RPVCCA_CC_SR_2014_10_07_E_City_Monthly_Cash_BalancesCrTYOF
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
DENNIS MCLEAN, DIRECTOR OF FINANCE ~
OCTOBER 7, 2014
AUGUST 2014 MONTHLY REPORT OF CASH BALANCES
CAROLYNN PETRU, ACTING CITY MANAGE~
Staff Coordinator: Jane Lin, Accountant
RECOMMENDATION
Receive and file the August 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 August 2014.
ANALYSIS
The overall cash balances of the City totaled $54,185,429 at August 31, 2014. This
represents a $1,691,038 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).
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August 2014 Monthly Report of Cash Balances
October 7, 2014
Page 2
General Fund. Beautification Fund, Gas Tax Fund. 1972 Act Fund. 1911 Act Fund. Solid
Waste Fund. Proposition C Fund. Public Safety Grants Fund. Habitat Restoration Fund,
Measure A Maintenance Fund. and Bikeways Fund -There were significant changes in the
cash balances for each of these funds during August due to the year-end closing process.
The accounting for capital projects is centralized in the GIP Fund. These projects are
funded with a variety of sources, including operating transfers from other funds. Once the
final actual project costs are identified for the fiscal year, funding transfers are processed.
The large decrease in the General Fund was primarily due to the $4.2 million transfer to the
GIP Reserve equivalent to the transient occupancy tax revenue received for FY13-14 and
$1.9 million transfer to Employee Benefits Fund for the annual benefit allocation. All year-
end transfers are processed in accordance with the FY13-14 budget.
GIP Fund -The cash balance in this fund increased by more than $4 million during the
month. The increase was mainly due to the transfers noted above. Disbursements
included $217,400 to Kasa Construction for the Abalone Cove Shoreline Improvement
project and $84,384 to Tobo Construction for the Ryan Park entrance realignment project.
Equipment Replacement Fund -The cash balance in this fund decreased by more than
$151,000 during the month. The decrease was mainly due to disbursements of $26,861 to
Sungard Public Sector, $21,824 to Accela, and $46,582 to Compucom Systems for the
FY14-15 software maintenance. Other disbursement included $11,750 to Corelogic
Solutions for the FY14-15 license fee.
Employee Benefits Fund -The cash balance in this fund increased by more than $1.8
million during the month. The increase was due to a $1.9 million transfer from General
Fund for the FY14-15 employee benefit allocation. Normal disbursements were for the
City's share of employee insurance premiums totaling $66,514.
Water Quality Flood Protection Fund -The cash balance in this fund decreased by more
than $436,000 during the month mainly due to disbursements of $295, 125 to L. H. Woods
& Sons and $42,266 to Performance Pipeline Technologies for the San Ramon Canyon
Stabilization project.
Special Trusts Fund -The cash balance in this fund increased by more than $68,000
during the month. The increase was primarily due to receipt of the deposits, including
$67,000 from Southern California Edison.
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Bank Bank
of America of the West
OPERATING OPERATING
BEGINNING BALANCE 1,27 4,485.67 3,576,421. 7 4
PLUS: DEPOSITS 251,337.37 1,680,456. 7 4
PLUS: INTEREST EARNINGS(1)
LESS: CHECK DISBURSEMENTS (8,154.68) (2,938, 713.53)
LESS: ELECTRONIC DISBURSEMENTS(2) (2,696.90) (197,829.80)
ADJUSTMENTS(3) 96,239.37
PLUS: TRANSFERS IN
LESS: TRANSFERS OUT (571,676.99)
ENDING BALANCE 1,514,971.46 1,644,897.53
(1) All LAIF interest is paid quarterly.
(2) Electronic Disbursements: BOA BOW
Cal Pers 136,518.28
ICMA&HSA 58,618.62
Postage 2,500.00
Bank and Merchant Fees 2,696.90 192.90
2,696.90 197,829.80
(3) The net adjustment was due to void checks, and deposit adjustment.
CASH BALANCES BY FUND
Unrestricted
GENERAL FUND
Restricted bv Council Action
BEAUTIFICATION FUND
CIP
EQUIPMENT REPLACEMENT
BUILDING REPLACEMENT
EMPLOYEE BENEFITS
Subtotal
Restricted bv Law or External Aoencies
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
GRAND TOTAL
BALANCE
FORWARD
21,111,144.$7
1,005,324.73
13,663,432.84
2,935,584.71
942,609.02
(2,041,717.85
16,505,233.45
558,552.98
256,561.20
21,153.27
(75,933.59)
0.00
1,875, 792.18
484,615.31
86,277.22
2,231,566.05
526,747.75
120,569.81
1,281,359.82
2, 168,522.33
825,360.92
12,367.71
75,002.36
0.00
119,161.31
868,680.52
57,861.41
23,520.46
499,927.93
413,684.09
7,440.11
95,328.52
0.00
0.00
4,851,061.56
531,465.47
0.00
343,442.02
18,260,088.72
55,876,467.04
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
AUGUST2014
YTDINT
INVESTMENT TREASURIES
BANKCARD PETTY CASH PAYROLL LAIF-CITY CDARS TREAS DIRECT TOTAL CASH RECEIVED
0.00 2,500.00 0.00 49,823,059.63 1,200,000.00 0.00 55,876,467.04
1,931,794.11
0.00 24,726.62
(2,946,868.21)
(200,526. 70)
96,239.37
0.00
(571,676.99)
0.00 2,500.00 0.00 49,823,059.63 1,200,000.00 0.00 54, 185,428.62 24,726.62
% Change of
Change In Cash Balance
Ending Cash from Previous
DEBIT CREDIT CASH Balance Month-End
2,583,884.80 8,009 202.31 15,685 827.36 (5,425;317.51 26%
0.00 211,404.00 793,920.73 (211,404.00) 21%
4, 718,526.61 661,845.22 17,720,114.23 4,056,681.39 30%
3,517.54 155,245.10 2, 783,857.15 (151,727.56 5%
0.00 0.00 942,609.02 0.00 0%
2,676,317.66 838,221.81 (203,622.00 1,838,095.85 90%
7,398,361.61 1.sa6,716.1;.i 22,036,879; 13 5,531 ,e45.68 34%
1,066,910.30 309,759.54 1,315,703.74 757,150.76 100%
1,901.35 195,250.00 63,212.55 (193,348.65 75%
92.66 0.00 21,245.93 92.66 0%
14,050.75 4,717.25 (66,600.09 9,333.50 12%
0.00 0.00 0.00 0.00 0%
23,558.84 153,832.71 1,745,518.31 (130,273.87) 7%
4,251.42 103,007.14 385,859.59 (98,755.72 20%
0.00 0.00 86,277.22 0.00 0%
55,257.59 872,184.00 1,414,639.64 (816,926.41 37%
66,617.75 35,084.50 558,281.00 31,533.25 6%
0.00 100,000.00 20,569.81 (100,000.00) 83%
41,325.03 0.00 1,322,684.85 41,325.03 3%
0.00 758,733.94 1,409, 788.39 (758, 733.94 35%
0.00 6, 107.89 819,253.03 (6, 107.89) 1%
0.00 67,441.00 (55,073.29) (67,441.00 100%
2,892.90 10,902.25 66,993.01 (8,009.35 11%
0.00 0.00 0.00 0.00 0%
0.00 0.00 119,161.31 0.00 0%
3,000.00 465.69 871,214.83 2,534.31 0%
0.00 0.00 57,861.41 0.00 0%
0.00 0.00 23,520.46 0.00 0%
0.00 0.00 499,927.93 0.00 0%
0.00 0.00 413,884.09 0.00 0%
0.00 0.00 7,440.11 0.00 0%
0.00 95,257.00 71.52 (95,257.00 100%
0.00 0.00 0.00 0.00 0%
0.00 0.00 0.00 0.00 0%
43,401.29 480,037.04 4,414,425.81 (436,635.75 9%
4,167.00 60.00 535,572.47 4,107.00 1%
0.00 0.00 0.00 0.00 0%
92,344.09 24,297.61 411,488.50 68,046.48 20%
1,419,770.97 3,217,137.56 16,462,722.13 (1,797,366.59 10%
11,402,017.58 13,093,056.00 54, 185,428.62 (1,691,038.42 3%
Total Investment: 54, 185,428.62
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
AUGUST 2014
Issuer of Acquisition Maturity Market Par Book
Investment Investment Date Term Date Value Value Value
Checking Accounts Bank of America NIA NIA On Demand $ 1,517,471 NIA $ 1,517,471
Bank of the
Checking Accounts West NIA NIA On Demand $ 1,644,898 NIA $ 1,644,898
State of
Local Agency Investment Fund (LAIF) California NIA NIA On Demand $ 49,823,060 NIA $ 49,823,060
CDARS -Malaga Bank Malaga Bank 1212612013 26 weeks 1212312014 250,000 $ 250,000
Century Bank &
Trust Company 1212612013 26 weeks 1212312014 244,500 $ 244,500
Ever Bank 1212612013 26 weeks 1212312014 244,500 $ 244,500
First Foundation
Bank 12/2612013 26 weeks 1212312014 105,945 $ 105,945
Meridian Bnak 1212612013 26 weeks 1212312014 $ 110,555 $ 110,555
Western
Alliance Bank 1212612013 26 weeks 1212312014 $ 244,500 $ 244,500
Total Investment: $ 54, 185,429
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 misstafements 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.
Treasurer
Yield
0.00%
0.00%
0.26%
0.35%
0.25%
0.25%
0.25%
0.25%
0.25%
0.2%
Dated
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