RPVCCA_CC_SR_2015_06_02_E_Monthly_Report_Cash_BalMEMORANDUM
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: KATHRYN DOWNS, DEPUTY FINANCE DIRECTOR
DATE: JUNE 2, 2015
SUBJECT: APRIL 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED: DOUGLAS WILLMORE, CITY MANAGER
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the April 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 April 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 $57,793,418 at April 30, 2015. Cash
increased by $1,550,562 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 $1.6 million during
the month. The increase was primarily the result of receipt of the April property tax revenue
of $3,150,979, annual franchise tax of $338,232 from Southern California Edison, and
annual franchise tax of $137,903 from Southern California Gas Company. April revenue
1
April 2015 Monthly Report of Cash Balances
June 2, 2015
Page 2
was partially offset by normal operating expenditures.
Employee Benefits Fund — The cash balance in this fund decreased by more than
$196,000 during the month. The most significant factor of decrease was the disbursements
for the City's share of employee insurance premiums totaling $144,287, which included two
month insurance premiums.
1972 Act Fund - The cash balance in this fund increased by more than $62,000 during the
month. The increase was due to the receipt of the April property tax apportionment of
$62,490. Revenue in this fund is typically transferred to the Street Maintenance Fund for
right-of-way maintenance during the fiscal year closing.
Proposition A Fund — The cash balance in this fund decreased by more than $236,000
during the month due to the disbursement of the City's contribution of $284,911 to the
Palos Verdes Transit Authority for the six months ending June 2015. The Proposition A
fund pays for the Palos Verdes Peninsula Transit Authority contribution. Disbursements for
that contribution are made twice per year.
Water Quality Flood Protection Fund — The cash balance in this fund increased by more
than $371,000 during the month. The increase was due to receipt of $321,122 of the April
apportionment of storm drain user fees on the property tax roll and $72,666 of Proposition
1 E reimbursement for the San Ramon Canyon Stabilization project. The revenue the City
received was partially offset by project disbursements.
2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
APRIL 2015
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
Retirement Health Savings Withholdings
Flexible Spending Accounts
Postage
Bank and Merchant Fees
Sales Tax - PVIC Gift Shop
BOA BOW
388,053.42
88,977.93
27,328.86
9,779.27
277.19
2,500.00
3,534.16 337.03
2,952.00
3,534.16 520,205.70
(3) The net adjustment was due to voided checks 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
Malaba
GENERAL FUND
YTD INT
5,876,532.55
of America
of the West
Bank
10%
INVESTMENT
TREASURIES
OPERATING
OPERATING
OPERATING PETTY CASH
PAYROLL LAIF-CITY
CDARS
TREAS DIRECT
TOTAL CASH
RECEIVED
BEGINNING BALANCE
333,949.79
3,722,948.20
100,000.00 2,500.00
0.00 49,883,458.24
2,200,000.00
0.00
56,242,856.23
EQUIPMENT REPLACEMENT
PLUS: DEPOSITS
87,275.37
4,259,070.16
3,172,520.28
(61,872.14)
2%
BUILDING REPLACEMENT
4,346,345.53
543.00
PLUS: INTEREST EARNINGS(1)
944,235.02
543.00
158.90
31,363.82
623,736.19
468,327.06
31,522.72
116,647.95
LESS: CHECK DISBURSEMENTS
32%
(2,338,874.42)
20,145,975.48
487,765.25
974,728.84
19,659,011.89
(2,338,874.42)
2%
LESS: ELECTRONIC DISBURSEMENTS(2)
(3,534.16)
(520,205.70)
(523,739.86)
881,500.57
ADJUSTMENTS(3)
171,269.66
35,307.56
16,408.63
2%
1972 ACT
152,764.48
35,307.56
0.00
PLUS: TRANSFERS IN
62,572.66
41%
EL PRADO
21,820.77
643.24
0.00
0.00
643.24
LESS: TRANSFERS OUT
CDBG
29,163.66
1,200.00
320.00
30,043.66
880.00
0.00
CDBG-R
ENDING BALANCE
417,691.00
5,158,245.80
100,158.90 2,500.00
0.00 49,914,822.06
2,200,000.00
0.00
57,793,417.76
116,647,95
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
Retirement Health Savings Withholdings
Flexible Spending Accounts
Postage
Bank and Merchant Fees
Sales Tax - PVIC Gift Shop
BOA BOW
388,053.42
88,977.93
27,328.86
9,779.27
277.19
2,500.00
3,534.16 337.03
2,952.00
3,534.16 520,205.70
(3) The net adjustment was due to voided checks 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
16,468,262.62
5,876,532.55
4,234,854.33
18,109,940.84
1,641,678,22
10%
Restricted by Council Action
BEAUTIFICATION FUND
794,886.73
458.00
0.00
795,344.73
458.00
0%
CIP
14,549,268.12
16,604.19
245,906.46
14,319,965.85
(229,302.27)
2%
EQUIPMENT REPLACEMENT
3,234,392.42
1,833.00
63,705.14
3,172,520.28
(61,872.14)
2%
BUILDING REPLACEMENT
943,692.02
543.00
0.00
944,235.02
543.00
0%
EMPLOYEE BENEFITS
623,736.19
468,327.06
665,117.24
426,946.01
(196,790.18)
32%
Subtotal
20,145,975.48
487,765.25
974,728.84
19,659,011.89
(486,963.59)
2%
Restricted by Law or External Agencies
STREET MAINTENANCE
881,500.57
187,678.29
171,269.66
897,909.20
16,408.63
2%
1972 ACT
152,764.48
62,572.66
0.00
215,337.14
62,572.66
41%
EL PRADO
21,820.77
643.24
0.00
22,464.01
643.24
3%
CDBG
29,163.66
1,200.00
320.00
30,043.66
880.00
3%
CDBG-R
0.00
0.00
0.00
0.00
0.00
0%
1911 ACT
1,755,351.66
162,618.87
27,662.95
1,890,307.58
134,955.92
8%
SOLID WASTE
493,216.02
5,637.98
14,701.75
484,152.25
(9,063.77)
2%
AIR QUALITY MANAGEMENT
100,103.21
52.00
25,000.00
75,155.21
(24,948.00)
25%
PROPOSITION
1,789,157.58
40,486.46
0.00
1,829,644.04
40,486.46
2%
PROPOSITION A
652,504.18
47,944.13
284,911.50
415,536.81
(236,967.37)
36%
PUBLIC SAFETY GRANTS
126,867.81
62.00
0.00
126,929.81
62.00
0%
MEASURE R
1,602,916.24
30,433.29
0.00
1,633,349.53
30,433.29
2%
HABITAT RESTORATION
1,501,548.22
867.00
33,672.25
1,468,742.97
(32,805.25)
2%
SUBREGION 1 MAINTENANCE
834,276.50
481.00
4,186.22
830,571.28
(3,705.22)
0%
MEASURE A MAINTENANCE
253,647.63
129.00
0.00
253,776.63
129.00 1
0%
ABALONE COVE SEWER DISTRICT
53,411.42
13,836.95
3,791.89
63,456.48
10,045.06
19%
RPVTV
0.00
0.00
0.00
0.00
0.00
0%
GINSBURG CULTURE ARTS BUILDING
101,296.31
58.00
0.00
101,354.31
58.00
0%
DONOR RESTRICTED CONTRIBUTIONS
886,031.50
509.00
304.87
886,235.63
204.13
0%
QUIMBY
1,336,249.62
402.00
0.00
1,336,651.62
402.00
0%
LOW -MODERATE INCOME HOUSING
38,130.46
17.00
0.00
38,147.46
17.00
0%
AFFORDABLE HSNG IN LIEU
581,946.08
335.00
0.00
582,281.08
335.00
0%
EET
429,998.09
244.00
0.00
430,242.09
244.00
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
5,085,226.10
396,208.46
24,311.53
5,457,123.03
371,896.93
7%
REDEVELOPMENT OBLIGATION RETIRE
465,012.60
4,456.00
742.50
468,726.10
3,713.50
1%
IMPROVEMENT DISTRICT 90.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS
448,940.79
40,846.54
10,996.85
478,790.48
29,849.69
7%
Subtotal
19,628,618.13
997,718.87
601,871.97
20,024,465.03
399,846.90
2%
GRAND TOTAL
56,242,866.23' -
7,362,016.67
5;811,455.14
57,793,417.76
1,550,561.53
3%
Total Investment: 57,793,417.76
9
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
APRIL 2015
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.
Respecff Ily submitted,
Tre surer Dated
51
Issuer of
Acquisition
Maturity
Market
Par
Book
Investment
Investment
Date
Term
Date
Value
Value
Value
Yield
Checking Accounts
Bank of America
N/A
N/A
On Demand
$
417,691
N/A
$
417,691
0.00%
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
5,158,246
N/A
$
5,158,246
0.00%
Checking Accounts
Malaga Bank
N/A
N/A
On Demand
$
100,159
N/A
$
100,159
0.30%
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
N/A
N/A
On Demand
$
49,914,822
N/A
$
49,914,822
0.28%
CDARS - Malaga Bank
Malaga Bank
12126/2013
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
3/24/2016
$
230,633
$
230,633
0.35%
Flagstar 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:
$
57,793,418
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.
Respecff Ily submitted,
Tre surer Dated
51