02-07-2006 - December 2005 Treasurer's Report0
•
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman, Director
Finance Department
City of West Covina
Memorandum
AGENDA
Item No. D-6
Date February 7, 2006
SUBJECT: DECEMBER 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
December 2005 report will be submitted to the State.
The Finance Department exceeds these requirements by submitting Treasurer's reports to the
West Covina City Council each month. The December Report shows the City's portfolio
increased from $48,157,357.04 on November 30, 2005 to $53,099,484.02 on December 31,
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 1285
days or approximately three and a half years. This unusually long maturity is caused by two,
long term, high interest investments made in the early 1980s, which constitute approximately
twenty six percent of the portfolio. Approximately thirty one 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 three percent of the
portfolio has an average maturity of less than two years.
Bond Detail Report:
The December report also includes a Bond Detail Report. This report shows how Fiscal
Agents are investing City, Community Development Commission and Public Financing
Authority cash, which they hold to service various debts. This information is reported to the
City Council quarterly.
Prepared by: Dennis Swink
Controller
- -�z A6� �
Reviewe Approved by: Thomas Bachman
Finance Director
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
CITY OF WEST COVINA
STATEMENT OF TREASURER'S ACCOUNTABILITY
DECEMBER 31, 2005
NOVEMBER30
DEPOSITS WITHDRAWALS DECEMBER 31
WELLS FARGO GENERAL CHECKING
$
1,057,752.00
$
21,174,862.26
$
21,394,045.31
$
838,568.95
WELLS FARGO BANK GEN AUTO & LIABILITY
-
43,977.46
43,977.46
-
WELLS FARGO BANK WORKER'S COMPENSATION
-
83,868.27
83,868.27
-
WELLS FARGO PAYROLL
51,864.44
3,286,999.46
3,289,384.94
49,478.96
WELLS FARGO CDBG DEFERRED LOAN PROGRAM
122,157.95
10.37
-
122,168.32
PACIFIC WESTERN NAT BANK DEFERRED LOAN PROGRAM
19,855.41
46,636.02
46.636.02
19,855.41
PACIFIC WESTERN NAT BAIJK CITY COUNCIL DEBIT CARDS
23,418.58
363.29
1,684.51
22,097.36
SUB -TOTAL
$
1,275,048.38
$
24,636,717.13
$
24,859,596.51
$
1,052,169.00
1.982%
OTHERINVESTMENTS:
WELLS FARGO SWEEP
$
874.64
$
9,441,435.83
$
8,085,835.98
$
1,356,474.49
2.555%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
4,688,593.75
4,688,593.75 —
8.830%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
10,199,962.50
-
-
10,199,962.50 —
19.209%
FEDERAL HOME LOAN BANKS (FHLB)
13,989,630.00
-
13,989,630.00
26.346%
UNITED STATES TREASURY BILL
1,958,746.67
-
-
1,958,746.67
3.689%
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
12,799,127.39
4,800,000.00
1,000,000.00
16,599,127.39
31.260%
LOS ANGELES COUNTY.POOL (LACIP)
3,245,373.71
9,406.51
3,254,780.22
6.130%
SUB -TOTAL
$
46,882,308.66
$
14,250,842.34
$
9,085,835.98
$
62,047,315.02
98.018%
TOTAL
$
48,157,357.04
$
38,887,559.47
$
33,945,432.49
$
53,099,484.02
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 January 23, 2006.
EARNED INTEREST YIELD THIS PERIOD: 4.900% SIX-MONTH TREASURY BILL YIELD: 4.180%
REVIEWED BY: PREPARED BY:
Dennis Swink, City Controller Angel F. Paten Revenue Services Supervisor
SUBMITTED BY:
Thom s DaEtirffan, rinanWEITrictor
SAP RO ED BY:
Mariin V. STPs n, City Treasurer
I�
0
City of West Covina Portfolio Details
December 31, 2005
CT COL 1 CT COL 2 CT COLS CT COL 4 CT COL 5 CT COL6 CT COL 7 CT COL 8
CT COL 9 CT COL 10 CT COL 11 CT COL 12 CT COL 13 - FIN
INVESTMENT
INVESTMENT
ISSUER
MATURITY
PURCHASE
AVERAGE
DAYS TO
CUSIP
I
RATE
YIELD
COST
PAR
12/31/2006
11/30/2006
NUMBER
TYPE
DATE
DATE
MATURITY
MARKET
MARKET
VALUE•
VALUE'
05-09
FHLB
U.S. GOVERNMENT AGENCY
03/28/06
09/28/05
3133XD3U3
4.000
05-08
FHLB
U.S. GOVERNMENT AGENCY
06/19/06
09/19/05
3133XD3S8
4.070
05-07
FHLB
U.S. GOVERNMENT AGENCY
09/22/06
08/30/05
3133X14B0
3.150
04-01
FHLB
U.S. GOVERNMENT AGENCY
12/08/06
09/08/04
3133X8BR2
3.060
05-06
FHLB
U.S. GOVERNMENT AGENCY
02/28/07
08/30/05
3133XCRV7
4.250
04-03
FHLB
U.S. GOVERNMENT AGENCY
05/30/07
11/30/04
3133X9EV8
3.180
05-05
FHLB
U.S. GOVERNMENT AGENCY
08/08/07
08/08/05
3133XCMC4
4.250
05-01
FHLB
U.S. GOVERNMENT AGENCY
08/24/07
02/24/05
3133XAQ26
3.750
05-04
FHLB
U.S. GOVERNMENT AGENCY
11/26/07
05/26/05
3133XBS89
4,200
05-03
FHLB
U.S. GOVERNMENT AGENCY
02/19/08
05/19/05
3133XBQ57
4.180
05-02
FHLB
U.S. GOVERNMENT AGENCY
03/07/08
03/07/05
3133XAQ59
4.000
419
86-01
•• FHLMC
U.S. GOVERNMENT AGENCY
06/01/16
06/01/86
313400MC4
8.250
3751
04-02
FNMA
U.S. GOVERNMENT AGENCY
11/22/06
11/22/04
31359MWRO
3.000
85-01
" FNMA
U.S. GOVERNMENT AGENCY
12/10/15
12/10/85
313586UB3
10.350
2969
92-01
LACIP
LOS ANGELES COUNTY TREASURER-
04/20/92
102
N/A
3.640
89-01
LAIF
STATE OF CALIFORNIA
10/19/89
192
N/A
3.808
05-10
US T-BILL
UNITED STATES TREASURY
05/04/06
11/03/05
912795XA4
4.080
124
3.995
2,002,500.00
2,000,000.00
1.996,880.00
1,998,120.00
4.070
2,000.000.00
2,000,000.00
1,994,380.00
1,994,380.00
3.184
989.190.00
1,000,000.00
989.380.00
988,130.00
3.060
1,000.000.00
1.000,000.00
984,690.00
984,060.00
4.250
2,060,000.00
2,000,000.00
1.988,120.00
1,988,760.00
3.180
1,000,000.00
1,000,000.00
978.750.00
978,130.00
4.259
997,940.00
1,000,000.00
990,940.00
990,940.00
3.750
1,000,000.00
1,000,000.00
984,380.00
984,060.00
•
4.200
1,000,000.00
1,000,000.00
989,380.00
989,060.00
4.180
1.000,000.00
1.000,000.00
988,750.00
988,130.00
4.000
1,000,000.00
1,000,000.00
984,380.00
983,440.00
13, 989, 630.00
14, 000, 000.00
13, 870, 030.00
13.867, 210.00
7.728
10,199,962.50
9.555,000.00
12,167,719.20
12,116,982.15
10,199,962.50
9,555,000.00
12,167,719.20
12,116,982.15
3.000
1,000,000.00
1,000,000.00
985,000.00
984.060.00
8.418
3,688.593.75
3,000,000.00
4,265,640.00
4,246,890.00
4,688,593.75
4,000,000.00
5,250,640.00
5,230,950.00
3.640 3,254,780.22 3,254,780.22 3,254.780.22 3.254,780.22
3.808 16.599,127.39 16, 599,127.39 16, 599,127.39 16, 599,127.39
4.166 1,958.746.67 2,000,000.00 1,972,820.00 1,965,460.00
4.166 1.958,746.67 2,000,000.00 1,972,820.00 1,965.460.00
TOTALS: 1285 5.690 50,690,840.53 49,408,907.61 53.115.116.81 53,034,509.76
"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.
'•• For this month's report November 2005 LACIP Earnings Rate and November 2005 LACIP Weighted Average Days to Maturity were used due to the unavailability of December figures as of the writing of this report.
Note: The Wells Fargo Sweep account was not Ircluded in the calculation of average maturity.
CITY OF WEST COVINA
BOND DETAIL REPORT
December 31, 2005
Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date Original Cost Shares/Face Market Value Rate
Amount
1988 Lease Revenue Refunding Bonds
Reserve
Federated Treasury Obligations
Federated Investors Co
Open
374,304.79
374,304.79
374,304.79
3.750
Cash
0.00
0.00
0.00
374,304.79
374,304.79
374,304.79
1988 Lease Revenue Refunding Bonds
L/C Fund
0.00
0.00
0.00
-
Cash
0.11
0.11
0.11
0.11
0.11
0.11
Ending Balances
374,304.90
374,304.90
374,304.90
2002 PFA Lease Revenue Refunding Bond
Lease Payment
First American Treasury Oblig Fund CL D
First American Funds, Inc.
Open
692.27
692.27
692.27
3.470
0.00
0.00
0.00
692.27
692.27
692.27
Ending Balances
692.27
694.27
692.27
2003 Community Center COPS
Lease Revenue Fund
First American Treas Oblig Fd Cl D
First American Funds, Inc.
Open
45.89
45.89
45.89
4.360
0.00
0.00
0.00
45.89
45.89
45.89
2003 Community Center COPs
Interest Account
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
3.25
3.25
3.25
-
Cash
0.00
0.0Q
0.00
3.25
3.25
3.25
2003 Community Center COPS
Reserve Account
First American Treas Oblig CI d Corp Trust
First American Funds, Inc.
Open
2,040.41
2,040.41
2,040.41
3.430
F H L B
U.S. Treas & Agency
9/7/2006
290,000.00
290,000.00
289,095.20
4.220
Cash
0.00
0.00
0.00
292,040.41
292,040.41
291,135.61
2003 Community Center COPs
Construction Fund
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
56.09
56.09
56.09
3.570
Cash
0.00
0.00
0.00
Ending Balances
56.09
292,146.64
56.09
292,145.64
56.09
291,240.84
.
f
.a
Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date Original Cost Shares/Face Market Value Rate
Amount
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
Lease Payment
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
258,293.84
258,293.84
258,293.84
3.420
Cash
0.00
0.00
0.00
258,293.84
258,293.84
258,293.84
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
Credit Facility
Union Bank of CA Irrevocable LC #3065235825
Union Bank
8/18/2009
1.00
1.00
0.00
-
Cash
0.00
0.00
0.00
1.00
1.00
0.00
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
Construction 04A
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
2,693.84
2,693.84
2,693.84
3.420
F H L M C MTN
U.S. Treas & Agency
2/17/2006
993,850.00
1,000,000.00
997,010.00
2.190 .
F H L B
U.S. Treas & Agency
8/11/2006
3,990,840.00
4,000,000.00
3,985.000.00
4.020
Money Market Mutual Fund
Local Agency Investment Fund (LAIF)
1,590,332.11
1,590,332.11
1,590,332.11
-
Cash
0.00
0.00
0.00
6,577,715.95
6,593,025.95
6,575,035.95
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
Construction 04B
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
2,095.22
2,095.22
2,095.22
3.440
F H L B
U.S. Treas & Agency
9/29/2006
3,000,000.00
3,000,000.00
2,985,930.00
4.070
Money Market Mutual Fund
Local Agency Investment Fund (LAIF)
1,853,280.50
1,853,280.50
1,853,280.50
-
Cash
0.00
0.00
0.00
4.855,375.72
4,855,375.72.
4,841,305.72
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
Cost of Issuance Fund 04A
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
16,589.55
16,589.55
16,589.55
3.420
Cash
0.00
0.00
0.00
16, 589.55
16, 589.55
16,589.55
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
Cost of Issuance Fund 04B
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
13,559.75
13,559.75
T 11,559.75
3.420
Cash
0.00
0.00
0.00
13, 559.75
13, 559.75
13, 559.75
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
Capital Expense 04A
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
172,310.65
172,310.65
172,310.65
3.420
Cash
0.00
0.00
0.00
172, 310.65
172, 310.65
172, 310.65
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
Capital Expense 04B
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
115,435.27
115,435.27
115,435.27
3.420
Cash
0.00
0.00
0.00
115,435.27
115,435.27
115,435.27
Ending Balances
12,009,281.73
12,024,591.73
11,992,630.73
2005 WC PFA Var Rate Lease Rev Ref Series C
Cost of Issuance
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
2.429.33
2,429.33
2,429.33
3.420
Cash
0.00
0.00
0.00
2005 WC PFA Var Rate Lease Rev Ref Series C 2002A Escrow Account
Cash
*Market valuations have been provided by BNY Western Trust Company and U.S. Bank Corporate Trust Services
2,429.33
2,429.33
2,429.33
0.00
0.00
0.00
20,819.10
20,819.10
20,819.10
20,819.10
20,819.10
20,819.10
Ending Balances 23,248.43
23,248.43
23,248.43
GRAND TOTALS 12,699,672.97
12,714,984.97
12,682,017.17
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