Staff Reportwx of MEETING DATE: 09/15/15
ITEM NO: Z
tos �p`os COUNCIL AGENDA REPORT
DATE: SEPTEMBER 10, 2015
TO: MAYOR AND TOWN COUNCIL
FROM: LAUREL PREVETTI, TOWN MANAGER
SUBJECT: FY 2014/15 QUARTERLY INVESTMENT REPORT (APRIL THROUGH JUNE
2015)
RECOMMENDATION:
Accept the attached Fourth Quarter Investment Report for FY 2014/15.
DISCUSSION:
Attached for your consideration is the Fourth Quarter Investment Report for FY 2014/15.
The Town is still outperforming the Local Agency Investment Fund (LAIF) by one -half per cent (50
basis points) and Treasuries in general and therefore continues to replace mature or called investments
with similar investments with respect to maturity and credit quality. Rates for investments purchased in
the current quarter were higher than the market average, and thus the Town's rate of return increased 7
basis points (0.07 %).
Market expectations are anticipating a Federal Reserve interest rate increase sometime in late calendar
year 2015, staff is staying short-term (two years or less in maturity) for its new investments as the
rewards for longer term investments in the three to five year maturity do not have adequate spreads to
justify the risk of holding longer term maturities.
FISCAL IMPACT:
None
Attachment:
Fourth Quarter Investment Report for FY 2014/15 (April through June 2015)
PREPARED BY:
Finance & Administra0ve Services Director/Town Treasurer
Reviewed by: /J� Assistant Town Manager
N:\ I KS\Statt Reports\Through fiscal 13 14 \Treasurers Report - Q4 2014 2015.doc
Attorney
Town of Los Gatos
Summary Investment information
April 30, 2015
Weighted Average Portfolio Yield: 0.80%
This Month Last Month
Portfolio Balance $69,038,327 $65,756,907
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) 481
One year ago
$67,129,159
0.80%
0.78%
0.64%
0.23%
0.23%
0.26%
0.01%
0.01%
0.05%
0.06%
0.13%
0.08%
0.58%
0.56%
0.23%
1.43%
1.37%
0.71%
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
2 yr. Freddie Mac (05/29/15) 0.75%
Portfolio Maturity Profile
I
3 - 5 years
15/2
i3 `f 0- 1 year
30%
2 -3 yea
rs
25%
1 - 2 years
30%
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
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
April 30, 2015
Month
Fund Balances - Beginning of Month /Period
$65,756,906.80
Receipts
6,148,640.66
Disbursements
(2,867,220.82)
Fund Balances - End of Month/Period
$69,038,326.64
Portfolio Allocation:
BNY MM
$3,000,340.86
US Govt Agencies & Corp. Bonds
45,077,452.00
Local Agency Investment Fund
4.171,609.50
Subtotal - Investments
52,249,402.36
Reconciled Demand Deposit Balances
16,788,924.29
Total Treasurers Fund
$69,038,326.64
Portfolio Investment Allocation
BNY MM
Local Agency Investment Fund 5.74%
7.98%
US Govt Agencies & Corp.
Bonds
86.27%
Treasurer's Fund Balances
YTD
$63,367,435.18
37,222,463.59
(31.551.572.131
$69,038,326.64
0.00
N o` z° g LL a <
page 2
Town of Los Gales
Nan - Treasury, Restricted Fund Balances
April 30, 2015
Previous Ending
Balance Dewsi Interest Withdrawals Mervg
Non - Treasury Funds:
Cent. of Participation 2002 Series A Reserve Fund
686,262.14
5.85
686.267.99
Nee t
Cent. Of Participation 2002 Ser A Lease Pymt Fund
12.99
0.00
0.00
12.99
Note t
Cert. of Participation 2002 Series A Const. Fund
38,280.24
24.06
38,304.30
N ae t
COP 2010 Library Reserve Fund
1.277.064.37
0.04
0.00
1,277,064.41
Nor, E
Total Restricted Funds:
$2,001.619.74
$0.00 529.95
$0.00
$2.001,649.69
These accounts are not pan of die Tmasumes Pond balances reported elsewhere in this report, as they are for separate and distinct
entities.
Nate I: The three original funds for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the
next few veers. reserve funds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments
and initial delivery costs.
Nate 2: 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
April 30, 2015
Interest by Month
July 2014
August 2014
September 2014
October 2014
November 2014
December 2014
January 2015
February 2015
March 2015
April 2015
May 2015
June 2015
Page 4
$30,018.24
30,999.80
29,123.70
30,198.98
29,651.97
33,411.17
33,458.71
34,629.04
35,650.43
28,551.63
$315,693.67
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Page 5
Town of Los Gatos
Summary Investment Information
May 31, 2015
Weighted Average Portfolio Yield: 0.73% Weighted Average Maturity (days)
This Month Last Month One year ago
Portfolio Balance $68,299,850 $69,038,327 $67,916,449
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
0.73%
0.80%
0.63%
0.23%
0.23%
0.26%
0.01%
0.01%
5.00%
0.08%
0.06%
0.08%
0.62%
0.58%
0.28%
1.51%
1.43%
1.05%
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
2 yr. Freddie Mac (05/29/15) 0.75%
478
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
May 31, 2015
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
$69,038,326.64
$63,367,435.18
2,724,350.96
39,946,814.55
(3,462,827.85)
(35,014,399.981
$68,299,849.75
$68,299,849.75
$6,233,065.88
41,875,054.08
4,171,609.50
52,279,729.46
16,020,120.29
$68,299,849.75
Portfolio Investment Allocation
Local Agency Investment Fund BNY MM
7.98% 11.92%
US Govt Agencies & Corp.
Bonds
80.10%
Treasurer's Fund Balances
74.000.000 -
72.000,000
70.000.000
6&000.000
66.000.000
64.000.000
62,000.000
60.000.000
58.000.000
56,000,000
N Ou Z u. E
page 2
m
s
Town of Los Gatos
Non - Treasury Restricted Fund Balances
May 31, 2015
Previous
Balance Deposits Interest Withdrawals
Non - Treasury Funds:
Cert. of Participation 2002 Series A Reserve Fund
$ 686,267.99
$ 5.66
Cent. Of Participation 2002 Ser A Lease Pymt Fund
12.99
0.00
0.00
Cert. of Participation 2002 Series A Const. Fund
38,304.30
0.00
38,304.30
COP 2010 Library Reserve Fund
1,277,064.41
0.01
0.00
Total Restricted Funds:
$2,001,649.69
$0.00 $5.67
$38,304.30
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: The three original funds for the Certificates of Participation 2002 Series A consist of construction funds which will be expended
next few years, reserve funds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payment
and initial delivery costs.
Note 2: 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
May 31, 2015
Interest by Month
July 2014
$30,018.24
August 2014
30,999.80
September 2014
29,123.70
October 2014
30,198.98
November 2014
29,651.97
December 2014
33,411.17
January 2015
33,458.71
February 2015
34,629.04
March 2015
35,650.43
April 2015
28,551.63
May 2015
33,702.51
June 2015
$349,396.18
Page 4
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Page 5
Town of Los Gatos
Summary Investment Information
June 30, 2015
Weighted Average Portfolio Yield: 0.85% Weighted Average Maturity (days)
This Month Last Month One year ago
Portfolio Balance $70,831,773 $68,299,850 $63,367,436
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
0.85%
0.73%
0.66%
0.30%
0.30%
0.25%
0.01%
0.01%
0.06%
0.07%
0.01%
0.11%
0.68%
0.62%
0.43%
1.70%
1.51%
1.48%
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
2 yr. Freddie Mac (05/29/15) 0.75%
Portfolio Maturity Profile
3 - 5 years
15% -- -
- 0 - 1 year
,30%
2 - 3 years
25%
I - 2 years
30%
566
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 30,2015
Month
Fund Balances - Beginning of Month /Period
$68,299,849.75
Receipts
6,760,322.14
Disbursements
(4,228,398.57)
Fund Balances - End of Month /Period
$70,831,773.32
Portfolio Allocation:
BNY MM
$280,542.07
US Govt Agencies & Corp. Bonds
47,863,825.54
Local Agency Investment Fund
4,171,609.50
Subtotal - Investments
52,315,977.11
Reconciled Demand Deposit Balances
18,515,796.21
Total Treasurer's Fund
$70,831,773.32
Portfolio Investment Allocation
BNY MM
Local Agency Investment Fund 0.54%
7.97
US Govt Agencies & Corp.
Bonds
91.49%
Treasurer's Fund Balances
YTD
$63,367,435.18
46,707,136.69
(39,242,798.55)
$70,831,773.32
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
page 2
Town of Los Gatos
Non - Treasury Restricted Fund Balances
June 30,2015
Previous ending
Balance D_ccogits Interest Withdrawals Balance
Non - Treasury Funds:
Cent. of Participation 2002 Series A Reserve Fund
$ 686,273.65
$ 5.84 $
28.49
$ 686,251.00
NO, I
Cent. Of Participation 2002 Ser A Lease Pymt Fund
12.99
28.49 0.00
0.00
41.48
Nmr I
Cent. of Participation 2002 Series A Const. Fund
0.00
0.00
0.00
0.00
Non I
COP 2010 Library Reserve Fund
1,277,064.42
0.01
0.00
1,277.064.43
Nom 2
Total Restricted Funds:
$1,963351.06
$28.49 $5.85
$28.49
$1,967,356.91
These accounts are not part of the Treasurers fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Note I: 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 2: The 2010 COP Funds arc 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, 2015
Interest by Month
July 2014
August 2014
September 2014
October 2014
November 2014
December 2014
January 2015
February 2015
March 2015
April 2015
May 2015
June 2015
Page 4
$30,018.24
30,999.80
29,123.70
30,198.98
29,651.97
33,411.17
33,458.71
34,629.04
35,650.43
28,551.63
33,702.51
30,973.69
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