CC SR 20150804 D - Monthly Cash BalancesCITY OF tiRANCHO PALOS VERDES
MEMORANDUM
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DEBORAH CULLEN, FINANCE DIRECTOR
DATE: AUGUST 4, 2015
SUBJECT: JUNE 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED: DOUGLAS WILLMORE, CITY MANAGER 1/"'J
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the June 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 June 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 $60,712,152 at June 30, 2015. Cash
decreased by $225,310 during the month. Compared to the same period last year, the
cash balance increased by $1,600,608. The variance to last year is due to the following
one-time receipts; $325,000 as result of the settlement with Southern California Edison for
the 2009 fire in the Portuguese Bend Nature Preserve, a reimbursement of $67,441 from
the County for the Measure A eligible FY13-14 park -site maintenance services in the
Portuguese Bend Nature Preserve, Lower Hesse Park, and PVIC, and a reimbursement of
$1,132,229 from the State for the Proposition 1 E Stormwater Flood Management program
for the San Ramon Canyon Stabilization project. The overall cash balance decrease is
described below. These factors are discussed in detail below for each fund experiencing a
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June 2015 Monthly Report of Cash Balances
August 4, 2015
Page 2
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
$248,000 during the month, primarily due to the FY1516 prepayment of $170,781 to
California JPIA for the City's Workers' Compensation Insurance.
Street Maintenance Fund — The cash balance in this fund increased by more than
$171,000 during the month. The City received both its May and June Highway Users Tax
payments.
Proposition A Fund — The cash balance in this fund increased by $68,578 during the month
due to receipt of the June Proposition an apportionment. The Proposition A fund pays for
the Palos Verdes Peninsula Transit Authority contribution. Disbursements for that
contribution are made twice annually.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JUNE 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
BOA BOW
397,779.47
88,992.09
24,344.93
9,926.63
688.00
2,500.00
2,891.82 282.59
2,891.82 524,513.71
(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
GENERAL FUND
of America
of the West
Bank
INVESTMENT
(35,029.42)
0%
Restricted by Council Action
OPERATING
OPERATING
OPERATING PETTY CASH LAIF-CITY
COARS
TOTAL CASH
RECEIVED
BEGINNING BALANCE
2,998,332.81
5,721,147.47
100,158.90 3,000.00 49,914,822.06
0.00 2,200,000.00
60,937,461.24
0%
PLUS: DEPOSITS
118,781.39
1,813,300.48
237,566.68
13,593,220.12
1.,932,081.87
1%
PLUS: INTEREST EARNINGS(1)
3,117,092.05
0.00
24,857.58
3,092,234.47
0.00
116,647.95
LESS: CHECK DISBURSEMENTS
944,235.02
(1,596,642.04)
0.00
944,235.02
(1,596,642.04)
0%
LESS: ELECTRONIC DISBURSEMENTS(2)
(2,891.82)
(524,513.71)
713,499.40
(17,283.76)
(527,405.53)
100%
ADJUSTMENTS(3)
18,842,928.46
(33,343.83)
975,923.66
18,407,750.58
(33,343.83)
2%
PLUS: TRANSFERS IN
0.00
LESS: TRANSFERS OUT
750,182.36
213,774.62
42,384.23
921,572.75
0.00
23%
ENDING BALANCE
3,114,222.38
5,379,948.37
100,158.90 3,000.00 49,914,822.06
0.00 2,200;000.00
60,712,151.71
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
BOA BOW
397,779.47
88,992.09
24,344.93
9,926.63
688.00
2,500.00
2,891.82 282.59
2,891.82 524,513.71
(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
GENERAL FUND
21,823,458.74
1,816,164.63
1,851,194.05
21,788,429.32
(35,029.42)
0%
Restricted by Council Action
BEAUTIFICATION FUND
795,344.73
0.00
0.00
795,344.73
0.00
0%
CIP
13,755,528.70
75,258.10
237,566.68
13,593,220.12
(162,308.58)
1%
EQUIPMENT REPLACEMENT
3,117,092.05
0.00
24,857.58
3,092,234.47
(24,857.58)
1%
BUILDING REPLACEMENT
944,235.02
0.00
0.00
944,235.02
0.00
0%
EMPLOYEE BENEFITS
230,727.96
465,487.68
713,499.40
(17,283.76)
(248,011.72)
100%
Subtotal
18,842,928.46
540,745.78
975,923.66
18,407,750.58
(435,177.88)
2%
Restricted by Law or External Agencies
STREET MAINTENANCE
750,182.36
213,774.62
42,384.23
921,572.75
171,390.39
23%
1972 ACT
248,247.11
0.00
3,500.00
244,747.11
(3,500.00)
1%
EL PRADO
22,738.82
9.86
0.00
22,748.68
9.86
0%
CDBG
46,368.66
0.00
27,283.00
19,085.66
(27,283.00)
59%
CDBG-R
0.00
0.00
0.00
0.00
0.00
0%
1911 ACT
1,932,513.56
2,528.40
763.01
1,934,278.95
1,765.39
0%
SOLID WASTE
496,924.86
44,280.69
8,973.23
532,232.32
35,307.46
7%
AIR QUALITY MANAGEMENT
88,757.68
0.00
0.00
88,757.68
0.00
0%
PROPOSITION C
1,882,304.38
56,961.55
0.00
1,939,265.93
56,961.55
3%
PROPOSITION
478,463.97
68,577.62
0.00
547,041.59
68,577.62
14%
PUBLIC SAFETY GRANTS
126,929.81
0.00
0.00
126,929.81
0.00
0%
MEASURE R
1,672,735.04
43,425.91
0.00
1,716,160.95
43,425.91
3%
HABITAT RESTORATION
1,506,842.97
0.00
0.00
1,506,842.97
0.00
0%
SUBREGION 1 MAINTENANCE
823,252.03
0.00
54.20
823,197.83
(54.20)
0%
MEASURE A MAINTENANCE
253,776.63
0.00
0.00
253,776.63
0.00
0%
ABALONE COVE SEWER DISTRICT
59,114.26
0.00
7,080.44
52,033.82
(7,080.44)
12%
RPVfV
0.00
0.00
0.00
0.00
0.00
0%
GINSBURG CULTURE ARTS BUILDING
101,354.31
0.00
0.00
101,354.31
0.00
0%
DONOR RESTRICTED CONTRIBUTIONS
888,111.50
0.00
7,513.02
880,598.48
(7,513.02)
1%
QUIMBY
1,336,651.62
0.00
0.00
1,336,651,62
0.00
0%
LOW -MODERATE INCOME HOUSING
38,147.46
7,767.00 1
0.00
45,914.46
7,767.00
20%
AFFORDABLE HSNG IN LIEU
582,281.08
1,942.00
0.00
584,223.08
1,942.00
0%
EET
433,920.09
0.00
0.00
433,920.09
0.00
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
5,548,737.43
18,261.69
110,250.85
5,456,748.27
(91,989.16)
2%
REDEVELOPMENT OBLIGATION RETIRE
472,843.60
4,167.00
0.00
477,010.60
4,167.00
1
IMPROVEMENT DISTRICT 9
0.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS
472,338.18
50,696.00
59,692.59
463,341.59
(8,996.59)
2%
Subtotal
20,271,074.04
12,392.34
22,869,302.75
267,494.57
20,515,971.81
244,897.77
1%
GRAND TOTAL
60,937,461.24
3,094,612.28
60,712,151.71
(225,309.53
0%
Total Investment: 60,712,151.71
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JUNE 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.
Respectfully submitted,
"bm&Atlj�-
Treasurer
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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
$
3,114,222
N/A
$
3,114,222
0.00%
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
5,379,948
N/A
$
5,379,948
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
$
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
0.30%
CDARS - Malaga Bank
Malaga Bank
6/25/2015
26 weeks
12/23/2015
250,000
$
250,000
0.35%
Banco Popular
de Puerto Rico -
IBC
6/25/2015
26 weeks
12/24/2015
244,500
$
244,500
0.25%
Iberiabank
6/25/2015
26 weeks
12/24/2015
216,500
$
216,500
0.25%
Univest Bank
and Trust Co.
6/25/2015
26 weeks
12/24/2015
244,500
$
244,500
0.25%
Western
Alliance Bank
6/25/2015
26 weeks
12/24/2015
$
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:
$ 60,712,152
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.
Respectfully submitted,
"bm&Atlj�-
Treasurer
11