12-06-2011 - City Treasurers Report for the Month of October 2 - Item 3 (2).pdfCity of West Covina
Memorandum
Item No. 3
Date December 6, 2011
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman, Assistant City Manager
SUBJECT: CITY TREASURER'S REPORT FOR OCTOBER 2011
RECOMMENDATION:
is recommended the City Council 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 each month.
The October Report shows the City's portfolio increased by $263,004 from $45,687,775 on
September 30, 2011, to $45,950,779 on October 31, 2011. Beginning with the May 2001
report, average maturity information has been provided for investments in the City's
portfolio. The overall average maturity of the portfolio is 805 days or approximately two
years. Approximately 2 percent of the portfolio is on deposit in various bank accounts.
These funds are available to satisfy obligations as needed. The majority of the portfolio is on
deposit in two investment pools. Approximately 33 percent is held in the State of California
Local Agency Investment Fund (LAIF) and 35 percent is in the Los Angeles County
Investment Pool (LACIP). These funds are completely liquid since the City could withdraw
them at any time. The portfolio also includes two long-term, high interest investments made
in the early 1980s which constitute approximately 30 percent of the portfolio.
_
Prepared by: Dennis Swink Revi wed/Approved by: Thomas Bachman
Controller Finance Director
EARNED INTEREST YIELD THIS PERIOD: 2.961% SIX-MONTH TREASURY BILL YIELD: 0.050%
REVIEWED BY:
Dennis Swink, City Controller
SUBMITT
CITY OF WEST COVINA
STATEMENT OF TREASURER'S ACCOUNTABILITY
OCTOBER 31, 2011
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
WELLS FARGO BANK GEN AUTO & LIABILITY
WELLS FARGO BANK WORKER'S COMPENSATION
WELLS FARGO PAYROLL
SUB-TOTAL
OTHER INVESTMENTS:
WELLS FARGO SWEEP
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
FEDERAL HOME LOAN BANKS (FHLB)
UNITED STATES TREASURY BILL
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
LOS ANGELES COUNTY POOL (LACIP)
SUB-TOTAL
SEPTEMBER 30
252,782.00
1,000.00
50,000.00
79,003.14
382,785.14
3,061,080.57
3,688,593.75
10,199,962.50
13,252,808.69
15,102,544.81
45,304,990.32
DEPOSITS
12,170,745.96
71,930.52
59,635.68
2,721,620.23
15,023,932.39
1,991,979.88
2,938,862.96
872,394.93
6,803,237.77
WITHDRAWALS
12,126,636.96
71,930.52
59,635.68
2,727,180.94
14,985,384.10
4,378,782.81
1,200,000.00
5,578,782.81
OCTOBER 31
296,891.00
1,000.00
50,000.00
73,442.43
421,333.43 0.917%
674,277.64 1.467%
3,688,593.75 ** 8.027%
10,199,962.50 "* 22.198%
0.000%
0.000%
14,991,671.65 32.626%
15,974,939.74 34.765%
45,529,445.28 99.083%
TOTAL 45,687,775.46 20,827,170.16 20,564,166.91 45,950,778.71 100%
**These two high interest long term investments were made before State Law limited investments to a maximum five-year term.
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 provides 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 17, 2011.
Thomas achman, Ass! ant City Manager/Finance Director
ity of West Covina Portfolio Detai
October 31, 2011
AVERAGE 10/3112011 09/30/201
INVESTMENT INVESTMENT ISSUER MATURITY PURCHASE DAYS TO CUSIP RATE YIELD COST PAR MARKET MARKET
NUMBER TYPE DATE DATE MATURITY VALUE* VALUE*
1986-06-01 ** FHLMC U.S. GOVERNMENT AGENCY 06/01/16 06/01/86 313400MC4 8.250
1651
1985-12-10 ** FNMA U.S. GOVERNMENT AGENCY 12/10/15 12/10/85 313586UB3 10.350
1480
1992-04-20 LACIP LOS ANGELES COUNTY TREASURER*** 1.200 04/20/92 542 N/A
1989-10-19 LAIF STATE OF CALIFORNIA 0.385 10/19/89 229 N/A
805 TOTALS:
7.728 10,199,962.50 9,555,000.00 11,883,649.05 11,910,785.25
10,199,962.50 9,555,000.00 11,883,649.05 11,910,785.25
8.418 3,688,593.75 3,000,000.00 4,098,930.00 4,116,690.00
3,688,593.75 3,000,000.00 4,098,930.00 4,116,690.00
1.200 15,974,939.74 15,974,939.74 15,974,939.74 15,974,939.74
0.385 14,991,671.65 14,991,671.65 14,991,671.65 14,991,671.65
44,855,167.64 43,521,611.39 46,949,190.44 46,994,086.64
* MARKET VALUES HAVE BEEN PROVIDED BY UNION BANK.
** These two high interest long term investments were made before State Law limited investments to a maximum five-year term.
*** For this month's report, September 2011 LACIP Earnings Rate and September 2011 LACIP Weighted Average Days to Maturity were used due to the unavailability of October 2011 figures as of the writing of this report.
Note: The Wells Fargo Sweep account was not included in the calculation of average maturity.
45,899.19
5,798.80
6,894.78
12,693.58
58,592.77
312,200.00
1,622.55
313,822.55
52,819.27
3,728,275.89
3,834,732.00
7,563,007.89
7,615,827.16
403.48
9,799.37
10,202.85
SUB-TOTAL 7,761.82 841.74
OTHER INVESTMENTS:
LOCAL AGENCY INVESTMENT FUND (LAIF)
LOS ANGELES COUNTY POOL (LACIP)
4,098,477.09
5,428,837.22
376,000.00
1,601,000.00
SUB-TOTAL 9,527,314.31 1,977,000.00
TOTAL 9,535,076.13 1,977,841.74
COMMUNITY FACILITIES DISTRICT REVENUE FUND
WELLS FARGO BANK C.F.D. CHECKING
LOS ANGELES COUNTY POOL (LACIP)
200,460.02
208,176.82
512,256.54
200,000.00
TOTAL FOR C.F.D. REVENUE FUND 408,636.84 712,256.54
EARNED INTEREST YIELD THIS PERIOD: 0.798% SIX-MONTH TREASURY BILL YIELD: 0.050%
REVIEWED BY:
Dennis Swink, City Controller Angel F. Rateria, Revenue Services Supervisor
PREPARED
COMMUNITY DEVELOPMENT COMMISSION
STATEMENT OF TREASURER'S ACCOUNTABILITY
OCTOBER 31, 2011
TYPES OF DEPOSITS: SEPTEMBER 30 DEPOSITS WITHDRAWALS OCTOBER 31
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING 4,761.82 45,899.19 841.74 49,819.27
PACIFIC WESTERN NAT BANK RDA PROGRAMS (SBA/FTHB/HPP) 3,000.00 3,000.00
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 provides 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 17, 2011.