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