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Home My Public Portal About12-21-2004LPFAThis Agenda contains a brief general description of each item to be considered. Copies of the Staff reports or other written documentation relating to each item of business referred to on the Agenda are on file in the Office of the City Clerk and are available for public inspection. A person who has a question concerning any of the agenda items may call the City Manager at (310) 603-0220, ext. 200. Procedures for Addressinq the Council IN ORDER TO EXPEDITE CITY COUNCIL BUSINESS, WE ASK THAT ALL PERSONS WISHING TO ADDRESS THE COUNCIL FILL OUT A FORM PROVIDED AT THE DOOR, AND TO TURN IT IN TO THE CITY CLERK PRIOR TO THE START OF THE MEETING. FAILURE TO FILL OUT SUCH A FORM WILL PROHIBIT YOU FROM ADDRESSING THE COUNCIL IN THE ABSENCE OF THE UNANIMOUS CONSENT OF THE COUNCIL. AGENDA ITEMS ON FILE FOR CONSIDERATION AT THE REGULAR MEETING OF THE LYNWOOD PUBLIC FINANCE AUTHORITY TO BE HELD ON DECEMBER 21, 2004 5:00 P.M. COUNCIL CHAMBERS MARIA T. SANTILLAN VICE PRESIDENT LOUIS BYRD MEMBER 11330 BULLIS ROAD, LYNWOOD, CA 90262 RAMON RODRIGUEZ PRESIDENT INTERIM CHIEF ADMINISTRATIVE OFFICER JOSEPH WANG CITY 0F' LYNW00D SECRETARY ANDREA L. HOOPER DEC ! $ 2004 FERNANDO PEDROZA MEMBER LETIClA VASQUEZ MEMBER FINANCE DIRECTOR ALFRETTA EARNEST CITY TREASURER IRIS PYGATT OPENING CEREMONIES CALL TO ORDER ROLL CALL OF MEMBERS Louis Byrd Fernando Pedroza Leticia Vasquez Maria T. Santillan Ramon Rodriguez CERTIFICATION OF AGENDA POSTING BY SECRETARY PUBLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) PUBLIC ORAL COMMUNICATIONS If AN ITEM IS NOT ON THE AGENDA, THERE SHOULD BE NO SUBSTANTIAL DISCUSSION OF THE ISSUE BY THE LYNWOOD PUBLIC FINANCE AUTHORITY, BUT IT IS ALL RIGHT FOR THE LYNWOOD PUBLIC FINANCE AUTHORITY MEMBERS TO REFER THE MATTER TO THE STAFF OR SCHEDULE SUBSTANTIVE DISCUSSION FOR A FUTURE MEETING. (The Ralph M. Brown Act, Government Code Section 54950-54962, Part III, Paragraph 5.) CONSENT CALENDAR MINUTES OF PREVIOUS MEETINGS: Regular Meeting, November 16, 2004 TREASURER'S QUARTERLY INVESTMENT REPORT Comments: The purpose of this item is to have the Lynwood Public Finance Authority review the Treasurer's Quarterly Investment Report as required by recently enacted State Statutes. Recommendation: The City Treasurer recommends that the Lynwood Public Finance Authority receive and file the attached Quarterly Investment Report for the quarter ending September 30, 2004. ADJOURNMENT THE NEXT REGULARLY SCHEDULED MEETING WILL BE HELD ON JANUARY 4, 2004 AT 5:00 P.M., IN THE COUNCIL CHAMBERS OF THE CITY HALL, 11330 BULLIS ROAD, CITY OF LYNWOOD, CALIFORNIA. LYNWOOD PUBLIC FINANCE AUTHORITY REGULAR MEETING NOVEMBER 16, 2004 The Lynwood Public Finance Authority of the City of Lynwood met in a Regular Meeting at 11330 Bullis Road on the above date at 5:45p.m. President Byrd presiding. Members Pedroza, Rodriguez Santillan, Vasquez, and, Byrd answered the roll call. Also present were Interim Chief Administrative Officer Wang, City Attorney Beltran, Secretary Hooper and Treasurer Pygatt. Secretary Hooper announced that the agenda had been duly posted in accordance with the Brown Act. PUBLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) NONE PUBLIC ORAL COMMUNICATIONS NONE CONSENT CALENDAR All matters listed under the Consent Calendar will be acted upon by one motion affirming the action recommended on the Agenda. There will be no separate discussion on these items prior to voting unless members of the Council or staff request specific items be removed from the Consent Calendar for separate action. It was moved by Member Rodriguez, seconded by President Byrd to approve the minutes and receive and file the following items. Item #4: MINUTES OF PREVIOUS MEETINGS: Regular Meeting, September 21, 2004 Regular Meeting, October 5, 2004 Regular Meeting, October 19, 2004 Item #6: TREASURER'S QUARTERLY INVESTMENT REPORT ROLL CALL: AYES: NOES: NONE ABSTAIN: ABSENT: MEMBERS PEDROZA, RODRIGUEZ, SANTILLAN, VASQUEZ, BYRD NONE NONE Item #5: STATEMENTS OF CONDITIONS OF FUNDS Member Pedroza stated that he would like to ask Interim Chief Administrative Officer Wang to give the public a brief report on conditions of funds Assistant City Manager/Director of Finance & Administration Alfretta Earnest responded that based on the financial condition of these Agencies L.I.I., L.R.A, L.P.F.A. as of August of 2004 the City of Lynwood began the month with $56.3 million the City's revenue is $3.3 million, disbursements are about $4 million, and miscellaneous adjustments which are primarily accruals moved back in June 2004. It left the City with an end balance of $54.5 million. However the City General Fund has about $10.4 million and the Water funds is $7.6 million. The L.R .A started the month with $8.1 million. Receipts for revenue are about $2 million and disbursements $916,000.00 dollars. Then again accruals with the remanding balance is about $9.1 million. L.I.I. $137,000.00 dollars and receipts about $33.00 dollars which was interest and $4,700.00 dollars expenditures at the and of the month with a little over a $1,000.00 dollars. Member Pedroza stated that the ending balance for the L.I.I. is $132,000.00 dollars. Assistant City Manager/Director of Finance & Administration Alfretta Earnest responded that is correct. It was moved by Member Pedroza seconded by Member Rodriguez and carried to receive and file the report. AGENDA rrEM .ADJOURNMENT Having no further discussion, it was moved by Member Rodriguez, seconded by Member Pedroza and carried to adjourn the Regular Public Finance Authority Meeting at 5:50 p.m. Louis Byrd, President Andrea L. Hooper, Secretary DATE: December 21, 2004 TO: FROM: THE HONORABLE PRESIDENT AND MEMBERS OF THE LYNWOOD PUBLIC FINANCE AUTHORITY f/ Iris Pygatt, City Treasurer ISUBJECT: TREASURER'S QUARTERLY INVESTMENT REPORT PURPOSE: The purpose of this item is to have the Lynwood Public Finance Authority review the Treasurer's Quarterly Investment Report as required by recently enacted State Statutes. BACKGROUND: In response to the cdsis caused by the Orange County investment pool, the State Legislature in 1995 enacted S8564 and S8866. These laws were enacted as State Statutes to impose certain mandates regarding investment with public funds. The statutes have imposed the following mandates: Annual adoption of an Investment Policy that incorporates changes mandated by the State. Quarterly Investment Reports presented to the Legislative Body or Board Members. 3. Restriction on the use of certain investment instruments. The attached Treasurer's Report has been prepared to provide the following information: 1. Types of investments (including principal, market value rates, and matudty dates). 2. List of vadous bank accounts with banking institutions. 3. Statement informing each Agency (City, LRA, LPFA and LII) that is expected to have sufficient liquid funds to meet its pooled expenditure requirements for the next six (6) months. 4. Statement informing the Lynwood Public Finance Authority that the investment portfolio conforms with the adopted investment policy. RECOM M ENDATION: The City Treasurer respectfully recommends that the Lynwood Public Finance Authorit3 and file the attached Quarterly Investment Report for the quarter ending September 30 ITEM TREASURER'S QUARTERLY INVESTMENT REPORT Comment s: The purpose of this item is to have the Honorable President and members of the Lynwood Public Finance Authority review the Treasurer's Quarterly Investment Report as required by State Statutes. The City Treasurer recommends that the Honorable President and members of the Lynwood Public Finance Authority receive and file the attached quarterly Investment Report for the quarter ending September 30, 2004. oO o. 1 z ~- ~ 5 5 Z Z Z Z Z Z Z Z LU o o o o o o o° -,~ >, .~' , o ~, 'U o "6 0 0 ~ 0 0 0 o o 0