RPVCCA_CC_SR_2015_04_07_F_Monthly_Cash_BalancesCITY OF
MEMORANDUM
RANCHO PALOS VFRDES
TO:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM:
KATHRYN DOWNS, ACTING FINANCE DIRECTOR
DATE:
APRIL 7, 2015)
SUBJECT:
FEBRUARY 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED:
DOUGLAS WILLMORE, CITY MANAGER PL4,1V
Staff Coordinator: Jane Lin, Accountant ..> I,—
RECOMMENDATION
Receive and file the February 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 February 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 $55,267,736 at February 28, 2015. Cash
increased by $512,472 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).
Employee Benefits Fund — The cash balance in this fund decreased by more than
$138,000 during the month. The most significant factor of decrease was the disbursements
for the City's share of employee insurance premiums totaling $75,121.
1
February 2015 Monthly Report of Cash Balances
April 7, 2015
Page 2
Street Maintenance Fund — The cash balance in this fund decreased by more than
$162,000 during the month. The decrease was primarily due to the fact that the February
Highway User Tax was not received until March, while normal operating expenditures were
disbursed. The disbursements included $17,518 to Hardy & Harper for the Palos Verdes
Drive South landslide repair project and $61,201 to Civil Work Corp for the annual sidewalk
repair program.
Proposition A Fund — The cash balance in this fund increased by $70,932 during the month
due to receipt of the February Proposition A apportionment. The Proposition A fund pays
for the Palos Verdes Peninsula Transit Authority contribution. Disbursements for that
contribution are made twice annually.
Quimby Fund — The cash balance in this fund increased by more than $1 million during the
month due to receipt of $1,278,322 from Taylor Morrison of California.
2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
FEBRUARY 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
401,282.58
86,20& 34
39,222.70
9,442.87
359.19
2,500.00
5,644.65 295.95
5,644.65 539,306.63
(3) The net adjustment was due to five voided checks, electronic deposits, returned items, and other adjustment.
BALANCE
CASH BALANCES BY FUND FORWARD DEBIT CREDIT
% Change of
Change In Cash Balance
Ending Cash from Previous
CASH Balance Month -End
Unrestricted
Bank
Bank
YTDINT
GENERALFUND
of America
of the West
INVESTMENT
TREASURIES
201,104.83
1%
Restricted by Council Action
OPERATING
OPERATING BANKCARD PETTY CASH
PAYROLL LAIF•CITY CDARS
TREAS DIRECT
TOTAL CASH
RECEIVED
BEGINNING 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
0%
PLUS: DEPOSITS
75,894.63
2,845,531.01
412,459.86
14,876,724.12
2,921,425.64
2%
PLUS: INTEREST EARNINGS(1)
3,377,501.75
7,040.53
120,042.85
3,264,499.43
0.00
85,125.23
LESS: CHECK DISBURSEMENTS
(350,000.00)
(1,643,511.09)
0.00
943,692.02
(1,993,511.09)
0%
LESS: ELECTRONIC DISBURSEMENTS(2)
(5,644.65)
(539,306.63)
612,317.06
970,689.35
(544,951.28)
12%
ADJUSTMENTS(3)
(4,999.00)
134,507.88
1,144,819.77
20,850,491.65
129,508.88
3%
PLUS: TRANSFERS IN
0.00
LESS: TRANSFERS OUT
1,228,161.75
2,150.09
164,290.85
1,066,020.99
0.00
13%
ENDING BALANCE
231,152.68
3,950,624.69 0.00 2,500.00
0.00 49,883,458.24 1,200,000.00
0.00
55,267,735.61
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
401,282.58
86,20& 34
39,222.70
9,442.87
359.19
2,500.00
5,644.65 295.95
5,644.65 539,306.63
(3) The net adjustment was due to five voided checks, electronic deposits, returned items, and other adjustment.
BALANCE
CASH BALANCES BY FUND FORWARD DEBIT CREDIT
% Change of
Change In Cash Balance
Ending Cash from Previous
CASH Balance Month -End
Unrestricted
GENERALFUND
15;736;726.70
1,614,071.67
1,815,176.50
15,535,621.87
201,104.83
1%
Restricted by Council Action
BEAUTIFICATION FUND
794,886.73
0.00
0.00
794,886.73
0.00
0%
CIP
15,227,388.93
61,795.05
412,459.86
14,876,724.12
(350,664.81)
2%
EQUIPMENT REPLACEMENT
3,377,501.75
7,040.53
120,042.85
3,264,499.43
(113,002.32)
3%
BUILDING REPLACEMENT
943,692.02
0.00
0.00
943,692.02
0.00
0%
EMPLOYEE BENEFITS
1,108,777.03
474,229.38
612,317.06
970,689.35
(138,087.68)
12%
Subtotal
21,452,246.46
543,064.96
1,144,819.77
20,850,491.65
601,754.81
3%
Restricted by Law or External Agencies
STREET MAINTENANCE
1,228,161.75
2,150.09
164,290.85
1,066,020.99
(162,140.76)
13%
1972 ACT
124,039.67
28,724.81
0.00
152,764.48
28,724.81
23%
EL PRADO
21,694.58
114.86
0.00
21,809.44
114.86
1%
CDBG
27,550.66
0.00
320.00
27,230.66
(320.00)
1%
CDBG-R
0.00
0.00
0.00
0.00
0.00
0%
1911 ACT
1,778,342.53
56,367.65
27,538.73
1,807,171:45
28,828.92
2%
SOLID WASTE
457,262.41
4,830.14
12,498.43
449,594.12
(7,668.29)
2%
AIR QUALITY MANAGEMENT
88,172.04
0.00
0.00
88,172.04
0.00
0%
PROPOSITION C
1,676,389.97
59,160.75
0.00
1,735,550.72
59,160.75
4%
PROPOSITION
516,997.24
71,323.34
391.54
587,929.04
70,931.80
14%
PUBLIC SAFETY GRANTS
96,561.10
21,353.44
0.00
117,914.54
21,353.44
22%
MEASURE R
1,517,998.33
44,257.07
0.00
1,562,255.40
44,257.07
3%
HABITAT RESTORATION
1,562,351.14
0.00
62,469.25
1,499,881.89
(62,469.25)
4%
SUBREGION 1 MAINTENANCE
845,489.85
55.57
2,768.75
842,776.67
(2,713.18)
0%
MEASURE A MAINTENANCE
253,647.63
0.00
0.00
253,647.63
0.00
0%
ABALONE COVE SEWER DISTRICT
71,408.60
5,662.92
21,323.78
55,747.74
(15,660.86)
22%
RPVTV
0.00
0.00
0.00
0.00
0.00
0%
GINSBURG CULTURE ARTS BUILDING
101,296.31
0.00
0.00
101,296.31
0.00
0%
DONOR RESTRICTED CONTRIBUTIONS
883,056.75
1,500.00
705.71
883,851.04
794.29
0%
QU IMBY
57, 927.41
1,278,322.21
0.00
1,336, 249.62
1,278,322.21
100%
LOW -MODERATE INCOME HOUSING
23,547.46
14,583.00
0.00
38,130.46
14,563.00
62%
AFFORDABLE HSNG IN LIEU
581,946.08
0.00
0.00
581,946.08
0.00
0%
EET
422,704.09
3,616.00
0.00
426,320.09
3,616.00
1%
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
4,293,008.57
147,702.47
102,637.93
4,338,073.11
45,064.54
1%
REDEVELOPMENT OBLIGATION RETIRE
493,136.10
0.00
36,457.50
456,678.60
(36,457.50)
7%
IMPROVEMENT DISTRICT 9
0.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS
436,063.40
21,802.00
14,792.06
443,073.34
7,009.94
2%
Subtotal
17,566,290.30
1,761,526.32
446,194.53
18,881;622.09
1,315,331:79
7%
GRAND TOTAL
54,755,263.461'
3,918,662.95
3,406190.80
55,267,735.61
512,472.15
"1%
Total Investment: 55,267,735.61
3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
FEBRUARY 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
$
233,653
N/A $
233,653
0.00%
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
3,950,625
N/A $
3,950,625
0.00%
State of
Local Agency Investment Fund (LAIF)
California
N/A
N/A
On Demand
$
49,883,458
N/A $
49,883,458
0.27%
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 Bnak
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: $ 55,267,736
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.
Respe tf submitted,
Ll
Treasurer Dated