02-03-2009 - December 2008 Treasurer's Report0
City of West Covina
Memorandum
AGENDA
Item No.
Date
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman, Assistant City Manager
SUBJECT: DECEMBER 2008 TREASURER'S REPORT
RECOMMENDATION:
It is recommended the City Council receive and file this report.
DISCUSSION:
February 3, 2009
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 $34,164,472.36 on November
30, 2008, to $37,609,764.99 on December 31, 2008. 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 1266 days or approximately three and a half years.
The portfolio includes two long-term, high interest investments made in the early 1980s which
constitute approximately 36 percent of the portfolio. Approximately 42 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 22 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.
Cif S2
Prepared by: Dennis Swink RevieweKkpprove y: homas Bachman u
Controller Assistant City Manager
CITY OF WEST COVINA
STATEMENT OF TREASURER'S ACCOUNTABILITY
DECEMBER 31, 2008
TYPES OF DEPOSITS: NOVEMBER 30 DEPOSITS WITHDRAWALS DECEMBER 31
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
$ 327,011.00
$ 26,006,112.44
$ 25,972,027.44 $
361,096.00
WELLS FARGO BANK GEN AUTO & LIABILITY
-
21,099.68
21,099.68
-
WELLS FARGO BANK WORKER'S COMPENSATION
-
74,398.11
74,398.11
-
WELLS FARGO PAYROLL
305,116.76
4,738,129.75
4,790,100.06
253,146.45
SUB -TOTAL
$ 632,127.76
$ 30,839,739.98
$ 30,857,625.29 $
614,242.45
1.633%
OTHERINVESTMENTS:
WELLS FARGO SWEEP
$ 737,602.69
$ 11,550,279.73
$ 10,696,969.17 $
1,590,913.25
4.230%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
5,611,935.75
-
-
5,611,935.75 **
14.921%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
10,199,962.50
-
-
10,199,962.50 **
27.121%
FEDERAL HOME LOAN BANKS (FHLB)
1,999,460.00
-
1,999,460.00
-
0.000%
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
11,264,382.80
7,000,000.00
2,400,000.00
15,864,382.80
42.182%
LOS ANGELES COUNTY POOL (LACIP)
3,719,000.86
9,327.38
-
3,728,328.24
9.913%
SUB -TOTAL
$ 33,532,344.60
$ 18,559,607.11
$ 15,096,429.17 $
36,995,522.54
98.367%
TOTAL
$ 34,164,472.36
$ 49,399,347.09
$ 45,954,054.46 $
37,609,764.99
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 20, 2009.
EARNED INTEREST YIELD THIS PERIOD: 4.571 %
SIX-MONTH TREASURY BILL YIELD: 0.260%
REVIEWED
Dennis Swink, City Controller
SUBMITTED BY:
Thomas 6khmZ, kssistdRf City M irector
PREPARED B _
Angel F. P ena, Revenue Services Supervisor
POVED BY:
arian V. S ' hson, City Treasurer
is
0
CITY OF WEST COVINA
BOND DETAIL REPORT
December 31, 2008
Original Cost
Description of Bond
Type of Bond
Type of Investment
Description of Issuer
Maturity Date
Shares/FaceAmount
Market Value Rate
1988 Lease Revenue Refunding Bonds
Reserve
Federated Treasury Obligations
Federated Investors Co
Open
396,610.35
396,610.35
396,610.35
1988 Lease Revenue Refunding Bonds
Reserve
Cash
0.00
0.00
0.00
396,610.35
396,610.35
396,610.35
Ending Balances
396,610.35
396,611.35
396,610.35
2002 PFA Lease Revenue Refunding Bond
Lease Payment
First American Treasury Oblig Fund CL D
First American Funds, Inc.
Open
158'61
158.61
158.61 0.020
i
2002 PFA Lease Revenue Refunding Bond
Lease Payment.
Cash
0.00
0.00
0.00
158.61
158.61
158.61
2002 PFA Lease Revenue Refunding Bond
Credit Facility
California Strs, Confirming LOC L/C #53
California Strs
6/26/2011
0.00
1.00
0,00 -
2002 PFA Lease Revenue Refunding Bond
Credit Facility
Union Bank of CA L/C #306S234230
Union Bank
6/26/2012
0.00
1.00
0,00
Cash
0.00
0.00
0.00
0.00
2.00
0.00
Ending Balances
158.61
160.61
158.61
2003 Community Center COPs
Lease Revenue Fund
First American Treas Oblig Fd Cl D
First American Funds, Inc.
Open
9.63
9.63
9.63
2003 Community Center COPs
Lease Revenue Fund
Cash
0.00
0.00
0.00
9.63
9.63
9.63
2003 Community Center COPs
Interest Account
First American Treas Oblig Cl d Corp Trust
First American Funds, Inc.
Open
3.52
3.52
3.52
2003 Community Center COPS
Interest Account
Cash
0.00
0.00
0.00
3.52
3.52
3.52
2003 Community Center COPS
Reserve Account
First American Treas Oblig Cl,d Corp Trust
First American Funds, Inc.
Open
18,606.92
18,606.92
18,606.92 0.020
2003 Community Center COPs
Reserve Account
F H L B
U.S. Treas & Agency
11/5/2014
320,000.00
320,000.00
329,200.00 4.860
2003 Community Center COPs
Reserve Account
Cash
0.00
0.00
0.00
338,606.92
338,606.92
347,806.92
Ending Balances
338,620.07
338,620.07
347,820.07
Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date
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
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
2005 WC PFA Var Rate Lease Rev Ref Series C
2005 WC PFA Var Rate Lease Rev Ref Series C
Lease Payment
Lease Payment
Credit Facility
Credit Facility
Construction 04B
Construction 04B
Capital Expense 04A
Capital Expense 04A
Capital Expense 04B
Capital Expense 04B
Lease Payment
Lease Payment
Cost of Issuance
Cost of Issuance
First American Treas Oblig Cl d Corp Trust First American Funds, Inc.
Cash
Union Bank of CA Irrevocable LC #3065235825 Union Bank
Cash
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
Shares/Face Market Value Rate
Amount
Open 33,369.16
33,369.16
33,369.16 0.020
0.00
0.00
0.00
33,369.16
33,369.16
33,369.16
8/18/2009 1.00
1.00
0.00 -
0.00
0.00
0.00
1.00
1.00
0.00
First American Funds, Inc.
Open
103,848.73
103,848.73
103,848.73
0.020
0.00
0.00
0.00
103, 848.73
103,848.73
103,848.73
First American Funds, Inc.
Open
37,128.94
37,128.94
37,128.94
0.020
0.00
0.00
0.00
37,128.94
37,128.94
37,128.94
First American Funds, Inc.
Open
27,483.86
27,483.86
27,483.86
0.020
0.00
0.00
0.00
27,483.86
27,483.86
27,483.86
Ending Balances
201,831.69
201,831.69
201,830.69
First American Funds, Inc.
Open
13.18
13.18
13.18
0.00
0.00
0.00
13.18
13.18
13.18
First American Funds, Inc.
Open
2,690.11
2,690.11
2,690.11
0.020
0.00
1 0.00
0.00
2,690.11
2,690.11
2,690.11
Ending Balances
2,703.29
2,703.29
2,703.29
is
Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date
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 CI d Corp Trust
2006A Reserve Account F F C B
2006A Reserve Account Cash
2006A Cost of Issuance Fund First American Treas Oblig FD CL D
2006A Cost of Issuance Fund Cash
2006E Lse Rev Cap Int B First American Treas Oblig FD CL D
2006E Lse Rev Cap Int B Cash
2006B Reserve Account First American Treas Oblig FD CL D
2006E Reserve Account F H L B
2006B Reserve Account Cash
2006 WC PFA Lse Rev Bd Series A & B 2006E Cost Of Issuance Fund First American Treas Oblig CI d Corp Trust
2006 WC PFA Lse Rev Bd Series A & B 2006B Cost Of Issuance Fund Cash
'Market valuations have been provided by SNY Western Trust Company and U.S. Bank Corporate Trust Services
Shares/Face Market Value Rate
Amount
First American Funds, Inc.
Open
3.24
3.24
3.24
0.00
0.00
0.00
3.24
3.24
3.24
First American Funds, Inc.
Open
916.04
916.04
916.04
0.020
U.S. Treas & Agency
7/21/2015
959,000.00
959,000.00
996,458.54
4.930
0.00
0.00
0.00
959,916.04
959,916.04
997,374.58
First American Funds, Inc.
Open
16.76
16.76
16.76
-
0.00
0.00
0.00
16.76
16.76
16.76
First American Funds, Inc.
Open
148,772.48
148,772.48
148,772.48
0.020
0.00
0.00
0.00
148,772.48
148,772.48
148,772.48
First American Funds, Inc.
Open
14,770.75
14,770.75
14,770.75
0.020
U.S. Treas & Agency
11/5/2014
590,000.00
590,000.00
606,962.50
4.860
0.00
0.00
0.00
604,770.75
604,770.75
621,733.25
First American Funds, Inc.
Open
36.81
36.81
36.81
0.030
0.00
0.00
0.00
36.81
36.81
36.81
Ending Balances
1,713,516.08
1,713,516.08
1,767,937.12
GRAND TOTALS
2,653,440.09
2,653,443.09
2,717,060.13
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