RPVCCA_CC_SR_2012_08_07_E_Monthly_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOG~
AUGUST 7,2012
JUNE 2012 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER &-
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the June 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 the Authority Commission.The attached report includes the
cash activities of the City for the month of June 2012.
ANALYSIS:
The overall cash balances of the City totaled $46,040,097 at June 30,2012.This
represents a $1,307,214 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 (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 decreased by more than $826,000 during
the month.The decrease was primarily due to the FY12-13 prepayment of $532,161 to
California Joint Powers Insurance Authority for the City's liability insurance.Other
disbursement included the FY12-13 prepayment of $43,087 to Abalone Cove Landslide
Abatement District and $40,549 to Klondike Canyon Geologic Hazard Abatement District
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June 2012 Monthly Report of Cash Balances
August 7,2012
Page 2
for the maintenance and operating assessments on City owned parcels.The June revenue
was offset by normal operating expenditures.
Gas Tax Fund -The cash balance in this fund decreased by more than $273,000 during
the month.The decrease was attributable to June disbursements for two months of
services.Other disbursement included $119,304 to Hardy &Harper for road maintenance
of PVDS in the Portuguese Bend landslide area.
CDBG Fund -The cash balance in this fund reported as a negative balance.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 is expected to receive reimbursements from the Community Development
Commission in August.
Recycling Fund -The cash balance in this fund increased by more than $69,000 during
the month due to receipt of the fourth quarter recycling rebate of $70,000 from EDCO
Disposal.
Proposition A Fund -The cash balance in this fund increased by more than $60,000 during
the month due to receipt of the June Proposition A apportionment.Proposition A funds are
used to pay the City's contribution to the Palos Verdes Peninsula Transit Authority.
Contributions are made twice each year in August and January.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$149,000 during the month.The decrease was primarily due to the FY12-13 prepayment of
$95,152 to California Joint Powers Insurance Authority for the City's worker's
compensation insurance.Other disbursements included $84,000 to Blue Shield of
California for the employee health insurance.
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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
Postage
Bank and Merchant Fees
Sales Tax -PVIC Gift Shop
(3)The net adjustment was due to void checks.
OPERATING
4,047,071.60
1,536,690.00
(2,406,980.28)
(41,178.05)
369.00
4,681,431.82
(5,395,012.38)
2,422,391.71
34,968.75
2,500.00
1,783.30
1,926.00
41,178.05
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JUNE 2012
TREASURIES TREASURIES
BANKCARO PETTY CASH PAYROLL LAIFoClTY BOA BOA TREAS DIRECT TOTAL CASH
0.00 2,500.00 369,135.19 38,250,069.08 0.00 4,678,535.08 0.00 47,347,310.95
395,012.38 1,931,702.38
0.00
(399,011.62)(2,805,991.90)
(41,178.05)
369.00
5,000,000.00 9,681,431.82
(4,678,535.08)(10,073,547.46)
0.00 2,500.00 365,135.95 43,250,069.08 0.00 0.00 0.00 46,040,096.74
YTD INT
RECEIVED
139,570.52
139,570.52
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month End
GENERAL FUND 17,342,437.81 1,283,587.41 2,110,287.66 16,515,737.56 (826,700.25)5%
GAS TAX 868,783.45 109,080.54 382,204.85 595,659.14 273,124.31)31%
1972 ACT 287,235.14 0.00 700.00 266,535.14 (700.00)0%
ELPRADO 18,813.89 5.14 0.00 16,619.03 5.14 0%
CDBG (78,251.23)23,306.00 23,576.00 (78,521.23)(270.00)0%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,787,274.88 1,320.77 55,413.50 1,733,182.15 54,092.73)3%
RECYCLING 1,134,694.26 70,438.99 1,318.98 1,203,816.27 69,122.01 6%
SOLID WASTE 365,881.92 42,002.87 12,747.22 395,137.57 29,255.65 S%
AIR QUALITY MANAGEMENT 75,137.50 13,054.70 0.00 88,192.20 13,054.70 17%
PROPOSITION C 2,045,881.18 50,709.95 0.00 2,096,591.13 50,709.95 2%
PROPOSITION A 110,284.30 61,112.15 544.96 170,851.49 60,567.19 55%
PUBLIC SAFETY GRANTS 120,097.00 0.00 0.00 120,097.00 0.00 0%
MEASURER 981,333.20 38,036.47 0.00 1,019,369.67 38,036.47 4%
HABITAT RESTORATION 252,045.81 0.00 28,058.18 223,987.63 (28,058.18)11%
SUBREGION 1 MAINTENANCE 784,385.59 0.00 4,553.96 779,831.63 (4,553.96)1%
MEASURE A MAINTENANCE 26,855.54 0.00 0.00 28,855.54 0.00 0%
ABALONE COVE SEWER DISTRICT 108,591.37 428.27 46,374.03 62,645.61 45,945.76 42%
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 11,511,416.64 12,224.52 136,373.12 11,387,268.04 (124,148.60)1%
QUIMBY 29,397.46 0.00 0.00 29,397.46 0.00 0%
AFFORDABLE HSNG IN LIEU 500,822.36 0.00 15.40 500,806.96 (15.40)0%
EET 447,672.18 0.00 0.00 447,672.18 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 3,712,928.08 4,649.79 77,123.84 3,640,454.03 72,474.05)2%
EQUIPMENT REPLACEMENT 2,622,183.38 0.00 36,823.00 2,585,360.38 (36,823.00)1%
EMPLOYEE BENEFITS 30,542.83 430,789.54 579,845.77 (118,513.60) (149,056.23)100%
BUILDING REPLACEMENT 827,852.25 0.00 0.00 827,852.25 0.00 0%
REDEVELOPMENT OBLIGATION RETIRE 0.00 156,941.02 78,175.61 78,765.41 78,765.41 0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 882,878.24 13,493.00 44,261.26 852,109.98 (30,768.26)3%
47,347,310.95 2,311,181.13 3,618,395.34 46,040,096.74 (1,307,214.21 -3%
Total Investment:48,040,096.74
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JUNE 2012
Investment
Issuer of
Investment
Acquisition
Date Term
Maturity
Date
Market
Value
Par
Value
Book
Value Ylald
Checking Accounts
Local Agency Investment
Fund (LAIF)
Bank of
America
State of
California
N/A
N/A
N/A
N/A
On Demand $2,790,028
On Demand $43,250,069
NOTE (1)
NOTE (2)
N/A
N/A
$2,790,028
$43,250,069
0.00%
0.36%
Money Market
Bank of
America/Merrill
Lynch N/A N/A On Demand 4,716,352 $0.20%
Total Investment:$46,040,097
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 /&./2-
Treasurer -...;:-......r--------------:::D~a~te-d;:=:;;;;;;.-
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