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03-01-2011 - City Treasurers Report for the Month of January 2 - Item 3 (2).pdf.4111111111F Reviewe Approve ..y Thomas Bachman Finance Director City of West Covina Memorandum AGENDA Item No. 3 Date March 1,2011 TO: Andrew G. Pasmant, City Manager and City Council FROM: Thomas Bachman, Assistant City Manager SUBJECT: CITY TREASURER'S REPORT FOR JANUARY 2011 RECOMMENDATION: It 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 January Report shows the City's portfolio decreased from $40,894,562.75 on December 31, 2010, to $40,695,811.07 on January 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 917 days or approximately two and a half years. Approximately 4 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 42 percent is held in the State of California Local• Agency Investment Fund (LAIF) and 20 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 poi ifolio also includes two long-term, high interest investments made in the early 1980s which constitute approximately 34 percent of the portfolio. Prepared by: Dennis Swink Controller CITY OF WEST COVINA STATEMENT OF TREASURER'S ACCOUNTABILITY JANUARY 31, 2011 TYPES OF DEPOSITS: CHECKING ACCOUNTS WELLS FARGO GENERAL CHECKING WELLS FARGO BANK GEN AUTO & LIABILITY WELLS FARGO BANK WORKERS COMPENSATION WELLS FARGO PAYROLL SUB-TOTAL OTHER INVESTMENTS: WELLS FARGO SWEEP FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) LOCAL AGENCY INVESTMENT FUND - CITY (LAIF) LOS ANGELES COUNTY POOL (LACIP) SUB-TOTAL TOTAL DECEMBER 31 DEPOSITS WITHDRAWALS JANUARY 31 253,190.00 $ 20,712,316.36 $ 20,692,910.36 $ 272,596.00 - 64,812.24 64,812.24 - 50,000.00 76,640.10 76,630.10 50,010.00 192,986.97 3,230,511.55 3,244,532.36 178,966.16 496,176.97 24,084,280.25 24,078,885.06 501,572.16 1.232% 1,295,869.67 $ 2,349,280.07 $ 2,581,648.65 $ 1,063,501.09 2.613% 3,688,593.75- - 3,688,593.75 ** 9.064% 10,199,962.50- - 10,199,962.50 ** 25.064% 17,142,989.98 7,018,783.27 7,000,000.00 17,161,773.25 42.171% 8,070,969.88 9,438.44 - 8,080,408.32 19.856% 40,398,385.78 9,377,501.78 9,581,648.65 40,194,238.91 98.768% 40,894,562.75 33,461,782.03 33,660,533.71 40,695,811.07 100% ** 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 February 22, 2011. EARNED INTEREST YIELD THIS PERIOD: 3.215% SIX-MONTH TREASURY BILL YIELD: 0.180% REVIEWED BY: 40110, Dennis Swink, City Controller PREPARED/ I Angel F. P. tetia, Revenue Services Supervisor SUBMITTED BY: „or 40010— ..401111.- Thornas Ba man, Ass tant City Manager/Finance Director APPROVED BY: Marian V. Smithson, City Treasurer * The January 2011 report was reviewed by the City Treasurer after this report was distributed. ity of West Covina Portfolio Detai January 31, 2011 AVERAGE 01/31/2011 12/31/2010 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 1985-12-10 ** FNMA U.S. GOVERNMENT AGENCY 06/01/16 06/01/86 313400MC4 8.250 1921 12/10/15 12/10/85 313586UB3 10.350 1750 7.728 10,199,962.50 9,555,000.00 11,589,450.60 11,613,433.65 10,199,962.50 9,555,000.00 11,589,450.60 11,613,433.65 8.418 3,688,593.75 3,000,000.00 4,102,050.00 4,123,710.00 3,688,593.75 3,000,000.00 4,102,050.00 4,123,710.00 1992-04-20 LACIP LOS ANGELES COUNTY TREASURER*** LAIF STATE OF CALIFORNIA 04/20/92 617 N/A 1.250 1.250 8,080,408.32 8,080,408.32 8,080,408.32 8,080,408.32 N/A 0.538 0.538 17,161,773.25 17,161,773.25 17,161,773.25 17,161,773.25 10/19/89 180 *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. 917 TOTALS: 39.130.737.82 37,797,181.57 40,933,682.17 40,979,325.22 *** For this month's report, December 2010 LACIP Earnings Rate and December 2010 LACIP Weighted Average Days to Maturity were used due to the unavailability of January 2011 figures as of the writing of this report. Note: The Wells Fargo Sweep account was not included in the calculation of average maturity. City of West Covina Memorandum AGENDA 4 Item No. Date March 1, 2011 TO: Andrew G. Pasmant, Executive Director and the Community Development Commission FROM: Thomas Bachman, Assistant City Manager SUBJECT: CDC TREASURER'S REPORT FOR JANUARY 2011 RECOMMENDATION: It is recommended the Community Development Commission Board 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 Community Development Commission Board each month. The January Report shows the CDC's portfolio decreased from $14,055,856.31 on December 31, 2010, to $13,989,319.86 on January 31, 2011. To ensure funds are available on short notice to take advantage of development opportunities, the CDC'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 65 percent of the portfolio is on deposit in LAIF and 34 percent is in LACIP. The remaining 1 percent of available cash is on deposit in various checking accounts. This report also shows cash holdings for the Community Facilities District. These funds are used for district operating expenses and debt service and are invested in a separate LACIP account. AMP OP Prepared by: Dennis Swink Review. Approved .Thomas Bachman Controller Finance Director COMMUNITY DEVELOPMENT COMMISSION STATEMENT OF TREASURER'S ACCOUNTABILITY JANUARY 31, 2011 TYPES OF DEPOSITS: CHECKING ACCOUNTS DECEMBER 31 DEPOSITS WITHDRAWALS WELLS FARGO GENERAL CHECKING $ 149,565.18 $ 970,951.82 $ 1,115,128.68 PACIFIC WESTERN NAT BANK RDA PROGRAMS (SBA/FTHB/HPP) 17,350.90 39,479.09 39,479.09 SUB-TOTAL $ 166,916.08 $ 1,010,430.91 $ 1,154,607.77 OTHER INVESTMENTS: LOCAL AGENCY INVESTMENT FUND (LAIF) $ 9,143,777.13 $ 1,123,091.27 $ 1,051,000.00 LOS ANGELES COUNTY POOL (LACIP) 4,745,163.10 5,549.14 _ SUB-TOTAL 13,888,940.23 $ 1,128,640.41 1,051,000.00 TOTAL $ 14,055,856.31 $ 2,139,071.32 2,205,607.77 COMMUNITY FACILITIES DISTRICT REVENUE FUND WELLS FARGO BANK C.F.D. CHECKING $ 278,440.62 $ 381,297.69 $ 659,116.80 LOS ANGELES COUNTY POOL (LACIP) 1,183,175.54 657,617.54 TOTAL FOR C.F.D. REVENUE FUND $ 1,461,616.16 $ 1,038,915.23 $ 659,116.80 JANUARY 31 5,388.32 17,350.90 22,739.22 9,215,868.40 4,750,712.24 13,966,580.64 13,989,319.86 621.51 1,840,793.08 1,841,414.59 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 February 22, 2011. EARNED INTEREST YIELD THIS PERIOD: 0.780% SIX-MONTH TREASURY BILL YIELD: 0.180% REVIEWED BY: PREPARED BY ` Dennis Swink, City Controller Angel F. Pa iia, Revenue Services Supervisor SUBMITTED BY: APPROVED BY: - =- 4110.1F- Thorhai Efichthan, Asa:Far-it—City Manager/Finance Director • Marian V. Smithson, City Treasurer -'s ;The January 2011 report was reviewed bytthe City Treasurer after this report was distributed.