HomeMy WebLinkAboutMINUTES - 02122008 - C.1 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS
FROM: Joseph Villarreal, Executive Director
DATE: February 12, 2008
SUBJECT: ACCEPT INVESTMENT REPORT FOR THE QUARTER ENDING DECEMBER 31, 2007
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 December 31, 2007 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 $118,891.10 in interest earnings for the quarter ending 12/31/07.
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 70% 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
Joseph Villarreal,E\eeLltive Director
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON FArua" b2� 2 APPROVED AS RECOMMENDED O/HER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY "THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES:_ ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
COMMISSIONERS ON THE DATE SHOWN.
ATTESTED
JOSEPH VILL RREAL, SECRETARY
OF THE BOARD OF COMMISSIONERS
cc: CAO Office AND EXECUTIVE DIRECTOR
I
BY 2DEPUTY
H:\JudyFlayes\MSOFFICE\WINWOltD\I30ARD\130-Investment Report QE 12-31-07.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 12/31/07, is shown below. A more detailed report is attached.
......::...
M.
Housin Choice Voucher
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=ReliabilitatioritL
Housing: : �- Fund - _ S: xocal--
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.... ... .
-Fund
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Non-
Restricted cted Restricted Restricted Restricted Interest Non-Restricted
Interest Interest Interest Earned Interest Earned
Earned Earned Earned
$3,874.11 $83,724.75 $12,510.60 $2,379.59 $16,402.05
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-agncy wide budget
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^ Housing Authority ofContra Costa County
Investments 12/31/07
Report per CGC 53646
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National Financials -Cash Fund Money Market CASH 70,978.53 70,978.53 4.570%
Federal Home Loan Bank Discount Note 3/03/11 100,000.00 100,375.00 5.350%
-Federal Nail Mtg Assoc Discount Note 4/07/11 100,000.00 100,375.00 5.750%
Federal Home Loan Bank Discount Note 6/12/12 50,000.00 50,297.00 5.550%
Federal Home Loan Mtg Corp Discount Note 5/23/12 335,000. 337,285.00 5.650%
Federal Home Loan Bank Discount Note 1 9/05/12 900,000.06 906,182.00 5.500%
Federal Home Loan Bank Discount Note 4/30/12 100,000.00 100,406.00 5.450%
Federal Home Loan Bank Discount Note 6/08/12 100,000.00 100,656.00 5.330%
Federal Home Loan Mtg Corp Discount Note 5/23/12 110,000.00 110,988.99 5.650%
Federal Home Loan Mtg Corp Discount Note 12/15/12 180,000.06 180,475.20 4.500%
-Aim Investments Inc Money Market CASH 525,000.00 626,000.00 5.000%
Bearn Stearns Securities-Contractor
Alliance Instl Reserves Inc Money Market CASH 1,998.00 1,998.0( 1.770%
Mutual Bank Certificate of Deposit 1/4/2009 99,000.00 97901.00 4.100%
-Security ST Bank of Wannamingo Certificate of Deposit 6/16/08 100,000.00 99,022.0( 4.000%
Providian National Bank Certificate of Deposit 1/11/08 100,000.00 99,402.0( 4.000%
Shore Bank Certificate of Deposit 6/14110 50,000.00 48,757.0 4.360%
Discover bank Certificate of Deposit 5/06/11 15,000.00 15,017.0 5.400%
Middleton Community Bank Certificate of Deposit 1/11/08 25,000.00 —24,874.0 4.800%
Pe6ples Bank&Trust Co Certificate of Deposit 5/19/2008 99,000.00 98,817.0 5.400%
First Bank of Hen!y County Certificate of Deposit 9/18/08 99,000.00 99,058.0 5.650%
Amerika Samoa Bank Certificate of Deposit 6/27/08 100,000.00 100,020.0 5.150%
P es Bank Certificate of Deposit 5/18/09 99,000.00 99,007.01 5.350%
Union Natonal Bank&Trust Certificate of Deposit 6/10/08 99,000.00 99,115.0( 5.350%
Country Wide Bank,NA Certificate of Deposit 9/05/08 99,000.00 99,1 Tq—O( 5.250%
Capital One NA Certificate of Deposit 10/13/09 99,000.00 $ 97,515.0( 5.800%
Key bank Certificate of Deposit 12/28/10 99,000.00 $ 98.810.0( 4.850%
Community First bank-Charleston Certificate of Deposit 7/30/10 40,000.00 $ 40,000.0( 4.2503/-.
Local Agency Investment Fund _Liquid Account 5,097,405.59 5.097,405.M 5.0003/6
Do Anza Gardens L.13 Loan 1,000,000.00 1,000,000.0c 3.000r/.
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.
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HOUSING AUTHORITY OF CONTRA COSTA COUNTY
Agency Investment Portfolio by Program
Period Ending 12/31/07
This report indicates the amount program funds invested in each instrument
.......c«..::..c .. ..,,...,. ....,.,..,.,...sz� ... ...,..�
Issuer.:..,... Investme aAmountlnvesled:a :'FunCs:by;Progre'm: ","i;''
<:.....::... . YP
......:......:
Cantella&Co.-Contractor Public Slate&Local Rental Rehabilitation Housing Choice
Housing Fund Voucher Fund
National Financials -Cash Fund Money Market $ 70 978.53 4,504.14 31,334.99 24,831.44 10,307.96
Federal Home Loan Bank Discount Note $ 100 000.00 100,000.00
Federal Nall Mtn Assoc Discount Note $ 100 000.00 100,000.00
Federal Home Loan Bank Discount Note $ 50,000. 30,000.00 20,000.00
Federal Home Loan Mtn Corp Discount Note $ 335 000.00 140,000.00 195,000.00
Federal Home Loan Bank Discount Note 1 $ 900 000.00 900,000.00
Federal Home Loan Bank Discount Note $ 100 000.00 100,000.00
Federal Home Loan Bank Discount Note $ 100 000.00 100,000.00
Federal Home Loan Mtn CorD Discount Note $ 110,000.00 30 000.00 60,000.00
Federal Home Loan Mtg Corp Discount Note $ 180 000.00 90,000.00 90,000.00
Aim Investments Inc Money Market $ 525000.00 525,000.00
Bearn Stearns Securities-Contractor
Alliance Instl Reserves Inc Money Market $ 1 998.00 662.00 1,336.00
Mutual Bank Cert rcate of Deposit $ 99 000.00 99,000.00
-Security ST Bank of Wannamin o Certificate of Deposit $ 100 000.00 100.000.00
Providian National Bank Certificate of Deposit $ 100 000.00 100,000.00
Shore Bank Certificate of Deposit $ 50,000. 50,000.00
Discover bank Certificate of Deposit $ 15 000.00 15,000.00
Middleton Community Bank Certificate of Deposit $ 25 000.00 25,000.00
Peoples Bank&Trust Co Certificate of Deposit $ 99 000.00 99,000.00
First Bank of HenryCounty Certificate of Deposit $ 99 000.00 99 000.00
Amerika Samoa Bank Certificate of Deposit $ 100 000.00 100,000.00
Peoples Bank Certificate of Deposit $ 99 000.00 99 000.00
Union Nalonal Bank&Trust Certificate of Deposit $ 99 000.00 99,000.00
Country Wide Bank,NA Certificate of Deposit $ 99,000.00 99,000.00
Capital One NA Certificate of Deposit $ 99,000. 99,000.00
Key bank Certificate of Deposit $ 99 000.00 99 000.00
Community First bank-Charleston Certificate of Deposit $ 40 000.00 40,000.00
Local Agency Investment Fund Liquid Account $ 5,097,405.5 15,851.98 120,248.34 61,315.11 4,899,990.16
De Anza Gardens L.P Loan $ 1,000,000.0 1,000,000.00
Grand Totals $ 11648360.65 322,522.26 2,442,918.32 740,977.99 8,141,942.08
HOUSING AUTHORITY OF CONTRA COSTA COUNTY
Investment Earnings Report
Period Ending 12/31/07
Agency Portfolio by Program
Interest Earnings by Program
f.
:::.-...;•.........M... ... w. Interest Eamed:'> "_`, <,'. 'Ho"'::Cho'ce Vo ctie F..d.`Rental Rehabililatlon
Issuer Amount Invested; ublfc Housing using; i u r un State&Locel
this Qtr; Fun
.. ... .rax...... .. .:. x„•..
Non-
Noh-Restricted Restricted Restricted Restricted Interest Non-Restricted
Interest Earned Interest Earned Interest Earned Interest Earned
Earned
National Financials -Cash Fund $ 70 978.53 $ 799.82 $ 50.75 $ 101.05 $ 15.10 $ 279.81 $ 353.10
Federal Home Loan Bank $ 100 000.00 $ 1,319.18 $ $ 1,147.69 $ 171.49 $ $
Federal Nall Mtq Assoc $ 100 000.00 $ 1,417.81 $ $ 1,233.49 $ 164.32 $ $ -
Federal Home Loan Bank $ 50 000.00 $ 684.25 $ $ 238.12 $ 35.58 $ $ 410.55
Federal Home Loan Mtg Co $ 335 000.00 $ 4,667.05 $ $ 2,363.48 $ 353.16 $ $ 1,950.41
Federal Home Loan Bank $ 900 000.00 $ 12 205.48 $ $ $ $ $ 12,205.48
Federal Home Loan Bank $ 100 000.00 $ 1,343.84 $ $ $ 1,343.84 $
Federal Home Loan Bank $ 100 000.00 $ 1,314.25 $ $ 1,143.40 $ 170.85 $ $
Federal Home Loan Mtg Co $ 110,000.00 $ 1,532.47 $ $ 1,333.25 $ 199.22 $ $
Federal Home Loan Mtq Co $ 180 000.00 $ 1,997.26 $ $ 1,737.62 $ 259.64 $ $
Aim Investments Inc $ 525 000.00 $ 6,472.60 $ $ 5,631.16 $ 841.44 $ $
Alliance Instl Reserves Inc $ 1,998.00 $ 8.72 $ 2.89 $ 5.07 $ 0.76 $ $
Mutual Bank $ 99 000.00 $ 1,000.85 $ 1,000.85 $ $ $ $
Security ST Bank of Wannamin o $ 100 000.00 $ 986.30 $ $ 858.08 $ 128.22 $ $
Providian National Bank $ 100 000.00 $ 986.30 $ $ 858.08 $ 128.22 $ $
Shore Bank $ 50 000.00 $ 537.53 $ $ 467.65 $ 69.88 $ $
Discover bank $ 15 000.00 $ 199.73 $ $ 173.77 $ 25.96 $ $
Middleton Community Bank $ 25 000.00 $ 295.89 $ $ 257.42 $ 38.47 $ $
Peoples Bank&Trust Co $ 99 000.00 $ 1.318.19 1$ 1,318.19 1$ $ $ $
First Bank of HenryCounty $ 99 000.00 $ 1,379.22 $ $ 1,199.92 $ 179.30 $ $
Amerika Samoa Bank $ 100 000.00 $ 1,269.86 $ $ 1,104.78 $ 165.08 $ $
Peoples Bank $ 99 000.00 $ 1,305.99 $ 1,305.99 $ $ .$ $
Union Natonal Bank&Trust $ 99 000.00 $ 1,305.99 $ 1,136.21 $ 169.78 $ $
Country Wide Bank NA $ 99 000.00 $ 1,281.58 $ $ 1 114.97 $ 166.61 $ $
Capital One NA $ 99 000.00 $ 1,415.84 $ $ 1,231.78 $ 184.06 $ $
Key bank $ 99 000.00 $ 1,183.93 $ $ 1,030.02 $ 153.91 $ $
Community First bank-Charleston 40 000.00 $ 419.18 $ $ 364.69 $ 54.49 $ $
Local Agency Investment Fund $ 5,097,405.59 $ 62 844.73 $ 195.44 $ 52 557.43 $ 7,853.41 $ 755.94 $ 1,482.51
De Anza Gardens L.P $ 1,000 000.00 $ 7,397.26 E $ 6,435.62 $ 961.64 $ $
Grand Totals I$ 11,648 360.65 $ 118 891.10 $ 3,874.11 $ 83 724.75 1$ 12 510.60 1$ 2.379.59 1$ 16,402.05