2�pW N OA
WW
!pS • G A;�p�s
DATE:
TO:
FROM:
SUBJECT:
COUNCIL AGENDA REPORT
January 17, 2013
MAYOR AND TOWN COUNCIL
GREG LARSON, TOWN MANAGER
MEETING DATE: 02/04/13
ITEM NO: D,
FY 2012/13 QUARTERLY INVESTMENT REPORT (OCTOBER THROUGH
DECEMBER 2012)
RECOMMENDATION:
Accept the attached Second Quarter Investment Report for FY 2012/13.
DISCUSSION:
Attached for your consideration is the Second Quarter Investment Report for FY 2012/13.
The Town's overall investment rate of return continues to inch down, although it is fairly stable at
around .75 %. This is better than LAIF or Treasuries. No rise in interest rates is expected for a couple of
years.
The total Treasurer's Funds dropped due to many factors, including the transfer $6.5M of RDA money
to the county in November 2012 as a result of the dissolution of the RDA and Housing Funds Due
Diligence Review. Overall, the Treasurer's Funds are now approximately $60,500,000.
FISCAL IMPACT:
None
Attachment:
Second Quarter Investment Report for FY 2012/13 (October through December 2012)
PREPARED BY: NWAY
Finance & Admi is ative Se ices Director/ Town Treasurer
Reviewed by: Assistant Town Manage Town Attorney Finance
N: \TRS \Staff Reports\2011\Treasurds Report - Q2 2012 2013.doe `�
THIS PAGE
INTENTIONALLY
LEFT BLANK
Town of Los Gatos
Quarterly Investment Report
(Month Ended October 31, 2012)
Prepared by
Linda L. Speicher, Project Manager
01/10/13
Town of Los Gatos
Summary Investment Information
October 31, 2012
Weighted Average Portfolio Yield: 0.72% Weighted Average Maturity (days) 784
This Month Last Month One year ago
Portfolio Balance $67,870,290 $67,979,473 $69,273,281
Benchmarks/ References:
Town's Average Yield
0,72%
0.82%
1.38%
LA1F Yield for month
0.34%
0,35%
0,39%
3 mo. Treasury
0.13%
0.11%
0.01%
6 mo. Treasury
0.16%
0.14%
0.06%
2 yr. Treasury
0.30%
0.27%
0,28%
5 yr. Treasury (most recent)
0.77%
0.65%
1.06%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (10/18/12) 0.41%
2 yr. Freddie Mao (11/01/11) 0,38%
Note: Both Fannie and Freddie have ceased offering 2 year notes for the tune 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 infonnation available, the
Town has sufficient funds to meet the cash demands for the next six months.
Page 1
Town of Los Gatos
Portfolio Allocation & Treas..urer's Fund Balances
October 31:,: 2012
Month
YTD
Fund Balances - Beginning of Month/Period
$67,979,473.43
$75,558,782.33
Receipts
2,840,594.74
8,499,446.92
Disbursements
(2,949,778.37)
(16,187,939.45)
Fund Balances - End of Month/Period
$67,870,289.80
$67,870,289.80
Portfolio Allocation:
BNY MM
$1,276,569.76
US Govt Agencies
45,786,722.01
Local Agency Investment Fund
14,133,325.84
Subtotal - Investments
61,196,617.61
Reconciled Demand Deposit Balances
6,673,672.19
Total Treasurer's Fund
$67,870,289.80
Treasurer's Maid Balances
80,000,000
78,000,000
76 0 0 0,000
74,000,000
000
000
72,000,000
70,000,000
68,000,000
'Si iiiii ?i:'•,iii' +�: % <`ii? :iii:. ?i #iiiiiiii >i`ii' i•,•.' #riiiiii'£' •.',•.ii iii ± < ?•'•.:'.•iiiiiiiiii: %•': ;;ii; iiiiii:isiiiii: ?':•.'i'iiiiii :'•,•;;Siiiii3iiifiii
66,000,000 ...:i.::...: •.,::::� :: �•::: •.�::.� •• :.:�.�:.:,�. •: •; •:,:• ::,.,•.�.::,• : : .:.::: <.:::: •:::::::::::. •:::::•::::::::::.:::: :::•::: ::•::::•: :::::: ::::• :: :.
iisf %.;•i %i ?iiii'a iiiiiia iii' idEi{a ?`:isisii'SS'•,',• {a {aiii •.',: i'>::><:• t:• o-:•,:•::•:` ts,;,'':'.; iiiii# iiiir'>? iiiisii'! iiiii3i! i'; ii! iiiiiiii5t :' :'.':i:.::::: : ::::..:.::..:.
64,000,000 :�" " " " " "" "' ••"
:::. %•.'nii�•. iiiii:: X• ?{ �:•: i:::% �• ii5::: }:::: {•s'i.:.:vy:•;:•:;:. :•:::•::::•::•::•:::. •:::::::. •:,.:•::•'• }:•:. > %:4:W::; +.••:: }':•::•:: :r {iii4; +�:{ • }:i•:Y.: {.;•'r:•::•i: .:.:.:: ;::::.{: :::•::•:
t• >.•...... • :': iiiiii ;i< ;':.'r;'' iii f ei i i iiii o i:i' ' i';; ii .: i:i:: is # +':i
�!r:i ?::'•iii ?# �" •ii iiiiC: � � +ii' i•;,r,.:r•i{•':•':'' :,•. #ii iii ik: iiiiis '''• ?i:':fi'ii;'iiiii;:iii�ii' `! .
62,000,000 ...
60,000,000
.Nr C4 � N N
O z q W 6 O
page 2
These accounts are not part of the Treasurer's firnd 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 find 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 paymentfimd receives the lease payments from the Town monthly for the lease o£Lot 4. It holds the funds until
payments on the certificates of participation are due semi - annually.
Note 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 funds which will guarantee the payment of lease payments, and a third fiend 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 find 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
October 31, 2012
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$285,516.74
$171.31
$285,688.05
Note I
Certificates of Participation Reserve Fund (Lot 4)
233,136.29
0.00
233,136.29
Note 2
Cort, 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
5.65
5.65
686,251.19
Note 4
Cert. Of Participation 2002 Set- A Lease Pymt Fund
0,00
0,00
0.00
Note 4
Cert, of Participation 2002 Series A Coast. Fund
42,523.42
35.06
42,558,48
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
0.00
1,277,06150
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:
$2,545,490.14 $0.00
$212.02
$5.65
$2,545,696.51
These accounts are not part of the Treasurer's firnd 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 find 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 paymentfimd receives the lease payments from the Town monthly for the lease o£Lot 4. It holds the funds until
payments on the certificates of participation are due semi - annually.
Note 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 funds which will guarantee the payment of lease payments, and a third fiend 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 find 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
October 31, 2012
Current
Fiscal
Month
Year to Date
51,766.79
185,021.64
- 19,610.32 - 19,610.32
- 3,663.20 - 2,568.42
Page 4
$35,819.67 $167,979.74
Interest by Month
July 2012
$50,686.03
August 2012
40,230.09
September 2012
41,243.95
October 2012
35,819.67
November 2012
December 2012
January 2013
February 2013
March 2013
April 2013
May 2013
June 2013
$167,979.74
Page 4
page 5
Town of Los Gatos
Inactive
Deposits by Institution
Market to Cost Position Report
October 31, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
security
Date
Cost
Date
Elaused
Maturit
Invested
Maturity
Earned'
Received
Accrued
ING CP
Comm. Paper
08/24/12
3,994,133.33
12/12/12
68
42
110
0.487%
3,623.83
3,623.83
GE
Corporate Note
07129/10
511,955.00
01/08/13
825
69
894
1,791%
20,724.71
27,183.33
(6,458.62)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
580
151
731
0.801%
25,430.58
22,500.00
2,930.58
FHLMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
586
166
752
0.812%
13,251.86
25,277.78
(12,025,92)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
467
190
657
0.791%
5,407.87
18,535.42
(13,127.55)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
569
257
826
1.334 %
18,309.58
50,876.37
(32,566.79)
NYLife
Coupon Note
01/25/12
2,041,000.00
12/13/13
280
408
688
0.753%
11,789.71
14,183.33
(2,393.62)
FFILMC
Coupon Note
09116111
2,026,080.00
08/20/14
411
658
1069
0.527%
12,023.09
18,555.55
(6,532.46)
FFCB
Callable Note
11/21/11
997,500.00
11/21/14
345
751
1096
0.815%
7,684.17
3,650.00
4,034.17
FFCB
Callable Note
12/19/11
2,000,000.00
12/19/14
317
779
1096
0.750%
13,027.40
7,500.00
5,527.40
FNMA
Coupon Note
10/07/11
1,296,875.00
02/18/15
390
840
1230
0.866%
12,000.18
21,597.22
(9,597.04)
FNMA
Callable Note
04/23/12
1,513,470.00
04/23/15
191
904
1095
0.946%
7,492.13
9,375.00
(1,882.87)
Treasury
Note
08/16/11
1,042,812.50
07/31/15
442
1003
1445
0.652%
8,233,48
16,739.13
(8,505.65)
FNMA
Callable Note
09109111
2,000,000.00
09/09/15
418
1043
1461
1.000%
22,904.11
20,000.00
2,904.11
Bork Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
279
1140
1419
1.077%
10,826,75
11,824.65
(997.90)
FNMA
Callable Note
01/25/12
2,503,906.25
01/25/16
280
1181
1461
1.060%
20,360.53
13,750.00
6,610.53'
FNMA
Callable Note
04/04/12
2,002,500.00
04/04/16
210
1251
1461
1.058%
12,189.46
10,900.00
1,289.46
FHLMC
Callable Note
08/15/12
2,010,200.00
05116116
77
1293
1370
0.861%
3,651.24
3,651.24
FHLMC
Callable Note
08/16/12
1,005,000.00
05116116
76
1293
1369
0.864%
1,808.01
1,808.01
Treasury
Note
08/16/11
1,025,390.63
07/31/16
442
1369
1811
0.973%
12,081.80
14,347.83
(2,266.03)
FNMA
Callable Note
12/05/11
1,000,000.00
12/05/16
331
1496
1827
1.000%
9,068.49
5,000.00
4,068.49
FNMA
Callable Note
05/25/12
3,033,660.00
05/03/17
159
1645
1804
1.512%
19,981.26
19,981.26
FHLMC
Callable Note
06/08/12
2,007,700.00
06/06/17
145
1679
1824
1.120%
8,932.89
8,932.89
FHLMC
Callable Note
06/28/12
2,507,250.00
06/14/17
125
1687
1812
0.139%
1,193.52
1,193.52
FNMA
Callable Note
06/29/12
2,005,700.00
06/14/17
124
1687
1811
0.800%
5,451.11
5,451.11
FNMA
Callable Note
10/19/12
1,504,050.00
09/20/17
12
1785
1797
0,707%
349.60
349.60
FFCB
Coupon Note
10/18/12
1,996,960.00
09/21/17
13
1786
1799
0.862%
613.09
613.09
Subtotal
45,770,565.91
BNY MM
1,276,569.76
30
30
0.00%
0,00
0.00
Purchased Interest
16,156.10
LAIF
N/A
09/30/12
14,133,325.84
12/31/12
31
61
92
0.34%
3,774.83
3,774.83
$61,196,617.61
784
0.72%
$292,185.29
$311,795.61
($19,610.32)
Maturity Profile
Amount
Percent
0 -1 year
$24,361,425,73
39.81%
1 -2 years
$4,067,080.00
6.65%
2 -3 years
$8,850,657.50
14.46%
3 -5 years
$23,917,454.38
39.08%
$61,196,617.61
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
$45,770,565.91
$45,693,026.43
(77,539.48)
BNY MM
1,276,569.76
1,276,569.76
0.00
Purchased Interest
16,156.10
16,156.10
0.00
LAIF
14,133,325.84
14,133,325.84
0.00
Totals:
$61,196,617.61
$61,119,078.13
477,539.48
page 5
Town of Los Gatos
Quarterly Investment Report
(Month Ended November 30, 2012)
Prepared by
Linda L. Speicher, Project Manager
01/1.7/13 V?l
Torun of Los Gatos
Summary Investment Information
November 30, 2012
Weighted Average Portfolio Yield: 0.75% Weighted Average Maturity (days)
This Month Fast Month One year ago
Portfolio Balance $61,034,252 $67,870,290 $69,273,281
Benchmarlcs/ References:
Town's Average Yield
0,75%
0.72%
1.22%
LAIF Yield for month
0.32%
0.34%
0.40%
3 mo. Treasury
0.10%
0.13%
0.03 %
6 mo, Treasury
0.15%
0.16%
0.07%
2 yr. Treasury
0.27%
0.30%
0.28%
5 yr. Treasury (most recent)
0.64%
0.77%
0.94%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (10/18/12) 0.41%
2 yr, Freddie Mac (11/01/11) 0.38%
Note: Both Fannie and Freddie have ceased offering 2 year notes for the time being.
827
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.
P?ge 1
Torun of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
November 30, 2012
Month
Fund Balances - Beginning of Month/Period
$67,870,289.80
Receipts
3,836,430.44
Disbursements
(10,672,468.23)
Fund Balances - End of Month/Period
$61,034,252.01
Portfolio Allocation:
BNY MM
$549,685,94
US Govt Agencies
46,568,978.06
Local Agency Investment Fund
10,133,325.84
Subtotal - Investments
57,251,989.84
Reconciled Demand Deposit Balances
3,782,262.17
Total Treasurer's Fund
$61,034,252.01
Portfolio Investment Allocation
BNY MM
1.0°%
Local Agency Investment Fund
YTD
$75,558,782.33
12,335,877.36
(26,860,407,68)
$61,034,252.01
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Fund Balances
80,000,000
78,000,000 ......... :::..:::::. ..................:..:.:...::::
.> <: <:
76 000 , 000 • ::::.........:::::. ..:......::::.:•:;:•:;.,:;::::' ;::.:;;:;; >:.;;::r;+ •;r. •; :::•:::::::::::.rr.: •::::.:.
:.: :•.
%.f
a %ty 3• :'.:i ?:iii::; <r;::..
,:: iii: ii ::`.:o: »iit:i' :y:.• :,.;: :•::::: .:::%.:a.�::. •::.:� •:. �: �:: ... �:: ...:: �:: .:., �. i.... • ::............. .. - -...
74 ODD ODD • :........................::... r.....:................:.. ..:....:.....:.::...:........:: •:::.•. •::. :•:::.•.::: :;;>%:;•;.::::.:....:.:::.:::.:.. ...............................
ii'•,:,'., i?;::' ii%:':'::. Sg'.'•':';': i; iS: 2•:;? i• ;',•.',:i::ii:: %::;:'. % ?`:` <2i5 .;';;; `•: >i2: ?: ':; :: j::>i�::: #: i:= :: :....
:%•: :• /••:5;:::'•:::::;,':,; <i;•:,: +.:: r %:;: %;: :::: : %:S •:Si; +. %';; ::: •: .....;;<. < > <• iii:; < <; <..... .:.:.,.:.,..r :,:ii: i:;;.:
72,000,000 :.......:.::::::: '•.'•:::;:.:.::. >::.: • >:•:'•;;:.r..,,,s:., :::::::::....:..:.r......:
;''rte: % <':`:
:::'•
70,000,000
000
6 8 00 0
,
66,000,000
?: f' "?ii% iiii:i''liifii:'•,: S:i:i:'r' si:i:iii ' iiii ? #•J,E'f'i''ti ?'? :' %:..'`
i:i; f `:::i i:iii: ? #;i §, i:':•'::::r 5 EE':`:i
64 000 000 '•.i < ?:':i'i:t'i >:':i:? #? ':iE'i`'•'i�iii';:? �'::':. ?1:'•,:•'::i'i ?i:; ii'�i::::•:':i;:3
:.: /':'::i :ii;y�!' ii iir:i'r':i: "i: ?i : ist: ::� ?:'•%:isi;':::::': ?:;$i$:. %: ''s'Si:y:::: � ?r':,`:':: �;::'•:i i? iii•,':iiiirt..'':
62,000,000
S: f r:'•,i':
60,000 000 i.Si::ii:ii`:i'i:;:i" :i':' +:';•:;
................
58,000,000
000
U ti U
z q w 6 a, o z
page 2
These accounts are not part of the Treasurer's 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 fund was a requirement of the original certificates of participation agreement when Lot 4 was built. This fund
matured in November 2012 and the funds were returned to the Town.
Note 3: The lease payment fund receives the lease payments fi-om the Town monthly for the lease of Lot 4. It holds the fimds until
payments on the certificates of participation are due semi- annually.
Note 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 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 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
Town of Los Gatos
Non - Treasury Restricted Fund Balances
November 30, 2012
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$285,688.05
$177.13
$285,865,18
Note I
Certificates of Participation Reserve Fund (Lot 4)
233,136,29
0.00
233,136.29
0.00
Note 2
Ceti. of Participation Lease Payment Fund (Lot 4)
21,000.00 233,136.29
0,00
254,136.29
0.00
Note J
Ceti, of Participation 2002 Series A Reserve Fund
686,251.19
5.85
5.85
686,251.19
Note 4
Ceti, Of Participation 2002 Set- A Lease Pymt Fund
0.00
0.00
0.00
Note 4
Ceti, of Participation 2002 Series A Const. Fund
42;558.48
0.00
42,558.48
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
0,01
0.01
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
Notes
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:
$2,545,696.51 $233,136.29
$182.99
$487,278.44
$2,291,737.35
These accounts are not part of the Treasurer's 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 fund was a requirement of the original certificates of participation agreement when Lot 4 was built. This fund
matured in November 2012 and the funds were returned to the Town.
Note 3: The lease payment fund receives the lease payments fi-om the Town monthly for the lease of Lot 4. It holds the fimds until
payments on the certificates of participation are due semi- annually.
Note 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 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 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
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
November 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 Fiscal
Month Year to Date
55,500.95 240,522.59
- 37,895.60 - 37,895.60
- 19,610.32 - 2,568.42
$37,215.67 $205,195.41
$50,686.03
40,230,09
41,243.95
35,819.67
37,215.67
$205,195.41
$57,251,989.84 827 0.76% $319,472.24 $357,367.84 ($37,895.60)
Matti rityProfile
Amount
i Percent
0 -1 year
Town of Los Gatos
34.28%
1 -2 years
$4,067,080.00
7.10%
2 -3 years
$7,853,157.50
13.72%
3 -5 years
$25,703,159.38
44.89%
Inactive
Deposits by Institution
100.00%
10,207.15
0.00
LAW
10,133,325.84
10,133,325.84
0.00
Totals:
$57,251,989.84
$57,181,618.83
Market
to Cost Position Report
November 30, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
8 ecurity
Date
Cost
Dote Elapsed
Maturit
Invested
Maturit
Earne
Received
Accrued
ING CP
Comm. Paper
08/24/12
3,994,133.33
12/12/12
98
12
110
0.487%
5,222.58
5,222.58
GE
Corporate Note
07/29/10
511,955.00
01/08/13
855
39
894
1.791%
21,478.34
27,183.33
(5,704.99)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
610
121
731
0.801%
26,745.96
22,500.00
4,245.96
FHLMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
616
136
752
0.812%
13,930.28
25,277.78
(11,347.50)
NY Life
Corporate Note
07/22/11
534,350.00
05/09/13
497
160
657
0.791%
5,755.27
30,160.42
(24,405.15)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
599
227
826
1.334%
19,274.94
50,876,37
(31,601.43)
NY Life
Coupon Note
01/25/12
2,041,000.00
12/13/13
310
378
688
0.753%
13,052.89
14,183.33
(1,130.44)
FHLMC
Coupon Note
09116111
2,026,080.00
08/20/14
441
628
1069
0.527%
12,900.69
18,555.55
(5,654.86)
FFCB
Callable Note.
12/19/11
2,000,000.00
12/19/14
347
749
1096
0.750%
14,260.27
7,500.00
6,760.27
FNMA
Coupon Note
10/07/11
1,296,875.00
02/18/15
420
810
1230
0.866%
12,923.27
21,597.22
(8,673.95)
FNMA
Callable Note
04/23/12
1,513,470.00
04/23/15
221
874
1095
0.946%
8,668.91
9,375.00
(706.09)
Treasury
Note
08/16/11
1,042,812.50
07/31/15
472
973
1445
0.652%
8,792.31
16,739.13
(7,946.82)
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
448
1013
1461
11000%
24,547.95
20,000.0()
4,547.95
Berk Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
309
1110
1419
1.077%
11,990.92
11,824.65
166.27
FNMA
Callable Note
01/25/12
2,503,906.25
01/25/16
310
1151
1461
1.060%
22,542.02
13,750.00
8,792.02
FNMA
Callable Note
04/04/12
2,002,500.00
04/04/16
240
1221
1461
1.058%
13,930.82
10,9(1(1.()1)
3,030.82
FIILMC
Callable Note
08/15/12
2,010,200.00
05116116
107
1263
1370
0.861%
5,073.80
5,055.56
18.24
FHLMC
Callable Note
08/16/12
1,005,000.00
05116116
106
1263
1369
0.864%
2,521.70
2,500.00
21.70
FNMA
Callable Note
06/29/12
2,005,700.00
05/23/16
154
1270
1424
0.800 %
6,769.92
7,000.00
(230.08)
IBM
Coupon Note
11/13/12
782,505.00
07/22/16
17
1330
1347
0,757%
275.89
275.89
Treasury
Note
08/16/11
1,025,390.63
07/31/16
472
1339
1811
0.973%
12,901.83
14,347.83
(1,446.00)
FNMA
Callable Note
12/05/11
1,000,000.00
12/05/16
361
1466
1827
1.000%
9,890.41
5,000.00
4,890.41
FNMA
Callable Note
05/25/12
3,033,660.00
05/03/17
189
1615
1804
1.512%
23,751.31
23,041.67
709.64
FHLMC
Callable Note
06/08/12
2,007,700.00
06/06/17
175
1649
1824
1.120%
10,781.07
1(1,781,(.17
FHLMC
Callable Note
06/28/12
2,507,250.00
06/14/17
155
1657
1812
0.139%
1,479.96
1,479.96
FNMA
Callable Note
10/19/12
1,504,050.00
09/20/17
42
1755
1797
0.707%
1,223.60
1,223,60
FNMA
Callable Note
11/30/12
1,003,200.00
09/20/17
0
1755
1755
0.604%
0.00
0,00
FFCB
Coupon Note
10/18/12
1,996,960.00
09/21/17
43
1756
1799
0.862%
2,027.93
2,027.93
Subtotal
46,558,770.91
BNY MM
549,685.94
30
30
0.00%
0.00
0.00
Purchased Interest
10,207.15
LAW
N/A
09/30/12
10,133,325.84
12/31/12
61
31
92
0.34%
6,757.41
6,757.41
$57,251,989.84 827 0.76% $319,472.24 $357,367.84 ($37,895.60)
Matti rityProfile
Amount
i Percent
0 -1 year
$19,628,592.96
34.28%
1 -2 years
$4,067,080.00
7.10%
2 -3 years
$7,853,157.50
13.72%
3 -5 years
$25,703,159.38
44.89%
0.00
$57,251,989.84
100.00%
Market to Cost Position Report
page 5
* Source: Treasury and Agency Obligations - Union Bank of California
LAIF balances per Local Agency Investment Fund monthly statement.
Amortized
Market
Unrealized
Institution
Cost
Value*
Gain (Loss)
BNY Assets
$46,558,770.91
$46,488,399.90
(70,371.01)
BNY MM
549,685.94
549,685.94
0.00
Purchased Interest
10,207.15
10,207.15
0.00
LAW
10,133,325.84
10,133,325.84
0.00
Totals:
$57,251,989.84
$57,181,618.83
470,371,01
page 5
* Source: Treasury and Agency Obligations - Union Bank of California
LAIF balances per Local Agency Investment Fund monthly statement.
Town of Los Gatos
Quarterly Investment Report
(Month Prided December 31, 2012)
Prepared by
Linda L. Speicher, Project Manager
01/17/13
e ri
e'lz
Town of Los Gatos
Summary Investment Information
December 31, 2012
Weighted Average Portfolio Yield: 0.73 % Weighted Average Maturity (days) 889
This Month Last Month One year ago
Portfolio Balance $60,454,043 $61,034,252 $69,273,281
Benchmarks/ References:
Town's Average Yield
0.73%
0,76%
1.12%
LAIF Yield for month
0.33%
0,32%
0.38%
3 mo. Treasury
0,09%
0,10%
0.03%
6 mo. Treasury
0.13%
0,15%
0.06%
2 yr. Treasury
0,25%
0.27%
0,24%
5 yr. Treasury (most recent)
0.77 %
0,64%
0.88%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (11/16/12) 0.45%
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 fiends to meet the cash demands for the next six months.
Page 1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
December 31, 2012
Month
YTD
Fund Balances - Beginning of Month/Period
$61,034,252.01
$75,558,782.33
Receipts
3,012,851.25
15,348,728.61
Disbursements
(3,593,059.95)
(30,453,467.63)
Fund Balances - End of Moirth/Period
$60,454,043.31
$60,454,043.31
Portfolio Allocation:
BNY MM
$2,576,639.42
US Govt Agencies
44,619,903.76
Local Agency Investment Fund
10,133,325.84
Subtotal - Investments
57,329,869.02
Reconciled Demand Deposit Balances
3,124,174.29
Total Treasurer's Fund
$60,454,043.31
Treasurer's Fund Balances
80,000,000 ............. ............................... . _ . ... _ .:........................ ....:::...
::.....
78,000,000 :::::..:....
..
>
76,000,000
74,000,000 .:.
•::ti'iiii ii; ?•'; i
72,000,000
<iiii•,'•.i sin: #:%
..,. >::. •:',''•,'iiiiiii i:5i ii' < ? > % "::'•,:'•,xy:'• # ## iii ? %:':.:':iiii' ':iiii: # °': >iii ii5i % %'•':i3 s i:'•,ii'•i•':.'•i' %'• i;`iiEt:i &.':: %•:;
70000,000 ::t•..:•...•:.., <••. ••.::•:••:::: ;.::: %:.i:.i:. :iiiii:•i:.i%
•::: r:,::; :,,'% i x •`:' +.tSit +', yy';ji iir <i ' $iy i 'ii< : •,'. i $i ii %<'i '.'• i L }i ++ i > t +'iii' +. +' ?i ?ii i ?ij }iii ? }i i'} iii >.a ' <(? i < ;: >': ....................... 2 t . < f2
68,000,000
%s�ri5i;iiiri ?iiiiiii•i iii''•'tii%r:'.•; <•:.: •::. >•• ;::.i:.::: •....
:;:.f. ; %::'''':i.i'r <i`iiir :':';: #''r'•,'`.;:'.ii iii : <3i i:'r'iir''.::::':
66,000,000
S::ii3:i <rr::,•i: S:t'•'i,• %: {ti:: i� %: �:' Li::::{:::' i,::,: :7+7ii:{i:::•:''r,::'rti ?:i•:.:: i;
64,000,000
<��+ %� + % % %% % % % %:: %r {;i % %f ti: ?:;:?;. y':•i:•::::• ;ii + %.'•:•5 •i }:• :i:•ii:•::•.;•::: • %::r:.::.::.::,:::::% %:• %i: %:•J�::•:• %%Y : % }: %% %'iti %�% %i % % % %: %::•: •: ti:::; ;..; . {...•.• ;: •.:•.•:.:::•.• � :.:::::::::::::::::::::•
s:•x• r•
's'•.•:iS�iiii %: +:,
i' .'•':iy •... ............. ,::•%,::.::.ss:.:i:.:x : ii •.•,•'' ri' i <' ?' %'.".t'':: 'i i ::`ii:iii iii::: : 2:: 3 :::::i
62,000,000
is !• % %s5;t:: %;•,s: %:::; +.
60,000000 :i:} % %, %';;; % #.:...::::::..: •:: •::..::. •.:;,,:::.;:::::;:• ;:.
'ii' �:'•.::i:' %' #ii '.: � :`:iii: #i:'.'• #:'s ":•`:� :::::' %i•
»f........:
58,000,000 .....:........... •.:...::.:....... ; ..r:......:....:.....:.:::::.., •::.•:...:.::::..
q w d d O Z C]
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: Tlus account include redemption accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District'3', as well as Reserve Funds set up as required by the original Bond resolution.
Note 2: The reserve fiord was a requirement of the original certificates of participation agreement when Lot 4 was built. This fiord
matured in November 2012 and the fiords were returned to the Town.
Note 3: The lease payment fiord receives the lease payments from thdrTown 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 fitnds 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 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 fiord will be closed in September 2010.
Page 3
Town of Los Gotos ;
Non- Trensury
Restriesetl Fund Balances
December &Y,'2012
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$285,865.18
it �Y ,� �`l��i'� ?
$286,042.31
Note I
Certificates of Participation Reserve Fund (Lot 4)
233,136.29
0,00
233,136.29
0,00
Note z
Cert, of Participation Lease Payment Fund (Lot 4)
21,000.00 233,136.29
0,00
254,136.29
0.00
Note 3
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
5,66
5.66
686,251,19
Note 4
Cott, Of Participation 2002 Set- A Lease Pymt Fund
0.00
0.00
0,00
Note 4
Cert. of Participation 2002 Series A Const. Fund
42,558.48
0.00
42,538.48
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
1.16
1.16
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 s
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:
$2,545,873.64 $233,136,29
$183,95
$487,279.40
$2,291,914.48
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: Tlus account include redemption accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District'3', as well as Reserve Funds set up as required by the original Bond resolution.
Note 2: The reserve fiord was a requirement of the original certificates of participation agreement when Lot 4 was built. This fiord
matured in November 2012 and the fiords were returned to the Town.
Note 3: The lease payment fiord receives the lease payments from thdrTown 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 fitnds 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 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 fiord 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
December 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
,Tune 2013
Page 4
Current
Fiscal
Month
Year to Date
77,977.07
318;499.66
- 79,771.21
- 79,771.21
- .37,895.60
- 2,568.42
$36,101.46
$241,296.87
$50,686.03
40,230.09
41,243.95
35,819.67
37,215.67
36,101.46
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) LAW balances per Local Agency Investment Fund monthly statement.
BNY Assets
$44,602,287.58
$44,448,569.80
Inactive
Deposits by Institution
2,576,639.42
2,576,639.42
0.00
Purchased Interest
17,616.18
17,616.18
0.00
LAIF
10,133,325.84
10,133,325.84
Market
to Cost Position Report
$57,329,869.02
$57,176,151.24
- $153,717.78
December 31, 2012
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Securit y
Date
Cost
Date Elapse
Maturitv
Invested
Maturitv
Earned
Received
Accrued
GE
Corporate Note
07/29/10
511,955,00
01/08/13
886
8
894
1.791%
22,257.08
27,183.33
(4,926.25)
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
641
90
731
0.801%
28,105.18
22,500.00
5,605.18
FHLMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
647
105
752
0,812%
14,631.32
25,277.78
(10,646.46)
NY Life
Corporate Note
07/22/11
5.34,350.00
05/09/13
528
129
657
0,791%
6,114.25
30,160.42
(24,046.17)
TIAA
Corporate Note
04/11/11
880,446.95
07/15/13
630
196
826
1.334%
20,272.47
50,876.37
(30,603.90)
NY Life
Coupon Note
01/25/12
2,041,000.00
12/13/13
341
347
688
0.753%
14,358.18
32,683.33
(18,325.15)
FIJLMC
Coupon Note
09116111
2,026,080.00
08/20/14
472
597
1069
0.527%
13,807.54
18,555.55
(4,748.01)
FNMA
Coupon Note
10/07/11
1,296,875.00
02/18/15
451
779
1230
0.866%
13,877.13
21,597.22
(7,720.09)
FNMA
Callable Note
04/23/12
1,513,470.00
04/23/15
252
843
1095
0.946%
9,884.91
9,375.00
509.91
Treasury
Note
08/16/11
1,042,812.50
07/31/15
503
942
1445
0.652%
9,369.77
16,739.13
(7,369.36)
FNMA
Callable Note
09/09/11
2,000,000.00
09/09/15
479
982
1461
1.000%
26,246.58
20,000.00
6,246.58
FNMA
Callable Note
12/20/12
500,260.00
11 /06 /15
11
1040
1051
0,473%
71.31
71.31
Berk Hath
Coupon Note
01/26/12
1,315,137.50
12/15/15
340
1079
1419
1.077%
13,193.89
27,137.15
(13,943.26)
FNMA
Callable Note
01/25/12
2,503,906.25
01/25/16
341
1120
1461
1.060%
24,796.22
13,750.00
11,046.22
FNMA
Callable Note
04/04/12
21002,500.00
04104116
271
1190
1461
1.058%
15,730.21
10,900.00
4,830.21
FBLMC
Callable Note
08/15/12
2,010,200.00
05116/16
138
1232
1370
0.861%
6,543.78
5,055.56
1,488.22
FHLMC
Callable Note
08/16/12
1,005,000.00
05116116
137
1232
1369
0.864%
3,259.17
2,500.00
759.17
FNMA
Callable Note
06/29/12
2,005,700.00
05/23/16
185
1239
1424
0.800%
8,132.70
7,000.00
1,132.70
IBM
Coupon Note
11/13/12
782,505.00
07/22/16
48
1299
1347
0.757%
778.99
778.99
Treasury
Note
08116111
1,025,390.63
07/31/16
503
1308
1811
0,973%
13,749.20
14,347.83
(598.63)
SO
Coupon Note
12/18/12
526;020.00
10115116
13
1384
1397
0.962%
180.23
180.23
FHLMC
Callable Note
12/20/12
1,009,900.00
03/28/17
11
1548
1559
0.470%
143.05
143.05
FNMA
Callable Note
05/25/12
3,033,660.00
05/03/17
220
1584
1804
1,512%
27,647.03
23,041.67
4,605.36
FHLMC
Callable Note
06/08/12
2,007,700.00
06/06/17
206
1618
1824
1.120%
12,690.86
11,866.67
824.19
FHLMC
Callable Note
06/28/12
2,507,250.00
06/14/17
186
1626
1812
0.139%
1,775.96
13,833.33
(12,057.37)
FNMA
Callable Note
10/19/12
1,504,050.00
09/20/17
73
1724
1797
0.707%
2,126.73
2,126.73
FNMA
Callable Note
11/30/12
1,003,200.00
09/20/17
31
1724
1755
0.604%
514.63
514.63
FNMA
Callable Note
12/04/12
1,002,750.00
09/20/17
27
1724
1751
0.652%
483.63
483.63
FFCB
Coupon Note
10/18/12
1,996,960.00
09/21/17
74
1725
1799
0.862%
3,489.92
3,489.92
FHLB
Coupon Note
12/12/12
1,998,720.00
12/08/17
19
1803
1822
0.751%
781.36
781.36
Subtotal
44,602,287.58
BNY MM
2,576,639.42
30
30
0.00%
0,00
0,00
Purchased Interest
17,616.18
LAIF
N/A
09/30/12
10,133,325.84
12/31/12
92
0
92
0.33%
9,595.85
9,595.85
$57,329,869.02
889
0.73%
$324,609.13
$404,380.34
($79,771.21)
Maturity Profile
Amount
Percent
0 -1 year
$19,709,822.14
34.38%
1 -2 years
$2,026,080.00
3.53%
2 -3 years
$7,668,555.00
13.38%
3 -5 years
$27,925,411.88
48.71%
$ 57,329,869.02
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized * Source: Treasury and Agency Obligations - Union Bank of California
Institution
Cost
Value*
Gain (Loss) LAW balances per Local Agency Investment Fund monthly statement.
BNY Assets
$44,602,287.58
$44,448,569.80
(153,717,78)
BNY MM
2,576,639.42
2,576,639.42
0.00
Purchased Interest
17,616.18
17,616.18
0.00
LAIF
10,133,325.84
10,133,325.84
0.00
Totals:
$57,329,869.02
$57,176,151.24
- $153,717.78
page 5