03 Staff Report - Investment Reports April 2009N p
!ps GA.~49
DATE: TUNE 4, 2009
MEETING DATE: 6/15109
ITEM NO:
COUNCIL AGENDA REPORT
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON TOWN MANAGER
SUBJECT: INVESTMENT REPORTS FOR APRIL 2009
RECOMMENDATION:
Accept attached investment report for April 2009.
DISCUSSION:
Attached for Council review and acceptance is the investment report for April 2009. During
the month of April 2009, no investments matured and no new investments were made.
Interest rates continue to remain low.
Given the amount of investment activity and need to streamline work due to budget
limitations, investment reports will be scheduled to appear on the Council Agenda Consent
Calendar quarterly rather than monthly effective July 2009. The investment reports will
summarize the first, second, third and fourth quarters of the fiscal year.
FISCAL IMPACT
There is no fiscal impact associated with this report.
Attachments:
Investment Report for April 2009
PREPARED BY:
and Administrative S rvices Director
Reviewed by:Assistant Town Manager Town Attorney
Clerk Administrator Finance Community Development
No Text
Town of Los Gatos
Investment Report
for the month ended
April 30, 2009
Prepared by
Linda L. Speicher, Project Manager
June 10, 2009
Town of Los Gatos
Summary Investment Information
April 30, 2009
Weighted Average Portfolio Yield:
2.75%
Weighted Average Maturity (days)
This Month
Last Month
One year ago
Portfolio Balance
$84,683,677
$81,096,801
$76,520,381
Benchmarks/ References
Town's Average Yield
2.75%
2.85%
3.95%
LA1F Yield for month
1.61%
1.82%
3.40%
3 mo. Treasury
0.14%
0.20%
1.34%
6 mo. Treasury
0.31%
0.43%
1.72%
2 yr. Treasury
0.95%
0.95%
2.23%
5 yr. Treasury (most recent)
1.94%
0.05%
3.16%
Prime rate
3.25%
3.25%
5.00%
Most recent auctions of
Freddie Mae or Fannie Mae Reference Notes:
3 yr. Fannie Mae (04/03/09) 1.92%
2 yr. Fannie Mae (04/09/09) 1.50%
310
Compliance: The Town's investments are in compliance widl the Town's investment policy dated May 1, 2008
and also in compliance with the requirements or Section 53601 of Lite C:alifomia State Code. Based on the information available, the
Town has sufficient Rinds to meet the cash demands for the next six months.
Pagel
Town. of Los Gatos
Non-Treast•y Restricted Fund Balances
April 30, 2009
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 Cons[. 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
Ending
Interest Withdrawals Balance
5273,987.78
8377.49
$274,365.27
Nnte i
255,020.33
13.16
255,033.49
NOte2
144,266.60 20,747.56
6.15
165,020.31
Rote 3
148,180.18
0.00
148,180.18
Note4
686,251.00
5.85
5.85 686,251.00
Nete4
0.00
0,00
0.00
Note 4
0.00
0.00
0.00 0.00
Note 4
51,507,705.89 520,747.56 8402.65 85.85 $1,528,850.25
These accounts are not part of the'hreasurcrs fund balances reported elsewhere in [his repDrt, as they are for separate and distinct
entities.
Note 1; 11tis 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 resolutimt.
Note 2: The reserve rimer was a requirement of fhe original certificates ol'participanon agreement when Lot 4 was built. It helps
to gaarantec paymem of the lease paynronts should the Town not make payment.
Note 3: The lease payment fund receives [lie lease paynicnts from the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certi#icates of parlicipation are due semi-annually.
Nate 4: The three funds for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
nem 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
Town of Los Gatos
Statement of Interest Earned
April 30, 2009
Current Fiscal
Month Year to Date
Interest received From Investments $276,146.38 $2,319,368.43
Add: Interest accrued at end of period (see page 5) 431,553.40 431,553.40
Less: Interest accrued at beginning of period (526,648.25) (715,999.95)
Interest earned on investments $181,051,53 $2,034,921.88
Interest by Mouth
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
225,065,95
233,228.31
212,244.77
207,308.72
199,698.92
208,642.20
190,547.05
184,788.37
192,346.06
181,051.53
Page 4
Torn of Los Gatos
Inactive Deposits by Iustitntion
Market to Cost Position Rep
ort
April 30, 2009
Deposit
Amortized
Maturity
pays
Daysto
Days
Yield to
Ltterest
llftEesl
htterest
Institution
Security
Date
Cost
Date
Elm
Maturi
Invested
Mahni
Earned
Received
Acerued
USTrcasury
Note
05/15/06
1,992,343.75
05/15/09
1081
15
1096
5,014%
295,856.72
243,750.00
52,106.72
FHLB
Coupon Note
06/15106
1,493,400.00
06/12/09
1050
43
1093
5,226%
224,513.26
196,218.75
28,294.51
FFCB
Coupon Note
07/19/06
723,562.50
07/17/09
1016
78
1094
5,408%
108,921.49
77,171.87
31,749.62
FFILIVIC
Coupon Note
06/17/05
300,198.00
07/30/09
1413
91
1504
4.359%
50,657.52
47,505.21
3,152.31
FL-iL1VIC
Coupon Note
09101105
298,332.00
07130/09
1368
91
1459
4.527%
50,617.84
45,901.04
4,716.80
USTreasorv
Note
06/02/08
1,537,617.20
07/31/09
332
92
424
2.426%
33,930.03
45,932.35
(12,002.32)
FFCB
Coupon Note
(14/02108
2,010,820.00
08!04/09
393
96
489
2.286%
49,493.61
45,300.00
4,193.61
USTmasmy
Note
03125/08
1,024,062.50
09115/09
401
138
539
1.709%
19,22738
32,832.88
(13 605.50)
USTreasary
Note
11/17/06
748,066.41
11115109
895
199
1094
4.734%
86,835.75
69,183.36
17,652.19
USTreasurv
Note
06/(12!(18
1,514,941.41
12/31/09
332
245
577
2.602%
35,854.89
28,125.00
7,729.X9
FALVIC
CoupouNote
06/1005
299,331.00
01/25/10
1416
270
1686
4.431%
51,454.56
47,432.29
4,022.27
ML Cotp
Cotporde Note
04/10107
976,150.00
02/08/10
751
284
1035
5.165%
103,737.07
77,680.56
26,056.51
USTrensgrv
Note
06124/08
739,921.98
02128/10
310
304
614
2.819%
17,715.35
10,271.74
7,443.61
USTteasu y
Note
10/19/06
976,406.25
04/15/10
924
350
1274
4.744%
117,261.20
99,560.44
17700.76
FHLB
Coupon Note
08/22/06
1,507,665,00
06/11/10
982
407
1389
4.957%
201,067.74
175,125.00
25,942.74
FIR.&IC(1)
Coupon Note
01/06/09
],015,090,00
07/23/10
114
449
563
2.625%
8,322.35
1,71 L81
6,610.54
FHLB
CoupouNote
01/12/07
1,487,205.00
08/10/10
839
467
1306
4.960%
169,559.30
146,483.33
23 075.97
FHLB
Coupon Note
03/23/(19
1,049,400.00
08116/10
38
473
511
1.284%
1,402.80
1,4(12.8(1
FFCB(2)
Coupon Note
(19/15/08
1,500,000.00
09/15/10
227
503
730
3300%
30,794.93
24,750.00
6,034.93
USTreasury
Note
05/31/07
737,226.56
10115/10
700
533
1233
4.801%
67,87938
59,743.95
8,135.53
FFCB
Coupon Note
12/07107
2,032,140.00
11/08/10
510
557
1067
3.715%
105,484.77
79,072.22
26-412.55
F111,13
CouponNote
03123/09
1,040,160.00
12/10/10
38
589
627
1.485%
1,608.12
1608.12
FFCB
Coupon Note
(I1/18/07
756,922.50
0118//1
833
628
1461
3.175%
54,846.29
26,250.00
28596.29
FFCR
Coupon Note
11/28107
2,062,000.00
02/18/11
519
659
1178
3.840%
112,588.59
119,166.67
(6.579.09)
FNMA
Discount Note
09!29/06
1,516,485.00
04115/11
944
715
1659
4,874%
191,162.53
195,604.17
(4,44L64)
FHI,MC(3)
Coupon Note
12/28/06
1,522,350,00
07/20/11
854
811
1665
5,375%
191,451.15
177,770.83
13680.32
USTnaasory
Note
10/19/06
990,078,13
091-30/11
924
883
1807
4.721%
118,326.65
110,151.10
8,175.55
FFCB
Coupon Note
12/12/07
2,025,080.00
11/21/11
505
935
1440
4.000%
112,072.92
X1,683,33
10,389.59
FFCB
CouponNote
02/22/07
986,080.00
12/08111
798
9S2
1750
4.959%
106,909.50
82,993.06
23.916.44
FTLB
Coupon Note
05/09107
1,509,255.00
03/09/12
722
1044
1766
4.743%
141,598,97
137,500.00
4,(198.97
F111-13
Coupon Note
11/29/07
2,038 360.00
08/15/12
518
1203
1721
4.170%
120,629.59
112.027.78
8,60I.X 1
GE
CoporEteNote
01/16/08
1,542,165.00
10/19/12
470
1268
173X
4.587%
91,088.72
99(}93.75
(8,005.03)
fFCB(5)
Coupon Note
02/10/09
755,700.00
12123/13
79
1698
1777
3.829%
6,262.91
6,262.91
Subtotal
40,708,515.09
1Jruon V11m
2,702,892.76
30
30
0.24%
533.17
533.17
Puiehased hit
crusi
20,340.27
LA1F
NIA
03/31/09
36,332,27695
06/30/09
30
61
91
1.61%
47,898.88
47,888.88
579,764,025.07
310
2.75% $3,127,545,79
S2,695:992.39
5431,55140
tlvlaturity Pro
rde
Amount
1101-coot
0-l year
$53,690562.88
67.31%
1-2 years
$14,704,294.06
18.43%
2-3 yams
57,032,843.13
8.82%
3-5 years
$4336,225.00
5.44/
S79,764,025,07
100. (10%
Market to Cost Position Repot
Amoilize t
Market
Ulnualized
* Souroe:
Tivasrery and
Agency Obliga
tions - Union Banf
f of CaMbrilia
Institution
Cost
Vahrc*
Gain (Loss)
1.AIF balances per Local Agency Ines€urcut Fund mmrl
hly slalenrenl.
Union Bank ASwts
540,708,515.09
541,789,906.50
1,081,391.41
UnionMH
2,702,X9276
2,702,892,76
0.00
PUrelmsed lnt
etest
20,340.27
20,340.27
0.00
LAIF
36,332,276,95
36,332,276.95
0.00
Tatalx
$79,764,025.07
$80,845,416.48
$1,081,391.41
(1) Callable once on 07/23/09
(2) Callable once on 9/15109
(3) Callable once on 7/20/09
(5) Callable now on 06/23109
page 5