03-05-2013 - Successor Agency Treasurers Report for the Month - Item SA 2 (2).pdf4011111111
Reviewe • /A &nveci —ey: Thomas Bachman
Asst. City Manager/Finance Director
City of West Covina
Memorandum
AGENDA
Item No. SA2
Date March 5, 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 JANUARY
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:
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, if applicable.
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 January Report shows the Agency's portfolio increased by $3,543,807 from $2,873,262
on December 31, 2012, to $6,417,069 on January 31, 2013. Approximately 76 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 24 percent 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.
Prepared by: Clara Wo
Interim Finance Directo
PREPARED BY:
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
JANUARY 31, 2013
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
SUB-TOTAL
OTHER INVESTMENTS:
LOCAL AGENCY INVESTMENT FUND (LA1F)
LOS ANGELES COUNTY POOL (LACIP)
CITY OF WEST COVINA POOLED CASH
SUB-TOTAL
TOTAL
$
December 31
69,305.03
69,305.03
2,027.82
1,651,564.85
1,150,364.90
2,803,957.57
2,873,262.60
DEPOSITS
0.00
1.65
2,864.62
6,224,820.53
6,227,686.80
6,227,686.80
WITHDRAWALS
64,789.77
64,789.77
126,319.19
2,492,771.26
2,619,090.45
2,683,880.22
January 31
4,515.26
4,515.26
2,029.47
1,528,110.28
4,882,414.17
6,412,553.92
6,417,069.18
*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 provides sufficient cash flow liquidity to meet estimated expenditures for the next five months. The Sucessor Agency has justed submitted the recognized obligation payment schedules (ROPS) from July to December to the State Department of Finance.
Upon approval, money will be distributed in June and there will be sufficient cash flow liquidity to meet estimated expenditures from July -December. This report is accurate with respect to all information received as of January 31, 2013
EARNED INTEREST YIELD THIS PERIOD: 0.426%
Thomas man, sistant City Manager/Finance Director