2011051602 - Third Quarter Investment Report for FY2010-11 January - March 20114W N OF
COUNCIL AGENDA REPORT
X0 9 CASE
DATE: MAY 6, 2011
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
MEETING DATE: 05/16/11
ITEM NO.
SUBJECT: THIRD QUARTER INVESTMENT REPORT FOR FY 2010/11 (JANUARY
THROUGH MARCH 2011)
RECOMMENDATION
Accept attached Third Quarter Investment Report for FY 2010/11.
DISCUSSION
Attached for your consideration is the third quarter investment report for FY 2010/11.
The Town's overall investment rate of return has dropped during the current quarter from 1.81 % to
1.72% as older investments have continued to mature. This rate continues to be higher than the
current LAIF rate of .5 %.
The strategy for the foreseeable future continues to be to remain fairly short term and to invest
mostly in callable agency bonds in order to attempt to pick up a few basis points over non - callable
agencies and treasuries.
FISCAL IMPACT None
Attachment:
Third Quarter Investment Report for FY 2010/11 (January through March 2011)
PREPARED BY : STEVE CONWAY
Finance & Administrative Services Director/ Town Treasurer
Reviewed by: Town Manager " $ . Assistant Town Manager
Town Attornelv
Clerk_Finance Community Development
Revised: 5/9/11 8:56 AM
Reformatted: 5/30102
Tans PAGE
INTENTIONALLY
LEFT BLANK
Town of Los Gatos
Investment Report
for the month ended
March 31, 2011
Prepared /
Linda L. Speicher, Project Manager l / / v im
05/05/11
Torun of Los Gatos
Summary Investment Information
March 31, 2011
Weighted Average Portfolio Yield: 1.72% Weighted Average Maturity (days) 481
This Month Last Month One year a¢o
Portfolio Balance $71,764,763 $69,862,777 $71,142,101
Benchmarks/ References:
Town's Average Yield
1.72%
1.75%
2.07%
LAIF Yield for month
0.50%
0.51%
0.55%
3 mo. Treasury
0.10%
0.15%
0.15%
6 mo. Treasury
0.17%
0.17%
0.24%
2 yr. Treasury
0.79%
0.75%
1.00%
5 yr. Treasury (most recent)
2.26%
2.19%
2.61%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (02/01/11) 1.27%
2 yr. Freddie Mac (02/04/11) 0.75%
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
March 31, 2011
Fund Balances- Beginning ofMonth/Period
Receipts
Disbursements
Fund Balances - End of Month/Period
Month YTD
$69,862,777.26 $73,918,287.52
4,996,135.28 35,434,064.75
(3,094,149.57) (37,587,589.30)
$ 71,764,762.97 $ 71,764,762.97
Portfolio Allocation:
Union MM
US Govt Agencies
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
$268,985.71
45,636,380.72
14.033.705.29
59,939,071.72
11.825.691.25
Total Treasurer's Fiord
$ 71,764,762.97
Local Agsncylnvcstmenr rund
23.4
Treasury, Agencies,
& Corp. Notes
57.8
page 2
Portfolio Investment Allocation
Union MM
0.4
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 'T, as well as Reserve Funds setup as required by the original Bond resolution.
Note 2: The reserve fund was a requirement of the original certificates ofpaoicipation agreement when Lot 4 was built. It helps
t0 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 funds until
payments on the certificates of participation are due semi- annually.
Page 3
Town of Las Gatos
Non - Treasury
Restricted Fund Balances
March 31, 2011
Previous
Ending
Balance
De posits
Interest
withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12/20/02
$282,236.15
$158.05
$282,394.20
Note t
Certificates of Participation Reserve Fund (Lot 4)
254,138.81
0.00
2.55
254,136.26
Note 1
Cert. of Participation Lease Payment Fund (Lot 4)
136,127.13
21,124.58
0.00
157,251.71
Note 3
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
0.00
686,251.19
Note4
Cert. Of Participation 2002 Series A Interest Fund
0.00
0.00
0.00
Note4
Cert. of Participation 2002 Series A Const. Fund
58,870.51
0.00
58,870.51
Now 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
Note 5
COP 2010 Library ACQ Construction Fund
1 1,081,702.31
0.00
664,540.03
10,417,162.28
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 6
Total Restricted Funds:
$ 13,776,388.60
$ 21,124.58
$158.05
$ 664,542.58
$ 13,133,128.65
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 'T, as well as Reserve Funds setup as required by the original Bond resolution.
Note 2: The reserve fund was a requirement of the original certificates ofpaoicipation agreement when Lot 4 was built. It helps
t0 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 funds until
payments on the certificates of participation are due semi- annually.
Page 3
Town of Los Gatos
Statement of Interest Earned
March 31, 2011
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
Current Fiscal
Mo Year to Date
$118,194.66 $805,993.93
196,000.90 196,000.90
( 211,291.12 ) ( 189,965.15 )
$ 102,904.44 $ 812,029.68
Interest by Month
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
June 2011
91,962.40
101,344.25 -
95,577.37
100,505.50
78,872.97
96,777.80
64,633.38
79,451.57
102,904.44
812,029.68
Page 4
page 5
Toren of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Reporl
Marcb 31, 2011
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
krterest
Interest
Ins06rkon
Security
Data
Cost
Date
Elapsed
Mated/
Invested
M.tanty
Earned
Received
Accrued
FNMA
Coupon Note
09/29/06
1,516,485.00 _
04/15/11
1644
15
1659
4.874%
332,914.41
310,916.67
21,997.74
Treasury
Note
11/16/09
753,515.63
05/31/11
500
61
561
0.568%
5,862.97
6,813.52
(950.55)
FHLB
Coupon Note
06108109
1,988,018.60
06/03/11
661
64
725
1.432%
51,555.15
33,437.50
18,117.65
USTreasury
Note
08/05109
1,992,187.50
07/31/11
603
122
725
1.196%
39,36239
29673 -91
9,688.88
Treasury
Note
09/21/09
2,000 000.00
08131/11
556
153
709
1.002%
30,526.68
28 839.78
1,686.90
USTreasuy
New
10119106
990,078.13
09/30/11
1624
183
1807
4.721%
207,968.05
200,151.10
7,816.95
FFCB
Coupon Note
12/12/07
2,025,080.00
11/21/11
1205
235
1440
4.000%
267,421.52
255,683.33
11,738.19
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
1498
252
1750
4.959%
200,689.76
175,493.06
25,19630
USTreasury
Note
12/31/09
1,497,539.06
12/31/11
455
275
730
1.083%
20,217.39
15,000.00
5,217.39
FNMA
Coupon Note
12/08/09
1,991,380.00
01/12/12
478
287
765
1.073%
27,982.65
19,152.78
8,829.87
FFCB
Coupon Note
07/21/09
1,012,800.00
01/17/12
618
292
910
1.472%
25,242.19
29,777.78
(4,535.59)
FHLB
Coupon Note
05/09/07
1,509,255.00
03/09/12
1422
344
1766
4.743%
278,883.28
287,500.00
(8,616.72)
USTreasury
Note
04/15/10
999,375.00
03/31/12
350
366
716
1.054%
10,100.53
9,590.16
510.37
FFCB
Coupon Note
04/23/10
1,500,585.00
04/16/12
342
382
724
1.174%
16,506.76
8,500.00
8,006.76
FHLB
Coupon Note
11/29/07
2,038,360.00
08/15/12
1218
503
1721
4.170%
283,642.54
297,027.78
(13,385.24)
GB
Corporate Note
01116108
1,542,165.00
10/19/12
1170
568
1738
4.587%
226,752.76
217,218.75
9,534.01
FFCB
Coupon Note
11/10/10
1,498,830.00
11/09/12
141
589
730
0.541%
3,132.39
3,132.39
GE
Corporate Note
07/29/10
511,955.00
01/08/13
245
649
894
1.791%
6,154.61
6,183.33
(28.72)
FHLMC
Coupon Note
11/22/10
999,750.00
03/07/13
129
707
836
0.962%
3,399.10
2,744.44
654.66
Treasury
Coupon Note
03/31/11
1,997,968.75
03/31/13
0
731
731
0.676%
0.00
0.00
FIBMMC
Coupon Note
03/25/11
1,016,520.00
04/15/13
6
746
752
0.812%
135.68
135.68
FNMA
Callable Note
06/11/10
1,500,000.00
06/10/13
293
802
1095
1.830%
22,035.21
7,458.33
14,576.88
FBLB
Callable Note
07/29/10
1,506,480.00
07/12/13
245
834
1079
1.218%
12,316.40
9,508.33
2,808.07
FBLB
Coupon Note
02/25/11
1,999,080.00
08/16/13
34
869
903
1.271%
2,366.80
2,366.80
FHLMC
Callable Note
08/18/10
1,252,400.00
11/18/13
225
963
1188
1.339%
10,337.45
8,750.00
1,587.45
FFCB
Coupon Note
01/24/11
999,900.00
01/24/14
66
1030
1096
1.393%
2,518.60
2,518.60
FHLMC
Coupon Note
01/28/11
999,750.00
01/28/14
62
1034
1096
2.310%
3,922.85
3,922.85
FHLMC
Callable Now
02/04/11
1,000,000.00
02/04/14
55
1041
1096
2.002%
3,016.71
3,016.71
FNMA
CallableNote
07/08/10
750,000.00
07/07/15
266
1559
1825
3.712%
20,288.88
4,195.31
16,093.57
FNMA
Coupon Note
11/10/10
1,503,225.00
09116115
141
1630
1771
0.955%
5,545.66
5,250.00
295.66
FHLMC
Callable Note
09/24/10
2,000,000.00
09/24/15
188
1638
1826
2.318%
23,878.58
12,500.00
11,378.58
FBLMC
Callable Note
10/28/10
750,000.00
10/28/15
154
1672
1826
2.100%
6,645.21
6,645.21
FHLB
Coupon Note
12/16/10
999,750.00
12/16/15
105
1721
1826
2.947%
8,475.55
8,475.55
Subtotal
45,628,512.67
UninaMM
268,985.71
30
30
0.05%
11.05
11.05
Purchased krterest
7,868.05
LAIF
N/A
12/31/10
14,033,705.29
03/31/11
90
0
90
0.50%
17,556.58
17,556.58
859,939,071.72
481
1.72% 82,177,366.76
$1,981,365.86
$196,000.90
Maturity Profile
Arnaunt
Peroent
0 -1 year
$32,572,977.97
54.34%
1 -2 years
811,088,988.75
18.50%
2 -3 years
810,274,130.00
17.14%
3 -5 years
$6,002,975.00
10.02%
8 59,939,071.72
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized
*Spume:
Treasury and
Agency Obligations - Union Bank
of California
krstikrtion
Cost
Value*
Gain Loss
LAIF balances
per Local
Agency Investment Fund monthly
statement.
Union Bank Assets
845,628,512.67
$45,927,210.00
298,697.33
UnimrMM
268,985.71
268,985.71
0.00
Purchased Interest
7,868.05
7,868.05
0.00
LAIF
14,033,705.29
14,033,705.29
0.00
Totals:
$59,939,071.72
$60,237,769.05
$298,697.33
-
page 5
Town of Los Gatos
Investment Report
for the month ended
February 28, 2011
Prepared
Linda L. Speicher, Projec
t Manager
05/05/11
Town of Los Gatos
Summary Investment Information
February 28, 2011
Weighted Average Portfolio Yield: 1.75% Weighted Average Maturity (days)
This Month Last Month One year a¢o
Portfolio Balance $69,862,777 $69,991,632 $70,957,932
Benchmarks/ References:
Town's Average Yield
1.75%
1.82%
2.11%
LAIF Yield for month
0.51%
0.54%
0.58%
3 mo. Treasury
0.15%
0.15%
0.10%
6 mo. Treasury
0.17%
0.17%
0.19%
2 yr. Treasury
0.75%
0.65%
0.90%
5 yr. Treasury (most recent)
2.19%
2.04%
2.40%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Fannie Mae (02/01/11) 1.27%
2 yr. Freddie Mac (02104/11) 0.75%
488
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 sixmonths.
Page 1
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
February 28,2011
Find Balances - Beginning of Month/Period
Receipts
Disbursements
Fund Balances- End ofMonth/Period
Month YTD
$69,991,632.49 $73,918,287.52
2,796,952.59 30,437,929.47
( 2,925,807.82 ) (34,493,439.73)
$ 69,862,777.26 $ 69,862,777.26
Portfolio Allocation:
Union MM
US Govt Agencies
Local Agency Investment Fund
Subtotal - Investments
Reconciled Demand Deposit Balances
$182,924.52
45,604,692.81
14.033 705.29
59,821,322.62
10.041.454.64
Total Treasurer's Find
$ 69,862,777.26
Local Agency Investment Fund
73.59
Treasury, Agencies,
& Corp. Notes
57.8%
page 2
Portfolio Investment Allocation
Union MM
0.3%
These accounts are not part of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Nate I: 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 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 funds until
payments on the certificates of participation are due semi- ammalty.
Page 3
Town of Los Gatos
Non- Treasnry
Restricted Fund Balances
February 28, 2011
Previous
Ending
Balance
De posits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12 /20102
$282,061.27
$174.88
$282,236.15
Nom i
Certificates of Participation Reserve Fund (Lot 4)
254,138.81
0.00
254,138.81
Note 2
Curt. of Participation Lease Payment Fund (Lot 4)
126,750.00
21,124.58
2.55
11,750.00
136,127.13
Nem3
Cert. of Participation 2002 Series A Reserve Fund
686,251.19
0.00
686,251.19
Note 4
Cert. Of Participation 2002 Series A Interest Fund
209,556.25
0.47
209,556.72
0.00
Not, 4
Cert. of Participation 2002 Series A Coast Fund
58,870.51
0.00
58,870.51
Note
COP 2010 Library Reserve Fund
1,277,062.50
0.00
1,277,062.50
Note s
COP 2010 Library Lease Fund
423,160.69
0.00
423,160.69
0.00
Not, 5
COP 2010 Library ACQ Construction Fund
11,823,532.86
0.00
741,830.55
11,081,702.31
Note s
COP 2010 Library COI Fund
0.00
0.00
0.00
Notes
COP 2010 Library Good Faith
0.00
0.00
0.00
Nom 6
Total Restricted Funds:
$ 15,141,384.08
$ 21,124.58
$177.90
$ 1,386,297.96
$ 13,776,388.60
These accounts are not part of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct
entities.
Nate I: 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 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 funds until
payments on the certificates of participation are due semi- ammalty.
Page 3
Town of Los Gatos
Statement of Interest Earned
February 28, 2011
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
Current Fiscal
Month Year to Date
$52,200.77 $687,799.27
211,291.12 211,291.12
( 184,040.32 ) ( 189,965.15 )
$ 79,451.57 $ 709,125.24
Interest by Month
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
June 2011
91,962.40
101,344.25
95,577.37
100,505.50
78,872.97
96,777.80
64,633.38
79,451.57
709,125.24
Page 4
Market to Cost Position Report
Towu of Las Gatas
Amortized
Market
Unrealized •Source: Treasury and Agency Obligatimus - Uruon Brunk ofCnlifonua
Institution
Cost
Value*
Gain (Los s LAIF balances pet Agency Investment Fund montidy statement.
Union Bonk Assets
$45,599,791.42
845,953,952.50
Iuneflve
Deposits by IustituHan
182,924.52
182,924.52
0.00
Purchased Interest
4,901.39
4,901.39
0.00
LAIF
14,033,705.29
14,033,705.29
Market to Cost Position Report
Totals
$59,821,322.62
$60,175,483.70
$354,161.08
February 28, 2011
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Secarity
Date
Cost
Dote
Elapsed
Maturi
Invested
Marini
Earned
Received
Accrued
FBLB
Coupon Note
02/25/11
1,999,080.00
08/16/13
3
900
903
1.271%
208.84
208.84
USTreasnry
Note
06/12/09
1,987,187.50
03/31/11
626
31
657
0.875%
29,821.42
22,759.56
7,061.86
FNMA
Coupon Note
09129/06
1,516,485.00
04/15/11
1613
46
1659
4.874%
326,636.83
310,916.67
15,720.16
Treasury
Note
11/16/09
753,515.63
05/31/11
469
92
561
0.568%
5,499.47
6,813.52
(1,314.05)
FBLB
Coupon Note
06/08/09
1,988,018.60
06/03/11
630
95
725
1.432%
49,137.28
33,437.50
15,699.78
USTreasury
Note
08/05/09
1,992,187.50
07/31/11
572
153
725
1.196%
37,339.16
29,673.91
7,665.25
Treasury
Note
09/21109
2,000,000.00
0881111
525
184
709
1.002%
28,824.66
28,839.78
(15.12)
USTreasury
Note
10/19106
990,078.13
09/30111
1593
214
1807
4.721%
203,998.22
177,651.10
26,347.12
FFCB
Coupon Note
12/12/07
2,025,080.00
11/21/11
1174
266
1440
4.000%
260,541.80
255,683.33
4,858.47
FFC13
Coupon Note
0222/07
986,080.00
12/08/11
1467
283
1750
4.959%
196,536.63
175,493.06
21,043.57
USTreasury
Note
12/31/09
1,497,539.06
12131/11
424
306
730
1.083%
18,839.94
15,000.00
3,839.94
FNMA
Coupon Note
12/08/09
1,991,380.00
01112/12
447
318
765
1.073%
26,167.88
19,152.78
7,015.10
FFCB
Coupon Note
07/21/09
1,012,800.00
01/17/12
587
323
910
1.472%
23,976.00
29,777.78
(5,801.78)
FBLB
Couponn Note
05/09/07
1,509,255.00
03/09/12
1391
375
1766
4.743%
272,803.55
250,000.00
22,803.55
USTesamry
Note
04/15/10
999,375.00
03131/12
319
397
716
1.054%
9,205.91
4,590.16
4,615.75
FFCB
Coupon Note
04/23/10
1,500,585.00
04/16112
311
413
724
1.174%
15,010.54
8,500.00
6,510.54
FIILB
Coupon Note
1129/07
2,038,360.00
08/15112
1187
534
1721
4.170%
276,423.40
297,027.78
(20,604.38)
GE
Corporate Note
01116108
1,542,165.00
10/19/12
1139
599
1738
4.587%
220,744.78
217,218.75
3,526.03
FFCB
Coupon Note
11/10 /10
1,498,830.00
11/09/12
110
620
730
0.541%
2,443.71
2,443.71
GE
Corporate Note
07/29/10
511,955.00
01/08/13
214
680
894
1.791%
5,375.86
6,183.33
(807.47)
FHLMC
Coupon Note
11/22/10
999,750.00
03/07/13
98
738
836
0.962%
2,582.26
2,582.26
FNMA
Callable Note
03/25/10
998,580.00
03/25/13
340
756
1096
1.899%
17,664.20
9,250.00
8,414.20
FNMA
Callable Note
06/11110.
1,500,000.00
06/10/13
262
833
1095
1.830%
19,703.84
7,458.33
12,245.51
FHLB
Callable Note
07/29110
1,506,480.00
07/12/13
214
865
1079
1.218%
10,758.00
9,508.33
1,249.67
FHLMC
Callable Note
08/18110
1,252,400.00
11/18/13
194
994
1188
1.339%
8,913.18
8,750.00
163.18
FFCB
Coupon Note
0124/11
999;900.00
0124/14
35
1061
1096
1.393%
1,335.62
1,335.62
FHLMC
Coupon Note
0128/11
999,750.00
0128/14
31
1065
1096
2310%
1,961.43
1,961.43
FNMA
Callable Note
07/08/10
750,000.00
07/07/15
235
1590
1825
3.712%
17,924.38
4,195.31
13,729.07
FNMA
CmuporiNote
11/10/10
1,503,225.00
09/16/15
110
1661
1771
0.955%
4,326.41
4,326.41
FHLMC
Cellable Note
0924/10
2,000,000.00
09/24/15
157
1669
1826
2.318%
19,941.15
19,941.15
FHLMC
Callable Note
1028110
750,000.00
10/28/15
123
1703
1826
2.100%
5,307.53
5,307.53
FBLB
Coupon Note
12/16/10
999,750.00
12/16/15
74
1752
1826
2.947%
5,973.25
5,973.25
FHLMC
Callable Note
02/04/11
1,000,000.00
02104/14
24
1072
1096
2.002%
1,316.38
1,316.38
Subtotal
45,599,791.42
Union MM
182,924.52
30
30
0.05%
7.52
7.52
Purchased bterest
4,901.39
LAIF
N/A
12/31/10
14,033,705.29
03/31/11
59
31
90
0.51%
11,921.09
11,921.09
$59,821,322.62
488
1.75%
$2,139,172.10
53,927,880.98
$211,291.12
Maturity Profile
Annount
Percent
0 -1 year
$32,961,882.62
55.10%
1 -2 years
$9,600,525.00
16.05%
2 -3 years
$11,255,940.00
18.82%
3 -5 years
$6,002,975.00
10.03%
$ 59,821,322.62
100.00%
Market to Cost Position Report
Amortized
Market
Unrealized •Source: Treasury and Agency Obligatimus - Uruon Brunk ofCnlifonua
Institution
Cost
Value*
Gain (Los s LAIF balances pet Agency Investment Fund montidy statement.
Union Bonk Assets
$45,599,791.42
845,953,952.50
354,161.08
UuuonMM
182,924.52
182,924.52
0.00
Purchased Interest
4,901.39
4,901.39
0.00
LAIF
14,033,705.29
14,033,705.29
0.00
Totals
$59,821,322.62
$60,175,483.70
$354,161.08
page 5
Town of Los Gatos
Investment Report
for the month ended
January 31, 2011
Prepared by
Linda L. Speicher, Project Manager
05/05/11
Town of Los Gatos
Summary Investment Information
January 31, 2011
Weighted Average Portfolio Yield
1.82%
Weighted Average Maturity (days)
468
This Month Last Month
Portfolio Balance $69,991,632 $70,335,484
Benchmarks/ References
One year aeo
$71,986,737
Town's Average Yield
1.82%
1.81%
2.16%
LAID Yield for month
0.54%
0.46%
0.56%
3 mo. Treasury
0.15%
0.18%
0.06%
6 me. Treasury
0.17%
0.23%
0.14%
2 yr. Treasury
0.65%
0.74%
0.88%
5 yr. Treasury (most recent)
2.04%
2.15%
2.25%
Prime rate
3.25%
3.25%
3.25%
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mae (O1 /06/11) 1.38%
2 yr. Fannie Mae (01/13/11) 0.82%
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, 2011
Fund Balances - Beginning of Month/Period
Receipts
Disbursements
Fired Balances - End of MontWetiod
Month
YTD
$70,335,483.75
$73,918,287.52
3,926,226.63
27,640,976.88
( 4,270,077.89 )
(31 567 631.91)
$ 69,991,632.49
$ 69,991,632.49
Portfolio Allocation:
Union MM
US Govt Agencies
Local Agency Investment Fond
Subtotal - Investments
Reconciled Demand Deposit Balances
$1,068,833.37
44,666,987.81
14.033.705 29
59,769,526.47
10.222.106.02
Total Treasurer's Fund
$ 69,991,632.49
Local Agency 7nvesonenl Fund
23.551
Treasury, Agencies,
& Corp. Notes
57.8%
page 2
Portfolio Investment Allocation
Union MM
1.8%
These accounts are not part of Ore 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 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 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 funds until
payments on the certificates of participation are due semi - annually.
Page 3
Town of Los Gatos
Non - Treasury
Restricted Fund Balances
January 31, 2011
Previous
Ending
Balance
Deposits
Interest
Withdrawals
Balance
Non - Treasury Funds:
Downtown Parking District 12120/02
$281,887.66
$173.61
$282,061 27
note t
Certificates of Participation Reserve Fund (Lot 4)
254,138.81
0.00
254,138.81
Note 2
Celt. of Participation Lease Payment Fund (Lot 4)
105,625.00
21,125.00
0.00
126,75000
Note 3
Cart. of Participation 2002 Series A Reserve Fund
686,251.19
0.00
686,251.19
Nme 4
Cart. Of Participation 2002 Series A Interest Fund
0.00
209,556.25
0.00
209,556.25
Note
Cart. of Participation 2002 Series A Const. Fund
121,254.57
138.80
62,522.86
58,870.51
Note 4
COP 2010 Library Reserve Fund
1,277,062.50
0.00
1,277,062.50
Note s
COP 2010 Library Lease Fund
0.00
423,160.69
0.00
423,160.69
We 5
COP 2010 Library ACQ Construction Fund
12,576,360.35
0.00
752,827.49
11,823,532.86
Note 5
COP 2010 Library COI Fund
0.00
0.00
0.00
Notes
COP 2010 Library Good Faith
0.00
0.00
0.00
Note 6
Total Restricted Funds:
$ 15,302,580.08
$ 653,841.94
$312.41
$ 815,350.35
$ 15,141,384.08
These accounts are not part of Ore 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 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 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 funds until
payments on the certificates of participation are due semi - annually.
Page 3
Town of Los Gatos
Statement of Interest Earned
January 31, 2011
Current Fiscal
Month Year to Date
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
$77,154.29 $635,598.50
184,040.32 184,040.32
( 196,561.23 ) ( 189,965.15 )
$ 64,633.38 $ 629,673.67
Interest by Month
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
June 2011
91,962.40
101,344.25
95,577.37
100,505.50
78,872.97
96,777.80
64,633.38
629,673.67
Page 4
Maket to Cost Positiou Report
Teen of Los Gatos
Amortized
Markel
Unrealized * Source: Treasury and Agency 011igations - Union Bank of Califonie
bvsstilution
Cost
Value*
Gain (Loss) LAIF balances per Local Agency bmaursenl Fund mmdldv statement
Union Bank Assets
$44,662,711.42
$45,025,222.50
Inactive
Deposits by Institution
1,068,833.37
1,068,833.37
0.00
Purchased interest
4,276.39
4,276.39
0.00
LAIF
14,033,705.29
14,033,705.29
Market to Cost Position Report
Totals:
859,769,526.47
$60,132,037.55
$362,511.08
Jaunary 31, 2011
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
buterest
Interest
Institution
Security
Date
Cost
Date
Elapsed
Mahuily
Invested
Maturi
Earned
Received
Accrued
FFCB
Coupon Nate
1128/07
2,062,000.00
02/18/11
1160
18
1178
3.840%
251,643.09
265,416.67
(13,773.58)
USTreasury
Note
06112/09
1,987,187.50
03131/11
598
59
657
0.875%
28,487.56
22,759.56
5,728.00
FNMA
Coupon Note
09/29/06
1,516,485.00
04/15/11
1585
74
1659
4.874%
320,966.75
310,916.67
10,050.08
Treasury
Note
11/16/09
753,515.63
05/31/11
441
120
561
0.568%
5,171.14
6,813.52
(1,642.38)
FHLB
Coupon Note
06/08/09
1,988,018.60
06/03/11
602
123
725
1.432%
46,953.40
33,437.50
13,515.90
USTreasury
Note
08/05/09
1,992,187.50
07/31/11
544
181
725
1.196%
35,511.37
29,673.91
5,837.46
Treasury
Note
09/21/09
2,000,000.00
08/31/11
497
212
709
1.002%
27,287.34
18,839.78
8,447.56
USTreasnry
Note
10/19/06
990,078.13
09/30/11
1565
242
1807
4.721%
200,412.56
177,651.10
22,761.46
FFCB
Coupon Note
12/12107
2,025,080.00
11/21/11
1146
294
1440
4.000%
254,327.86
255,683.33
(1,355.47)
FFCB
Coupon Note
02/22/07
986,080.00
12/08/11
1439
311
1750
4.959%
192,785.42
175,493.06
17,292.36
USTreasury
Note
12/31/09
1,497,539.06
12/31/11
396
334
730
1.083%
17,595.80
15,000.00
2,595.80
FNMA
Coupon Note
12/08109
1,991,380.00
01/12/12
419
346
765
1.073%
24,528.73
19,152.78
5,375.95
FFCB
Cmnpon Note
07121/09
1,012,800.00
01/17/12
559
351
910
1.472%
22,832.34
29,777.78
(6,945.44)
FHLB
Cmnpon Note
05/09/07
1,509,255.00
03/09/12
1363
403
1766
4.743%
267,312.17
250,000.00
17,312.17
USTreasury
Note
04/15/10
999,375.00
03/31/12
291
425
716
1.054%
8,397.87
4,590.16
3,807.71
FFCB
Coupon Note
0423/10
1,5D0,585.00
04/16/12
283
441
724
1.174%
13,659.11
8,500.00
5,159.11
FHLB
Coupon Note
1129/07
2,038,360.00
08/15112
1159
562
1721
4.170%
269,902.88
250,777.78
19,125.10
GE
Corporate Note
01/16/08
1,542,165.00
10/19/12
1111
627
1738
4.587%
215,318.22
217,218.75
(1,900.53)
FFCB
Coupon Note
11/10/10
1,498,830.00
11/09/12
82
648
730
0.541%
1,821.67
1,821.67
GE
Corporate Note
0729/10
511,955.00
01/08/13
186
708
894
1.791%
4,672.48
6,183.33
(1,510.85)
FHLMC
Coupon Note
11/22/10
999,750.00
03107/13
70
766
836
0.962%
1,844.47
'1,844.47
FNMA
Coupon Note
03/25/10
998,580.00
03125/13
312
784
1096
1.899%
16,209.50
9,250.00
6,959.50
FNMA
Coupon Note
06111/10
1,500,000.00
06/10/13
234
861
1095
1.830%
17,598.08
7,458.33
10,139.75
FHLB
Coupon Note
07/29/10
1,506,480.00
07/12/13
186
893
1079
1.218%
9,350.41
9,508.33
(157.92)
FBLMC
Coupon Note
08118/10
1,252,400.00
11/18/13
166
1022
1188
1.339%
7,626.74
7,626.74
FFCB
Coupon Note
01/24/11
999,900.00
01/24/14
7
1089
1096
1.393%
267.12
267.12
FHLMC
Coupon Note
0128/11
999,750.00
0128/14
3
1093
1096
2.310%
189.82
189.82
FNMA
Coupon Note
07/08/10
750,000.00
07/07/15
207
1618
1825.
3.712%
15,788.71
4,195.31
11,593.40
FNMA
Coupon Note
11/10/10
1,503,225.00
09116115
82
1689
1771
0.955%
3,225.14
3,225.14
FHLMC
Coupon Note
09124/10
2,000,000.00
09/24/15
129
1697
1826
2.318%
16,384.77
16,384.77
FHLMC
Coupon Note
1028110
750,000.00
10/28/15
95
1731
1826
2.100%
4,099.32
4,099.32
FIILB
Coupon Note
12/16/10
999,750.00
12116115
46
1780
1826
2.947%
3,713.10
3,713.10
Subtotal
44,662,711.42
Union MM
1,068,833.37
30
30
0.05%
43.92
43.92
Purchased Interest
4,27639
LAIF
N/A
12/31/10
14,033,705.29
03/31/11
31
59
90
0.54%
6,409.11
6,409.11
$59,769,526.47
468
1.82%
$2,312,337.97
$2,128,297.65
$184,040.32
Maturity Profile
Amount
Percent
0 -1 year
$35,909,166.47
60.08%
1 -2 years
$9,600,525.00
16.06%
2 -3 years
$8,256,860.00
13.81%
3 -5 years
$6,002,975.00
10.04%
S 59,769,526.47
100.00%
Maket to Cost Positiou Report
Amortized
Markel
Unrealized * Source: Treasury and Agency 011igations - Union Bank of Califonie
bvsstilution
Cost
Value*
Gain (Loss) LAIF balances per Local Agency bmaursenl Fund mmdldv statement
Union Bank Assets
$44,662,711.42
$45,025,222.50
362,511.08
Union MM
1,068,833.37
1,068,833.37
0.00
Purchased interest
4,276.39
4,276.39
0.00
LAIF
14,033,705.29
14,033,705.29
0.00
Totals:
859,769,526.47
$60,132,037.55
$362,511.08
page 5