HomeMy WebLinkAboutMINUTES - 12092008 - C.6 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS
FROM: Joseph Villarreal, Executive Director
DATE: December 9, 2008
SUBJECT: ACCEPT INVESTMENT REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2008
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
I. RECOMMENDED ACTION:
ACCEPT the investment report of the Housing Authority of the County of Contra Costa for the
quarter ending September 30, 2008 as required by California Government Code (CGC 53646).
II. FINANCIAL IMPACT:
None. For reporting purposes only.
III. REASONS FOR RECOMMENDATION/BACKGROUND
CGC 53646 requires the Authority (HACCC) to present the Board with a quarterly investment
report that provides a complete description of the portfolio. CGC 53646 mandates that the report show
the issuers, type of investments, maturity dates, par values (equal to market value here) and the current
market values of each component of the portfolio, including funds managed by third party contractors.
The report must also include the source of the portfolio valuation (in HACCC's case it is the issuer).
Finally, the report must provide certifications that (1) all investment actions executed since the last report
have been made in full compliance with the Investment Policy and; (2) the Housing Authority will meet its
expenditure obligations for the next six months. (CGC 53646(b)).
The state-mandated report has been amended to indicate the amount of interest earned and how
the interest was used or allocated. The amended report is attached.
In summary, the Authority had $108,020.00 in interest earnings for the quarter ending 09/30/08.
That interest was earned within discrete programs and most of the interest earned is available only for use
within the program which earned the interest. Further, interest earnings may be restricted to specific
purposes within a given program. For example, interest earned on excess housing choice voucher
(Section 8) housing assistance payments (HAP) funds constituted 73% of the interest earned last quarter.
The use of these funds is not only restricted to use within the Section 8 program, but also is limited to the
funding of future HAP costs. The Authority is not permitted to utilize this money for any other purpose
under HUD regulations. Non-restricted interest earnings within both the voucher and public housing
CONTINUED ON ATTACHMENT: X YES SIGNATURE G�C�
Joseph Villarreal,Executive Director
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON 9 ,QgPAPPROV AS RECOMMEN ED /HER'
VOTE OF COMMISSIONERS
,� / I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT J1 V K ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
MISSIONERS ON THE DATE SHOWN.
ATTESTED Aad
JOSEPH VILLARREAL, SECRETARY
OF THE BOARD OF COMMISSIONERS
cc: CAO Office AND EXECUTIVE DIRECTOR
BY UTY
H:\JudyHayes\MSOFFICE\WINWORD\BOARD\BO-Investment Report QE 09-30-08.doc
programs must be used solely within those programs, but such interest earnings can be used more
broadly. The interest earned in the State and Local fund can be used for any purpose within the
Authority's scope of operations.
The interest earned for the quarter ending 09/30/08 shown below. A more detailed report is attached.
IF
Public Housing Choice VouchersWON
Rental
nHous�n r� �Fund Rehabil�itaton� State & Local
MUM
Non-
Restricted Restricted Interest Restricted Restricted Interest Non-Restricted
Interest Interest Earned Interest Earned
Earned Earned Earned
$538.11 $78,832.38 $10,681.94 $3,370.29 $14,597.06
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect not to accept the investment report it would result in an
audit finding of non-compliance and could ultimately affect future funding from the U.S. Department of
Housing and Urban Development (HUD).
bo-agney wide budget
Page 1 Invesment Report QE 09-30-08
Report per CGC 53646
Market Value'
Issuer Investment Type Maturity Date Amount Invested
LMed
Cantella&Co.-Contractor
National Financials -Cash Fund Money Market CASH 71,858.25 71,858.25 2.450%
Federal Home Loan Mtg Corp Discount Note 12/15/12 180,000.00 180,446.40 4.500%
Aim Investments Inc Mone Market _ CASH 13,482.00 13,482.00 3.410%
Mercantile Bank Certificate of Deposit 3/06/13 100,000.00 96,104.00 4.150%
American Community Bank Certificate of Deposit 3/07/13 100,000.00 96,100.00 4.150%
State Bank of India Certificate of Deposit 3/12/13 98,000.00 94,960.00 4.350%
Capital One bank Certificate of Deposit 3/12/13 98,000.00 94,766.98 4.300%
Federal Home Loan Mtg Corp Discount Note 4/02/12 400,000.00 393,626.00 3.375%
Federal Home Loan Bank Discount Note 4/24/13 900,000.00 900,940.00 4.100%
Federal Home Loan Bank Discount Note 4/24/13 100,000.00 99,563.00 4.100%
Doral Bank-Puerto Rico Certificate of Deposit 5/02/13 99,000.00 96,109.20 4.450%
First Gerogia Banking Corp Certificate of Deposit 5/09/13 99,000.00 95,475.60 4.300%
Centennenial Bank F Valley Certificate of Deposit 5/13/13 99,000.00 96,005.25 4.450%
Federal Home Loan Mtg Corp Discount Note 4/30/12 165,000.00 164,533.05 4.250%
Florida Community Bank Certificate of Deposit 8/05/11 99,000.00 98,334.72 4.500%
Broadway Bank-ILinoi Certificate of Deposit 8/15/11 99,000.00 98,307.00 4.500%
Silverton Bank,NA Certificate of Deposit 9/12/11 97,000.00 98,248.25 4.500%
Bearn Stearns -Contractor
Shore Bank Certificate of Deposit 6/14/10 50,000.00 49,996.00 4.360%
Discover bank Certificate of Deposit 5/06/11 15,000.00 15;260.00 5.400%
Key bank Certificate of Deposit 12/28/10 99,000.00 99,851.00 4.850%
Community First bank-Charleston Certificate of Deposit 7/30/10 40,000.00 39,885.00 4.250%
Columbia State bank Certificate of Deposit 2/01/10 25,000.00 24,951.00 4.000%
First Bank of Puerti Rico Certificate of Deposit 9/27/10 99,000.00 97,790.00 3.850%
Capital One FSB-Chaleston Certificate of Deposit 10/13/09 99,000.00 98,517.00 3.000%
Citizen First Savings bank Certificate of Deposit 4/18/13 98,000.00 95,956.00 4.650%
M&I Marshall and Isley Certificate of Deposit 5/23/11 98,000.00 96,331.00 4.000%
Washington Mutual Bank FSB Certificate of Deposit 6/12/13 98,000.00 96,289.00 4.450%
Wachovia Bank-Charlestin NC Certificate of Deposit 6/27/13 99,000.00 96,787.00 5.000%
Lehman Brothers Commercial Bank Certificate of Deposit 6/27/13 99,000.00 99,000.00 5.000%
Union national Bank&Trust Co Certificate of Deposit 7/23/10 99,000.00 99,648.00 4.500%
Branch Banking&Trust Company Certificate of Deposit 9/12/11 98,000.00 97,241.00 4.500%
GE Capital Financing Inc Certificate of Deposit 9/18/12 98,000.00 96,810.00 4.700%
Local Agency Investment Fund Liquid Account 7,705,639.71 7,705,639.71 3.110%
De Anza Gardens L.P Loan 1,000;000.00 1,000,000.00 3.000%
Grand Totals $ 12,737,979.96 $ 12,698,811.41
This report includes all investment actions executed since the last report made in full compliance with Investment Policy, and
the Authority will meet all expenditure obligations which might reasonably be anticipated for the next six months.
i
Invesment Report QE 09-30-08
HOUSING AUTHORITY OF CONTRA COSTA COUNTY
Investment Earnings Report
Period Ending 09/30/08
Agency Portfolio by Program
Interest Earnings by Program
Interest;Eamed
Issuer: Amountlnvesled, Public Housing Housing Choice Voucher Fund Rental:Rehabrlitalfon Stale&Local
this.Qtr.,
Non-
Non-Restricted Restricted Restricted Restricted Interest Non-Restricted
Interest Earned Interest Earned Interest Earned Interest Earned
Cantella&Co.-Contractor Earned
National Financials -Cash Fund $ 71 858.25 $ 434.10 $ 29.78 $ 33.59 $ 1.40 $ '151.93 $. 217.40
Federal Home Loan Mtq Co $ 180 000.00 $ 1,997.26 $ - $ 958.68 $ 39.95 $ $ 998.63
Aim Investments Inc $ 13,482.00 $ 113.36 $ $ 106.83 .$ 4.53 $. $
Mercantile Bank $ 100 000.00 $ 1,023.29 $ $ 982.36 $ 40.93. $ $
American Community Bank $ 100 000.00 $ 1,023.29 $ $ 982.36 $ 40.93 $ $
State Bank of India $ 98 000.00 $ 1,051.15 $ $ 1,009.10 $ 42.05 $ $
Capital One bank $ 98,000.00 $ 1,039.07 $ $ $ $ .1,039.07. $.
Federal Home Loan Mtg Co $ 400 000.00 $ 3,328.77 $ $ 3,195.62 $ 133.15 $ $
Federal Home Loan Bank $ 900 000.00 $ 9,098.63 $ $ $ - $ $ 9,098.63
Federal Home Loan Bank $ 100 000.00 $ 1,010.96 $ $ 970.52 $ 40.44 $ $
Doral Bank-Puerto Rico $ 99,000.00 $ 1,086.29 $ $ - $ - $ $ 1,086.29
First Gero is Banking Co $ 99 000.00 $ 1,049.67 $ $ $ $ $ 1,049.67
Centennenial Bank F Valley $ 99 000.00 $ 1,086.29 $ $ 1,042.84 $ 43.45 $ $
Federal Home Loan Mtg Co $ 165 000.00 $ 1,729.11 $ $ $ $ 1,309.93 $ 419:18
Florida Community Bank $ 99,000.00 $ 1,098.49 $ $ 1,054.55 $ 43.94. $ - $
Broadway Bank-ILinoi $ 99000.00 $ 1,098.49 $ $ 1,054.55 $ 43.94 $ $
Silverton Bank,NA $ 97,000.00 $ 1,076.30 $ $ 1,033.25 $ 43.05 $ $
Bearn Steams -Contractor
Shore Bank $ 50 000.00 $ 537.53 $ $ 516.03 $ 21.50 $ $
Discover bank $ 15,000.00 $ 199.73 $ $ 191.74 $ 7.99 $ $
Key bank $ 99 000.00 $ 1,183.93 $ $ 1,136.57 $ 47.36 $ $
Community First bank-Charleston 40 000.00 $ 419.18 $ $ 402.41 $ 16.77 $ $
Columbia State bank 25,000.00 $ 246.58 $ $ 236.72 $ 9.86 $ $
First Bank of Puerti Rico 99 000.00 $ 939.82 $ $ 902.23 $ 37.59 $ $
Capital One FSB-Chaleslon 99 000.00 $ 732.33 $ $ 70304 $ 29.29 $ $
Citizen First Savings bank 98 000.00 $ 1,123.64 $ $ 1,078.69 $ 44.95 $ $
M&I Marshall and Isley 98 000.00 $ 966.58 $ $ 927.92 $ 38.66 $ $
Washington Mutual Bank FSB 98 000.00 $ 1,07532 $ $ 1,032.31 $ 43.01 $ $
Wachovia Bank-Charlestin NC 99 000.00 $ 1,220.55 $ $ 1,171.73 $ 48.62 $ $
Lehman Brothers Commercial Bank 99 000.00 $ 1,220.55 $ $ 1,171.73 $ 48.82 $ $
Union national Bank&Trust Co 99,000.00 $ 1,098.49 $ $ 1,054.55 $ 43.94 $ $
Branch Banking&Trust Company 98,000.00 $ 1,087.40 $ $ 1,043.90 $ 43.50 $ $
GE Capital Financing Inc 98 000.00 $ 1,135.73 1$ $ 1,090.30 $ 45.43 $ $
Local Agency Investment Fund $ 7,705,639.71 $ 59 090.65 $ 508.33 $ 53 746.26 $ 2,239.43 $ 869.36 $ 1,727.26
De Anza Gardens L.P $ 1,000,000.00 $ 7,397.26 $ $ 7,397.26 $ - $ -
Grand Totals $ 12,737 979.96 $ 108 019.79 $ 538.11 $ 78,832.381$ 10,681.94 $ 3,370.29 $ 14,597.06
l '
HOUSING AUTHORITY OF CONTRA COSTA COUNTY
Agency Investment Portfolio by Program
Period Ending 09/30/08
This report indicates the investments by Programs
Issuer Investment Type Amount Invested Funds by Program
Cantella&Co.-Contractor Public State&Local Rental Rehabilitation Housing Choice.
Housing Fund Voucher Fund
National Financials -Cash Fund Money Market $ 71,858.25 4,929.48 35,987.42 25,149.32 5,792.03
Federal Home Loan Mtg Corp Discount Note $ 180 000.00 90 000.00 90,000.00
Aim Investments Inc Money Market $ 13,482.00 13,482.00
Mercantile Bank - Certificate of Deposit $ 100 000.00 100,000.00
American Community Bank Certificate of Deposit $ 100,000.00 100,000.00
State Bank of India Certificate of Deposit $ 98 000.00 98,000.00
Capital One bank Certificate of Deposit $ 98 000.00 98,000.00
Federal Home Loan M1g CorpDiscount Note $ 400 000.00 400,000.00
Federal Home Loan Bank Discount Note $ 900,000.00 900,000.00
Federal Home Loan Bank Discount Note $ 100 000.00 100,000.00
Doral Bank-Puerto Rico Certificate of Deposit $ 99 000.00 99,000.00
First Gero is Banking CorpCertificate of Deposit $ 99 000.00 99,000.00
Cenlennenial Bank F Valley Certificate of Deposit $ 99 000.00 99,000.00
Federal Home Loan Mtg Corp Discount Note $ 165 000.00 40,000.00 125,000.00
Florida Community Bank Certificate of Deposit $ 99 000.00 99,000.00
Broadway Bank-ILinoi Certificate of Deposit $ 99,000.00 99,000.00
Silverton Bank NA Certificate of Deposit $ 97,000.00 97,000.00
Beam Steams -Contractor
Shoe Bank Certificate of Deposit $ 50 000.00 50,000.00
Discover bank Certificate of Deposit $ 15 000.00 15,000.00
Key bank Certificate of Deposit $ 99 000.00 99,000.00
Community First bank-Charleston Certificate of Deposit $ 40 000.00 40,000.00
Columbia State bank Certificate of Deposit $ 25 000.00 25,000.00
First Bank of Puerti Rico Certificate of Deposit $ 99,000.00 99,000.00
Capital One FSB-Chaleston Certificate of Deposit $ 99 000.00 99,000.00
Citizen First Savings bank Certificate of Deposit $ 98 000.00 98,000.00
M&I Marshall and Isley Certificate of Deposit $ 98,000.00 98,000.00
Washington Mutual Bank FSB Certificate of Deposit $ 98,000.00 98,000.00
Wachovia Bank-Charleslin NC Certificate of Deposit $ 99,000.00 99,000.00
Lehman Brothers Commercial Bank Certificate of Deposit $ 99 000.00 99,000.00
Union national Bank&Trust Co Certificate of Deposit $ 99,000.00 99,000.00
Branch Banking&Trust Company Certificate of Deposit $ 99 000.00 98,000.00
GE Capital Financing Inc Certificate of Deposit $ 98 000.00 98,000.00
Local Agency Investment Fund - Liquid Account $ 7,705,639.71 66,288.41 225,241.30 113,368.29 7,300,741.71
De Anza Gardens L.P Loan $ 1,000,000.00 1,000,000.00
Grand Totals $ 12,737,979.961 71,217.89 1,489,228.72 361,517.61 10,816,015.74