09-04-2012 - Successor Agency Treasurers Report for July 2012 - Item SA1 (2).pdfPrepared by: Clara W
City of West Covina
Memorandum
AGENDA
Item No. SA1
Date September 5, 2012
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman
Assistant City Manager/Finance Director
SUBJECT: SA TREASURER'S REPORT FOR JULY 2012
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, receive and file this report.
DISCUSSION:
Effective January 1, 2006, Section 53646 of the Government Code states that a city's chief
fiscal officer may submit quarterly reports to their legislative body. This report is to include
the type of investment, issuer, date of maturity, par and dollar amount invested on all
securities, investments, and money held by the local agency. It must also include a statement
that the portfolio is in compliance with the City's investment policy, or manner in which it is
not in compliance, and note the ability of the local agency to meet its expenditure
requirements for the next six months, or provide an explanation as to why sufficient money
may not be available.
Although it is no longer a requirement to submit quarterly reports to the local legislative
body, the Finance Department will continue to submit treasurer's reports to the West Covina
City Council, acting as the Successor Agency to the West Covina Redevelopment Agency on
a monthly basis.
The July Report shows the Agency's portfolio decreased by $712,867 from $9,935,525 on
June 30, 2012, to $9,222,658 on July 31, 2012. Approximately 36 percent of the portfolio is
invested with the City's pooled cash. The remaining 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 since the
City could withdraw them at any time. Approximately 63 percent of the portfolio is on
deposit in LACIP and the remaining 1 percent of available cash is on deposit in the checking
account.
Interim Finance DirectOr
Reviewejappiried-by-: Thomas Bachman
Asst. City Manager/Finance Director
PREPARED BY:
(2 --)-1/,-067
Clara Wong, Interim Finance/Director
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
JULY 31, 2012
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
SUB-TOTAL
OTHER INVESTMENTS:
June 30 DEPOSITS WITHDRAWALS
July 31
40,509.25
40,509.25
3,475,000.00
3,475,000.00
3,494,122.60
3,494,122.60
21,386.65
21,386.65
LOCAL AGENCY INVESTMENT FUND (LAIF)
LOS ANGELES COUNTY POOL (LACIP)
CITY OF WEST COVINA POOLED CASH
SUB-TOTAL
TOTAL
2,024.35
9,326,692.76
566,298.52
9,895,015.63
9,935,524.88
1.66
2,589.64
2,778,664.23
2,781,255.53
6,256,255.53
3,475,000.00
-
$ 3,475,000.00
6,969,122.60
2,026.01
5,854,282.40
3,344,962.75
9,201,271.16
9,222,657.81
*NEGATIVE BALANCE REFLECTS OUTSTANDING CHECKS
It has been verified that this investment portfolio is in conformity with the City of West Covina's investment policy which was approved by the City Council on January 18, 2005.
The investment portfolio plus the recognized obligation payment schedules (ROPS) for January to June of 2012 and July to December of 2012 approved by the State Department of Finance on July 9, 2012
provide sufficient cash flow liquidity to meet estimated expenditures for the next six months. This report is accurate with respect to all information received as of July 31, 2012.
EARNED INTEREST YIELD THIS PERIOD: 0.697% SIX-MONTH TREASURY BILL YIELD: 0.140%
Thoma‘Baahman, Assistant City Manager/Finance Director