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