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Agenda Item 26.

City Council Meeting

Meeting Date:	03/21/2017
FROM:	City Manager

Subject:

Treasurer's Report for the Successor Agency to the Brea Redevelopment Agency for Period Ending February 28, 2017

RECOMMENDATION

Receive and file.

BACKGROUND/DISCUSSION

The Treasurer’s Report contains information on the investment activities for the month of February 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 February 28, 2017, the market value, including accrued interest on the Successor Agency’s Local Agency Investment Fund (LAIF), was $2,604,264.76 in comparison to $2,602,714.72 at January 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 February 28, 2017, the market value of these funds, including short-term cash and accrued interest was $27,368,456.19 as compared to $30,184,021.81 as of January 31, 2017.

FISCAL IMPACT/SUMMARY

During the month of January, the total value of the Successor Agency to the Brea Redevelopment Agency’s investment portfolio increased by $1,550.04 due to accrued interest. The total value of the restricted cash and investments decreased by $2,815,565.62. This decrease is primarily due to debt service payments for the 2003 and 2013 Tax Allocation Bonds.

RESPECTFULLY SUBMITTED:

William Gallardo, City Manager
Prepared by: Ana Conrique, Senior Accountant
Concurrence: Cindy Russell, Administrative Services Director

Attachments
Attachment A