RPVCCA_SR_2011_06_07_N_April_2011_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~
JUNE 7,2011
APRIL 2011 MONTHH'REPORT OF CASH BALANCES
CITY MANAGER Q>L---'
Staff Coordinator~Jane Lin,Accountant
RECOMMENDATION:
Receive and file the April 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 ofthe 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 April 2011.
ANALYSIS:
The overall cash balances of the City totaled $40,493,524 at April 30,2011.This
represents a $1,429,129 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 increased by more than $1,648,000 during
the month.The increase was primarily due to receipt of Southern California Edison annual
franchise fee of $322,651,the annual Gas Company franchise fee of $139,253,and the
April property tax revenue of $1,694,754.The April revenue was offset by normal operating
expenditures.
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April 2011 Monthly Report of Cash Balances
June 7,2011
Page 2
Gas Tax Fund -The cash balance in this fund decreased by more than $148,000 during
the month.The decrease was primarily due to the fact that the April Highway User Tax was
not received until May,while normal operating expenditures were disbursed.
1972 Act Fund -The cash balance in this fund increased by more than $63,000 during the
month.The increase was primarily the result of receipt of the April distribution of property
tax assessment in the amount of $63,203.
CIP Fund -The cash balance in this fund decreased by more than $466,000 during the
month.The decrease was mainly due to the disbursements of $119,384 to Sully-Miller
Contracting Company and $110,198 to Hardy &Harper for the residential street overlay
and slurry seal project.Other disbursement included $105,682 to America West
Landscape for the Hesse Park athletic field improvement.
WQ Flood Protection Fund -The cash balance in this fund increased by more than
$264,000 during the month.The increase was primarily the result of receipt of $206,250 of
storm drain user fees with the April property tax appointment.
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BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS"
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
2,835,838.35
3,750,793.78
(1,687,012.42)
(53,050.08)
(3,657,187.08)
1,189,382.55
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
APRIL 2011
TREASURIES BOA TREASURIES
BANKCARD PEnYCASH PAYROLL LAIFoClTY BOA ON DEMAND TREAS DIRECT TOTAL CASH
0.00 2,500.00 186,629.25 31,373,250.34 4,666,177.76 0.00 0.00 39,064,395.70
657,187.08 4,407,980.86
37,248.22 37,248.22
(618,850.93)(2,305,863.35)
(53,050.08)
3,000,000.00 3,000,000.00
(3,657,187.08)
0.00 2,500.00 224,965.40 34,410,498.56 4,666,177.76 0.00 0.00 40,493,524.27
YTDINT
RECEIVED
147,837.37
147,837.37
"All interest (LAIF &Savings)is paid quarterly.
%Change of
Cash Balance
from Previous
Month End
Change In
Ending Cash
BalanceCASHCREDITDEBIT
BALANCE
FORWARDCASHBALANCESBYFUND -
GENERAL FUND 11,755,346.64 3,098,557.00 1,450,007.01 13,403,896.63 1,648,549.99 14%
GAS TAX 279,111.50 7,509.33 155,687.96 130,932.87 (148,178.63)53%
1972 ACT 201,128.19 63,380.45 0.00 264,508.64 63,380.45 32%
ELPRADO 13,950.58 555.92 0.00 14,506.50 555.92 4%
CDBG (13,042.19)5,794.00 3,875.00 (11,123.19)1,919.00 15%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,715,960.09 143,467.39 28,620.40 1,830,807.08 114,646.99 7%
RECYCLING 1,004,945.71 910.00 1,205.67 1,004,650.04 (295.67)0%
SOLID WASTE 240,983.53 3,602.68 8,133.00 236,453.21 (4,530.32)2%
AIR QUALITY MANAGEMENT 25,702.03 29.00 0.00 25,731.03 29.00 0%
PROPOSITION C 2,079,305.05 33,461.30 0.00 2,112,766.35 33,461.30 2%
PROPOSITION A (2,799.51)38,076.34 3,200.00 32,076.83 34,876.34 100%
PUBLIC SAFETY GRANTS 95,453.40 79.00 25,504.52 70,027.88 (25,425.52)27%
MEASURE R 548,606.11 23,053.97 0.00 571,660.08 23,053.97 4%
HABITAT RESTORATION 289,880.15 284.00 0.00 290,164.15 284.00 0%
SUBREGION 1 MAINTENANCE 795,715.78 761.00 4,430.39 792,046.39 (3,669.39)0%
MEASURE A MAINTENANCE 26,746.55 26.00 0.00 26,772.55 26.00 0%
ABALONE COVE SEWER DIST 71,300.99 12,768.35 4,755.25 79,314.09 8,013.10 11%
RPVTV 22,991.01 22.00 8,491.00 14,522:01 (8,469.00)37%
GINSBURG CULTURE ART 182,526.90 175.00 0.00 182,701.90 175.00 0%
RECREATION IMPRV DONATION 404,592.31 389.00 0.00 404,981.31 389.00 0%
CIP 9,986,689.49 9,225.07 475,660.13 9,520,254.43 (466,435.06)5%
QUIMBY 29,260.93 28.00 0.00 29,288.93 28.00 0%
AFFORDABLE HSNG IN LIEU 5,069.32 6.00 913.66 4,161.66 (907.66)18%
EET 605,439.20 4,013.00 0.00 609,452.20 4,013.00 1%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 21,245.96 1,446.00 0.00 22,691.96 1,446.00 7%
UNDERGROUND UTILITIES 185,674.11 192.00 0.00 185,866.11 192.00 0%
ROADWAY BEAUTIFICATION 102,258.11 99.00 0.00 102,357.11 99.00 0%
WQ FLOOD PROTECTION 3,143,794.19 309,215.70 45,131.11 3,407,878.78 264,084.59 8%
EQUIPMENT REPLACEMENT 2,726,391.29 2,636.00 23,906.44 2,705,120.85 (21,270.44)1%
EMPLOYEE BENEFITS 477,838.49 634,193.28 673,763.45 438,268.32 (39,570.17)8%
BUILDING REPLACEMENT 1,031,001.91 1,013.00 8,043.13 1,023,971.78 (7,030.13)1%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 1,003,887.77 29,351.00 73,863.09 959,375.68 (44,512.09)4%
39,064,395.70 4,424,319.78 2,995,191.21 40,493,524.27 1,429,128.57 4%
Total Investment:40,493,524.27
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
APRIL 2011
Issuer of Acquisition Maturity Slaled Market Par Book
Investment Investment Dale Term Dale Interest Rate Value Value Value
Bank of
Checking Accounts America N/A N/A On Demand N/A $1,416,848 N/A $1,416,848
State of
Local Agency Investment California N/A N/A On Demand 0.59%$34,410,499 NOTE (1)N/A $34,410,499
Fund (LAIF)
Bank of
America 6/17/2010 270 days 3/31/2011 0.20%$4,675,217 $4,666,178
Total Investment:$40,493,524
Total Investment Weighted Average Return 0.5%
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.
~d
Treasurer
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Dated
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