CC SR 20151006 F - CC Cash Balances AugCITYOF
MEMORANDUM
RANCHO
PALOS VERDES
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DEBORAH CULLEN, FINANCE DIRECTOR a jr� DO -
DATE:
-
DATE: OCTOBER 6, 2015
SUBJECT:
AUGUST 2015 MONTHLY REPORT OF CASH BALANCES
REVIEWED:
DOUGLAS WILLMORE, CITY MANAGER
Staff Coordinator:
Jane Lin, Accountant
RECOMMENDATION
Receive and file the August 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 August 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 $57,609,638 at August 31, 2015. Cash
decreased by $252,435 during the month. Compared to the same period last year, the
cash balance decreased by $1,691,038. The variance to last year is due to the timing of
year-end closing process as when the year-end transfers were processed among varies of
funds. The overall cash balance decrease is described below. 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, Building Replacement Fund, Develop Impact Mitigation Fund, and CIP Fund
— There were significant changes in the cash balances for each of these funds during
1
August 2015 Monthly Report of Cash Balances
October 6, 2015
Page 2
August due to the year-end closing process. The year-end transfers which were approved
by Council during budget process included an amount equivalent to transient occupancy
taxes and Building Replacement Fund close-out transferred to CIP reserve. Another
transfer from EET Fund to CIP Fund was for the ADA improvements which was in
accordance with the FY14-15 budget.
Prop C Fund, Prop A Fund, Measure R Fund, Water Quality Flood Protection Fund, and
CIP Fund — There were significant changes in the cash balances for each of these funds
during August due to the year-end closing process. The accounting for Palos Verdes Drive
East arterial project is centralized in the CIP 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 Prop C Fund, Prop A Fund, Measure R Fund, and Water Quality Flood
Protection Fund was as result of this reason. All year-end transfers were processed in
accordance with the FY14-15 budget.
Employee Benefits Fund — The cash balance in this fund decreased by more than
$115,000 during the month. The most significant factor of decrease was the disbursements
for the City's share of employee insurance premiums totaling $77,042.
Street Maintenance Fund — The cash balance in this fund decreased by more than
$548,000 during the month. The decrease was primarily due to the fact that the August
Highway User Tax was not received until September, while normal operating expenditures
were disbursed. The large disbursement included payments of $436,634 to Hardy & Harper
for the street overlay project.
Measure A Maintenance Fund — The cash balance in this fund decreased by more than
$261,000 during the month due to the year-end closing process. Park maintenance
projects were initially funded by General Fund, then the eligible expenditures were
submitted to County of Los Angeles for reimbursement. In accordance with FY14-15
budget, the transfer was processed upon receipt of the reimbursement.
2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
AUGUST 2015
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
Retirement Health Savings Withholdings
UUT Refund
Flexible Spending Accounts
Postage
Bank and Merchant Fees
BOA BOW
399,314.70
69,748.14
23, 472.72
10,144.93
113, 835.88
1,314.00
2,500.00
3,700.26 984.00
3,700.26 621,314,37
(3) The net adjustment was due to voided checks and other deposit 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
(4,143,044.06)
20%
Restricted by Council Action
OPERATING
OPERATING
OPERATING PETTY CASH LAIF-CITY
CDARS
TOTAL CASH
RECEIVED
BEGINNING 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
0%
PLUS: DEPOSITS
36,438.30
1,987,447.57
95,272.75
21,121,427.98
2,023,885.87
64%
PLUS: INTERESTEARNINGS(1)
2,998,275.94
4,923.97
18,043.07
2,985,156.84
0.00
37,461.37
LESS: CHECK DISBURSEMENTS
944,841.02
(1,673,870.89)
944,841.02
0.00
(1,673,870.89)
100%
LESS: ELECTRONIC DISBURSEMENTS(2)
(3,700.26)
(621,314.37)
582,036.08
(609,458.92)
(625,014.63)
23%
ADJUSTMENTS(3)
495,929.09
(473,363.97)
1,640,192.92
24,068,981.63
22,565.12
42%
PLUS: TRANSFERS IN
3,700,000.00
3,700,000.00
LESS: TRANSFERS OUT
(3,700,000.00)
5,904.58
554,137.25
1,384,414.15
(3,700,000.00)
28%
ENDING BALANCE
38,426.89
1,615,768.62
3,802,336.06 3,000.00 49,950,106.27
0.00 2,200,000.00
57,609,637.84
37,461.37
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
Payroll
CalPers
ICMA&HSA
Retirement Health Savings Withholdings
UUT Refund
Flexible Spending Accounts
Postage
Bank and Merchant Fees
BOA BOW
399,314.70
69,748.14
23, 472.72
10,144.93
113, 835.88
1,314.00
2,500.00
3,700.26 984.00
3,700.26 621,314,37
(3) The net adjustment was due to voided checks and other deposit 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
20,809,840.09
5,783,983.32
9,927,027.38
16,666,796.03
(4,143,044.06)
20%
Restricted by Council Action
BEAUTIFICATION FUND
571,855.73
0.00
0.00
571,855.73
0.00
0%
CIP
12,896,565.40
8,320,135.33
95,272.75
21,121,427.98
8,224,862.58
64%
EQUIPMENT REPLACEMENT
2,998,275.94
4,923.97
18,043.07
2,985,156.84
(13,119.10)
01%
BUILDING REPLACEMENT
944,841.02
0.00
944,841.02
0.00
944,841.02)
100%
EMPLOYEE BENEFITS
(494,100.04)
466,677.20
582,036.08
(609,458.92)
(115,358.88)
23%
Subtotal
16,917,438.05
8,791,736.50
1,640,192.92
24,068,981.63
7,151,543.58
42%
Restricted by Law or External Agencies
STREET MAINTENANCE
1,932,646.82
5,904.58
554,137.25
1,384,414.15
(548,232.67)
28%
1972 ACT
47,778.98
1,173.84
1,750.00
47,202.82
(576.16)
1%
ELPRADO
22,789.82
86.54
0.00
22,876.36
86.54
0%
CDBG
27,630.66
39,965.00
21,290.00
46,305.66
18,675.00
68%
CDBG-R
0.00
0.00
0.00
0.00
0.00
0%
1911 ACT
1,789,643.17
22,144.22 1
38,161.04
1,773,626.35
16,016.82)
1%
SOLID WASTE
485,616.87
5,631.21
6,320.23
484,927.85
(689.02)
0%
AIR QUALITY MANAGEMENT
88,811.68
13,790.20
0.00
102,601.88
13,790.20
16%
PROPOSITION C
1,464&26.27
56,752.37
1,228,719.00
292,659.64
(1,171,966.63)
80%
PROPOSITION A
598,699.79
68,420.03
310,886.00
356,233.82
(242,465.97)
40%
PUBLIC SAFETY GRANTS
27,011.81
0.00
0.00
27,011.81
0.00
0%
MEASURE R
1,749,362.98
42,842.07
564,000.00
1,228,205.05
(521,157.93)
30%
HABITAT RESTORATION
1,507,801.97
0.00
33,705.92
1,474,096.05
(33,705.92)
2%
SUBREGION 1 MAINTENANCE
818,147.36
0.00
1,644.38
816,502.98
(1,644.38)
0%
MEASURE A MAINTENANCE
253,939.63
0.00
261,049.00
(7,109.37)
(261,049.00)
100%
ABALONE COVE SEWER DISTRICT
57,877.36
0.00
5,808.95
52,068.41
(5,808.95)
10%
RPVTV
0.00
0.00
0.00
0.00
0.00
0%
GINSBURG CULTURE ARTS BUILDING
101,419.31
0.00
0.00
101,419.31
0.00
0%
DONOR RESTRICTED CONTRIBUTIONS
872,432.84
9,713.87
9,906,15
872,240.56
(192.28)
0%
QUIMBY
1,337,509.62
0.00
0.00
11337,509.62
0.00
0%
LOW -MODERATE INCOME HOUSING
45,941.46
0.00 1
0.00
45,941.46
0.00
0%
AFFORDABLE HSNG IN LIEU
584,622.13
0.00
0.00
584,622.13
0.00
0%
EET
441,553.09
0.00
97,199.38
344,353.71
(97,199.38)
22%
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
5,022,236.37
4,237.79
378,633.52
4,647,840.64
(374,395.73)
7%
REDEVELOPMENT OBLIGATION RETIRE
466,130.48
4,167.00
120.45
470,177.03
4,046.55
1%
IMPROVEMENT DISTRICT 9
0.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS
383,027.13
29,359.36
51,790.86
360,595.63
(22,431.50)
6%
Subtotal
20,134,794.23
304,188.08
3,565,122.13
16,873,860.18
(3,260,934.05)
16%
GRAND TOTAL
57,862,072.37
14,879,907.90
15,132,342.43
1 57,609,637.84
252,434.53
0%
Total Investment: 57, 609, 637.84
3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
AUGUST 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.
Re If II submitted,
W L -P7
Treasurer
El
Issuerof
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
$
38,427
N/A
$
38,427
0,00%
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
1,615,769
N/A
$
1,615,769
0.00%
Checking Accounts
Malaga Bank
N/A
N/A
On Demand
$
3,802,336
N/A
$
3,802,336
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
$
49,950,106
N/A
$
49,950,106
0.33%
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%
Porsperily 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:
$ 57,609,638
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.
Re If II submitted,
W L -P7
Treasurer
El