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HomeMy WebLinkAboutFin SA Investment Report 2012.12CITY OF Agenda Item No: 9.a SUCCESSOR AGENCY TO THE Meeting Date: February 4, 2013 REDEVELOPMENT AGENCY SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY AGENDA REPORT Department: FINANCE Prepared by: Van Bach, , City Manager Approval.-?)1X--Lt,--k4 Accounting Manager SUBJECT: INVESTMENT REPORT FOR THE FOURTH QUARTER 2012 RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE QUARTER ENDING DECEMBER 31, 2012, AS PRESENTED 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, staff provides the governing body a periodic 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 $1,134,408. The other LAIF account $642,182.67 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.: Agency Meeting: Li /2 L' Disposition: SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY REPORT / Paye: 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 $4,472 at month end. Rates of return on the LAIF pools are intended to be liquid, and could produce about a .32% investment returns for the fourth 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. SUCCESSOR AGENCY TO THE 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. _11�1 lll�� MARK MOSES INTERIM FINANCE DIRECTOR I 0 i Y W u a. W C' W cn F rc c D 0- LO I— v to (o z z z z Z W w w w w ci LO I— v to (o z z z z Z W w w w w r— CN (L CL CL CL 00 0 0 OP C) 00 VI z j(L -41 04 C) r) tq 2 0 'q . . ... 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