02-01-2011 - City Treasurer's Report - December 20100*
•
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Thomas Bachman, Assistant City Manager
City of West Covina
Memorandum
AGENDA
Item No. -4P 7
Date February 1, 2011
SUBJECT: CITY TREASURER'S REPORT FOR DECEMBER 2010
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 $38,638,556.56 on
November 30, 2010, to $40,894,562.75 on December 31, 2010. 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 932 days or approximately two and
a half years. Approximately 4 percent of the portfolio is on deposit in various bank accounts.
These funds are available to satisfy obligations as needed. The majority of the portfolio is on
deposit in two investment pools. Approximately 42 percent is held in the State of California
Local Agency Investment Fund (LAIF) and 20 percent is in the Los Angeles County
Investment Pool (LACIP). These funds are completely liquid since the City could withdraw
them at any time. The portfolio also includes two long-term, high interest investments made
in the early 1980s which constitute approximately 34 percent of the portfolio.
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
R vie Approve by: homas Bachman
Finance Director
0
U
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)
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, 2010
NOVEMBER 30
DEPOSITS WITHDRAWALS DECEMBER 31
$ 313,997.00
$
23,056,784.92
$
23,117,591.92
$
253,190.00
-
116,663.05
116,663.05
-
50,000.00
39,117.70
39,117.70
50,000.00
151,518.23
4,436,890.37
4,395,421.63
192,986.97
$ 515,515.23
$
27,649,456.04
$
27,668,794.30
$
496,176.97
1.213%
$ 726,060.85
$
9,823,542.88
$
9,253,734:06
$
1,295,869.67
3.169%
3,688,593.75
-
3,688,593.75 *'
9.020%
10,199,962.50
-
-
10,199,962.50 **
24.942%
15,442,989.98
5,200,000.00
3,500,000.00
17,142,989.98
41.920%
8,065,434.25
5,535.63
8,070,969.88
19.736%
$ 38,123,041.33
$
15,029,078.51
$
12,753,734.06
$
40,398,385.78
98.787%
$ 38,638,556.56
$
42,678,534.55
$
40,422,528.36
$
40,894,562.75
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, 2011.
EARNED INTEREST YIELD THIS PERIOD: 3.182% SIX-MONTH TREASURY BILL YIELD: 0.190%
REVIEWED BY:
ytiw..
Dennis Swink, City Controller
SUBMITTED BY:
ThomaeFtfachman, Assistant City Manager/Finance Director
PREPARED BY:
00�/*`
Angel F. Patena, evenue Services Supervisor
APPVVED BY:
Ma4an V. Smithson, City Treasurer
City of West Covina Portfolio Details
December 31, 2010
AVERAGE
12/31 /2010
11 /30/2010
INVESTMENT
INVESTMENT
ISSUER
I
MATURITY
I
PURCHASE
I
DAYS TO
I
CUSIP
1
RATE
YIELD
COST
PAR
MARKET
MARKET
I
NUMBER
TYPE
DATE
DATE
MATURITY
VAI
VALUE'
1986-06-01 " FHLMC U.S. GOVERNMENT AGENCY
1985-12-10 " FNMA U.S. GOVERNMENT AGENCY
1992-04-20 LACIP
1989-10-19 LAIF
LOS ANGELES COUNTY TREASURER —
STATE OF CALIFORNIA
06/01/16 06/01/86 313400MC4 8.250
1951
12/10/15 12/10/85 313586UB3 10.350
1780
04/20/92 557 N/A 1.330
10/19/89 215 N/A 0.462
7.728
10,199,962.50
9,555,000.00
11,613,433.65
11,925,882.15
10,199,962.50
9,555,000.00
11,613,433.65
11,925,882.15
8.418
3,688,593.75
3,000,000.00
4,123,710.00
4,229,070.00
3,688,593.75
3,000,000.00
4,123,710.00
4,229,070.00
1.330
8,070,969.88
8,070,969.88
8,070,969.88
8,070,969.88
0.462
17,142, 989.98
17,142, 989.98
17,142, 989.98
17,142, 989.98
39,102,516.11 37,768,959.86 40,951,103.51 41,368,912.01
` 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 2010 LACIP Earnings Rate and November 2010 LACIP Weighted Average Days to Maturity were used due to the unavailability of December 2010 figures as of the writing of this report.
Note: The Wells Fargo Sweep account was not included in the calculation of average maturity.
0,
TOTALS:
CITY OF WEST COVINA
BOND DETAIL REPORT
December 31, 2010
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
Lease
Revenue
Refunding
Bonds
L/C Fund
Lease
Revenue
Refunding
Bonds
L/C Fund
2002 PFA Lease Revenue Refunding Bond Credit Facility
2002 PFA Lease Revenue Refunding Bond Credit Facility
2003 Community Center COPS Reserve Account
2003 Community Center COPS Reserve Account
2004 WC PFA Var Rate Lease Rev Bds Ser A & B Credit Facility
IV WC PFA Var Rate Lease Rev Bds Ser A & B Credit Facility
2005 WC PFA Var Rate Lease Rev Ref Series C Lease Payment
2005 WC PFA Var Rate Lease Rev Ref Series C Lease Payment
Federated Treasury Obligations Federated Investors Co
Cash
Original LOC #NZS671159 I CUSIP #S86714370 Wells Fargo
Cash
California Strs, Confirming LOC L/C #53
Union Bank of CA L/C #3065234230
Cash
First American Treas Oblig Cl d Corp Trust
Cash
California Strs
Union Bank
First American Funds, Inc.
Union Bank of CA Irrevocable LC #3065235825 Union Bank
Cash
First American Treas Oblig Cl d Corp Trust First American Funds, Inc.
Cash
Open
396,611.71
396,611.71
396,611.71
0.00
0.00
0.00
396,611.71
396,611.71
396,611.71
12/3/2013
1.00
1.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
Ending Balances
396,612.71
396,612.71
396,611.71
6/26/2013
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
0.00
2.00
0.00
Open
357,861.88
357,861.88
357,861.88 -
0.00
0.00
0.00
357,861.88
357,861.88
357,861.88
Ending Balances
357,861.88
357,861.88
357,861.88
11/18/2011
1.00
1.00
0.00 -
0.00
0.00
0.00
1.00
1.00
0.00
Ending Balances
1.00
1.00
0.00
Open
2,703.77
2,703.77
2,703.77 -
0.00
0.00
0.00
2,703.77
2,703.77
2,703.77
Ending Balances
2,703.77
2,703.77
2,703.77
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
2006A Reserve Account
First American Treas Oblig Cl d Corp Trust
2006 WC PFA Lse Rev Bd Series A & B
2006A Reserve Account
Cash
2006 WC PFA Lse Rev Bd Series A & B
2006B Reserve Account
First American Treas Oblig FD CL D
2006 WC PFA Lse Rev Bd Series A & B
2006B Reserve Account
Cash
*Market valuations have been provided by BNY Western Trust Company and U.S. Bank Corporate Trust Services
0.
First American Funds, Inc. Open
945,257.87
945,257.87
945,257.87 -
0.00
0.00
0.00
945,257.87
945,257.87
945,257.87
First American Funds, Inc. Open
577,737.00
577,737.00
577,737.00 -
0.00
0.00
0.00
577,737.00
577,737.00
577,737.00
Ending Balances
1,522,994.87
1,522,994.87
1,522,994.87
GRAND TOTALS
2,280,174.23
2,280,176.23
2,280,172.23