RPVCCA_CC_SR_2015_03_03_D_City_Monthly_Cash_BalancesCITY OF
MEMORANDUM
RANCHO PALOS VERDES
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: KATHRYN DOWNS, ACTING FINANCE DIRECTOR Cf-)
DATE: MARCH 3, 2015
SUBJECT: JANUARY 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED: CAROLYNN PETRU, DEPUTY CITY MANAGE
RECOMMENDATION
Receive and file the January 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 January 2015. A separate report is prepared monthly for the Improvement Authority and
is presented under separate cover before the Authority Commission.
ANALYSIS
The overall cash balances of the City totaled $54,755,263 at January 31, 2015. Cash
increased by $2.6 million 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).
General Fund —The cash balance in this fund decreased by more than $2.4 million during
January. The decrease was primarily the result of cash transfers to other funds, as follows:
• Budgeted allocation charges from the Employee Benefits Fund totaling $2.1 million;
• Budgeted allocation charges from the Equipment Replacement Fund totaling $0.9
million; and
• Budget annual funding transfers to other funds totaling $2.8 million, including $2.2
million to the CIP Fund for the annual residential street rehabilitation program,
D-1
January 2015 Monthly Report of Cash Balances
March 3, 2015
Page 2
$157,000 to the Habitat Restoration Fund for Preserve Management, and $50,700
to the Abalone Cove Sewer District Fund for maintenance.
As an offset to the annual cash transfers processed during January, the General Fund
received semi-annual property tax allocations in lieu of sales tax and vehicle license fees
totaling $2.3 million; and a regular property tax allocation of $688,222. General Fund
disbursements during the month of January were routine.
CIP Fund — Although the overall cash increased by only 3%, there were two significant
cash events. As noted above, the CIP Fund received an annual funding transfer from the
General Fund in the amount of $2.2 million. As an offset, the CIP Fund disbursed more
than $1.2 million to All American Asphalt for the Palos Verdes Drive East arterial street
rehabilitation project, and $820,000 to the Water Quality Flood Protection Fund for a
budgeted funding subsidy.
Equipment Replacement Fund — During January, cash in this fund increased by $810,778.
As noted above, this fund received an annual funding transfer of $0.9 million from the
General Fund.
Employee Benefits Fund — Cash in this fund increased by $2,054,066 during January. As
noted above, the Employee Benefits Fund received an annual funding transfer of $2.1
million from the General Fund.
Street Maintenance Fund — Cash decreased by $64,604, primarily due to a $70,107
disbursement to Civil Works Corp for the annual sidewalk repair program.
Proposition A Fund — The cash balance in this fund increased by $53,749 during the month
due to receipt of the January Proposition A apportionment. The Proposition A fund pays for
the Palos Verdes Peninsula Transit Authority contribution. Disbursements for that
contribution are made twice annually.
Habitat Restoration Fund —The cash balance increased by $157,851, primarily due to the
annual General Fund subsidy noted above.
Measure A Maintenance Fund — The cash balance increase by $184,892, primarily due to
receipt of $184,855 Measure A money for PVIC facility maintenance and Forrestal Nature
Preserve trail work.
Abalone Cove Sewer District Fund — The cash balance increased by $51,847 primarily due
to the annual General Fund subsidy noted above.
Water Quality Flood Protection Fund — The cash balance in this fund increased by more
than $1.4 million during the month. The increase was due to receipt of $551,437 of
Proposition 1 E for the San Ramon Canyon Stabilization project, and the $820,000 CIP
Fund subsidy noted above.
D-2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JANUARY 2015
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
RHS Withholdings
FSA
Postage
Bank and Merchant Fees
BOA BOW
380,179.07
130, 377.09
41,768.01
14,257.88
31.50
2,500.00
2,988.25 353.52
2,988.25 569,467.07
(3) The net adjustment was due to electronic deposits, returned items, and other adjustment.
BALANCE
CASH BALANCES BY FUND FORWARD DEBIT
% Change of
Change In Cash Balance
Ending Cash from Previous
CREDIT CASH Balance Month -End
Unrestricted
Bank
Bank
YTD INT
18,1.16,703.45
of America
of the West
15,683,564.79
INVESTMENT
TREASURIES
Restricted by Council Action
OPERATING
OPERATING BANKCARD PETTY CASH
PAYROLL LAIF-CITY
CDARS
TREAS DIRECT
TOTAL CASH
RECEIVED
BEGINNING BALANCE
339,584.70
5,735,911,94 0.00 2,500.00
0.00 44,853,311.59
1,200,000.00
0.00
52,131,308.23
2,175,078.92
PLUS: DEPOSITS
191,733.82
5,791,400.52
EQUIPMENT REPLACEMENT
2,566,723.26
907,941.00
5,983,134.34
3,377,501.75
PLUS: INTERESTEARNINGS(1)
32%
BUILDING REPLACEMENT
30,146.65
575.00
0.00
30,146.65
85,125.23
LESS: CHECK DISBURSEMENTS
EMPLOYEE BENEFITS
(2,475,549.67)
2,822,052.58
767,986.77
1,108,777.03
(2,475,549.67)
100%
LESS: ELECTRONIC DISBURSEMENTS(2)
(2,988.25)
(569,467.07)
3,040,228.20
21,452,246.46
3,282,385.88
(572,455.32)
Restricted by Law or External Agencies
ADJUSTMENTS(3)
(12,428.57)
(328,892.20)
(341,320.77)
1,292,765.98
PLUS: TRANSFERS IN
146,622.08
1,228,161.75
5,000,000.00
5%
1972 ACT
5,000,000.00
25,929.38
LESS: TRANSFERS OUT
124,039.67
(5,000,000.00)
24%
ELPRADO
21,457.95
(5,000,000.00)
0.00
ENDING BALANCE
515,901.70
3,153,403.52 0.00 2,500.00
0.00 49,883,458.24
1,200,000.00
0.00
54,755,263.46
85,125.23
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
RHS Withholdings
FSA
Postage
Bank and Merchant Fees
BOA BOW
380,179.07
130, 377.09
41,768.01
14,257.88
31.50
2,500.00
2,988.25 353.52
2,988.25 569,467.07
(3) The net adjustment was due to electronic deposits, returned items, and other adjustment.
BALANCE
CASH BALANCES BY FUND FORWARD DEBIT
% Change of
Change In Cash Balance
Ending Cash from Previous
CREDIT CASH Balance Month -End
Unrestricted
GENERAL FUND
18,1.16,703.45
4,778,658.46
7,211,797.12
15,683,564.79
(2,433,138.66)
13%
Restricted by Council Action
BEAUTIFICATION FUND
794,403.73
483.00
0.00
794,886.73
483.00
0%
CIP
14,810,905.35
2,591,562.50
2,175,078.92
15,227,388.93
416,483.58
3%
EQUIPMENT REPLACEMENT
2,566,723.26
907,941.00
97,162.51
3,377,501.75
810,778.49
32%
BUILDING REPLACEMENT
943,117.02
575.00
0.00
943,692.02
575.00
0%
EMPLOYEE BENEFITS
(945,288.78)
2,822,052.58
767,986.77
1,108,777.03
2,054,065.81
100%
Subtotal
18,169,860.58
6,322,614.08
3,040,228.20
21,452,246.46
3,282,385.88
18%
Restricted by Law or External Agencies
STREET MAINTENANCE
1,292,765.98
82,017.85
146,622.08
1,228,161.75
(64,604.23)
5%
1972 ACT
164,210.29
25,929.38
66,100.00
124,039.67
(40,170.62)
24%
ELPRADO
21,457.95
236.63
0.00
21,694.58
236.63
1%
CDBG
51,430.66
0.00
23,880.00
27,550.66
(23,880.00)
46%
CDBG-R
0.00
0.00
0.00
0.00
0.00
0%
1911 ACT
1,849,168.54
58,511.28
129,337.29
1,778,342.53
(70,826.01)
4%
SOLID WASTE
500,005.40
254.00
42,996.99
457,262.41 1
(42,742.99)
9%
AIR QUALITY MANAGEMENT
88,123.04
49.00
0.00
88,172.04
49.00
0%
PROPOSITION C
1,631,106.28
45,283.69
0.00
1,676,389.97
45,283.69
3%
PROPOSITION A
463,248.22
53,749.02
0.00
516,997.24
53,749.02
12%
PUBLIC SAFETY GRANTS
80,468.71
16,092.39
0.Ob
96,561.10
16,092.39
20%
MEASURE R
1,483,948.96
34,049.37
0.00
1,517,998.33
34,049.37
2%
HABITAT RESTORATION
1,404,500.14
157,851.00
0.00
1,562,351.14
157,851.00
11%
SUBREGION 1 MAINTENANCE
803,050.19
46,492.00
4,052.34
845,489.85
42,439.66
5%
MEASURE A MAINTENANCE
68,755.63
184,892.00
0.00
253,647.63
184,892.00
100%
ABALONE COVE SEWER DISTRICT
19,561.80
56,276.42
4,429.62
71,408.60
51,846.80
100%
RPVTV
0.00
0.00
0.00
0.00
0.00
0%
GINSBURG CULTURE ARTS BUILDING
101,225.31
71.00
0.00
101,296.31
71.00
0%
DONOR RESTRICTED CONTRIBUTIONS
879,522.75
5,034.00
1,500.00
883,056.75
3,534.00
0%
QUIMBY
57,892.41
35.00
0.00
57,927.41
35.00
0%
LOW -MODERATE INCOME HOUSING
23,532.46
15.00
0.00
23,547,46
15.00
0%
AFFORDABLE HSNG IN LIEU
581,567.21
378.87
0.00
581,946.08
378.87
0%
EET
420,640.09
2,064.00
0.00
422,704.09
2,064.00
0%
MEASURE A CAPITAL
7,440.11
0.00
0.00
7,440.11
0.00
0%
BIKEWAYS
96.52
0.00
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
0.00
0.00
0.00
0%
WATER QUALITY FLOOD PROTECTION
2,866,170.90
1,506,743.71
79,906.04
4,293,008.57
1,426,837.67
50%
REDEVELOPMENT OBLIGATION RETIRE
546,440.01
4,498.00
4,640.00
546,298.01
(142.00)
0%
IMPROVEMENT DISTRICT 9
0.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS436,414.64
23,469.01
25,820.25
436,063.40
(2,351.24)
1%
Subtotal
15,844',744.20
2,303,992.62. -
529,284.61
17,619,452.21
1,774,708,01
11%
GRANDTOTAL
52,131,308.23 1
13,405,265.16 1
10,781,309.93
54,755,263.46
2,623;955.23
5%
Total Investment: 54, 755,263.46
D-3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JANUARY 2015
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
$
518,402
N/A $
518,402
0.00%
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
3,153,404
N/A $
3,153,404
0.00%
State of
Local Agency Investment Fund (LAIF)
California
N/A
N/A
On Demand
$
49,883,458
N/A $
49,883,458
0.26%
CDARS - Malaga Bank
Malaga Bank
12/26/2013
26 weeks
6/25/2015
250,000
$
250,000
0.35%
Century Bank &
Trust Company
12/26/2013
26 weeks
6/25/2015
244,500
$
244,500
0.25%
Ever Bank
12/26/2013
26 weeks
6/25/2015
244,500
$
244,500
0.25%
First Foundation
Bank
12/26/2013
26 weeks
6/25/2015
105,945
$
105,945
0.25%
Meridian Brisk
12/26/2013
26 weeks
6/25/2015
$
110,555
$
110,555
0.25%
Western
Alliance Bank
12/26/2013
26 weeks
6/25/2015
$
244,500
$
244,500
0.25%
Total Investment: $
54,755,263
Total Investment Weighted Average Return
0.2%
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.
Respec Ily submitted,
Trea urer ated