RPVCCA_CC_SR_2012_03_06_F_Monthly_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNC~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
MARCH 6,2012
JANUARY 2012 MO.NN1rLLY REPORT OF CASH BALANCES
CITY MANAGER Q)L-
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the January 2012 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 January 2012.
ANALYSIS:
The overall cash balances of the City totaled $44,399,327 at January 31,2012.This
represents a $3,372,616 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 $755,000 during the
month.In January,the City received 50%of its annual property tax in lieu of vehicle
license fees and property tax in lieu of sales tax,which totaled $2.1 million.The City also
received a 10%distribution of its annual share of property tax,which totaled $0.6 million.
F-1
January 2012 Monthly Report of Cash Balances
March 6,2012
Page 2
Affordable Housing In Lieu Fund -The cash balance in this fund increased by more than
$499,000 during the month.The increase was the result of a fund transfer of $500,000
from RDA Housing Set-Aside fund.On March 17,2009,The City Council/Redevelopment
Agency (RDA)Board approved the Disposition and Development Agreement (DDA)with
AMCAL Mirandela Fund,L.P.(AMCAL)for an affordable housing project.It was the
City/RDA's commitment to provide $3.6 million for construction financing,of which
$1,766,368 was initially transferred from City's Affordable Housing In-Lieu Fund.The entire
City/Agency commitment was disbursed from the RDA Affordable Housing Fund,as the
AMCAL promissory note is payable to the RDA.The entry of $500,000 made this month
from RDA Housing Set-Aside fund to this fund was for the return of unused AMCAL
funding to the City.
Equipment Replacement Fund -The cash balance in this fund increased by more than
$340,000 during the month.The increase was primarily due to a fund transfer of $480,000
from General Fund to this fund for the annual usage of computer equipment,vehicles,and
other equipment in accordance with FY11-12 budget.
Employee Benefits Fund -The cash balance in this fund increased by more than
$1,749,000 during the month.The increase was primarily due to a fund transfer of
$1,821,500 from General Fund to this fund for the annual employee benefit allocation in
accordance with FY11-12 budget.
ELECTRONIC DISBURSEMENTS:
A summary of significant electronic disbursements follows:
CalPERS
Postage
Bank and merchant fees
Sales Tax-PVIC Gift Shop
$35,104.24
5,000.00
1,541.09
2,291.00
$43.936.33
The immaterial net adjustment of $661 was due a combination of voided checks and
deposit adjustments.
F-2
BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS'
LESS:CHECK DISBURSEMENTS
LESS:ELECTRONIC DISBURSEMENTS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
1,810,825.38
4,407,938.39
(1,109,583.66)
(43,936.33)
(661.00)
500,000.00
(414,877.72)
5,149,705.06
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JANUARY 2012
TREASURIES BOA TREASURIES
BANKCARD PETTY CASH PAYROLL LAIF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
0.00 2,500.00 350,682.35 34,184,168.27 4,678,535.08 0.00 0.00 41,026,711.08
414,877.72 4,822,816.11
33,736.52 33,736.52
(414,877.73)(1,524,461.39)
(43,936.33)
(661.00)
500,000.00
(414,877.72)
0.00 2,500.00 350,682.34 34,217,904.79 4,678,535.08 0.00 0.00 44,399,327.27
YTDINT
RECEIVED
107,406.23
107,406.23
•All interest (LAI F &Savings)is paid quarterly.
%Change of
Cash Balance
from Previous
Month End
Change In
Ending Cash
BalanceCASHCREDITDEBIT
BALANCE
FORWARDCASHBALANCESBYFUND -
GENERAL FUND 13,511,306.55 4,07~,915.93 3,320,384.79 14,266,837.69 755,531.14 6%
GASTAX 869,438.39 88,083.27 71,992.74 885,528.92 16,090.53 2%
1972 ACT 191,870.06 25,943.80 62,300.00 155,513.86 (36,356.20 19%
ELPRADO 15,612.42 208.02 0.00 15,820.44 208.02 1%
CDBG (9,151.29)9,150.00 0.00 (1.29 9,150.00 100%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,750,470.36 51,528.20 104,647.07 1,697,351.49 (53,118.87)3%
RECYCLING 1,056,497.03 13,222.89 9,869.28 1,059,850.64 3,353.61 0%
SOLID WASTE 351,785.13 4,879.56 35,941.10 320,723.59 (31,061.54 9%
AIR QUALITY MANAGEMENT 63,622.25 43.00 0.00 63,665.25 43.00 0%
PROPOSITION C 1,832,293.85 39,628.76 0.00 1,871,922.61 39,628.76 2%
PROPOSITION A 144,526.54 46,049.65 3,601.11 186,975.08 42,448.54 29%
PUBLIC SAFETY GRANTS 62,066.75 36,064.88 0.00 98,131.63 36,064.88 58%
MEASURE R 822,938.86 29,013.06 0.00 851,951.92 29,013.06 4%
HABITAT RESTORATION 218,770.62 183.00 28,000.00 190,953.62 (27,817.00 13%
SUBREGION 1 MAINTENANCE 741,862.93 626.00 4,857.96 737,630.97 (4,231.96 1%
MEASURE A MAINTENANCE 26,811.54 23.00 0.00 26,834.54 23.00 0%
ABALONE COVE SEWER DIST 93,710.79 5,351.42 7,910.40 91,151.81 (2,558.98 3%
RPVTV (6,635.00 6,635.00 0.00 0.00 6,635.00 100%
GINSBURG CULTURE ART 158,092.94 143.00 0.00 158,235.94 143.00 0%
RECREATION IMPRV DONATION 405,843.15 340.00 0.00 406,183.15 340.00 0%
CIP 11,558,712.50 9,783.00 33,152.50 11,535,343.00 (23,369.50 0%
QUIMBY 29,352.46 24.00 0.00 29,376.46 24.00 0%
AFFORDABLE HSNG IN LIEU 2,310.38 500,003.00 899.01 501,414.37 499,103.99 100%
EET 433,356.66 363.00 0.00 433,719.66 363.00 0%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 60.92 0.00 0.00 60.92 0.00 0%
UNDERGROUND UTILITIES 124.00 62.00 186.00 0.00 (124.00)100%
ROADWAY BEAUTIFICATION 68.00 34.00 102.00 0.00 (68.00 100%
WQ FLOOD PROTECTION 3,513,414.77 145,901.80 131,303.75 3,528,012.82 14,598.05 0%
EQUIPMENT REPLACEMENT 2,433,924.84 482,079.00 141,312.89 2,774,690.95 340,766.11 14%
EMPLOYEE BENEFITS (1,044,230.22 2,287,250.95 537,724.15 705,296.58 1,749,526.80 100%
BUILDING REPLACEMENT 971,362.25 827.00 0.00 972,189.25 827.00 0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 819,080.54 21,851.37 14,410.62 826,521.29 7,440.75 1%
41,026,711.08 7,881,211.56 4,508,595.37 44,399,327.27 3,372,616.19 8%
Total Investment:44,399,327.27
F-3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JANUARY 2012
Issuer of Acquisition Maturity Market Par Book
Investment Investment Date Term Date Value Value Value Yield
Bank of
Checking Accounts America N/A N/A On Demand $5,502,887 NOTE (1)N/A $5,502,887 0.00%
State of
Local Agency-Investment California N/A N/A On Demand $34,217,905 NOTE (2)N/A $34,217,905 0.39%
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 1,490,582 $1,546,139 0.03%
U.S.Treasury
Note
U.S.Treasuries (912828GQ7)6/24/2011 371 days 4/30/2012 1,516,170 $1,567,011 0.03%
U.S.Treasury
Note
U.S.Treasuries (912828GU8)6/24/2011 341 days 3/31/2012 $1,515,858 $1,562,531 0.03%
Total Investment:$44,399,327
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.
~~d
Treasurer
2·~'/2.
Dated
F-4