RPVCCA_CC_SR_2014_09_02_E_July_2014_Cash_BalancesCITY OF RANCHO PALOS VERDES
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF T~TY COUNCIL
DENNIS MCLEAN, DIRECTOR OF FINANCE ~
SEPTEMBER 2, 2014
JULY 2014 MONTHLY REPORT OF CASH BALANCES
CAROLYNN PETRU, ACTING CITY MANAGER~
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the July 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 July 2014.
ANALYSIS
The overall cash balances of the City totaled $55,876,467 at July 31, 2014. This represents
a $692,838 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).
E-1
July 2014 Monthly Report of Cash Balances
September 2, 2014
Page 2
Employee Benefits Fund -The cash balance in this fund decreased by more than $94,000
during the month. The most significant factor of decrease was the disbursements for the
City's share of employee insurance premiums totaling $69,804.
Gas Tax Fund -The cash balance in this fund increased by more than $62,000 during the
month. The City received its July Highway Users Tax payment, which is typically a larger
payment in the annual cycle. The operating expenditures were low due to timing of the
payments.
Proposition A Fund -The cash balance in this fund increased by more than $50,000 during
the month due to receipt of the July 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.
Water Quality Flood Protection Fund -The cash balance in this fund decreased by more
than $257,000 during the month mainly due to a large disbursement of $150,504 to L. H.
Woods & Sons for the San Ramon Canyon Stabilization project. Other disbursements
including $30,745 to CBM Consulting, $38, 126 to RBF Consulting, $10,550 to KPFF
Consulting Engineers, $13,356 to Ninyo & Moore Geotechnical, and $9,907 to
Performance Pipeline Tech were also for the San Ramon Canyon Stabilization project. The
revenue the City received was partially offset by project disbursements.
Redevelopment Obligation Retirement Fund -The cash balance in this fund decreased by ·
more than $68,000 during the month due to an annual administrative charge of $60,750 to
this fund. The administrative charge included staff time, general liability insurance, and
printing.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JULY 2014
Bank Bank
of America of the West
OPERATING OPERATING BANKCARD PETTY CASH PAYROLL
BEGINNING BALANCE 2,684,501.40 4,485,811.39 0.00 2,500.00 398,159.42
PLUS: DEPOSITS 193,279.49 1,359,122.18
PLUS: INTEREST EARNINGS(1)
LESS: CHECK DISBURSEMENTS (1,756,830.35)
LESS: ELECTRONIC DISBURSEMENTS(2) (2,589.64) (32,287.82)
ADJUSTMENTS(3) 1,135.00 19,998.58
PLUS: TRANSFERS IN 398,159.42
LESS: TRANSFERS OUT (2,000,000.00) (499,392.24) (398, 159.42)
ENDING BALANCE 1,27 4,485.67 3,576,421. 7 4 0.00 2,500.00 0.00
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements: BOA BOW
Cal Pers 25,105.23
Postage 2,500.00
Bank and Merchant Fees 2,589.64 7.95
Property Purchase-Escrow Fee 2,055.64
Sales Tax -PVIC Gift Shop 2,619.00
2,589.64 32,287.82
(3) The net adjustment was due to non-sufficient check items, void checks, and deposit adjustment.
CASH BALANCES BY FUND
Unrestricted
GJ;Nt::RAt: FUND
Restricted by Council Action
BEAUTIFICATION FUND
CIP
EQUIPMENT REPLACEMENT
BUILDING REPLACEMENT
EMPLOYEE BENEFITS
Subtotal
Restricted bv Law or External Aaencies
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
GRANDTOiAL
BALANCE
FORWARD
21, 16Q,545.97
1,004,838.37
13,953,577.31
2,972,673.27
942,153.68
(1,946,788.49)
16,926,454.14
496,440.76
254,841.60
21,124.63
(40,409.59)
0.00
1,928,914.86
479,306.24
86,240.07
2,188,957.05
476,424.44
120,511.19
1,249,681.78
2, 168,001.41
825,565.36
12,367.71
78,563.18
0.00
119, 103.47
865,595.17
57,832.85
23,513.00
499,685.88
413,483.78
7,440.11
95,288.08
0.00
0.00
5, 108,538.54
600,137.90
0.00
336,155.64
18,473,305.11
56,569 305.22
DEBIT CREDIT CASH
1,352,805,73 1,411,206.83 21111,144.87
518.66 32.30 1,005,324. 73
6,824.50 296,968.97 13,663,432.84
4,598.15 41,686.71 2,935,584. 71
485.63 30.29 942,609.02
512,232.82 607,162.18 (2,041,717.85)
524,659.76 945,880.45 16,505,233.45
129,882.53 67,770.31 558,552.98
1,725.91 6.31 256,561.20
29.30 0.66 21,153.27
0.00 35,524.00 (75,933.59)
0.00 0.00 0.00
5,809.08 58,931.76 1,875, 792.18
20,260.12 14,951.05 484,615.31
40.29 3.14 86,277.22
42,675.30 66.30 2,231,566.05
50,335.07 11.76 526,747.75
62.24 3.62 120,569.81
31,715.18 37.14 1,281,359.82
546.79 25.87 2, 168,522.33
426.11 630.55 825,360.92
0.00 0.00 12,367.71
481.43 4,042.25 75,002.36
0.00 0.00 0.00
61.67 3.83 119,161.31
3,446.44 361.09 -868,680.52
30.11 1.55 57,861.41
7.92 0.46 23,520.46
258.07 16.02 499,927.93
213.59 13.28 413,684.09
0.00 0.00 7,440.11
42.88 2.44 95,328.52
0.00 0.00 0.00
0.00 0.00 0.00
11,458.18 268,935.16 4,851,061.56
18,410.39 87,082.82 531,465.47
0.00 0.00 0.00
26,148.00 18,861.62 343,442.02
344,066.60 557,282.99 18,260, 088. 72
2,221,532.09 2,914,370.27 55,876,467.04
Total Investment: 55,876,467.04
YTDINT
INVESTMENT TREASURIES
LAIF-CITY CDARS TREAS DIRECT TOTAL CASH RECEIVED
47,798,333.01 1,200,000.00 0.00 56,569,305.22
1,552,401.67
24,726.62 24,726.62 24,726.62
(1, 756,830.35)
(34,877.46)
21,133.58
2,000,000.00 2,398, 159.42
(2,897,551.66)
49,823,059.63 1,200,000.00 0.00 55,876,467.04 24,726.62
% Change of
Change In Cash Balance
Ending Cash from Previous
Balance Month-End
(58401.10 0%
486.36 0%
(290, 144.47) 2%
(37,088.56) 1%
455.34 0%
(94,929.36) 5%
(421 220.$9) 2%
62, 112.22 13%
1,719.60 1%
28.64 0%
(35,524.00) 88%
0.00 0%
(53,122.68 3%
5,309.07 1%
37.15 0%
42,609.00 2%
50,323.31 11%
58.62 0%
31,678.04 3%
520.92 0%
(204.44) 0%
0.00 0%
(3,560.82) 5%
0.00 0%
57.84 0%
3,085.35 0%
28.56 0%
7.46 0%
242.05 0%
200.31 0%
0.00 0%
40.44 0%
0.00 0%
0.00 0%
(257,476.98) 5%
(68,672.43) 11%
0.00 0%
7,286.38 2%
(213,216.39 1%
(692,838.18 1%
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JULY 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 $ 1,276,986 N/A $ 1,276,986
Bank of the
Checking Accounts West NIA N/A On Demand $ 3,576,422 N/A $ 3,576,422
State of
Local Agency Investment Fund (LAIF) California N/A N/A On Demand $ 49,823,060 N/A $ 49,823,060
CDARS -Malaga Bank Malaga Bank 12/26/2013 26weeks 12/23/2014 250,000 $ 250,000
Century Bank &
Trust Company 12/26/2013 26 weeks 12/23/2014 244,500 $ 244,500
Ever Bank 12/26/2013 26weeks 12/23/2014 244,500 $ 244,500
First Foundation
Bank 12/26/2013 26weeks 12/23/2014 105,945 $ 105,945
Meridian Bnak 12/26/2013 26weeks 12/23/2014 $ 110,555 $ 110,555
Western
Alliance Bank 12/26/2013 26weeks 12/23/2014 $ 244,500 $ 244,500
Total Investment: $ 55,876,467
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 tor the next six months.
"Treasurer ~
Yield
0.00%
0.00%
0.24%
0.35%
0.25%
0.25%
0.25%
0.25%
0.25%
0.2%
Dated
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