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Home My WebLink AboutMINUTES - 04082008 - C.1 (2) HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA • TO: BOARD OF COMMISSIONERS FROM: Joseph Villarreal, Executive Director DATE: April 8, 2008 SUBJECT: ACCEPT INVESTMENT REPORT FOR THE QUARTER ENDING MARCH 31, 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 March 31, 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 $121,655.69 in interest earnings for the quarter ending 03/31/08. 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 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,Executive Director RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF BOARD COMMITTEE APPROVE _ OTHER SIGNATURE(S): ACTION OF BOARD ON o APPROVED AS RECOMMENDED / OTHER VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT"CHIS 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 O JOSEP VILLARR L, SECRETARY OF THE BOARD OF COMMISSIONERS cc: CAO Office AND EXECUTIVE DIRECTOR BY , DEPUTY 1-I:Vudyl-layes\MSOFFICE\WINWORD\BOARD\130-Investment Report QE 03-2008.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 03/31/08, is shown below. A more detailed report is attached. w� Rental... . .. x`xR0bIic "::::::::.Housing Choice Voucher °xra ;r Rehabilitation stat ..y ;:... . F3iousing Fund:.. ..::x:::- :.. :. .:::::::..:: ........ Fund ,.. WN .......... .....:11M ..:.......:... ... ......:.. Non- Restricted Non- Restricted Restricted Restricted Interest Non-Restricted Interest Interest Interest Earned Interest Earned Earned Earned Earned $3,843.31 $77,997.04 $19,051.99 $3,264.82 $17,498.53 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 Housing Authority of Contra Costa County Investments 03/31/08 Report per CGC 53646 • Issuer Investment Type Maturity Date Amount Invested Market Value Yield Cantella&Co.-Contractor National Financials -Cash Fund Money Market CASH 91,660.65 91,660.65 2.9000 Federal Home Loan Bank Discount Note 3/03/11 100,000.00 100,375.00 5.3500 Federal Natl Mtg Assoc Discount Note 4/07/11 100,000.00 100,375.00 5.7501 Federal Home Loan Bank Discount Note 6/12/12 50,000.00 49,981.87 5.5500 Federal Home Loan Mtg Corp Discount Note 5/23/12 140,000.00 141,024.41 5.650°/a Federal Home Loan Bank Discount Note 1 9/05/12 900,000.00 900,005.09 5.500% Federal Home Loan Bank Discount Note 4/30/12 100,000.00 102,335.23 5.450% Federal Home Loan Bank Discount Note 6/08/12 100,000.00 101,904.64 5.330% Federal Home Loan Mtg CorpDiscount Note 5/23/12 110,000.00 113,346.23 5.650% Federal Home Loan Mtg Corp Discount Note 12/15/12 180,000.00 180,350.70 4.500% Aim Investments Inc Money Market CASH 425,000.00 425,000.00 5.000% Merk Bank Certificate of Deposit 3/06/13 100,000.00 100,000.00 4.150% American Community Bank Certificate of Deposit 3/07/13 100,000.00 100,000.00 4.150% State Bank of India Certificate of Deposit 3/12/13 98,000.00 98,000.00 4.350% Capital One bank Certificate of Deposit 3/12/13 98,000.00 98,000.00 4.300% i Bearn Stearns -Contractor Alliance Instl Reserves Inc Money Market CASH 2,065.00 2,065.01.770% Mutual Bank Certificate of Deposit 1/4/2009 99,000.00 99569.00 4.100% SecurityST Bank of Wannamin o Certificate of Deposit 6/16/08 100,000.00 99,923.0 4.000% Shore Bank Certificate of Deposit 6/14/10 50,000.00 50,128.0 4.360% Discover bank Certificate of Deposit 5/06/11 15,000.00 15,478.0 5.400% Peoples Bank&Trust Co Certificate of Deposit 5/19/2008 99,000.00 99,167.0 5.400% First Bank of HenryCounty Certificate of Deposit 9/18/08 99,000.00 99,060.0 5.650% Amerika Samoa Bank Certificate of Deposit 6/27/08 100,000.00 100,496.0 5.150% • Peoples Bank Certificate of Deposit 5/18/09 99,000.00 99,025.0 5.350% Union Natonal Bank&Trust Certificate of Deposit 6/10/08 99,000.00 99,457.0 5.350% Country Wide Bank,NA Certificate of Deposit 9/05/08 99,000.00 99,891.0(_ 5.2505/6 Capital One NA Certificate of Deposit 10/13/09 99,000.00 95,531.0 5.800% Key bank Certificate of Deposit 12/28/10 99,000.00 101,586.0 4.850% Community First bank-Charleston Certificate of Deposit 7/30/10 40,000.00 40,008.0 4.250% Columbia State bank Certificate of Deposit 2/01/10 25,000.00 24,914.0 4.000% First Bank of Puerti Rico Certificate of Deposit 9/27/10 99,000.00 99,000.0 3.850% Local Agency Investment Fund Liquid Account 5,751,522.91 5,751,522.91 4.630% De Anza Gardens L.P Loan 1,000,000.00 1,000,000.0 3.000% Grand Totals $ 10,667,248.56 $ 10,679,179.73 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. HOUSING AUTHORITY OF CONTRA COSTA COUNTY • Agency Investment Portfolio by Program Period Ending 03/31/08 This report indicates the investments by Programs Issuer Investment Type Amount Invested Funds by Program Cantella&Co.-Contractor Public Stale&Local Rental Rehabilitation Housing Choice Housing Fund Voucher Fund National Financials -Cash Fund Money Market $ 91 660.65 4,544.86 56,368.27 24,403.74 6,343.78 Federal Home Loan Bank Discount Note $ 100 000.00 100,000.00 Federal Nall Mtg Assoc Discount Note $ 100 000.00 100,000.00 Federal Home Loan Bank Discount Note $ 50 000.00 30,000.00 20,000.00 Federal Home Loan Mto CorpDiscount Note $ 140 000.00 140,000.00 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 Mtq CorpDiscount Note $ 110 000.00 30,000.00 80,000.00 Federal Home Loan Mtq CorpDiscount Note $ 180 000.00 90,000.00 90,000.00 Aim Investments Inc Money Market $ 425,000.00 425,000.00 Merk 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 Beam Steams -Contractor Alliance Instil Reserves Inc Money Market $ 2065.00 662.00 1,403.00 Mutual Bank Certificate of De osit $ 99 000.00 99,000.00 Security ST Bank of Wannamin o Certificate of Deposit $ 100 000.00 100,000.00 Shore Bank Certificate of De osit $ 50,000.00 50,000.00 Discover bank Certificate of De osit $ 15 000.00 15,000.00 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 Natonal 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 $ 99 000.00 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 Columbia State bank Certificate of Deposit $ 25 000.00 25,000.00 First Bank of Puerti Rico Certificate of Deposit $ 99,000.001 99,000.00 Local Agency Investment Fund Liquid Account $ 5,751,522.91 16,019.82 221,523.93 61,964.09 5,452,015.07 De Anza Gardens L.P Loan $ 1,000,000.0 1,000,000.00 Grand Totals $ 10667248.56 316,226.68 1,467,892.20 304,367.83 8,576,761.85 • HOUSING AUTHORITY OF CONTRA COSTA COUNTY • Investment Earnings Report Period Ending 03/31/08 Agency Portfolio by Program Interest Earnings by Program Issuer Amount Invested Interest Earned Public Housing Housing Choice-Voucher Fund Rental Rehabilitation 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 $ 91 660.65 $ 655.44 $ 32.50 $ 39.47 $ 5.90 $ 174.50 $ 403.07 Federal Home Loan Bank $ 100,000.00 $ 1,319.18 $ $ 1,147.69 $ 171.49 $ $ Federal Nall Mtq Assoc $ 100000.00 $ 1,417.81 $ $ 1,233.49 $ 184.32 $ $ Federal Home Loan Bank $ 50,000.00 $ 684.25 $ $ 238.12 $ 35.58 $ $ 410.55 Federal Home Loan Mtg Co $ 140,000.00 $ 1,950.41 $ $ $ $ $ 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 Mtg Corp $ 180,000.00 $ 1,997.26 $ $ 1,737.62 $ 259.64 $ $ Aim Investments Inc $ 425,000.00 $ 5,239.73 $ $ 4,558.57 $ 681.16 $ $ Merk Bank $ 100,000.00 $ 1,023.29 $ $ 890.26 $ 133.03 $ $ American Community Bank $ 100,000.00 $ 1,023.29 $ $ 890.26 $ 133.03 $ $ State Bank of India $ 98,000.00 $ 1 051.15 $ $ 914.50 $ 136.65 $ $ !Capital One bank $ 98,000.00 $ 1,039.07 $ i$ 1,039.07 $ Bearn Stearns -Contractor Alliance Instl Reserves Inc $ 2,065.00 $ 9.01 $ 2.89 $ 5.33 $ 0.80 $ $ 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 $ $ • Shore Bank $ 50,000.00 $ 537.53 $ _ $ 467.65 $ 69.88 $ $ Discover bank $ 15 000.00 $ 199.73 $ $ 173.77 $ 25.96 $ $ Peoples Bank&Trust Co $ 99,000.00 $ 1,318.19 $ 1,318.19 $ $ $ $ First Bank of HenryCounty $ 99,000.00 $ 1,379.22 $ $ 1,199.92 $ 179.30 $ $ Amerika Samoa Bank $ 100,000.00 1$ 1,269.86 $ $ 1,104.78 $ 165.08 $ $ Peoples Bank $ 99000.00 $ 1,305.99 $ 1,305.99 $ M $ - $ $ 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 $ $ Columbia Stale bank 25,000.00 $ 246.58 $ $ 214.52 $ 32.06 $ - $ First Bank of Puerti Rico 99,000.00 $ 939.82 $ $ 817.64 $ 122.18 $ $ Local Agency Investment Fund $ 5,751,522.91 $ 65 661.91 $ 182.89 $ 54 151.06 $ 8,091.54 $ 707.41 $ 2,529.01 De Anza Gardens L.P $ 1,000 000.00 $ 7,397.26 $ $ 7,397.26 $ $ Grand Totals $ 10,667,248.56 $ 121,655.69 $ 3,843.31 $ 77,997.04 1$ 19,051.99 1$ 3,264.82 $ 17,496.53 •