02-19-2019 - AGENDA ITEM 04 SUCCESSOR AGENCY INVESTMENT REPORT FOR THE MONTH ENDED DECEMBER 31, 2018AGENDA ITEM NO.4
AGENDA STAFF REPORT
City of West Covina I Office of the City Manager
DATE: February 19, 2019
TO: Mayor and City Council
FROM: Chris Freeland
City Manager
SUBJECT: SUCCESSOR AGENCY INVESTMENT REPORT FOR THE MONTH ENDED
DECEMBER 31, 2018
RECOMMENDATION:
It is recommended that the Chair and Board Members of the Successor Agency to the former West Covina
Redevelopment Agency, receive and file the Investment Report for the month ended December 31, 2018.
DISCUSSION:
The Investment Report (Attachment No. 1) presents the Successor Agency's cash and investments for the
month ended December 31, 2018. 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
Successor Agency, as well as, reporting of the market value of the investments held. The Investment Policy of
the City of West Covina also applies to the Successor Agency to the former West Covina Redevelopment
Agency. 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 Investment Policy
was last revised and adopted by City Council on June 5, 2018. As stated in the attached report, there are
sufficient funds to meet the budgeted expenditures over the next six months.
The Investment Policy has set primary goals of the portfolio management of safety, liquidity and yield. The
Successor Agency's surplus funds are in the Los Angeles County Investment Pool (LACIP) which is
completely liquid, as the Successor Agency can withdraw them at any time. At December 31, 2018, the
Successor Agency's investment portfolio had a market value of $1,599,767.
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
December 31, 2018, the Successor Agency's bond reserves had a market value of $5,181,635.
Prepared by: Todd H. Owens, Accounting Manager
Additional Approval: Marcie Medina, Finance Director
Fiscal Impact
FISCAL IMPACT:
No Fiscal Impact
Attachments
ATTACHMENT NO. 1 - INVESTMENT REPORT
ATTACHMENT NO. 1
West Covina Successor Agency
Investment Report
For the Month Ended December 31, 2018
mceresu
Yield to
Maturity
%of
Description
Book Value Market Value
Maturity
Date
Portfolio
Cash and Cash Equivalents
Wells Fargo Checking Account- Successor Agency $
28,390 $
28,390
0.00%
n/a
0,42%
Wells Fargo Checking Account -CFD
762,029
762,029
0.00%
n/a
11.24%
Los Angeles County Investment Pool (LACIP) - Successor Agency
809,348
809,348
2.06 %
n/a
11.93 %
Los Angeles County Investment Pool (LACIP) - CFD
2.06%
n/a
0.00%
Total Cash and Cash Equivalents $
1,599,767 $
1,599,767
Debt Reserve Funds
1988 Housing Set -Aside Tax Allocation Bonds Series A & B
Federal Treasury Obligations
1996 Special Tax Refunding Bonds
Westdeutsche Landesbank Girozentrale Investment Agmt
Income Cash
First American Treasury Obligations Fund Class D
Total Debt Reserve Funds
Total Investment Portfolio
$ - $ - 0.00% n/a 0.00%
5,002,670 5,002,670 7.01% 9/1/2022 73.77%
103 103 1.87 % We 0.00%
178,862 178,862 1.88% n/a 2.64%
$ 5,181,635 $ 5,181,635
100.00 %
Blended Yield of Cash and Cash Equivalents2.06%
Benchmarks:
LAIF 2.29%
LACIP • 2.06 %
6mo U.S. Treasury 2.56 %
2yr U.S. Treasury 2.48 %
Syr U.S. Treasury 2.51%
' To ensure timely submission of the Investment Report, the prior month's LACIP percentage yield is used.
I hereby certify that the investments are in compliance with the investment policy adopted by the City Council. The investment portfolio provides
sufficient funds to meet the budgeted expenditures over the next six months. This report meets the requirements of Government Code Section
53646.
PREPARED BY: REVIEWED BY:
Todd H. Owens - Accounting Manager Colleen B. Rozatti - City Treasurer
APPROVED BY:
C-1 A5-
Marcie Medina - Finance Director