09-06-2016 - Successor Agency Investment Report for the Month E - Item No. SA1 (2).pdfTO:
FROM:
Chair and Board Members of the Successor Agency
Clui.s Freeland
Executive Director
BY: Christa Buhagiar
Finance Director
City of West Covina
Memorandum
AGENDA
ITEM NO --"S=A=l=-----
DATE September 6, 2016
SUBJECT: SUCCESSOR AGENCY INVESTMENT REPORT FOR THE MONTH
ENDED JUNE 30, 2016
RECOMMENDATION:
It is rec01mnended the City Council, acting as the Successor Agency to the fonner West Covina
Redevelopment Agency, receive and file the Investment Report for the month ended
June 30, 2016.
DISCUSSION:
The Investment Report (Attachment No. 1) presents the Agency's cash and investments for the
month ended June 30, 2016. This report is in compliance with California Govenunent Code
Section 53646 regarding the reporting of detailed information on all securities, investments, and
monies of the Agency, as well as reporting of the market value of the investments held. The
Investment Policy of the City of West Covina (City) also applies to the Successor Agency
(Agency) to the fonner West Covina Redevelopment Agency. All of the investments contained
within the portfolio are in full compliance with Govenunent Code Section 53601 and the
Investment Policy as to the types of investments allowed. The Investment Policy was last
revised and adopted by City Council on June 7, 2016. As stated in the attached report, there are
sufficient funds to meet the budgeted expenditures over the next six months.
The Investment Policy has set primary goals of the portfolio management of safety, liquidity and
yield. The Agency's surplus funds are in the Los Angeles County Investment Pool (LACIP)
which is completely liquid, as the Agency can withdraw them at any time. At
June 30, 201 6, the Agency's investment portfolio had a market value of $18,741,005.
Bond reserves are held and invested by a Trustee. The investment of these funds is governed by
an investment policy approved by the City Council as a part of the governing documents for each
specific bond issue. At June 30, 2016, the Agency's bond reserves had a market value of
$7,681,233.
Prepared by:
Nicole Lugotoff
Accounting Manager
Attachment No. 1 -Investment Report
Reviewed by:
~
Finance Director
West Covina Successor Agency
Investment Report
For the Month Ended June 30, 2016
Description
Cash and Cash Equivalents
Wells Fargo Checking Account -Successor Agency
Wells Fargo Checking Account -CFO
Los Angeles County Investment Pool (LACIP) -Successor Agency
Los Angeles County Investment Pool (LACIP) -CFO
Total Cash and Cash Equivalents
Debt Reserve Funds
1988 Housing Set-Aside Tax Allocation Bonds Series A & B
Federal Treasury Obligations
1998 Housing Set-Aside Tax Allocation Bonds Series A & B
First American Treas Oblig Cl d Corp Trust
First American Treas Oblig Cl d Corp Trust
2001 Housing Set-Aside Tax Allocation Revenue Bonds
FHLMC Discount Note
First American Treas Oblig Cl d Corp Trust
2002 Taxable Variable Rate Lease Revenue Refunding Bonds
First American Government Obligation
1996 Special Tax Refunding Bonds
Westdeutsche Landesbank Girozentrale Investment Agmt
First American Treas Oblig Fd CJ O
Total Debt Reserve Funds
Total Investment Portfolio
Blended Yield of Cash and Cash E uivalents •
Benchmarks:
LAIF
LACIP "
Gmo U.S. Treasury
2yr U.S. Treasury
5vr U.S. Treasurv
$
$
$
$
$
Book Value
222,384
113,285
13,619,471
4,785,865
18,741,005
396,672
344,290
101,650
799,616
337
996,533
5,002,670
39,980
7,681,748
26,422,753
0.93%
0.58%
0.93%
0.36%
0.58%
1.01%
Market Value
$ 222,384
113,285
13,619,471
4,785,865
$ 18,741,005
$ 396,672
344,290
101,650
799,101
337
996,533
5,002,670
39,980
$ 7,681,233
$ 26,422,238
• To ensure timely submission of the Investment Report, the prior month's LACIP percentage yield is used.
Interest/
Yield to
Maturity
0.00%
0.00%
0.93%
0.93%
0.00%
0.00%
0.00%
5.27%
0.00%
0.01%
7.01%
0.00%
I hereby certify that the investments are in compliance with the investment policy adopted by the City Council. The investment
portfolio provides sufficient funds to meet the budgeted expenditures over the next six months. This report meets the
requirements of Government Code Section 53646.
PREPARED BY: REVIEWED BY:
APP~~
Christa Buhagiar, Finance Director
Maturity %of
Date Portfolio
nla 0.84%
nla 0.43%
nla 51.57%
nla 18.11 %
nla 1.50%
nla 1.30%
nla 0.38%
9/1/2016 3.02%
nla 0.00%
nla 3.77%
9/1/2022 18.93%
nla 0.15%
100.00%
TO:
FROM:
Chair and Board Members of the Successor Agency
Chris Freeland
Executive Director
BY: Christa Buhagiar
Finance Director
City of West Covina
Memorandum
AGENDA
ITEM NO SA2 _...;;;;.;;-=----
DATE September 6, 2016
SUBJECT: SUCCESSOR AGENCY INVESTMENT REPORT FOR THE MONTH
ENDED JULY 31, 2016
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the fo nner West Covina
Redevelopment Agency, receive and file the Investment Report for the month ended
July 31, 2016.
DISCUSSION:
The Investment Report (Attachment No. 1) presents the Agency's cash and investments for the
month ended July 31 , 2016. This report is in compliance with California Government Code
Section 53646 regarding the reporting of detailed infonnation on all securities, investments, and
monies of the Agency, as well as reporting of the market value of the investments held. The
Investment Policy of the City of West Covina (City) also applies to the Successor Agency
(Agency) to the former West Covina Redevelopment Agency. All of the investments contained
within the portfolio are in full compliance with Government Code Section 53601 and the City's
Investment Policy as to the types of investments allowed. The Investment Policy was last
revised and adopted by City Council on June 7, 2016. As stated in the attached report, there are
sufficient funds to meet the budgeted expenditures over the next six months.
The Investment Policy has set primary goals of the portfolio management of safety, liquidity and
yield. The Agency's surplus funds are in the Los Angeles County Investment Pool (LACIP)
which is completely liquid, as the Agency can withdraw them at any time. At
July 31, 2016, the Agency's investment portfolio had a market value of $18,9 11 ,850.
Nicole Lugotoff
Accounting Manager
Christa Buhagiar
Finance Director
Bond reserves are held and invested by a Trustee. The investment of these funds is governed by
an investment policy approved by the City Council as a part of the governing documents for each
specific bond issue. At July 31, 2016, the Agency's bond reserves had a market value of
$7,681,236.
Prepared by: Reviewed by:
Attachment No. 1 — Investment Report
West Covina Successor Agency
Investment Report
For the Month Ended July 31, 2016
Interest/
Yield to Maturity o/o of
Description Book Value Market Value Maturity Date Portfolio
Cash and Cash Equivalents
Wells Fargo Checking Account -Successor Agency $ 178,455 $ 178,455 0.00% n/a 0.67%
Wells Fargo Checking Account -CFD 319,884 319,884 0.00% n/a 1.20%
Los Angeles County Investment Pool (LACIP) -Successor Agency 13,626,055 13,626,055 0.95% nta 51.26%
Los Angeles County Investment Pool (LACIP) -CFD 4,787,456 4,787,456 0.95% n/a 18.00%
Total Cash and Cash Equivalents $ 18,911,850 $ 18,911,850
Debt Reserve Funds
1988 Housing Set-Aside Tax Allocation Bonds Series A & B
Federal Treasury Obligations $ 396,676 $ 396,676 0.00% n/a 1.49%
1998 Housing Set-Aside Tax Allocation Bonds Series A & B
First American Treas Oblig Cl d Corp Trust 344,290 344,290 0.00% n/a 1.29%
First American Treas Oblig Cl d Corp Trust 101,650 101 ,650 0.00% n/a 0.38%
2001 Housing Set-Aside Tax Allocation Revenue Bonds
FHLMC Discount Note 799,824 799,101 5.27% 9/1/2016 3.00%
First American Treas Oblig Cl d Corp Trust 337 337 0.00% n/a 0.00%
2002 Taxable Variable Rate Lease Revenue Refunding Bonds
First American Government Obligation 996,533 996,533 0.01% n/a 3.75%
1996 Special Tax Refunding Bonds
Westdeutsche Landesbank Girozentrale Investment Agmt 5,002,670 5,002,670 7.01% 9/1/2022 18.81 %
First American Treas Oblig Fd Cl D 39,980 39,980 0.00% n/a 0.15%
Total Debt Reserve Funds $ 7,681,959 $ 7,681,236
Total Investment Portfolio $ 26,593,809 $ 26,593,086 100.00%
Blended Yield of Cash and Cash E uivalents • 0.95%
Benchmarks:
LAIF 0.59%
LACIP * 0.95%
6mo U.S. Treasury 0.38%
2yr U.S. Treasury 0.67%
5vr U.S. Treasurv 1.03%
• To ensure timely submission of the Investment 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. The investment portfolio provides
sufficient funds to meet the budgeted expenditures over the next six months. This report meets the requirements of Government Code Section
53646.
PREPARED BY: REVIEWED BY:
.~~ff. il!J!&WlJJ
Christa Buhaglar, Finance Director