03-01-2016 - Approval of Successor Agency Meeting Minutes - Item No. SA1 (2).pdfCity of West Covina
MEMORANDUM
AGENDA
ITEM NO.: SA1
DATE: March 1, 2016
CITY OF WEST COVINA
CITY COUNCIL/SUCCESSOR AGENCY
TUESDAY DECEMBER 15, 2015, 7:00 PM
REGULAR MEETING - CLOSED SESSION
CITY MANAGER'S CONFERENCE ROOM
1444 W. GARVEY AVENUE
WEST COVINA, CALIFORNIA 91790
MIL-MUTES
Mayor Toma called to order the regular closed session meeting of the West Covina City Council
at 6:07 p.m. in the City Manager's Conference Room at City Hall, 1444 W. Garvey Avenue,
West Covina.
ROLL CALL
Present: Mayor Toma, Mayor Pro Tern Warshaw
Councilmen Johnson, Spence, Wu
Others Present: Freeland, Barlow
PUBLIC COMMENTS ON ITEMS ON THE AGENDA
None
CLOSED SESSION
CONFERENCE WITH LEGAL COUNSEL — EXISTING LITIGATION
Pursuant to Government Code § 54956.9(d)(1)
CLUE v. City of West Covina
Tuesday December 15, 2015
CONFERENCE WITH LEGAL COUNSEL — EXISTING LITIGATION
Pursuant to Government Code § 54956.9(d)(1)
State of California Department of Transportation v. West Covina Successor Agency, et al.
[Lakes Office Complex]
CONFERENCE WITH LEGAL COUNSEL — ANTICIPATED LITIGATION
Pursuant to Government Code § 54956.9(d)(3)
Number of Cases: Four (4)
CONFERENCE WITH LEGAL COUNSEL — ANTICIPATED LITIGATION: INITIATION
OF LITIGATION
Pursuant to Government Code 54956.9(d)(4)
Number of Cases: Two (2)
ADJOURNMENT
Mayor Toma adjourned the meeting at 6:57 p.m.
Submitted by:
Rosalia A. Conde, CMC
Assistant City Clerk
James Tama
Mayor
2
CITY OF WEST COVINA
SUCCESSOR AGENCY
TUESDAY, DECEMBER 15 2015, 7:00 PM
REGULAR MEETING
CITY HALL COUNCIL CHAMBERS
1444 W. GARVEY AVENUE SOUTH
WEST COVINA, CALIFORNIA 91790
MINUTES
CALL TO ORDER — Chairman James Toma called the meeting to order at 9:15 p.m.
ROLL CALL
Present: Chairman Toma, Vice Chairman Warshaw
Agency Members Johnson, Spence, Wu
Absent: None
CHANGES TO THE AGENDA
None
ORAL COMMUNICATIONS
None
CONSENT CALENDAR
SA1) Approval of Meeting Minutes (receive & file)
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:
Tuesday December 15, 2015
July 15, 2015 City Council/Successor Agency Special Meeting
July 21, 2015 City Council/Successor Agency Regular Closed Session Meeting
July 21, 2015 Successor Agency Regular Meeting
August 18, 2015 Successor Agency Regular Meeting
Motion by Spence and seconded by Johnson to receive and file the minutes as presented. Motion
carried 5-0 by the following vote:
AYES: Johnson, Spence, Warshaw, Wu, Toma
NOES: None
ABSENT: None
SA2) Successor Agency Treasurer's Report for the Month Ended October 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 Spence and seconded by Johnson to receive and file the report as presented. . Motion
carried 5-0 by the following vote:
AYES: Johnson, Spence, Warshaw, Wu, Toma
NOES: None
ABSENT: None
ADJOURNMENT
Motion by Warshaw and seconded by Spence to adjourn the Successor Agency meeting at 9:16
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 March 1, 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 JANUARY 31, 2016
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 January 31, 2016, 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 January 31, 2016, the Treasurer's Report shows that the Successor Agency's portfolio
increased by $1,766,016.48 from $7,354,738.96 on December 31, 2015, to $9,120,755.44 on
January 31, 2016. The increase is the result of receiving the ROPS 2015-16B Redevelopment
Property Tax Trust Fund (RPTTF) allocation in January. The Successor Agency had offset costs
including the first semi-annual settlement payment to the Department of Finance. The
Community Facilities District (CFD) also received a Caltrans litigation settlement payment and
sales tax revenue. 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 94 percent of the portfolio is on deposit in LACIP and the remaining small
amount of available cash is on deposit in the checking account.
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:
Nicole Lugotoff
Accounting Manager
Reviewed by:
Chri '-ta Buhagiar
Finance Director
ATTACHMENT NO. 1 — Treasurer's Report
Market Value
397,049
560,817
1,280
800,195
996,563
5,480,401
Book Value
397,049
560,817
1,281
779,488
996,563
5,480,401
8,236,305 $ 8,215,599
Colleen B. Rozatti, City linfbiurer
ATTACHMENT NO. 1
West Covina Successor Agency
Treasurer's Report
January 31, 2016
Investment Portfolio
Book Value Market Value % of Portfolio
Bank Accounts 531,591 $ 531,591 5.83%
State Local Agency Investment Fund (LAIF) 0.00%
Los Angeles County Investment Pool (LACIP) 8,589,165 8,589,165 94.17%
Total Cash and Investments
$ 9,120,756 $ 9,120,756
100.00%
Blended Yield *
0.70%
Benchmarks:
LAIF 0.45%
LACIP * 0.75%
6mo U.S. Treasury 0.43%
2yr U.S. Treasury 0.76%
5yr U.S. Treasury 1.33% _.
Restricted Funds with Fiscal Agent
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 Treasurer's 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:
Chiista Buhagiar, Finance Director
West Covina Successor Agency
Investment Portfolio Activity
January 31, 2016
December 31, 2015 Deposits Withdrawals January 31, 2016
Checking Accounts
Wells Fargo Checking
Wells Fargo Checking - C.F.D.
Subtotal
97,962.24
1,672,932.63
$ 1,770,894.87
$ 3,821,899.84 $ 3,666,450.08 $ 253,412.00
845,012.89 2,239,766.42 278,179.10
$ 4,666,912.73 $ 5,906,216.60 $ 531,591.10
Other Investments
Local Agency Investment Fund (LAIF)
Los Angeles County Investment Pool (LACIP)
Los Angeles County Investment Pool (LACIP) - C.F.D.
Subtotal
2,043.95 1.89 5 2,045.84 $
5,574,918.60 1,504,449.99 7,079,368.59
6,881.54 1,502,914.21 1,509,795.75
$ 5,583,844.09 $ 3,007,366.09 $ 2,045.84 $ 8,589,164.34
Total Successor Agency $ 7,354,738.96 $ 7,674,278.82 $ 5,908,262.34 $ 9,120,755.44
In January 2016, the Successor Agency received funds from the DOF-approved 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
January 31, 2016
Issuer/Security
Local Agency Investment Fund
LAIF - Successor Agency
Local Agency Investment Fund Subtotal
Maturity Book Market
Date Yield Value Value
N/A 0.45% $
$
Los Angeles County Investment Pool
LACIP - Successor Agency
LACIP - CFD
Los Angeles County Investment Pool Subtotal
N/A 0.70%
N/A 0.70%
7,079,369
1,509,796
8,589,165
7,079,369
1,509,796
8,589,165
Portfolio Total
$ 8,589,165 $ 8,589,165
0.03
0.32
0,09
344,290.84
101,650.25
114,681.26
194.59
$ 560,817.38
0.03
0.32
0.09
344,290.84
101,650.25
114,681.26
194.59
$ 560,817.38
West Covina Successor Agency
Bond Detail Report
January 31, 2016
Bond / Investment / Issuer / Account Maturity Date Rate Market Value* Original Cost
1988 Lease Revenue Refunding Bonds (The Lakes Public Parking Project)
Federated Treasury Obligations
Federated Investors Co
Reserve 8/1/2018
Original LOC #NZS671159 I CUSIP #S86714370
Wells Fargo
L/C Fund 8/1/2018
$ 396,655.79 $ 396,655.79
392.90 392.90
$ 397,048.69 $ 397,048.69
1998 Housing Set-Aside Tax Allocation Bonds Series A & Taxable Series B (Executive Lodget Project)
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Bond 9/1/2025
Interest Series A 9/1/2025
Interest Series B 9/1/2025
Reserve Series A 9/1/2025
Reserve Series B 9/1/2025
Project Fund Series B 9/1/2025
Principal Account 9/1/2025
1999 Taxable Variable Rate Demand Tax Allocation Bonds
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc,
Revenue Fund 11/1/2029
Cash
L/C Fund 11/1/2029
2001 Housing Set-Aside Tax Allocation Revenue Bonds
Cash
Special Fund
FNMA DISCOUNT NOTE
U.S. Trees & Agency
Reserve Account 3/1/2016
First American Trees Oblig Cl d Corp Trust
First American Funds, Inc.
Reserve Account 9/1/2031
Project Fund 9/1/2031
$ 1,280,41 $ 1,280.41
1.00
$ 1,280.41 $ 1,281.41
5.27% 799,808.00 779,100.62
336.88 336.88
50.43 50.43
$ 800,195.31 $ 779,487.93
2002 Taxable Variable Rate Lease Revenue Refunding Bonds (Public Facilities Project)
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Special Fund 9/1/2035 3 30.26 $ 30.26
Reserve Fund 9/1/2035 0.01% 996,532 50 996,532.50
$ 996,562.76 $ 996,562.76
Community Facility District No. 1989-1 (Fashion Plaza)
1996 Special Tax Refunding Bonds
Guaranteed Investment Contract
Westdeutsche Landesbank Girozentrale
Reserve Fund 9/1/2022
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Bond 9/1/2022
Rebate Reserve Fund 9/1/2022
7.01% $ 5,002,670.40 $ 5,002,670,40
437,750.00 437,750.00
39,980.14 39,980,14
$ 5,480,400.54 $ 5,480,400.54
GRAND TOTAL $ 8,236,305.09 $ 8,215,598.71
*Market valuations have been provided by ENY Western Trust Company and U.S. Bank