10-16-2012 - Successor Agency Treasurers Report for the Month - Item SA1 (2).pdfReviewZO roveTbrrli-omas Bachman
Asst. City Manager/Finance Director
City of West Covina
Memorandum
AGENDA
Item No. SA1
Date October 16, 2012
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman
Assistant City Manager/Finance Director
SUBJECT: SUCCESSOR AGENCY TREASURER'S REPORT FOR AUGUST 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 August Report shows the Agency's portfolio decreased by $2,278,529 from $9,222,658
on July 31, 2012, to $6,944,129 on August 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 one percent of available cash is on deposit in the
checking account.
Prepared by: Clara W
Interim Finance Direcfor
EARNED INTEREST YIELD THIS PERIOD: 0.690%
PREPARED BY:
ef,„„
Thomas Bachnich, Agsistant City-Maniger/Finance Director
SIX-MONTH TREASURY BILL YIELD: 0.140%
7 -- APPROVED BY: / /
Marian V. Smi
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
AUGUST 31, 2012
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
R1 WELLS FARGO GENERAL CHECKING
SUB-TOTAL
OTHER INVESTMENTS:
R11 LOCAL AGENCY INVESTMENT FUND (LAIF)
R12 LOS ANGELES COUNTY POOL (LACIP)
CITY OF WEST COVINA POOLED CASH
SUB-TOTAL
TOTAL
July 31 DEPOSITS WITHDRAWALS
August 31
21,386.65
21,386.65
2,026.01
5,854,282.40
3,344,962.75
9,201,271.16
9,222,657.81
1,821,002.78
1,821,002.78
3,509.70
6,949,918.92
6,953,428.62
8,774,431.40
1,779,685.46
1,779,685.46
1,500,000.00
7,773,274.44
9,273,274.44
11,052,959.90
62,703.97
62,703.97
2,026.01
4,357,792.10
2,521,607.23
6,881,425.34
6,944,129.31
*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 August 31, 2012.
City of West Covina
Memorandum
AGENDA
ITEM NO. SA2
DATE: October 16,2012
PRINTED ON RECYCLED PAPER
MINUTES
SPECIAL MEETING OF THE •
SUCCESSOR AGENCY
August 1, 2012
Chairman Touhey called to order the special meeting of the Successor Agency to the West Covina
Redevelopment Agency at 6:07 p.m. in the City Hall Council Chambers at City Hall, 1444 W. Garvey
Avenue, West Covina.
ROLL CALL Chairman Touhey, Vice Chairman Sanderson (arrived at 6:20
p.m.), Board Members Sotelo, Sykes
Absent: Board Member Herfert
Others Present: Pasmant, Bachman, Alvarez-Glasman, Owens, Peterson
PUBLIC COMMENT ON ITEMS ON THE AGENDA
No comments offered.
CLOSED SESSION Board Member Touhey commenced the closed session at 6:12 p.m.
to discuss the following matter:
CONFERENCE WITH LEGAL COUNSEL — EXISTING
LITIGATION
Pursuant to Government Code § 54956.9(a)
City of West 'Covina and City of West Covina Community
Development Commission vs. Hassen Imports Partnership, et al.,
and related cross complaints and cases
Chairman Touhey recessed the Successor Agency Closed Session discussion at 6:55 to convene the City
Council and Successor Agency Open Session meeting in the City Hall Council Chambers.
OPEN SESSION — SUCCESSOR AGENCY
Board Member Touhey convened the Successor Agency meeting Open Session at 8:06 p.m. with all
members present except Board Member Herfert.
See City Council Special Meeting minutes of August I, 2012 for Reporting out from Closed Session.
PUBLIC COMMENTS ON ITEMS ON THE AGENDA
No comments offered.
CONSENT CALENDAR ON ITEMS ON THE AGENDA
1)
Recognized Obligations Payment
Schedules (gops)
Approval and Transmittal of a Revised Administrative Budget for
the Successor Agency to the West Covina Redevelopment Agency, -
and a Revised Schedule of Distribution of Future Tax Revenues
(Recognized Obligations Payment Schedules "ROPS") Pursuant to
AB1X26 for the Period of January 1 — June 30, 2013
Recommendation is that the City Council, acting as the Successor
Agency to the West Covina Redevelopment Agency, adopt the
following resolution:
Special Successor Agency Meeting August 1, 2012
Resolution No. 2012-64
Motion
ADJOURNMENT
RESOLUTION NO. 2012-64 — A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA,
ACTING AS SUCCESSOR AGENCY TO THE WEST COVINA
REDEVELOPMENT AGENCY APPROVING AND
AUTHORIZING THE TRANSMITTAL OF AN
ADMINISTRATIVE BUDGET FOR THE SUCCESSOR
AGENCY TO THE WEST COVINA REDEVELOPMENT
AGENCY, (RECOGNIZED OBLIGATIONS PAYMENT
SCHEDULES "ROPS") FOR THE PERIOD JANUARY 1 —
JUNE 30, 2013, PURSUANT TO ASSEMBLY BILL 1X26
(AB1X26)
Motion by Sanderson and seconded by Sykes to approve all items
listed' on the Consent Calendar as presented.
Motion carried by 4 — 0.
Motion by Sanderson and seconded by Sotelo to adjourn the
Successor Agency meeting at 8:07 p.m. Motion carried by 4 — 0.
Submitted by
Assistant Secretary Clerk Susan Rush
Chairman Michael Touhey
MINUTES
SPECIAL MEETING OF THE
WEST COVINA SUCCESSOR AGENCY
August 21, 2012
Chairman Touhey called to order the special meeting of the West Covina Community Development
Commission at 6:03 p.m. in the City. Manager's Conference Room at City Hall, 1444 W. Garvey
Avenue, West Covina.
ROLL CALL Chairman Touhey
Board Members Herfert, Sotelo, Sykes
Absent: Vice Chairman Sanderson
Others Present: Pasmant, Bachman, Glasman, Chung
PUBLIC COMMENT ON ITEMS ON THE AGENDA No comments offered.
CLOSED SESSION
ADJOURNMENT
Submitted by:
Chairman Touhey commenced the closed session at 6:08 p.m. to discuss
the following matters:
CONFERENCE WITH LEGAL COUNSEL —
ANTICIPATED LITIGATION
Pursuant to Government Code Section 54956.9(b)
One matter
Chairman Herfert adjourned the meeting at 6:30 p.m.
Assistant Commission Secretary Susan Rush
Chairman Steve Herfert
MINUTES
• REGULAR MEETING OF THE
WEST COVINA SUCCESSOR AGENCY
August 21, 2012
Chairman Touhey called to order the regular meeting of the West Covina Successor Agency at 8:35 p.m.
in the City Hall Council Chambers, 1444 W. Garvey Avenue, West Covina.
ROLL CALL Chairman Touhey, Vice Chairman Sanderson
Board Members Herfert, Sotelo, Sykes
Reporting out from Closed Session, if any, is reported on the corresponding City Council meeting
minutes.
CHANGES TO THE AGENDA Executive Director Pasmant stated that a revised ROPs
(Recognized Obligations Payment Scheduled) was distributed to
the Board.
ORAL COMMUNICATIONS No comments offered.
CONSENT CALENDAR
SA1
SA2
SA3
SA4
SA5
Resolution 2012-70
ROPS 1.1.13 — 6.30.13
Treasurer's Report for the Month of March 2012
Recommendation is to receive and file.
Treasurer's Report for the Month of April 2012
Recommendation is to receive and file.
Treasurer's Report for the Month of May 2012
Recommendation is to receive and file.
Treasurer's Report for the Month of June 2012
Recommendation is to receive and file.
Approval and Transmittal of a Revised Administrative Budget
for the Successor Agency to the West Covina Redevelopment
Agency, and a Revised Schedule of Distribution of Future Tax
Revenues (Recognized Obligations Payment Schedules "ROP")
Pursuant to AB1X26 for the Period of January 1, June 30,
2013
Recommendation to adopt the following resolution:
RESOLUTION NO. 2012-70 — A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF WEST COVINA, ACTING AS
SUCCESSOR AGENCY TO THE WEST COVINA
REDEVELOPMENT AGENCY APPROVING AND
AUTHORIZING THE TRANSMITTAL OF AN
ADMINISTRATIVE BUDGET FOR THE SUCCESSOR
AGENCY TO THE WEST COVINA REDEVELOPMENT
AGENCY, AND SCHEDULES OF DISTRIBUTION OF
FUTURE TAX REVENUES (RECOGNIZED OBLIGATIONS
PAYMENT SCHEDULES "ROPS") FOR THE PERIOD
JANUARY 1 — JUNE 30, 2013, PURSUANT TO ASSEMBLY
BILL 1X 26 (AB1X26)
Approval of Legal Services for the West Covina Oversight
SA6 Board
Recommendation is to adopt the following resolution: -
Resolution 2012-71 • A RESOLUTION OF THE CITY COUNCIL OF THE CITY
Minutes of the CDC March 7, 2006
Legal Services
SA7
Resolution No. 2012-72
LAIF
SA8
Resolution No. 2012-72
Co-op Agreement
COUNCIL OF WEST COVINA, ACTING AS THE
SUCCESSOR AGENCY TO THE WEST COVINA
REDEVELOPMENT AGENCY, ACCEPTING THE ACTION OF
THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY
TO THE WEST COVINA REDEVELOPMENT AGENCY
APPROVING A RETAINER AGREEMENT WITH THE LAW
FIRM OF HARPER & BURNS TO PROVIDE GENERAL
COUNSEL SERVICES FOR THE OVERSIGHT BOARD TO
THE SUCCESSOR AGENCY OF THE WEST COVINA
REDEVELOPMENT AGENCY
Resolution Authorizing the City Acting as Successor Agency to
the West Covina Redevelopment Agency to use the Local
Agency Investment Fund (LAIF) as an Investment Alternative
Recommendation is to adopt the following resolution:
RESOLUTION NO. 2012-72 — A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF .WEST COVINA, CALIFORNIA,
ACTING AS THE SUCCESSOR AGENCY TO THE WEST
COVINA REDEVELOPMENT AGENCY AUTHORIZING THE
USE OF THE LOCAL AGENCY. INVESTMENT FUND UNDER
THE OFFICE OF THE CALIFORNIA STATE TREASURER AS
AN INVESTMENT ALTERNATIVE
Cooperative Agreement Between City of West Covina ("City")
and Successor Agency tc; the West Covina Redevelopment
Agency ("Successor Agency") for Advance and
Reimbursement of Administrative, Overhead and Other
Expenses
Recommendation is to adopt the following resolution:
RESOLUTION NO. 2012-73 — A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA,
ACTING AS THE SUCCESSOR AGENCY TO THE WEST
COVINA REDEVELOPMENT AGENCY, APPROVING A
COOPERATIVE AGREEMENT WITH THE CITY OF WEST
COVINA FOR THE ADVANCE AND REIMBURSEMENT OF
ADMINISTRATIVE COTS, ENFORCEABLE OBLIGATIONS,
AND PROJECT RELATED EXPENSES
CONSENT CALENDAR ACTION Motion by Herfert and seconded by Touhey to approve all items on
the, Consent Calendar, including the revised ROPS. Motion carried
5-0.
ADJOURNMENT Motion by Sanderson and seconded by to Sykes adjourn the
meeting at 8:37 p.m. Motion carried 5-0.
Submitted by:
Assistant Secretary Susan Rush
Chairman Michael Touhey