RPVCCA_SR_2011_03_01_07_Jan_2011 _Cash_BalMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
MARCH 1,2011
JANUARY 2011 MO~~L Y R.EPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the January 2011 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 an investment report to their governing board.Notwithstanding the
change of California law,staff has continued to submit a 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 both the Redevelopment Agency and
Improvement Authority and i~presented under separate cover before their respective
governing bodies.The attached report includes the cash activities of the City for the month
of January 2011.
ANALYSIS:
The overall cash balances of the City totaled $39,083,037 at January 31,2011.This
represents a $3,051,124 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.
General Fund -The cash balance in this fund decreased by more than $2,710,000 during
the month.The decrease was primarily due to the result of transferring more than
$4,000,000 to several individual funds to maintain the City's various programs in
accordance with FY1 0-11 budget.The January revenue includes the January property tax
revenue of $2,561,063,Edco fourth quarter franchise fee of $103,750,and the fourth
quarter interest of $12,325 from the Local Agency Investment Fund.The January revenue
was offset by normal operating expenditures.
7-1
MEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
MARCH 1,2011
JANUARY 2011 MO~~L Y R.EPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the January 2011 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 an investment report to their governing board.Notwithstanding the
change of California law,staff has continued to submit a 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 both the Redevelopment Agency and
Improvement Authority and i~presented under separate cover before their respective
governing bodies.The attached report includes the cash activities of the City for the month
of January 2011.
ANALYSIS:
The overall cash balances of the City totaled $39,083,037 at January 31,2011.This
represents a $3,051,124 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.
General Fund -The cash balance in this fund decreased by more than $2,710,000 during
the month.The decrease was primarily due to the result of transferring more than
$4,000,000 to several individual funds to maintain the City's various programs in
accordance with FY1 0-11 budget.The January revenue includes the January property tax
revenue of $2,561,063,Edco fourth quarter franchise fee of $103,750,and the fourth
quarter interest of $12,325 from the Local Agency Investment Fund.The January revenue
was offset by normal operating expenditures.
January 2011 Monthly Report of Cash Balances
March 1,2011
Page 2
Gas Tax Fund -The cash balance in this fund decreased by more than $91,000 during the
month.As stated in the November cash balance report,former Governor Arnold
Schwarzenegger signed legislation on March 4,2010 to defer various appropriations of
programs including Highway Users Tax Account fund during FY1 0-11.The City's Highway
User Tax portion is still deferred and expected to receive in late April or early May of this
year.
Habitat Restoration Fund -The cash balance in this fund increased by more than $110,000
during the month.The increase was due to a transfer of $109,900 from General Fund to
maintain the program in this fund in accordance with FY1 0-11 budget.
Subregion One Fund -The cash balance in this fund increased by more than $64,000
during the month.The increase was due to a transfer of $70,000 from General Fund to
maintain the program in this fund in accordance with FY10-11 budget.The January
revenue was offset by normal operating expenditures.
RPVTV Fund -The cash balance in this fund increased by more than $75,000 during the
month.The increase was due to a transfer of $85,000 from General Fund to maintain the
program in this fund in accordance with FY1 0-11 budget.
CIP Fund -The cash balance in this fund increased by more than $3,000,000 during the
month.The increase was due to a transfer of $3,810,147 from General Fund to maintain
the park facilities and the residential overlay in accordance with FY10-11 budget.The
January revenue was offset by normal operating expenditures.
Underground Utilities Fund -The cash balance in this fund decreased by more than
$89,000 during the month.The decrease was due to the result of one-time return of
$90,000 back to General Fund in accordance with FY10-11 budget.
7-2
January 2011 Monthly Report of Cash Balances
March 1,2011
Page 2
Gas Tax Fund -The cash balance in this fund decreased by more than $91,000 during the
month.As stated in the November cash balance report,former Governor Arnold
Schwarzenegger signed legislation on March 4,2010 to defer various appropriations of
programs including Highway Users Tax Account fund during FY1 0-11.The City's Highway
User Tax portion is still deferred and expected to receive in late April or early May of this
year.
Habitat Restoration Fund -The cash balance in this fund increased by more than $110,000
during the month.The increase was due to a transfer of $109,900 from General Fund to
maintain the program in this fund in accordance with FY1 0-11 budget.
Subregion One Fund -The cash balance in this fund increased by more than $64,000
during the month.The increase was due to a transfer of $70,000 from General Fund to
maintain the program in this fund in accordance with FY10-11 budget.The January
revenue was offset by normal operating expenditures.
RPVTV Fund -The cash balance in this fund increased by more than $75,000 during the
month.The increase was due to a transfer of $85,000 from General Fund to maintain the
program in this fund in accordance with FY1 0-11 budget.
CIP Fund -The cash balance in this fund increased by more than $3,000,000 during the
month.The increase was due to a transfer of $3,810,147 from General Fund to maintain
the park facilities and the residential overlay in accordance with FY10-11 budget.The
January revenue was offset by normal operating expenditures.
Underground Utilities Fund -The cash balance in this fund decreased by more than
$89,000 during the month.The decrease was due to the result of one-time return of
$90,000 back to General Fund in accordance with FY10-11 budget.
BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS'
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
3,838,694.80
4,537,627.99
(954,422.37)
(138,177.27)
(2,425,308.66)
4,858,414.49
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JANUARY 2011
TREASURIES BOA TREASURIES
BANKCARD PETTY CASH PAYROLL LAIF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
0.00 2,500.00 182,694.47 27,341,845.79 4,666,177.76 0.00 0.00 36,031,912.82
422,984.01 4,960,612.00
31,404.55 31,404.55
(422,984.01 )(1,377,406.38)
(138,177.27)
2,000,000.00 2,000,000.00
(2,425,308.66)
0.00 2,500.00 182,694.47 29,373,250.34 4,666,177.76 0.00 0.00 39,083,037.06
YTDINT
RECEIVED
110,589.15
110,589.15
'All interest (LAIF &Savings)is paid quarterly.
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month-End
GENERAL FUND 13,943,196.23 4,141,503.41 6,852,051.83 11,232,847.81 (2,710,548.42)19%
GAS TAX 468,460.41 10,127.38 101,163.16 377,424.63 (91,035.78)19%
1972 ACT 150,949.09 25,94(l.18 4,400.00 172,495.27 21,546.18 14%
ELPRADO 13,653.10 198.28 0.00 13,851.38 198.28 1%
CDBG (6,948.18)0.00 30,144.51 (37,092.69)(30,144.51)100%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,733,504.50 50,072.15 36,330.02 1,747,246.63 13,742.13 1%
RECYCLING 928,717.04 70,821.00 66,687.07 932,850.97 4,133.93 0%
SOLID WASTE 237,780.19 63,602.24 94,013.70 207,368.73 (30,411.46)13%
AIR QUALITY MANAGEMENT 26,450.10 12,912.13 0.00 39,362.23 12,912.13 49%
PROPOSITION C 1,955,464.83 37,828.84 0.00 1,993,293.67 37,828.84 2%
PROPOSITION A 139,551.62 43,614.68 3,000.00 180,166.30 40,614.68 29%
PUBLIC SAFETY GRANTS 66,360.66 44.00 0.00 66,404.66 44.00 0%
MEASURE R 457,059.72 26,151.00 0.00 483,210.72 26,151.00 6%
HABITAT RESTORATION 207,268.15 110,087.00 0.00 317,355.15 110,087.00 53%
SUBREGION 1 MAINTENANCE 738,852.19 70,662.00 5,716.66 803,797.53 64,945.34 9%
MEASURE A MAINTENANCE 26,732.55 14.00 0.00 26,746.55 14.00 0%
ABALONE COVE SEWER DIST 64,459.18 15,660.67 4,429.62 75,690.23 11,231.05 17%
RPVTV (33,758.15)85,000.00 9,012.00 42,229.85 75,988.00 100%
GINSBURG CULTURE ART 182,350.90 176.00 0.00 182,526.90 176.00 0%
RECREATION IMPRV DONATION 404,235.31 357.00 0.00 404,592.31 357.00 0%
CIP 6,347,307.87'3,817,052.00 32,108.76 10,132,251.11 3,784,943.24 60%
QUIMBY 29,234.93 26.00 0.00 29,260.93 26.00 0%
AFFORDABLE HSNG IN LIEU 5,216.14 6.00 147.70 5,074.44 (141.70)3%
EET 644,860.87 581.00 6,343.32 639,098.55 (5,762.32)1%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 9,758.96 4.00 0.00 9,762.96 4.00 0%
UNDERGROUND UTILITIES 275,431.11 243.00 90,000.00 185,674.11 (89,757.00)33%
ROADWAY BEAUTIFICATION 102,168.11 90.00 0.00 102,258.11 90.00 0%
WQ FLOOD PROTECTION 2,982,565.78 141,608.87 86,813.74 3,037,360.91 54,795.13 2%
EQUIPMENT REPLACEMENT 2,712,240.98 61,522.00 15,509.32 2,758,253.66 46,012.68 2%
EMPLOYEE BENEFITS (863,142.69)2,226,417.56 578,872.01 784,402.86 1,647,545.55 100%
BUILDING REPLACEMENT 1,060,663.16 839.00 0.00 1,061,502.16 839.00 0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 1,013,828.05 84,160.25 29,459.98 1,068,528.32 54,700.27 5%
36,031,912.82 11,097,327.64 8,046,203.40 39,083,037.06 3,051,124.24 8%
Total Investment:39,083,037.06
7-3
BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS'
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
3,838,694.80
4,537,627.99
(954,422.37)
(138,177.27)
(2,425,308.66)
4,858,414.49
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JANUARY 2011
TREASURIES BOA TREASURIES
BANKCARD PETTY CASH PAYROLL LAIF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
0.00 2,500.00 182,694.47 27,341,845.79 4,666,177.76 0.00 0.00 36,031,912.82
422,984.01 4,960,612.00
31,404.55 31,404.55
(422,984.01 )(1,377,406.38)
(138,177.27)
2,000,000.00 2,000,000.00
(2,425,308.66)
0.00 2,500.00 182,694.47 29,373,250.34 4,666,177.76 0.00 0.00 39,083,037.06
YTDINT
RECEIVED
110,589.15
110,589.15
'All interest (LAIF &Savings)is paid quarterly.
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month-End
GENERAL FUND 13,943,196.23 4,141,503.41 6,852,051.83 11,232,847.81 (2,710,548.42)19%
GAS TAX 468,460.41 10,127.38 101,163.16 377,424.63 (91,035.78)19%
1972 ACT 150,949.09 25,94(l.18 4,400.00 172,495.27 21,546.18 14%
ELPRADO 13,653.10 198.28 0.00 13,851.38 198.28 1%
CDBG (6,948.18)0.00 30,144.51 (37,092.69)(30,144.51)100%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,733,504.50 50,072.15 36,330.02 1,747,246.63 13,742.13 1%
RECYCLING 928,717.04 70,821.00 66,687.07 932,850.97 4,133.93 0%
SOLID WASTE 237,780.19 63,602.24 94,013.70 207,368.73 (30,411.46)13%
AIR QUALITY MANAGEMENT 26,450.10 12,912.13 0.00 39,362.23 12,912.13 49%
PROPOSITION C 1,955,464.83 37,828.84 0.00 1,993,293.67 37,828.84 2%
PROPOSITION A 139,551.62 43,614.68 3,000.00 180,166.30 40,614.68 29%
PUBLIC SAFETY GRANTS 66,360.66 44.00 0.00 66,404.66 44.00 0%
MEASURE R 457,059.72 26,151.00 0.00 483,210.72 26,151.00 6%
HABITAT RESTORATION 207,268.15 110,087.00 0.00 317,355.15 110,087.00 53%
SUBREGION 1 MAINTENANCE 738,852.19 70,662.00 5,716.66 803,797.53 64,945.34 9%
MEASURE A MAINTENANCE 26,732.55 14.00 0.00 26,746.55 14.00 0%
ABALONE COVE SEWER DIST 64,459.18 15,660.67 4,429.62 75,690.23 11,231.05 17%
RPVTV (33,758.15)85,000.00 9,012.00 42,229.85 75,988.00 100%
GINSBURG CULTURE ART 182,350.90 176.00 0.00 182,526.90 176.00 0%
RECREATION IMPRV DONATION 404,235.31 357.00 0.00 404,592.31 357.00 0%
CIP 6,347,307.87'3,817,052.00 32,108.76 10,132,251.11 3,784,943.24 60%
QUIMBY 29,234.93 26.00 0.00 29,260.93 26.00 0%
AFFORDABLE HSNG IN LIEU 5,216.14 6.00 147.70 5,074.44 (141.70)3%
EET 644,860.87 581.00 6,343.32 639,098.55 (5,762.32)1%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 9,758.96 4.00 0.00 9,762.96 4.00 0%
UNDERGROUND UTILITIES 275,431.11 243.00 90,000.00 185,674.11 (89,757.00)33%
ROADWAY BEAUTIFICATION 102,168.11 90.00 0.00 102,258.11 90.00 0%
WQ FLOOD PROTECTION 2,982,565.78 141,608.87 86,813.74 3,037,360.91 54,795.13 2%
EQUIPMENT REPLACEMENT 2,712,240.98 61,522.00 15,509.32 2,758,253.66 46,012.68 2%
EMPLOYEE BENEFITS (863,142.69)2,226,417.56 578,872.01 784,402.86 1,647,545.55 100%
BUILDING REPLACEMENT 1,060,663.16 839.00 0.00 1,061,502.16 839.00 0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 1,013,828.05 84,160.25 29,459.98 1,068,528.32 54,700.27 5%
36,031,912.82 11,097,327.64 8,046,203.40 39,083,037.06 3,051,124.24 8%
Total Investment:39,083,037.06
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JANUARY 2011
Issuer of Acquisition Maturity Stated Market Par Book
Investment Investment Date Term Date Interest Rate Value Value Value
Bank of
Checking Accounts America N/A N/A On Demand N/A $5,043,609 N/A $5,043,609
State of
Local Agency Investment California N/A N/A On Demand 0.54%$29,373,250 NOTE (1)N/A $29,373,250
Fund (LAIF)
Bank of
America 6/17/2010 270 days 3/31/2011 0.20%$4,671,403 $4,666,178
Total Investment:$39,083,037
Total Investment Weighted Average Return 0.4%
NOTE:
(1)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.
~~..."r-----------_.lI2~.aI=~D:"'("'L~--
7-4
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JANUARY 2011
Issuer of Acquisition Maturity Stated Market Par Book
Investment Investment Date Term Date Interest Rate Value Value Value
Bank of
Checking Accounts America N/A N/A On Demand N/A $5,043,609 N/A $5,043,609
State of
Local Agency Investment California N/A N/A On Demand 0.54%$29,373,250 NOTE (1)N/A $29,373,250
Fund (LAIF)
Bank of
America 6/17/2010 270 days 3/31/2011 0.20%$4,671,403 $4,666,178
Total Investment:$39,083,037
Total Investment Weighted Average Return 0.4%
NOTE:
(1)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.
~~..."r-----------_.lI2~.aI=~D:"'("'L~--