01-17-2006 - November 2005 Treasurer's ReportCity of West Covina
Memorandum
AGENDA
Item No. D- 5
Date January 17, 2006
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman, Director
Finance Department
SUBJECT: NOVEMBER 2005 TREASURER'S REPORT
RECOMMENDATION:
It is recommended the City Council receive and file this report.
DISCUSSION:
Section 53646 of the Government Code requires a city's chief fiscal officer to 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. On
January 1, 2001, AB943 took effect, amending the law to also require local agencies to
submit reports to the State of California for the second and fourth quarters of each year. The
most recent report submitted to the State was for June 2005.
The Finance Department exceeds these requirements by submitting Treasurer's reports to the
West Covina City Council each month. The November Report shows the City's portfolio
decreased from $50,643,170.85 on October 31, 2005 to $48,157,357.04 on November 30,
2005. 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 1386
days or approximately four years. This unusually long maturity is caused by two, long term,
high interest investments made in the early 1980s, which constitute approximately twenty
nine percent of the portfolio. Approximately twenty seven percent of the portfolio is on
deposit in the Local Agency Investment Fund (LAIF). These funds are completely liquid
since the City could withdraw them at any time. The remaining forty four percent of the
portfolio has an average maturity of less than two years.
Prepared by: Dennis Swink
Controller
— 7� -.A I ............
Reviewed/Approve by: Thomas Bachman
Finance Director
CITY OF WEST COVINA
STATEMENT OF TREASURER'S ACCOUNTABILITY
NOVEMBER 30, 2006
TYPES OF DEPOSITS:
OCTOBER 31
DEPOSITS
WITHDRAWALS
NOVEMBER 30
-CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
$ 1,104,650.00
$ 13,093,989.90
$ 13,140,887.90 $
1,057,752.00
WELLS FARGO BANK GEN AUTO & LIABILITY
-
44,243.12
44,243.12
-
WELLS FARGO BANK WORKER'S COMPENSATION
-
85,911.45
85,911.45
_
WELLS FARGO PAYROLL
42,352.30
3,077,383:41
3,067,871.27
51,864.44
WELLS FARGO CDBG DEFERRED LOAN PROGRAM
122,147.91
10.04
-
122,157.95
PACIFIC WESTERN NAT BANK DEFERRED LOAN PROGRAM
19,855.41
52,488.31
52,488.31
19,855.41
PACIFIC WESTERN NAT BANK CITY COUNCIL DEBIT CARDS
14,475.63
9,600.00
657.05
23,418.58
SUB -TOTAL
$ 1,303,481.25
$ 16,363,626.23
$ 16,392,069.10 $
1,275,048.38
2.648"/o
OTHERINVESTMENTS:
WELLS FARGO SWEEP
$ 425,803.38
$ 4,900,674.32
$ 5,325,603.06 $
874.64
0.002%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
4,688,593.75
-
4,688,593.75 •`
9.736%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
10,199,962.50
-
-
10,199,962.50
21.180%
FEDERAL HOME LOAN BANKS (FHLB)
13,989,630.00,
-
-
13,989,630.00
29.050%
UNITED STATES TREASURY BILL
1,958,746.67
-
1,958,746.67
4.067%
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
16,799,127.39
-
4,000,000.00
12,799,127.39
26.578%
LOS ANGELES COUNTY POOL (LACIP)
3,236,572.58
8,801.13
-
3,245,373.71
6.739%
SUB -TOTAL
$ 49,339,689.60
$ 6,868,222.12
$ 9,325,603.06 $
46,882,308.66
97.352%
TOTAL
$ 50,643,170.85
$ 23,231,848.35
$ 25,717,662.16 $
48,157,357.04
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 December 29, 2005.
EARNED INTEREST YIELD THIS PERIOD: 4.987%
SIX-MONTH TREASURY BILL YIELD: 4.150%
R WED BY: '
Dennis Swink, City Controller
SUBMITTED BY:
Thomas f3sChman, Finance Director
PREPARED BY:
Angel F. Patefia, KevenueServlce,Supervlsor
/4PVD BY
Marion V. Smith�City Treasurer
•
City of West Covina Portfolio Details
November 30, 2005
AVERAGE
11/30/2005
10/31/2005
INVESTMENT
INVESTMENT
I
ISSUER
I
MATURITY
I
PURCHASE
I
DAYS TO
I
CUSIP
RATE
YIELD
COST
PAR
MARKET
MARKET
NUMBER
TYPE
DATE
DATE
MATURITY
VALUE*
VALUE'
05-09
FHLB
U.S. GOVERNMENT AGENCY
03/28/06
09/28/05
3133XD3U3
4.000
3.995
2,002,500.00
2,000,000.00
1,998,120.00
1,997,500.00
05-08
FHLB
U.S. GOVERNMENT AGENCY
06/19/06
09/19/05
3133XD3S8
4.070
4.070
2,000,000.00
2,000,000.00
1,994,380.00
1,995,000.00
05-07
FHLB
U.S. GOVERNMENT AGENCY
09/22/06
08/30/05
3133X1480
3.150
3.184
989,190.00
1.000,000.00
988,130.00
987,810.00
04-01
FHLB
U.S. GOVERNMENT AGENCY
12/08/06
09/08/04
3133X8BR2
3.060
3.060
1,000,000.00
1,000,000.00
984,060.00
983,750.00
05-06
FHLB
U.S. GOVERNMENT AGENCY
02/28/07
08/30/05
3133XCRV7
4.250
4.250
2.000,000.00
2,000,000.00
1,988,760.00
1,990,000.00
04-03
FHLB
U.S. GOVERNMENT AGENCY
05/30/07
11/30/04
3133X9EV8
3.180
3.180
1,000,000.00
1,000,000.00
978,130.00
978,130.00
05-05
FHLB
U.S. GOVERNMENT AGENCY
08/08/07
08/08/05
3133XCMC4
4.250
4.259
997,940.00
1,000,000.00
990,940.00
991,250.00
05-01
FHLB
U.S. GOVERNMENT AGENCY
08/24/07
02/24/05
3133XAQ26
3.760
3.750
1,000,000.00
1,000,000.00
984.060.00
977,500.00
05-04
FHLB
U.S. GOVERNMENT AGENCY
11/26/07
05/26/05
3133XBS89
4.200
4.200
1,000,000.00
1,000,000.00
989,060.00
988,130.00
05-03
FHLB
U.S. GOVERNMENT AGENCY
02/19/08
05/19/05
3133XBQ57
4.180
4,180
1,000,000.00
1,000,000.00
988,130.00
985,310.00
05-02
FHLB
U.S. GOVERNMENT AGENCY
03/07/08
03/07/05
3133XAQ59
4.000
4.000
1,000.000.00
1,000,000.00
983,440.00
973,750.00
449
13.989,630.00
14,000,000.00
13,867,210.00
13,848,130.00
86-01
•• FHLMC
U.S. GOVERNMENT AGENCY
06/01/16
06/01/86
313400MC4
8.260
7.728
10,199,962.50
9,555,000.00
12,116,982.15
12,093,094.65
3781
10,199,962.50
9,555,000.00
12,116,982.15
12,093,094.65
04-02
FNMA
U.S. GOVERNMENT AGENCY
11/22/06
11/22/04
31359MWRO
3.000
3.000
1,000,000.00
1,000,000.00
984,060.00
983,750.00
85-01
•• FNMA
U.S. GOVERNMENT AGENCY
12/10/15
12/10/85
313586UB3
10.350
8.418
3,688,593.75
3,000,000.00
4,246,890.00
4,242,180.00
2997
4.688,593.75
4,000,000.00
5,230,950.00
5,225,930.00
92-01
LACIP
LOS ANGELES COUNTY TREASURER
04/20/92
N/A
3.640
3.640
3,245,373.71
3,245,373.71
3,245,373.71
3,245,373.71
102
89-01
LAIF
STATE OF CALIFORNIA
10/19/89
N/A
3.636
3.636
12,799,127.39
12,799.127.39
12,799,127.39
12,799,127.39
204
•
05-10
US T-BILL
UNITED STATES TREASURY
05/04/06
11/03/05
912795XA4
4.080
4.166
1,958.746.67
2,000,000.00
1,965,460.00
-
154
4.166
1,958,746.67
2,000,000.00
1,965,460.00
-
TOTALS:
5.690
46,881,434.02
45,599,501.10
49,225,103.25
47,211,655.75
1386
* 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.
Note: The Wells Fargo Sweep account was not included In the calculation of average maturity.