02-02-2016 - Approval of Meeting Minutes (receive & file) - Item No. SA1 (2).pdfCity of West Covina
MEMORANDUM
AGENDA
ITEM NO.: SA1
DATE: February 2,2016
CITY OF WEST COVINA
SUCCESSOR AGENCY
TUESDAY, OCTOBER 20, 2015, 7:00 PM
REGULAR MEETING
CITY HALL COUNCIL CHAMBERS
1444 W. GARVEY AVENUE SOUTH
WEST COVINA, CALIFORNIA 91790
MINUTES
CALL TO ORDER Chairman Fredrick Sykes called the meeting to order at 10:03 p.m.
ROLL CALL
Present: Chairman Sykes, Vice Chairman Toma
Agency Members Spence, Warshaw, Wong
CHANGES TO THE AGENDA
No changes made.
ORAL COMMUNICATIONS
CONSENT CALENDAR
SA1) Approval of Meeting Minutes (receive & file)
Tuesday October 20, 2015
It is recommended that the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, approve the following Successor Agency Meeting Minutes:
March 17, 2015 Regular Successor Agency Meeting Minutes
Motion by Wong and seconded by Warshaw to approve. Motion carried 5-0 as follows:
AYES: Spence, Tomas, Warshaw, Wong, Sykes
NOES: None
ABSENT: None
SA2) Successor Agency Treasurer's Report for the Month Ended August 31, 2015
It is recommended that the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, receive and file the report.
Motion by Wong and seconded by Warshaw to receive and file the report. Motion carried 5-0 as
follows:
AYES: Spence, Tomas, Warshaw, Wong, Sykes
NOES: None
ABSENT: None
SUCCESSOR AGENCY BOARD MEMBER COMMENTS
None
ADJOURNMENT
Motion by Warshaw and seconded by Spence to adjourn the Successor Agency Regular Meeting
at 10:07 p.m.
Submitted by
Rosalia A. Conde, CMC
Assistant Agency Secretary
James Toma
Chairman
2
City of West Covina
Memorandum
AGENDA
ITEM NO SA2
DATE February 2, 2016
TO: Chair and Board Members of the Successor Agency
FROM: Chris Freeland
Executive Director
BY: Christa Buhagiar
Finance Director
SUBJECT: SUCCESSOR AGENCY TREASURER'S REPORT FOR THE MONTH
ENDED DECEMBER 31, 2015
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the former 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
former West Covina Redevelopment Agency. In accordance with Section XVI of the City of
West Covina Fiscal Year 2015-16 Statement of Investment Policy, a Treasurer's Report for the
month ended December 31, 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.
At December 31, 2015, the Treasurer's Report shows that the Successor Agency's portfolio
increased by $350,923.54 from $7,003,815.42 on November 30, 2015, to $7,354,738.96 on
December 31, 2015. The increase is the result of property tax revenue for the Community
Facilities District (CFD) received in December. Property tax revenue is the largest source of
income and the large payments are received in December, April and May of each year. The
Successor Agency's surplus funds are in investment pools with the State of California Local
Agency Investment Fund (LAIF) and the Los Angeles County Investment Pool (LACIP). These
funds are completely liquid, as the City can withdraw them at any time. Approximately 76
percent 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.
al
Nicole Lugotoff
Accounting Manager
The Bond Detail Report includes Fiscal Agent investments of Successor Agency cash which is
being held to service various issues of bonded debt.
Prepared by:
Reviewed by:
Christa Buhagiar
Finance Director
ATTACHMENT NO. 1 — Treasurer's Report
397,045 $ 397,045
560,817 560,817
1
800,003 799,488
996,558 996,558
5,042,651 5,042,651
7,797,074 $ 7,796,559
g Manager
ChiTsta Buhagiar, Finance Director
ATTACHMENT NO. 1
West Covina Successor Agency
Treasurer's Report
December 31, 2015
[Investment Portfolio
Book Value
Market Value % of Portfolio
Bank Accounts 1,770,895 $
State Local Agency Investment Fund (LAIF) 2,044
Los Angeles County Investment Pool (LACIP) 5,581,800
1,770,895 24.08%
2045, 0.03%
5,581,800 75.89%
Total Cash and Investments
7,354,739 $ 7,354,740
100.00%
IBlended Yield *
0.75%
Benchmarks:
LAIF 0.40%
LACIP * 0.75%
6nno U.S. Treasury 0.49%
2yr U.S. Treasury 1.06%
5yr U.S. Treasury 1.76%
Restricted Funds with Fiscal Agent Market Value Book Value
1988 Housing Set-Aside Tax Allocation Bonds Series A & B
1998 Housing Set-Aside Tax Allocation Bonds Series A & B
1999 Taxable Variable Rate Demand Tax Allocation Bonds
2001 Housing Set-Aside Tax Allocation Revenue Bonds
2002 Taxable Variable Rate Lease Revenue Refunding Bonds
1996 Special Tax Refunding Bonds
Total Restricted Funds
* To ensure timely submission of the City Treasurers Report, the prior month's LACIP percentage yield is used.
I hereby certify that the investments are in compliance with the investment policy adopted by the City Council in
July 2015. The investment portfolio provides sufficient cash flow liquidity to meet estimated expenditures for the
next six months. This report meets the requirements of Government Code Section 53646.
PREPARED BY:
West Covina Successor Agency
Investment Portfolio Activity
December 31, 2015
November 30, 2015 Deposits Withdrawals December 31, 2015
Checkino Accounts
Wells Fargo Checking
Wells Fargo Checking - C.F.D.
Subtotal
Other Investments
$ 107,413.43 $ 560,000,00 $ 569,451.19 $ 97,962.24
763,522.70 996,580,47 97,170.54 1,672,932 63
$ 870,936.13 $ 1,556,580.47 $ 656,621.73 $ 1,770,894.87
Local Agency Investment Fund (LAIF)
Los Angeles County Investment Pool (LACIP)
Los Angeles County Investment Pool (LACIP) - C.F.D.
Subtotal
2,043.95
6,129,333.65 5,584.95
1,501.69 5,379.85
$ 6,132,879.29 $ 10,964.80
560,000.00
2,043.95
5,574,918.60
6,881 54
5,583,844.09 560,000.00
Total Successor Agency $ 7,003,815.42 $ 1,567,545.27 $ 1,216,621.73 $ 7,354,738.96
In January 2016, the Successor Agency will receive funds from the DOF-appreved ROPS for the January to June 2016 period which will provide
sufficient cash flow liquidity to meet estimated expenditures from Janaury to June 2016.
West Covina Successor Agency
Investment Portfolio Detail
December 31, 2015
Issuer/Security
Local Agency Investment Fund
LAIF - Successor Agency
Local Agency Investment Fund Subtotal
Los Angeles County Investment Pool
LACIP - Successor Agency
LACIP - CFD
Los Angeles County Investment Pool Subtotal
Maturity Book Market
Date Yield Value Value
N/A 0.40% $ 2044, $ 2045,
2,044 2,045
N/A 0.75%
N/A 0.05%
5,574,919
6,882
5,581,800
5,574,919
6,882
5,581,800
Portfolio Total
$ 5,583,844 $ 5,583,845