RPVCCA_SR_2011_05_03_08_March_2011_Cash_BalMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUN~~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY~
MAY 3,2011
MARCH 2011 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER €V ~r CL
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the March 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 is presented under separate cover before their respective
governing bodies.The attached report includes the cash activities of the City for the month
of March 2011.
ANALYSIS:
The overall cash balances of the City totaled $39,064,396 at March 31,2011.This
represents a $272,133 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.
General Fund -The cash balance in this fund decreased by more than $205,000 during
the month.The City received $35,083 for its March portion of property tax revenue.
Property taxes are collected from property owners twice each year,which causes the
timing of property tax cash receipts to be cyclical.March is a month in which a small
amount was received.The March revenue was offset by normal operating expenditures.
Gas Tax Fund -The cash balance in this fund increased by more than $63,000 during the
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March 2011 Monthly Report of Cash Balances
May 3,2011
Page 2
month.The increase was primarily due to the receipt of both February and March highway
user tax apportionment of $164,025 while normal operating expenditures were disbursed.
Recycling Fund -The cash balance in this fund increased by more than $68,000 during
the month due to receipt of the third quarter recycling rebate of $70,000 from EDCO
Disposal.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$203,000 during the month.Cash activity in this fund reflects withholdings from the
employees and the disbursements for the employee benefits.This month's disbursements
included $172,269 of insurance benefit payments,including .the disbursement of $114,750
to the HSA Bank for participant contributions for the second half of the calendar year.
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BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS"
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
3,109,540.07
1,445,741.26
(1 ,264,759.82)
(37,301.13)
(417,382.03)
2,835,838.35
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MARCH 2011
TREASURIES BOA TREASURIES
BANKCARD PETTY CASH PAYROLL LAIF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
0.00 2,500.00 185,060.77 31,373,250.34 4,666,177.76 0.00 0.00 39,336,528.94
417,382.03 1,863,123.29
0.00
(417,382.03)(1,682,141.85)
1,568.48 (35,732.65)
0.00
(417,382.03)
0.00 2,500.00 186,629.25 31,373,250.34 4,666,177.76 0.00 0.00 39,064,395.70
YTDINT
RECEIVED
110,589.15
110,589.15
"All interest (LAIF &Savings)is paid quarterly.
%Change of
Cash Balance
from Previous
Month End
Change In
Ending Cash
BalanceCASHCREDITDEBIT
BALANCE
FORWARDCASHBALANCESBYFUND -
GENERAL FUND 11,960,867.18 995,756.50 1,201,277.04 11,755,346.64 (205,520.54)2%
GAS TAX 215,634.75 167,501.88 104,025.13 279,111.50 63,476.75 29%
1972 ACT 201,128.19 0.00 0.00 201,128.19 0.00 0%
ELPRADO 13,942.11 8.47 0.00 13,950.58 8.47 0%
CDBG 1,926.56 0.00 14,968.75 (13,042.19) (14,968.75)100%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,742,340.66 2,242.37 28,622.94 1,715,960.09 (26,380.57)2%
RECYCLING 936,067.82 70,000.00 1,122.11 1,004,945.71 68,877.89 7%
SOLID WASTE 204,652.26 51,338.78 15,007.51 240,983.53 36,331.27 18%
AIR QUALITY MANAGEMENT 25,702.03 0.00 0.00 25,702.03 0.00 0%
PROPOSITION C 2,038,856.76 40,448.29 0.00 2,079,305.05 40,448.29 2%
PROPOSITION A (24,687.51 )48,748.26 26,860.26 (2,799.51)21,888.00 89%
PUBLIC SAFETY GRANTS 95,453.40 0.00 0.00 95,453.40 0.00 0%
MEASURE R 516,670.67 31,935.44 0.00 548,606.11 31,935.44 6%
HABITAT RESTORATION 317,355.15 0.00 27,475.00 289,880.15 (27,475.00)9%
SUBREGION 1 MAINTENANCE 799,779.06 0.00 4,063.28 795,715.78 (4,063.28)1%
MEASURE A MAINTENANCE 26,746.55 0.00 0.00 26,746.55 0.00 0%
ABALONE COVE SEWER DIST 72,392.16 0.00 1,091.17 71,300.99 (1,091.17)2%
RPVTV 34,258.03 0.00 11,267.02 22,991.01 (11,267.02)33%
GINSBURG CULTURE ART 182,526.90 0.00 0.00 182,526.90 0.00 0%
RECREATION IMPRV DONATION 404,592.31 0.00 0.00 404,592.31 0.00 0%
CIP 9,997,122.28 10,717.62 21,150.41 9,986,689.49 (1 0,432.79)0%
QUIMBY 29,260.93 0.00 0.00 29,260.93 0.00 0%
AFFORDABLE HSNG IN LIEU 5,074.44 0.00 5.12 5,069.32 (5.12)0%
EET 607,418.45 0.00 1,979.25 605,439.20 (1,979.25)0%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 9,762.96 11,483.00 0.00 21,245.96 11,483.00 100%
UNDERGROUND UTILITIES 185,674.11 0.00 0.00 185,674.11 0.00 0%
ROADWAY BEAUTIFICATION 102,258.11 0.00 0.00 102,258.11 0.00 0%
WQ FLOOD PROTECTION 3,143,154.76 15,603.97 14,964.54 3,143,794.19 639.43 0%
EQUIPMENT REPLACEMENT 2,738,985.64 0.00 12,594.35 2,726,391.29 (12,594.35)0%
EMPLOYEE BENEFITS 681,652.40 429,003.33 632,817.24 477,838.49 (203,813.91 )30%
BUILDING REPLACEMENT 1,048,371.99 0.00 17,370.08 1,031,001.91 (17,370.08)2%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 1,014,147.72 5,297.00 15,556.95 1,003,887.77 (10,259.95)1%
39,336,528.94 1,880,084.91 2,152,218.15 39,064,395.70 (272,133.24)1%
Total Investment:39,064,395.70
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MARCH 2011
Issuer of Acquisition Maturity Slated Market Per Book
Investment Investment Date Term Date Interest Rate Value Value Value
Bank of
Checking Accounts America N/A N/A On Demand N/A $3,024,968 N/A $3,024,968
State of
Local Agency Investment California N/A N/A On Demand 0.50%$31,373,250 NOTE (1)N/A $31,373,250
Fund (LAIF)
Bank of
America 6/17/2010 270 days 3/31/2011 0.20%$4,779,352 $4,666,178
Total Investment:$39,064,396
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.
2t~d
Treasurer
4-a?/1
Dated
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