02 Staff Report - Investment Reports First Fiscal Quarterly 09/10MEETING DATE: 10/19/09
ITEM NO.
COUNCIL AGENDA REPORT
ias GA~os
DATE: October 14, 2009
TO; MAYOR AND TOWN COUNCIL
FROM: GREG LARSON TOWN MANAGER
SUBJECT: INVESTMENT REPORTS FOR FIRST FISCAL QUARTER 09110 (JULY
THROUGH SEPTEMBER 2009)
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance are the Investment reports for the first quarter of the
current fiscal year 09110.
Investment returns are being affected by the overall general interest rate environment which is
experience historic low yields. During the first quarter of FY 2009110 the Town's weighted average
interest rates declined slightly. As is usual for this time of year, treasurer's funds declined due to
payment of the RDA pass-through amounts and the acquisition of property approved by council.
Treasurer's fiends should increase again with the receipt of property taxes in the second quarter.
ENVIRONMENTAL ASSESSMENT:
Is not a proj ect defined under CEQA, and no further action is required.
FISCAL IMPACT: None
Attachments: Investment reports for the first fiscal quarter (July through September 2009).
PREPARED BY: VE C AY
Finance & dministrative Services Director/ Town Treasurer
Reviewed by: Town Manager Assistant Town Manager Town Attorney
Clerkinance Community Development Revised: 10/14/09 1:21 pm
Reformatted: 5/30/02
Town of Los Gatos
Investment Report
for the month ended
September 30, 2009
Prepared by
Linda L. Speicher, Project Manager
010114/09 IN/
Town of Los Gatos
Summary Investment Information
September 30, 2009
Weighted Average Portfolio Yield: 2.11% Weighted Average Maturity (days) 371
This Month Last Month One year ago
Portfolio Balance $73,931,975 $75,673,488 $70,635,879
Benchmarks/ References:
Town's Average Yield
2.11%
2.14%
3.64%
LAIF Yield for month
0.70%
0.93%
2.77%
3 mo. Treasury
0.12%
0.15%
1.18%
6 mo. Treasury
0.19%
0.24%
1.57%
2 yr. Treasury
1.03%
1.11%
2.12%
5 yr. Treasury (most recent)
2.47%
2.49%
3.13%
Prime rate
3.25%
3.25%
5.00%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 T. Freddie Mac (09/25/09) 2.10%
2 yr. Fannie Mae (04/09/09) 1.50%
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 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 I
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
September 30, 2009
Month YTD
Fund Balances - Beginning ofMonth/Period $75,673,488.49 $85,021,578.85
Receipts 1,424,655.75 5,423,894.14
Disbursements (3,166,169.29) (16.513,498.04)
Fund Balances- End ofMontlvTeriod $73,431,974,95 $73,931,974.95
Portfolio Allocation:
Union MM $87,781.78
US Govt Agencies 44,032,732.04
Local Agency Investment Fund 28 468 836.13
Subtotal - Investments 72,589,349.95
Reconciled Demand Deposit Balances 1,342.625.00
Total Treasurer's Fiend $73,931,974.95
page 2
Town of Los Gatos
Non-Treasury Restricted Fund Balances
September 30, 2049
Non-Treasury Funds:
Previous Ending
Balance Deposits Interest Withdrawals Balance
powntown Parking District 12/20/02
$275,855.97
$380.07
$276,236.04
Note t
Certificates of Participation Reserve Fund (Lot 4)
254,136.26
0.00
254,136.26
Note 2
Cert. of Participation Lease Payment Fund (Lot 4)
21,534.06 20,618.19
0.00
42,152.25
Note 3
Cent, of Participation 2002 Series A Coast. Fund
144,937,57
0.00
144,937.57
Nate 4
Cert. of Participation 2002 Series A Reserve Fund
686,251.00
5.85
5.85 686,251.00
Note 4
Cert. Of Participation 2002 Series A Interest Fund
0.00
0.26
0.26 0.00
note 4
Cert. Of Participation 2002 Series A COI Fund
0.00
0.00
0.00 0.00
Note 4
Total Restricted Funds:
$1,382,714.86 $20,618.19 $386.18 86.11 $1,403,713.12
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'T, 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,
Nate 3: The lease payment fund receives the lease payments from the Town monthly for the lease 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 construction 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
September 30, 2009
Current Fiscal
Month Year to Date
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
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
$83,405.65 $518,212.93
357,344.90 357,344.90
(314,967.46) (474,569.94)
$125,783.09 $400,987.89
400,987.89
137,073.40
138,131.40
125,783.09
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost PositiouReport
September 30, 2009
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
interest
Interest
Institution
Sectui
Date
Cost
Date
Elapsed
Maturity
Invested
Maturi
Earned
Received
Accrued
USTreasury
Note
11/17/06
748,066.41
11115109
1048
46
1094
4.734%
101,680.30
86,527.11
15,153.19
USTreasury
Note
06/02/08
1,514,941.41
12/31/09
485
92
577
2.642%
52,378.37
52,500.00
(121.63)
FHLMC
Coupon Note
06/14105
299,331.00
01/25/10
1569
117
1686
4,431%
57,014.26
53,994.79
3,019,47
ML Corp
Corporate Note
04/10/07
976,150.00
02/08/10
904
131
1035
5,165%
124,871.25
98,930.56
25,940.69
USTreasary
Note
06/24/08
739,921.88
02/28/10
463
151
614
2.819%
26,418.73
17,771.74
8,68699
USTreasury
Note
10/19/06
976,406.25
04115/10
1077
197
1274
4.744%
136,677.83
99,560.44
37,117.39
FHLB
Coupon Note
08/22/06
1,507,665.00
06/11/10
1135
254
1389
4.957%
232,394.99
214,500.00
17,894.99
FHLB
Coupon Note
01112/07
1,487,205.00
08/10/10
992
314
1306
4.960%
200,480.12
181,733.33
18,746.79
FI3LB
Coupon Note
03123/09
1,049,400.00
08/16110
191
320
511
1.284%
7,05093
19,229.17
(12,178.24)
USTreasury
Note
05/31/07
737,226.56
10115110
853
380
1233
4.901%
82,715.87
59,743.85
22,972.02
FFCB
Coupon Note
12/07/07
2,032,140.00
11/08/10
663
404
1067
3.715%
137,130.20
122,072.22
15,057.98
FIILB
Coupon Note
03/23109
1,040,160.00
12/10/10
191
436
627
1.485%
8,082.90
8,180.56
(97.66)
FFCB
Coupon Note
01/18/07
756,922.50
01/18/11
986
475
1461
3.175%
64,920.10
39,375.00
25,545.10
FFCB
Coupon Note
11/28107
2,062,000.00
02115/11
672
506
1178
3.840%
145,779.45
167,916.67
(22,137.22)
USTreasury
Note
06/12/09
1,987,187.50
0381/11
110
547
657
0.875%
5,240.19
5,259.56
(19.37)
FNMA
Coupon Note
09/29106
1,516,485.00
04/15/11
1097
562
1659
4.874%
222,145.44
195,604.17
26,541.27
FIILB
CouponNole
06/08109
1,988,018.60
06/03/11
114
611
725
1.432%
8,891.51
8,891.51
FIILMC(1)
CouponNole
07/22/09
1,501,171.88
07/22/11
70
660
730
1.585%
4,563.15
4,563.15
USTreasury
Note
08105/09
1,992,187.50
07/31/11
56
669
725
1.196%
3,655.58
3,655.58
Treasury
Note
09/21/09
2,000,000.00
08131111
9
700
709
1.032%
508.93
508.93
FITLB
Coupon Note
09/08/09
2,000,000.00
09/08111
22
708
730
1.743%
2,101.15
2,101.15
USTreasury
Nate
10/19106
990,078.13
09/30/11
1077
7,30
1807
4321%
137,919.70
132,651.10
5,268.60
FFCB
Coupon Note
12/12/07
2,025,080.00
11/21/11
658
782
1440
4.000%
146,027.69
125,183.33
20,844.36
FFC13
Coupon Note
05/28/09
998,500.00
11/28111
125
789
914
1.590%
5,437.04
5,437.04
FFCB
Coupon Note
02/22/07
986,080.00
12/08111
951
799
1750
4.959%
127,407.18
106,118.06
21,289.12
FFITMC(4)
CouponNotc
06/24109
998,500.00
01/23/12
98
845
943
2.031%
5,444.92
1,586.94
3,857.98
FNMA(5)
Coupon Note
05/21/09
1,004,500.00
02/03/12
132
856
988
1.951%
7,087,42
4,250.00
2,837.42
FHLB
Coupon Note
05/09/07
1,509,255.00
03/09/12
875
891
1766
4,743%
171,605.39
175,000.00
(3,394.61)
FFCB (6)
Coupon Note
09/04/09
1,005,500.00
04/20/12
26
933
959
1.806%
1,293.54
1,293.54
FFCB
Coupon Note
07/21/09
1,012,800,00
D7/17/12
71
1021
1092
1.472%
2,899.99
2,899.99
FI1LB
Coupon Note
11/29/07
2,038,360.00
08/15/12
671
1050
1721
4.170%
156,259.56
158,277.78
(2,018.22)
FHLMC
Coupon Note
09/25/09
999,850.00
09/25/12
5
1091
1096
2.005%
274.62
274.62
GE
Corporate Note
01/16108
1,542,165,00
10/19/12
623
1115
1738
4.587%
120,141.00
99,093.75
21,647.25
Subtotal
44,023,254.62
UnionMM
87,781.78
30
30
0.15%
10.82
10.82
Purchased Interest
9,477,42
LA1F
NIA
06/30/09
28,468,836.13
09/30/09
92
0
92
0.70%
75,254.88
75,254.88
$72,589,349.95
371
2.11% $2,582,405.03
$2,225,060.13
$357,344.90
Maturity Profile
Amount
Percent
0-1 year
$37,865,182.28
52.16%
1-2 years
820,603,577.67
28.38%
2-3 years
$12,578,425.00
17.33%
3-5 years
$1,542,165.00
2.12%
$72,589,349.95
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized
r Source;
Treasury and
Agency Obligations - Union Bank of California
Institution
Cost
Value's
Gain Loss
LAT bo
unces per Local Agency InvestmentFund nromthly statemenL
Union Bank Assets
$44,023,254.62
$45,094,764.50
1,071,509.88
Union MM
87,781.78
87,781.78
0.00
Purchased Interest
9,477.42
9,477.42
0.00
LAIR
28,468,836.13
28,468,836.13
0.00
Totals:
$72,589,349.95
$73,660,859.83
$1,071,509.88
(1) Callable quartorly starting, 10/22/09
(5) Callable once on 02/03/10
(6) Callable once on 04120110
page 5
Town of Los Gatos
Investment Report
for the month ended
August 31, 2009
Prepared by
Linda L. Speicher, Project Manager
10/14/09
Town of Los Gatos
Summary Investment Information
August 31, 2009
Weighted Average Portfolio Yield: 2.14%
This Month Last Month
Portfolio Balance $75,673,488 580,887,202
Weighted Average Maturity (clays) 333
One Year alto
$74,560,416
Benchmarks/ References:
Town's Average Yield
2.14%
2.16%
3.56°/,
LAW Yield for month
0.93%
1.04%
2.78%
3 mo. Treastiy
0.15%
0.19%
1.74%
6 mo. Treasury
0.24%
0.28%
1.97%
2 fir. Treasuuy
1.12%
1.08%
2.38%
5 yr. Treasiuy (most recent)
2.49%
2.69%
3.13%
Prime rate
3.25%
3,25%
5.00%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Famlie Mae (08/28/09) 1.82%
2 ),r. Freddie Mac (04122109) 1.6' o
Portfolio Maturity Profile
t - 2 years
23%
Compliance: The Town's investments are in compliance. with the "l'on•n's investment policy dat.eil May 1, 2009
and also in compliance with the requirements of Section 5601 oFthe California State Code. Based on the infonnation available, the
'T'own has sufficient funds to meet the cash demands 1i)r the next six months.
Page 1
Town of Las Gatos
Portfolio Allocation & Treasurer's Fund Balances
August 31, 2009
Month
Fund Balances - Beginning of Montli Pei iod $80,887,202.47
Receipts 2,043,944.08
Disbursements (7,257,658.06)
Fund Balances - End of Montli/Peliod 575,673,488.49
Portfolio Allocation:
Union MM $3,490,986.25
US Govt Agencies 40,546,255.87
Local Agency Investment Fund 30,468,836.13
Subtotal - Investments 74,M6,078.25
Reconciled Demand Deposit Balances 1,167,410.24
Total Treasurer's Fund S75,673,488.49
Portfolio Investneut Allocation
Union MM
4.7%
Local Agency Imveslmeni I'nnC
10.9%
Y``D
S85,021,578.85
3,999,238.39
(13,347,328.75)
575,673,488A9
Treasury, Agencies,
8 Corp. Notes
57.8%
't'reasurer's Fund Balances
ss,aoo.000
s6,ooo,000
sa.oao,ooo
~
32,000,000
So.o00.000
f
}
- -
f
73.000,000
#
:6,006,000
-
_
1
E
000
000
F
t
74,
:
72.aoo 000
l
#
s
;
onoaoo
70
1
I
t
s
:
b8.00U 000
#
#
-
s _
t
#
k
66.000.000
x O
O
.
U O
O
O
J
G O
Q Vi
G' ~
~
iL
~
Q
pilge 2
Town of Los Gatos
Nun-Treasuy Restricted Fund By0mtces
August 31, 2009
Previous
Balance Deposits
Non-Treasury Funds
Downtown Parking District 12120102
Cerli FICitlCS of Participation Reserve Fund (Lot 4)
Cert. of Parlicipation Lease Payment Fund (Lot 4)
Cert. of Participation 2002 Series A Coosl. Fund
Cert. of Participation 2002 Serics A Reserve Fend
Cert. Of Participation 2002 Series A IIIICFCst Fwrd
Cert. OI'Participation 2002 Series A COI Fund
Total Restricted Funds
Ending
fnleresl Withdrawals Balance
S275,476.42
5379.55
5275.855.97
Nnt(- 1
255,037.10
0.00
900.54
354.136.26
Nmc• z
227,265.03 21,519.03
0.00
')27?50.00
2],534.06
Nmc 3
144,937.57
144,937.57
Nnte4
686,251.00
5.55
5.55
656?51.00
Nntra
468,091.25
0.00
468,051.25
0.00
NnW4
0.00
0.00
0.00
0.00
\nh 4
$2,057,049.37 S21,519.03 5355.40 5696,237.94 51.332,714 46
These accounts are not part of the Treasurers hind balances I cp01 lcd cisCwher in this report. as they are I01' SCIM1a1e and diR611cl
entities.
Note 1: Thisaccount inCludC redemption aceounls srl up lM IhC repayment n1'11110res1 and principal as 0utsundirn,
Uaind coupons fire Parking Assessment District as well as Reserve Funds set up as required by the original Bond resolution.
Note 2: The reserve Sind was a requirement ol'dtc original cerliliceles ol,parlicipauon agreement when Lot 4 was built. It helps
to guanurtee payment of the lease payments should the Town ant make paymcut.
,Notc.1: The lease payment fund receives the lease patymems from the Town monthly litr the lease of Lol4. It holds the funds until
payments on the certificates ul participation are due semi autnually.
Nate 4: The three finds for the Certificates of Parlicipation 2002 Series A consist ol'canslruClion funds which will be e,e}}ended over the
next few years, reserve funds which will guarmilee the payment of lease payments, and a third fund for the dis6m3cment o1" lease payments
and initial delivery costs.
Pare 3
Town of Los Gatos
Statement of Interest Earued
August 31, 2009
Current Fiscal
IN4011th Year to Datc
Interest received from Investments $199,074.33 $434,807.28
Add: Interest accrued at end of period (see page 5) 314,967.46 314,967.40
Less: Interest accrued at beginning of period (375.910.39) (474,569.94)
Interest earned on investments $138,131,40 $275,204.80
Interest by Month
July 2049 137,073.40
August 2009 138,131.40
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
275,204.80
Page 4
Deposit Amorlizcd
Itslituliolt Seculil Dole Cost
USTteasurv
Note
08/05/09
UsTwasuty
Note
03/25108
USTmamry
Note
11/17/06
USTreasttrv
Note
06/02/08
PUNIC
Coupon Note
06/14/05
ML Corp
Corpornte Note
(14/10/07
USTteasury
Note
06/24/08
USTteasury _
Note
10119106
FHLB
Coupon Note
08/22/06
FUL13
Coupon Note
01/12/07
FF1LB
Coupon Note
03/23109
FFCB(2)
Coupon'role
09/15108
USTteasury_
Note
05/311()7
FFCB
Coupon Note
12/07/07
FHLB
Coupon Note
03/23/09
FFCB
Coupon Note
01/18/07
FFCB
Coupon Note
11/28/07
11Sfreasuty_
Note
(16/12/09
I'MMA
Coupon Notc
(19/29!(16
FHLB
Coupon Note
(16108/(19
FHLtN1C(I)
Coupotr Note
(17/22/09
USI'l-easuty
Note
I0/19/06
FFC11
CutlFa n Note
12/12/07
FFCB
Coupon Notc
05/28/09
FFCB
Coupolt Note
02/22/07
FHLN4C(4)
CouponNole
06/24/09
F1VA4A(5)
Coupon Note
05/2.1109
FHLB
Coupon'ote.
(15109107
FFCB
Coupon Note
(1'!/21/09
FIILB
Coupon Note
11/29107
GE
ColporateNote
(I)116((]8
Town of Los Gatus
Inactive Deposits h)' Institut[on
Norket to Cost Posltlan Report
August 31, 20119
Na luli ty_
Da to
1.992.187, S0
07.3 L 11
1,024,062.50
09!15/09
748,066.41
11/15/09
1,514,941.41
12/31109
299,331.00
01/25/10
976,150.00
02/08/10
739,921.88
02/28/10
976,406.25
04/15/10
1,507,665.00
06/11/10
1,487,205.00
08/10/10
1,049,400.00
08/16110
1,500,000.00
()9115/10
737,226.56
] 0A SA O
2,032,140.00
11/08/10
1 ,040160,00
12/10110
756922.50
01!18111
2,(162,0(1(1.(10
02/18i11
1987.187.50
(131.31;1 1
576,485.00
04/15111
1,988 018.60
06/03111
1.501,171. 88
(17/22111
990,(]78.13
09/30/11
2,025.080.00
11/21/11
998 500.0(1
11128/11
986,()80.00
12/(18/ I 1
998,500.00
01/23/12
1 (104500.(€(1
OV03J12
1509.255.(1(1
03109112
1,012,900.00
07.117;12
2,039,360.00
08115/12
1,542.165.00
10/19/12
Subtotal 40,541 967.12
union ]VIM 3,490,986.25
Purchased Inicresl 4,288.75
LAIF N/A 06/30/09 311,468,836.13 09/30/09
Days
Ehesed
26
524
1018
455
1539
874
433
1047
1105
962
161
350
823
633
161
956
642
SO
1067
84
40
1047
628
95
921
68
102
845
41
641
593
30
62
Doysto Dogs Yield to
Mahaily Invested Matuti_ty
699
725
1.196%
15
539
[.709%
76
1094
4.734%
122
577
2.602%
147
1685
4.431%
161
L035
5.165%
181
614
2.819%
227
1274
4.744%
284
1389
4.957%
344
1306
4.960%
350
511
1.284%
390
730
3.300%
410
1233
4.801°%
434
1067
3.715%
466
627
1.485%
505
1461
:,.175%
536
1 178
1.840 %
577
687
[1.875%
592
1659
4.874%
641
725
].432%
690
730
1.585°%
760
1807
4.721%
812
1440
4.000%
819
914
1.59(]%
829
1750
4.959%
875
943
2.031%
886
988
1.951%
921
1766
4.743°%
1051
1092
L472%
I£Y8[1
172€
170%
1 145
1738
4.587
30 (1. I5°%
LtletGsl Iuleresl 1111ct ust
Lamed Received .4ccnted
1697.23
75.125.05
98,769.61
49,13 8.47
55 924.13
120,727.29
24,744.35
132,87(€.65
226 252.40
194,41722
5,943.46
47 465.75
79,806.75
130.925.21
6.813.33
62944-X5
139271 Al
3,811.04
2.16 070.3 6
65S 1.64
2 6(17.51
134.17793
139369.99
4.132.15
123,3 8 8.03
3378.11
3A76.64
165,721.78
1.674.04
149.273.29
114,926.93
32,832.88
86.527.1 l
52,5(1{Y.(I(S
53,994.79
98,930.56
17.771.74
99,560.44
214,50[1.0(1
181,133 13
]9,229.17
24,750.(€0
59.743.85
122 072.22
8.180.56
39.375.00
167.916.67
105,604.17
110,151.10
125,183,33
106,1 18.06
1.5 86.94
425(1.0(1
1375(1(1.(1(1
158,277-7F
99 p 93.'7 >
16117.23
(7,707.83)
12242.50
(3 361.53)
1,929.34
21,796.73
6.972.61
33,310.21
11.752.40
12 083.89
(13 285.71)
22.715.75
20,062.90
8.85? 94
(1.367.231
23.569.85
(28.645.24)
3:111.04
20,460.19
6,551.64
2607.51
23 926.83
14.186.56
4.132.15
17,269.97
2.191.17
1,226.64
29,221.7X
1.674.114
(9.004.4'r )
15x3308
430.40
43(1,40
30 92 0.93% 58,223.50 58.223.50
574.506.078,25 333 2.14°% 52,532,350.91 52,217383.45 S314,967.46
Maturity Pl'ur&
Amount
Pancut
0-1 vear
$44,287,260.5 8
59.44%
1-2 years
517,113,499.54
22.97%
2-3 vears
511,563,153.13
15.52%
3-5 Yeats
L-1.547 .165.00
2.07%
574 506 078.25
100.00%
Market to Cost Position Report
Amortized
Nhokel
L-m-calized a Source[ `lreasuty and Agency Ohligalions - l /mall Hank of Calilnntia
Institution
Cost
Value"
Clain [Loss LAW halauces per Local AgencY Itveslmeot Fund montldY stalemcwt
Union Bank Assels
S40541,967.12.
S41,50114.00
1,045.146.88
Union'NIM
3A90,986.25
3,490 986,25
(1.(10
Purchased lntcrest
4,288.75
4,288.75
0.00
LA1F
30,468,836.13
30,468,836.13
0.00
Tolalk
574,506,078,25
$75,551,225.13
51,045,146.88
(1) Callable (Itimlerly statting 10122/09
(2) Callahle once on 9/15!(19
(5) Callable once on 02103/10
page 5
Town of Los Gatos
Investment Report
for the month ended
July 31, 2009
Prepared by J
Linda L. Speicher, Project Manager
2b-Sep-09 v✓
Town of Los Gatos
Summary Investment Information
July 31, 2009
Weighted Average Portfolio Yield: 2,16% Weighted Average Maturity (days)
This Month Last Month One year ayo
Portfolio Balance $80,887,202 $85,021,579 $76,014,723
Benchmarks/ References
Town's Average Yield
2.16%
2.50%
3.60',,)
LAIF Yield for month
1.04%
1.39%
2.79%
3 mo. Treasury
0.19%
0.20%
1.73%
6 mo. Treasury
0.28%
0.36%
1.92%
2 )7. Treasury
1.08%
1.08%
2.82%
5 yr. Treasury (most recent)
2.69%
2.69%
3.44%
Prime rate
3.25%
3.25%
5.00%
Most recent auctions of
Freddie Mac or Tannic Mae Reference Notes:
3 yr. Freddie Mac (07116109) 1.75%
2 yr. Fannie Mae (04109/09) 1.50%
330
Compliance: The Town's investments are in compliance with the Town's investment policy elated May 1, 2008
and also in compliance with the requirements of Section 53601 of the California State Code. Based on the information available, the
Town has sufticiont finds to meet the cash demands fog- the next six months.
Page 1
Torun of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
July 31, 2009
Fetid Balances - Beginning of MontlVPeiiod
Receipts
Disbursements
Fund Balances - End ofMonth/Period
Portfolio Allocation
Union MM
US Goo Agencies
Local Agency Investment Fund
Subtotal - Inveshnents
Reconciled Demand Deposit Balances
Total Treasurer's Find
Local Agencylnvestment Fund
44.0%u
Month
YID
5;85,021,578,85
$85,021,578.85
1,955,294.31
1,955,294.31
(6,089,670.69)
(6,089,670.69)
580,887,202.47
$80,887,202.47
53,262,35536
40,576,083.11
34.468.836.13
78,307,274,60
2,579,927.87
$80,887,202.47
Treasury, Agencies,
8 Corp. Notes
57.8%
page 2
Portfolio Investment Allocation
Union MM
4.2%
Town of Los Gatas
Not-Treasury Restricted Fund Balances
July 31, 2009
Previous Ending
Balance Deposits ][)forest Withdrawals Balanec
INron-Treasury Funds:
Downtown Parking District 12/20102
Certificates of Participation Reserve Fund (Lot 4)
Cert. of Participation Lease Payment Fund (Lot 4)
Con, 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
S275,109.61
255,03 7.10
206,517.47 20,747.56
149,937.57
656,251.00
0.00 468,081,25
0.00
5366.81
$275,476.42
71nte I
0.00
255,037.10
Nnic z
0.00
227,265.03
Norc 3
5,000.00 144,937,57
Nnrc4
5.66
5.66 686 251.00
Nu Ic a
0.00
464,441.25
Nmc l
0.00
O.U0 0.00
Mika
Total Restricled Funds
51,572,852.75 5448,828.81
5372.47 5505.66 $2,057,048,37
These accounts are nol part or the Treasurer's fund balances reported elsmlicic in this report, its they are forseparale and distinct
entities.
Note 1: This account include redentplion accounts set up for the repaymenl of intcresl kind principal on outstanding
bond coupons for Parking Assessment District '3', as well as Resen•e Funds sel up as required by the original Bond resolution.
Note 2: The reserve fund was a requiremem orthc original certificates of participation agreement when Lol 4 was built It helps
to guarantee payment oi'the least payments sltnuld lhe'Rnvn not make payment.
Note 3: The lease payment land receives the lease payments from the Town monthly for the lease of Lol 4. It 110ids Ilse limds until
payments on (he certificates of participation are due semi-annually.
Note 4: The three fiutds For the Certificates of Participation 2002 Series A consist of cOnsu-uction finds which will be expended over the
next few years, reserve Funds which Will guarantee the payment Of IeI15e payments, and a third fund for the disbursement of lease payments
and initial delivery casts.
Page 3
Town of Los Gatos
Statement of Interest Earned
July 31, 2009
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 fear to Date
$235,732.95 $235,732.95
375,910.39 375,910.39
(474,569.94) (474,569.94)
$137,073.40 $137,073.40
interest by Month
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
137,073.40
137,073.40
Page 4
Tavvn of Los Gatos
Inact
ive Depasits by Instituti
on
llTsrket to Cost Position Report
My 31, 2009
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
InnLcrost
Interest
hntemmt
Insfitution
Security
Dale
Cost
Da(c
EIE
Maturi
Ilyested
Matlldty
Earned
Received
Acomed
FFCB
Coupon Note
04102108
2,010,820.00
08/04109
4S5
4
489
2.286%
61,079.90
45,30(60(1
15,779.90
USTreasury
Note
03/25/08
1,024,062.50
09115/09
493
46
539
1.709%
2353X,65
32,832.88
(9,194.23)
USTreasmy
ATOIe
11/17/06
748,066.41
11/15109
987
107
1094
4.734%
95,761.89
86,527.11
9134.78
USTmasury
Note
(16/()2108
t,514,941.41
12/31/09
424
153
577
2.602%
45,790.58
52,500.00
(6,709.42)
FHLMC
Coupon Note
06114105
299 331.00
(11/25/1(1
1508
178
1686
4.431%
54 797.65
53,994.79
802.86
Mi LCorp
Corporate 'Note
04110/07
976,IS(1,f1(I
02108/10
843
192
1035
5.165%
116.445.20
77,68€1.56
38,764.64
USTieasury
Note
06/24/() 8
739 921.88
02/28/10
402
2 L2
614
2.819°/
22,972.81
10,271.74
12,701.(17
USTreasury
Note
10/19/06
976,406.25
04/15/10
1016
258
1274
4.744%
128,936.56
99,560.44
29.376.12
FHLB
Coupon Note
08122/06
1,507,665.00
06/11110
1074
315
1389
4.957%
219905.(14
214,50(6(1(1
5,405.04
FHLB
CouponNole
01/12/07
1,487,205.00
08/10/10
931
375
1306
4.960%
188,152.21
146,483.33
41,668,88
FHLB
Coupon Note
03/23AO
1,(149,400.0(1
08/16110
130
381
511
1.2X4%
4,799.06
4,799.06
FFCB(2)
Coupon Note
09/45/08
l,So0,00(I.00
09115110
319
411
730
3.3(1(1%
43,261,64
24,750.00
18,511.64
USTreasury
NTOte
(15/11/(17
737,226.56
10/15/tO
792
441
1233
4.801%
76,800.67
59,743.85
17,056.X2
FFCB
Coupon Note
12/07/07
2,032,140.00
WHIM
602
465
1067
3.715%
124,513.39
122,072.22
2,441,17
FMB
Coupon Note,
03/23/09
1,040,160,00
12/10/10
130
497
627
1.485°/
5,501.45
B,ISO.56
(2,679.11)
FFCB
Conpon Notc
01/18/07
756,922.50
(11118111
925
536
1461
3.175°%
60,903.75
39,375.00
21.528.75
FFCB
Coupon Note
11/28107
2,062,000.00
02/18/11
611
567
117X
3.840°%
432,546.49
119,166.67
13 379.82
UST easury
Note
06112109
1,9877187.50
03131/11
49
608
657
0.875°%
2,334.26
2,334.26
FN11IA
COUpou Note
09/29106
1,516,485.00
04115/11
1036
623
1659
4.874%
209,797..78
195,604.11
14.188.61
FHLB
CouponnNote
06/08/09
1,988,(118.60
06103/11
53
672
725
1.412°%
4.133.77
4.133.77
FHLiVEC(L)
CoupmlNote
07/22/09
1,501,171.88
(17122111
9
721
730
1.585%
586.69
586.69
USTreasury
Note
10/19/06
990,078.13
09/30/11
1016
791
1807
4.721%
130,108119
110,151.10
19 956.99
FFCB
Coupon Note
12/12/07
2,025,080.00
11/21/11
597
943
1440
4.00(1°%
132,490.17
125,183.33
7,306.84
FFCB
Coupon NOW
05/28/09
998,500.00
11/28/11
64
850
914
1.590%
2,783.76
2,783.76
FFCB
Coupon Note
02/22/07
986,080.00
12/(18/11
890
860
1750
4.959%
119,23490
106,118,06
13,116.X4
FHLZ,FC(4)
Coupon Note
06/24/09
998,500.00
01/23/12
37
906
943
2,031%
2,055.73
1,586.94
468.79
FNMA(S)
Coupon Note
05/21/09
1,004,5(10,(10
02/03112
71
917
988
1.951%
3,812.17
3,812.17
FALB
Coupon Note
05/09/07
1,5(19,255.(10
03/09/12
814
952
1766
4.743%
159,642.05
137,5(10,(10
27„142.05
FFCB
Conpon Mote
07/21/09
1,012,800.00
07/17112
10
1082
1092
1.472°%
408.45
408.45
FIILB
CoupooNote
11/29/07
2,038,360.00
08/15/12
610
1111
1721
4.170°%
142,054.15
112,(127.78
30,026.37
G1
CorportcNote
01/16/08
1,542,165.00
10119/12
562
t176
1738
4.597%
108,918.85
99,093.75
9.825.10
Subtotal
40,560,599.62
Union Ml4f
3,262,355.36
30
30
(1.15%
402.21
402.21
Panvhased Interest
15,483.49
LAM
N/A
(16/30109
34r468836.13
f)9/3{S/09
_
31
61
92
1.04%
31,549.69
3 1149.69
S78,3U7,274.60
330
2.16% S2,456,114.67
S2,(=,204.28
S375,910.19
Il4atulity Profile
Aruound
Percent
a-1 year
547,544,039.43
6071%
1-2 vents
$17,657,917,04
22.55%
2-3 years
S9,524,793.13
12.16%
3-S years
3 S50,525.00
4,57°%
578,307,274.60
100,00%
Alurket to C
ost Position Report
Amortized
Market
ulvealized
* Source:
Treasury and
Ageuev Obligat
ions - Union Ban
k ofCalifonria
Institution
Cost
Value,
GainjLoss
LAIF balances per Loc
al Agency Tovestnneat Food moullly stalemenl.
Union Bank Assets
S40,S60,599.62
541,584,295.00
1,023,695.38
UnionNlM
3,262,355,36
3,262,355.36
0.00
Pulnhaserllt
terest
15,483.49
15,483.49
0.00
LA1F
34,468,836.13
34,468,836,13
0.00
To€als:
$78,307,274.60
$79,330,969.98
$1,023,695.38
(1) Callahlc quarterly starting 10122/09
(2) Callable once on 9115109
(5) Callable once on 02/03/10
page 5