01-15-2013 - Successor Agency Treasurers Report for the Month - SA2 (2).pdfPrepared by: Clara Wong (
Interim Finance Director '
RetiTiewed/AXOT C-1 by: Thomas Bachman
City of West Covina
Memorandum
AGENDA
Item No. SA2
Date January 15, 2013
TO: Christopher J. Chung, City Manager
and City Council
FROM: Thomas Bachman
Assistant City Manager/Finance Director
SUBJECT: SUCCESSOR AGENCY TREASURER'S REPORT FOR NOVEMBER
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 November Report shows the Agency's portfolio decreased by $1,681,327 from
$6,788,229 on October 31, 2012, to $5,106,902 on November 30, 2012. Approximately 59
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 40 percent
of the portfolio is on deposit in LACIP and the remaining one percent of available cash is on
deposit in the checking account.
Asst. City Manager/Finance Director
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
NOVEMBER 30, 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
October 31
142,850.05
142,850.05
2,027.82
3,558,146.16
3,085,204.63
6,645,378.61
6,788,228.66
DEPOSITS
356,359.71
356,359.71
1,949.83
1,179,503.03
1,181,452.86
1,537,812.57
WITHDRAWALS
448,208.63
448,208.63
1,536,000.00
1,234,930.31
2,770,930.31
3,219,138.94
November 30
51,001.13
51,001.13
2,027.82
2,024,095.99
3.029,777.35
5,055,901.16
5,106,902.29
*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 November 30, 2012.
SIX-MONTH TREASURY BILL YIELD: 0.130% EARNED INTEREST YIELD THIS PERIOD: 0.569%
PREPARED BY:
Clara Wong, Interim Finance Dire
SUBMITTED BY:
man, Assistant City Manager/Finance Director