RPVCCA_CC_SR_2012_07_03_C_Monthly_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:.
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY ~
JULY 3,2012
MAY 2012 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the May 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 their respective governing bodies.The attached report
includes the cash activities of the City for the month of May 2012.
ANALYSIS:
The overall cash balances of the City totaled $47,347,311 at May 31,2012.This
represents a $1,554,746 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 (generally 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 $2.3 million during
the month.In May,the City received 50%of its annual property tax in lieu of vehicle
license fees and property tax in lieu of sales tax and its 10%distribution of its annual share
of property tax,which totaled $2.5 million.
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May 2012 Monthly Report of Cash Balances
July 3,2012
Page 2
Gas Tax Fund -The cash balance in this fund increased by more than $99,000 during the
month.The City received its both April and May Highway User Tax payment in May while
normal operating expenditures were disbursed.
CDBG Fund -The cash balance in this fund decreased by more than $64,000.Because
CDBG cash receipts result from reimbursements of prior months'expenditures,it is
common to have a variance between cash receipts and expenditures for any given month.
The fund received reimbursements from CDC in June.
Proposition A Fund -The cash balance in this fund increased by more than $52,000 during
the month due to receipt of the May Proposition A apportionment.Proposition A funds are
used to pay the City's contribution to the Palos Verdes Peninsula Transit Authority.
Contributi<;ms are made twice each year in August and January.
CIP Fund -The cash balance in this fund decreased by more than $944,000 during the
month.The decrease was mainly due to a large disbursement of $886,471 to Sequel,the
contractor for the arterial road project.
Employee Benefits Fund -The cash balance in this fund decreased by more than $63,000
during the month.The largest contributor to the $63,000 excess of credits over debits was
the City's share of employee insurance premiums totaling $51,002.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MAY 2012
BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS(l)
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:
CalPers
Bank Analysis Charge
Bank and Merchant Fees
OPERATING
2,492,378.03
4,107,925.36
(2,108,248.17)
(37,730.47)
826.00
(408,079.15)
4,047,071.60
35,345.37
354.69
2,030.41
37,730.47
BANKCARD
0.00
0.00
PETTY CASH
2,500.00
2,500.00
PAYROLL LAIF-CITY
369,082.60 38,250,089.08
408,079.16
(408,026.57)
369,135.19 38,250,069.08
TREASURIES
BOA BOA
1,562,530.51 3,116,004.57
1 ,562,530.51
(1,562,530.51)
0.00 4,678,535.08
TREASURIES
TREAS DIRECT TOTAL CASH
0.00 45,792,564.79
4,516,004.52
0.00
(2,516,274.74)
(37,730.47)
826.00
1,562,530.51
(1,970,609.66)
0.00 47,347,310.95
YTDINT
RECEIVED
139,570.52
139,570.52
(3)The net adjustment were due to void checks and refund from bank error.
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month End
GENERAL FUND 14,987,762.19 3,552,288.31 1,197,612.69 17,342,437.81 2,354,675.62 16%
GAS TAX 769,762.78 181,101.65 82,080.98 868,783.45 99,020.67 13%
1972 ACT 246,563.20 20,671.94 0.00 267,235.14 20,671.94 8%
EL PRADO 16,491.48 122.41 0.00 16,613.89 122.41 1%
CDBG (14,167.23 0.00 64,084.00 (78,251.23) (64,084.00)100%
CDBG·R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,783,519.16 31,462.47 27,706.75 1,787,274.88 3,755.72 0%
RECYCLING 1,131,572.25 4,000.00 877.99 1,134,694.26 3,122.01 0%
SOLID WASTE 343,941.25 32,956.95 11,016.28 365,881.92 21,940.67 6%
AIR QUALITY MANAGEMENT 75,137.50 0.00 0.00 75,137.50 0.00 0%
PROPOSITION C 2,001,974.92 43,906.26 0.00 2,045,881.18 43,908.26 2%
PROPOSITION A 57,350.65 52,933.65 0.00 110,284.30 52,933.65 92%
PUBLIC SAFETY GRANTS 120,097.00 0.00 0.00 120,097.00 0.00 0%
MEASURE R 948,580.10 32,753.10 0.00 981,333.20 32,753.10 3%
HABITAT RESTORATION 252,351.71 0.00 305.90 252,045.81 (305.90 0%
SUBREGION 1 MAINTENANCE 788,377.07 0.00 3,991.48 784,385.59 (3,991.48)1%
MEASURE A MAINTENANCE 26,855.54 0.00 0.00 26,855.54 0.00 0%
ABALONE COVE SEWER DISTRICT 107,829.54 5,202.69 4,440.86 108,591.37 761.83 1%
RPVTV 0.00 0.00 0.00 0.00 0.00 0%
GINSBURG CULTURE ARTS BUILDING 158,352.94 0.00 0.00 158,352.94 0.00 0%
RECREATION IMPRV DONATION 406,482.15 0.00 0.00 406,482.15 0.00 0%
CIP 12,455,831.25 98,496.81 1,042,911.42 11,511,416.64 (944,414.61)8%
QUIMBY 29,397.46 0.00 0.00 29,397.46 0.00 0%
AFFORDABLE HSNG IN LIEU 500,822.36 0.00 0.00 500,822.36 0.00 0%
EET 432,814.16 14,858.02 0.00 447,672.18 14,858.02 3%
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 3,697,675.67 108,177.52 92,925.11 3,712,928.08 15,252.41 0%
EQUIPMENT REPLACEMENT 2,663,476.07 3,204.00 44,496.69 2,622,183.38 (41,292.69)2%
EMPLOYEE BENEFITS 94,139.43 442,367.51 505,984.31 30,542.63 63,596.80)68%
BUILDING REPLACEMENT 827,852.25 0.00 0.00 827,852.25 0.00 0%
REDEVELOPMENT OBLIGATION RETIRE 0.00 0.00 0.00 0.00 0.00 0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 874,220.91 34,513.37 25,856.04 882,878.24 8,657.33 1%
45,792,564.79 4,659,016.66 3,104,270.50 47,347,310.95 1,554,746.16 3%
Total Investment:47,347,310.95
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MAY 2012
Investment
IS8uerof
Investment
Acquisition
Date Term
Meturlty
Date
Market
Value
Par
Value
Book
Value Yield
Checking Accounts
Local Agency Investment
Fund (LAIF)
Bank of
America
State of
California
N/A
N/A
N/A
N/A
On Demand $4,418,707
On Demand $38,250,069
NOTE(1}
NOTE(2}
N/A
N/A
$4,418,707
$38,250,069
0.00%
0.36%
Money Market
Bank of
America/Merrill
Lynch N/A N/A On Demand 4,716,352 $4,678,535 0.20%
Total Investment:$47,347,311
Total Investment Welghtad 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.
Dated
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