Quarterly Investmentstowx aF MEETING DATE: 08/22/12
ITEM NO:
ios �AS�s COUNCIL AGENDA REPORT
DATE: August 8, 2012
TO: MAYOR AND TOWN COUNCIL]
FROM: GREG LARSON, TOWN MANAGERL?
SUBJECT: FY 2011/12 QUARTERLY INVESTMENT REPORT (APRIL THROUGH JUNE 2012)
RECOMMENDATION:
Accept attached Fourth Quarter Investment Report for FY 2011/12,
DISCUSSION:
Attached for your consideration is the Fourth Quarter Investment Report for FY 2011/12.
The Town's overall investment rate of return has settled at approximately 1% during the current quarter.
This rate continues to be higher than the current LAIF rate of 38 %. Market instability continues to
affect the rates of returns available for any type of bonds. Due to fluctuations, the strategy for the near
term is to continue to invest in callable bonds in an attempt to receive a slightly higher rate of return
overall and to look for longer term investments with better yields.
FISCAL IMPACT:
None
Attachment:
Fourth Quarter Investment Report for FY 2011/12 (April through June 2012)
PREPARED BY: S
Finance & Administr4Ser Direct or/ Town Treasurer
Reviewed by: Assistant "town Manager
own T AttorneycFinance
N: \TRS \Staff Reports\201 I \Treasurer's Report - Q4 2011 2012.doc
Town of Los Gatos
Quarterly Investment Report
(Month Ended June 30, 2012)
Prepared by
Linda L. Speicher, Project Manager
08/08/12 ?'�
Town of Los Gatos
Summary Investment Information
June 30, 2012
Weighted Average Portfolio Yield:
0.97%
Weighted Average Maturity, (days)
This Month
Last Month
One year ago
Portfolio Balance
$75,558,782
$77,909,764
$77,813,660
Benchmarks/ References:
Towns Average Yield
0.97%
1.02%
1.46%
LAIF Yield for month
0.37%
0.37%
0.45%
3 me. Treasury
0.10%
0.09%
0.03%
6 me. Treasury
0.15%
0.14%
0.10%
2 yr. Treasury
0.31%
0.30%
0.40%
5 yr. Treasury (most recent)
0.75%
0.75%
1.62%
Prune rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (05/21/12) 0.61%
2 yr. Freddie Mac (11/01/11) 0.39%
3 - 5 yea
37%
Portfolio Maturity Profile
2 - 3 years
16%
L years
8%
D - 1 year
39%
757
Compliance: The Tomi s investments arc 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
'I'oNm has sufficient funds to meet the cash demands for the next six months.
Page 1
80,000,000
78000,000
76,000,000
74,000,000
72,000,000
70X000
68,000,000
66,000,000
64,000,000
62 000,000
60,000,000
Town of Los Gatos
Portfolio Allocation & Treasurer's Ftimd Balances
June 30, 2012
Month
Fund Balances - Beginning of Month/Peniod
$77,909,764.18
Receipts
2,627,719.05
Disbursements
(4,978,700.90)
Fund Balances - End of Month/Period
$75,558,782.33
Portfolio Allocation:
Union MM
$305,989.60
US Govt Agencies
46,598,399.24
Local Agency Investment Fund
14.108.187.40
Subtotal - Investments
61,012,576.24
Reconciled Demand Deposit Balances
14.546.206.09
Total Treasurer's Fund
$75,558,782.33
Portfolio Investment Allocation
Union MM
0.5%
YTD
$77,813,659.63
50,282,123.80
(52.537.001.10)
$75,558,782.33
Treasury, Age
& Corp. Nc
57.8%
Treasurer's Fund Balances
i
page 2
a w b 7
'these accounts in a not pan ofthe Treasurer's find balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note]: This accomt include redemption accounts set up for the repayment of interest and principal on outstanding
hand coupons for Parking Assessment Dishict'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 ofparticipmion agreement when Lot 4 was built. It helps
to guarantee paynotal of the lease payments should the "I own not make payment.
Note 3: The lease payment fired receives the lease payments from the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates ofpanicipation are due semi - annually.
Note 4: The three funds for tiro Certificates of Participation 2002 Series A consist ofconsuaction Rinds which will be expended over the
next few years, reserve finds which will guarantee the payment of lease payments, and a third Pond for the disbursement of lease payments
and initial delivery costs.
Note 5: Tba 2010 COP Funds are all for the Library construction, reserves to guarantee heass payments, and a lease payment find for the
life of the COP issue. Tlse COI hind will be closed in September 2010.
Page 3
Town of Los Gatos
Non- Treasury
Restricted Fund Balances
June 30, 2012
Previous
Ending
Balance
Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12 /20/02
$284,815.44
$176.59
$284,992.03
Note t
Certificates of Participation Reserve Fund (Lot 4)
254,136.26
0.00
254,136.26
Nine
Coo, Of Participation Lease Payment Ford (Let 4)
183,000.03
21,000.00
0.00
204000.03
Nme3
Can. of Participation 2002 Series A Reserve Fund
6861251.19
5.85
5.85
686,251.19
Note 4
Can. Of Participation 2002 Series A Interest Fund
0.00
0.00
0.00
Note
Cart. of Participation 2002 Series A Const. Fund
42,488.58
0.00
42,48858
Nme 4
COP 2010 Library Reserve Fund
1,277,062.50
0.01
0.01
1,277,062.50
New 5
COP 2010 Library Lease Fnnd
0.00
0.W
0.00
Notes
COP 2010 Library ACQ Construction Fund
0.00
0.00
0.00
Note 5
COP 2010 Library COl Food
0.00
0.00
0.00
N.,L 5
COP 2010 Library Good Faith
0.00
0.00
0.00
Nine 5
Total Restricted Foods:
$? 727,754.00
$21,000.00
$182.45
$5.86
$2,748,930.59
'these accounts in a not pan ofthe Treasurer's find balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note]: This accomt include redemption accounts set up for the repayment of interest and principal on outstanding
hand coupons for Parking Assessment Dishict'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 ofparticipmion agreement when Lot 4 was built. It helps
to guarantee paynotal of the lease payments should the "I own not make payment.
Note 3: The lease payment fired receives the lease payments from the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates ofpanicipation are due semi - annually.
Note 4: The three funds for tiro Certificates of Participation 2002 Series A consist ofconsuaction Rinds which will be expended over the
next few years, reserve finds which will guarantee the payment of lease payments, and a third Pond for the disbursement of lease payments
and initial delivery costs.
Note 5: Tba 2010 COP Funds are all for the Library construction, reserves to guarantee heass payments, and a lease payment find for the
life of the COP issue. Tlse COI hind 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
June 30, 2012
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
page 'l
Current Fiscal
Month Year to Date
67,632.95 857,393.10
- 2,568.42 - 2,568.42
- 20,657.32 - 142,698.38
$44,407.21 $712,126.30
$76,277.80
71,574.96
71,242.59
66,191.20
63,343.74
58,810.11
51,797.22
52,143.27
57,666.21
48,149.76
50,522.23
44,407.21
$712,12630
page 5
Town of Las Gates
Inactive
Deposits by Institution
Market to Cost Position Report
June 30, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Dale
Cost
Date
Blame
IvLabuity
Invested
Maturi
Earned
Received
Accrued
FHLB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1675
46
1721
4.170%
390,066.71
389,527.78
538.93
BELLS
Coupon Note
03/22/12
1,994,833.33
08/24/12
100
55
155
0.610%
3,333.83
3,333.83
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1627
111
1738
4.587%
315,322.00
335,343.75
(20,021.75)
GE
Corporate Note
07/29/10
511,955.00
01/08/13
702
192
894
1.791%
17,634.84
20,183.33
(2,548.49)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
457
274
731
0.801%
20,037.55
15,000.00
5,037.55
FHLMC
Coupon Note
03/25/11
1,016,520.00
04 /15/13
463
289
752
0.812%
10,470.32
17,152.78
(6,682.46)
NYLife
Corporate Note
07/22/11
534,350.00
05/09/13
344
313
657
0.791%
3,983.53
18,535.42
(14,551.89)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
446
380
826
1.334%
14,351.62
30,705.12
(16,353.50)
FHLMC
Callable Note
01/06/12
2,001,000.00
10/18/13
176
475
651
0.472%
4,554.17
2,833.33
1,720.84
NY Life
Coupon Note
01/25112
2,041,000.00
12/13/13
157
531
688
0.753%
6,610.66
14,183.33
(7,572.67)
FHLMC
Callable Note
08/18/11
1,005,560.00
08/15/14
317
776
1093
0.860%
7,510.57
5,162.50
2,348.07
FHLMC
Coupon Note
09/16/11
2,026,080.00
08/20/14
288
781
1069
0527%
8,424.94
8,555.55
(130.61)
FFCB
Callable Note
11/21/11
997,500.00
11 /21/14
222
874
1096
0.815%
4,944.59
3.650.00
1,294.59
FFCB
Callable Note
12119/11
2,000,000.00
12/19/14
194
902
1096
0.750%
7,972.60
7,500.00
472.60
FNMA
Callable Note
10/31/11
750,000.00
01/26115
243
940
1183
1.000%
4,993.15
1,770,83
3,222.32
FNMA
Callable Note
10/07/11
1,296,875.00
02/18/15
267
963
1230
0.866%
8,215.51
9,097.22
(881.71)
FNMA
Callable Note
04/23/12
1,513,470.00
04/23/15
68
1027
1095
0.946%
2,667,36
2,66736
Treasury
Note
09 /16/11
1,042,81250
07/31/15
319
1126
1445
0.652%
5,942.26
7,989.13
(2,046.87)
FBLIvIC
Callable Note
08124/11
2,000,000.00
08124/15
311
1150
1461
1.375%
23,431.51
13,750.00
9,681.51
FN4v1A
Callable Note
09/09/11
2,000,000.00
09109/15
295
1166
1461
1.000%
16,164,38
10,000.00
6,164.38
Berk Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
156
1263
1419
1.077%
6,053.67
11,824.65
(5,770.98)
FNMA
Callable Not.
01/25/12
2,503,906.25
01/25/16
157
1304
1461
1.060%
11,416.44
11,416.44
FNMA
Callable Note
04/04/12
2,002,500.00
04/04/16
87
1374
1461
1.058%
5,049.92
5,049.92
Treasury
Note
08 /16/11
1,025,390.63
07/31116
319
1492
1811
0.973%
8,719.67
6,847.83
1,871.84
FNMA
Callable Not.
12105111
1,000,000.00
12/05/16
208
1619
1827
1.000%
5,698.63
5,000.00
698.63
FNMA
Callable Note
05/25/12
3,033,660.00
05/03/17
36
1768
1804
1.512%
4,524.06
4,524.06
FIR,MC
Callable Note
06/08/12
2,007,700.00
06/06/17
22
1802
1824
1.120%
1,355.34
1,355.34
FBLMC
Callable Note
06 /28112
2,507,250.00
06/14/17
2
1810
1812
0.139%
19.10
19.10
FNMA
Callable Not.
06/29112
2,005,700.00
06114/17
1
1810
1811
0.800%
43.96
43.96
Subtotal
46,592,140.91
BNY MM
305,989.60
30
30
0.00%
0.00
0.00
Purchased bilcrest
6,258.33
LAIF
N/A
03/31112
14,108,187.40
06/30/12
91
0
91
0.37%
12,531.25
12,531.25
$61,012,576.24
757
0.97%
5932,044.13
$934,612.55
($2,568.42)
Maturity Profile
Amount
Pcre.nt
0 -1 year
$24,056,587.41
39.43%
1 -2 years
$4,922,446.95
8.07%
2 -3 years
$9,589,485.00
15.72%
3 -5 years
522,444,056.88
36.79%
S61,012,576.24
100.00%
Market to Cost
Position Report
Amortized
Markel
Unrealized
* Source:
Treasury and Agency Obligations
- Union Bank of California
Institution
Cost
Vol...
Gain (Loss!
LAW balances
per Local Agency Inveshnent Fond monthly
statement.
UnimN Bank
Assets
$46,592,140.91
$46,470,787.75
(121,353.16)
BNY MM
305,989.60
305,989.60
0.00
Purchased Interest
6,25833
6,258 33
0.00
LAIF
14,108,187.40
14,108,187.40
0.00
Totals:
$61,012,576.24
$60,891,223.08
- 5121,353.16
page 5
Town of Los Gatos
Quarterly Investment Report
(Month Ended May 31, 2012)
Prepared by
Linda L. Speicher, Project Manager
08/08/12
Town of Los Gatos
Summary Investment Information
May 31, 2012
Weighted Average Portfolio Yield: 1.02% Weighted Average Maturity
This Month Last Month One year ago
Portfolio Balance $77,909,764 $79,173,040 $77,080,960
Benchmarks/ References:
Tov s Average Yield
1.02%
0.97%
1.51%
LAW Yield for month
0.37%
0.37%
0.41%
3 mo. Treasmy
0.09%
0.10%
0.06%
6 mo. Treasury
0.14%
0.15%
0.12%
2 yr. Treasury
0.30%
0.27%
0.56%
5 yr. Treasury (most recent)
0.75%
0.89%
1.81%
Primerate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mae or Fannie Mae Reference Notes:
3 yr. Fannie Mae (05/21/12) 0.61%
2 yr. Freddie Mae (1 l /01111) 0.38%
3-
Portfolio Maturity Profile
IY %o
1 - 2 years
12%
0 - 1 year
39%
678
Compliance: The'rowri s investments are in compliance with the Town's investment policy dated May 1, 2008
and also in compliance ndth the requirements of Section 53601 of the California State Code. Based on [lie information available, the
Town has sufficient funds to meet the cash demands for the next six months.
Page 1
80,000,000
78,000,000
76,000,000
74,000,000
72,000,000
7O00g000
68000,000
66,000,000
64,000,000
62,000,000
60.000.000
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
May 31, 2012
Month
Fund Balances - Beginning of Month/Penod
$79,173,040.43
Receipts
1,859,324.99
Disbursements
(3,122,601.24)
Fund Balances - End of Month/Period
$77,909,764.18
Portfolio Allocation:
Union MM
$246,877.07
US Govt Agencies
46,590263.76
Local Agency Investment Fund
14.108,187.40
Subtotal - Investments
60,945,328.23
Reconciled Demand Deposit Balances
16.964.435.95
Total Treasurer's Fund
$77,909,764.18
Portfolio Investment Allocation
Union MM
0.4%
Treasurer's Nand Balances
YTD
$77,813,659.63
47,654,404.75
(47.558,300.20)
$77,909,764.18
Treasury, Agencies,
& Corp. Notes
67.8%
N
,. 0
page 2
These accounts are not pan of the Treasnra's Pond balances repotted elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This accmmt include redemption accounts set up for the repayment of interest and principal on outstanding
bond comports for Parking Assessment District Y, as wall as Reserve Funds set up as required by the original Bond resolution.
Note 2: "1'1he reserve fund was a requirement oCOte original certificates of participation agreement when Lot 4 was built. It helps
to guarantee payment of the lease paymens should the "Town not make payment.
Note 3: The lease payment fond receives the lease payments from the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates ofparlicipation arc due semi - annually.
Note 4: The three fads for the Cenificates of Participation 2002 Series A consist of-construction finds which will be expended over the
next rave years, reserve funds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Fronds ae all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the
life ofthe COP issue. The COI fund will be cl used in September 2010.
Page 3
Town of Las Oatas
Non - Treasury Restricted Fund Balances
May 31, 2012
Previous
Ending
Balance
Deposits
Interest
1Vithdmwals
Balance
Non - Treasury Funds:
D wartoan Parking District 1220/02
$284,644.65
$170.79
$284,815 44
Nme t
Certificates of Participation Reserve Fand(Lot 4)
254,136.26
0.00
254,13616
Noie2
Cen. of Participation Lease Payment Fnnd(Lot 4)
162,000.03
21,000.00
0.00
183,000.03
Nme3
Cart. of Participation 2002 Series A Reserve Fund
686,25 L 1
5.66
5.66
686,251.19
No1n4
Cart. Of Participation 2002 Series A Interest Fund
0.00
0.00
0.00
Nme 4
Cen. of Participation 2002 Seres A Cons. Fund
42,488.58
0.00
4 2,488.58
Nale4
COP 2010 Library Reserve Fund
1,277,062.50
0.00
1,277,062.50
Nate5
COP 2010 Library Lease Food
0.00
Ron
0.00
Nme5
COP 2010 Library ACQ Construction Fund
0.00
0,00
0 00
Nme5
COP 2010 Library COI Fond
0.00
0.00
0.00
Nme 5
COP 2010 Library Good Faith
0.00
0.00
0.00
Notes
Total Restricted Funds:
$2,706,583.21
521,000.00
$176.45
55.66
$2,727,75400
These accounts are not pan of the Treasnra's Pond balances repotted elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This accmmt include redemption accounts set up for the repayment of interest and principal on outstanding
bond comports for Parking Assessment District Y, as wall as Reserve Funds set up as required by the original Bond resolution.
Note 2: "1'1he reserve fund was a requirement oCOte original certificates of participation agreement when Lot 4 was built. It helps
to guarantee payment of the lease paymens should the "Town not make payment.
Note 3: The lease payment fond receives the lease payments from the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates ofparlicipation arc due semi - annually.
Note 4: The three fads for the Cenificates of Participation 2002 Series A consist of-construction finds which will be expended over the
next rave years, reserve funds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Fronds ae all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the
life ofthe COP issue. The COI fund will be cl used 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
May 31, 2012
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
Page 4
Current
Month
20,335.43
20,657.32
9,529.48
$50,522.23
$76,277.80
71,574.96
71,242.59
66,191.20
63,343.74
58,810.11
51,797.22
52,143.27
57,666.21
48,149.76
50,522.23
$667,719.09
Fiscal
Year to Date
789,760.15
20,657.32
- 142,698.38
$667,719.09
page 5
Tmvu of Los Gatos
Inactive
Deposits by Institution
Market to Cost Position Report
May 31, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Instihrtion
Security
Date
Cost
Date
Elaused
Maturity
Invested
Maturi
Earned
Received
Accrued
MILE
Coupon Note
11/29/07
2,038,360.00
08/15/12
1645
76
1721
4.170%
383,080.44
389,527.78
(6,44734)
YELLS
Coupon Note
03/22212
1,994,833.33
08/24/12
70
85
155
0.610%
2,333.68
2,333.68
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1597
141
1738
4.587%
309,507.83
335,343.75
(25,835.92)
GE
Corporate Note
07/29/10
511,955.00
01/08/13
672
222
894
1.791%
16,881.22
20,183.33
(3,302.11)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31113
427
304
731
0.801%
18,722.17
15,000.00
3,722.17
FI- IlJvIC
Coupon Note
03/25/11
1,016,520.00
04/15/13
433
319
752
0.812%
9,791.90
17,152.78
(7,360.88)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
314
343
657
0.791%
3,636.13
18,535.42
(14,899.29)
'n AA
Corporate Note
04/11/11
880,446.95
07/15/13
416
410
826
1.334%
13,386.27
30,705.12
(17,318.85)
FHLB
Callable Note
06/27/11
2,500,000.00
09/27/13
339
484
823
0.699%
16,230.21
8,750.00
7,480.21
F14LMC
Callable Note
01/06/12
2,001,000.00
10/18/13
146
505
651
0.472%
3,777.89
2,833.33
944.36
NY Life
Coupon Nate
01/25/12
2,041,000.00
12213/13
127
561
688
0.753%
5,347.48
5,347.48
FHLMC
Callable Note
08/18/11
1,005,560.00
08115/14
287
806
1093
0.860%
6,799.79
5,162.50
1,637.29
FHLMC
Coupon Note
09/16/11
2,026,080.00
08/20/14
258
811
1069
0.527%
7,547.34
8,555.55
(1,008.21)
FFCB
Callable Nate
11/21/11
997,500.00
11/21/14
192
904
1096
0.815%
4,276.41
3,650.00
626.41
FFCB
Callable Note
12/19/11
2,000,000.00
12119/14
164
932
1096
0.750%
6,739.73
6,739.73
FNMA
Callable Note
12/29/11
2,000,000.00
12/29/14
154
942
1096
0.900%
7,594.52
7.594.52
FNMA
Callable Not.
10/31111
750,000.00
01/26/15
213
97D
1183
1.000%
4,376.71
1,770.83
2605.88
FNTNIA
Callable Note
10/07/11
1,296,875.00
02/18/15
237
993
1230
0.866%
7,292.42
9,1197.22
(1.804.80)
FNMA
Callable Not.
04123/12
1,513,470.00
04/23/15
38
1057
1095
0.946%
1,490.58
1,490.58
FHLB
Callable Note
06/15/11
2,007,760.00
06108/15
351
1103
1454
1.765%
34,077.74
18.020.83
16,056.91
Treasury
Note
08116111
1,042,812.50
07/31115
289
1156
1445
0.652%
5,383.43
7.989.13
(2,605.70)
FHLIvIC
Callable Note
08/24/11.
2,000,000.00
08/24/15
281
1180
1461
1.375%
21,171.23
13,750.00
7,421.23
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
265
1196
1461
1.000%
14,520.55
10,000.00
4,520.55
Berk Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
126
1293
1419
1.077%
4,889.50
4,889.50
FNMA
Callable Note
01125/12
2,503,906.25
01/25/16
127
1334
1461
1.060%
9,234.96
9,234.96
FNMA
Callable Note
04104/12
2,002,500.00
04/04/16
57
14D4
1461
1.058%
3,308.57
3,308.57
Treasury
Note
08/16/11
1,025,390.63
07/31/16
289
1522
1811
0.973%
7,899.64
6,847.83
1,051.81
FNMA
Callable Not.
12/05/11
1,000,000.00
12/05/16
178
1649
1827
1.000%
4,876.71
4,876.71
FNMA
Callable Note
05/25/12
3,033,660.00
05103/17
6
1798
1804
1.512%
754.01
754.01
Subtotal
46,579,250.91
BNY MM
246,877.07
30
30
0.00%
0.20
0.20
Purchased Interest
11,012.85
LAW
N/A
03131/12
14,108,187.40
06/30/12
61
30
91
0.37%
8,603.49
8,603.49
$60,945,328.23
678
1.02%
$943,532.72
$922,875.40
$20,657.32
Maturity Profile
Amount
Percent
0 -1 year
$24,002,229.40
39.38%
1 -2 years
$7,422,446.95
12.18%
2 -3 years
$11,589,485.00
19.02%
3 -5 yours
$17,931,166.88
29.42%
$60,945,328.23
100.00%
Markel to Cost
Position Report
Amortized
Market
Unrealized
* Smor .:
Treasu y and Agency Obligations
- Union Bank
of California
Institution
Cost
Value*
Gain (Loss)
LAIF balances
per Local Agency Investment Fund monthly
statement.
Union Bank
Assets
$46,579,250.91
$46,512,848.59
(66,402.32)
BNYlvlls4
246,877.07
246,877.07
0.00
Purchased Erterest
11,012.85
11,012.85
0,00
LAW
14,108,187.40
14,108,187.40
0.00
Totals:
$60,945,328.23
$60,878,925.91
- $66,402.32
page 5
Town of Los Gatos
Quarterly Investment Report
(Month Ended April 30, 2012)
Prepared by
Linda L. Speicher, Project Manager n /
07/23/12
Town of Los Gatos
Summary Investment Information
April 30, 2012
Weighted Average Portfolio Yield: 0.97% Weighted Average Maturity (days)
This Month Last Month One year ago
Portfolio Balance $79,173,040 $75,345,011 $76,816,244
Benchmarks/ References:
Town's Average Yield
0.97%
0.96%
1.56%
LAIF Yield for month
0.37%
0.38%
0.59%
3 mo. Treasury
0.10%
0.09%
0.07%
6 mo. Treasury
0.15%
0.15%
0.12%
2 yr. Treastny
0.27%
0.34%
0.67%
5 yr. Treasury (most recent)
0.89%
1.04%
2.12%
Prime late
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yf. Fannie Mae (04/19/12) 0.59%
2 yr. Freddie Mac (11 /01 /11) 0.38%
3 -5
2 -3ye:
19%
Portfolio Maturity Profile
1 - 2 yeses
13%
o -1year
44%
,ad
619
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
Tovrq has sufficient fiords to meet the cash demands for [lie next six months.
Page 1
80000,000
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
6
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
April 30, 2012
Fond Balances - Beginning of Month/Penod
Receipts
Disbursements
Fetid Balances - End of MonOn/Peniod
Portfolio Allocation
Union MM
US Govt Agencies
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
Total Treasure's Find
Month
YTD
$75,345,010.86
$77,813,659.63
6,234,527.18
45,795,079.76
(2,406,497.61)
(44,435.698.961
$79,173,040.43
$79,173,040.43
$768,470.39
46,048,770.43
14.108.187.40
60,925,428.22
18 247,612.21
$79,173,040.43
Portfolio Investment Allocation
Union MM
1.3%
Treasury, Agencies,
& Carp. Notes
57.8%
Treasurer's Fond Balances
� ¢ o
page 2
These accounts are not part of the Treasurer's Pond 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 ofinterest and principal on outstanding
band coupons for Parking Assessment District T, as well as Reserve Funds set up as required by the on quart Bond resolution.
Note 2: The reserve firnd was a requirement ofthe original certificates ofparticipation agrocment when Lot 4 was built. It helps
to guarantee payment of tbo lease payments should the Town not make payment.
Nate 3: 'fire lease payment filed receives the lease pay cuts floor the 'I own morally for the lease oflot 4. It holds the fiords until
payments on the certificotes of participation are due semi - annually.
Note 4: The three Ponds for the Certificates of Participation 2002 Series A consist of construction fields which will be expended over the
next few yeas, mscrve funds which will guamnaee the payment of lease payments, and a IM1iM firnd for the disbursement of lease payments
and initial delivery costs.
Note 5: Taw 2010 COP Foods are all for the Library canstmction, reserves to guarantee lease payments, and a lease payment food for the
life of the COI' issue. The COI fund will be closed in Sepecmbcr2010.
Page 3
Town of Los Gatos
Non - Treasury
Restricted Fund Balances
April 30, 2012
Previous
Ending
Balance Detrosit,
Interest
Wnbdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$284,468.28
$176.37
$284,644.65
Nme t
Certificates of Participation Reserve Fund (Lot 4)
254,136.26
0.00
254,136.26
Note
Cert. of Participation Lease Payment Fraud (Lot 4)
162 000.03
0.00
162,000.03
Note 3
Cert. of Participation 2002 Series A Reserve Fond
686,251.19
5.85
5.85
68fi 251.19
Note 4
Cert. Of Participation 2002 Series A Interest Fund
0.00
U0
0.00
Nme4
Cert. of Participation 2002 Series A Coast. Fond
42,451.74
36.84
42,488.58
Nom 4
COP 2010 Library Reserve Fnnd
1 ?77,062.50
001
0.01
1,277,062.50
Notes
COP 2010 Library Lease F
0.00
0.00
0.00
Not,5
COP 2010 Library ACQ Cons0uctian Ford
59,415.61
0.00
59,415.61
0.00
Notes
COP 2010 Library COI Fund
0,00
0.00
0.00
Notes
COP 2010 Library Good Faith
000
0.00
0.00
Nulei
Total Restricted Fonds:
$2,765,785.61 50A0
$219.07
559,421 47
$2,706,583.21
These accounts are not part of the Treasurer's Pond 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 ofinterest and principal on outstanding
band coupons for Parking Assessment District T, as well as Reserve Funds set up as required by the on quart Bond resolution.
Note 2: The reserve firnd was a requirement ofthe original certificates ofparticipation agrocment when Lot 4 was built. It helps
to guarantee payment of tbo lease payments should the Town not make payment.
Nate 3: 'fire lease payment filed receives the lease pay cuts floor the 'I own morally for the lease oflot 4. It holds the fiords until
payments on the certificotes of participation are due semi - annually.
Note 4: The three Ponds for the Certificates of Participation 2002 Series A consist of construction fields which will be expended over the
next few yeas, mscrve funds which will guamnaee the payment of lease payments, and a IM1iM firnd for the disbursement of lease payments
and initial delivery costs.
Note 5: Taw 2010 COP Foods are all for the Library canstmction, reserves to guarantee lease payments, and a lease payment food for the
life of the COI' issue. The COI fund will be closed in Sepecmbcr2010.
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
April 30, 2012
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
Page 4
Current Fiscal
Month Year to Date
85,482.62 769,424.72
- 9,529.48 - 9,529.48
- 27,803.38 - 142,698.38
$48,149.76 $617,196.86
$76,277.80
71,574.96
71,242.59
66,191.20
63,343.74
58,810.11
51,797.22
52,143.27
57,666.21
48,149.76
$617,196.86
page 5
Town of Los Gatos
Inactive
Deposits by Institution
Market to Cost Position Report
April 30, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
interest
Interest
Interest
Brstitute",
Security
Date
Cost
Date
Elapse A
Maturit
Invested
Maturi
Earned
Received
Acemed
KELLS
Coupon Note
01120/12
2,495,375.00
05/10/12
101
10
ill
0.609%
4,205.15
4,205.15
FI-ILB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1614
107
1721
4.170%
375,861.30
389,527.78
(13,666.48)
KELLS
Coupon Note
03/22/12
1,994,833.33
08/24/12
39
116
155
0.610%
1,300.19
1,300.19
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1566
172
1738
4.587%
303,499.85
335,343.75
(31,843.90)
GE
Corporate Note
07/29/10
511,955.00
01/08/13
641
253
894
1.791%
16,102.47
20,183.33
(4,080.86)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31113
396
335
731
0.801%
17,362.95
15,000.01)
2,362.95
FHLMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
402
350
752
0.812%
9,090.86
17,152.78
(8,061.92)
NY Life
Corporate Note
07/22111
534,350.00
05/09/13
283
374
657
0.791%
3,277.15
6,910.42
(3,633.27)
TIAA
Corporate Note
04/11/11
880,446.95
07/15113
385
441
826
1.334%
12,388.73
311,705.12
(18,316.39)
FHLB
Callable Note
06127/11
2,500,000.00
09/27/13
308
515
823
0.699%
14,746.03
8,750.00
5,996.03
FHLMC
Callable Note
01106/12
2,001,000.00
10/18113
115
536
651
0.472%
2,975.73
2,833.33
142.40
NY Life
Coupon Note
01/25/12
2,041,000.00
12/13/13
96
592
688
0.753%
4,042.19
4,042.19
FBLMC
Callable Note
08/18/11
1,005,560.00
08/15/14
256
837
1093
0.860%
6,065.32
5,162.50
902.82
FNLIvIC
Coupon Note
09/16111
2,026,080.00
08/20/14
227
842
1069
0.527%
6,640.49
8,555.55
(1,915.06)
FFCB
Callable Note
11/21/11
997,500A0
11/21/14
161
935
1096
0.815%
3,585.94
3,585.94
FFCB
Callable Note
12/19/11
2,OOD,000.00
12219/14
133
963
1096
0.750%
5,465.75
5,465.75
FNMA
Callable Note
12/29/11
2,OOO,D00.00
12/29/14
123
973
1096
0.900%
6,065.75
6,065.75
FNMA
Callable Not.
10/31/11
750,000.01)
01/26/15
182
1001
1183
1.000%
3,739.73
1,770.83
1,968.90
FNMA
Callable Note
10/07/11
1,296,875.00
02/18/15
206
1024
1230
0.866%
6,338.56
9,097.22
(2,758.66)
FNMA
Callable Note
04/23/12
1,513,470.00
0423/15
7
1088
1095
0.946%
274.58
274.58
FHLB
Callable Note
06/15/11
2,007,760.00
06/08/15
320
1134
1454
1.765%
31,068.02
18,020.83
13,047.19
Treasury
Note
08 /16/11
1,042,812.50
07/31/15
258
1187
1445
0.652%
4,805.97
7,989.13
(3,183.16)
F"I.h4C
Callable Note
08/24/11
2,000,000.00
08/24/15
250
1211
1461
1.375%
18,835.62
13,750.00
5,085.62
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
234
1227
1461
1.000%
12,821.92
10,000.00
2,821.92
Berk Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
95
1324
1419
1.077%
3,68653
3,68653
FNMA
Callable Note
01/25/12
2,503,906.25
01/25/16
96
1365
1461
1.060%
6,980.75
6,980.75
FNIVA
Callable Not.
04/04112
2,002,500.00
04/04/16
26
1435
1461
1.058%
1,509.17
1,509.17
Treasury
Note
08 /16/11
1,025,390.63
07/31/16
258
1553
1811
0.973%
7,052.27
6,847.83
204.44
FNMA
Callable Note
12/05/11
1,000,000.00
12205/16
147
1680
1827
1.000%
4,027.40
4,027.41)
Subtotal
46,040,965.91
BNYMM
768,470.39
30
30
0.00%
0.63
0.63
Purchased Interest
7,804.52
LATE
N/A
03131/12
14,108,187.40
06 /30/12
30
61
91
0.37%
4,253.92
4,253.92
$60,925,428.22
619
0.97%
5898,070.92
5907,600.40
($9,529.48)
Maturity Profile
Amount
Percent
0 -1 year
$26,481,639.39
43.47%
1 -2 years
$7,956,796.95
13.06%
2 -3 years
$11,589,495.1)0
19.02%
3 -5 years
$14,897,506.88
24.45%
$60,925,428._2.2
100.00%
Markel to Cost
Position Report
Amortized
Market
Unrealized
° Source:
Treasury and Agency Obligations
- Union Bank
of California
institution
Cost
Value*
Gain (Loss
LAID balances
per Local Agency Investment Fund monthly
statement.
Union Burk
Assets
$46,040,965.91
$46,016,365.50
(24,600.41)
BNY MM
768,470.39
768,470.39
0.00
Purchased Interest
7,804.52
7,804.52
0.00
LAW
14,108,187.40
14,108,187.40
0.00
Totals:
$60,925,428.22
$60,900,827.81
- $24,600.41
page 5