02-06-2007 - December 2006 Treasurer's Reporti
r�
•
City of West Covina
Memorandum
AGENDA
Item No. D r.5
Date February 6, 2007
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman, Director
Finance Department
SUBJECT: DECEMBER 2006 TREASURER'S REPORT
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. Also, on January 1, 2001, AB943 took effect, amending the law
requiring local agencies to submit reports to the State of California for the second and fourth
quarters of each year. The December 2006 report will be submitted to the State.
The December Report shows the City's portfolio increased from $60,853,412.25 on
November 30, 2006 to $62,511,144.71 on December 31, 2006. 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 1018 days or approximately three
years. This unusually long maturity is caused by two, long term, high interest investments
made in the early 1980s, which constitute approximately twenty two percent of the portfolio.
Approximately forty nine 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 twenty nine percent of the portfolio has an average
maturity of less than one year.
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
Reviewe Approved by: Thomas Bachman
Finance Director
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CITY OF WEST COVINA
STATEMENT OF TREASURER'S ACCOUNTABILITY
DECEMBER_31, 2006
TYPES OF DEPOSITS:
NOVEMBER 30 DEPOSITS
WITHDRAWALS
DECEMBER 31
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
$ 282,815.00 $ 18,639,327.18
$ . 18,615,816.18 $
306,326.00
WELLS FARGO BANK GEN AUTO & LIABILITY
- 14,063.25
14,063.25
-
WELLS FARGO BANK WORKER'S COMPENSATION
- 140,166.17
140,166.17
-
WELLS FARGO PAYROLL
28,690.63 2,871,623.00
2,850,313.63
50,000.00
PACIFIC WESTERN NAT BANK DEFERRED LOAN PROGRAM
1,268.57 15,204.77
15,204.77
1,268.57
PACIFIC WESTERN NAT BANK CITY COUNCIL DEBIT CARDS
15,908.71 463.96
1,260.55
15,112.12
•
SUB -TOTAL
$ 328,682.91 $ 21,680,848.33
$ 21,636,824.55 $
372,706.69
0.596%
OTHERINVESTMENTS:
WELLS FARGO SWEEP
$ 1,531,200.86 $ 5,525,216.85
$ 3,946,477.45 $
3,109,940.26
4.975%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
5,664,713.75 -
1,976,120.00
3,688,593.75 ""
5.901%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
13,227,184.50
-
13,227,184.50 ""
21.160%
FEDERAL HOME LOAN BANKS (FHLB)
9,997,940.00 -
2,000,000.00
7,997,940.00
12.794%
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
26,724,350.02 5,000,000.00
1,000,000.00
30,724,350.02
49.150%
LOS ANGELES COUNTY POOL (LACIP)
3,379,340.21 11,089.28
3,390,429.49
5.424%
SUB -TOTAL
$ 60,524,729.34 $ 10,536,306.13
$ 8,922,597.46 $
62,138,438.02
99.404%
TOTAL
$ 60,853,412.26 $ 32,217,154.46
$ 30,559,422.00 $
62,511,144.71
100%
These investments include two high interest long term investments which 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 26,
2007.
•
EARNED INTEREST YIELD THIS PERIOD: 5.586%
SIX-MONTH TREASURY BILL
YIELD: 4.880%
REV BY:
Dennis Swink, City Controller
SUBMITTED BY:
Th mas B man, ance i or
PRE
'
Aggel F. Patena, Revenue Services Supervisor
CTifc
Mai'mtrV. Sm thson, City Treasurer
City of West Covina Portfolio Details
December 31, 2006
AVERAGE
12/31 /2006
11 /30/2006
INVESTMENT
INVESTMENT
I
ISSUER
I
MATURITY
PURCHASE
I
DAYS TO
I
CUSIP
I
RATE
I
YIELD
I
COST
I
PAR
I
MARKET
MARKET
I
NUMBER
TYPE
DATE
DATE
MATURITY
VALUE'
VALUE'
2004-08-04
FHLB
U.S. GOVERNMENT AGENCY
12/08/06
09/08/04
3133X8BR2
3.060
2006-03-22
FHLB
U.S. GOVERNMENT AGENCY
12/22/06
03/22/06
3133XEUE7
5.000
2005-08-30
FHLB
U.S. GOVERNMENT AGENCY
02/28/07
08/30/05
3133XCRV7
4.250
2004-11-30
FHLB
U.S. GOVERNMENT AGENCY
05/30/07
11/30/04
3133X9EV8
3.180
2005-08-08
FHLB
U.S. GOVERNMENT AGENCY
08/08/07
08/08/05
3133XCMC4
4.250
2005-02-24
FHLB
U.S. GOVERNMENT AGENCY
08/24/07
02/24/05
3133XAQ26
3.750
2005-05-26
FHLB
U.S. GOVERNMENT AGENCY
11/26/07
05/26/05
3133XBS89
4.200
2005-05-19
FHLB
U.S. GOVERNMENT AGENCY
02/19/08
05/19/05
3133XBO57
4.180
2005-03-07
FHLB
U.S. GOVERNMENT AGENCY
03/07/08
03/07/05
3133XAQ59
4.000
234
2006-09-01
FHLMC
U.S. GOVERNMENT AGENCY
03/21/07
09/01/06
3134A1RG7
6.943
1986-06-01
" FHLMC
U.S. GOVERNMENT AGENCY
06/01/16
06/01/86
313400MC4
8.250
2714
2006-06-20
FNMA
U.S. GOVERNMENT AGENCY
12/29/06
06/20/06
3136F4F58
3.125
1985-12-10
'• FNMA
U.S. GOVERNMENT AGENCY
12/10/15
12/10/85
313586UB3
10.350
3220
1992-04-20
LACIP
LOS ANGELES COUNTY TREASURER—
04/20/92
380
N/A
5.280
1989-10-19
LAIF
STATE OF CALIFORNIA
10/19/89
183
N/A
5.110
•
1018
TOTALS:
-
Matured 12-08-06
-
Matured 12-22-06
4.250
2,000,000.00
2,000,000.00
1,996,880.00
1,995,000.00
3.180
1,000,000.00
1,000,000.00
992,190.00
990,310.00
4.259
997,940.00
1,000,000.00
993,440.00
993,440.00
3.750
1,000,000.00
1,000,000.00
990,630.00
990,310.00
4.200
1,000,000.00
1,000,000.00
990.940.00
991.880.00
4.180
1,000,000.00
1,000,000.00
989,060.00
991,250.00
4.000
1,000,000.00
1,000,000.00
986,560.00
988,750.00
7,997,940.00
8,000,000.00
7,939,700.00
7,940,940.00
5.256
3,027,222.00
3,000,000.00
3,011,250.00
3,015,000.00
7.728
10,199,962.50
9,555,000.00
11,704,875.00
11,901,994.65
13,227,184.50
12, 555,000.00
14,716,125.00
14,916, 994.65
-
Matured 12-29-06
8.418
3,688,593.75
3,000,000.00
4,122,180.00
4,188,750.00
3,688,593.75
3,000,000.00
4,122,180.00
4,188,750.00
5.280
3,390,429.49
3,390,429.49
3,390,429.49
3,390,429.49
5.110
30,724,350.02
30,724,350.02
30,724,350.02
30,724,350.02
59,028,497.76 57,669,779.51 60,892,784.51 61,161,464.16
• 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 2006 LACIP Earnings Rate and November 2006 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 Included In the calculation of average maturity.
r "c
CITY OF WEST COVINA
BOND DETAIL REPORT
December 31, 2006
(Description of Bond
Type of Bond
Type of Investment
Description of Issuer
Maturity Date
Original Cost
Shares/Face t
Amount
Market Value
Rate
1988 Lease Revenue Refunding Bonds
Reserve
Federated Treasury Obligations
Federated Investors Cc
Open
375,198.83
375,198.83
375,198.83
4,840
Cash
0.00
0.00
0.00
37 ,198.83
375,198.83
375,198.83
1988 Lease Revenue Refunding Bonds
L/C Fund
0.00
0.00
0.00
-
Cash
0.20
0.20
0.20
0.20
0.20
0.20
Ending Balances
375,199.03
375,199.03
375,199.03
2002 PFA Lease Revenue Refunding Bond
Lease Payment
First American Treasury Oblig Fund CL D
First American Funds, Inc.
Open
67.77
67.77
67.77
4.430
0.00
0.00
0.00
67.77
67.77
67.77
2002 PFA Lease Revenue Refunding Bond
Credit Facility
California Strs, Letter of Credit #3065234230
California Strs
6/26/2009
0.00
1.00
0.00
-
Union Bank of CA L/C #3065234230
Union Bank
6/26/2007
0.00
1.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
Ending Balances
67.77
69.77
67.77
2003 Community Center COPs
Lease Revenue Fund
First American Trees Oblig Fd Cl D
First American Funds, Inc.
Open
0.90
0.90
0.90
0.00
0.00
0.00
0.90
0.90
0.90
2003 Community Center COPs
Interest Account
First American Treas Oblig CI d Corp Trust
First American Funds, Inc.
Open
3.37
3.37
3.37
Cash
0.00
0.00
0.00
3.37
3.37
3.37
2003 Community Center COPS
Reserve Account
First American Trees Oblig CI d Corp Trust
First American Funds, Inc.
Open
15,519.20
15,519.20
15,519.20
4.670
•
F H L M C M T N
U.S. Treas & Agency
9/17/2007
289,492.50
290,000.00
289,480.90
5.010
Cash
0.00
0.00
0.00
305,011.70
305,519.20
305,000.10
Ending Balances
305,016.97
305,523.47
305,004.37
0
(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
2004 WC PFA Var Rate Lease Rev Bds Ser A & B Credit Facility
2004 WC PFA Var Rate Lease Rev Bds Ser A & B Construction 04A
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
2004 WC PFA Var Rate Lease Rev Bds Ser A & B
2005 WC PFA Var Rate Lease Rev Ref Series C
First American Treas Oblig Cl d Corp Trust First American Funds, Inc. Open
Cash
Union Bank of CA Irrevocable LC #306S235825 Union Bank 8/18/2009
Cash
First American Treas Oblig Cl d Corp Trust First American Funds, Inc. Open
Money Market Mutual Fund Local Agency Investment Fund (LAIF)
Cash
Construction 04B
First American Trees Oblig CI d Corp Trust
First American Funds, Inc.
Cash
Cost of Issuance Fund 04A
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Cash
Cost of Issuance Fund 04B
First American Trees Oblig Cl d Corp Trust
First American Funds, Inc.
Cash
Capital Expense.04A
First American Treas Oblig Cl d Corp Trust
First American funds, Inc.
Cash
Capital Expense 04B
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Cash
Costof issuance First American Trees Oblig Cl d Corp Trust First American Funds, Inc.
Cash
Open
Open
2,824.75
0.00
2,824.75
0.00
2,824.75 4.670
0.00
2,824.75
2,824.75
2,824.75
1.00
1.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
4,201,612.67
4,201,612.67
4,201,612.67 4.670
0.00
0.00
0.00 -
137,813.87
137,813.87
137,813.87 -
0.00
0.00
0.00
4,339,426.54
4,339,426.54
4,339,426.54
515,749.52
515,749.52
515,749.52 4.670
0.00
0.00
0.00 -
0.00
0.00
0.00
0.00
0.00
0.00
515,749.52
515,749.52
515,749.52
17,311.56
17,311.56
17,311.56 4.670
0.00
0.00
0.00
17, 311.56
17, 311.56
17, 311.56
Open
14,149.91
14,149.91
14.149.91 4.670
0.00
0.00
0.00
14,149.91
14,149.91
14,149.91 -
Open
34,973.69
34,973.69
34,973.69 4.670
0.00
0.00
0.00
34,973.69
34,973.69.
34,973.69
Open
25,887.36
25,887.36
25,887.36 4.670
0.00
0.00
0.00
25,887.36
25,887.36
25,887.36
Ending Balances 4,950,324.33
4.950,324.33
4,950,323.33
Open 2,535.04
2,535.04
2,535.04 4.650
0.00
0.00
0.00 -
2,535.04
2,535.04
2,535.04
Ending Balances 2,535.04
2,535.04
2,535.04
L.J
Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date Original Cost Shares/Face Market Value Rate
Amount
2006 WC PFA Lse Rev Bd Series A & B
2006 WC PFA Lse Rev Bd Series A & B
2006 WC PFA Lse Rev Bd Series A & B
2006 WC PFA Lse Rev Bd Series A & B
2006 WC PFA Lse Rev Bd Series A & B
2006 WC PFA Lse Rev Bd Series A & B
2006 WC PFA Lse Rev Bd Series A & B
2006 WC PFA Lse Rev Bd Series A & B
2006A Lse Rev Cap Int A
First American Trees Oblig FD CL D
First American Funds, Inc.
Cash
2006A Reserve Account
First American Treas Oblig CI d Corp Trust
First American Funds, Inc.
Guaranteed Investment Contract
MBIA INC
Cash
2006A Construction Fund
First American Trees Oblig FD CL D
First American Funds, Inc.
Cash
2006A Cost of Issuance Fund .
First American Trees Oblig FD CL D
First American Funds, Inc.
Cash
2006E Lse Rev Cap Int B
First American Treas Oblig FD CL D
First American Funds, Inc.
Cash
2006B Reserve Account
First American Treas Oblig FD CL D
First American Funds, Inc.
Cash
2006E Construction Fund
First American Trees Oblig FD CL D
First American Funds, Inc.
Cash
20065 Cost Of Issuance Fund
First American Treas Oblig CI d Corp Trust
First American Funds, Inc.
Cash
`Market valuations have been provided by BNY Western Trust Company and U.S. Bank Corporate Trust Services
Open
457,487.46
457,487.46.
457,487.46
4.670
0.00
0.00
0.00
457,487.46
457,487.46
457,487.46
Open
7,276.70
7,276.70
7,276.70
4.670
5/15/2036
952,923.31
952,923.31
952,923.31
4.940
0.00
0.00
0.00
960, 200.01
960, 200.01
960, 200.01
Open
9,262,218.36
9.262.218.36
9,262,218.36
4.670
0.00.
0.00
0.00
0.00
0.00
0.00
9,262,218.36
9,262,218.36
9,262,218.36
Open
5,837.10
5,837.10
5,837.10
4.680
0.00
0.00
0.00
-
0.00
0.00
0.00
-
5,837.10
5,837.10
5,837.10
Open
939,205.68
939,205.68
939,205.68
4.670
0.00
- 0.00
0.00
939,205.68
939,205.68
939,205.68
Open
590,895.23
590,895.23
590,895.23
4.670
0.00
0.00
0.00
590,895.23
590,895.23
590,895.23
Open
5.454,513.61
5,454,513.61
5,454,513.61
4.670
0.00
0.00
0.00
5, 454, 513.61
5, 454, 513.61
5, 454, 513.61
Open
12,830.84
12,830.84
12,830.84
4.670
0.00
0.00
0.00
12.830.84
12, 830.84
12, 830. 84
Ending Balances
17,683,188.29
17,683,188.29
17,683,188.29
GRAND TOTALS
23,316,330.43
23,316,839.93 .
23,316,317.83 ,