HomeMy WebLinkAboutFin SA Investment Report 2012.06CITY CIO=
n.......�etoo-2 1� "W`� Agenda Item No: 8. a
SAN RAFAEL SUCCESSOR AGENCY - Meeting Date: August 6, 2012
SAN RAFAEL SUCCESSOR AGENCY
AGENDA REPORT
Department: FINANCE
Prepared by: Van Bach, Executive Director Approval:
Accounting Supervisor
SUBJECT: INVESTMENT REPORT FOR THE SECOND QUARTER 2012
RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE QUARTER
ENDING JUNE 30, 2012, AS PRESENTED
BACKGROUND:
Pursuant to the State of California Government Code Section 53601, the City's
investment policy, last reviewed and approved by Council on June 4, 2012, required
staff to provide the governing body a report on the City's investment activities. The
report outlines the investment activity for the preceding quarter. included on the report
are the cost of each investment, the interest rates (yield), maturity dates, and market
value. Separate schedules are prepared for both the City and San Rafael as
Successor Agency to San Rafael Redevelopment Agency.
ANALYSIS:
The proceeds of the 2002 Tax Allocation Refunding Bonds are invested with the Local
Agency Investment Fund (LAIF) for future projects or administrative costs. The ending
cash balance of this investment account at month end was $1,132,390.
The other LAIF account $1,130,801 contains funds for future administrative expenses
and funds from the refunding of the 1999 bonds for project use. These resources are
intended to provide sufficient operating capital in order to finance the Agency. The
LAIF 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 $1,340,615 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
Agency Meeting:
SAN RAFAEL AS SUCCESSOR AGENCY REPORT / Pau: 2
Fourth Street Decorative Light Installations, Fourth Street Environmental Clean-up and
the Corporation Yard Clean-up. No draws were made in the quarter ending June 2012.
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 quarter ending
June 2012, $267 remains for this project.
The refunding of the callable portion of the 1999 Project Tax Allocation Bonds in
December 2009 produced additional proceeds of $829,000 (held in the LAW account).
The additional proceeds will be used to make street and parking improvements and
other projects to benefit the Project Area. The proceeds were also used to pay for the
issuance costs associated with the Series 2009 Bonds. The expense account for
issuance costs is held at US Bank $8,753. This balance will be held for 180 days from
issuance. Any balance after June 30, 2010 can be transferred to the project account
for project use.
The City of San Rafael Successor Agency for San Rafael Redevelopment Agency
checking account, which is used for the weekly disbursements, had a balance of
$11,301 at month end. Rates of return on the LAIF pools are intended to be liquid, and
could produce about a .36% investment returns for the second quarter of 2012. A
graph is presented showing the monthly balance of cash for the current (fiscal year
2011-2012) as well as preceding three years.
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.
The Agency Board should adopt the report as presented in order to satisfy current State
Investment Code requirements.
The Board should accept and file the investment report as presented.
SAN RAFAEL AS SUCCESSOR 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.
MARK MOSES
INTERIM FINANCE DIRECTOR
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