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02-05-2013 - City Treasurer's Report for December 2012• TO: FROM: SUBJECT: City of West Covina Memorandum AGENDA Item No Date Christopher J. Chung, City Manager and City Council Thomas Bachman Assistant City Manager/Finance Director February 5, 2013 CITY TREASURER'S REPORT FOR DECEMBER 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, if applicable. 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 by $1.36,447 from $40,533,252 on November 31, 2012, to $40,669,699 on December 31, 2012. The overall average maturity of the portfolio is 752 days or approximately two years. Approximately two 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 37 percent is held in the State of California Local Agency Investment Fund (LAIF) and 27 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. 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 $1,150,365 of Successor Agency funds invested with the City's pooled cash. Bond Detail Report: The December report also includes a Bond Detail Report. This report shows how Fiscal Agents are investing City and Public Financing Authority cash, which they hold to service various debts. This information is reported to the City Council quarterly. Prepared by: Clara Wong Reviewe %Approve by: Thomas Bachman Interim Finance Director r Asst. City Manager/Finance Director CHECKING ACCOUNTS WELLS FARGO GENERAL CHECKING WELLS FARGO BANK GEN AUTO & LIABILITY WELLS FARGO BANK WORKER'S COMPENSATION WELLS FARGO PAYROLL SUB -TOTAL OTHERINVESTMENTS: WELLS FARGO SWEEP US BANK MONEY MARKET 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 SUCCESSOR HOUSING AGENCY WELLS FARGO GENERAL CHECKING PACIFIC WESTERN NAT BANK CHECKING LOCAL AGENCY INVESTMENT FUND (LAIF) TOTAL SUCCESSOR HOUSING AGENCY COMMUNITY FACILITIES DISTRICT REVENUE FUND WELLS FARGO BANK C.F.D. CHECKING LOS ANGELES COUNTY POOL (LACIP) TOTAL FOR C.F.D. REVENUE FUND _ CITY OF WEST COVINA STATEMENT OF TREASURER'S ACCOUNTABILITY DECEMBER 31, 2012 $ 261,564.00 $ 16,582,012.83 $ 16,582,806.83 $ 260,770.00 614,341.87 44,315.67 656,232.04 2,425.50 50,000.00 97,446.42 97,446.42 50,000.00 92,030.95 2,892,011.41 2,888,095.56 95,946.80 $ 1,017,936.82 $ 19,615,786.33 $ 20,224,580.85 $ 409,142.30 $ 1,683,357.15 $ 2,142,133.78 $ 3,491,563.87 $ 333,927.06 5.40 - 5.40 - 3,688,593.75 3,688,593.75 ** 10,199,962.50 10,199,962.50 ** 10,960,643.94 4,150,252.64 165,638.81 14,945,257.77 12,982,752.51 10,062.97 1,900,000.00 11,092,815.48 $ 39,515,315.25 $ 6,302,449.39 $ 5,557,208.08 $ 40,260,556.56 $ 40,533,252.07 $ 25,918,235.72 $ 25,781,788.93 $ 40,669,698.86 $ 0.00 $ 0.00 $ 0.00 $ - 2,844.00 - 2,844.00 0.00 2,333,795.50 24,747.36 34,361.19 2,324,181.67 $ 2,336,639.50 $ 24,747.36 $ 37,205.19 $ 2,324,181.67 $ 549.20 $ 1,100,310.39 $ 869,377.72 $ 231,481.87 302,769.19 869,896.95 - 1,172,666.14 $ 303,318.39 $ 1,970,207.34 $ 869,377.72 $ 1,404,148.01 *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 December 3' EARNED INTEREST YIELD THIS PERIOD: 2.988% SIX-MONTH TREASURY BILL YIELD: 0.110% PREPARED BY: Clara Wong, Interim Finance Director SUBMITTED BY• Tho as ch is i anager/Finance Director APPROVED,BY: LM rian V. Smi son City Treasurer • City of West Covina Portfolio Details December 31, 2012 INVESTMENT -F- INVESTMENT ISSUER MATURITY PURCHASE AVERAGE DAYS TO USIP 1 RATE YIELD COST PAR 12/31 /2012 MARKET 11/30/2012 MARKET NUMBER TYPE DATE DATE MATURITY VALUE' VALUE' 1986-06-01 "FHLMC U.S. GOVERNMENT AGENCY 06/01/16 06/01/86 3113400MC4 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 0.500 610 1989-10-19 LAIF STATE OF CALIFORNIA 10/19/89 N/A 0.326 208 752 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 11,930,946.30 11.991,81165 10,199,962.50 9,555,000.00 11,930,946.30 11,99181165 8.418 3,688,593.75 3,000,000.00 3,870,810.00 3,894 540 00 3,688,593.75 3,000,000.00 3,870,810.00 3,894 540 00 0.500 11,092,815.48 0.326 14,945,257.77 11,092,815.48 14, 945,257.77 11, 092,815.48 14, 945,257.77 11,092, 815.48 • 14,945,257.77 39,926,629.50 38,593,073.25 41,839,829.55 41,924,424 90 s CITY OF WEST COVINA BOND DETAIL REPORT December 31, 2012 Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date. Original Cost Shares/Face Market Value RAmount ate CITY 1988 Lease Revenue Refunding Bonds 1988 Lease Revenue Refunding Bonds 1988 Lease Revenue Refunding Bonds 1988 Lease Revenue Refunding Bonds 2002 PFA Lease Revenue Refunding Bond 2002 PFA Lease Revenue Refunding Bond 2002 PFA Lease Revenue Refunding Bond 2002 PFA Lease Revenue Refunding Bond 2003 Community Center COPs 2003 Community Center COPs 2003 Community Center COPs 2003 Community Center COPS 2003 Community Center COPs 2004 WC PFA Var Rate Lease Rev Bds Ser A & B 2004 WC PFA Var Rate Lease Rev Bds Ser A & B 2005 WC PFA Var Rate Lease Rev Ref Series C 2005 WC PFA Var Rate Lease Rev Ref Series C Reserve Reserve L/C Fund LIC Fund Lease Payment Lease Payment Credit Facility Credit Facility Lease Revenue Fund Lease Revenue Fund Reserve Account Reserve Account Reserve Account Credit Facility Credit Facility Lease Payment Lease Payment Federated Treasury Obligations Federated Investors Co Cash Original LOC #NZS671159 I CUSIP #S8671437(Wells Fargo Cash First American Treasury Oblig Fund CL D Cash First American Treas Oblig Fd Cl D Cash First American Treas Oblig Cl d Corp Trust F H L B Cash Wells Fargo Bank LOC #ID0006296 Cash First American Treas Oblig Cl d Corp Trust Cash 2005 WC PFA Var Rate Lease Rev Ref Series C Credit Facility 2005 WC PFA Var Rate Lease Rev Ref Series C Credit Facility Cash First American Funds, Inc. Open 396,611.71 396,611.71 396,611.71 0,00 0.00 . 0.00 12/3/2013 1.00 1.00 0.00 0.00 0.00 0.00 Ending Balances 396,612.71 396,612.71 396,611.71 Open 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Ending Balances 0.00 0.00 0.00 First American Funds, Inc. Open 2.023.50 2.023.50 2.023.50 0.00 0.00 0.00 2,023.50 2,023.50 2,023.50 First American Funds, Inc. Open 3,928.85 3,928.85 3,928.85 U.S. Treas & Agency 5/30/2014 285,681,15 285,000.00 269,745.25 0.00 0.00 0.00 Ending Balances 291,633.60 290,952.35 295,697.60 Wells Fargo Bank LOC#00062 11/29/2014 1.00 1.00 0.00 939.56 939.56 939.56 940.56 940.56 939.56 1.400 • Ending Balances 940.56 940.56 939.56 First American Funds, Inc. 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Ending Balances 2,703.77 2,703.77 2,703.77 r CITY OF WEST COVINA BOND DETAIL REPORT December 31, 2012 Description of Bond Type of Bond Type of Investment Description of Issuer Maturity Date Original Cost Shares/Face Market Value Rate Amount CITY 2006 WC PFA Lse Rev Bd Series A & B 2006A Lse Rev Cap Int A First American Treas Oblig FD CL D First American Funds, Inc. Open 6,638.50 6,638.50 6,638-50 2006 WC PFA Lse Rev Bd Series A & B 2006A Lse Rev Cap Int A Cash 0.00 0-00 0.00 6,638.50 6,638.50 6,638.50 2006 WC PFA Lse Rev Bd Series A & B 2006A Reserve Account First American Treas Oblig Cl d Corp Trust First American Funds, Inc. Open 15,158.97 15,158.97 15,158.97 2006 WC PFA Lse Rev Bd Series A & B 2006A Reserve Account F H L B U.S. Treas & Agency 5/30/2014 937,234.65 935,000.00 950,567.75 1.400 2006 WC PFA Lse Rev Bd Series A & B 2006A Reserve Account Cash 0.00 0.00 0.00- . 952,393.62 950,158.97 965,726.72 2006 WC PFA Lse Rev Bd Series A & B 2006B Lse Rev Cap Int B First American Treas Oblig FD CL D First American Funds, Inc. Open 4,082.50 4,082.50 4,082.50 2006 WC PFA Lse Rev Bd Series A & B 2006E Lse Rev Cap Int B Cash 0.00 0.00 0.00 4,082.50 4,082.50 4,082.50 2006 WC PFA Lse Rev Bd Series A & B 2006E Reserve Account First American Treas Oblig FD CL D First American Funds, Inc. Open 1,362.75 1,362.75 1,362.75 2006 WC PFA Lse Rev Bd Series A & B 2006B Reserve Account F H L B U.S. Treas & Agency 5/30/2014 576,374.25 575,000.00 584.573.75 1.400 2006 WC PFA Lse Rev Bd Series A & B 2006E Reserve Account Cash 0.00 0.00 0.00 577,737.00 576,362.75 585,936.50 0.00 0.00 0.00 Ending Balances 1,540,851.62 1,537,242.72 1,562,384.22 *Market valuations have been provided by BNY Western Trust Company and U.S. Bank Corporate Trust Services GRAND TOTALS 2,232,742.16 2,228,452.11 2,258,336.86 t - Community Facility District (CFD) 1996 Special Tax Bonds Bonds Fund First American Treas Oblig Cl d Corp Trust First American Funds, Inc. Open 0.00 0.00 0.00 - 1996 Special Tax Bonds Bonds Fund Cash 0.00 0.00 0.00 1996 Special Tax Bonds Reserve Fund Guaranteed Investment Contract Westdeutsche Landesbank Gii 9/1/2022 5,002,670.40 5,002,670.40 5,002,670.40 7.010 1996 Special Tax Bonds Reserve Fund 0.00 0.00 0.00 - 1996 Special Tax Bonds Reserve Fund Cash 0.00 5,002,670.40 0.00 5,002,670.40 0.00 1996 Special Tax Bonds 39,980.00 39,980.00 39,980.00 1996 Special Tax Bonds 0.00 39,980.00 0.00 39,980.00 0.00 Ending Balances 5,042,650.40 5,042,650.40 5,042,650.40 I