RPVCCA_CC_SR_2013_10_01_K_Monthly_Cash_BalancesCITY OF
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
Staff Coordinator:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUN~~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOG~
OCTOBER 1, 2013
AUGUST 2013 MO~~L Y REPORT OF CASH BALANCES
CITY MANAGER C!Y___
Jane Lin, Accountant
RECOMMENDATION
Receive and file the August 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 August 2013.
ANALYSIS
The overall cash balances of the City totaled $47,078,401 at August 31, 2013. This
represents a $2,687,842 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).
General Fund and Capital Improvement Projects (CIP) Fund -Fund Transfers
There were significant changes in the cash balances for each of these funds, as well as
other funds of the City, during August due to the year-end closing process. The accounting
K-1
August 2013 Monthly Report of Cash Balances
October 1, 2013
Page 2
for capital projects is centralized in the CIP Fund. These projects are funded with a variety
of sources, including operating transfers from other funds. Once the final actual project
costs are identified forthe fiscal year, funding transfers are processed. The large decrease
in the General Fund was primarily due to approximately the $5 million transfer to the CIP
Reserve equivalent to the sum of transient occupancy tax revenue received for FY12-13,
as well as the FY11-12 favorable expenditure variance as now required by the City Council
Reserve Policy. The large decrease in the CIP Fund was attributable to the net impact of
the $8.3 million transfer from the CIP Reserve to the WQFP Fund for the San Ramon
Canyon Stabilization project, and the approximate $5 million transfer from the General
Fund to the CIP Fund noted above. All year-end transfers were processed in accordance
with the FY12-13 budget.
Employee Benefits Fund -The cash balance in this fund decreased by more than $72,000
during the month. The most significant factor of decrease was the disbursements for the
City's share of employee insurance premiums totaling $65,399.
Gas Tax Fund -The cash balance in this fund increased by more than $697,000 during
the month. The increase was mainly due to a large transfer from the Proposition C Fund to
maintain Palos Verdes Drive South in the landslide area, as well as funding transfers from
other restricted funds for FY12-13 street landscaping and traffic signal maintenance (1972
Act, Beautification, and 1911 Act Funds). Disbursements included $22,778 to Western
Cost Arborists for the tree trimming project, $24,281 to Marina Landscape for the right of
way maintenance project, and $18, 797 to Ven co Western for the landscaping maintenance
project.
Proposition A Fund -The cash balance in this fund increased by more than $61,000 during
the month due to receipt of the August 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 decreased by more than $95,000
during the month. The decrease was due to the disbursements to Palos Verdes Peninsula
Land Conservancy (PVPLC) for the Portuguese Trail Rehabilitation project. The
disbursement to PVPLC was attributable to a pass-through grant from the State. Our City
received the grant in July and forwarded the funds to PVPLC in August.
Water Quality Flood Protection Fund -The cash balance in this fund increased by more
than $6,095,000 during the month mainly due to the $8.3 funding transfer from the CIP
Fund noted above. Disbursements included $1,672,218 to L. H. Woods & Sons for the
San Ramon Canyon Stabilization project. Other disbursements including $60,330 to CBM
Consulting, $67,219 to Sancon Engineering, $26,625 to SFC Consulting, and $30,453 to
Ninyo & Moore Geotechnical for the storm drain rehabilitation and lining project.
Redevelopment Obligation Retirement Fund -The cash balance in this fund decreased by
more than $58,000 during the month due to a transfer to the General Fund to cover
K-2
August 2013 Monthly Report of Cash Balances
October 1, 2013
Page 3
administrative costs, This fund was created to receive funds from the County Auditor-
Controller to pay enforceable obligations of the former redevelopment agency. Pursuant to
Health and Safety Code Section 34170.5, each successor agency to a former
redevelopment agency shall create within its treasury a Redevelopment Obligation
Retirement Fund to be administered by the successor agency.
Special Trusts Fund -The cash balance in this fund decreased by more than $67,000
during the month. The decrease was primarily due to processing two refund checks back to
depositors. One was paid to Marymount for $40,000; and another was paid to Long Point
Development for $21,696.
K-3
BEGINNING BALANCE
PLUS: DEPOSITS
PLUS: INTEREST EARNINGS(1)
LESS: CHECK DISBURSEMENTS
LESS: ELECTRONIC DISBURSEMENTS(2:
ADJUSTMENTS(3)
PLUS: TRANSFERS IN
LESS: TRANSFERS OUT
ENDING BALANCE
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements:
CaiPers
Postage
Bank and Merchant Fees
OPERATING
2,472,534.48
1,986,343.16
(4,082,602.56)
(55,538. 75)
54,125.85
3,000,000.00
(593,750.90)
2,781,111.28
50,883.06
2,500.00
2,155.69
55,538.75
BANKCARD
0.00
0.00
(3) The net adjustment was due to fdurteen void checks and other adjustment.
CASH BALANCES BY FUND
Unrestricted
GENi:;RAL FUND ·.·· ./ ,··
Restricted by Council Action
BEAUTIFICATION FUND
GIP
EQUIPMENT REPLACEMENT
BUILDING REPLACEMENT
EMPLOYEE BENEFITS
S.\Jbtotat .
Restricted by Law or External Agencies
GAS TAX
1972ACT
EL PRADO
CDBG
CDBG-R
1911 ACT
SOLID WASTE
AIR QUALITY MANAGEMENT
PROPOSITION C
PROPOSITION A
PUBLIC SAFETY GRANTS
MEASURER
HABITAT RESTORATION
SUBREGION 1 MAINTENANCE
MEASURE A MAINTENANCE
ABALONE COVE SEWER DISTRICT
RPVlV
GINSBURG CULTURE ARTS BUILDING
DONOR RESTRICTED CONTRIBUTIONS
QUIMBY
LOW-MODERATE INCOME HOUSING
AFFORDABLE HSNG IN LIEU
EET
MEASURE A CAPITAL
BIKEWAYS
UNDERGROUND UTILITIES
ROADWAY BEAUTIFICATION
WATER QUALITY FLOOD PROTECTION
REDEVELOPMENT OBLIGATION RETIRE
IMPROVEMENT DISTRICT 9
SPECIAL TRUSTS
Subtotal
GRAND TOTAL
BALANCE
FORWARD
19,534,08ji2lH
1,196,131.37
14,919,860.20
2,509, 144.84
940,605.68
(956,714.16)
18,¢1Q$,Q27;93 .
461,371.81
267,873.30
18,978.73
(30,316.84)
0.00
1, 799, 776.89
380,053.44
139,064.16
1,940,924.59
365,379.23
120,400.19
837,359.22
279,795.07
797,005.84
26,921.71
38,076.48
0.00
138,890.47
843,447.31
29,504.67
12,411.00
501,370.58
452,446.78
7,440.11
62,590.08
0.00
0.00
1,291,440.97
430,128.90
0.00
410,798.63
~
DEBIT
1;iisa,121.ae
0.00
5,283, 178.18
622.88
0.00
640,029.20
. •, 5,92:3;8$0.26
916,956.67
1,266.11
85.16
30,318.00
0.00
74,523.64
11,371.32
13,233.89
53,383.11
349, 139.21
0.00
39,938.22
0.00
112.24
0.00
134.71
0.00
0.00
4,500.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
8,327,958.69
4, 167.00
0.00
47,413.05
9,874,501.02.
17,692,053,'1'6
Total Investment:
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
AUGUST2013
TREASURIES
PETTY CASH PAYROLL LAIF-CITY BOA
2,500.00 372,568.94 46,918,639.08 0.00
(590, 169.47)
593,750.90
(3,000,000.00)
2,500.00 376,150.37 43,918,639.08 0.00
% Change of
Change In Cash Balance
Ending Cash from Previous
CREDIT CASH Balance Month-End
6,6$1,680,64 1.4,731, 122.49 <l4,8Q2,S!i8.7a :C \ 25%
193,000.00 1,003, 131.37 (193,000.00) 16%
8,641,837.55 11,561,200.83 (3,358,659.37) 23%
45,901.37 2,463,866.35 (45,278.49) 2%
0.00 940,605.68 0.00 0%
712,399.28 (1,029,084.24) (72,370.08) 8%
· · t9iP"9$;,,:;ie,?o 111:s~svc~.f1:1\JJ1:1 j'i):(~!;§e9,307;9115 "· 20%
219,407.66 1,158,920.82 697,549.01 100%
199,077.00 70,062.41 (197,810.89) 74%
0.00 19,063.89 85.16 0%
1.00 0.16 30,317.00 100%
0.00 0.00 0.00 0%
174,051.29 1, 700,249.24 (99,527.65) 6%
36,866.94 354,557.82 (25,495.62) 7%
0.00 152,298.05 13,233.89 10%
305,866.00 1,688,441.70 (252,482.89) 13%
287,696.00 426,822.44 61,443.21 17%
100,000.00 20,400.19 (100,000.00) 83%
0.00 877,297.44 39,938.22 5%
95,238.00 184,557.07 (95,238.00) 34%
3,369.86 793,748.22 (3,257.62) 0%
100,000.00 (73,078.29) (100,000.00) 100%
6,590.80 31,620.39 (6,456.09) 17%
0.00 0.00 0.00 0%
0.00 138,890.47 0.00 0%
762.32 847,184.99 3,737.68 0%
0.00 29,504.67 0.00 0%
0.00 12,411.00 0.00 0%
3.03 501,367.55 (3.03) 0%
0.00 452,446.78 0.00 0%
150,000.00 (142,559.89) (150,000.00) 100%
1,536.00 61,054.08 (1,536.00) 2%
0.00 0.00 0.00 0%
0.00 0.00 0.00 0%
2,232,317.17 7,387,082.49 6,095,641.52 100%
62,218.91 372,076.99 (58,051.91) 13%
0.00 0.00 0.00 0%
115,074.11 343,137.57 (67,661.06 16%
4,090,076.09 17,407,558.25 5,784, : .. 50%
20,379,894.93 47.078,400.73 (2 ", 5%
47,078,400.73
TREASURIES
BOA TREAS DIRECT
0.00 0.00
0.00 0.00
TOTAL CASH
49, 766,242.50
1,986,343.16
0.00
(4,672,772.03)
(55,538.75)
54,125.85
3,593,750.90
(3,593, 750.90)
47,078,400.73
YTD INT
RECEIVED
29,382.03
29,382.03
K-4
Investment
Checking Accounts
Local Agency Investment
Fund (LAIF)
Issuer of
Investment
Bank of America
State of
California
Acquisition
Date
NIA
NIA
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
AUGUST2013
Term
NIA
NIA
Maturity
Date
Market
Value
On Demand $ 3, 159, 762
On Demand $ 43,918,639
NOTE(1)
NOTE(2)
Par
Value
NIA
NIA
Book
Value
$ 3,159,762
$ 43,918,639
Total Investment: $ 47,078,401
Yield
0.00%
0.27%
Total Investment Weighted Average Return 0.3%
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.
Dated
K-5