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Agenda Item 25.

City Council Meeting

Meeting Date:	03/20/2018
FROM:	Bill Gallardo

Subject:

Monthly Report of Investments for the Successor Agency to the Brea Redevelopment Agency for Period Ending January 31, 2018

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 January 2018. 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 on behalf of the Successor Agency. As of January 31, 2018, the market value, including accrued interest on the Successor Agency’s Local Agency Investment Fund (LAIF), was $1,119,734.26 in comparison to $1,118,389.62 at December 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 January 31, 2018, the market value of these funds, including short-term cash and accrued interest was $19,155,034.97 as compared to $5,384,660.87 as of December 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 $1,344.64 due to changes in market value. The total value of the restricted cash and investments increased by $13,770,374.10. This increase is primarily due to a payment received from the County to address the obligations (including the 2013, 2016 and 2017 Tax Allocation Bonds debt service payments) identified within the Agency’s Recognized Obligation Payment Schedule (ROPS).

RESPECTFULLY SUBMITTED:

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

Attachments
Attachment A