1 - First Quarter Investment Report for FY 2011/2012�pW N pc
!ps' �G�
DATE:
TO:
FROM:
SUBJECT:
COUNCIL AGENDA REPORT
NOVEMBER 9, 2011
MEETING DATE: 11/21/11
ITEM NO:
MAYOR AND TOWN COUNCIL
GREG LARSON, TOWN MANAGER
FIRST QUARTER INVESTMENT REPORT FOR FISCAL 201 1/2012 (JULY
THROUGH SEPTEMBER 2011)
RECOMMENDATION
Accept attached First Quarter Investment Report for FY 2011/12.
DISCUSSION
Attached for your consideration is the first quarter investment report for FY 2011/12.
The Town's overall investment rate of return has dropped during the current quarter from 1.46% to
1.29% as older investments have matured. This rate continues to.be higher than the current LAIF rate of
.38 %. Market instability has affected the rates of returns available for any type of bonds.
The strategy for the foreseeable future continues to be to remain fairly short term and to invest in
callable agency bonds in order to attempt to pick up a few basis points over non - callable agencies and
treasuries. Treasuries are being added into the mix of investments to attempt to keep the portfolio
somewhat balanced, even though this has the effect of lowering the overall rate of return. The Town
also attempts to find good solid corporate bonds when possible.
FISCAL IMPACT None
Attachment:
First Quarter Investment Report for FY 2011/12 (July through September 2011)
WA�
PREPARED BY : a-E V�°` ONWAY
Finance & Administrative' ervices Director/ Town Treasurer
Reviewed by: �' Assistant Town Manager 'Town Attorney ,,F inance
�I: TRS \Stal'1' Reports \201 1\Treasurer's Report - I st Q 2011 2012.doe
THIS PAGE
INTENTIONALLY
LEFT BLANK
TOWN OF LOS GATOS
Quarterly Investment Report
For Month Ending September 30, 2011
Town of Los Gatos
Summary Investment Information
September 30, 2011
Weighted Average Portfolio Yield: 1.29% Weighted Average Maturity (days)
This Month Last Month One rear ajFo
Portfolio Balance $69,273,281 $73,499,699 $65,390,159
Benchmarlcs/ References
Town's Average Yield
1.29%
1.39%
1,88
LA1F Yield for month
0.38%
0.41%
0.50%
3 mo. Treasury
0.02%
0.02'%
0.16 %n
6 mo. Treasury
0.04%
0.05%
0.19'%,
2 yr. Treasury
0.25'%
0.22%
0.44%
5 yr. Treasury (most recent)
1.02'%
1.03%
1.26%
Prime rate
3.25%
3.25%
3.25
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (09/27/11) 0.64%
2 yr. Freddie Mac (09/19/11) 0.38%
4
Compliance: The Town's investments are in compliance with the TO 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 sufficient lands to meet the cash demands for the next six months.
Page I
Portfolio Maturity Profile
3 -5 yeas
r
2 a
5 /�..
_.
«t< , : .............
. ....
.............
0 1 year
48%
:..
2 - 3 years ••�`:::?
.,w:•.,:::.,- .,�a:';;:✓
1 - 2 years
17%
I
I
Compliance: The Town's investments are in compliance with the TO 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 sufficient lands to meet the cash demands for the next six months.
Page I
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
September 30, 2011
Fund Balances - Beginning of Montln/Period
Receipts
Disbursements
Fund Balances - End of Month/Period
Month YTD
$73,499,699.21 $77,813,659.63
2,947,870.32 9,892,375.94
( 7,174,288.29 ) (18,432.754.33)
$ 69,273,281.24 $ 69,273,281.24
Portfolio Allocation
Union MM
US Govt Agencies
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
"Total Treasurer's Fund
$1,430,208.16
44,920,010.52
14,067,937.85
60,418,156.53
8.855,1.24.71
$ 69,273,291.24
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Mind Balances
80,000,000
78,000,000
page 2
Portfolio Inveshment Allocation
Union MM
2.4%
76
74,000,000
#
72
70 000 , 000
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page 2
Portfolio Inveshment Allocation
Union MM
2.4%
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 '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 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 semiannually.
Page 3
Town of Los Gatos
Non- Treasury Restricted Fund Balances
September 30, 2011
Previous
Ending
Balance Deposits
Interest
Withdrawal's
Balance
Non = Treasury Funds:
Downtown Parking District 12/20/02
$283,259.38
$175.62
$283,435.00
Note t
Certificates of Participation Reserve Fund (Lot 4)
254,13626
0.00
2514,136.26
Note 2
Cert. of Participation Lease Payment Fund (Lot 4)
21,000.03 21,000.00
0,00
42,000.03
Note
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
5.85
5.85
686,251.19
Note .4
Cert. Of Participation 2002 Series A Interest Fund
0.00
0.00
0.00
Note 4
Cert. of Participation 2002 Series A Const. Fund
42,376.15
0.00
42,376.15
Note 4
COP 2010 Library Reserve fund
1,277,062.50
0.01
0.01
1,277,062.50
Note s
COP 2010 Library Lease Fund
0.00
0,00
0.00
Note s
COP 2010 Library ACQ Construction Fund
5,384,393.08
0.27
1,068,669.86
4,315,723.49
Note s
COP 2010 Library COI Fund
0.00
0.00
0.00
Note s
COP 2010 Library Good faith
0.00
0.00
0.00
Note r,
Total Restricted Funds:
$ 7,948,478.59 $ 21,000.00
$ 181.75
$ 1,068,675.72
$ 6,900,984.62
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 '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 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 semiannually.
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
September 30, 2011
Current
Month
87,234.E 1
103,781.94
- 119,773.86
$71,242.59
Interest by Month
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
$76,277.80
71,571.96
71,242.59
Page 4
219,095.35
Fiscal
Year to bate
258,01 1.79
103,781,94
- 142,698.38
$219,095.35
N4aturity Profile
Amount
Percent
0 -1 year
Town or Los Gatos
48.11%
1 -2 years
$10,489,885.70
17.36%
2 -3 years
56,033,140.00
999%
3 -5 years
$14,825,563.13
24.54%
Inactive
Deposits by Institution
100.00
10,967.63
0.00
LAIF
14,067,937.85
14,067,937.85
0.00
Totals:
$60,418,156.53
$60,540,155.29
\Market
to Cost Position Report
September 30, 2011
Deposit
Amortized
\ aturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
D1le
Cos
DLO
ElaiTsed
Maturity
Invested
Maturity
Earned
Received
Accrued
FFCB
Coupon Note
12/12/07
2,025,080.00
l li21 /11
1388
52
1440
4.000%
308,034.09
299,183.33
8,850.76
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
1681
69
1750
4,959%
225,206.60
198,618.06
26,588.54
US'rrcasory
Note
12/31/09
1,497,539.06
1.2/31/11
638
92
730
1.083%
28,348.78
22,500.00
5,848.78
FNMA
Coupon Note
12/08/09
1,991,380.00
01/12/12
661
104
765
1.073%
38,695.68
27,902.78
10,792.90
FFCB
Coupon Note
07/21/09
1,012,800.00
01/17/12
801
109
910
1.472%
32,716.83
39,777.78
(7,060.95)
FIILB
Coupon Note
05/09/07
1,509,255.00
03/09/12
1605
161
1766
4.743%
314,773.32
325,000.00
(10,226.68)
USTreasur_y
Note
04 /15/10
999,375.00
03/31/12
533
183
716
1.054%
15,381.67
14,590.16
791.51
FFCB
Coupon Note
04 %23/10
1,500,585.00
04116/12
525
199
724
1.174%
25,339.33
17,500.00
7,839.33
FFILB
Coupon Note
11 /29/07
2,038,360.00
118/15/12
1401
320
1721
4.170%
326,258.78
343,277.78
(17,1119.00)
GE,
Corporate Note
01/16/08
1,542,165.00
10/19/12
1353
385
1738
4.587%
262,219.22
256,593.75
5,625.47
GE
Corporate Note
07/29/10
511,955.00
01/08/13
428
466
894
1.791%
10,751.73
13,183.33
(2,431.60)
Treasury
Coupon Note
03 /31/11
1,997,968.75
03/31/13
183
548
731
0.801
8,023.79
7,500.00
523.79
F1IL\4C
Coupon Notc
03/25/11
1,016,520.00
04/15/13
189
563
752
0.812%
4,274.06
902.78
3,371.28
NY Lire
Corporate Note
07/22/11
534,350.00
05/09/13
70
587
657
0.791%
810.60
810.60
PIILB
Callable Note
07 /29/10
1,506,480.00
07/12/13
428
651
1079
1.218%
21,516.00
20,008.33
1,507.67
TI AA
Corporate Note
04/11/11
880,446.95
07/15/13
172
654
826
1.334%
5,534.71
10,533.87
(4,999.16)
Fl-U-13
Callable Note
06/27/11
2,500,000.00
09/27/13
95
728
823
0,699%
4,548.29
4,548.29
FFILLVIC
Callable Note
06/09/11
2,001,600,00
12/0943
113
801
914
1.018%
6,308.28
6,308.28
FFCB
Coupon Note
01/24/11
999,900.00
01/24/14
249
847
1096
1.393%
9,501.98
6,950.00
2,551,98
FIILMC
Callable Note
08/18/11
1,005,560.00
08/15/14
43
1050
1093
0.860%
1,018.78
1,018.78
PEILMC
Coupon Note
09/16/11
2,026,080.00
08/20/14
14
1055
1069
0.527%
409.55
409.55
P1II,\I1C
Callable Note
07/06/11
1,999,780.00
01 /06/15
86
1194
1280
1.353%
6,375.08
6
FFCB
Coupon Note
09/01/11
2,001,320.00
02/17/15
29
1236
1265
1.155%
1,836.55
1,836.55
FI-1LB
Callable Note
06115111
2,007,760.00
06/08/15
107
1347
1454
1.765%
10,388.37
10,388.37
PFCB
Callable Note
06/09/11
1,998,500.00
06/09/15
113
1348
1461
1.721%
10,648.06
10,648.06
Treasury
Note
08 /16/11
1,042,812.50
07/31/15
45
1400
1445
0.652%
838.25
838.25
FI -IL\dC
Callable Note
08 /24/11
2,000,000.00
08/24/15
37
1424
1461
1.375%
2,787.67
2,787,67
FNPMA
Callable Note
09 /09/11
2,000,000.00
09/09/15
21
1440
1461
.1.000%
1,150.68
1,150.68
FI -1L \4C
Callable Note
10/28/10
750,000.00
10/28/15
337
1489
1826
2.100%
14,541.78
5,156.25
9,355.53
Treasury
Note
08/16/11
1,025,390.63
07/31/16
45
1766
1811
0.973%
1,230.05
1,230.05
Subtotal
44,909,042.89
Union \4M
1,430,208.16
30
30
0,00%
3.53
3.53
Purchased Interest
10,967.63
LAIF
N/A
06/30/11
14,067,937.85
09/30/11
92
0
92
0.38%
13,488.05
13,488.05
$60,18,156.553
44
1.29%
51.712,960.14
$1
$103,781,94
N4aturity Profile
Amount
Percent
0 -1 year
529,069,567.70
48.11%
1 -2 years
$10,489,885.70
17.36%
2 -3 years
56,033,140.00
999%
3 -5 years
$14,825,563.13
24.54%
0.00
$ 60,418,156.53
100.00
Market to Cost Position Report
* Source: Treasury and Agency Obligations - Union Bank of California
LAIF balances per Local Agency Investment Fund monthly statement.
page 5
Amortized
Market
Unrealized
Institution
Cost,
Value*
Crain (Loss)
Union Bank Assets
544,909,042.89
$45,031,04165
121,998.76
Union MM
1,430,208.16
1,430,208.16
0.00
Purchased Interest
10,967.63
10,967.63
0.00
LAIF
14,067,937.85
14,067,937.85
0.00
Totals:
$60,418,156.53
$60,540,155.29
5121,998.76
* Source: Treasury and Agency Obligations - Union Bank of California
LAIF balances per Local Agency Investment Fund monthly statement.
page 5
TOWN OF LOS GATOS
Quarterly Investment Report
For Month Ending August 31, 2011
Nfost recent auctions of
Freddie Mae or Fannie Mae Reference Notes:
3 yr. Fannie Mae (07/18/11) 0.93'%,
2 yr. Fannie Mae (06/17/11) 0.58%
Compliance: The Towns investments are in compliance With. the Town's investment policy dated May 1, 2008
and also III compliance will the requirements of Section 53601 of the California State Code. Batted on the information available, the
f o \\nl has sufficient Minds to meet the Cash demands for the next six months.
Page 1
Town of Los Gatos
Summary Investment Information
August 31, 2011
Weighted Average Portfolio Yield:
1.39%
Weighted Average Maturity (days) 509
This
Mollth
Last Mouth
One year ag
Portfolio Balance
$73,499,699
$73,439,680
$70,877,094
Benchmarks/ References:
Town's Average Yield
1.39%
1.49%
1.75%
LAlla Yield for mouth
0.41%
0.38%
0.51%
3 me. Treasury
0.02%
0.06%
0.15%
6 me. Treasury
0.05%
0.10%
0.19%
2 yr. Treasury
0.22%
0.42%
0.50%
5 yr. Treasury (most recent)
1.03%
1.62%
1.37%
Prime rate
3.25%
3.25%
3.25%
Nfost recent auctions of
Freddie Mae or Fannie Mae Reference Notes:
3 yr. Fannie Mae (07/18/11) 0.93'%,
2 yr. Fannie Mae (06/17/11) 0.58%
Compliance: The Towns investments are in compliance With. the Town's investment policy dated May 1, 2008
and also III compliance will the requirements of Section 53601 of the California State Code. Batted on the information available, the
f o \\nl has sufficient Minds to meet the Cash demands for the next six months.
Page 1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
August 31, 2011
Fund Balances - Beginning of Month/Period
Receipts
Disbursements
Fund Balances - Encl of Montli/Period
Portfolio Allocation
Union Jvflvl
US Govt Agencies
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
Total Treasurer's Fund
Month
YTD
$73,439,680,25
$77,813,659.63
4,305,084.56
6;914,505.62
( 4,245,065.60 )
(11,258,466.041
$ 73,499,699.21
$ 73,499,699.21
$4,881,623.77
41,381,890.31
14,067,937.85
60,331,451.93
13,168,247.28
$ 73,499,699.21
Portfolio Investment Allocation
Union MM
8.1%
Treasurer's Fmid Balances
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
60,000,000
0
a;
page 2
Treasury, Agencies,
& Corp. Notes
57.8%
0 0 0 0
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 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 funds until
payments on the certificates of participation are due semi - annually.
Page 3
Town of Los Gatos
Non-Treasury Restricted Fund Balances
August 31, 2011
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$283,083.87
$175.51
$283,259.38
Note I
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)
241,750.03 21,000.00
0.00
2
21,000.03
Note
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
5.84
5.84
686,251.19
Note 4
Cert. Of Participation 2002 Series A Interest Fund
474,556.25
0.00
474,556.25
0.00
Note 4
Cert. of Participation 2002 Series A Const. Fund
42,376.15
0.00
42,376.15
Note
COP 2010 Library Reserve Fund
1,277,062.50
0.01
0.01
1,277,062.50
Notes
COP 2010 Library Lease Find
850,037.50
0.00
850,037.50
0.00
Note s
COP 2010 Library ACQ Construction Fund
7,256,104.94
0.00
1,871,711.86
5,3811,393.08
Notes
COP 2010 Library COI Fund
0,00
0.00
0.00
Notes
COP 2010 Library Go9d Faith
0.00
0.00
0.00
Note 6
Total Restricted Funds:
$ 11,365,358.69 $ 21,000.00
$ 181.36
$ 3,438,061.46
$ 7,948,473.59
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 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 funds until
payments on the certificates of participation are due semi - annually.
Page 3
Interest received li-om Investments
Add: Interest accrued at end of period (see page 5)
Less: Interest accrued at beginning ol'period
Interest earned on investments
Town of Los Gatos
Statement of Interest Earned
August 31, 2011
Current
Month
99,640,88
119,773.86
- 147,839.78
$71,5711.96
Interest by Month
July 2011 $76,277.80
August 2011 71,574.96
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
147.852.76
Fiscal
Year to Date
170,777.28
119,773.86
- 1142,698.38
$147,852.76
Page 4
page 5
Town of Los Gatos
Inactive
Deposits by Instilutiou
IMarket to Cost Position Report
August 31, 2011
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Date
Cost
Date Ela rased
Maturit
Invested
Maturit
Earned
Received
Accrued
US1leasury
Note
10119x06
990,078.13
09/30/11
1777
30
1807
4.721%
227,561.10
200,151.10
27,410.00
FFCB
Coupon Note
12/12i07
2,025,080.00
11/21/11
1358
82
1440
4.000%
301,376.29
299,183.33
2,192.96
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
1651
99
1750
4.959%
221,187.44
198,618.06
22,569.38
USTreasury
Note
12/31/09
1,497,539.06
12/31/11
608
122
730
1.083%
27,015.77
22,500.00
4,515.77
FN \4A
Coupon Note
12/08/09
1,991,380.00
01/12/12
631
134
765
1.073%
36,939.44
27,902.78
9,036.66
FFCB
Coupon Note
07/21/09
1,012,800.00
01/17/12
771
139
910
1.472%
31,491.48
39,777.78
(8,286.30)
F[-ILB
Coupon Note
05 /09/07
1,509,255.00
03/09/12
1575
191
1766
4.743%
308,889.71
287,500.00
21,389.71
USTreasury
Note
04/15/10
999,375.00
.03/31/12
503
213
716
1.054%
14,515.91
9,590.16
4,925.75
FFCB
Coupon Note
04/23/10
1,500,585.00
04 /16/12
495
229
724
1.174%
23,891.37
17,500.00
6,391.37
FFILB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1371
350
1721
4.170%
319,272.52
343,277.78
(24,005.26)
GE
CorporoteNote
01/16/08
1,542,165.00
10/19/12
1323
415
1738
4.587%
256,405.04
256,593.75
(188.71)
GE
Corporate Note
07/29/10
511,955.00
01/08/13
398
496
894
1.791%
9,998.10
13,183.33
(3,185,23)
Treasury
Coupon Note
03 /31/11
1,997,968.75
03/31/13
153
578
731
0.676%
5,661.53
5,661.53
F[
Coupon Note
03 /25/11
1,016,520,00
04 /15/13
159
593
752
0.812%
3,595.64
902.78
2,692.86
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
40
617
657
0.791%
463.20
463.20
FFILB
Callable Note
07/29/10
1,506,480.00
07/12/13
398
681
1079
1.218%
20,007.87
20,008.33
(0.46)
Tl AA
Corporate Note
04 /11/11
880,446.95
07/15/13
142
684
826
1.334%
4,569.35
10,533.87
(5,964.52)
FI-LB
Callable Note
06127/11
2,500,000.00
09/27/13
65
758
823
0.699%
3,111.99
3,111.99
FIILMC
Callable Note
06/09/11
2,001,600.00
12/09/13
83
831
914
1.018%
4,633.51
4,633.51
1
Coupon Note
01/24/11
999,90().00
01/24/14
219
877
1096
1.393%
8,357.16
6,950.00
1,407.16
FF[LMC
Callable Note
08/18/11
1,005,560.00
08/15/14
13
1080
1093
0.860%
308,00
308.00
FITIMC
Callable Note
07/06/11
1,999,780.00
01/06/15
56
1224
1280
1.353%
4,151.21
4,151.21
1
Callable Note
06115111
2,007,760.00
06/08/15
77
1377
1454
1.765%
7,475.74
7,475.74
FFCB
Callable Note
06/09/11
1,998,500.00
06/09/15
83
1378
1461
1.721%
7,821.14
7,821.14
Treasury
Note
08 /16/11
1,042,812.50
07/31/15
15
1430
1445
0.652%
279.42
279.42
F[- ILivIC
Callable Note
08/24/11
2,000,000.00
08/24/15
7
1454
1461
1.375%
527.40
527.40
FNMA
Coupon Note
11 /10 /10
1,503,225.00
09/16/15
294
1477
1771
0.955%
11,563.30
5,250.00
6,313.30
FIILMC
Callable Note
10/28/10
750,000.00
10/28/15
307
1519
1826
2.100%
13,247.26
5,156.25
8,09 1.01
'l'rcasury
Note
08/16/11
1,025,390.63
07/31/16
15
1796
1811
0.973%
410.02
410.02
Subtotal
41,374,946.02
Union Vh \d
4,881,623.77
30
30
0.05%
200.61
200.61
Purchased Interest
6,944.29
LAID
N/A
06/30/11
14,067,937.85
09/30/11
62
30
92
0.41%
9,424.62
9,424.62
$60,331,451.93
509
1.39% $1,884, 353.16
$1,764,579.30
8119,773.86
Matan•ity Prolile
Amount
Percent
0 -1 year
$33,507,038.10
55.54%
1 -2 years
$7,989,885.70
13.24%
2 -3 years
86,507,060.00
10.79%
3 -5 years
812,327,468.13
20.43%
$ 60,331,451.93
100.00%
Nl r•ket to Cost
Position Report
Amortized
Market
Unrealized
* Source:
'Treasury and Agency Obligations
- Union Bank
of California
Insti(ution
Cost
value*
Gain (Loss)
LAVF balances
per Local Agency Investment Fund monthly
statement.
Union Bank
Assets
$41,374,946.02
$41,599,769.30
224,823.28
Union M \1
4,881,623.77
4,881,623.77
0.00
Purchased Interest
6,944.29
6,944.29
0.00
LAIF
14,067,937.85
14,067,937.85
0.00
Totals:
$60,331,451.93
860,556,275.21
$224,823.28
page 5
TOWN OF LOS GATOS
Quarterly Investment Report
For Month Ending July 31, 2011
Town of Los Gatos
Sunnuar Investment Information
July 31, 2011
Weighted Average Portfolio Yield: 1.49% Weighted Average Maturity (days) 487
This Month Last Month One year ago
Portfolio Balance $73,439,680 $77,813,660 $71,989,370
Benchmarks/ References
Town's Average Yield
1.49%
1.46%
1.88%
LAIF Yield for month
0.38%
0.45%
0.53%
3 mo. Treasury
0.06%
0.03%
0.15%
6 mo. Treasury
0.10%
0.10%
0.20%
2 yr. Treasury
0.42% 0
0.40%
0.67%
5 yr. Treasury (most recent)
1.62%
1.62%
1.80%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mae or Fannie Mae Reference Notes:
3 yr. Freddie Mac (06/02/11) 1.00%
2 yr. Farmie Mae (06/17/11) 0.58%
Compliance: The Town's investments are in compliance with the Towns 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
July 31, 2011
Month
Fund Balances - Beginning of Montl/Period
$77,813,659.63
Receipts
2,639,421.06
Disbursements
( 7,013,400.44 )
Fund Balances - End of Mont - YPeriod
$ 73,439,680.25
Portfolio Allocatio
Union MM
$114,715.45
US Govt Agencies
46,049,749.14
Local Agency Investment Fund
14,067,937.85
Subtotal - Investments
60,232,402.44
Reconciled Demand Deposit Balances
13,207,277.81
Total Treasurer's Fund
$ 73,439,680.25
YT
$77,813,659.63
2,639,421.06
(7,013,400.44)
$ 73,439,680.25
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Fund Balances
page 2
Portfolio Investment Allocation
Union MM
0.2%
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 '3', as well as Reserve Funds set tap 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 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.
Page 3
Town of Los Gatos
Non- Treasury
Restricted Fund Balances
July 31, 2011
Previous
Ending
Balance
Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$282,914.12
$169.75
$283,083.87
Note a
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)
199,500.87
42,249.16
0.00
241,750.03
Notc s
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
0.00
686,251.19
Note 4
Cert. Of Participation 2002 Series A Interest Fund
0.00
474,556.25
0,00
474,556.25
Note 4
Cert, of Participation 2002 Series A Const. Fund
44,701.33
54.12
2,379.30
42,376.15
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
0.00
1,277,062.50
Note s
COP 2010 Library Lease Fund
0.00
850,037.50
0.00
850,037.50
Note 5
COP 2010 Library ACQ Construction Fund
8,353,689;98
0.00
1,097,585.04
7,256,104.94
Note 5
COP 2010 Library COI Fund
0.00
0.00
0.00
Note 5
COP 2010 Library Good Faith
0.00
0.00
0.00
Note 6
Total Restricted Funds:
$ 11,098,256.25
$ 1,366,842.91
$ 223.87
$ 1,099,964.34
$ 11,365,358.69
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 '3', as well as Reserve Funds set tap 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 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.
Page 3
Town of Los Gatos
Statement of Interest Earned
July 31, 2011
Current Fiscal
Month Year to Date
Interest received from Investments
Add: Interest accrued at end of period (see page 5)
Less: hiterest accrued at beginning of period
Interest earned on investments
71,136.40 71,136.40
147,839.78 147,839.78
- 142,698.38 - 142,698,38
$76,277.80 $76,277.80
Interest by Month
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
$76,277.80
Page 4
'.v[arket to Cast Position Report
Town of Los Gatos
Amortized
Market
Unrealized * Source: Treasury and Agency Obligations - Union Bank of California
Institution
Cost
Value*
Gain (Loss) LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$46,043,680.39
$46,299,249.70
Luaclive Deposits by Institution
Union M\d
114,715.45
114,715.45
0.00
Purchased Litsrest
6,068.75
6,068.75
0.00
LAIF
14,067,937.85
IMarket
to Cost Position Report
Totals:
$60,232,402.44
$60,487,971.75
$255,569.31
July 31, 2011
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
D ±rte
Cost
Date Elapsed
Maturit
Invested
Maturit
Earned
Received
Accrued
USTreasury
Note
08/05/09
1,992,187.50
07/31/11
725
0
725
1.196%
47,326.73
29,673.91
17,652.82
Treasury
Note
09/21/09
2,000,000.00
08/31/11
678
31
709
1.002%
37,224.99
28,839.78
8,385.21
USTreasury
Note
10/19/06
990,078.13
09/30/11
1746
61
1807
4.721%
223,591.27
200,151.10
23,440.17
FFCB
Coupon Note
12/12/07
2,025,080,00
11/21/11
1327
113
1440
4.000%
294,496.57
299,183.33
(4,686.76)
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
1620
130
1750
4.959%
217,034.32
198,618.06
18,416.26
USTreasury
Note
12/31/09
1,497,539.06
12/31/11
577
153
730
1.083%
25,638.32
22,500.00
3,138.32
FNMA
Coupon Note
1.2/08/09
1,991,380.00
01/12/12
600
165
765
1.073%
35,124.67
27,902.78
7,221.89
FFCB
Coupon Note
07/21/09
1,012,800.00
01/17/12
740
170
910
1.472%
30,225.28
39,777.78
(9,552.50)
FFILB
Coupon Note
05/09/07
1,509,255.00
03/09/12
1544
222
1766
4.743%
302,809.98
287,500.00
15,309.98
USTreasury
Note
04/15/10
999,375.00
03/31/12
472
244
716
1.054%
13,621.29
9,590.16
4,031.13
FFCB
Coupon Note
04/23/10
1,500,585.00
04/16/12
464
260
724
1.174%
22,395.14
17,500.00
4,895.14
FFILB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1340
381
1721
4.170%
312,053.37
297,027.78
15,025.59
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1292
446
1738
4.587%
250,397.06
256,593.75
(6,196.69)
FFCB
Coupon Note
11/10/10
1,498,830.00
11/09/12
263
467
730
0.541%
5,842.69
3,729.17
2,113.52
GE
Corporate Note
07/29/10
511,955.00
01/08/13
367
527
894
1.791%
9,219.36
13,183.33
(3,963.97)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
122
609
731
0.676%
4,514.42
4,514.42
FIILNIC
Coupon Note
03/25/11
1,016,520.00
04/15/13
128
624
752
0.812%
2,894.60
902.78
1,991.82
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
9
648
657
0.791%
104.22
104.22
FFILB
Callable Note
07/29/10
1,506,480.00
07/12/13
367
712
1079
1.218%
18,449.47
20,008.33
(1,558.86)
'1'IAA
Corporate Note
04/11/11
880,446.95
07/15/13
111
715
826
1.334%
3,571.82
10,533.87
(6,962.05)
13F11,13
Coupon Note
02/25/11
1,999,080.00
08/16/13
156
747
903
1.271%
10,859.44
10,859.44
FFILB
Callable Note
06/27/11
2,500,000.00
09/27/13
34
789
823
0.699%
1,627.81
1,627.81
FFILMC
Callable Note
08/18/10
1,252,400.00
11/18/13
347
841
1188
1.339%
15,942.64
8,750.00
7,192.64
FFILMC
Callable Note
06/09/11
2,001,600.00
12/09/13
52
862
914
1.018%
2,902.92
2,902.92
FFCB
Coupon Note
01/24/11
999,900.00
01/24/14
188
908
1096
1.393%
7,174.19
6,950.00
224.19
17HUNIC
Callable Note
05/26/11
1,000,000.00
11/26/14
66
1214
1280
2.263%
4,092.00
4,092.00
FFILMC
Callable Note
07/06/11
1,999,780.00
01/06/15
25
1255
1280
1.353%
1,853.22
1,853.22
FHI,B
Callable Note
06/15/11
2,007,760.00
06/08/15
46
1408
1454
1.765%
4,466.03
4,466.03
FFCB
Callable Note
06109111
1,998,500.00
06/09/15
52
1409
1461
1.721%
4,899.99
4,899.99
FNMA
Coupon Note
11 /10 /10
1,503,225.00
09/16/15
263
1508
1771
0.955%
10,344.04
5,250.00
5,094.04
FFILIvIC
Callable Note
10/28/10
750,000.00
10/28/15
276
1550
1826
2.100%
11,909.59
5,156.25
6,753.34
Subtotal
46,043,680,39
Union MINI
114,715.45
30
30
0.05%
4.71
4.71
Purchased Interest
6,068,75
LAW
N/A
06/30/11
14,067,937.85
09/30/11
31
61
92
0.38%
4,549.79
4,549.79
$60,232,402.44
487
1.49% $1,937,161.94
$1,789,322.16
$147,839.78
Maturity Profile
Amount
Percent
0 -1 year
$30,693,081,74
50.96%
1 -2 years
$11,527,075.70
19.14%
2 -3 years
$8,752,980.00
14.53%
3 -5 years
$9,259,265.00
15.37%
$ 60,232,402.44
100.00
'.v[arket to Cast Position Report
Amortized
Market
Unrealized * Source: Treasury and Agency Obligations - Union Bank of California
Institution
Cost
Value*
Gain (Loss) LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$46,043,680.39
$46,299,249.70
255,569.31
Union M\d
114,715.45
114,715.45
0.00
Purchased Litsrest
6,068.75
6,068.75
0.00
LAIF
14,067,937.85
14,067,937,85
0.00
Totals:
$60,232,402.44
$60,487,971.75
$255,569.31
page 5