1 I
5963.73
5260,845.84
Note 1
255.932.11
755.41
256.687.52
Note 2
86.766.83 19.032.30
219.54
106.018.67
Note 3
377.424.75
1.98
0.09
377.426.64
Note 4
784.213.32
2.301.02
238.21
786.276.13
Non, 4
90225
2.34
().I()
804.49
Note4
0.00
0.00
0.00
0.00
Note 4
51.765.021.37 519.032.30 $4,244.02 5238.40 51.788.05229
'T'hese 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 Y. 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 ,
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 Darned
December 31, 2007
Interest by Month
July 2007
August 2007
September 2007
October 2007
November 2007
December 2007
Page 4
Current
Month
$171,681.59
591,757.04
(510,827.19)
$252,611.44
287,856.35
285,325.36
261,616.22
271,223.77
234,832.62
253,251.28
1,594,105.60
Fiscal
Year to Date
$1,640 221.71
591,757.04
(638,512.99)
$1,593,465.76
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
December 31, 2007
Deposit
Amortized
Maturity
DayS
Days to
Days
Yield to
Interest
Interest
[merest
10.,101U1lon
Security
Date
Cost
Date
Elapsed
Maturity
Invested
Maturity
Earned
Received
Accrued
FHLMC
Discount Note
08115105
999.7W00
02/15/08
868
46
914
4.513%
107-290.65
90.000.00
17.290.65
USTreasury
Note
05/12/06
1,986.562.50
03131108
598
91
689
5.000%i
162.734.85
128.135.25
34599.60
FHLB
Coupon Note
07/01105
755975.25
04/18/08
913
109
1022
3.803%
71.913.73
71.070.31
843.42
USTreasury
Note
06/15/06
1,990.312.50
05/31/08
564
152
716
5.135%
157.923.94
142.254.10
15.669.84
USTreasury
Note
07/19/06
738.28125
02/15/09
530
412
942
5.157%
55.284.32
36.267.27
19.017.05
FHLB
Coupon Note
05/12/06
1.498.035.00
03/13/09
598
438
1036
5.2981/(
130.029.60
105.218.75
24.810.85
USTreasury
Note
05/15/06
1.992.343.75
05/15/09
595
501
1096
5.01417,
162.844.35
146.250.00
16.594-35
FHLB
Coupon Note
06/15/06
1.493.400.00
06/12/09
564
529
1093
5.226%
120.595.69
117.468.75
3.12694
FFCB
Coupon Note
07/19/06
723.562.50
07/17/09
530
564
1094
5.408%
56.81928
30.765.62
26.053.66
USTreasury
Note
11/17106
748.066.41
11/15/09
409
685
1094
4.7341T
39,682.48
34.495.86
5.186.62
MLCorp
Note
04/10/07
976.150-00
02/08/10
265
770
1035
5.165%
36.604-96
13.930.56
22.674.40
USTreasury
Note
10/19/06
976.406.25
04/15/10
438
836
1274
4.74417,
55.584.86
39.560.44
16,024.42
FHLB
Coupon Note
08/22/06
1.507.665.00
06/11/10
496
893
1389
4-957%
101.557.64
96375.00
5.182.64
1-FILB
Coupon Note
01/12/07
1,487.205.00
08/10/10
353
953
1 306
4.960%
7L' 40.21
40.733.33
30.606.88
USTreasury
Note
05/31/07
737.226.56
10/15/10
214
1019
1233
4.80117,
20,751.70
11.931.35
8.820-35
FFCB
Coupon Note
12/07/07
2.032.140.00
11/01/10
24
1036
1060
3.71517,
4.963.99
4963.99
FFCB
Coupon Note
11/28/07
1062.000.00
02/18/11
3
1145
1178
3.8401/,
7.158$1
7.158.81
FNMA
Discount Note
09/29/06
1516.485.00
04/15/11
458
1201
1659
4.874%
92.746.23
80.291.67
12,454.56
FHLMC
Coupon Note
12/28/06
1.522.350.00
07/20/11
368
1297
1665
5.375%
82,498.86
48395.83
34.103.03
USTreasury
Note
10/19/06
990.078.13
09/30/11
438
13,69
1807
4.7211T
56.089.91
42.651.10
13.438.81
FFCB
Coupon Note
12/12/07
1025.080.00
11/21/11
19
1421
1440
4.000%
4216.60
4.216.60
FFCB
Coupon Note
02/22/07
986.080.00
12/08/11
312
1438
1750
4.959%
41.79920
36.743.06
5.056.14
FHLB
Coupon Note
05/09/07
1.509.255.00
03/09/12
236
1530
1766
4.743I/c
46.284.43
25.000.00
21.284.43
FHLB
Coupon Note
I (/29/07
2.038.3 60.00
08/15/12
32
1689
1721
4-170°l0
7.452.02
7.452.02
FNMA
Coupon Note
06/27/03
649.785.94
01/15/08
1648
15
1663
2492%
73.110.99
82.923.50
(9.812.51)
FHLMC
Coupon Note
09/30/04
198.630.00
02/25/08
1187
56
1243,
3.462%
22.36298
18.868.06
3.494.92
FHLMC
Coupon Note
06/26/03
657396.09
03115108
1649
75
1724
2.294%
68.13156
74.842.33
(6.710.77)
FHLB
Coupon Note
06/30/03
286.162.50
04/15/08
1645
106
1751
2633%
33.95757
63.087.50
(29.129.93)
FHLB
Coupon Note
06/26/0,
661.764.30
05/13/08
1649
134
1783
2.507%
74952.39
150,938.61
(75986.22)
FHLMC MTN Coupon Note
06/30/03
228,298.00
06/13/08
1645
165
ISM
2.894%
29.776.50
28,163.82
1,612.68
FHLMC
Coupon Note
06/24/03
500.000.00
06/18/08
1651
170
1821
2.750%
62195.21
61.875.00
320.21
FNMA
Coupon Note
09/30/04
198.597.00
08/15/08
1187
228
1415
3.442%
22.230.10
18.68750
3542.60
FNMA
Coupon Note
11/16/04
199.216.00
09/15/08
1140
259
1399
3.866%
24.054.60
21.229.17
1825.43
FNMA
Coupon Note
01/19/05
248,157.50
09/15/08
1076
259
1335
3.974%
29.071.98
24.895-83
4.176.15
FNMA
Coupon Note
11/16/04
199.552.00
11/17/08
1140
322
1462
3.936%
24,531,45
23.271.53
1,259.92
FHLMC
Coupon Note
07/07/05
296.403-00
01/12/09
907
378
1285
4.313%
31.767.02
24.057.29
7.709.73
FNMA
Coupon Note
01/21/05
242.400.00
03/16/09
1074
441
1515
3.930%
28.030.87
20.724.83
73 06,04
Flit-MC
Coupon Note
06/17/05
300.198.00
07/30/09
927
577
1504
4359%
33.233.92
27.817.71
5.41621
FFIf.MC
Coupon Note
08/01/05
298.33200
07/30/09
882
577
1459
4527%
32,635.18
26,213.54
6,421.64
FIIL.MC
Coupon Note
06/14/05
298.683.00
09/01/09
930
610
1540
4.237%
32.244.75
27,396.87
4.847.88
FHLMC
Coupon Note
01/21/05
149.686.50
09/01/09
1074
610
1684
4.180%
18.410.70
16.156.25
2,254.45
FHLMC
Coupon Note
06/14/05
299.331.00
01/25/10
930
756
1686
4.431°~0
33.79431
27.744.79
6,049.52
Subtotal
39.205.312.93
Union MM
1.887769.22
30
30
3.86%
5.989-14
5-989.14
Purchased Int
erest
66.050.00
LAIF
N/A
09/30/07
25.769.926.87
12/31/07
92
0
92
4.73%
293.539.91
293.539.91
$66,929,059.02
459
4.57%
$2.668.189.42
$1076.432.38
$591.757.04
Maturity Profile
Amount
Percent
0-1 year
$37.483.855.67
56.01%
1-2 nears
58.779.391.41
13-12%
2-3 years
58.016.123.81
11.98%
3-5 years
SI2.649.68S.13
18.90%
S 66.929.0 59.02
100.009,
Market to C
ost Position Report
Amortized
Market
Unrealized
" Source:
Treasury and Agency Obligat
ions - Union Ban
k of California
Institution
Cost
Value*
Gain (Loss)
LAIF bala
nces per Local Agency Inves
tment Fund mont
hly statement.
Union Bank
Assets
539.205.312.93
539.756.669.95
551.357.02
Union MM
1.887.76922
1.887.769.22
0.00
Purchased Int
erest
66.050.00
66.050.00
0.00
LAIF
25.769.926-87
25.769.926.87
0.00
Totals:
$66,929,059.02
$67,480,416,04
$551,357.02
page 5