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City Council Meeting
Monthly Report of Cash Investments for the Successor Agency to the Brea Redevelopment Agency for the Period Ended September 30, 2021
Receive and file.
The Monthly Report of Cash and Investments is in accordance with Government Code Sections (GCS) 41004 and 53607 and contains information on the Successor Agency's cash and investment activities for the month of September. Funds received by the Successor Agency are typically spent within three to six 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 Cash and Investment Information Summary and a Monthly Account Statement prepared by Chandler Asset Management (Chandler) for the funds invested on behalf of the Successor Agency. As of September 30, 2021, the market value, including accrued interest on the Successor Agency’s Local Agency Investment Fund (LAIF), was $18,980.24 in comparison to $18,976.97 at August 31, 2021. 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 and held by the Agency's third-party custodian, The Bank of New York Mellon Trust Company, N.A. (BNY), as required. BNY acts as an agent of the Successor Agency and is not a counterparty to the investment transaction and all securities are held in the name of the Successor Agency. The custodial accounts have been reconciled to the par value of the applicable portfolio report for the month. Attachment A includes a portfolio report from Chandler for each bond reserve account that is invested. As of September 30, 2021, the market value of these funds, including short-term cash and accrued interest was $103,878.39 as compared to $1,347,026.61 as of August 31, 2021.
On October 25, 2021, the Investment Advisory Committee reviewed the Monthly Report of Investments and recommended that the City Council receive and file.
During the month of September, the total value of the Successor Agency to the Brea Redevelopment Agency’s investment portfolio increased by $3.27 due to market rate adjustments. The total value of the restricted cash and investments decreased by $1,243,148.22 due to a debt service payment for the 2016 Tax Allocation Bonds that was due to the bondholders on September 1, 2021.
William Gallardo, City Manager
Prepared by: Anthony Godoy, Management Analyst II
Concurrence: Cindy Russell, Administrative Services Director
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