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02-05-2008 - December 2007 Treasurer's Report• City. of West Covina Memorandum AGENDA Item No. D-5_ Date February 5, 2008 TO: Andrew G. Pasmant, City Manager and City Council FROM: Thomas Bachman, Director Finance Department SUBJECT: DECEMBER 2007 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. The December Report shows the City's portfolio increased from $45,932,434.14 on November 30, 2007 to $47,013,086.09 on December 31, 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 1293 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 twenty nine percent of the portfolio. Approximately twenty four 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 seven percent of the portfolio has an average maturity of just over 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 Revi ed/Appr ve by: Thomas Bachman Finance Director • • TYPES OF DEPOSITS: CHECKING ACCOUNTS CITY OF WEST COVINA STATEMENT OF TREASURER'S ACCOUNTABILITY DECEMBER 31, 2007 NOVEMBER 30 DEPOSITS WITHDRAWALS DECEMBER 31 WELLS FARGO GENERAL CHECKING $ 287,410.00 $ 20,584,506.29 $ 20,575,051.29 $ 296,865.00 WELLS FARGO BANK GEN AUTO & LIABILITY - 6,035.20 6,035.20 - WELLS FARGO BANK WORKER'S COMPENSATION - 44,785.07 44,545.55 .52 39 2239.52 WELLS FARGO PAYROLL 308,683.52 3,045,011.40 3,193,417.48 160, PACIFIC WESTERN NAT BANK DEFERRED LOAN PROGRAM 39,518.57 38,766.00 77,016.00 1,268.57 SUB -TOTAL $ 635,612.09 $ 23,719,103.96 $ 23,896,065.52 $ 458,650.63 0.976% OTHERINVESTMENTS: WELLS FARGO SWEEP $ 2,228,245.92 $ 5,498,050.64 $ 5,104,710.77 $ 2,621,585.79 5.576% FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 6,611,635.75 - - 6,611,635.75 ** 14.063% FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) 12,193-882.50 - 999,300.00 11,194,582.50 *' 23.812% FEDERAL HOME LOAN BANKS (FHLB) 11,001:361.00 - 11,001,361.00 23.401% LOCAL AGENCY INVESTMENT FUND - CITY (LAIF) 9,696,726.40 6,400,000.00 4,550,000.00 11,546,726.40 24.561% LOS ANGELES COUNTY POOL (LACIP) 3,564,970.48 13,573.64 3,578,544.12 7.612% SUB -TOTAL $ 45,296,822.05 $ 11,911,624.28 $ 10,654,010.77 $ 46,554,435.66 99.024% TOTAL $ 45,932,434.14 $ 35,630,728.24 $ 34,550,076.29 $ 47,013,086.09 100% 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 January 25, 2008. EARNED INTEREST YIELD THIS PERIOD: 5.771% SIX-MONTH TREASURY BILL YIELD: 3.230% REVIEWED BY: Dennis Swink, City Controller SUBMITTED BY: Thomas achman, nance Director PREPARED BY: Angel F. Pate , Revenue Services Supervisor /SAP RO D.BY: Maria V. Smiths9 , City Treasurer City of West Covina Portfolio Details December 31, 2007 AVERAGE 12/31 /2007 11/30/2007 INVESTMENT INVESTMENT ISSUER MATURITY PURCHASE DAYS TO CUSIP RATE YIELD COST PAR MARKET MARKET NUMBER TYPE DATE DATE MATURITY VALUE• VALUE' 2005-05-19 FHLB U.S. GOVERNMENT AGENCY 02/19/08 05/19/05 3133XBQ57 4.180 4.180 1,000,000.00 1,000,000.00 999,380.00 999,690.00 2005-03-07 FHLB U.S. GOVERNMENT AGENCY 03/07/08 03/07/05 3133XA059 4.000 4.000 1,000,000.00 1,000,000.00 998,750.00 999,060.00 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 2,010,000.00 2,010,620.00 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 1,009,060.00 1,010,000.00 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 2,016,880.00 2,018,760.00 2007-09-13 FHLB U.S. GOVERNMENT AGENCY 11/02/10 09/13/07 3133XKQ99 5.250 5.239 2,000,000.00 2,000,000.00 2,008,120.00 2,009,380.00 2007-09-17 FHLB U.S. GOVERNMENT AGENCY 05/23/11 09/17/07 3133XKQB4 5.300 5.288 2,000,000.00 2,000,000.00 2,010,620.00 2,012,500.00 . 556 11, 001, 361.00 11, 000, 000.00 11.052.810.00 11, 060,010.00 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 1,003,530.00 1,003,850.00 2007-01-11.2 FHLMC U.S. GOVERNMENT AGENCY 12/26/08 61/11/07 3128X5TD0 5.100 - Called 12-26-07 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 11,952,731.70 11,884,031.25 2818 11.194, 582.50 10, 555.000.00 12, 956.261.70 12,887,881.25 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 1,000,630.00 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 1,983,120.00 1,980,620.00 1985-12-10 " FNMA U.S. GOVERNMENT AGENCY 12/10/15 12/10/85 313586U83 10.350 8.418 3,688,593.75 3,000,000.00- 4,186,890.00 4,155,000.00 1844 6.611.635.75 6,000,000.00 7,170,640.00 7,137,180.00 1992-04-20 LACIP LOS ANGELES COUNTY TREASURER— 04/20/92 467 N/A 5.200 5.200 3,578,544.12 3,578,544.12 3,578,544.12 3,578,544.12 1989-10-19 LAIF STATE OF CALIFORNIA 10/19/89 204 N/A 4.960 4.960 11,546,726.40 11,546,726.40 11,546,726.40 11,546,726.40 • 1293 TOTALS: 43,932,849.77 42,680,270.52 46,304,982.22 46,210,341.77 ' 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 2007 LACIP Earnings Rate and November 2007 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. • CITY OF WEST COVINA BOND DETAIL REPORT December 31, 2007 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 1988 Lease Revenue Refunding Bonds 1988 Lease Revenue Refunding Bonds 1988 Lease Revenue Refunding Bonds 2002 PFA Lease Revenue Refunding Bond 2002 PFA Lease Revenue Refunding Bond 2002 PFA Lease Revenue Refunding Bond 2002 PFA Lease Revenue Refunding Bond 2003 Community Center COPs 2003 Community Center COPs 2003 Community Center COPs 2003 Community Center COPs Reserve Reserve UC Fund UC Fund Lease Payment Lease Payment Credit Facility Credit Facility Lease Revenue Fund Lease Revenue Fund Interest Account Interest Account 2003 Community Center COPS Reserve Account 2003 Community Center COPs Reserve Account 2003 Community Center COPS Reserve Account Federated Treasury Obligations Cash AIB Irr Letter of Credit UC #C-413 Cash First American Treasury Oblig Fund CL D Federated Investors Co Allied Irish Bank First American Funds, Inc. California Strs, Letter of Credit #306S234230 California Strs Union Bank of CA L/C #306S234230 Union Bank First American Treas Oblig Fd CI D First American Trees Oblig CI d Corp Trust Cash First American Trees Oblig Cl d Corp Trust F H L B Cash First American Funds, Inc. First American Funds, Inc. First American Funds, Inc. U.S. Treas & Agency Open 391,348.66 0.00 391,348.66 0.00 391.348.66 0.00 3.280 391,348.66 391,348.66 391,348.66 8/16/2008 0.00 1.00 0.00 - 0.00 0.00 0.00 0.00 1.00 0.00 Ending Balances 391,348.66 391,349.66 391,348.66 Open 70.85 70.85 70.85 2.820 0.00 0.00 0.00 70.85 70.85 70.85 6/26/2010 0.00 1.00 0.00 - 6/26/2012 0.00 1.00 0.00 0.00 0.00 0.00 0.00 2.00 0.00 Ending Balances 70.85 72.85 70.85 . Open 0.90 0.90 0.90 0.00 0.00 0.00 0.90 0.90 0.90 Open 3.49 3.49 3.49 0.00 0.00 0.00 3.49 3.49 3.49 Open 2,522.32 2,522.32 2.522.32 3.210 11/5/2014 320,000.00 320,000.00 325,200.00 4.920 0.00 0.00 0.00 322,522.32 322,522.32 327,722.32 Ending Balances 322,526.71 322,526.71 327,726.71 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 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 2004 WC PFA Var Rate Lease Rev Bds Ser A & B is 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 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 2005 WC PFA Var Rate Lease Rev Ref Series C Lease Payment First American Treas Oblig Cl d Corp Trust First American Funds, Inc. Lease Payment Cash Credit Facility Union Bank of CA Irrevocable LC #3065235825 Union Bank Credit Facility Cash Construction 04B First American Trees Oblig Cl d Corp Trust First American Funds, Inc Construction 04B Construction 04B Construction 04B Cash Cost of Issuance Fund 04A First American Trees Oblig Cl d Corp Trust First American Funds, Inc. Cost of Issuance Fund 04A Cash Cost of Issuance Fund 04B First American Trees Oblig Cl d Corp Trust First American Funds, Inc. Cost of Issuance Fund 04B Cash Capital Expense 04A First American Treas Oblig Cl d Corp Trust First American Funds, Inc. Capital Expense 04A Cash Capital Expense 04B First American Treas Oblig CI d Corp Trust First American Funds, Inc. Capital Expense 04B Cash Cost of Issuance First American Trees Oblig CI d Corp Trust First American Funds, Inc. Cost of Issuance Cash Open 11.21 11.21 11.21 0.00 0.00 0.00 11.21 11.21 11.21 8/18/2009 1.00 1.00 0.00 0.00 0.00 0.00 1.00 1.00 0.00 Open 102,290.63 102.290.63 102,290.63 3.200 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 102, 290.63 102, 290.63 102, 290.63 Open 18,095.01 18,095.01 18,095.01 3.200 0.00 0.00 0.00 18, 095.01 18, 095. 01 18.095. 01 Open 14,790.29 14,790.29 14,790.29 3.200 0.00 0.00 0.00 14, 790.29 14, 790.29 14, 790.29 Open 36,556.46 36,556.46 36,556.46 3.200 0.00 0.00 0.00 36,556.46 36,556.46 36,556.46 Open 27,058.91 27,058.91 27,058.91 3.200 0.00 0.00 0.00 27, 058.91 27, 058.91 27, 058.91 Ending Balances 198,803.51 198,803.51 198,802.51 Open 2,649.76 2,649.76 2,649.76 3.210 0.00 0.00 0.00 2,649.76 2,649.76 2.649.76 Ending Balances 2,649.76 2,649.76 2,649.76 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 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 Treas Oblig FD CL D 2006A Lse Rev Cap Int A Cash 2006A Reserve Account First American Treas Oblig Cl d Corp Trust 2006A Reserve Account Guaranteed Investment Contract 2006A Reserve Account Cash 2006A Cost of Issuance Fund First American Tress Oblig FD CL D 2006A Cost of Issuance Fund 2006A Cost of Issuance Fund Cash 2006B Lse Rev Cap Int B First American Treas Oblig FD CL D 2006B Lse Rev Cap Int B Cash 2006E Reserve Account First American Treas Oblig FD CL D 2006E Reserve Account F H L B 2006B Reserve Account Cash 2006B Cost Of Issuance Fund First American Treas Oblig Cl d Corp Trust 2006B Cost Of Issuance Fund Cash 'Market valuations have been provided by BNV Western Trust Company and U.S. Bank Corporate Trust Services is First American Funds, Inc. Open 3,401.42 3,401.42 3,401.42 3.200 0.00 0.00 0.00 3,401.42 3,401.42 3.401.42 First American Funds, Inc. Open 0.13 0.13 0.13 - MBIA INC 5/15/2036 952.923.31 952,923.31 952,923.31 4.940 0.00 0.00 0.00 952,923.44 952,923.44 952,923.44 First American Funds, Inc. Open 16.51 16.51 16.51 6.060 0.00 0.00 0.00 - 0.00 0.00 0.00 16.51 16.51 16.51 First American Funds, Inc. Open 560,597.44 560,597.44 560,597.44 3.200 0.00 0.00 0.00 560,597.44 560,597.44 560,597.44 First American Funds, Inc. Open 4,167.21 4,167.21 4,167.21 3.190 U.S. Tress & Agency 11/5/2014 590,000.00 590,000.00 599,587.50 4.920 0.00 0.00 0.00 594,167.21 594,167.21 603,754.71 First American Funds, Inc. Open 36.25 36.25 36.25 2.760 0.00 0.00 0.00 36.25 36.25 36.25 Ending Balances 2,111,142.27 2,111,142.27 2,120,729.77 GRAND TOTALS 3,026,541.76 3,026,544.76 3,041,328.26