RPVCCA_CC_SR_2014_08_05_C_City_Monthly_Cash_Balances_MayCITY OF RANCHO PALOS VERDES
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
DIRECTOR OF FINANCE l CD r OfY\v
AUGUST 5, 2014
MAY 2014 MONTHLY REPORT OF CASH BALANCES
ACTING CITY MANAGER®
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the May 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 May 2014.
ANALYSIS
The overall cash balances of the City totaled $54,968,698 at May 31, 2014. This
represents a $3,955,869 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).
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May 2014 Monthly Report of Cash Balances
AugustS,2014
Page 2
General Fund -The cash balance in this fund increased by more than $3,200,000 during
the month. The increase was primarily the result of receipt of the May property tax revenue
of $3,037,369, which included nearly $2 million of property tax in-lieu of VLF. The May
revenue was partially offset by normal operating expenditures.
Gas Tax Fund-The cash balance in this fund decreased by more than $95,000 during the
month. The decrease was attributable to total disbursements of $116,949 to Hardy &
Harper for two months of services including the Palos Verdes Drive South landslide repair
project and regular road maintenance projects. The May Highway User Tax payment were
offset by project disbursements.
Proposition A Fund -The cash balance in this fund increased by more than $62,000 during
the month due to receipt of the May 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, typically in August and January.
Habitat Restoration Fund -The cash balance in this fund increased by more than
$1,500,000 during the month. The increase was due to receipt of $1,611,671 as result of
the settlement with Southern California Edison for the 2009 fire in the Portuguese Bend
Nature Preserve. The total settlement amount is $1,936,671.59. The remaining $325,000
was received in June.
Water Quality Flood Protection Fund -The cash balance in this fund decreased by more
than $1,200,000 during the month mainly due to a large disbursement of $1,566, 108 to L.
H. Woods & Sons for the San Ramon Canyon Stabilization project. Other disbursements
including $86,740 to CBM Consulting, $72,449 to RBF Consulting, $63,090 to Torrey Pines
Bank for San Ramon retention, and $43,568 to KPFF Consulting Engineers were also for
the San Ramon Canyon Stabilization project. The revenue the City received was partially
offset by project disbursements.
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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 interest is paid quarterly.
(2) Electronic Disbursements:
CalPers
Bank and Merchant Fees
BOA
OPERATING
4,613,836.30
7, 103,509.60
(2,672,860.34)
(43,566.84)
4,906.90
(2,436, 120.42)
6,569,705.20
40,882.16
2,684.68
43,566.84
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MAY 2014
BOW
OPERATING BANKCARD PETTY CASH PAYROLL
0.00 2,500.00 398,159.40
(436, 120.43)
2,000,000.00 436,120.42
2,000,000.00 0.00 2,500.00 398,159.39
(3) The net adjustment was due to nor-sufficient check items, void checks, and deposit adjustment.
CASH BALANCES BY FUND
Unrestricted
GENERAL FUND
Restricted by Council Action
BEAUTIFICATION FUND
CIP
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
Subtotal
GRAND TOTAL
BALANCE
FORWARD
17,735,372.56
1,004,838.37
13,611,043.55
3,033, 163.81
942,153.68
(1,788,933.19)
16,802,265.22
456,914.42
221,458.38
20,857.02
(21,071.34)
0.00
1,914,618.66
453,932.59
72,831.88
2,083,294.01
349,433.03
120,511.19
1,171,092.12
264,734.82
829,264.10
(55,073.29)
76, 115.96
0.00
119,103.47
863,009.54
57,832.85
12,418.00
497,276.88
412,983.78
7,440.11
86,756.08
0.00
0.00
5,692,038.44
434,271.45
0.00
333, 145.78
16,475, 189.93
51 012,828.71
DEBIT CREDIT CASH
6,47 4,683.24 3,252,98.t.09 20,957,074,71
0.00 0.00 1,004,838.37
435,756.28 91,230.88 13,955,568.95
479.40 30,505.88 3,003, 137.33
0.00 0.00 942,153.68
471,057.22 542,121.60 (1,859,997.57)
907,292.90 653,858:36 17,045,700.75.
118,236.24 214,022.07 361,128.59
33,383.22 0.00 254,841.60
260.43 0.00 21,117.45
0.00 2,509.00 (23,580.34)
0.00 0.00 0.00
66,152.80 26,640.94 1,954,130.52
7,458.15 10,908.74 450,482.00
0.00 0.00 72,831.88
51,851.00 0.00 2, 135, 145.01
62,510.72 0.00 411,943.75
0.00 0.00 120,511.19
38,873.29 0.00 1,209,965.41
1,611,671.59 33,405.00 1,843,001.41
0.00 2,071.45 827,192.65
0.00 0.00 (55,073.29)
6,711.84 1,597.62 81,230.18
0.00 0.00 0.00
0.00 0.00 119, 103.47
2,500.00 585.53 864,924.01
0.00 0.00 57,832.85
0.00 0.00 12,418.00
0.00 365.00 496,911.88
500.00 0.00 413,483.78
0.00 0.00 7,440.11
2,844.00 0.00 89,600.08
0.00 0.00 0.00
0.00 0.00 0.00
173,036.60 1,396,740.96 4,468,334.08
4, 167.00 66.00 438,372.45
0.00 0.00 0.00
15,004.43 15,516.80 332,633.41
2,195,161.31 1, 704,429.11 16,965,922.13
9,577, 137.45 5,621,268.56 54,968,697.60
Total Investment: 54,968,697.60
INVESTMENT TREASURIES
LAIF-CITY CDARS rREAS DIREC'
44,798,333.01 1,200,000.00 0.00
44,798,333.01 1,200,000.00 0.00
% Change of
Change In Cash Balance
Ending Cash from Previous
Balance Month-End
3,221,702.15 18%
0.00 0%
344,525.40 3%
(30,026.48) 1%
0.00 0%
(71,064.38) 4%
243,43•1:54 1%
(95, 785.83) 21%
33,383.22 15%
260.43 1%
(2,509.00) 12%
0.00 0%
39,511.86 2%
(3,450.59) 1%
0.00 0%
51,851.00 2%
62,510.72 18%
0.00 0%
38,873.29 3%
1,578,266.59 100%
(2,071.45) 0%
0.00 0%
5,114.22 7%
0.00 0%·
0.00 0%
1,914.47 0%
0.00 0%
0.00 0%
(365.00) 0%
500.00 0%
0.00 0%
2,844.00 3%
0.00 0%
0.00 0%
(1,223, 704.36) 21%
4,101.00 1%
0.00 0%
(512.37) 0%
490,732.20 3%
3,955,868.89 8%
TOTAL CASH
51,012,828.71
7,103,509.60
0.00
(3, 108,980. 77)
(43,566.84)
4,906.90
2,436, 120.42
(2,436, 120.42)
54,968,697.60
YTD INT
RECEIVED
56,054.46
56,054.46
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MAY 2014
Issuer of Acquisition Maturity Market Par Book
Investment Investment Date Term Date Value Value Value
Checking Accounts Bank of America N/A N/A On Demand $ 6,970,365 N/A $ 6,970,365
Bank of the
Checking Accounts West NIA N/A On Demand $ 2,000,000 N/A $ 2,000,000
State of
Local Agency Investment Fund (LAIF) California N/A N/A On Demand $ 44,798,333 N/A $ 44,798,333
CDARS • Malaga Bank Malaga Bank 12/26/2013 26 weeks 6/23/2014 250,000 $ 250,000
Century Bank &
Trust Company 12/26/2013 26weeks 6/23/2014 244,500 $ 244,500
Ever Bank 12/26/2013 26weeks 6/23/2014 244,500 $ 244,500
First Foundation
Bank 12/26/2013 26weeks 6/23/2014 105,945 $ 105,945
Meridian Bnak 12/26/2013 26weeks 6/23/2014 $ 110,555 $ 110,555
Western
Alliance Bank 12/26/2013 26 weeks 6/23/2014 $ 244,500 $ 244,500
Total Investment: $ 54,968,698
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.
Yield
0.00%
0.00%
0.23%
0.35%
0.25%
0.25%
0.25%
0.25%
0.25%
0.2%
Dated
C-4