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Agenda Item 32.

City Council Meeting

Meeting Date:	11/07/2017
FROM:	Bill Gallardo

Subject:

Monthly Report of Investments for the Successor Agency to the Brea Redevelopment Agency for Period Ending September 30, 2017

RECOMMENDATION

Receive and file.

BACKGROUND/DISCUSSION

The Monthly Report of Investments (formally known as the Treasurer's Report) is in accordance with Government Code Section 53607 and contains information on the investment activities for the month of September 2017. Funds received by the Successor Agency are typically spent within 3-6 months; therefore are not invested long-term. The Successor Agency’s Local Agency Investment Fund (LAIF) is used for short-term investments and functions like a savings account until funds are required to meet expenditures needs. Attachment A includes a Portfolio Summary and Holdings Report prepared by Chandler Asset Management for the funds invested by the City. As of September 30, 2017, the market value, including accrued interest on the Successor Agency’s Local Agency Investment Fund (LAIF), was $1,115,081.28 in comparison to $1,114,065.60 at August 31, 2017. The Successor Agency to the Brea Redevelopment Agency has sufficient cash flow to meet its expected expenditures for the next six months.

The Successor Agency also has restricted (fiscal agent) cash and investment accounts related to its various bond reserve accounts which are managed by Chandler Asset Management. Attachment A includes a portfolio report from Chandler Asset Management for each bond reserve account that is invested. As of September 30, 2017, the market value of these funds, including short-term cash and accrued interest was $15,816,649.54 as compared to $17,405,373.94 as of August 31, 2017.

COMMISSION/COMMITTEE RECOMMENDATION

The Investment Advisory Committee reviewed the Monthly Report of Investments at its meeting on October 30, 2017 and took action to receive and file the report. Additionally, the Investment Advisory Committee recommended renaming the report from Treasurer's Report to Monthly Report of Investments.

FISCAL IMPACT/SUMMARY

During the month of September, the total value of the Successor Agency to the Brea Redevelopment Agency’s investment portfolio increased by $1,015.68 due to investment activity. The total value of the restricted cash and investments decreased by $1,588,724.40 primarily due to debt service payments paid to the bond holders on September 1, 2017 for the 2016 Tax Allocation Refunding Bonds.

RESPECTFULLY SUBMITTED:

William Gallardo, City Manager
Prepared by: Alicia Brenner, Senior Management Analyst
Concurrence: Cindy Russell, Administrative Services Director

Attachments
Attachment A