CC SR 20151006 E - CC Cash Balances JulyCITY OF
MEMORANDUM
k1q'P\ANCHO PALOS VERDES
TO:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM:
DEBORAH CULLEN, FINANCE DIRECTOR
DATE:
OCTOBER 6, 2015
SUBJECT: JULY 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED: DOUGLAS WILLMORE, CITY MANAGER..,
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the July 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 July 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 $57,862,072 at July 31, 2015. Cash
decreased by $2,850,079 during the month. Compared to the same period last year, the
cash balance decreased by $692,838. The variance to last year is due to the following
reasons: total disbursements of $1.3 million to American Asphalt for the City's Residential
Street Rehabilitation Project, a disbursement of $343,422 to CalPERS for the FY15-16
prepayment of employer contribution on unfunded liability, disbursements of $373,821 to
Industrial Coating & Fireproofing for the McCarrell Canyon Pipeline Project, disbursements
of $50,000 to various vendors for the annual software support, and an additional pay
period comparing to last year. The overall cash balance decrease is described below.
These factors are discussed in detail below for each fund experiencing a noteworthy cash
1
July 2015 Monthly Report of Cash Balances
October 6, 2015
Page 2
event (defined as more than $50,000 and 5% of the cash balance in a particular fund).
Beautification Fund, Street Maintenance Fund, 1972 Act Fund, 1911 Act Fund, Proposition
C Fund, and Public Safety Fund — There were significant changes in the cash balances for
each of these funds during July due to the year-end closing process. The accounting for
street maintenance projects is centralized in the Street Maintenance Fund. These projects
are funded with a variety of sources, including operating transfers from other funds. Once
the final actual project costs are identified for the fiscal year, funding transfers are
processed. The large decrease in the Beautification Fund, 1972 Act Fund, 1911 Act Fund,
and Proposition C Fund was as result of this reason. All year-end transfers are processed
in accordance with the FY14-15 budget including the transfer from Public Safety Fund to
General Fund.
CIP Fund — The cash balance in this fund decreased nearly $700,000 during the month.
The decrease was mainly due to disbursements of $1,375,404 to All American Asphalt for
the City's Residential Street Rehabilitation project.
Employee Benefits Fund — The cash balance in this fund decreased by more than
$476,000 during the month, primarily due to the FY15-16 prepayment of $343,422 to
CalPers for the City's employer contribution on the unfunded liability. The other factor of
decrease was the disbursements for the City's share of employee insurance premiums
totaling $77,095.
Proposition A Fund — The cash balance in this fund increased by $51,658 during the month
due to receipt of the July Proposition an 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 decreased by more
than $434,000 during the month mainly due to disbursements of $373,821 to Industrial
Coating & Flreroofing for the McCarrell Canyon Pipeline Project.
Special Trusts Fund — The cash balance in this fund decreased by more than $80,000
during the month. The decrease was mainly due to a disbursement of $55,740 to Hardy &
Harper on behalf of a trust depositor (Southern California Edison) for the services
rendered.
2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JULY 2015
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
Retirement Health Savings Withholdings
Annual Calpers Payment
Sales Taxes
Flexible Spending Accounts
Postage
Bank and Merchant Fees
BOA BOW
608,587.24
112,141.86
35,464.08
15,140.48
343,422.00
2,618.00
572.33
5,000.00
3,424.90 231.14
3,424.90 1,123,177.13
(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
21,788,429.32
of America
of the West
Bank
(978,589.23)
INVESTMENT
Restricted by Council Action
OPERATING
OPERATING
OPERATING
PETTY CASH LAIF-CITY
CDARS
TOTAL CASH
RECEIVED
BEGINNING 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
1,678,777.72
PLUS: DEPOSITS
98,962.28
1,701,541.25
EQUIPMENT REPLACEMENT
3,092,234.47
2,984.09
1,800,503.53
2,998,275.94
PLUS: INTERESTEARNINGS(1)
3%
BUILDING REPLACEMENT
2,177.16
35,284.21
0.00
37,461.37
37,461.37
LESS: CHECK DISBURSEMENTS
EMPLOYEE BENEFITS
(3,569,373.10)
716,567.63
1,193,383.91
(494,100.04)
(3,569,373.10)
100%
LESS: ELECTRONIC DISBURSEMENTS(2)
(3,424.90)
(1,123,177.13)
3,193,104.25
16,917,438.05
(1,490,312.53)
(1,126,602.03)
Restricted by Law or External Agencies
ADJUSTMENTS(3)
7,930.89
7,930.89
921,572.75
PLUS: TRANSFERS IN
180, 518.90
1,932,646.82
1,011,074.07
100%
1972 ACT
0.00
3,031.87
LESS: TRANSFERS OUT
47,778.98
(196,968.13)
80%
ELPRADO
22,748.68
0.00
0.00
ENDING BALANCE
3,209,759.76
2,396,870.28
102,336.06
3,000.00 49,950,106.27
0.00 2,200,000.00
57,862,072.37
37,461.37
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
Retirement Health Savings Withholdings
Annual Calpers Payment
Sales Taxes
Flexible Spending Accounts
Postage
Bank and Merchant Fees
BOA BOW
608,587.24
112,141.86
35,464.08
15,140.48
343,422.00
2,618.00
572.33
5,000.00
3,424.90 231.14
3,424.90 1,123,177.13
(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
21,788,429.32
1,630,633.97
2,609,223.20
20,809;840.09
(978,589.23)
4%
Restricted by Council Action
BEAUTIFICATION FUND
795,344.73
511.00
224,000.00
571,855.73
(223,489.00)
28%
CIP
13,593,220.12
982,123.00
1,678,777.72
12,896,565.40
(696,654.72)
5%
EQUIPMENT REPLACEMENT
3,092,234.47
2,984.09
96,942.62
2,998,275.94
(93,958.53)
3%
BUILDING REPLACEMENT
944,235.02
606.00
0.00
944,841.02
606.00
0%
EMPLOYEE BENEFITS
(17,283.76)
716,567.63
1,193,383.91
(494,100.04)
(476,816.28)
100%
Subtotal
18,407,750.58
1,702,791.72
3,193,104.25
16,917,438.05
(1,490,312.53)
8%
Restricted by Law or External Agencies
STREET MAINTENANCE
921,572.75
1,191, 592.97
180, 518.90
1,932,646.82
1,011,074.07
100%
1972 ACT
244,747.11
3,031.87
200,000.00
47,778.98
(196,968.13)
80%
ELPRADO
22,748.68
41.14
0.00
22,789.82
41.14
0%
CDBG
19,085.66
8,785.00
240.00
27,630.66
8,545.00
45%
CDBG-R
0.00
0.00
0.00
0.00
0.00
0%
1911 ACT
1,934,278.95
8,512.38
153,148.16
1,789,643.17
(144,635.78)
7%
SOLID WASTE
532,232.32
10,838.10
57,453.55
485,616.87
(46,615.45)
9%
AIR QUALITY MANAGEMENT
88,757.68
54.00
0.00
88,811.68
54.00
0%
PROPOSITION C
1,939,265.93
44,109.34
518,749.00
1,464,626.27
(474,639.66)
24%
PROPOSITION A
547,041.59
52,059.65
401.45
598,699.79
51,658.20
9%
PUBLIC SAFETY GRANTS
126,929.81
82.00
100,000.00
27,011.81
(99,918.00)
79%
MEASURE R
1,716,160.95
33,202.03
0.00
1,749,362.98
33,202.03
2%
HABITAT RESTORATION
1,506,842.97
959.00
0.00
1,507,801.97
959.00
0%
SUBREGION 1 MAINTENANCE
823,197.83
531.00
5,581.47
818,147.36
(5,050.47)
1%
MEASURE A MAINTENANCE
253,776.63
163.00
0.00
253,939.63
163.00
0%
ABALONE COVE SEWER DISTRICT
52,033.82
7,039.12
1,195.58
57,877.36
5,843.54
11%
RPVTV
0.00
0.00
0.00
0.00
0.00
0%
GINSBURG CULTURE ARTS BUILDING
101,354.31
65.00
0.00
101,419.31
65.00
0%
DONOR RESTRICTED CONTRIBUTIONS
880,598.48
2,068.00
10,233.64
872,432.84
(8,165.64)
1%
QUIMBY
1,336,651.62
858.00
0.00
1,337,509.62
858.00
0%
LOW -MODERATE INCOME HOUSING
45,914.46
27.00
0.06
45,941.46
27.00
0%
AFFORDABLE HSNG IN LIEU
584,223.08
399.05
0.00
584,622.13
399.05
0%
EET
433,920.09
7,633.00
0.00
441,553.09
7,633.00
2%
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
5,456,748.27
20,123.34
454,635.24
5,022,236.37
(434,511.90)
8%
REDEVELOPMENT OBLIGATION RETIRE
477,010.60
4,469.00
15,349.12
466,130.48
(10,880.12)
2%
IMPROVEMENT DISTRICT 9
0.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS
463,341.59
7,386.03
87,700.49
383,027.13
(80,314.46)
17%
Subtotal
20,515,971.81
1,404,029.02
1,785,206.60
20,134,794.23
(381,177.58)
2%
GRAND TOTAL
60,712,151.71
4,737,454.71
7,587,534,05
57,862,072.37
(2,850,079.34)
5%
Total Investment: 57,862, 072.37
3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JULY 2015
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
$
3,209,760
N/A
$
3,209,760
0.00%
Bank of the
Checking Accounts
West
NIA
N/A
On Demand
$
2,396,870
N/A
$
2,396,870
0.00%
Checking Accounts
Malaga Bank
N/A
N/A
On Demand
$
102,336
N/A
$
102,336
0.30%
Petty Cash
N/A
NIA
NIA
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
$
49,950,106
N/A
$
49,950,106
0.32%
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
3/2 412 01 6
$
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: $ 57,862,072
Total Investment Weighted Average Return 0.3%
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,
Treasurer