01-15-2013 - City Treasurer's Report for November 2012City of West Covina
Memorandum
AGENDA
Item No 5
Date January 15, 2013
TO: Christopher J. Chung, City Manager
and City Council
FROM: Thomas Bachman
Assistant City Manager/Finance Director
SUBJECT: CITY TREASURER'S REPORT FOR NOVEMBER 2012
RECOMMENDATION:
It is recommended the City Council receive and file this report.
DISCUSSION:
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 by $1,741,142 from $42,274,394
on October 31, 2012, to $40,533,252 on November 31, 2012. The overall average maturity
of the portfolio is 796 days or approximately two years. Approximately seven percent of the
portfolio is on deposit in various bank accounts. These fiends are available to satisfy
obligations as needed. The majority of the portfolio is on deposit in two investment pools.
Approximately 27 percent is held in the State of California Local Agency Investment Fund
(LAIF) and 32 percent is in the Los Angeles County Investment Pool (LACIP). These finds
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. This report also shows cash holdings for the
Successor Housing Agency (SHA) and the Community Facilities District (CFD). The SHA
funds are used for the agency operating expenses including housing programs. The CFD
funds are used for district operating expenses and debt service, and are invested in a separate
LACIP account. Included in this report is $3,029,777 of Successor Agency funds invested
with the City's pooled cash.
Prepared by: Clara Won
Interim Finance Director
Revie /Appr v y. homas Bachman
Asst. City Manager/Finance Director
CITY OF WEST COVINA
STATEMENT OF TREASURER'S ACCOUNTABILITY
NOVEMBER 30, 2012
TYPES OF DEPOSITS:
October 31
DEPOSITS WITHDRAWALS
November 30
CHECKING ACCOUNTS
C1
WELLS FARGO GENERAL CHECKING
$ 287,299.00
$ 17,901,620.40 $
17,927,355.40
$
261,564.00
C2
WELLS FARGO BANK GEN AUTO & LIABILITY
606,014.36
58,437.72
50,110.21
614,341.87
C3
WELLS FARGO BANK WORKER'S COMPENSATION
50,000.00
68,989.29
68,989.29
50,000.00
C4
WELLS FARGO PAYROLL
1,304,749.43
2,537,687.31
3,750,405.79
92,030.95
SUB -TOTAL
$ 2,248,062.79
$ 20,566,734.72 $
21,796,860.69
$
1,017,936.82
OTHER INVESTMENTS:
C8
WELLS FARGO SWEEP
$ 999,533.26
$ 6,284,541.96 $
5,600,718.07
$
1,683,357.15
US BANK MONEY MARKET
5.40
-
-
5.40
C10
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
3,688,593.75
3,688,593.75 **
C10
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
10,199,962.50
10,199,962.50
C11
LOCAL AGENCY INVESTMENT FUND - CITY (LAIF)
10,762,795.29
2,457,242.87
2,259,394.22
10,960,643.94
C13
LOS ANGELES COUNTY POOL (LACIP)
14,375,440.68
7,311.83
1,400,000.00
12,982,752.51 •
SUB -TOTAL
$ 40,026,330.88
$ 8,749,096.66 $
9,260,112.29
$
39,515,315.25
TOTAL
$ 42,274,393.67
$ 29,315,831.38 $
31,056,972.98
$
40,533,252.07
SUCCESSOR HOUSING AGENCY
WELLS FARGO GENERAL CHECKING
$ 0.00
$ 0.00 $
0.00
$
R788
PACIFIC WESTERN NAT BANK CHECKING
2,866.00
-
22.00
2,844.00
LOCAL AGENCY INVESTMENT FUND (LAIF)
2,331,644.15
42,757.13
40,605.78
2,333,795.50
TOTAL SUCCESSOR HOUSING AGENCY
$ 2,334,510.15
$ 42,757.13 $
40,627.78
$
2,336,639.50
COMMUNITY FACILITIES DISTRICT REVENUE FUND
CF1
WELLS FARGO BANK C.F.D. CHECKING
$ 579.53
$ 176,059.71 $
176,090.04
$
549.20
CF3
LOS ANGELES COUNTY POOL (LACIP)
126,221.50
176,547.69
-
302,769.19
TOTAL FOR C.F.D. REVENUE FUND
$ 126,801.03
$ 352,607.40 $
176,090.04
$
303,318.39
*NEGATIVE BALANCE REFLECTS OUTSTANDING CHECKS
** 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 November 30, 2012.
EARNED INTEREST YIELD THIS PERIOD: 3.097%
SIX-MONTH TREASURY BILL YIELD:
0.130%
PREPARED BY:
P ED BY:
—
Clara Wong, nterim Finance Director
Ma ian V. Smiths , City Treasurer
SUBMITTED-BaF� /�� /'`�
Thomas 8a_chrnan,Assistant City Manager/Finance Director
City of West Covina Portfolio Details
November 30, 2012
AVERAGE
11 /30/2012
10/31 /2012
LINVESTMENT
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
1381
1985-12-10
*` FNMA
U.S. GOVERNMENT AGENCY
12/10/15 12/10/85
313586UB3
10.350
1210
1992-04-20
LACIP
LOS ANGELES COUNTY TREASURER***
04/20/92
N/A
0.690
558
1989-10-19
LAIF
STATE OF CALIFORNIA
10/19/89
228
N/A
0.324
796 TOTALS:
* MARKET VALUES HAVE BEEN PROVIDED BY U.S. BANK.
** These two high interest long term investments were made before State Law limited investments to a maximum five-year term
Note: The Wells Fargo Sweep account was not included in the calculation of average maturity.
7.728
10,199,962.50
9,555,000.00
11,991,811.65
12,014,840.20
10,199,962.50
9,555,000.00
11,991,811.65
12,014,840.20
8.418
3,688,593.75
3,000,000.00
3,894,540.00
3,913,110.00
3,688,593.75
3,000,000.00
3,894,540.00
3,913,110.00
0.690
12,982,752.51
12,982,752.51
12,982,752.51
12,982,752.51
0.324
10, 960, 643.94
10, 960, 643.94
10, 960, 643.94
10, 960, 643.94
37,831,952.70 36,498,396.45 39,829,748.10 39,871,346.65
•