07-16-2019 - Item 03 - Investment ReportAGENDA ITEM NO. 3
AGENDA STAFF REPORT
City of West Covina | Office of the City Manager
DATE:July 16, 2019
TO:Mayor and City Council
FROM:David Carmany
Interim City Manager
SUBJECT:INVESTMENT REPORT FOR THE MONTH ENDED MAY 31, 2019
RECOMMENDATION:
It is recommended that the City Council receive and file the Investment Report for the month ended May 31, 2019.
DISCUSSION:
The Investment Report (Attachment No. 1) presents the City's and the Successor Agency's cash and investments for
the month ended May 31, 2019. This report is in compliance with California Government Code Section 53646
regarding the reporting of detailed information on all securities, investments, and monies of the City, as well as,
reporting of the market value of the investments held. All of the investments contained within the portfolio are in
full compliance with Government Code Section 53601 and the City's Investment Policy as to the types of
investments allowed. The City's Investment Policy was last revised and adopted by City Council on July 2, 2019.
As stated in the attached report, there are sufficient funds to meet the budgeted expenditures over the next six
months.
The City's Investment Policy has set primary goals of the portfolio management of safety, liquidity and yield. The
City's surplus funds are with the Los Angeles County Investment Pool (LACIP) and Chandler Asset Management.
At May 31, 2019, the investment portfolio had a market value of $70,734,905.
Bond reserves are held and invested by a Trustee. The investment of these funds is governed by an investment
policy approved by the City Council as a part of the governing documents for each specific bond issue. At May 31,
2019, the bond reserves had a market value of $6,833,748.
Prepared by: Todd H. Owens, Accounting Manager
Additional Approval: Robbeyn Bird, CPA, Interim Finance Director
Attachments
Attachment No. 1 - Investment Report
Attachment No. 2 - Chandler Report - May 2019