HomeMy WebLinkAboutFin RA Investment Report 2010-01�,r, oFi2g
A enda Item No: 2
Meeting Date: February 16, 2010
SAN RAFAEL REDEVELOPMENT AGENCY
SAN RAFAEL REDEVELOPMENT AGENCY AGENDA REPORT
Department: FINANCE
Prepared by: Cindy Mosser, Executive Director Approval:
Finance Director
SUBJECT: INVESTMENT REPORT FOR JANUARY 2010
RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE MONTH
ENDING JANUARY 2010, 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 $1,477,797. No draws were
made from this account in January.
The other State Pool account ($2,508,383 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 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
FOR AGENCY SECRETARY ONLY
File No.:
Agency Meeting:
Disposition:
SAN RAFAEL REDEVELOPMENT AGENCY REPORT / Page: 2
progress, not yet under way, or require final retention payments. Examples include the
Medway/Canal Street Improvements and Corporation Yard Clean-up. No draws were
made in January 2010.
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 January
2010.
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 will 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 $422 at month end. Rates of return on the LAIF pools
are intended to be liquid, and could produce about a 0.56% investment returns (for the
first quarter of 2010). A graph is presented showing the monthly balance of cash for
the current (fiscal year 2009-2010) 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:\Management Services- WorkFile\Finance- WorkFile\Council Material\Staff Reports\2010\AgencyXrainvrptl2010.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.
C-�
CINDY MOSSER
TREASURER
0
O
z z z z
w w w w
Iso
O
0 00 0
ON
z z z z
w w w w
Z
w
0 00 0
ON
W
T
Nx
5
Z z z z
LU LLI w w
z
w
MA
Z
0 00 0
0
d3 G9 fA
H3
fA
f9
0
(1)z
W<za
Z M,
w
Li
<0
o a. rn
0
>'
, 0
z
��2w"
LU
�,
jU
0�2w�
-�ew�o < 0
Z z
0
I
Ulm
z
U=
Lu
<
Z Ei a- MWZW5
><
C)
gb�� z
LLJ wZOM
Z
QF
U5 " D 1-
0 aPlIf -OM
< aw
D
0) U)
C� a w z
cc w
w
W
got
N
16
NN
N
rFw
o Un U>
o
C!
z z z z
w w w w
Z
w
0 00 0
ON
Z z z z
LU LLI w w
z
w
Z
0 00 0
0
<90-
Q a m
m
0
(1)z
W<za
Z M,
w
Li
<0
o a. rn
0
>'
, 0
z
��2w"
LU
�,
jU
0�2w�
-�ew�o < 0
Z z
0
I
Ulm
z
U=
Lu
<
Z Ei a- MWZW5
><
C)
gb�� z
LLJ wZOM
Z
QF
U5 " D 1-
0 aPlIf -OM
< aw
D
0) U)
C� a w z
cc w
w
E
E
<
E
E
0 0 z F 0 w
46
E
N
p
�
R SL
c V
q 555555555
4554555545154 55 55 t5 55 SSYSt144544514t514ri4R454444441454554t14S144144441444441t15445t14451t514451441t14S44454t1441441441144441�
co
m
U
SSSSSSSSSSSStt544445445 M44544445%544444515544 4 t� f SSf444S5545544455415445445144449545 ' S 44444 S
LL
■
+etr4099+90040496,oiA0490999+494 i0A-09
Q
'. 4444455451515151455445455555555554554554435555451455 55 554154444451445511544544444155144555111451415511 SSS SSttt4445t44t44t
,9.9r+.90794744r NA49$,91+9A409040+Oa
U
m
00
O
AO
L
w
(`6
CL
a
' 0904,.AOAA494o9.P94f+4444040-0490 .949444+
j
p O
a
O
mco
w v
I I I
IMI, IMMMR,U
A)
O
2
LL
a �
a+..o.,0o9o94P4r00o19P.,9a4,4m1oam,o9.94roo
�
V W
5 555 SSS554451455451551 55555 45545541545 SS t 5
�
C
@
N O
tm
.,
d
Q
M.
M
$4 .... -0$O "44
�y�
N
W
4% E
544445554545544555545S4SSSSYSSSS4545t444444415415415415 5 5 5 SSS 5 44 S SSSSSSSSS 444454454 5 5 15115111.
E O
r�
CL r
o
2 :5n
L
m o
.,
>
N
'� �
SS4144414111411151441141151141114 441 4 4 4 S 554155151HYSYSS1411514 SS14S 4 1 4 5 544551554551
Z
}
d
co
P4drbPO4d+P99+94,+P„009499044P9+99.494 +0499
Q
LL
Y
5514451 S 5 545
55 Sri5ri55555541545445414551511455455515141545545545T 5 SSS 5154445454454555141545El
g
�
990004®.+.ro4,4o,994A.,o9.s,.,0r.rso94,o4,0.09
E
x�
d
n
d
O
Pao.+oo+940,e+eo„99o.r.944}.o0+oos00000.00.smo
�
O
Q
L
fsb449194e44,o+$,.99s}s9.4s4+9,144sr44b.9.ara,91
2
��
4 5 151151151411445145145544514 4454SS4t541 SS 5545115145411 t 4 5 154154555455 ti 55444
m
LL
O
O
O
O
OO O O O O O
OOO O OEl
OO
O O O O O O O
Y O
O
O O O O O O O
O
A O
O
O O O O O O
g O
O
O O O O O O O
01
M
b3
H3 V1 fA Hf 43 fH FA