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03 Staff Report - Treasurer's Report January 2008MEETING DATE: 03/17/08 .~pW N OF ITEM NO. 3 Tw'"Vltl' 5 COUNCIL AGENDA REPORT Og GAAO DATE: March 13, 2008 TO: MAYOR AND TOWN COUNCIL FROM: LINDA SPEICHER, TOWN TREASURER SUBJECT: TREASURER'S REPORT FOR JANUARY 2008 RECOMMENDATION: Accept report as attached. DISCUSSION: Attached for your review and acceptance is the Treasurer's report for the month of January 2008. Prime dropped to 6% at the end of January and has remained there. Investments that are maturing are put back into the market, but at the newer reduced rates. Thus overall the yield of the funds is slightly lower. Our investment advisors, MBIA, have continued to help us find decent investments in order to keep our return as high as possible in this lower market. The January 2008 Treasurer's Report to be presented to Town Council on Monday, March 17", reports an increase in invested cash balances for the month of approximately $4.3 million. This increase is a natural part of the Town's yearly financial cycle. The month of January of each fiscal year is typically a higher cash collection month due to the timing of property tax receipts and business license renewals. Significant receipts included: Property taxes totaling approximately $1.5 million (Secured 4`" and final advances) Vehicle License Fees Property Tax In-Lieu ($I. I million-paid twice each FY) Business License Fees of $437K (January annual renewals) Transient Occupancy Taxes $209K (quarterly payments) Permit Deposits $203K Franchise Fees $127K PREPARED BY: Linda L. Speicher, Town Treasurer N:AMGR\AdminWorkFiles\2008 Council Reports\3-17-08 Treasuer Report.wpd Reviewed by: Town Manager Assistant Town Manager _ t Town Attorney Clerk ~finance Community Development Revised: 3/13/08 4:07 pm Distribution: Town Council; Town Manager; Finance Director Reformatted: 5/30/02 PAGE 2 MAYOR AND TOWN COUNCIL SUBJECT: TREASURER'S REPORT FOR JANUARY 2008 MARCH 13, 2008 Funds were moved from Bank of the West to LAIF in February. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's report dated March 13, 2008. Meeting date: March 17, 2008 Item No: Town of Los Gatos Treasurer's Report for the month ended January 31, 2008 Submitted March 13, 2008 by Linda L. Speicher Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information January 31, 2008 Weighted Average Portfolio Yield: 4.56% Weighted Average Maturity (days) This Month Last Month One year ago Portfolio Balance $73,480,753 $69,181,668 $69,236,890 Benchmarks/ References: Town's Average Yield 4.56% 4.57% 4.57% LAIF Yield for month 4.73% 4.73% 5.16% 3 mo. Treasury 2.39% 3.39% 5.15% 6 mo. Treasury 2.38% 3.51% 5.18% 2 yr. Treasury 2.24% 3.29% 4.93% 5 yr. Treasury (most recent) 2.91% 3.65% 4.86% Prime rate 6.00% 7.25% 8.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Freddie Mac (01/14/08) 3.26% 2 yr. Fannie Mae (02/07/08) 2.62% Portfolio Maturity Profile 3 - 5 years >>C/. 2 - 3 years 13% t - L yours 131: 0 - 1 year 53% 501 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 t Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances January 31, 2008 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 $69,181,668.29 $73,499,683.31 6,833,250.80 24,600401.90 (2,534,166.36) (24,619332.48) $73,480,752.73 $73,480,752.73 $301,757.85 40,939,695.74 26.063.466.75 67,304,920.34 6.175.832.36 $73,480,752.70 Local Agency Investment Fun 3$.79 US Govt Agencies 60.8% Treasurer's Fund Balances s74,000.t>v0 $71,000,000 $68,000.ot $65.000.000 $62,0 Wi $59.000.000 0 0 0 0 0 0 ~ 0 0 0 J page 2 Portfolio Investment Allocation Union MM 0.4% Town of Los Gatos Non-Treasury Restricted Fund Balances January 31, 2008 Previous Ending Balance Deposits Interest Withdrawals Balance Non-'Treasury Funds: Downtown Parking District 12/20/02 $260.845.84 $999.55 S261.84539 Notet Certificates of Participation Reserve Fund (Lot 4) 256.687.52 722.95 257.410.47 Note2 Cert . of Participation Lease Payment Fund (Lot 4) 106.018.67 19.032-30 265.46 125.316.43 Note3 Cert. of Participation 2002 Series A Const. Fund 377.426.64 4.687.25 96.145.99 285,967.90 Note 4 Cert. of Participation 2002 Series A Reserve Fund 786.276.13 2.179.30 246.96 788.208.47 Note4 Cert. Of Participation 2002 Series A Interest Fund 804.49 220.8761 76 221 0.10 22168336 Non,4 Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 Note 4 Total Restricted Funds: $1.788.059.29 $239.909.06 $8.856.72 $96.393.05 $1.940.432.02 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 tease payments from the Town monthly for the tease 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 consuumon 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 January 31, 2008 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 $376,186.34 $2.016.408.05 496,987.19 496,987.19 (591,757.04) (638,512.99) $281,416.49 $1,874,882.25 Interest by Month July 2007 287,856.35 August 2007 285,325.36 September 2007 261,616.22 October 2007 271,223,77 November 2007 234,832.62 December 2007 252,611.44 January 2008 281,416.49 1,874,882.25 Page 4 Town of Los Gatos Inact ive Deposits by Institution Market to Cost Position Report January 31, 2008 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received -Accrued FHLMC Discount Note 08/15/05 999,700-00 02115/08 899 15 914 4.511% 111,122.46 90.000.00 11.1".i6 USTreasury Note 05/12/06 1.986.562.50 03/31/08 629 60 689 5.000% 171. 170.93 128._35.J5 7_ _035.r,S FHLB Coupon Note 07(01/05 755975.25 04/18/08 944 78 1022 3.803% 74355.49 71,070.31 3,'35.IS USTreasury Note 06/15/06 1990,31250 05/31/08 595 121 716 5.135% 166,604.15 142,254.10 27,350.05 USTreasury Note 07/19/06 738,281.25 02/15/09 561 381 942 5.157% 58.517.93 3667.27 2250.66 FHLB Coupon Note 05/12/06 1.498.035.00 03/13/09 629 407 1036 5.298% 136,770.27 105,218.75 1',551.52 USTreasury Note 05/15/06 1.992.343.75 ON 15/09 626 470 1096 5.014% 171.328.68 146,250.00 23.078.68 FHLB Coupon Note 06/I5/06 1,493,400.00 06/12/09 595 498 1093 5.226% 127.224.18 117,468.75 9 755.43 FFCB Coupon Note 07/19/06 723,562.50 07/17/09 561 533 1094 5.409% 60-142.67 46234?7 1 , 901- l,1 USTreasury Note 11/17/06 748.066.41 11/]5/09 440 654 1094 4.734% 42.69020 34.495.,(, >.194.34 M1 Corp Note 04/10/07 976.150.00 02/08/10 296 739 1035 5.16517, 40.887.05 13.930.56 '6056.49 USTreasurv Note 10/19/06 976.406.25 04/15/10 469 805 1274 4.744% 59.518.94 39560.44 1".958.5+0 FHLB Coupon Note 08/22/06 1.507.665.00 06/11/10 527 862 1389 4.957% 107904.99 96,375.00 11J,-"'.~)9 FHLB Coupon Note 01/12/07 1,487,205.00 08/10/10 384 922 1306 4960% 77.60521 40,733.33 31),871.88 USTreasury Note 05/31/07 737.226.56 10115110 245 988 1233 4.801% 23.757.78 11,931.35 1.,3'r-1; FFCB Coupon Note 12/07/07 2,032,140.00 11/01/10 55 1005 1060 3.715% 11.375.81 11375.81 FFCB Coupon Note 01/18/07 756.922.50 01/18/11 378 1083 1461 3.175% 24.88823 _ I,8S6.23 FFCB Coupon Note 11/28107 2,062.000.00 02/18/11 64 1114 1178 3.840% 13,883.76 13.883.76 FNMA Discount Note 09/29/06 1,516.485.00 04/15/11 489 1170 1659 4.8741/( 99.023.51 80,291.67 14.732.14 FHLMC Coupon Note 12128/06 1522.350.00 07/20111 399 1266 1665 5.375% 89.448.49 91.520.83 (2.072.34) USTreasury Note 10/19/06 990-078.13 09/30/11 469 1338 1807 4.72117, 60.059.74 42,651.10 17,408.64 FFCB Coupon Note 12/12/07 1025,080.00 11/21/11 50 1390 1440 4.000% 11.09633 11,096.33 FFCB Coupon Note 02/22/07 986.080-00 12/08/11 343, 1407 1750 4.959% 45.952.33 36,743-06 9.209.27 FHLB Coupon Note 05/09/07 1.509,255.00 03/09/12 267 1499 1766 4.743% 52.364.16 25,000.00 7,364.16 FHLB Coupon Note 11/29/07 2038360.00 08/15/12 63 1658 1721 4-170% 14.671.17 11,671.17 GE CorporuteNote 01/16/08 1,542,165.00 10/19/12 15 1723 1738 4.587% 2,907.09 2,907.09 FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 1218 25 1243 3.462%n 21947.02 18.868.06 4,078.96 FHLMC Coupon Note 06/26/03 657396.09 03/15/08 1680 44 1724 2.294% 69.412.38 74.842.33 15,129.95) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 1676 75 1751 2.633% 34.597.50 63,087.50 11.4,490.00) FHLB Coupon Note 06/26/03 661,764-30 05113108 1680 103 1783 2.507% 76.361.44 150.938.61 ("4,577.17) FHLMC MTN Coupon Note 06130/03 228.298.00 06/13/08 1676 134 1810 2.894% 30.337.64 28.163.82 2,173.82 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 1682 1119 1821 2.750% 63,363.01 61,875.00 1,488.01 FNMA Coupon Note 09/30/04 198.597.00 08/15/08 1218 197 1415 3.442% 22,810.67 18,687.50 4,1.'3.17 FNMA Coupon Note 11/16/04 199,216.00 09/15/08 1171 228 1399 3.866% 24.708.71 21,229.17 3,479.54 FNMA Coupon Note 01/19/05 248,15750 09/15/08 1107 228 1335 ',,9741,( , 29,909.56 24.895.,; 5.013.73 FNMA Coupon Note 11/16/04 199.552.00 11/17/08 1171 291 1462 3.936% 25.198.53 21271.53 L,, 'T00 Fl-LAIC Coupon Note 07/07/05 296,403.00 01/12/09 938 347 1285 4.313% 32,852.77 29$69.79 29s' 98 FNMA Coupon Note 01/21/05 242,400.00 03/16/09 1105 410 1515 3.930% 28.839.96 20.724.83 8.115.13 FHLMC Coupon Note 06/17/05 300.198.00 07/30/09 958 546 1504 4.359% 34.345.30 34,380.21 (34.91) FHLMC Coupon Note 08/) 1/05 298,332.00 07/30/09 913 546 1459 4.527% 33.782.22 31776.04 16, 18 FHLMC Coupon Note 06/14/05 298.683.00 09101/09 961 579 1540 4237% 33319.58 27,396.87 5.92171 FHLMC Coupon Note 01/21/05 149,686.50 09/01/09 1105 579 1684 4.180% 18.942.11 16,15625 2.785.86 FHLMC Coupon Note 06/14/05 299.331.00 01/25/10 961 725 1686 4.431% 34.920.78 34.307. 613-49 Subtotal 40.854.614.49 Union MM 301.757.85 30 30 3.86% 95736 95736 Purchased Inte rest 85.OS1.25 LAIF N/A 12/3!/07 26.063.466.75 03/31/08 31 60 91 4.73% 101.711.44 11/1.711.44 $67,304,920.34 501 4.56% 82.574589.82 51077.602.63 S-1'16.987.19 Maturity Pro file Amount Percent 0-1 year 535.857.032.49 53.281/( 1-2 years 58.782,319.41 13.05% 2-3 years 58.473.71531 1259% 3-5 years 514.191.853.13 21.09% 567304.92034 100.00% Market to Cost Position Repo rt Amortized Market Unrealized = Source: Treasury an d Agency Obligat ions - Union Ban k d Cahtorma Institution Cost Value Gain Loss) LAIF bala nces per Lo cal Agency Inves tment Fund mont hl,. ~ta_auem. Union Bank Assets 540.854.614.49 541982.336.45 1.127.721.96 Union MM 301.757.85 301.757.85 0.00 Purchased Interest 85.08 1.25 85.081.25 0.00 LAIF 26.063.466.75 26.063.466.75 0.00 Totals: $67,304,920.34 $68,432,642.30 $1,127,721.96 page 5