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03 Staff Report - Treasures report February and March 2008wN of MEETING DATE: 05/19/08 ITEM NO. 4- 3 "P., COUNCIL AGENDA REPORT !ps^°GA.~pS DATE: May 1, 2008 TO: MAYOR AND TOWN COUNCIL FROM: LINDA SPEICHER, TOWN TREASURER SUBJECT: TREASURER'S REPORT FOR FEBRUARY AND MARCH 2008 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Treasurer's reports for the months of February and March 2008. The Prime dropped from 5.25% in March to 5.0% at the end of April as the Federal Reserve continued to work with the economy. Prime reached its most recent bottom of 4.0% in March 2008. Whether or not the Fed will lower prime to that level in the coming months is unknown. Accordingly, the overall rate of return of the portfolio has continued to drop over the last few months as investments have matured and been reinvested at lower current levels of interest rates. The Town's overall average investment return remains slightly above 4%. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's report dated February 29 and March 31, 2008 Distribution: Town Council; Town Manager; Finance Director PREPARED BY: Linda L. Speicher, Town Treasurer N:1MGMAdminWorkFiles12008 Council Reportsltcrpt051908.wpd S Reviewed by: ~E own Manager Assistant Town Manager own Attorney Clerk Finance Community Development Revised: 5/15/08 5:14 pm Reformatted: 5130102 Meeting date: May 19, 2008 Item No: Town of Los Gatos Treasurer's Report for the month ended March 31, 2008 Submitted May 1, 2008 by Linda I,,. Speicher Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information March 31, 2008 Weighted Average Portfolio Yield: 4.10% Weighted Average Maturity (days) This Month Last Month One year ago Portfolio Balance $72,901,812 $72,644,569 $67,753,203 Benchmarks/ References: Town's Average Yield 4.10% 4.36% 4,65% LATF Yield for month 3.78% 4.16% 5.21% 3 mo. Treasury 1.22% 2,21% 5.07% 6 mo. Treasury 1.58% 2,13% 5.08% 2 yr. Treasury 1.76% 2,05% 4.51% 5 yr. Treasury (host recent) 2.60% 2,76% 4.54% Prime rate 5,259/c 6,00% 8.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes' 3 yr. Freddie Mae (04111108)) 2.80% 2 yr. Farm ie Mae (04111108) 2,4691o Portfolio Maturity Profile 3 - 5 years 19% 2 - 3 years 15% i -Z yaw, 12% 0 - 1 year 56 469 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 1 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances March 31, 2008 Month Fund Balances - Beginning of Month/Period $72,644,569.24 Receipts 2,857,013.15 Disbursements (2,599,770.50) Fund Balances - End of Month/Period $72,901,811,89 Portfolio Allocation: Union MM $2,231,847.51 US Govt Agencies 39,336,962,82 Local Agency Investment Fund 29,563,466.78 Subtotal - Investments 71,132,277.11 Reconciled Demand Deposit Balances 1,769,534.78 Total Treasurer's Fund $72,901,811.89 YTD $73,499,683.31 29,843,377.18 (30,441,248.60) $72,901,911.89 Local Agency Investment Fund 41.6% US Govt Agencies 55.3% page 2 Portfolio Investment Allocation Union MM 3.1% Town of Los Gatos Non-Treasury Restricted Fund Balances March 31, 2008 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 12/20102 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 $262,848.77 $942.24 $263,791.01 Notet 255,466.05 424.92 255,890.97 Note2 101,000.94 40,318.68 167.99 141,487.61 Note3 285,969,12 0.83 0.05 285,969.90 Note4 789,795.67 1,264.69 232.00 790,828.36 Note4 78.31 0.05 78.36 Note 4 0.00 0.00 0.00 0.00 Note 4 $1,695,158.86 $40,318.68 $2,800.72 $232.05 $1,738,04611 These accounts are not part of the Treasurer's find balahces reported elsewhere in this repot!, as they are for separate and distinct entities. Note 1: This account include redemption accounts set up for the repayment of interest and principal an outstanding bond coupons for Parking Assessment Dislrict'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 or the lease payments should the Town not make payment. Note 3: The lease payment fund receives the lease payments from tha Town monthly for the lease of Lot 4. It holds the fiords until payments on the certificates of paticipation are due semi-annually. Note 4: The three funds for the Certificates of Participation 2002 Series A consist of consnrtctiun 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 March 31, 2008 Current Fiscal Month Year to Date Interest received from Investments $178,654.08 $2,344,357.00 Add: Interest accrued at end of period (see page 5) 661,744.33 661,744.33 Less: Interest accrued at beginning of period (584,205.36) (638,512.99) Interest earned on investments $256,193.05 $2,367,588.34 Interest by Month July 2007 August 2007 September'2007 October 2007 November 2007 December 2007 January 2008 February 2008 March 2008 287,856.35 285,325,36 261,616,22 271,223.77 234, 832.62 252, 611.44 281,416.49 236,513.04 256,193.05 2,367,588.34 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report March 31, 2008 Institution Security Deposit Amortized Date Cost Maturity Days Days to Days Yield to Interest Interest Interest Date Elapsed Maturity Invested Maturity Earned Received Accrued FHLB Coupon Note 07101105 755,975.25 04/18108 1004 18 1022 3.803% 79,081.47 71,070.31 8,011.16 USTreasmy Note 06/15106 1,990,312.50 05131108 655 61 716 5.135% 183,404.57 142,254.10 41,150.47 USTreasury Note 07/19106 738,281.25 02115109 621 321 942 5.1576/0 64,776.53 53,142.27 11,634.26 FHLB Coupon Note 05/12106 1,498,035.00 03/13109 689 347 1036 5.298% 149,816.72 144,593.75 5,222.97 USTreasury Note 05/15/06 1,992,343.75 05/15109 686 410 1096 5.014% 187,749.96 146,250.00 41,499.96 FHLB Coupon Note 06115106 1,493,400.00 06112109 655 438 1093 5.226% 140,053:51 117,468.75 22,584,76 FFCB Coupon Note 07/19106 723,562.50 07/17109 621 473 1094 5.408% 66,575.05 46,234.37 20,340.68 USTreasury Note 03125108 1,024,062.50 09115109 6 533 539 1.709% 287.69 287.69 USTreasury Note 11117106 748,066.41 11115109 500 594 1094 4.734% 49,511,59 34,495.96 14,015.73 ML Corp Note 04110/07 976,150.00 02108/10 356 679 1035 5.165% 49,174.96 35,180.56 13,994.40. USTreasmy Note 10119106 976,406.25 04115/10 529 745 1274 4.744% 67,133,31 39,560,44 27,572.87 FHLB Coupon Note 08122106 1,507,665.00 06111/10 587 802 1389 4.957%, 120,190.19 96,375.00 23,815.19 FHLB Coupon Now 01/12/07 1,487,205.00 08/10/10 444 862 1306 4.960% 89,731.02 75,983.33 13,747,69 USTreasury Note 05/31/07 737,226.56 10115/10 305 928 1233 4.801% 29,576.01 11,93135 17,644.66 FFCB Coupon Note 12/07/07 2,032,140.00 11101/10 115 945 1060 3.715% 23,785.78 23,785.78 FFCB Coupon Note 01/18/07 756,922.50 011181[1 438 1023 1461 3.175% 28,838.75 28,838.75 FFCB Coupon Note 11128/07 2,062,000.00 02/18/11 124 1054 1178 3.840%0 26,999.78 21,666.67 5,233.11 FNMA Discount Note 09129106 1,516,485.00 04115/11 549 1110 1659 4.874% 111,173.97 80,291.67 30,882.30 FHI,MC Coupon Note 12128/06 1,522,350.00 07/20/11 459 1206 1665 5.375% 102,999.39 91,520.83 11,379.56 USTreasury Note 10/19/06 990,078.13 09130/11 529 1278 1807 4.721% 67,743.29 65,151.10 2,592.19 FFCB Coupon Note 12/12/07 2,025,090.00 11/21/11 110 1330 1440 4.000%a 24,411.92 24,411.92 FFCB Coupon Note 02/22107 986,080.00 12109/11 403 1347 1750 4.959% 53,990.64 36,743.06 17,247.58 FIILB Coupon Note 05/09/07 1,509,255.00 03/09/12 327 1439 1766 4.743% 64,131.39 62,500.00 1,631.39 THLB CouponNote 11/29/07 2,039,360.00 08115/12 123 1598 1721 4,170% 28,643.70 19,527,78 9,115.92 GE Corporate Note 01116109 1,542,165.00 10119/12 75 1663 1738 4.587% 14,535.43 14,535.43 FNMA Coupon Note 02/21108 1,260,300.00 01/02/13 39 1738 1777 4.562% 6,143.29 6,143.29 FHl,B Coupon Note 06130103 286,162.50 04115/08 1736 15 1751 2,633% 35,836.07 63,087.50 (27,251.43) Fl H,13 Coupon Note 06/26103 661,764.30 05/13109 1740 43 1783 2.507% 79,088.63 150,938.61 (71,849.98) F'HLMC MTN Coupon Note 06130103 228,298.00 06/13108 1736 74 1810 2,894% 31,423.71 28,163,82 3,259.89 FHLMC Coupon Note 06124103 500,000.00 06119/08 1742 79 1821 2.750% 65,623.29 61,875.00 3,748.29 FNMA Coupon Note 09130104 198,597.00 08/15/08 1278 137 1415 3.442% 23,934.34 21,937.50 1,996.84 FNMA Coupon Note 11116104 199,216.00 09/15108 1231 168 1399 3.866% 25,974.74 24,979.17 995.57 FNMA Coupon Note 01119105 248,157,50 09/15/08 1167 168 1335 3.974% 31,530.67 29,583.33 1,947.34 FNMA Coupon Note 11116104 199,552.00 11/17/08 1231 231 1462 3.936% 26,489,66 23,271.53 3,218.13 FHLMC Coupon Note 07107105 296,403.00 01/12/09 998 297 1285 4.313% 34,954.23 29,869.79 5,084.44 FNMA Coupon Note 01/21105 242,400.00 03/16/09 1165 350 1515 3.930% 30,405.93 24,631.08 5,774.85 FHLMC Coupon Note 06117105 300,198.00 07130/09 1018 486 1504 4.359% 36,496.36 34,390.21 2,116.15 FIILMC Coupon Note 08/01105 298,33100 07130109 973 486 1459 4.5271/. 36,002.31 32,776.04 3,226.27 FHLMC Coupon Note 06/14105 298,683.00 09101/09 1021 519 1540 4.2379o 35,399,88 33,594.37 1,815.51 FHLMC Coupon Note 01/21/05 149,686.50 09/01109 1165 519 1684 4.190% 19,970.64 19,250.00 720.64 FI ILMC Coupon Note 06/14105 299,331.00 01125110 1021 665 1686 4.431% 37,101.06 34,307.29 2,793.77 Subtotal 39,296,688.40 Union MM 2,231,847.51 3U 30 2.07% 3,797.20 3,797.20 Purchased Int erest 40,274.42 LAIF NIA 12131/07 29,563,466.78 03131/08 91 0 91 3.78% 283,032.13 283,032.13 $71,132,277.11 469 4.10% $2,666,320.77 $2,004,576.44 $661,744.33 Maturity Profile Amount Percent 0-1 year $39,878,743.01 56.06% 1-2 years $8,303,815.66 11.67% 2-3 years $9,559,565.31 13,44% 3-5 years X13.390,153.13 18.82% $71,132,277.11 [00.00% Market to C ost Position Report Amortized Market Unrealized * Source: Treasury and Agency Obligat ions - Union Bank of California Institution Cost Value* Gain (Lass) LAE' bala nces per Local Agency Inves tment Fund mont hly statement. Union Bank Assets $39,296,688.40 $40,565,649.90 1,268,961.50 Union MM 2,231,847.51 2,231,847.51 0.00 Purchased Int erest 40,274.42 40,274.42 0.00 LAM 29,563,466.78 29,563,466.78 0.00 Totals: $71,132,277.11 $72,401,238.61 $1,268,961.50 page 5 Meeting date: May 19, 2008 Item No: Town of Los Gatos Treasurer's Report for the month ended February 29, 2008 Submitted May 1, 2008 by Linda L. Speicher Distribution: Town Clerk Town Manager "Town Council Town of Los Gatos Summary Investment Information February 29, 2008 Weighted Average Portfolio Yield: 4.36% Weighted Average Maturity (days) This Month Last Month One year ago Portfolio Balance $72,644,569 $73,480,753 $68,312,202 Benchmarks/ References: Town's Average Yield 4,3601o 4.56% 4.6101o LAIF Yield for month 4.16% 4.73% 5.19% 3 mo. Treasury 2.21% 2.39% 5.00% 6 mo. Treasury 2.13% 2.38% 5.09% 2 yr. Treasury 2.05% 2.24% 4.77% 5 yr. Treasury (most recent) 2.76% 2.91% 4.70% Prime rate 6.00% 6.00% 8.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Fannie Mae (03107108) 2.85%- 2 yr. Freddie Mac (02122108) 2.88% Portfolio Maturity Profile 3 - 5 years 19% 2 - 3 years 13% I - L years 13% {l - 1 year 55% 492 Compliance: The Town's investments are in compliance with the Towns 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 1 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances February 29, 2008 Month YTD Fund Balances - Beginning of Month/Period $73,480,752.73 $73,499,683.31 Receipts 2,385,962.13 26,986,364.03 Disbursements (3,222,145.62) (27,841,478.10) Fund Balances - End of Month/Period $72,644,569,24 $72,644,569.24 Portfolio Allocation: Union MM $434,380.70 US Govt Agencies 40,955,941.79 Local Agency Investment Fund 29,563,466.78 Subtotal - Investments 70,953,789.27 Reconciled Demand Deposit Balances 1,690,779.97 Total Treasurer's Fund $72,644,569.24 page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances February 29, 2008 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 12/20102 $261,845.39 $1,003.38 $262,848.77 Note 1 Certificates of Participation Reserve Fund (Lot 4) 257,410.47 606.84 2,551.26 255,466.05 Note 2 Cert, of Participation Lease Payment Fund (Lot 4) 125,316.43 2,551.26 258.25 27,125.00 101,000.94 Note 3 Cem of Participation 2002 Series A Const. Fund 285,967.90 1.27 0.05 285,969.12 Note 4 Cert, of Participation 2002 Series A Reserve Fund 788,208.47 1,834.83 247.63 789,795.67 Note 4 Cert. Of Participation 2002 Series A Interest Fund 221,68136 96.45 221,701.50 78.31 Note 4 Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 Note 4 Total Restricted Funds: $1,940,432.02 $2,551.26 $3,801.02 $251,625.44 $1,695,158.86 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 fur Parking Assessment District'3', as well as Reserve Funds set up as required by the original Bond resolution, Note 2: The reserve fand 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 fiords until payments on the certificates of participation are duc semi-annually. Nole 4: The three funds for the Certificates of Participation 2002 Series A consist of eonstruction funds which will be expended over the next few years, reserve finds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments and initial delivery costs. Page 3 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 Earned February 29, 2008 Interest by Month July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 January 2008 February 2008 Page 4 Current Month $149,294.87 584,205.36 (496,987.19) $236,513.04 287,856.35 285,325.36 261,616,22 271,223.77 234,832.62 252,611.44 281,416.49 236,513.04 2,111,395.29 Fiscal Year to Date $2,165,702.92 584,205.36 (638,512.99) $2,111,395.29 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report February 29, 2008 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Institution Security Dale Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued USTreasury Note 05/12106 1,986,562.50 03/31/08 658 3l 689 5.000% 179,062.76 128,135.25 50,927.51 FHLB Coupon Note 177/01105 755,975.25 04/18/08 973 49 1022 3,803% 76,639.71 71,070.31 5,569.40 USTreasury Note 06115106 1,990,312.50 05/31108 624 92 7115 5.135% 174,724.35 142,254.10 32,470.25 USTreasury Note 07119106 738,281.25 02/15/09 590 352 942 5.157% 61,542.92 53,142.27 8,400.65 FHLB Coupon Note 05/12106 1,498,035.00 03/13/09 658 378 1036 5.298% 143,076.05 105,218.75 37,857.30 USTreasury Note 05115/06 1,992,343.75 05115109 655 441 1096 5.014% 179,265.63 146,250.00 33,015.63 FHLB Coupon Note 06115106 1,493,400.00 06112109 624 469 1093 5.226% 133,425.02 117,468.75 15,956.27 FFCB Coupon Note 07/19/06 723,562.50 07117109 590 504 1094 5.408%a 63,251.65 46,234.37 17,017.28 USTreasury Note 11/17106 748,066.41 11115109 469 625 1094 4.7341/a 45,503.88 34,495.86 11,008.02 ML Corp Note 04110/07 976,150.00 02108/10 325 710 1035 5.165% 44,892.87 35,180.56 9,712.31 USTreasury Note 10119106 976,406.25 04/15/10 498 776 1274 4.744% 63,199.22 39,560.44 23,638.78 FHLB Coupon Note 08/22106 1,507,665.00 06/11/l0 556 833 1389 4.9575/o 113,842.83 96,375.00 17,467.83 FHLB Coupon Note 01/12/07 1,487,205.00 08/10/10 413 893 1306 4.96001D 83,466.02 75,983.33 7,482.69 USTreasury Note 05/31/07 737,226.56 10/15/l0 274 959 1233 4.801% 26,569.93 11,931.35 14,638.58 FFCB Coupon Note 12/07/07 2,032,140.00 11/01/10 84 976 1060 3.715% 17,373.96 17,373.96 FT-CB Coupon Note 01/18/07 756,922.50 01/18/11 407 1054 1461 3.175% 26,797.65 26,797.65 FFCB Coupon Note 11/28/07 2,062,000.00 02/19/11 93 1085 1178 3.840% 20,174.83 21,666.67 (1,491.84) FNMA Discount Note 09/29/06 1,516,485.00 04/15111 518 1141 1659 4.874% 104,896.39 80,291.67 24,604.72 FHLMC Coupon Note 12/28/06 1,522,350.00 07/20111 428 1237 1665 5.375% 95,949.76 91,520.83 4,428.93 USTreasury Note 10119/06 990,078.13 09130/11 498 1309 1807 4.721% 63,773.46 42,651.10 21,122.36 FFCB Coupon Note 12/12107 2,025,080.00 11/21/11 79 1361 1440 4.000% 17,532.20 17,532.20 FFCB Coupon Note 02/22/07 986,080.00 12/09111 372 1378 1750 4.959% 49,837.51 36,743,06 13,094.45 FHLB Coupon Note 05/09107 1,509,255.00 03109112 296 1470 1766 4.743% 58,051.65 25,000.00 33,051.65 FHLB Coupon Note 11/29/07 2,038,360.00 08/15112 92 1629 1721 4.170% 21,424.56 19,527.78 1,896.78 OF. Corporate Note 01116/08 1,542,165.00 10119112 44 1694 1738 4.5871/h 8,527.45 8,527.45 FNMA Coupon Note 02121/08 1,260,300.00 01102113 8 1769 1777 4.562% 1,260.16 1,260.16 FHLMC Coupon Note 06126103 657,396.09 03115/08 1709 l5 1724 2.294% 70,610.57 74,842.33 (4,231.76) FHLB Coupon Note 06130103 286,162,50 04/15/08 1705 46 1751 2.633% 35,196.15 63,087.50 (27,891.35) FHLB Coupon Note 06/26103 661,764.30 05113/08 1709 74 1783 2.507% 77,679.58 150,938.61 (73,259.03) FHLMC MTN Coupon Note 06130103 228,298.00 06/13/08 1705 105 1810 2.894% 30,862.57 28,163.82 2,698.75 FI-1LMC Coupon Note 06124103 500,000.00 06/18108 1711 110 1821 2.750% 64,455.48 61,875.00 2,580.48 FNMA Coupon Note 09/30104 198,597.00 08115108 1247 168 1415 3.442% 23,353.78 21,937.50 1,416.28 FNMA Coupon Note 11116104 199,216.00 09115/08 1200 199 1399 3.86617v 25,320.63 21,229.17 4,091.46 FNMA Coupon Note 01119105 248,157.50 09115/08 1136 199 1335 3.974% 30,693.10 24,895.83 5,797.27 FNMA Coupon Note 11/16/04 199,552.00 11/17/08 1200 262 1462 3.936% 25,822.58 23,271.53 2,551.05 FI-11-MC Coupon Note 07107105 296,403.00 01/12/09 967 318 1285 4.313% 33,868.48 29,869.79 3,998.69 FNMA Coupon Note 01121105 242,400.00 03/16/09 1134 381 1515 3.930% 29,596.84 20,724.83 8,872.01 FHLMC Coupon Note 06/17105 300,198.00 07/30/09 987 517 1504 4.359% 35,384.98 34,380.21 1,004.77 FHLMC Coupon Note 08/01/05 298,332.00 07/30/09 942 517 1459 4.527% 34,855.26 32,776,04 2,079,22 FHLMC Coupon Nate 06/14105 298,683.00 09/01/09 990 550 1540 4.237% 34,325.06 27,396.87 6,928.19 FHLMC Coupon Note 01/21105 149,686.50 09/01/09 1134 550 1684 4.180% 19,439.23 16,156.25 3,282.98 FHLMC Coupon Note 06114/05 299,331.00 01/25110 990 696 1686 4.4311/o 35,974,58 34,307.29 1,667.29 Subtotal 40,916,584.49 Union MM 434,380.70 30 30 2.759o 981.82 981.82 Purchased Interest 39,357.30 LAM NIA 12/31107 29,563,466.78 03131108 60 31 91 4.16% 188,276.26 188,276.26 $70,953,789.27 492 4.369/o $2,670,759.38 $2,086,554.02 $584,205.36 Maturity Profile Amount Percent 0-1 year $38,983,882.67 54.94% 1-2 years $9,020,188.16 12.71 % 2-3 years $9,559,565.31 13.47% 3-5 years $13,390,153.13 18.87% $70,953,789.27 100.001/0 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 monthly statement. Union Bank Assets $40,916,584.49 $42,216,272.00 1,299,687.51 Union MM 434,380.70 434,380.70 0,00 Purchased Int erest 39,357.30 39,357.30 0.00 LAW 29,563,466.78 29,563,466.78 0.00 Totals: $70,953,789.27 $72,253,476.78 $1,299,687.51 page 5