08-18-2015 - Successor Agency Treasurers Report for the Quarte - Item No. SA1 (2).pdfCity of West Covina
Memorandum
AGENDA
ITEM NO. SA1
DATE August 18, 2015
Chair and Board Members of the Successor Agency
FROM: Tom Mauk
Interim Executive Director
BY: Christa Buhagiar
Finance Director
SUBJECT: SUCCESSOR AGENCY TREASURER'S REPORT FOR THE QUARTER
ENDED JUNE 30, 2015
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, receive and file this report.
DISCUSSION:
The Investment Policy of the City of West Covina also applies to the Successor Agency to the
West Covina Redevelopment Agency. In accordance with Section XVI of the City of West
Covina Fiscal Year 2014-15 Statement of Investment Policy, a Treasurer's Report for the quarter
ended June 30, 2015, is hereby submitted to the Successor Agency. It also includes cash held by
trustees for all bond issues and cash in the various Successor Agency bank accounts, as well as
reporting on compliance with the City's Investment Policy and providing a statement of the
ability to meet budgeted expenditure needs for the following six months.
The June 30, 2015, Report shows the Agency's portfolio increased by $1,526,942.17 from
$6,705,084.23 on March 31, 2015, to $8,232,026.40 on June 30, 2015. The Agency's surplus
funds are in investment pools with the State of California Local Agency Investment Pool (LAIF)
and the Los Angeles County Investment Pool (LACIP). These funds are completely liquid, as
the City can withdraw them at any time. Approximately 44% of the portfolio is on deposit in
LACIP and the remaining small amount of available cash is on deposit in the checking account
and LAIF.
0 The Bond Detail Report includes Fiscal Agent investments of Successor Agency cash which is
being held to service various issues of bonded debt.
fl
TO:
Prepared by:
A
Nicole Lugotu-
Accounting Manager
Reviewed by:
Christa Buhagiar
Finance Director
Colleen B. Rozatti, City Treaskrey
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
JUNE 30, 2015
TYPES OF DEPOSITS: March 31, 2015 DEPOSITS WITHDRAWALS June 30, 2015
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING $ 56,648.04 $ 7,656,100.00 $ 3,069,605.92 $ 4,643,142.12
SUB-TOTAL $ 56,648.04 $ 7,656,100.00 $ 3,069,605.92 $ 4,643,142.12
OTHER INVESTMENTS:
LOCAL AGENCY INVESTMENT FUND (LAIF) $ 2,039.56 $ 1.31 $ - $ 2,040.87
LOS ANGELES COUNTY POOL (LACIP) 6,646,396.63 9,446.78 3,069,000.00 3,586,843.41
SUB-TOTAL $ 6,648,436.19 $ 9,448.09 $ 3,069,000.00 $ 3,588,884.28
TOTAL $ 6,705,084.23 $ 7,665,548.09 $ 6,138,605.92 $ 8,232,026.40
The investment portfolio provides sufficient cash flow liquidity to meet estimated expenditures for the next month. In June 2015,
the Successor Agency received funds from the DOF-approved ROPS for the July to December 2015 period which will provide
sufficient cash flow liquidity to meet estimated expenditures from July to December 2015.
This report is accurate with respect to all information received as of July 29, 2015.
'----1NED INTEREST YIELD THIS PERIOD: 0.74% SIX-MONTH TREASURY BILL YIELD: 0.11%
SUBMITTED BY:
Christa Buhiagiar, Finance Director
0
WEST COVINA SUCCESSOR AGENCY
BOND DETAIL REPORT
JUNE 30, 2015
Type of Bond Type of Investment Description of Issuer Maturity Date Market Value* Original Cost Rate I
1998 Housing Set-Aside Bonds Series A, B
Bond First American Treas
Reserve Series A First American Treas
Reserve Series B First American Treas
Project Fund Series B First American Treas
Principal Account First American Treas
Oblig Cl d Corp Trust
Oblig Cl d Corp Trust
Oblig Cl d Corp Trust
Oblig Cl d Corp Trust
Oblig Cl d Corp Trust
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
9/1/2025 0.03 $ 0.03
9/1/2025 344,290.00 344,290.00
9/1/2025 101,650.00 101,650.00
9/1/2025 114,680.87 114,680.87
9/1/2025 194.59 194.59
Bond Total $ 560,815.49 $ 560,815.49
1999 Tax Allocation Bonds
Revenue Fund First American Tress
L/C Fund Cash
Oblig Cl d Corp Trust First American Funds, Inc. 11/1/2029
11/1/2029
Bond Total $
1.00
1.00
First American Funds, Inc. 9/1/2031 $ 336.88 $ 336.88
U.S. Tress & Agency 9/1/2031 799,912.00 779,100.62 5.21%
First American Funds, Inc. 9/1/2031 50.43 50.43
Bond Total $ 800,299.31 $ 779,487.93
2001 RDA Housing Set-Aside T/A Rev Bonds
Reserve Account First American Tress Oblig Cl d Corp Trust
Reserve Account FNMA DISCOUNT NOTE
Project Fund First American Treas Oblig Cl d Corp Trust
2002 RDA T/A Revenue Refunding Bonds
Special Fund First American Tress Oblig Cl d Corp Trust
Reserve Fund First American Government Obligation Fd CL D
First American Funds, Inc.
First American Funds, Inc.
9/1/2035 $ 24.83 $ 24.83
9/1/2035 996,532.50 996,532.50
Bond Total $ 996,557.33 $ 996,557.33
*Market valuations have been provided by U.S. Bank GRAND TOTAL $ 2,357,672.13 $ 2,336,861.75
City of West Covina
Memorandum
AGENDA
ITEM NO SA2
DATE August 18, 2015
TO: Mayor and City Council
FROM: Torn Mauk
Interim City Manager
BY: Cluista Buhagiar
Finance Director
SUBJECT: RESOLUTION AUTHORIZING THE CITY ACTING AS SUCCESSOR
AGENCY TO THE WEST COVINA REDEVELOPMENT AGENCY TO
USE THE LOCAL AGENCY INVESTMENT RIND (LAIF) AS AN
INVESTMENT ALTERNATIVE
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency of the West Covina
Redevelopment Agency, adopt the following resolution entitled:
RESOLUTION NO. 2015-59 - A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF WEST COVINA, CALIFORNIA, ACTING AS THE
SUCCESSOR AGENCY TO THE WEST COVINA REDEVELOPMENT
AGENCY AUTHORIZING THE USE OF THE LOCAL AGENCY
INVESTMENT FUND UNDER THE OFFICE OF THE CALIFORNIA
STATE TREASURER AS AN INVESTMENT ALTERNATIVE.
DISCUSSION:
The State of California allows local government agencies to pool investment funds in the
Local Agency Investment Fund (LAIF). This allows participants to achieve greater diversity
and higher return with complete liquidity as part of the State's professionally managed
portfolio. The City of West Covina and the West Covina Successor Agency currently have
investment accounts with LAIF. The interest rate for the most recently completed quarter
ending June 30, 2015, was 0.28%.
The California State Treasurer's office has asked the City to update the resolutions
authorizing participation in the pool. The new resolution authorizes the Finance Director and
the Accounting Manager as administrators of West Covina's LAIF accounts and provides for
the Accountants to be their delegates.
FISCAL IMPACT:
None.
Christa Buhagiar
Finance Director
ATTACHMENT 1
,,,
ATTACHMENT 1
RESOLUTION NO. 2015-59
RESOLUTION NO. 2015-59 - A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA,
ACTING AS THE SUCCESSOR AGENCY TO THE WEST
COVINA REDEVELOPMENT AGENCY AUTHORIZING THE
USE OF THE LOCAL AGENCY INVESTMENT FUND UNDER
THE OFFICE OF THE CALIFORNIA STATE TREASURER AS
AN INVESTMENT ALTERNATIVE.
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976 Section 16429.1 was
added to the California Government Code to create a Local Agency Investment Fund in
the State Treasury for the deposit of money of a local agency for purposes of investment
by the State Treasurer; and
WHEREAS, the West Covina City Council acting as the Successor Agency to
the West Covina Redevelopment Agency does hereby find that the deposit and
withdrawal of money in the Local Agency Investment Fund in accordance with the
provisions of Section 16429.1 of the Government Code for the purpose of investment as
stated therein as in the best interests of the Agency.
WHEREAS, it is deemed wise and prudent to establish an account with the office
of the California State Treasurer for the purpose of using the Local Agency Investment
Fund as an investment alternative.
NOW, THEREFORE, the City Council of the City of West Covina acting as the
Successor Agency to the West Covina Redevelopment Agency does hereby resolve as
follows:
SECTION 1. That the City of West Covina City Council acting as the Successor
Agency to the West Covina Redevelopment Agency hereby authorizes the establishment
of an investment account with the office of the California State Treasurer Local Agency
Investment Fund titled:
West Covina Successor Agency
1444 West Garvey Avenue
West Covina, CA 91790
Attn: Finance Director
SECTION 2. That the City of West Covina City Council acting as the Successor
Agency to the West Covina Redevelopment Agency agrees to deposit or withdraw money
in the Local Agency Investment Fund in the State Treasury in accordance with the
provisions of Section 16429.1 of the Government Code for the purpose of investment as
stated herein.
SECTION 3. That the West Covina City Council authorizes the following
named local officials to order the deposit or withdrawal of money in the Local Agency
Investment Fund:
Authonzed By
Name Title Signature Resolution Delegation
Christina Buhagiar Finance Director X
Nicole Lugotoff Accounting Manager X
Evanette Gettler Accountant X
Brenda Ramirez Accountant X
Serena Bubenheim Accountant X
SECTION 4. That the City Clerk shall certify to the passage and adoption of the
resolution.
APPROVED AND ADOPTED this 18th day of August 2015.
Fredrick Sykes
Mayor
APPROVED AS TO FORM: ATTEST:
Kimberly Hall Barlow Nickolas S. Lewis
City Attorney City Clerk
I, Nickolas S. Lewis, Secretary of the Successor Agency to the West Covina
Redevelopment Agency of the City of West Covina, do hereby certify that the foregoing
Resolution No. 2015-59 was duly adopted at a regular meeting of the Successor Agency
held on the 18th day of August 2015, by the following vote of the Council:
AYES:
NOES:
ABSENT:
ABSTAIN:
Nickolas S. Lewis
City Clerk