RPVCCA_CC_SR_2015_05_05_D_City_Council_Cash_BalancesCITYOF
MEMORANDUM
RANCHOti
PALOS VERDES
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: KATHRYN DOWNS, ACTING FINANCE DIRECTOR
DATE: MAY 5, 2015
SUBJECT: MARCH 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED: DOUGLAS WILLMORE, CITY MANAGERXAA^ '
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the March 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 March 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 $56,242,856 at March 31, 2015. Cash
increased by $975,121 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 increased by more than $932,000 during the
month. The increase was primarily the result of receipt of annual franchise tax of $296,248
from California Water Service, quarterly franchise tax of $40,505 from Verizon, and refuse
hauler fees of total $121,844 from various venders. The March revenue was partially offset
1
March 2015 Monthly Report of Cash Balances
May 5, 2015
Page 2
by normal operating expenditures.
Employee Benefits Fund — The cash balance in this fund decreased by more than
$346,000 during the month. The most significant factor of decrease was due to a midyear
reversal of $120,480 of charges to the General Fund for the vacant position savings.
Disbursement of $98,000 to HSA Bank was for the second half of 2015 for the employee
medical deduction plan and the new employee's HSA plan. Other disbursements totaling of
$73,168 were for the City's share of employee insurance premiums.
Street Maintenance Fund — The cash balance in this fund decreased by more than
$184,000 during the month. The decrease was primarily due to a large disbursement of
$148,972 to Hardy & Harper for the Palos Verdes Drive South landslide repair project.
Other disbursements included 33,222 to Hardy & Harper, $26,841 to Venco Western,
$25,739 to Marina Landscaping, and $48,159 to West Coast Arborists for the street and
landscaping maintenance project.
Proposition A Fund — The cash balance in this fund increased by $64,575 during the month
due to receipt of the March Proposition A apportionment. The Proposition A fund pays for
the Palos Verdes Peninsula Transit Authority contribution. Disbursements for that
contribution are made twice annually.
Water Quality Flood Protection Fund — The cash balance in this fund increased by more
than $747,000 million during the month. The increase was due to receipt of $815,822 of
Proposition 1 E for the San Ramon Canyon Stabilization project.
2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MARCH 2015
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CaFers
ICMA&HSA
RHS Withholdings
FSA
Postage
Bank and Merchant Fees
BOA BOW
382, 555.01
87,875.96
26, 594.86
9,578.05
836.12
2,500.00
2,529.70 284.13
2,529.70 510,224.13
(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
932,640.75
6%
Restricted by Council Action
OPERATING
OPERATING BANKCARD PETTY CASH
PAYROLL LAIF-CITY CDARS
TREAS DIRECT
TOTAL CASH
RECEIVED
BEGINNING 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
0%
PLUS: DEPOSITS
105,326.81
3,115,470.28
335,585.82
14,549,268.12
3,220,797.09
2%
PLUS: INTEREST EARNINGS(1)
3,264,499.43
0.00
30,107.01
3,234,392.42
0.00
85,125.23
LESS: CHECK DISBURSEMENTS
943,692.02
(1,755,370.30)
0.00
943,692.02
(1,755,370.30)
0%
LESS: ELECTRONIC DISBURSEMENTS(2)
(2,529.70)
(510,224.13)
802,363.04
623,736.19 1
(512,753.83)
36%
ADJUSTMENTS(3)
20,850,491.65
22,447.66
1,168,055.87
20,145,975.48
22,447.66
3%
PLUS: TRANSFERS IN
1,000,000.00
1,000;000.00
LESS: TRANSFERS OUT
1,066,020.99
(1,000,000.00)
283,758.51
881,500.57
(1,000,000.00)
17%
ENDING BALANCE
333,949.79
3,822,948.20 0.00 2,500.00
0.00 49,883,458.24 2,200,000.00
0.00
56,242,856.23
85,125.23
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CaFers
ICMA&HSA
RHS Withholdings
FSA
Postage
Bank and Merchant Fees
BOA BOW
382, 555.01
87,875.96
26, 594.86
9,578.05
836.12
2,500.00
2,529.70 284.13
2,529.70 510,224.13
(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
15,535,621.87
2,192,797.18
1,260,156.43
16,468,262.62
932,640.75
6%
Restricted by Council Action
BEAUTIFICATION FUND
794,886.73
0.00
0.00
794,886.73
0.00
0%
CIP
14,876,724.12
8,129.82
335,585.82
14,549,268.12
(327,456.00)
2%
EQUIPMENT REPLACEMENT
3,264,499.43
0.00
30,107.01
3,234,392.42
(30,107.01)
1%
BUILDING REPLACEMENT
943,692.02
0.00
0.00
943,692.02
0.00
0%
EMPLOYEE BENEFITS
970,689.35 1
455,409.88
802,363.04
623,736.19 1
(346,953.16)
36%
Subtotal
20,850,491.65
463,539.70
1,168,055.87
20,145,975.48
704,516.17
3%
Restricted by Law or External Agencies
STREET MAINTENANCE
1,066,020.99
99,238.09
283,758.51
881,500.57
(184,520.42)
17%
1972 ACT
152,764.48
0.00
0.00
152,764.48
0.00
0%
EL PRADO
21,809.44
11.33
0.00
21,820.77
11.33
0%
CDBG
27,230.66
3,773.00
1,840.00
29,163.66
1,933.00
7%
CDBG-R
0.00
0.00
0.00
0.00
0.00
0%
1911 ACT
1,807,171.45
2,895.85
54,715.64
1,755,351.66
(51,819.79)
3%
SOLID WASTE
449,594.12
51,943.07
8,321.17
493,216.02
43,621.90
10%
AIR QUALITY MANAGEMENT
88,172.04
11,931.17
0.00
100,103.21
11,931.17
14%
PROPOSITION C
1,735,550.72
53,606.86
0.00
1,789,157.58
53,606.86
3%
PROPOSITION A
587,929.04
64,575.14
0.00
652,504.18
64,575.14
11%
PUBLIC SAFETY GRANTS
117,914.54
8,953.27
0.00
126,867.81
8,953.27
8%
MEASURE R
1,562,255.40
40,660.84
0.00
1,602,916.24
40,660.84
3%
HABITAT RESTORATION
1,499,881.89
1,666.33
0.00 1
1,501,548.22
1,666.33
0%
SUBREGION 1 MAINTENANCE
842,776.67
0.00
8,500.17
834,276.50
(8,500.17)
1%
MEASURE A MAINTENANCE
253,647.63
0.00
0.00
253,647.63
0.00
0%
ABALONE COVE SEWER DISTRICT
55,747.74
0.00
2,336.32
53,411.42
(2,336.32)
4%
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
883,851.04
3,000.00
819.54
886,031.50
2,180.46
0%
QUIMBY
1,336,249.62
0.00
0.00
1,336,249.62
0.00
0%
LOW -MODERATE INCOME HOUSING
38,130.46
0.00
0.00
38,130.46
0.00
0%
AFFORDABLE HSNG IN LIEU
EET
581 946.08
426,320.09
0.00
3,678.00
0.00
0.00
581,946.08
429,998.09
0.00
3,678.00
0%
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
4,338,073.11
817,983.28
70,830.29
5,085,226.10
747,152.99
17%
REDEVELOPMENT OBLIGATION RETIRE
456,678.60
8,334.00
0.00
465,012.60
8,334.00
2%
IMPROVEMENT DISTRICT 9
0.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS
443,073.34
25,464.22
19,596.77
448,940.79
5,867.45
1%
Subtotal
18,881,622.09
1,197,714.45
450,718.41
19,628,618.13
746,996.04
4%
GRAND TOTAL
55,267,735.61
3,854,051.33
2,878,930.71
56,242,856.23
975,120.62
2%
Total Investment: 56, 242, 856.23
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MARCH 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
$
333,950
N/A
$
333,950
0.00%
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
3,822,948
N/A
$
3,822,948
0.00%
Petty Cash
N/A
N/A
N/A
On Demand
$
2,500
N/A
$
2,500
0.00%
State of
Local Agency Investment Fund (LAIF)
California
NIA
NIA
On Demand
$
49,883,458
N/A
$
49,883,458
0.28%
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%
Citizens
National Bank
3/26/2015
52 weeks
3/24/2016
$
243,500
$
243,500
0.35%
Ever Bank
3/26/2015
52 weeks
3124/2016
$
230,633
$
230,633
0.35%
Register 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%
Porsperity Bank
3/26/2015
52 weeks
3/24/2016
11,867
$
11,867
0.35%
The Park
National Bank
3/26/2015
52 weeks
3/24/2016
$
27,000
$
27,000
0.35%
Total Investment:
$
56,242,856
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.
Respectful y s mitt d,
/L
TreasLker Dated
El