2�pW N 0
'qq1
ios' GoS COUNCIL AGENDA REPORT
DATE: November 14, 2012
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
MEETING DATE: 11/19/12
ITEM NO:
SUBJECT: FY 2012/13 QUARTERLY INVESTMENT REPORT (JULY THROUGH
SEPTEMBER 2012)
RECOMMENDATION:
Accept attached First Quarter Investment Report for FY 2012/13.
DISCUSSION:
Attached for your consideration is the First Quarter Investment Report for FY 2012/13.
The Town's overall investment rate of return has dropped below I% during the current quarter, down to
.82 %. This rate continues to be higher than the current LAIF rate of .35 %. Market instability continues
to affect the rates of returns available for any type of bonds. While most new investments will still be in
callable bonds for the near future, other investments such as highly rated corporate bonds and treasuries
will also be purchased so that a balance can be maintained in the Town's portfolio.
FISCAL IMPACT:
None
Attachment:
First Quarter Investment Report for FY 2012/13 (July through September 2012)
PREPARED BY: V CONWAY
Finance & Ad istrative ervices Director/ Town Treasurer
Reviewed by: �° 5J Assistant Town Manager ( „Town Attorney Finance
N: \TRS \Staff Reports\2011\ Treasurer's Report - Q1 2012 2013.doe °�
THIS PAGE
INTENTIONALLY
LEFT BLANK
Town of Los Gatos
Quarterly Investment Report
(Month Ended September 30, 2012)
Prepared by
Linda L. Speicher, Project Manager
11/14/12
Town of Los Gatos
Summary Investment Information
September 30, 2012
Weighted Average Portfolio Yield: 0.82% Weighted Average Maturity (days) 712
This Month Last Month One year ago
Portfolio Balance $67,979,473 $70,793,188 $69,273,281
Benchmarks/ References:
Town's Average Yield
0,82%
0.83%
1.29%
LAIF Yield for month
0.11%
0.37%
0.38%
3 mo. Treasury
0,11%
0.11%
0.02%
6 mo. Treasury
0.14%
0.14%
0.04%
2 yr, Treasury
0.27%
0.27 %
0.25%
5 yr, Treasury (most recent)
0.65%
0.71%
1.02%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr, Fannie Mae (08/17/12) 0.53%
2 yr. Freddie Mac (11/01/11) 0.38%
Note: Both Fannie and Freddie have ceased offering 2 year notes for the time being,
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 kinds to meet the cash demands for the next six months.
Page 1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
September 30, 2012
Month
Fund Balances - Beginning of Month/Period
$70,793,187.98
Receipts
1,116,198.65
Disbursements
(3,929,913.20)
Fund Balances - End of Month/Period
$67,979,473.43
Portfolio Allocation:
Union MM
$447,883.09
US Govt Agencies
46,576,423.68
Local Agency Investment Fund
14,120,718.65
Subtotal - Investments
61,145,025.42
Reconciled Demand Deposit Balances
6;834,448.01
Total Treasurer's Fund
$67,979,473.43
Portfolio Investment Allocation
Union MM
0.7%
YTD
$75,558,782.33
5,658,852.18
(13,238,161.08)
$67,979,473.43
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Fund 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
..................... ...............................
v� o z Q w d d n
page 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 setup 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 fiord 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 fi•om the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates of participation are due semi - annually.
Note 4: The three fiords for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
next few years, reserve funds which will guarantee the payment of lease payments, and a third fluid for the 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 fiord for the
life of the COP issue. The COI fund will be closed in September 2010.
Page 3
Town of Los Gatos
Non - Treasury Restricted Fund Balances
September 30, 2012
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$285,339.83
$176.91
$285,516.74
Note i
Certificates of Participation Reserve Fund (Lot 4)
233,136.29
0.00
233,136.29
Note z
Cert, of Participation Lease Payment Fund (Lot 4)
21,000,00
0.00
21,000.00
Note 3
Cert, of Participation 2002 Series A Reserve Fund
686,251.19
5.85
5.85
686,251.19
Note 4
Cert, Of Participation 2002 Ser A Lease Pymt Fund
0.00
0.00
0,00
Note 4
Ceti. of Participation 2002 Series A Const Fluid
42,488.58
34.84
42,523.42
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
0.00
1,277,062.50
Note 5
COP 2010 Library Lease Fund
0,00
0.00
0.00
0.00
Note 5
COP 2010 Library ACQ Construction Fund
0.00
0.00
0.00
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 5
Total Restricted Funds:
$2,545,278.39 $0.00
$217.60
$5.85
$2,545,490.14
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 setup 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 fiord 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 fi•om the Town monthly for the lease of Lot 4. It holds the funds until
payments on the certificates of participation are due semi - annually.
Note 4: The three fiords for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
next few years, reserve funds which will guarantee the payment of lease payments, and a third fluid for the 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 fiord for the
life of the COP issue. The COI fund will be closed in September 2010.
Page 3
Interest received from Investments
Interest accrued /(prepaid) at end of period (see page 5)
Interest accrued /(prepaid) at beginning of period
Interest earned on investments
Town of Los Gatos
Statement of Interest Earned
September 30, 2012
Interest by Month
July 2012
August 2012
September 2012
October 2012
November 2012
December 2012
January 2013
February 2013
March 2013
April 2013
May 2013
June 2013
Page 4
Current
Month
10,211.03
- 3,663.20
- 34,696.12
$41,243.95
$50,686.03
40,230.09
41,243.95
Fiscal
Year to Date
133,254.85
- 3,663.20
- 2,568.42
$132,160.07
Market to Cost 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.
BNY Assets
$46,562,720.91
$46,477,334.55
Inactive
Deposits by Institution
447,883.09
447,883,09
0.00
Purchased Interest
13,702.77
13,702.77
0.00
LAIF
14,120,718.65
14,120,718.65
Market
to Cost Position Report
$61,145,025.42
$61,059,639.06
- $85,386.36
September 30, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Securit y
Date
Cost
Date Elapsed
Maturity
Invested
Maturity
Earned
Received
Accrued
GE
Corporate Note
01116108
1,542,165.00
10/19/12
1719
19
1738
4.587%
333,152.13
335,343.75
(2,191.62)
ING CP
Comm. Paper
08/24/12
3,994,133.33
12/12/12
37
73
110
0.487%
1,971.79
1,971.79
GE
Corporate Note
07/29/10
511,955.00
01/08/13
794
100
894
1.791%
19,945.96
27,183.33
(7,237.37)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
549
182
731
0.801%
24,1:171.36
15,000,(10
9,071.36
FHLMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
555
197
752
0.812%
12,550.82
17,152.78
(4,601.96)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
436
221
657
0.791%
5,048.89
18,535.42
(13,486.53)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
538
288
826
1.334%
17,312.05
50,876.37
(33,564.32)
FHLMC
Callable Note
01/06/12
2,001,000.00
10/18/13
268
383
651
0.472%
6,934.75
2,833.33
4,101.42
NY Life
Coupon Note
01/25/12
2,041,000.00
12/13/13
249
439
688
0.753%
10,484.42
14,183.33
(3,698.91)
FHLMC
Coupon Note
09116111
2,026,080.00
08/20/14
380
689
1069
0.527%
11,116.24
18,555.55
(7,439.31)
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
314
782
1096
0.815%
6,993.70
3,650.00
3,343.70
FFCB
Callable Note
12/19/11
2,000,000.00
12/19/14
286
810
1096
0050%
11,753.42
7,500.00
4,253.42
FNMA
Callable Note
10/31/11
750,0()0.00
01/26/15
335
848
1183
1.000%
6,883.56
5,520.83
1,362.73
FNMA
Callable Note
10/07/11
1,296,875.00
02/18/15
359
871
1230
0.866%
11,046.32
21,597.22
(10,550.90)
FNMA
Callable Note
04/23/12
1,513,470.00
04/23/15
160
935
1095
0.946%
6,276.13
6,276.13
Treasury
Note
08/16/11
1,042,812.50
07/31/15
411
1034
1445
0.652%
7,656.02
16,739.13
(9,083.11)
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
387
1074
1461
1.000%
21,205.48
20,000.00
1,205.48
Berk Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
248
1171
1419
1.077%
9,623.78
11,824.65
(2,200.87)
FNMA
Callable Note
01/25/12
2,503,906.25
01/25/16
249
1212
1461
1:060%
18,106.33
13,750.00
4,356.33
FNMA
Callable Note
04/04/12
2,002,500.00
04/04/16
179
1282
1461
1.058%
10,390.07
10,3911.07
FHLMC
Callable Note
08/15/12
2,010,200.00
05/16/16
46
1324
1370
0.861%
2,181,26
2,181.26
FHLMC
Callable Note
08/16/12
1,005,000.00
05/16/16
45
1324
1369
0,864%
1,070.53
1,070.53
Treasury
Note
08/16/11
1,025,390.63
07/31/16
411
1400
1811
0.973%
11,234.43
14,347.83
(3,113.40)
FNMA
Callable Note
12/05/11
1,000,000.00
12/05/16
300
1527
1827
1.000%
8,219.18
5,000.00
3,219.18
FNMA
Callable Note
05/25/12
3,033,660.00
05/03/17
128
1676
1804
1.512%
16,085.55
16,085,55
FHLMC
Callable Note
06/08/12
2,007,700.00
06/06/17
114
1710
1824
1.120%
7,023.10
7;023.10
FI-IMC
Callable Note
06/28/12
2,507,250.00
06/14/17
94
1718
1812
0.139%
897.53
897.53
FNMA
Callable Note
06/29/12
2,005,700.00
06/14/17
93
1718
1811
0.800%
4,088.33
4,088.33
Subtotal
46,562,720.91
BNYMM
447,883,09
30
30
0.00%
0.00
0.00
Purchased Interest
13,702.77
LAW
N/A
06/30/12
14,120,718.65
09/30/12
92
0
92
0.35%
12,607.19
12,607.19
$61,145,025,42
712
0.82%
$615,930.32
$619,593,52
($3,663.20)
Maturity Profile
Amount
Percent
0 -1 year
$25,059,843.54
40.98%
1 -2 years
$6,068,080.00
9.92%
2 -3 years
$9,600,657.50
15.70 %a
3 -5 years
$20,416,444.38
33.39%
$61,145,025.42
100.00%
Market to Cost 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.
BNY Assets
$46,562,720.91
$46,477,334.55
(85,386.36)
BNYMM
447,883.09
447,883,09
0.00
Purchased Interest
13,702.77
13,702.77
0.00
LAIF
14,120,718.65
14,120,718.65
0.00
Totals:
$61,145,025.42
$61,059,639.06
- $85,386.36
page 5
Town of Los Gatos
Quarterly Investment Report
(Month Ended August 31, 2012)
Prepared by
Linda L. Speicher, Project Manager
11/08/12
Town of Los Gatos
Summary Investment Information
August 31, 2012
Weighted Average Portfolio Yield: 0.83% Weighted Average Maturity (days)
This Month Last Month One year ago
Portfolio Balance $70,793,188 $71,970,988 $73,499,699
Benchmarks/ References:
Town's Average Yield
0.83%
0.97%
1.39%
LAIF Yield for month
0.37%
0.37%
0.41%
3 mo. Treasury
0.11%
0.11%
0.02%
6 mo, Treasury
0.14%
0.15%
0.05%
2 yr, Treasury
0.27%
0.22%
0.22%
5 yr. Treasury (most recent)
0.71%
0.58%
1.03%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (08/17/12) 0.53%
2 yr. Freddie Mac (11 /01 /11) 0.38 %
Note: Both Fannie and Freddie have ceased offering 2 year notes for the tirne being.
742
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
and also in compliance with the requirements of Section 53601 of the California State Code. Based on the information available, the
Town has sufficient funds to meet the cash demands for the next six months.
Page I
Torun of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
August 31, 2012
Month
Fund Balances - Beginning of Month/Period
$71,970,987.56
Receipts
2,436,548.03
Disbursements
(3,614,347.61)
Fund Balances - End of Month/Period
$70,793,187.98
Portfolio Allocation;
Union MM
$437,883.09
US Govt Agencies
46,576,423.68
Local Agency Investment Fund
14,120,718.65
Subtotal - Investments
61,135,025.42
Reconciled Demand Deposit Balances
9,658,162.56
Total Treasurer's Fund
$70,793,187.98
Portfolio Investment Allocation
Union MM
0.7%
YTD
$75,558,782.33
4,542,653.53
(9,308247.88)
$70,793,187.98
Treasury, Agencies,
& Corp, Notes
57.8%
Treasurer's lAmd 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
0
64 0 000 0
62,000,000
60 , 000 , 000
O Z Q w d Q
page 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 oil 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 fiords until
payments on the certificates of participation are due semi - annually.
Note 4: The three fiords for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
next few years, reserve fiords which will guarantee the payment of lease payments, and a third fund forthe 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 fluid for the
life of the COP issue. The COI fimd will be closed in September 2010.
Page 3
Town of Los Gatos
Non - Treasury
Restricted Fund Balances
August 31, 2012
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non- Treasury Funds:
Downtown Parking District 12/20/02
$285,163.03
$176.80
$285,339.83
Note i
Certificates of Participation Reserve Fund (Lot 4)
254,136.26
0.00
20,999.97
233,136.29
Note 2
Cert. of Participation Lease Payment Fluid (Lot 4)
225,000.03 41,999.97
0.00
246,000.00
21,000.00
Note 3
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
5.85
5.85
686,251.19
Note 4
Cert. Of Participation 2002 Ser A Lease Pymt Fund
479,720.00
0.00
479,720.00
0.00
Note 4
Cert, of Participation 2002 Series A Const. Fend
42,488.58
0.00
42,488.58
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
0,00
1,277,062.50
Note 5
COP 2010 Library Lease Fund
963,412.50
0.00
963,412.50
0.00
Note 5
COP 2010 Library ACQ Construction Fund
0.00
0.00
0.00
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 5
Total Restricted Funds:
$4,213,234.09 $41,999.97
$182.65
$1,710,138.32
$2,545,278.39
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 oil 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 fiords until
payments on the certificates of participation are due semi - annually.
Note 4: The three fiords for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
next few years, reserve fiords which will guarantee the payment of lease payments, and a third fund forthe 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 fluid 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
August 31, 2012
Interest by Month
July 2012
August 2012
September 2012
October 2012
November 2012
December 2012
January 2013
February 2013
March 2013
April 2013
May 2013
June 2013
Page 4
Current
Month
49,262.53
- 34,696.12
- 25,663.68
$40,230.09
$50,686.03
40,230.09
Fiscal
Year to Date
123,043.82
- 34,696.12
- 2,568.42
$90,916.12
page 5
Town of Los Gatos
Inactive
Deposits by Institution
Market to Cost Position Report
August 31, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Date
Cost
Dote
Elapsed
Maturity
Invested
Maturit
Earned
Received
Accrued
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1689
49
1738
4.587%
327,337.96
335,343,75
(8,005.79)
ING CP
Comm, Paper
08/24/12
3,994,133.33
12/12/12
7
103
110
0.487%
373.04
373.04
GE
Corporate Note
07/29/10
511,955,00
01/08/13
764
130
894
1.791%
19,192.34
27,183.33
(7,990,99)
Treasury
Coupon Note
03/31/11
1,997,968,75
03/31/13
519
212
731
0.801%
22,755.99
15,000.00
7,755.99
FHLMC
Coupon Note
03/25/11
1,016,520,00
04/15/13
525
227
752
0.812%
11,872.40
17,152.78
(5,280.38)
NY Life
Corporate Note
07/22/11
534,350,00
05/09/13
406
251
657
0.791%
4,701.49
18,535.42
(13,833.93)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
508
318
826
1.334%
16,346.69
50,876.37
(34,529.68)
FHLMC
Callable Note
01/06/12
2,001,000.00
10/18/13
238
413
651
0.472%
6,158.47
2,833.33
3,325.14
NYLife
Coupon Note
01/25/12
2,041,000,00
12/13/13
219
469
688
0,753%
9,221.24
14,183.33
(4,962.09)
FHLMC
Coupon Note
09116111
2,026,080.00
08/20/14
350
719
1069
0,527%
10,238.64
18,555.55
(8,316.91)
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
284
812
1096
0.815%
6,325.52
3,650.00
2,675.52
FFCB
Callable Note
12/19/11
2,000,000,00
12/19/14
256
840
1096
0.750%
10,520.55
7,500,00
3,020.55
FNMA
Callable Note
10/31/11
750,000.00
01/26/15
305
878
1183
1,000%
6,267.12
5,520.83
746.29
FNMA
Callable Note
10/07/11
1,296,875.00
02/18/15
329
901
1230
0.866%
10,123.23
21,597.22
(11,473.99)
FNMA
Callable Note
04/23/12
1,513,470,00
04/23/15
130
965
1095
0.946%
5,099.36
5,09936
Treasury
Note
08/16/11
1,042,812.50
07/31/15
381
1064
1445
0.652%
7,097,18
16,739.13
(9,641.95)
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
357
1104
1461
1.000%
19,561.64
1(),0()0.()0
9,561.64
Bork Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
218
1201
1419
1.077%
8,459.61
11,824.65
(3,365.04)
FNMA
Callable Note
01/25/12
2,503,906,25
01/25/16
219
1242
1461
1.060%
15,924.84
13,750.00
2,174.84
FNMA
Callable Note
04/04/12
2,002,500.00
04/04/16
149
1312
1461
1.058%
8,648,72
8,648.72
FHLMC
Callable Note
08/15/12
2,010,200.00
05/16/16
16
1354
1370
0.861%
758,70
758.70
FHLMC
Callable Note
08/16/12
1,005,000.00
05116116
15
1354
1369
0.864%
356.84
356.84
Treasury
Note
08/16/11
1,025,390,63
07/31/16
381
1430
1811
0.973%
10,414.40
14,347.83
(3,933.43)
FNMA
Callable Note
12/05/11
1,000,000.00
12/05/16
270
1557
1827
1.001%
7,397.26
5,000.00
2,397.26
FNMA
Callable Note
05/25/12
3,033,660.00
05/03/17
98
1706
1804
1.512%
12,315.50
12,315.50
FHLMC
Callable Note
06/08/12
2,007,700.00
06/06/17
84
1740
1824
1.120%
5,174.92
5,174.92
FHLMC
Callable Note
06/28/12
2,507,250.00
06/14/17
64
1748
1812
0.139%
611.08
611.08
FNMA
Callable Note
06/29/12
2,005,700.00
06/14/17
63
1748
1811
0.800%
2,769.51
2,769.51
Subtotal
46,562,720.91
BNYMM
437,883.09
30
30
0'00%
0.00
0,00
Purchased Interest
13,702.77
LAW
N/A
06/30/12
14,120,718.65
09/30/12
62
30
92
0.37%
8,873.15
8,873.15
$61,135,025.42
742
0.83%
$574,897.40
$609,593,52
($34,696.12)
Maturity Profile
Amount
Percent
0 -1 year
$25,049,843.54
40.97%
1 -2 years
$6,068,080.00
9.93%
2 -3 years
$7,600,657.50
12.43%
3 -5 years
'$22,416,444.38
36.67%
$61,135,025.42
100.00%
Market to Cost 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.
BNY Assets
$46,562,720.91
$46,511,071.45
(51,649.46)
BNtY MM
437,883,09
437,883.09
0.00
Purchased Interest
13,702.77
13,702.77
0.00
LAW
14,120,718,65
14,120,718.65
0.00
Totals:
$61,135,025.42
$61,083,375.96
- $51,649.46
page 5
Town of Los Gatos
Quarterly Investment Report
(Month Ended July 31, 2012)
Prepared by
Linda L. Speicher, Project Manager
11/08/12
Weighted Average Portfolio Yield:
Town of Los Gatos
Summary Investment Information
July 31, 2012
0.97%
This Month Last Month
Portfolio Balance $71,769,523 $75,558,782
Benchmarks/ References:
Weighted Average Maturity (days)
One year at!
$73,439,680
Town's Average Yield
0.97%
0.97%
1.49%
LAIF Yield for month
0.37%
0.37%
0.38%
3 mo, Treasury
0.11%
0.10%
0,06%
6 mo, Treasury
0,15%
0.15%
0.10%
2 yr. Treasury
0,22%
0.31%
0.42 %
5 yr. Treasury (most recent)
0.58%
0.75%
1.62%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mae or Fannie Mae Reference Notes:
3 yr. Fannie Mae (08/17/12) 0.53%
2 yr. Freddie Mac (11/01/11) 0.38%
Note: Both Fannie and Freddie have ceased offering 2 year notes for the time being.
747
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
July 31, 2012
Month
Fund Balances - Begiiming of Month/Period
$75,558,782.33
Receipts
2,106,105.50
Disbursements
(5,693,900.27)
Fund Balances- End of Month/Period
$71,970,987.56
Portfolio Allocation;
Union MM
$366,910.86
US Govt Agencies
46,598,399.24
Local Agency Investment Fund
14,120,718.65
Subtotal - Itivestments
61,086,028.75
Reconciled Demand Deposit Balances
10,884,958.81
Total Treasurer's Fund
$71,970,987.56
Portfolio Investment Allocation
Union MM
0.6%
YTD
$75,558,782.33
2,106,105.50
,(5,693.900.271
$71,970,987.56
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Fund Balances
80,000,000 .,.. .................................................
78,000,000
76,000,000
0
7
4 00 0 0 0
^"
72,000,000 :::. r..::: s:•> .::::: :::::..:.::.::.:..,,•::::::::::
70,000,000
68,000,000
000
6 0 000
6 00
64 0
00 000
62,000,000
000
60,000
N N N N N N N
o Z Q ro W
page 2
These accounts are not part of the Treasurer's fiord 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 fiord 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 fiord receives the lease payments from the Town monthly for the lease of Lot 4. It holds the fiords until
payments on the certificates of participation are due semi - annually.
Note 4: The three fiords for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
next few years, reserve funds which will guarantee the payment of lease payments, and a third fiord for the disbursement of leasepayments
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 fiord for the
life of the COP issue. The COI fiord will be closed in September 2010,
Page 3
Town of Los Gatos
Non - Treasury Restricted Fund Balances
July 31, 2012
Previous
Ending
Balance
Deposits
Interest Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12 /20/02
$284,992.03
$171.00
$285,163.03
Note I
Certificates of Participation Reserve Fund (Lot 4)
254,136.26
0.00
254,136.26
Note 2
Ceti. of Participation Lease Payment Fund (Lot 4)
204,000.03
21,000.00
0.00
225,000.03
Note
Cert, of Participation 2002 Series A Reserve Fund
686,251.19
5.66 5.66
686,251.19
Note 4
Cert. Of Participation 2002 Ser A Lease Pymt Fund
0.00
479,720.00
0.00
479,720.00
Note 4
Cert. of Participation 2002 Series A Const. Fund
42,488.58
0.00
42,488.58
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
0.00
1,277,062.50
Notes
COP 2010 Library Lease Fund
0.00
963,412.50
0;00
963,412.50
Note 5
COP 2010 Library ACQ Construction Fund
0.00
0,00
0.00
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 5
Total Restricted Funds:
$2,748,930.59
$1,464,132.50
$176,66 $5.66
$4,213,234.09
These accounts are not part of the Treasurer's fiord 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 fiord 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 fiord receives the lease payments from the Town monthly for the lease of Lot 4. It holds the fiords until
payments on the certificates of participation are due semi - annually.
Note 4: The three fiords for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
next few years, reserve funds which will guarantee the payment of lease payments, and a third fiord for the disbursement of leasepayments
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 fiord for the
life of the COP issue. The COI fiord 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
July 31, 2012
Interest by Month
July 2012
August 2012
September 2012
October 2012
November 2012
December 2012
January 2013
February 2013
March 2013
April 2013
May 2013
June 2013
Page 4
Current
Month
73,781.29
- 25,663.68
- 2,568.42
$50,686.03
$50,686.03
Fiscal
Year to Date
73,781.29
- 25,663.68
- 2,568.42
$50,686.03
Market to Cost Position Report
Amortized
Market
Unrealized * Source: Treasury and Agency Obligations - Union Bank of California
Town of Los Gatos
Cost
Value*
Gain (Loss) LAIF balances per Local Agency Investment Fund monthly statement.
BNY Assets
$46,592,140.91
$46,530,474.28
(61,666.63)
BNYMM
366,910.86
366,910.86
Inactive
Deposits by Institution
6,258.33
6,258.33
0.00
LAIF
14,120,718.65
14,120,718,65
0.00
Totals:
$61,086,028.75
$61,024,362.12
Market
to Cost Position Report
July 31, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Securit y
Date
Cost
Date Ela used
Maturity
Invested
Maturit
Earned
Received
Accrued
FHLB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1706
15
1721
4.170%
397,285.86
389,527.78
7,758.08
KELLS
Coupon Note
03/22/12
1,994,833.33
08/24/12
131
24
155
0.610%
4,367.32
4,367.32
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1658
80
1738
4.587%
321,329.98
335,343.75
(14,013,77)
GE.
Corporate Note
07/29/10
511,955.00
01/08/13
733
161
894
1.791%
18,413.59
27,183.33
(8,769.74)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
488
243
731
(1,8(11%
21,396.77
15,(1(10.01'1
6,396.77
FHLMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
494
258
752
0.812%
11,171.36
17,152.78
(5,981.42)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
375
282
657
0.791%
4,342.51
18,535.42
(14,192.91)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
477
349
826
1.334%
15,349.16
50,876.37
(35,527.21)
FHLMC
Callable Note
01/06/12
2,001,000.00
10/18/13
207
444
651
0.472%
5,356.32
2,833.33
2,522.99
NY Life
Coupon Note
01/25/12
2,041,000.00
12/13/13
188
500
688
0.753%
7,915.95
14,183.33
(6,267.38)
FHLMC
Callable Note
08/18/11
1,005,560.00
08/15/14
348
745
1093
0.860%
8,245.04
5,162.50
3,082.54
PUNIC
Coupon Note
09116111
2,026,080.00
08/20/14
319
750
1069
0,527%
9,331.79
8,555.55
776.24
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
253
843
1096
0.815%
5,635.06
3,650.00
1,985.06
FFC13
Callable Note
12/19/11
2,000,000.00
12/19/14
225
871
1096
0.750%
9,246.58
7,500.00
1,746.58
FNMA
Callable Note
10/31/11
750,000.00
01/26/15
274
909
1183
1.000%
5,630.14
5,520,83
109.31
FNMA
Callable Note
10/07/11
1,296,875.00
02/18/15
298
932
1230
0.866%
9,169.37
9,097.22
72.15
FNMA
Callable Note
04/23/12
1,513,470.00
04/23/15
99
996
1095
0.946%
3,883.36
3,883.36
Treasury
Note
08/16/11
1,042,812.50
07/31/15
350
1095
1445
0.652%
6,519.72
16,739.13
(10,219.41)
FHLMC
Callable Note
08/24/11
2,000,000.00
08/24/15
342
1119
1461
1.375%
25,767.12
13,750.00
12,017.12
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
326
1135
1461
1,000%
17,863.01
10,(100.1)0
7,863.01
Berk Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
187
1232
1419
1.077%
7,256.64
11,824.65
(4,568,111)
FNMA
Callable Note
01/25/12
2,503,906.25
01/25/16
188
1273
1461
1.060%
13,670.64
13,750.00
(79.36)
FNMA
Callable Note
04/04/12
2,002,500.00
04/04/16
118
1343
1461
1.058%
6,849.32
6,849.32
Treasury
Note
08/16/11
1,025,390.63
07/31/16
350
1461
1811
0.973%
9,567,04
14,347.83
(4,780.79)
FNMA
Callable Note
12/05/11
1,()00,000.00
12/05/16
239
1588
1827
1.000%
6,547.95
5,11O0.()11
1,547.95
FNMA
Callable Note
05 /25/12
3,033,660.00
05/03/17
67
1737
1804
1.512%
8,419.78
8,419.78
FHLMC
Callable Note
06/08/12
2,007,700.00
06/06/17
53
1771
1824
1.120%
3,265.13
3,265.13
FHLMC
Callable Note
06/28/12
2,507,250.00
06/14/17
33
1779
1812
0.139%
315.09
315.09
FNMA
Callable Note
06/29/12
2,005,700.00
06/14/17
32
1779
1811
0.800%
1,406.74
1,406.74
Subtotal
46,592,140.91
BNYMM
366,910.86
30
30
0.00%
(1,(11:1
0,00
Purchased Interest
6,258.33
LAIF
N/A
06/30/12
14,120,718.65
09 /30/12
31
61
92
0.37%
4,351.82
4,351.82
$61,086,028.75
747
0.97%
$969,870,12
$995,533,80
($25,663.68)
Maturity Profile
Amount
Percent
0 -1 year
$25,010,486.87
40.94%
1 -2 years
$4,042,000,00
6.62%
2 -3 years
$10,632,297.50
17.41%
3 -5 years
$21,401,244.38
35,03%
$61,086,028.75
100.00%
Market to Cost Position Report
page 5
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.
BNY Assets
$46,592,140.91
$46,530,474.28
(61,666.63)
BNYMM
366,910.86
366,910.86
0.00
Purchased Interest
6,258.33
6,258.33
0.00
LAIF
14,120,718.65
14,120,718,65
0.00
Totals:
$61,086,028.75
$61,024,362.12
461,666.63
page 5