RPVCCA_CC_SR_2012_04_03_E_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~
APRIL 3,2012
FEBRUARY 2012 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the February 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 the Improvement Authority and is presented
under separate cover before its Commission.The attached report includes the cash
activities of the City for the month of February 2012.
ANALYSIS:
The overall cash balances of the City totaled $43,984,245 at February 29,2012.This
represents a $415,082 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 -The cash balance in this fund decreased by more than $1,406,000 during
the month.The decrease was primarily due to the result of recording annual budgeted
funding transfers,the largest of which is funding for the residential pavement project in the
Capital Improvement Projects Fund.The February revenue includes the February property
tax revenue of $458,456,Cox Cable second quarter franchise fee of $135,236,and
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February 2012 Monthly Report of Cash Balances
April 3,2012
Page 2
Verizon second quarter franchise fee of $25,752.The February revenue was offset by
normal operating expenditures.
Gas Tax Fund -The cash balance in this fund decreased by more than $168,000 during
the month.The decreasewas primarily due to the fact that the February Highway User Tax
was not received until March,while normal operating expenditures were disbursed.
Proposition A Fund -The cash balance in this fund decreased by more than $226,000
during the month due to the disbursement of the City's contribution of $284,781 to the
Palos Verdes Transit Authority for the six months ending June 2012.
Habitat Restoration Fund -The cash balance in this fund increased by more than $89,000
during the month.The increase was due to a $90,000 contribution from the General Fund
for the management of Preserve performed by Palos Verdes Peninsula Land Conservancy
in accordance with the agreement and the FY11-12 budget.
Subregion 1 Maintenance Fund -The cash balance in this fund increased by more than
$56,000 during the month.The increase was due to a $60,000 contribution from the
General Fund for maintenance in accordance with FY11-12 budget.
CIP Fund -The cash balance in this fund increased by more than $1,618,000 during the
month.The increase was due to a $1,957,953 funding transfer from the General Fund and
Building Replacement Fund for the various programs in accordance with FY11-12 budget.
Purpose
Fund Transferred from General Fund $50,000.00 Infrastructure Report Card
Fund Transferred from General Fund 1,575,000.00 Residential Pavement Project
Fund Transferred from General Fund 48,553.00 Hawthorne Traffic Signal Synchronization
Fund Transferred from General Fund 100,000.00 Ladera Linda Site Master Plan
Fund Transferred from General Fund 24,400.00 Dog/Skate Park Analysis
Fund Transferred from General Fund 15,000.00 City Hall Community Room Drop Ceiling
Fund Transferred from Building Replacement Fund 145,000.00 Hesse Park Drop Ceiling
$1,957,953.00
Employee Benefits Fund -The cash balance in this fund decreased by more than
$402,000 during the month.The decrease was due to a $340,000 transfer out to General
Fund for the return of previous year employee benefit savings in accordance with FY11-12
budget.
Building Replacement Fund -The cash balance in this fund decreased by $145,000 during
the month.The decrease was due to a $145,000 transfer out to CIP Fund for the Hesse
Park drop ceiling project in accordance with FY11-12 budget.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
FEBRUARY 2012
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
Bank and Merchant Fees
OPERATING
5,149,705.06
1,900,794.13
(1,859,917.39)
(38,488.56)
649.81
(417,294.02)
4,735,449.03
35,518.33
2,970.23
38,488.56
BANKCARD
0.00
0.00
PETTY CASH
2,500.00
2,500.00
PAYROLL LAIF-CITY
350,682.34 34,217,904.79
417,468.22
(417,294.03)
350,856.53 34,217,904.79
TREASURIES
BOA
4,675,680.14
4,675,680.14
BOA
ON DEMAND
2,854.94
2,854.94
TREASURIES
TREAS DIRECT TOTAL CASH
0.00 44,399,327.27
2,318,262.35
0.00
(2,277,211.42)
(38,488.56)
649.81
0.00
(417,294.02)
0.00 43,985,245.43
YTD INT
RECEIVED
107,406.23
107,406.23
(3)The immateriai net adjustment of $64g.81 was due to a deposit adjustment.
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Baiance
from Previous
Month End
GENERAL FUND 14,266,837.69 1,571,589.19 2,978,307.27 12,860,119.61 (1,406,718.08)10%
GAS TAX 885,528.92 1,404.00 169,977.23 716,955.69 (168,573.23)19%
1972 ACT 155,513.86 27,700.58 0.00 183,214.44 27,700.58 18%
ELPRADO 15,820.44 82.98 0.00 15,903.42 82.98 1%
CDBG (1.29)0.00 29,578.00 (29,579.29 (29,578.00)100%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,697,351.49 21,129.13 28,247.67 1,690,232.95 (7,118.54)0%
RECYCLING 1,059,850.64 4,000.00 869.28 1,062,981.36 3,130.72 0%
SOLID WASTE 320,723.59 10,316.83 10,456.28 320,584.14 (139.45)0%
AIR QUALITY MANAGEMENT 63,665.25 11,421.25 0.00 75,086.50 11,421.25 18%
PROPOSITION C 1,871,922.61 48,539.77 0.00 1,920,462.38 48,539.77 3%
PROPOSITION A 186,975.08 58,518.96 284,781.00 (39,286.96)(226,262.04)100%
PUBLIC SAFETY GRANTS 98,131.63 0.00 0.00 98,131.63 0.00 0%
MEASURE R 851,951.92 36,217.37 0.00 888,169.29 36,217.37 4%
HABITAT RESTORATION 190,953.62 90,000.00 774.91 280,178.71 89,225.09 47%
SUBREGION 1 MAINTENANCE 737,630.97 60,000.00 3,032.40 794,598.57 56,967.60 8%
MEASURE A MAINTENANCE 26,834.54 0.00 0.00 26,834.54 0.00 0%
ABALONE COVE SEWER DISTRICT 91,151.81 20,303.40 2,782.35 108,672.86 17,521.05 19%
RPVTV 0.00 0.00 0.00 0.00 0.00 0%
GINSBURG CULTURE ARTS BUiLDING 158,235.94 0.00 0.00 158,235.94 0.00 0%
RECREATION IMPRV DONATION 406,183.15 0.00 0.00 406,183.15 0.00 0%
CiP 11,535,343.00 1,957,953.00 339,577.69 13,153,718.31 1,618,375.31 14%
QUIMBY 29,376.46 0.00 0.00 29,376.46 0.00 0%
AFFORDABLE HSNG iN LIEU 501,414.37 0.00 0.00 501,414.37 0.00 0%
EET 433,719.66 0.00 0.00 433,719.66 0.00 0%
MEASURE A CAPITAL 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 0.00 0.00 0.00 0.00 0.00 0%
ROADWAY BEAUTIFICATION 0.00 0.00 0.00 0.00 0.00 0%
WATER QUALITY FLOOD PROTECTiON 3,528,012.82 138,871.92 87,617.60 3,579,267.14 51,254.32 1%
EQUIPMENT REPLACEMENT 2,774,690.95 0.00 15,282.49 2,759,408.46 (15,282.49)1%
EMPLOYEE BENEFITS 705,296.58 451,633.00 854,478.97 302,450.61 (402,845.97)57%
BUILDING REPLACEMENT 972,189.25 0.00 145,000.00 827,189.25 (145,000.00)15%
iMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 826,521.29 44,192.33 18,192.41 852,521.21 25,999.92 3%
44,399,327.27 4,553,873.71 4,968,955.55 43,984,245.43 (415,081.84)1%
Totai Investment:43,984,245.43
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
FEBRUARY 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 $5,088,806 NOTE(l}N/A $5,088,806 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:$43,985,245
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 Paios Verdes as approved by the City Council.Furthermore,J certify that sufficient investment liquidity
and anticipated revenues are available to meet the City's expenditure requirements for the next six months.
Dated
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