RPVCCA_CC_SR_2012_02_21_H_Monthly_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUN~~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGYCU
FEBRUARY 21,2012
DECEMBER 2011 ~~THL Y REPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the December 2011 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 both the Redevelopment Agency and
Improvement Authority and is presented under separate cover before their respective
governing bodies.The attached report includes the cash activities of the City for the month
of December 2011.
ANALYSIS:
The overall cash balances of the City totaled $41,026,711 at December 31,2011.This
represents a $2,243,492 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 increased by more than $1,650,000 during
the month.The increase was primarily the result of receipt of the December property tax
revenue of $2,134,893 and the second quarter of refuse hauler fee of $107,667 from
EDCO Disposal.The December revenue was offset by normal operating expenditures.
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December 2011 Monthly Report of Cash Balances
February 21,2012
Page 2
1972 Act Fund -The cash balance in this fund increased by more than $99,000 during the
month.The increase was due to the result of receipt of the December property tax
apportionment of $99,325.
1911 Act Fund -The cash balance in this fund increased by more than $155,000 during the
month.The increase was due to the result of receipt of the December property tax
apportionment of $183,754.
Recycling Fund -The cash balance in this fund increased by more than $69,000 during
the month due to receipt of the second quarter recycling rebate of $70,000 from EDCO
Disposal.
Proposition A Fund -The cash balance in this fund increased by more than $59,000 during
the month due to receipt of the December 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 in August and January.
WQ Flood Protection Fund -The cash balance in this fund increased by more than
$351,000 during the month.The increase was due to the result of receipt of $506,134
storm drain user fees through the December property tax apportionment.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$132,000 during the month.The decrease was primarily due to the second half of FY11-12
prepayment of $85,500 to HSA Bank for the Blue Shield high deductible health plan for the
employees.
Question Raised By Ken Dyda -February 7,2012 City Council Meeting
As part of public comments during the City Council meeting on February 7,2012,Ken
Dyda asked about the nature of the Adjustments totaling $53,652 that were included in the
December 2011 Cash Balance report.Mr.Dyda also suggested that Adjustments should
be explained in future Cash Balance reports.Staff agrees with the suggestion and will
explain material Adjustments in the body of the recurring staff report hereafter.
Accountants frequently refer to these recurring Adjustments as reconciling items between
the bank statement,cash disbursements (the Warrant Register that the City Council
approves),and cash receipt activities entered in the City's records.Common Adjustments
(reconciling items)include bank charges reflected on the monthly bank statement,timing
differences,and electronic activities that are not included in the City's Warrant Register.
During the month of December 2011,the following Adjustments occurred:
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December 2011 Monthly Report of Cash Balances
February 21,2012
Page 3
Adjustments -December 2011
Bank fees $(1,947.56)
Electronic transactions:
Postage meter replenishment $(2,500.00)
CALpers contributions (2 pay periods)$(35,884.51)
Other Adjustments:
RDA administrative fee deducted from cash receipt from County $(17,630.56)
Miscellaneous $126.85
Void checks $4,184.00
$(53,651.78)
As described by Staff during the City Council meeting on December 7,2011,Adjustments
also result from transaction recorded at the end or beginning of the month in the City's
records that were recorded in the succeeding or proceeding month (respectively)by the
bank.Accountants commonly refer to such reconciling items as "timing differences".With
future Cash Balance reports,Staff will segregate electronic disbursements from check
disbursements.Future Adjustments will be generally limited to bank fees and voided
checks.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
DECEMBER 2011
TREASURIES BOA TREASURIES
OPERATING BANKCARD PETTY CASH PAYROLL LAlF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
BEGINNING BALANCE (1,432,667.02)0.00 2,500.00 350,682.36 35,184,168.27 4,678,535.08 0.00 0.00 38,783,218.69
PLUS:DEPOSITS 4,192,732.15 415,840.55 4,608,572.70
PLUS:INTEREST EARNINGS'0.00
LESS:CHECKS (1,479,747.42)(415,840.55)(1,895,587.97)
ADJUSTMENTS (53,651.78)(0.01)(53,651.79)
PLUS:TRANSFERS IN 1,000,000.00 1,000,000.00
LESS:TRANSFERS OUT (415,840.55)(1,000,000.00)(1,415,840.55)
ENDING BALANCE 1,810,825.38 0.00 2,500.00 350,682.35 34,184,168.27 4,678,535.08 0.00 0.00 41,026,711.08
YTDINT
RECEIVED
73,669.71
73,669.71
'All interest (LAIF &Savings)is paid quarterly.
%Change of
Cash Balance
from Previous
Month End
Change In
Ending Cash
BalanceCASHCREDITDEBIT
BALANCE
FORWARDCASHBALANCESBYFUND -
GENERAL FUND .11,861,049.49 2,933,161.79 1,282,904.73 13,511,306.55 1,650,257.06 14%
GAS TAX 887,367.39 99,648.58 117,577.58 869,438.39 (17,929.00)2%
1972 ACT 92,544.65 99,586.41 261.00 191,870.06 99,325.41 100%
ELPRADO 14,893.94 733.48 15.00 15,612.42 718.48 5%
CDBG (3,271.29)0.00 5,880.00 (9,151.29)(5,880.00)100%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,594,964.51 185,565.87 30,060.02 1,750,470.36 155,505.85 10%
RECYCLING 987,366.31 71,013.00 1,882.28 1,056,497.03 69,130.72 7%
SOLID WASTE 321,622.20 45,811.56 15,648.63 351,785.13 30,162.93 9%
AIR QUALITY MANAGEMENT 48,642.40 15,006.85 27.00 63,622.25 14,979.85 31%
PROPOSITION C 1,776,386.35 58,037.50 2,130.00 1,832,293.85 55,907.50 3%
PROPOSITION A 84,674.97 67,411.24 7,559.67 144,526.54 59,851.57 71%
PUBLIC SAFETY GRANTS 62,066.75 86.00 86.00 62,066.75 0.00 0%
MEASURE R 780,984.33 42,538.53 564.00 822,938.86 41,954.53 5%
HABITAT RESTORATION 218,770.62 288.00 288.00 218,770.62 0.00 0%
SUBREGION 1 MAINTENANCE 744,101.46 790.00 3,028.53 741,862.93 (2,238.53)0%
MEASURE A MAINTENANCE 26,811.54 26.00 26.00 26,811.54 0.00 0%
ABALONE COVE SEWER DIST 76,460.97 21,127.94 3,878.12 93,710.79 17,249.82 23%
RPVTV (6,623.00)0.00 12.00 (6,635.00)(12.00)0%
GINSBURG CULTURE ART 158,092.94 183.00 183.00 158,092.94 0.00 0%
RECREATION IMPRV DONATION 405,843.15 406.00 406.00 405,843.15 0.00 0%
CIP 11,627,643.69 13,442.00 82,373.19 11,558,712.50 (68,931.19)1%
QUIMBY 29,352.46 30.00 30.00 29,352.46 0.00 0%
AFFORDABLE HSNG IN LIEU 2,330.57 5.00 25.19 2,310.38 (20.19)1%
EET 433,356.66 573.00 573.00 433,356.66 0.00 0%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 60.92 23.00 23.00 60.92 0.00 0%
UNDERGROUND UTILITIES 310.00 0.00 186.00 124.00 (186.00)60%
ROADWAY BEAUTIFICATION 170.00 0.00 102.00 68.00 (102.00)60%
WQ FLOOD PROTECTION 3,162,031.47 509,513.12 158,129.82 3,513,414.77 351,383.30 11%
EQUIPMENT REPLACEMENT 2,470,460.35 2,723.58 39,259.09 2,433,924.84 (36,535.51 )1%
EMPLOYEE BENEFITS (911,983.53)450,500.86 582,747.55 (1,044,230.22)(132,246.69)15%
BUILDING REPLACEMENT 987,212.82 1,015.00 16,865.57 971,362.25 (15,850.57)2%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 842,083.49 14,550.81 37,553.76 819,080.54 (23,002.95)3%
38,783,218.69 4,633,798.12 2,390,305.73 41,026,711.08 2,243,492.39 6%
Total Investment:41,026,711.08
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
DECEMBER 2011
Issuer of Acquisition Maturity Market I Par Book
Investment Investment Date Tenn Date Value Value Value Yield
Bank of
Checking Accounts America N/A N/A On Demand $2,164,008 NOTE'(1)N/A $2,164,008 0,00%
State of
Local Agency Investment California N/A N/A On Demand $34,184,168 NOTE (2)N/A $34,184,168 0,38%
Fund (LAIF)
Bank of
Money Market America N/A N/A On Demand 2,855 $2,855
U.S.Treasury
Note
U.S.Treasuries (912828GM6)6/24/2011 341 days 3/31/2012 1,495,836 $1,546,139 0.03%
U.S.Treasury
Note
U.S.Treasuries (912828GQ7)6/24/2011 371 days 4/30/2012 1,521,615 $1,567,011 0.03%
U.S.Treasury
Note
U.S.Treasuries (912828GU8)6/24/2011 341 days 3/31/2012 $1,521,576 $1,562,531 0.03%
Total Investment:$41,026,711
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.
Respectfully submitted,
Treasurer Dated
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