RPVCCA_CC_SR_2014_04_01_D_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
APRIL 1, 2014
FEBRUARY 2014 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER~
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the February 2014 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 February 2014.
ANALYSIS
The overall cash balances of the City totaled $47,958,504 at February 28, 2014. This
represents a $154,387 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
$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 $80,000
during the month. The most significant factor of decrease was the disbursements for the
City's share of employee insurance premiums totaling $71,938.
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February 2014 Monthly Report of Cash Balances
April 1, 2014
Page 2
Gas Tax Fund -The cash balance in this fund decreased by more than $205,000 during
the month. The decrease was primarily due to the fact that the February Highway User Tax
was not received until March, while normal operating expenditures were disbursed. The
disbursements included total payments of $143,487 to Hardy & Harper for the Palos
Verdes Drive South landslide repair project. Other disbursements included $23,688 to
Nationwide Environmental for the street sweeping project, $16, 190 to Marina Landscape
for the right of way maintenance project, and $11,726 to Vence Western for the
landscaping maintenance project.
Air Quality Management Fund -The cash balance in this fund decreased by $50,000
during the month due to a disbursement of $50,000 to Palos Verdes Peninsula Transit
Authority for the City's share contribution to the Dial-A-Ride-Lift Program in accordance
with FY13-14 budget.
Proposition A Fund -The cash balance in this fund decreased by more than $183,000
during the month due to the disbursement of the City's contribution of $249,020 to the
Palos Verdes Transit Authority for the six months ending June 2014. The Proposition A
fund pays for the Palos Verdes Peninsula Transit Authority contribution. Disbursements for
that contribution are only made twice per year, typically in August and January.
Quimby Fund -The cash balance in this fund increased by more than $57,000 during the
month due to a receipt of $57,276 from a developer. In 2010, City Council approved Mr.
Ireland to build four single-family residences on Nantasket Drive between Seacove and
Beachview Drives on a 1.42-acre parcel lot. Pursuant to the City's Municipal Code, the
payment was made by Mr. Ireland.
Water Quality Flood Protection Fund -The cash balance in this fund decreased by more
than $655,000 during the month due to a large disbursement of $685,000 to L. H. Woods &
Sons for the San Ramon Canyon Stabilization project. Other disbursements related to this
project are $46,566 to CBM Consulting, $36,052 to Torrey Pines Bank for retention
escrowed, and $28,638 to Ninyo & Moore Geotechnical. The City received $152,323 the
storm drain user fee with February property tax. The revenue the City received was
partially offset by the disbursement.
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BEGINNING BALANCE
PLUS: DEPOSITS
PLUS: INTEREST EARNINGS(1)
LESS CHECK DISBURSEMENTS
LESS ELECTRONIC DISBURSEMENTS(2:
ADJUSTMENTS(3)
PLUS: TRANSFERS IN
LESS: TRANSFERS OUT
ENDING BALANCE
( 1) All LAIF interesl is paid quarterly.
(2) Electronic Disbursements:
Cal Pers
Postage
Bank and Merchant Fees
Sales Tax -PVIC Gift Shop
OPERATING
4,743,453.32
2,647,897.16
(2,385,776.38)
(46,207.74)
29,870.22
(400, 170.03)
4,589,066.55
37,318.98
2,500.00
3,694.36
2,694.40
46,207.74
BANKCARD
0.00
0.00
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
FEBRUARY 2014
INVESTMENT
PETTY CASH PAYROLL LAIF-CITY CDARS
2,500.00 391,952.06 41,774,985.23 1,200,000.00
(400,170.03)
400,170.03
2,500.00 391,952.06 41,774,985.23 1,200,000.00
(3) The net adjustment was due to non-sufficient check items and three void checks.
CASH BALANCES BY FUND
Unrestricted
GENERAL FUND
Restricted by Council Action
BEAUTIFICATION FUND
GIP
EQUIPMENT REPLACEMENT
BUILDING REPLACEMENT
EMPLOYEE BENEFITS
Subtotal
Restricted by Law or External Agencies
GAS TAX
1972 ACT
EL PRADO
CDBG
CDBG-R
1911 ACT
SOLID WASTE
AIR QUALITY MANAGEMENT
PROPOSITION C
PROPOSITION A
PUBLIC SAFETY GRANTS
MEASURER
HABITAT RESTORATION
SUBREGION 1 MAINTENANCE
MEASURE A MAINTENANCE
ABALONE COVE SEWER DISTRICT
RPVTV
GINSBURG CULTURE ARTS BUILDING
DONOR RESTRICTED CONTRIBUTIONS
QUIMBY
LOW-MODERATE INCOME HOUSING
AFFORDABLE HSNG IN LIEU
EET
MEASURE A CAPITAL
BIKEWAYS
UNDERGROUND UTILITIES
ROADWAY BEAUTIFICATION
WATER QUALITY FLOOD PROTECTION
REDEVELOPMENT OBLIGATION RETIRE
IMPROVEMENT DISTRICT 9
SPECIAL TRUSTS
Subtolal
GRAND TOTAL
BALANCE
FORWARD
19,526,338. 78
1,004,360.37
9,682,282.02
3,047,097.78
941,705.68
(1,556,149.37)
13, 119,296.48
632,551.84
129,740.36
20,122.82
(1,239.84)
0.00
1,782,419.72
412,300.47
165,952.24
1,932,861.25
419,021.25
87,282.73
1,058,367.69
148,050.82
773,915.98
(55,073.29)
33,481.67
0.00
119,046.47
852,914.49
540.67
12,418.00
499,967.55
412,783.78
7,440.11
61,125.08
0.00
0.00
5, 199, 732.20
436,086.45
0.00
325,444.84
15,467,255.35
48, 112,890.61
DEBIT
2, 108,469.19
0.00
6,584.41
746.04
0.00
435, 172.55
442,503.00
7,242.32
28,969.03
111.21
32,296.00
0.00
28,201.49
8,070.95
0.00
54,854.02
66,131.11
18,086.07
41,012.42
24,554.00
0.00
0.00
7,202.67
0.00
0.00
6,500.00
57,276.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00
162,344.00
4,167.00
0.00
21,828.55
568,847.02
3, 119,819.21
Total Investment:
% Change of
Change In Cash Balance
Ending Cash from Previous
CREDIT CASH Balance Month-End
1,249,923.67 20,384,884.30 858,545.52 4%
0.00 1,004,360.37 0.00 0%
50,458.00 9,638,408.43 (43,873.59) 0%
20,687.31 3,027,156.51 (19,941.27) 1%
0.00 941,705.68 0.00 0%
515,473.93 (1,636,450. 75) (80,301.38) 5%
586,619.24 12,975,180.24 (144, 116.24) 1%
212,897.76 426,896.40 (205,655.44) 33%
0.00 158,709.39 28,969.03 22%
0.00 20,234.03 111.21 1%
37,744.25 (6,688.09) (5,448.25) 100%
0.00 0.00 0.00 0%
0.00 1,810,621.21 28,201.49 2%
9,848.63 410,522.79 (1,777.68) 0%
50,000.00 115,952.24 (50,000.00 30%
0.00 1,987,715.27 54,854.02 3%
249,533.02 235,619.34 (183,401.91) 44%
0.00 105,368.80 18,086.07 21%
0.00 1,099,380.11 41,012.42 4%
33,405.00 139,199.82 (8,851.00) 6%
1,586.33 772,329.65 (1,586.33) 0%
0.00 (55,073.29) 0.00 0%
4,177.42 36,506.92 3,025.25 9%
0.00 0.00 0.00 0%
0.00 119,046.47 0.00 0%
512.34 858,902.15 5,987.66 1%
0.00 57,816.85 57,276.18 100%
0.00 12,418.00 0.00 0%
1,814.73 498,152.82 (1,814.73) 0%
0.00 412,783.78 0.00 0%
0.00 7,440.11 0.00 0%
0.00 61,125.08 0.00 0%
0.00 0.00 0.00 0%
0.00 0.00 0.00 0%
817,980.34 4,544,095.86 (655,636.34) 13%
2,722.50 437,530.95 1,444.50 0%
0.00 0.00 0.00 0%
15,440.75 331,832.64 6,387.80 2%
1,437,663.07 14,598,439.30 (868,816.05) 6%
3,274,205.98 47,958,503.84 (154,386.77) 0%
47,958,503.84
TREASURIES
BOA TREAS DIRECT
0.00 0.00
0.00 0.00
TOTAL CASH
48, 112,890.61
2,647,897.16
0.00
(2,785,946.41)
(46,207.74)
29,870.22
400, 170.03
(400, 170.03)
47,958,503.84
YTD INT
RECEIVED
56,054.46
56,054.46
D-3
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 12126/2013
Century Bank &
Trust Company 12/26/2013
Ever Bank 12/26/2013
First Foundation
Bank 1212612013
Meridian Bnak 1212612013
Western
Alliance Bank 12/2612013
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
FEBRUARY 2014
Maturity Market
Term Date Value
NIA On Demand $ 4,983,519
NIA On Demand $ 41,774,985
26weeks 6/23/2014 250,000
26weeks 6/23/2014 244,500
26 weeks 6/23/2014 244,500
26 weeks 612312014 105,945
26 weeks 612312014 $ 110,555
26 weeks 6/2312014 $ 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
$ 4,983,519 0.00%
$ 41,774,985 0.24%
$ 250,000 0.35%
$ 244,500 0.25%
$ 244,500 0.25%
$ 105,945 0.25%
$ 110,555 0.25%
$ 244,500 0.25%
$ 47,958,504
0.2%
Dated
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