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Home My Public Portal AboutA 2018-09-18 LSA CITY OF LYNWOOD AS SUCCESSOR AGENCY TO THE LYNWOOD REDEVELOPMENT AGENCY REGULAR MEETING MINUTES August 21, 2018 The City of Lynwood as Successor Agency to the Lynwood Redevelopment Agency met in a regular meeting in Council Chambers, 11350 Bullis Road, Lynwood, California on the above date at 6:10 p.m. Mayor Solache presiding. PRESENT: COUNCIL MEMBERS, CASTRO, MAYOR PRO TEM SANTILLAN-BEAS AND MAYOR SOLACHE ABSENT: COUNCIL MEMBERS ALATORRE AND HERNANDEZ STAFF PRESENT: CITY MANAGER OMETEOLT, CITY ATTORNEY LEAL, CITY CLERK QUINONEZ AND CITY TREASURER CAMACHO AND CITY CLERK QUINONEZ STAFF ABSENT: NONE City Clerk Quinonez announced the Agenda had been duly posted in accordance with the Brown Act. PUBLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) NONE CONSENT CALENDAR MOTION: It was moved by Council Member Castro, seconded by Mayor Pro Tem Santillan-Beas to approve the consent calendar. Motion carried by unanimous consent. Item #4. APPROVAL OF THE WARRANT REGISTER-SA Item #5. TREASURER’S QUARTERLY REPORT Report was received and filed. 2 ADJOURNMENT Having no further discussion, it was moved by Council Member Castro, seconded by Mayor Pro Tem Santillan-Beas to adjourn the City of Lynwood as Successor Agency to the Lynwood Redevelopment Agency meeting at 6:11 p.m. __________________________ __________________________ José Luis Solache, Mayor Maria Quinonez, City Clerk CITY OF LYNWOOD AS SUCCESSOR AGENCY TO THE LYNWOOD REDEVELOPMENT AGENCY SPECIAL MEETING MINUTES December 19, 2017 The City of Lynwood as Successor Agency to the Lynwood Redevelopment Agency met in a special meeting in Council Chambers, 11330 Bullis Road, Lynwood, California on the above date at 7:07 p.m. Mayor Solache presiding. ROLL CALL: MEMBERS: ALATORRE, CASTRO, SANTILLAN-BEAS, AND MAYOR SOLACHE, ABSENT: MAYOR PRO TEM HERNANDEZ Also present were City Manager Martinez, Deputy City Attorney Copado, City Clerk Quinonez and City Treasurer Camacho. City Clerk Quinonez announced the Agenda had been duly posted in accordance with the Brown Act. PUBLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) NONE NON-AGENDA PUBLIC ORAL COMMUNICATIONS NONE CONSENT CALENDAR Item #4 APPROVAL OF THE WARRANT REGISTER Item #5 MODIFICATION OF AFFORDABLE HOUSING FINANCE TEAM MOTION: It was moved by Council Member Castro, seconded by Council Member Santillan-Beas to approve the consent calendar. Motion carried by the following vote: ROLL CALL: AYES: MEMBERS ALATORRE, CASTRO, SANTILLAN-BEAS, AND MAYOR SOLACHE NOES: NONE ABSTAIN: NONE ABSENT: MAYOR PRO TEM HERNANDEZ ADJOURNMENT Having no further discussion, it was moved by Council Member Santillan-Beas, seconded by Council Member Castro to adjourn the City of Lynwood as Successor Agency to the Lynwood Redevelopment Agency meeting at 7:10 p.m. Motion passes by unanimous consent. AYES: MEMBERS ALATORRE, CASTRO, SANTILLAN-BEAS, AND MAYOR SOLACHE NOES: NONE ABSTAIN: NONE ABSENT: MAYOR PRO TEM HERNANDEZ __________________________ __________________________ Solache, Mayor Maria Quinonez, City Clerk /ES vchlist 09/13/2018 Bank code: Voucher 5447 Check List 3:11:24PM Successor Agency of the Lynwood Redevelopment Agency sa_usb Date Vendor 9/18/2018 005848 INFRASTRUCTURE ENGINEERS 1 Vouchers for bank code : 1 Vouchers in this report sa_usb Invoice PO# ------- 23415 11-001154 Page: 1 Description/Account Amount VETERANS VILLAGE DEVELOPMENT PROJECT-8/2018 1022.51.207 .62015 Total: Bank total: Total vouchers : 734.40 734.40 734.40 734.40 Page: 1 City of Lynwood Investment Report Summary Notes For the Month of August 2018 The Investment activity for August 2018 – 1 Purchase(s); 1 Maturity(ies). Purchaser/Issuer Rating Par Value Term Stated Rate Structure Wells Fargo Bank N/A 248,000 5 yrs. 3.300 CD-FDIC Redemption/Issuer Maturity Rating Par Value Interest Earned Stated Rate Days/ Maturity Structure Discover Bank N/A 245,000 229.33 1.750 1,460 CD-FDIC As of July 13, 2018, the City’s Local Agency Investment Fund (LAIF) account was credited with the interest earned on the City’s deposits for the quarter ending June 30, 2018. The quarter ending performance for August 31, 2018 was not posted at the time of this report. The quarter end principal balance as of August 31, 2018 was $12,209,194.98. The City is within the desired average range of $9-$15 million in liquid assets. Liquidity of the Portfolio • The current goal is to keep the investment portfolio at an average maturity of 2 years based on current economic conditions. The portfolio’s current average maturity is 231 days. • The goal is to keep an average of $9 - $15 million in liquid assets in order to meet operational needs and for unexpected expenditures that may arise. The City complies with California Government Code Section 53646, which requires local agency to report its ability to meet pooled expenditure requirements for the next six (6) months. • The City’s portfolio will stay the course based on the current economic trends. Covering cash flow needs ranked as the top priority. Portfolio Performance: Portfolio Interest Earning Summary August, 2018 Fiscal YTD CD/Coupon/Discount Investments: Interest Collected 21,835.49 31,635.86 Plus Accrued Interest @ End of Period 43,928.33 43,917.42 Less Accrued Interest @ Beginning of Period ( 49,557.91) ( 43,191.48) Less Accrued Interest @ Purchase During Period 0.00 0.00 Interest Earned during this Period 16,205.91 32,361.80 Adjusted by Premiums and Discounts 1,874.00 3,749.11 Adjusted by Capital Gains or Losses 0.00 0.00 Earned during this Period 18,079.91 36,110.91 Pass Through Securities Interest Collected 0.00 0.00 Plus Accrued Interest @ End of Period 0.00 0.00 Less Accrued Interest @ Beginning of Period (0.00) (0.00) Less Accrued Interest at Purchase During Period (0.00) (0.00) Interest Earned during this Period 0.00 0.00 Investment Report August 2018 Page Two Adjusted by Premiums Sep-18and Discounts 0.00 0.00 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Periods 0.00 0.00 Cash/Checking Accounts: Interest Collected 157.74 54,314.11 Plus Accrued Interest at End of Period 65,960.63 65,960.63 Less Interest at Beginning of Period ( 45,545.10) ( 79,855.38) Interest Earned this Period 20,573.27 40,419.36 Total Interest Earned 36,779.18 72,781.16 Total Adjustments from Premium and Discounts 1,874.00 3,749.11 Total Capital Gains or Loss 0.00 0.00 Total Earnings this Period 38,653.18 76,530.27 Notes: Adjusted by Premium/Discounts represents the premium or discount cost involved to secure higher or lower yield securities. The cost of the premium or discount is amortized down or up respectively to par over the life of the bond until reaching maturity. By amortizing, the amount of taxable interest is reduced for each year the city owns the bond. This is because the amortized premiums or discounts offset the ordinary income of the coupon payment. As long as a bond is held to maturity, there will be no capital loss or gain to report. Month End & Year # of Securities Interest Average Balance YTM 360% YTM 365 Effective Rate of Return Days to Maturity Jul-18 39 40,545.91 22,950,574.99 1.962 1.989 2.08% 348 Aug-18 39 38,653.18 22,986,221.42 2.010 2.038 1.98% 353 Portfolio Summary LAIF FNMA Market Value U.S. Treasury Book Value FHLB Variance JP Morgan Chase & Co. FHLMC Par Value Coca Cola Met Life Net Asset Value PNC Bank Branch Banking & Trust Book Yield Walmart Honda Years to Maturity Exxon Mobil Citibank Effective Duration Apple *Book Value is Amortized 2.04% 1.99% 0.97 0.95 0.94 0.93 1.1% 1.1% 8/31/2018 SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (MOODY'S) City of Lynwood ACCOUNT SUMMARY MONTH-END PORTFOLIO BOOK YIELD TOP ISSUERS Issuer % Portfolio 53.1% 8.7% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% $99.410 $99.340 8/31/18 7/31/18 $22,863,684 $22,823,967 $22,999,429 $22,975,568 -$135,745 -$151,601 $23,022,659 $23,000,101 2.2% 1.6% 1.5% 1.3% 2.2% Agy 12.4% Tsy 2.2% LAIF 53.1% MMF 0.3% CD-FDIC 16.2% CP 2.9% Corp 13.0%68.3% 10.2%7.6%7.5%6.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0-1Y 1-2Y 2-3Y 3-4Y 4-5Y 53.1% 16.2% 2.9% 0.0% 4.3% 4.3% 1.1% 1.1% 1.1% 15.9% 0%25%50%75% NR-LAIF NR-FDIC CDs P-1 A3 A2 A1 Aa1 Aa2 Aa3 Aaa 1.30% 1.40% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10%Sep-17Oct-17Nov-17Dec-17Jan-18Feb-18Mar-18Apr-18May-18Jun-18Jul-18Aug-18Total Ex LAIF NR: Not RatedPer Book ValuePer Book Value Per Book Value 2 9-10-18 16 Page 1 August 31, 2018 Interest Earnings Summary Month EndingAugust 31 Fiscal Year To Date Portfolio Management Lynwood - Portfolio Management CD/Coupon/Discount Investments: 21,835.49Interest Collected Plus Accrued Interest at End of Period Less Accrued Interest at Beginning of Period 43,928.33 ( 49,557.91) 31,635.86 43,917.42 ( 43,191.48) Less Accrued Interest at Purchase During Period ( 0.00)( 0.00) Interest Earned during Period Adjusted by Premiums and Discounts Adjusted by Capital Gains or Losses Earnings during Periods 16,205.91 1,874.00 0.00 32,361.80 3,749.11 0.00 18,079.91 36,110.91 Pass Through Securities: 0.00Interest Collected Plus Accrued Interest at End of Period Less Accrued Interest at Beginning of Period 0.00 ( 0.00) 0.00 0.00 ( 0.00) Less Accrued Interest at Purchase During Period ( 0.00)( 0.00) Interest Earned during Period Adjusted by Premiums and Discounts Adjusted by Capital Gains or Losses Earnings during Periods 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash/Checking Accounts: 157.74Interest Collected Plus Accrued Interest at End of Period Less Accrued Interest at Beginning of Period 65,960.63 ( 45,545.10) 54,314.11 65,960.63 ( 79,855.38) Interest Earned during Period 20,573.27 40,419.36 Total Interest Earned during Period Total Adjustments from Premiums and Discounts Total Capital Gains or Losses Total Earnings during Period 36,779.18 1,874.00 0.00 72,781.16 3,749.11 0.00 38,653.18 76,530.27 Portfolio LYNW APData Updated: SET_PMM: 09/07/2018 15:30 Run Date: 09/07/2018 - 15:30 PM (PRF_PM6) 7.3.0 Report Ver. 7.3.6.1 26 City of Lynwood Cash Reconciliation Report For the Period August 1, 2018 - August 31, 2018 Par Value Cash Trans. TypeInvestment # Fund Security ID Trans. Date Security Description Maturity Date Interest RedemptionsPurchases 08/02/20221012908/02/2018 InterestLYN 1404203Z1 248,000.00 COFU 0.2M 2.30% Mat. 08/02/2022 0.00 2,828.56 0.00 2,828.56 08/04/20211011808/06/2018 InterestLYN 037833CC2 250,000.00 AAPL 0.3M 1.55% Mat. 08/04/2021 0.00 1,937.50 0.00 1,937.50 02/16/20211013808/14/2018 InterestLYN 856285HL8 248,000.00 SBIIN 0.2M 2.45% Mat. 02/16/2021 0.00 3,013.03 0.00 3,013.03 08/20/20181007508/20/2018 InterestLYN 2546714Q0 245,000.00 DISC 0.2M 1.75% Mat. 08/20/2018 0.00 2,126.13 0.00 2,126.13 08/18/20201013008/20/2018 InterestLYN 05580AKA1 248,000.00 BMW 0.2M 1.90% Mat. 08/18/2020 0.00 2,336.64 0.00 2,336.64 08/20/20181007508/20/2018 MaturityLYN 2546714Q0 245,000.00 DISC 0.2M 1.75% Mat. 08/20/2018 0.00 0.00 245,000.00 245,000.00 08/21/20201013108/23/2018 InterestLYN 49306SYR1 248,000.00 KEY 0.2M 1.85% Mat. 08/21/2020 0.00 2,275.15 0.00 2,275.15 08/23/20221013208/23/2018 InterestLYN 795450D36 248,000.00 SLMA 0.2M 2.35% Mat. 08/23/2022 0.00 2,890.05 0.00 2,890.05 06/29/20231014308/29/2018 InterestLYN 20033AZK5 248,000.00 ADS 0.2M 3.30% Mat. 06/29/2023 0.00 695.08 0.00 695.08 02/28/20191006808/31/2018 InterestLYN 912828C24 500,000.00 USTR 0.5M 1.50% Mat. 02/28/2019 0.00 3,750.00 0.00 3,750.00 08/30/20231014708/31/2018 PurchaseLYN 949763TF3 248,000.00 WFB 0.2M 3.30% Mat. 08/30/2023 -247,429.60 -22.42 0.00 -247,452.02 Subtotal -247,429.60 21,829.72 245,000.00 19,400.12 Total -247,429.60 21,829.72 245,000.00 19,400.12 Portfolio LYNW AP Run Date: 09/07/2018 - 15:26 AC (PRF_AC) 7.2.0 Report Ver. 7.3.6.1 32