RPVCCA_CC_SR_2014_05_06_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~
MAY 6, 2014
MARCH 2014 MONTHLY REPORT OF CASH BALANCES
CITY MANAGE@
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the March 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 March 2014.
ANALYSIS
The overall cash balances of the City totaled $48,521,732 at March 31, 2014. This
represents a $563,228 increase during the month. The overall increase 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).
General Fund -The cash balance in this fund decreased by more than $2,239,000 during
the month. The decrease was primarily due to the result of recording annual budgeted
funding transfers, the largest of which is funding forthe residential pavement project in the
D-1
March 2014 Monthly Report of Cash Balances
May 6, 2014
Page 2
Capital Improvement Projects Fund. The March revenue includes the sales tax revenue of
$163,822, Edco third quarter franchise fee of $110,243, and Terranea transient occupancy
tax of $299,300. The March revenue was offset by normal operating expenditures.
CIP Fund -The cash balance in this fund increased by more than $1,664,000 during the
month. The increase was attributed to a $1,874,414 contribution from the General Fund
for the residential pavement project in accordance with FY13-14 budget. The project
included the area at Eastview, South Eastview, Peninsula Verde, and Rolling Hills Riviera.
Disbursements included $135,390 to VSS International and $12,107 to Merit Civil
Engineering for the residential street improvement project, and $30,471 to Land Forms
Construction for the City trail maintenance.
Employee Benefits Fund -The cash balance in this fund decreased by more than $77,000
during the month. The most significant factor of decrease was the disbursements for the
City's share of employee insurance premiums totaling $69,660.
Proposition A Fund-The cash balance in this fund increased by more than $67,000 during
the month due to receipt of the March Proposition A apportionment. The Proposition A fund
pays forthe Palos Verdes Peninsula Transit Authority contribution. Disbursements forthat
contribution are only made twice per year, typically in August and January.
Habitat Restoration Fund -The cash balance in this fund increased by more than
$125,000 during the month. The increase was due to a $150,000 contribution from the
General Fund for the management of Preserve performed by Palos Verdes Peninsula Land
Conservancy in accordance with the agreement and the FY13-14 budget.
Subregion 1 Maintenance Fund -The cash balance in this fund increased by more than
$56,000 during the month. The increase was due to a $61,000 contribution from the
General Fund for maintenance in accordance with FY13-14 budget.
Water Quality Flood Protection Fund -The cash balance in this fund increased by more
than $885,000 during the month. The City received a reimbursement of $1,654,765 from
the State for the Proposition 1 E Stormwater Flood Management program for the San
Ramon Canyon Stabilization project for the quarter ended December 2013. Disbursements
included $629,220 to L. H. Woods & Sons, $45,795 to CBM Consulting, Inc., $15,278 to
RBF Consulting, and $11,716 to Ninyo & Moore Geotechnical forthe San Ramon Canyon
Stabilization project. The revenue the City received was partially offset by the
disbursement.
D-2
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 interest is paid quarterly.
(2) Electronic Disbursements:
Cal Pers
Bank and Merchant Fees
OPERATING
4,589,066.55
3,240,815.79
(2, 189,347.10)
(42,220.80)
(40,884.13)
(405, 147.23)
5, 152,283.08
38,656.62
3,564.18
42,220.80
BANKCARD
0.00
0.00
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MARCH 2014
INVESTMENT
PETTY CASH PAYROLL LAIF-CITY CDARS
2,500.00 391,952.06 41,774,985.23 1,200,000.00
(405, 147.24)
11.37
405, 147.23
2,500.00 391,963.42 41,774,985.23 1,200,000.00
(3) The net adjustment was due to a non-sufficient check item, void checks, and interfund adjustment.
CASH BALANCES BY FUND
Unrestricted
GENE\RALFUND .{;; .;:·· ') .••....
Restricted by Council Action
BEAUTIFICATION FUND
GIP
EQUIPMENT REPLACEMENT
BUILDING REPLACEMENT
EMPLOYEE BENEFITS
Subtotal ... .• :im ;,•;:• ...
Restricted by Law or External Agencies
GAS TAX
1972ACT
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
subtotal l ... , •••
GRAND TOTAL .. ;:
BALANCE
FORWARD
21:li3W;8e/I.30••
1,004,360.37
9,638,408.43
3,027, 156.51
941,705.68
(1,636,450.75)
· 1~1s1.0•1*39".2i1
426,896.40
158,709.39
20,234.03
(6,688.09)
0.00
1,810,621.21
410,522.79
115,952.24
1,987,715.27
235,619.34
105,368.80
1,099,380.11
139,199.82
772,329.65
(55,073.29)
36,506.92
0.00
119,046.47
858,902.15
57,816.85
12,418.00
498,152.82
412,783.78
7,440.11
61,125.08
0.00
0.00
4,544,095.86
437,530.95
0.00
331
14
DEBIT
·. :,· .. 1,17$165'1\M
0.00
1,900,565.01
56,330.85
0.00
442,367.86
. '2;1,l9Q,2!$17ll
97,533.91
0.00
8.47
19,358.00
0.00
2,161.13
42,741.91
11,725.54
55,727.23
67, 155.48
15,096.39
42,021.58
150,000.00
61,000.00
0.00
50,700.00
0.00
0.00
4,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,656, 145.81
4,167.00
0.00
37 470.11
2,31.7::012;fi6
·: . ·s;""'' """,s2 ..
Total Investment:
% Change of
Change In Cash Balance
Ending Cash from Previous
CREDIT CASH Balance Month-End
. .·· 3;41!1,25(~5; tS,1'45,;280:99 • .121~9ii3"0~1$ffl •)'1);). R~!,11%
0.00 1,004,360.37 0.00 0%
235,637.89 11,303,335.55 1,664,927.12 17%
12,706.96 3,070, 780.40 43,623.89 1%
0.00 941,705.68 0.00 0%
519,478.35 (1,713,561.24) (77, 110.49) 5%
: 767)&23.20 141aos,-a2:0:7.0F 1.,a3,1~illlM2 [;,; < .. · 13%
120,215.40 404,214.91 (22,681.49) 5%
0.00 158,709.39 0.00 0%
0.00 20,242.50 8.47 0%
53,470.25 (40,800.34) (34, 112.25) 100%
0.00 0.00 0.00 0%
52,899.22 1, 759,883.12 (50,738.09) 3%
8,949.72 444,314.98 33,792.19 8%
54,909.90 72,767.88 143,184.36) 37%
0.00 2,043,442.50 55,727.23 3%
0.00 302,774.82 67,155.48 29%
0.00 120,465.19 15,096.39 14%
0.00 1, 141,401.69 42,021.58 4%
24,544.00 264,655.82 125,456.00 90%
4,386.72 828,942.93 56,613.28 7%
0.00 (55,073.29) 0.00 0%
3,828.39 83,378.53 46,871.61 100%
0.00 0.00 0.00 0%
0.00 119,046.47 0.00 0%
301.61 862,600.54 3,698.39 0%
0.00 57,816.85 0.00 0%
0.00 12,418.00 0.00 0%
0.00 498,152.82 0.00 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%
771,093.95 5,429,147.72 885,051.86 19%
2,204.50 439,493.45 1,962.50 0%
0.00 0.00 0.00 0%
~·(11,348.11) 3%
1 =68 ··:.-8%
5 • .8,9., 1%
48,521,731.73
TREASURIES
BOA TREAS DIRECT
0.00 0.00
0.00 0.00
TOTAL CASH
47,958,503.84
3,240,815. 79
0.00
(2,594,494.34)
(42,220.80)
(40,872.76)
405,147.23
(405, 147.23)
48,521,731.73
YTDINT
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 1212612013
Century Bank &
Trust Company 1212612013
Ever Bank 1212612013
First Foundation
Bank 12/26/2013
Meridian Bnak 12/26/2013
Western
Alliance Bank 12/26/2013
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MARCH 2014
Maturity Market
Term Date Value
NIA On Demand $ 5,546,747
NIA On Demand $ 41,774,985
26 weeks 612312014 250,000
26weeks 612312014 244,500
26weeks 6123/2014 244,500
26weeks 6/23/2014 105,945
26weeks 6/23/2014 $ 110,555
26 weeks 6/23/2014 $ 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
$ 5,546,747 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%
$ 48,521,732
0.2%
Dated
D-4