CC SR 20180403 D - Feb 2018 Treasurer Report City
RANCHO PALOS VERDES CITY COUNCILMEETING DATE:
04/03/2018
AGENDA REPORTAGENDA HEADING:
Consent Calendar
AGENDA DESCRIPTION:
Consideration and possible action regarding the February2018Cash Balances/Monthly
Treasurer’sReport
RECOMMENDED COUNCIL ACTION:
(1)Receive and file the February2018Cash Balances/Monthly Treasurer’sReport.
FISCAL IMPACT:
None
Amount Budgeted:
N/A
Additional Appropriation:
N/A
Account Number(s):
N/A
ORIGINATED BY:
Jane Lin, Accountant
REVIEWED BY:
Deborah Cullen, Director of Finance
APPROVED BY:
Doug Willmore, City Manager
ATTACHED SUPPORTING DOCUMENTS:
A.Monthly Treasurer’sReport (page A-1)
BACKGROUND AND DISCUSSION:
This report summarizes the cash balance of all fundsand investmentsfor the month of
February2018. 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 $61,517,779,with more than $23.7 million
or 39% ofthe balance in the Local Agency Investment Fund (LAIF). The City hasmore
than $8.9 million or 14% of the total cash balance with Bank of the West, and over $4
million or 7%with Malaga Bank. In addition, the City has a total Certificates of Deposit
(CD) investments of over $24.7 million or 40% 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 $17 million or 29%incash balance, and
the Capital Improvement Projects (CIP) Fundhas over $23 million or 38%in cash
balance. The remaining cash balances are in the Equipment Replacement Fund with
over $2.4 million or 4%, over $2 million or 3% in the 1911 Act Fund, over $1.1 million or
2% in the Habitat Restoration Fund, over $1.5 million or 3% in the Quimby Fund, over
1
$1.8million or 3%in the Water Quality Fund, and over $11 million or 19% in Other
Restricted Funds.
The City’scash balance decreased by more than $0.6 million from last month, andin
comparison to the same period last year, the cash balance recoveredby $0.3 million.
The major variance included disbursements from the Capital Improvement Fund, Street
Maintenance Fund, Quimby Fund, and Water Quality Flood Protection Fund. The major
disbursements includedDaniel B. Stephens for the Landslide Stability Study, Abny
General Engineering for the Hesse Park ADA Improvement Project, Pub Construction
for the Hesse Park Improvement Project, and Colich & Sons, LP for the Storm Drain
Deficiency Improvement Project. All otheroperating expenditures were disbursed in
accordance with the FY17-18 budget.
2