02-02-2010 - December 2009 Treasurer's ReportCity of West Covina
Memorandum
AGENDA
Item No. D - 4
Date February 2, 2010
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman, Assistant City Manager
SUBJECT: DECEMBER 2009 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 $29,905,382.09 on
November 30, 2009, to $31,031,468.26 on December 31, 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 1,310 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 44 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
21 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
Reviewe /Appro y: Thomas Bachman
Finance Director
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
WELLS FARGO BANK GEN AUTO & LIABILITY
WELLS FARGO BANK WORKER'S COMPENSATION
WELLS FARGO PAYROLL
SUB -TOTAL
OTHER INVESTMENTS:
WELLS FARGO SWEEP
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
FEDERAL HOME LOAN BANKS (FHLB)
UNITED STATES TREASURY BILL
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
LOS ANGELES COUNTY POOL (LACIP)
SUB -TOTAL
TOTAL
CITY OF WEST COVINA
STATEMENT OF TREASURER'S ACCOUNTABILITY
DECEMBER 31, 2009
NOVEMBER 30
DEPOSITS
WITHDRAWALS
DECEMBER 31
$
287,905.00
$
21,995,193.13
$
21,828,582.13
$
454,516.00
-
43,215.68
43,215.68
-
50,000.00
118,740.69
118,740.69
50,000.00
183, 570.45
4,485, 612.15
4,535,757.60
133,425.00
$
521,475.45
$
26,642,761.65
$
26,526,296.10
$
637,941.00
2.056%
$
1,097,264.35
$
9,238,482.94
$
8,532,486.70
$
1,803,260.59
5.811%
3,688,593.75
-
-
3,688,593.75 **
11.887%
10,199,962.50
-
-
10,199,962.50 **
32.870%
-
-
-
0.000%
-
-
-
0.000%
10,600,101.27
4,500,000.00
4,200,000.00
10,900,101.27
35.126%
3,797,984.77
3,624.38
-
3,801,609.15
12.251 %
$
29,383,906.64
$
13,742,107.32
$
12,732,486.70
$
30,393,527.26
97.944%
$
29,905,382.09
$
40,384,868.97
$
39,258,782.80
$
31,031,468.26
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 January 19, 2010.
EARNED INTEREST YIELD THIS PERIOD: 4.007% SIX-MONTH TREASURY BILL YIELD: 0.170%
REVIEWED BY:
C
Dennis Swink, City Controller
SUBMITTED BY:
Thomas Ba ma si nager/Finance Director
PREPARED Y
,///
Angel F. atena, Revenue Services Supervisor
AQPR
M rian V. Smjthson, City Treasurer
•
City of West Covina Portfolio Details
December 31, 2009
AVERAGE
12/31 /2009
11 /30/2009
INVESTMENT
INVESTMENTT
ISSUER
MATURITY
PURCHASE
DAYS TO
CUSIP
RATE
YIELD.
COST
PAR
MARKET
MARKET
I
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
1.1,486,925.45
11,833,294.20
2311 10,199,962.50
9,555,000.00
11,486,925.45
11,833,294.20
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
4,155,000.00
4,289,070.00
2140 3,688,593.75
3,000,000.00
4,155,000.00
4,289,070.00
1992-04-20 LACIP LOS ANGELES COUNTY TREASURER*** 04/20/92 500 N/A 1.500 1.500 3,801,609.15
3,801,609.15
3,801,609.15
3,801,609.15
1989-10-19 LAIF STATE OF CALIFORNIA 10/19/89 222 N/A 0.569 0.569 10,900,101.27 10,900,101.27 10,900,101.27 10,900,101.27
1310 TOTALS: 28,590,266.67 27,256,710.42 30,343,635.87 30,824,074.62
* 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, November 2009 LACIP Earnings Rate and November 2009 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, 2009
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 Reserve
1988 Lease Revenue Refunding Bonds Reserve
Federated Treasury Obligations
Cash
1988 Lease Revenue Refunding Bonds UC Fund AIB Irr Letter of Credit UC #C-413
-1988 Lease-Re.enue-Refundi ng-Bonds -vI-C una------Cash_
2002 PFA Lease Revenue Refunding Bond Lease Payment
2002 PFA Lease Revenue Refunding Bond Lease Payment
2002 PFA Lease Revenue Refunding Bond Credit Facility
2002 PFA Lease Revenue Refunding Bond Credit Facility
2003 Community Center COPs Lease Revenue Fund
2003 Community Center COPS Lease Revenue Fund
2003 Community Center COPs Reserve Account
2003 Community Center COPs Reserve Account
2003 Community Center COPS Reserve Account
2004 WC PFA Var Rate Lease Rev Bds Ser A & B Lease Payment
2004 WC PFA Var Rate Lease Rev Bds SerA & B Lease Payment
2004 WC PFA Var Rate Lease Rev Bds Ser A & B Credit Facility
2004 WC PFA Var Rate Lease Rev Bds Ser A & B Credit Facility
2004 WC PFA Var Rate Lease Rev Bds Ser A & B Capital Expense 04B
2004 WC PFA Var Rate Lease Rev Bds Ser A & B Capital Expense 04B
First American Treasury Oblig Fund CL D
Cash
California Strs, Confirming LOC UC #53
Union Bank of CA UC #306S234230
Cash
First American Treas Oblig Fd Cl D
Cash
First American Treas Oblig Cl d Corp Trust
FNMAMTN
Cash
First American Treas Oblig CI d Corp Trust
Cash
Federated Investors Co
Open
396,611.44
396,611.44
396.611.44
0.00
0.00
0.00
396,611.44
396,611.44
396,611.44
Allied Irish Bank
8/16/2010
0.00
1.00
0.00
0.00
1.00
0.00
Ending Balances
396,611.44
396,612.44
396,611.44
First American Funds, Inc.
Open
158.63
158.63
158.63
0.00
0.00
0.00
158.63
158.63
158.63
California Strs
6/26/2012
0.00
1.00
0.00
Union Bank
6/26/2012
0.00
1.00
0.00
0.00
0,00
0.00
0.00
2.00
0.00
Ending Balances
158.63
160.63
158.63
First American Funds, Inc.
Open
13.15
13.15
13.15
0.00
0.00
0.00
13.15
13.15
13.15
First American Funds, Inc.
Open
65,609.96
65,609.96
65,609.96
U.S. Treas & Agency
9/M2012
289,000.00
289,000.00
286,560.84 1.510
0.00
0.00
0.00
354,609.96
354,609.96
352,170.80
Ending Balances
354,623.11
354,623.11
352,183.95
First American Funds, Inc.
Open
132,593.31
132,593.31
132,593.31
0.00
0.00
0,00
Union Bank of CA Irrevocable LC #306S235825 Union Bank
Cash
First American Treas Oblig Cl d Corp Trust
Cash
First American Funds, Inc.
132, 593.31
132, 593.31
132, 593.31
11/18/2011 1.00
1.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
Open 27,488.36
27.488.36
27,488.36
0.00
0.00
0.00
27,488.36
27,488.36
27,488.36
Ending Balances 160,082.67
160,082.67
160,081.67
•
•
Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date Original Cost Shares/Face Market Value Rate
. Amount
2005 WC PFA Var Rate Lease Rev Ref Series C
Lease Payment
2005 WC PFA Var Rate Lease Rev Ref Series C
Lease Payment
2005 WC PFA Var Rate Lease Rev Ref Series C
Cost of Issuance
2005 WC PFA Var Rate Lease Rev Ref Series C
Cost of Issuance
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
First American Treas Oblig CI d Corp Trust First American Funds, Inc.
Cash
First American Treas Oblig CI d Corp Trust First American Funds, Inc.
Cash
2006A Reserve Account
F F C B
2006A Reserve Account
Cash
2006B Reserve Account
First American Treas Oblig FD CL D
2006E Reserve Account
F N M A MTN
2006E Reserve Account
Cash
'Market valuations have been provided by BNY Western Trust Company and U.S. Bank Corporate Trust Services
U.S. Treas & Agency
First American Funds, Inc.
U.S. Treas & Agency
Open
13.18
13.18
13.18
0.00
0.00
0.00
13.18
13.18
13.18
Open
2,690.56
2,690.56
2,690.56
0.00
0.00
0.00
2,690.56
2,690.56
2,690.56
Ending Balances
2,703.74
2,703.74
2,703.74
7/21/2015
959,000.00
959,000.00
979,676.04 5.020
0.00
0.00
0.00
959,000.00
959,000.00
979,676.04
Open
19,750.00
19,750.00
19,750.00 -
9/28/2012
585,000.00
585,000.00
580,062.60 1.510
0.00
0.00
0.00
604,750.00
604,750.00
599,812.60
Ending,Balances
1,563,750.00
1,563,750.00
1,579,488.64
GRAND TOTALS
2,477,929.59
2,477,932.59
2,491,228.07
0
is