Quartly Invest. ReporttpW N OF
Os 6At0
DATE:
TO:
FROM:
SUBJECT:
MEETING DATE: 06/02/14
ITEM NO: , f
COUNCIL AGENDA REPORT
May 21, 2014
MAYOR AND TOWN COUNCIL
GREG LARSON, TOWN MANAGER
FY 2013/14 QUARTERLY INVESTMENT REPORT (JANUARY THROUGH
MARCH 2014)
RECOMMENDATION:
Accept the attached Third Quarter Investment Report for FY 2013/14.
DISCUSSION:
Attached for your consideration is the Third Quarter Investment Report for FY 2013/14.
No real changes occurred during the cur-rent quarter in the markets in general. Rates of return continued
to fluctuate, while the Town's overall rate of return remained largely unchanged from the prior quarter
at an average yield of 0.67 %. The Town is still out performing LAIF (0.24 %) and the two year treasury
(0.38 %) and continues to attempt to replace investments which mature with similar issuers /maturities.
FISCAL IMPACT:
None
Attachment:
Third Quarter Investment Report for FY 2013/14 (January through March 2014)
PREPARED BY: WAy
Finance & Administra rve Servic s Director/ Town Treasurer
Reviewed by: V% Assistant Town Manager Town Attorney (%_Finance
N: \TRS \Staff Reports\201 I \Treasurers Report - Q2 2013 2014.doe J `�
THIS PAGE
INTENTIONALLY
LEFT BLANK
Town of Los Gatos
Quarterly Investment Report
(Month Ended March 31, 2014)
Prepared by n/
Linda L. Speicher, Project Manager
05/16/14
Town of Los Gatos
Summary Investment Information
March 31, 2014
Weighted Average Portfolio Yield: 0.67 %
This Month Last Month
Portfolio Balance $62,351,176 $63,447,920
Benchmarks/ References:
Town's Average Yield
LAIF Yield for month
3 mo. Treasury
6 mo. Treasury
2 yr. Treasury
5 yr. Treasury (most recent)
Prime rate
Weighted Average Maturity (days) 810
One Year aeo
$65,767,353
0.67%
0.67%
0.70%
0.24%
0.24%
0.29%
0.05%
0.05%
0.08%
0.07%
0.08%
0.11%
0.45%
0.32%
0.26%
1.70%
1.51%
0.76%
3.25%
3.25%
3.25 %
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (03/03/14) 0,87%
Note: Both Fannie and Freddie have ceased offering 2 year notes for the time being.
Portfolio Maturity Profile
0 - I year
3 - 5 years 20%
33%�
1 - 2 years
21%
2 - 3 years
26%
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
74,000,000
72,000,000
70.000,000
68,000,000
66.000,000
64,000,000
62,000,000
60,000,000
58.000,000
56,000,000
g
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
March 31, 2014
Month
Fund Balances - Beginning of Month/Period
$63,447,919.57
Receipts
2,320,555.76
Disbursements
(3,417,299.16)
Fund Balances - End of Month/Period
$62,351,176.17
Portfolio Allocation:
BNY MM
$499,427.74
US Govt Agencies & Corp. Bonds
47,162,622.33
Local Agency Investment Fund
4,159.070.07
Subtotal - Investments
51,821,120.14
Reconciled Demand Deposit Balances
10.530.056.03
Total Treasurer's Fund
$62,351,176.17
Portfolio Investment Allocation
BNY MM
Local Agency Investment Fund 0.96%
8.03%
US Goo Agencies & Corp.
Bonds
91.01%
Treasurer's Fund Balances
YTD
$62,582,093.70
29,305,475.65
(29.540.128.181
$62,347,441.17
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 amount includes redemption accounts setup for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment Dishict'3', as well as Reserve Funds set up as required by the original Bond resolution.
Note 4: The three original funds for the Certificates of Participation 2002 Series A cmuist 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 fund was closed in September 2010.
Page 3
Town of Los Gams
Nov - Treasury Restricted Fund Balances
March 31, 2014
Previous
Ending
Balance Deoosits
Imc }
Withdrawals
Ba n
Non - Treasury Funds:
Downtown Parking District 12/20/02
5286,9301
555.79
$286,990.40
Nore t
Cart. of Participation 2002 Series A Reserve Fund
686,258.24
5.29
5.29
686,258.24
Note4
Cart. OCParticipation 2002 Set A Lease Pymt Fund
0.00
0.11
0.11
0.00
Nan 4
Cart. of Participation 2002 Series A Const. Fond
38,191.44
0.00
38,191.44
Non4
COP 2010 Library Reserve Fund
1,277,062.50
0.01
0.01
1,277,062.50
Note 5
COP 2010 Libmry Lease Fund
0.00
0.00
0.00
Note 5
COP 2010 Library ACQ Construction Fund
0.00
0.00
0.00
Nme 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
Nme 5
Total ResMeted Funds:
$2,288,446.79 $0.00
$61.20
$5.41
$2,288,502.58
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 amount includes redemption accounts setup for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment Dishict'3', as well as Reserve Funds set up as required by the original Bond resolution.
Note 4: The three original funds for the Certificates of Participation 2002 Series A cmuist 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 fund was closed in September 2010.
Page 3
Town of Los Gatos
Statement of Interest Earned
March 31, 2014
Interest by Month
July 2013
Current
Fiscal
28,632.45
Month
Year to Date
Interest received from Investments
103,347.79
315,534.25
Interest accrued/(prepaid) at end of period (see. page 5)
- 157,761.00
- 157,761.00
Interest accrued/(prepaid) at beginning of period
- 90,891.04
- 107,515.26
Interest earned on investments
$36,477.83
$265,288.51
Interest by Month
July 2013
$23,848.13
August 2013
28,632.45
September 2013
30,806.45
October 2013
29,247.43
November 2013
28,274.12
December 2013
28,573.85
January 2014
33,328.61
February 2014
26,099.64
March 2014
36,477.83
April 2014
May 2014
June 2014
$265,288.51
Page 4
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Town of Los Gatos
Quarterly Investment Report
(Month Ended February 28, 2014)
Prepared by
Linda L. Speicher, Project Manager
04/24/14
Town of Los Gatos
Summary Investment Information
February 28, 2014
Weighted Average Portfolio Yield: 0.66%
This Month Last Month
Portfolio Balance $63,447,920 $63,948,239
Benchmarks/ References:
Town's Average Yield
LAIF Yield for month
3 mo. Treasury
6 mo. Treasury
2 yr. Treasury
5 yr. Treasury (most recent)
Prime rate
Weighted Average Maturity (days) 846
One Year ago
$65,115,506
0.66%
0.66%
0.70%
0.24%
0.24%
0.29%
0.05%
0.06%
0.13%
0.08%
0.07%
0.14%
0.32%
0.36%
0.26%
1.51%
1.54%
0.78%
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (01/21/14) 0.88%
Note: Both Fannie and Freddie have ceased offering 2 year notes for the time being.
Portfolio Maturity Profile
0 - I year
._,18%
3 - 5 years
43
a�
a[m
21%
2 - 3 years
18%
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
February 28, 2014
Fund Balances - Beginning of Month/Period
Receipts
Disbursements
Fund Balances - End of Month/Period
Portfolio Allocation
BNY MM
US Govt Agencies & Corp. Bonds
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
Total Treasurer's Fund
Month
YTD
$63,948,238.84
$62,582,093.70
1,541,869.64
26,984,919.89
(2,042,188.91)
(26.122,829.021
$63,447,919.57
$63,444,184.57
$387,796.49
47,171,000.11
4,159,070.07
51,717,866.67
11.730.052.90
$63,447,919.57
Portfolio Investment Allocation
BNY MM
Local Agency Investment Fund 0.75%
8.04%
US Govt Agencies & Corp.
Bonds
91.21%
Treasurer's Fund Balances
page 2
These accounts are not pan ofthe Treasurers fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account includes redemption accounts setup 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 4: The three original 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 fund was closed in September 2010.
Page 3
To. of Los Gatos
Non - Treasury Restricted Fund Balances
February 28, 2014
Previous
Ending
But. De sits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$286,872.85
$61.76
$286,934.61
No. t
Cen. of Panicipation 2002 Series A Reserve Fund
686,258.24
5.85
5.85
686,258.24
note 4
Cem Of Participation 2002 Set A Lease Pymt Fund
193,726.25
0.00
193,726.25
0.00
Note 4
Cen. of Participation 2002 Series A Const. Fund
38,167.14
24.30
38,191.44
Note4
COP 2010 Library Reserve Fund
1,277,062.50
0.01
0.01
1,277,062.50
Note 5
COP 2010 Library Lease Fund
287,012.50
0.00
287,012.50
0.00
Note 5
COP 2010 Library ACQ Construction Fund
0.00
0.00
0.00
Nou 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:
$2,769,099.48 $0.00
$91.92
$480,744.61
$2,288,446.79
These accounts are not pan ofthe Treasurers fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account includes redemption accounts setup 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 4: The three original 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 fund was 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
February 28, 2014
Interest by Month
July 2013
August 2013
September 2013
October 2013
November 2013
December 2013
January 2014
February 2014
March 2014
April 2014
May 2014
June 2014
Page 4
Current Fiscal
Month Year to Date
28,845.58 212,186.46
- 90,891.04 - 90,891.04
- 88,145.10 - 107,515.26
$26,099.64 $228,810.68
$23,848.13
28,632.45
30,806.45
29,247.43
28,274.12
28,573.85
33,328.61
26,099.64
$228,810.68
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Town of Los Gatos
Quarterly Investment Report
(Month Ended January 31, 2014)
Prepared by
Linda L. Speicher, Project Manager
04/24/14
Town of Los Gatos
Summary Investment Information
January 31, 2014
Weighted Average Portfolio Yield: 0.66% Weighted Average Maturity (days)
This Month Last Month One year ago
Portfolio Balance $63,944,504 $61,233,560 $64,278,682
Benchmarks/ References:
Town's Average Yield
0.66%
0.65%
0.70%
LAIF Yield for month
0.24%
0.27%
0.30%
3 mo. Treasury
0.06%
0.05%
0.08%
6 mo. Treasury
0.07%
0.08%
0.11%
2 yr. Treasury
0.36%
0.32%
0.29%
5 yr. Treasury (most recent)
1.54%
1.30%
0.89%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (01/21/14) 0.88%
Note: Both Fannie and Freddie have ceased offering 2 year notes for the time being.
857
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
January 31, 2014
Fund Balances - Beginning of Month/Period
Receipts
Disbursements
Fund Balances - End of Month/Period
Portfolio Allocation
BNY MM
US Govt Agencies & Corp. Bonds
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
Total Treasurer's Fund
Month
YTD
$61,233,560.34
$62,582,093.70
6.584,965.66
25,446,785.25
(3,870,287.16)
(24.080.640.11)
$63,948,238.84
$63,948,238.84
$359,046.49
47,171,000.11
4.159.070.07
51,689,116.67
12 259 122.17
$63,948,238.84
Portfolio Investment Allocation
BNY MM
Local Agency Investment Fund 0.69%
9.05%
US Govt Agencies & Corp.
Bonds
91.26%
page 2
These accounts are not pan of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account includes redemption accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District Y, as well as Reserve Funds set up as required by the original Bond resolution.
Nate 4: The three original funds for the Certificates of Participation 2002 Series A consist ofconstmetion funds which will be expended ova 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 CO] fund was closed in September 2010.
Page 3
'Town of Los Gatos
Non - Treasury
Restricted Fund Balances
January 31, 2014
Previous
Ending
Bzlsnce
Devosits
Intere st
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$286.811.11
$61.74
$286,872.85
note t
Can. of Participation 2002 Series A Reserve Fund
686,251.19
19.66
12.61
686,258.24
Note 4
Can. OfPanicipation 2002 Sa A lease Pymt Fund
0.00
193,726.25
0.00
193,726.25
Note4
Cart. of Participation 2002 Series A Cons[. Fund
38,167.12
0.02
38,167.14
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
287,012.50
0.00
287,012.50
Note 5
COP 2010library 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 Rwicted Funds:
$2,288,291.92
$480,738.75
$81.43
$12.62
$2,769,099.48
These accounts are not pan of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account includes redemption accounts set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment District Y, as well as Reserve Funds set up as required by the original Bond resolution.
Nate 4: The three original funds for the Certificates of Participation 2002 Series A consist ofconstmetion funds which will be expended ova 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 CO] fund was closed in September 2010.
Page 3
Town of Los Gatos
Statement of Interest Earned
January 31, 2014
Interest by Month
July 2013
Current
Fiscal
28,632.45
Month
Year to Date
Interest received from Investments
26,342.77
183,340.88
Interest accrued/(prepaid) at end of period (see page 5)
- 88,145.10
- 88,145.10
Interest accrued/(prepaid) at beginning of period
- 95,130.94
- 107,515.26
Interest earned on investments
$33,328.61
$202,711.04
Interest by Month
July 2013
$23,848.13
August 2013
28,632.45
September 2013
30,806.45
October 2013
29,247.43
November 2013
28,274.12
December 2013
28,573.85
January 2014
33,328.61
February 2014
March 2014
April 2014
May 2014
June 2014
$202,711.04
Page 4
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