01-15-2008 - November 2007 Treasurer's ReportCity of West Covina
Memorandum
AGENDA
Item No. D &
Date January 15, 2008
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman, Director
Finance Department
SUBJECT: NOVEMBER 2007 TREASURER'S REPORT
RECOMMENDATION:
It is recommended the City Council receive and file"this report.
1 "191ISSIT970
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.
The November Report shows the City's portfolio decreased from' $56,246,289.90 on October
31, 2007 to $45,932,434.14 on November 36, 2007. 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 1337 days or approximately three and a half years
years. The portfolio includes two long-term, high interest investments made in the early
1980s which constitute approximately thirty percent of the portfolio. Approximately twenty
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 nine percent of the portfolio has an average maturity of just over one year.
Prepared by: Dennis Swink
Controller
Reviewe Approved by: Thomas achman
Finance Director
0
•
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
CITY OF WEST COVINA.
STATEMENT OF TREASURER'S ACCOUNTABILITY
NOVEMBER 30, 2007
OCTOBER 31
DEPOSITS WITHDRAWALS
NOVEMBER 30
WELLS FARGO GENERAL CHECKING
$ 460,134.00 $
24,722,831.98
$ 24,895,555.98
$
287,410.00
WELLS FARGO BANK GEN AUTO & LIABILITY
-
26,545.95
26,545.95
-
WELLS FARGO BANK WORKER'S COMPENSATION
2,384.31
51,741.90
54,126.21
WELLS FARGO PAYROLL
173,907.99
3,272,153.68
3,137,378.15
308,683.52
PACIFIC WESTERN NAT BANK DEFERRED LOAN PROGRAM
1,268.57
68,136.00
29,886.00
39,518.57
SUB -TOTAL
$ 637,694.87 $
28,141,409.51
$ 28,143,492.29
$
636,612.09
1.384%
OTHER INVESTMENTS:
WELLS FARGO SWEEP
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
$ 1,119,559.73 $
6,611,635.75
10,472,415.12
$ 9,363,728.93
$
2,228,245.92
4.851%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
12,193,882.50
-
6,611,635.75 ""
""
14.394%
FEDERAL HOME LOAN BANKS (FHLB)
12,001,361.00
-
1,000,000.00
12,193,882.50
11,001,361.00
26.547%
23.951%
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
20,136,726.40
-
10,440,000.00
9,696,726.40
21.111 %
LOS ANGELES COUNTY POOL (LACIP)
3,545,429.65
19,540.83
3,564,970.48
7.761%
SUB -TOTAL
$ 55,608,595.03 $
10,491,956.95
$ 20,803,728.93
$
45,296,822.05
98.616%
TOTAL
$ 56,246,289.90 $
38,633,365.46
$ 48,947,221.22
$
45,932,434.14
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, 2006.
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 21, 2007.
EARNED INTEREST YIELD THIS PERIOD: 5.832% SIX-MONTH TREASURY BILL YIELD: 3.460%
REVIEWED BY:
Dennis Swink, City Controller
SUBMITTED B
Thoma Bachman, Fih
PREPARED BY:
..ice
Angel F. Paten , Revenue Services Supervisor
APPR ED BY
Marion V. Sn,! s6n, City Treasurer
City of West Covina Portfolio Details
November 30, 2007
AVERAGE
11/30/2007
10/31/2007
INVESTMENT
INVESTMENT
ISSUER
MATURITY
PURCHASE
DAYS TO
CUSIP
RATE
YIELD
COST
PAR
MARKET
MARKET
NUMBER
TYPE
DATE
DATE
MATURITY
VALUE'
VALUE'
2005-05-26
FHLB
U.S. GOVERNMENT AGENCY
11/26/07
05/26/05
3133XBS89
4.200
-
Matured 11-26-07
-
2005-05-19
FHLB
U.S. GOVERNMENT AGENCY
02/19/08
05/19/05
3133XBQ57
4.180
4.180
1,000,000.00
1,000,000.00
999,690.00
998,750.00
2005-03-07
FHLB
U.S. GOVERNMENT AGENCY
03/07/08
03/07/05
3133XAQ59
4.000
4.000
1,000,000.00,
1,000,000.00
999,060.00
997,500.00
2007-01-11.3
FHLB
U.S. GOVERNMENT AGENCY
09/12/08
01/11/07
3133XEZP7
5.000
5.058
1,998,024.00
2.000.000.00
2,010,620.00
2,007,500.00
2007-01-11.5
FHLB
U.S. GOVERNMENT AGENCY
11/14/08
01/11/07
3133MKGK7
5.250
5.023
1,003,877.00
1,000,000.00
1,010,000.00
1,007,500.00
2007-01-11.1
FHLB
U.S. GOVERNMENT AGENCY
12/12/08
01/11/07
3133XHTU6
5.000
5.007
1,999.460.00
2,000,000.00
2,018,760.00
2.011,260.00
2007-09-13
2007-09-17
FHLB
FHLB
U.S. GOVERNMENT AGENCY
U.S. GOVERNMENT AGENCY
11/02/10
05/23/11
09/13/07
09/17/07
3133XKQ99
3133XKQ84
5.250
5.300
5.239
5.288
2,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
2,009,380.00
2,012,500.00
2,005,620.00
2,006.880.00
586
11,001,361.00
11,000.000.00
11,060,010.00
11,035,010.00
2007-01-11.4
FHLMC
U.S. GOVERNMENT AGENCY
10/06/08
01/11/07
3128X4QL8
4.700
5.023
994,620.00
1.000.000.00
1,003,850.00
1,001,740.00
2007-01-11.2
FHLMC
U.S. GOVERNMENT AGENCY
12/26/08
01/11/07
3128X5TD0
5.100
5.136
999,300.00
1,000,000.00
1,000,680.00
1,000,950.00
1986-06-01
"FHLMC
U.S. GOVERNMENT AGENCY
06/01/16
06/01/86
313400MC4
8.250
7.728
10,199.962.50
9,555,000.00
11,884,031.25
11,606,362.95
2669
12.193,882.50
11.555,000.00
13,888,561.25
13,609,052.95
2007-01-22
FNMA
U.S. GOVERNMENT AGENCY
01/22/09
01/22/07
3136F8DN2
5.150
5.165
999.700.00
1,000,000.00
1,001,560.00
1.001,560.00
2007-01-11.6
FNMA
U.S. GOVERNMENT AGENCY
03/16/09
01/11/07
31359MUQ4
3.125
5.000
1,923,342.00
2,000,000.00
1,980,620.00
1,966,260.00
1985-12-10
" FNMA
U.S. GOVERNMENT AGENCY
12/10/15
12/10/85
313586U133
10.350
8.418
3.688,693.75
3,000.000.00
4,155.000.00
4.065,000.00
1870
6.611,635.75
6,000.000.00
7,137.180.00
7,032,820.00
1992-04-20
LACIP
LOS ANGELES COUNTY TREASURER-
04/20/92
482
N/A
5.310
5.310
3,564,970.48
3,564,970.48
3.564,970.48
3,564,970.48
1989-10-19 LAIF STATE OF CALIFORNIA
0
10/19/89 208 N/A 4.962 4.962
TOTALS:
9,696,726.40 9,696,726.40 9,696.726.40 9,696,726.40
43.068,576.13 41,816,696.88 45,347.448.13 44,938,579.83
`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 rive -year term.
"" For this month's report, October 2007 LACIP Earnings Rate and October 2007 LACIP Weighted Average Days to Maturity were used due to the unavailability of November figures as of the writing of this report.
Note: The Wells Fargo Sweep account was not Included in the calculation of average maturity.
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