CC SR 20150203 E Cash Balances NovemberCITY OF RAI`ICHO PALOS VERDES
MEMORANDUM
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: KATHRYN DOWNS, ACTING FINANCE DIRECTOR
DATE: FEBRUARY 3, 2015
SUBJECT: NOVEMBER 2014 MONTHLY REPORT OF CASH BALANCES
REVIEWED: CAROLYNN PETRU, ACTING CITY MANAGEF
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the November 2014 Monthly Report of Cash Balances for the City of
Rancho Palos Verdes.
BACKGROUND
With the adoption of the state budget for FY06-07, government agencies are no longer
required to submit a treasurer's report to their governing board, as defined by California
Government Code. Notwithstanding the change of California law, staff has continued to
submit a cash balance report to the Council for review each month. This report summarizes
the cash activity associated with all funds of the City.
A separate report is prepared monthly for the Improvement Authority and is presented
under separate cover before the Authority Commission. The attached report includes the
cash activities of the City for the month of November 2014.
ANALYSIS
The overall cash balances of the City totaled $49,639,091 at November 30, 2014. This
represents a $2,388,170 decrease during the month. The overall decrease is a result of
various factors over several individual funds of the City. 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).
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November 2014 Monthly Report of Cash Balances
February 3, 2015
Page 2
CIP Fund — The cash balance in this fund decreased by more than $915,000 during the
month mainly due to disbursements of $586,932 to All American Asphalt, $187,505 to
Anderson Penna Partners, $34,345 to KDM Meridian, and $55,560 to Sunbeam Consulting
for the City's Residential Street Rehabilitation project. Other disbursement included
$67,092 to Bennett Landscape for the Salvation Army Trail project.
Employee Benefits Fund — The cash balance in this fund decreased by more than
$122,000 during the month. The most significant factor of decrease was the disbursements
for the City's share of employee insurance premiums totaling $67,240.
Gas Tax Fund — The cash balance in this fund decreased by more than $131,000 during
the month. The decrease was primarily due to the fact that the November Highway User
Tax was not received until December, while normal operating expenditures were disbursed.
The disbursements included payments of $68,286 to Hardy & Harper for the Palos Verdes
Drive South landslide repair project and $26,753 to Venco Western for the landscaping
maintenance project.
Water Quality Flood Protection Fund — The cash balance in this fund decreased by more
than $966,000 during the month mainly due to disbursements of $113,791 to Performance
Pipeline Technology and $928,075 to L.H. Woods & Sons for the San Ramon Canyon
Stabilization project.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
NOVEMBER 2014
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
RHS Withholdings
Postage
Bank and Merchant Fees
BOA BOW
373,738.05
85,674 26
27,472 30
9,00893
2,500.00
2,634.72 154.07
2,63472 498,547 61
(3) The net adjustment was due to a void check and other adjustment
BALANCE
CASH BALANCES BY FUND FORWARD
% Change of
Change In Cash Balance
Ending Cash from Previous
DEBIT CREDIT CASH Balance Month -End
Unrestricted
Bank
Bank
YTD INT
15,740,922.01
of America
of the West
15,491,222 92
INVESTMENT
TREASURIES
Restricted by Council Action
OPERATING
OPERATING BANKCARD PETTY CASH
PAYROLL LAIF-CITY
CDARS
TREAS DIRECT
TOTAL CASH
RECEIVED
BEGINNING BALANCE
324,920.08
2,646,529 35 0.00 2,50000
0.00 47,853,311 59
1,200,000.00
0.00
52,027,261.02
1,022.640..31
PLUS: DEPOSITS
214,276,02
1,413,49370
EQUIPMENT REPLACEMENT
2,726,674.78
0.00
1,627,769.72
2,683,136.22
PLUS: INTERESTEARNINGS(1)
2%
BUILDING REPLACEMENT
943,.117.02
0.00
000
000
54,97858
LESS: CHECK DISBURSEMENTS
(230,000.00)
(3,828,15882)
441,254 14
564,026 66
(726,071_41)
(4,058,158,82)
20%
LESS: ELECTRONIC DISBURSEMENTS(2)
(2,634.72)
(498,547 61)
1,630,405.53
18,370,802,_491
1,081,675._831 _
(501,182.33)
Restricted by Law or External Agencies
ADJUSTMENTS(3)
(36,803.07)
582,204.89
543,40182
1,323,757.15
PLUS: TRANSFERS IN
133,0_37.99
3,000,000.00
(131,571 50)
10%
1972 ACT
3,000,000.00
1.924.11
LESS: TRANSFERS OUT
64,671 66
1,924.11
(3,000,000.00)
EL PRADO
21,257.93
(3,000,000,00)
65866
ENDING BALANCE
267,758.31
3,315,521,51 0.00 2,500.00
000 44,853,311.59
1.200,000.00
0.00
49.639.091 41
54,978.58
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
RHS Withholdings
Postage
Bank and Merchant Fees
BOA BOW
373,738.05
85,674 26
27,472 30
9,00893
2,500.00
2,634.72 154.07
2,63472 498,547 61
(3) The net adjustment was due to a void check and other adjustment
BALANCE
CASH BALANCES BY FUND FORWARD
% Change of
Change In Cash Balance
Ending Cash from Previous
DEBIT CREDIT CASH Balance Month -End
Unrestricted
GENERAL FUND
15,740,922.01
1,240,651.55
1,490,350.64
15,491,222 92
(249,699,091
2%
Restricted by Council Action
BEAUTIFICATION FUND
794,403.73
0.00
000
794,403.73
0.00
0%
CIP
16,591.381.68
107,475 56
1,022.640..31
15.676,016 93
(915,364.75)
6%
EQUIPMENT REPLACEMENT
2,726,674.78
0.00
43,538.56
2,683,136.22
(43,538..56)
2%
BUILDING REPLACEMENT
943,.117.02
0.00
000
943,117 02
0.00
0%
EMPLOYEE BENEFITS
(603,298 89)
441,254 14
564,026 66
(726,071_41)
(122.772.52)
20%
Subtotal
20,452,278,32
548,729.70-
1,630,405.53
18,370,802,_491
1,081,675._831 _
5%
Restricted by Law or External Agencies
GAS TAX
1,323,757.15
1,466.49
133,0_37.99
1.192,1$5.65
(131,571 50)
10%
1972 ACT
62,747.55
1.924.11
0.00
64,671 66
1,924.11
3%
EL PRADO
21,257.93
4116
65866
20,640.23
(617.70)
3%
CDBG
27,710.66
13.00000
1.680.00
39.030.66
11.320.00
417/.
CDBG-R
0,00
000
0.00
000
000
0%
1911 ACT
1,658,660.29
10„61999
28.772.19
1,640,50809
(_18,152.20)
1%
SOLID WASTE
401,999.87
6,49256
9,18329
399.30916
(2,690,71)1
1R
AIR QUALITY MANAGEMENT
74,892.68
000
000
74.892 68
0.00
0%
PROPOSITION
1,514,474.18
55,126.53
000
1,569,60271
55,128.53
4%
PROPOSITION A
391,713.43
66,462 37
69,000 00
389,175.80
(2.537 63)
1%
PUBLIC SAFETY GRANTS
34,608.06
26,630.84
0.00
61,238.90
26,630.84
77%
MEASURER
1,396,83123
41.31291
000
1.438.144 14
41,31291
3%
HABITAT RESTORATION
1,409,375.39
000
33,672 25
1,375,703 14
(33.672 25)
2%
SUBREGION 1 MAINTENANCE
811 280.38
000
4,24215
807,038.23
(4,24215)
1%
MEASURE A MAINTENANCE
68,755,63
000
000
66,755.63
0.00
0%
ABALONE COVE SEWER DISTRICT _
38,468.64
_ 849.15
36_.057.84
_3259.95
(35.20869)
92%
RPVTV
0.00
0.00
0.00
6 00
0.00
0%
GINSBURG CULTURE ARTS BUILDING
119,225.31
000
0.00
119,225 31
0.00
0%
DONOR RESTRICTED CONTRIBUTIONS
875,207 61
58000
184.86
875,602 75
395.14
0%
QUIMBY
57,892.41
000
0.00
57,892.41
0.00
0%
LOW -MODERATE INCOME HOUSING
23,532 46
000
000
23,532 46
000
0%
AFFORDABLE HSNG IN LIEU
581,592.27
000
2506
581,567 21
(25.06) _
0%
EET
420.,640.09
0.00
0.00
420,640.09
0,00
0%
MEASURE A CAPITAL
7,440.11
0..00
0.00
7,440.11
0.00
0%
BIKEWAYS
96.52
000
000
9652
_ _ 0.00
0%
UNDERGROUND UTILITIES
0..,00 _
000
000
000
0..00
0%
ROADWAY BEAUTIFICATION
0,00
0 00
000
0.00
000
0%
WATER QUALITY FLOOD PROTECTION
3.529.385.56 _ _
904.560 66
1.871.168 71
2._562.777 71
(966.607 65)
27%
REDEVELOPMENT OBLIGATION RETIRE
543,_639,47
4„167.00
1 721 96
.546_,084:51
2,445.04
0%
IMPROVEMENT DISTRICT 9 _
0,00
000 -
000
000
0.00
0%
SPECIAL TRUSTS _
436,675 81 _
_ 10.403 00
1102852
438,250 29
(625 52)
0%
Subtotal
15,834,060.69 _
1.143.638.99
2.200.433.68_
14.777.266.00
(1,056,794.69)
7%
GRAND TOTAL
52,027,261.02
2,933,020.24 J
5,321,18985 J
49,639,09141
(2,388,169,61)
5%
Total Investment: 49, 639, 091 41
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
NOVEMBER 2014
Issuer of Acquisition Maturity Market
Investment Investment Date Term Date Value
Par Book
Value Value Yield
Checking Accounts
Bank of America
N/A
N/A
On Demand
$ 309,061
N/A $
309,061
0 00 %
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$ 3,276,718
N/A $
3,276,718
0 00 %
State of
Local Agency Investment Fund (LAIF)
California
N/A
N/A
On Demand
$ 44,853,312
N/A $
44,653,312
0 26 %
CDARS - Malaga Bank
Malaga Bank
12/26/2013
26 weeks
12/23/2014
250,000
$
250,000
035%
Century Bank &
Trust Company
12/26/2013
26 weeks
12/23/2014
244,500
$
244,500
0 25 %
Ever Bank
12/26/2013
26 weeks
12/23/2014
244,500
$
244,500
0..25%
First Foundation
Bank
12/26/2013
26 weeks
12/23/2014
105,945
$
105,945
0.25%
Meridian Bnak
12/26/2013
26 weeks
12/23/2014
$ 110,555
$
110,555
025%
Western
Alliance Bank
12/26/2013
26 weeks
12/23/2014
$ 244,500
$
244,500
025%
Total Investment: $ 49,639,091
Total Investment Weighted Average Return 02%
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 best 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 meet the City's expenditure requirements for the next six months
Respect f ly submitted,
7rea rer Dated
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