FY 2011/12 Quarterly Investment ReportOWN OF
a $QY4i1
!p eGA COUNCIL AGENDA REPORT
MEETING DATE: 02/21/12
ITEM NO: t
DATE: NOVEMBER 9, 2011
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
Z�7
SUBJECT: FY 2011/12 QUARTERLY INVESTMENT REPORT (OCTOBER THROUGH
DECEMBER 2011)
RECOMMENDATION
Accept attached Second Quarter Investment Report for FY 2011/12.
DISCUSSION
Attached for your consideration is the Second Quarter Investment Report for FY 2011/12.
The Town's overall investment rate of return has dropped during the current quarter from 1.29% to
1.12% 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. The Town also attempts to find good solid corporate bonds when possible and currently holds
four corporate bonds.
FISCAL IMPACT
None
Attachment:
Second Quarter Investment Report for FY 2011/12 (October through December 2011)
PREPARED BY ONWAY
Finance & Administrative ervices Director/ Town Treasurer
Reviewed by: Assistant Town Manager Town Attorney Finance
N:kTRS \Staff Reportsk2011\Treasurer's Report - 2nd Q 2011 2012,doe
TFIIS PAGE
INTENTIONALLY
LEFT BLANK
Town of Los Gatos
Quarterly Investment Report
(Month Ended December 31, 2011)
Prepared by - /
Linda L. Speicher, Project Manager CJ /y
02/11/12 /lL
Town of Los Gatos
Summary Investment Information
December 31, 2011
Weighted Average Portfolio Yield: 1.12% Weighted Average Maturity (days)
This Month Last Month One Year ago
Portfolio Balance $72 ,509,092 $71,718,192 $70,335,484
Benchmarks/ References
Town's Average Yield
1.12%
1.22%
1.81%
LAW Yield for month
0.38%
0.40%
0.46%
3 mo. Treasury
0.03%
0.03%
0.18%
6 mo. Treasury
0.06%
0.07%
0.23%
2 yr. Treasury
0.24%
0.28%
0.74%
5 yr. Treasury (most recent)
0.88%
0.94%
2.15%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (12/16/11) 0.63%
2 yr. Freddie Mac (11 /01 /11) 0,38%
537
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 1
Portfolio Maturity Profile
3 - 5 years
.......
21 /a
0 - 1 year
r 49%
`:i`
2-3y... =i�: ssa�nr
1 -2 years
15%
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 1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
December 31, 2011
Month
Fund Balances- Beginning ofMontb/Period
$71,718,192.39
Receipts
6,668,893.12
Disbursements
( 5,877,993.38 )
Fund Balances - End of Montb/Period
$ 72,509,092.13
Portfolio Allocation
Union MM
$3,333,370.12
US Govt Agencies
43,198,623.16
Local Agency Investment Fund
14 081 425.90
Subtotal - Investments
60,613,419.18
Reconciled Demand Deposit Balances
11,895,672.95
Total Treasurer's Fund
$ 72,509,092.13
YTD
$77,813,659.63
24,519,352.93
(29,823,920.431
$ 72,509,092.13
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Fond Balances
80.000,000 ,. :,,: _,. .,,., ...... :. ..:.::.. .::. :., .::.
78 000,000 - _-
76,000,000 p %r ufff f }1 ll k !3 r s i t
74,000,000
72,000,000
70.000,000
68.000.000
„!,y .fcpc x.xw. :k`kf.;,y ,•.( >Qay ss, t,i. , is l 3 s s
;<ba:
xar., co!
66
9'Atspa »:'s'�'s ?fs
rnao fa mn!ro
s?
.......... f.'1.. ; %..... ..... <.:lk " +.'ka;ya / ^:,'<:' : o. aa:do
.,>!_ •S.'l l..)... :i'v .:6i'££r.::`v:ri;.'6 .`.'v':ifw: n :p.
fi 000000 czi'� <,'6,¢., >.. ., <o :.:>.�i::::iin.: '% •xf:.. < >%:`u % %}.. x.t.r. > a lisp .p'w:oaanas:
w.c. < :.. a:yyrp G'Ci ` <s:oa s.:£s:'f:`9'rn.:.., .... ::. %, i't w.ps.•i, ' "i
62000000 :very ?�'.:Sk�'s° ::w ...y :, i£1 :: " +fa:w.a.'�'` •. 6..5 < p:fp:>'
�' <yyf .f.:'Ea .. »:(a:o Sin. a'.�ain i:
• an
60.000.000
0 z Q
page 2
Portfolio Investment Allocation
Union MM
5.5%
These accounts are not part of the Treasurers fimd 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 tip as required by the original Bond resolution.
Note 2: The reserve Rmd was a requirement of die original certificates ofparticipation agreement when Lot 4 was built. It helps
to guarantee payment of the lease payments should the Town not make payment.
Note3: The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4. It holds the fandsontil
payments on the certificates ofparticipation are due semi- armnally.
Note 4: The three funds for the Certificates of Participation 2002 Series A consist of construction Ponds which will beexpended over the
next few years, reserve Rmds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Funds are all for the Library contraction, reserves to guarantee lease payments, and a lease payment fimd for the
life of the COP issue. The COI Hurd will be closed in September 2010.
Page 3
Town of Las Gatos
Non - Treasury
Restricted Fund Balances
December 31, 2011
Previous
Ending
Balance
Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12 /20/02
$283,780.90
$170.27
$283,951.17
rvotet
Certificates of Participation Reserve Fund (Lot 4)
254,136.26
0.00
254,136.26
Note2
Cent. ofParticipation Lease Payment Fund (Lot 4)
63,000.03
42,000.00
0.00
105,000.03
Nine
Cent. of Participation 2002 Series A Reserve Fund
686,251.19
5.86
5.86
686,251.19
Note
Con, Of Participation 2002 Series A Interest Fund
0.00
0.00
0.00
Note
Cert, of Participation 2002 Series A Const. Fund
42,414.17
0.00
42,414.17
Note
COP 2010 Library Reserve Fund
1,277,062.50
1.10
1.10
1,277,062.50
Nde s
COP 2010 Library Lease Fund
0.00
0.00
0.00
Note 5
COP 2010 Library ACQ Construction Fund
2,539,566.23
2.20
882,97032
1,656,598.11
rvoms
COP 2010 Library COI Fund
0.00
0.00
0.00
rvmes
COP 2010 Library Good Faith
0.00
0.00
0.00
Nam s
Total Restricted Funds:
$ 5,146,211.28
$42,000.00
$179.43
5 882,97228
5 4,305,413.43
These accounts are not part of the Treasurers fimd 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 tip as required by the original Bond resolution.
Note 2: The reserve Rmd was a requirement of die original certificates ofparticipation agreement when Lot 4 was built. It helps
to guarantee payment of the lease payments should the Town not make payment.
Note3: The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4. It holds the fandsontil
payments on the certificates ofparticipation are due semi- armnally.
Note 4: The three funds for the Certificates of Participation 2002 Series A consist of construction Ponds which will beexpended over the
next few years, reserve Rmds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Funds are all for the Library contraction, reserves to guarantee lease payments, and a lease payment fimd for the
life of the COP issue. The COI Hurd will be closed in September 2010.
Page 3
Town of Los Gatos
Statement of Interest Earned
December 31, 2011
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
91,617.18 454,628.09
95,510.69 95,510.69
- 128,317.76 - 142,698.38
$58,810.11 $407,440.40
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
71,574.96
71,242.59
66,191.20
63,343.74
58,810.11
4U /,4W U.4U
Page 4
Mam'ket to Cost Position Report
Town or Los Gatos
Amortized
Market
Unrealized
*Source: Treasury and Agency Obligations -Union Bank of California
Institution
Cost
value*
Gain rLossl
LAIF balances per Local Agency Investment Fund monthly statement.
Inactive
Deposits by Institution
$43,213,049.40
22,211.51
Union MM
3,333,370.12
3,333,370.12
0.00
Purchased Interest
7,785.27
Market
to Cost Position Report
LAIF
14,081,425.90
14,081,425.90
0.00
Totals:
$60,613,419.18
$60,635,630.69
$22,211.51
December 31, 2011
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Data
Cost
Date
Elapsed
Malurit
Invested
Maturi
Earned
Received
Accrued
USTreasury
Note
12/31/09
1,497,539.06
12131/11
730
0
730
1.083%
32,436.70
22,500.00
9,936.70
FNMA
Coupon Note
12/08/09
1,991,380.00
01/17/12
753
12
765
1.073%
44,081.46
27,902.78
16,178.68
FFCB
Coupon Note
07/21/09
1,012,800.00
01117/12
893
17
910
1.472%
36,474.56
39,777.78
(3,303.22)
FIILB
Coupon Note
05/09/07
1,509,255.00
03/09/12
1697
69
1766
4.743%
332,816.41
325,000.00
7,816.41
USTreasury
Note
04/15/10
999,375.00
03/31/12
625
91
716
1.054%
18,036.67
14,590.16
3,446.51
FFCB
Coupon Note
04/23/10
1,500,585.00
04/16112
617
107
724
1.174%
29,779.75
26,500.00
3,279.75
FHLB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1493
228
1721
4.170%
347,683.34
343,277.78
4,405.56
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1445
293
1738
4.587%
280,049.35
295,968.75
(15,919.40)
GE
Corporate Note
07/29/10
511,955.00
01108/13
520
374
894
1.791%
13,062.85
13,183.33
(120.48)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
275
456
731
0.801%
12,057.60
7,500.00
4,557.60
FHLMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
281
471
752
0.812%
6,354.56
9,027.78
(2,673.22)
NY Life
Corporate Note
07122/11
534,350.00
05/09/13
162
495
657
0.791%
1,875.96
6,910.42
(5,034.46)
F14LB
Callable Note
07/29/10
1,506,480.00
07/12/13
520
559
1079
1.218%
26,140.94
20,008.33
6,132.61
TIAA
Corporate Note
04111/11
880,446.95
07/15/13
264
562
826
1.334%
8,495.13
10,533.87
(2,038.74)
FALB
Callable Note
06/27/11
2,500,000.00
09/27113
187
636
823
0.699%
8,952.95
8,750.00
202.95
FFCB
Coupon Note
01/24/11
999,900.00
01/24/14
341
755
1096
1.393%
13,012.75
6,950.00
6,062.75
FIILMC
Callable Note
08118/11
1,005,560.00
08/15/14
135
958
1093
0.860%
3,198.51
3,198.51
FHLMC
Coupon Note
09/16/11
2,026,080.00
08/20/14
106
963
1069
0.527%
3,100.85
3,100.85
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
40
1056
1096
0.815%
890.92
890.92
FFCB
Callable Note
12/19/11
2,000,000.00
12/19/14
12
1084
1096
0.750%
493.15
493.15
FNMA
Callable Note
12/29/11
2,000,000.00
12/29/14
2
1094
1096
0.900%
98.63
98.63
FELMC
Callable Note
07/06/11
1,999,780.00
01/06/15
178
1102
1280
1.353%
13,194.93
13,194.93
FNMA
Callable Note
10/31/11
750,000.00
01/26/15
61
1122
1183
1.000%
1,253.42
1,253.42
FNMA
Callable Note
10/07/11
1,296,875.00
02/18/15
85
1145
1230
0.866%
2,615.42
2,615.42
FBLB
Callable Note
06115111
2,007,760.00
06/08/15
199
1255
1454
1.765%
19,320.43
18,020.83
1,299.60
Treasury
Note
08/16/11
1,042,812.50
07/31115
137
1308
1445
0.652%
2,552.01
2,552.01
FHLMC
Callable Note
08/24/11
2,000,000.00
08/24/15
129
1332
1461
1.375%
9,719.18
9,719.18
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
113
1348
1461
1.000%
6,191.78
6,191.78
Treasury
Note
08116111
1,025,390.63
07/31116
137
1674
1811
0.973%
3,744.81
3,744.81
FNMA
Callable Note
12/05/11
1,000,000.00
12/05/16
26
1801
1827
1.000%
712.33
712.33
Subtotal
43,190,837.89
Union MM
3,333,370.12
30
30
0.00%
2.74
2.74
Purchased Interest
7,785.27
LAIF
N/A
09/30/11
14,081,425.90
12131/11
92
0
92
0.38%
13,512.43
13,512.43
560,613,419.18
537
1.12% $1,291,912.50
51,196,401.81
595,510.69
Maturity Prorile
Amount
Percent
0 -1 year
529,514,040.35
48.69%
1 -2 years
$8,947,720.70
14.76%
2 -3 years
$9,029,040.00
14.90%
3 -5 years
$13,122,618.13
21.65%
5 60,613,419.18
100.00%
Mam'ket to Cost Position Report
Amortized
Market
Unrealized
*Source: Treasury and Agency Obligations -Union Bank of California
Institution
Cost
value*
Gain rLossl
LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
543,190,837.89
$43,213,049.40
22,211.51
Union MM
3,333,370.12
3,333,370.12
0.00
Purchased Interest
7,785.27
7,785.27
0.00
LAIF
14,081,425.90
14,081,425.90
0.00
Totals:
$60,613,419.18
$60,635,630.69
$22,211.51
page 5
Town of Los Gatos
Quarterly Investment Report
(Month Ended November 31, 2011)
Prepared by
Linda L. Speicher, Project Manager ^ '
02/11/12 (/ //�
Town of Los Gatos
Summary Investment Information
November 30, 2011
Weighted Average Portfolio Yield: 1.22% Weighted Average Maturity (days)
This Month Last Month One year aeo
Portfolio Balance $71,718,192 $70,004,573 $64,150,512
Benchmarlcs/ References:
Town's Average Yield
1.22%
1.29%
1.83%
LAW Yield for month
0.40%
0.39%
0.50%
3 mo. Treasury
0.03%
0.01%
0.18%
6 mo. Treasury
0.07%
0.06%
0.21%
2 yr. Treasury
0.28%
0.29%
0.52%
5 yr. Treasury (most recent)
0.94%
1.06%
1.41%
Primerate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr.1 Mac (10/06/11) 0.75%
2 yr. Freddie Mac (11 /01 /11) 0.38%
530
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 1
Portfolio Maturity Profile
3 - 5 years
23%
I »i.
I 0 -1 year
�:...
50%
2 - 3 years �i::a?i
�:ir. ?t a
;F;;, >;
t !i "ry �`r ° '
12% y m'
4R
1¢i >:i "':gs E2i5's
:ii;y!u ^uH� <c�°..: wH�b�1•
1 - 2 years
15%
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 1
Town of Los Gatos
Portfolio Allocation & Treasurer's F and Balances
November30,2011
Month
Fund Balances - Beginning of Month/Period
$70,004,573.02
Receipts
4,499,715.25
Disbursements
( 2,786,095.88 )
Fund Balances - End of Month/Period
$ 71,718,192.39
Portfolio Allocation
Union MM
$3,255,340.43
US Govt Agencies
43,185,532.33
Local Agency Investment Fund
14.081.425.90
Subtotal - Investments
60,522,298.66
Reconciled Demand Deposit Balances
11,195,893.73
Total Treasurer's Fund
$ 71,718,192.39
YTD
$77,813,659.63
17,850,459.81
(23.945.927.051
$ 71,718,192.39
Treasury, Agencies,
& Corp. Notes
57.8
Treasurer's Fand Balances
80 .000,000 ...__,. ...._. ..,.,. ..,..
76,000,000 '-
76,000,000 !! 6 ., fJ{ L1!YYVJ 3
74,000,000 : s > � ! J G O i Y > �• s t °
72,000,000
70.000.000
's a.;... • :a,fs w ,L. ,�s ..' ' > v.'!:5.:3. % �`; %i'f `�; >.> °£: '
e
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s:
r'e
, 3ala
C`f:�' ..f.•x.fi`H.ae . »:J£'fJ.J; ?o :i';7� >£ < >: ;i >:%n.'lz<';'•s.
i ' O.'a» E,iSnr
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.i�lfif'. 'nJ
64000000 ,.i:» v+k3 > <$s„ .:,» /a Giaa >: IJr %:i :J• •»:wa:J: w; »:!Jx.» s
Ufw....
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wss! s£` �'d..!...... !'f.Sa. '•li:'G >f i'i3 3 >`3Lfr:.
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"33Y!; v : »,..5aya: », Y;:£!e Jks:w >.F J >a:.•n:�J::� .5!'., i5'a: ,f..:,
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n.
60,000,000 '
a... v:.:.•.: E: sv ;o'OAC °3 %E >: ?ac:.. >a�•J...•:.. ...J...... ,., ..:..: Jaxs' zi.' �?: i:J !?:!r5:'::':G » <' ;ax:n, ;:.o£.. ..:.. ?n:f.:.... .: % >fff....._.
z Q
w � a o
page 2
Portfolio Investment Allocation
Union MM
5.4
These accounts are not part of (he Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note l: This account include redemption accounts setup forthe repayment ofinterest and principal on outstanding
bond coupmts 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 ofthe original certificates ofpardeipation agreement when Lot 4 was built. it helps
to guarantee payment of the lease payments should Ore 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 lands until
payments on the certificates of participation are due semi - annually.
Note 4: The lives funds for the Certificates of Participation 2002 Series A consist of constnretion 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 Ore disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the
life of the COP issue. The COI fimd will be closed in September 2010.
Page 3
Taw. of Los Gums
Nan - Treasury Restricted Fund Balances
November 30, 2011
Previous
Ending
Balance
Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 1220/02
$283,605.06
$175.84
$283,780.90
Nam1
Certificates of Participation Reserve Fund (Lot 4)
254,136.26
0.00
254,136.26
Natel
Cert. of Participation Lease Payment Fund (Lot 4)
42,000.03
21,000.00
0.00
63,000.03
Noss
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
5.85
5.85
686,251.19
Nate 4
Cert. Of Participation 2002 Series A Interest Fund
0.00
0.00
0.00
Note 4
Cert. of Participation 2002 Series A Cons (. Fund
42,414.17
0.00
42,414.17
Nore4
COP 2010 Library Reserve Fund
1,277,062.50
0.01
0.01
1,277,062.50
sans
COP 2010 Library Lease Food
0.00
0.00
0.00
Nore s
COP 2010 Library ACQ Construction Fund
3,379,176.69
0.05
839,610.51
2,539,566.23
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
Noe s
Total Restricted Funds:
$ 5,964,645.90
$21,000.00
$181.75
$ 839,616.37
$ 5,146,211.28
These accounts are not part of (he Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note l: This account include redemption accounts setup forthe repayment ofinterest and principal on outstanding
bond coupmts 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 ofthe original certificates ofpardeipation agreement when Lot 4 was built. it helps
to guarantee payment of the lease payments should Ore 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 lands until
payments on the certificates of participation are due semi - annually.
Note 4: The lives funds for the Certificates of Participation 2002 Series A consist of constnretion 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 Ore disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the
life of the COP issue. The COI fimd will be closed in September 2010.
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
November 30, 2011
Current
Month
29,405.30
128,317.76
- 94,379.32
$63,343.74
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
71,574.96
71,242.59
66,191.20
63,343.74
Page 4
348,630.29
Fiscal
Year to Date
363,010.91
128,317.76
- 142,698.38
$348,630.29
Market to Cost Position Report
Amortized
Market
Unrealized " Source: Treasury and Agency Obligations -Union Bank of California
Town of Los Galas
Cost
Value*
Gain (Loss l LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$43,177,017.89
$43,244,490.20
67,472.31
Union NA4
3,255,340.43
3,255,340.43
Inactive Deposits by Institution
Purchased Interest
8,514.44
8,514.44
0.00
LAN
14,081,425.90
14,081,425.90
0.00
Totals:
560,522,298.66
Market
to Cost Position Report
November 30, 2011
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Sce,nity
Dale
Cast
Date
Elapsed
Materi
Invested
Mahvit
Earned
Received
Accrued
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
1742
8
1750
4.959%
233,378.88
198,618.06
34,760.82
USTreasury
Note
12/31/09
1,497,539.06
12/31/11
699
31
730
1.083%
31,059.25
22,500.00
8,559.25
FNMA
Coupon Note
12/08/09
1,991,380.00
01/17/12
722
43
765
1.073%
42,266.69
27,902.78
14,363.91
FFCB
Coupon Note
07/21/09
1,012,800.00
01/17/12
862
48
910
1.472%
35,208.37
39,777.78
(4,569.41)
FBI,B
Coupon Note
05/09107
1,509,255.00
03/09/12
1666
100
1766
4.743%
326,736.67
325,000.00
1,736.67
USTreasury
Note
04/15/10
999,375.00
03/31112
594
122
716
1.054%
17,142.05
14,590.16
2,551.89
FFCB
Coupon Note
04/23/10
1,500,585.00
04/16/12
586
138
724
1.174%
28,283.52
26,500.00
1,783.52
FBLB
Coupon Note
11/29/07
2,038,360.00
08/15112
1462
259
1721
4.170%
340,464.20
343,277.78
(2,813.58)
GB
Corporate Note
01/16/08
1,542,165.00
10/19/12
1414
324
1738
4.587%
274,041.37
295,968.75
(21,927.38)
GE
Corporate Note
07/29/10
511,955.00
01/08/13
489
405
894
1.791%
12,284.10
13,183.33
(899.23)
Treasury
Coupon Note
03/31111
1,997,968.75
03/31/13
244
487
731
0.801%
10,698.38
7,500.00
3,198.38
FBLMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
250
502
752
0.812%
5,653.52
9,027.78
(3,374.26)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
131
526
657
0.791%
1,516.98
6,910.42
(5,393.44)
FBLB
Callable Note
07/29/10
1,506,480.00
07117/13
489
590
1079
1.218%
24,582.53
20,008.33
4,574.20
TIAA
Corporate Note
04/11111
880,446.95
07115/13
233
593
826
1.334%
7,497.60
10,533.87
(3,036.27)
FHLB
Callable Note
06127/11
2,500,000.00
09/27/13
156
667
823
0.699%
7,468.77
7,468.77
FBLMC
Callable Net.
06109111
2,001,600.00
12/09/13
174
740
914
1.018%
9,713.63
9,713.63
FFCB
Coupon Note
01/24/11
999,900.00
01/24/14
310
786
1096
1.393%
11,829.78
6,950.00
4,879.78
rBLMC
Callable Note
08/18/11
1,005,560.00
08/15/14
104
989
1093
0.860%
2,464.04
2,464.04
FBLMC
Coupon Note
09116/11
2,026,080.00
08/20/14
75
994
1069
0.527%
2,193.99
2,193.99
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
9
1087
1096
0.815%
200.46
200.46
FHLMC
Callable Note
07/06/11
1,999,780.00
01106115
147
1133
1280
1.353%
10,896.94
10,896.94
FNMA
Callable Note
10131/11
750,000.00
01/26/15
30
1153
1183
1.000%
616.44
616.44
FNMA
Callable Note
10/07/11
1,296,875.00
02/18/15
54
1176
1230
0.866%
1,661.56
1,661.56
FHLB
Callable Note
06115111
2,007,760.00
06/08/15
168
1286
1454
1.765%
16,310.71
16,310.71
FFCB
Callable Note
06/09/11
1,998,500.00
06/09/15
174
1287
1461
1.721%
16,396.13
16,396.13
Treasury
Note
08/16/11
1,042,812.50
07/31/15
106
1339
1445
0.652%
1,974.54
1,974.54
FBLMC
Callable Note
08/24/11
2,000,000.00
08/24/15
98
1363
1461
1.375%
7,383.56
7,383.56
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
82
1379
1461
1.000%
4,493.15
4,493.15
Treasury
Note
08/16/11
1,025,390.63
07/31/16
106
1705
1811
0.973%
2,897.44
2,897.44
Subtotal
43,177,017.89
Union MM
3,255,340.43
30
30
0.00%
8.03
8.03
Purchased Interest
8,514.44
LAW
N/A
09/30/11
14,081,425.90
17/31/11
61
31
92
0.40%
9,243.53
9,243.53
$60,522,298.66
530
1.22% $1,496,566.80
$1,368,249.04
5128,317.76
Maturity Profile
Amount
Percent
0 -1 year
$30,422,819.83
50.27%
1 -2 years
$8,947,720.70
14.78%
2 -3 years
$7,030,640.00
11.62%
3 -5 years
514,121,118.13
23.33%
5 60,522,298.66
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized " Source: Treasury and Agency Obligations -Union Bank of California
Institution
Cost
Value*
Gain (Loss l LAIF balances per Local Agency Investment Fund monthly statement.
Union Bank Assets
$43,177,017.89
$43,244,490.20
67,472.31
Union NA4
3,255,340.43
3,255,340.43
0.00
Purchased Interest
8,514.44
8,514.44
0.00
LAN
14,081,425.90
14,081,425.90
0.00
Totals:
560,522,298.66
$60,589,770.97
567,472.31
page 5
Town of Los Gatos
Quarterly Investment Report
Prepared by
Linda L. Speicher, Project Manage
02/11/12
Town of Los Gatos
Summary Investment Information
October 31, 2011
Weighted Average Portfolio Yield: 1.38% Weighted Average Maturity (days)
This Month Last Month One year ag
Portfolio Balance $70,004,573 $69,273,281 $63,062,754
Benchmarks/ References:
Town's Average Yield
1.38%
1.29%
1.93%
LAW Yield for month
0.39%
0.38%
0.50%
3 mo. Treasury
0.01%
0.02%
0.13%
6 me. Treasury
0.06%
0.04%
0.17%
2 yr. Treasury
0.28%
0.25%
0.40%
5 yr. Treasury (most recent)
1.06%
1.02%
1.33%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (10/06/11) 0.75%
2 yr. Freddie Mac (11 /01 /11) 0.38%
579
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 1
Portfolio Maturity Profile
3 . 5 pears
:.::: :...,... .
0 - 1 year
48%
2 -3 years
1 - 2 years
15%
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 1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
October 31, 2011
Fund Balances - Begi of MontlReriod
Receipts
Disbursements
Fund Balances - End of Montl0criod
Month
YTD
$69,273,281.24
$77,813,659.63
3,45 8,368.62
13,350,744.56
( 2,727,076.84 )
(21.159,831.171
$ 70,004,573.02
$ 70,004,573.02
Portfolio Allocation
Union MM
US Govt Agencies
Local Agency Investment Fetid
Subtotal - Investments
Reconciled Demand Deposit Balances
Total Treasurer's Fetid
$191,486.13
46,220,392.47
14.081.425.90
60,493,304.50
9.511268.52
$ 70,004,573.02
Treasury, Agencies,
& Corp. Notes
57.8
Treasurer's Fund Balances
80,000,000 .. _,., ..::.: .. .. _._ ......... . ..... ...:... :.,...,
78,000,000
76,000,000
'3 S f 9 u ; y u Y ksro
74,000,000
72,000.000
70,000,000
68,000,000
s fm:a., ..,a ,..,, ;:5': .? v % `s,,..,. ,. ?..5 n •. ?'s. >;..2..5rs rr m.;x, � am s. � c •
-f8 J . <i.. ?r:•y: n.y: L , �c .. k. , Ai�> r n�oeG�c ° .! 'ih'n
.:' - L r.n.:. 5 >.nr., ou'c r �•. <c.g�, nr'e, yr' ?r'3 >3�0:9 �:>, ;., .o
66000
__>r., . <.. z6'm n »s.•us.f, 8 n..::..,. ,:?%" xo?r n. .' } &.<
u)c hm'u • " ?i• „y.y < ii < >mnui ;'iyi ,; <`: '�f `,,`£ �;i' o�FV'3,�
:.; - .o: o.>. ory •,a Lr, <> < N c.(,u :.>>'. � s ir: om :'S::'. > %3M`>:`:ro'?�i Y,. ' ' ' k ` ( ; R ; Y; L r � > 5 ?'; j". ?,Y #n,%, `i'f,�
64.000,000 •o.�.'o'f`:'en,:. a3 ;�4Sq; fEO SS «'cs ¢ YY m,` s
vlr 6 o•.anl 3o m a L. C C < iv ,o3.L.<r �> mm r q Y y
cfu :r.. o Sett 'r.�L,i3'sflf'H % n:'r %a n'.uy.!u, , .. �hR , f, r jp. +.iFS ` m. ::'f.. {. Y .,iLf,
iai>. >ii:ryur:
: cu. �> 8f.:..:. oJ. � > so.....:>y:.,:u /o..... ''o.<. .<..o ,.?1G4i' >1.'iG: � �oysJ•:> sj n3 .3H >;:>:9.. oomiis3s Si
62 :'; >u:uku:rr' :v G',x bar .?,.,, ft ..: :: <o x,..o n:;. s ?y ?. S:OL>, r f>r.'xLm:m� zrzpr'•L:R ?: ? %': =<.r..7ui ¢ .%t,••ri$ ..4.G , of :o:• »n.: : •_c : ....,.,�.> r .. r r ....,.....
fA o.
. ✓. ¢ yor..:r /. >..'.$:c r'ri�N'<,:? n.3.. nh:,L,r. >• "•�"5:c: >:Y<'' iu:i
60.000.000 :.v......3...< :.... ..
o` 2 [i w � d '� � ¢ o
page 2
Portfolio Investment Allocation
Union MM
0.3
These accounts are not part of the Treasurers 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 fiend 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: Tire 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.
Nate 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 fonds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments
mid initial delivery costs.
Note 5: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the
life of the COP issue. The COI fund will be closed in September 2010.
Page 3
Town of Los Gatos
Nan - Treasury
Restricted Fund Balances
October 31, 2011
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$283,435.00
$170.06
$283,605.06
Note i
Certificates of Participation Reserve Food (Lot 4)
254,136.26
0.00
254,136.26
lsdt 2
Cart. of Participation Lease Payment Fund (Lot 4)
42,000.03
0.00
42,000.03
Note3
Cart. of Participation 2002 Series A Reserve Fund
686,251.19
5.66
5.66
686,251.19
Nate4
Cart. Of Participation 2002 Series A Interest Fund
0.00
0.00
0.00
Na1n4
Cart. of Participation 2002 Series A Const. Fund
42,376.15
38.02
42,414.17
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
0.01
0.01
1,277,062.50
Nato s
COP 2010 Library Lease Fund
0.00
0.00
0.00
Nate s
COP 2010 Library ACQ Construction Fwd
4,315,723.49
0.16
936,546.96
3,379,176.69
Notes
COP 2010 Library COI Fond
0.00
0.00
0.00
Note s
COP 2010 Library Good Faith
0.00
0.00
0.00
Notes
Total Restricted Funds:
$ 6,900,984.62 $0.00
$213.91
$ 936,552.63
$ 5,964,645.90
These accounts are not part of the Treasurers 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 fiend 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: Tire 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.
Nate 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 fonds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments
mid initial delivery costs.
Note 5: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the
life of the COP issue. The COI fund will be closed in September 2010.
Page 3
Town of Los Gatos
Statement of Interest Earned
October 31, 2011
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
75,593.82 333,605.61
94,379.32 94,379.32
- 103,781.94 - 142,698.38
$66,191.20 $285,286.55
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
71,574.96
71,242.59
66,191.20
285,286.55
Page 4
page 5
Town of Los Gatos
Inactive
Deposits by Institution
Market
to Cast Position Report
Octohcr 31, 2011
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Date
Cost
Date
Elapsed
Materi
Invested
Maturity
Earned
Received
Accrued
FFCB
Coupon Note
12/12/07
2,025,080.00
11/21/11
1419
21
1440
4.000%
314,913.81
299,183.33
15,730.48
FFCB
Coupon Note
07122/07
986,080.00
12/08/11
1712
38
1750
4.959%
229,359.72
198,618.06
30,741.66
USTreasury
Note
12/31/09
1,497,539.06
12/31/11
669
61
730
1.083%
29,726.23
22,500.00
7,226.23
FNMA
Coupon Note
12/08/09
1,991,380.00
01/12/12
692
73
765
1.073%
40,510.45
27,902.78
12,607.67
FFCB
Coupon Note
07/21/09
1,012,800.00
01/17/12
832
78
910
1.472%
33,983.02
39,777.78
(5,794.76)
FBLB
Coupon Note
05/09/07
1,509,255.00
03/09/12
1636
130
1766
4.743%
320,853.06
325,000.00
(4,146.94)
USTreasury
Note
04/15/10
999,375.00
03/31/12
564
152
716
1.054%
16,276.29
14,590.16
1,686.13
FFCB
Coupon Note
04/23/10
1,500,585.00
04/16/12
556
168
724
1.174%
26,835.56
26,500.00
335.56
FELB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1432
289
1721
4.170%
333,477.93
343,277.78
(9,799.85)
GE
Corporate Note
01116108
1,542,165.D0
10/19/12
1384
354
1738
4.587%
268,227.20
295,968.75
(27,741.55)
GE
Corporate Note
07/29/10
511,955.00
01/08/13
459
435
894
1.791%
11,530.47
13,183.33
(1,652.86)
Treasury
Coupon Note
03/31/11
1,997,968.75
03131/13
214
517
731
0.801%
9,383.01
7,500.00
1,883.01
FHLMC
Coupon Note
03/25/11
1,016,520.D0
04/15/13
220
532
752
0.812%
4,975.10
9,027.78
(4,052.68)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
101
556
657
0.791%
1,169.58
1,169.58
FI-ILB
Callable Note
07/29/10
1,506,480.00
07/12/13
459
620
1079
1.218%
23,074.40
20,008.33
3,066.07
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
203
623
826
1.334%
6,532.24
10,533.87
(4,001.63)
FHLB
Callable Note
06/27/11
2,500,000.00
09/27/13
126
697
823
0.699%
6,032.47
6,032.47
FHLMC
Callable Note
06109/11
2,001,600.00
17/09/13
144
770
914
1.018%
8,038.86
8,038.86
FFCB
Coupon Note
01/24/11
999,900.00
01/24/14
280
816
1096
1.393%
10,684.96
6,950.00
3,734.96
FIILMC
Callable Note
08/18/11
1,005,560.00
08/15/14
74
1019
1093
0.860%
1,753.26
1,753.26
FHLMC
Coupon Note
09116111
2,026,080.00
08/20/14
45
1024
1069
0.527%
1,316.40
1,316.40
FHLMC
Callable Note
07/06/11
1,999,780.00
01106115
117
1163
1280
1.353%
8,673.07
8,673.07
FNMA
Callable Net.
10131/11
750,000.00
01/26/15
0
1183
1183
1.000%
0.00
0.00
FFCB
Coupon Note
09/01/11
2,001,320.00
02/17115
60
1205
1265
1.155%
3,799.77
3,799.77
FNMA
Callable Note
10/07111
1,296,875.00
02/18/15
24
1206
1230
0.866%
738.47
738.47
FHLB
Callable Note
06115111
2,007,760.00
06/08/15
138
1316
1454
1.765%
13,398.09
13,398.09
FFCB
Callable Note
06/09/11
1,998,500.00
06/09/15
144
1317
1461
1.721%
13,569.21
13,569.21
Treasury
Note
08 /16 /11
1,042,812.50
07/31/15
76
1369
1445
0.652%
1,415.71
1,415.71
FHLh4C
Callable Note
08/24/11
08/24/15
68
1393
1461
1.375%
5,123.29
5,123.29
FNMA
Callable Note
09/09/11
_2,000,000.00
2,000,000.00
09/09/15
52
1409
1461
1.000%
2,849.32
2,849.32
Treasury
Note
08/16/11
1,025,390.63
07/31/16
76
1735
1811
0.973%
2,077.41
2,077.41
Subtotal
46,205,917.89
Union MM
191,486.13
30
30
0.00%
0.47
0.47
Purchased Lrteresl
14,474.58
LAW
N/A
09/30/11
14,081,425.90
12/31 /11
31
61
92
0.39%
4,602.44
4,602.44
$60,493,304.50
579
1.38%
$1,754,901.27
$1,660,521.95
$94,379.32
Maturity Profile
Amount
Percent
0 -1 year
$29,390,005.67
48.58%
1 -2 years
$8,947,720.70
14.79%
2 -3 years
$6,033,140.00
9.97%
3 -5 years
$16,122,438.13
26.65%
$ 60,493,304.50
100.00%
Market to Cost
Position Report
Amortized
Market
Unrealized
° Source:
Treasury and Agency Obligations
-Union Bank
of California
Institution
Cost
value*
Gain (Lass)
LAW balances per Local Agency Irvestment Fund monthly
statement.
Union Bank
Assets
$46,205,91289
$46,287,197.35
81,279.46
Union MM
191,486.13
191,486.13
0.00
Purchased Interest
14,474.58
14,474.58
0.00
LAIF
14,081,425.90
14,081,425.90
0.00
Totals:
$60,493,304.50
$60,574,583.96
$81,279.46
page 5