CC SR 20150707 F - Monthly Cash BalancesCITY OF
MEMORANDUM
RANCHO PALOS VERDES
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DEBORAH CULLEN, FINANCE DIRECTOR
DATE: JULY 7, 2015
SUBJECT: MAY 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED: DOUGLAS WILLMORE, CITY MANAGERG"o—'
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the May 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 May 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 $60,937,461 at May 31, 2015. Cash
increased by $3,144,043 during the month. In conjunction with the same period in the
previous year, the cash balance was increased by $3,955,869. 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 $3.7 million during
the month. The increase was primarily the result of receipt of the May property tax revenue
of $3,156,241, quarterly franchise tax of $136,869 from Cox Cable, and quarterly franchise
1
May 2015 Monthly Report of Cash Balances
July 7, 2015
Page 2
tax of $38,779 from Verizon. May revenue 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 $140,673, which included two
month insurance premiums. It is common due to timing of payments.
Street Maintenance Fund — The cash balance in this fund decreased by more than
$147,000 during the month. The decrease was primarily due to the fact that the May
Highway User Tax was not received until June. The City usually receives an apportionment
from the State at the end of each month; however, it is normal that the City's portion may
be disbursed in the following month. While monthly apportionment was delayed, normal
operating expenditures were disbursed as scheduled. The most significant disbursements
were $48,112 to West Coast Arborists for the tree trimming project and $24,809 to Marina
Landscape for the parks maintenance project.
Proposition A Fund — The cash balance in this fund increased by $62,927 during the month
due to receipt of the May Proposition an apportionment. The Proposition A fund pays for
the Palos Verdes Peninsula Transit Authority contribution. Disbursements for that
contribution are made twice annually.
2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MAY 2016
(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
UUT Refund
BOA BOW
397,032.12
89,683.03
27,328.86
9,869,85
1,049,50
2,500.00
2,66677 552.60
113,935,64
2,666.77 641,951.60
(3) The net adjustment was due to voided checks and other adjustment
% Change of
Change In Cash Balance
BALANCE Ending Cash from Previous
CASH BALANCES BY FUND FORWARD DEBIT CREDIT CASH Balance Month -End
Unrestricted
Bank
Bank
Malaga
YTD INT
18,109,940.84
of America
of the West
Bank
3,713,51790
INVESTMENT
Restricted by Council Action
OPERATING
OPERATING
OPERATING
_PETTY CASH LAIF-CITY
CDARS
TOTAL CASH
RECEIVED
BEGINNING BALANCE
2,917,691.00
2,658,245 80
100,158.90
2,500,00 49,914,822.06
0.00 2,200,000.00
57,793,417 76
570,72365
PLUS: DEPOSITS
83,308.58
5,171,028.29
EQUIPMENT REPLACEMENT
3,172,520 28
0.00
5,254,336.87
3,117,092.05
PLUS: INTEREST EARNINGS(1)
2%
BUILDING REPLACEMENT
5023
0.00
0.00
50.23
116,647 95
LESS: CHECK DISBURSEMENTS
EMPLOYEE BENEFITS
(1,509,511 93)
699,270.67
895,486.72
230,727.96
(1,509,511 93)
46%
LESS ELECTRONIC DISBURSEMENTS(2)
(2,666 77)
(641,951 60)
1.521.640.60
18 642 928,46
816,083 43
(644,618 37)
Restricted by Law or External Agencies
ADJUSTMENTS(3)
43,286 68
43,286 68
897,90920
PLUS: TRANSFERS IN
148.765.84
750,182,36
147,726.84
50000
1972 ACT
50000
32,909.97
LESS: TRANSFERS OUT
248,247.11
32,909.97
15%
EL PRADO
22,46401
000
0.00
ENDING BALANCE
2,998.332.81
5,721,097.24
10D,20913
3,000.00 49,914,822.06
000 2,200,000.00
60,937,461.24
116,64795
(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
UUT Refund
BOA BOW
397,032.12
89,683.03
27,328.86
9,869,85
1,049,50
2,500.00
2,66677 552.60
113,935,64
2,666.77 641,951.60
(3) The net adjustment was due to voided checks and other adjustment
% Change of
Change In Cash Balance
BALANCE Ending Cash from Previous
CASH BALANCES BY FUND FORWARD DEBIT CREDIT CASH Balance Month -End
Unrestricted
GENERALFUND
18,109,940.84
4,950,780.58
1,237,26268
21,823.458.74
3,713,51790
21%
Restricted by Council Action
BEAUTIFICATION FUND
795,344 73
0.00
000
795,344.73
000
0%
CIP
14,319,965.85
6,28650
570,72365
13,755,528.70
(564,437.15)
41%
EQUIPMENT REPLACEMENT
3,172,520 28
0.00
55,428 23
3,117,092.05
(55,428.23)
2%
BUILDING REPLACEMENT
944.235 02
0.00
0.00
944,235.02
0.00
0%
EMPLOYEE BENEFITS
426.946.01
699,270.67
895,486.72
230,727.96
(196,218.05)
46%
Subtotal
19,659,014 89
705,557 17
1.521.640.60
18 642 928,46
816,083 43
4%
Restricted by Law or External Agencies
STREET MAINTENANCE
897,90920
1,03900
148.765.84
750,182,36
147,726.84
16%
1972 ACT
215,337.14
32,909.97
0.00
248,247.11
32,909.97
15%
EL PRADO
22,46401
274,81
0.00
22,738.82
27461
1%
CDBG
30,04366
25,110.00
8,78500
46,368.66
16,32500
54%
CDBG-R
000
0.00
0.00
0.00 1
0.00
0%
1911 ACT
1,890.307.58
70,291.69
28,06571
1,932,513.56
42,20598
2%
SOLID WASTE
484,152.25
26,626 68
13.856 07
496,924 86
12,772.61
3%
AIR QUALITY MANAGEMENT
75,155 21
13,602 47
0.00
88,757.68
13,602 47
18%
PROPOSITION C
1,629,644.04
52,660,34
000
1,882,30438
52,660.34
3%
PROPOSITION A _
415,536 81
63,486.95
559.79
478,463.97
62,927.15
15%
PUBLIC SAFETY GRANTS
126,929.81
000
0.00
126,929 81
0,00
0%
MEASURE R
1,633.349 53
39,385,51
000
1,672,735.04
39,385,51
2%
HABITAT RESTORATION
1,468,742.97
38,100,00
0.00
1.506,842 97
38,100.00
3%
SUBREGION 1 MAINTENANCE
830,571.28
0.00
7,31925
823,252 03
7,319.25
1
MEASURE A MAINTENANCE
253,776.63
0,00
0.00
253,776.63
0=
0%
ABALONE COVE SEWER DISTRICT
63,456 48
1,577.98
5,92020
59.114 26
(4,342,22)
7%
RPVTV
0.00
_ 0.00
000
000
0.00
0%
GINSBURG CULTURE ARTS BUILDING
101,354 31
0.00
0.00
101,354 31
0.00
0%
DONOR RESTRICTED CONTRIBUTIONS
886,23563
3,000.00
1.124.13
888,111.50
1.875.87
0%
QUIMBY
1,336,651.62
0,00
0.00
1,336,651.62
0..00
0%
LOW -MODERATE INCOME HOUSING
38,147.46
0.00
0.00
38,147 46
0.00
0%.
AFFORDABLE HSNG IN LIEU
502,281.08
_ 0_00
0.00
582,281.08
0.00
0%
EET
430.242 09
3,67800
0.00
433,920 09
3,678,00
1%
MEASURE A CAPITAL
7,440.11
000
Goo
7,440.11
000
0%
BIKEWAYS
96.52
000
0.00
96.52
0,00
0%
UNDERGROUND UTILITIES
0.00
0.00
000
0.00
0.00
0%
ROADWAY BEAUTIFICATION
000
000
0.00
000 1
0.00
0%
WATER QUALITY FLOOD PROTECTION
5,457,123 03
176,239.94
86,625.54
5.548.737.43
91,614 40
2%
REDEVELOPMENT OBLIGATION RETIRE
468,726.10
4.16700
4950
472,843.60
4,117 50
1%
IMPROVEMENT DISTRICT 9
000
0.00
000
000
000
0%
SPECIAL TRUSTS
478,79048
32,991 50
39,443 80
472,33818
(6,452.30)
1%
Subtotal
20,024 465.03
587.143.84
340,534 63
20.271.074 04
246,609 01
1%
GRAND TOTAL
1 57,793.417 78 1
6.243.481 59
3,099.438 11
60,937,461 24
3,144.043.48 1
5%
Total Investment: 60, 937, 46124
3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MAY 2015
Investment
Issuerof
Investment
Acquisition
Date
Term
Maturity
Date
Market
Value
Par
Value
Book
Value
Yield
Checking Accounts
Bank of America
N/A
N/A
On Demand
$
2,998,333
N/A
$
2,998,333
0 00 %
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
5,721,097
N/A
$
5,721,097
0 00 %
Checking Accounts
Malaga Bank
N/A
N/A
On Demand
$
100,209
N/A
$
100,209
0 30 %
Petty Cash
N/A
N/A
N/A
On Demand
$
3,000
N/A
$
3,000
0 00 %
State of
Local Agency Investment Fund (LAIF-CITY) California
N/A
N/A
On Demand
$
49,914,822
N/A
$
49,914,822
0.29%
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
3/24/2016
$
230,633
$
230,633
035%
Flagstar Bank,
FSB
3/26/2015
52 weeks
3/24/2016
$
243,500
$
243,500
0 35 %
Parke Bank
3/26/2015
52 weeks
3/2412016
$
243,500
$
243,500
035%
PorsperilyBank
3/26/2015
52 weeks
3/24/2016
11,867
$
11,867
035%
The Park
National Bank
3/26/2015
52 weeks
3/24/2016
$
27,000
$
27,000
035%
Total Investment:
$ 60,937,461
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 tfully submitted, zq1I5
Tr surer
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