RPVCCA_IA_SR_2011_07_05_02_Monthly_Cash_BalancesMEMORANDUM
TO:HONORABLE CHAIR AND MEMBERS OF THE COMMISSION
FROM:DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY ~DflA.c--
DATE:JULY 5,2011 \(J)V'"
SUBJECT:MAY 2011 MONTHLY REPORT OF CASH BALANCES
REVIEWED:-CHIEF ADMINISTRATIVE OFFICER·~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the May 2011 Monthly Report of Cash Balances for the Rancho Palos
Verdes Improvement Authority.
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
separately prepare a monthly cash balance report for each of the three components (City,
Redevelopment Agency,and Improvement Authority)of the City.This report summarizes
the cash activity associated with all funds of the Improvement Authority.
ANALYSIS:
The cash balances of the Improvement Authority decreased by $3,159 during the month,
ending with an overall balance of $1 ,609,930 at May 31,2011.The decrease was due to
disbursements to Southern California Edison for the utility bills and Charles Abbott
Associates for the dewatering well activities.
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RANCHO PALOS VERDES IMPROVEMENT AUTHORITY
MONTHLY REPORT OF CASH BALANCES
MAY 2011
Issuer of Acquisition Maturity Stated Market Book Current
Investment Investment Date Date Interest Rate Value Value YIeld
Checking Accounts Bank of America N/A On Demand N/A $1,608,623 $1,608,623 None
Local Agency Investment
Fund -RDA State ofCA N/A On Demand 0.41%$1,308 $1,308 0.41%
NOTE (1)NOTE (2)
Total Investment:$1,609,930
Total Investment Weighted Average Return 0.00%
YTDINTEREST
OPERATING LAIF-RDA TOTAL CASH RECEIVED
BEGINNING BALANCE 1,611,781.64 1,307.72 1,613,089.36 4,617.00
PLUS:DEPOSITS 0.00
PLUS:INTEREST EARNINGS*0.00
LESS:CHECKS (3,159.09)(3,159.09)
ADJUSTMENTS 0.00
PLUS:TRANSFERS IN 0.00
LESS:TRANSFERS OUT 0.00
ENDING BALANCE 1,608,622.55 1,307.72 1,609,930.27 4,617.00
*AII interest (LAIF)is paid quarterly.
%Change of
Change In Cash Balance
BALANCE ENDING Ending Cash from Previous
CASH BALANCES BY FUND FORWARD DEBIT CREDIT CASH Balance Month-End
IA -ABALONE COVE MAl NT 1,302,190.18 0.00 1,909.30 1,300,280.88 (1,909.30)0%
IA -PORTUGUESE BEND MAl NT 310,899.18 0.00 1,249.79 309,649.39 (1,249.79)0%
1,613,089.36 0.00 3,159.09 1,609,930.27 (3,159.09)0%
Total Investment:1,609,930.27
NOTE (1):Includes only the portion attributable to the Improvement Authority.Improvement Authority monies are commingled with
Redevelopment Agency monies in this LAIF account.
NOTE (2):LAIF market values will be reported to vary from book value if the Authority calculated share of total LAIF assets is less than the
Authority 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 Improvement Authority investments and complies with the investment
policy of the Improvement Authority as approved by the governing board.Furthermore,I certify that sufficient
investment liquidity and anticipated revenues are available to meet the Authority's expenditure requirements for the
next six months.
Respectfully submitted,
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