01 Staff Report - Investment Report January 2009
I DATE: TO: FROM: COUNCIL AGENDA REPORT February 25, 2009 MAYOR AND TOWN COUNCIL GREG LARSON, TOWN MANAGER MEETING DATE: 03/02/09 ITEM NO. SUBJECT: INVESTMENT REPORT FOR JANUARY 2009
RECOMMENDAnON: Accept report as attached. DISCUSSION: Attached for your review and acceptance is the Investment report for the month of January, 2009. During the month of January one
Freddie Mac note with a face value of $300,000 matured, and a Fannie Mae note of $1,250,000 was called. These funds, along with others that had been held in cash, were reinvested, as
outlined in last months report, in short term Freddie Mac investments. In FeblUary funds of $750,000 were invested into a Farm Bureau Credit note with a maturity of December, 2013 and
a one time call of June, 2009. It is assumed that the note will be called in June and thus be a short term investment. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA,
and no further action is required. FISCAL IMPACT: None Attachments: lnvestment report for the month of January, 2009 PREPARED BY: ministrative Services Director Reviewed by: __Town Manager
fSj Assistant Town Manager __Town Attomey ____Community Development Revised: 2/26/09 2:41 pm Reformatted: 5/30/02
Town of Los Gatos Investment Report for the month ended January 31, 2009 Prepared by Linda L. Speicher, Finance Project Manager February 25,2009
Town of Los Gatos Summary Investment Information January 31, 2009 Weighted Average Portfolio Yield: 3.19% Weighted Average Maturity (days) 368 Portfolio Balance Benchmarks! References:
Town's Average Yield LAIF Yield for month 3 mo. Treasury 6 mo. Treasury 2 yr. Treasury 5 yr. Treasury (most recent) Prime rate This Month $81.720,191 3.19% 2.05% 0.15% 0.35% 0.93% 1.82%
3.25% Last Month $79,648,493 3.36% 2.35% 0.05% 0.25% 0.92% 1.54% 3.25% One year ago $73,480,753 4.56% 4.73% 2.39% 2.38% 2.24% 2.91% 6.00% Portfolio Maturity Profile Most recent auctions
of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Fannie Mae (01/08/09) 2.01% 2 yr. Freddie Mac (01/08/09) 1.50% "
II 3 -5 years 7% I -2 years 16% I l__.. Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008 and also in compliance
with the requirements of Section 5360 I 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.
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page 2 Chart 3 Treasurer's Fund Balances 82,000,000 80,000,000 78,000,000 76,000,000 74,000,000 72,000,000 70,000,000 68,000,000 66,000,000 64,000,000 62,000,000 00 00 00 '% C? 0 ,D
"" " "' 2: eg 00 C? 2'": 00 C? ] eg ] Page 1 00 } 00 o6. " 00 00 o 00 C? z 00 C? Q '" l
Town of Los Gatos Non-Treasury Restricted Fund Balances January 31, 2009 Previous Balance Non-Treasury Funds: Downtown Parking District 12120/02 Certificates of Palticipalion Reserve
Fund (Lot 4) Celt. of Participation Lease Payment Fund (Lot 4) Celt. of Participation 2002 Series A Const. Fund Cert. of Participation 2002 Series A Reserve Fund Celt. Of Participation
2002 Series A Interest Fund Celt. Of Participation 2002 Series A COl Fund Total Restricted Funds: $272,894.74 254,995.28 104,845.85 146,448.13 687,784.89 109.51 0.00 $1.467,078.40 20,165.17
216,437.85 $236,603.02 Ending Interest Withdrawals Balance $375.99 $273,270.73 Nole I 0.85 254,996.13 Nole 2 0.35 125,011.37 Note 3 1,732.05 148,180.18 Note4 48.17 687,833.06 Note 4
0.00 216,547.36 Note 4 0.00 0.00 0.00 Note 4 $2,157.41 $0.00 $1,705,838.83 These accolillts are not part of lhe Treasurer's fund balances rep0l1ed elsewhere in this repOit. as they are
for separate and distinct entities. Note 1: This account include redemption accounts set lip 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 ftmd receives the lease payments from the Town monthly
for the lease ofLol4. It holds the funds until payments on the certificates ofpmticipation are due semi-annually. Note 4: The three funds for the Certitlcates of Pat1icipation 2002 Series
A consist of constmction funds which will be expended over the next few years. reserve ftmds which will guarantee the payment of lcase payments, and a third fund for the disbursement
of lease payments and initial delivery costs. Page 3
Inlerest 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 January 31, 2009 Current Fiscal Month Year to Date $298,339.31 $1,641,891.21 550,844.66 550,844.66 (658,636.92) (715,999.95) $190,547.05 $1,476,735.92 Interest
by Month July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 Page 4 225,065.95 233,228.31
212,244.77 207,308.72 199,698.92 208,642.20 190,547.05 1,476,735.92
Town or Los Gatos Inactive Deposits by Institution Market to Cost Position Report January 31, 2009 Deposit Amortized Manlrity Days Days to Days Yield 10 Interest Interest Imerest Institution
Security Date Cosl Date Elapsed Maturity Invested Maturity Earned Received Accmed USTreasury Note 07/19/06 738,281.25 02/15/09 927 15 942 5.157% 96,695.41 70,017.27 26,678.14 FHLB Coupon
Note 05/12/06 1,498,035.00 03/13/09 995 41 1036 5.298% 216,353.60 [83,968.75 32,384.85 USTreaS\lry Note 05/15106 1,992,343.75 05/15/09 992 104 1096 5.014% 271.498.48 243,750.00 27,748.48
FHLB Coupon Note 06/15106 1,493,400.00 06/12/09 961 132 1093 5.226% 205,483.08 196,218.75 9,264.33 FFCB Coupon Note 07/19/06 723,562.50 07/17/09 927 167 1094 5,408% 99,380.14 77,171.87
22,208.27 FHLMC Coupon Note 06/17/05 300,198.00 07/30/09 1324 180 1504 4.359% 47,466.78 47,505.21 (38.43) FHLMC Coupon Note 08101/05 298,332.00 07/30/09 1279 180 1459 4.527% 47,324.72
45,901.04 1,423.68 USTreasury Note 06/02108 1,537,617.20 07/31/09 243 181 424 2,426% 24,834.33 11,244.85 13,589.48 FITB Coupon Note 04/02/08 2.010,820.00 08/04109 304 185 489 2.286%
38,285.13 18,300:00 19,985.13 USTreasury Note 03/25/08 1,024,062.50 09115/09 312 227 539 1.709% 14,959.95 15,957.88 (997.93) USTreasury NOle 11/17/06 748,066.41 11/15/09 806 288 1094
4.734% 78,200.69 69,183.36 9,0[7.33 USTreasury Note 06/02108 1,514,941.41 12/31/09 243 334 577 2.602% 26,243.18 28,125.00 (1.881.82) FHLMC Coupon Note 06114/05 299,331.00 01125/10 1327
359 1686 4.431% 48,220.48 47,432.29 788.19 MLCorp Corporate Note 04/10107 976,150.00 02/08110 662 373 1035 5.165% 91,443.33 56,430.56 35,012.77 USTreasmy NOle 06/24/08 739,921.88 02128/10
221 393 614 2.819% 12,629.33 2,771.74 9,857.59 llSTreaslll)' Note 10/19/06 976,406.25 04115110 835 439 1274 4.744% 105,966.56 79,560.44 26,406.12 HILS Coupon Note 08/22/06 1,507,665.00
06/11110 893 496 1389 4.957% 182,844.70 175,125.00 7,719.70 FHLMC(I) Coupon Note 01/06/09 1,015,090.00 07/23110 25 538 563 2.625% 1,825.08 1,711.81 113.27 FHLB Coupon Note 01/12/07 1,487,205.00
08110/10 750 556 1306 4.960% 151,572.67 111,233.33 40,339.34 FFeB(2) Coupon Note 09/15/08 1,500,000.00 09115/10 138 592 730 3.300% 18,715.07 18,715.07 USTreasury Note 05/31107 737,226.56
10115/10 611 622 1233 4.801 % 59,249.00 43,806.35 15,442.65 FFCB Coupon Note 12/07/07 2,032,140.00 11/08110 421 646 1067 3.715% 87,076.64 79,072.22 8,004.42 FFCB Coupon Note 01/18/07
756.922.50 01118/11 744 717 146\ 3.175% 48,986.37 26.250.00 22.736.37 FFCH Coupon Note 11/28/07 2,062,000.00 02/18111 430 748 1178 3.840% 93,281.49 70,416.67 22,864.82 FNMA Discount
Note 09/29/06 1,516,485.00 04/15111 855 804 1659 4.874% 173.139.79 157.166.67 15.973.12 rHLMC(3J Coupon Note 12/28/06 1,522,350.00 07/20111 765 900 1665 5.375% 171,498.98 177,770.83
(6,271.85) USTreasury Note 10/19/06 990,078.13 09/30/11 &35 972 1807 4.721% 106,929.39 87,651.10 19,278.29 FrCB Coupon Note 12112107 2,025,080.00 11/21/11 416 1024 1440 4.000% 92,321.46
81,683.33 10,638.13 FFCB Coupon Notc 02122/07 986,080.00 12/08/11 709 1041 1750 4.959% 94,986.01 82,993.06 11,992.95 rHLMC(4) Coupon Note 01/06/09 2,006,250.00 12/23/11 25 1056 1081
3.268% 4,490.70 4,490.70 FHLB Coupon NOlc 05/09/07 1,509,255.00 03/09112 633 1133 1766 4.743% 124,144.25 100,000.00 24,144.25 FIILB Coupon Note 11/29/07 2,038,360.00 08115/12 429 1292
1721 4.170% 99,903.65 65,777.78 34,125.87 GE Corporale Note 01/16/08 1,542,165.00 10/19/12 381 1357 1738 4.587% 73,840.00 59,718.75 14,121.25 Subtotal 42,105,821.34 Union MM 808,123.34
30 30 0.11% 73.06 73.06 Purchased Interest 2,437.50 LAIF N/A 12/31108 31,670,708.11 03/31109 31 59 90 2.05% 54,897.07 54,897.07 $74,587,090.29 368 3.19% $3,064,760.57 $2,513,915.91 $550,844.66
Maturity Prorilc Amount Percent 0-1 year $46,660,259.97 62.56% 1-2 years $11.728,727.19 15.72% 2-3 years $11,108,323.13 14.89% 3-5 years $5.089.780.00 6.82% $74,58},090.29 100.00% Market
to Cost Position Report Amortizeu Markel Unrealized * Source: Treasury and Agency Obligations -Union Bank of Califomia Institution Cost Vallle* Gain (Loss) LAIF balances per Local Agency
[nvestmellt Fund monthly statement. Union Bank Assets $42, I 05,821.34 $43,333,666.00 1,227,844.66 UnionMM 808,123.34 808,123,34 0.00 Purchased Interest 2,437.50 2,437.50 0.00 LAIF 31,670,708.11
31,670,708.11 0.00 Totals: $74,587,090.29 $75,814,934.95 $1,227,844.66 (1) Callable once on 07123109 (2) Callable once on 9115109 (3) Callable once on 7120/09 (4) Callable once on 03123/09
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