FY 2013/14 Quarterly Investment Report10WN OF
cos GA`` COUNCIL AGENDA REPORT
DATE: AUGUST 25, 2014
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
MEETING DATE: 09/02/14
ITEM NO:
SUBJECT: FY 2013/14 QUARTERLY INVESTMENT REPORT (APRIL THROUGH JUNE 2014)
RECOMMENDATION:
Accept the attached Fourth Quarter Investment Report for FY 2013/14.
DISCUSSION:
Attached for your consideration is the Fourth Quarter Investment Report for FY 2013/14.
The Town is still out performing the Local Agency Investment Fund (LAIF) and Treasuries in general
and therefore continues to replace mature or called investments with similar investments with respect to
maturity and credit quality. Overall, the Town's rate of return is up slightly over a year ago and the total
Treasurer's funds have increased about $785,000. Since staff is expecting rates to begin to rise later this
year or early next year, the Town is limiting its purchase of longer -term securities (five -year maximum
allowed under state law).
FISCAL IMPACT:
None
Attachment:
Fourth Quarter Investment Report for FY 2013/14 (April through June 2014)
PREPARED BY: STE
Finance & A inistrative Services Director /Town Treasurer
Reviewed by:
Assistant Town Manager
Attorney
NAMGR4M n inWorkFiles\2014 Council Reports \Sept 2\Trewma's Report - Q4 2013 2014.doc
THIS PAGE
INTENTIONALLY
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Town of Los Gatos
Quarterly Investment Report
(Month Ended June 30, 2014)
Prepared by
Linda L. Speicher, Project Manager
08/13/14 (/ /�
Town of Los Gatos
Summary Investment Information
June 30,2014
Weighted Average Portfolio Yield: 0.68%
This Month Last Month
Portfolio Balance $63,367,436 $67,916,449
Benchmarks/ References:
Town's Average Yield
0.68%
0.68%
LAIF Yield for month
0.23%
0.23%
3 mo. Treasury
0.04%
0.03%
6 mo. Treasury
0.07%
0.05%
2 yr. Treasury
0.51%
0.39%
5 yr. Treasury (most recent)
1.67%
1.51%
Prime rate
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (03/03/14) 0.87%
Weighted Average Maturity (days)
One Year ago
$62,582,094
0.66%
0.25%
0.06%
0.11%
0.43%
1.48%
3.25%
Note: Both Fannie and Freddie have ceased offering 2 year notes for the time being.
Portfolio Maturity Profile
0 1 year
3 -.5 years
33% 'Pt r s1. �'ttfR3ine,
1 - 2 years
21%
2 - 3 years
27%
791
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
June 30, 2014
Month
Fund Balances - Beginning of Month/Period
$67,916,448.58
Receipts
4,470,959.58
Disbursements
(9,019,972.39)
Fund Balances - End of Month/Period
$63,367,435.77
Portfolio Allocation.
BNY MM
$92,559.56
US Govt Agencies & Corp. Bonds
47,663,597.18
Local Agency Investment Fund
4,161,434.16
Subtotal - Investments
51,917,590.90
Reconciled Demand Deposit Balances
11.449.844.87
Total Treasurer's Fund
$63,367,435.77
Portfolio Investment Allocation
BNY MM
Local Agency Investment Fund 0.18%
8.02%
US Govt Agencies & Corp.
Bonds
91 81%
Treasurer's Fund Balances
YTD
$62,582,093.70
44,720,279.08
(43,934,937.01)
$63,367,435.77
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]: This account includes redemption accounts setup for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment Disbict'3', as well as Reserve Funds set up as required by the original Bond resolution. Time funds
will be paid back to the original assessees.
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 offense, payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Funds me 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
Non-Treasury
Restricted Fund Balances
June 30, 2014
Previous
Ending
Balance Deposits
Interest
Withdrawal
Balanc e
Non - Treasury Funds:
Downtown Parking District
$287,111.98
$61.81
$287,173.79
Nate I
Cent. of Participation 2002 Series A Reserve Fund
686,25824
5.85
5.85
686,258.24
Nate 4
Cart. Of Participation 2002 Set A Lease Pymt Fund
0.00
0.00
0.00
0.00
note 4
Cert. of Participation 2002 Series A Const. Fund
38,212.72
0.00
38,212.72
N.1, 4
COP 2010 Library Reserve Fund
1,277,06150
0.01
0.01
1,277,062.50
note 5
COP 2010 Library Lease Fund
0.00
0.00
0.00
note 5
COP 2010 Library ACQ Construction Fund
0.00
0.00
0.00
Notes
COP 2010 Library CO) Fund
0.00
0.00
0.00
note 5
COP 2010 Library Good Faith
0.00
0.00
0.00
Rau 5
Total Restricted Funds:
$2,288,645.44 $0.00
$67.67
$5.86
$2288,707.25
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]: This account includes redemption accounts setup for the repayment of interest and principal on outstanding
bond coupons for Parking Assessment Disbict'3', as well as Reserve Funds set up as required by the original Bond resolution. Time funds
will be paid back to the original assessees.
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 offense, payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Note 5: The 2010 COP Funds me 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
June 30, 2014
Interest by Month
July 2013
Current
Fiscal
28,632.45
Month
Year to Date
Interest received from Investments
27,252.24
412,365.48
Interest acemed/(prepaid) at end of period (see page 5)
- 166,819.70
- 166,819.70
Interest accrued/(prepaid) at beginning of period
- 168,471.67
- 107,515.26
Interest earned on investments
$28,904.21
$353,061.04
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
26,099.64
March 2014
36,477.83
April 2014
28,726.26
May 2014
30,142.06
June 2014
28,904.21
$353,061.04
Page 4
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Town of Los Gatos
Quarterly Investment Report
(Month Ended May 31, 2014)
Prepared by
Linda L. Speicher, Project Manager
08/13/14
Town of Los Gatos
Summary Investment Information
May 31, 2014
Weighted Average Portfolio Yield:
0.68%
Weighted Average Maturity (days) 817
This Month
Last Month
One year ago
Portfolio Balance
$67,916,449
$67,129,159
$62,001,292
Benchmarks/ References:
Town's Average Yield
0.68%
0.66%
0.63%
LAIF Yield for month
0.23%
0.23%
0.26%
3 mo. Treasury
0.03%
0.02%
0.05%
6 mo. Treasury
0.05%
0.05%
0.08%
2 yr. Treasury
0.39%
0.45%
0.28%
5 yr. Treasury (most recent)
1.51%
1.73%
1.05%
Prime rate
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
year
__._ _ .... 20%
3 - 5 years
37%
I - 2 years
21%
2 - 3 years
22%
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
W
g
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
May 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
$67,129,158.65
$62,582,093.70
3,738,619.03
40,249,319.50
(2,951,329.10)
(34,914,964.621
$67,916,448.58
$67,916,448.58
$565,840.07
47,163,204.16
4.161.434.16
51,890,478.39
16.025.970.19
$67,916,448.58
Portfolio Investment Allocation
BNY MM
Local Agency Investment Fund 1.09%
8.02%
US Govt Agencies 8 Corp.
Bonds
90.89%
Treasurer's Fund Balances
a z v a
u.
page 2
Town of Los Gatos
Non - Treasury Restricted Fund Balances
May 31, 2014
Non - Treasury Funds:
Downtown Parking District
Cen. of Participation 2002 Series A Reserve Fund
Cent. OfPatticipation 2002 Ser A Lease Pymt Fund
Cert. of Participation 2002 Series A Const, Fund
COP 2010 library Reserve Fund
COP 2010 Library Lease Fund
COP 2010 Library ACQ Construction Fund
COP 2010 Library CO] Fund
COP 2010 Library Good Faith
Total Restricted Funds:
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balanr.
$287,052.18
$59.80
$287,111.98
Note
686,258.24
5.66
5.66
686,258.24
Note4
0.00
0.00
0.00
0.00
N01e4
38,212.72
0.00
38,212.72
Non,4
1,277,062.50
0.00
0.00
1,277,062.50
Notes
0.00
0.00
0.00
Notes
0.00
0.00
0.00
Note s
0.00
0.00
0.00
Notes
0.00
0.00
0.00
Notes
$2,288,585.64 $0000
$65_46
$5.66
$2,288,645.44
These accounts are not part of the Treasurers fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note 1: This account includes redemption accounts set up for the repayment of interest end principal on outstanding
bond coupons for Parking Assessment District'31, as well as Reserve Funds set up as required by the original Bond resolution. These Ponds
will be paid back to the original assessees.
Note 4: The three original funds for the Certificates of Participation 2002 Series A consist of concoction 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 Inn payments
and initial delivery costs.
Note 5: The 2010 COP Foods 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
May 31, 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
18,761.14 385,113.24
- 168,471.67 - 168,471.67
- 179,852.59 - 107,515.26
$30,142.06 $324,156.83
$23,848.13
28,632.45
30,806.45
29,247.43
28,274.12
28,573.85
33,328.61
26,099.64
36,477.83
28,726.26
30,142.06
$324,156.83
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Town of Los Gatos
Quarterly Investment Report
(Month Ended April 30, 2014)
Prepared by
Linda L. Speicher, Project Manager
08/12/14
Town of Los Gatos
Summary Investment Information
April 30, 2014
Weighted Average Portfolio Yield: 0.66%
This Month Last Month
Portfolio Balance $67,129,159 $62,350,176
Benchmarks/ References:
Town's Average Yield
LAIF Yield for month
3 me. Treasury
6 me. Treasury
2 yr. Treasury
5 yr. Treasury (most recent)
Prime rate
Weighted Average Maturity (days) 764
One year aeo
$69,389,221
0.66%
0.67%
0.64%
0.23%
0.24%
0.26%
0.02%
0.05%
0.05%
0.05%
0.07%
0.08%
0.45%
0.45%
0.23%
1.73%
1.70%
0.71%
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
3 - 5 years 0- 1 year
_....�
25
33
2 years
21%
2 - 3 years
21%
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
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
April 30, 2014
Month
YTD
Fund Balances - Beginning of Month /Period
$62,350,176.16
$62,582,093.70
Receipts
7,202,489.83
36,510,700.48
Disbursements
(2,423,507.34)
(31,963,635.52)
Fund Balances- End ofMonth/Period
$67,129,158.65
$67,129,158.66
Portfolio Allocation:
BNY MM
$3,059,502.74
US Govt Agencies & Corp. Bonds
44,650,908.16
Local Agency Investment Fund
4,161.434.16
Subtotal - Investments
51,871,845.06
Reconciled Demand Deposit Balances
15,257,313.59
Total Treasurer's Fund
$67,129,158.65
Portfolio Investment Allocation
BNY MM
Local Agency Investment Fund 5.90%
8.02%
US Govt Agencies & Corp.
Bonds
86.08%
Treasurer's Fund Balances
page 2
These accounts are not part of the Treasurer§ 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 T, as well as Reaerve 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 Was raction funds which will be expended over the
next few yeam, 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 am all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the
life ofthe COP issue. The COI fund was closed in September 2010.
Page 3
Town of Los Gatos
Non - Treasury
Restricted Fund Balances
April 30,2014
Previous
Ending
Balanc De waits
ntemst
Withdrawals
Balanc
Non - Treasury Funds:
Downtown Parking District
$286,990.40
$61.78
$287,052.18
Non i
Cart. of Participation 2002 Series A Reserve Fund
686,258.24
5.85
5.85
686,258.24
NOW 4
Cart. Of Participation 2002 Ser A Lease Pymi Fund
0.00
0.11
0.11
0.00
NOW 4
Can. of Participation 2002 Series A Const. Fund
38,191.44
21.28
38,212.72
NOW 4
COP 2010 Library Reserve Fund
1,277,062.50
0.00
0.00
1,277,062.50
NOW 5
COP 2010 Library Lease Fund
0.00
0.00
0.00
NOW 5
COP 2010 Library ACQ Construction Fund
0.00
0.00
0.00
NOW 5
COP 2010 Library COI Fund
0.00
0.00
0.00
NOW 5
COP 2010 IAbmry Goad Faith
0.00
0.00
0.00
Non 5
Tom] Restricted Funds:
$2,288,502.58 $0.00
$89_02
$5.96
$2,288,585.64
These accounts are not part of the Treasurer§ 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 T, as well as Reaerve 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 Was raction funds which will be expended over the
next few yeam, 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 am all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the
life ofthe 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
April 30, 2014
Interest by
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
50,817.85
366,352.10
- 179,852.59 - 179,852.59
- 157,761.00 - 107,515.26
$28,726.26 $294,014.77
$23,848.13
28,632.45
30,806.45
29,247.43
28,274.12
28,573.85
33,328.61
26,099.64
36,477.83
28,726.26
$294,014.77
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