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Agenda Item 21.

City Council Meeting

Meeting Date:	09/19/2023
FROM:	Bill Gallardo

Subject:

Monthly Report of Investments for the Successor Agency to the Brea Redevelopment Agency for Period Ended July 31, 2023

RECOMMENDATION

Receive and file.

BACKGROUND/DISCUSSION

The Monthly Report of Investments is prepared in accordance with Government Code Sections (GCS) 41004 and 53607 and contains information on the Successor Agency's investment activities for the month of July. Funds received by the Successor Agency are typically spent within three to six months and are therefore 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 an 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 July 31, 2023, the market value, including accrued interest on the Successor Agency’s Local Agency Investment Fund (LAIF), was $19,543.33 in comparison to $19,481.88 at June 30, 2023. 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) 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 all securities are held in the name of the Successor Agency. Attachment A includes a portfolio report from Chandler for each bond reserve account that is invested. As of July 31, 2023, the market value of these funds, including short-term cash and accrued interest was $12,354,678.60 as compared to $12,306,201.22 as of June 30, 2023.

FISCAL IMPACT/SUMMARY

During the month of July, the total value of the Successor Agency’s investment portfolio increased by $61.45 and the total value of restricted investments increased by $48,477.38 both due to market rate adjustments.

RESPECTFULLY SUBMITTED:

William Gallardo, City Manager
Prepared by: Faith Madrazo, Financial Services Manager - Revenue and
Monica Lo, Deputy Director of Administrative Services
Concurrence: Kristin Griffith, Director of Administrative Services

Attachments
Attachment A