11-01-2016 - Successor Agency Investment Report for the Month E - Item No. SA1 (2).pdfTO:
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. SAl
DATE November 1, 2016
SUBJECT: SUCCESSOR AGENCY INVESTMENT REPORT FOR THE MONTH
ENDED SEPTEMBER 30, 2016
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, receive and file the Investment Report for the month ended
September 30, 2016.
DISCUSSION:
The Investment Report (Attachment No. 1) presents the Agency's cash and investments for the
month ended September 30, 20 16. This report is in compliance with California Government
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 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 all owed. 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
September 30, 2016, the Agency's investment portfolio had a market value of $12,638,250.
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 September 30, 2016, the Agency's bond reserves had a market value of
$7,638,343.
Prepared by:
Nicole Lugotoff
Accounting Manager
ATTACHMENT:
Attachment No. 1 -Investment Report
Reviewed by:
~~
Finance Director
West Covina Successor Agency
Investment Report
For the Month Ended September 30, 2016
Description Book Value Market Value
Cash and Cash Equivalents
Wells Fargo Checking Account -Successor Agency $ 278,645 $ 278,645
Wells Fargo Checking Account -CFO 32,827 32,827
Los Angeles County Investment Pool (LACIP) -Successor Agency 9,836,198 9,836,198
Los Angeles County Investment Pool (LACIP) -CFO 2,490,580 2,490,580
Total Cash and Cash Equivalents $ 12,638,250 $ 12,638,250
Debt Reserve Funds
1988 Housing Set-Aside Tax Allocation Bonds Series A & B
Federal Treasury Obligations $ 396,684 $ 396,684
1998 Housing Set-Aside Tax Allocation Bonds Series A & B
First American Treas Oblig Fd Cl O 738 738
US Treasury Bill 343,552 343,694
First American Treas Oblig Fd Cl O 782 782
US Treasury Bill 100,868 100,910
2001 Housing Set-Aside Tax Allocation Revenue Bonds
Federal National Mortgage Association 778,633 795,116
First American Treas Oblig Fd Cl D 805 805
2002 Tax Allocation Refunding Bonds
First American Government Obligation Fund Cl 0 831 831
US Treasury Bill 995,701 996,113
1996 Special Tax Refunding Bonds
Westdeutsche Landesbank Girozentrale Investment Agmt 5,002,670 5,002,670
Total Debt Reserve Funds $ 7,621,264 $ 7,638,343
Total Investment Portfolio $ 20,259,514 $ 20,276,593
j Blended Yield of Cash and Cash Equivalents •
Benchmarks:
LAIF
LACIP •
6mo U.S. Treasury
2yr U.S. Treasury
5yr U.S. Treasury
0.96%
0.63%
0.96%
0.45%
0.77%
1.14%
* To ensure timely submission of the Investment Report, the prior month's LACIP percentage yield is used.
Attachment No. 1
Interest/
Yield to Maturity % of
Maturity Date Portfolio
0.00% n/a 1.37%
0.00% n/a 0.16%
96.00% n/a 48.53%
96.00% n/a 12.28%
0.00% n/a 1.96%
0.00% nla 0.00%
0.40% 1/26/2017 1.70%
0.00% n/a 0.00%
0.40% 1/26/2017 0.50%
5.42% 2/1/2017 3.92%
0.00% n/a 0.00%
0.01% n/a 0.00%
0.40% 1/26/2017 4.91%
7.01% 9/1/2022 24.67%
100.00%
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:
er
APPROVED BY:
c~~