CC SR 20150203 F Cash Balances DecemberCITY OF RANCHO PALOS VERDES
MEMORANDUM
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: KATHRYN DOWNS, ACTING FINANCE DIRECTOR I
DATE: FEBRUARY 3, 2015 l
SUBJECT: DECEMBER 2014 MONTHLY REPORT OF CASH BALANCES
REVIEWED: CAROLYNN PETRU, ACTING CITY MANAGER
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the December 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 December 2014.
ANALYSIS
The overall cash balances of the City totaled $52,131,308 at December 31, 2014. This
represents a $2,492,217 increase during the month. The overall increase 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).
F-1
December 2014 Monthly Report of Cash Balances
February 3, 2015
Page 2
General Fund — The cash balance in this fund increased by more than $2,625,000 during
the month. The increase was primarily the result of receipt of the December property tax
revenue of $2,512,533. The December revenue was offset by normal operating
expenditures.
CIP Fund — The cash balance in this fund decreased by more than $865,000 during the
month. The decrease was mainly due to disbursements of $719,262 to All American
Asphalt and $46,830 to Anderson Penna Partners for the City's Residential Street
Rehabilitation project.
Employee Benefits Fund — The cash balance in this fund decreased by more than
$219,000 during the month. The most significant factor of decrease was the disbursements
for the City's share of employee insurance premiums totaling $70,196 and the 2015
prepayment of $94,500 to HSA Bank for the Blue Shield high deductible health plan for
participating employees and City Council members.
Gas Tax Fund — The cash balance in this fund increased by more than $100,000 during
the month. The City received both its November and December Highway User Tax
payment in December while normal operating expenditures were disbursed.
1972 Act Fund - The cash balance in this fund increased by more than $99,000 during the
month. The increase was due to the result of receipt of the December property tax
apportionment of $99,539.
1911 Act Fund - The cash balance in this fund increased by more than $208,000 during the
month. The increase was due to the result of receipt of the December property tax
apportionment of $209,202.
Solid Waste Fund - The cash balance in this fund increased by more than $100,000 during
the month. The increase was mainly due to receipt of $46,280 from EDCO Disposal and
$15,430 from Universal Waste System for the reimbursement of conducting a performance
audit on both companies.
Proposition A Fund — The cash balance in this fund increased by more than $74,000 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.
Water Quality Flood Protection Fund — The cash balance in this fund increased by more
than $303,000 during the month. The increase was due to the result of receipt of the
December property tax apportionment of $530,462. Disbursements included $35,977 to
RBF Consulting and $30,645 to Performance Pipeline Technology for the San Ramon
Canyon Stabilization project.
F-2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
DECEMBER 2014
(1) All LAIF interest is paid quarterly
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
RHS Withholdings
Postage
Bank and Merchant Fees
BOA BOW
523,479 61
126, 838.93
25,232 30
9,17020
2,500.00
2,226.44 258.54
2,226.44 687,479.58
(3) The net adjustment was due to electronic 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
Bank
Bank
YTDINT
GENERALFUND
of America
of the West
INVESTMENT
TREASURIES
2,625.480.53
17%
Restricted by Council Action
OPERATING
OPERATING BANKCARD PETTY CASH
PAYROLL LAIF-CITY CDARS
TREAS DIRECT
TOTAL CASH
RECEIVED
BEGINNING BALANCE
267,758,31
3,315,52151 000 2,50000
000 44,853,31159 1,200,00000
000
49,639,09141
0%
PLUS: DEPOSITS
74,052.83
5,279,03672
865,723.58
14,81 O,905 35
5,353,08955
6%
PLUS: INTERESTEARNINGS(1)
2,683,136,22
670,08
117,083.04
2,566,72326
000
54,97858
LESS: CHECK DISBURSEMENTS
943,117.02
(2,375,078 49)
0.00
943,11702
(2,375,078 49)
0%
LESS: ELECTRONIC DISBURSEMENTS(2)
(2,226.44)
(687,479 58)
661,987 80
(945,288 78)
(689,706 02)
30%
ADJUSTMENTS(3)
19,370,602.49
203,911.78
1,644,79442
18,109,850,58
203,911 78
6%
PLUS: TRANSFERS IN
000
LESS: TRANSFERS OUT
1,192,185.65
237.204.58
136,624.25
_1,292.765.98
0.00
8%
ENDING BALANCE
339,584.70
5,735,911.94 0.00 2.500.00
0.00 44,853,311.59 1,200.00+0,00
0,00
52,131.30823
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
523,479 61
126, 838.93
25,232 30
9,17020
2,500.00
2,226.44 258.54
2,226.44 687,479.58
(3) The net adjustment was due to electronic 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
_
GENERALFUND
15,491,222.92
3.86_5.330,59
1,239,850.06
18,116,703.45
2,625.480.53
17%
Restricted by Council Action
BEAUTIFICATION FUND
794,403.73
000
0.00
794,403 73
0.00
0%
CIP
15,676,016,93
612.00
865,723.58
14,81 O,905 35
(865,11158)
6%
EQUIPMENT REPLACEMENT
2,683,136,22
670,08
117,083.04
2,566,72326
(116,41296)
4%
BUILDING REPLACEMENT
943,117.02
000
0.00
943,11702
000 _
0%
EMPLOYEE BENEFITS
(726,071.41)1
442,770 43
661,987 80
(945,288 78)
(219,217 37)
30%
Subtotal
19,370,602.49
444,05251
1,644,79442
18,109,850,58
(1,200,741.91)
6%
Restricted by Law or External Agencies
GAS TAX
1,192,185.65
237.204.58
136,624.25
_1,292.765.98
100,58033
8%
1972 ACT
64,671.66
99,538.63
0.00
164.210.29
99.538.63
100%
EL PRADO
20,640.23
81772
0.00
- 21,457 95
81772
4%
CDBG
39.030.66
_ 12.400 00
000 _
51.430 66
12,400 00
32%
CDBG-R
0.00
0._00
000
- 000
000
0%
1911 ACT
1,640,508.09 1
209.202 10
541 65
1.849.168 54
208,660 45 1
13%
SOLID WASTE
399,309,16
105,990 69
5,294.45
500,005 40
100,696 24
25%
AIR QUALITY MANAGEMENT
74,892.68
13,230.36
000
88,123 04
13.230.36
18%
_
PROPOSITION _
1.569,602.71
61,50357
0.00
1,631,10628
61,50357
4%
PROPOSITION A
389.175.80
74.072.42
0.00
463.248 22
74,072 42
19%
PUBLIC SAFETY GRANTS
61,238.90
19,229 81
0.00
80,468 71
19,229 81
31%
MEASURE R
1,438.144.14
45,804 82
0.00
1,483,.948 96
45,804 82
3%
HABITAT RESTORATION
1,375,703.14
28,797.00
000
1,404,500.14
28,79700
2%
SUBREGION 1MAINTENANCE
807.03823 1
000
3,98804
803.05019
(3,98804) _
0%
MEASURE A MAINTENANCE
68,755 63
000
000
68,755 63
000
0
ABALONE COVE SEWER DISTRICT
3.259.95
22,170.84
5,868.99
19,561 80
16.301.85
100%
RPVTV
0.00
0.00
0.00
000
000
0%
GINSBURG CULTURE ARTS BUILDING
119,225 31
000
18,000 00
101,225 31
(18.000.00)
15%
DONOR RESTRICTED CONTRIBUTIONS
875,602 75
3.92000
0..00
879.522 75
3.92000
0%
QUIMBY
57,892.41
0.00
0.00
57,892.41
000
0%
LOW -MODERATE INCOME HOUSING
23.532 46
000
000
23,532 46
000
0%
AFFORDABLE HSNG IN LIEU
581,567 21
000
0.00
581,56721
000
0%
EET
420,640.09
0.00
0.00
420,640.09
0.00
0°k
MEASURE A CAPITAL
7,44011
000
000
7,440.11
0.00
0%
BIKEWAYS
9652
000
0.00
9652
000
0%
UNDERGROUND UTILITIES
0.00
0.00
OAO
000
0.00
0%
ROADWAY BEAUTIFICATION
000
000
0.00
000
000
0%
WATER QUALITY FLOOD PROTECTION
2,562,777.71
530,461 58
227,068.39
2.866,170 90
303.39319
12%
REDEVELOPMENT OBLIGATION RETIRE
546,084 51
4,16700
3,811.50
546.440.01
355.50
0%
IMPROVEMENT DISTRICT 9
1 000
000
000
0.00
000
0%
SPECIAL TRUSTS
438.250.29
20.292.50
20,128.15
438,414.64
164.35
0%
Subtotal
14,777,266.00
1.488,803.62
421,325.42
15.844,744.20_
1.067,478.20
7%
GRAND TOTAL
49,639,091 41
5,798,186.72
3,305,969.90
52.131,308,23
2,492,216:82
5%
Total Investment: 52,131,308 23
F-3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
DECEMBER 2014
Issuer of Acquisition Maturity Market
Investment Investment Date Term Date Value
Checking Accounts
Bank of America
On Demand
Bank of the
Checking Accounts
West
N/A
State of
Local Agency Investment Fund (LAIF)
California
CDARS - Malaga Bank
Malaga Bank
On Demand
Century Bank &
44,853,312
Trust Company
26 weeks
Ever Bank
First Foundation
12/26/2013
Bank
6/25/2015
Meridian Bnak
244,500
Western
26 weeks
Alliance Bank
N/A
N/A
On Demand
$
342,085
N/A
N/A
On Demand
$
5,735,912
N/A
N/A
On Demand
$
44,853,312
12/26/2013
26 weeks
6/25/2015
250,000
12/26/2013
26 weeks
6/25/2015
244,500
12/26/2013
26 weeks
6/25/2015
244,500
12/26/2013
26 weeks
6/25/2015
105,945
12/26/2013
26 weeks
6/25/2015
$
110,555
12/26/2013
26 weeks
6/25/2015
$
244,500
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
Par Book
Value Value Yield
N/A $ 342,085 0.00%
N/A $ 5,735,912 000%
N/A $ 44,853,312 027%
$ 250.000 035%
$ 244,500 025%
$ 244,500 025%
105,945 025%
$ 110,555 025%
$ 244,500 025%
Total Investment: $ 52,131,308
Total Investment Weighted Average Return 02%
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( Ily submitted,
r�
TrdAurer Dated
F-4