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2010051701 - Investment Report for Third Fiscal Quarter 09/10 - January through March 2010OWN OF COUNCIL AGENDA REPORT ~~3 ~C ASO~' DATE: MAY 10, 2010 MEETING DATE: 05/17/10 ITEM NO. TO: MAYOR AND TOWN COUNCIL FROM: GREG CARSON, TOWN MANAGER ~~ SUBJECT: INVESTMENT REPORTS FOR THIRD FISCAL QUARTER 09/10 (JANUARY THROUGH MARCH 2010) RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Investment reports for the third quarter of the current fiscal year 09/10. The average yield for the Town's investment portfolio has continued to decline; although only slightly, during the cun-ent quarter as investments have matured and been replaced in the current market. The Town's portfolio continues to outperform LAIF significantly however. The Federal Reserve has continued to keep interest rates low and it appears this will continue for the foreseeable future. ENVIRONMENTAL ASSESSMENT: Is not a proj ect defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Investment reports for the third fiscal quarter (January through March 2010). PREPARED BY: Y Finance & Ad~irinistrative Services Director/ Town Treasurer Reviewed by: -Town ManagerAssistant Town Manager 17V,~`Pown Attorney _C1erk~P/FinanceCommunityDevelopment Reviscd:5/lo/l0 7:51 prn Reformatted: 5/30/02 Town of Los Gatos Investment Report for the month ended March 31, 2010 Prepared by Linda L. Speicher, Project Manager OS/10/10 Town of Los Gatos Summary Investment Information March 31, 2010 Weighted Average Portfolio Yield: Z.07% Weighted Average Maturity (days) This Month Last Month One year aso Portfolio Balance $71,142,101 $70,957,932 $81,096,801 Benchmarks/ Ret'erences: Town's AverageYielrl 2.07% 2.11% 2.85% LAIF Yield for month 0.55% 0.58% 1.82% 3 mo. Treasury 0.15% 0.10% 0.20% 6 mo. Treasly 0.24% 0.19% 0.43% 2 }+r. Treasury 1.00% 0.90% 0.95% Syr.Treasruy(mostrecent) 2.61% 2.40% 1.85% Prime rate 3.25% 3.25% 3.25% 141ost recent auctions of rreddie Mac or rannie Mae Reference Notes: 3 yr. Fannie Mac (03/15/l0) 1.80% 2 yr. Fannie Mae (03/02/10) 1.02% 396 Portfolio Maturity Profile 3 5 years 2-3 years ~{% 15% t£ ~ t s ~ £ 0 - 1 year ~ £ a L ~ a. ~$ 53% -# ~ ' £ 1 - 2 yens s x £ € z9% Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008 and also in compliance with the reglurements of Section 53601 of the Cali foxnia State Code. Based on Uxe information available, the Town has sufficient funds to meet the cash demands fox the next six months. Page 1 Town of Los Gatos Portfolio Alloca8on & Treasarer's Fund Balmtces March 31, 2010 Fund Balances- Beginning ofMontkilPeiiod Receipts Disbursements Fund Balances - End of Month/Period Month YTD $70,957,932.41 $85,021,578.85 3,001,152.35 27,647,367.96 (2,816,984.17) (41,526846?2) $71,142,100.59 $71,142,100.59 Portfolio Allocation: Union MM US Govt Agencies Local Agency Inveshnent Flmd Subtotal - lnveshnents Reconciled Demand Deposit Balances $381,113.72 44,448,809.16 20 932,270.14 65,762,193.02 5.379.907.57 Total Treasm~ei's Fund $71,142,100.59 Portfolio lnveahnent Allocation Union MM 0.6% Local Agcncylnveslmenl Pund 31 8% ~.y.., 4,d if° l °" ~ ' `6~'Y ', 'r F;' . 9 X~ hv,rr~"~ ~ lF s ~ o '~v° rfk rn~~rS~„~~ir,rA Si~ ~~~ f yfr ~„r ml or~'r ~,~ th?u:.~~~74.~~n~riyl i; k~ir jrCO" fI!'A/J, ~l sl,Irf~~A%~{~~/~Hr~"Jl.1.`~.Y4i M~Y„~p.>. , 'o'dr'. Ale.,b.~. rti .'~~ ~+%y>r. iY ~~JibudTr~~''u,.r ~~ ~ ' N~awji~A fr., ' , v . ~ ~ y~y..~~~ ~yy.. ~" ~ ~ ~f ,, ' ~A~,~~~,sY ~Hi. S'yr'V..'' 1 Y9 Treasury, Agencies, & Carp. Notes 57.8 page 2 Town of Las Gatos Non-T reasury Restricted Fund Balances March 31, 2010 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 12/20/02 $278,119.55 8246.10 $27$3fi5.66 r<om t Certificates of Participation Reserve Fund (LOt 4) 264,13fi.26 0.00 254,136.26 Nmox Cert. oFParticipation Lease Payment Fund (Lot 4) 147,748.35 1,293.33 0.00 149,041.68 Naroa Cert. of Participation 2002 Series A Const. Fund 145,158.61 882.05 146,040.66 nntea Cert. of Participation 2002 Series A Reserve Fund 68fi,251.I9 5.28 5.28 686,251.19 iratea Cert. Of Participation 2002 SeriesA Interest Fund 0.00 0.00 0.00 0.00 notea Ced. OtPanicipation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 uomu Total Restricted Funds: 51,511,413.96 $1,293.33 $1,133.43 $5.28 $I,S 13,835.44 These accounts are not par[ offhe 9'reasurer's fund balances reported elsewhere in this report, as [hey are for separate and distinct entities. Note I: This account include redemption accounts set up For the repayment ofinterest and principal on outstanding bond coupons for Parking Assessment Districl'3', as well as Reserve Funds set up as required by the original Bond resolution. Note 2: The reserve fund was a rcquimmenl otthe original certificates oFpmticipation agreement when Lol4 was built. It helps [o guarantee payment of the lease payments should the Town not make payment. Note 3: The lease payment fund receives the tease payments from [he Town monthly for the lease oFLot 4. I( holds the funds until payments on the certificates ofparticipalion are due semi-amwally. Note 4: The three funds For the Certificates ofParticipation 2002 Series A consist of conshtic[ion funds which will he expended over the next few years, reserve Funds which will guaramee the payment of lease payments, and a Ihird land for the disbursement of lease payments and initial delivery costs. Page 3 Town of Los Gatos Statemerrt of Interest Earned March 31, 2010 Interest received fi'om Investments Add: Interest accrued at end of period (see page 5) Less: Interest accrued at beginning of period Interest earned on investments Current Ftiscal Month Year to Date $105,785.80 $1,342,947.63 235,188.94 235,188.94 (224,531.01) (474,569.94) $116,443.73 $1,103,566.63 Interest by Month July 2009 August 2009 September 2009 October 2009 November 2009 December 2009 7anuary 2010 February 2010 March 2010 April 2010 May 2010 Jmre 2010 137,073.40 138,131.40 125,783.09 128,398.98 121,548.33 115,813.02 116,203.67 104,171.01 116,443.73 i,iw ,~uu.u~ Page 4 Town of Los Gatos Iunetive Deposits by Iustihttiou binrket to Cast Position Repoli Marek 31, 2010 Deposit Amortized MzNrity Dnys Days to Daya Yield to hrterest brterest hiletcst ktslihrtion Secnri Dnte Cost Date Elaused Mnhui Invested Mahui Earned Received Awmed FFD.MC(4) Corporate No[e 02/03/10 1,005,650.00 1ll05/12 56 950 1006 1.793% 2,766.45 2,766.45 USTreasttry Note 10/19/06 976,406.25 04/15/10 1259 15 1274 4.744% 159,774.73 119,560.44 40,214.29 FHiR Coupon Note 08/22/06 1,507,665.00 06/11/10 1317 72 1389 4.957% 269,660.09 253,875.00 15,785.09 FHLB ConponNote 01/12/07 1,487,205.00 OS/10/10 1174 132 1306 4.960% 237,261.76 216,983.33 20,278.43 FAL.B Conpou Nale 03/23/09 1,049,400.00 08/16/10 373 138 511 1.284% 13,769.62 43,604.17 (29,834.55) USTreastrry Note 05/31/07 737,226.56 10/15/10 1035 198 1233 4.801% 100,3fi4.51 75,681.35 24,683.16 FFCB Conpmt Note 12/07/07 2,032,140.00 11/08/10 845 222 1067 3.715% 174,773.78 165,072.22 9,701.56 FHLB Coupon Note 0323/09 1,040,160.00 12/10/10 373 254 627 1.485% 15,784.93 27,555.56 (11,770.63) FFCB Coupon Note Ol/18N7 756,922.50 01/18/11 1168 293 1461 3.175% 76,903.33 52,500.00 24,403.33 FFCB Coupon Note 11/28/07 2,062,00(1.00 02/18/11 854 324 1178 3.840% 185,261.38 216,666.67 (31,405.29) USTreawtry Note 06/12/09 1,987,187.50 03/3ll11 292 365 657 0.875% 13,910.31 14,009.56 (99.25) FNMA Coupon Note 09/29/06 1,516,485.00 04/15/11 1279 380 1659 4.874% 259,000.93 234,041.67 24,959.26 Trenstry Note 1ll16N9 753,515.63 05/3llll 135 426 561 0.568% 1,583.00 251.02 1,331.98 FHI,B ConponNote 06/08/09 1,988,018.60 06/03/11 296 429 725 1.432% 23,086.72 10,937.50 12,149.22 USTrensury Nale 08/05/09 1,992,187.50 07/31/11 238 487 725 1.196% 15,536.22 9,673.97 5,862.31 Trensuy Nole 09/21/09 2,000,000.00 O8/3ll11 191 518 709 1.032% 10,800.66 R,H39.78 1,960.8% US1'reasnry Nole 10/19/06 990,078.13 09/30/11 1259 548 1807 4.721% 161,226.47 155,151.10 6,07537 FFCB ConponNote 03/01/10 750,000.00 10/26/11 30 574 604 0.)50% 585.62 SRS.fi2 FFCB ConponNote 12/12/07 2,025,080.00 11/21/1] 840 600 1440 4.000% 186,418.32 168,683.33 17,734.99 FFCB ConponNote 02/22/(17 986,080.00 12/08/11 1133 677 1750 4.959% 151,790.05 129,243.06 22,546.99 USTreastry Notc 12/31/09 1,497,539.06 12/31/11 90 640 730 1.083 % 3,999.04 3,999.04 I1VMA Conpou Note 12/08/09 1,991,380.00 01/12/12 113 652 765 1.073% fi,615.15 1,652.78 4,962.37 FFCB Conpmt Nole 07/21/09 1,012,800.00 Ol/17/12 253 fi57 910 1.472% 10,333.78 9,777.78 556.00 FIII,B Coupon Nrote 05/09/07 1,509,255.00 03/09/12 1057 709 1766 4.743% 207,299.32 212,500.00 (5,200.68) FFCB (6) Conpou Notc 09/04/09 1,005,500.00 04/20/12 208 751 959 1.806% 10,348.33 2,581.11 7,767.22 FRLR (3) Conpou Nole 11/06/09 1,200,0011.00 08/Ofi/12 145 859 1004 0.740% 3,527.67 2,175.00 1,352.67 F13T,B ConponNote 11/29/07 2,038,360.00 08/15/12 853 868 1721 4.170% 198,642.93 204,527.78 (5,884.85) GE Corpomle Note Ol/16N8 1,542,165.00 10/19/12 805 933 1738 4.587% 156,013.65 13 8,468.75 17,544.90 F13LMC(1) ConponNote 10/23/09 999,270.00 10/23/12 159 937 1096 2.025% 8,814.79 8,81M1.79 FNMA(7) Conpou IQole 02/09/10 1,005,850.00 01/28/13 50 1034 7084 1.820% 2,507.74 2,507.74 FNMA Conpou Note 03/25/10 998,580.0(1 03/25/13 fi 1090 1096 1.899% 311.72 311.72 PDLMC(R) Coupon No[c 02/01/10 1,998,300.00 01/29/15 58 1765 1823 3.703% 11,758.44 11,758.44 Stbtotnl 44,442,406.73 UnionMM 381,113.72 30 30 D.OS% 15.66 15.fi6 Ruclvased hrterast 6,402.43 LAOS N/A 12/.il/09 20,932,270.14 03/31/10 90 0 90 0.55% 28,754.71 28,754.71 $65,762,193.02 396 2.07% $2,709,201.81 $2,474,012.X7 $235,188.94 Mahtriry Hn De Atnmtut Percent 0-l year $34,956,099.10 53.16% 7-2 yenrs $19,012,418.92 28.91% 2-3 years $9,795,375.00 14.90% 3-5 years $1,998,300.00 3.04% $65,762,] 93.02 100.0.0 Market to Cost Pusition RepoN Antortizcrl Mmket Utuenlized '*Sonrec. Treasury and Agency Obliga [ions-Uivou Bmt k of Cnlifonua Insfih~tion Coat Vnbte* Gain (Loss) LAIF bal ances per Loca l Agency Tnveslmen[Fnnd mont ldy sL~temenL Union Rnnk Assets $44,442,406.73 $45,160,603.011 718,196.27 Union blM 381,113.72 381,113.72 0.00 Purchased htl etest 6,402.43 6,402.43 OA(I LAIF 20,932,270.14 20,932,2711.14 0.00 Totals: $65,762,193.02 $66,48Q389.29 $718,196.27 (1) Callnhle g nnrtedy beginning 0128/10 (2) Cal lnhle quartcdy hegittuing 729/10 Coupon m[e increases 1 % annually (3) Callable once on 8/6/10 (4) Callable quadedy begimting 7/29/10 Conpmt mte increases 1 % annually (5) Callable mice on 2/OL10 (6) Callable mice on 0420/10 page 5 Town of Los Gatos Investment Report for the month ended February 28, 2010 Prepared by Linda L. Speicher, Project Manager OS/10/10 ~, Town of Los Gatos Summary Investment Information February 28, 2010 Weighted Average Portfolio Yield: 2.11% Weighted Average Maturity (days) This Month Last Month One year ago Portfolio Balance $70,957,932 $71,986,737 $8Q,886,382 Benchmarks/ References: Town's Average Yield 2.11% 2.16% 3.03% LAIF Yield for month 0.58% 0.56% 1.87% 3 mo. Treasuuy 0.10% 0.06% 0.28% 6 mo. Treasury 019% 0.14% 0.45% 2 yr. Treasuuy 0.90% 0.88% 0.88% Syr.Treastuy(mostrecent) 2.40"/° 2.25% 1.88% Yrimerate 3.25% 3.25% 3.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Freddie Mac (03/04/10) 1.63% 2 yr. Fannie Mae (03/02/10) 1.02°/" 418 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 ofthe 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 Fnnd Balm~ces February 28, 2010 Fund Balances - Beginning of Montb/Period Receipts Disbursements Fund B¢lances- End ofMonth/Period Month YTD $71,986,737.36 $85,021,578.85 2,217,519.51 24,646,215.61 (3 246,324.46) (38.709.862.051 $70,957,932.41 $70,957,932.41 Portfolio Allocation: Union MM US GovtAgencies Local Agency Investment Fund Subtotal -Investments Reconciled Demand Deposit Balances $284,127.34 44,440,468.55 20,932,270.14 65,656,866.03 5.301,066.38 Total Treasm~ct's Fund $70,957,932.41 Portfolio Inveshnent Allacafiou Union MM 0.4 Local Agencylnveslmenl Fiord ~ ry~.~y 31.9Yo ~ ~~'.a'~ylr~iJ~6~v ',N''~ :'re. ~~~n. v.~. 7. ur~ru' r",~nr~b:'ne`.h'ilnr; u'rr%~i:7ysii ,n~rl~ fr,/ J~~ ~,,'9;f ~ /fir `%' : •' Treasury, Agencies, & Corp. Notes 57.8 page 2 Town of Los Gatos Nan-Treasury Restricted Fund B alances February 28, 2010 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 1220/02 5277,736.89 5382.6fi 5278,119.55 nmc i Certificates o£Participation Reserve Fond (Lot 4) 254,136.26 0.00 254,I36.2fi norm Cert. of Participation Lease Paymenf Fund (Lot 4) 124,625.01 40,248.34 0.00 17,125.00 147,748.35 note l Cert. of Participation 2002 Series A Const. Fund 144,937.57 22 L04 145,158.61 Note J Cert. of Participation 2002 SeriesAReserve Fund 686,251.19 5.84 5.84 656,25L19 rvateJ Cert.OCParticipation 2002 Series Alnleres[Fund 214,018.75 0.00 214,018.75 0.00 rvuoe4 Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 rvute4 Total Restricted Funds: $1,701,705.67 $40,248.34 5609.54 $231,149.59 $1,511,413.96 These accounts are not earl of the'1'reasurer's fund balances reported elsewhere in this report, as [hey arc for separate and distinct entities. Note L 'Chic account include redemption accounts set np fur the repayment of interest and principal an outstanding bond coupons fm' Parking Assessment Disn'ict'3', as well as Reserve Funds set up as required by the original Bond resolution. Note 2: The reserve Cund was a requirement of the original certificates of participation agreement when Lot 4 was built IC helps to guarantee payment ofthe lease payments should the Town no[ make payment. Note 3: The lease payment fund receives the Icase payments from the Town monthly for the lease of Lo[ 4. It holds the funds wrtil payments on [he certificates of participation are due semi-annually. Note 4: The three Cnds for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the next few years, reserve fiords which will guamntcc the payment oClease payments, and a third Cund far the disbursement of lease payments and initial delivery costs. Page 3 Totvn of Los Gatos Statement of Interest Earned February 28, 2010 Interest received from Investments Add: Interest accrued a[ end of period (see page 5) Less: Interest accrued at beginning of period Interest earned on investments Current Fiscal Nlon tr Year to Date $218,191.14 $1,237,161.83 224,531.01 224,531.01 (338,551.14) (474,569.94) $104,171.01 $987,122.90 Interest by Montlr July 2009 August 2009 September 2009 October 2009 November 2009 December 2009 January 2010 February 2010 March 2010 April 2010 May 2010 June 2010 137,073.40 138,131.40 125,783.09 128,398.98 121,548.33 115,813.02 116,203.67 104,171.01 ~a i,~c~.yu Page 4 Toev of Las Gatos Inact ive Deyosits by TnstihiHau Market to Cost Poaitiou Report February 28, 2010 Deposit fvnoriized Mahrrity Days Days to Days Yield to Lrterest Iuleres[ htlerest hisONtion Secnd Date Cost Date Ehosed Mah¢ily hrves[ed Mnhid Earned Received Acemed FBLMC(4) Corporate Note 02/03/10 1,005,650.00 11/05/12 25 981 1006 1.793% 1,235.02 1,235.02 USTmasiry Note 06/24/08 739,921.88 02/28/10 614 0 614 2.819% 35,087.83 17,771.74 17,316.09 USTreasury Note 10/19/06 976,406.25 04/15/10 1228 46 1274 4.744% 155,840.64 119,560.44 36,280.20 FHLB Conpon Nole 08/22!06 1,507,665.00 06/11/10 1286 103 1389 4.957% 263,312.74 253,875.00 9,437.74 FBLB Coupou Nole 01/12/07 1,487,205.00 O8/10/10 1143 163 1306 4.960% 230,996.76 216,983.33 14,013.43 FBLB Coupou No[e 0323/09 1,049,400.00 08/16/10 342 169 511 1.284% 12,625.23 43,604.17 (30,978.94) USTreas<rry Note 05/31/07 737,22fl56 10/15/10 1004 229 1233 4.801% 97,358.42 75,681.35 2I,fi77.07 FFCB Conpon Nole 12/07/07 2,032,140.00 11/OS/10 814 253 1067 3.715% 168,361.96 165,072.22 3,289.74 FBLB Conpon Note 03/23/09 1,040,160.00 12/10/10 342 285 627 1.485% 14,473.04 27,555.56 (13,082.52) FFCB Conpon Note 0]/18/07 756,922.50 Ol/18/11 1137 324 1461 3.175% 74,862.23 52,500.00 22,362.23 FFCB Conpon Note 1128/07 2,062,000.00 02/18/11 823 355 1178 3.840% 178,536.43 216,666.67 (38,130.24) USTmasnry Note 06/12/D9 1,987,187.50 03/3ll11 261 396 fi57 0.875% 12,433.53 5,259.56 7,173.97 FNMA Coupou Note 0929/06 1,516,485.00 04/15/11 1248 411 1659 4.874% 252,723.35 234,041.67 18,681.68 Treasury Nole 11/16/09 753,515.63 05/31/11 104 457 561 0.568% 1,219.50 251.02 968.48 FALB Conpon Nole 06/08!09 1,988,018.60 06/03/11 265 460 728 1.432% 20,668.86 10,937.50 9,731.]6 USTreasnry Nole 08/DS/09 1,992,187.50 07/31/11 207 518 725 1.196% 13,512.60 9,673.91 3,838.69 Treasrry Nole 0921/09 2,000,000.00 08/31/11 160 549 709 1.032% 9,047.67 9,047.67 USTreasary Nole 10/19!06 990,078.13 09/30/11 1228 579 1807 4.721% 157,256.63 132,651.10 24,605.53 FFCB Coupou Nole 12/12/07 2,025,080.00 11/21/11 809 631 1440 4.000% 179,538.60 168,683.33 10,855.27 FFCB Coupon No[e 0222!07 986,080.00 12/08/11 1102 - 648 1750 4.959% 147,636.92 129,243.06 18,393.86 USTreasnry Note 12/.il/09 1,497,539.06 12/31/11 59 671 730 1.083% 2,621.60 2,621.60 FNMA Cmrpon Nole 12/08/09 1,991,380.110 01/12/12 82 683 765 1.073% 4,800.37 1,fi52.78 3,147.59 FFCB Conpon Nole 07/21/09 ],012,800.00 01/17/12 222 688 910 1.472% 9,067.58 9,777.78 (710.20) FALR Conpon No[e 05/09/07 1,509,255.00 03/09/12 1026 740 1766 4.743% 201,219.58 175000.00 26,219.88 FFCB (6) Conpon Note 09/04/D9 1,005,500.00 04/20/12 177 782 959 1.806% 8,806.03 2,581.11 6,224.92 F}B.B (3) Coapon Notc 11/06/09 1,20D,000.00 08/Ofi/12 114 890 1004 0.740% 2,773.48 2,175.00 598.48 FBLB Conpmr Note 11/29/07 2,038,360.00 08/15/12 822 899 1721 4.170% 191,423.78 204,527.78 (13,104.00) FA1MC Coupon Note 09/28/09 999,850.00 09/25/12 15fi 940 1096 2.005% 8,568.03 8,568.03 GB Corporate Note Ol/16/OR 1,542,165.00 ]0/19/12 774 9fi4 7738 4.5 R7% 150,005.67 138,468.75 11,536.92 PHLMC(I) Conpnn Nole 10/23/09 999,270.00 1023/12 128 96X 1096 2.025% 7,09fi.19 7,096.19 FNMA(7) Conpon Nole 02/09/10 1,005,850.00 0128/13 l9 1065 1084 1.820% 952.94 952.94 PHLMC (8) Conpon Nole 02/01/10 1,998,300.00 01/29/15 27 1796 1823 3.703 % 5,473.75 5,473.75 Subtotal 44,473,598.61 IJr11er11V11V1 284,127.34 30 30 0.05% 11.68 11.68 Purchased luterest 6,869.94 LA1F N/A 12/3ll09 20,932,270.14 03/31/10 59 31 90 0.58% 19,177.19 19,177.19 $65,fi56,866.03 418 2.11% $2,638,725.84 $2,414,194.83 $224531.01 Maturity Pm fJe Mronnt Percent 0-1 year 533,612,314.fi1 51.19% 1-2 years $18,740,351.42 28.54% 2-3 years 511,305,900.00 17.22% 3-5 years $1,998,300.00 3.04% 565,656,866.03 100.00 Market to Cost Position Reyort Aruortized Market i7nmalized *Sonrce: Trcastrry and Agency Obliga[ ions-Union Bv dc of CnliConua hrstihrtion Cost Valne* Gain (Loss! LA1F bal ances per Loeal Agency hrvos[ment Ptmd mont hly slalemenL Union Bmrk Assets $44,433,598.61 545,306,457.50 872,858.89 UnionMM 284,127.34 284,127.34 0.00 Purchased Int erest 6,869.94 6,869.94 0.00 LAIF 20,932,270.14 20,932,270.14 0.00 'totals $65,656,866.03 566,529,724.92 5872,858.89 (1) Callable quarterly begimung 0128/10 (2) Callable gnartedy beginning 7/29/10 Co npon rate inetcasrs 1 % mumolly (3) Callable once an 8/6/10 (4) Callable gaartedy begimung 7/29/10 Co upou rate increases 1% amorally (5) Callable Duce on 2/03/10 (6) Callable once rat 0420/10 page 5 Town of Los Gatos Investment Report for the month ended January 31, 2010 Prepared by Linda L. Speicher, Project Manager OS/10/10 Town of Los Gatos Summary Investment Intiormation January 31, ZO10 Weighted Average Portfolio Yield: Z.16% Weighted Average Maturity (days) This Month Last Month One year a>ro Portfolio Balance $71,986,737 $69,168,433 $81,720,191 Benchmarks/ References: Town's Average Yield 2.16% 2.10% 3.19% LAIF Yield for month 0.56% 0.56% 2.05% 3 mo. Treasury 0.06% 0.11% 0.15% 6 mo. Treasury 0.14% 0.20% 0.35% 2yr.Tieastuy 0.88% 1.09% 0.93% Syr.Treastuy(mostrccent) 2.25% 2.67% 1.82% Printerate 3.25% 3.25% 3.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Fannie Mae (Ol/15/10) 1.80% 2 yr. Fannie Mae (12/04/09) 0.98% 4Z6 Compliance: The Town's hrvestments are incompliance wills the Town's investment policy dated May 1, 2008 and also in compliance with the requirements of Section 53601 of the California State Code. Rased on the information available, the Town has sufficient funds Lo meet the cash demands for the next six months. Page] Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances Sannary 31, 2010 Month YTD Fimd Balances-Beginning ofMonth/Period $69,168,432.61 $81,021,178.81 Receipts 5,841,140.91 22,428,696.10 Disbursements (3 022,836,24) (35.463.137.591 Fund Balances- EudofMonth/Period $71,986,737.36 $71,986,737.36 Portfolio Allocation: Union MM $102,372.31 US Govt Agencies 44,404,109.92 Local AgencylnvestmentF2uul 20.932,270.14 Subtotal -Investments 61,439,112.41 Reconciled Demand Deposit Balances 6 547.184.91 Total Treasurers Ftmd $71,986,737.36 Portfolio Investment Allocatou Union MM 0.2% Locsl Agencylrlwslmenl Funa ~~ A/ l y~,',hiiA, y 32.0% - -. >~ ~~~~~%/~ y..'~~~ ,Y~ o~y Hn//y :/~4APW!/(Fl~.! is;I! y'fi. A ,Y~' uYNI. ~,/f. Q~Y S,,I~,. Treasury, Agencies, 8 Corp. Notes 57.8 page 2 Tmvn of Los Gatas Non-T reasury Restricted Fnnd Balances - January 31, 2010 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtmvn Parking District 12/20/02 $277,354.76 $382.13 $277,736.89 nom 1 Certificates o£Participation Reserve Fand (LO[4) 254,136.26 0.00 254,136.26 nm~x Cert. ofParlicipation Lease Payment Fund (Lot 4) 104,006.82 20,618.19 0.00 124,625.01 nom ~ Cert. of Participation 2002 Series A Const. Fund 144,937.57 0.00 144,937.57 nomu Cen. of Participation 2002 Series A Reserve Fund 686,25E 19 5.85 5.85 686,251.19 noma Cert.O£Participation 20025eries Alnterest Fund 0.00 214,018.75 0.26 0.26 214,018.75 nm~a Cen. Of Participation 2002 Series A COI Furtd 0.00 0.00 0.00 0.00 nme a Total Restricted Funds: $1,466,686.60 $234,636.94 $388.24 $6.11 $1,701,705.67 These accormts are no[ 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 se[ up for the repayment of interest and principal on oulatanding bond coupons fm' Parking Assessment District'3', as well as Reserve Funds setup as required by the original Bond resolution. Note 2: The reserve fund was a requirement ofthe original certificates of participation agreement when Lot 4 was built. It helps to guarantee payment of the lease payments should the Tmvn not make payment. Note 3: The (case payment fund receives the lease payments from the Town monthly fur the lease ofLot 4. It holds the Funds until payments on the certificates of participation are due semi-annually. Note 4: 'fhe three funds for the Certificates ofPanicipation 2002 Series A consist of construction funds which will he expended over the next few years, reserve Ponds which will guarantee the payment of lease payments, and a third Cund for the dishursement of lease payments mul initial delivery costs. Page J Town of Los Gatos Statement of Interest Earned ,lannary 31, 2010 Interest received from Investments Add: Interest accrued at end of period (see page 5) Less: Interest accrued a[ beginning of period Interest earned on investments Current Fiscal Mon Year to Date $75,654.06 $1,018,970.69 338,551.14 338,551.14 (298,001.53) (474,569.94) $116,203.67 $882,951.89 Interest b~Month Iuly 2009 August 2009 September 2009 October 2009 November 2009 December 2009 January 2010 February 2010 March 2010 April 2010 May 2010 Tune 2010 137,073.40 138,131.40 125,783.09 128,398.98 121,548.33 115,813.02 I1fi,203.67 bbL,7J 1.OY Page 4 Toren a(Los Gatos Iuacfive Deposits by Iustihdiev Murket to Cos[ Positlon Report 7auvury 31, 2010 Deposit Amortized Mflhtdty Days Days to Days Yield to htterest hrierest hrterest Htstihrtion Seclrri DD=te Cost Date E1flpSed Mnhiri Htvested MnNti Enured Received Acemed ML Cory Cospomte Note 04/10/07 976,150.00 02/08/10 1027 8 1035 5.165% 141,861.47 98,930.56 42,930.91 USTreastrry Note 06/24/08 739,921.88 02/28/10 586 28 614 2.819% 33,487.73 17,771.74 15,715.99 USTreassry Note 10/19/Ofi 976,406.25 04/15/10 1200 74 1274 4.744% 152,287.27 119,560.44 32,726.83 FBLB ConponNote 08/22/06 1,507,665.00 06/1ll10 1258 131 1389 4.957% 257,579.65 253,875.00 3,704.65 FBLB Conpou Note Ol/12/07 1,487,205.00 OS/10/10 1115 191 1306 4.960% 225,338.04 181,733.33 43,604.71 FNLB Conpou No[e 0323/09 1,049,400.00 08/lfi/10 314 197 511 1.284% 11,591.59 19,229.17 (7,637.58) USTtensuy Note OSfi 1/07 737,226.56 10/15/10 976 257 1233 4.801% 94,643.25 75,681.35 18,961.90 FFCB CoupcuNote 12/07/07 2,032,140.00 1ll08/10 786 281 1067 3.715% 162,570.64 165,072.22 (2,501.58) FBLB Cottpmt Note 03/23/09 1,040,160.00 12/10/10 314 313 627 1.485% 13,288.12 27,555.56 (14,267.44) FFCB ConponNote 01/18/07 756,922.50 Ol/18/11 1109 382 1461 3.175% 73,018.65 52,500.00 20,518.65 FFCB Coupon Note 11/28/07 2,062,000.00 02/18/11 795 383 1178 3.840% 172,4fi2.29 167,9]6.67 4,545.62 USTwasttry No/e 06/12/09 1,987,187.50 03/31/11 233 424 657 0.875% 11,099.67 5,259.56 5,840.11 FNMA Cwrpon Note 0929N6 1,516,485.00 U4/15/11 1220 439 1659 4.874% 247,053.27 234,041.67 13,011.60 Tteastry Note 11/16/09 753,515.63 05/31/11 76 485 561 0.568% 891.17 251.02 640.15 FALB Cmtpon Note Ofi/08/09 1,988,018.60 06/03/11 237 488 725 1.432% 18,484.98 10,937.50 7,547.48 (JSTreflsatry Note 08/05/09 1,992,187.50 07/31/11 179 546 725 1.196% 11,684.81 11,684.81 Tmasatry Note 09/21/09 2,000,000.00 08/31/11 132 577 709 1.032% 7,464.33 7,464.33 US1'renntry Note 10/19/06 990,078.13 09/30/11 1200 607 1807 4.721% 153,670.98 132,651.10 21,019.88 FFCB ConponNote 12/L2/07 2,025,080.00 11/21/11 781 659 1440 4.000% 173,324.66 1fi8,683.33 4,641.33 FFCB Conyov Notc 02/22/07 986,080.00 12/08/11 1074 676 1750 4.959% 143,885.71 129,243.06 14,642.65 OSTmnsury Note 12/31/09 1,497,539.06 12/3ll11 31 699 730 1.083% 1,377.45 1,377.45 FNMA Coupon Note 12/08/09 1,991,380.00 01/12/12 54 711 765 1.073% 3,161.22 1,652.78 1,508.44 FFCB Conyon Notc 0721/09 1,012,800.00 01/17/12 194 716 910 1.472% 7,923.93 9,777.7N (1,853.85) INMA(5) Canyon Note 05/21/09 1,004,500.00 02!03/12 255 733 988 1.951% 13,69].61 4,250.00 9,441.61 PIILB Coupon Nole OS/U9N7 1,809,255.00 03/09/12 99R 768 1766 4.743% 195,728.21 175,000.00 20,728.21 FFCB (6) ConponNote 09/04N9 1,005,500.00 04/20/12 149 810 959 1.SOfi% 7,412.99 2,581.11 4,831.88 FHLB (3) Coupon Nole 11/06/09 1,200,000.00 08/06/12 8fi 978 1004 0.740% 2,092.27 2,092.27 FHIR Ceupmt Nole 1129/07 2,038,360.00 08/15/12 794 927 1721 4.170% 184,903.27 158,277.78 26625.49 F1B,MC Coupon Note 0925N9 999,850.00 09/25/12 128 968 1096 2.005% 7,030.18 7,030.18 GE Corporate Notc 01/16/OR 1,542,165.00 10/19/12 746 992 1738 4.587% 144,579.11 138,468.75 6,110.36 FIII,MC(1) Cmrpmt Note 1023/09 999,270.00 1023/12 l0U 996 L096 2.025% 5,543.90 5,543 J0 FHLMC(2) Coupon Nole 0129/10 1,998,500.00 01/29/15 - 2 1824 1826 3.fi90% 404.08 404.08 Srtbloln] 44,402,948.61 UnimrMM 102,372.35 30 30 0.05% 4.21 4.21 Pnmhnsed Interest 1,Sfi1.31 LAIF N/A 12Y3ll09 20,932,270.14 03/31/10 31 59 90 0.56% 9,911.93 9,911.93 $65,439,152.41 426 2.16% $2,689,452.62 52,350,901.48 $738,551.14 Muhnlty Pro file Amount Peroent 0-I year $32,339,400.99 49.42% 1-2 years 521,806,851.42 33.32% 2-3 years $9,294,400.00 14.20% 3-5 years $1,998,500.00 3.05% $65,439,152.41 100.00% bInrket to C ost Position Report Mrortized Mflrket Urttealized *Sonme: '1'rensruy mrd Agency Obliga tions-Uruon Bmilc of Califonufl Instiln6mr Cost Valne* Gnin oss LAIF bol mrccsper Local Agency brveshnenLFnvd mont hly sNlemenL Union Bank Asset4 $44,402,948.61 $45,324,407.5(1 921,458.89 UrdonMM 102,372.35 102,372.35 0.00 Purchased in terest 1,561.31 1,561.31 0.00 i,Alp 20,932,270.14 20,932,270.14 0.00 Totals: $65,439,152.41 $66,360,611.30 $921,45N.R9 (1) Callable gnarlerly bcgimuug 0028/10 (2) Ga11flb1C gllartGlly bCglmling 729/10 interCSf IFIfC InCrEfl$C.41 % aNlnfllly (3) Callahlc Duce ov R/6/10 (5) Callable Duce on 2/03/10 (6) Cflllable once ov 0420/10 pngc 5