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HomeMy WebLinkAboutFin RA Investment Report 2009-06C/TV OF Z _Agenda Item No: SA4/NRARAFAEL REDEVELOPMENT AGENCY Meeting Date. July 20, 2009 SAN RAFAEL REDEVELOPMENT AGENCY AGENDA REPORT Department: FINANCE Prepared by: Cindy Mosser, Executive Director Finance Director SUBJECT: INVESTMENT REPORT FOR JUNE 2009 RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE MONTH ENDING JUNE 2009, AS PRESENTED BACKGROUND: Pursuant to the State of California Government Code Section 53601, staff is required to provide the governing body a report regarding the City's investment activities. Each month the Finance Department prepares a report outlining the major investments for the preceding month. Included on the report are the cost of each instrument, the interest rates (yield), maturity dates, and market value. ANALYSIS: The refunding of 1992 and 1995 Redevelopment Agency bonds in October of 2002 produced $3,050,000 of new proceeds. These dollars are invested in the "Refunding Bonds" account with the Local Agency Investment Fund (LAIF). $2,327,000 was set aside in January 2002 as part of an agreement to reimburse the San Rafael High School District. The remainder ($723,000) was transferred to the LAIF account noted in the next paragraph and is held for future project or administrative costs. The ending cash balance of this investment account at month end was $1,466,603. No draws were made from this account in June. The other State Pool account (held at LAIF) contains funds for future administrative expenses as well ($1,758,444). These resources are intended to provide sufficient operating capital in order to finance the Agency from now through July 2011. The State Pool contains housing funds, set aside as required by law for affordable housing uses. The remaining unspent portion of 1999 bond proceeds are held an account with U. S. Bank ($1,578,526) allowing easy liquidity for approved Agency's projects which are in progress, not yet under way, or require final retention payments. Examples include the FOR AGENCY SECRETARY ONLY File No.: Agency Meeting: Disposition: SAN RAFAEL REDEVELOPMENT AGENCY REPORT / Page: 2 Medway/Canal Street Improvements and Corporation Yard Clean-up. No draws were made in June 2009. The balance of the 2003 Lease Revenue Bonds committed to the construction of the Third @ C Street parking structure is presented. The San Rafael Joint Powers Financing Authority issued the bonds in April 2003. At that time, $6,560,528 was transferred from the Authority to the Agency in order to fully fund construction, management and equipment needs of the project. As of the reporting month, $267 remains for this project. No draws were made on the Lease Revenue Bonds in June 2009. The Agency's West America checking account, which is used for the weekly disbursements, had a balance of $2,480 at month end. Rates of return on the LAIF pools are intended to be liquid, and could produce about a 1.40% investment returns (for the second quarter of 2009). A graph is presented showing the monthly balance of cash for the current (fiscal year 2008-2009) as well as preceding three years. Balances are compared on a monthly basis. Since the majority of resources are used to meet project needs, the graph reflects a continued decline in overall available cash to meet future Agency obligations (project, housing and administrative). FISCAL IMPACT: No financial impact occurs by adopting the report. The Agency continues to meet the priority principles of investing - safety, liquidity and yield in this respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily capital project requirements for the next six months. OPTIONS: The Agency Board should adopt the report as presented in order to satisfy current State Investment Code requirements. ACTION REQUIRED: The Board should accept and file the investment report as presented. ATTACHMENTS W.Vanagement Services- WorkFile\Finance- WorkFile\Council Material\Staff Reports\2009Wgency\rainvrpt62009.doc SAN RAFAEL REDEVELOPMENT AGENCY REPORT / Page: 3 TREASURER'S CERTIFICATION I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY OF SAN RAFAEL'S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE AGENCY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. CINDY MOSSER TREASURER F W a VI U m m m m Il) V M I!) ui ai d cp z zz z w w w W O 00 O z z z z W w w w O 00 O as Y a 00 oZ f N O rn CO U z Q LL Qrn-00 �F 'o O W 0 () < aaVpWm'-3zZ 0Q W wamz0j v C7 vi 0 No wQ-a 0 2�of wv~i z� R Q z Q z 0 0 U CD bmV<fOH'Y6W'0VG b T y 00 SS 45454 SSSS 545344 L t15 U N i4 SSSSS SS 44Si4 i. 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