HomeMy Public PortalAboutA2010-08-03LPFAThis 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 Addressing 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 FINANCING AUTHORITY
TO BE HELD ON AUGUST 3, 2010
5:00 P.M.
COUNCIL CHAMBERS
11330 BULLIS ROAD, LYNWOOD, CA 90262
MARIA TERESA SANTILLAN
PRESIDENT
AIDE CASTRO
VICE PRESIDENT
JIM MORTON
MEMBER
CHIEF ADMINISTRATIVE OFFICER
ROGER L. HALEY
SECRETARY
MARIA QUINONEZ
CALL TO ORDER
2. ROLL CALL OF MEMBERS
Aide Castro
Alfredo Flores
Jim Morton
Ramon Rodriguez
Maria T. Santillan
I.JU~ YoS
JUl~ ~ 9 2~~
CIT`f t~F L~C~'r~~D
CITY CLERICS E~FFICE
ALFREDO FLORES
MEMBER
RAMON RODRIGUEZ
MEMBER
ASSISTANT CITY MANAGER-
ADMINISTRATIVE & COMMUNITY SERVICES
ROBERT S. TORREZ
AUTHORITY COUNSEL
FRED GALANTE
OPENING CEREMONIES
CITY TREASURER
SALVADOR ALATORRE
3. 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 FINANCING AUTHORITY, BUT LYNWOOD
PUBLIC FINANCING AUTHORITY MEMBERS MAY REFER THE MATTER TO THE STAFF OR
SCHEDULE SUBSTANTIVE DISCUSSION FOR A FUTURE MEETING.
(The Ralph M. Brown Act, Government Code Section 54954.2 (a).)
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 Authority or staff request specific items be removed from the Consent
Calendar for separate action.
4. TREASURER'S QUARTERLY INVESTMENT REPORT
Comments:
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.
Recommendation:
The City Treasurer respectfully recommends that the Lynwood Public Finance Authority receive and
file the attached Quarterly Investment Report for the quarter ending June 30, 2010.
ADJOURNMENT
THE LYNWOOD PUBLIC FINANCING AUTHORITY MEETINGS WILL BE POSTED AS NEEDED. THE
NEXT MEETING WILL BE HELD IN THE COUNCIL CHAMBERS OF CITY HALL, 11330 BULLIS ROAD,
CITY OF LYNWOOD, CALIFORNIA.
_ ~ ~~
~~~ ~ AGENDA STAFF REPORT
L ,r
DATE: August 3, 2010
TO: Honorable President and Members of the Public Finance Authority
APPROVED BY: Roger L. Haley, City Manager'~~ ~
PREPARED BY: Salvador Alatorre, City Treasurer .
Sheila Harding, Deputy City Treasurer
SUBJECT: Treasurer's Quarterly Investment Report
Recommendation:
The City Treasurer respectfully recommends that the Lynwood Public Finance Authority
receive and file the attached Quarterly Investment Report for the quarter ending June
30, 2010.
Background:
In response to the crisis caused by the Orange County investment pool, the State
Legislature in 1995 enacted SB564 and SB866. These laws were enacted as State
Statutes to impose certain mandates regarding investment with public funds. The
statutes have imposed the following mandates:
1. Annual adoption of an Investment Policy that incorporates changes mandated
by the State.
2. 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 maturity
dates).
2. List of various bank accounts with banking institutions.
A±~Ef~QA
7'
3. Statement informing each Agency (City, LRA, and LPFA) that they are
expected to have sufficient liquid funds to meet their pooled expenditure
requirements for the next three (3) to six (6) months.
4. Statement informing the Lynwood Public Finance Authority that the
investment portfolio conforms to the adopted investment policy.
Fiscal Impact:
The action recommended in this report will not have a fiscal impact on the City.
Coordinated With:
Bond information provided by the Finance Department.
CITY TREASURER'S
QUARTERLY
INVESTMENT
REPORT
ENDING JUNE 30, 2010
Treasurers report June 2010
CITY OF LYNWOOD
QUARTERLY REPORT
ENDING JUNE 30, 2010
SUMMARY
INVESTMENTS
AVERAGE
BOOK PERCENTAGE (%) DAYS TO
VALUE PORTFOLIO MATURITY
MANAGED POOL INVESTMENT $ 25,498,997.99 69.29 N/A
CERTIFICATE OF DEPOSIT/PASSBOOK/
MONEY MARKET/CUSTODY HOLDINGS $ 11,303,457.63 30.71 N/A
TOTAL INVESTMENTS AND AVERAGES $ 36,802,455.62
TOTAL INVESTMENTS
$ 36,802,455.62
100%
I certify that this report accurately reflects all pooled investment policy statements
SALVADOR ALATORRE adopted by the City Council on August 15, 1995. A copy of this policy is available
CITY TREASURER at the office of the City Clerk. The Investment Program herein shown provides sufficient
cash flow liquidy to meet 3 to 6 months estimated expenditures.
Treasurers report June 2010
CITY OF LYNWOOD
QUARTERLY INVESTMENT REPORT
ENDING JUNE 30, 2010
CERTIFICATE OF DEPOSITS, BOND FUNDS & MONEY MARKET ACCOUNTS
INVESTMENT CURRENT MATURITY STATED INTEREST
ISSUER BALANCE DATE RATE RECEIVED
US Bank $81,309.32 15-Mar-10 N/A $921.65
CD
US Bank $0.00 N/A 0.04% $0.00
BOND FUNDS
ACCOUNT CLOSED
MONEY MARKET $6,411,326.13 N/A 0.05% $807.94
HUD SECTION/108
BANK OF AMERICA $157,787.19 8-Jun-10 0.3% N/A
CD-LRA
TOTAL $6, 650,422.64 $1, 729.59
PASSBOOK CHECKING
ENDING JUNE 30, 2010
CURRENT
ADDITIONAL ACCOUNTS BALANCE
LRA - US BANK 949,038.00
LRA - BANCO POPULAR 186,311.69
CITY -GENERAL 1,161,811.04
2,297,160.73
Treasurers report June 2010
VARIOUS ACCOUNTS
CITY OF LYNWOOD
QUARTERLY REPORT
ENDING JUNE 30, 2010
FACE
VALUE
STATED
RATE INTEREST
MUNICIPAL INVESTOR ACCOUNTS
US BANK 48,996.20 0.04%
CITY -PASSBOOKS
US BANK 952.70 0.04%
CITY - HCDA
US BANK 169,936.79 0.05%
CITY - LYNWOOD TTEES HUD 1990
US BNK
CITY -RECOVERY ACT JAG GRANT 298,854.82 0.04%
US BANK 2,789.47 0.04%
LYN. TR. CENTER
UNF. WORKERS ACC.
US BANK 434,463.78
LRA ALAMDA HOUSING
US BANK 1,198,419.24
LRA AREA A HOUSING
US BANK 70,241.11 0.04%
LRA ALAMEDA TAX INC.
BUSINESS CHECKING ACCOUNT
CITY - US BANK 128,473.65
HOME PROGRAM
BUSINESS MONEY MARKET
6.16
3.89
21.40
29.88
0.34
53.53
295.87
8.73
15.99
CITY - US BANK 2,746.50 0.04% 0.34
SENIOR BLDG FUND
TOTAL 2, 355, 874.26 436.13
"Funds transferred to Area A and Alameda accounts
Treasurers report June 2010
CITY OF LYNWOOD
QUARTERLY REPORT
ENDING JUNE 30, 2010
CURRENT STATED DATE AMOUNT
ISSUER - INVESTMENT BALANCE RATE RECD RECD
State of California LAIF-CITY $23,732,940.64 0.50% 4/15/2010 $28,809.35
State of California IAIF - LRA $1,766,057.35 0.50% 4/15/2010 $2,040.94
TOTAL $25,498,997.99 $30,850.29
Local Agency Investment Fund (IAIF):
The Local Agency Investment Fund is managed by the State Treasurer's Office Investment Division through
the Pooled Money Investment Account (PIMA). The LAIF allows cities, counties and special districts to
place money in a major portfolio and to use the expertise of their Investment Division staff, with no additional
cost to taxpayers. See chart below. The State Treasurer invests money safely, manage cash flow and
enhance financial security. The interest earned is distributed quarterly.
Pooled Money Investment Account
Portfolio Composition
69.4 Billion
6/30/2010
Treasuries
Mortgages
Agencies
CDs/BNs
Time Deposits
Now Accounts
Commercial Paper
Corporate Bonds
Loans
i
Treasurers report June 2010
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5
CITY OF LYNWOOD
QUARTERLY REPORT
ENDING JUNE 30, 2010
INVESTMENT PORTFOLIO DETAILS SUMMARY
INVESTMENT BOOK
ISSUER __ VALUE
FACE MARKET STATED
VALUE VALUE RATE
MANAGE POOL INVESTMENTS
LAIF CITY
LAIF LRA
TOTAL
BALANCES
CERTIFICATE OF DEPOSIT
CERTIFICATE OF DEPOSIT
PASSBOOK/CHECKING
BOND FUNDS
MONEY MARKET
MONEY MARKET
HUD SECTION/108
BANK OF AMERICA
CD-LRA
TOTAL
23,732,940.64 $23,732,940.64 $23,732,940.64 3.18%
1,766,057.35 $1,766,057.35 $1,766,057.35 3.18%
25,498,997.99 $25,498,997.99 $25,498,997.99
81,309.32 $81,309.32 $81,309.32
0.00 $0.00 $0.00
2,297,160.73 $2,297,160.73 $2,297,160.73
0.00 $0.00 $0.00
2,355,874.26 $2,355,874.26 $2,355,874.26
6,411,326.13 $6,411,326.13 $6,411,326.13
157,787.19 $157,787.19 157,787.19
11,303,457.63 $11,303,457.63 $11,303,457.63
Treasurers report June 2010
CITY OF LYNWOOD
QUARTERLY REPORT
ENDING JUNE 30, 2010
PORTFOLIO SUMMARY
Currently short-term excess cash is primarily invested in the Local Agency Investment Fund (LAIF) administered
by the State Treasurer. LAIF is a high quality investment available in terms of safety, liquidity, and yield. The City
has other investments at US Bank and Bank of America. The following table demonstrates the monthly activity
of cash and investment for previous quarters.
2Q 2010 1 O 2010 4Q 2009 30 2009
April -June January -March October -December Juy -September
MANAGE POOL INVESTMENTS
LAIF CITY 23,732,940.64 21,804,131.29 18,773,566.01 21,224,486.79
LAIF LRA 1,766,057.35 1,764,016.41 603,685.29 346,000.00
As per Treasurer's Report 25,498,997.99 23,568,147.70 19,377,251.30 21,570,486.79
OTHER RECEIVED INTEREST
CD/PASSBOOK/MONEY MARKET
CUSTODY HOLDINGS 11,303,457.63 9,402,808.22 10,717,853.47 11,050,454.92
As per Treasurer's Reports 36,802,455.62 32,970,955.92 30,095,104.77 32,620,941.71
CITY OF LYNWOOD
QUARTERLY REPORT
ENDING JUNE 30, 2010
PURCHASE PAR MARKET
TRUSTEE ACCOUNTS DATE VALUE VALUE
Lynwood Public Financing Authority Oct-99 $1,310,000.00 107,955.00
Tax Allocation Bonds, Series 1999, Alameda
U S Bank Coporate Trust Services
Lynwood Public Financing Authority
Lease Revenue Funding Bonds 2003 A
US Bank Coporate Trust Services
Aug-03 $8,630,000.00 2,123,593.93
Lynwood Public Financing Authority
Tax Allocation Bonds, Series 1999,Series A
U S Bank Corporate Trust Services
Lynwood Public Financing Authority
Tax Allocation Bonds, Series B
U S Bank Corporate Trust Services
Lynwood Public Financing Authority
Lease Revenue Bonds, Series 1999
US Bank Corporate Trust Services
Lynwood Utility Authority
Series 03 COI ACCOUNT
BNY Trust Company
Lynwood Utility Authority
Enterprise Refunding Revenue Bond, 2008 Series A
BNY Trust Company
Lynwood Untility Authority
Enterprise Revenue Bond 2009 Series A
BNY Trust Company
Oct-99 $10,235,000.00 773,401.62
Oct-99 $3,425,000.00 257,603.38
Oct-99 $3,760,000.00 1,673,447.98
Nov-03 $6,930,000.00 19,096.22
May-09 $9,755,000.00 8,666,784.61
Nov-08 $5,732,000.00 0.00
Treasurers report June 2010