RPVCCA_CC_SR_2012_10_02_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 TECHNOLOGY~
OCTOBER 2,2012
AUGUST 2012 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER G;I).CJ-
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the August 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 August 2012.
ANALYSIS:
The overall cash balances of the City totaled $45,348,145 at August 31,2012.This
represents a $761,924 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,Gas Tax Fund,1972 Act Fund,1911 Act Fund,Recycling Fund,Solid
Waste Fund,Proposition C Fund,Public Safety Grants Fund,Measure R Fund,Measure A
Maintenance Fund,Capital Improvement Projects (CIP)Fund,Building Replacement Fund,
and Development Obligation Retirement Fund -There were significant changes in the
cash balances for each of these funds during August due to the year-end closing process.
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August 2012 Monthly Report of Cash Balances
October 2,2012
Page 2
The accounting for capital projects is centralized in the CIP Fund.These projects are
funded with a variety of sources,including operating transfers from other funds.Once the
final actual project costs are identified for the fiscal year,funding transfers are processed.
The large decrease in the General Fund was primarily due to the $3.3 million transfer to the
CIP Reserve equivalent to the transient occupancy tax revenue received for FY11-12.All
year-end transfers are processed in accordance with the FY11-12 budget.
Gas Tax Fund -The cash balance in this fund increased by more than $481,000 during
the month.The increase was mainly due to a large transfer from the Proposition C Fund to
maintain Palos Verdes Drive South in the landslide area.A large disbursement was paid to
Hardy and Harper in the amount of $296,885 for the Portuguese Bend road maintenance,
the Crenshaw skin patch project,the Barkentine repair project,and the right of way
maintenance project.Other disbursements included $76,549 to Mora's Equipment and
Construction for the sidewalk project.
Proposition A Fund -The cash balance in this fund increased by more than $57,000 during
the month due to receipt of the August Proposition A apportionment.The Proposition A
fund pays for the Palos Verdes Peninsula Transit Authority contribution.Disbursements for
that contribution are only made twice per year,typically in August and January.
CIP Fund -The cash balance in this fund increased by more than $3,909,000 during the
month.The increase was mainly due to year-end transfer from restricted funds to fund
capital projects constructed during FY11-12.There were a few large disbursements
including $125,285 to Sequel Contractors for the arterial road rehabilitation project,
$99,259 to Terramar Consulting Engineers for the Hawthorne Blvd sidewalk project,
$34,625 to ZK Construction for the Eastview Park access improvement project,and
$29,687 to Alta Planning and Design for the California coast trail project.
Employee Benefits Fund -The cash balance in this fund decreased by more than $59,000
during the month.The largest contributor to the $59,000 excess of credits over debits was
the City's share of employee insurance premiums totaling $47,167.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
AUGUST 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:
CalPers
Bank and Merchant Fees
OPERATING
2,460,009.58
2,095,653.16
(2,212,089.02)
(52,880.64)
3,497.23
(597,186.50)
1,697,003.81
50,959.38
1,921.26
52,880.64
BANKCARD
0.00
0.00
PEnYCASH
2,500.00
2.500.00
PAYROLL LAIF-eITY
363,885.95 43,283,673.25
597,186.50
(596,104.99)
364,967.46 43,283,673.25
TREASURIES
BOA
0.00
0.00
TREASURIES YTD INT
BOA TREAS DIRECT TOTAL CASH RECEIVED
0.00 0.00 46,110,068.78
2,692,839.66
0.00
(2,808,194.01)
(52,880.64)
3,497.23
0.00
(597,186.50)
0.00 0.00 45,348,144.52 0.00
(3)The net adjustment was mainly due !o void checks and non-sufficient check item.
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month End
GENERAL FUND 16,757,415.69 1,745,377.14 4,996,543.41 13,506,249.42 (3,251,166.27)19%
GAS TAX 657,954.32 1,058,743.56 577,264.78 1,139,433.10 481,478.78 73%
1972 ACT 280,728.20 1,550.16 201,400.00 80,878.36 (199,849.84)71%
ELPRADO 16,750.36 86.45 0.00 16,836.81 86.45 1%
CDBG (63,680.93)68,370.00 47,136.10 (42,447.03)21,233.90 33%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,764,660.56 22,177.37 127,353.04 1,659,484.89 (105,175.67)6%
RECYCLING 1,203,853.13 3,561.01 143,709.93 1,063,704.21 140,148.92)12%
SOLID WASTE 382,893.13 6,426.64 121,270.16 268,049.61 (114,843.52)30%
AIR QUALITY MANAGEMENT 88,253.90 12,932.14 0.00 101,186.04 12,932.14 15%
PROPOSITION C 2,136,512.19 47,879.07 756,400.00 1,427,991.26 (708,520.93)33%
PROPOSITION A 217,098.44 57,724.37 0.00 274,822.81 57,724.37 27%
PUBLIC SAFETY GRANTS 120,189.19 0.00 100,000.00 20,189.19 (100,000.00)83%
MEASURE R 1,047,056.98 35,705.50 628,212.00 454,550.48 (592,506.50)57%
HABITAT RESTORATION 224,184.42 25,123.00 0.00 249,307.42 25,123.00 11%
SUBREGION 1 MAINTENANCE 780,071.64 0.00 9,644.93 770,426.71 (9,644.93 1%
MEASURE A MAINTENANCE 26,874.71 0.00 100,000.00 (73,125.29)(100,000.00)100%
ABALONE COVE SEWER DISTRICT 61,878.87 2,498.44 8,088.52 56,288.79 (5,590.08)9%
RPVTV 0.00 0.00 0.00 0.00 0.00 0%
GINSBURG CULTURE ARTS BUILDING 158,480.47 0.00 0.00 158,480.47 0.00 0%
RECREATION IMPRV DONATION 406,808.71 0.00 0.00 406,808.71 0.00 0%
CIP 11,357,340.56 4,259,576.35 350,471.37 15,266,445.54 3,909,104.98 34%
QUIMBY 29,420.67 0.00 0.00 29,420.67 0.00 0%
AFFORDABLE HSNG IN LIEU 500,290.23 0.00 10.55 500,279.68 (10.55)0%
EET 451,544.51 0.00 33,502.00 418,042.51 (33,502.00)7%
MEASURE A CAPITAL 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 61.08 0.00 0.00 61.08 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 3,683,564.01 11,640.74 62,224.21 3,632,980.54 (50,583.47)1%
EQUIPMENT REPLACEMENT 2,535,004.87 0.00 11,668.19 2,523,336.68 (11,668.19)0%
EMPLOYEE BENEFITS (878,617.45)644,355.42 704,327.62 (938,589.65)(59,972.20)7%
BUILDING REPLACEMENT 828,524.43 114,483.00 0.00 943,007.43 114,483.00 14%
REDEVELOPMENT OBLIGATION RETIRE 484,675.88 94,085.00 2,928.75 575,832.13 91,156.25 19%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 842,835.90 57,650.82 49,714.88 850,771.84 7,935.94 1%
46,110,068.78 8,269,946,18 9,031,870.44 45,348,144.52 (761,924.26)2%
Total Investment:45,348,144.52
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Investment
Checking Accounts
Local Agency Investment
Fund (LAIF)
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
AUGUST 2012
Issuer of Acquisition Maturity Market Par Book
Investment Date Term Date Value Value Value Yield
Bank of
America N/A N/A On Demand $2,064,471 NOTE (1)N/A $2,064,471 0.00%
State of
California N/A N/A On Demand $43,283,673 NOTE (2)N/A $43,283,673 0.38%
Total Investment:$45,348,145
Total Investment Weighted Average Return 0.4%
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
Trea Dated
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