07-16-2013 - Successor Agency Treasurers Reports for February - Item SA2 (2).pdfPrepared by: A
t DeIlse Bates, Accounting Manager
City of West Covina
Memorandum
AGENDA
Item No. SA 2
Date July 16, 2013
TO: Christopher J. Chung, City Manager
and City Council
FROM: Nita McKay
Director of Finance & Human Resources
SUBJECT: SUCCESSOR AGENCY TREASURER'S REPORTS FOR FEBRUARY
2013 THROUGH MAY 2013
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, receive and file the attached Treasurer's Reports.
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 in 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 State requirement to submit quarterly reports to the local
legislative body, the City's investment policy requires the monthly transmittal of the
treasurer's reports to the West Covina City Council, acting as the Successor Agency to the
West Covina Redevelopment Agency. The March 2013 report also includes a Bond Detail
Report. This report shows how the Successor's Agency's fiscal agents are investing
Successor Agency cash, which is held to service various debt issues.
For May 2013, the Agency's portfolio decreased by $122,718 from $4,269,473 on April 30,
2013, to $4,146,755 on May 31, 2013. Approximately 29 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, as the City can
withdraw them at any time. Approximately 71 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 and LAIF.
Reviewed and approved by:
Nit McKay, irecax of Finance/Human Resources
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
MAY 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
April 30
DEPOSITS WITHDRAWALS May 31
$
9,763.84
9,763.84
2,030.88
3,085,320.36
1,172,357.89
4,259,709.13
4,269,472.97 $
0 00
0.00
0.00
872.01
149,958.89
150,830.90
150,830.90
700.68
700.68
0.00
147,633.89
125,214.79
272,848.68
273,549.36
9.063.16
9,063.16
$ 2.030.88
2,938.558.48
1,197.101.99
4,137,691.35
$ 4,146,754.51
*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 month. The Sucessor Agency submitted the recognized obligation payment schedules (ROPS) for July to December 2013 to the State Department of Finance (D0F).
In June 2013, the Successor Agency received funds from the DOF-approved ROPS and there is sufficient cash flow liquidity to meet estimated expenditures from July -December 2013. This report is accurate with respect to all information received as of July 9, 2013.
EARNED INTEREST YIELD THIS PERIOD: 0.557% SIX-MONTH TREASURY BILL YIELD: 0.07%
PREPARED BY:
'4)Qk /04--(2 . a
APPROVED BY:
Denise Bates, Accounting Manager
SUBMITT By:
irt
Nita cKay, Finance D' eckor
Ma an V. Sjflithson, City Treasurer
LIIP,OVED BY: ; •
e221..4
Marian V. Smithson, City Treasurer
PREPARED BY: ,
—CC42-4'6" Denise Bates, Accounting Manager
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
APRIL 30, 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
March 31
DEPOSITS WITHDRAWALS April 30
$
10,487.87
10,487.87
2,029.47
3,212,077.86
1,233,368.13 "
4,447,475.46
4,457,963.33
0 00
0.00
1.41
1,133.20
128,665.88
129,800.49
129,800.49
724.03
724.03
0.00
127,890.70
189,676.12
317,566.82
318,290.85
9.763.8.4
9,763.84
2.030.88
3,085.320.36
1,172.357 89
4,259.709.13
$ 4,269,472.97
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 two months. The Sucessor Agency submitted the recognized obligation payment schedules (ROPS) for July to December 2013 to the State Department of Finance (D0F).
In June 2013, the Successor Agency received funds from the DOF-approved ROPS and there is sufficient cash flow liquidity to meet estimated expenditures from July -December 2013. This report is accurate with respect to all information received as of July 9, 2013.
EARNED INTEREST YIELD THIS PERIOD: 1.142% SIX-MONTH TREASURY BILL YIELD: 0.09%
SUBMITTED-BY:
r z ‘/F_
Nita McKay, Finance Director N,
EARNED INTEREST YIELD THIS PERIOD: 1.205% SIX-MONTH TREASURY BILL YIELD: 0.11%
PREPARED BY:
Denise Bates, Accounting Manager
- 4..."+2.1 -tt...
I _ ,137:719.7 77
/We; t i-------
Malian ii.6n)tifion,-City Treasurer
SUBMITTED-BY:
Nita cKay, Financeirector
-17c}
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
MARCH 31, 2013
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
SUB-TOTAL
OTHER INVESTMENTS:
February 28 DEPOSITS WITHDRAWALS
March 31
7,995.97
7,995.97
90,000 00
90,000.00
87,508.10
87,508.10
$ 10.487.87
10,487.87
LOCAL AGENCY INVESTMENT FUND (LAIF) 2,029.47 $ $ 2.029.47
LOS ANGELES COUNTY POOL (LACIP) 3,399,949.45 545.20 188,416.79 3,212.077 86
CITY OF WEST COVINA POOLED CASH
1,321,802.00 102,576.06 191,009.93 1,233.368.13
SUB-TOTAL 4,723,780.92 103,121 26 379,426.72 $ 4,447,475.46
TOTAL 4,731,776.89 193,121.26 466,934.82 $ 4,457,963.33
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 three months. The Sucessor Agency submitted the recognized obligation payment schedules (ROPS) for July to December 2013 to the State Department of Finance (DOF).
In June 2013, the Successor Agency received funds from the DOF-approved ROPS and there is sufficient cash flow liquidity to meet estimated expenditures from July -December 2013. This report is accurate with respect to all information received as of July 9, 2013
Page 1 of 2
Original Cost Shares/Face Amount Market Value
0 03 0 03 0 03
Rate
1 420
0 00
0.03
0 00
0 00
0.00
3,774.90
344,787.20
0.00
0.00
0.03
0.00
0.00
0.00
0.00
0.00
0.00
3,774.90
340,000 00
O. 00
0.00
0.03
0.00
0.00
0.00
0.00
0.00
0.00
Open
Open
Open
Open
5/30/2014
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
U S Tress & Agency
348,562 10 344,587 50 343,774 90
Open
1 420 5/30/2014
1,411 00
100,239.00
0 00
101,650.00
1,411.00
101.408.00
0.00
102,819.00
1,411.00
100,000 00
0.00
101,411.00
Reserve Series B
Reserve Series B
Reserve Series B
First American Funds, Inc.
U.S. Tress & Agency
First American Tress Oblig CI d Corp Trust
FHLB
Cash
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
First American Funds, Inc. Open 114.680 87 114,680.87 114,680.87
0 00 0.00 0.00
Open Principal Account
Principal Account
First American Funds, Inc. First American Treas Oblig Cl d Corp Trust
Cash
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B 194.59 194.59 194.59
561,112.99 560,061.39 566,256.59
0 00
0 00
000
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
Open 0.00
0.00
0.00
Purchase Fund
Purchase Fund
First American Funds, Inc. 1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
First American Treas Oblig Cl d Corp Trust
Cash
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
UC Fund
L/C Fund
Ending Balances
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
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
Type of Investment
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
Cash
First American Treas Oblig Cl d Corp Trust
FHLB
Cash
Maturity Date
Ending Balances
Direct Pay LOC #NZS668499
Cash
0 00
0 00
0.00
3,774.90
340,812.60
0 00
194.59
0.00
194 59
0.00
194.59
0.00
WEST COVINA SUCCESSOR AGENCY
BOND DETAIL REPORT
March 31, 2013
Description of Issuer
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
Project Fund Series B
Project Fund Series B
First American Treas Oblig Cl d Corp Trust
Cash
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
Revenue Fund
Revenue Fund
Revenue Fund
First American Treas Oblig Cl d Corp Trust
Cash
First American Funds, Inc. Open
Wells Fargo Bank, NA 10/13/2013 0 00 0.00 0.00
0,00 0.00 0.00
114,680 87 114,680.87 114,680.87
0 00
0 00
0.00
0 00
0 00
0.00
384 88
779,100 62
0.00
779,485.50
50 43
0 00
50.43
779,535.93
011
0 00
0 00
0.11
0 00
0 00
0.00
4,166.40
992,366.10
0.00
996,532.50
996,532.61
0.00
0.00
0.00
0.00
0 00
0.00
384.88
799 688.00
0.00
5 130
800,072.88
50.43
0.00
50.43
800,123.31
0.11
0 00
0.00
0.11
0.00
0 00
0.00
4,166.40
1,003,939.20
0.00
1 420
1,008,105.60
1,008,105.71
0.00
0.00
0.00
0.00
0.00
0.00
384.88
800.000 00
0.00
800,384.88
50.43
0.00
50.43
800,435.31
0.11
0 00
0.00
0.11
0.00
0.00
0.00
4,166.40
990,000.00
0.00
994,166 40
994,166.51
Original Cost Shares/Face Amount Market Value Rate
Description of Bond
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
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
Type of Bond
Special Fund
Special Fund
Interest Account
Interest Account
Reserve Account
Reserve Account
Reserve Account
Project Fund
Project Fund
Special Fund
Special Fund
Special Fund
Interest Account
Interest Account
Reserve Fund
Reserve Fund
Reserve Fund
First American Treas Oblig CI 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
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
Cash
First American Government Obligation Fd CL D
FHLB
Cash
Maturity Date
Open
Open
Open
3/1/2013
Open
Ending Balances
Open
Open
Open
5/30/2014
Ending Balances
WEST COVINA SUCCESSOR AGENCY
BOND DETAIL REPORT
March 31, 2013
Type of Investment Description of Issuer
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
U S. Treas & Agency
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
U S Treas & Agency
'Market valuations have been provided by U.S. Bank Corporate Trust Services GRAND TOTALS 2,337,181.53 2,354,663.21 2,374,485.61
Page 2 of 2
EARNED INTEREST YIELD THIS PERIOD: 0.664% SIX-MONTH TREASURY BILL YIELD: 0.130%
Denise Bates, Accounting Manager
(R
AP - OVED BY: i
Marian V. Smithson, City Treasurer
Nita,IfIcKay, Finance Dfrector
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
FEBRUARY 28, 2013
TYPES OF DEPOSITS
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
SUB-TOTAL
OTHER INVESTMENTS:
January 31 DEPOSITS WITHDRAWALS
February 31
$
$
4,515.26
4,515.26
3,789,907.66
3,789,907.66
3,786,426.95
3,786,426.95
7.995.97
7,995.97
LOCAL AGENCY INVESTMENT FUND (LAIF) $ 2,029.47 $ 2.029.47
LOS ANGELES COUNTY POOL (LACIP) 1,528,110.28 3,201,300.17 1,329,461.00 3,399,949.45
CITY OF WEST COVINA POOLED CASH 3,932,872.44 1,338,480.29 3,949,550.73 1,321,802.00
SUB-TOTAL $
5,463.012.19 4,539,780.46 $ 5,279,011.73 4,723,780.92
TOTAL $
5,467,527.45 8,329,688.12 9,065,438.68 4,731,776.89
• - Beginning balances were revised to reflect January 2013 activity posted subsequent to preparation of January 31, 2013 Treasurers 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 January 18, 2005.
The investment portfolio provides sufficient cash flow liquidity to meet estimated expenditures for the next four months. The Sucessor Agency submitted the recognized obligation payment schedules (ROPS) for July to December 2013 to the State Department of Finance (DOE).
In June 2013, the Successor Agency received funds from the DOF-approved ROPS and there is sufficient cash flow liquidity to meet estimated expenditures from July -December 2013. This report is accurate with respect to all information received as of July 9. 2013