02-18-2014 - Successor Agency Treasurers Report for the Quarte - Item SA2 (2).pdfNiia McKay
Director of Finance & AdminNtrative Services
City of West Covina
Memorandum
AGENDA
Item No. SA 2
Date February 18, 2014
TO: Chair and Board Members of the Successor Agency
FROM: Christopher J. Chung, Executive Director
BY: Nita McKay
Director of Finance & Administrative Services
SUBJECT: SUCCESSOR AGENCY TREASURER'S REPORT FOR THE
QUARTER ENDED DECEMBER 31, 2013
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, receive and file this report.
DISCUSSION:
The Investment Policy of the City of West Covina also applies to the Successor Agency to
the West Covina Redevelopment Agency. In accordance with Section XVI of the City of
West Covina Fiscal Year 2013-14 Statement of Investment Policy, a Treasurer's Report for
the quarter ended December 31, 2013 is hereby submitted to the Successor Agency. It also
includes cash held by trustees for all bond issues and cash in the various Successor Agency
bank accounts, as well as reporting on compliance with the City's Investment Policy and
providing a statement of the ability to meet budgeted expenditure needs for the following six
months.
The December 2013 Report shows the Agency's portfolio decreased by $3,035,092 from
$4,835,873 on September 30, 2013, to $1,800,781 on December 31, 2013. The Successor
Agency receives two payments per year from the County of Los Angeles, in January and
June. At December 31, 2013, the Successor Agency had not yet received its tax distribution.
As a result, the cash balance had been significantly depleted at the end of December. The
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, as the City can withdraw them at any time. Approximately 99% of the
portfolio is on deposit in LACIP and the remaining less than one percent of available cash is
on deposit in the checking account and LAIF.
The Bond Detail Report includes Fiscal Agent investments of Successor Agency cash which
is being held to service various issues of bonded debt.
Prepared by:
Nita/McKay, Dire Administrative Services Colleen B. Rozatti, City Treasurer SUCCESSOR AGENCY STATEMENT OF TREASURER'S ACCOUNTABILITY DECEMBER 31, 2013 TYPES OF DEPOSITS: CHECKING ACCOUNTS WELLS FARGO GENERAL CHECKING SUB-TOTAL OTHER INVESTMENTS: LOCAL AGENCY INVESTMENT FUND (LAIF) LOS ANGELES COUNTY POOL (LACIP) CITY OF WEST COVINA POOLED CASH SUB-TOTAL TOTAL September 30 DEPOSITS WITHDRAWALS December 31 5,623.75 5,623.75 2,032.11 3,865,074.89 963,141.93 *" 4,830,248.93 4,835,872.68 2,061,000.00 2,061,000.00 1.31 5,056.32 69,953.63 75,011.26 2,136,011.26 2,063,734.49 2,063,734.49 0.00 2,061,000.00 1,046,368.69 3,107,368.69 5,171,103.18 2,889.26 2,889.26 2,033.42 1,809,131.21 (13,273.13) 1,797,891.50 1,800,780.76 "" Beginning balances were revised to reflect September 2013 activity posted subsequent to preparation of September 30, 2013 Treasurer's Report. 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 September 17, 2013. The investment portfolio provides sufficient cash flow liquidity to meet estimated expenditures for the next month. The Successor Agency submitted the recognized obligation payment schedules (ROPS) for January to June 2014 to the State Department of Finance. In January 2014, the Successor Agency received funds from the DOF-approved ROPS for the January to June 2014 period which will provide sufficient cash flow liquidity to meet estimated expenditures from January to June 2014. This report is accurate with respect to all information received as of January 29, 2014. EARNED INTEREST YIELD THIS PERIOD: 0.620% PREPARED BY: SIX-MONTH TREASURY BILL YIELD: 0.07% APPROVED BY:
Original Cost Shares/Face Amount Market Value Rate 0.03 0.03 0.03 0.00 0.00 0.00 0.03 0.03 0.03 2,414.00 2,414.00 2,414.00 0.00 0.00 0.00 2,414.00 2,414.00 2,414.00 710.00 710.00 710.00 0.00 0.00 0.00 710.00 710.00 710.00 3,774.90 3,774.90 3,774.90 340,812.60 340,000.00 341,802.00 1.410 0.00 0.00 0.00 344,587.50 343,774.90 345,576.90 1,411.00 1,411.00 1,411.00 100,239.00 100,000.00 100,530.00 1.410 0.00 0.00 0.00 101,650.00 101,411.00 101,941.00 114,680.87 114,680.87 114,680.87 0.00 0.00 0.00 114,680.87 114,680.87 114,680.87 194.59 0.00 194.59 194.59 0.00 194.59 194.59 0.00 194.59 564,236.99 563,185.39 565,517.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 U.ULl 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Description of Bond 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1998 Housing Set-Aside Bonds Series A, B 1999 Tax Allocation Bonds 1999 Tax Allocation Bonds 1999 Tax Allocation Bonds 1999 Tax Allocation Bonds 1999 Tax Allocation Bonds 1999 Tax Allocation Bonds 1999 Tax Allocation Bonds Type of Bond Bond Bond Interest Series A Interest Series A Interest Series B Interest Series B Reserve Series A Reserve Series A Reserve Series A Reserve Series B Reserve Series B Reserve Series B Project Fund Series B Project Fund Series B Principal Account Principal Account Revenue Fund Revenue Fund Revenue Fund Purchase Fund Purchase Fund LJC Fund L/C Fund First American Tress Oblig Cl d Corp Trust Cash First American Treas Oblig Cl d Corp Trust Cash First American Treas Oblig Cl d Corp Trust Cash First American Tress Oblig CI d Corp Trust FHLB Cash First American Tress Oblig Cl d Corp Trust FHLB Cash First American Treas Oblig Cl d Corp Trust Cash First American Treas Oblig Cl d Corp Trust Cash First American Treas Oblig CI d Corp Trust Cash First American Treas Oblig CI d Corp Trust Cash Direct Pay LOC #NZS668499 Cash WEST COVINA SUCCESSOR AGENCY BOND DETAIL REPORT December 31, 2013 Type of Investment Description of Issuer Wells Fargo Bank, NA 10/13/2013 First American Funds, Inc. First American Funds, Inc. First American Funds, Inc. First American Funds, Inc. U.S. Treas & Agency First American Funds, Inc. U.S. Tress & Agency First American Funds, Inc. First American Funds, Inc. First American Funds, Inc. First American Funds, Inc. Maturity Date Open Open Open Open 5/30/2014 Open 5/30/2014 Open Open Ending Balances Open Open Ending Balances 0.00 Ending Balances 0.00 0.00 0.00 0.00 0.00 Page 1 of 2
WEST COVINA SUCCESSOR AGENCY BOND DETAIL REPORT December 31, 2013 Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date Original Cost Shares/Face Amount Market Value Rate 2001 RDA Housing Set-Aside T/A Rev Bonds 2001 RDA Housing Set-Aside T/A Rev Bonds 2001 RDA Housing Set-Aside T/A Rev Bonds 2001 RDA Housing Set-Aside T/A Rev Bonds 2001 RDA Housing Set-Aside T/A Rev Bonds 2001 RDA Housing Set-Aside T/A Rev Bonds 2001 RDA Housing Set-Aside T/A Rev Bonds Special Fund Special Fund Interest Account Interest Account Reserve Account Reserve Account Reserve Account First American Treas Oblig Cl d Corp Trust Cash First American Treas Oblig Cl d Corp Trust Cash First American Treas Oblig Cl d Corp Trust • FNMA DISCOUNT NOTE Cash 0.00 0.00 0.00 0.00 0.00 0.00 368.88 779,100.62 0.00 779,469.50 0.00 0.00 0.00 0.00 0.00 0.00 368.88 800,000.00 0.00 800,368.88 0.00 0.00 0.00 0.00 0.00 0.00 368.88 799,944.00 5.270 0.00 800,312.88 First American Funds, Inc. Open First American Funds, Inc. Open First American Funds, Inc. Open U.S. Tress & Agency 3/1/2013 2001 RDA Housing Set-Aside T/A Rev Bonds 2001 RDA Housing Set-Aside T/A Rev Bonds Project Fund Project Fund First American Treas Oblig CI d Corp Trust Cash First American Funds, Inc. Open 50.43 0.00 50.43 50.43 0.00 50.43 50.43 0.00 50.43 Ending Balances 779,519.93 800,419.31 800,363.31 2002 RDA T/A Revenue Refunding Bonds 2002 RDA T/A Revenue Refunding Bonds 2002 RDA T/A Revenue Refunding Bonds Special Fund Special Fund Special Fund First American Tress Oblig Cl d Corp Trust Cash First American Funds, Inc. First American Funds, Inc. First American Funds, Inc. U.S. Treas & Agency Open 7,029.17 0.00 0.00 7,029.17 7,029.17 0.00 0.00 7,029.17 7,029.17 0.00 0.00 7,029.17 2002 RDA T/A Revenue Refunding Bonds 2002 RDA T/A Revenue Refunding Bonds Interest Account Interest Account First American Treas Oblig Cl d Corp Trust Cash Open 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2002 RDA T/A Revenue Refunding Bonds 2002 RDA T/A Revenue Refunding Bonds 2002 RDA T/A Revenue Refunding Bonds Reserve Fund Reserve Fund Reserve Fund First American Government Obligation Fd CL D FHLB Cash Open 5/30/2014 4,166.40 992,366.10 0.00 996,532.50 4,166.40 990,000.00 0.00 994,166.40 4,166.40 995,247.00 0.00 999,413.40 1.410 Ending Balances 1,003,561.67 1,001,195.57 1,006,442.57 *Market valuations have been provided by U.S. Bank Corporate Trust Services GRAND TOTALS 2,347,318.59 2,364,800.27 2,372,323.27 Page 2 of 2