RPVCCA_CC_SR_2012_09_04_E_Monthly_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:HONORABLE MAYOR AND MEMBERS OF THE CITY COUNC~
FROM:DIRECTOR OF FINANCE AND INFORMATION TECHNOLOG~
DATE:SEPTEMBER 4,2012
SUBJECT:JULY 2012 MONTH~REPORT OF CASH BALANCES
REVIEWED:CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the July 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 July 2012.
ANALYSIS:
The overall cash balances of the City totaled $46,110,069 at July 31,2012.This represents
a $69,972 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).
Gas Tax Fund -The cash balance in this fund increased by more than $62,000 during the
month.The City received its June Highway User Tax payment in July while normal
operating expenditures were disbursed.
Employee Benefits Fund -The cash balance in this fund decreased by more than
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July 2012 Monthly Report of Cash Balances
September 4,2012
Page 2
$760,000 during the month.The decrease was primarily due to the FY12-13 prepayment of
$698,501 to CalPERS for the City's Employer portion of pension cost (not the City's
contribution to the Employee portion).The prepayment resulted in an approximate 3.66%
cash discount,equivalent to about $26,562 of savings to the City.
Redevelopment Obligation Retirement Fund -The cash balance in this fund increased by
more than $405,000 during the month.This new fund was created to receive funds from
the County Auditor-Controller to pay enforceable obligations of the former redevelopment
agency.Pursuant to Health and Safety Code Section 34170.5,each successor agency to
a former redevelopment agency shall create within its treasury a Redevelopment Obligation
Retirement Fund to be administered by the successor agency.
As a result of dissolving all redevelopment agencies,a balance of $456,576 totaling from
RDA Housing,Debt Service-Abalone Cove,RDA-Abalone Cove,and RDA-Portuguese
Bend was transferred to this new fund.Pursuant to AB1484,the first payment of
unencumbered cash was made to the County on July 9th in the amount of $51 ,281.52.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JULY 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
Postage
Bank and Merchant Fees
(3)The net adjustment was due to void checks.
OPERATING
2,422,391.71
1,709,948.78
(1,684,562.92)
(39,398.09)
717.16
456,576.35
(405,663.41 )
2,460,009.58
34,903.81
2,500.00
1,994.28
39,398.09
BANKCARD
0.00
0.00
PETTY CASH
2,500.00
2,500.00
PAYROLL LAIF-CITY
365,135.95 43,250,069.08
405,863.41
33,604.17
(406,913.41 )
363,885.95 43,283,673.25
TREASURIES
BOA
0.00
0.00
TREASURIES
BOA TREAS DIRECT TOTAL CASH
0.00 0.00 46,040,096.74
2,115,612.19
33,604.17
(2,091,476.33)
(39,398.09)
717.16
456,576.35
(405,663.41)
0.00 0.00 46,110,068.78
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 16,515,737.56 1,308,769.83 1,067,091.70 16,757,415.69 241,678.13 1%
GASTAX 595,659.14 126,388.58 64,093.40 657,954.32 62,295.18 10%
1972 ACT 266,535.14 14,193.06 0.00 280,728.20 14,193.06 5%
ELPRADO 16,619.03 131.33 0.00 16,750.36 131.33 1%
CDBG (78,521.23)19,075.00 4,234.70 (63,680.93)14,840.30 19%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,733,182.15 31,478.41 0.00 1,764,660.56 31,478.41 2%
RECYCLING 1,203,816.27 914.84 877.98 1,203,853.13 36.86 0%
SOLID WASTE 395,137.57 5,257.19 17,501.63 382,893.13 (12,244.44)3%
AIR QUALITY MANAGEMENT 88,192.20 61.70 0.00 88,253.90 61.70 0%
PROPOSITION C 2,096,591.13 39,921.06 0.00 2,136,512.19 39,921.06 2%
PROPOSITION A 170,851.49 46,246.95 0.00 217,098.44 46,246.95 27%
PUBLIC SAFETY GRANTS 120,097.00 92.19 0.00 120,189.19 92.19 0%
MEASURE R 1,019,369.67 27,687.31 0.00 1,047,056.98 27,687.31 3%
HABITAT RESTORATION 223,987.63 196.79 0.00 224,184.42 196.79 0%
SUBREGION 1 MAINTENANCE 779,831.63 630.75 390.74 780,071.64 240.01 0%
MEASURE A MAINTENANCE 26,855.54 19.17 0.00 26,874.71 19.17 0%
ABALONE COVE SEWER DISTRICT 62,645.61 2,509.45 3,276.19 61,878.87 (766.74)1%
RPVTV 0.00 0.00 0.00 0.00 0.00 0%
GINSBURG CULTURE ARTS BUILDING 158,352.94 127.53 0.00 158,480.47 127.53 0%
RECREATION IMPRV DONATION 406,482.15 326.56 0.00 406,808.71 326.56 0%
CIP 11,387,268.04 9,602.99 39,530.47 11,357,340.56 (29,927.48)0%
QUIMBY 29,397.46 23.21 0.00 29,420.67 23.21 0%
AFFORDABLE HSNG IN LIEU 500,806.96 383.96 900.69 500,290.23 (516.73)0%
EET 447,672.18 3,872.33 0.00 451,544.51 3,872.33 1%
MEASURE A CAPITAL 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 60.92 0.16 0.00 61.08 0.16 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 3,640,454.03 67,394.97 24,284.99 3,683,564.01 43,109.98 1%
EQUIPMENT REPLACEMENT 2,585,360.38 2,117.33 52,472.84 2,535,004.87 (50,355.51)2%
EMPLOYEE BENEFITS (118,513.60)662,949.15 1,423,053.00 (878,617.45) (760,103.85)100%
BUILDING REPLACEMENT 827,852.25 672.18 0.00 828,524.43 672.18 0%
REDEVELOPMENT OBLIGATION RETIRE 78,765.41 460,753.84 54,843.37 484,675.88 405,910.47 100%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 852,109.98 39,187.00 48,461.08 842,835.90 (9,274.08)1%
46,040,096.74 2,870,984.82 2,801,012.78 46,110,068.78 69,972.04 0%
Total Investment:46,110,068.78
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Investment
Checking Accounts
Locai Agency Investment
Fund (LAIF)
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JULY 2012
Issuer of Acquisition Maturity Markat
Investment Date Term Date Value
Bank of
America N/A N/A On Demand $2,826,396
State of
California N/A N/A On Demand $43,283,673
NOTE (1)
NOTE (2)
Par
Value
N/A
N/A
Book
Value
$2,826,396
$43,283,673
Yield
0.00%
0.36%
Total Investment:$46,110,069
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.
'~~Y~~2,<4.-/2.Treasurer ---..;;:::-oC-=I------....:III....;:lIiI==-;D::la'!'lte·d:---
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