HomeMy WebLinkAboutFin RA Investment Report 2011.08=I,ry CIO=
n.��eL*z % Agenda Item No: 2
SAN RAFAEL REDEVELOPMENT AGENCY Meeting Date: September 19, 2011
SAN RAFAEL REDEVELOPMENT AGENCY AGENDA REPORT
Department: FINANCE
Prepared by: Van Bach, Executive Director Approval:-`
Accounting Supervisor L-/
SUBJECT: INVESTMENT REPORT FOR AUGUST 2011
RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE MONTH
ENDING AUGUST 31, 2011, 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 projects or administrative costs. The ending
cash balance of this investment account at month end was $1,129,847. No draws were
made from this account in August 2011.
The other State Pool account ($3,244,107 held at LAIF) 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 from now through July 2012. 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 ($1,340,615) allowing easy liquidity for approved Agency's projects which are in
FOR AGENCY SECRETARY ONLY
File No.:
Agency Meeting:
Disposition:
SAN RAFAEL REDEVELOPMENT AGENCY REPORT / Pa2e: 2
progress, not yet under way, or require final retention payments. Examples include the
Fourth Street Decorative Light Installations, Fourth Street Environmental Clean-up and
the Corporation Yard Clean-up. No draws were made in August 2011.
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 August
2011.
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 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 Agency's West America checking account, which is used for the weekly
disbursements, had a balance of $3,762 at month end. Rates of return on the LAIF
pools are intended to be liquid, and could produce about a 0.38% investment returns
(for the third quarter of 2011). A graph is presented showing the monthly balance of
cash for the current (fiscal year 2011-2012) 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.
DO • 11
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
WAManagement Services- WorkFile\Finance- WorkFile\Council Material\Staff Reports\2011/Agency\rainvrpt82011.doc
SAN RAFAEL REDEVELOPMENT AGENCY REPORT / Paae: 3
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.
JANET PENDOLEY
INTERIM FINANCE DIRECTOR
SAN ��^�� ^��~�� REDEVELOPMENT ~~LO~ ME^`T AGE^`~~ ~
CASH and INVESTMENTS
8131111
puRonAeE MATURITY YIELD
PURCHASE
pxn
MAmnsr
Days to moF
ISSUER TYPE
DATE
DATE
PRICE
VALUE
vxLuE/
Mammy TOTAL 4
GOVERNMENT AGENCY ISSUES:
-
-
- 0.0096
|Total Custodial Investments
MANAGED POOL ACCOUNTS:
U.G.BANK 199S
PROJECT SERIES
OPEN
OPEN 0.00
$ 1.3*0.614.74
$
1.340.614.74
$
1.340.614.74
2OO2TAX ALLOCATION
REFUNDING BONDS Sp
OPEN
OPEN 0.38
$ 1.12e.847.34
$
1.129.84734
$
1.129.847.34
1
STATE POOL SP
OPEN
OPEN 0.88
$ 3.324.106�70
$
3.32*.186.70
$
3.324.106.70
1
UNION BANK -JPA zVn3A
|MPROVEMENTFUND
OPEN
OPEN O�02
$ 26&*1
$
260.01
$
266.81
1
U�S.BANK 2003
PROJECT TAX
REFUNDING EXPENSE
OPEN
OPEN 0.00
$ 8.752.6*
$
8.752.85
$
8.752.85
1
»
$ 5.803`588.04
*
5.803.508.04
$5.8O3.508.04
99.84%
'TOTAL INVESTMENTS
`
5.803.688.04
6.803.588.04
6,803.688.04
CASxACCO0vr3:
VvESTxMEn|[m oo
m/*
N/A
$ 3.76222
$
3.762.22
$
3.762.22
1 0.06%
TOTAL CASH &|NVESTMENTS
*6.807.35$.26
$6'8UT.3sV.z6
*
6.807,350.26
100.00%
Y6Portfolio held 1year orless
|
|
.
100%
|
/
1yea
2 years
3 years
4 years
oYears mmore
$ 5.807.350
$ '
y
$
$
'Source = safekeeping agent
TYPE:
'Weighted average days wmaturity
s*~Bankers Acceptance
^ Annualized yield wMarket
DID = Demand Deposit (Checking)
' based "nPAR Value
o*~Government Agency
Market Yield
wr~Medium Term Note
rw~uoTreasury Note
^~^~'~`'~'~~'~~`~^~~'~'^~^~'~'~^~~'~
mo Guaranteed Investment Contract
nr State Pool various instruments
IIS
Market Value
$7,000,000 00
$6 000,000 00
$5,000,000 00
$4 000,000 00
$3,000,000 00
$2,000.000 00
$1,000,000 00
July
Redevelopment Agency Portfolio
Market Value - month to month cash balance comparisons