HomeMy WebLinkAboutFin SA Investment Report 2012.09=*T,V
Agenda Item No: 7.a
SUCCESSOR AGENCY TO THE Meeting Date: November 5, 2012
REDEVELOPMENT AGENCY
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
AGENDA REPORT
Department: FINANCE
Prepared by: Van Bach, (k City Manager Approval:
Accounting Supervisor
SUBJECT: INVESTMENT REPORT FOR THE THIRD QUARTER 2012
RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE QUARTER
ENDING SEPTEMBER 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 the Board 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 the 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 $1,133,396.
The other LAIF account $701,847 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. These funds will be use either to reimburse project expenditures or
make payment on the 1999 bonds.
FOR AGENCY SECRETARY ONLY
File No.:—�14 9�5
Agency Meeting:
Disposition:
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY REPORT / Page: 2
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 LAIF account).
The additional proceeds may 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 San Rafael Successor Agency for the San Rafael Redevelopment Agency
checking account, which is used for the weekly disbursements, had a balance of
$204,613 at month end. Rates of return on the LAW pools are intended to be liquid,
and could produce about a .38% investment returns for the third quarter of 2012.
FISCAL IMPACT:
No financial impact occurs by adopting the report. The Successor 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.
RECOMENDED:
The Board should accept and file the investment report as presented.
TREASURER'S CERTIFICATION
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY REPORT / Paae: 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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