CC SR 20160202 G - Dec 2015 Cash BalancesCFFY OF RANCHO PALOS VERDES
MEMORANDUM
TO: HONORABLE MAYOR & CITY COUNCIL MEMBERS
'
FROM: DEBORAH CULLEN, DIRECTOR OF FINANCE—
DATE: FEBRUARY 2, 2016
SUBJECT: DECEMBER 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED: DOUG WILLMORE, CITY MANAGER PVW
Project Manager: Jane Lin, Accountant
RECOMMENDATION
Receive and file the December 2015 Monthly Report of Cash Balances for the City of
Rancho Palos Verdes.
BACKGROUND
This report summarizes the cash activity associated with all funds of the City for the
month of December 2015. A separate report is prepared monthly for the Improvement
Authority and is presented under separate cover before the Authority Commission.
DISCUSSION
The overall cash balances of the City totaled $60,552,280 at December 31, 2015. Cash
increased by $3,367,856 during the month. Compared to the same period last year, the
cash balance increased by $875,639. The major variance to last year was due to the
timing of disbursements in General Fund and CIP Fund. The City received almost half a
million reimbursement from the State for the Stormwater Flood Management Program.
The overall cash balance increase is described below. These factors are discussed in
detail below for each fund experiencing a noteworthy cash event (defined as more than
$50,000 and 5% of the cash balance in a particular fund). The sum of nine Funds which
will be discussed below increased by $3,404,000. The remaining amount of $36,000 in
decrease was contributed by various funds, which were within the threshold.
1
December 2015 Monthly Report of Cash Balances
February 2, 2016
Page 2
General Fund — The cash balance in this fund increased by more than $1,978,000
during the month. The increase was primarily the result of receipt of the December
property tax revenue of $2,629,978. The December revenue was offset by normal
operating expenditures.
Employee Benefits Fund — The cash balance in this fund decreased by more than
$155,000 during the month. The most significant factor of decrease was the
disbursements for the City's share of employee insurance premiums totaling $67,925
and the 2016 prepayment of $93,500 to HSA Bank for the Blue Shield high deductible
health plan for participating employees and City Council members.
1972 Act Fund - The cash balance in this fund increased by approximately $100,000
during the month. The increase was due to the result of receipt of the December
property tax apportionment of $99,421.
CDBG Fund — The cash balance in this fund increased by approximately $57,000.
Because CDBG cash receipts result from reimbursements of prior months'
expenditures, it is common to have a timing difference between cash receipts and
expenditures for any given month. The City received reimbursements from the Los
Angeles County Community Development Commission in December.
1911 Act Fund - The cash balance in this fund increased by slightly more than $192,000
during the month. The increase was due to the result of receipt of the December
property tax apportionment of $219,929.
Proposition C Fund — The cash balance in this fund increased by approximately
$59,000 during the month due to receipt of the December Proposition an
apportionment.
Proposition A Fund — The cash balance in this fund increased by approximately $71,000
during the month due to receipt of the December Proposition A apportionment. The
Proposition A fund pays for the Palos Verdes Peninsula Transit Authority contribution.
Disbursements for that contribution are only made twice per year in August and
January.
Measure A Maint Fund — The cash balance in this fund increased by more than $90,000
during the month. The City received a reimbursement of $90,225 from the County for
the Measure A eligible FY14-15 park -site maintenance services in the Portuguese Bend
Nature Preserve and Lower Hesse Park.
Water Quality Flood Protection Fund — The cash balance in this fund increased by
approximately $1,012,000 during the month. The increase was due to the result of
receipt of the December property tax apportionment of $531,376 and the grant
reimbursement of $473,236 from the State for the Prop 1 E Stormwater Flood
Management Program.
2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
DECEMBER 2015
(1) All LAIF interest is paid quarterly
(2) Electronic Disbursements:
Payroll
Bank
of the West
OPERATING
Malaga
Bank
OPERATING PETTY CASH LAIF-CITY
INVESTMENT
CDARS
TOTAL CASH
YTD INT
RECEIVED
BEGINNING BALANCE
3,186,198,47
3,804,901-14 3,000.00 47,990,32442
0.00 2,200,00000
57,184,424.03
5,000,00
PLUS: DEPOSITS
5,612,530.58
Restricted bE Council Action
815,202.11
5,612,530.58
PLUS: INTERESTEARNINGS(1)
BEAUTIFICATION FUND
0.00
80,24460
LESS: CHECK DISBURSEMENTS
(1,431,310.00)
0.00
0%
(1,431,310.00)
23,458,930.84
LESS: ELECTRONIC DISBURSEMENTS(2)
(815,202.11)
23.377.826 27
(81,104.57)
(815,202.11)
EQUIPMENT REPLACEMENT
ADJUSTMENTS(3)
1,837.07
9,951.37
3,233,933.36
1,83707
0%
PLUS: TRANSFERS IN
899,00
0.00
0.00
0.00
0.00
LESS: TRANSFERS OUT
EMPLOYEE BENEFITS
1,214,956.38
752,793.38
0.00
1,059,738,76
ENDING BALANCE
6,554,054.01
3,804,901.14 3,000.00 47,990,324.42
0.00 2,200,000.00
60.552,279.57
60,244.60
(1) All LAIF interest is paid quarterly
(2) Electronic Disbursements:
Payroll
645,125.69
CalPers
107,482.79
ICMA&HSA
38,652.87
Retirement Health Savings Withholdings
15,598,02
Flexible Spending Accounts
671.58
Postage
5,000,00
Bank and Merchant Fees
2,671,16
Restricted bE Council Action
815,202.11
(3) The net adjustment was due to void checks, return item, and other deposit adjustment.
% Change of
Change In Cash Balance
BALANCE Ending Cash from Previous
CASH BALANCES BY FUND FORWARD DEBIT CREDIT CASH Balance Month -End
Unrestricted
GENERAL FUND
10.530,317.29
3,693,711,11
1,716,346.70
12,506,681.70
1.978,364.41
19%
Restricted bE Council Action
BEAUTIFICATION FUND
572,299 73
0.00
0.00
572,299.73
0.00
0%
CIP
23,458,930.84
3,125.00
84,229.57
23.377.826 27
(81,104.57)
0%
EQUIPMENT REPLACEMENT
3,243,884.73
000
9,951.37
3,233,933.36
(9,951,37)
0%
BUILDING REPLACEMENT
899,00
0.00
0.00
899,00
0.00
0%
EMPLOYEE BENEFITS
1,214,956.38
752,793.38
908,011,00
1,059,738,76
155,217.62)
13%
Subtotal
28,490.97068
755.91638
1,002,191.94
28,244,697.12
246.273.56
1%
Restricted b Law or External Agencies
STREET MAINTENANCE
1.309,987.44
148,774.56
95,300,84
1,363,461.16
53,473.72
4%
1972 ACT
46,645 81
99.420 57
0.00
146,066.38
99,420.57
100%
EL PRADO
22,932,08
85539
0,00
23,7B7.47
855,39
4%
CDBG
55.159.14
656204.00 _
8,016.50
2,028.36
57,187 50
100%
CDBG-R
0,00
0,001
0.00
0,00
0.00
0%
1911 ACT
1,702,317,20
219,928.51
27,623.92
1,894,621.79
192,30459
11%
SOLID WASTE
501.520.61
000
10,216.42
491,302.19
(10,21842)
2%
AIR QUALITY MANAGEMENT
77,670.88
13,526 64
0.00
91,197.52
13,526 64
17%
PROPOSITION C
455,217.08
58,704.89
0.00
513,921.97
58.704 89
13%
PROPOSITION A
253,423.16
70.858 25
0.00
324,281.41
70,858,25
28%
PUBLIC SAFETY GRANTS
81,182.65
19,514.91
0.00
100,697.56
19.514 91
24%
MEASURE R
1,349.912.17
44,472.22
0.00
1.394,384 39
44,472 22 1
3%
HABITAT RESTORATION
1,528,223.13
0.00
4,355.00
1,523,868.13
(4,35500)1
0%
SUBREGION 1 MAINTENANCE
845,546.43
0.00
1,640.15
843.906.28
(1.640.15)
0%
MEASURE A MAINTENANCE
7,201.11)
90,225.00
000
83,023 89
90,225.00
100%
ABALONE COVE SEWER DISTRICT
90,638.67
22,193.17
9,58812
103,243.72
12,605 05
14%
RPVTV
0.00
000
0.00
000
0.00
0%
GINSBURG CULTURE ARTS BUILDING
101,493,31
0.00
16,000.00
85,493 31
(16,000 00)
16%
DONOR RESTRICTED CONTRIBUTIONS
873,264.66
0.00
1,618.75
871,645 91
(1,618.75)
0%
QUIMBY
2,209,388.23
0.00
0.00
2,209,388.23
000
0%
LOW -MODERATE INCOME HOUSING
45,975.46
4,788.50
0.00
50,763 96
4,788.50
10%
AFFORDABLE HSNG IN LIEU
585,049.13
000
0.00
585,049.13
0.00
0%
EET
348,536 72
000
0.00
348,536 72
000
0%
MEASURE A CAPITAL
7,44011
0,00
0.00
7,440.11
0.00
0%
BIKEWAYS
96.52
000
0.00
96.52
0,00
0%
UNDERGROUND UTILITIES
0.00
0.00
0.00
0.00
0.00
0%
ROADWAY BEAUTIFICATION
0.00
0.00
000
000
0.00
01!
WATER QUALITY FLOOD PROTECTION
4,832,484.77
1,022,45292
9,741.19
5,845,196.50
1,012,711.73
21%
REDEVELOPMENT OBLIGATION RETIRE
477,987.16
4,167.00
42,43764
439,716,52
38,270.64)
8%
IMPROVEMENT DISTRICT 9
000
0.00
000
0.00
0.00
0%
SPECIAL TRUSTS
478,56293
79,100.25
101,881.56
455,781.62
22,78131)
5%
Subtotal
18.163.136.06
1,964.18678
326,422.09
19.798.900.75
1,635.764.69
9%
GRAND TOTAL
57,184.424,03
6.413.816.27
3,045,960 73
60,552.279 57
1367.855.54
6%
Total Investment: 60,552,279.57
3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
DECEMBER 2015
NOTE:
(1) See footnote on the summary page
(2) LAIF market values will be reported to vary from book value if the City calculated share of total LAIF assets is less than the
City book value.
To the beat of my knowledge, there are no misstatements of material amounts within this report;
or omissions of material amounts to cause the report to be misleading.
I certify that this report accurately reflects all City investments and complies with the investment policy of the City
of Rancho Palos Verdes as approved by the City Council, Furthermore, I certify that sufficient investment liquidity
and anticipated revenues are available to most the City's expenditure requirements for the next six months.
Respectfully submitted,
DZUxti,
Treasurer Doled
El
Issuer of
Acquisition
Maturity
Market
Per
Book
Investment
Investment
Date
Term
Date
Value
Value
Value
Yield
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
6,554,054
N/A
$
6,554,054
0.00%
Checking Accounts
Malaga Bank
N/A
N/A
On Demand
$
3,804,901
N/A
$
3,804,901
0.30%
Petty Cash
N/A
NIA
N/A
On Demand
$
3,000
N/A
$
3,000
0.00%
State of
Local Agency Investment Fund (LAIF-CITY) California
NIA
N/A
On Demand
$
47,990,324
N/A
$
47,990,324
0.40%
CDARS - Malaga Bank
Malaga Bank
12/24/2015
26 weeks
6/23/2016
250,000
$
250,000
030%
Banco Popular
de Puerto Rico -
IBC
12/24/2015
26 weeks
6/23/2016
244,500
$
244,500
015%
Iberiabank
12124/2015
26 weeks
6/2312016
216,500
$
216,500
0.15%
Univest Bank
and Trust Co.
12124/2015
26 weeks
6/23/2016
244,500
$
244,500
0,15%
Western
Alliance Bank
12/2412015
26 weeks
6/23/2016
$
244,500
$
244,500
0.15%
Citizens
National Bank
3/26/2015
52 weeks
3/24/2016
$
243,500
$
243,500
0.35%
Ever Bank
3/26/2015
52 weeks
3/24/2016
$
230,633
$
230,633
0.35%
Flegstar Bank,
FSB
3/26/2015
52 weeks
3/24/2016
$
243,500
$
243,500
0.35%
Parke Bank
3/26/2015
52 weeks
3/24/2016
$
243,500
$
243,500
0.35%
PorsperilyBank
3/26/2015
52 weeks
3/24/2016
11,867
$
11,867
0.35%
The Park
National Bank
3/26/2015
52 weeks
3/2412016
$
27,000
$
27,000
0 35 %
Total Investment:
$ 60,552,280
Total Investment Weighted Average
Return
03%
NOTE:
(1) See footnote on the summary page
(2) LAIF market values will be reported to vary from book value if the City calculated share of total LAIF assets is less than the
City book value.
To the beat of my knowledge, there are no misstatements of material amounts within this report;
or omissions of material amounts to cause the report to be misleading.
I certify that this report accurately reflects all City investments and complies with the investment policy of the City
of Rancho Palos Verdes as approved by the City Council, Furthermore, I certify that sufficient investment liquidity
and anticipated revenues are available to most the City's expenditure requirements for the next six months.
Respectfully submitted,
DZUxti,
Treasurer Doled
El