CC SR 20171219 F - Oct 2017 City Treasurer's ReportRANCHO PALOS VERDES CITY COUNCIL
AGENDA REPORT
AGENDA DESCRIPTION:
MEETING DATE: 12/19/2017
AGENDA HEADING: Consent Calendar
Consideration and possible action regarding the October 2017 Cash Balances/Monthly
Treasurer's Report
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the October 2017 Cash Balances/Monthly Treasurer's Report.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Jane Lin, Accountant 7(—
REVIEWED BY: Deborah Cullen, Director of Finance
APPROVED BY: Doug Willmore, City Manager'/ -",,.,11-117
ATTACHED SUPPORTING DOCUMENTS:
A. Monthly Treasurer's Report (page A-1)
BACKGROUND AND DISCUSSION:
This report summarizes the cash balance of all funds and investments for the month of
October 2017. A separate report is prepared monthly for the Improvement Authority,
and is presented under separate cover before the Authority Commission.
The overall cash balances of the City totaled $61,203,280, with more than $28 million or
47% of the balance in the Local Agency Investment Fund (LAIF). The City has more
than $4.7 million or 8% of the total cash balance with Bank of the West, and over $3.8
million or 6% with Malaga Bank. In addition, the City has a total Certificates of Deposit
(CD) investments of $23.7 million or 39% of the total cash balance. The securities are
held by the Bank of New York and are FDIC insured.
In summary, the City's General Fund has over $12 million or 20% in cash balance, and
the Capital Improvement Projects (CIP) Fund has over $27 million or 45% in cash
balance. The remaining cash balances are in the Equipment Replacement Fund; over
$1.9 million or 3% in the 1911 Act Fund; over $1.1 million or 2% in the Habitat
Restoration Fund; over $1.9 million or 3% in the Quimby Fund; over $3.2 or 5% million
in the Water Quality Fund; and over $10 million or 18% in Other Restricted Funds.
1
The City's cash balance decreased by more than $3.7 million from last month, and in
comparison to the same period last year, the cash balance decreased by $2.9 million.
The major variance included disbursements from the Capital Improvement Fund, Street
Maintenance Fund, Quimby Fund, and Water Quality Flood Protection Fund. Overall,
the FY17-18 budgeted projects are moving smoothly. The major disbursements
included Palp Inc. for the Miraleste Arterial Street Improvement project; EBS General
Engineering for the annual sidewalk repair project; Horizons Construction for the
Eastview Dog Park Improvement project; Pub Construction for the Lower Hesse Park
Improvement project; and G.B. Cooke, Inc. and Colich & Sons, LP for the Storm Drain
Deficiency Improvement project.
2
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
OCTOBER 2017
(1) All LAIF interest is paid quarterly
(2) Electronic Disbursements:
Payroll
Bank
Malaga
3,576.90
Sales Taxes
2,973.00
Postage
YTD INT
Bank and Merchant Fees
of tha Wast
Bank
581,758.19
INVESTMENT
INVESTMENT
OPERATING
OPERATING
PETTY CASH LAIFCITY
CDARS
Co
TOTAL CASH
RECEIVED
BEGINNING BALANCE
4,414,275.71
3,825,180.50
3,000.00 33,043,783.09
250,000.00
23,400,031.51
64,936,270.81
PLUS: DEPOSITS
2,047,868.63
2,047,868.63
PLUS: INTEREST EARNINGS(1)
2,411.14
96,762.43
99,173.57
176,159.06
LESS: CHECK DISBURSEMENTS
(5,324,822.30)
(5,324,822.30)
LESS: ELECTRONIC DISBURSEMENTS(2)
(581,758.19)
(581,758.19)
ADJUSTMENTS(3)
26,547.10
26,547.10
PLUS: TRANSFERS IN
4,500,000.00
332,258.20
4,832,258.20
LESS: TRANSFERS OUT
(332,258.20)
(4,500,000.00)
(4,832,258.20)
ENDING BALANCE
4,749,852.75
3,827,591.64
3,000.00 28,640,545.52
250,00000
23,732,289.71
61,203,279.62
178,159.08
(1) All LAIF interest is paid quarterly
(2) Electronic Disbursements:
Payroll
568,964.94
Flexible Spending Accounts
3,576.90
Sales Taxes
2,973.00
Postage
2,500.00
Bank and Merchant Fees
3,743.35
581,758.19
(3) The net adjustment was due to void checks and deposit adjustment.
OCTOBER 2017 CASH BALANCE BY MAJOR FUNDS
■ GENERAL FUND
■ CIP
■ EQUIPMENT REPLACEMENT
1911 ACT
HABITAT RESTORATION
QUIMBY
WATER QUALITY FLOOD PROTECTION
■ OTHER RESTRICTED FUNDS
A-1
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
SEPTEMBER 2017
Change In Change In
BALANCE Ending Cash Ending Cash
CASH BALANCES BY FUND FORWARD DEBIT CREDIT CASH Balance Balance in %
Unrestricted
GENERAL FUND
12,423,862.99
6,966,421.51
7,053,470.02
12,336,814.48
87,048.51
-1%
Restricted by Council Action
BEAUTIFICATION FUND
478,475.03
718.25
0.00
479,193.28
718.25
0%
CIP
29,328,763.41
43,367.08
2,097,395.32
27,274,735.17
2,054,028.24
-7%
EQUIPMENT REPLACEMENT
2,448,387.95
3,695.38
61,075.46
2,391,007.87
57,380.08
-2%
BUILDING REPLACEMENT
0.76
0.00
0.00
0.76
0.00
0°%
EMPLOYEE BENEFITS
324,743.70
0.00
324,743.70
0.00
324,743.70
-100%
Subtotal
32,580,370.85
47,780.71
2,483,214.48
30,144,937.08
2,435,433.77
-7%
Restricted by Law or External Agencies
STREET MAINTENANCE
244,288.46
173,381.23
355.504.41
62,165.28
182,123.18
-75%
1972 ACT
27,323.36
42.38
452.72
26,913.02
410.34
-2%
EL PRADO
27,585.52
41.41
97.84
27,529.09
56.43
0%
CDBG
21,281.40
0.00
4,355.00
16.926.40
4,355.00
-20%
CDBG-R
0.00
0.00
0.00
0.00
0.00
0%
1911 ACT
1,991,868.57
3,038.58
30,087.86
1,964,819.29
27,049.28
-1%
SOLID WASTE
423,795.62
42,330.42
25,670.63
440,455.41
16,659.79
4%
AIR QUALITY MANAGEMENT
64,143.91
119.32
0.00
84,263.23
119.32
0%
PROPOSITION C
579,274.90
44,908.69
0.00
624,183.59
44,908.69
8%
PROPOSITION A
2,365,509.06
56,688.87
82,934.13
2.339,263.80
26,245.26
-1%
PUBLIC SAFETY GRANTS
76,065.63
20,405.50
0.00
96,471.13
20,405.50
27%
MEASURE R
2,252,627.79
36,407.62
0.00
2,289,035.41
36,407.62
2%
MEASURE M
19,860.40
32,856.98
47,592.60
5,124.78
14,735.62
-74%-
HABITAT RESTORATION
1,177,122.24
1,763.92
11,083.00
1,167,803.16
9,319.08
-1%
SUBREGION 1 MAINTENANCE
763,965.46
1,139.78
5,666.73
759,438.51
4,526.95
-1%
MEASURE A MAINTENANCE
84,408.74
137.82
0.00
84,546.56
137.82
0%
ABALONE COVE SEWER DISTRICT
171,517.46
245.64
5,965.16
165,797.94
5,719.52
-3%
RPVTV
0.00
0.00
0.00
0.00
0.00
0%
GINSBURG CULTURE ARTS BUILDING
86,180.47
129.37
0.00
86,309.84
129.37
0%
DONOR RESTRICTED CONTRIBUTION
883,841.05
1,327.46
1,517.95
883,650.56
190.49
0%
FEDERAL GRANTS
0.00
187,787.65
0.00
187,787.65
187,787.65
0%
QUIMBY
2,308,345.00
3,514.68
368,922.59
1,942.937.09
365,407.91
-16%
LOW -MODERATE INCOME HOUSING
140,604,16
211.06
0.00
140,815.22
211.06
0%
AFFORDABLE HSNG IN LIEU
592,475.84
889.37
0.00
593,365.21
889.37
0%
EET
331,293.96
39,697.31
0.00
370,991.27
39,697.31
12%
MEASURE A CAPITAL
7,440.11
0.00
0.00
7,440.11
0.00
0%
BIKEWAYS
0.00
0.00
0.00
0.00
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 PROTECTIOr
4,192,839.15
6,730.88
935,410.25
3,264,159.78
928,679.37
-22%
REDEVELOPMENT OBLIGATION RETI
446,120.69
669.84
3,993.00
442,797.53
3,323.16
-1%
IMPROVEMENT DISTRICT 90.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS
632.258.02
48,575.00
34,295.82
646,537.20
14,279.18
2%
Subtotal
19,932,036.97
703,040.78
1,913,549.69
18,721,528.06
1,210,508.91
-6%
GRAND TOTAL
64,936,270.81
7,717,243.00
11,450,234.19
61,203,279.62
3,732,991.19
-6%
Total Investment: 61,203, 279.62
A-2
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
OCTOBER 2017
W
Issuer of
Acquisition
Maturity
Market
Par
Book
Investment
Investment
Date
Term
Date
Value
Value
Value
Yield
Checking Accounts
Bank of the West
N/A
N/A
On Demand
$
4,749,853
N/A
$
4,749,853
0.00%
Checking Accounts
Malaga Bank
N/A
N/A
On Demand
$
3,827,592
N/A
$
3,827,592
0.25%
Petty Cash
N/A
N/A
N/A
On Demand
$
3,000
N/A
$
3,000
0.00%
Local Agency Investment Fund (LAIF-CITY)
State of California
N/A
N/A
On Demand
$
28,640,546
N/A
$
28,640,546
1.14%
CDARS - Malaga Bank
Malaga Bank
6/18/2017
26 weeks
12/19/2017
250,000
$
250,000
0.85%
CO - Bank of New York (Vinking Sparks)
Citizens Sate Bank
4/29/2016
18 Mos
10/30/2017
$
250,000
$
250,000
0.75%
First Bank Puerto
Rico
4/29/2016
18 Mos
1 0130 /2 01 7
$
250,000
$
250,000
0.80%
MB Financial Bank
4/29/2016
30 Mos
10/29/2018
$
250,000
$
250,000
1.00%
United Bankers Bank
5/2/2016
30 Mos
10/29/2018
$
250,000
$
250,000
1.00%
Comenity Capital
Bank
5/2/2016
36 Mos
5/2/2019
$
250,000
$
250,000
1.20%
Medallion Bank Utah
5/3/2016
30 Mos
11/5/2018
$
250,000
$
250,000
1.00%
Stander Bank
5/4/2016
12 Mos
5/4/2017
$
250,000
$
250,000
0.60%
TCF National Bank
5/4/2016
18 Mos
11/6/2017
$
250,000
$
250,000
0.70%
Israel Discount Bank
of NY
5/4/2016
24 Mos
5/4/2018
$
250,000
$
250,000
1.05%
Goldman Sachs
Bank USA
5/4/2016
36 Mos
5/6/2019
$
250,000
$
250,000
1.25%
Capital One Bank
USA
5/4/2016
36 Mos
5/6/2019
$
250,000
$
250,000
1.20%
Wells Fargo Bank
5/4/2016
36 Mos
5/6/2019
$
250,000
$
250,000
115%
Safra National Bank
5/4/2016
18 Mos
11/6/2017
$
250,000
$
250,000
0.80%
Bank Leumi USA NY
5/5/2016
12 Mos
5/5/2017
$
250,000
$
250,000
0.70%
Investors Bank/Short
Hills
5/5/2016
24 Mos
5/4/2018
$
250,000
$
250,000
1.00%
Ally Bank
5/5/2016
30 Mos
11/5/2018
$
250,000
$
250,000
110%
Marlin Business
Bank
5/6/2016
24 Mos
5/7/2018
$
250,000
$
250,000
1 .00 %
Key Bank
5/11/2016
24 Mos
5/11/2018
$
250,000
$
250,000
1.00%
Beal Bank USA
5/11/2016
12 Mos
5/10/2017
$
250,000
$
250,000
0,70%
Bank of India NY
5/12/2016
12 Mos
5/10/2017
$
250,000
$
250,000
0.70%
Cit Bank NA
5/31/2016
12 Mos
5/31/2017
$
250,000
$
250,000
0.65%
BMW Bank North
America
5/27/2016
36 Mos
5/28/2019
$
250,000
$
250,000
1.15%
Pacific Continental
Bank
5/31/2016
36 Mos
5/31/2019
$
250,000
$
250,000
1.10%
Bank of America NA
6/2/2016
12 Mos
6/2/2017
$
250,000
$
250,000
0,70%
Triad Bank
6/2/2016
46 Mos
4/2/2020
$
250.000
$
250,000
1,25%
BMO Harris Bank NA
6/3/2016
12 Mos
6/2/2017
$
250,032
$
250,032
0.65%
Pacific Premier Bank
6/3/2016
18 Mos
12/5/2017
$
250,000
$
250,000
0.90%
Community Bank
Chesapeake
6/8/2016
18 Mos
12/8/2017
$
250,000
$
250,000
0.85%
Franklin Synergy
Bank
6/10/2016
18 Mos
12/11/2017
$
250,000
$
250,000
0.85%
Firstrust Saving
Bank
6/10/2016
24 Mos
6/1112018
$
250,000
$
250,0D0
1.00%
Farm Bureau Bank
6/15/2016
24 Mos
6/15/2018
$
250,000
$
250,000
1.00%
Capstone Bank
6/15/2016
36 Mos
6/14/2019
$
250,000
$
250,000
1.20%
Capital Bank Little
Rock
6!22/2016
39 Mos
9/23/2019
$
250,000
$
250,000
1.20%
Discover Bank
6/8/2016
36 Mos
6/10/2019
$
250.000
$
250,000
1,15%
Celtic Bank
6/15/2016
36 Mos
6/14/2019
$
250,000
$
250,000
1.20%
Abacus Federal
Savings Bank
6/20/2016
39 Mos
9/17/2019
$
250.000
$
250,000
1.25%
Tab Bank Inc
7/1/2016
15 Mos
10/2/2017
$
250,000
$
250,600
0.80%
Luana Savings Bank
7/8/2016
48 Mos
7/812020
$
250,000
$
250,000
1.15%
Wax Bank
7/8/2016
24 Mos
7/8/2018
$
250,000
$
250,000
0.95%
Communiy Finl
SVCS Bank
7/12/2016
36 Mos
7/12/2019
$
250,000
$
250,000
1,05%
W
First Western Bank
7/15/2016
36 Mos
7/15/2019
$
250,000
$
250,000
1.00%
Signature Bank of
Arkansas
7/15/2016
48 Mas
7/15/2020
$
250,000
$
250,000
1.15%
Queensborough
National Bank
8/10/2016
24 Mos
8/1012018
$
250,000
$
250,000
0.90%
Carroll County State
Bank Iowa
8/12/2016
36 Mos
8/12/2019
$
250,000
$
250,000
1,00%
Everbank/
Jacksonville FL
8/12/2016
36 Mos
8/12/2019
$
250,000
$
250,000
1.15%
Freedom Bank of
Virginia
8/17/2016
12 Mos
8/16/2017
$
250,000
$
250,000
0.70%
Caldwell Bank &
Trust Co.
8/19/2016
36 Mos
8/19/2019
$
250.000
$
250,000
1.00%
Live Oak Banking
Company
8/19/2016
48 Mos
8/19/2020
$
250,000
$
250,000
1.25%
Capital Bank Corp
8/31/2016
24 Mos
8/31/2018
$
250,000
$
250.000
1.05%
Isabella Bank
9/7/2016
36 Mos
9/9/2019
$
250,000
$
250,000
1.15%
Bank of China/New
York
9/8/2016
12 Mos
9/8/2017
$
250,000
$
250,000
0.85%
Gold Coast
Bank/Chicago
9/9/2016
45 Mos
6/9/2020
$
250,000
$
250,000
1.15%
Bankers Bank of the
West
9/14/2016
36 Mos
9/13/2019
$
250,000
$
250,000
1.15%
Yadkin Bank
9/19/2016
36 Mos
9/19/2019
$
250,000
$
250,000
1.10%,
Benificial Bank
10/7/2016
48 Mos
10/7/2020
$
250,000
$
250,000
1.35%
Sallie Mae Bank/Salt
Lake
10/12/2016
36 Mos
10/15/2019
$
250,000
$
250,000
1.30%
Winona Natinal
Bank
10/13/2016
12 Mos
10/13/2017
$
250,000
$
250,000
0.75%
Capital One NA
10/13/2016
48 Mos
10/13/2020
$
250,000
$
250,000
1.40%
Bank of New
England NH
10/21/2016
36 Mos
10/21/2019
$
250,000
$
250,000
1.20%
Midland Slate Bank
11/2/2016
24 Mos
11/2/2018
$
250,000
$
250,000
1.10%
Home Savings&Loan
11118/2016
12 Mos
1111712017
$
250,000
$
250,000
0.80%
American Bank
Center
71/10/2016
24 Mos
11/9/2018
$
250,000
$
250,000
1.10%
Preferred Bank La
California
11/9/2016
36 Mos
11/8/2019
$
250,000
$
250,000
1.15%
Partners Bank
California
11/18/2016
36 Mos
11/18/2019
$
250,000
$
250,000
1.10%
Independent
Bk/Memphis
11/16/2016
37 Mos
12/16/2019
$
250,000
$
250,000
1.15%
Synchrony Bank
11/4/2016
60 Mos
11/4/2021
$
250,000
$
250,000
1.70%
Banc of California
1/13/2017
12 Mos
1/1212018
$
250,000
$
250,000
1.00%
Mbank of Manistique
MI
1/17/2017
12 Mos
1/17/2018
$
250,000
$
250,000
1.00%
First Federal Bank of
Dunn NC
1/20/2017
12 Mos
1 /1 912 01 8
$
250,000
$
250,000
0.90%
Peoples
Bank/Magnolia AR
1/20/2017
12 Mos
1/19/2018
$
250,000
$
250,000
0,90%
Greenfield Savings
Bank
1/20/2017
12 Mos
1/19/2018
$
250,000
$
250,000
0.90%
Gorham Savings
Bank ME
1/25/2017
12 Mos
1/25/2018
$
250,000
$
250,000
0.90%
Atlantic Stewardship
BK
1/13/2017
24 Mos
1/14/2019
$
250,000
$
250,000
1.40%
Flushing Bank
1/13/2017
24 Mos
1/14/2019
$
250,000
$
250,000
1.40%
First National Bank
Paragould
1/18/2017
24 Mos
1/18/2019
$
250,000
$
250,000
1.35%
Little Bank
1/25/2017
24 Mos
1/25/2019
$
250,000
$
250,000
1.35%
Stearns Bank NA
1/13/2017
36 Mos
1/13/2020
$
250,000
$
250,000
1.60%
Whitney Bank/MS
1/25/2017
36 Mos
1/27/2020
$
250,000
$
250,000
1.70%
Lakeside Bank
1/13/2017
42 Mos
7/13/2020
$
250,000
$
250,000
1.95%
Farmers&Merchants
BK NEB
1/18/2017
60 Mos
1/18/2022
$
250,000
$
250,000
2.05%
Peoples United Bank
1/18/2017
60 Mos
1/18/2022
$
250,000
$
250,000
2.05%
DMB Community
Bank
1/13/2017
15 Mos
4/13/2018
$
250,000
$
250,000
1.00%
Patriot Federal Bank
1/2012017
18 Mos
7/20/2018
$
250,000
$
250,000
1,05%
Woori America Bank
1/13/2017
24 Mos
1/1412019
$
250,000
$
250,000
1.35%
Union Bank and
TrustlOX
1/20/2017
30 Mos
7/22/2019
$
250,000
$
250,000
1.45%
World Foremost
Bank
1/21/2017
36 Mos
1/21/2020
$
200,000
$
200,000
1.75%
First National Bank
of America
1/20/2017
60 Mos
1/20/2022
$
250,000
$
250,000
2.00
1E
East Boston Savings
Bank
1/20/2017
60 Mos
1/20/2022
$
250,000
$
250,000
2.00%
Henry County Bank
OH
1/27/2017
60 Mos
1/27/2022
$
250,000
$
250,000
1.90%
JP MORGAN
CHASE BANK
2/15/2017
60 Mos
2/15/2022
$
200,000
$
200,000
2.30%
HSBC Bank USA
3/21/2017
60 Mos
3/21/2022
$
250,000
$
250,000
2.45%
American Express
Centurion
3/21/2017
60 Mos
4/5/2022
$
250,000
$
250,000
2.45%
State Bank of India
6/30/2017
24 Mos
7/1/2019
$
250,000
$
250,000
1.75%
Suntrust Bank
8/29/2017
60 Mos
8/29/2022
$
250,000
$
250,000
1.80%
Enerbank UDA
10/13/2017
48 Mos
10/13/2021
$
94,220
$
94,220
2.00%
Northfiled Bank
10/25/2017
60 Mos
10/25/2022
$
238,038
$
238,038
2.15%
Total Investment:
$
61,203,280
Total
Investment Weighted Average Return
1.0%
SUMMARY OF CASH BALANCE BY INSTITUTION
OCTOBER 2017
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.
• Bank of the West
• Malaga Bank
State of California - LAIF
® Malaga Bank - CDARS
• Vining Sparks/Bank of New York - CD
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. 1 certify that sufficient investment liquidity
and anticipated revenues are available to meet the City's expenditure requirements for the next six months.
Respectfully submitted,
Treasurer Dated
A-5