RPVCCA_CC_SR_2014_02_04_E_City_Monthly_Cash_BalancesRANCHO PALOS VERDES
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY~
FEBRUARY 4, 2014
DECEMBER 2013~MRNTHLY REPORT OF CASH BALANCES
CITY MANAGER~
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the December 2013 Monthly Report of Cash Balances for the City of
Rancho Palos Verdes.
BACKGROUND
With the adoption of the state budget for FY06-07, government agencies are no longer
required to submit a treasurer's report to their governing board, as defined by California
Government Code. Notwithstanding the change of California law, staff has continued to
submit a cash balance report to the Council for review each month. This report summarizes
the cash activity associated with all funds of the City.
A separate report is prepared monthly for the Improvement Authority and is presented
under separate cover before the Authority Commission. The attached report includes the
cash activities of the City for the month of December 2013.
ANALYSIS
The overall cash balances of the City totaled $43,379,548 at December 31, 2013. This
represents a $231,208 decrease during the month. The overall decrease 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
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December 2013 Monthly Report of Cash Balances
February 4, 2014
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$50,000 and 5% of the cash balance in a particular fund).
General Fund -The cash balance in this fund increased by more than $1,751,000 during
the month. The increase was primarily the result of receipt of the December property tax
revenue of $2,393,682. The December revenue was offset by normal operating
expenditures.
CIP Fund-The cash balance in this fund decreased by more than $1,211,000 during the
month. The decrease was mainly due to disbursements of $1,095,556 to VSS
International and $104,242 to Merit Civil Engineering for the residential resurface project.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$240,000 during the month. The most significant factor of decrease was the disbursements
for the City's share of employee insurance premiums totaling $64, 775 and the 2014
prepayment of $180,300 to HSA Bank for the Blue Shield high deductible health plan for
participating employees and City Council members.
1972 Act Fund -The cash balance in this fund increased by more than $99,000 during the
month. The increase was due to the result of receipt of the December property tax
apportionment of $99,492.
1911 Act Fund -The cash balance in this fund increased by more than $171,000 during the
month. The increase was due to the result of receipt of the December property tax
apportionment of $197,793.
Proposition A Fund -The cash balance in this fund increased by more than $60,000 during
the month due to receipt of the December Proposition A apportionment. The Proposition A
fund pays for the Palos Verdes Peninsula Transit Authority contribution. Disbursements for
that contribution are only made twice per year in August and January.
Water Quality Flood Protection Fund -The cash balance in this fund decreased by more
than $934,000 during the month due to a large disbursement of $1,363, 722 to L. H. Woods
& Sons forthe San Ramon Canyon Stabilization project. The storm drain user fee revenue
received with December property tax was partially offset by the disbursement.
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Issuer of Acquisition
Investment Investment Date
Checking Accounts Bank of America NIA
State of
Local Agency Investment Fund (LAIF) California NIA
CDARS -Malaga Bank Malaga Bank 1212612013
Century Bank &
Trust Company 1212612013
Ever Bank 1212612013
First Foundation
Bank 1212612013
Meridian Bnak 1212612013
Western
Alliance Bank 1212612013
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
DECEMBER 2013
Maturity Market
Term Date Value
NIA On Demand $ 3,431,235
NIA On Demand $ 38,748,313
26weeks 612312014 250,000
26 weeks 612312014 244,500
26 weeks 612312014 244,500
26weeks 612312014 105,945
26weeks 612312014 $ 110,555
26weeks 612312014 $ 244,500
Total Investment:
Par
Value
NOTE(1) NIA
NOTE (2) NIA
Total Investment Weighted Average Return
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.
Book
Value Yield
$ 3,431,235 0.00%
$ 38,748,313 0.26%
$ 250,000 0.35%
$ 244,500 0.25%
$ 244,500 0.25%
$ 105,945 0.25%
$ 110,555 0.25%
$ 244,500 0.25%
$ 43,379,548
0.2%
/·~.
Dated
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