01-19-2010 - November 2009 Treasurer's Report0
a
TO:
FROM:
SUBJECT:
Andrew G. Pasmant, City Manager
and City Council
Thomas Bachman, Assistant City Manager
NOVEMBER 2009 TREASURER'S REPORT
RECOMMENDATION:
City of West Covina
Memorandum
AGENDA
Item No. D - 5
Date January 19, 2010.
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 November Report shows the City's portfolio decreased from $31,608,177.69 on October
31, 2009, to $29,905;382.09 on November 30, 2009. 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 1,354 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 46 percent of the portfolio. Approximately 35 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 19 percent
of the portfolio has an average maturity of just over one year.
Prepared by: Dennis Swink
Controller
Review /Approve y: Thomas Bachman '
Finance Director
CITY OF WEST COVINA
STATEMENT OF TREASURER'S ACCOUNTABILITY
NOVEMBER 30, 2009
TYPES OF DEPOSITS: OCTOBER 31 DEPOSITS WITHDRAWALS NOVEMBER 30
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
$
293,570.00
$
8,616,034.27
$
8,621,699.27
$
287,905.00
WELLS FARGO BANK GEN AUTO & LIABILITY
-
21,212.93
21,212.93
-
WELLS FARGO BANK WORKER'S COMPENSATION
50,000.00,
41,560.35
41,560.35
50,000.00
WELLS FARGO PAYROLL
70,583.33
3,295,953.27
3,182,966.15
183,570.45
SUB -TOTAL
$
414,153.33
$
11,974,760.82
$
11,867,438.70
$
521,475.45
1.744%
OTHERINVESTMENTS:
WELLS FARGO SWEEP.
$
2,279,561.46
$
2,609,424.39
$
3,791,721.50
$
1,097,264.35
3.669%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
3,688,593.75
-
-
3,688,593.75 **
12.334%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
10,199,962.50
-
10,199,962.50
34.107%
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
1.1,235,101.27
635,000.00
10,600,101.27
35.445%
LOS ANGELES COUNTY POOL (LACIP)
3,790,805.38
7,179.39
-
3,797,984.77
12,700%
SUB -TOTAL
$
31,194,024.36
$
2,616,603.78
$
4,426,721.50
$
29,383,906.64
98.256%
TOTAL
$
31,608,177.69
$
14,591,364.60
$
16,294,160.20
$
29,905,382.09
100%
** These two high interest long term investments 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 December 23, 2009.
EARNED INTEREST YIELD THIS PERIOD: 4.159% SIX-MONTH TREASURY BILL YIELD: 0.150%
REVIEWED BY:
Dennis Swink, City Controller
SUBMITTED BY:
Thomas Ba man, XAMR t City Manager/Finance Director
PREPARED B
Angel F. Pat a, Revenue Services Supervisor
APPRO ED �Y: it
C,
Mari n V. Smit ,City Treasurer
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City of West Covina Portfolio Details
November 30, 2009
AVERAGE
11 /30/2009
10131 /2009
[INVESTMENT
INVESTMENT
ISSUER
MATURITY
PURCHASE
DAYS TO
CUSIP
RATE
YIELD
COST
PAR
MARKET
MARKET
NUMBER
TYPE
DATE
DATE
MATURITY
VALUE'.
VALUE'
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
11,833,294.20
11,692,931.25
2341 10,199,962.50
9,555,000.00
11,833,294.20
11,692,931.25
1985-12-10 "FNMA U.S. GOVERNMENT AGENCY 12/10/15 12/10/85 313586UB3 10.350 8.418 3,688,593.75
3,000,000.00
4,289,070.00
4,231,890.00
2170 3,688,593.75
3,000,000.00
4,289,070.00
4,231,890.00
1992-04-20 LACIP LOS ANGELES COUNTY TREASURER**' 04/20/92 518 N/A 1.540 1.540 3,797,984.77
3,797,984.77
3,797,984.77
3,797,984.77
1989-10-19 LAIF STATE OF CALIFORNIA 10/19/89 222 N/A 0.611 0.611 10,600,101.27 10,600,101.27 10,600,101.27 110,600,101.27
1354 TOTALS: 28,286,642.29 26,953,086.04 30,520,450.24 30,322,907.29
* 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 ten".
*** For this month's report October 2009 LACIP Earnings Rate and October 2009 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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