01-18-2011 - CDC Treasurer's Report for November 2010•
City of West Covina
Memorandum
AGENDA
Item No. 5
Date January 18, 2011
TO: Andrew G. Pasmant, Executive Director
and the Community Development Commission
FROM: Thomas Bachman, Assistant City Manager
SUBJECT: CDC TREASURER'S REPORT FOR NOVEMBER 2010
RECOMMENDATION:
It is recommended the Community Development Commission Board 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
Community Development Commission Board each month.
The November Report shows the CDC's portfolio decreased from $14,964,300.98 on
October 31, 2010, to $9,513,345.10 on November 30, 2010. To ensure funds are available on
short notice to take advantage of development opportunities, the CDC's surplus funds are in
investment pools with the State of California Local Agency Investment Pool (LAIF) and the
Los Angeles County Investment Pool (LACIP). These funds- are completely liquid since the
City could withdraw them at any time. Approximately 49.70 percent of the portfolio is on
deposit in LAIF and 49.80 percent is in LACIP. The remaining 0.50 percent of available
cash is on deposit in various checking accounts. This report also shows cash holdings for the
Community Facilities District. These funds are used for district operating expenses and debt
service and are invested in a separate LACIP account.
Prepared by: Dennis Swink
Controller
Rev'e /Approve y: homas Bachman
Finance Director
COMMUNITY DEVELOPMENT COMMISSION
STATEMENT OF TREASURER'S ACCOUNTABILITY
NOVEMBER 30, 2010
TYPES OF DEPOSITS:
OCTOBER 31
DEPOSITS WITHDRAWALS
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
$
155,985.72
$
5,185,798.80 $
5,317,475.98
$
PACIFIC WESTERN NAT BANK RDA PROGRAMS (SBA/FTHB/HPP)
17,350.90
65,250.00
65,250.00
SUB -TOTAL
$
173,336.62
$
5,251,048.80 $
5,382,725.98
$
OTHERINVESTMENTS:
LOCAL AGENCY INVESTMENT FUND (LAIF)
$
10,055,777.13
$
957,000.00 $
6,283,000.00
$
LOS ANGELES COUNTY POOL (LACIP)
4,735,187.23
6,721.30
-
SUB -TOTAL
$
14,790,964.36
$
963,721.30 $
6,283,000.00
$
TOTAL
$
14,964,300.98
$
6,214,770.10 $
11,665,725.98
$
COMMUNITY FACILITIES DISTRICT REVENUE FUND
WELLS FARGO BANK C.F.D. CHECKING
$
92,792.72
$
122,900.00 $
214,000.00
$
LOS ANGELES COUNTY POOL (LACIP)
400,321.68
214,578.59
TOTAL FOR C.F.D. REVENUE FUND
$
493,114.40
$
337,478.59 $
214,000.00
$
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
13, 2010.
EARNED INTEREST YIELD THIS PERIOD: 0.918%
SIX-MONTH TREASURY BILL YIELD: 0.180%
REVIEWED BY:
� ✓ems•=- ���C�-w�(
PREPARED Y.
Dennis Swink, City Controller
Angel F. Patefia, Revenue Services Su
ry or
SUBMITTED BY:
AP V BY:
Thomas Bach an, Assis i Manager/Finance Director
Mari n V. Smithso itv Treasurer
NOVEMBER 30
24,308.54
17, 350.90
41,659.44
4,729,777.13
4,741,908.53
9,471,685.66
9,513,345.10
1,692.72
614,900.27
616,592.99
0